The standard helps schools and local authorities meet basic standards for good financial health and resource management.
Local-authority-maintained schools must submit the schools financial value standard (SFVS) annually to their local authority.
Local authorities use this information to inform their programme of financial assessment and audit.
Local authorities submit an assurance statement every year to cover all the maintained schools in their area.
The standard consists of a checklist and a dashboard.
The checklist asks questions of governing bodies in 6 areas of resource management.
As well as examples of good practice, it also provides clarification for each question, detailing further support available to assist schools in addressing specific issues.
The dashboard shows how a school’s data compares to thresholds on a range of statistics identified by the Department for Education (DfE).
Indicators include good resource management and outcomes. Explanations of each of the indicators is also provided.
This then helps schools to fill in their data and understand the results.
Appropriate for the 2019 t0 2020 and 2020 to 2021 reporting year.
The SFVS document, checklist and dashboard guidance, alongside additional resource documents are appropriate for the 2019 to 2020 and 2020 to 2021 reporting year.
These documents will be updated in June 2021.
Due to the coronavirus (COVID-19) outbreak, the Department for Education (DfE) has decided that the SFVS return should be delayed this year.
This is to take account of the current pressures schools and local authorities are facing.
For the financial year 2020 to 2021, schools should submit their SFVS to their local authority no later than 28 May 2021.
Local authorities should submit their assurance statement to the DfE within 6 weeks, no later than 9 July 2021.
For more information visit: https://www.gov.uk/government/publications/schools-financial-value-standard-sfvs