Schools financial standard
The standard consists of a checklist and a dashboard.
The checklist asks questions of governing bodies in 6 areas of resource management. It provides clarification for each question, examples of good practice, and details of 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) as indicators of good resource management and outcomes. It provides explanations of each of the indicators and helps schools to fill in their data and understand the results.
The SFVS document, checklist and dashboard guidance, and 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.