Schools' Financial Value Standard (SFVS)
Schools' Financial Value Standard (SFVS) – New checklist and dashboard requirement 2019-20
The schools financial value standard helps to provide schools with assurance that they are meeting the basic standards necessary to achieve a good level of financial health and resource management.
The tool can be used to identify possible areas for change to ensure that resources are being used to support high-quality teaching and the best education outcomes for pupils. From 2019-20 the SFVS has been updated. The new version is split into two parts:
- A checklist, which asks a number of questions of governing bodies in six areas of resource management to provide assurance that the school is managing its resources effectively.
- A dashboard, which shows how a school’s data compares to thresholds on a range of statistics that have been identified as indicators for good resource management and outcomes.
Completion of the SFVS by schools is mandatory.
Local authority maintained schools are required to submit the SFVS annually to the local authority. Local authorities use this information to inform their programme of financial assessment and audit.
Please ensure a completed SFVS assessment form is signed by the Chair of Governors and returned to the local authority (FAO School Funding Team, Learning and Skills) by the required deadline of 31 March 2020.