Schools' Financial Value Standard (SFVS)
Schools' Financial Value Standard (SFVS) – New checklist and dashboard requirement 2020-21
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 was updated and 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.
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 (extended from 31 March 2021).
Please ensure your SFVS checklist and dashboard are completed and the signed checklist returned to the local authority by the 28 May 2021 deadline. Please return via email to firstname.lastname@example.org
If you have difficulty getting the checklist signed then please can it be sent from the Chair of Governors email address with a note to say it has been approved.
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.