Schools' Financial Value Standard (SFVS)
The Schools Financial Value Standard (SFVS) is a mandatory requirement for local authority maintained schools. The SFVS helps schools to manage their finances and to provide assurance to the local authority that they have secure financial management in place.
The guidance applies to maintained schools and local authorities and is for:
- governing bodies of maintained schools
- management committees of pupil referral units
- local authorities
- other interested parties.
As governing bodies have formal responsibility for the financial management of their schools, the standard is primarily aimed at them.
Local authority maintained schools are required to submit the SFVS annually to the 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 by 31 March 2019 at the very latest.
(Please note the 2018-19 assessment form for completion is dated March 2018).