Guidance

Schools financial value standard and assurance

Departmental advice to help schools and local authorities complete the schools financial value standard (SFVS) and assurance forms.

Documents

SFVS assessment form 2014

SFVS: support notes

SFVS: additional resources

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Detail

This departmental advice is for:

  • governing bodies of maintained schools
  • management committees of pupil referral units
  • local authorities
  • other interested parties

It applies to:

  • maintained schools
  • local authorities

This advice will next be reviewed in April 2015.

The SFVS has been designed with schools to help them in managing their finances and to give assurance that they have secure financial management in place.

Governing bodies have formal responsibility for the financial management of their schools, and so the standard is primarily aimed at governors.

Local authority maintained schools are required to complete the SFVS once a year. Local authorities are required to fill out the dedicated schools grant (DSG) chief financial officer (CFO) assurance form every year to cover all the maintained schools in their area.

The advice includes support notes for each of the 23 questions on the assessment form, which governing bodies including the management committee of a pupil referral unit can use if they wish.

The notes provide clarification of the questions, examples of good practice and information on further support to assist schools in addressing specific issues.

The additional resources provide useful information and tools to help complete the SFVS effectively.

Contact details

Financial management helpline number: 020 7340 7775

Email: financial.management@education.gsi.gov.uk

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