Local authority maintained schools must submit the schools financial value standard (SFVS) to their local authority annually.
Local authorities use this information to inform their programme of financial assessment and audit. Local authorities submit an assurance statement every year to cover all the maintained schools in their area.
For the financial year 2021 to 2022:
schools should submit their SFVS to their local authority no later than 31 March 2022
local authorities should submit their assurance statement to DfE within 6 weeks, no later than 31 May 2022
Schools financial value standard
The schools financial value standard checklist asks questions of governing bodies in 6 areas of resource management. It links to guidance that provides clarification for each question, examples of good practice, and details of further support available to assist schools in addressing specific issues.
The SFVS checklist guidance and additional resource documents are appropriate for the 2021 to 2022 reporting year. The checklist is very similar to that for the 2020 to 2021 reporting year. One notable change is the inclusion of reporting on related party transactions, in section F.
The self-assessment dashboard that was formerly part of the SFVS has been moved to the benchmarking website. A question in section E asks if the governing body has considered the results of the dashboard or of other DfE benchmarking tools.
Schools financial value standard assurance
The schools financial value standard assurance statement guidance is for local authorities and explains how to submit the SFVS assurance statement for the 2021 to 2022 financial year.
To help complete your checklist, a self-assessment dashboard is available for your school.
The dashboard provides red, amber or green (RAG) ratings against a school’s data that indicates how its spending and characteristics compare with similar schools or nationally recognised bandings and recommendations.
Added information on related party transactions and a link to the specimen signature template.
Updated the template for recording related party transactions.
Removed ‘Dashboard guidance’, added 'Template for recording related party transactions', replaced ‘Schools financial value standard’ with an accessible version. Updated ‘Checklist guidance’ with information for the new 2021 to 2022 financial year.
Added schools financial value standard assurance statement guidance for local authorities.
Updated spreadsheet tool to fix a bug some users were experiencing for the pupil to teacher ratio expenditure category.
Update: The Schools financial value standard (SFVS) return deadline for the financial year 2020 to 2021 has been delayed.
Updated 'Schools financial value standard' to correct a bug that was occurring when users put data into the pupil to teacher ratio field.
Updated 'schools financial value standard' with red, amber and green ratings based on 2018 to 2019 data.
Added information about returns for local authorities during the coronavirus (COVID-19) outbreak. Updated the .xlms tool to include bug fixes, and the dashboard and checklist guidance to include formatting changes. Removed the form and support notes.
Updated the dashboard in the 2019 to 2020 SFVS to include additional RAG ratings for average teacher cost and spend on teaching staff as a percentage of total expenditure, so that schools can benchmark different years of data. Also updated the
dashboard guidance to reflect these changes.
Added a link to free training on ICFP for school leaders.
In ‘12. Section C’ and ‘13. Section C’ of the 2019 to 2020 dashboard guidance, we added a correction to the ‘calculating your data’ formula.
Added minor clarifications to our recommendations on how often governors should receive monitoring reports in the 2019 to 2020 checklist guidance.
Updated the schools financial standard to the 2019 to 2020 version.
Updated section 20 and 21 of the '2019 to 2020 checklist guidance' and the '2019 to 2020 schools financial value standard'.