Guidance

Schools financial value standard assurance: guidance for local authorities 2023 to 2024

Published 22 April 2024

Applies to England

© Crown copyright 2024

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This publication is available at https://www.gov.uk/government/publications/submit-your-section-151-officer-return-and-schools-financial-value-standard-assurance-statement/schools-financial-value-standard-assurance-guidance-for-local-authorities-2023-to-2024

1. Introduction

Local authorities are responsible for financial regularity in the schools that they maintain. The section 151 (S151) officer of the local authority is responsible for making the necessary arrangements for local financial and management controls, under S151 of the Local Government Act 1972.

The S151 officer is required to submit an assurance statement to the Education and Skills Funding Agency (ESFA) each year confirming that they have a system of audit for schools in place that gives them adequate assurance over their standards of financial management and the regularity and propriety of their spending.

They are also required to give a breakdown of the numbers and types of schools within the local authority that have submitted a schools financial value statement (SFVS) return, and report on the arrangements in place for related party transactions.

The deadline for submitting the assurance statement for the 2023 to 2024 financial year is 24 May 2024.

2. Completing the assurance statement

This year, the assurance statement is available as a digital form, alongside the S151 officer return.

For information on completing the form, you can read S151 return: guidance for completing the digital form.

The assurance statement contains the following sections:

2.1 Total number of eligible schools in local authority

This is the number of schools maintained by the authority during the 2023 to 2024 financial year, broken down by school type.

2.2 Number of eligible schools that completed the SFVS

This is the number of eligible schools that have submitted an SFVS return to the authority at the time of completing the assurance statement.

2.3 Number of eligible schools that did not complete the SFVS (with exemptions)

This is the number of eligible schools that have not submitted an SFVS return to the authority for one of the following reasons:

  1. The school has opened in the 2023 to 2024 financial year.

  2. The school has closed in the 2023 to 2024 financial year.

  3. The school suffered fire/flood/natural disaster in the 2023 to 2024 financial year.

  4. The school has been issued with an academy order in the 2023 to 2024 financial year. If the school has not converted by the end of the 2024 to 2025 financial year, it becomes eligible to complete the SFVS again.

  5. The schools have merged in the 2023 to 2024 financial year or entered into a hard federation with a new governing body.

  6. Financial delegation has been withdrawn/suspended in the 2023 to 2024 financial year.

  7. The governing body has been suspended and so cannot complete the SFVS in the 2023 to 2024 financial year.

2.4 List of reasons for non-completion of SFVS

This is a breakdown of the numbers of exempt schools by reason for the exemption.

2.5 Number of eligible schools that did not complete the SFVS (non-compliant, without exemptions)

This is the number of eligible schools that have not submitted an SFVS return to the local authority at the time of completing the assurance statement and are not covered by one of the exemptions listed above. You should continue to chase these schools and update ESFA as additional returns are received.

2.6 List of non-compliant schools

This is a list of eligible schools that have not submitted an SFVS return to the local authority at the time of completing the assurance statement and are not covered by one of the exemptions listed above.

  1. Number of related party transactions (RPTs) submitted by schools in the authority which were of a value greater than £20,000.

  2. Is the authority satisfied with the financial controls in place in relation to RPTs in all its schools?

3. Section 151 officer declaration

Once all sub-forms have been submitted, the S151 officer, or their delegated representative, must complete the S151 officer statement declaration.

4. Additional information

If you have any questions about this return, or the process, please contact us at: LA.Assurance@education.gov.uk.

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