The Schools Financial Value Standard (SFVS) was introduced by the DfE as a financial self-assessment tool. The DfE require all Local Authority maintained schools (including nursery schools and pupil referral units (PRUs) that have a delegated budget) to demonstrate compliance with the SFVS by completing the assessment on an annual basis. The assessment form must be signed by the Chair of Governors, on behalf of the Governing Body, and sent into the Local Authority.
Buckinghamshire County Council requests that all maintained schools submit their SFVS assessment form by the end of Autumn Term each year with a deadline of 31 December as this is the time of year when Governors, Leadership or finance staff in schools are most likely to have changed and when the SFVS review is most relevant.
Governors must demonstrate compliance through the submission of the SFVS assessment form signed by the Chair of Governors. The form must include a summary of remedial actions with a clear timetable, ensuring that each action has a specified deadline and an agreed owner. Governors must monitor the progress of these actions to ensure that all actions are cleared within specified deadlines.
Each year, the LA has to complete an assurance statement signed by the Head of Finance to be returned to the DfE, the statement details which returns were received and those not received. For the purposes of this return we will count incorrectly completed, unsigned or returns on old forms as not received.
For further information please follow the link to Schoolsweb and view the Scheme for Financing Schools page.
The completion and submission of the form is a requirement of the DfE for all maintained schools. The return is required to be completed annually.
Should you require training or guidance on the self-assessment process and completing the SFVS document, please contact Schools Finance on 01296 382222 (Option 3) or email firstname.lastname@example.org