It may seem a while off, but if you want to meet the deadline for submitting your School Financial Value Standard (SFVS), it is time to start preparing.
The deadline for submission may vary depending on your local authority, please check the date they expect to receive your completed form.
What is the SFVS?
The SFVS is an assessment form for Local Authority (LA) maintained schools made up of 29 questions aimed primarily at your governing body. Completion of these questions aims to help your school manage its finances and provide assurance to your LA that you have effective financial management in place.
The questions cover:
- Governance: Includes challenge and support skills of members, the number of monitoring reports received and business interests.
- School Strategy: Includes multi-year financial planning and integration with your school improvement plan.
- Setting the annual budget: Includes pupil number assumptions, budget comparison and variations.
- Staffing: Includes a review of your staffing structure and independent recommendations for leadership salary.
- Value for money: Includes benchmarking, collaboration, and procurement processes.
- Protecting public money: Includes review of actions from previous audit reports, whistleblowing, and financial accounting system.
- SFVS Dashboard: Includes consideration of the results on the attached dashboard which includes a RAG rating and any additional actions.
If you would like more information about the answers you will need to provide, click here and read the ESFA’s guidance notes and latest version of the assessment form.
IMPORTANT NOTE: It's important to remember that the form must be approved by your Full Governing Body and signed by your Chair of Governors prior to submission, so you’ll need to complete the SFVS in plenty of time depending on your LA's deadline and full governing body meeting schedule.
We are running a SFVS webinar 9th December 2020 at 09:30 which will give an overview of the following areas:
- The financial data required
- Where to populate cells
- An overview of the questions and RAG ratings
For more detailed guidance and individual support:
Our consultants will gladly take the pressure off your hands by supporting and guiding you through the process, ensuring your questions are signed off and submitted to your LA by their deadline.
With our support, you will be able to produce everything you need for SFVS compliance, including:
- Reviewing your 2019-20 SFVS submission.
- Assisting you with the completion of your 2020-21 submission.
- Preparing financial benchmarking reports for you to consider at your next governor meeting, in accordance with SFVS requirements.
If you would like us to assist, then simply click the button below to get in touch and arrange your half day finance visit from one of our expert consultants.