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SAAF Education Blog: It's time to think about your School Financial Value Standard (SFVS)

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It's time to think about your School Financial Value Standard (SFVS)

It may seem a while off, but if you want to meet the deadline for submitting your School Financial Value Standard (SFVS), it’s time to start preparing.

If you’re a Local Authority (LA) maintained school, you have until 31st March 2018 to complete the SFVS assessment form.

What is the SFVS?

The SFVS is an assessment form, made up of 25 questions aimed primarily at your governing body, to help your school manage its finances and provides assurance to your LA that you have secure financial management in place.

The questions you’ll need to answer involve:

  • Effective benchmarking.
  • Procedures for purchasing, asset management, collaboration, and resources.
  • Your staffing structure and pay policy.
  • The measures you have in place to prevent conflicts of interest.
  • Whether your governing body is kept well informed about budgeting during the course of the year.
  • How your processes facilitate effective financial management.
  • Whether your governing body and senior staff have appropriate financial skills.
  • How to protect public money and guard against fraud.
  • Budget planning, including the connection with improving educational attainment, as well as projections and good practice procedures.
  • Adequate accounting systems and arrangements for audits of voluntary funds, as well as disaster recovery plans.

If you would like more information about the answers you will need to provide, click here and read the ESFA’s guidance notesor if you would like to view the full assessment form then click here.

IMPORTANT NOTE: Even though it’s still a few months away, 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 compete the SFVS before your Spring FGB meeting.

We Can Help!

Our consultants will gladly take the pressure off your hands by supporting and guiding you through the process, ensuring that your questions are signed off and submitted to the LA in time, so that the application is completed on time.

With our support, you will be able to produce everything you need for SFVS compliance, including:

  • Reviewing your 2016-2017 SFVS submission.
  • Assisting you with the completion of your 2017-2018 submission.
  • Preparing financial benchmarking reports for you to consider at your next F&GP meeting, in accordance with SFVS requirements.

If you would like us to help, then simply click the button below to get in touch and arrange your on-site, half day finance visit from one of our expert consultants.

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