Local-authority-maintained schools must submit the schools financial value standard (SFVS) to their local authority annually.
For the financial year 2023 to 2024, schools should submit their SFVS to their local authority no later than 31 March 2024. Local authorities should submit their assurance statement to DfE within 6 weeks, no later than 31 May 2024.
IMPORTANT NOTE: The SFVS can be requested earlier than the official 31 March 2024 deadline by some local authorities. The official deadline is 31 March 2024 for the DfE. We recommend checking with your local authority.
What is the schools financial value standard (SFVS)?
Local-authority-maintained schools must submit the schools financial value standard (SFVS) to their local authority each year.
Local authorities use this information to inform their programme of financial assessment and audit. They submit an assurance statement every year to cover all the maintained schools in their area.
The document ‘schools financial value standard checklist’ is for schools. It asks questions of governing bodies in 6 areas of resource management.
It includes links to relevant sections of the document ‘checklist guidance’, which provides:
- Clarification for each question
- Examples of good practice
- Details of further support available to assist schools in addressing specific issues
The SFVS checklist guidance and additional resource documents are appropriate for the 2023 to 2024 reporting year.
The self-assessment dashboard helps schools complete their checklists.
To find your self-assessment dashboard:
1. Search for your school on the schools financial benchmarking website.
2. Select ‘start a comparison’.3. Select ‘self-assessment dashboard’.
Guidance on completing the self-assessment dashboard is available.
The dashboard provides red, amber or green (RAG) ratings against a school’s data. This indicates how its spending and characteristics compare with those of similar schools or nationally recognised bindings and includes possible follow-up actions.
The dashboard was formerly part of the SFVS.
Schools financial value standard assurance
The schools financial value standard assurance statement guidance is for local authorities. It explains how to complete the SFVS assurance statement.
The deadline to submit the assurance statement for the 2023 to 2024 financial year will be in May 2024. The guidance will be updated with information on how local authorities can submit the statement nearer to the deadline.
For more detailed guidance and expert support...
Our consultants can support and guide you through the process, ensuring your questions are signed off and submitted to your LA by the deadline.
With our support, you will be able to produce everything you need for SFVS compliance, including:
- Reviewing your SFVS submission.
- Assisting you with the completion of your submission.
- Preparing financial benchmarking reports for you to consider at your next governor meeting, in alignment with SFVS requirements.
- Self-assessment dashboard review.
Contact us for more information.