For several years the School Financial Value Standard (SFVS) has been a mandatory return for all maintained schools. The ESFA has now released an updated school resource management self-assessment tool which is an equivalent return that all single academy and multi academy trusts must complete and submit by Thursday 14 November 2019.
The new tool will help to provide trust boards with assurance that they are meeting the basic standards necessary to achieve a good level of financial health and resource management. It can be used to identify possible areas for change to ensure resources are used to support high quality teaching and the best education outcomes for pupils. It will be mandatory for all academy trusts to complete the school resource management self-assessment tool and submit their completed checklist to ESFA on an annual basis from this year .
The new tool includes:
The checklist should be completed at academy trust level and the online form used to submit your checklist will be available from October.
The checklist comprises of 37 questions covering the following areas:
2. Trust Strategy
3. Setting the annual budget
5. Value for money
6. Protecting the public purse
The Chair of the trust board must sign off the outcome section of the checklist, which includes any agreed actions and the timetable for completion before submission to the ESFA.
Don't worry if this new task seems daunting, SAAF Education are on hand to support you and ensure you submit the return accurately and in a timely manner.
If you require support with this, please click the link below and one of our finance consultants will contact you to discuss our support options.