The New School Resource Management Self Assessment Tool

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.

What is the schools resource management self assessment tool?

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:

• a set of questions in a checklist (revised from the previous SFVS questions used for schools in 2018)
• an improved Excel based dashboard which will allow MATs to complete for up to 20 schools. 
• updated RAG ratings in the dashboard to reflect the latest data and the recent pay award and pensions contribution changes

The checklist should be completed at academy trust level and the online form used to submit your checklist will be available from October. 

What will I be asked?

The checklist comprises of 37 questions covering the following areas:

1. Governance
2. Trust Strategy
3. Setting the annual budget
4. Staffing
5. Value for money
6. Protecting the public purse

You will be able to answer each questions 'yes', 'no' or 'in part'. For all questions answered 'no' or 'in part', you must provide further comments and a target date that this will be completed. 

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.

What if I need support?

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.