Schools Financial Value Standard (SFVS): summary
Maintained schools must complete the SFVS every year. Here's a rundown of what it covers, so you know what to expect.
What is the SFVS?
The Schools Financial Value Standard (SFVS) is a requirement for all maintained schools (including pupil referral units), who must submit it to their local authority (LA) every year.
It helps to provide your governing board with assurance that your school meets the standards necessary to achieve a good level of financial health and resource management.
It must be agreed by the full governing board and signed by the chair, and submitted before the end of the financial year (as per section 4.16 of the statutory guidance on schemes for financing schools) – but schools should check whether their LA has set a specific deadline.
For the financial year 2022-23, you should submit your SFVS to your LA no later than 31 March 2023.
Summary of the SFVS sections
Introduction and outcomes – the chair of your governing board will need to sign this page Checklist – made up of 30 questions.