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Schools Financial Value Standard (SFVS) Guidance
The SFVS applies to all Local Authority maintained schools, nurseries and pupil referral units. It does not apply to academies. It replaces the Financial Management Standard in Schools (FMSiS) which was withdrawn by the Secretary of State with effect from 15 November 2010.
The SFVS is a self-assessment undertaken by maintained schools to evidence the effective financial management of their resources. It is a mandatory requirement that all LA maintained schools complete and submit an SFVS on an annual basis. The document comprises of a series of questions that must be answered by the school, discussed at a governors’ meeting(s) and signed by the Chair of Governors.
SFVS Return for 29 March 2019
An electronic version should be returned to SIAS by 29 March 2019 and emailed to: email: firstname.lastname@example.org
If the email automated button does not work on the Microsoft Excel SFVS Return form, please attach the completed SFVS form directly to: email@example.com
What is the SFVS?
Schools manage many billions of pounds of public money each year. Effective financial management ensures this money is spent wisely and properly, and allows schools to optimise their resources to provide high-quality teaching and learning and so raise standards and attainment for all their pupils. The SFVS replaces the Financial Management Standard in Schools (FMSiS) and has been designed in conjunction with schools to assist them in managing their finances and to give assurance that they have secure financial management in place.
Who is the SFVS for?
The standard is a requirement for local authority maintained schools. Other schools are welcome to use any of the material associated with the standard, if they would find it useful. Governing bodies have formal responsibility for the financial management of their schools, and so the standard is primarily aimed at governors.