You are in: School Admin » School Office » Internal Audit » SFVS Guidance

Herts County Council logoSchools 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  It replaces the Financial Management Standard in Schools (FMSiS) which was withdrawn by the Secretary of State with effect from 15 November 2010.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.

  • In Hertfordshire the document should be completed in excel and is accessed below.
  • The completed return should be printed and a paper copy, signed by the Chair of Governors, kept by the school.

SFVS Return for 29 March 2019

An electronic version should be returned to SIAS by 29 March 2019 and emailed to: email: sias@hertfordshire.gov.uk

If the email automated button does not work on the Microsoft Excel SFVS Return form, please attach the completed SFVS form directly to: sias@hertfordshire.gov.uk

Subject

Instructions

Downloads

SFVS flowchart

The SFVS process from start to finish.

SFVS timetable 2018-19

This is suggested timetable to ensure completion of the SFVS by 29th March 2019.

Guidance on completing the SFVS return

An overview of the requirements.

Guide to required documents

This is a list of the documents that the auditors use to assess the robustness of the SFVS controls.

DfE guidance

This is the current guidance issued by the Department for Education, which can be found at www.gov.uk/guidance/schools-financial-value-standard-and-assurance-sfvs#schools-financial-value-standard-guidance-2018-to-2019

SFVS return form

Please download this excel file. It should be completed and submitted electronically.

 

Once the form has been submitted a copy should be printe and signed by the Chair of Governors and this retained in school.

Please save this file to your computer.

Right clock on the above file and choose 'save target as'

(You will have to click to enable macros to complete the form.)

If you have any queries relating to SFVS, please call Darren Williams on: 01438 844341.

If there are any technical issues in filling out this excel spreadsheet, please call Tina Parhar on: 01438 343593.

 

SFVS Audit 2018 - Key points and statistics

Key points and statistics.

In draft. Final version to be published with internal audit report.

 
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.