Reporting Standards
Consistent Financial Reporting
The Consistent Financial Reporting framework developed by the DfES, Ofsted and the Audit Commission is a standardised framework for recording income, expenditure and balances. One of the main aims of CFR is to promote consistency to enable schools to benchmark at a national level.
All schools were required to submit CFR returns for each financial year and this information is now available on the DfES benchmarking website.
The website enables schools to view their CFR data and make comparisons with similar schools. To enter the website schools will required a user ID and password which are available from the School Funding Unit by e-mailing csf.sfu@hertscc.gov.uk.
Additional financial information for Schools can be found on The DfEs website through the link below:
Hertfordshire also produces management information for schools which is drawn from a variety of sources including financial information from schools’ Approved Budget Returns. Comparative bar charts for 13 benchmark groups enables schools to make comparisons with Hertfordshire schools of a similar size and structure. Schools’ individual management information profiles are accessible from the:
HCC Coding Structure for the Consistent Financial Reporting Framework
This chart provides schools with information linking account codes to CFR reporting lines
Schools Financial Value Standard (SFVS)
SFVS Update - March 2012 New
Please see below a blank SFVS (School's Financial Standard Return) that schools who failed FMSiS have to complete for year ended 31March 2012 and return to SIAS by 20 April 2012. SIAS are happy to receive completed returns this year from schools who met the FMSiS and these will be used to inform audit planning. All schools who are not Academies will have to complete a return as at 31 March 2013.
As part of the SFVS schools have to complete and make available financial information for parents and the wider community and a pro forma is attached below.
Financial information for parents and the wider community:
SFVS with Support Notes:
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.
November 2011
DfE website section on schools financial management has information on the advice and online tools available for improving efficiency in schools.
Template for financial information for parents and the wider community.
October 2011
The approach to school audit is changing there is more information in the attached notice. Details of this year's audits will be provided shortly.
September 2011
The School's Financial Value Standard (SFVS) has now been published and is available to access at:
SFVS replaces the Financial Management Standard in Schools (FMSiS).
The SFVS is completed by schools and not externally assessed.
Schools who did not meet the FMSiS will have to complete this by 31 March 2012.
More information is available in the leaflet below:
DfE 18 July 2011: The Department launched the new Schools Financial Value Standard (SFVS) which replaces the Financial Management Standard in Schools (FMSiS). The assessment form and support notes are available to download from
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