Skip to main content

SFVS extra information

Last updated on 06 October 2022

Guidance for completing the SFVS form remotely

We have made some adjustments to the way in which the returns can be approved, to reflect that some schools may be operating a hybrid working approach. The SFVS Return does still require review and approval by Governors before submission.

  • Where schools are holding Full Governing Body (FGB) or sub-committees remotely, the SFVS should be presented as part of the agenda. Where it is not possible for the SFVS Return to be reviewed by the FGB or relevant sub-committee, the SFVS form should be sent to either the chair of governors, vice-chair or chair of the finance committee for review and approval (in the above order) as a minimum.
  • The SFVS Return usually requires a written signature from the chair of governors. Where this is not possible, Schools should instead look to obtain such authorisation electronically. This should consist of an e-mail confirmation from the chair of governors (or in their absence the vice-chair or chair of finance) that they agree to the SFVS Return, with a copy attached, before the return is submitted to SIAS. Whilst the above e-mail is not required to be sent with the return, this should be kept on file at the school. In the above circumstances the e-mail sending the SFVS return to the SIAS inbox should be cc’d to the chair of governors and headteacher.

Please contact sias@hertfordshire.gov.uk if you have any questions regarding the SFVS return.

The SFVS return form

A copy of the return that schools need to complete and submit can be found through the following link:

Gov.UK: Schools financial value standard (SFVS) and assurance statement

Academies

The SFVS does not apply to academies. Schools that have converted to an academy before April 5th will not have to submit an SFVS return for the previous financial year. For example, if a school converts on 30th March 2022, they will not have to submit an SFVS return for the 2021/22 financial year. Schools will also not be required to complete an SFVS return if they have been granted a live academy order in the financial year covered by the return. If the school has not converted to an academy by the end of the next financial year, they become eligible to complete the SFVS return again.

SFVS internal audits

In addition to mandatory submission of the forms, the SFVS returns form is used to aid planning for the SIAS audit plan in the following financial year. Each year, a sample of schools are audited in order to ensure that financial standards are maintained and controlled across Hertfordshire. The results from the completed returns will be reviewed, evaluated and used to inform audit testing.

Frequently asked questions

Last updated on 06 October 2022