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Herts County Council logoSchools Financial Value Standard (SFVS) Guidance

The SFVS Return

The SFVS Return is a mandatory annual requirement from the Department for Education (DfE). The SFVS and supporting toolkits are designed to enable schools to make better informed decisions about financial planning and management, and to guide the allocation of resources. The form provides a self-assessment tool for the school to review its current arrangements against these standards and good practice. The SFVS process also provides the opportunity for Governors to formally review the financial management arrangements of the school on an annual basis. Consequently, the SFVS provides an opportunity for schools to manage their resources more efficiently and to take a more strategic approach to financial planning, leading to an increase in value for money.

SFVS Requirements for the 2020/21 financial year

Based on current guidance from the DfE, schools will be required to submit an SFVS return for 2020/21, with the final submission deadline of 31st March 2021.

SFVS Requirements for the 2019/20 financial year

While the SFVS return is no longer a mandatory requirement for submission to the DfE in the 2019/20 financial year (March 2020), we still recommend the completion and return of outstanding SFVS returns, but with an extended timeline for submission to the Local Authority of September 2020. The SFVS return for the 2020/21 financial year (submission due 31st March 2021) is still a mandatory requirement. See the SFVS Extra Information Page for further details.

The SFVS Process is outlined across the three pages below:

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

 

Page reviewed and updated 9/06/2020