You are here:

Staff and resources : School finance : Financial monitoring & reporting : Schools Financial Value Standard (SFVS): summary and questions to ask

Schools Financial Value Standard (SFVS): summary and questions to ask

Last reviewed on 4 November 2021
Ref: 3735
School types: Maintained · School phases: All

Maintained schools must complete the SFVS every year. Here's a rundown of what it covers and how you're involved. Also, find out what questions you can ask your school leaders to make sure your school meets good financial standards.

Article tools

Contents

  1. What is the SFVS and when is it due?
  2. Summary of the SFVS sections
  3. Where you're involved
  4. Download our questions to scrutinise the SFVS

What is the SFVS and when is it due?

The Schools Financial Value Standard (SFVS) is a requirement for all maintained schools, including pupil referral units (PRUs), who must submit it to their local authority (LA) annually. 

The SFVS helps maintained schools to:

  • Manage their finances
  • Provide assurance to the LA that they meet the standards necessary to achieve good financial health and resource management

The SFVS is not required for academies but they do have other annual reporting obligations – take a look at DfE guidance on the school resource management self-assessment tool.

Deadline

Maintained schools must submit the SFVS (signed by your chair of governors) to their LA before the end of the financial year (as per section 4.16 of the statutory guidance on schemes for financing schools) – but they should check whether their LA has set a specific deadline. 

Summary of

Also in this topic: Financial monitoring & reporting
Show more
Top articles

More from The Key

The Key has taken great care in publishing this article. However, some of the article's content and information may come from or link to third party sources whose quality, relevance, accuracy, completeness, currency and reliability we do not guarantee. Accordingly, we will not be held liable for any use of or reliance placed on this article's content or the links or downloads it provides. This article may contain information sourced from public sector bodies and licensed under the Open Government Licence v3.0.