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