To continue the on-going support to the safeguarding of public funds, and to get best value from them, the Department for Education (DfE) has updated the Schools Financial Value Standard (SFVS) guidance.
SFVS is a mandatory return for all schools maintained by the local authority and all Oxfordshire maintained schools are required to complete the SFVS review by the specified submission date. It does not require any external assessment but a copy of each completed SFVS signed by the Chair of Governors must be sent to the local authority.
The deadline for your school’s 2018-19 submission will be 31 January 2019. All returns must be submitted electronically to email@example.com.
You do not need to wait until the deadline to complete this return.
SFVS assessment form contains a series of 25 questions that are divided into four sections:
- The governing body and school staff
- Setting the budget
- Value for money
- Protecting public money
The standard is self-explanatory and contains all of the information required to complete the annual assessment. It also has direct links to concise, simple support notes for each question.
Further information on SFVS and the assessment form and additional information can be obtained from the DfE website.
Help and advice with the SFVS assessment process can also be obtained by contacting your school’s Education Finance Service finance adviser.