The standard is intended to help maintained schools and the local authority ensure that they are meeting the basic standards to good financial health and resource management.
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 their SFVS by the specified submission date. Although it does not require any external assessment 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 2020-21 submission will be 31 January 2021. All returns must be submitted electronically to firstname.lastname@example.org. The local authority will review all returns. You do not need to wait until the deadline to complete this return.
The Schools financial standard for 2020-21 consists of a checklist and a dashboard.
The checklist asks 29 questions of governing bodies in 6 areas of resource management.
- Setting the annual budget
- Value for Money
- Protecting Public Money
And a Self-assessment dashboard.
The checklist guidance provides clarification for each question, examples of good practice, and details further support available to assist schools in addressing specific issues.
The dashboard shows how a school’s data compares to thresholds on a range of statistics identified by the Department for Education (DfE) as indicators of good resource management and outcomes. The dashboard guidance provides explanations of the each of the indicators and helps schools in filling in their data and understanding the results.
The standard, dashboard and checklist are self-explanatory and each contains all of the information required to complete the annual assessment. There are also 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.
Maintained schools will receive further help and advice with the SFVS assessment process via email shortly.