School Financial Value Statements

The schools financial value standard helps to provide schools with assurance that they are meeting the basic standards necessary to achieve a good level of financial health and resource management.

The tool can be used to identify possible areas for change to ensure that resources are being used to support high-quality teaching and the best education outcomes for pupils.  From 2019-20 the SFVS was updated and split into two parts:

1. A checklist, which asks a number of questions of governing bodies in six areas of resource management to provide assurance that the school is managing its resources effectively.
2. A dashboard, which shows how a school’s data compares to thresholds on a range of statistics that have been identified as indicators for good resource management and outcomes - this can be retained in school and does not need to be submitted to the LA.

Completion of the SFVS by schools is mandatory.

Local authority maintained schools are required to submit the SFVS annually to the local authority. Local authorities use this information to inform their programme of financial assessment and audit.

For each financial year, schools should submit their SFVS to their local authority no later than 31 March.

Please ensure your SFVS checklist is completed and the signed checklist returned to the local authority by the 31 March deadline. Please return via email to education-finance@shropshire.gov.uk

If you have difficulty getting the checklist signed then please can it be sent from the Chair of Governors email address with a note to say it has been approved.

https://www.gov.uk/government/publications/schools-financial-value-standard-sfvs

The SFVS document, checklist and dashboard guidance, and additional resource documents can be found at the above link.