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Schools Financial Value Standard Information

The Schools Financial Value Standard (SFVS) replaces the Financial Management Standard in Schools (FMSiS), which was withdrawn by the Secretary of State with effect from 15 November 2010. The SFVS has been designed in conjunction with schools to assist them in managing their finances and to give assurance that they have secure financial management in place. Governing bodies have formal responsibility for the financial management of their schools, and so the standard is primarily aimed at governors.

Maintained schools are required to complete the SFVS once a year. Those schools which never attained FMSiS will be expected to complete and submit the SFVS to their local authority by 31 March 2012. For all other maintained schools, the first run through is required by 31 March 2013. An annual review is required thereafter. Unlike FMSiS, SFVS will not be externally assessed. Local authorities will use schools’ SFVS returns to inform their programme of financial assessment and audit.

Academies and Free Schools will not be required to complete SFVS because it would duplicate their financial monitoring and assurance requirements. Non-maintained special and independent schools will also not be required to complete SFVS because they are not maintained by LAs.

Please contact our head office to obtain advice and guidance from our experienced team of business management and finance professionals, should you require any assistance in achieving the standard or completing the SFVS documentation.