Schools Financial Value
Standard
(SFVS)
Presentation
By
Deborah Clark
and David Wiseman
Introduction
 SFVS
is the replacement to FMSiS
 SFVS is mandatory for all schools
maintained by the Local Authority
 Governing body are accountable and
responsible for completion of the
SFVS self-assessment
 All schools need to complete and
submit SFVS by 31st March 2013 and
annually thereafter
Financial Management Standard in
Schools (FMSiS)
Announced in 2007
 All primary, middle and secondary schools
should achieve the standard by 2010
 External assessment every 3 years
 Purpose was to provide assurance to the
Department, HM Treasury, National Audit
Office and Local Authorities that schools
have adequate arrangements in place to
manage their resources effectively

What is SFVS?

“Schools manage many billions of pounds
of public money each year. Effective
financial management ensures this money
is spent wisely and properly, and allows
schools to optimise their resources to
provide high-quality teaching and learning
and so raise standards and attainment for
all their pupils…… designed to assist
schools in managing their finances and to
give assurance that they have secure
financial management in place.”
Role of the Governing Body
Governing bodies have formal responsibility
for the financial management of their
schools, and so the standard is primarily
aimed at governors
 The standard consists of 23 questions which
governing bodies should formally discuss
annually with the head teacher and senior
staff
 Summarise remedial actions with specified
deadlines and owners
 Copy should be forwarded to Local Authority

Role of Local Authority
SFVS is now included in the outturn
statement in regard to Dedicated Schools
Grant which is signed by Chief Finance
Officer (CFO)
 CFO will be expected to say each year how
many SFVS reports have been received
 CFO will give an assurance that they are
taking the contents of these reports into
account in planning their future
programme of audit

Role of Internal Audit
 All
SFVS returns will be examined by
Internal Audit and Annual Audit plan
adjusted accordingly
 Internal Audit programme has been
adjusted to ensure coverage of SFVS
requirements
 Auditors will formally make the
governing body aware of any major
discrepancies in judgements.
Sections from the Standard
 The
Governing Body and School Staff
 Setting the Budget
 Value for Money
 Protecting Public Money

http://www.education.gov.uk/schools/adm
inandfinance/financialmanagement/School
s%20Financial%20Value%20Standard
Any Questions?