Schools Financial Value Standard

Governing bodies have the formal responsibility for the financial management of their schools.  The Schools Financial Value Standard (SFVS) is a tool designed to assist with the managing of the schools finances and to give assurance to ensure that sound financial management is in place.

The EFSA updated the SFVS process from 2019/20 onwards. From that year forwards there is a requirement that a School Governing Body receives monitoring reports of the school budget position at least 6 times per year. This is an increase from 3 times per year. Outturn statements will fulfil this requirement.

The return date for the form continues to be in March and will be included in your accounting timetable. A signed copy, together with a copy of the online form must be returned to schools.finance@nottinghamcity.gov.uk by this date.

The new form can be accessed following the button below:

Schools Financial Value Standard Form

From here you can access the following:

• Schools financial value standard – Form/Dashboard
• Checklist Guidance
• Dashboard Guidance

We recommend to schools when completing the form, that the ‘Optional Raw Data’ tab is completed in the first instance.  The information required on this tab can be obtained from the latest Outturn Report (CFR Format). Once this information is entered into the Raw Data tab, the information will feed through to the Dashboard tab, which in turn will save time calculating percentages/ratios etc.  Additional school information is required on the Dashboard tab, please complete all required fields within this tab.

Once you have updated the dashboard fields, RAG ratings will appear, comparing your school against similar schools. The ratings are to be reviewed and any known explanations can be added to Section F – Optional Commentary.

After the Governors have reviewed the Dashboard they should meet to complete the Checklist. The Checklist currently consists of 29 questions, which needs to be reviewed by the Full Governing Body before being finalized and signed by the Chair of Governors.

Once the data is input and the checklist completed the outcomes should be included on the front tab – Introduction and Outcomes. The form should be saved and a copy sent, to schools.finance@nottinghamcity.gov.uk together with a signed copy of the front tab – Introduction and Outcomes

Please contact Schools Finance Support if you have any queries regarding the SFVS form and its submission.

Tel: 0115 8765053
schools.finance@nottinghamcity.gov.uk