Page last updated 17 January 2017
 

Financial Value Standard (SFVS)

Background

Governing bodies have a formal responsibility for the financial management of their schools, and so the Standard is primarily aimed at governors.

The Standard contains 25 questions which governing bodies should formally discuss annually with the head teacher and senior staff; the questions cover the Governing Body and School Staff, Setting the Budget, Value for Money and Protecting Public Money.

All maintained schools will be required to carry out their annual review and submit a completed Standard, signed by the Chair of Governors, to the local authority.

DfE have also issued an assurance guide which explains DfE, local authority and schools' responsibilities:

Submission

  1. All maintained schools are required to review their Standard and resubmit by no later than
    31 March 2017
  2. The form below should be used for all submissions which are to be sent to FinSchools@northamptonshire.gov.uk as an email attachment. 
  3. The Chair of Governors name and review completion date are to be entered on the final page of the form:

Standard and Supporting Resources

Full details of the Standard including detailed notes and additional resources such as examples of good practice are available from the DfE SFVS website via the links on the right hand side of this page.

LGSS Audit have also produced a template guide to the evidence required to meet the Standard:

Any queries on the Standard should be addressed to:

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