The deadline for completion of the Schools Financial Value Standard is now looming. It has always been a detailed piece of work but changes this year means that it merits closer attention.
What is the ‘Schools Financial Value Standard’?
The Schools Financial Value Standard helps to provide governing bodies with assurance that the school is 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.
Careful completion of the SFVS will assist schools in giving financial management assurance and it is therefore a useful and essential tool for Governing Bodies.
What are the new requirements?
The checklist asks a number of questions of governing bodies to provide assurance that the school is managing its resources effectively. For 2019/2020 the Standard includes a Checklist of twenty-nine questions across seven subject areas:
- School strategy
- Setting the annual budget
- Value For Money
- Protecting public money
- SFVS dashboard
There are three new questions this year and an increased requirement for management reporting.
The SFVS dashboard can be used to compare a school’s data to thresholds on a range of statistics pre-determined by the DfE as indicators of good resources management.
How can drb Schools and Academies Services help?
In order to ensure that schools start to address any issues raised by SFVS, drb are able to do an assessment across the full range of the checklist.
drb Schools & Academies Services have been supporting schools with SFVS compliance for nine years now. If you are interested in this service for your school please contact Doug Skinner at firstname.lastname@example.org or call 07843 282535 and he will be happy to discuss the SFVS service in more detail and provide further information.