The Schools Financial Value Standard (SFVS) is a mandatory requirement for all Local Authority Maintained Schools
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.
All Local Authority maintained schools (including Nursery Schools and Short Stay Schools that have a delegated budget) must demonstrate compliance with the SFVS and complete the assessment form on an annual basis.
Each year Governors must demonstrate compliance through the submission of the SFVS assessment form signed by the Chair of Governors, to the Authority’s Chief Finance Officer as required by the Standard.
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