Monitoring & Reporting 77: Schools Financial Value Standard (SFVS) 2022 – 23
Ideally you should be already well underway with the completion of this year’s SFVS return. Thank you to those that have already submitted their signed checklists. You will shortly receive an acknowledgement of receipt from Devon Audit Partnership.
A link to the Schools Financial Value Standard web page (document and guidance notes) is provided below.
Schools financial value standard (SFVS) and assurance statement – GOV.UK (www.gov.uk)
In recent years, schools have been asked to complete a Financial Dashboard using CFR data produced by the local authority and various pieces of information about the school workforce from existing DfE sources. The self-assessment dashboard that was formerly part of the SFVS has been moved to the benchmarking website and the latest SFVS directs schools to use DfE benchmarking tools for this exercise. The dashboard is similar to previous years and continues to show how a school’s data compares to thresholds on a range of statistics identified by the DfE as indicators for good resource management and outcomes. The dashboard will help you to complete the Self Assessment Checklist.
The Checklist continues to be a series of 30 self-assessment questions which school governing bodies should formally discuss with their Headteacher and other senior staff.
SFVS returns must be approved at a meeting by the Full Governing Body and signed by the Chair of Governors, before being submitted to Devon Audit Partnership prior to the 31st March 2023 annual deadline. Returns made after this date will be formally notified to the Department for Education as a late submission.
Schools Financial Value Standard Submissions and any queries relating to it should be sent to: schoolfinancialvaluestandard-mailbox@devon.gov.uk