Time is rapidly ticking away and before we know it the end of the financial year will soon be upon us. Rather than leaving your SFVS submission to the end of the year when many other tasks are also requiring completion, please consider submitting your completed SFVS self-assessment sooner rather than later.
A link to the 2024 – 25 Schools Financial Value Standard web page (document and guidance notes) is provided below.
Schools financial value standard – GOV.UK
A new service has been created which is designed to help schools view and improve their spending. It is replacing the view my financial insights tool and the schools financial benchmarking service. It is now known as ‘Financial Benchmarking and Insights Tool’.
The tool allows for the following –
- see how spending compares with similar schools;
- enter your own data to see how it affects the benchmarking position;
- plan school curriculum finances;
- see tailored commercial recommendations for each school based on data.
The Financial Benchmarking and Insights Tool will also assist schools in completing the SFVS annual self-assessment checklist.
Home – Financial Benchmarking and Insights Tool – GOV.UK
The SFVS Self-Assessment 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 2025 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