What is the SFVS?
The Schools Financial Value Standard (SFVS) is a requirement for all maintained schools (including pupil referral units), who must submit it to their local authority (LA) every year.
It includes a related party transaction form, which should be completed and appended to your SFVS form on submission.
The SFVS provides your governing board with assurance that your school meets the standards necessary to achieve a good level of financial health and resource management.
It must be agreed by the full governing board and signed by the chair, and submitted before the end of the financial year (as per section 4.16 of the statutory guidance on schemes for financing schools) – but schools should check whether their LA has set a specific deadline, which can be slightly earlier.