Schools Financial Value Standard (SFVS)

To comply with this requirement:

• All local authority maintained schools (including nursery schools and pupil referral units (PRUs) that have a delegated budget) must demonstrate compliance with the SFVS and complete the assessment form on an annual basis
• Governors must demonstrate compliance through the submission of the SFVS assessment form signed by the chair of governors. The form must include a summary of remedial actions with a clear timetable, ensuring that each action has a specified deadline and an agreed owner
• Governors must monitor the progress of these actions to ensure that all actions are cleared within specified deadlines
• All maintained schools with a delegated budget must submit the form to the local authority before 31 March each year (or the date specified by your own LA)