SFVS extra information
Guidance for completing the SFVS form remotely
We have made some adjustments to the way in which the returns can be approved, to reflect that some schools may be operating a hybrid working approach. The SFVS Return does still require review and approval by Governors before submission.
- Where schools are holding Full Governing Body (FGB) or sub-committees remotely, the SFVS should be presented as part of the agenda. Where it is not possible for the SFVS Return to be reviewed by the FGB or relevant sub-committee, the SFVS form should be sent to either the chair of governors, vice-chair or chair of the finance committee for review and approval (in the above order) as a minimum.
- The SFVS Return usually requires a written signature from the chair of governors. Where this is not possible, Schools should instead look to obtain such authorisation electronically. This should consist of an e-mail confirmation from the chair of governors (or in their absence the vice-chair or chair of finance) that they agree to the SFVS Return, with a copy attached, before the return is submitted to SIAS. Whilst the above e-mail is not required to be sent with the return, this should be kept on file at the school. In the above circumstances the e-mail sending the SFVS return to the SIAS inbox should be cc’d to the chair of governors and headteacher.
Please contact sias@hertfordshire.gov.uk if you have any questions regarding the SFVS return.
The SFVS return form
A copy of the return that schools need to complete and submit can be found through the following link:
Gov.UK: Schools financial value standard (SFVS) and assurance statement
Academies
The SFVS does not apply to academies. Schools that have converted to an academy before April 5th will not have to submit an SFVS return for the previous financial year. For example, if a school converts on 30th March 2025, they will not have to submit an SFVS return for the 2024/25 financial year. Schools will also not be required to complete an SFVS return if they have been granted a live academy order in the financial year covered by the return. If the school has not converted to an academy by the end of the next financial year, they become eligible to complete the SFVS return again.
SFVS internal audits
In addition to mandatory submission of the forms, the SFVS returns form is used to aid planning for the SIAS audit plan in the following financial year. Each year, a sample of schools are audited in order to ensure that financial standards are maintained and controlled across Hertfordshire. The results from the completed returns will be reviewed, evaluated and used to inform audit testing.
Frequently asked questions
Schools manage many billions of pounds of public money each year. Effective financial management ensures this money is spent wisely and properly, and allows schools to optimise their resources to provide high-quality teaching and learning and so raise standards and attainment for all their pupils.
The SFVS is a self-assessment undertaken by maintained schools to evidence the effective financial management of their resources; the tool can also be used to identify possible areas for change to ensure that resources are being used to support high-quality teaching and the best educational opportunities for pupils. It is a mandatory requirement that all LA maintained schools complete and submit an SFVS to the local authority on an annual basis.
The SFVS assessment document should be used by schools as part of the annual process to review its governance arrangements regarding financial management. It should be used in conjunction with continual financial monitoring, as a way to benchmark the school against national averages for good resource management and to ensure that good financial practices are in place.
The standard is a requirement for local authority-maintained schools, nurseries and pupil referral units. Other schools are welcome to use any of the material associated with the standard, if they would find it useful. Governing bodies have formal responsibility for the financial management of their schools, and so the standard is primarily aimed at governors.
In the first instance, if the school cannot meet the March 31st deadline, they should contact SIAS as soon as possible. Extensions will only be given in exceptional circumstances. After the deadline has passed, SIAS will remind the school once, but if a response is still not submitted, SIAS will contact the chair of governors directly for a response. This is to ensure that the Council is able to submit the return to the ESFA within the required deadlines.
Please e-mail your queries to sias@hertfordshire.gov.uk.
Further information can be found on the DfE website.