SFVS returns process
SFVS return
The DfE have confirmed that the SFVS return is a mandatory requirement for the 2024/25 financial year. The SFVS applies to all local authority maintained schools, nurseries and pupil referral units. It does not apply to academies.
The SFVS is a self-assessment undertaken by maintained schools to evidence the effective financial management of their resources and can be used to identify where a change in practice could benefit the School.
The SFVS self-assessment document comprises of a checklist that asks questions in six areas of resource management. The SFVS submission form must be discussed at governors’ meeting(s) and approved by the Chair of Governors.
- the return is word based, and can be accessed below
- the competed return must be approved by the Chair of Governors and kept by the School
- an electronic version of the return must be returned to SIAS by 31st March 2025 and emailed to sias@hertfordshire.gov.uk
Related Party Transactions
Alongside the 2024/25 SFVS return, schools are also required to complete a related party transactions spreadsheet if any related party transactions have taken place since least year’s SFVS return was submitted.
Who are related parties?
According to IAS 24 of the international accounting standards, ‘A related party is a person or entity that is related to the entity preparing its financial statements.’ This means that a related party is anyone who is a person that has control or joint control of the school (e.g. Headteacher, Co-headteacher), has significant influence over the school (e.g. governor), is a member of the key management of the school (e.g. senior leadership team or school business manager) or is a close family member of one of these categories of people.
What is a related party transaction?
A related party transaction is a transfer of resources, services, or obligations between related parties, regardless of whether a price is charged.
Examples
Types of transactions to be disclosed if they are with a related party:
- Purchases or sale of goods
- Purchases or sales of property and other assets
- Rendering or receiving of services
- Leases
Some specific examples of related party transactions may include:
- Awarding a contract for building works at the school to a company managed by the husband of the headteacher of the school.
- Purchasing of goods from a company run by a governor of the school.
- Getting lease of a building where the building is owned by the daughter of the school business manager.
SFVS return required for 31st March 2025
The information below includes the necessary documents to complete the SFVS return form.
SFVS return form
The SFVS form can be downloaded from the DfE by following the link below. It should be completed and submitted to SIAS electronically.
Once the form has been submitted, this should be kept at the School, along with the approval provided by the Chair of Governors.
If you have questions regarding the checklist element of the form, please email the SIAS inbox on sias@hertfordshire.gov.uk or call Tina Parhar on: 01438 343593.
Department for Education (DfE) guidance
The current SFVS form and detailed guidance can be found at:
DfE: Schools financial value standard (SFVS)
The detailed checklist guidance refers specifically to the series of questions to be answered.
SFVS timetable
SIAS have created a suggested schedule for schools to ensure that the SFVS return is submitted on time.
SFVS timetable - Hertfordshire Grid for Learning (thegrid.org.uk)