The Schools Financial Value Standard (SFVS) is a tool developed by the Department for Education (DfE) in the UK to help schools assess their financial health and ensure that they are operating effectively and efficiently.
It sets out a framework of financial requirements that all schools must complete, including those related to governance. In this article, we will examine the financial requirements related to governance that all schools must complete according to the SFVS.
Governance is a critical aspect of a school's financial management, as it provides the oversight and strategic direction necessary to ensure that financial resources are used effectively and efficiently.
To this end, the SFVS requires schools to complete a range of financial tasks related to governance. In our Governance App governing boards Schools can complete the SFVS within Governance and can then view those results via a Dashboard.
These include:
- Establishing an effective governance structure: All schools must have a clear and effective governance structure in place, which includes a board of governors or trustees. The SFVS requires schools to demonstrate that their governance structure is effective, efficient, and complies with legal and regulatory requirements.
- Ensuring compliance with financial regulations: Schools must comply with a range of financial regulations, including those related to procurement, accounting, and tax. The SFVS requires schools to demonstrate that they have systems in place to ensure compliance with these regulations.
- Maintaining accurate financial records: Schools must maintain accurate and up-to-date financial records, which are essential for effective financial management and reporting. The SFVS requires schools to demonstrate that they have appropriate systems and procedures in place to ensure that financial records are accurate and complete.
- Preparing and submitting financial reports: Schools must prepare and submit a range of financial reports, including budgets, financial statements, and annual reports. The SFVS requires schools to demonstrate that these reports are accurate, complete, and comply with legal and regulatory requirements.
- Managing financial risks: Schools must identify and manage financial risks, including those related to fraud, theft, and mismanagement. The SFVS requires schools to demonstrate that they have appropriate systems and procedures in place to manage financial risks effectively.
- Ensuring value for money: Schools must ensure that financial resources are used effectively and efficiently and that they represent value for money. The SFVS requires schools to demonstrate that they have processes in place to monitor and evaluate their spending and to identify areas where savings can be made.
In conclusion, the SFVS sets out a range of financial requirements that all schools must complete, including those related to governance.
By following these requirements, schools can ensure that they are managing their finances effectively and efficiently and that they are providing value for money to their stakeholders.
Schools must take these requirements seriously and ensure that they are meeting them on an ongoing basis. For further information, you can refer to the DFE website
