Governing boards of schools have formal responsibility for the financial management of their schools. Maintained schools are required to submit an annual School Financial Values Standard (SFVS) self-assessment to the local authority to provide assurance that secure financial management is in place.
Governors of all maintained schools (inc nursery schools and PRUs with delegated budgets) must show compliance with the School Financial Value Standard (SFVS) by completing a SFVS self-assessment form.
SFVS self-assessments must:
To make the most of the self-assessment process governing boards are encouraged to keep the SFVS as a 'live' document and to gather supporting evidence throughout the year.
The DfE are trialing the data-based tool in a version for academies, which can be found at School resource management self-assessment tool.
Seld Assessment form to be completed by the governing boards of maintained schoolsGo to DfE page
Guidance and examples of good practice for schools.Download
Additional resource from the DfE to help maintained schools review the roles, and competencies, of governors and school staff.Go to DfE page