| Schools Financial Value Standard (SFVS) The SFVS replaces the Financial Management Standard in Schools (FMSiS) which was withdrawn by the Secretary of State with effect from 15 November 2010. The SFVS is a self assessment that should be undertaken by schools to ensure the effective financial management of their resources. It is a statutory requirement that all maintained schools complete and submit the SFVS to the Local Authority (LA) on an annual basis. However, the SFVS will not be externally assessed; the LA will use the school’s returns to inform their programme of financial assessment and audit. All Kent schools that were assessed as meeting the FMSiS by 31 March 2010 must complete and submit the SFVS to the LA by 31 March 2013. Those Kent schools that were assessed as not meeting FMSiS by 31 March 2010 have been written to on an individual basis and must complete and submit the SFVS to the LA by 31 March 2012. The following training sessions are available for Headteacher, Governors and Bursars of those schools submitting this year. Tuesday 21st February 2012 – Clover House, Conference Room – 9.30–12.30 Wednesday 22nd February 2012 – Oakwood House, Stillwell Room – 9.30–12.30 If you would like to book on these sessions (maximum of 3 per school) please email the names, positions and email addresses of all those booking to sfvs@kent.gov.uk The SFVS self evaluation and SFVS with support notes for each question are below: Support and Guidance If you have any queries please contact Schools Financial Services via: Tel: 0845 365 5368 Fax: 01622 605103 Email: sfvs@kent.gov.uk |