School Financial Value Standard - new questions

School Financial Value Standard (SFVS) - new questions

Consultant: Steve BarkerDate posted: July 2015

The Education Funding Agency (EFA) updated the Schools Financial Value Standard (SFVS) in April this year. The SFVS is intended to help maintained schools and Pupil Referral Units (PRUs) (it does not apply to Academies and Free Schools) to manage their finances and to provide assurance to the Local Authority that they have secure financial management in place.

 

There are two new questions that have been added to the assessment form, in April under Section A; The Governing Body and School Staff. These new questions relate to decisions that the governing body make on teachers’ pay and their use of professional external advice relating to Headteacher appraisal.

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Related Party Transactions

The Department for Education, through the Education and Skills Funding Agency, has introduced new statutory requirements for academy trusts over related party transactions. These new requirements came into force on 1st April 2019 and apply to all new transactions from that date. It is essential that trustees are aware of these new requirements and seek assurances from their trust that it is fully compliant. To read this article in full, log into your |Better Governor account or simply register, for free, by clicking the orange button.