We have been supporting all our schools with briefings and advice and guidance on the new format of the Schools Financial Value Standards since the summer, although Local Authority Maintained schools have always had to submit this on an annual basis, academies we recognise that this is a whole new process for you.
As we are sure you know the SFVS was updated for the 2019/20 year with new areas for review and a new dashboard to help governors evaluate school efficiency. Hopefully, maintained schools have completed or are in the process of completing the dashboard with their 2018/19 year-end figures and are preparing to review the information with their governors so they can act on areas of concern during this financial year.
The SFVS has been tweaked for Academy Trusts and has been renamed as the Schools Resource Management Self-Assessment Tool (SRMSAT), which rolls off the tongue! For 2018/19 financial year, trusts are required to complete this in full, but only have to submit the checklist section to the ESFA by 14th November 2019. Time is tight so it is imperative that this is completed now to enable trustees to consider the checklist before submission.
This additional return for academies and extended return for schools continues the approach of the ESFA to assist schools/academies in becoming more efficient and making the most of their budgets. Here’s the link https://www.gov.uk/government/publications/school-resource-management-self-assessment-tool and if you’re struggling we have a national services helpline 0345 200 8600.