Background

Each Governing board has a statutory responsibility for the financial management of the delegated budget in its school.  Governors are accountable for the standard of education provided and for balancing cost and effectiveness.  Maintained schools must complete the Schools Financial Value Standard (SFVS) annually, and academies are required to make an annual Financial Management and Governance Evaluation (FMGE) return.

Review frequency: annually

Local guidance

Finance (SchoolsWeb)
DfE guidance: SFVS and assurance
SFVS additional resources
Academies Financial Management and Governance Evaluation – Full Return

Legislation

See links above.