BRENT SCHOOLS
SCHOOLS FINANCIAL VALUE STANDARD (SFVS)
Possible Evidence List
Please answer for each question: YES, IN PART, NO
LIST OF QUESTIONS
POSSIBLE EVIDENCE
A
THE GOVERNING BODY AND SCHOOL STAFF
1
In the view of the governing body itself and of senior staff, does the
governing body have adequate financial skills among its members to fulfil
its role of challenge and support in the field of budget management and
value for money?
2
Does the governing body have a finance committee (or equivalent) with  Finance Committee Terms of Reference
clear terms of reference and a knowledgeable and experienced chair?
 Finance Committee minutes
 Termly Finance Committee meetings
 Completed Competency matrix for Chair & members
 Scheme of Delegation (Annual review of Head Teachers
delegated authority, which must also be stated in the school’s
Finance Policy)
3
Is there a clear definition of the relative responsibilities of the governing  Finance Policy
body and the school staff in the financial field?
 Scheme of Delegation (Definition of Responsibilities) –
reviewed regularly
 Job Descriptions of Key Financial Staff
 Finance Committee Terms of Reference
4
Does the governing body receive clear and concise monitoring reports of  Budget Monitoring reports
the school’s budget position at least three times a year?
 Finance Committee & Governing Body minutes
 Skills Audit – Governing Body & Schools Staff
 List of Training Attended
 Meeting Minutes – Governing Body & Finance Committee
 Financial Position of school reported to parents and to the
community
All staff should be aware of the annual budget and how finances are
monitored.
Schools Financial Value Standard (SFVS)
1
BRENT SCHOOLS
SCHOOLS FINANCIAL VALUE STANDARD (SFVS)
Possible Evidence List
Please answer for each question: YES, IN PART, NO
LIST OF QUESTIONS
POSSIBLE EVIDENCE
A
THE GOVERNING BODY AND SCHOOL STAFF
5
Are business interests of governing body members and staff properly  Declarations of Interests – Governing Body and for all staff
registered and taken into account so as to avoid conflicts of interest?
 Finance Committee & Governing Body minutes
This should on the agenda at the beginning of every GB meeting.
6
Does the school have access to an adequate level of financial expertise,  Staffing Structure & Job Descriptions
including when specialist finance staff are absent, eg on sick leave?
 Cover arrangements for Finance staff
 Schools Staff Skills Matrix
 Identification of Training requirements
7
Does the school review its staffing structure regularly?
8
Have your pay decisions been reached in accordance with a pay policy  Appraisal/Performance Management Policy
reflecting clear performance criteria?
 Link to Career stage expectations (if implemented by the
school)
9
Has the use of professional independent advice informed part of the pay  Advice sought from HR provider or an independent
decision process in relation to the headteacher?
Consultant (confirmation of email or phone conversation)
 Advice noted in decisions of pay committee
Schools Financial Value Standard (SFVS)
 Staff Structure – with responsibilities attached to each post
 Governing Body minutes
 Senior Leadership Team minutes
2
BRENT SCHOOLS
SCHOOLS FINANCIAL VALUE STANDARD (SFVS)
Possible Evidence List
Please answer for each question: YES, IN PART, NO
LIST OF QUESTIONS
POSSIBLE EVIDENCE
B
SETTING THE BUDGET
10
Is there a clear and demonstrable link between the school’s budgeting  School Development Plan – with links to the budget
and its plan for raising standards and attainment?
 Annual Budget Setting Papers
11
Does the school make a forward projection of budget, including both  3-year Budgets – Revenue & Capital
revenue and capital funds, for at least three years, using the best  Annual Budget Setting Working Papers
available information?
 Governing Body minutes
12
Does the school set a well-informed and balanced budget each year (with  Approved Annual Budget
an agreed and timed plan for eliminating any deficit)?
 Governing Body minutes evidencing discussion and approval
 Annual Budget Setting Working Papers
 Budget submitted to the LA on time
13
Is end year outturn in line with budget projections, or if not, is the  Budget Monitoring reports
governing body alerted to significant variations in a timely manner, and do  Governing Body minutes discussing any variations and
they result from explicitly planned changes or from genuinely
corrective action
unforeseeable circumstances?
 Virement record
 Year End Outturn report
 CFR Report
Budget monitoring should be done monthly.
Schools Financial Value Standard (SFVS)
3
BRENT SCHOOLS
SCHOOLS FINANCIAL VALUE STANDARD (SFVS)
Possible Evidence List
Please answer for each question: YES, IN PART, NO
LIST OF QUESTIONS
POSSIBLE EVIDENCE
C
VALUE FOR MONEY
14
Does the school benchmark its income and expenditure annually against  Benchmarking Report
 DfE Schools Financial Benchmarking website
that of similar schools and investigate further where any category appears
www.education.gov.uk/sfb/
to be out of line?
 DfE Performance Tables website
www.education.gov.uk/schools/performance/
 Local Brent Benchmarking report
 Analysis of Benchmarking
 Governing Body minutes
 Senior Leadership Team minutes
Benchmarking should be done regularly, especially during the annual
budget setting process and where contracts are up for renewal.
15
Does the school have procedures for purchasing goods and services that  Financial Procedures – Procurement protocol
both meet legal requirements and secure value for money?
 Adoption of Schools Financial Regulations
 Scheme of Delegation
Everyone involved in buying and spending decisions should be aware of
the basic procurement procedures.
16
Are balances at a reasonable level and does the school have a clear plan  Surplus Balances Return
for using the money it plans to hold in balances at the end of each year?
 Year End Outturn
 CFR Return
 Annual Budget Submission
 Annual Budget Setting Working Papers
Schools should have plans for any monies saved and plans for any
surplus should be discussed at Governing Body meetings.
Schools Financial Value Standard (SFVS)
4
BRENT SCHOOLS
SCHOOLS FINANCIAL VALUE STANDARD (SFVS)
Possible Evidence List
Please answer for each question: YES, IN PART, NO
LIST OF QUESTIONS
POSSIBLE EVIDENCE
C
VALUE FOR MONEY
17
Does the school maintain its premises and other assets to an adequate  Asset register
standard to avoid future urgent need for replacement?
 Statutory Building Inspections
 Premises Committee minutes
All schools should have a maintenance program looking forward for at
least 3 years, reviewed annually.
18
Does the school consider collaboration with others, eg on sharing staff or  Brent Procurement service
joint purchasing, where that would improve value for money?
 Evidence of Collaboration agreements
 Annual Budget Setting Working Papers
 Governing Body minutes
 TES BuyWire www.tesbuywire.com/
19
Can the school give examples of where it has improved the use of  Budget Monitoring Reports
resources during the past year?
 Annual Budget Setting reports
 Governing Body minutes
 Evaluation of Tenders and Quotes
 Best Value documentation
 Benchmarking evidence
Schools Financial Value Standard (SFVS)
5
BRENT SCHOOLS
SCHOOLS FINANCIAL VALUE STANDARD (SFVS)
Possible Evidence List
Please answer for each question: YES, IN PART, NO
LIST OF QUESTIONS
POSSIBLE EVIDENCE
D
PROTECTING PUBLIC MONEY
20
Is the governing body sure that there are no outstanding matters from  Internal Audit Report
audit reports or from previous consideration of weaknesses by the  Governing Body & Finance Committee minutes
governing body?
 Evidence of monitor and review of recommendations
21
Are there adequate arrangements in place to guard against fraud and  Financial Procedures Manual
theft by staff, contractors and suppliers (please note any instance of fraud  Written Log of instances of fraud or theft detected
or theft detected in the last 12 months)?
 Whistleblowing Policy
 Declarations of Interest
 Division of Duties in processes
 Invoice authorisation procedure is robust
 Marking of equipment
 Review of inventory items
22
Are all staff aware of the school’s whistleblowing policy and to whom they  Whistleblowing Policy
should report concerns?
 Governing Body minutes
 Memo/newsletters/emails to staff informing or reminding them
of Whistleblowing Policy
23
Does the school have an accounting system that is adequate and  Details of accounting system used – e.g. SMS FMS
properly run and delivers accurate reports, including the annual  Internal Audit Reports - assurance that the accounting
Consistent Financial Reporting return?
system is being used correctly
 CFR report – system produced
Schools Financial Value Standard (SFVS)
6
BRENT SCHOOLS
SCHOOLS FINANCIAL VALUE STANDARD (SFVS)
Possible Evidence List
Please answer for each question: YES, IN PART, NO
LIST OF QUESTIONS
POSSIBLE EVIDENCE
D
PROTECTING PUBLIC MONEY
24
Does the school have adequate arrangements for audit of voluntary  Audit Certificate – annual
funds?
 Governing Body minutes – choosing auditor, reviewing
accounts
 Independent Auditor
25
Does the school have an appropriate business continuity or disaster  Business Continuity Plan/Disaster Recovery Plan – with
recovery plan, including an up-to-date asset register and adequate
evidence of testing
insurance?
 Insurance Schedule – with evidence of annual review
 Risk register
 Asset register – with evidence of annual check
 IT arrangements – computers backed up regularly, testing of
restoration data
 Cover arrangements for key staff
Further guidance can be found on the DfE website:
 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/418276/SFVS_support_notes__FINAL_260315.p
df Supporting Notes
 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/417370/SFVS_additional_resources_final_25031
5.pdf Additional Resources
Schools Financial Value Standard (SFVS)
7