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Implementation of Financial Value Statements in Schools for Effective Evaluation and Improvement

The Financial Value Statement (FVS) is a governor-led self-evaluation tool to enhance school financial management. It comprises 23 questions categorized into four sections (A-D) that must be discussed annually by the governing body, headteacher, and senior staff. Responses can be "Yes," "In Part," or "No," with options for comments and proposed actions for incomplete answers. By March 2013, schools must submit signed statements to their local authority. The FVS ensures accountability and supports effective budget alignment to improve educational standards.

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Implementation of Financial Value Statements in Schools for Effective Evaluation and Improvement

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  1. Schools Financial Value Statement Replaces FMSis Governor led Self Evaluated Used to inform both school and LA assessment Needs to be in place by March 2013

  2. The standard consists of 23 questions that a governing body should formally discuss annually with the head teacher and senior staff.  The questions are in four sections A to D.  Each question requires an answer of Yes, In Part, or No.  • If the answer is Yes, the comments column can be used to indicate the main evidence on which your governing body based its answer.  • If the answer is No or In Part, the column should contain a very brief summary of the position and proposed remedial action.    • In Section E, your governing body should summarise remedial actions and the timetable for reporting back.  You should ensure that each action has a specified deadline and an agreed owner. • Your governing body may delegate the consideration of the questions to a finance, or other relevant committee, but a detailed report should be provided to your full governing body and your chair of governors must sign the completed form. • Your school must send a copy of the signed standard to your local authority’s finance department

  3. There is no prescription of the level of evidence that as a governing body you should provide.  The important thing is that you as governors are confident about your responses.  

  4. Section A – 7 questionsGovernors and School staff Skills Responsibilities Business Interests Review Ensure Accountability Critical Friend

  5. Section BSetting the Budget Aligning the school’s budget and the plan to improve standards and attainment should: help the school understand the impact that its intended plans will have on the workload of its staff; highlight the most effective way for the school to use their workforce to improve outcomes for their pupils; and help the school to assess whether the actions are viable and cost-effective

  6. Section CValue for Money This area covers : Benchmarking Premises management Purchasing Collaboration

  7. Section D Protecting Public Money This includes : Business Continuity Planning Audit CFR School policies such as Whistleblowing Anti – fraud measures

  8. In conclusion • www.elc-gel.org.uk • www.moderngovernor.com • www.kenttrustweb.org.uk • www.dfe.gov.uk

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