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Schools Financial Value Standard (1)

Schools Financial Value Standard (1). Replaces FMSiS which was withdrawn Nov 10 Requirement for all maintained schools The standard consists of 23 questions which the GB should formally discuss annually. There is Standard template with support notes

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Schools Financial Value Standard (1)

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  1. Schools Financial Value Standard (1) • Replaces FMSiS which was withdrawn Nov 10 • Requirement for all maintained schools • The standard consists of 23 questions which the GB should formally discuss annually. • There is Standard template with support notes • Has to be completed once per year with signed copy returned to internal audit • SFVS will not be externally assessed, however audit will use it to inform their programme of visits

  2. Schools Financial Value Standard (2) • Standard primarily aimed at Governors as they have formal responsibility for the financial management of the school • GB can delegate consideration of the questions to a finance committee but detailed report should be provided to full GB. • Chair of Governors must sign the completed form and first submission is March 2013 • The DfE website is www.education.gov.uk/schools/adminandfinance/financial management

  3. Excess Balances in Schools • The procedures have been in place for a number of years. Excess balances are deemed to be those which exceed 5% (secondary and middle schools) and 8% (primary and special schools) of the current budget share • The change that schools need to be aware of is that at the end of 2011/12, the school budget will include all funding given to the school. Previously it excluded standards funds and EMA as they were separately funded.

  4. School Visits • Tour Operator’s Margin Scheme: wef 1st January 2010 • LA schools not able to recover VAT on school trips purchased from tour operators ie cost of school trips will be VAT inclusive. • However operators can opt out of TOMS. If this is the case, VAT will be shown separately on invoice and you can reclaim it back. Check with tour operator that this is the case where VAT shown on invoice. • No change for trips organised directly by a school, where VAT can still be recovered eg. day trips involving coach transport to a zoo or museum.

  5. Orders • Old green order books been discontinued • An electronic order template has been e-mailed to all schools • Can print off and use manually if you wish • If sending electronically to suppliers then scanned signatures NOT allowed but can type the signature

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