TS-FS-01
Trust & Stewardship
Financial Stewardship
CORE
Compliance
v2.9.7
Trustees review management accounts
This criterion assesses whether the organization's trustees/board regularly review and scrutinize management accounts. Trustees must safeguard charity assets and exercise reasonable care and skill in financial oversight (Charities Act 2011; general trustee fiduciary duties). Regular financial oversight is essential for ensuring financial health, identifying issues early, making informed decisions about resource allocation, and ensuring proper application of funds.
UK Charity Law
- Charities Act 2011 (Trustee fiduciary duties)
- Internal financial controls (CC8)
- The Essential Trustee (CC3)
- Charity reporting & accounting (CC15d)
- Charity reserves: building resilience (CC19)
- Charities and risk management (CC26)
- Managing a charity’s finances (CC12)
- Charities SORP (FRS 102) (Fund accounting & going concern)
ISO Standards
- ISO 9001:2015 — Quality management systems
- ISO 31000:2018 — Risk management guidelines
Excellence Frameworks
Other Regulatory
Related Criteria
TS-FS-02 Banking, procurement & AML controls
TS-FS-03 Robust accounting system
TS-FS-04 Segregate and control Zakat vs Sadaqah (ledgers, banking, donor intent)
TS-FS-05 Fundraising costs fairly reported
TS-FS-06 Statutory accounts externally audited/examined with clean outcome and filed on time (all applicable regulators)
Version
2.9.7
2025-11-05
Discussion (1)
Administrator
2026-03-07 12:00:55.049692
📋 **Version updated: 1.0.0 → 2.9.7** **Changes:** Full import from mizan-297.json
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