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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.

Compliance 3
  • Management accounts produced with SORP fund analysis and restricted funds reconciliation
    Process Essential
  • Restricted funds not in deficit; any risks and corrective actions documented
    Governance Essential
  • Reserves monitored against policy with actions for gaps
    Governance Essential
Basic 3
  • Documentation of financial review in board minutes
    Documentation Essential
  • Board members demonstrate understanding of financial position
    Governance Essential
  • Comparison of actual performance against budget
    Continuous Improvement High
Good 8
  • Finance committee reviews monthly (or pre-board) and submits assurance note; or full board reviews if no committee
    Governance Essential
  • Pack includes 'controls attestations' (bank recs, payroll, restricted allocations, fraud check)
    Process Essential
  • Board papers circulated ≥5 working days before meeting
    Governance Important
  • Monthly financial reporting to the board or finance committee
    Transparency High
  • Financial literacy training for all board members
    Leadership High
  • Dedicated finance committee for detailed review
    Leadership High
  • Board packs circulated ≥5 working days before meetings (SLA)
    Transparency High
  • Gift Aid debtor ageing and reconciliation
    Process Medium
Better 8
  • Board-approved Exception & RAG Matrix included (e.g., Red >10% & >£5k)
    Process Essential
  • Reforecasting triggered when thresholds breached
    Process Essential
  • Use of visual dashboards and key financial indicators
    Technology High
  • Trend analysis over multiple periods
    Continuous Improvement High
  • Rolling 13‑week cashflow and 12‑month forecast with scenario/stress testing
    Continuous Improvement High
  • Finance skills matrix and annual literacy plan for trustees
    Leadership High
  • Read-only trustee access to cloud accounting dashboards
    Technology Medium
  • Quarterly fraud and control exceptions report
    Leadership High

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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