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TS-FS-07 Trust & Stewardship Financial Stewardship CORE Compliance v2.9.7

Controlled asset & liability register with reconciliations/verification; annual board review of insurance, security and encumbrances

This criterion assesses the diligent maintenance of a complete asset and liability register, reviewed annually by the board. This embodies faithful stewardship (riʿāyah) over entrusted resources, ensuring financial transparency for stakeholders, mitigating risk, and safeguarding operational sustainability. The annual review culminates in a documented board attestation and an action log covering insurance adequacy, security control gaps, covenant/charge compliance, and remediation deadlines.

Compliance 2
  • Complete documentation of all liabilities and financial obligations is maintained with clear recognition triggers (provisions, contingent, leases, grants).
    Documentation Essential
  • Include information/intangible assets (GDPR ROPA), heritage assets, investment assets, lease commitments, provisions, pension obligations, third-party assets, and encumbrances.
    Scope Essential
Basic 3
  • A comprehensive register of all physical and financial assets is maintained with a defined minimum data schema (ID, category, location, valuation, etc.).
    Documentation Essential
  • Categorization by type, location, and function
    Transparency Medium
  • Depreciation and amortization tracking aligned with SORP/FRS 102
    Transparency Medium
Good 6
  • The register is regularly updated to reflect acquisitions, disposals, and changes in value within 5 working days.
    Process Essential
  • The board conducts a periodic review of the register at least annually covering completeness, security, and encumbrances.
    Governance Essential
  • Clear ownership and responsibilities for maintaining the register are assigned (Named Custodian).
    Governance Essential
  • For property/charged assets: obtain and file current HM Land Registry title register/plan (or deeds) annually and upon transaction.
    Controls Essential
  • Regular reconciliation with physical asset verification
    Transparency High
  • Maintenance schedules for physical assets
    Sustainability Medium
Better 4
  • Monthly reconciliation to the nominal ledger and insurer schedules; quarterly physical verification for moveable high-risk assets and annual verification for others.
    Process Essential
  • Implement maker–checker approvals for changes; maintain a versioned audit trail; restrict access via RBAC; perform annual user access reviews.
    Governance Essential
  • Digital asset management system with appropriate security and disaster recovery
    Technology High
  • Risk assessment for each significant asset and liability
    Leadership High
Best 1
  • Barcode/RFID tagging; Exception management; Monthly insurance mapping; Security Register for charged assets; Maker–checker workflow; Disaster recovery/backups.
    Controls High

Related Criteria

TS-FS-01 Trustees review management accounts 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
Version
2.9.7 2025-11-05

Discussion (1)

Administrator 2026-03-07 11:07:48.245129

📋 **Version updated: 1.0.0 → 2.9.7** **Changes:** Updated islamic_references from mizan-297.json

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