Annual Report and Financial Statements 2022-2023 - Flipbook - Page 18
All new trustees are required to undertake a programme
of induction, which aims to give a wide understanding of
TCV, the external environment in which the organisation
works and the challenges it faces. Members of the Board
of Trustees, who are also Directors of the Company and
trustees of the charity (for statutory purposes), are listed on
page 19 together with the President and Vice Presidents.
Qualifying third party indemnity provisions
The charity has made qualifying third-party indemnity
provisions for the benefit of its trustees during the year.
These provisions remain in force at the reporting date.
In addition to delivery to the core responsibilities above,
the GRC; recommended one policy to the Board for
approval during the year; and recommended Trustee
and Independent Member Codes of Conduct to the
Board for approval.
The GRC carried out a self-assessment review of its
performance during 2022-23, with an overall average
score of 4.43 out of a possible 5.
TRUSTEES’ RESPONSIBILITIES FOR THE
FINANCIAL STATEMENTS
Audit and Risk Committee (ARC)
The ARC assists the Board in discharging its
responsibilities by considering and reviewing matters
relating to the control environment, external audit
and risk management and making appropriate
recommendations to the Board for action. The CEO,
Finance Director and Risk and Compliance Manager
are invited to attend each meeting, joined for specific
agenda items by the Health and Safety Manager and
Safeguarding and Volunteering Manager. The Committee
maintains oversight of the resources required to fully
measure and actively manage risk for the charity making
use of internal resources and third-party expertise as
required.
The Committee considers and reviews matters relating
to the preparation of the Annual Report and Financial
Statements including the audit process and presents
its findings to the Board, which formally approves the
Annual Report and Financial Statements. In addition,
it recommends to the Board measures to ensure that
the key areas of risk are being identified by the Board
and that appropriate management controls are in place
and their effectiveness reviewed on a regular basis. The
Committee reviews the performance of the charity’s
external auditors annually and reports all audit findings
to the Board of Trustees.
In addition to delivery of the core responsibilities above;
the ARC recommended eight policies to the Board for
approval during the year; and reviewed quarterly legal
and regulatory updates. The ARC also carried out six
deep dive reviews during the year.
The ARC carried out a self-assessment review of its
performance during 2022-23, with an overall average
score of 4.64 out of a possible 5.
Governance and Remuneration Committee (GRC)
The GRC, at the request of the Board of Trustees,
is required to identify and propose candidates for
trusteeship; and to advise the Board concerning the
charity’s remuneration approach, remuneration of
the Leadership Team, benchmarking against roles
in comparable organisations, and major matters of
governance.
The Committee also assesses the appropriateness of
trustees for re-appointment. The Committee has a
mix of external members, who bring much value and
expertise (e.g. on HR matters), and serving trustees.
18TCV Annual Report and Financial Statements 2022-23
The trustees (who are also Directors of TCV for the
purposes of company law) are responsible for
preparing the Trustees’ and Directors’ report, including
the strategic report, and the financial statements in
accordance with applicable law and regulations.
Company law requires the trustees to prepare financial
statements for each financial year. Under that law, the
trustees have elected to prepare the financial statements
in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting
Standards and applicable law). Under company law,
the trustees must not approve financial statements
unless they are satisfied that they give a true and fair
view of the state of affairs and the incoming resources
and application of resources, including the income and
expenditure, of the charitable company for the period.
In preparing these financial statements the Trustees are
required to:
4 selectsuitableaccountingpoliciesandthenapply
them consistently
4 observethemethodsandprinciplesintheCharities
SORP
4 makejudgementsandestimatesthatarereasonable
and prudent
4 statewhetherapplicableUKaccountingstandards
have been followed, subject to any material
departures disclosed and explained in the financial
statements
4 preparetheonancialstatementsonthegoing
concern basis unless it is inappropriate to presume
that the charitable company will continue in business.
The trustees are responsible for keeping adequate
accounting records that are sufficient to show and
explain the charitable company’s transactions and
disclose with reasonable accuracy, at any time, the
financial position of the charitable company and enable
it to ensure that the financial statements comply
with the Companies Act 2006, Charities and Trustee
Investment (Scotland) Act 2005, and Charities Accounts
(Scotland) Regulations 2006 (as amended). They are
also responsible for safeguarding the assets of the
charitable company and hence taking reasonable steps
for the prevention and detection of fraud and other
irregularities.
