Audit and Risk Committee/Meeting 2013-04-29
Agenda
- A "major risks" paper for the Board Meeting on 11 May and how they are (or not) being managed to avoid detriment to our charity
- Review of progress/timetable for completion of the 2012/13 Annual Report & Accounts
- Ditto the UHY audit for 2012/13
- Review of the new Quarterly Financial Management Reporting system now under design with Jon
- Review of budgetary controls framework
- Review of the Board’s decision-making against best practice in the charity sector
- Review of grantmaking controls
- Review of procurement process (Ashley’s item)
- Review of "whistleblowing" protocols (internal and external)
Minutes
Minutes of 29 April 2013, 15:00-18:30
Notes:
- ARC = Audit & Risk Committee
- JD = Jon Davies
- RB = Roger Bamkin.
- The draft minutes are available for staff and board members at Meeting_2013-04-29
Present:
- Greyham Dawes (GD)
- Ashley van Haeften (Fæ, taking minutes which were reviewed live)
- Doug Taylor (DT, Committee chair)
Initial
Preliminary discussion on the structure of the new committee and how this fits with the other Committees and the Exec Working Group. This is seen as part of the Governance Committee's remit to review how these Committees and Working Groups act together.
Major Risks
ACTION 1: JD to bring the top 5 risks to the ARC in advance of presenting to the Board of Trustees on the 8th May. Risks to include an assessment of gross and residual risk rating (impact, probability after mitigation).
ACTION 2: A framework is needed to review the risk register with major stakeholders (Volunteers, Trustees and Staff). ARC to create this framework within 6 months.
ACTION 3: The risks associated with owning and maintaining QRpedia require a report for the next meeting of the board of trustees with a detailed action plan. JD and RB for 8 May 2013.
ACTION 4: Summary of Insurances to be produced for the board of trustees as part of an annual review of the adequacy of insurance cover. This to include cover for Trustees, Volunteers and Staff and the professional liability insurance that covers advice, reports and work done by contractors and agents. [Sept 2013]
Completion of annual reports
ACTION 5: WMUK members to get an email with a PDF of the accounts and a link to a web version as part of a members newsletter. This is needed at the latest by September 2013 to meet regulatory requirements. [JD to report to the board at the 8 June Board meeting, with a contingency of 13 July 2013 if there is insufficient time on that agenda.]
ACTION 6: (Prevention) The 2014 AGM to be moved to September 2014 to make a manageable accounting and reporting cycle. Resolution to be publicly presented in time for the 2013 AGM. [JD, May 2013]
ACTION 7: Accounts from 2011/12 to be presented to the members as part of a newsletter to members along with a draft summary of the 2012/13 accounts. This is needed to meet regulatory requirements for notification. [JD, by end June 2013]
ACTION 8: Calendar for the charity to be published to help coordination of high level activities for the Board of Trustees. This to include board meetings, AGM, accounts to be drafted and presented, when submissions for trustee elections are due, other events relying on member engagement, etc. [JD, May 2013]
Financial reporting
The recently improved structure of cash flow reporting and quarterly financial management reports was walked through by GD. The bid and financial planning cycle was discussed in general form.
ACTION 9: Budget holders in the Action Plan need a defined role making it clear their duties and delegated powers, and supporting training where needed. How this fits with program and project management will require clarification. [JD to schedule and recommend how this will be delivered in the June Board meeting.]
ACTION 10: Linked supply transactions should limited to a total of £5,000 in a financial year without prior review with the board of trustees. [GD, May 2013]
ACTION 11: An appropriate system of checks and balances should be assured in the system design and policies for the charity, where it applies to the regulatory and legal records of the charity. A documented review is required of how this applies to holding the charity's records on Sage, and on UK Wikis, with the associated powers of admins and bureaucrats to amend the record/potential audit trail. [JD and GD to recommend possible improvements by Sept 2013]
ACTION 12: An independent audit to be commissioned to assess the procurement procedures, policy and their implementation. Particularly for consistency of open tenders and how contract records, and records of contract review, are maintained. [GD and JD to arrange for October 2013]
AOB
Next meeting: Before 13 July Board meeting to review these actions, review the accounts presented and cover previously proposed agenda items not addressed in this meeting as a provisional rolling agenda.