It is a legal requirement for your organisation’s financial records to be inspected annually by the Charity Regulator.  The 2005 Act requires you, as charity trustees, to act with care and diligence when managing the affairs of the charity. This means that you must make sure you have suitable controls over financial procedures to protect the assets of the charity, for example when preparing a statement of accounts, getting the accounts independently examined and then submitted to OSCR.
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Records must be kept for six years.

Key points

• Trustees have a legal responsibility to manage the charity’s financial records
• This means they are equally responsible for ensuring accounts are independently examined and submitted to OSCR for inspection.

Links for more information
Charity Finances
For further details on protecting your charity’s finances.
https://www.oscr.org.uk/guidance-and-forms/guidance-and-good-practice-for-charity-trustees/charity-finances/
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