Financial Controls

Normally, Tshikululu houses its managed funds’ assets in two accounts: an interest-earning money market account, and a current account that is used primarily to accept and distribute contributions. Alternative models can be utilised on the advice of trustees. Funds are held in individual trusts, with separate bank accounts. Each client has a Section 18A trust, entitling donors to deduct contributions from taxable income, and a non-Section 18A trust.

Under Tshikululu management, all trust accounts and finances will be audited annually by Deloitte and Touche, and all financial controls will be administered in accordance with International Financial Reporting Standards (IFRS).

In summary, Tshikululu’s financial management service offering includes:

• Banking, including electronic banking, and other reconciliation;
• Planning and managing the cash flow and disbursements of the trust;
• Processing all payments authorised by, and on behalf of, the trustees;
• Preparation and submission of tax filings on behalf of the trust;
• Management oversight of trust accounts;
• Management of risk, compliance and assurance processes;
• Management of all interactions with the Master of the High Court on behalf of the trust;
• Financial record keeping;
• Fund governance, ensuring all legal and statutory regulations are adhered to;
• Preparation of annual financial statements for auditors and trustees;
• Presentation of current financial situation at all trustee meetings;
• Administration of at least two trustee meetings per annum; and
• Preparation of trustee’s minutes and resolutions