Residual balance—annual review

The following Practice Compliance precedent provides comprehensive and up to date legal information covering:

  • Residual balance—annual review

Residual balance—annual review

A: General information

Date of annual review[insert date]
Person conducting annual review[insert name and position, eg COFA]

B: Review and findings

Is your residual balance register up-to-date?☐ Yes
☐ No
(If no, ensure you set an action point at section C below to update the register)
For each residual balance you have held over the past 12 months, have you:
—made reasonable attempts to establish the rightful owner of the money?
—taken reasonable steps to return the money to the rightful owner?
—recorded the steps taken to return the money to the rightful owner and retained those records?
—retained information and all relevant documentation, including receipts from any charity to which a residual balance is paid?
—entered the balance onto a central residual balance register?
☐ Yes
☐ No
(If no, ensure you set an action point at section C below)
For residual balances of £500 or less, have you taken appropriate steps to pay the money to charity (where the SRA’s conditions for doing so are met)?☐ Yes
☐ No
(If

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