How to use this checklist: The sections are structured by working-day deadline relative to the board meeting date (T). Start at T-5 and work forward. The goal is a board pack that is distributed at least 5 clear working days before the meeting — giving directors time to read it properly, form considered views, and arrive prepared to make decisions rather than absorb information.
1. Management Accounts (T-5 Working Days)
- Monthly P&L finalised — all journals posted, no material accruals outstandingThe close must be genuinely complete before board pack preparation begins. A board pack built on preliminary numbers that subsequently change undermines the credibility of every financial figure presented to the board.
- Budget vs actual variance analysis prepared with written commentaryVariance analysis at line item level with written commentary explaining the cause of each material variance. Variances should be split into timing differences (one-off), volume variances, and structural cost changes that will persist.
- Balance sheet reviewed: all material balances explainedEvery material balance sheet line reviewed for reasonableness. Unusual movements since last month identified and explained. The balance sheet is often where problems surface first — directors will look at it carefully.
- Cash flow statement prepared and reviewed against bank positionThe cash flow statement closing balance ties to the actual bank position. Cash from operations, investing, and financing activities all clearly broken out. Significant movements in working capital explained.
- KPI dashboard updated: all metrics current to month-endEvery metric in the standard KPI dashboard updated with month-end data. Metrics include ARR, MRR, churn, NRR, gross margin, CAC, burn, and runway. Prior month and year-to-date comparisons included.
- Headcount report finalised: FTE vs plan, open roles, cost per headCurrent FTE by department vs the approved headcount plan. Starters and leavers in the month. Open roles and their expected start dates. Average cost per head by department.
- Narrative review: CFO reads management pack as a board member wouldBefore finalising the financial section, the CFO reads the entire management pack as if seeing it for the first time. Does the narrative tell a coherent story? Are there any numbers that will raise questions the finance team is not prepared to answer?
2. Board Pack Compilation (T-3 Working Days)
- Executive summary: key messages, decisions required, risksA 1–2 page executive summary that distils the entire pack. Busy board members read the executive summary first and often form their initial view from it. The decisions required must be clearly stated — not buried in supporting sections.
- CEO/operational update sections received from relevant team leadsSales, product, and operations sections received from the relevant leads and reviewed for consistency with the financial data. A sales commentary that shows strong momentum alongside a flat revenue line needs to be reconciled before it reaches the board.
- Financial section: P&L, balance sheet, cash, KPIs with commentaryThe financial section assembled in a consistent format — typically: P&L vs budget, balance sheet highlights, cash and runway, and the KPI dashboard. Commentary must be written in board-appropriate language — strategic, not operational.
- Forward-looking section: updated forecast, runway, next quarter outlookAn updated full-year forecast (not just the original budget) reflecting current actuals and any revised assumptions. Runway under base, downside, and stress scenarios. Commentary on the next quarter's key assumptions and risks.
- Risk register updated: new risks added, mitigants documentedThe risk register reviewed and updated. New risks identified since the last meeting added with likelihood and impact ratings. Mitigants documented and owners assigned. Closed risks removed or archived.
- Strategic items: deck or briefing papers for any items requiring board decisionFor any item requiring a board decision — a capital allocation, a new hire at C-suite level, a material contract, a change of strategy — a standalone briefing paper prepared with context, options, recommendation, and financial implications.
3. Compliance & Governance Items
- Covenant compliance certificates prepared if venture debt or bank facility in placeIf there are financial covenants in any debt facility, compliance certificates must be prepared and ready for submission. Borderline covenants should be flagged to the board proactively — not disclosed after a breach.
- Regulatory reporting position reviewed: any FCA deadlines approachingFCA annual reports, regulatory capital returns, and any ad-hoc supervisory requests reviewed for upcoming deadlines. Any approaching submissions should be noted in the board pack so the board is aware of the compliance calendar.
- Related party transactions reviewed for disclosure requirementsAny transactions between the company and its directors, major shareholders, or connected parties reviewed. Disclosure requirements under the Companies Act and the articles of association checked. Related party transactions must be approved before execution, not retrospectively.
- Director declarations updated: any new conflicts of interest to discloseDirectors asked to confirm whether any new conflicts of interest have arisen since the last meeting. Conflicts register updated. Any director with a conflict in a matter on the agenda must declare it at the start of the meeting and be excluded from the vote.
- Audit committee pack prepared if separate: audit progress, controls, findingsIf the board has a separate audit committee, the committee pack prepared covering: audit progress and timeline, internal control observations, any audit findings, and the finance team's response plan. Distributed at the same time as the main board pack.
4. Logistics & Distribution
- Board pack distributed at least 5 clear working days before the meetingThe board pack sent to all directors (and observers, if any) at least 5 clear working days before the meeting. Late distribution is a governance failing that signals the finance team is not in control of the close cycle.
- Confirmation received from all directors that they have read the packA brief acknowledgement from each director confirming receipt and review of the pack. This creates accountability for directors to prepare properly and reduces the time wasted in the meeting on basic questions that could have been asked in advance.
- Meeting room or video link confirmed; quorum verifiedPhysical location or video conferencing link confirmed and tested. Quorum requirements checked against the articles of association — if any director cannot attend, confirm whether quorum can still be achieved for all items on the agenda.
- Agenda circulated with time allocations and decision items clearly markedA timed agenda that distinguishes between items for information, items for discussion, and items for decision. Decision items should appear early in the agenda — not at the end when directors are tired and time is running short.
- Previous minutes reviewed for actions — progress update included in packThe action log from the previous board meeting reviewed. Progress against each action summarised in the board pack. Outstanding actions with explanations for delay. Completed actions marked closed. This demonstrates the board is operating effectively, not just meeting.
5. Post-Meeting
- Minutes drafted and circulated within 5 working days of the meetingDraft minutes produced by the company secretary or CFO and circulated to all directors for review within 5 working days. Minutes should record decisions made, voting outcomes, and who was present — not a verbatim transcript of discussions.
- Actions log updated with owners and due dates from the meetingAll actions arising from the meeting captured with named owners, specific deliverables, and agreed completion dates. The actions log becomes the first item of the next board meeting — with no exceptions for outstanding items.
- Any board resolutions: written resolutions prepared for execution if requiredIf any decisions were made at the board meeting that require formal resolutions — approval of accounts, option grants, property transactions — written resolutions prepared, circulated, and executed promptly. Do not leave resolutions unsigned.
- Filing obligations: any Companies House filings triggered by board decisionsBoard decisions that trigger statutory filings identified: changes to directors, new share allotments, changes to the registered office, significant constitutional changes. Filings prepared and submitted within the statutory timeframe — late filings attract automatic penalties.
- Next board meeting date confirmed and added to forward calendarThe next board meeting date confirmed at the meeting (not via email chains after the fact), added to all directors' calendars, and the board meeting schedule for the rest of the year confirmed. Effective boards plan their calendar 12 months ahead.
