Ashmolean regularly reviewed charitable donations (4)
I believe the answer is:
alms
'charitable donations' is the definition.
(I've seen this before)
'ashmolean regularly reviewed' is the wordplay.
'regularly' indicates alternate letters (regularly take one letter, leave next etc.).
'reviewed' is a reversal indicator.
The alternating letters of 'ashmolean' are 'smla'.
'smla' reversed gives 'ALMS'.
(Other definitions for alms that I've seen before include "handed over as charity" , "Charitable donations to poor" , "Charitable donations to the needy" , "Charitable relief" , "Charitable gifts - slam them" .)