ANNUAL REPORT
The trustees have pleasure in presenting their annual report for the year ended 31st March 2010.
Structure, Governance and Management
The Margaret Bryce Smith School Scholarships is a registered charity number 1094348. The present scheme came into effect in August 2002 and is detailed on the “About MBSSS” web page.
The Charity Commission scheme makes provision for a total of eight trustees and full details are to be found on the “Trustees” web page.
Finances
The trustees have unrestricted power of investment and intend to pursue a policy of medium to low risk investments designed to ensure a satisfactory level of income together with a moderate prospect of capital growth. Investment managers have been appointed and an approved scheme for investments has been agreed. The trustees are satisfied that the Charity has adequate resources to achieve it's aims and long term objectives.
Risk Management
The trustees have assessed the risks facing the charity and have taken reasonable steps to mitigate any likely effect on the charity.
Reserves
As a result of a lack of charitable activity undertaken by the corporate trustees, Liverpool City Council, considerable reserves have been accumulated. The current trustees are endeavouring to establish a policy in relation to reserves and determine a level which may be considered reasonable. Reserves as at 31st March 2010 are £609,047.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act 2006.
They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Responsibilities
Charity law required the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Trust and of its net incoming resources for that period. In preparing those financial statements the trustees are required to; - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in existence.
Basis of Accounting
The accounts have been prepared under the historical cost convention, expect for the inclusion of investments at market value and in accordance with the applicable accounting standards. In preparing the financial statements the Charity follows best practice as set out in the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP) issued in 2005
Professional Advisors
The Charity’s Auditors are Moore Stephens Chartered Accountants.
The Charity’s principal bankers are Barclays Bank plc.
The Charity’s solicitors are Brabners Chaffe Street.
The Charity’s investment managers are Rensburg Sheppards Investment Management Limited.