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ANNUAL REPORTANNUAL REPORT

The trustees have pleasure in presenting their annual report for the year ended 31st March 2017.

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 nine trustees and full details are to be found on the “Trustees” web page.

Applications and Performance

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 short 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. A risk management policy is reviewed, updated and approved each year at the annual general meeting.

Reserves

Reserves as at 31st March 2017 are 632,801, compared with 580,006 at the previous year end.

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 2011.

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.

Accounting Convention

The accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"), "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1st January 2015. The Margaret Bryce Smith School Scholarships is a Public Benefit Entity as defined by FRS 102.

The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The accounts are prepared in sterling, which is the functional currency of the Margaret Bryce Smith School Scolarships. Monetary amounts in these financial statements are rounded to the nearest .

Professional Advisors

The Charity’s Independent Examiners are Moore Stephens (NW) LLP.

The Charity’s principal bankers are Barclays Bank plc.

The Charity’s solicitors are Brabners LLP.

The Charity’s investment managers are Investec Wealth Investment Management Limited.