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The Executive Board, chaired by the Director of the Trust, reports directly to the Board of Governors. It is responsible for the day-to-day management of the Trust’s operations and provides advice to both the Governors and the Director with regard to planning, operational, policy or strategic matters, the delivery of objectives and issues arising from the specific functional areas for which they are responsible. It provides leadership across the organisation in support of the overall leadership given by the Director and ensures that the vision and strategic objectives of the Trust, which have been agreed with the Governors, are disseminated, and all necessary actions taken to uphold the vision and deliver the objectives.


Statement of Trustee’s responsibilities The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy, at any time, the financial position of the Trust and enable the Trustee to ensure that the Financial Statements comply in all material respects with the Charities Acts and applicable regulations. The Trustee is also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


The Trustee prepares Financial Statements for each financial year to give a true and fair view of the state of affairs of the Trust and the Group at the end of the financial year and of the incoming resources and application of resources, both of the Trust and of the Group, and the cash flow of the Group during the year.


The Trustee:


• selects suitable accounting policies and applies them consistently;


• makes judgements and estimates that are reasonable and prudent;


• states whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and


• prepares the Financial Statements on a going concern basis, unless it is inappropriate to do so.


The Trustee confirms that it has referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant-making policy for the year.


Statement of disclosure of information to auditors So far as the Trustee is aware, there is no relevant audit information of which the Trust’s auditors are unaware. The Trustee has taken all the steps that it ought to have taken as a Trustee in order to make itself aware of any relevant audit information and to establish that the Trust’s auditors are aware of that information.


Committees of the Board of Governors The Board of Governors is assisted in its duties by a number of committees that report directly to it, on which at least two Governors are members:


• Audit Committee: for matters of internal control, compliance with financial reporting requirements and liaison with and evaluation of the internal and external auditors;


• Investment Committee: for matters relating to the Trust’s investments;


• Nominations Committee: for identifying potential candidates to fill Board and committee vacancies;


• Remuneration Committee: for remuneration issues; and


• The Strategic Awards Committee makes funding decisions on proposals or initiatives that fall outside of established review, decision-making or funding mechanisms and delegations, and that require strategic, scientific or academic appraisal. In addition, when a proposal falls within the remit of one of the five departments in Science Funding, the head of that department is a member of the Committee for consideration of that proposal. The Committee brings in external experts to discuss with the applicants and the Committee.


Annual Report 2011 | 27


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