The Faculty of Advocates 1985 Charitable Trust Financial statements 31 October 2024 Charity Number SC012486
The Fa(JJtty ofAdvocates 1985 Charitable Twst Financial statements 31 October 2024 Contents Trustees and advisers Trustees, annual report ststement of Trustees, responsibilrties Independent auditor's report lo the Trustees of The Faculty of Advocates 1985 Charitable Trust statement of financial activities Balan¢e sheet ststement of cash flows 10 Notes
The Fa(JJtty ofAdvocates 1985 Charitable Twst Financial statements 31 October 2024 Trustees and advisers Trustses Chalr of Trusts•$ Bursar Offl¢• The Signet Library Parliament Square Edinburgh EH1 1RF Inv••tm•nt advl••rn Brooks MacDonald 80 Hanover Sl, Edinburgh EH2 1EL 8ankor8 Royal Bank of Scotland 36 Sl Andrew Sqvare Edinburgh EH2 2Y8 Sollcltorn Messrs Lindsays. 19A Canning Street Edinburgh EH3 8HE Auditor Henderson Loggie LLP Chartered A¢¢ountanl$ Level 5 10- 14 Waterloo Place Edinburgh EH1 3EG
The Fathy ofAthocates 1985 Chantable Trust Finanoal statements 31 C¢tcOer 2024 Trust•88' annual r•port for th• y•ar •nd•d 31 Octob•r 2024 StrlU1 gov•rn•nu •nd maThag•m•nL The Faculty of Advccales 1985 Charrtatrle Trust created to succeed the Athocate$' wd0, and Orphans, FurHI which was dissolved in 1985 by Private Act and in terms of wthich the sum of£500.000 and fvrther Sums from the residue of that Fund were transferr to the Twstees of the 1985 TNSL The Trust is govemed by Ihe Deed of Twst sel up by nd others dated 31 October, 1, 6 and 9 Novemter 1985. There are nine Trustees and %then vacancies arise new Trustees are considered in h'ght of their sknlls and grade of seniority V1n the FaCty at the lime and are appointed by unanimous approval. The Trustees meet at beast three b.mes a year and the daytsday bu&nes8 of the Trust is administered by a bursar who reports rngLlaty to the Chaimian. In tho financial year this report covers. Lord Abemethy tendergd his re$ignation from his offic8 of Trustee at the June 2024 Trnstee meeting. This was recorded in a Deed of Resignation dated 28 June 2024. Trustee5 expressed regret at Lord Abemethy's iparture and voKed their gratitude for his work throughout Trustee lem. The appointed Bursar, also t his offi term in Juty. sub8oquenty app<Hnled ursar In 024. ake$ on gener4 adminis ra or s responsi onbe Scciety from the forn1 lead administrator, who moved on from the Society in February 2024. is responyible for the management of the Society's charitie5 portlolio, vthich indudes the 1985 TrusL An administration contra¢1 wlh the trading wbsidiary olthe WS Society Isignelco Limited) Was approved by the Trustees in February 2024 and execuied accordir. rmi was Rg¢ord¥ dlgbtb•allon Follon9 the 8ursar h4ndover, all hard flès held by the TnAt were dtrad to the Slgnet Llbrary (the principal office of the WS Souttyl and a dIg"Sa0Th Project has been carried out. vthKh remains ongoing at the financial year's end. project invc4ved scanning of all annuitants. ¢•se reports and fles. lax deductions lom)s and correspondence. Trust documents. Minute$, legal and financial tJo¢uments. as well as general correspondence and regulatory materials. A ¢omythense inventory has also been produc•d, oudining the digita fokjers, $trLKlure and exh document ntaIned therein. Coutt• accounts clo•urn Follong from the Bursar hantjover, 4 9May$' notk• was put In the Trust bank accounts hdd wlth Coults bank. Trustees agreed lo ¢lose all Coutts bank accounts after drawing down any remaining Intere81 accrued and moving to the WS SLxiety RBS Client A¢¢ounL As at February 2024. the majorty of funds hdd in Ihe Coutts bank accounts were Iranslerred lo the WS Society R8S Client accounL The remaining fvnds were transferred In March 2025 and the accounts Ere dosed. Int•r••t R•gl•t•r and Prfvacy Notlc• In February 2024, Trustees age on the ¢reab"on of on Interest reglster. Thls wa$ produced by the WS S¢xlety and &ul01ed xcordingty. together updated Dgd¥atiorn of Irrteresl forms. A privacy notice wa5 also apwoved in Febnjary 2024 and circthled lo al Trust beneficiarie5. The prNacy notice ouUines111 how the Trust llects dats".121 what data is ¢olle¢ted".131 who has at$S lo the data,. and141 the rights one has in ¢onneclion wth their Peral dats being held and destroyed. Desprte the Charity being low risk for dats trxea¢hes and haMng good risk mrtigalions in pkce, $lh as robust ¢lou¢J $y$tgm protsctiw and insurance, it good practice to have a priva¢y nots'ce in Pla lthgn collecting and processing userf$ data, vthich mKJht Inde the wocessing of sen$itNe pern11 data. Risk management and inveslm•nt pdicy The Trustees keep the Trust's activi$ under review and consider the financial p0sOn of the Trust in detail al each of their three regular meetmgs. They re¢eNe qLHrteth investment report$ from their investment managers, Brt(*ks maCDona, who administer the portf on a fijll discreb"onary basi$ except to the extent that no investment Purchases ShOd PreSent rn0 than 5% of the portfc4io. In accordance with their Irwestment poS¢y, Tntstees Carrled out the triennial review of adv150rs In October 2024. vthi¢h iluded ¢on$ideralion of ahemative inveslment managers optKin$. After considering these,
The Fathy ofAthocates 1985 Chantable Trust Finanoal statements 31 C¢tcOer 2024 Trustee5 agreed to rppappoint Brooks M%donakl as ther invèslment rnanagers. Hèndergon Lo99K? LLP tre also IpPoInted a$ audrtor. ObJ•ctlv•s and a¢tlvltl•s The primary purpose ofthe Tn1 is to pay orappty the free annualincome ofthe Trust Fund atthe disuetion of the Trustees to or for the benefft of dr, doWerS, chldren or former dependents of deceased members of Faculty by rea) of poverty. indigence, illne55, disabitrty or age are in need of relief or support. If in any year income 1$ kft over after the primary purpose has been seryed the Trustees have a discrefjon lo pay over the balarKe tho benefft of any Imng members of Facutty by reason of disabilty, illne$$ or age are pemBnenlfy in¢apaot¥d from pra¢li¢e and by reason of their condition are in need of relief or support. al¥0 for any $pou8e. ¢hld w ¢)tlw dependent of INing members who are in need of relief or support. Th• Truste•s arn empowered to as%st b•neficlaries of Ihe Trust in various way8. These indude w•ekty or other periodical albwances {annU"e$). Ma"n9 grants and loans wth or without inleregt. incbJding payment of grants fry Medal treatment and care, and payir¥J 8ub8cTiptson$ and maknn9 donations lo institutions r¢sponsits4e for the care of beneficiaries. Grnnt maklng Annuities are Mnsidered annualy (unless othewse rnquesledl and r•cord•d in the annual Case repwts and new ben•fi¢iari•s ar• discussed al ea¢h m•ets'ng and wa email in betswen. Referrals for potential new annutsn¢s are mado by the Dgan of FacLIty and through tw$tee$. The Trust 1$ advertid on the WS Society'8 V•Ybsite and thè FacuNy'8 nth¥sletter. Facdty of AdvOt• applI110Th pr¢c••• In October 2024, Trustees dIu98t the possibilrty of inlmduclng a streamliied apF41calion fom) ft)r future grant lunding requests coming from the Facuty of Advocates. one of th• Trust's beneficiaries. Th• draft applicatKin form has b•¢n produ¢•d ond circulated blrt not approved. Tru$tee$ aged not to welcome any further request from the Facu as an applcant untl surplus fund8 have been adequately idenb'fied1o¢¢ more in the financ1 review sectlon bekmfl. Achl•v•m•nt• and p•rforni•nc• In the year to 31 October 2024 0 total of £111,673 net of tax 12023". £115.977) wa$ disbursed to 10 •nnurtants1£144,6l including tax. 2023.. £149,221). Addth¢)ng1ty, seven gronls totallin9 £20,29512023.' È18,5001 were paid lo individual beneftiaries. The Trustees are taknng steps to identfy more potential recipients. The inveslmenl portfoho Increased In during the year 8$ markets reacted to war in Ukraine and settled afttrthe Coronaviru8 pandemic. vlth the ¥ae of invesbnents al the y•ar end bdng £6,983,719 023.. £6,130,801). FlnaTrclal r•vl•w and policy The riet surp5 of the fvnd for the year ended 31 October 2024 £873,441 12023.. nel expenditure £113,003) with £ 890,224 of this being re4ised and reall9ed 9aln in the Investment portfolio12023'. Lo88 £70,425). The unrestr¥ reserves oflhe Trust al 31 October 2024 totalled £732,207 {2023'. £711,684). balan on the designated endowment fund for the Faculty of Advocates to use on suitable charitable projects al the year end way £136,326 (2023.. £136.3261. Th• Tru8tee8 consider the finanual positKin of the Trust to be salisfaclory and the Twst hc4ds SLrffi¢i•nt funds to meet its forthcoming obligations. In recenl years and through careful inv8strnenl management, lo ich the Trustegs are fulty ¢ommrtted. $urplu$8s havg enatled the Trustees to delivor greater a$$iance lo 11$ beneficiaries and the policy remains lo strengthen ils Te5erves in so far as possit4e in thè Current economic ch'mate and lo review on an annual basis opb'ons to distribute surplu5 incow where appropriate subject lo the Trugt Purposes. In O¢tober 2024, Trustees noted a cons¢T?b1et Sum of retainedlsurp$ funds held by the investment managers. Trustees discussed the possibilty to use thesè funds lo supp¢Jrt working athocales who are in financial drfficulty. Trustees agreed to cary out a ¢OnstrtutTh arren¢Jment for this purp)se amending the lems of the constitution referring lo the Trust beneficiaries. The o)nslitiJliMal update will be ratified by way of a $OlUtion relative to the aTrnndmenl, to be apwoved by the TnJ$tees. The resdub.cffj ha$ rp)t yet teen pa$$ed at the lime of writi'ng of this rewL
The Fa(JJtty ofAdvocates 1985 Charitable Twst Financial statements 31 October 2024 Trustees, annual port Icontinuedl for the year ended 31 October 2024 Plans for future periods The Trustees wll continue lo adminislerthe Trust for the purF*)ses sel down in the Deed of Trust. Trustees agreed lo review said Trust Oeed in the following financial year. lo ¢onsider widening the eligibility Criteria. The Trust will continue to work wrth the Facvmy ol Advocates pastoral Ca seryice lo ensuie active advoG4les are provided emergency funding rf needed. Trustees discussed new Trustees recruitment throughout the financial year, and in October 2024 agreed to invite new colleagues lo join the board of Trustees. wth appointment thereofto be staggered throughout 2025. Approval of th8 Trusts8s' roport Al ihe time of approving Ihis report, the Trustees are aware of no relevant audit information of which the trust's auditor is unaware and have taken all steps that they ought to have taken as a Iruslee in order lo make themselves aware of any relevant audit informats.on and to estsblish that the trust's audrtor is aware of that information. Approved by the Trustees and signed on their behalf by= llair of Tr1151ees
The Fa(JJtty ofAdvocates 1985 Charitable Twst Financial statements 31 October 2024 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the finanaal ststements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charrties in Scolland reqtjires the Trustees to prepare financial statements for each financial yearwhich give a trtje and lairview of the state of affairs of the charity and of its incoming resources and application of resources of the charty for that period. In preparing these finanaal statements, the Trustees are required to.. select suitsble accounting policyès and then apply them consistently.. observe the methods and principles of the Charrties SORP IFRS 102)., make judgements and estimates that are reasonable and p(udenl'. state whether applicable accounting standards have been lollowed, subject to any material departures disdosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charty will continue in business. The Trustees are responsible for keeping proper accounbng records Ihat discbse wlh reasonable accuracy al any lime the financial positson of the charity and to enable Ihem to ensure that the financial statements comply with the Charity and Trustee Investment (Scotlandl Act 2005. the Charities Accounts (Scotlandl Regulations 2006 and the provisions of the trust deed. They are also responsible for safeguardin9 the assets of the charity and hence for taking reasonable steps for the prevenbon and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may drffer from legislalKJn in other jurisdictions.
Independent Auditorfs Report to the Trustees of The Faculty of Advocates 1985 Charitable Trust Opinion We have audhed the finarKial al81yts of T Faculy of Athcates 1985 Chaiitat4e Trust (the 'charfty'l for tho year ended 31 Octobèr 2024 1¢ ¢{npriSe the Statemènt of Financial Ath'vitie$. the Balance Sheet, the Statement of Cash Fbws and notes to the ffinanaal statements, induding a summary of ¥wJnifi¢ant a¢wunting poli¢ie$. The finan¢ial reporting frarre%wrk th ha$ been applied in their preparatn is applKat4e law and United Kingdom Accc¥Jnbng Standards, inchjding FRS 102 The Financial Reportwyg Standard 8ppIic8ble in the UK and R&putsli of lrnland (Unrted Kingdom Generally Accepted Accounting Practice). In our ow'nion the financial statements.. give a true and fair of the state of the charity's affaKs as at 31 October 2024 and of ils incoming resources and apF4icalion of rescJrces lor the year then ended,. have been property prepared in •crdance wrth Unrted Kingdom Generaltry Accepted kcounting Practice". and have been prepared in ac¢ordan¢¢ th the requirements of t Charitses and Tw$lee Investment (Scoiland) Act 2005 and Regulation 8 of the Charrties Axounts (stIand) Regulation$ 2006 las amended) B••l• ol oplnlon corKluded our audit in adan ¥&ilh Inlomatiw41 Standards on Auditing (UK) IIW IUK)l and applicable law. Our spOnSIbleS under those standards are fvrthèr describèd in the Audilorfg T¢sponsibililies for the audit ol the financial statements section of reporL We are independent of Ihg charity in accordance wth the ethical requirements that are Televant lo our aud(t of the financial statements In the UK, induding the FRC'S Ethical Standard and the provislons avalat4e for small entltles, In the rcumslan¢es set oul in note 1 to Ihe fin0ftal slalemenls, and we have fvlfilled our other ethical responsibilities in accordance these requirements. We believe th41 Ihe audrt evidenGe V? have oblaintd is SLrfftcitnt and appropriate to prowde a ba3 for our opinM)rL Conc•10n rdatlng to gdng cO•M In auditing the financial stalemenls. we have Colde) that the Tru$lee$' use of going concem bas18 of accounting in the preParatn ofthe financial statement¥ is appropriat Based on the work Vt have perfonned, we have not identsfied arry material uncertainties relats'ng lo ever)ts or ¢ondrtions that, individu811y or cdlethvety, may ¢88t 81gnific8nt doubl on the charity'8 abilrty to continue as a going con¢em for o perknd olal aSIt•fve rrthhs from lhthen the fin•rKHI stat•ment8 ar• authoris•d for issue. Our regponsiblities and the respmsibilties ol the Trustees Mryth respect to going CoeM •re described in the relevant sections of this rewt. Oth•r InformOn The other information comprises Ihe information inckKled in the annual Teport, other than the financial Statements and our audilorfs report thereon. The Trustees are re5ponsit4e for the other information Contaird wthin the annual rert. OUT ownion on the financial slalements doe5 not cover the other infomation and do not express any fom of assurance condusion thereon. Our responsibilrty is to ad the other information and. in doing $0, wnsider wther the other infom)atvJn i¥ materialty innSIstenI ¥th the financial statements or our knowledge obtained in the course of the audit or otherwse appears to be materially misstated. 11 we identfy such material inconsistenaes or apparent malerial misstatements, we are required lo detemiine whether this gives rise to matsn.al misstalemenl in the financial statements themselves. If. based on the rk v have perftrmed, * ndUde that there 1$ a material misslatemenl of this other infomation, wé are wuired to repcrt that facL We have nothing to ret in this regard.
Independent Auditorfs Report to the Trustees of The Faculty of Advocates 1985 Charitable Trust (Continued) PAtt•r• ¢)n Twhleh IM r•qulr•d to r•port by •xc•ption Wle have nothing lo report in respecl of the folNing matters wtefe the Charity A¢wJnts {Scland) RegulatKin$ 2006 las amended) requiw us to report to you rf, in our opinb)n.' the information given in tho financial statèments i# inc4)nsi8tent in any rnaterial respect with thè Trustees. report", or proper ac¢ounty"ng re¢a$ have not been kept. the financial Stslements are not in agreement the accounts.ng records and retums," or we have not roceived all the Informat and explanations require for our aud R•poMlbl1ltl of Tru•t••# As explained more fulty in the Slalemenl of Trustees. responsibilities the tnjslees are responsible for the preparation of the financial slalemenls which give a true and lair view. and for such internal ¢ontrc4 as the tru¥tee¥ delemine i¥ necessary to enable the preparation of financial statements that are free from maleriol misstatement whether due to fraud or efror. In preparing the financial statement8, the Trustees are T¢sponSi8 for assessing the charity's ablity lo conbnue a5 a going concem. discbsing, as applicabl8. matters related lo going cOnM and using the going ncM basis of acCnIng unless Trustee$ Otther Intend lo ¢eas• oyratKins u have no reallsb'¢ afternalive but to do so. Audltorf• mpoMlblltl•• for th• •udlt olth• financlal 8lat•mwrt We have been appnted as audrtor under seckn 44{1llcl ol the Chariti'es and Trustee Inveytmenl (Sland) Ad 2005 and report In accordance the Acl and relevant regulafjons made or having ?ffe¢l th•r•und•r. Our objectives are to obtain roajonable amuran about thether tho financial statements as a ar? free from material misstatement, wther due lo fraud or efror, and to issue an auditor's report that includes our opinion. Reasonable astsurance li a hh level of assurarKe. but 1$ not 8 guarantee that an audit conducted in a¢cor¢Jance ISAS IUK) wll aNway8 detecl a material mi$8tslement when it •xisls, Mi$stalem•nts ¢an anse from frautj or error and are constrJered material rf. individually or in the aggregate, they ¢oukJ rea8onat4y be exped911 lo Infven the ec¢)nomt dg¢i$K)n$ QIUr8 laken on the ba$1$ ofthe¥e financial statements Extont to whlch th• audlt wa• consld•r•d capabl• of d•t•cting Irr•gularltl•s. Includlng fraud Irregularities. induding fraud. are in$tan¢es of norMplianCe wth laws and regulation$. We Oesfjn procedures in lin• our r•sp)n8ibilitses. oulh'ned above, to tt malerial mi$$tsl•menl8 in respect of Irregularits'es, including frau(L The exlont lo vthich wr wocodure$ ar¢ capablg of detecting irrg9ulantie¥. including fraud. is detailed bebK. As part of our Flanning pioceYJ'. We enquired of management the Systems and contro15 the chty has in p4ace, the #reas of the financial stements that are mosty $usceptfole to the risk of irregularities and fraud. and whether there wa$ any known, suspe¢ted or aleged fraud. Management infomed us that there were no instances ol kntr•vn, sUSpted or alleged fraud," We obtained an understanding ofthe legal and regulatory frame•vorks appl'cable to the TrusL Wg delermined that th• fdlthwing were most rebvant.. OSCR requ1ments,. GDPR," and ¢omplan¢e ith the Charities and TN8tee Inve8trnts IS¢odand} Act 2005 aTrJ the Charitie8 Account8 Regulations 2006. We consided the in¢enli¥es and opportuni1$ that exisl in Ihe charity, In¢1ng the extent of manageffent a$, whi¢h present a polenlial for IrUl8r1tses and fraud to be perpetrated, and tailored our risk assessment accorylingly., and Using our knowledge of the charity, together the discussions held Vilh management at the planning stsge, we formed a rKbj5n on Ihe ri$k of mi$$tslement due to irregulanlies in¢knding fraud and ts**re¢J our procedures according lo th risk assessmenL
Independent Auditorfs Report to the Trustees of The Faculty of Advocates 1985 Charitable Trust (Continued) Audltoe r•ponlbllii1 for th• auat of th• fin•ncl41 •t•t•m•nts (¢ontknI The key pro¢edures VM undertook to delect irregUlarth including fraud dung the course of the audh irKluded'. Inquiry of manag8ment abotrt any krw ty suspecled instsnces of no1compli•nQe wth laws and regulations and fraud.. Revithmng minutes of board meetings: Challenging assumptions and judgements made by managem1 in their Signrfant accounting e81imates. in part'cular fair vakje of investments.. and Auditing the risk of managem&nt overTid• of ¢ontrol$, induding through t•sting journal •nlri•s and other adjustmen15 for appropriateness. chng to the inherent limitations of an audrt. there 18 an unavoidable risk that som• material misstatements in the financial statOnntS may not be deteclod, even though audit is properly planned and performgd In accordance with the ISA5 IUKI. FN instance, the further removed nonwcompliance is from tho events and transaction8 fleCted In the financial slatemenls. the less Ikety the auditor is lo become aware of il or to recognize the norrfompbvmce. A fvrther d•Kription of our rgspon¥iknlrtKS forth• audit oflhe ffinancial stat•ments is l¢xaled on th• Finan¢io1 Reporting Councifs web$rt• at This descripb.on foms part of our aLpJhor's reptht. of our rnport Th18 report is made solety lo thé trustee8, 88 4 body, in accordance Regulation 10 of the ChaTibè8 Account3 (Scotlandl Re9atsOn8 20C6. Our audrt vAxk has been undertaken $0 that might state to the trustees those matters are required to state lo them in an lJrtor'5 report and for no other purpose. To the fullest exlent permitted by law, vn do not accept or assume re8pgn$ibihty to anyone other than Ihe arity and tts tru5ts0s a• a tr)dY for our audit vmrk. for th1¥ roport. or for thg opinlons havg formed. Hgnd•r¥oTh Logglg LLP hartored Accounlanls SlalutoryAuditor (Eligible lo act a5 an 8udrt0r lenns olsecti1 1212 ofihe CompanAe$ Act 2006) Level S, 10- 14 Waterl)0 P*e Edinburgh EH1 3EG 31107125
The Fa(JJtty ofAdvocates 1985 Charitable Twst Financial statements 31 October 2024 ststement of financial activities for the year ended 31 Octobor2024 2024 2024 Income Capilal IUnre5trictsdl (Endonentl 2024 Total 2023 2023 Income Capital IUnr2strictedllEndobTrThentl 2023 Totsl Note Income anil end¢)wments from: Investments 217.358 217,358 223,073 223,073 Totsl In¢om¢ 217.368 217,3S8 223.073 223.073 Expendlture on: Raising funds Inveslrnent manaprntnt costs 137,3061 137,X161 134,4971 134.4971 Charitable eclivilies 1196,8351 1196,8351 1195,1541 136,OCK)1 1231.1541 1196.8351 137,3061 1234,1411 1195.1541 170,4971 1265,6511 Totsl gxpendlturg Net gain51llos¥e$l on inve51menlS 890.224 890.224 170,4251 170.4251 N•t Incom•ll•xp•ndltur•l 20.623 862,918 873,441 27,919 140,9221 1113.0031 Transfers beNveen lundg Net moverrent in frJnd5 20.623 862,918 873,441 27.919 1140,9221 1113.0031 Total funds brought forward 711,684 S90.924 8.802.608 683,765 fj.031.846 6.715.011 Total lund8 earrled foTh¥aYd 732,207 6.743,842 7A76,049 711,S84 5,890,924 6.602,608 The incoming resources and resulting net inming resources for the current and previous year arise from continuing operations.
The Fa(JJtty ofAdvocates 1985 Charitable Twst Financial statements 31 October 2024 Balance sheet As at 31 October 2024 Ak)te 2024 2024 2023 2023 Flxed assets Investrnents 6,983,719 6,130,801 Current assets Debtors Cash at bank and in hand 112.89S 437.709 102.295 430.836 660,604 533.131 Curr•nt Ilatsllltlos cditors.. amounts falling due wthin one year 158,2741 161,3241 Net ¢urTrnt a•••ts 492.330 471,807 Net ¥•89ts 7A76,049 6.602,608 Funds Endowrenl- general funds Endownenl- éesignaled lund8 Llnr•strict•d funds 6.807,S16 136,326 732,207 5,754,598 136,326 711,684 Total lund8 7.476,049 6.602,608 Approved and aulhorised for issue by the Trustees and sKJned on their behalf by". hc?ir o Trustee5 io
The Fathy ofAthocates 1985 Chantable Trust Finanoal statements 31 C¢tcOer 2024 Statement of cash flows lor tho ar •ndgd31 (ktober2024 2024 2024 2023 2023 Ca•h Ilow4 from op•rntln¥ •¢lMtI•• Net Incornellexpenditurel Less.. Igain8ylosees on InveStrnts '. investment incwt I lincrea¥el in d¢blryJ IncMa in er8ditor# 873.441 1890.2241 1217.3581 110.6CQI 13,0501 1113.t>)31 70.425 1215.7561 4,292 12,3C6 C••h lu••d IDVpvovkl•d by op•r•llng 4¢tlvlll•• 1247,n11 1241,7361 Ca•h Ilovrd froffl Invollng •Ctbvltlo Purchasè of investrn¢nts Oi8POBal of inve8knwnty Investrn•nl InMm• 217.358 215,756 1620,7891 675,785 Ch provld•d by In119 •etlvltl•• 421.IS1 270,752 In¢r•••lld•cr•••l In ea•h •nd •gulvil•nt• In th• y••f 173. 29,016 Ca•h and Ga•h •qulvnl• at th• *lnnlng 01 th• ymr 618.700 487,684 Tot•1 ca•h and c••h •qulvthnts •1 th• •nd olth• yr •90.060 516,700 cfv •nd rA•h •qulvahn¢• cornprfw: Cash at bank Caih h•kl in irtY••trMn 437,709 252.361 430,836 85,864 190.060 516,700 li
The Fa(JJtty ofAdvocates 1985 Charitable Twst Financial statements 31 October 2024 Notes (forming part of the financial statements) Accounting policies {al Basis of preparation The financial statements have been prepared under the historical cost convention and in accordance with the Accounting and Reporbng by Charities,. Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordance with the Financial Reporting Stsndard applicable in the UK and the Republic of Ireland IFRS1021. The fi'nancial ststements are prepared in £ Sterling which is the functional currency of the charity In common wth many other organisalions of our srze and nature, we use our auditor to assist th the preparation ol the financial stslements in accordance th the requirements of FRC Ethical Stsndards"Provision$ Availab for Smaller Ents'ts'e$'. The finan¢ial statements are prepared on a going concem basi$. The Tw$lee$ believe this is appropriate as even recognising the volatility in Investment valuations, the income generated ha5 remained at a level that 15 forecast to meet ants"cipated charitable expenditure for a period that extends beyond 12 months from the approval of the financial stslemenls. {bl E$tsbll$hm•nt of Trust The Faculty of Advocates 1985 Charitable Trust was established wth effect from 30 October 1985 primarily to provide benefits & support lo wdows, widower5, children or former dependants of deceased members of the Faculty of Advocates. The Tru51 is defined as public benefit enlrty under FRS 102. {cl In¢om• Investment income 1$ anted for %then re¢eivable. Bank intere$¢ 1$ acwunted for on an accruals basis. Idl Exp•ndlturn ExpenrtU is recognised on an accruals basis as a liability is incurred which is as sotsn as there is a legal or conslru¢ts've obligation commrtting the ¢harity lo the expenditure. Costs of raising funds comprise the investment manager's fee. Charrtable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for rts beneficianes. It also Includes govemance costs. which are the costs ol meeb'ng $tslulory obligations, including audit fees. {el Cash Cash al bank and in han(J indudes cash and short lem) highly liquid investments wrth a short maturity oflhree months ¢yless from the date ofacquisition or opening of the dewsitor similar. Dabtors Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. ifj {gi Creditors and provisions Creditors and provisK)ns are recogniseil where the Trust has a psent obligation resulting from a past event that will probably resuh in a transfer of fvnds to a third party and the amount due to settle the obligation can be measured or estsmated reliably. Creditors and provisions are norrnally recognised at Iheir setljement amounL {hl Invostments Investments are valued al the dosing market value at the end of each financial year. The lull investment portfolio is available for inspection at the Bursar's office. Gains and losses on disposal and revaluatson of investments are charged or credited in the Statement of Financial Activities. 12
The Fa(JJtty ofAdvocates 1985 Charitable Twst Financial statements 31 October 2024 Notes (continued) Accounting policies (Contintd) Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Endowment funds are unrestricted and are earmarked for investment purpose5. '} Flnan¢ial instrumènts Basic financial instruments are initi'ally recognised al transaction value and subsequentty measured at their sethement value other than listed investments %thi¢h are held at fair value and any adjustment to fair value is recognised in the profit and loss account. Incomo from invostm8nts 2024 2023 Bank and other interest Interest Income from bonds Oividend income 7242 50.620 159.496 6.369 41,388 175,316 217,368 223,073 Expanditure on charitable actNltles Unr••trlcted endowm•nt 2024 2023 Grant$ to beneficiaries- IndNidual$ Gronls to beneficiaries- The Faculty of Advocate5 Annuitses groas Adminisiraiion expenses Governance eosts- Audit f••8 20,296 17.795 37,000 144,606 23,894 139,606 16,800 9,360 149,859 18,211 8,289 198,836 186,060 231,154 Key management The Trustees are considered to be the key management. No trustee received any remunerab.on or expenses during the year £NIl12023". £NIl}. Investments 2024 2023 At beginning of year Less cash for InvestrenI 8,130.801 185,8641 6,235,706 165.3491 6,044,937 711,112 1786,2051 761,524 6,170,357 620,789 1635,3911 1110,8181 Additions DisposaL% at openiNJ mathet value or subseouent purthase value unalISed investment Ilossesygains 6,731,368 252,351 6,044,937 84,864 Cash held for inVeStrnt At end of year 6.983,719 6,130,801 13
The Fa(JJtty ofAdvocates 1985 Charitable Twst Financial statements 31 October 2024 Notes (continued) Investments (continued) 2024 2023 Comprising.. Fixed interest UK equities Overseas equitEs fund5 Other furKIs Short-term dep051ts and cash 1.000.794 835.639 1.439.373 1,237,881 3.131.116 2,844,518 1,160,085 1,126,899 262,361 85.864 6.983.719 6,130,801 H18torlcal cost 5.757,576 5,959,261 D•btorn 2024 2023 Securetl loans due wrthin one year Accrued bank Inte$t & divKJends PpayMentS 89,292 21,203 2,400 89,292 13,003 112,B96 102,295 Cr•dltorn 2024 2023 Amounts f•lllng du• wlthln on• y••r Other creditors- lax on annuths Accwals an¢Y defed incon Grants payable Trade Creditors 46,024 10,78S 13.091 12,233 36,000 1A8S 68,274 81,324 Reserves OnIng balanc• CIo8lng Balance 2024 Income Expendtlure Gain$lllosse$l Transftra Endo%wnent- Gener* fvjnds 5.754.598 End0%rent- DeSnated 136.326 funds 137,3061 890,224 6.607516 136,326 Total Endownent funds nStriCtl fvJnd8 5,890,924 711.684 137,3061 1196.8351 890,224 6,743,842 732,207 217.3S8 6.602,608 217,358 890,224 7,476,049 14
The Fa(JJtty ofAdvocates 1985 Charitable Twst Financial statements 31 October 2024 Notes (continued) Reserves (continued) Opening balan Closing balance 2023 IncC Expendrture Gainsll105sesl Transf8 Enoent- General funds Endowrent- DesKJnated funds 5.859,520 172,326 134.4971 136.0001 170,4251 5.754.598 136.326 Total Endobwnenl fvn(ts unstriCte fvnds 6,031,846 683.765 223.073 170.4971 1195.1541 170,4251 5.890.924 711.684 6,715,611 223.073 1265,6511 170,4251 6.602,608 Designated funds represent fund$ which have been Set aside lo be granted lo the Faculty of Advocates to fund suitable charrtable projects. Analy$l• of ass•ts bot*wn lund• 2024 2024 Unrn8trleted Endowm•nt 2024 Totsl 2023 2023 UntriCj Endownent 2023 Total Investrnenls Debtors Cash at bank Currènt liabilits18 6,983,719 6,983,719 112,895 437,709 168,2741 6,130,801 6,130.801 102,295 430,836 61.324 112.896 677,686 158,2741 102.29S 634.713 125.3241 1239,8771 1203.8771 136,0001 732.207 6,743,842 7,476,049 711.684 s,8,924 6,602.608 10 Flnan¢lal Instruments 2024 2023 Carylng amount of financlal assets Measured at fair value through profil and 6,731.367 6.044.937 Finan¢ial assets that a measured at fair value through profit and loss Comprise Iisled investments. 11 U1mate controlllng party The charity is constituted by Tnjst Deed and is conlrolled by the Trustees. 15