The Scottish Council of Law Reporting a company limiled by guarantee) Directors, report and financial statements Registered number SC032729 31 December 2025 Charity Number SC017485 Company Number SC032729 SCLR. 2025k￿ttts 24 LX 26￿fEr￿1￿7￿Alth&?2b2Tll￿￿￿ 1119 The Scoltlsh c￿rtd1 of Law Roportlng (* company limtted by 9uaranteel Direct￿￿, r•port and financ4al ststernents 31 De￿mber 2025 Cornpany Number SC032729 Contents Memters, Tntstees and advws Report of Ihe CixYKil Independent examinerfs repcyt to the Tn￿ee$ on the unau(Kted fmancTraF stateM￿ts Statement of fmancial acbvitres 10 Balance sheet 11 Statement of Cash fkAYs 12 13 SCLR. 2025A￿￿ts Fl*1 24 0626.￿[{r￿tr￿75m1*￿22b2llt￿￿Sj Pw. 21 f9 la company Ilmlted by guaranteo) Otrect￿s. r8port arKE Ilnanciai *tements 31 0￿mber 2025 Ci)mpary Nwnber SC032729 Members, Trustees and athiise Membets The Rt Hon. Lord Ericht (nom￿ated by Ihe Lord President) The Hon. Lady Haldane (rK¥ninaled by the Lord Pres￿je￿Il B T Smrth KC Inominaled by the Fa(#Jlty of Advocatss) A Delthgovic-8roome KC Inc4nin*gJ by the Faculty of Advocales) C A McLintock Irwjminated by the Law Soe4ety of Scotland) (Resigned 25.6.25) J M Mulknl￿nd (nomviated by the Law SO￿ety of ScodwKI) E J McLaTty (nominated by co￿11} C l McKay (nominated by the thnull Dorothy Bain KC. ex 01￿CH> as Lord Advwate Ruth Charteris KC. ex (ffto as Solicitor-Generdl Roddy Dunlop KC. ex officio as Dean ofthe Fa￿j￿ ofAdvocates Susan Murray. ex offtio as President ofthe Law Society of So)tland IsLKceeded by Patric￿ Thom} S M Webster {Atpointed 25.8.25) Trustee5 a Directors B T Smith KC {Chair} J M Mulholland Iwtee Char) A De1ibegovic4rc￿ne KC E J McLarty S M Webster (App)vrted 25.6.25} C A McLintock {Resrgned 25.6.25) Editor E C Toner Deputy Editor JTYCW Secretary G A Grant (Appointed 25.6.25} A J Kinahan (Resh3ned 25.6.25) Registered office CIO Henders￿ Lcggie LLP The Stamp Office Level 5. 11>14 Waterloo Place Edinburgh EH13EG Accountants Henders￿ Lwjie LLP The Stsmp off Level S, 11>14 watert￿ Pl Edinburgh EH13EG 8ankeTS The Cowative Bank pk 18alloon Stree( Independent Examiner Mark T Edwards FCCA MilcheH Eth￿rdS Chartered Certrfied Acummtants 24A AYis1￿ Aa Edinburgh EH3 6 Solicit¢)rs Ar￿ersOn Strathern LLP 58 mo￿150n Street Eth)bwgh EH3 88P Company registration number SC032729 Charity number SC017485 S¢o#hh Crmid of Law R•p)rtkn9 la company limited by guarante•l 0troctr¥s' financ481 ststements 31 DecembeT 2025 Number SC032729 Report of the CouncFI and Statement of Accounts for the year ended 31 December 2025 to the Sixty-fffth Annual General Meeting of the Members The Board of Trustees of the Council. who are also the directors. has pl&tsure ￿ $￿IttIng ils rep￿ and financial statements for the year ended 31 December 2025. Objedlves and Actlvldes The Council. as a eharity, is established to provth P￿1¢ benefft in Scdand elsevthere and to promote the advancement of educalion and Ihe advancement of human fights. (x)nft￿l resolutton or reconciliation. In fvrtherarKe of ib objects the COW￿11 rroy. Publish reports ofjudieial dèci8tons ￿ Ihe Supreme Court ofthe United W. the Privy Council, the Court of Session. the High Court of JustrfAary. the Sheriff Appeal Court and the Land5 valua.on Appeal CourL and. where it is deemed apwopriate. ofany other court affEthg scot1￿ in its law report sertes, Session Cases@. Issue. reriodically or C￿S1Onally. other pu￿iCatIOnS relatiro to legal subjects. law reporting. mediation. dispute resolutKJn and arbitralion. Organise relevant coutse4 eonferences, exhbi iti)ns. di*ys. meetings, leotwes, educati￿al programmes. classes. and seminars. Jlocate funds to rndividuals and institutions in furfherante of research, WTiting and training on legal subjects, law reporting. mediation. dispute resolution and Wbitration or in the promolion of best legal practice and sound legal education In ScottarKI and elsewhete. The Memorandum arKI Artides expressty pTohbit￿ ar4)litstion oflhe CowKil's inC￿ne ftr any pwwjse other than the promotion ofthe Council's ¢*ieds. An explanation of aclivilies. projects aTrJ servKes with nwnerieal infom*tb)n C￿ re5c￿CeS spent on particular a(*viiies is provided Y) the ensuing Aclwevements and P8rfom7ance seclion ot th15 reix Achlevements and perfon￿nCe thjring 2025, Session Cases@ published a ts)tal of 78 significant cases attoss all six parts. The objective of lssulng all the pu￿lS￿ Parts of sessi￿ Cases@thin the year was narrth m￿Sed. Alihough the reports for 2025 {Parts 1-6} were released to the online infomialicffi licensees ￿ Ihe year, the final bound vcAume for 2025 was not printed and sent to subscnbers until earty January in 2026. Whilst Part 5 was delivered for distrbutK)n on 28th November 2025. due to an oversight with the mail￿￿ house, Part 5 did not mail until January 2026. The team of reporte￿ at the end of2025 was a strong &ven mem￿. As the most authoritkne law rep￿ts in Scotsnd, S&&sk)n Cases@ a CnKaal role in legal education and the advancement (4 huma) rights and cNrflict re9)lu￿. Other notable athievements: 1. The cou￿￿1 organi5es aKI fvnd5 the delivery of the PA¥Myen Lectures. ￿ annual series of lethres memory of the Rt Hon. Lord Macfadyen. These are given by a distinguished member of the domestic or international judiciary. The Macfadyen le￿[e$ are attractive to an audtenee of Iwets, academics, joumali%ts, students and interested members of the public. The 2025 leebjre. the fifteenth in the series. was delivered by The Honourable Mr Justice Adrian Saundets. pr￿dent of the Caribbean of Justi￿. His subject wa$ The Caribbean Court of Justice at 20 Years. la comwy l(mlted by guaiante?) Dk•Cl￿￿' rewt and fthan¢ial 5talements 31 D￿rnber 2025 Company N4wnl)eT SC032729 Report of the Council and Statement of Accounts (conllnuedj Achlevements and p*fornJan¢e {￿ntinued} 2. The Council's work on a consolidated Index ofthe more than 35,(W cases pthli8h&J in the varp)us series of Session Cases@ {including Jusliciary Cases) sints 1V21 was completed during 2025 and was released as the Index to S8ssion Cases via the Council's website during 2025. The Index enable5 users lo search for cases using tr* eatchwords and phrases in the repryts. 3. The FacuRy Decis￿n$ se0￿d seiias {1825 - 1841) digitssatson pr(¥e¢t was completed dwing 2025. PDF ar .xml )Iles were released kn onJwJe pTovidtts ai mid-2025. 4. The Council made grants lo the Lawscot FoundalKJn, to a5SiSt sknjents to St￿ty Jaw al a Scotttsh Univwsity who would otherwise be Unab￿ to do so. and to the Faculty of Advocates to SUPW a lawyer through their year of devilling (an unpaKI traineeshi) that is an essential step Ni the wocess of qualfying as an advocate In Scottand). Flnanclal Revlew The key features of the finanoal statements refl￿1 the chrys t4)Tnmented on eL8evkn*re in this reprt The income and expendHure acco￿* shows that The deficit for the year to 31 December 2025 was £13,240 before re¢trJnISff￿ unreali5ed gains on Nivestments 12024.. £50,209 S￿￿lUs>. After net gains on snvestsnents of£26.79512024.. £17.5981 Ihe reserve5 balan￿ is £428.34312024: £414,788}. Income and expendlture rn relat*￿ to four parts of hard w>y wblieation * SFX parts of digilal publication of the 2025 Volume have been re(y)gnised. Income by way of royalties from electronic pubtK*ion in the year amc4mts to £205.880 (2024.. £260.401) and from hard copy subscriptions: £13.00012024: £8.520). IrKome fmm royaliks a￿1 the sale of Session Cases@ remains the princbpal funding s￿rCe of the Council. In respect of the balance sheet Work in progress represents the costs of parf5 1- 6 of the 2026 Vdume as well as hard wy o)sts of p￿t 5 and 6 2025. VAT payable of £15.115 is recoynised. The Cash balance in the Councifs cJJrrent and dep)sit accounts at the year*rKI was £125,515. Accruals consist of ￿$ts aCerL￿ for the preparation of management and statutory accounts as well as the cost of the independent review. ReseThes Policy The CouncFI has a dear financial pdicy regthg the M￿rt￿nce of reseNes to enswe opwational stabÉity. The Council's policy is to maintain a reserve of £150,0(M). This designated SEyn is caloJla*d to be suffieient to supwt th8 Councifs ongoing operations for a full year. The primary ratK)nalefor maintaining this reserve 1$ to enabk Ihe Council to meet its tt*ttrathal ObligaliL￿ ￿ the event 0fsignff￿￿I dÉsnptions. SPe￿fiCalty. the reserve is ntended to safe9uard the Council's tyto continue its operation$ should there be a dramatic shfft in the envrrjnment sutroundlng the publication arrfl d[strit￿tion of law reports in Scodand. SCLR. 2025 Fiw 24 C6 26fyftr￿2bfttr%￿475ml•>*?wllIX￿ W 5119 la company Ilmlted by guaranleel Directry5' rewt and ffftaACiat slatoments 31 December 2￿25 Cryary NwnberSC032729 Report of the Council and Statement of Accounts (contlnued) ReseNes Polky (continued) The excess of reserves held ab¢)ve this reseryes policy ￿1veS from the sale of the Council's dwjital archives of Session Cases@ (and other law report serE5 in Nvhich il may c]aim ￿telleCtual prm}. This provided a stream ofincome which, although substantial. wa5 one-off {in that. now such sales have been made. they vritl not be repeated). The reserve balan¢es thus accumulated are aPpl￿d to chall￿le activilies, furlher digitssalTh of Scots law rerort series, as opportuntlies artse in accordance the C￿nC￿'S obFds. It should also be r￿ted that, in a per￿ of k)w intwest rates, the Counctl has elected to place a substantial portion of its reserves as investments and thi5 porlion of the counc￿,$ reserves, altlKJugh managed prudentty and reviewed regularty, is subject to stock market fluctuations. For the past few years the Coun￿1.5 balance sheet has knefiled from the rise in value of these investments. At the end of 2025 the value of these invesbnerts rernaans cOn￿derablY greater than the COU￿￿,5 inilial £150,000 investtnents. Investment Polky The Council d8￿ded. n view ofthe ofcover offered under Finandal se￿ice$ Compensati¢m Scheme IFSCS), to spread its bank deposits so tha( insofar as practicable, no deposts with a single organi5ation holdFng a banking authoTisation exceed the comFensatp)n s(*eme knit d £120.IXKI. Other investments are managed f￿ the Council by Hender$C￿ Loggie Fmancial Planniw Ltd (HLFPI. The Tn￿leeS have a polrcy of low to medium Fisk in ils po￿￿10 which is StrU￿red w as to minimise expenses. The inveslments are rewewed regularty ￿th HLFP and irtslnjcknns as to changes in the Fxxtslio balan￿ are issued as required. Plans for Future Perfods In addition to continuing the publicatscm of SessvJn Cases@, bythe Couni>l itseff in hard copy and. Wkder Itcenee, through online legal M)format￿n provKlers. the C¢)Un￿l witl conknue to appty its reseNes in the general pursuit of its charitable objects. The 2026 Macfadyen Lecture is to be delhered by The RL Honourable LLYd Patri(* Hc*. on the topic: 'Developments in the Scots law ofconttact.. Anthony Kinahan. who served as Se• to the Sin￿ 2003. rel¥ed at tr* AGM hekl in 2025. Following a seFectton process. Gilty Grantwas Klentrf￿d as Anttw Kinahan's $￿te5￿. Herappovthnt as Secretary was oifKialty confimied dwing the 2025 AGM. A Consequen￿ ofthe Secretary's retireTnent. the Councafs registered adthess was Ch￿ to Heryler￿ Loggie. T stamp Office. Level 5. 10-14 Waterfoo Place. Edinburgh EH13EG at the 2025 AGM. SCLR. W25 24 06 26.FdIf￿2￿7￿1•>*2?bZ1llie Total Incom? 221.980 272.478 Resourc•s 8X￿nd•d Expenditure on chantable acuvllkn.. Chailtabl& acllvltl85 Other charrlable costs 1134.056) 1134,0711 1101,1641 188.1981 Totsl rowurc•$ •xpond P34220) {222.WJ) 795 17.598 Net movom•nt In funds 13555 67,807 Fund Ixothjhl foMr21.723 131.627 121227 1.596 118.601 125.515 241424 Cr•dltors". arThwnts falkng )wr 11474n (149.359) Il•t CU￿￿ttt ass•ts 104825 93.065 Total Mèt assets 428.343 414.788 Represented by: Unr8strkt•d funds Unrestttcted funds Rovalua*on rèsèNe 248.065 166,723 193.518 TO￿ unre5lrfC￿ fuTrJs 428,343 414.788 For the ffftaneial year ended 31 December 202S the charty was entiued to exempth)n from audit under section 477 of the Companies Ad 21x16. No member of the ¢x)mpany has deposited a notice. pursuant to section 476. requiiiThJ an au(rrt ofthe5e a¢c4wnts under requirements ofthe Companies Acl 2006. The Council acknowledges its resp￿$￿11￿$ for ensuring that the chaiity keeps a¢counting reo)rds which compty section 386 ofthe Act and for prePa[N￿ accounts whth give a true and faw view ofthe State of affairs of the charity as at the end of financkql year and of ils surplus or defictt for the financial year in ac(x)rdance the requirements of secl>Jns 394 and 395 and which otherwt5e compty wilh the requsremerrts of the Companies Act 20C6 rdaling to ?￿ounts. so far as applica)te to the tharity. These financial statements have been prepaed ￿ accotdartr Ihe special pro¥isp)ns relatng to small ¢ompanies within Part 15 of the Companies Act 2006. Sth/e Barry Smith KC Chair Company Number SC032729 la company limw by guarantaèl OÉre¢tors' report and finarttial statements 31 Oecember 2025 ch￿ Nusnber SC017485 statement of cash flows for the year ended 31 December 2025 2025 2025 2024 Nat Inc￿ Not gakns on knv8sbntnts Income from investrnenls Increas• in stL*k IlncTeaseydecreas• kn debtors In¢r•as• IA U8thtt>r5 fallry du• wllhkn ￿ y•ar 13.555 126,7951 (9811 198001 1834) 5,388 117.5981 19641 120.7381 102 26.700 Cosh provided byl(used In} op•ratlng aetl¥ltl•s {19.1)on 55.309 Cash flows from Investlng acUvlt*s Inv•stm8nt tncome 981 240fr) cash provided ty In¥•stlng acllvl 25,981 Incrnas• l {d•cr•as01 In cash and cash ryl¥al•nts In lh• y•w 6014 $6.2n ¢••h •nd¢aBh oqulvalents afth?b8gknithg olth•y•ar 11&601 62.328 Totsl ¢ash and cash vqulvalents at th• oflm y•ar 125,515 118,601 Castt and eash •WvalBnts comprEs•: Cash at bank 125.515 118.601 12 Scotush C￿nd1 of ￿ R•ptsrttng (a CoM￿nY lirnlted by guaran￿) LNr•dors' report financlal stat•rn•nts 31 D•cèmbtf 2025 Ch&ity Nwnbw SC017485 Notes (forffling part of the flnandal statements) Status The company is fimited by guarantee, in Scotland wih ib registered offte CIO Henderson Loggie LLP. The Stamp oifKe. Level 5. 10- 14 Waterloo PFate. Edinburgh. EH13EG. The liabilFty of each ofthe Mernbe￿ of the co￿￿ is IwTrMted to £1. The prgsentation (xATency of the financial statements i8 the ste11r￿ (£). Accounting policies Basts ofpreparatlon The financial Stater[￿ts have been prepared in &cO[dar￿ with the ChaTitses SORP (FRS 102> 'Accountrng and Repwting by Chartties: Statemenl of Reo)mmended Practi￿ applicable to charities preparing their ac￿Unts in &¢ordan¢e with the Finan￿al Repo￿ng Standard applicable in the UK and Republic of Iretand {FRS 102} leffectNe 1 January 20191.. the Financial Reporting Slandard applicable in the UK and Republie of Ireland (FRS 1021. the Charities and Trustee Investment IS¢ollaTra) Act 2005 and the Chanlies AcCo￿ts IScoland} Regulations 2006 {as amended) aTrJ the Companie5 Act 2W6. The Councrl meets the definibon of a public benefft enttty undw FRS 102. Assets and fi&ilibes are initialty recognised at hi51oricat cost or transackn value unless othefwise slated in the Tetevant acco￿ting notels). Preparndon of the •ccounts on a golng concern basls The trustees consider that there are no materol ￿certain￿e5 abtmrt the Tnjsls abilty to continue as a going concem. Income Subscriptions receNed for current wbli¢aliors arn recogni5￿ ￿ the Y￿ n which vdumes are published to the extent of subscriptions receNed. Subswtsons recewed in advance frjr volumes not yet published are included wilhin defwred in￿me. Olher sthcriptions are recognised to tr extent that they are received wi Ihe yea. Donalfons and royths Donations aThJ royalties are reCOgri￿d to the extsnt thal they are in the ye*. Interest recelvable Interest on funds held cffl deposit is included when receivable and Ihe amount can be measured reltabty by the charity. tlus is rK>mialty UP￿ notification of the interest pad or payable. Resources expended All expendiiure is accounted on ¥t accruals basts aNJ has been dasstfied under headings that aggregate all costs related to the c*g¢)ry. Where costs ¢anrK)t be dtyedy altrbuted to particular headings they have been allocated to adivibes C￿ a basis ccfisistent use of the resources. 13 le company 1Sm¥tÈd by guarantee) "rectots. wort and fiftanclal $tatsm8nts 31 December 2025 Chwity Numb8r SC017485 Notes (witinued) Accounting policie5 (Contin￿d) Cost of publicthns comprise5 (x)sts of pth)lishing, editorial. piintsng reporters. fees. These are charged so as to match income ft￿the year. Other charitable costs represent Governance costs G0vemar￿e costs 4￿mF￿ all costs invofving the pubh'c accountabilty of the chartty and ils ccthpliance wrth regulation and gc#)d practice. These costs indwje costs rel* io the independent examinat￿ and accOuntsn￿. Flnanclal Instruments Financial instruments cornprise frTrancial assets and financial liabil[￿S wlwch are initkilty re￿nised at transacti￿ value and subsequenty measured at thetr settlement value with the exception of investrnents. Investments are measured initsalty at thew transaC￿n value and subsequent measured at the￿ fair value as at Ihe baLarKe SI￿et date ￿1r￿j the closro quoted market pri￿. The slalement of financial adwities fftcbJdes the net ga￿$ and k)sse5 arising on revaluations disFwts throughcmrt the year. All wwe51n￿ are C￿lied at their rnatket value. The Council's exposwe to investrnent ￿￿kS and Ihe signifuKe of finarKxal instruments to the ongoing financial sustainabilty of the C0￿clI is eonsidered in the fina￿La1 review and stru¢lure, govemance and management seth.rms of the Report of the Ttustees. The maTkel risks lie in the combination of uncertain investment markets and volatilty ￿ yield. The liqutdty risk ￿ low as the investments are traded in markets vAth gocd liquidity. The credÉt risk 15 low as the undertying assets ofthe pwled arrangement are ring fenced from Ihe pooted manager. The C￿nClE manage$ the risks by retaInw￿ expttt advisor5 them aware of the C￿ne[r5 uweslmenl poltcy. Inveslments Inveslments are vaw at the m*ket vabje at the end of each ffftancial year. Gains and losses on di¥M)sal and revabJatNJn ￿ investments are charged or cre(rrted in the statement of financial actNibes. The credit risk ts as the ￿Wing assets of the pcoftng arrangement are Stock and work in progress stock and prow are valued at Ihe of cost net realis*le value. Debtors Trade and other debtors are reeogni5ed at the aErwJrlised amount due. Prepayments are valued ai the amount prepaKI net of any trade disc¢xmts due. Cash atbank and In hand Cash at b￿k and n hand Incl￿ cash is accessible on dem*. 14 la company ￿M￿e£l by guarantee) Directh. rep)rt and ftrlancial s&itements 31 December 2025 Ch*ity Number SCO17485 Notes (¢ontinued) A¢¢ounting policies (conlin{￿d) Credltors and provlslt>ns Creditors and prowsions are recc*3nised where the chaiity has a present obligation resutting from past event that will probably result in a transfer of funds to a third party and the amount due to sede the oblNJation can be measured ￿ estiniated reliabty. CreditoTS and provisions are nomMIty recognised at their amorlised amcKmt after allowing for any trade ol$Cc￿ due. Fund a¢￿Unting trustees. ReS￿ted funds can onty be used for parbcular restrided pwposes wilhin the 0￿1￿9 ofthe charity. Forelgn cU￿encY translatlon Transactions ￿ foreign currenues are re¢￿ded using the rate of exthange ruling at Ihe date of the transaction. Monetary assets and liabilities denL¥ninated in foreign curren￿eS are translated using the contracted rale or rate of exchange ruling at the balance sheet date and the gains and bsses on translation are induded in the profft and k)ss accx)tv)L Crftkaloccounllng estlmate8 In the 4>pli(aiTh ofthe charthes. aCcO￿tir￿j pc4icies, fv tnBtees requKed b make judgements, estimates arKI assumptions abcKrt the amount of assets and liabHities that are nol readity appaient from ottw sources. The a¢¢n￿d expenses are estimates. based on htstorical experience and other fact￿5 thal are eonswjered to be relevant. Actual resutls may differ from these estTrmates. Revis￿MS lo accounting estimates are re¢ognised in the FWh)d li whi¢** the estimate ts revised where the revision affects that wiod. or in the pwh)d ofthe revision ar#J fuL￿e where the revtsion affects both Cu￿ent and fijbjre periods. 15 Seott15h Cr￿n￿l of Law Rewlng la company limited by guarantee) r•ctws' rèpJrt and f6nanclal statements 31 December 2025 Chtrity Numb•r SC017485 Notes (coni¥nued) Resources expended T4)ts1 Total sourcès rosgUT¢eg expended eXpen￿rt 2025 2024 C￿￿nt pubficallon costs Macfatyen18clwe Website Donallons AccounUrtg f Ind8p8tyJent Examtnefs f•• 106,840 6,579 2232 12,000 10Q840 6,579 6,579 12,000 8.520 1.250 96.053 19,246 7.589 6.IXIO 6.455 {347 4140 1,380 1250 88 2,163 65.675 Insuyancg Secretsry's fv m(s￿lIaneOuS gxpens•s Data Capture Lagal F8è5 1168 2.108 Bo.51￿• 1718 6A05 10,700 6.150 Total r•soure•s •xpènded 1M050 2030 235.22D 222.269 the year for ther sery1￿. Taxation The compa)y has charitable sLilus fortrXati￿ Investments 202S 2024 Markot valu• At beglnnhig trfy Di5P05als in year unreal￿ gauls on fnvestmwts R8altsad gan on dlsposal 321.n3 125,0001 13.838 12,957 304.125 17.598 At￿d01Y 323.511 321.723 Hl8torleal cg¥t 142.956 155.OOD The investrnents reFYesent fimds wilhNI a Quilter hvestrnent Ace4unL 2024 131,627 122.227 16 SCLR. 1125 *A>yJrts 24 C6 264*ff IfJmib&2W75&81#>4•2>Q11tKffj5J P• 16119 Scottish C)264tyIW iJ]c 2a261159WUTC Edward4 Carbon Copy Zix 4PThV