The Royal Faculty of Procurators in Glasgow- Charitable Funds Reglster¢d Ch8rity Number: SC012063 Benevokll¢ Fund & Prlze Fllnd Registered Chgrlty Number: SC041067 Caldwell Bequ&8t Fund Regis¢¢red Cbarlty Number: SC041187 Reid Law EDdovrnient Fund REPORT OF THE TRUSTEES AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024
THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUIYDS for the year ¢nded 31 Dec¢mb¢r 2024 Reference and administrative inlormation Trnstees The Lkan & Coullcil The Royal Faculty ofptwurntors in Glasgow 12 Nelson Mandela Place Gl&sgow 02 IBT Printipal Office and Solicitors Mit¢h¢lls Roberton George House 36 North Hanover Street Gl&sgow fj12AD Chstlty Trlumbers: SC0121)63, SC041007 *Trd SCO41187 Audltorg Gerbcr Lara & Gee Charrered Accountants Pavilion I Finnieston Busin¢ss Park Minetrva Way Glgsgow G3 8AU Investment Advis¢rs Rathbones Brothers pl¢ George House 50 lieorge Squ8re Glasgow, G2 IEH Connetted Bodies The Royal Faculty of Pro¢urntors in Glasgow. a professional body itKor• by ROY Charter, is connected to the Charitable Funds by virtue of the D¢4n and Council of the Royal Faculty being the Trustees of the Charithble Futmls. Any trdnsactions bett¥een th¢ two are properly COunted for and detailed in ihe Ststerncnt of Financial Activities and the Notes io the Aecounts. The accounting records of the Charttable Funds were maintained by the Adtnini5trator of the Charitable Funds, Mrs L Booth of Mitchells Rob¢¢tOll, Using her finll'5 client accounting syst. Any transactions between the Charitable Fwids and Mit¢hells Roberton are properly ac¢ounted for.
THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS for Ibe year ended 31 D¢¢eJnb¢r 2024 REPORT OF THE TRUSTEES The TnJstCe5 pr¢sa)t th¢ir r¢port along with the audited fjnancial statements of th¢ Chatitable Funds for the Ye end¢d 3 1st D¢¢¢mb¢r 2024. Th¢ financial statements have beet) prep&r¢d irt a¢¢oTdart¢e with thc ccountin8 polici¢s set out in note I to the ac¢ouDts ond ¢omply with th¢ ¢hwities founding documents, the Statement of Recommended Practiee.. Accounting 2nd R¢porting by Charitieg {FRS 102) 2019 and ordance with the terll of ih¢ Charities and Twstee Investment (Scotland) Act 2005 and th¢ Charities ALwunts {ScotlaDdl Regulations 2006 (as amended). Strneturfy governn¢¢ 74nd matt8emtttt The Benevolent Fund is ccmstituted by Resolution of the Roya] Fa¢u]ty and the remaining Funds by trust d¢¢ds. They are charitable tnjsts. The Trustees are the Dean and Council of the Royal Faculty of Pro¢urotors in Gl&sgow, who are elerted in accordance withthe by¢-law$. Risk Management The Trustees have assessed the major risks to which the Charitable Funds a exposed, in particular those related to the operations and finance5 of the Funds. and are satisfta that systems are in place to miligate ¢xrx)sure to the major risks. ObJe¢tKYes ¥4Ctivitr$ e Benevolent Fllnd SCOJ21J63 Jn temis of the Resolution passed at the Am)ua] General Meeting on 8 June 2000, the purpx of this Fund is to provide grdnrs io Members of the Royal Faculty. past or preseni, and the sp)uses (now including civil partners) or dependants tsf such Members whom the Council consider io be in need of assistance. Jn 2024 no grants were paid OLrt (2023_ £1,000 to one). dwell Be est Fund SC041067 Jn ienns of the tn]st deed (as Amended by decree of the Court of Session on 2 lle 20(K)l. and the Constitutiorj adopd in the cwrent yetr. th¢r¢ ar¢ two PUryKJS¢S of this Fund. Firstly. kn provide grants to Members of th¢ Royal Faeulty, past or PT¢sent, and lh¢ sp)uses In4Jw including civil partner5) or dependants of su¢h MembeTS whom th¢ Coun¢il ¢onsider io be in neoj of assistallc¢. S¢condly, to advance the educatioTr of indiYidua]$ in studying or re5ChIng Scots law or in qualifying or training &s lawyet3 in Scotlartd.. In 2024, 8rdnts tots]ling £14,251.60 were paid to three individuals (2023 - £10.080 to two). These grdnts rdnged from £125 10 £4.0(KI (2023 - £125 to £715). In term5 of the tn]st dcc¢ this Fund 15 Uscd to promote legal education at thr University OF Glasgow. In 2024 grants totsllillg £4,000 were committed to four ittdividuals {2023 - £2,( to two).
THE ROYAL FACULTY OF PROCURATORS IN GIASGOW - CHARITABLE FUNDS for th¢ year ended 31 De¢emb¢r 2024 REPORT OF THE TRUSTEES (COIYTD.) al F8eu r Prize Funds SC012063 In t¢mhS of the trust deds, the put5¢ of this Fund is to provide prizcs irt l¢gal subjects in¢luding mty)¢ing at Gl&sgow, Strdth¢lyd¢ Alld Glasgow c8i¢donian Univ¢rsiti¢s. It is amdgamation of nun]ber of srnall wiz¢ fimds. namely'.- Royal Faculty Pri Fund The Ross Beques¢ Th¢ William Gut]llie Priz¢ Fund Sheriff Balfour Prize Fund The Jokn Brown tk)uglas and Clcmentina Dougl Prize Fund The Malcolm Kerr BUrry A AHurry'$ frust Sheriff Arthur H D Gillies M¢morial Fund The Waller S¢n]ple Memorial Fund The Rob¢rtD MlrsoTh Pri7£ Fund The objective is to maintsin and it POS5ible increase the amount of each of the prizes, subject to the availability of the income frotn the FuTJd. The In]ste£% are infornied of the pri7£ winners by the Universities. M¢mbers of ihe Royal Faculty ar¢ ¢n¢ouraged regularly io make dot]aiion5 to the Reid Law Endowm¢nt Fund and the Prize FuniL The Charitable Fund5 have ayfdrded prize5 totalling £3.385 to 17 individual$12023.. £2,985 ty 16). A¢hlevements And performn¢¢ The rrnstees have implemenied the purp)ses of the Yarious Funds as specified aly)v¢ and in these Accounts. Financial Review Income arising during the year totalled £46,276 with expendithre of £51.577. Net gains on investments w¢r¢ £15,486. being losses on disposal of £13,183 (against market va]ues at the beginning of the year) and gains on revaluation of £28,669. The financi rsItIon of the Charttable Funds has improved 2s a su1t of Ihese gains. Charitsbl¢ grants and prAzes of £21.637 W¢T¢ mad¢ while support cosrs of £16.680 were incuTred. During th¢ year the Trust¢cs decided upon th¢ Ch1tble disbursements. Investment poiley And perfornianet The investment policy for the Benevolent Fut, Caidwell Beque5L Reid Law Endowrnent Fund al Priz Fund is to provide a balance beh¥e¢n income #nd capital growth. The wrtfolios will aim to grow their copital vaiu¢s over time while getLeratlll8 a level of in¢ome and for this income to also grow in real terns over ttm¢. FollDwing di5CUS5ion with Rathbones, the investment manager. a Rathknnes risk level 5 inv¢stm¢nt approach combined with a baiana investmcnt objecttve h&8 been s¢l¢ci¢d. P¢rfornianr¢ will tn¢asured against R&thbon¢s b¢ll¢h[na combincd with a lon8 tcrni obJtive of an inflation plus 4% totsl retum. {lon8 temi being defined as aten years plu$ tirne horizon). Re5eTves policy The Chi11&ble Funds hav¢ no general resetves as all wrplus lTh¢om¢ from the variow Funds not expended in the year is carried foTward as capital th¢ particular Fund to whith it relatrs, in the two main cate8ories of r¢stri¢ied and endowmtnt funds. ApplicatioDY for ¥r8nts from the Benevolent Ftynd and the Caldwell Bequest Fund Members are r¢qu¢st¢d 10 make those who might be entitled to grants from these Fuuds aware of them. Mwnb¢rs will note that at present the inme available for grants exceeds the amount of 8fdrits paid. The Council as th¢ Trustees of the Funds have fvll discretion in the awarding of grdnts. Grants ¢an b¢ mad¢ singly or on a ntInUIng b&8is. They ma). b¢ ]nade for a wide ran8¢ of purwJs¢s including paying reni ¢ouTiciI t, the costs of house r¢pAirs, educthtion and rned1 tr¢¥kn¢nt. Applic d glly eoquiries shold b¢ dir¢cted to tb¢ AdmiDistrtor of tht ChAritAble f Mllehtlb Roberton, 36 North Hnover SlrttL Gisgow Cl 2AD. Applicalions ar¢ dealt Wlth by ber 4Dd the C.ouncll in striei eoDfideTrce.
THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS for the year ended 31 De¢¢mber 2024 REPORT OF THE TRusfE£S (CONfD.) Trustees, re5POn8iblNtla In relatlon to the fln#ndxl sttemtDts The Trustees arc responsiblc for preparing the Tru5t¢es' R¢port and the financial sthtements in accordallce with applicabl¢ law and United Kingdom Accounttng Standards. The law 8ppli¢able to charities in ScodaNI requires the trustees to prepare financial statements for each f]nan¢iaI year which give a tnle and fair view of the state of affair5 of the cbariti¢s and of the in¢oming resources and application of resources of the ¢h8rities for that period. lrt preparing these financial stat¢m¢nt5, the th]stees ate requir¢d ¢0: select suitable accounlin8 policies and th¢n apply them consistently. observe th¢ mejhods and principles in the Charitics SORP 2019 (FRS102); mttke judgem¢nts and ¢stimatcs thot ore re&8onobl¢ ffl]d prndcnt", state whether applicable accounting standards and s¢ai¢ments of recommended practice have Fen followed, subject to any material departures disclosed expiaingj in the fllwieial statemet7 and. prcpare the fJnat)cial statcm¢nts on the going conc¢m basis unless li is in*ppropriate to pttsume that the charitsbl¢ tsust will continu¢ in cxi3t¢ncc. The Ttee$ are resrK)nsible for keeping proper aceouThting records which disclose with reasonabl¢ accuraey at any time th¢ fInel81 position of The ROY Fa¢uJty of Procurators in (Flaggow - Charitable Funds aDd to enable them io ensure that th¢ fircLaI siaiemenis comply with the Ch#riti¢S ond Trustee Invcstment (S¢otland) Act 2(K)5, the Chariti¢s AccouDts (s1]&d> Regulati0Th8 2006 (a5 amend¢d} and the provisions of the tnLSt deeds. They are also re5rK)nsible for safe-guarding the assets of The Royal Fa¢ulty of Procurators in Gl&$80W - Chartiabl¢ Funds and hce for taking reasonable st¢ps for the prevention and dctertion of fraud and oth irregulgriti¢& .4pproved by the rnistees on 29 April 2025 and signed on their behalf by.. TnistCL
THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS for the ye4r ended 31 December 2024 REpnRT OF THE JNDFPFNDF,NT AUDITORS to the TryJ¢eu of The Royal Fatulty of ProturatOTS in ClJsgow- Charitabk Funds Opllllo We hav¢ auditrd the fll)anciai stat¢m¢nts of Th¢ Royal Fa¢u]ty of ProGurntor5 in Gl&sgow- Charitable Funds I'the charities") for the year ended 31 Decembw 2024 wltich wmpri5e the StsTnellt of Finan¢ial Actiwties. Ih¢ Balance She¢t and notes to the fiTwJcia] Statements. including a sumtnary of significant a¢couthting policies. Tr financia] retM>rtiDg fraw¢wot that has been appli ill their preparation is appli1¢ law and United Kingdom Accounting Stsndards (United Kingdom G¢n¢nily Awept¢d Accounting Practice) including FRS 102 -Th¢ Finw¢ial R¢wJrting Slandard applicable in the UK 4ttd R¢publi¢ of Ireknd." In our opinion the fin¢]&1 ststements.. give a twe and fair view of the state of the charhties, affairs as at 31 December 2024. and of its ioMing resou andappli¢8uon of resource5. forthe y¢arthen ended. have bem properly prepared in actanCe Tlnited Kingdixn Genernlly A¢wt¢d A¢¢ountu)g Prn¢ti¢e" and hav¢ b¢cn prCPa[ in accordance with th¢ requi[nts of the Charities alld TnLse InveSt[tLt (SeL)tiaDd) Act 2005 atld regulation 8 of the Charitses Ac¢oun¢s (S¢otland} Regulations 2006. We conducted our audit in accordance wth Jnternational st9dards on Auditing IUKI (ISAS (UK)) and applicable law. Our responsibilities und¢r those stsndards are fillther described in the Auditor's re$lSibilitIeS for the audii of the finan¢ral statemcnts 5eGtion of our re)rt. We are indeptnd¢nt of the charities ID &cordance with the ethi¢al r¢quirem¢nts that are relevant to our audit of the 6narJGiai 5tatrtnctLts in th¢ UK. includwlg the FRC'S Ethical Standard, aThl we have fvlfilloj our other ethiL¥I reswnsibilities in a¢¢ordan¢e with these requirements. We believe th¢ audit evidenc¢ we have obtained is sutTicieDt and appTopriat¢ io pn)vid¢ a basis forour opinion. C•nelusioDS reknting to gTriTrg eoncern In audititlg thc fLnanGial statunents, we have COlUded that the TNstees' use of the going concem b&sis of accounting in the prepaTrtion of the flnancial statements is appropriat¢. Bas¢d on the woik we have perfotm&L w¢ have noi identifjed any materid uncerlainties rejating to evenL8 or ¢onditions indiyiduaiiy or collcctiv¢ly, may c4st significant d(ubt on th¢ clwitie5' ability to continue a 80ing eoncem for & peri of at leAst 12 months frorn when the firwi¢iai s¢m¢nts ore authorised for tssue. Our reswnsibilities ad the responsibilities of the Trust¢es with respect to going concern are describtd in the relevant scction5 of this report. Other Informath) The other itifoJmaÉion compris¢s the itrfomation included in the trustees, aDnu81 r¢port oth¢r than the fuJan¢ial sratements and our auditor's report thereon. The trustee5 are responsible for the other inf0MtIon. Our opinion on the fmancial 5tateilleiits does not cov¢r th¥ vthrr inforniEA and. except to the extent otherwise explicitly stated ID our repor¢ we do not expr¢ss any form of assutats¢¢ conclusion thereon. Our resp)nsibility is to read the oth¢r iDf0rn)atiC aJ)d, in doing so, eoD5ideT whether th¢ othet infornalion is materially itKonsistent with the fm4n¢ial slatetnents or our knowledge obtained in thc course of th¢ audit or oth¢rwis¢ appeats to be materially mis$t•ted. If we idmtify swh material in¢onsistencies or apparent material mi&8tatements, we are required to detertnine whdher this gives rise to a material misstatement in the fancial 5taternents themselves. EC bas¢d th¢ wotk wc have performd, we wnclude thai there is a material misstskment ofthis other tnformation, we Are requir¢d to r¢p)rt fact. We have nothing io rert in this regard.
THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS for th¢ y¢4r ¢nded 31 Deeember 2024 MxtteTS w whiell we are required to tport by exoeptlon In th¢ lightof the knowledge and undcrstanding ofthe charitics and its environm¢Dtobtsined in th¢ course of the audiL we ave ]M)t identifi¢d Matri mi55tatcm¢nts in th¢ ttwste¢s' rwrt. We have nothing to report in res of the following rnatters in relation to whieh the Charities AccLxJnts (Scotland) R¢guiations 2006 requir¢ us to report to you if. tll ouroplljion.. the infomiation givell in the faClaI 5tat¢tnents is inconsistent in anymat¢rial respe¢t with the trustees. reportr, or proptt a¢¢ounting record5 have Th)t been kept" or th¢ fin¢1] ststemetts are not in agreement with the aeeounting record5,' or we have not rec¢iv¢d a]1 the infojmation a1 explanations we requirc tsour audit. ReSpO$blIeS of thetrnstee$ As explained mor¢ thlly in thc Thsttes, Responsibilities Stat¢rnent Sct out on page 4 the frwstees a Spottsible for the preparation of the fiftanciai ststements and for being satisfied that they give a tr]e and fair view, and for such intrrna] coatnil as the trnstets determine is necessary to enable the prepaTAtion of financial statements th ar¢ free from tnaterial rni55tatement, wlKthei dut to fraud or erTOr. In preparing the fmttncial statem¢nts, the Intee$ are resnsIb]e for 8ssessing the ¢h8rities' ability to continue as 80in8 concern, disclosing. appli¢abl4 matters related Éo going wn¢ern amd using going concern basis of accounting un1¢55 the trustees eith¢r tntend t(p liquidate th¢ charities or to ce&8e operdtions, or have w realistic alternative butto &J so. Auditor's reSPDnsibilitks for tht xudit of the finaneisl ststejnents We have been appointed 8$ auditor under 5ecti(m 44(IXcl of th¢ Charities and TN$tee InV1Cnt (Scot]and) Act 2005 and report in accordance regulations made underthat Ad. Ourobj¢¢tiv are to obtain re&4>nable &ssurance as to whether the fJnaTrc1 statements as a whole are free from tnri misstaternenL whether due to fraud or error, and to is$u¢ auditor's report that includes our OPll)ion. Re&sonable &s5ufdnce LS a high level of assurance bvt is nDt a guaraniee all audit coryduthd in accordance with ISA$ {iJK) will always detect a makrial misststement when it exists. Misstat¢m¢s caD aris¢ fiDm fraj or error ar sre cotL8id¢red material if, individually or in thE aggregat< they could reasonably be expect¢d ¢0 influ¢nce the ¢coThomic decisions of users tsk¢A on the basi5 of these fuw)cig1 IrregulaTi¢ie& itKluding fraud. are instances of nonrfompliaJKe with laws and regulation8. We design procethres in line with our resnSIbIliti oudined above. to detcct matrial mi5ststements in resp of irregularities. in¢ludin8 The extent to which our proc¢durcs ate capable of detecttng i¢gl]I1cs, including fraud is detai]ed below.. the engagement partner ensured that the enwagemenr team cKJllectively had the gpproprtat¢ ¢ompe¢¢n¢e. ¢apabilities and Skills to identify or rectsgni5e non.copllallce with appli¢able laws and r¢gulatiOAS: we identifled the laws and regulations applicable to the chltieS. we fOcUd on sPlf1¢ laws and regulations which w¢ ¢ODsid¢r¢d May hav¢ a direcl material etyecl on the financial ststemeTriS or the operdtions of the charitie5- we assessed the extent of ¢ompliance with the laws and Tegulations identified above through making enquirics of n4nagement and inspectittg corresw>ndencK,' and identifjed laws and regulations were Commlted within the audit team regularly and the tearn r¢mained al¢rt to in$tan¢es of non-compliallcc thUghOut the audit. We a5ses5cd the $us¢¢ptibility of the charities, fJnan¢ial slatements io material tnisslatemenL including obtainlng an understanding of how fraud might occur, by.. makÉng enquiries of management as to where they considered th¢r¢ was susceptibility to fraud, their knowledge of actsjal, suspected and alleged fraud., considering the internal controls in place to mitigate risks of fraud and tn-cOMpliance with laws regulations.
THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS for the end¢d 31 Dernber 2024 To address the ri4( of fraud through rnanagement bias and ovetTtde of controls, we.. p¢rfornied artlytical procedure5 to identify 8ny SU81 or un¢xF(tsd rdationship tested joumal entries to identify unusual tran$8¢ti0ttS: assessed whether judgements 8nd agsumptions made in detemiining the eounting estimates were indicative of po¢¢niial bi investi8ated the rationalc behind Si8Dificallt or uTw$ual transactions. tn r¢skN)ns¢ to the risk of wulariti¢s and non-Inp]Ia¢t wilh laws and regulations. we designed procedures whi¢h includ were not limi¢¢d to.. agrccin8 fmao¢ial statement disclosurt% to underlying supporting nentatiOn. reading th¢ eorrcspondence of thosc Charg with gov¢manrt,' Iqyiring of management as to actual and Jx)tential litigation and claims. reviewing correspondence with HktRC, ¢nquiring as to any cottlmunications with the Office of the Scottish Charity Regulator. There are inherent limitations in our audit procdures described ak)ve. Ihe more retnoved thai laws and regulations are from financial transactions, the les5 lik¢ly it is that we would become aware of non-compliance. Auditing standards also li]nit the audit procedures requiT)J to identify non-compliart¢e with laws and regul&ion5 to enquiry of th¢ dirtorS other maDag¢m¢nt and the inspe¢tion of rcgulatory and legal [respondenCe, if any. Matcrial mi5Statements that aris¢ due to fRud br harderto detect than LIKJse that arise from ertDr as they may involve deliberate conce41metht or collusion. A filrther d¢s¢ription of our resw)nsibiiiti¢s the audit (pf the fttMA¢ia] statements 15 tocattd on the Financial Reporting Coull¢il's website at.. Hwv.frc.org.uklauditorsr¢spDnsibiliti¢5. This d¢scription forns part of our auditor's report. Gther Ljnda & Ge¢ is eligible foraptM)intrnent &$ auditor ofthe charities under regulation 10(2) of the Charities A¢cow)ts {Scoti#nd) Regulations by virnK of its ¢ligibility ut)dersedioD 1212 ofth¢ Compani¢$ Ac¢ 2006. Use ofour report The rep)rt is made solely kn the cknittes, Itusteffj os a ly)dy, in a¢Mdance with Section 44(IXc) of the Charities at Trte tnv¢8tment (Scotland) Act 2005 and Regulation 10 of the Chwities Ac¢ounis {S¢otland) Regulations 2006 ( 8meDd¢dl. Our audit work ha5 been undertaken so that we might aate the charities. trustees those matters we are reqUl to state to them in an auditors, reEW and forno oth¢r pwp)s¢. To the lI¢st extellt pemiit*d by law, we do not accept or &ssume Iesponsibiliry to anyoTLe other than the charities, tsustees as a body. for audit worl Cor thi5 rerA)o orts th¢ opintons we have fomied. Gerber LaDda & G¢¢ St&ftthry Auditor Pavilion I FllLnie5ton Busine55 Park Minetva Way Glasgow G3 8AIJ Dat¢: 29 April 2025
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THE ROYAL FACULTY OF PROCURATORS IIN GLASGOW - CHARITABLE FUNDS for th¢ y¢4r ¢Dded 31 Deeember 2024 A¢¢ounting policies {8) Basis of pre110 I'he tinancial siatements have been pr¢pared on a 80in8 Lx)ncern basis in a¢¢ordancc with Financial R¢porting Standard 102 {FRS 102), the Ststement of Reeommended Pra¢ti¢e A¢¢ountiThg Reportit]8 by Chariiies (FRS 102 So1 2019) and applicabl¢ UK Accounting Ststtdards and the Charities Accounts (Scotland) Rt8ulatiolls 2006 (as amended). Th¢ Charitable Fut]ds arc public bcnefit etItiti. Th¢ ChaTirable Futhd5 have taken advaniag¢ of the exemption in Update Bulletin l exempting small ¢hariti¢s fr(xn pr¢parillg staternents of cash flow. The Charitsble Funds Ar¢ public benefrt tntities as dered by FRS 102. (b) Incom¢ All income is r¢cognised in the Stst¢m¢nt of Financial Activities on¢¢ th¢ Charitable Funds have entidement to the it is probable that the Inrn¢ i¥ill be received atd the amount Can be m¢8sured reliably. Investment income is Includ when receivable. (c) Expendithre LiabilitTres ar¢ recogllised re50urc¢s ¢xpended as soon £8 there is a lego] or constructive obligati committing the Charities to the expendiiure, it És probable tha¢ a w4nsfer of 0orni¢ benefits will b¢ uired in settlement and the amount of the obli8atioth can be tn¢a5ured reliably. All expenditure is a¢counted for on an ac¢wa15 basis and h&8 be¢n ¢lassifi¢d under EIng5 that aggregate ail costs related to that ¢at¢gory. (d) Avera¥e ofEmploye The Tharitable Funds did nothav¢ any employe¢s durtng th¢y¢ar und¢r r¢Yi¢w nor the preG¢diug year. (el Costs of geDeratlng fuDds The Costs of gener&ting funds ¢onsist of investmeyjt management and oth¢rrelevant fees. (D arit#ble activities The B¢n¢vol¢nt Fund ad the Jam¢s CAldwell Bcquest Funds provid¢ w¢lfoxe grants within a 5PCCLfied criteria. The Royal Faculty aud other Prize Fund5 provide priz¢s ill l¢gal subjerts and the Reid Law Endowment Fund pmmotes legal education by way of grants to gtudents and academie staff. (g) SUprt costs Supwirt eo$ts ¢omprise all administiiv¢ oirtgoiDg5. MÈt¢he115 Roberton's fees have bern apptyrtioncd 10% to the Benevolent Fund and 90Oh trj th¢ Jomes Cdwell BCqut Fund. Th¢ Fa¢uity Visitols fee ha5 been allocated IOOfy/o lo the James C41dwell Bequest Fund. Audit f¢¢$ hav¢ been apportion 20V• to the Benevoleni Fut, to the James Caldwell Fund and to the Reid Law ELdowTnent Fund. (h) Inv¢¥tment mrJagttDenl costs All Funds have investment rt]atLagemenf e03ts r¢latsng to management of the funds held by the iDvestrn¢nt ntsnagers. These have been apportioned l 00% to thc Jarnes Caldwe]l Bequest Fund. {1) Fixed Asset invt8tmeDts InY¢stmthts are stated * rnark value &$ at ihe balance sheet date. The stsiement of financial activiti¢5 itt¢lud¢s thc net gains and Ioss¢5 arisin8 on r¢valuation and disposals ihrLTrughout thc year. ti) Reali5ed g•in$ •nd 10s8es All gains and los%es are taken to the ststement of fmanciai %tivitie5 as they arise. Eiealised gains and losses on inv¢s¢ments are cakulated a5 tl)e diEn¢t belwtt(i sales pruLeeds and opening mattet value (purchase date if later)- UDTeali5ed gn5 and losses we calculated a5 the differen¢¢ between the maTket value the year ¢nd and opening mark¢t value (or purch&%c d&tr if later). io
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