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 Lar￿a & 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 govern*n¢¢ 74nd matt*8emtttt
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 ll￿e 20(K)l. and the
Constitutiorj adop*d 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 re5￿ChIng 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 put￿5¢ 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 BUr￿ry
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$12023.. £2,985 ty 16).
A¢hlevements And perform*n¢¢
The rrnstees have implemenied the purp)ses of the Yarious Funds as specified aly)v¢ and in these
Accounts.
Financial Review
Income arising during the year totalled £46,276 with expendithre of £51.577. Net gains on investments
w¢r¢ £15,486. being losses on disposal of £13,183 (against market va]ues at the beginning of the year) and
gains on revaluation of £28,669. The financi￿ r￿sItIon of the Charttable Funds has improved 2s a ￿su1t of
Ihese gains. Charitsbl¢ grants and prAzes of £21.637 W¢T¢ mad¢ while support cosrs of £16.680 were
incuTred. During th¢ year the Trust¢cs decided upon th¢ Ch￿1t￿ble disbursements.
Investment poiley And perfornianet
The investment policy for the Benevolent Fut￿, Caidwell Beque5L Reid Law Endowrnent Fund al￿ Priz
Fund is to provide a balance beh¥e¢n income #nd capital growth. The wrtfolios will aim to grow their
copital vaiu¢s over time while getLeratlll8 a level of in¢ome and for this income to also grow in real terns
over ttm¢. FollDwing di5CUS5ion with Rathbones, the investment manager. a Rathknnes risk level 5
inv¢stm¢nt approach combined with a baiana investmcnt objecttve h&8 been s¢l¢ci¢d. P¢rfornianr¢ will
tn¢asured against R&thbon¢s b¢ll¢h[na￿ combincd with a lon8 tcrni obJ￿tive of an inflation plus 4%
totsl retum. {lon8 temi being defined as aten years plu$ tirne horizon).
Re5eTves policy
The Chi￿11&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 in￿me 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 sho￿ld b¢ dir¢cted to tb¢ AdmiDistr*tor of tht ChAritAble
f Mllehtlb Roberton, 36 North H*nover SlrttL Gi*sgow 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 st*temtDts
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
F*en 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 T￿￿tee$ are resrK)nsible for keeping proper aceouThting records which disclose with reasonabl¢
accuraey at any time th¢ fIn￿el81 position of The ROY￿ Fa¢uJty of Procurators in (Flaggow - Charitable
Funds aDd to enable them io ensure that th¢ fir￿cLaI siaiemenis comply with the Ch#riti¢S ond Trustee
Invcstment (S¢otland) Act 2(K)5, the Chariti¢s AccouDts (s￿1]&￿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 h￿ce 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 Sts*Tnellt 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 appli￿1¢ 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 i￿oMing
resou￿ andappli¢8uon of resource5. forthe y¢arthen ended.
have bem properly prepared in act￿anCe Tlnited Kingdixn Genernlly A¢wt¢d A¢¢ountu)g Prn¢ti¢e" and
hav¢ b¢cn prCPa[￿ in accordance with th¢ requi[￿n￿ts of the Charities alld TnLs*e InveSt[t￿Lt (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 st9￿dards on Auditing IUKI (ISAS (UK)) and applicable law.
Our responsibilities und¢r those stsndards are fillther described in the Auditor's re$l￿SibilitIeS for the audii of the
finan¢ral statemcnts 5eGtion of our re￿)rt. We are indeptnd¢nt of the charities ID &cordance with the ethi¢al
r¢quirem¢nts that are relevant to our audit of the 6narJGiai 5tatrtnctLts in th¢ UK. includwlg the FRC'S Ethical Standard,
aThl we have fvlfilloj our other ethiL¥I reswnsibilities in a¢¢ordan¢e with these requirements. We believe th¢
audit evidenc¢ we have obtained is sutTicieDt and appTopriat¢ io pn)vid¢ a basis forour opinion.
C•nelusioDS reknting to gTriTrg eoncern
In audititlg thc fLnanGial statunents, we have CO￿lUded that the TNstees' use of the going concem b&sis of accounting
in the prepaTrtion of the flnancial statements is appropriat¢.
Bas¢d on the woik we have perfotm&L w¢ have noi identifjed any materid uncerlainties rejating to evenL8 or
¢onditions indiyiduaiiy or collcctiv¢ly, may c4st significant d(ubt on th¢ clwitie5' ability to continue a 80ing
eoncem for & peri￿ of at leAst 12 months frorn when the firwi¢iai s¢*m¢nts ore authorised for tssue.
Our reswnsibilities a￿d the responsibilities of the Trust¢es with respect to going concern are describtd in the relevant
scction5 of this report.
Other Informath)
The other itifoJmaÉion compris¢s the itrfomation included in the trustees, aDnu81 r¢port oth¢r than the fuJan¢ial
sratements and our auditor's report thereon. The trustee5 are responsible for the other inf0M￿tIon. Our opinion on the
fmancial 5tateilleiits does not cov¢r th¥ vthrr inforni￿E￿A and. except to the extent otherwise explicitly stated ID our
repor¢ we do not expr¢ss any form of assutats¢¢ conclusion thereon.
Our resp)nsibility is to read the oth¢r iDf0rn)atiC￿ aJ)d, in doing so, eoD5ideT whether th¢ othet infornalion is
materially itKonsistent with the fm4n¢ial slatetnents or our knowledge obtained in thc course of th¢ audit or oth¢rwis¢
appeats to be materially mis$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 f￿ancial 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 re￿rt 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 t*port 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 f￿a￿ClaI 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 a￿1 explanations we requirc tsour audit.
ReSpO￿$￿b￿lI￿eS of thetrnstee$
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 In￿tee$ are res￿nsIb]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$tee InV￿1￿Cnt (Scot]and) Act 2005
and report in accordance regulations made underthat Ad. Ourobj¢¢tiv￿ are to obtain re&4>nable &ssurance as to
whether the fJnaTrc1￿ statements as a whole are free from tn￿ri￿ misstaternenL whether due to fraud or error, and to
is$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 fra￿j 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 res￿nSIbIliti￿ oudined above. to detcct matrial mi5ststements in resp￿ of irregularities. in¢ludin8
The extent to which our proc¢durcs ate capable of detecttng i￿¢g￿l￿]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.co￿pllallce with appli¢able laws and r¢gulatiOAS:
we identifled the laws and regulations applicable to the ch￿ltieS.
we fOcU￿d on sP￿lf1¢ 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 Comm￿l￿ted within the audit team regularly and the tearn r¢mained
al¢rt to in$tan¢es of non-compliallcc th￿UghOut 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 t￿n-cOMpliance with laws
regulations.

THE ROYAL FACULTY OF PROCURATORS IN GLASGOW -
CHARITABLE FUNDS
for the end¢d 31 D￿ernber 2024
To address the ri4( of fraud through rnanagement bias and ovetTtde of controls, we..
p¢rfornied art*lytical 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¢ dir￿torS 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
Tr￿￿te 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
reqU￿l 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 pre￿￿110
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 der￿ed 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 In￿rn¢ 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 ￿0￿orni¢ 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 E￿Ing5 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 a￿d 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)
SUp￿rt costs
Supwirt eo$ts ¢omprise all administi*iv¢ oirtgoiDg5. MÈt¢he115 Roberton's fees have bern apptyrtioncd 10%
to the Benevolent Fund and 90Oh trj th¢ Jomes C￿dwell BCqu￿t Fund. Th¢ Fa¢uity Visitols fee ha5 been
allocated IOOfy/o lo the James C41dwell Bequest Fund. Audit f¢¢$ hav¢ been apportion￿ 20V• to the
Benevoleni Fut￿, to the James Caldwell Fund and to the Reid Law ELdowTnent Fund.
(h) Inv¢¥tment m*rJagttDenl 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 di￿￿En¢t belwtt(i sales pruLeeds and opening mattet value (purchase
date if later)- UDTeali5ed g￿n5 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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