## **The Royal Faculty of Procurators in Glasgow Charitable Funds** **Registered Charity Number: SC012063 Benevolent Fund & Prize Fund Registered Charity Number: SC041067 James Caldwell Bequest Fund Registered Charity Number: SC041187 Reid Law Endowment Fund** REPORT OF THE TRUSTEES AND ACCOUNTS YEAR ENDED 31 DECEMBER 2025 ## **THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS** ## **for the year ended 31 December 2025** ## **Reference and administrative information** ## **Trustees** The Dean & Council The Royal Faculty of Procurators in Glasgow 12 Nelson Mandela Place Glasgow G2 1BT ## **Principal Office and Solicitors** Mitchells Roberton George House 36 North Hanover Street Glasgow G1 2AD ## **Charity Numbers: SC012063, SC041067 and SC041187** ## **Auditors** Gerber Landa & Gee Chartered Accountants Pavilion 1 Finnieston Business Park Minerva Way Glasgow G3 8AU ## **Investment Advisers** Rathbones Brothers plc George House 50 George Square Glasgow, G2 1EH ## **Connected Bodies** The Royal Faculty of Procurators in Glasgow, a professional body incorporated by Royal Charter, is connected to the Charitable Funds by virtue of the Dean and Council of the Royal Faculty being the Trustees of the Charitable Funds. Any transactions between the two are properly accounted for and detailed in the Statement of Financial Activities and the Notes to the Accounts. The accounting records of the Charitable Funds were maintained by the Administrator of the Charitable Funds, Mrs L Booth of Mitchells Roberton, using her firm's client accounting system. Any transactions between the Charitable Funds and Mitchells Roberton are properly accounted for. 1 ## **THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS** ## **for the year ended 31 December 2025** ## **REPORT OF THE TRUSTEES** The Trustees present their report along with the audited financial statements of the Charitable Funds for the year ended 31st December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charities founding documents, the Statement of Recommended Practice: Accounting and Reporting by Charities (FRS 102) 2019 and are in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). ## **Structure, governance and management** The Benevolent Fund is constituted by Resolution of the Royal Faculty and the remaining Funds by trust deeds. They are charitable trusts. The Trustees are the Dean and Council of the Royal Faculty of Procurators in Glasgow, who are elected in accordance with the bye-laws. ## **Risk Management** The Trustees have assessed the major risks to which the Charitable Funds are exposed, in particular those related to the operations and finances of the Funds, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **Objectives and activities** ## **The Benevolent Fund SC012063** In terms of the Resolution passed at the Annual General Meeting on 8 June 2000, the purpose of this Fund is to provide grants to Members of the Royal Faculty, past or present, and the spouses (now including civil partners) or dependants of such Members whom the Council consider to be in need of assistance. In 2025 no grants were paid out (2024 - None). ## **The Caldwell Bequest Fund SC041067** In terms of the trust deed (as amended by decree of the Court of Session on 2 June 2000), and the Constitution adopted in the current year, there are two purposes of this Fund. Firstly, to provide grants to Members of the Royal Faculty, past or present, and the spouses (now including civil partners) or dependants of such Members whom the Council consider to be in need of assistance. Secondly, to advance the education of individuals in studying or researching Scots law or in qualifying or training as lawyers in Scotland.. In 2025, grants totalling £16,511 were paid to four individuals (2024 - £14,252 to three). These grants ranged from £125 to £4,000 (2024 - £125 to £4,000). ## **The Reid Law Endowment Fund SC041187** In terms of the trust deed, this Fund is used to promote legal education talent at the University of Glasgow. In 2025 grants totalling £2,000 were committed to two individuals (2024 - £4,000 to four). 2 ## **THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS** **for the year ended 31 December 2025** ## **REPORT OF THE TRUSTEES (CONTD.)** ## **The Royal Faculty and other Prize Funds SC012063** In terms of the trust deeds, the purpose of this Fund is to provide prizes in legal subjects including mooting at Glasgow, Strathclyde and Glasgow Caledonian Universities. It is an amalgamation of a number of small prize funds, namely:- Royal Faculty Prize Fund The Ross Bequest The William Guthrie Prize Fund Sheriff Balfour Prize Fund The John Brown Douglas and Clementina Douglas Prize Fund The Malcolm Kerr Bursary A A Hurry's Trust Sheriff Arthur H D Gillies Memorial Fund The Walter Semple Memorial Fund The Robert D Allison Prize Fund The objective is to maintain and if possible increase the amount of each of the prizes, subject to the availability of the income from the Fund. The trustees are informed of the prize winners by the Universities. Members of the Royal Faculty are encouraged regularly to make donations to the Reid Law Endowment Fund and the Prize Fund. The Charitable Funds have awarded prizes totalling £3,180 to 17 individuals (2024: £3,385 to 17). ## **Achievements and performance** The trustees have implemented the purposes of the various Funds as specified above and in these Accounts. ## **Financial Review** Income arising during the year totalled £45,476 with expenditure of £58,661. Net gains on investments were £128,638, being gains on disposal of £3,915 (against market values at the beginning of the year) and gains on revaluation of £124,723. The financial position of the Charitable Funds has improved as a result of these gains. Charitable grants and prizes of £18,691 were made while support costs of £26,568 were incurred. During the year the Trustees decided upon the charitable disbursements. ## **Investment policy and performance** The investment policy for the Benevolent Fund, Caldwell Bequest, Reid Law Endowment Fund and Prize Fund is to provide a balance between income and capital growth. The portfolios will aim to grow their capital values over time while generating a level of income and for this income to also grow in real terms over time. Following discussion with Rathbones, the investment manager, a Rathbones risk level 5 investment approach combined with a balanced investment objective has been selected. Performance will be measured against Rathbones benchmarks combined with a long term objective of an inflation plus 4% total return, (long term being defined as a ten years plus time horizon). ## **Reserves policy** The Charitable Funds have no general reserves as all surplus income from the various Funds not expended in the year is carried forward as capital in the particular Fund to which it relates, in the two main categories of restricted and endowment funds. ## **Applications for grants from the Benevolent Fund and the Caldwell Bequest Fund** Members are requested to make those who might be entitled to grants from these Funds aware of them. Members will note that at present the income available for grants exceeds the amount of grants paid. The Council as the Trustees of the Funds have full discretion in the awarding of grants. Grants can be made singly or on a continuing basis. They may be made for a wide range of purposes including paying rent, council tax, the costs of house repairs, education and medical treatment. **Applications for grants and any enquiries should be directed to the Administrator of the Charitable Funds, Lauren Booth of Mitchells Roberton, 36 North Hanover Street, Glasgow G1 2AD. Applications are dealt with by her and the Council in strict confidence.** 3 ## **THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS** ## **for the year ended 31 December 2025** ## **REPORT OF THE TRUSTEES (CONTD.)** ## **Trustees' responsibilities in relation to the financial statements** The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charities and of the incoming resources and application of resources of the charities for that period. In preparing these financial statements, the trustees are required to: 1. select suitable accounting policies and then apply them consistently; 2. observe the methods and principles in the Charities SORP 2019 (FRS102); 3. make judgements and estimates that are reasonable and prudent; 4. state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and; 5. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable trust will continue in existence. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of The Royal Faculty of Procurators in Glasgow - Charitable Funds and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the trust deeds. They are also responsible for safe-guarding the assets of The Royal Faculty of Procurators in Glasgow - Charitable Funds and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees on 11 May 2026 and signed on their behalf by: ______________________________ John Bett Dean Trustee 4 ## **THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS** **for the year ended 31 December 2025** ## **REPORT OF THE INDEPENDENT AUDITORS to the Trustees of The Royal Faculty of Procurators in Glasgow - Charitable Funds** ## **Opinion** We have audited the financial statements of The Royal Faculty of Procurators in Glasgow Charitable Funds ( the charities ) for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) Standard applicable in the UK and Republic of Ireland. In our opinion the financial statements: - give a true and fair view of the state of the chari affairs as at 31 December 2025, and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. financial statements section of our report. We are independent of the charities in accordance with the ethical and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charities concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 5 ## **THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS** ## **for the year ended 31 December 2025** ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charities and its environment obtained in the course of the audit, We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion: - - proper accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of the trustees** ties Statement set out on page 4 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charit ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charities or to cease operations, or have no realistic alternative but to do so. We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charities; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charities; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charities financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 6 ## **THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS** ## **for the year ended 31 December 2025** To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the correspondence of those charged with governance; - enquiring of management as to actual and potential litigation and claims; - reviewing correspondence with HMRC, enquiring as to any communications with the Office of the Scottish Charity Regulator. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial report. Gerber Landa & Gee is eligible for appointment as auditor of the charities under regulation 10(2) of the Charities Accounts (Scotland) Regulations by virtue of its eligibility under section 1212 of the Companies Act 2006. ## **Use of our report** The report is made solely to the charit trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Our audit work has been undertaken so that we might state to the chari trustees those matters we are required to state to them in an auditors' report, and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charit trustees as a body, for our audit work, for this report, or for the opinions we have formed. Gerber Landa & Gee Statutory Auditor Pavilion 1 Finnieston Business Park Minerva Way Glasgow G3 8AU Date: 11 May 2026 7 8 2 ## **THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS** **for the year ended 31 December 2025** 9 ## **THE ROYAL FACULTY OF PROCURATORS IN GLASGOW - CHARITABLE FUNDS** **for the year ended 31 December 2025** ## **1. Accounting policies** ## **(a) Basis of preparation** The financial statements have been prepared on a going concern basis in accordance with Financial Reporting Standard 102 (FRS 102), the Statement of Recommended Practice Accounting and Reporting by Charities (FRS 102 SORP 2019) and applicable UK Accounting Standards and the Charities Accounts (Scotland) Regulations 2006 (as amended). The Charitable Funds are public benefit entities. The Charitable Funds have taken advantage of the exemption in Update Bulletin 1 exempting small charities from preparing statements of cash flow. The Charitable Funds are public benefit entities as defined by FRS 102. ## **(b) Income** All income is recognised in the Statement of Financial Activities once the Charitable Funds have entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Investment income is included when receivable. ## **(c) Expenditure** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charities to the expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. ## **(d) Average Number of Employees** The Charitable Funds did not have any employees during the year under review nor the preceding year. ## **(e) Costs of generating funds** The costs of generating funds consist of investment management and other relevant fees. ## **(f) Charitable activities** The Benevolent Fund and the James Caldwell Bequest Funds provide welfare grants within a specified criteria. The Royal Faculty and other Prize Funds provide prizes in legal subjects and the Reid Law Endowment Fund promotes legal education by way of grants to students and academic staff. ## **(g) Support costs** Support costs comprise all administrative outgoings. have been apportioned 10% to the Benevolent Fund and 90% to the James Caldwell Bequest Fund. The Faculty Visitor's fee has been allocated 100% to the James Caldwell Bequest Fund. Audit fees have been apportioned 20% to the Benevolent Fund, 70% to the James Caldwell Fund and 10% to the Reid Law Endowment Fund. ## **(h) Investment management costs** All Funds have investment management costs relating to management of the funds held by the investment managers. These have been apportioned 100% to the James Caldwell Bequest Fund. ## **(i) Fixed asset investments** Investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. ## **(j) Realised gains and losses** All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). 10 11 l. IJ l. 11 l. 11 l. 11 l- il l. il l- i! 11 l- 21 1- 21 1- 31 1- £8 IJ l- Ill- 14