Lawscot Foundation Law Society of Scotland Education Foundation Report and Financial Statements for the year ended 31 October 2024 SCIO Charity reg istration number SC046547
Lawscot Foundation Contents Trustees, report Statement of Trustees. resptsnsibiltties Independent Examiner's report to Trustees of Law Society of Scotland Education Foundation ststement of financial activities Balance sheet Notes to the financial statements 10 Law Society of Scolland Education Foundation
Lawscot Foundation Law Society of Scotland Education Foundation Financial Statements for the year to 31 October 2024 Trustees. Report The Trustees have pleasure in submrtting the Trustees, report and )Inancial statements for the Foundation for the year ended 31 October 2024. Charity name Law Society of Scoland Education Foundation is also known as Lawscot Foundation. Charity registration number SC046547 Registered office Atria One 144 Morrison Street Edinburgh EH3 8EX Trustees Governing document The Foundation is a charitable trust, governed by its constitution and is ineorporated as a Seottish Charitable Ineorporated Organisation. Bankers The Royal Bank of Scotland. 36 St Andrew Square, Edinburgh, EH2 2YB Independent Examiner Johnston Smillie Ltd. 5 South Gyle Crescent Lane Edinburgh, EH12 9EG Law Society of Scolland Education Foundation
Lawscot Foundation Law Society of Scotland Education Foundation Financial Statements for the year to 31 October 2024 Trustees. Report {continued) Structure. governance and management The charity is governed by ils constitution. It has been entered into the Scottish Charity Register and is entitled, in accordance with section 13111 of the Charities and Trustee Investment (Scollandl Act 2005, to refer lo itsew a5 a charty registered in Scotland. The Tru5tee5 meet periodically and make all of the signfficant decisions in relation lo the charty- day- to-day administration is delegated to staff at the Law Society of Scotland. Objective5, activities and achievements The purposes of the Law Society of ScotTand Education Foundation are= to provide bursaries lo new law Sdents studying for their Scots law degree andlor Diploma in Professional Legal Practice, or such other qualfficab'ons as may replace the same from lime to time. who, by reason of financial hardship, would benefit from financial support to help fund student fees and associated costs., lo further promote and develop the education of law students receiving bursaries from the Scottish Charitable Incorporated Organisation ISCIO) by establishing and operating a mentoring scheme, linking bursary recipients wtth experienced Scottish solicitors in order to offer bursary recipients guidance, advice, support and encouragement., to support, promote, fund andlor undertake related research, in areas such as (but not limited to} widening access to students to study for their Scots law degree andlor Diploma in Professional Legal Practice and entering into the solicitor profession,. and to promote similar charitable puOseS, objects or institutions in such proportions and manner as the Trustees think fit. In 2024. the charity supported 10 addf(ional students with the total supported this year being 35. Further information on the charity's achievements are contained in the Lawscot Foundation Annual Report 2024. The 2024 Lawscot Foundation Annual Report does not fomi part of these financial statements and can be found on the Lawscot Foundation website. Grants policy With consideration to the aim of the fund, potential beneficiaries are invited to complete an application fomi and submrt it to the Trustees for considerats"on. Sdents meet the eligibility crrteria for application if they= Have an offer to study law ILLBI at a Scottish universty starbng in the coming year Meet the ineome threshold Iparentsvguardian total annual ineome under £34,000} or their circumstances mean they would be unable to attend universty due to their financial situation Are currendy at school or college, or have left schoollcollege within the last years Ibut not currenty attending universityl In reviewing applications, Trustees consider whether candidates- Are in receipt of free school mea15 Receive an Education maintenan Allowanee Attend a low progression school Are the first in their family to attend university Are from the 200/0 or 400/0 most deprived poslcodes in Scotland Are eligible for the ffijll Student Awards Agency for Scotland {SAAS} loan and bursary amount have been 'looked after, or in care at any point are or have been a young carer. Law Society of Scolland Education Foundation
Lawscot Foundation Law Society of Scotland Education Foundation Financial Statements for the year to 31 October 2024 Trustees. Report {continued) Grants policy Iconlinued} Lawscot Foundation bursaries are awarded for the duration of the undergraduate course. Bursary recipients will be required to demonstrate that they are progressing from year to year and meeting high academic standard and will be expected to provide the Trustees with a report each year with details of their progress. Bursaries will be paid in fvio instalments, in October and January of each academic year. Financial review The Trust's total income for the period was £161,351 12023.. £116,097). Expenditure was £144.644 12023.. £170,533) which includes grant commitment5 for the duration of the course5 of each student awarded support. Reserves policy The Trustees monitor reserves in relation to commitments given. For this purpose, the Trustees aim to maintsin cash and investments of at least £100,000 after commitments have been deducted. This is made with reference to projections of donations and funding commitments and would support 5 students for the duration of their course. Reserves for the period to 31 October 2024 were £159,470, of which £nil were restricted funds12023.. £114,661 £nil restricted funds) which is above the reserve policy lower limf(. The reserves are monitored by the Trustees at each meeting. Risk policy The Trustees maintain a risk register for the Foundation which highlights the key risks the organisation faces, and the controls and mitigations in place to manage those risks. The principal risk is financial and exposure to stock marf(el fluctuations which in impacts on reserves. In the opinion of the Trustees such risk is being monitored adequately with reference to the balance bebueen cash and sums invested, and the risk profile of the investment portfolio. Investment policy Investments will be operated under delegated powers by investment brokers appointed by the Trustees and risks of fluctuations in PItal values balanced with a long te outlook. Going coneern The Trustees have taken into account ftrture funding commitments together wrth existing liquid assets and fvndraising initiatives in considering the ¢harty to be a going concem. The Trustees are content, having reviewed the work done, that they do not believe there to a material uncertainty overthe going concem basis of preparation and therefore this remains the appropriate basis of preparation for these financial statements. Plans for future periods The Trustees intend to provide support to beneficiaries in accordance wth the objectives of the charity. The Trustees are satisfied these remain suitable plans. Trustee Date.. 9 June 2025 Law Society of Scolland Education Foundation
Lawscot Foundation Law Society of Scotland Education Foundation Financial Statements for the year to 31 October 2024 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees. Report and the financial statements in accordance wilh applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year in accordance wth United Kingdom Generally Accepted Accounting Practice (United Kingdom Aceounling Standards and applicable lawl. Under charity law the Trustees must not approve the financial stslemenls unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charty for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently- make judgements and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless f( is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records thal are SLrfficient to show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the charty and enable them lo ensure that the financial statements comply with the Charib'es and Tnjstee Investment IScotland} Act 2005. They are also responsible for safeguarding the assets of the chanty and hence for taking reasonable steps for the prevention and detection of fraud and other irregUlareS. When financial statements are published on the charty's website, this is done in accordance with legislation in the United Kingdom goveming the preparation and dissemination of financial statements, which may vary from legislatn in otherjurisdictions. The maintenance and inlegrty of the chaiity's website is the responsibility of the Trustees. The Trustees, responsibility also extends to the ongoing integrity of the financial statements contained therein. Law Society of Scolland Education Foundation
Lawscot Foundation Law Society of sCoand Education Foundation Financial Statements for the year to 31 October 2024 Independent Examiner's report to Trustees of Law Society of Scotland Education Foundation I report lo the charity Trustees on my examination of the accounts of the Charity for the year ended 31 October 2024 which are set out on pages 8 to 15. Respective responsibilities of Trustees and examiner The charity's Trustees are responsible for the preparation of the accounts in accordance with the lenms of the Charrties and Trustee Investment (Scotlandl Act 2005 and the Charib'es Accounts {Scotlandl Regulations 2006. The charity Trustees consider that the audit requirement of Regulation 10111 lal to (c) of the Accounts Regulations does not apply. It is my responsibilty lo examine the accounts as required under section 44111 Icl of the Act and to state whether particular matters have come to my attention. Basis of independent examiner's statement My examination is carried out in accordance wrth Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented wlh those records. It also includes consideration of any unusual items or di10$ureS in the accounts, and seeks explanations from the Trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audrt. and consequently I do not express an audit opinion on the view given by the accounts. Independent examiner's statement In the course of my examination, no matter has come to my attention.. 1. which gives me reasonable cause lo believe that in any material respect the requirements- to keep accounting records in accordance wfth Section 44111 lal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations., and to prepare accounts which accord with the accounting records and compty wf(h Regulation 8 of the 2006 Accounts Regulations., have not been met- or 2. to whieh, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached Johnston Smillie Ltd 5 South Gyle Creseent Lane Edinburgh EH129EG Date.. 23 June 2025 Law Society of Scolland Education Foundation
Lawscot Foundation Law Society of Scotland Education Foundation Financial SlateTnents for the year to 31 October 2024 statement of financial activities (incorporating income and expenditure account) for the year ended 31 October 2024 Year ended 31 October 2024 Year ended 31 October 2023 Note Income from.. Investments Donations Sponsorship Other ineome 7.500 29,251 42.100 7.500 29,251 82.500 124.600 7.230 33,297 25,820 7.230 33,297 75.570 49.750 Total income 78,851 82,500 161,351 66,347 49,750 116,097 Expenditure on: Raising Funds Charitable activities Total expenditure 15.6431 15,643} 17.1771 17,177) 139001 113606 163 356 (62.144) (82,500} {144.644} (120.7831 (49,750} 1170,533) Net gainslllosses) Net realised gainlllossl on disposal of investments Net unrealised gainllloss) on investments 569 569 {883) (883} Net movement in funds 44.809 44.809 (62.785) {62,7851 Balance brought fOard 1 November 2023 114661 114661 Balance Caled forward 31 October 2024 159.470 159.470 114.661 114,661 All of the charity's acb'vities are continuing. The notes on pages 10 to 15 form part of these financial statements. Law Society of Scolland Education Foundation
Lawscot Foundation Law Society of Scodand Education Foundation Financial Slalements for the year to 31 October 2024 Balance sheet as at 31 October 2024 31 Oct 2024 31 Oct 2023 Note Fixed assets Investrments 235,203 201.79) Current assets Cash at bank and in hand Debtors due after one year tkbtors due within one year 211,868 16,500 23,145 251,513 138,697 8.250 14,182 161.129 Liabilities Creditors= amounts falling due wthin one year 1125,121} {105.2581 Net current assets 126,392 55.871 Total assets less current liabilities 361,595 257.661 Creditors" amounts falling due after more than one year 1202,125) (143.0001 Net assets 159,470 114,661 Represented by: Restricted Funds Unrestricted Funds 159,470 114,661 Total funds 159,470 114,661 Approved by the Trustees on 9 June 2025 and signed on their behalf by.. Trustee The notes on pages 10 to 15 fonn part ofthese financial statements. Law Society of Scolland Education Foundation
Lawscot Foundation Law Society of Scodand Education Foundation Financial Slalements for the year to 31 October 2024 Balance sheet 1. Accounting policies The following accounting policies have been applied consistenuy in dealing wf(h items which are considered material lo the financial statements. Basis of accounting The financial statements have been prepared on a going concem basis in acCOlance with applicable accounting standards and under the historical cost convention modified lo include listed investments at fair value. The financial statements are compliant wth the chanty's consti110n, the Charrties and Trustee Investment IScolland} Act 2005, the Charities Accounts (Scotlandl Regulations 2006 {as amended}, the Statement of Recommended practi ISORPI FRS 102 °Accounting and Reporting by Charities" (revised 20191, and in accordance with Financial Reporting Standard 102 IFRS 102}. The charity is a Public Benefit Enttty as defined by FRS 102. The financial statements are prepared in Steding which is the functional currency of the charity and are rounded to the nearest £1. Going Concern The Trustees have previously examined the amount of free reserves available and through review of forecasts prepared on the Trustees, behaw, and have determined that there are sufficient funds to comply wth the reserves policy. To the Trustees, knowledge there are no material uncertainties which would prevent the charty from operating for 12 months from the date of signing this report. The most significant areas of adjustments and key assumptions which affect items in the financial statements are to do with estimating the liability from multi-year grant commitments. The Trustees have taken into account such commitments in considering the charity to be a going concem. The Trustees have therefore prepared the financial stalements on a going nCern basis. Restricted fund Donations which are received subject to conditions imposed by the donor are clas5ffied as restricted funds. Unrestricted fund5 These funds are expendable at the discretion of the Trustees in fijrtherance of the objectives of the charity- Ineome The eharity welcomes donations from all sourees. The majority of ineome is derived from donations from individual members and member fim)s of the Law Society of Scodand. Income is also derived from sponsorship of events organised by or on behalf of the charity- Income is reeognised when there is entrtlement, probability of receipt and the value Can be measured reliably. Interest and dividends are shown inclusive of the lax credit which is recoverable by the fund and are brought into account in the year in whh they are receivable. Expenditure and irrecoverable VAT Grants to beneficiaries are recognised when approved. All other expenditure is categorised as either those for generating funds and charitable activities. All expenditure includes irrecoverable VAT. Grants are offered in the fomi of an annual bursary overfour years, covering each year of the degree and the postgraduate diploma. Grants are made subject to the applicant's financial circumstsnces. When a grant commf(ment is made the liabilty is refiected in the financial statements in full for the duration of the course. Law Society of Scolland Education Foundation 10
Lawscot Foundation Law Society of Scoland Education Foundab'on Financial Statements for the year to 31 October 2024 Notes to the financial statements (continued) 1. Accounting policies Icontinuedl Taxation The fund 15 recognised by HM Revenue & Customs as a charity for the purpose5 ofsection 505 of the Income and COratIon Taxes Aet 1988 and is exempt from taxation on its eharilable activities. Cash and cash equivalents Cash at bank and in hand ineludes cash and short term highly liquid investments with a short maturity of three months or less from the dale of aequisition or opening of the deposit or similar account. Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured al fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditure} for the year. Transaction costs are expensed as incurred Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to setue the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any trade discounts due. Financial instNmenls Other than invesknents, the charty only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value. Judgements in applying accounting policies and key sources of estimation uncertainty In the application ofthe charity's accounting policies, the Trustees are required to makejudgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. In preparing these financial statements. the Trustees have made the judgement that the grants awarded wll be paid for the duration of the beneficiary's approved period of study. There are no sources of estimation uncertainty. 2. Income Yoar gnd8(131 Octobor 2024 Ygar ondèd 31 October 2023 Unrestricted Restricted Total Unrestrictsd Restricted Total Investments Donatlons 7,500 29,251 42.100 7,500 29,251 124.600 7,230 33,297 25.820 7,230 33,297 75.570 Sponsorship Other income 82.500 49.750 Total 78.851 82,500 161.351 66.347 49.750 116,097 Law Society of Scolland Education Foundation 11
Lawscot Foundation Law Society of Scoland Education Foundab'on Financial Statements for the year to 31 October 2024 Notes to the financial statements (continued) 3. Expenditure R4i5ing Funds Year ended 31 Ortober 2024 Year ended 31 October 2023 Unrestrletsd Rostrlctod Total Unr8strlct8d Rostrletsd Tot Support Costs Total 5,643 5,643 5,643 5,643 7,177 7,177 7,177 7,177 Charltabl& Actlvltlès Yoar end 31 Octobor 2024 Yoar ond8d 31 Octobor 2023 Unrestrictsd Rostrictad Totsl Unrostrict•d Rostrictod Total Support Costs Mentor Program Travel for grant reawents Donatlons Grants Awarded 5,539 2.510 327 5,539 2,S10 327 5,588 6.000 268 5,588 6,000 48.125 56.501 82.500 82,500 130.625 139.001 101.750 113.606 49.750 151.500 49,750 163,356 Total During the period, ongoing grants were awarded to an additional 10 individuals12023= 9 individuals}- The amount distributed to the 35 individuals in the period was £48,12512023.. £152,000). Analysis of Support Costs Unrestricted Funds 31 Oct 2024 Unrestricted Funds 31 Oct 2023 Charitable Activity Raising Funds Charitable Activty Raising Funds Total Total Finance Governance Invèstment Managemént fee W8b S8rvic8s Marketing acliwlies Indapèndènt EXamInaOn feè 1,566 1.566 1.926 1.926 2,277 2.277 1.575 3.964 1,800 11.182 2,151 2,151 810 4.778 3,100 12.765 1,575 810 4.778 1,800 5.643 3,100 7.177 5.539 5.588 Law Society of Scolland Education Foundation 12
Lawscot Foundation Law Society of Scoland Education Foundab'on Financial Statements for the year to 31 October 2024 Notes to the financial statements (continued) 4. Employment Costs The charity has no employees in either the cuent or previous year. The Trustees {who are considered to be key management) recewed neither emoluments nor reimbursement of expenses in either the current or previous year. A number of staff employed by the Law Society of Scotland provide general support for the charity's fund raising and administrative functions. However, the value of donated seNices in monetary lemis cannot be reliably measured and are therefore not included in these financial statements. 5. Investments 31 Oct 2024 31 Oct 2023 Tolal Totsl Markèt valuè at the beglnnlng of tha parlod Addition5 during the period Disposals at opening market value Unreallsad Ilossvgaln Markat valua at tho end of tho parlod 201,790 36,502 130.6441 27,555 206,994 30,321 128.012 (7,5131 201,790 235.203 The historical cost of listed investments at 31 October 2024 was £217,728 12023.. £211,856). The listed investments are valued monthly to market value (bid pricel. As at 31 October 2024 the assets were allocated into the following categories 31 Oct 2024 31 Oet 2023 Equities Flxèd Interèst Attemalive Assets Cash Propety 66.36 21.61 7.05 3.42 1.56 64.26 18.36 11.67 4.00 1.71 100.00 100.CMJ Law Society of Scolland Education Foundation 13
Lawscot Foundation Law Society of Scoland Education Foundab'on Financial Statements for the year to 31 October 2024 Notes to the financial statements (continued) 6. Debtors 31 Oct 2024 31 Oct 2023 Debtors due after one year Accrued income 16.5 8.250 Debtors due within one year Tradè dèbtors Prapaymgnts A¢cruèd inttsme Due from Law Society of Scotland 500 627 22,018 432 13,750 23.145 14.182 7. Creditors 31 Oct 2024 31 Oct 2023 Accruals Grants payable Due to Law Socl&ty of Scotland 2.746 122,375 6.240 99,000 18 105,258 125,121 Grants due after 1 year 202.125 143.LKJO Reconciliation of arants 31 Oct 2024 31 Oct 2023 Brought fopNard at 1 November Awarded in period withdrawn or wrftton off In parbjd Paid out in period Carried fopKard at 31 October 242.000 137,500 18.2501 242.500 156,125 19.6251 147.000 242.000 324.500 Represented by.. than 1 yèar More than 1 year 122,375 202.125 324.500 143.000 242.000 During the period, one individual (2023.. one) has withdrawn from the programme. Law Society of Scolland Education Foundation 14
Lawscot Foundation Law Society of Scoland Education Foundab'on Financial Statements for the year to 31 October 2024 Notes to the financial statements (continued) 8. Net assets 31 Od 2024 Total 31 Oct 2023 Totsl Unrèstrlct8d Rostrlctod Unrostrlctsd R8strlctad Inv&stMants 235,203 211.868 39,645 1125.1211 1202.1251 159.470 235,203 211.868 39,645 112S,1211 1202.1251 159.470 201,790 138.697 22,432 1105.2S81 1143.0001 114,661 201,790 138.697 22,432 1105,2S81 1143.0001 114.661 Cash al bank and in hand Debtors Crgditors Creditors more than 1 year 9. Funds Balance at 1 Novomb8r 2023 Fund5 at 31 Galnsl October 2024 Ilossesl Income Expenditure Unrestricted Funds 114,661 78.851 82.500 161.351 162,1441 I82.5J) 1144.6441 28,102 159.470 Rastrlcted Funds Totsl 114.661 28.102 159.470 8alance at 1 Novemb•r 2022 Funds at 31 Galnsl October 2023 Ilossesl Income Expenditure Unrestricted Funds Rostricted Funds 177,446 66,347 49.750 116.097 1120.7831 149.7501 1170.5331 18.3491 114,661 Total 177.446 18.3491 114.661 Restiicted fvnds comprise donations received which are available for payment lo students studying for a law degree or diploma in the fomi of bursaries. 10. Related party transactions Law Society of Scotland The Foundation receives administrative support from the Law Society of Scotland at no charge. Law Society of Scolland Education Foundation 15