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 S￿dents 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 pu￿OseS, 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.
S￿dents 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 irregUlar￿eS.
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 legislat￿n 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 sCo￿and 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 di￿10$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 fO￿ard
1 November 2023
114661
114661
Balance Ca￿led 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 acCO￿lance 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 consti￿110n, 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 wh￿h 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 C￿OratIon 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 EXamIna￿On 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 cu￿ent 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
I82.5￿J)
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