2021-04-05-accounts - H M Hubbard Law Scholarship Fund

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REFERENCE AND ADMINISTRATIVE INFORMATION
TRUSTEES' ANNUAL REPORT	2-5
INDEPENDENT EXAMINER'S REPORT
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
NOTES TO THE FINANCIAL STATEMENTS	9-14

Trustees during the year	Trustees during the year	Claire Elizabeth	Sharp
		Edmund Michael Wood —retired 11January 2021
		Paul Cattermull	—appointed		11January 2021
		Roy Neil Arthur
		John Andrew Chadwick
Registered	Name	H M Hubbard Law Scholarship				Fund
Registered	Charity No.	313533
Principal Office		TMF Global Services (UK) Ltd
		960Capability	Green
		Luton
		Bedfordshire
		LU13PE
Solicitors		Debenhams Ottaway		LLP
		Ivy House, 107	St Peter's Street
		StAlbans
		Hertfordshire
		AL1 3EW
Independent	Examiner	Mr Stephen Mason BScFCA
		FKCA Limited
		260-270 Great	Marlings
		Butterfield Business Park
		Luton
		LU2 BDL
Accountants	and Trust Managers	TMF Global Services (UK) Ltd
		960Capability Green
		Luton
		Bedfordshire
		LU1 3PE
Investment	Advisers	Investec Wealth	and Investment			Limited
		30Gresham Street
		London
		EC2V 7QN
Bankers		CAF Bank
		25 Kings Hill Avenue
		Kings Hill, West	Mailing
		Kent
		ME194JQ
Website		www. hubbardlawscholarship.			corn

			Unrestricted
			General	Law
			Fund	Scholarship	Permanent	Total	Total
			Income	Income		2021	2020
		Note	E	E	E	E
INCONIE BLENDOWMENTS
Investments			65,265			65,265	81,570
TOTAL INCOME			65,265			65,265	81,570
EXPENDITURE
Cost ofgenerating funds		3			18,243	18,243	18,251
Charitable activities		4	21,165		9,581	30,746	94,237
TOTAL EXPENDITURE			21,165		27 824	48,989	112,488
NET INCOME/(EXPENDITURE)	BEFORE GAINS AND
LOSSES ON INVESTMENTS			44,100		(27,824)	16,276	(30,918)
Net gains/(losses) on investments		7			523,492	523,492	(373,643)
NET INCOME/(EXPENDITURE)	AFTER GAINS AND
LOSSESON INVESTMENTS			44,100		495,668	539,768	(404,561)
TRANSFER BETWEEN FUNDS		6	(30,000)	30,000
OTHER RECOGNISED GAINS/(LOSSES)
Gains/(losses) on currency							(362)
NET MOVEMENT IN FUNDS			14,100	30,000	495,668	539,768	(404,923)
FUND BALANCES BROUGHT	FORWARD		5,939	12,292	1,975,779	1,994,010	2,398,933
FUND BALANCES CARRIED FORWARD			20,039	42,292	2,471,447	2,533,778	1,994,010

				General	Lsw
				Fund	Scholarship	Permanent	Total	Total
				Income	Income	Endowment	2021	2020
			Note	E	E	E	E	E
FIXEDASSETS
Investments -quoted						2,526,962	2,526,962	2,021,374
						2,526,962	2,526,962	2,021,374
CURRENT ASSETS
Amount lent to Permanent		Endowment	6	So,aoo			sa,Boo	so,aoo
				50,000			50,000	50,000
Cash
Bankcurrentaccounts				4,174	41,011	3,912	49,097	37,693
Bankdepositaccount					1,281		1,281	1,280
				4,174	42,292	3,912	50,378	38,973
TOTAL CURRENT ASSETS				54,174	42,292	3,912	100,378	88,973
LIABIUTIESr amounts	faglng due within one year
Creditors			8	10,135		9,427	19,562	42,337
Amount lent by Income Accounts						50,000	50,000	50,000
				10,135		59,427	69,562	92,337
NET CURRENT ASSETS/(LIABILTIES)				44,039	42,292	(55,515)	30,816	(3,364)
TOTAL ASSETSLESS CURRENT LIABILmES				44,039	42,292	2,471,447	2,557,778	2,01S,010
UABIUTIESr amounts	faglng due after one year
Creditors				24,000			24,000	24,000
NET ASSETS				20,039	42,292	2,471,447	2,533,778	1,994,010
Representing:
FUNDS -RESTRICTED
Permanent Endowment						2,471,447	2,471,447	1,975,779
Law Scholarship Income Account					42,292		42,292	12,292
FUNDS ~ UNRESTRICTED
General Fund income Account				20,039			20,039	5,939
				20,039	42,292	2A71,447	2,533,778	1,994,010
Approved by the Trustees		on:
			oats		and signed on their	behalf by;	Ms CSharp -Trustee

						Unrestricted	Law
						General	Scholarship				Total	Total
						Fund Income	Income		Permanent		2021	2020
						E	E					E
EXPENDITURE
Grants awarded					4b							55,753
Grant support costs					4a	3,128					3,128	16,034
Governance costs					4c	18,037			9,581		27,618	22,450
TOTAL EXPENDITURE						21,165			9,581		30746	94237
ALLOCATION OF SUPPORT COSTS AND						OVERHEADS
The breakdown of support			costs		and	how these were	allocated	between	Governance	and	Charitable	Activities
shown in the table below:
						Grant			2021			2020
						Support			Total			Total
Cost Type						Costs	Governance		Allocated		Allocated
						E				E		E
Independent examiner's		fees						1,350		1,350		1,320
Accountancy and administration				fees		1,107		21,030	22,137			23,218
Trustees' expenses												85
Solicitors' fees						809		4,587		5,396		8,960
Bank charges								131		131		161
Publicity expenses						1,212				1,212		4,220
Information Commissioner								35		35		35
Trustees' Indemnity	Insurance							485		485		485
						3,128		27,618	30,746			38,484

INVESTMENTS
					2021	2020
					Total	Tota I
					E	E
Market value at 5 April 2020					1,980,626	2,382,525
Acquisitions at cost					394,055	284,827
Sales proceeds from disposals					(383,213)	(313,083)
(Loss)/gain in the year					523,492	(373,643)
Market value at 5 April 2021					2,514,960	1,980,626
Cash held within the investment	portfolio				12,002	40,748
					2,526,962	2,021,374
UK equities and collective investments					2,276,097	1,667,342
UK government and other fixed	interest		stocks		238,863	313,284
Market value at 5 April 2021					2,514,960	1,980,626
Historical cost at 5April 2021					1,720,506	1,717,084
The following investment comprises		more than 5N ofthe value ofthe investment			portfolio:
Name				Holding	Market Value
Vanguard Funds —S&P500 UCITS ETF USD shares				3,000	E164,696
Baillie Gifford American W3 Distribution			shares	8,250	E142,560
SPDR S&P500 ETFTrust USD Distribution			shares	615	f178,282
CREDITORS
					2021	2020
Amounts falling due within one year
Accruals					17,744	17,337
Other creditors					1,818
Grants payable to the SBA						25,000
					19,562	42,337
Amounts falling due after one year
Scholarship 2022/2023					24,000	24,000
					43,562	66,337