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





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|Trustees during the year|Trustees during the year|Claire Elizabeth|Sharp||||
|---|---|---|---|---|---|---|
|||Edmund<br>Michael Wood —retired 11January 2021|||||
|||Paul Cattermull|—appointed||11January 2021||
|||Roy Neil Arthur|||||
|||John Andrew<br>Chadwick|||||
|Registered|Name|H M Hubbard<br>Law Scholarship||||Fund|
|Registered|Charity No.|313533|||||
|Principal Office||TMF Global Services (UK) Ltd|||||
|||960Capability|Green||||
|||Luton|||||
|||Bedfordshire|||||
|||LU13PE|||||
|Solicitors||Debenhams<br>Ottaway||LLP|||
|||Ivy House, 107|St Peter's Street||||
|||StAlbans|||||
|||Hertfordshire|||||
|||AL1 3EW|||||
|Independent|Examiner|Mr Stephen<br>Mason BScFCA|||||
|||FKCA Limited|||||
|||260-270 Great|Marlings||||
|||Butterfield<br>Business Park|||||
|||Luton|||||
|||LU2 BDL|||||
|Accountants|and Trust Managers|TMF Global Services (UK) Ltd|||||
|||960Capability<br>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||





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||||Unrestricted|||||
|---|---|---|---|---|---|---|---|
||||General|Law||||
||||Fund|Scholarship|Permanent|Total|Total|
||||Income|Income||2021|2020|
|||Note|E|E|E|E||
|INCONIE<br>BLENDOWMENTS||||||||
|Investments|||65,265|||65,265|81,570|
|TOTAL INCOME|||65,265|||65,265|81,570|
|EXPENDITURE||||||||
|Cost ofgenerating<br>funds||3|||18,243|18,243|18,251|
|Charitable<br>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)<br>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)<br>on currency|||||||(362)|
|NET MOVEMENT<br>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|





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|||||General|Lsw||||
|---|---|---|---|---|---|---|---|---|
|||||Fund|Scholarship|Permanent|Total|Total|
|||||Income|Income|Endowment|2021|2020|
||||Note|E|E|E|E|E|
|FIXEDASSETS|||||||||
|Investments<br>-quoted||||||2,526,962|2,526,962|2,021,374|
|||||||2,526,962|2,526,962|2,021,374|
|CURRENT ASSETS|||||||||
|Amount<br>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<br>-RESTRICTED|||||||||
|Permanent<br>Endowment||||||2,471,447|2,471,447|1,975,779|
|Law Scholarship<br>Income Account|||||42,292||42,292|12,292|
|FUNDS<br>~ UNRESTRICTED|||||||||
|General Fund income Account||||20,039|||20,039|5,939|
|||||20,039|42,292|2A71,447|2,533,778|1,994,010|
|Approved<br>by the Trustees||on:|||||||
||||oats||and signed on their|behalf by;|Ms CSharp -Trustee||





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|||||Total|Total|
|---|---|---|---|---|---|
|||||2021|2020|
|||||E|6|
|Investment|Income|||||
|Investment|income -|UK listed||50,486|71,095|
|Investment|income -|Overseas|listed|15,238|10,676|
|||||65,724|81,771|
|Less: Non-recoverable||and overseas tax||(460)|(347)|
|Deposit interest||||1|146|
|||||65,265|81,570|





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|COST OF G|ENERATIN|G<br>FUNDS|||||
|---|---|---|---|---|---|---|
||||General|Permanent|Total||
||||Fund Income|Endowment|2021|2020|
|Comprise:|||E|E|E|E|
|Investment|advisers'|charges||18,243|18,243|18,251|



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|||||||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<br>costs|||||4c|18,037|||9,581||27,618|22,450||
|TOTAL EXPENDITURE||||||21,165|||9,581||30746|94237||
|ALLOCATION<br>OF SUPPORT COSTS AND||||||OVERHEADS||||||||
|The breakdown<br>of support|||costs||and|how these were|allocated|between|Governance|and|Charitable|Activities||
|shown<br>in the table below:||||||||||||||
|||||||Grant|||2021|||2020||
|||||||Support|||Total|||Total||
|Cost Type||||||Costs|Governance||Allocated||Allocated|||
|||||||E||||E||E||
|Independent<br>examiner's||fees||||||1,350||1,350||1,320||
|Accountancy<br>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<br>Commissioner||||||||35||35||35||
|Trustees'<br>Indemnity|Insurance|||||||485||485||485||
|||||||3,128||27,618|30,746|||38,484||



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|CHARITAB|LE ACTIVITIES||||||
|---|---|---|---|---|---|---|
||||Grants|Support|||
||||Awarded|Costs|2021|2020|
||||E|E|F.|E|
|Scholarship|Awards||||||
|-2019/20|academic year|||||1,753|
|-2021/22|academic year|||2,907|2,907|37,629|
|SBA|||||||
|- No grant|(2020 -two) for solicitors|||221|221|32,405|
||and their families|in need|||||
|||||3,128|3,128|71,787|



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||||||||2021|||
|---|---|---|---|---|---|---|---|---|---|
|||||||General|Permanent|||
|||||||Fund Income|Endowment|Total|2020|
|Independent||examiner's||fees||1,350||1,350|1,320|
|Accountancy||and administration|||fees|15,496|5,534|21,030|12,748|
|Solicitors'|fees|||||540|4,047|4,587|7,616|
|Trustees'|expenses||||||||85|
|Bank charges||||||131||131|161|
|Information||Commissioner||||35||35|35|
|Trustees'|Indemnity||Insurance|||485||485|485|
|||||||18,037|9,581|27,618|22,450|



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|INVESTMENTS|||||||
|---|---|---|---|---|---|---|
||||||2021|2020|
||||||Total|Tota I|
||||||E|E|
|Market value at 5 April 2020|||||1,980,626|2,382,525|
|Acquisitions<br>at cost|||||394,055|284,827|
|Sales proceeds from disposals|||||(383,213)|(313,083)|
|(Loss)/gain<br>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<br>and other fixed|interest||stocks||238,863|313,284|
|Market<br>value at 5 April 2021|||||2,514,960|1,980,626|
|Historical cost at 5April 2021|||||1,720,506|1,717,084|
|The following<br>investment<br>comprises||more than 5N ofthe value ofthe investment|||portfolio:||
|Name||||Holding|Market Value||
|Vanguard<br>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<br>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<br>falling due after one year|||||||
|Scholarship<br>2022/2023|||||24,000|24,000|
||||||43,562|66,337|





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|||||Fund|||||Fund|
|---|---|---|---|---|---|---|---|---|---|
|||||balances||||Gains|balances|
|||||brought||||encl|carried|
|||||forward|income|Expenditure|Transfers|Losses|forward|
||||||||E|E||
|Unrestncted||Funds||||||||
|General fund||income||5,939|65,265|(21,165)|(30,000)||20,039|
|Law Scholarship|||income|12,292|||30,000||42,292|
|Permanent|Endowment|||1,975,779||(27,824)||523,492|2,471,447|
|Total||||1,994,010|65,265|(48,989)||523,492|2,533,778|