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||Page|
|---|---|
|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|
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|Trustees during the year|Trustees during the year|Claire Elizabeth|Sharp||||
|---|---|---|---|---|---|---|
|||Paul Cattermull|||||
|||Roy Neil Arthur|||||
|||John Andrew
Chadwick|||||
|Registered|Name|H M Hubbard
Law Scholarship||||Fund|
|Registered|Charity No.|313533|||||
|Principal Office||TMF Global Services IUK) Ltd|||||
|||960Capability|Green||||
|||Luton|||||
|||Bedfordshire|||||
|||LU1 3PE|||||
|Sogcitors||Debenhams
Ottaway||LLP|||
|||Ivy House, 107StPeter's Street|||||
|||StAlbans|||||
|||Herffordshire|||||
|||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 IUK) Ltd|||||
|||960Capability
Green|||||
|||Luton|||||
|||Bedfordshire|||||
|||LU1 3PE|||||
|Investment|Advisers|Investec Wealth|and investment|||Limited|
|||30Gresham Street|||||
|||Loiidon|||||
|||EC2V 7QN|||||
|Bankers||CAF Bank|||||
|||26 Kings Hill Avenue|||||
|||Kings Hill, West|Maging||||
|||Kent|||||
|||ME194JQ|||||
|Website||www. hubbardlawscholarship.|||corn||
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|||Unrestricted|||||
|---|---|---|---|---|---|---|
|||General|Law||||
|||Fund|Scholarship|Permanent||Total|
|||Income|Income||2022|2021|
||Note|E|6||E|E|
|INCOME & ENDOWMENTS|||||||
|Investments||68,961|||68,961|65,265|
|TOTAL INCOME||68,961|||68,961|65,265|
|EXPENDITURE|||||||
|Cost ofgenerating
funds|3|||19,186|19,186|18,243|
|Charitable
activities|4|36,616|(4,000)|7,558|40,174|30,746|
|TOTAL EXPENDITURE||36,616|(4,000)|26,744|59,360|48,989|
|NET INCOME/(EXPENDITURE)|BEFORE GAINS AND||||||
|LOSSESON INVESTMENTS||32,345|4,000|(26744)|9,601|16,276|
|Net gains/(losses)
on investments||||126,612|126,612|523,492|
|NET INCOME/(EXPENDITURE)|AFTER GAINS AND||4,000||||
|LOSSES ON INVESTMENTS||32,245||99,868|136,213|539,768|
|TRANSFER BETWEEN FUNDS|6|(30,000)|30,000||||
|OTHER RECOGNISED GAINS/(LOSSES)|||||||
|Gains/(losses)
on currency|||||||
|NET MOVEMENT
IN FUNDS||2,345|34,000|99,868|136,213|539,768|
|FUND BAIANCES BROUGHT FORWARD||20,039|42,292|2,471,447|2,533,778|1,994,010|
|FUND BALANCES CARRIED FORWARD||22,384|76,292|2,571,315|2,669,991|2,533,778|
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|||||General|Law|||||
|---|---|---|---|---|---|---|---|---|---|
|||||Fund|Scholarship|Permanent||Total|Total|
|||||Income|Income|Endowment||2022|2021|
||||Note|6||||6|E|
|FIXEDASSETS||||||||||
|Investments
- quoted||||||2,636,240||2,636,240|2,526,962|
|||||||2,636,240||2,636,240|2,526,962|
|CURRENT ASSETS||||||||||
|Amount
lent to Permanent||Endowment|6||So,aao|||50,000|50,000|
||||||50,000|||50,000|50.000|
|Cash||||||||||
|Bank current accounts||||29,700|25,011|(6,5521||48,159|49,097|
|Bank deposit
account|||||1,281|||1,281|1,281|
|||||29,700|26,292|(6,552)||49,440|50,378|
|TOTAL CURRENT ASSETS||||53,700|76,292|(6,552)||99,440|100,378|
|LIABIUTIES:amounts|falling|due within one year||||||||
|Creditors|||8|7,316||8,373||15,689|19,562|
|Amount
lent by income Accounts||||||50,000||50,000|50,000|
|||||7,316||58,373||65,689|69,562|
|NET CURRENT ASSETS/(LIABIUTIES)||||22,384|76,292|(64,925)||33,751|30,816|
|TOTAL ASSETSLESSCURRENT LIABILITIES||||22,384|76,292|2,571,315||2,669,991|2,557,778|
|LIABILITIES:amtwnts|falling|due aher one year||||||||
|Creditors|||||||||24,000|
|NETASSETS||||22,384|76,292|2,571,315||2,669,991|2,533,778|
|Representing:||||||||||
|FUNDS
-RESTRICTED||||||||||
|Permanent
Endowment||||||2,571,315||2,571,315|2,471,447|
|Law Scholarship
Income Account|||||76,292|||76,292|42,292|
|FUNDS
-UNRESTRICTED||||||||||
|General
Fund Income|Account|||22,384||||22,384|20,039|
|||||22,384|76,292|2,571,315||2,669,991|2,533,778|
|Approved
by the Trustees on:||||||||||
||||Date|and|signed on their|behalf by:|Ms CSharp - Trustee|||
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|||||Total|Total|
|---|---|---|---|---|---|
|||||2022|2021|
|||||E|E|
|Investment|Income|||||
|Investment|income -|UK listed||50,273|50,486|
|Investment|income -|Overseas|listed|19,136|15,238|
|||||69,409|65,724|
|Less: Non-recoverable||and overseas tax||(449)|(460)|
|Deposit interest||||1|1|
|||||68961|65 265|
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|COSTOF G|ENERATIN|G
FUNDS|||||
|---|---|---|---|---|---|---|
||||General|Permanent|Total||
||||Fund Income|Endowment|2022|2021|
|Comprise:|||E|E|E|E|
|Investment|advisers'|charges||19,186|19,186|18,243|
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|||Unrestricted|Law||||
|---|---|---|---|---|---|---|
|||General|Scholarship||Total|Total|
|||Fund Income|Income|Permanent|2022|2021|
|||||||E|
|EXPENDITURE|||||||
|Grants awarded|4b|20,039|I4,000)||16,039||
|Grant support costs|4a|2,112|||2,112|3,128|
|Governance
costs|4c|14,465||7,558|22,023|27,618|
|TOTAL EXPENDITURE||36,616|I4,000)|7,558|40,174|30,746|
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|shown
in the|table|belo|w:|||||||
|---|---|---|---|---|---|---|---|---|---|
||||||Grant|||2022|2021|
||||||Support|||Total|Total|
|Cost Type|||||Costs||Governance|Allocated|Allocated|
||||||E||E|6|E|
|independent|examiner's||fees||||1,410|1,410|1,350|
|Accountancy|and administration|||fees||857|16,280|17,137|22,137|
|Solicitors' fees||||||655|3,710|4,365|5,396|
|Bank charges|||||||103|103|131|
|Publicity expenses||||||600||600|1,212|
|Information|Commissioner||||||35|35|35|
|Trustees'
Indemnity||Insurance|||||485|485|485|
||||||2,112||22,023|24,135|30,746|
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||||||Grants|Support||||
|---|---|---|---|---|---|---|---|---|---|
||||||Awarded|Costs|2022|2021||
||||||E|E|E|E||
|Scholarship|Awards|||||||||
|Grant|written|back - see below|||(24,000)||(24,000)|||
|2022|academic||year||20,000|1,690|21,690|2,907||
|SBA||||||||||
|One grant (2021-0)for solicitors|||||20,039|422|20,461||221|
||and||their families|in need||||||
||||||16,039|2,112|18,151|3,128||
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||||||||2022|||
|---|---|---|---|---|---|---|---|---|---|
|||||||General|Permanent|||
|||||||Fund Income|Endowment|Total|2021|
|||||||6|E|E|6|
|Independent||examiner's||fees||1,410||1,410|1,350|
|Accountancy||and administration|||fees|11,996|4,284|16,280|21,030|
|Solicitors'|fees|||||436|3,274|3,710|4,587|
|Bank charges||||||103||103|131|
|Information||Commissioner||||35||35|35|
|Trustees'|Indemnity||Insurance|||485||485|485|
|||||||14,465|7,558|22,023|27,618|
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|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||||Total|Total|
|||||||6|E|
|Market value|at 5 April 2021|||||2,514,960|1,980,626|
|Acquisitions
at cost||||||414,594|394,055|
|Sales proceeds from disposals||||||(507,986)|(383,213)|
|(Loss)/gam
in|the year|||||126,612|523,492|
|Market value|at 5 April 2022|||||2,548,180|2,514,960|
|Cash held within the investment||portfolio||||88,060|12,002|
|||||||2,636,240|2,526,962|
|UK equities and collective investments||||||2,382,069|2,276,097|
|UK government|and other fixed|interest||stocks||166,111|238,863|
|Market value at 5 April 2022||||||2,548,180|2,514,960|
|Historical cost|at 5 April 2022|||||1,745,713|1,720,506|
|The following|investment
comprises||more than 5%ofthe value ofthe investment|||portfolio:||
|Name|||||Holding|Market Value||
|SPDR S&P500|ETFTrust USD Distribution|||shares|550|E188,927||
|CREDITORS||||||||
|||||||2022|2021|
|Amounts
falling due within one year||||||||
|Accruals||||||15,689|17,744|
|Other creditors|||||||1,818|
|||||||15,689|19,562|
|Amounts
falling due after one year||||||||
|Scholarship
2022/2023|||||||24,000|
|||||||15,689|43,562|
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|||||Fund|||||Fund|
|---|---|---|---|---|---|---|---|---|---|
|||||balances||||Gains|balances|
|||||brought||||and|carried|
|||||forward|Income|Expenditure|Transfers|Losses|forward|
||||||||E|E||
|Unrestricted||Funds||||||||
||General||fund income|20,039|68,961|(36,616)|(30,000)||22,384|
|Law|Scholarship||income|42,292||4,000|30,000||76,292|
|Permanent||Endowment||2,471,447||(26,744)||126,612|2,571,315|
|Total||||2,533,778|68,961|(59,360)||126,612|2,669,991|