H M Hubbard Will Trust Law Scholarshlp Fund Report and Financial Statements 5 Aprll 2024
H M Hubbard Will Trust- Law Scholarship Fund CONTENTS P• REFERENCE AND ADMINISThATIVE INFORMATION TRUSTEES. ANNUAL REPORT INDEPENDEKf EXAMINER'S REPORT STATEMENT OF FINANCIAL AcrivrriES LANCE SHEET NOTES TO THE FINANCIAL STATEMEMfs 9-14
H M Hubbard Will Trust- Law Scholarship Fund REFERENCE AND ADMINISTRATIVE INFORMATION for the year ended 5 Aprll 2024 Trnstett durfnl th• y••r aalre Ellzabeth Sh•rp Paul CatteThull Roy Nell Arthur John Andrew Chadwick H M Hubbard L•w Scholaf5hlp Fund Rotered Ch•rlty No. 313533 TMF Glo1 5ervlces IUKI Lid 13th Floor l Ae1 Court London EC2R 7HJ Solldto Debenhar Ottaway LLP House, 107 St Peter's stet St Albans Hertford5hlre ALI 3ÉW Indp•ndent EMmln•r Mr Stephen Ma50n 8Sc FCA FKCA Llmited 26270 Gmat Marlln8S Butterfleld Bus5Mss P•rk Luton LU2 8DL •aaunt•nts •nd Trt M•n•ge TMF Global Servlces {UK) Ltd 13th Floor l Angel Court London EC2R 7HJ Investec Wealth and Investment Umtted 30 Gresham Street London EC2V 7QN ••nkers CAF Bank 25 Kliy Hlll Avenue Klngs Hill. West Malll Kent ME19 4JQ Webslte www.hubbaTdlaw5cholarshlp.com
H M Hubbard Will Trust- Law Scholarship Fund TRUSTEES, ANNUAL REPORT for the year ended 5 April 2024 The Trustees present their financial ststements and annual reFQrt for the yeaf ended 5 Aprll 2024. The linanclal statements have been prepad in accordance with the actountlng policies set out in note I to the flnantial statements and comply wlth the Will, the Charitles Act 2011 leffettive l January 20191 and Accountlng and Reportlng by Charltles: Statement of Recommended Practlce IFRS 1021. 5tfUCture, G¢Mrn•nce Man•8ornert The Charlty was estsbllshed by the Wlll dated 3 Aprll 1946 ot Plenry Malcolm Hubbard. as amplffled or varied by Court Orders dated 8 Ivne 1962151stels Fund- Con5trurtlon of Wllll and 15 Ortober 1%2 IMT5 Marston's Fund . Varlatlon of Trusts Act 19581. by schemes made by the Chadty Comrnisslon sealed on 21 Aprll 1995. 15 Aprll 1996. 31 2011 and 21 Aprll 2016 and by a Deed of Dlsclaimer by the Publk Trustee dated 15 February 2¢X)5. Mr Hubbard died on 23 December 1946 and probate of hb5 Wlll wa5 granted on 18 March 1947. The Chorlty needsTrustees with experleno ofthe law and of k8al traSnln4 and also Trustees with a ftnandal backgr{nd. Trustees are recrulted by the exlstln8 Trustee5 through thelr contacts in these area5. The present Trustees tomprfse two Ie. an accountsnt and a former Investment manager. The power of appolntin8Trustees Is now vested In the suviln8 Trustees or Trustee for the tlme beSni. The Will gavethe Trustees only Ilmlted powers of Investment and use has been made of the statutory Investmènt powers under the Tnjstee Act 2000 to delegate discretionary investment power5 and to Use nomlnees to hold the Charitrfs Investments. Governonce ondinternolcontrol The Trusteès have appointed TMF Global SenAces IUKI Ltd to Carry out the dty-to-day admln15tratlon of the Ch4TIty. I si8nbficant declsions a taken by the Trustees. elther at meetlngs or through consultstlon Dut of meetln85. All payments must be approved by twoTrustees. The Trustees meet at least once in each year. They recefve quartedy Investrnent report5 from the Investment Advisers. wlth whom they meet at kast QTKe a yearto revlew investment performance and strntegy. Rts* monqqement The Trupteor havo considered the major risks to which th• Charity Is •xpos¢d and are satlgfled that Systems ale In place to mltlgate those 115k5.
H M Hubbard Will Trust- Law Scholarship Fund TRUSTEES, ANNUAL REPORT for the year ended 5 April 2024 Oblectl¥es and Actl¥ltksfor the Publk Benefit Followln8 the makln8 of a new Scheme under the chares kt 1993 by the Charfty Commlsslon on 21 Aprll 2016, whlch made certaln amendments to the obJettfve5 set Dut In the Wlll. the prlnclpal objecte of the charlty Is to provlde scholarship5 to study in France, Spain or Canada the law and legal procedure of the partbtular country. Howe¥Er, If suitable candldates cannot be found to fvlfll th15 Qblectlve then the Tfustees may make an award for the study of the law of the European Union In Frae and Spain. To be ellglble for the award of a 5cholarshlp. a candidate must have obtsined eithr: a lèw degfee of at least class 2111) from • UK unl¥er51ty: or 8raduate dlploma in law: or a Chartered Instltute of Legal Executives, be¥el 6 dlpbma In law and practlce; bl aj must evlrKe to ihE Trustees an Sntentlon to pursue a career as a sollcltor In England and Wales. However. If suknble candldates cannot be found who lullll thls crlterlon, the Trusteps may make award5 to Indlvlduals who have qualified and Jre currentfy Prnttkln8 as 501icltors. Under the 31 May 2011 stherne, t amount to be set aslde out of Income each year for the provlslon of a schollrshlp or 5cholarshlps was E22,(XJO, or5uch hl6her amount as the Trustees may from tlme to tlme declde. The Trustees agreed to Increase this to £30,0(M) from 6 April 2017 (The fure wos E15,000 prlor to the Scheme and orl8lnalty £1,2CQ undEr the Will). Trustoes advertise the scholarship on Internet and else¥thefe. Replles are ¢ansIde by the Trusteès and Intervlews of the 5hortli5t cathed out once a year. Scholarships are generally awarded for a full year's stu(ty. Under the terms of the Wlll, the rernalnlng IrKome Is to be dlstrlbuted to sollcftors and thelr famllle5 In need. The Trustees obtain wrTrtten assurance from SBA The Sollcitofs, Charlty (the SBAI that any 8rant to them wlll be applied approprlately and the Trustees then make sums avallable to the S8A for onward payrnent to beneflclarSE5. The Trustees confirm that they have referred to the 8uidance contsined In the Charity Commission's general guld4nce on public benefrt when reviewn8 the Trust's alms. oblecthes and future plans. They are satisfled that all the trust's actlvltles are for the publlc beneftt and that they have camplled wlth the duty In settn 17151 of the 2011 Charltles Act. Totsl unrestricted Incomln8 resources of the Charlty for the year were £69,83112023- £673941. to whlch an allocatlon of 8overnance costs of £16.654 were char8ed, leavlng É53.17712023: £50,782) avallable to meet the above oblectlves. £30.(bJ was setaslde for sthokrships, £11,692 passed to the SBA and £7.664 spent on supp)rting these actl¥ltles leavln8 surplus of £3,821 to be added to the undistrlbuted income of £11,692 brought forward. The balarKe of £15,513 has been carrled forward In accordance wfth the reser¥es policy set out below. One scholarshlp award was mjde durlty the year to study In 2025. The scholar had met all the conditk>ns by the date the a¢¢ounts were flnallsed so the award of £16.214 has been included In the Ststement of Flnanckl ACtltIeS thls year. ThèTrustee5 made three other SCI13r$hlP offers durln8 the year whlch were not taken up by the appllcants.
H M Hubbard Will Trust - Law Scholarship Fund TRUSTEES, ANNUAL REPORT for the year ended 5 April 2024 Reser¥es Polky kholarshlps are 8Èneralty awarded In reswrt of academk years and the Trustees alm to have sufflclent urKommltted Income at I September each year In the Law Scholarshlp Income Fund to finance a one-yeaf Stholarshlp. Due to the dlsruption to edLKatlonal course5 caused by Covid-19, and the diffkulty In finding sultable candidates, onty two stholarshlps have been paid in recent yeor5 and so a large resep4e Is presently held. As at 5 April 2024 tre was £88,437 In the Law Scholar5hlp Fund and the Trustees hope that now the educatlonal courses are returnlng to normal, more suitable candidates will apply. In¥estmentpollcyondperfornan The Investment policy is to malntaln the real value of the undertylng capital over time through 1Thstment In a dlverslfled portFollo of equltles, pioperty Ithrou8h charlty property fvndsl, bonds )nd cash. sublert to the Income need as determlned from tSrne to tlme by thE Trustees. The Trustees have aged a bespoke benchmark wlth the fund managers against which the performance of the fund can be measured. Thls comblnes dlfferent Indltes for differerrt asset classes welKhted appropriately. The total return on permanent endowment InVeStnnIS in the year to 3 1 Marc h 2024 was 9.59% compared to the total feturn on the bespoke benchmark over the same year of 10.76%.Taklng perforniance over the last five years Into account. the TrUeeS are satisfied wlth the performance of the Investment rnana8ers. but continue to keep the sltuatlon under revlew. taking into accountthat It Is the long-term rfOranCe that Is the most Important. The Trustee5 are In regular contart wbth the Investment Manager5 to ensure a5 far as posslble the Income requlrements for scholarshlps and costs ¢an be met. Pl#Mfvrthefvture The Trustees will contlnue to pro¥lée schDlarshlps to suitable candidates wlth any surplus Income belnE distributed to support solkltor5 and thelr lamllles irt need. The Trustees arè con£erned that there are a redu¢lnG number of sultsble applicants for grants. As a consequence. the Trustee5 are seeking alternative way5 of advertising grant opportunitS to potentlal candidates.
H M Hubbard Will Trust- Law Scholarship Fund TRUSTEES, ANNVAL REPORT for the year ended 5 Aprll 2024 5t•tement ol the Tvustees, responslbllltles In respert of ih• •(¢wnts The Trustees are responslble for pparIng the Report of the Trustees and flnancial ststement$ In accordance wlth 3pplkable law and Unltely Klngdom Generalty Accepted Accounting Prattice. The law appllcable to charltles In England & Wales, the Chaflues Art 2011, Charlty IActounts and Reports) Re8ulatk)ns 2008 and the provlslon of the Wlll requlres Trustees to prepare financlal ststements for each financlal year which &Ne a true ond falr vlew ol the state of affairs of the charlty and of the Incomlng resources and application of resour5. including the Income and expenditUfE, of the charftyfor that pedod. In preparinzthtsse finarKlal ststementstheTTUStees are rÈqulred to.. select sultsble accountin8 pollcles and then apply them CorlStentI¥. DbseTre the method5 and prlnclptes In the Chafltles SORP: make Judgements and estlmates that are reax)nable and prudent: $tste whether applitable accountlng standards and statement5 of fecomrnended prartlce have been followed, subject to any departures disclosed and explalned In the flnaftcial 5tsternents- and prepare the flnarKièl 5tateTrntS on the 8olng con¢em basts unless It Is Inappropriate to presume that the charity will continue in operation. The Tru5tee5 are respon51ble for keeplns accountbn8 record5 whlch dlsclose with reasonable accuracy at any tIff the flnantial po$ltlon of the charlty and to enable them to ensure that the finantlal Statements comply wbth the Charttles Art 2011, the Charlty IAccounts and Report51 RegulatM)ns and the provlslons of the Wlll. They are also responslble for safe8uardlnK the a55ets of the charlty and hence for takln8 rea50nabte Steps for the Pfevention and detectlon of fraud and other irregul•rlties, Approved by the Trustees on: and slgned on thelr behalf by: Date Ms C Sharp- Trustte
If4DEPENDEKf EXAMINER'S REPORT to the Trustees ol H M Hubb*rd Wlll Trust- Law SdM>l•rshlp Fund I report to the charlty Trustees on my examinatlon of the flnancial statements of the H M Hubbard Wlll Trust - Law Scholarship Fund (the Trust) foi the year ended 5 Aprll 2024. A•¥51b11ttItt •nd of r•port As the charlty trusteesofthe Trust you are reswnsible forthe preparatlon of the financial #atements in accordance wh the requlrements of the Charltles Act 20111.the Act'l. I report in respect of my examlnatlon of the Trust's fjnanclal statements carfjed out under section 145 of t Art ano In carryln8 out my emamlnatkjn I have followed all appllcable Dlrectlons &l¥en by the Charlty LommIlOn under sectlon 14515llbl of the Act. Ind•ptndent examlnees statement I have corneted my examlnatlDn. I confirm that no matefial matters have come io my attentlon in connectknn wlth the examlnatlon 8lvin8 me eau5e to belleve that In any materlal respert: accounting record5 were not kept In respect of the Trust as rèquired by section 130 of the Act: or the flnancial statements do not accord wlth those records: or the financlol statements do not comply whh the applicable reqlslrements concerning the form and content of financlal statements set out In the Charfties (Accounts and Reportsl Regulations 2CQ8 other than any requirement thai the financlal Statements glve a twe and falr vlew whkh is not a matter considered a5 Part of an independent examinatlon. I confirm that there are no ot thè financlal 5tatÈment5 to matters to which your attentk)n should be drawn to enable a propèr under5tandln8 of reached. Mrsteph Mason BSC FCA For and on behalf of FKCA Llmlted 260-270 Great Marlln8S Butterfield Business Park Luton LU2 8DL Date..
H M Hubbard Will Trust- Law Scholarship Fund STATEMENT OF FINANCIAL ACTIVITIES for the year ended 5 April 2024 Genernl Furnl In¢me 5thol•rshlp In¢4me Pemi•n•nt Total Tot•1 INCOME & E14DOWMENT5 Investments 69,831 69,831 67.394 TOTAL INCOME 69.831 69,831 67.394 EXPENDITURE Cort of 8enefatlrq fvnds Charttable actfvities 18,518 11,180 18.518 63,404 18,187 90.616 36.010 16,214 TOTAL EXPENDITURE 36.010 16.214 29.698 81.922 108.803 NET INCOMEIIEXPENDITURE) BEFORE GAINS AND LO55ES 011114VESYMENTS 33,821 (16.2141 129.6981 ill.0911 141.4091 Net galnsllbossesl on Investments 148.146 148.146 (195.6151 NET INCOMEI(EXPENDITUREI AFTER GAINS ANO L055ES 011 INVESTMENTS 33.821 116,2141 118,448 136,055 1237.024} TRANSFER PJEIWEEN FUNDS {30,OtK)I OTHER RECOGNISED GAINVILOSSES) Galnsl{1055e51 on currerKy 429 429 14Ef MOVEMENT IN FUIIDS 3,821 14,215 118,448 136.484 (237,024) FUND BALANCES BROV6frff FORWARD 11.692 74.222 2,347,053 2,432.967 2.669,991 FUND 8AiANCE5 CARRIED FORWARD 15.513 88.437 2.465.501 2,569.451 2,432,967
H M Hubbard Will Trust- Law Scholarship Fund BALANCE SHEET as at 5 April 2024 Gener•1 Fund S¢holh1P IoMe Permanent End(Y4¥ment Total Totsl 2024 2023 RXED ASSETS Investments- quoted 2,553,023 2,553,023 2,422,542 2.553.023 2,553,023 2.422.542 CURREMT A$5ETS Amount lent to Permanent Endowment 50.000 50.OCK) 50.( 50.L)X) 50.CrtXI 50.C C•sh Bank current accounts 32,872 53.333 1.318 123.1171 63.088 1,318 57,376 1.290 Bank deposlt account 32,872 54,651 123.1171 64.406 58,666 TtsfAL CURRENf ASSErs 32,872 104,651 123.117) 114.406 108,666 UABILITIES: Imounts f11 due wlthln one y••r Credltors 17,359 16.214 14.405 50,CW___-- 47.978 48,241 . 50,CrfJQ. Amount lent by Income Accounts _ 27.359 16,214 64,405 97.978 98.241 NET CURRENT ASSETy(LIABIUTIESI 15.513 88.437 187,5221 16.428 10.425 TOTALA55ETS LESS CURRENT UABiufiES 15,513 88,437 2.465,501 2,569.451 2,432.967 IIABILITIES: amouThts14lllrq du• •fter on• ye•r Creditors 15,513 88,437 2.465,501 2,569,451 2.432.967 Representin8'. FUNDS - RESTRICTED Permènent Endowment 2.465.501 2,465,501 88,437 2,347.053 74,222 Law Scholarship Incomè l££ount FiINDS . UNREsTricfED General Fund Income Account 88,437 15.513 15.513 11,692 15.513 88,437 2,465,501 2,569.451 2.432,967 Approved by the Trnstees on: (l-Oi-aQ2S Date and slKned on their behalf by: Ms C Sharp -TnJstee
H M Hubbard Will Trust- Law Scholarship Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024 ACCOUNTING POLiaES The prlnclpal account1 polkles adopted are as follows,. •) B•th of wep•rntlon •nd •M•sThnt of ¥olry c¢>ern The finonclal statements ha¥e been prepad In accordarKe wlth Accountln8 and Reportlng by Charltles.. Statement of Recommended Practke IFRS 1021 leffertl¥e l January 20191 and the Charltles £t 2011 and applicatAe regulatlons. The flnanclal statements have been prepared under the hlstorKal cost conventlon wlth Items recognised at COK oi transactlon value unles5 Otherw15e sted In the relevant notelsl to ttse flnan¢lal ststements. At the tlme of approvin¢ the financial Statements the Trustees have a reasonable expectstlon that the charfty has adequate resources to contlnue Sn operatlonal ex15tence for the fofeseeabFe future. Hence the Trustees contlnue to adopt the golng wncern bas15 of a¢coyntlry In preparln8 these flnanclal statements. b) Fund SlnKlure The perrnanent endowment represents the funds derlved from the estate of the late H M Hubbard and the Trustees are permltted by the Wlll to distribute only the income eèrned by the assets held. The law Scholar5hlp Iorne Account represents the income directed by the Wlll •5 amended to be used to provlde law scholarshlps and the amounts so awarded. The Genenl Fund Income knunt represents the re51dual Income directed by the Wlll to be used. after gJPPOrt costs and OVeradS, for sollcltors and thelr famSlles in rd. cl Inctyh• recOltIOn All Incorne Is recoinlsed once the Charlty has entltlement to the Income. there Is sufficlent certainty of tecelpt and so It Is Pfobable that the Income wlll be recefved. and the amount of Incorne receivable can be measured reliably. Interest on fvnds held 15 Inclvded upon rtIfIcatIOn of the Interest paid or payable. Dlvldends are recoinlsed once the dfvldend has been declared and rKtthcation has been CeIved of the dlvldend due. Credit IS taken In theaccounts fof Incorne tax dedurted from Investment Income which has or wlll be reclalmed from H M Rthnue & Cu5tom5 UP to S Aprll 2024. dl Exp¢ndltuvt rncqnltlon •nd ITrern¥er•ble VAT Llabllltles are 001$ed as resources expended as soon as there Is a legal or con5tructlve obltion commltting the charlty to the expendlture. All empendlture Is accounted for on an accruals basls and h•5 been classffied under headin8S that 3regate all costs related to the category. Grants payable are payments made to thlrd parties In the furtherance of the ¢harltable obkctlves of the Twst. Grants to solicltors and thelr famllles In need are accounted for In full whon awarded. Scholarshlp award5 are a¢c¢unted for durln8 the year of award onty if all conditions Imp05ed by the Trustees have been fuvllled. or there Is reasonable expectatlon that they wlll be, when the accounrs are flhallsed. Otherwlse they are accounted for In the followlng year. Irrecoverable VAT Is charged a4aln5t the cate80ry of resources expended for which it was Incurred. Baslc flnanclal Instruments are measured at amortlsed cost.
H M Hubbard Will Trust- Law Scholarship Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024 Accouf4T114G POLiaES- ¢pntlnu•d e) Alloc•tlon of8overn•n •nO other wpport costs Overhead and support costs are allocated first between charltable actfvlties and 8o¥ernance. The costs allocated to charltable actNitie5 are then further allocated between those relating to the awarding of Law Scholarships and those relating to 8rants to solicltors and thelr families in need. The costs alltxated to goyemance are further allocated between the permanent endowmeftt and general Income. Where c05t5 are specifK to an actlvlty or fund. they have been so allocated. Othepwise, appord¢nmer)t is ba$2d on estlmated tlme spent by the stsfF of the professional advisers employed In the admin15tratNe burden of publiclsln& awardln& monltorlng and assessin8 grant5. The allocation of overhead and support costs ij in•lyJed In note 4. n Cost of ralslni funds The cost of generating funds cornpilses the Investment managers. ¢har8e5 i) Charltable artl¥lt1•5 Cost5 of charitsble actniitles induLle 8rants made and an apportionment of overhead and support costs as shown In note 4b. h) Gov•rn•nce cojts Governance costs comprlse all costs Irbvohtlng the publk Jccountablllty of the charlty and Its compliance wlth gulation and good practlce. These costs Include costs related to the independent examlnation and legal fees tO8ether wlth an apportlonrnent of overhead and supwrt Costs. 11 Flxed asset Investsnents Investments are 5tsted at market value as at the balance sheet date. The statement of financial arti¥5tles Includes the net 8alns and losses arlslng on revaluatn and disposals throughout year. Jl R••lls•d $alnJ and1055es All galns and 1055e5 a tsken to the statement of flnanclal actfvitles a5 they arise. Reallsed galns and losses on Investments are calculated as the dtlference between proceeds and openln8 market value {Of purchase date If laterl. Unrealised 8aÉns and 1055e5 are calculated a5 the difference between the rnarket value at the year end and opening market value lor c05t of purchase If later). Reallsed and unrealised galns are not Separated In the ststement of financial actlvlties. kl For•n exchawe Transartions denomlnated In fore currencle5 I recorded at the rate of exchange rulin8 èt the date of the tranetIons. Monetary assets and Ilabilttles denomlnated in forelgn currencies are transl4ted Into sterling at yeaf- end rates and translation differences are taken to th Ststement ol Flnancial Actfvltles. 11 Currency The flnanclal statements are prepared In sterlin& whlch Is the functional currency of the chartty. Monetsry amounts In these financi315tatements are rounded to the nearest £. INCOME AND ENDOWMENTS Tot•1 2024 Tot*1 2023 Investment Income Investment Income. UK listed Investrnent IrKome. O¥er5ea5 Ilsted 47.345 22.163 49,177 69.508 12951 618 67.066 13671 695 Less.. Non-recoverable and overseas tax Deposit Interest 69,831 67.394 io
H M Hubbard Will Trust - Law Scholarship Fund NOTES TO THE FI NANCIAL STATEMENTS for the year ended 5 April 2024 COST OF GENEAATIMG FIND5 fj•n•r•l P•rnwient Fund Incorne End¢meTht Trtal Compfb5e: Investment •thtlsers' charye5 18.SIB 18,518 18,187 The investment a¢fvlseTs ¢har8e a fee based on a percenLige of the value of the fund. Af4ALYSIS OF EXPENrMniRE The Charlty undertskes its charitable activittes throu8h grant maklng. Generil Sthol•rshlp Incom• Totsl Fund Income P•rni*n•nt 2014 EXPENDlnlRE Grants awarded 4b 11.692 16.214 27.906 7.664 27,834 54.455 9.089 27.072 Grantsupwlrtco Governance costs 16,654 11,180 TOTAL EXPENDITURE 36,010 16,214 ii, 63,404 90.616 The breakdown of support costs and how these were all¢xated between Governance and Charitsble Attlvltles 15 shown in the tsble below: Gf•rt Totsl located Total Go¥•rnance l¢xthd Independent eumlner's fees Accountancy and admlnlstration fees Solkltors, fees Scholarship eMn$e5 Trustees, expense5 Bank charges Publlclty expenses Informatk)n Commlssloner Trustees. Indemnlty Insurnnce 1.650 19,908 8.271 130 107 99 5,298 35 1,506 19,655 7.394 995 18.913 7,030 1,241 107 89 6.997 35 5,298 35 27,834 35.498 36.161 The basls of apwrtlonment Is detalkd In note l on pa8e 10. ThÈ total support cost •ttrlbkrtable tt> charlt•ble activltlÈs and 8o¥ernance has been appDrtloned as shown below. li
H M Hubbard Will Trust- Law Scholarship Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2024 4b. OIARITABIE ACTMTIES Grants Aw•rded Support Scholarship Awards Addltlonal 2022 academlc year Grant for 2023 acadernlc year Grant for 2024 academic year 5.(X)O 34.791 16.214 6,514 22.728 SBA One grant12023 -11 for 501icitors and thelr famllies In need 11.692 1.150 12.842 23,753 27.906 7.664 35,570 63,544 Cornmltm•n Durlng the year. a grant of £11,692 was awarded by the Trustees to the $8A and paid. ThÈ Trustees authorlse certaln scholarshlp 8rant5 which are subject to the reelplent fulfllllng certaln conditlons. The Trustees a8reed In February 2024 to award a 5cholarshlp of £16,214 for the academir year 2024125. Condltions were met before the financlal statements were flnallsed and provlslon hès been madÈ In the flnontial statements thls year. 4L 6¢)VERNAIKE 2024 General PemwTrert und InGome Endowment Tot•1 2023 Independent èxamlner's fees Accountancy and adminlstratlon fees Solicltors, fees Tru5tees' expenses Bank charges IfrfoTmatlon CornrnlsslonEr 1,650 13,936 827 1.650 18.913 7.030 107 1,506 18.672 6.285 4,977 6.203 107 99 35 Trustees. Indemnity Insurance 485 16,654 ii, 27A34 27,072 IEiATED PARTY TRANON$ AND TRV5TEES' REMUNERAIION In the year ended S April 2024 one Trustee12023- nonel were relmbursed travellin8 expenses of £107. Fees of £8.271 were pald for le8al servlce5 to Debenhams Ottaway LLP, of whlch Mrs Clalre Sharp a Trustee, Is a partner.12023 - £7,394). The Trustees feceived no remuneratlon for thelr seNbces.12023- nlll. TRANSFERS BETWEÉN FUND5 The transfer of £30,0(KJ from the General Fund Income account to the Law Scholarshlp Incorne account 15 In accordan¢e with the Charity Comrnission Order of 31 May 2011 as most recently amended by the Trustees at thelr meetlng on 15 December 2017. Oue to the poor returns avallable on cash durin8 the year. the Trustees have loaned £50,OCKJ from the Income funds to the pemianent endowment fund. Thls Is repayable on demand and all income arises In the Income lund. 12
H M Hubbard Will Trust- Law Scholarship Fund NOTES TO THE FINANCIAL STATEMENTS lor the year ended 5 April 2024 INVESTMEIITS 2024 Tot•1 2023 Tot•1 Market value at 5 April 2023 Acqulsltlons at cost Sales proceed5 from dl$p05als ILo¥118ain In the year 2,368.984 658.665 1674.3221 148,146 2,548,180 486.096 1469.6771 1195,6151 Market value at 5 Aprll 2024 Cash held wfthin the investment portfolk) 501.473 51.550 2.368,984 53.S58 2.553.023 2.422.542 UK equStle$ and collectl¥e Instrnnts 2,210,415 2.141,185 UK iovernment and other red interest 5tsxks 291,058 227,799 Market value al S Aprll 2024 2,501,473 2.368984 Hlstorl¢al c05t at 5 Aprll 2024 2.043.638 1.885.313 The followln8 kwestment cornprfises more than 5% of the value of Investment portfol. N•me Vanguard Fund5 S&P5W ETF Trust USD D15trfbutk>n Shares Brown Att¥lsory Funds Advlsory US Sust Growth Holdlrq M•rket Value 1,830 £142,738 8,655 £155,790 8. aiEDrroRs Amounts l•lllry kn wl¢hln one Yr Actruals Scholarshlp 202412025 31.764 16.214 21,171 27.070 47.978 48,241 13
H M Hubbard Will Trust- Law Scholarship Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended S April 2024 SUMMARY OF FUND MOVEMENTS Fund bIn f4rrfed lorw•rd b*lanc•s broutht f(Th7ard Incoffw Expendlture Tr•nthrs G•lns and Unrestrlctetl Funds General fund InEome 11,692 69,831 (36.0101 130,0001 15.513 Law Scholarshlp IrKorne 74.222 116,214) 30,000 429 88,437 Pemanent Endowment 2,347,053 129,6981 148,146 2,465,501 Total 2.432.967 69,831 (81,9221 148,575 2.569.451 14