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
Ro*tered Ch•rlty No.
313533
TMF Glo￿1 5ervlces IUKI Lid
13th Floor
l A￿e1 Court
London
EC2R 7HJ
Solldto
Debenhar￿ Ottaway LLP
House, 107 St Peter's st￿et
St Albans
Hertford5hlre
ALI 3ÉW
Ind*p•ndent EMmln•r
Mr Stephen Ma50n 8Sc FCA
FKCA Llmited
26￿270 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 prepa￿d 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
I￿e￿. an accountsnt and a former Investment manager.
The power of appolntin8Trustees Is now vested In the suvil￿n8 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 char￿￿es kt 1993 by the Charfty Commlsslon on 21 Aprll 2016, whlch
made certaln amendments to the obJettfve5 set Dut In the Wlll. the prlnclpal object￿e 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 Fra￿e and Spain.
To be ellglble for the award of a 5cholarshlp. a candidate must have obtsined eith*r:
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
a￿j 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 f*ure 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 sett￿n 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 ACt￿ltIeS thls year.
ThèTrustee5 made three other SCI￿13r$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 t￿re 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 1Th￿stment 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 ag￿ed 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 InVeStn￿nIS 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 TrU￿eeS 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 ￿rfOr￿anCe 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 opportunit￿S 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 p￿parIng 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 resour￿5.
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 Cor￿lStentI¥.
DbseTre the method5 and prlnclptes In the Chafltles SORP:
make Judgements and estlmates that are reax)nable and prudent:
$tste whether applitable accountlng standards and statement5 of fecomrnended prartlce have been followed,
subject to any departures disclosed and explalned In the flnaftcial 5tsternents- and
prepare the flnarKièl 5tateTr￿ntS on the 8olng con¢em basts unless It Is Inappropriate to presume that the
charity will continue in operation.
The Tru5tee5 are respon51ble for keeplns accountbn8 record5 whlch dlsclose with reasonable accuracy at any tIff￿ the
flnantial po$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 w￿h
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 LommI￿lOn under sectlon
14515llbl of the Act.
Ind•ptndent examlnees statement
I have corn￿eted 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¢hol￿h1P
I￿oMe
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 f￿11￿ 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 prepa￿d 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 st*ed In the relevant notelsl to tt*se 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 I￿orne 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 OVer￿adS, for sollcltors and thelr famSlles in r￿d.
cl Inctyh• recO￿ltIOn
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 r￿tIfIcatIOn of the Interest paid or payable. Dlvldends are recoinlsed once
the dfvldend has been declared and rK*tthcation 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 Rth*nue & Cu5tom5 UP
to S Aprll 2024.
dl Exp¢ndltuvt rncqnltlon •nd ITrern¥er•ble VAT
Llabllltles are ￿0￿01$ed as resources expended as soon as there Is a legal or con5tructlve obl*tion commltting the
charlty to the expendlture. All empendlture Is accounted for on an accruals basls and h•5 been classffied under
headin8S that 3￿regate 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 revaluat￿n 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
tran￿etIons. 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 eM￿n$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 $8A and paid.
ThÈ Trustees authorlse certaln scholarshlp 8rant5 which are subject to the reelplent fulfllllng certaln conditlons.
The Trustees a8reed In February 2024 to award a 5cholarshlp of £16,214 for the academir year 2024125. Condltions
were met before the financlal statements were flnallsed and provlslon hès been madÈ In the flnontial statements
thls year.
4L 6¢)VERNAIKE
2024
General PemwTrert
und InGome Endowment
Tot•1
2023
Independent èxamlner's fees
Accountancy and adminlstratlon fees
Solicltors, fees
Tru5tees' expenses
Bank charges
IfrfoTmatlon CornrnlsslonEr
1,650
13,936
827
1.650
18.913
7.030
107
1,506
18.672
6.285
4,977
6.203
107
99
35
Trustees. Indemnity Insurance
485
16,654
ii,
27A34
27,072
IEiATED PARTY TRAN￿￿ON$ 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 In*strn*nts
2,210,415
2.141,185
UK iovernment and other r￿ed 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 Y￿r
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
bI￿n
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