Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
H M Hubbard Will Trust Law Scholarship Fund
Report and Financial Statements
5 April 2025
Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
H M Hubbard Will Trust - Law Scholarship Fund
CONTENTS
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|ae|merece|ep eons|ggg|A|RE|
|Page|
|REFERENCE|AND|ADMINISTRATIVE|INFORMATION|1|
|TRUSTEES'|ANNUAL|REPORT|2-5|
|INDEPENDENT|EXAMINER'S|REPORT|6|
|STATEMENT|OF|FINANCIAL|ACTIVITIES|7|
|BALANCE|SHEET|8|
|NOTES|TO THE|FINANCIAL|STATEMENTS|9-14|
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Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
H M Hubbard Will Trust - Law Scholarship Fund
REFERENCE AND ADMINISTRATIVE INFORMATION
for the year ended 5 April 2025
| Trustees duringthe year | Claire Elizabeth Sharp |
|---|---|
| Paul Cattermull | |
| Roy Neil Arthur | |
| John Andrew Chadwick | |
| Registered Name | HM Hubbard Law Scholarship Fund |
| Registered Charity No. | 313533 |
| Principal Office | TMF Global Services (UK) Ltd |
| 13th Floor | |
| 1 Angel Court | |
| London | |
| EC2R 7HJ | |
| Solicitors | Debenhams Ottaway LLP |
| Ivy House, 107 St Peter's Street | |
| St Albans | |
| Hertfordshire | |
| AL1 3EW | |
| independent Examiner | MrStephen Mason BSc FCA |
| FKCA Limited 260-270 Great Marlings |
|
| Butterfield Business Park | |
| Luton | |
| LU2 8DL | |
| AccountantsandTrust Managers | TMFGlobal Services (UK) Ltd |
| 13th Floor | |
| 1 Angel Court | |
| London | |
| EC2R 7HJ | |
| InvestmentAdvisers | InvestecWealth and Investment Limited |
| 30 Gresham Street | |
| London | |
| EC2V 7QN | |
| Bankers | CAF Bank |
| 25 Kings Hill Avenue | |
| Kings Hill, West Malling | |
| Kent | |
| ME194/Q | |
| Website | www.hubbardlawscholarship.com |
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Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
H M Hubbard Will Trust - Law Scholarship Fund
TRUSTEES' ANNUAL REPORT for the year ended 5 April 2025 ai The Trustees present their financial statements and annual report for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Will, the Charities Act 2011 (effective 1 January 2019) and Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102).
Structure, Governance and Management
Constitution
The Charity was established by the Will dated 3 April 1946 of Henry Malcolm Hubbard, as amplified or varied by Court Orders dated 8 June 1962 (Sister's Fund - Construction of Will) and 15 October 1962 (Mrs Marston's Fund - Variation of Trusts Act 1958), by schemes made by the Charity Commission sealed on 21 April 1995, 15 April 1996, 31 May 2011 and 21 April 2016 and by a Deed of Disclaimer by the Public Trustee dated 15 February 2005. Mr Hubbard died on 23 December 1946 and probate of his Will was granted on 18 March 1947.
The Charity needs Trustees with experience of the law and of legal training and also Trustees with a financial background. Trustees are recruited by the existing Trustees through their contacts in these areas. The present Trustees comprise two lawyers, an accountant and a former investment manager.
The power of appointing Trustees is now vested in the surviving Trustees or Trustee for the time being.
Investment powers
The Will gave the Trustees only limited powers of investment and use has been made of the statutory investment powers under the Trustee Act 2000 to delegate discretionary investment powers and to use nominees to hold the Charity's investments.
Governance and internal control
The Trustees have appointed TMF Global Services (UK) Ltd to carry out the day-to-day administration of the Charity. All significant decisions are taken by the Trustees, either at meetings or through consultation out of meetings. All payments must be approved by two Trustees.
The Trustees meet at least once in each year. They receive quarterly investment reports from the Investment Advisers, with whom they meet at least once a year to review investment performance and strategy.
Risk management
The Trustees have considered the major risks to which the Charity is exposed and are satisfied that systems are in place to mitigate those risks.
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H M Hubbard Will Trust - Law Scholarship Fund
TRUSTEES' ANNUAL REPORT
for the year ended 5 April 2025
Objectives and Activities for the Public Benefit Objectives and how they are achieved Following the making of a new Scheme under the Charities Act 1993 by the Charity Commission on 21 April 2016, which made certain amendments to the objectives set out in the Will, the principal objective of the charity is to provide scholarships to study in France, Spain or Canada the law and legal procedure of the particular country. However, if suitable candidates cannot be found to fulfil this objective then the Trustees may make an award for the study of the law of the European Union in France and Spain. To be eligible for the award of a scholarship, a candidate must have obtained either: a) a law degree of at least class 2(ii) from a UK university; or b) a graduate diploma in law; or c) a Chartered Institute of Legal Executives' level 6 diploma in law and practice; and must evince to the Trustees an intention to pursue a career as a solicitor in England and Wales. However, if suitable candidates cannot be found who fulfil this criterion, the Trustees may make awards to individuals who have qualified and are currently practicing as solicitors. Under the 31 May 2011 scheme, the amount to be set aside out of income each year for the provision of a scholarship or scholarships was £22,000, or such higher amount as the Trustees may from time to time decide. The Trustees agreed to increase this to £30,000 from 6 April 2017 (The figure was £15,000 prior to the Scheme and originally £1,200 under the Will). The Trustees advertise the scholarship on the internet and elsewhere. Replies are considered by the Trustees and interviews of the shortlist carried out once a year. Scholarships are generally awarded for a full year's study. Under the terms of the Will, the remaining income is to be distributed to solicitors and their families in need. The Trustees obtain written assurance from SBA The Solicitors’ Charity (the SBA) that any grant to them will be applied appropriately and the Trustees then make sums available to the SBA for onward payment to beneficiaries. Public benefit The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims, objectives and future plans. They are satisfied that all the trust's activities are for the public benefit and that they have complied with the duty in section 17(5) of the 2011 Charities Act. Achievements and Performance Review of activities Total unrestricted incoming resources of the Charity for the year were £65,106 (2024: £69,831), to which an allocation of governance costs of £23,483 were charged, leaving £41,623 (2024: £53,177) available to meet the above objectives. £30,000 was set aside for scholarships, £15,513 passed to the SBA and £11,159 spent on supporting these activities leaving a deficit of £15,049 to be deducted from the undistributed income of £15,513 brought forward. The balance of £464 has been carried forward in accordance with the reserves policy set out below.
One scholarship award was made during the year to study in 2026. The scholar had met all the conditions by the date the accounts were finalised so the award of £36,658 has been included in the Statement of Financial Activities this year. The Trustees made one other scholarship offer during the year which was not taken up by the applicants. An additional award of £2,300 was awarded to the 2025 scholar for the increase in fees when they changed courses.
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Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
H M Hubbard Will Trust - Law Scholarship Fund
TRUSTEES' ANNUAL REPORT
for the year ended 5 April 2025
pgI
Reserves Policy
Scholarships are generally awarded in respect of academic years and the Trustees aim to have sufficient uncommitted income at 1 September each year in the Law Scholarship Income Fund to finance a one-year scholarship. As at 5 April 2025 there was £79,479 in the Law Scholarship Fund for making awards to future students.
Investment policy and performance
The investment policy is to maintain the real value of the underlying capital over time through investment in a diversified portfolio of equities, property (through charity property funds), bonds and cash, subject to the income need as determined from time to time by the Trustees. The Trustees have agreed a bespoke benchmark with the fund managers against which the performance of the fund can be measured. This combines different indices for different asset classes weighted appropriately. The total return on permanent endowment investments in the year to 31 March 2025 was 3.08% compared to the total return on the bespoke benchmark over the same year of 5.43%. Taking performance over the last five years into account, the Trustees are satisfied with the performance of the investment managers, but continue to keep the situation under review, taking into account that it is the long-term performance that is the most important. The Trustees are in regular contact with the Investment Managers to ensure as far as possible the income requirements for scholarships and costs can be met.
Plans for the future
The Trustees will continue to provide scholarships to suitable candidates with any surplus income being distributed to support solicitors and their families in need.
Since Covid 19, the Trustees have noted the reduction in grant applications from suitable candidates . In order to try and get more applications, in conjunction with their publicity agents, the Trustees have updated their website and application process to reflect the changing ways that organisations promote their offerings The Trustees anticipate that these updates will result in higher number of suitable applicants in the future.
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H M Hubbard Will Trust - Law Scholarship Fund
TRUSTEES' ANNUAL REPORT
for the year ended 5 April 2025
Statement of the Trustees’ responsibilities in respect of the accounts
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
The law applicable to charities in England & Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provision of the Will requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
|
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the Will. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Approved by the Trustees on: and signed on their behalf by:
oOSlor.\2o2¢ C CSHX |
Date MsC Sharp - Trustee
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ee
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Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
INDEPENDENT EXAMINER'S REPORT
to the Trustees of H M Hubbard Will Trust - Law Scholarship Fund
| report to the charity Trustees on my examination of the financial statements of the H M Hubbard Will Trust - Law Scholarship Fund (the Trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act').
| report in respect of my examination of the Trust's financial statements carried out under section 145 of the Act and in carrying out my examination | have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
'
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1; accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
2 the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of an independent examination.
-
| confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of
the financial statements to be reached.
Mr Stephgxh Mason BSc FCA For and on behalf of
FKCA Limited
260-270 Great Marlings
Butterfield Business Park Luton
LU2 8DL
vate. J4for/ 2026
aeCeS eh CC, 6
Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
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H M Hubbard Will Trust - Law Scholarship Fund
STATEMENT OF FINANCIAL ACTIVITIES
for the year ended 5 April 2025
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|---|---|---|---|---|---|---|---|---|---|
|Unrestricted|
|General|Law|
|Fund|Scholarship|Permanent|‘Total|Total|
|Income|Income|2025|2024|
|Note|£|£|£|£|£|
|INCOME|&|ENDOWMENTS|
|Investments|2|65,106|-|-|65,106|69,831|
|TOTAL INCOME|65,106|-|-|65,106|69,831|
|EXPENDITURE|
|Cost|of generating|funds|3|-|-|19,024|19,024|18,518|
|Charitable|activities|4|50,155|38,958|13,832|102,945|63,404|
|TOTAL EXPENDITURE|50,155|38,958|32,856|121,969|81,922|
|NET INCOME/(EXPENDITURE)|BEFORE GAINS AND|
|LOSSES ON INVESTMENTS|14,951|(38,958)|(32,856)|(56,863)|(12,091)|
|Net|gains/(losses)|on|investments|7|-|-|(71,187)|(71,187)|148,146|
|NET INCOME/(EXPENDITURE)|AFTER GAINS AND|
|LOSSES ON|INVESTMENTS|14,951|(38,958)|(104,043)|(128,050)|136,055|
|TRANSFER|BETWEEN|FUNDS|6|(30,000)|30,000|-|-|-|
|OTHER|RECOGNISED|GAINS/(LOSSES)|
|Gains/(losses)|on|currency|E|-|-|P|429|
|NET MOVEMENT IN FUNDS|(15,049)|(8,958)|(104,043)|(128,050)|136,484|
|FUND BALANCES BROUGHT FORWARD|15,513|88,437|2,465,501|2,569,451|2,432,967|
|FUND BALANCES CARRIED FORWARD|464|79,479|2,361,458|2,441,401|2,569,451|
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Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
H M Hubbard Will Trust - Law Scholarship Fund
BALANCE SHEET
as at 5 April 2025
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|---|---|---|---|---|---|---|---|---|---|---|
|a|
|General|Law|
|Fund|Scholarship|Permanent|Total|Total|
|Income|Income|Endowment|2025|2024|
|Note|£|£|£|£|£|
|FIXED|ASSETS|
|Investments|-|quoted|7|-|-|2,462,772|2,462,772|2,553,023|
|-|-|2,462,772|2,462,772|2,553,023|
|CURRENT ASSETS|
|Amount|lent|to|Permanent|Endowment|6|-|50,000|-|50,000|50,000|
|:|50,000|-|50,000|50,000|
|Cash|
|Bank|current|accounts|13,711|39,763|(38,053)|15,421|63,088|
|Bank|deposit|account|-|31,350|-|31,350|1,318|
|13,741|71,113|(38.053)|46,771|64,406|
|TOTAL CURRENT|ASSETS|13,711|121,113|(38,053)|96,771|114,406|
|LIABILITIES:|amounts|falling due|within|one|year|
|Creditors|8|13,247|41,634|13,261|68,142|47,978|
|Amount|lent|by|Income|Accounts|6|-|.|50,000|50,000|50,000|
|13,247|41,634|63,261|118,142|97,978|
|NET CURRENT ASSETS/(LIABILITIES)|464|79,479|(101,314)|(21,371)|16,428|
|TOTAL ASSETS|LESS CURRENT|LIABILITIES|464|79,479|2,361,458|2,441,401|2,569,451|
|LIABILITIES:|amounts|falling due|after|one|year|
|Creditors|8|S|-|-|=|
|NET ASSETS|464|79,479|2,361,458|2,441,401|2,569,451|
|Representing:|
|FUNDS-~|-|RESTRICTED|
|Permanent|Endowment|-|-|2,361,458|2,361,453|2,465,501|
|Law|Scholarship|Income|Account|-|79,479|-|79,479|88,437|
|FUNDS)|-|UNRESTRICTED|
|General|Fund|Income|Account|464|-|-|464|15,513|
|464|79,479|2,361,458|2,441,401|2,569,451|
|DocuSigned|by:|
|Approved by the Trustees on:|21|Januaryy|20262026|||6:166:16|:|17 AM PST|Clarina|Sharp|
|Date|and signed on their behalf by:|Ms é Gara|-|friistee|
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Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
H M Hubbard Will Trust - Law Scholarship Fund
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 5 April 2025
- ACCOUNTING POLICIES
The principal accounting policies adopted are as follows:
a) Basis of preparation and assessment of going concern
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102) (effective 1 January 2019) and the Charities Act 2011 and applicable regulations.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements.
At the time of approving the financial statements the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Hence the Trustees continue to adopt the going concern basis of accounting in preparing these financial statements.
b) Fund structure
The permanent endowment represents the funds derived from the estate of the late H M Hubbard and the Trustees are permitted by the Will to distribute only the income earned by the assets held.
The Law Scholarship Income Account represents the income directed by the Will as amended to be used to provide law scholarships and the amounts so awarded. The General Fund Income Account represents the residual income directed by the Will to be used, after support costs and overheads, for solicitors and their families in need.
c) Income recognition
All income is recognised once the Charity has entitlement to the income, there is sufficient certainty of receipt and So it is probable that the income will be received, and the amount of income receivable can be measured reliably. Interest on funds held is included upon notification of the interest paid or payable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Credit is taken in the accounts for income tax deducted from investment income which has or will be reclaimed from H M Revenue & Customs up to 5 April 2025. d) Expenditure recognition and irrecoverable VAT
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Grants to solicitors and their families in need are accounted for in full when awarded. Scholarship awards are accounted for during the year of award only if all conditions imposed by the Trustees have been fulfilled, or there is a reasonable expectation that they will be, when the accounts are finalised. Otherwise they are accounted for in the following year.
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Basic financial instruments are measured at amortised cost.
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Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
H M Hubbard Will Trust - Law Scholarship Fund NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025 ig
1. ACCOUNTING POLICIES - continued
e) Allocation of governance and other support costs Overhead and support costs are allocated first between charitable activities and governance. The costs allocated to charitable activities are then further allocated between those relating to the awarding of Law Scholarships and those relating to grants to solicitors and their families in need. The costs allocated to governance are further allocated between the permanent endowment and general income. Where costs are specific to an activity or fund, they have been so allocated. Otherwise, apportionment is based on estimated time spent by the staff of the professional advisers employed in the administrative burden of publicising, awarding, monitoring and assessing grants. The allocation of overhead and support costs is analysed in note 4.
f) Cost of raising funds
The cost of generating funds comprises the investment managers’ charges
g) Charitable activities
Costs of charitable activities include grants made and an apportionment of overhead and support costs as shown in note 4b.
h) Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination and legal! fees together with an apportionment of overhead and support costs.
i) Fixed asset investments
investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
j) Realised gains and losses
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or cost of purchase if later). Realised and unrealised gains are not separated in the statement of financial activities.
k) Foreign exchange
Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at yearend rates and translation differences are taken to the Statement of Financial Activities.
1) Currency
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
- INCOME AND ENDOWMENTS
| INCOME AND ENDOWMENTS | ||
|---|---|---|
| Total | Total | |
| 2025 | 2024 | |
| £ | £ | |
| Investment Income | ||
| Investment income - UK listed | 40,210 | 47,345 |
| Investment income - Overseas listed | 24,411 | 22,163 |
| 64,621 | 69,508 | |
| Less: Non-recoverable and overseas tax | (56) | (29S) |
| Deposit interest | 541 | 618 |
| 65,106 | 69,831 |
10
Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
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H M Hubbard Will Trust - Law Scholarship Fund
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 5 April 2025
- COST OF GENERATING FUNDS
| General | Permanent | Total | |||||
|---|---|---|---|---|---|---|---|
| Fund Income | Endowment | 2025 | 2024 | ||||
| Comprise: | £ | £ | £ | £ | |||
| Investment | advisers’ | charges | - | 19,024 | 19,024 | 18,518 |
The investment advisers charge a fee based on a percentage of the value of the fund.
4. ANALYSIS OF EXPENDITURE
The Charity undertakes its charitable activities through grant making.
| Unrestricted | Law | |||||||
|---|---|---|---|---|---|---|---|---|
| General | Scholarship | Total | Total | |||||
| Fund Income | Income | Permanent | 2025 | 2024 | ||||
| £ | £ | £ | £ | £ | ||||
| EXPENDITURE | ||||||||
| Grantsawarded | 4b | 15;513 | 38,958 | - | 54,471 | 27,906 | ||
| Grant support costs | 4a | 11,159 | - | - | 11,159 | 7,664 | ||
| Governance costs | 4c | 23,483 | - | 13,832 | 37,315 | 27,834 | ||
| TOTALEXPENDITURE | 50,155 | 38,958 | 13,832 | 102,945 | 63,404 | |||
| ALLOCATION OFSUPPORTCOSTSANDOVERHEADS | OVERHEADS | |||||||
| The breakdown of support costs and | how these were | allocated between | Governance | and | Charitable Activities | |||
| shown in the table below: | ||||||||
| Grant | 2025 | 2024 | ||||||
| CostType | Support Costs |
Governance | Total Allocated |
Total Allocated |
||||
| £ | £ | £ | £ | |||||
| Independent examiner'sfees | - | 1,890 | 1,890 | 1,650 | ||||
| Accountancy and administration fees | 1,424 | 27,058 | 28,482 | 19,908 | ||||
| Solicitors' fees Scholarship expenses |
1,342 41 |
7,606 - |
8,948 41 |
8,271 130 |
||||
| Trustees’ expenses | 115 | 115 | 107 | |||||
| Bank charges | - | 114 | 114 | 99 | ||||
| Publicityexpenses | 8,352 | - | 8,352 | 5,298 | ||||
| Information Commissioner | - | 47 | 47 | 35 | ||||
| Trustees’ Indemnity Insurance | - | 485 | 485 | - | ||||
| 11,259 | 37,315 | 48,474 | 35,498 |
4a. ALLOCATION OF SUPPORT COSTS AND OVERHEADS
The breakdown of support costs and how these were allocated between Governance and Charitable Activities is shown in the table below:
The basis of apportionment is detailed in note 1 on page 10.
The total support cost attributable to charitable activities and governance has been apportioned as shown below.
iCi“ C;OCOC#NC;(;CSC
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Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
H M Hubbard Will Trust - Law Scholarship Fund
NOTES TO THE FINANCIAL STATEMENTS for the year ended 5 April 2025
a
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4b. CHARITABLE ACTIVITIES
Grants Support
Awarded Costs 2025 2024
£ £ £ £
Scholarship Awards
- Additional 2024 academic year 2,300 - 2,300 -
- Grant for 2025 academic year 36,658 10,043 46,701 22,728
SBA
- One grant (2024 -1) for solicitors 15,513 1,116 16,629 12,842
and their families in need
54,471 11,159 65,630 35,570
Commitments
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During the year, a grant of £15,513 was awarded by the Trustees to the SBA and paid.
The Trustees authorise certain scholarship grants which are subject to the recipient fulfilling certain conditions.
The Trustees agreed in March 2025 to award a scholarship of £36,658.48 for the academic year 2025/26. Conditions were met before the financial statements were finalised and provision has been made in the financial statements this year.
- 4c. GOVERNANCE
| GOVERNANCE | ||||
|---|---|---|---|---|
| 2025 | ||||
| General | Permanent | |||
| Fund Income | Endowment | Total | 2024 | |
| £ | £ | £ | £ | |
| Independent examiner's fees | 1,890 | - | 1,890 | 1,650 |
| Accountancy and administration fees | 19,937 | 7,121 | 27,058 | 18,913 |
| Solicitors' fees | 895 | 6,711 | 7,606 | 7,030 |
| Trustees’ expenses | 115 | 115 | 107 | |
| Bank charges | 114 | - | 114 | 99 |
| Information Commissioner | 47 | - | 47 | 35 |
| Trustees’ Indemnity Insurance | 485 | - | 485 | * |
| 23,483 | 13,832 | 37,315 | 27,834 |
5. RELATED PARTY TRANSACTIONS AND TRUSTEES’ REMUNERATION
In the year ended 5 April 2025 one Trustee (2024 - one) was reimbursed travelling expenses of £115. Fees of £8,948 were paid for legal services to Debenhams Ottaway LLP, of which Mrs Claire Sharp a Trustee, is a partner. (2024 - £8,271). The Trustees received no remuneration for their services. (2024 — nil).
- TRANSFERS BETWEEN FUNDS The transfer of £30,000 from the General Fund income account to the Law Scholarship income account is in accordance with the Charity Commission Order of 31 May 2011 as most recently amended by the Trustees at their meeting on 15 December 2017.
Due to the poor returns available on cash during the year, the Trustees have loaned £50,000 from the income funds to the permanent endowment fund. This is repayable on demand and all income arises in the income fund.
12
Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
H M Hubbard Will Trust - Law Scholarship Fund
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 5 April 2025
7. INVESTMENTS
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||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Total|Total|
|£|£|
|Market value|at|5|April|2024|2,501,473|2,368,984|
|Acquisitions|at|cost|501,813|658,665|
|Sales|proceeds from|disposals|(472,379)|(674,322)|
|(Loss)/gain|in|the|year|(71,187)|148,146|
|Market value|at|5|April|2025|2,459,720|2,501,473|
|Cash|held|within|the|investment|portfolio|3,052|$1,550|
|2,462,772|2,553,023|
|UK|equities|and|collective|investments|2,168,761|2,210,415|
|UK government|and|other|fixed|interest|stocks|290,959|291,058|
|Market|value|at|S|April|2025|2,459,720|2,501,473|
|Historical|cost|at|5|April|2025|2,116,503|2,043,638|
|The|following|investment|comprises|more|than 5%|of the|value|of|the|investment|portfolio:|
|Name|Holding|Market|Value|
|JP|Morgan|ETFS|(Ire JPM|Us|Rei|Equity|Esg|Etf|6,101|£226,378|
|JP|Morgan|Fund|Icvc JPM|Us|Eq|Inc|C2|GBP|Net|Di|79,634|£124,548|
|TM|Natixis|Inv|Fds TM|N|Ls|Us|Eqty|Ldrs|Qa|Acc|22,085|£136,002|
|Vanguard|Funds S&P500|ETF|Trust|USD|Distribution|shares|2,355|£178,641|
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8. CREDITORS
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||||||
|---|---|---|---|---|
|2025|2024|
|£|£|
|Amounts|falling|due within|one|year|
|Accruals|26,508|31,764|
|Scholarships|41,634|16,214|
|68,142|47,978|
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Docusign Envelope ID: 43B8BDAA-B5E2-459A-8153-C60A00987755
H M Hubbard Will Trust - Law Scholarship Fund
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 5 April 2025
- SUMMARY OF FUND MOVEMENTS
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Fund Fund
balances Gains balances
brought and carried
forward Income Expenditure Transfers Losses forward
£ £ £ £ £ £
Unrestricted Funds
- General fund income 15,513 65,106 (50,155) (30,000) - 464
Law Scholarship income 88,437 - (38,958) 30,000 - 79,479
Permanent Endowment 2,465,501 - (32,856) - (71,187) 2,361,458
Total 2,569,451 65,106 (121,969) - (71,187) 2,441,401
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