Charity registration number 11M0076
Company reglstration number 2873432 (England and Walesl
THE MURRAY DOWNLAND TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

THE MURRAY DOWNLAND TRUST
LEGALAND ADMINISTRATIVE INFORMATION
Trustees
GCRyanKCMA
'mon Ward FRICS
Claire NaMod Bsc FCA CTA
J G Murray CDA CDFM
Mike E￿ardS Bsc FRES
Nicholas She￿VIn MA LLM Solic41or
M Hadey
R￿j￿rt Wndle FRICS FAAV
Alce Pathtt BSqHons)
Secretary
Claire N0Tr4tiod Bsc FCA CTA
Charity number
1040076
Company numbèr
2873432
Prfneipal addroS8
H•yshott Fam)hoLJse
Leggs Lan8
Heyshott
Midhurst
West Sussex
GU29 ODJ
Reglstefed office
Piper HLW5e
4 Dukes Cwrt
West Sussex
Chichester
P019 8FX
Indep¢nd¢nt ¢Xominer
Alain Mardle FCA
Greens Cowt
V￿st Street
Midhurst
West Sussex
GU29 9NQ
Bankers
Lloyds TSB Bank pk
5 The Square
Peler5field
Hampshire
GU32 3HL

THE MURRAY DOWNLAND TRUST
CONTENTS
Trustees, report
Independent examin8fs rewt
Statement of financ4al activiiles
Balance sheet
Notes to the accounts
6-13

THE MURRAY DOWNLAND TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Tnjstees present their annual report financial statements for the year end8d 31 M*ch 2024.
The accounts have been prEpared in accorda(￿ with the ￿OL￿￿.n9 policies set out in rK)te 1 to the accounts
aiKI winply wilh the Iru5l's goverr*TrJ d0￿men[ the Companies Act 2LK6 arFJ "A￿o{ln￿"r& Reporting by
Charibes: Ststement of Rwnmended Practice applicable to ¢harrlies preparing thwr aCCo￿rtS in accordan¢¢
with the Financial Reporbng Stand*d applic*le in the UK arKI Rewblic of Irel*d {FRS 102) {effectrve 1
January 2015)"
Objectives and aciivlt*5
See Chairnan's Repthl and feseNe rep￿ts.
The Trustees have paid due regard to gJKJance issued by th6 Charity C¢)mmissiL￿ Fn dec4d'tr¥J what activities the
Company shouhj undertake.
A¢hi•v•m¢nts and pèrforniance
See reserve rewrts.
FlnanGlal revleY•
See Treasurels RewrL
It is Ihe policy of the cofflwy that unreslricled funds held in the cu￿ent bank accoLmt which hav8 not been
designated for a specffic use shryJld ￿ maintained * a level eq￿valent to between six and Iw8lve month's
expénditure. The Trustees COn￿der that reserves at th"s level wl enswe Iha( in the event of a sigrmficant (trop in
funding. they WIH be *e to continue the Compan￿$ current activi*"es vthile consTrderaticn is siven to ways in
whtth additional lunds may be raised. Investments are retained at such a lever lo generate sufficient ircome io
aHow activities to be maintsined. Th"s level of reseives has been maintsined tlroughtyJt Ihe year.
The directors have assessed the m4or risks to thich the company is exposed. and are satIs￿d that systems
are in place to mitigate exFKJwre to the major nsks.
Structure. governanc• and management
The trust is a c￿npanY limited by gu*antee (no. 2873432) incorporated on 19 November 1993 is a
registered charity (no. 104CQ76). The twsfs obiects a￿ the preservation. prOt￿lOn. dev*pment and
improvement of land of sp&tfic interest or natural beauty. The Irust athieves ts cty'ects with the he￿ of
vdunteers and paid contractor5 as necessary.
The Truslees. who are 0150 th* rfiredors for wrpose of company law. and served thKing the year and up
to the date of s19r￿lUre of the financial slatements were:
GCRyanKCMA
Simon Ward FRICS
Claire NOp•v0￿ Bsc FCA CTA
J G Murray CDA CDFM
Mike Eolvards Bsc FRES
Nicholas Shewn MA LU41 S(4icitc
M Hadley
Rtjbert Wndle FRICS FAAV
Alice Parfrtt BSc(Hons)
None of tha Tfustees has any benefia"* int￿t in th& company. Al of the Trustèes arè members of the company
arKJ guarantee to ￿)n￿.1￿J¢e £1 in Ihe event of a wnding up.

THE MURRAY DOWNLAND TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The charity is administered by a toard of 9 directLYsftrustees who meet approximatety 8 b.mes a year including
govemance meetings and stte visf(s. Under the MemorandLKn and Arbde5 ofAssouation, the chartty has the
p0￿r lo make any investments ￿1th the trustees see fiL
The Trustees, report wa5 awoved by the Board of Trustees.
Nl¢holas Sherwln MA LLM Solldtor
Truste
bZ4-

THE MURRAY DOWNLAND TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE MURRAY DOWNLAND TRUST
I report on the financial slatements of Ihe C￿panY for the year ènded 31 Mwch 2024. V*tich are set out on
ptyes 4 to 13.
Respeaive responslbllltles ol Trus￿ and examlner
The wmpany's Trustees. who are also the directors of The Murray DO￿land Tntst for the wrposes of company
law, are rèsponsible for the prepar*ion of the financaal statements. The Trustees consider that an audit is not
required this year undw seclion 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent
examinats.on is needed.
Having satisfied mysev that the charity is Th)t subject to audit under cc¥npany law arKI is eligib￿ for independent
examinats"on, it Is my respon￿bIllty to..
examine the financial statements undw sectton 145 of the 2011 Act
lil) tD follow the procedures laid in the general EJrecIi￿S given by the Charity Cc¥nmisston undgr secllon
145151(bl of the 2011 ACL and
(iii) to state whether particular mattws have ccffle to my attention.
Basis of independent examinees report
My ex¢knTIiVldtion was cdtried out in the Direction5 given by the Charity CommIssl￿. An
examin*ion indLtrJes a r8view of the ac£ounling re￿r￿S kept by the charbty and a comparison of the finanaal
$￿eMentS presented wth those records. It *0 irKludes cMsthrats"on of any unusual items or discbSUr￿ in the
financial statements, $88king ext4anations from y(hJ as trustees ¢cKKeming any such matters. Th8
procedLKes undertaken do not provide all 1h8 evKlence that would be required in an audit and consequently rK¢
ow'nion is given as to whether the finamal ststements weserrt a 'true ar¥J fair ¥ie•K and the report is limited to
those matters sel out in the next statement
Independent examiners statement
In connects'on my èxamination. no matter has come lo my attention..
(a) which gives me reasonable cause to believe that in any matenal respect the rewirements..
(i) to keep accrAntin9 recofds in accor￿¢6 with section 386 of the Companies Act 20C6" and
(li) lo prepare financial st8lements ￿lch accoftl the &counts"ng feccKds, wnply with fv accounting
requirements of saction 396 of Ihe Comp￿4eS Act and wth the wfttF￿ds and pll"na￿s of the
Statement of Recommended Prachce.. Accountng and Reporting by Charitses..
have not been met or
{bl to which. in ffly opinion. attention shoiAd ctr*44n in order to enat4e a proper under5tan(thng of the
financial statements to tx reached.
Alain Marde FCA
Chartered Accountant
Greens Court
West Street
Midhursl
West Su55ex
GU29 9NQ
Dated..
2<.1a.l*

THE MURRAY DOWNLAND TRUST
STATEMENT OF FINANCIAL ACTMTIES
INCLUDING INCOME AND EXPENDfTURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted Restricted
funds
fvnd5
Total
2024
Total
2023
Notes
Come from:
Donatians and legacres
Charrtable activities
Investments
2￿.882
8.291
13,116
206,862
8,291
13.116
8.379
9,7PJJ
11,318
Total in¢ome
228.269
228,269
29.457
nditure on:
Charit*Jl8 a¢tNities
17.285
17.285
35,452
Total resources expended
17.285
17.285
35.452
Nel (losses}Igains ￿ Nwe5trnents
10
(2.32n
(2.32n
(15,6571
Net movement In funds
208,6S7
208,657
{21.652)
Fund balances al 1 April 2023
249.733
14.789
264.522 286.174
Fund balances at 31 March 2024
458,390
14.789
473.179
264.522
The slatement of finan￿14 activities also comOes with the requirem&)ts for an incJ)me ar#J expendi￿re account
under the Companies Act 2LK6.

THE MURRAY DOWNLAND TRUST
BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Notes
Fixed assets
Tangible assets
Investments
12
13
110.759
239.253
241,5
350.012
241.580
Current assèts
Debtors
Cash at bank in hand
14
119.168
124.168
29.5LX)
Creditor4: amounts falling due within
one year
15
1.001
Net rjjrrent assets
123,187
22,942
Total assets less current ￿ablltieS
473, 179
264.522
The funds of the Company
Restricted income funds
Un￿strICted fvnds
16
14,789
458.390
14.789
249,733
473.179
264.522
The eompany 1$ entitled to the exemptson fr(xn the atyjit requirem&tt contained in secti1￿ 477 of ts Companies Act
20c￿, for Ihe year ended 31 M*ch 2024.
The directws ackn￿edge their respOns￿lI1bes foi complyiThJ wth the requrements of the c￿￿PanieS 20C6
th respecl to accounting rgwrd$ arml tho preparaticfi of finartÈal statement$.
The members have not requiied the ¢anP￿ to obtain ￿ audit of its financial statements for the year in questi￿ in
accordance wifh section 478.
These financial Stat￿entS have been wepared in acCOrd￿te ￿1th the provisi￿5 applicable to companie5 subj.ect
to the small companies rewe.
The finan
s..1 Iz.L...
statements were apprDved by the Trustees ￿ ..... . ...
Claire Norwotsy Bsc FCA CTA
Trustee
CoMp￿Y registration numb8f 2873432 (England WKI Wales)

THE MURRAY I)OWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policles
Cofflpany infomiation
The Murray Dt)wnlanO Trust is a pnvale company limiied by guarantee incwrated In England and Wales.
The registered office is Piper House, 4 Dukes CoLNt. Bognor Road, West Sussex, Chichestw, P019 8FX.
1.1 Accountin9 Convention
The accounts have been prepared in accordancè with the CA]mpan￿$ goveming docLmen( tho Comwi&s
Act 20C￿ and "Accounting and Reporting by Charrties". Statement of Recommen¢kd Practice applicatle lo
chanbès preparing th￿"r accounts in accordance with the Financial ReporliThJ Starthrd applicable in the UK
and Republic of Ireland {FRS 102}" (as amended accounting Fer't¢)ds commencing frc¥n 1 January 2019).
The company is a PuLgic Benefit Enty as defined by FRS 102.
The company has taken advantage of Ihe provisions in the SORP for ttwitses ffjptying FRS 102 Update
Jmetsn 1 not to prepare a Stslement of Cash Fkwts.
The financial stalemenls have departed from Charities (Accounts Reports) Regulabons 2008 to
the extent required to PfovidÈ a Ime and fair vi•v. This doparture has involved followin9 Ststèmenl of
Recommertded Practice for tharities aFptying FRS 102 rather than the version of the Statement of
Recommended PractTh *tich is refeffed to in the Regul*'ons vthich has since been wrthdrawn.
The fina￿181 ststements are prepared in sterling. which is the fUnCt￿n￿ currency of ts company. Monetsry
amount5 in these financial stat￿ents are r￿￿ed to the nearest L
The financial statements have béen FKep&ed under the historica cost convention. modified to indude the
revaluats.on of freehokl prope￿.e$ and to In￿L￿e inveslment prop&ies and ￿rtain finanoal instruments at fair
value. The pnn(3pal accowt'ng &m￿rCieS adopted are set Ixrt bekmt.
1.2 Going concern
At the time of approving the financial statements. the Trustees have a reasonabfe expectation that thè
company has adequ*e resources to C¢)ntinue in Operati(￿al éxtstence for the foreseeable luture. Thus Ihe
Trustees continL* lo adopt the g(Mng ccttem basis of accourfing in preparng the finanual statemenls.
1.3 Charitable lunds
Unrestricted funds are avalatle for use at the discrets.on of the Tnjstees in fir1her￿ of theÉr th￿rtable
objoctrves.
Restri￿ed are sutiiect to specific C￿d[tionS by th)r￿r$ or grantots as to h¢yW they may be used. Tr
purwses and uses of the rèstricted are set out in the notes to the firwiaal statements.
End￿rnérrt suw to speofK cmdtions by donors that the cam4 must be m*nlair*d by tha
company.
1.4 Incoffllng resources
Income is recognised vknen Ihe company is leglly enlitled to it after any pwbrnance have beon
met. the aMO￿ts can be mèasured r•liably. and it 1$ t￿￿1* that income wil be recoived.
Cash donab'ons are recogTrsed on receipt. Cther donations are rwnised once the company has been
nolrfied of the donatK)n. unless performance conditions rew1￿ deferral of the amourt Income lax
r8coverable in relation to donalions received ￿der Grft Aid or deed$ of covenart is recognised at the date of
r•ceipL
Legacies are recognised on rec*pt or otherwise if the company has been rK)tffied of an impendiryj
distribution. the amourrt is kThMn. arKI receipt is expected. If the amount is not kntr￿, the logacy is treated as
a contingont asset

THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
(Continuod)
Tumover is measwed at the fair value of the considerats"¢)n re￿iVed or receiv*le and represents amounts
receivatHe for go￿$ aThJ services VOVKJed in the rThmal coutse of business. net of discounts, VAT and other
sales related taxes.
1.5 Resources oxpended
abilities are recognised on ￿ accruas basis.
Chantable expendilure indudes those expenses direclly related to tharitable activities and indud&s ralated
supwrt ￿$ts.
1.6 Tangib￿ fixed assets
Tangille fixed assets are inrtialty measured at cost and subsequenyy measured at cost or valuati(x). net of
depreciation and any iFr4>aiment losses.
Depreciation 1$ recogni5ed so as to write off the mst or valuation of assets less their resrflual values over their
useful lives on the folloM'r¥J bases."
LarKI and buildings
Equipment
No depreciation
20% Strarght line
The gain or loss arising on the th'sposal of ￿ asset is determined as the dfference bets￿ft the sale
pmceeds and the carrytng vahje ofthe asset and 15 recognised in the statement cl finarrial acb"vitses.
1.7 Flxed asset investments
Fixed asset investrnents we inrfialy measured at tr￿S￿l0n price 8Xd￿1￿ transacticn costs. and are
subsequeniiy measured at fair vahJe at each reporb.ng date. Changes in fair value are recognised in net
Ir￿ome1{¢xpènd1IUre) for the year. T￿nSaCtIon costs are expensed as inKred.
1.8 Impaimient of flxed assets
At eath reporting end dale. the company reviews the caryirrfJ amounts of its tangl￿9 and intavyjible assets to
determine whethef there is any indicatron that those a55ets have suffered an impairment loss. If suGh
indication exists. the recoverable amount of the asset is estimated in order to delemiine the extent of the
impaim)ent loss {rf any).
Recovera)le amount is Ihe tmgher ol far Val￿ less costs to sep arKI value in use. In aSses￿l￿j value in use,
the estsmated future cash kn are discLiunted to theif present value using a FK&tax disc(x￿1 rate that reflects
current rnarkel a￿•S$MentS of the ttme value of money aThJ ts risks specific to the asset for vhwch the
estimates of fLrture cash ff()Ns have r)Dt been adjusted.
If the recoveraNe aMO￿t of ￿ asset 15 estimated to be less its carrying amount, the c¥rying amount of
the assel is rethced to rts recoverable amount. An impaimient loss is rec￿n[S￿d immediately in incc¥nel
(expanditure) for the year, Lnless the relevant assel is carned at a revaknd amount. in ￿lch case the
impairmént loss is treat*d as a ievaluatson deLTea5e.
Recognised impairment losses are reversed rf. and ￿ rf. tha reasons for the imparmenl loss have ceased
lo apply. ￿ere an imparmerrt loss subsequently reverse5. the carrying amount of the asset Is increased to
the revised estimate of its recovefabie amcMJnt. but 50 It￿t the increased carryin9 am￿nI do8s not exceed
the carrying amount that W￿ld have l)een deterynined haf iwnpainneni ￿s$ been recognised for the asset
in prior years. A reversal of an iM￿Mient loss Is recognised immedrdtely. unless the relevanl asset is Ca￿led
in at a reVaI￿d am(￿1 in *fii¢h case the reversal of the impairM￿l loss is troated as a revaluation
increase.

THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
(Continued
1.9 Cash and cash equivalents
Gash and castt equivalents include cash in hand. deposrts held at call with tH*s. other short4ern liquid
inveStM￿t5 with orignal maturtties of three months or less, ar#Y bank overdrafts. Bank overdrafts are $￿vn
￿￿t￿"n borrowings in cwrent liatj'litr'es.
1.10 Financial instruments
The company has elected to aFf4y provisions of Section 11 'Basic FirwK>al lnstr￿errts. and Secli¢)n 12
'Other Financial InstriJmenls155ues' of FRS 102 to d of ts finanoal Instr￿ents.
Financial instruments are rec(MJnised in the compan￿$ balanc• $￿et whèn the ccYnpany becomes party to
the contractual provisron5 of the instnrnent.
Finanaal assets arKI li*ilities ￿e offseL wrth the net amounts presented in the financial statements. when
there is a legally enforceatrAe right to set off the Tecognised amounts and thefe rs an intenticffl to settle on a
net basis or to reabse the asset and settle the liability simultanetyJ5ty.
Basle financlal assets
Basic finanaa 855els. which ￿￿jde debth arkj cash arKI bank balar￿e$. are initialty measured at
transaction price induding transaction costs and are subsequenty carried at amortised c05t using the
effective Inte￿$* rnethod unless the arrangem8nt c￿nStitUteS a financtng transaction. b*tere the transactron is
measured at the present Val￿ of thè futLKe receipts discojnted at a mathel rate of interosL Financial assets
dassffied as receivable vrilPMn one year a￿ not amortisecl.
Basic flnan¢ial liabllftlés
Basic financ4al liaiKties, including craditors arKI bank loans are irdtsalty recognised at thsaction price unle55
the a￿angement conslrtutes a financiro transath"on, where the debt instrument is rnea5u￿d al Ihe present
value of the tutLKe payments discounted at a market rate of interesL Fina￿18• liakn'lilies Classified as payable
within one year are not amortised.
Debt instruments *e sthsequenty cwried at amtytised cos( using the effeclive interest fats mgthod.
Trade creditors are oblNJations to pay for goods or services that have been acqirrired in the Ordinary course of
operations from s¢JprAier5. Amounts payable are dassifi8d as current liaLxlEites rf payment is due within one
year cff less. If rK>t, they ara presented a5 noTrcurrent Ik4bikties. Trade crethtors are recognised initially at
tr￿sath"On pri￿ S￿)SeQUen￿ ffleaswed at amortFséd cJ)st using the •ffeclive intwgst methixl.
Der•eognltlon olflnan¢lal Ilabllides
Finanaaj liabilib.es are derecognised Wt￿ company's contractrja obligations ewre or a￿ discharged or
cancelled.

THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Critieal accounting èstimates and judgements
In the application of Ihg coThyany'$ accounts"n9 poli￿5, the Trustees are required to make judgements,
estlmates ana assumpuons aEoXrt ine cffjing amtrJnÈ of assets and knabilities Ihat are not readily apparent
from other sources. estsmates and assocFated assumptions are based on historical expenence and other
factors tr￿t are &￿sidered to be relevant Artuat results may differ from these ests"mates.
The estimates and wmlerlwng asSumptic￿S are reVI￿d on an (￿gOIng ba515. Revisic￿S to accounting
eJtimate3 are recc*Jnised in ihe period in whith Ihe estimate Is re¥ise(I where Irte revision affects only that
period. or in the period of the revisKn fijtwe periotts revisi￿ affects both current future
pefiods.
Income from donations arHI legacies
Unrèstricted UnrE5tricled
funds
funds
2024
2023
Donations and gifts
Membership fees
Legacies
105,929
933
11XI.O
8.322
2.057
8.379
Charrtabl¢ aGtivitle3
2024
2023
Perfomiance related grants
8,291
9.760
Income from investments
Unrestricted Unrestricted
funds
funds
2024
2023
Income from listed inveslments
Interest receivable
12.547
11,318
13,116
11.318

THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Charitable activities
NaturE
serve care
Support
SurKlry Legal and
costs expen111￿lepro1essiOnaI
Total
2024
Total
2023
2024
2024
2024
2024
Depreuation and
impairment
Operating Costs
Other expaidtture
910
12,727
910
13,385
3,010
638
17.047
18.405
2.302
13.637
638
2,302
17,285
35.452
13,637
638
2.302
17.285
35.4S2
Descriptlon of charitable actlvltles
ConseNation of grasslaTh
Upkeep of nature reserves
None of the Trustees (or any pers￿$ connected with them) received any rèmunwation or benefits from the
company during the year. but 612023. 4) of them were reimbursed a total crf £3,207.*12023.. £1.058.38> for
postage. printsng, 5talN)nery and sunthie5.
Employ••s
There were no employees d￿"n9 the year.
10 Net (lo$se$Vgains on investmonts
2024
2023
RevalUab.￿ of investmenls
(2.32n
{15,6571
11 Taxation
The cnarity is exempt from taxation on its activjts'es because a4 tts income is arrfied for char¢table rMJrposes.
10-

THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12 Tangible fixed assets
EwiFrfn￿t
Cost
Additions
107.121
111,669
At 31 March 2024
107.121
111.669
Depreciatlon and impalmient
Depreciation chwged in the year
910
910
At 31 March 2024
910
910
Carrying amount
At 31 March 2024
107.121
3.638
110.759
13 Fixed asset investments
Listed
Investments
Cost or valuation
At 31 March 2023
v4uats.on thanoes
241.580
12,3271
At 31 Marth 2024
239.253
Carrying amount
At 31 March 2024
239,253
At 31 March 2￿23
241,580
Investments excee(fing 5% ol the totd market value..
M&G Charibond C￿rt￿S Income. number of shares 57.829.63 <2023: 57.829.63) valued at £63,867.05
12023. £63,352.37)
M&G Ch8ri1IJnd Equilies. numbor of shares 11.439.44 (2023.. 11.439.44) at £166.567.47 12023..
169.666.421.
Fixed assot investments revalued
The hist1￿¢ cost of tr)e investments is £224.635 (2023- £224.635).
14 Debtors
2024
Amounts falllnq due wfthln one year.
20ZJ
Other debtors
11

THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1S Credttors: amounts falling due within one year
2024
2023
Other Creditors
Accrua15 and defmd income
281
720
5.529
1.029
1,001
16 Restrlcted funds
The restricted funds of trte charity comprise the uneyoended balances of {Jor)ali￿$ and grants held on trust
subiect to speafic condikn.ons by dOn￿S as to how they may be used.
At 1 April At 31 Ma￿h
2023
2024
14.789
14,789
Pmvious year.
At 1 April At 31 March
2022
2023
Warden Fund
Ash Tree FLnd
7.789
7.789
14.789
14.789
17 UnrBstricted funds
The ￿reStriCted funds of the ¢haftty comprisè the uneXP￿ded balsnces of don*ions and grants vd)i¢h are
not subj'ect to spectfic cond[tic￿$ by i*)ncKs and garrtors as to ho+V they may be used. These inclu¢Je
designated funds have been set aside out of unrestnded furKls by the tntstees sF*afic purposes.
At 1 April
Incoming
Resourc
Gains and At 31 Mareh
losses
2024
General fijnds
249.733
228.269
(17.285)
{2,32n
458.39J
Previous year:
At 1 Aprll
Incoming Res0w￿$
2022 rExwJrcos eXp￿ded
Gains and At 31 March
losses
2023
General fvnds
271,385
29,457
(35,452)
{15.65n
249,733
Unrestricted
12-

THE MURRAY DOWNLAND TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
18 Analysis of net assets between funds
Unrestricted Restrlcted
Total
Fund balances ai 31 March 2024 are rep￿sented by:
Tangible assets
Investments
Current assetsl(liabilrties)
110,759
224.464
123.167
110.759
239,253
123.167
14.789
458.390
14.789
473.179
13-