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2020-12-31-accounts

The John R. Murray Charitable Trust

Trustees’ Report

and Financial Statements

for the year ended 31 December 2020

Registered Charity Number 1100199

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

THE JOHN R. MURRAY CHARITABLE TRUST

INDEX

Page
Reference and administrative details 1
Trustees’ report 2
Independent auditor’s report 4
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Accounting policies 10
Notes to the accounts 12

THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

John R Murray Virginia G Murray Hallam J R G Murray John O G Murray Charles J G Murray

Principal office

50 Albemarle Street London W1S 4BD

Charity registered number

1100199

Auditor

Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Bankers

C Hoare & Co 37 Fleet Street London EC4P 4DQ

Solicitors

Currey & Co LLP 33 Queen Anne Street London W1G 9HY

Investment managers

Rothschild & Co Wealth Management UK Limited New Court St Swithin's Lane London EC4N 8AL

Page 1

THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

TRUSTEES’ REPORT

The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the year ended 31 December 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

The John R. Murray Charitable Trust is a registered charity constituted under a Declaration of Trust dated 16 July 2003 and is registered with the Charity Commission (no. 1100199).

It is controlled by a board of trustees who manage all aspects of the Trust’s affairs and in whom vests the power to appoint new trustees.

Any new trustees will be provided with copies of the Charity Commission’s guidance to trustees and given an introduction to the activities of the charity by the existing board. Existing trustees are provided with training as and when required.

The trustees have assessed the major risks to which the charity is exposed, in particular those relating to the performance of investment markets. The trustees believe that by delegating investment management to recognised charity investment professionals and monitoring their performance, and by ensuring controls exist over key areas of the charity’s activity, they have established effective systems to mitigate those risks.

OBJECTIVES AND ACTIVITIES

The charity’s objects provide that:

“The trustees shall pay or apply the income of the trust fund and may also transfer, pay or apply the whole or any part or parts of the capital of the trust fund to such charities or for such charitable purposes as the trustees shall from time to time in their absolute uncontrolled discretion think fit.”

In considering how best to achieve these objects the trustees have had regard to the guidance on public benefit issued by the Charity Commission.

The trustees continue to make grants in support of charitable organisations in furtherance of the charity’s objects for the public benefit.

In the medium term the trustees’ principal aim will be the continued support of the National Library of Scotland (as the owner of the John Murray Archive) and its curatorial and preservation responsibilities for the Archive as well as developing the Trust’s support of the arts and in particular literature.

Grant making policy

The trustees will not consider unsolicited applications for grants. The trustees will normally only make grants or loans to other registered charities in areas in which the trustees have an interest in the arts and literature (although not strictly limited to such areas) and where the award of a grant will have an immediate and tangible benefit to the recipient charity in question. The scope of their giving is determined only by the extent of their resources; it is not otherwise restricted either geographically or by the type of activity carried on by prospective beneficiaries or applicants.

ACHIEVEMENTS AND PERFORMANCE

During the course of the year the Trust made 105 (2019: 84) grants totalling £1,083,282 (2019: £1,271,133) and wrote back one grant amounting to £20,000 as set out in note 4 to these accounts.

The trustees are satisfied with the investment performance of the funds held within the Charitable Trust for the year ended 31 December 2020 and continue to monitor the performance of investment managers throughout the financial year against a benchmark of inflation plus 4%.

FUNDRAISING STANDARDS INFORMATION

The charity does not solicit funds from the general public nor does it engage any third parties to act on its behalf in raising funds for the charity. As such the charity is not bound by any scheme for regulating fundraising.

Page 2

THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 TRUSTEES, REPORT FINANCIAL REVIEW Total incoming resources lor the year ended 31 December 2020 were £1,150,07312019.. £1,054,785) consisting ol investment income 01 £340,62012019.' £566,742) and Iranslers from endowment funds 01 £809,45312019.. £488,043). Outgoing resources totalled £1,301,131 12019.. £1,510,011) including £1,083,282 12019.. £1,271,133) of grants lo beneficiaries. The existence of a subslanlial expendable endowment fund generating investment income allows the trustees lo lake the view that no unrestricted fund reserves are required. Al 31 Oe¢ember 2020 the charity's total fund& amounted lo £30,517,48012019'. £27,803,765) consisting of expendable endowment funds of £30,529,60512019'. £27,858,536) and unrestricted funds a deficit of £12,125 12019 delicil.. £54,772). Free reserves, being unrestricted funds not represented by fixed assets were a deficit of £20,565 12019.. £63,2121. The creation ol the deficit on funds arises through the r&cognilion of expenditure betore the Iransler of assets to satisfy the liabilities. The charity's prinGipal funding source is investment income generated from the investment of funds realised on sale DI the Murray Archive. Under the Declaration ol Trust, the trustees are empowered to invest in any mode of investment which the Iruslees could effect if they were absolutely and beneficially entitled. The charity's investment policy has been lo allocate funds available for investment in order lo gain exposLJre to a wyde class ol investment vehicles and in order to spread risk. PLANS FOR FUTURE PERIODS The trustees will continue to 5UPPOrt the National Library of Scotland in ils preservation and the promotion of the Archive to a wide public audience, subject to the Iruslees ￿Ing satisfied that grants awarded lor this purpose have met the trustees, aims, and that further funding Irorn the trustees remain5 appropriate. The Iruslees will continue lo support oth&r charities that they are particularly interested in including the arts and l(terature. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Report and the financial statements in accordance wfih applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Iruslees lo prepare financial statements for each financial year which give a true and lair view of the stale of affairs of the charity and of the incoming resources and application ol resources of the Charity for that period. In preparing these tinancial slalemenls, the Iruslees are required lo.. select suitable accounting policies and then apply them consislenlly- observe the methods and principles in the Charities SORP., make judgernenls and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial statements; prepare the financial Statements on the going concern basis unless it is inappropriate tts presume that the charity will continue in operation. The trustees are r&sponsible for k&eping proper accounting records that disclose with reasonable accuracy al any time the financial position ol the charity and enable them lo ensure that the financial statements comply with the Gharities Act 2011, the Charity IAccounls and Reports) Regulations 2008 and Ihe provisions of the trust deed. They are also responsible for safeguarding the assets ol the charity and hence lor taking reasonable steps for the prevention and detection ol fraud and other irregularities. Approved by the trustees and signed on their behalf Tnjstee Date Page 3

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

THE JOHN R. MURRAY CHARITABLE TRUST

INDEPENDENT AUDITOR’S REPORT

Independent auditor’s report to the trustees of The John R. Murray Charitable Trust

Opinion

We have audited the financial statements of The John R. Murray Charitable Trust (the ‘charity’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the trustees’ report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard

Page 4

THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

INDEPENDENT AUDITOR’S REPORT

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidancefor-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Page 5

THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBEFI 2020 INDEPENDENT AUDITOR'S REPORT Use of our report This report is made solely lo the charity's Iruslees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charrty's Iruslees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assuffle responsibility to anyone other than the Charity and the charity's Irvstees as a body, for our audit work, for this report, or ltsr the opinions we have formed. 7Lf_J_ /_/ Cawley Priory South Pallanl Chiohesler Wesl Sussex P019 ISY Blue Spire imiled, Stalutory Auditor Dale Blue Spire Limited is eligible to act as an auditorin terms of section 1212 of the Companies Act 2006. Page 6

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Investments
1
Total
EXPENDITURE ON:
Raising funds - Investment management costs
2
Charitable activities
3
Total
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
11
Net movement in funds
RECONCILIATION OF FUNDS
Funds at 1 January
11
Funds at 31 December
11		 Unrestricted
Funds
£
340,620
340,620
-
1,107,426
1,107,426
-
(766,806)
809,453
42,647
(54,772)
(12,125)		 Expendable
Endowment
Funds
£
-
-
193,705
-
193,705
3,674,226
3,480,521
(809,453)
2,671,068
27,858,537
30,529,605		 2020
Total
Funds
£
340,620
340,620
193,705
1,107,426
1,301,131
3,674,226
2,713,715
-
2,713,715
27,803,765
30,517,480		 2019
Total
Funds
£
566,742
566,742
190,243
1,319,768
1,510,011
4,138,241
3,194,972
-
3,194,972
24,608,793
27,803,765

None of the charity's activities were acquired or discontinued during the above two financial years.

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 7

THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note FIXED ASSETS Tangible fixed assets Investments Total fixèd ass6ts 8,440 30,529,605 8.440 27,8S8,537 30,538,045 27.866,971 CURRENT ASSETS Cash at hand and in bank Total curront assets 14,6531 14.6531 2,130 2.130 CURRENT LIABILITIES Credilors.- amounts falling due vKlhln one year Net cvrrent assets 15,912 65.342 120,5651 163,2121 NÈt assèts 30.517,480 27.803,765 THE FUNDSOFTHE CHAWTY Expèndable ondowrnènt funds Unr8strl¢ted fynds Total ¢har51y funds 30,529,805 27.858.537 154,7721 27,803,765 30,517,480 The notes on p8ges 12 10 20 form part of these finanual ststemenls. Approved by the board of trustees and signed on its behalf Ttusiee Date i Lt[￿ 5ef 4ernI￿ Page 8

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

STATEMENT OF CASH FLOWS

Note
£
£
Net cash flow from operating activities (see below)
(1,350,561)
Cash flow from investing activities
Interest received
340,620
Proceeds from sale of investments
6,340,113
Purchase of investments
(5,194,203)
Net cash flow from investing activities
1,486,530
Net increase/(decrease) in cash and cash equivalents
135,969
Cash and cash equivalents at 1 January
425,192
Cash and cash equivalents at 31 December
561,161
Cash and cash equivalents consist of:
Cash at bank and in hand
(4,653)
Cash held within investment portfolio for transactions
565,814
Cash and cash equivalents at 31 December
561,161
Reconciliation of net income to net cash flow from operating activities
£
£
Net income for the year
2,713,715
Adjusted for:
Interest and dividends
(340,620)
(Gains)/losses on investments
(3,674,226)
Increase/(decrease) in creditors
(49,430)
(4,064,276)
(1,350,561)
Analysis of net debt
2018
Cash flows
2019
£
£
£
Total liabilities
-
-
-
Cash and cash equivalents
(595,835)
170,643
(425,192)
(595,835)
170,643
(425,192)
2020
2020		 £
£
(1,477,539)
566,742
4,567,914
(3,827,760)
1,306,896
(170,643)
595,835
425,192
2,130
423,062
425,192
£
£
3,194,972
(566,742)
(4,138,241)
32,472
(4,672,511)
(1,477,539)
Cash flows
2020
£
£
-
-
(135,969)
(561,161)
(135,969)
(561,161)
2019
2019		 £
£
(1,477,539)
566,742
4,567,914
(3,827,760)
1,306,896
(170,643)
595,835
425,192
2,130
423,062
425,192
£
£
3,194,972
(566,742)
(4,138,241)
32,472
(4,672,511)
(1,477,539)
Cash flows
2020
£
£
-
-
(135,969)
(561,161)
(135,969)
(561,161)
2019
2019
(1,477,539)
2020
£
-
(561,161)
(561,161)

Page 9

THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

The John R. Murray Charitable Trust is an unincorporated association governed by a scheme. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support and governance costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly in support of expenditure on the objects of the charity.

The analysis of these costs is included in note 3.

Governance costs

Governance costs comprise the costs associated with the governance arrangements of the charity and include audit fees, costs associated with constitutional and statutory requirements and any costs associated with the strategic as opposed to the day to day management of the charity's assets.

Tax

The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.

Page 10

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

ACCOUNTING POLICIES

Fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Fixed assets are comprised of some frames and photographs which are stated at cost and are not depreciated as they have exceptionally long economic useful lives and accumulated depreciation is not considered to be material. They are assessed for impairment annually by the trustees.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

Debtors receivable and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Endowment funds represent those assets which must be held permanently by the charity, principally held as fixed asset investments. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. The trustees may, at their discretion, transfer to unrestricted funds amounts in order that they may be expended in furtherance of the charity's objectives. Under the terms of the Declaration of Trust, the trustees may, for a period of 21 years from the date of that declaration, accumulate income as part of the expendable endowment fund.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 11

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

1. Investment income

1. Investment income
Income from listed investments
Interest income		 Unrestricted
Funds
£
340,567
53
340,620		 Expendable
Endowment
Funds
£
-
-
-		 2020
Total
Funds
£
340,567
53
340,620		 Unrestricted
Funds
£
566,657
85
566,742		 Expendable
Endowment
Funds
£
-
-
-		 2019
Total
Funds
£
566,657
85
566,742

2. Investment management fees

Investment management fees Unrestricted
Funds
£
-
-		 Expendable
Endowment
Funds
£
193,705
193,705		 2020
Total
Funds
£
193,705
193,705		 Unrestricted
Funds
£
-
-		 Expendable
Endowment
Funds
£
190,243
190,243		 2019
Total
Funds
£
190,243
190,243

3. Charitable activities

3. Charitable activities
Grants to institutions (see note 4)
Support - rent
Support - bank charges
Support - legal fees
Support - Fundraising reception costs
Governance - Legal fees
Governance - Charles Young
Governance - Auditors remuneration
Governance - Trustee' expenses		 Unrestricted
Funds
£
1,063,282
21,049
240
18,510
-
72
-
3,780
493
1,107,426		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-		 2020
Total
Funds
£
1,063,282
21,049
240
18,510
-
72
-
3,780
493
1,107,426		 Unrestricted
Funds
£
1,271,133
20,876
-
22,852
500
-
200
3,780
427
1,319,768		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-		 2019
Total
Funds
£
1,271,133
20,876
-
22,852
500
-
200
3,780
427
1,319,768

4. Grants to institutions

No.
Advancement of amateur sport
DSA RORO Sailing Project
Ebony Horse Club
1
Sunderland Amateur Boxing Club
1
Advancement of citizenship or community development
Bristol Refugee Rights
Livingstone Initiative
St. Peter's Children & Young People's Activities Group
1
Team Oasis Children's Charity
1
Wells City Band
1		 Unrestricted
Funds
£
-
20,000
2,000
22,000
-
-
5,000
5,000
1,000
11,000		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-		 2020
Total
Funds
£
-
20,000
2,000
22,000
-
-
5,000
5,000
1,000
11,000		 2019
Total
Funds
£
5,000
-
-
5,000
15,000
5,000
3,000
5,000
-
28,000

Page 12

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of grants - to institutions (continued)
No.
Advancement of the arts, culture, heritage and science
Academy of Ancient Music
Almedia Theatre
1
Art Fund
1
Arts in Hanworth
Britten-Pears Foundation
Bronte Academy Trust
Bronte Pasonage Museum/The Bronte Society
1
Charles Dickens Museum
Charles Marsden-Smedley (Designs for Ruskin Exhibition)
Clapham Pottery Ltd
1
Clapton Common Boys Club
1
City of London Sinfonia
1
David Parr House
1
Historic Chapels Trust
1
Host UK
Jermyn Street Theatre
1
Keats-Shelley Memorial Association
1
National Gallery Trust
1
National Portrait Gallery
Natural History Museum
Rachel Kay-Shulterworth Collection
SAVE Britain's Heritage
1
Sinfonia Cymru
1
Spitalfields Music
1
Spitalfields Music (2019 donation written off)
The Abbotsford Trust
1
The College of Arms
1
The Sixteen
The Strawberry Hill Trust
Troupe (Theatre)
1
University of Lancaster (Ruskin archive and exhibition)
Watts Gallery
1
Wordsworth Trust
YCAT
1
Advancement of poverty
Edinburgh Young Carers
1
Advancement of religion
Friends of Bethesda Chapel
Advancement of environmental protection or improvement
UK Antarctic Heritage Trust
1
Wey and Arun Canal Trust
1
Whish
1
Other charitable purposes
Windmill Community Gardens		 Unrestricted
Funds
£
-
5,000
10,000
-
-
-
30,000
-
-
20,000
2,000
15,000
40,000
5,000
-
1,000
20,000
34,000
-
-
-
28,000
5,000
12,000
(20,000)
50,000
8,000
-
-
2,000
-
15,000
-
10,000
292,000
2,000
2,000
-
-
5,000
7,282
2,000
14,282
-
-		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2020
Total
Funds
£
-
5,000
10,000
-
-
-
30,000
-
-
20,000
2,000
15,000
40,000
5,000
-
1,000
20,000
34,000
-
-
-
28,000
5,000
12,000
(20,000)
50,000
8,000
-
-
2,000
-
15,000
-
10,000
292,000
2,000
2,000
-
-
5,000
7,282
2,000
14,282
-
-		 2019
Total
Funds
£
15,000
-
-
5,000
20,000
15,000
-
15,000
8,700
-
-
15,000
-
-
10,000
-
-
-
110,000
5,000
45,000
28,000
-
32,000
-
-
-
5,000
10,000
1,500
88,433
20,000
30,000
-
478,633
-
-
7,500
7,500
5,000
-
-
5,000
2,000
2,000

Page 13

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of grants - to institutions (continued)
No.
Advancement of health and the saving of lives
Blythe House Hospice
Cardiac Risk in the Young
1
Children with Cancer UK
1
Clic Sargent
1
Downs Syndrome Research Foundation UK
Dream Makers
1
Headstart 4 Babies
1
Kawasaki Fund
1
Lennox Children's Cancer Fund
1
Levis Star Children's Brain Tumour Charity
Me 4 Mental
Médecins Sans Frontieres
1
Moorfields Eye Charity
Passage 2000
1
St Joseph's Hospice Hackney
1
Strongbones Children's Charitable Trust
1
The Cheer-up Squad Limited
1
Winchester Hospice Fundraising Office
1
Yorkshire Children's Trust
1
Zoe's Place Baby Hospice
1
Relief of those in need
Able Kidz
1
BBC Children in Need Appeal
1
Buddy's for Children with Autism
Cerebral Palsy Plus
1
City Escape
1
Event Mobility
1
Hop, Skip & Jump
Hot Line Meals Service
1
Leeds Mencap
Leeds Weekend Care Association
1
Lime Tree Campaign
Seeing Dogs
1
Seeing Ear
ShelterBox Trust
1
SNAPS (children's charity)
1
Special Kids in the UK
St Mungo's Community Housing Association
St Joseph's Hospice Hackney
Step by Step
1
Switchback Initiative
The Book Trade Charity		 Unrestricted
Funds
£
-
5,000
2,000
15,000
-
2,000
5,000
2,000
2,000
-
-
5,000
-
5,000
2,000
2,000
1,000
30,000
2,000
2,000
82,000
5,000
5,000
-
2,000
5,000
5,000
-
2,000
-
5,000
-
2,000
-
2,000
3,000
-
-
-
2,000
-
-
38,000		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2020
Total
Funds
£
-
5,000
2,000
15,000
-
2,000
5,000
2,000
2,000
-
-
5,000
-
5,000
2,000
2,000
1,000
30,000
2,000
2,000
82,000
5,000
5,000
-
2,000
5,000
5,000
-
2,000
-
5,000
-
2,000
-
2,000
3,000
-
-
-
2,000
-
-
38,000		 2019
Total
Funds
£
3,000
-
5,000
30,000
2,000
5,000
5,000
-
-
2,000
1,000
-
2,000
-
-
2,000
1,000
-
-
-
58,000
5,000
-
2,000
-
5,000
5,000
5,000
2,000
3,000
-
5,000
-
5,000
2,000
3,000
2,000
20,000
2,000
-
50,000
5,000
121,000

Page 14

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of grants - to institutions (continued)
No.
Advancement of education
Abbotsford Trust
Angel Community Canal Boat Trust
Ap Cymru/Autism Puzzles
1
Battersea Summer Scheme
1
Blueprint Training & Expertise
1
Bodleian Libraries
Camp Horizon/Kids Care London
1
Cardiff DEAF Centre
1
Charleston Trust (Emergency appeal)
1
Children Ahead Ltd
1
Eton College (The Kynge's College of our Lady of Eton.)
1
Finding Rhythms
1
First Story
1
Gainsborough's House Society
1
Garden Museum
1
Give a Book
1
GL 11 Community Project
1
Handal House Trust Ltd
1
Hanover School Association
1
Happy Kids
1
IMPACT Foundation
1
Inspiring Minds
1
Jane Austen's House Museum
1
Katherine Low Settlement
1
Kids Care London T/As Camp Horizon
Kids N'action
1
Koestler Trust
Little Hiccups
1
Loughborough Bell Foundry Trust
1
Milton's Cottage
Mitchell's Miracles Neuroblastoma Charity
1
Morecombe Road School
1
Music Preserved
1
National Youth Orchestra of Great Britain
1
New Hackney Education Business Partnership Limited
Newlyn School of Art
1
Nottinghamshire Clubs for Young People
1
Only Connect
1
Opportunity Sports Foundation
Pallant House Gallery
1
Pallion Action Group
1
Parker Trust
Playschule
Prisoners' Education Trust
1
Rasonata Symphony Orchestra
1
Refugee
1
Rhythmix
Ride-2-Success
1
Royal Academy of Arts
1
Row UK Foundation
1
Snowflake School for Children with Autism
1
St Bride Foundation
1
The British Institute of Florence
1
Carried down		 Unrestricted
Funds
£
-
-
1,000
5,000
2,000
-
2,000
2,000
5,000
2,000
100,000
5,000
30,000
50,000
10,000
10,000
2,000
20,000
8,000
1,000
10,000
2,000
10,000
5,000
-
3,000
-
2,000
5,000
-
2,000
2,000
10,000
16,000
-
5,000
2,000
5,000
-
5,000
2,000
-
-
15,000
1,000
2,000
-
2,000
5,000
2,000
2,000
5,000
50,000
425,000		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2020
Total
Funds
£
-
-
1,000
5,000
2,000
-
2,000
2,000
5,000
2,000
100,000
5,000
30,000
50,000
10,000
10,000
2,000
20,000
8,000
1,000
10,000
2,000
10,000
5,000
-
3,000
-
2,000
5,000
-
2,000
2,000
10,000
16,000
-
5,000
2,000
5,000
-
5,000
2,000
-
-
15,000
1,000
2,000
-
2,000
5,000
2,000
2,000
5,000
50,000
425,000		 2019
Total
Funds
£
71,000
5,000
-
5,000
-
15,000
-
-
-
-
-
15,000
-
-
-
-
-
-
-
1,000
-
-
-
20,000
5,000
3,000
20,000
-
-
5,000
-
-
-
16,000
10,000
-
2,000
-
3,000
-
-
3,000
1,000
-
-
-
3,000
-
-
-
-
-
30,000
233,000

Page 15

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of grants - to institutions (continued)

No.
Advancement of education (continued)
Brought down
The Canal & River Trust
1
The Foundling Museum Trust
1
The Geffrye Museum
The No Way Trust Ltd
1
The Somerset House Trust for Somerset House Signage
1
The Sussex Beacon
1
UK Acquired Brain Injury Trust
1
University of Cambridge (Fitzwilliam)
1
University of Edinburgh Development Trust
1
Youth on the Move
1
Total grants to institutions		 Unrestricted
Funds
£
425,000
25,000
40,000
-
5,000
55,000
2,000
5,000
33,000
10,000
2,000
602,000
1,063,282		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 2020
Total
Funds
£
425,000
25,000
40,000
-
5,000
55,000
2,000
5,000
33,000
10,000
2,000
602,000
1,063,282		 2019
Total
Funds
£
233,000
-
70,000
30,000
-
-
-
-
33,000
200,000
-
566,000
1,271,133

Grant commitments

In addition to the grants list above the charity had unprovided annual grant commitments, at the balance sheet date, in respect of grants towards salaries to four recipients totalling £151,000 (2019: grants towards salaries to four recipients totalling £151,000). Future awards are subject to satisfactory applications from the grant recipients.

5. Auditors' remuneration

5. Auditors' remuneration
Expendable 2020 Expendable 2019
Unrestricted Endowment Total Unrestricted Endowment Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Audit remuneration - audit 3,780 - 3,780 3,780 - 3,780

6. Staff costs and related party transactions

The charity has no employees but engages the services of an administrator one day per week to assist the trustees in the running of the charity. All other administration being carried out by the trustees and by its legal advisers.

No remuneration was paid to the trustees in this or the preceding year.

There were no disclosable related party transactions in the year under review or the preceding year other than reimbursement of travel costs totalling £493 (2019: £427) to one trustee (2019: two trustees).

Page 16

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

7. Tangible fixed assets

Cost
At 1 January 2020
Additions
Disposals
At 31 December 2020
Depreciation
At 1 January 2020
Charge
At 31 December 2020
Net book value
At 31 December 2020
At 1 January 2020
8. Investments		 Photographs
£
7,293
-
-
7,293
-
-
-
7,293
7,293		 Frames
£
1,147
-
-
1,147
-
-
-
1,147
1,147		 Total
£
8,440
-
-
8,440
-
-
-
8,440
8,440
Market value brought forward at 1 January
Additions at cost
Disposals at carrying value
Net gain/(loss) on revaluation
Net gain/(loss) on foreign exchange
Net cash inflow/(outflow)
Market value carried forward at 31 December
Gains/(losses) on investments
Unrealised (from above)
Realised on disposal of fixed asset investments and foreign currency
The investments above are analysed as follows:
Listed investments
Other investments
Cash and cash equivalents		 Investments
£
27,435,475
5,194,203
(5,628,328)
2,962,441
-
-
29,963,791
2,962,441
915,593
3,878,034
26,085,044
3,878,747
-
29,963,791		 cash
£
423,062
-
-
-
(203,808)
346,560
565,814
-
(203,808)
(203,808)
-
-
565,814
565,814		 2020
Total
£
27,858,537
5,194,203
(5,628,328)
2,962,441
(203,808)
346,560
30,529,605
2,962,441
711,785
3,674,226
26,085,044
3,878,747
565,814
30,529,605		 2019
Total
£
24,398,581
3,827,760
(4,420,626)
3,990,953
(62,027)
123,896
27,858,537
3,990,953
147,288
4,138,241
23,189,641
4,245,834
423,062
27,858,537

9. Creditors: amounts falling due within one year

Accruals
Grant creditors
Loan		 2020
£
15,912
-
-
15,912		 2019
£
25,342
35,000
5,000
65,342

Page 17

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

THE JOHN R. MURRAY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

10. Analysis of net assets between funds

Tangible assets
Investments
Other net assets		 Unrestricted
Funds
£
8,440
-
(20,565)
(12,125)		 Expendable
Endowment
Funds
£
-
30,529,605
-
30,529,605		 2020
Total
Funds
£
8,440
30,529,605
(20,565)
30,517,480		 Total
Funds
£
8,440
-
(63,212)
(54,772)		 Expendable
Endowment
Funds
£
-
27,858,537
-
27,858,537		 2019
Total
Funds
£
8,440
27,858,537
(63,212)
27,803,765

11. Reconciliation of net movement in funds

11. Reconciliation of net movement in funds
Endowment funds
Expendable endowment fund
Total endowment funds
Unrestricted funds
Fixed asset reserve
General funds
Total unrestricted funds
Total funds		 Year ended 31 December 2020
Total funds
brought
forward
£
27,858,537
27,858,537
8,440
(63,212)
(54,772)
27,803,765		 Total
Incoming
resources
£
-
-
-
340,620
340,620
340,620		 Total
resources
expended
£
(193,705)
(193,705)
-
(1,107,426)
(1,107,426)
(1,301,131)		 Gains/
(losses) on
investments
£
3,674,226
3,674,226
-
-
-
3,674,226		 Transfers
between
funds
£
(809,453)
(809,453)
-
809,453
809,453
-		 Total funds
carried
forward
£
30,529,605
30,529,605
8,440
(20,565)
(12,125)
30,517,480

The transfer of funds from the expendable endowment fund to unrestricted general fund was implemented by the trustees in order to provide resources for grant awards in furtherance of the charity's objectives under section 6 of the trust deed.

Endowment funds
Expendable endowment fund
Total endowment funds
Unrestricted funds
Fixed asset reserve
General funds
Total unrestricted funds
Total funds		 Year ended 31 December 2019 Year ended 31 December 2019
Total funds
brought
forward
£
24,398,581
24,398,581
8,440
201,772
210,212
24,608,793		 Total
Incoming
resources
£
-
-
-
566,742
566,742
566,742		 Total
resources
expended
£
(190,243)
(190,243)
-
(1,319,768)
(1,319,768)
(1,510,011)		 Gains/
(losses) on
investments
£
4,138,241
4,138,241
-
-
-
4,138,241		 Transfers
between
funds
£
(488,042)
(488,042)
-
488,042
488,042
-		 Total funds
carried
forward
£
27,858,537
27,858,537
8,440
(63,212)
(54,772)
27,803,765

Page 18

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

12. Financial instruments

The carrying amounts of the charity's financial instruments are as follows:

12. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
2020
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
29,963,791
29,963,791
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
2020
Total
Funds
£
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
340,567
Investment management fees
(193,705)
146,862
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Unrealised gains/(losses) on investments
2,962,441
Realised gains/(losses) on investments
915,593
3,878,034		 2019
Total
Funds
£
27,435,475
27,435,475
2019
Total
Funds
£
566,657
(190,243)
376,414
3,990,953
147,288
4,138,241

Fixed asset investments are held at fair value with valuations obtained using last traded or closing mid/bid market prices as available.

Page 19

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

NOTES TO THE FINANCIAL STATEMENTS

13. Comparative statement of financial activities
Note
INCOME AND ENDOWMENTS FROM:
Investments
1
Total
EXPENDITURE ON:
Raising funds - Investment management costs
2
Charitable activities
3
Total
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
11
Net movement in funds
RECONCILIATION OF FUNDS
Funds at 1 January
11
Funds at 31 December
11		 Unrestricted
Funds
£
566,742
566,742
-
1,319,768
1,319,768
-
(753,026)
488,042
(264,984)
210,212
(54,772)		 Expendable
Endowment
Funds
£
-
-
190,243
-
190,243
4,138,241
3,947,998
(488,042)
3,459,956
24,398,581
27,858,537		 2019
Total
Funds
£
566,742
566,742
190,243
1,319,768
1,510,011
4,138,241
3,194,972
-
3,194,972
24,608,793
27,803,765

Page 20