## The John R. Murray Charitable Trust
## **Trustees’ Report**
## **and Financial Statements**
for the year ended 31 December 2021
**Registered Charity Number 1100199**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **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 2021
## **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 2021
## **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 2021. 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 110 (2020: 105) grants totalling £2,639,300 (2020: £1,083,282) and wrote back one grant amounting to £20,000, in the comparative year, 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 2021 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**
HN R. MURRAY CHARITABLE TRUST
STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
rEES' REPORT
ANCIAL REVIEW
totsl incoming resources for the year ended 31 December 2021 were £2,698,36212020'. £1,150,073) consisting ol
,.in¥estmenl income of £295,214 12020,. £340,620) and Iranslers from endowment funds of £2,403,148 12020..
£809,453). Olrtgoing resources iolalled £2,923,476 12020.. £1.301,1311 irlUding £2,639,300 12020.. £1.083,2821 of
giants to beneficiaries.
¥ The existence ol a substantial expendable endowment lutyl generating investment income allows the iruslees lo take
the view that no unrestricted fund reserves are required. At 31 December 2021 the charty's toial tunds amounted lo
£31,857,201 12020.. £30,517,480) consisting Df expendable endowment funds of £31,864,478 12020: £30,529,605)
and unreslricled funds a d&ticit of £7,277 12020 delicil.. £12,1251- Free reserves, being unrestricted Itjnds not
Tepresgnted by fixed assets were a delicil 01 £15,71712020 defi¢il: £20,565). The creation of the deficit on funds arises
Ihrough the recognition of expenditure before the translef ol assets to satisfy the liabiltties.
The charty's principal funding source is investment income generated from the investment of funds realised on sale
of the Murfay Archive.
Under the Declaration ol Twsl, the trustees are empowered lo invest in any mode of investment which the trustees
could effect rfthey were absolutety and beneficially entitled. The charity's investment policy has boen to allocale funds
available lor investment in order to gwn exposure to a wide class ol investment vehicles and in order lo spread risk.
PLANS FOR FUTURE PERIODS
The trustee5 will conlinue lo support the National Library ol Scotland in its preseNation and tho promotion of the
Archive to a wide public audience, subject to the trustees being satisfied that grants awarded lor this purpose have
mel the trustees, aims. and that further lunding from the trtjstees remain5 appropriale. The trustees will continue lo
suwort other charities that they are particularly interested in including the arts and literature.
STATEMENT OF TRUSTEES, RESPONSIBIUTIES
The trustees aTè responsible for preparing the Trustees, Report and the linancial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Aceepled Accounting Practi1.
The law applicable lo charitie5 in England & weS requires the trustees lo prepare financial statements lor each
financial year whi¢h give a true and lair view ol the state ol affairs ol the charity and ol the incoming resources and
applicatiorb of resources ol the charity lor that period. In preparing these financlal statements. the Irusteos are required
to..
select 5uilable accounting policies and then apply them consi8tently-
obsetve the melhods and principles in the Charities SORP"
make judgements and estimates that are reasonable and prudent.,
slate wh8lher applicable accounting StarardS have been tollowed, subject to any materia1
departUTes disclosed and explained in the financial statements.,
prepare the fi.nancial statements on the going concern basis unless il is inappropriate lo
presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any
time the financial position of the charity and enable them to ensure that the financial slalemenls corny with the
Charities Act 2011, the Charity (Accounts and Reports) Regulations 2C108 and the provisions of the trust deed. They
are also responsible lor safeguarding the assets olthe charity and hence tortaking reasonable steps for the prevention
and dele¢lion of fraud and other irregLflarilies.
Approved by the Iruslees and signed on iheir behalf
Trustee
Date
Page 3
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **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 2021 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:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2021, and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 2021
## **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:
- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **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:
- Enquiry of management, those charged with governance around actual and potential litigation and claims;
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias.
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 DECEMBER 2021
## **INDEPENDENT AUDITOR’S REPORT**
## **Use of our report**
This report is made solely to the charity’s trustees, 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 state to the charity’s trustees 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 assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
(ily Blue Spire Limited, Statutory Auditor Date 04 November 2022
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
_Blue Spire Limited is eligible to act as an auditor in 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 2021
## **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**
**£**
295,214
295,214
-
2,693,514
2,693,514
-
(2,398,300)
2,403,148
4,848
(12,125)
(7,277)|**Expendable**
**Endowment**
**Funds**
**£**
-
-
229,962
-
229,962
3,967,983
3,738,021
(2,403,148)
1,334,873
30,529,605
31,864,478|**2021**
**Total**
**Funds**
**£**
295,214
295,214
229,962
2,693,514
2,923,476
3,967,983
1,339,721
-
1,339,721
30,517,480
31,857,201|**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|
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**
JOHN R. MURRAY CHARITABLE TRUST
NCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8EFI 2021
BALANCE SHEEfAS AT 31 DECEMBER 2021
2021
2020
Noto
FIXED ASSETS
TangiNe fixed 8ssels
Irwestsnenls
Total flxed assets
8.440
27.862.708
8,44U
30.529,805
27.871,148
30,538.045
CURRENT ASSETS
Cash at hand and in bank
Totsi eurtent a880ts
4.009.833
4.009.833
14.6631
14.6531
CLIRRENT LiABILrnES
Credrtors. aMOnts fallin9 wthin one year
Not current asEèts
23.780
15.912
3.986,053
120.5851
Net assets
31.857,201
30.517.480
THE FUNDS OF THE CHARITY
Exp8ndablo eThdowmgnt funds
Unr95tr6cted lund8
Tot•1 Gh*rKy funds
11
11
31.864.478
17,2TII
31.857,201
30,529.605
112.1251
30.517.480
The notes on pages 12 10 20 form part of these finan SlatemÈnts_
Approved by tl* board oltru81ees and signed on its beha
TruÈtÈe (
Date
Page 8
## **THE JOHN R. MURRAY CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **STATEMENT OF CASH FLOWS**
|**Note**
**£**
**£**
**Net cash flow from operating activities (see below)**
(2,915,608)
**Cash flow from investing activities**
Interest received
295,214
Proceeds from sale of investments
14,184,974
Purchase of investments
(7,861,001)
**Net cash flow from investing activities**
6,619,187
**Net increase/(decrease) in cash and cash equivalents**
3,703,579
**Cash and cash equivalents at 1 January**
561,161
**Cash and cash equivalents at 31 December**
4,264,740
**Cash and cash equivalents consist of:**
Cash at bank and in hand
4,009,833
Cash held within investment portfolio for transactions
254,907
**Cash and cash equivalents at 31 December**
4,264,740
**Reconciliation of net income to net cash flow from operating activities**
**£**
**£**
Net income for the year
1,339,721
Adjusted for:
Interest and dividends
(295,214)
(Gains)/losses on investments
(3,967,983)
Increase/(decrease) in creditors
7,868
(4,255,329)
(2,915,608)
**Analysis of net debt**
**2019**
**Cash flows**
**2020**
**£**
**£**
**£**
Total liabilities
-
-
-
Cash and cash equivalents
(595,835)
34,674
(561,161)
(595,835)
34,674
(561,161)
**2021**
**2021**|**£**
**£**
(1,350,561)
340,620
6,340,113
(5,194,203)
1,486,530
135,969
425,192
561,161
(4,653)
565,814
561,161
**£**
**£**
2,713,715
(340,620)
(3,674,226)
(49,430)
(4,064,276)
(1,350,561)
**Cash flows**
**2021**
**£**
**£**
-
-
(3,703,579)
(4,264,740)
(3,703,579)
(4,264,740)
**2020**
**2020**|**£**
**£**
(1,350,561)
340,620
6,340,113
(5,194,203)
1,486,530
135,969
425,192
561,161
(4,653)
565,814
561,161
**£**
**£**
2,713,715
(340,620)
(3,674,226)
(49,430)
(4,064,276)
(1,350,561)
**Cash flows**
**2021**
**£**
**£**
-
-
(3,703,579)
(4,264,740)
(3,703,579)
(4,264,740)
**2020**
**2020**|
|---|---|---|
|||(1,350,561)|
|||**2021**
**£**
-
(4,264,740)|
|||(4,264,740)|
**Page 9**
## **THE JOHN R. MURRAY CHARITABLE TRUST**
## FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **ACCOUNTING POLICIES**
## **General information, scope and basis of the financial statements**
The John R. Murray Charitable Trust is an unincorporated charity 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:
- Costs of raising funds includes investment management fees; and
- Expenditure on charitable activities includes grants in furtherance of the charity's objects together with support and governance costs.
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 2021
## **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 2021
## **NOTES TO THE FINANCIAL STATEMENTS**
## **1. Investment income**
|Income from listed investments
Interest income
**2. Investment management fees**
Investment management fees|**Unrestricted**
**Funds**
**£**
295,214
-
295,214
**Unrestricted**
**Funds**
**£**
-
-|**Expendable**
**Endowment**
**Funds**
**£**
-
-
-
**Expendable**
**Endowment**
**Funds**
**£**
229,962
229,962|**2021**
**Total**
**Funds**
**£**
295,214
-
295,214
**2021**
**Total**
**Funds**
**£**
229,962
229,962|**Unrestricted**
**Funds**
**£**
340,567
53
340,620
**Unrestricted**
**Funds**
**£**
-
-|**Expendable**
**Endowment**
**Funds**
**£**
-
-
-
**Expendable**
**Endowment**
**Funds**
**£**
193,705
193,705|**2020**
**Total**
**Funds**
**£**
340,567
53|
|---|---|---|---|---|---|---|
|||||||340,620|
|||||||**2020**
**Total**
**Funds**
**£**
193,705|
|||||||193,705|
## **3. Charitable activities**
|Grants to institutions (see note 4)
Support - rent
Support - bank charges
Support - legal fees
Governance - Legal fees
Governance - Auditors remuneration
Governance - Trustee' expenses|**Unrestricted**
**Funds**
**£**
2,639,300
27,681
469
22,212
72
3,780
-
2,693,514|**Expendable**
**Endowment**
**Funds**
**£**
-
**-**
**-**
**-**
**-**
-
-
-|**2021**
**Total**
**Funds**
**£**
2,639,300
27,681
469
22,212
72
3,780
-
2,693,514|**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|
## **4. Grants to institutions**
|**4. Grants to institutions**|||||
|---|---|---|---|---|
|**No.**
_Advancement of amateur sport_
Disable Sailor's Association
1
Durham Association of Boys and Girls Clubs
1
Ebony Horse Club
Sunderland Amateur Boxing Club
_Advancement of citizenship or community development_
Armitt Library Museum Club
1
St. Peter's Children & Young People's Activities Group
Team Oasis Children's Charity
1
Wells City Band|**Unrestricted**
**Funds**
**£**
5,000
5,000
-
-
10,000
10,000
-
10,000
-
20,000|**Expendable**
**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-|**2021**
**Total**
**Funds**
**£**
5,000
5,000
-
-
10,000
10,000
-
10,000
-
20,000|**2020**
**Total**
**Funds**
**£**
-
-
20,000
2,000|
|||||22,000|
|||||-
5,000
5,000
1,000|
|||||11,000|
**Page 12**
## **THE JOHN R. MURRAY CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **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
1
Almedia Theatre
Art Fund
1
Bronte Parsonage Museum/The Bronte Society
Charles Dickens Nurseries
1
Clapham Pottery Ltd
Clapton Common Boys Club
1
City of London Sinfonia
1
David Parr House
Dr Johnson's House Trust
1
English Heritage Trust
1
Friends of the Falkland Islands Museum & Jane Cameron
1
Friends of National Libraries
1
Fry Art Gallery Society
1
Historic Chapels Trust
1
Jermyn Street Theatre
Keats-Shelley Memorial Association
1
Landmark Trust
1
National Gallery Trust
1
SAVE Britain's Heritage
1
Sinfonia Cymru
Sir John Soane's Museum Trust
1
Society of Antiquaries
1
Spitalfields Music
1
Spitalfields Music (2019 donation written off)
The Abbotsford Trust
1
The College of Arms
The Strawberry Hill Trust
1
Troupe (Theatre)
Watts Gallery
1
Wordsworth Trust
1
YCAT
1
_Advancement of poverty_
Cripplegate Foundation
1
Eastside Community Trust
1
Edinburgh Young Carers
House of Mercy
1
_Advancement of religion_
Friends of Bethesda Chapel
_Advancement of environmental protection or improvement_
UK Antarctic Heritage Trust
Wey and Arun Canal Trust
Whish
_Other charitable purposes_
Tough Enough to Care
1
_Promotion of efficiency of the armed forces_
Wings for Warriors
1|**Unrestricted**
**Funds**
**£**
20,000
-
20,000
-
20,000
-
3,000
20,000
-
50,000
50,000
30,000
1,020,000
31,000
7,000
-
60,000
50,000
35,100
49,000
-
42,000
20,700
12,000
-
100,000
-
50,000
-
50,000
50,000
10,000
1,799,800
5,000
5,000
-
3,000
13,000
-
-
-
-
-
-
3,000
3,000
2,000
2,000|**Expendable**
**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**2021**
**Total**
**Funds**
**£**
20,000
-
20,000
-
20,000
-
3,000
20,000
-
50,000
50,000
30,000
1,020,000
31,000
7,000
-
60,000
50,000
35,100
49,000
-
42,000
20,700
12,000
-
100,000
-
50,000
-
50,000
50,000
10,000
1,799,800
5,000
5,000
-
3,000
13,000
-
-
-
-
-
-
3,000
3,000
2,000
2,000|**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|
|||||-|
|||||-|
|||||-|
|||||-|
**Page 13**
## **THE JOHN R. MURRAY CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **NOTES TO THE FINANCIAL STATEMENTS**
|**4. Analysis of grants - to institutions (continued)**
**No.**
_Advancement of health and the saving of lives_
Cardiac Risk in the Young
1
Centre Point
1
Children with Cancer UK
Clic Sargent
Dream Makers
1
Group B Strep Support
1
Headstart 4 Babies
Headway
1
Kawasaki Fund
Lennox Children's Cancer Fund
1
Médecins Sans Frontières
OPA (Oesophageal Patients Association)
1
Passage 2000
Royal Trinity Hospice
1
St Joseph's Hospice Hackney
1
Strongbones Children's Charitable Trust
1
The Cheer-up Squad Limited
UCLH Charity
1
UK ABIF
1
Wellspring Counselling Ltd
1
Winchester Hospice Fundraising Office
1
Yorkshire Children's Trust
Zoe's Place Baby Hospice
_Relief of those in need_
Able Kidz
1
Blind Aid
1
BBC Children in Need Appeal
Buddy's for Children with Autism
1
Building for the Future
1
Cerebral Palsy Plus
City Escape
1
Clothing Solutions
1
Dolphin Society
1
Event Mobility
1
Exeter Community Transport Association
1
Helping Disabilities Trust
1
Hot Line Meals Service
1
Leeds Weekend Care Association
Out of Class
1
Seeing Dogs
ShelterBox Trust
1
SNAPS (children's charity)
Step by Step
1
The Book Trade Charity
1
Up n Away
1
Young & Free
1|**Unrestricted**
**Funds**
**£**
5,000
3,000
-
-
3,000
1,000
-
2,000
-
2,000
-
5,000
-
5,000
2,000
2,000
-
10,000
5,000
5,000
50,000
-
-
100,000
5,000
5,000
-
3,000
3,000
-
5,000
2,000
5,000
5,000
2,000
2,000
3,000
-
2,000
-
2,000
-
5,000
10,000
5,000
5,000
69,000|**Expendable**
**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**2021**
**Total**
**Funds**
**£**
5,000
3,000
-
-
3,000
1,000
-
2,000
-
2,000
-
5,000
-
5,000
2,000
2,000
-
10,000
5,000
5,000
50,000
-
-
100,000
5,000
5,000
-
3,000
3,000
-
5,000
2,000
5,000
5,000
2,000
2,000
3,000
-
2,000
-
2,000
-
5,000
10,000
5,000
5,000
69,000|**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|
**Page 14**
## **THE JOHN R. MURRAY CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **NOTES TO THE FINANCIAL STATEMENTS**
|**4. Analysis of grants - to institutions (continued)**
**No.**
_Advancement of education_
Activiteens
1
Ap Cymru/Autism Puzzles
Ashton Secondary School
1
Angel Community Canal Boat Trust
1
Barts Charity
1
Battersea Summer Scheme
1
Bede House Association
1
Bleasdale School
1
Blueprint Training & Expertise
Bristol Children's Help Society
1
British Institute of Florence
1
Cambridge University Library
1
Camp Horizon/Kids Care London
1
Cardiff DEAF Centre
Charleston Trust (Emergency appeal)
Children's Bookfest Chichester
1
Children Ahead Ltd
Community Hub
1
Ditch the Label
1
Eton College (The Kynge's College of our Lady of Eton.)
Enterprising Youth Education
1
Finding Rhythms
1
First Story
Gainsborough's House Society
1
Garden Museum
1
Give a Book
1
GL 11 Community Project
1
Handal House Trust Ltd
Hanover School Association
Happy Kids
1
IMPACT Foundation
Inspiring Minds
Jane Austen's House Museum
Katherine Low Settlement
Kids N'action
1
Kingsbury Primary School
1
Koi Bonaich
1
Lakeland Arts
1
Lake District Summer Music
1
Life Education Bristol
1
Little Hiccups
Loughborough Bell Foundry Trust
Loughborough Junction Action Group
1
Magdalen College Oxford
1
Mitchell's Miracles Neuroblastoma Charity
Morecombe Road School
1
Music for Youth
1
Music Preserved
IMS Prussia Cove
1
National Youth Orchestra of Great Britain
1
Newlyn School of Art
Nottinghamshire Clubs for Young People
Only Connect
1
_Carried down_|**Unrestricted**
**Funds**
**£**
2,000
-
5,000
10,000
10,000
10,000
5,000
5,000
-
5,000
50,000
10,000
3,000
-
-
2,000
-
5,000
3,000
-
5,000
15,000
-
50,000
30,000
10,000
2,000
-
-
3,000
-
-
-
-
3,000
5,000
5,000
50,000
5,000
3,000
-
-
5,000
50,000
-
10,000
5,000
-
22,500
25,000
-
-
5,000
433,500|**Expendable**
**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**2021**
**Total**
**Funds**
**£**
2,000
-
5,000
10,000
10,000
10,000
5,000
5,000
-
5,000
50,000
10,000
3,000
-
-
2,000
-
5,000
3,000
-
5,000
15,000
-
50,000
30,000
10,000
2,000
-
-
3,000
-
-
-
-
3,000
5,000
5,000
50,000
5,000
3,000
-
-
5,000
50,000
-
10,000
5,000
-
22,500
25,000
-
-
5,000
433,500|**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|
|---|---|---|---|---|
|||||334,000|
**Page 15**
## **THE JOHN R. MURRAY CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **NOTES TO THE FINANCIAL STATEMENTS**
## **4. Analysis of grants - to institutions (continued)**
|**No.**
_Advancement of education (continued)_
_Brought down_
Opportunity Sports Foundation
1
Oxford Dante Society
1
Pallant House Gallery
Pallion Action Group
Parker Trust
1
Prisoners' Education Trust
Rasonata Symphony Orchestra
Refugee
Ride-2-Success
Royal Academy of Arts
1
Row UK Foundation
Safe Families
1
Schonfeld Square Foundation
1
Snowflake School for Children with Autism
St Bride Foundation
St May & Stl Margaret's CofE Primary School
1
St Mungo's Community Housing Association
1
St Peter's Children and Young Peoples Activities
1
The British Institute of Florence
The Canal & River Trust
The Foundling Museum Trust
1
The No Way Trust Ltd
The Somerset House Trust for Somerset House Signage
The Sussex Beacon
UK Acquired Brain Injury Trust
University of Cambridge (Fitzwilliam)
1
University of Edinburgh Development Trust
1
University of Leicester (Wilberforce Diaries)
1
Youth on the Move
_Total grants to institutions_|**Unrestricted**
**Funds**
**£**
433,500
5,000
3,000
-
-
5,000
-
-
-
-
10,000
-
5,000
2,000
-
-
1,000
20,000
3,000
-
-
30,000
-
-
-
-
65,000
30,000
10,000
-
622,500
2,639,300|**Expendable**
**Endowment**
**Funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**2021**
**Total**
**Funds**
**£**
433,500
5,000
3,000
-
-
5,000
-
-
-
-
10,000
-
5,000
2,000
-
-
1,000
20,000
3,000
-
-
30,000
-
-
-
-
65,000
30,000
10,000
-
622,500
2,639,300|**2020**
**Total**
**Funds**
**£**
334,000
-
-
5,000
2,000
-
15,000
1,000
2,000
2,000
5,000
2,000
-
-
2,000
5,000
-
-
-
50,000
25,000
40,000
5,000
55,000
2,000
5,000
33,000
10,000
-
2,000|
|---|---|---|---|---|
|||||602,000|
|||||1,063,282|
## **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 to three recipients totalling £142,100. Future awards are subject to satisfactory applications from the grant recipients.
## **5. Auditors' remuneration**
|**5. Auditors' remuneration**|||||||
|---|---|---|---|---|---|---|
|||**Expendable**|**2021**||**Expendable**|**2020**|
||**Unrestricted**|**Endowment**|**Total**|**Unrestricted**|**Endowment**|**Total**|
||**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|**Funds**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Audit remuneration - audit|3,780|-|3,780|3,780|-|3,780|
**Page 16**
## **THE JOHN R. MURRAY CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **NOTES TO THE FINANCIAL STATEMENTS**
## **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 in the comparative year totalling £493 to one trustee.
## **7. Tangible fixed assets**
|**Cost**
At 1 January 2021
Additions
Disposals
**At 31 December 2021**
**Depreciation**
At 1 January 2021
Charge
**At 31 December 2021**
**Net book value**
At 31 December 2021
At 1 January 2021|**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|
## **8. Investments**
|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**
**£**
29,963,791
7,861,001
(12,670,111)
2,453,120
-
-
27,607,801
2,453,120
998,114
3,451,234
23,433,437
4,174,364
-
27,607,801|**cash**
**£**
(608,402)
-
-
-
516,749
346,560
254,907
-
516,749
516,749
-
-
254,907
254,907|**2021**
**Total**
**£**
29,355,389
7,861,001
(12,670,111)
2,453,120
516,749
346,560
27,862,708
2,453,120
1,514,863
3,967,983
23,433,437
4,174,364
254,907
27,862,708|**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|
**Page 17**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **THE JOHN R. MURRAY CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **9. Creditors: amounts falling due within one year**
|**9. Creditors: amounts falling due within one year**|||
|---|---|---|
|Accruals
Grant creditors
Loan|**2021**
**£**
18,780
5,000
-
23,780|**2020**
**£**
15,912
-
-|
|||15,912|
## **10. Analysis of net assets between funds**
|Tangible assets
Investments
Other net assets|**Unrestricted**
**Funds**
**£**
8,440
-
(15,717)
(7,277)|**Expendable**
**Endowment**
**Funds**
**£**
-
27,862,708
4,001,770
31,864,478|**2021**
**Total**
**Funds**
**£**
8,440
27,862,708
3,986,053
31,857,201|**Total**
**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|
## **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 2021**||||
||**Total funds**
**brought**
**forward**
**£**
30,529,605
30,529,605
8,440
(20,565)
(12,125)
30,517,480|**Total**
**Incoming**
**resources**
**£**
-
-
-
295,214
295,214
295,214|**Total**
**resources**
**expended**
**£**
(229,962)
(229,962)
-
(2,693,514)
(2,693,514)
(2,923,476)|**Gains/**
**(losses) on**
**investments**
**£**
3,967,983
3,967,983
-
-
-
3,967,983|**Transfers**
**between**
**funds**
**£**
(2,403,148)
(2,403,148)
-
2,403,148
2,403,148
-|**Total funds**
**carried**
**forward**
**£**
31,864,478|
|||||||31,864,478|
|||||||8,440
(15,717)|
|||||||(7,277)|
||||||||
|||||||31,857,201|
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.
**Page 18**
## **THE JOHN R. MURRAY CHARITABLE TRUST**
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
## **NOTES TO THE FINANCIAL STATEMENTS**
## **11. Reconciliation of net movement in funds (continued)**
|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**|**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|
## **12. Financial instruments**
The carrying amounts of the charity's financial instruments are as follows:
|**2021**
**Total**
**Funds**
**£**
_Financial assets_
Measured at fair value through net income/(expenditure):
Fixed asset investments
27,607,801
27,607,801
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
**2021**
**Total**
**Funds**
**£**
_Income and expense_
Financial assets measured at fair value through net income/(expenditure)
Investment income
295,214
Investment management fees
(229,962)
65,252
_Net gains and losses (including changes In fair value)_
Financial assets measured at fair value through net income/(expenditure)
Unrealised gains/(losses) on investments
2,453,120
Realised gains/(losses) on investments
1,514,863
3,967,983|**2020**
**Total**
**Funds**
**£**
29,963,791|
|---|---|
||29,963,791|
||**2020**
**Total**
**Funds**
**£**
340,567
(193,705)|
||146,862|
||2,962,441
711,785|
||3,674,226|
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 2021
## **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**
**£**
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|
**Page 20**