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2022-12-31-accounts

The John R. Murray Charitable Trust

Trustees’ Report

and Financial Statements for the year ended 31 December 2022

Registered Charity Number 1100199

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022

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 2022

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 2022. 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 101 (2021: 110) grants totalling £5,325,340 (2021: £2,639,300) 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 2022 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 2022 TRUSTEES, REPORT FINANCIAL REVIEW Total incoming resources lor the yèar ended 31 December 2022 were £5,410,18612021.. £2,698,362) consisting ol investment income of £227,176 12021.. £295,214) and Iranslers from endowment funds of £5,183,010 12021.. £2,403,148). Outgoing re80urces lolalled ES,574,11512021.. £2,923.4761 including £5,325,34012021.' £2,639,300) of grants lo beneficiaries. The existence ol a subslanlial expendable endowment fund generating investment income allows the trustees lo take the view that no unreslricled fund reserves are required. Al 31 December 2022 the charity's lolal funds amounted to £23,059,891 12021.. £31,857,201) consisting ol expendable endowment funds of £23,052,874 12021". £31,864,4781 and unrestricted funds a Surplus of £7,017 12021.. delicil 01 £7,277). Free reservès, being unrestricted funds nol represented by fixed assets wer& a deficit DI £1,423 12021.. delicil 01 £15,717). The creation of the deficit on funds arises through the recDgnilion of expenditure before th8 transfer ol assets lo salisty the liabilities. The charity's principal funding source is investment income generated from the investment ol funds realised on sale ol the Murray Archive. Under the Declaration of Trust, the Iruslees are empowered to invest in any mode ol investment which the trustees could effect if they were absolutely and beneficially entitled. The charify's investment policy has been 10 211ocate funds available for inveslment in order lo gain exposure to a wide class ol investment vehicles and in order to sprèad risk. PLANS FOR FUTURE PERIODS The trustees will continue to support the National Library of Scotland in ils pres?rvation and the promotion of the Archive to a wide public audience, subject lo the trustees being satisfied that grants awarded lor this purpose have met the Irustee5' aims, and that further fLJnding from the trustees remains appropriate. The trustees will continue lo SUPPDrt other charities that they are particularly interested in including the arts and literature. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees are responsiblè for preparing the Trusteès, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charilles in England & Wales requires the twslees lo prepare financial statements for each financial year which give a true and lair view of the stale of affairs ol the charity and of the incoming resources and application of resource5 of the charity lor that period. In preparing these financial statements, the trustees are required to.. select 5Ultable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable ar)d prudent. slate whether applicable accounting standard5 hav& been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charity will coNlinue in operation. The Iruslees are responsible lor keeping proper accounting records that disclose with reasonable accuracy at any time the financial position ol the charity and enable them lo ensure that the financial slalements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also respc>nsible for safeguarding the assets of the charty and hence forlaking reasonable steps lor the prevention and detection ol fraud and other irregularities. Approved by the trustees and signed on their behalt Trustee. Date Page 3

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including 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. 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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:

Page 4

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

INDEPENDENT AUDITOR’S REPORT

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities, 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.

Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, Employment Act and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.

Audit procedures performed by the engagement team included:

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-guidance-forauditors/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 2022 INDEPENDENT AUDThOR'S REPORT Use of our report This ieport is rllado solely to the charity's Iruslees, as a body. in accordance with Part 4 of the Charities IAccDunts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charty's Iiuslees those mallers we are required ID 51ale to them in an auditorfs report and for no other purpose. To the fullest exlenl permitted by law, we do not a￿ept or assume responsibility lo anyone other than the charity and the charity's Iruslees as a body, lor our audit work. lor this report, OT lor thè opinions we have formed. -fvLIJ Cawley Priory South Pallant Chichester Wesl Sussex P019 1SY Blue Spire Limited, Stalulory Auditor Date Slue 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 2022

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
£
227,176
227,176
-
5,395,892
5,395,892
-
(5,168,716)
5,183,010
14,294
(7,277)
7,017		 Expendable
Endowment
Funds
£
-
-
178,223
-
178,223
(3,450,371)
(3,628,594)
(5,183,010)
(8,811,604)
31,864,478
23,052,874		 2022
Total
Funds
£
227,176
227,176
178,223
5,395,892
5,574,115
(3,450,371)
(8,797,310)
-
(8,797,310)
31,857,201
23,059,891		 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

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 2022 BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note FIXED ASSETS Tangible fixed 8SS8Is Inveslmenls Total asspts 8.440 22.911.D09 27,862,7D8 22,919,449 27,B71,148 CLIRRENT ASSErs Cash al hand and In bank Total curreDt 455ets 155,022 155.022 4,009,833 4,009.833 CURRENT LIABILlllE8 Creditor5". amounts falllno due wlnin one yèar Nèt curront 0s50ts 14.580 23.780 140.442 3.PB6,053 Net assets 23,059,891 31,857.2D1 THE FUNDS OF THE CHARITY Expendablè endowment funds Unigstrlctsd funds Total ¢harlty funds 23,052,874 7,017 23.059.eg1 31.864.478 17.277) 31,857.201 The Doles on pages 12 to 20 fDrm part of trLeÈe flnandal slalemeDts. Approvecl by Ihp board of Iruslee3 and Sign￿ on 115 behalf Trustee ,' Dale Page 8

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF CASH FLOWS

Note
£
£
Net cash flow from operating activities (see below)
(5,583,315)
Cash flow from investing activities
Interest received
227,176
Proceeds from sale of investments
6,055,328
Purchase of investments
(4,277,327)
Net cash flow from investing activities
2,005,177
Net increase/(decrease) in cash and cash equivalents
(3,578,138)
Cash and cash equivalents at 1 January
4,264,740
Cash and cash equivalents at 31 December
686,602
Cash and cash equivalents consist of:
Cash at bank and in hand
155,022
Cash held within investment portfolio for transactions
531,580
Cash and cash equivalents at 31 December
686,602
Reconciliation of net income to net cash flow from operating activities
£
£
Net income for the year
(8,797,310)
Adjusted for:
Interest and dividends
(227,176)
(Gains)/losses on investments
3,450,371
Increase/(decrease) in creditors
(9,200)
3,213,995
(5,583,315)
Analysis of net debt
2020
Cash flows
2021
£
£
£
Total liabilities
-
-
-
Cash and cash equivalents
(561,161)
(3,703,579)
(4,264,740)
(561,161)
(3,703,579)
(4,264,740)
2022
2022		 £
£
(2,915,608)
295,214
14,184,974
(7,861,001)
6,619,187
3,703,579
561,161
4,264,740
4,009,833
254,907
4,264,740
£
£
1,339,721
(295,214)
(3,967,983)
7,868
(4,255,329)
(2,915,608)
Cash flows
2022
£
£
-
-
3,578,138
(686,602)
3,578,138
(686,602)
2021
2021		 £
£
(2,915,608)
295,214
14,184,974
(7,861,001)
6,619,187
3,703,579
561,161
4,264,740
4,009,833
254,907
4,264,740
£
£
1,339,721
(295,214)
(3,967,983)
7,868
(4,255,329)
(2,915,608)
Cash flows
2022
£
£
-
-
3,578,138
(686,602)
3,578,138
(686,602)
2021
2021
(2,915,608)
2022
£
-
(686,602)
(686,602)

Page 9

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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:

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 2022

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 2022

NOTES TO THE FINANCIAL STATEMENTS

1. Investment income

1. Investment income
Income from listed investments
Interest income		 Unrestricted
Funds
£
225,338
1,838
227,176		 Expendable
Endowment
Funds
£
-
-
-		 2022
Total
Funds
£
225,338
1,838
227,176		 Unrestricted
Funds
£
295,214
-
295,214		 Expendable
Endowment
Funds
£
-
-
-		 2021
Total
Funds
£
295,214
-
295,214

2. Investment management fees

2. Investment management fees
Investment management fees Unrestricted
Funds
£
-
-		 Expendable
Endowment
Funds
£
178,223
178,223		 2022
Total
Funds
£
178,223
178,223		 Unrestricted
Funds
£
-
-		 Expendable
Endowment
Funds
£
229,962
229,962		 2021
Total
Funds
£
229,962
229,962

3. Charitable activities

3. Charitable activities
Grants to institutions (see note 4)
Support - rent
Support - bank charges
Support - legal fees
Support - Event costs
Governance - Legal fees
Governance - Joan Winterkorn
Governance - Auditors remuneration
Governance - Trustees' expenses		 Unrestricted
Funds
£
5,325,340
28,407
511
24,000
500
72
12,000
3,780
1,282
5,395,892		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-		 2022
Total
Funds
£
5,325,340
28,407
511
24,000
500
72
12,000
3,780
1,282
5,395,892		 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

4. Grants to institutions

No.
Advancement of amateur sport
Altofts Community & Sports Foundation
1
Disable Sailor's Association
1
Durham Association of Boys and Girls Clubs
1
Advancement of citizenship or community development
Armitt Library Museum Club
1
St. Peter's Children & Young People's Activities Group
1
Team Oasis Children's Charity
1		 Unrestricted
Funds
£
2,000
5,000
5,000
12,000
5,000
5,000
20,000
30,000		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-		 2022
Total
Funds
£
2,000
5,000
5,000
12,000
5,000
5,000
20,000
30,000		 2021
Total
Funds
£
-
5,000
5,000
10,000
10,000
-
10,000
20,000

Page 12

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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
1
Art Fund
1
Boswell Trust
1
Britten Sinfonia
1
Canal & River Trust
1
Charles Dickens Nurseries
1
Clapham Pottery Limited
1
Clapton Common Boys Club
1
City of London Sinfonia
1
David Parr House
1
Dr Johnson's House Trust
English Heritage Trust
Friends of the Falkland Islands Museum & Jane Cameron Archive
Friends of National Libraries
1
Fry Art Gallery Society
Historic Chapels Trust
House of Illustration
1
Keats-Shelley Memorial Association
1
Kensington Chamber Orchestra
1
Landmark Trust
National Gallery Trust
1
Petworth Festival
1
SAVE Britain's Heritage
1
Sir John Soane's Museum Trust
1
Society of Agricultutal Historians of Great Britain
1
Society of Antiquaries
Spitalfields Music
The Abbotsford Trust
1
The Strawberry Hill Trust
The Telling
1
The Turner Society
1
The Yavari Project
1
Troupe (Theatre)
1
Victoria & Albert Museum
1
Watts Gallery
1
Wordsworth Trust
1
YCAT
1
Advancement of poverty
Bristol Refugee Rights
1
Cripplegate Foundation
Eastside Community Trust
1
House of Mercy
Sofa Project
1
Advancement of religion
The Westminster Abbey Trust
1
Advancement of environmental protection or improvement
Highgate Cemetary Trust
1
Wey and Arun Canal Trust
1		 Unrestricted
Funds
£
20,000
5,000
20,000
20,000
6,000
35,500
30,000
30,000
3,000
15,000
20,000
-
-
-
1,000,000
-
-
50,000
4,350
2,000
-
35,100
4,290
56,500
42,000
3,600
-
-
1,000,000
-
5,000
5,000
5,000
3,000
20,000
50,000
1,000,000
10,000
3,500,340
25,000
-
5,000
-
2,000
32,000
5,000
5,000
20,000
3,000
23,000		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
Funds
£
20,000
5,000
20,000
20,000
6,000
35,500
30,000
30,000
3,000
15,000
20,000
-
-
-
1,000,000
-
-
50,000
4,350
2,000
-
35,100
4,290
56,500
42,000
3,600
-
-
1,000,000
-
5,000
5,000
5,000
3,000
20,000
50,000
1,000,000
10,000
3,500,340
25,000
-
5,000
-
2,000
32,000
5,000
5,000
20,000
3,000
23,000		 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
-
-
-
-
-

Page 13

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of grants - to institutions (continued)
No.
Promotion of efficiency of the armed forces
Wings for Warriors
1
Advancement of health and the saving of lives
Cardiac Risk in the Young
1
Carers Trust
1
Centre Point
1
Crackerjacks Children's Trust
1
Dream Makers
1
Epilepsy Research UK
1
Group B Strep Support
Headstart 4 Babies
1
Headway
Lennox Children's Cancer Fund
1
OPA (Oesophageal Patients Association)
1
Passage 2000
1
Refuge
1
Royal Trinity Hospice
1
St Joseph's Hospice Hackney
1
Strongbones Children's Charitable Trust
1
The Cheer-up Squad Limited
1
UCLH Charity
UK ABIF
1
Wellspring Counselling Ltd
1
Winchester Hospice Fundraising Office
Yorkshire Children's Trust
1
Relief of those in need
Able Kidz
1
Blind Aid
Buddy's for Children with Autism
Building for the Future
Cerebral Palsy Plus
1
City Escape
1
Clothing Solutions
Dolphin Society
East Teignbridge CTA
1
Event Mobility
Exeter Community Transport Association
1
Helping Disabilities Trust
Hot Line Meals Service
1
Maxability
1
Out of Class
Seeing Dogs
1
ShelterBox Trust
Step by Step
Switchback Initiative
1
The Book Trade Charity
Up n Away
1
Young & Free		 Unrestricted
Funds
£
2,000
2,000
5,000
3,000
3,000
2,000
3,000
2,000
-
5,000
-
10,000
5,000
5,000
2,000
5,000
5,000
2,000
2,000
-
5,000
5,000
-
3,000
72,000
5,000
-
-
-
2,000
5,000
-
-
3,000
-
2,000
-
3,000
2,000
-
1,000
-
-
60,000
-
10,000
-
93,000		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
Funds
£
2,000
2,000
5,000
3,000
3,000
2,000
3,000
2,000
-
5,000
-
10,000
5,000
5,000
2,000
5,000
5,000
2,000
2,000
-
5,000
5,000
-
3,000
72,000
5,000
-
-
-
2,000
5,000
-
-
3,000
-
2,000
-
3,000
2,000
-
1,000
-
-
60,000
-
10,000
-
93,000		 2021
Total
Funds
£
2,000
2,000
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

Page 14

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of grants - to institutions (continued)
No.
Advancement of education
Activiteens
1
Ashton Secondary School
Angel Community Canal Boat Trust
1
Barts Charity
Battersea Summer Scheme
Bede House Association
1
Bleasdale School
Blueprint Training & Expertise
1
Bristol Children's Help Society
1
British Institute of Florence
1
Cambridge University Library
Camp Horizon/Kids Care London
1
Children's Bookfest Chichester
1
Community Hub
Ditch the Label
1
Enterprising Youth Education
Finding Rhythms
First Story
1
Francis Holland School Trust
1
Gainsborough's House Society
1
Garden Museum
1
Give a Book
1
GL 11 Community Project
Happy Kids
Katherine Low Settlement
1
Kids N'action
1
Kingsbury Primary School
Koi Bonaich
Lakeland Arts
1
Lake District Summer Music
1
Life Education Bristol
Loughborough Junction Action Group
Magdalen College Oxford
Morecombe Road School
Music for Youth
IMS Prussia Cove
National Youth Orchestra of Great Britain
1
Newlyn School of Art
1
Nottinghamshire Clubs for Young People
Only Connect
1
Opportunity Sports Foundation
Oxford Dante Society
Parker Trust
Royal Academy of Arts
1
Safe Families
1
Schonfeld Square Foundation
St May & Stl Margaret's CofE Primary School
St Mungo's Community Housing Association
St Peter's Children and Young Peoples Activities
The Foundling Museum Trust
1
The No Way Trust Ltd
1
University of Cambridge (Fitzwilliam)
University of Edinburgh Development Trust
1
Carried down		 Unrestricted
Funds
£
3,000
-
10,000
-
-
5,000
-
2,000
10,000
100,000
-
3,000
2,000
-
3,000
-
-
50,000
5,000
50,000
42,000
10,000
-
-
30,000
3,000
-
-
30,000
5,000
-
-
-
-
-
-
1,000,000
5,000
5,000
-
-
-
10,000
5,000
-
-
-
-
50,000
5,000
-
82,000
1,525,000		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2022
Total
Funds
£
3,000
-
10,000
-
-
5,000
-
2,000
10,000
100,000
-
3,000
2,000
-
3,000
-
-
50,000
5,000
50,000
42,000
10,000
-
-
30,000
3,000
-
-
30,000
5,000
-
-
-
-
-
-
1,000,000
5,000
-
5,000
-
-
-
10,000
5,000
-
-
-
-
50,000
5,000
-
82,000
1,525,000		 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
5,000
3,000
5,000
10,000
5,000
2,000
1,000
20,000
3,000
30,000
-
65,000
30,000
612,500

Page 15

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of grants - to institutions (continued)

No.
Advancement of education (continued)
Brought down
University of Leicester (Wilberforce Diaries)
Young and Inspired
1
Youth on the Move
1
Other charitable purposes
Blossoms London
1
Tempus Novo
1
Tough Enough to Care
1
Total grants to institutions		 Unrestricted
Funds
£
1,525,000
-
3,000
3,000
1,531,000
2,000
20,000
3,000
25,000
5,325,340		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-		 2022
Total
Funds
£
1,525,000
-
3,000
3,000
1,531,000
2,000
20,000
3,000
25,000
5,325,340		 2021
Total
Funds
£
612,500
10,000
-
-
622,500
-
-
3,000
3,000
2,639,300

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 eleven recipients totalling £1,238,100. Future awards are subject to satisfactory applications from the grant recipients.

5. Auditors' remuneration

5. Auditors' remuneration
Expendable 2022 Expendable 2021
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 other than reimbursement of travel costs totalling £1,282 (2021: £nil) to one (2021: no) trustee.

Page 16

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

NOTES TO THE FINANCIAL STATEMENTS

7. Tangible fixed assets

Cost
At 1 January 2022
Additions
Disposals
At 31 December 2022
Depreciation
At 1 January 2022
Charge
At 31 December 2022
Net book value
At 31 December 2022
At 1 January 2022
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
£
27,607,801
4,277,327
(7,276,232)
(2,229,467)
-
-
22,379,429
(2,229,467)
741,487
(1,487,980)
17,619,111
4,760,318
-
22,379,429		 cash
£
254,907
-
-
-
(1,962,391)
2,239,064
531,580
-
(1,962,391)
(1,962,391)
-
-
531,580
531,580		 2022
Total
£
27,862,708
4,277,327
(7,276,232)
(2,229,467)
(1,962,391)
2,239,064
22,911,009
(2,229,467)
(1,220,904)
(3,450,371)
17,619,111
4,760,318
531,580
22,911,009		 2021
Total
£
30,529,605
7,861,001
(12,670,111)
2,453,120
516,749
(827,656)
27,862,708
2,453,120
1,514,863
3,967,983
23,433,437
4,174,364
254,907
27,862,708

9. Creditors: amounts falling due within one year

Accruals
Grant creditors		 2022
£
14,580
-
14,580		 2021
£
18,780
5,000
23,780

Page 17

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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
-
(1,423)
7,017		 Expendable
Endowment
Funds
£
-
22,911,009
141,865
23,052,874		 2022
Total
Funds
£
8,440
22,911,009
140,442
23,059,891		 Total
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

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 2022
Total funds
brought
forward
£
31,864,478
31,864,478
8,440
(15,717)
(7,277)
31,857,201		 Total
Incoming
resources
£
-
-
-
227,176
227,176
227,176		 Total
resources
expended
£
(178,223)
(178,223)
-
(5,395,892)
(5,395,892)
(5,574,115)		 Gains/
(losses) on
investments
£
(3,450,371)
(3,450,371)
-
-
-
(3,450,371)		 Transfers
between
funds
£
(5,183,010)
(5,183,010)
-
5,183,010
5,183,010
-		 Total funds
carried
forward
£
23,052,874
23,052,874
8,440
(1,423)
7,017
23,059,891

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 2021 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

Page 18

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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:
2022
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
22,379,429
22,379,429
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
2022
Total
Funds
£
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
225,338
Investment management fees
(178,223)
47,115
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Unrealised gains/(losses) on investments
(2,229,467)
Realised gains/(losses) on investments
(1,220,904)
(3,450,371)		 2021
Total
Funds
£
27,607,801
27,607,801
2021
Total
Funds
£
295,214
(229,962)
65,252
2,453,120
1,514,863
3,967,983

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 2022

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
£
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

Page 20