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2023-12-31-accounts

The John R. Murray Charitable Trust

Trustees’ Report

and Financial Statements for the year ended 31 December 2023

Registered Charity Number 1100199

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

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 2023

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 2023. 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 92 (2022: 101) grants totalling £1,663,058 (2022: £5,325,340) 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 2023 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 2023 TRUSTEES, REPORT FINANCIAL REVIEW Total incoming resources for the year ended 31 December 2023 were £1,721,941 12022.. £5,410,1861 consi51ing of investment income of £240,326 12022.. £227,176) and transfers fTom endowment funds of £1,481,615 12022.. £5,183,010). Outgoing resources tolalled £1.897,40512022.. £5,574,115) including £1,663,05812022.. £5,325,340) of grants to beneficiarie5. The existence of a SLJbslantial expendable endowment fund generating Investment income allows the Iruslees lo 18ke the view that no unrestricted fund reserves are required. Al 31 December 2023 the charity's lolal funds amounted lo £24,391.34412022.. £23,059,891) consisting of expendable endowment funds of £24,390.132 12022.. £23,052,874) and unrestricted funds a Surplus of £1.21212022'. £7,017). Free reserves, being unrestricted funds not represented by fixed assets were a deficit of £7,22812022". deficit of £1,423). The creation of the deficrt on funds arises through the recognition of expenditure before the transfer of assets lo satisfy the liabilities. The charity's principal funding source is investment income generated from the investment of funds realised on Sale of the Murray Archive. Under the Declaration of Trust, the Iruslees are empowered lo invest in any mode of investment which the trustees could effect if they were absolutely and beneficially enlilled. The charity's investrnent policy has been lo allocate funds available for investment in order lo gain exposure to a wide class of investment vehicles and in order to spread risk. PLANS FOR FUTURE PERIODS The Iruslees will continue to support the National Library of Scotland in its preservation and the promotion of the Archive to a wide public audience. subject lo the trustees being satisfied that grants awarded for thi5 purpose have met the Iruslees, aims, and that further funding from the Iruslees remains appropriate. The Iruslees will continue lo support other charities that they are particularly interested in including the arts and lileralure. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Iruslees are responsible foi preparing the Trustees, Report and the financial slalernenls in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the trustees to prepare financial slalemenls for each financial year which give a Ime and fair view of the slate of affairs of the chanty and of the incoming resources and application of resources of the charity for that period. In preparing these financial slatemenls, the trustee5 are required select suitable accounting F)olicies and then apply them consislenlty., observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements", prepare the financial slalernents on the going concern basis unless il is inappropriate lo presume th31 the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable 8ccuracy at any lime the financial PDSltion of the charity and enable them lo ensure that the financial statements cornply with the Chaiilies Act 2011, the Charity IAccounls and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charty and hence forlaking reasonable steps for the prevention and dele¢lion cif fraud and other irregularities. Approved by the trustees and signed on their behalf Truste Dale li kritiMlx* JtilLF Page 3

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023 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).

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 2023

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 2023 INDEPENDENT AUDITOR'S REPORT Use of our rèport This report is made solely lo the charty's trustees, as a body, in accordance with Part 4 of the Charrties (Accounts and Reports) RegLJlalions 2008. Oui audit work has been undertaken $0 that wè might stale lo the charity's trLJslees those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullèst extent permitted by law, we do not accEPt or assumè responsibility lo anyone Dlher than the Charity and the charity's Iruslees as a body, for our audit work, for this report, or for the opinions we have formed. Cawley Priory SoLJlh Pallant Chichester Wesl Sussex P019 1SY Blue Spire Limited, Slatulory Auditor Dale If 2o¢t Blu& Spire Limited is &ligible lo act as an auditor in tem?s of section 1212 of the Companies Act 2006. Page 6

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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
£
240,326
240,326
-
1,727,746
1,727,746
-
(1,487,420)
1,481,615
(5,805)
7,017
1,212		 Expendable
Endowment
Funds
£
-
-
169,659
-
169,659
2,988,532
2,818,873
(1,481,615)
1,337,258
23,052,874
24,390,132		 2023
Total
Funds
£
240,326
240,326
169,659
1,727,746
1,897,405
2,988,532
1,331,453
-
1,331,453
23,059,891
24,391,344		 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

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 2023 BALANCE SHEET AS AT 31 DECEMBER 2023 2D23 2022 Note FIXED ASSEYS Tanglble fk%ed assets Investments Total flxpd assèts B,440 24,368.581 8.44D 22,911,009 24,377,021 22,919.449 CURRENT ASSETS Cash al h8nd £nLI in bank Total currpnt assets 31,483 31.483 155.022 155.022 CURRENT LIABILIMES Creditors-. 8moun18 falling duewithin one year Ngt curr8nt assets 17,160 14.580 14,323 140,442 N8t asspts 24.391,344 23,059,891 THE FUNDS OF THE CHARITY Expendable èndowmenttund5 Unre$trlcted funds TotAI charlty fund5 24.39D,132 1,212 24.391,344 28,052,B74 7,017 23.050.8g1 11 The note5 on pages 12 to 20 fom part of these financial statemènts. ApprovBd by board of trustees and signeLI on its behalf Trustee Dale 4.2oY* Page 8

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF CASH FLOWS

Note
£
£
Net cash flow from operating activities (see below)
(1,894,825)
Cash flow from investing activities
Interest received
240,326
Proceeds from sale of investments
9,052,337
Purchase of investments
(2,648,021)
Net cash flow from investing activities
6,644,642
Net increase/(decrease) in cash and cash equivalents
4,749,817
Cash and cash equivalents at 1 January
686,602
Cash and cash equivalents at 31 December
5,436,419
Cash and cash equivalents consist of:
Cash at bank and in hand
31,483
Cash held within investment portfolio for transactions
5,404,936
Cash and cash equivalents at 31 December
5,436,419
Reconciliation of net income to net cash flow from operating activities
£
£
Net income for the year
1,331,453
Adjusted for:
Interest and dividends
(240,326)
(Gains)/losses on investments
(2,988,532)
Increase/(decrease) in creditors
2,580
(3,226,278)
(1,894,825)
Analysis of net debt
2021
Cash flows
2022
£
£
£
Total liabilities
-
-
-
Cash and cash equivalents
(4,264,740)
3,578,138
(686,602)
(4,264,740)
3,578,138
(686,602)
2023
2023		 £
£
(5,583,315)
227,176
6,055,328
(4,277,327)
2,005,177
(3,578,138)
4,264,740
686,602
155,022
531,580
686,602
£
£
(8,797,310)
(227,176)
3,450,371
(9,200)
3,213,995
(5,583,315)
Cash flows
2023
£
£
-
-
(4,749,817)
(5,436,419)
(4,749,817)
(5,436,419)
2022
2022		 £
£
(5,583,315)
227,176
6,055,328
(4,277,327)
2,005,177
(3,578,138)
4,264,740
686,602
155,022
531,580
686,602
£
£
(8,797,310)
(227,176)
3,450,371
(9,200)
3,213,995
(5,583,315)
Cash flows
2023
£
£
-
-
(4,749,817)
(5,436,419)
(4,749,817)
(5,436,419)
2022
2022
(5,583,315)
2023
£
-
(5,436,419)
(5,436,419)

Page 9

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

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 2023

NOTES TO THE FINANCIAL STATEMENTS

1. Investment income

1. Investment income
Income from listed investments
Interest income
2. Investment management fees
Investment management fees		 Unrestricted
Funds
£
226,870
13,456
240,326
Unrestricted
Funds
£
-
-		 Expendable
Endowment
Funds
£
-
-
-
Expendable
Endowment
Funds
£
169,659
169,659		 2023
Total
Funds
£
226,870
13,456
240,326
2023
Total
Funds
£
169,659
169,659		 Unrestricted
Funds
£
225,338
1,838
227,176
Unrestricted
Funds
£
-
-		 Expendable
Endowment
Funds
£
-
-
-
Expendable
Endowment
Funds
£
178,223
178,223		 2022
Total
Funds
£
225,338
1,838
227,176
2022
Total
Funds
£
178,223
178,223

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
£
1,663,058
29,310
465
30,180
-
78
-
3,960
695
1,727,746		 Expendable
Endowment
Funds
£
-
-
-
-
-
-
-
-
-
-		 2023
Total
Funds
£
1,663,058
29,310
465
30,180
-
78
-
3,960
695
1,727,746		 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

4. Grants to institutions

No.
Advancement of amateur sport
Altofts Community & Sports Foundation
Disabled Sailor's Association
Durham Association of Boys and Girls Clubs
1
Advancement of environmental protection or improvement
Highgate Cemetary Trust
Loughborough Junction Action Group
1
Wey and Arun Canal Trust		 2023
Unrestricted
Total
Funds
£
No.
-
1
-
1
5,000
1
5,000
-
1
5,000
-
1
5,000		 2022
Unrestricted
Total
Funds
£
2,000
5,000
5,000
12,000
20,000
-
3,000
23,000

Page 12

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of grants - to institutions (continued)
No.
Advancement of citizenship or community development
Armitt Library Museum Club
St. Peter's Children & Young People's Activities Group
Team Oasis Children's Charity
The Livingstone Inititative
1
Wells City Band
1
Advancement of the arts, culture, heritage and science
Academy of Ancient Music
1
Almedia Theatre
Art Fund
Arts4dementia
1
Arvon Foundation
1
Boswell Trust
Britten Sinfonia
Canal & River Trust
1
Charles Dickens Nurseries
1
Clapham Pottery Limited
1
Clapton Common Boys Club
City of London Sinfonia
1
David Parr House
Dr Johnson's House Trust
1
EIL UK
1
Friends of National Libraries
Historic Chapels Trust
1
House of Illustration
Keats-Shelley Memorial Association
1
Kensington Chamber Orchestra
National Gallery Trust
1
National Portrait Gallery
1
Petworth Festival
SAVE Britain's Heritage
1
Sir John Soane's Museum Trust
Society of Agricultutal Historians of Great Britain
Society of Antiquaries
1
Spitalfields Music
1
St Bartholomews Heritage
1
The Abbotsford Trust
The Aurora Orchestra
1
The Koestler Trust (Koestler Arts)
1
The Park Theatre
1
The Strawberry Hill Trust
1
The Telling
The Turner Society
The Yavari Project
Troupe (Theatre)
1
Victoria & Albert Museum
Watts Gallery
1
Wordsworth Trust
1
YCAT		 2023
Unrestricted
Total
Funds
£
No.
-
1
-
1
-
1
5,000
2,000
7,000
20,000
1
-
1
-
1
5,000
10,000
-
1
-
1
6,572
1
30,000
1
17,500
1
-
1
15,000
1
-
1
30,000
10,000
-
1
5,000
-
1
35,000
1
-
1
38,040
1
78,013
-
1
55,000
1
-
1
-
1
20,250
10,000
50,000
-
1
15,000
20,000
3,000
80,000
-
1
-
1
-
1
2,000
1
-
1
200,000
1
14,000
1
-
1
769,375		 2022
Unrestricted
Total
Funds
£
5,000
5,000
20,000
-
-
30,000
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

Page 13

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of grants - to institutions (continued)
No.
Advancement of poverty
Bristol Children's Help Society
1
Bristol Refugee Rights
Cripplegate Foundation
1
DEC (Disaster Emergency Committee)
1
Eastside Community Trust
Sofa Project
Advancement of religion
The Westminster Abbey Trust
Promotion of efficiency of the armed forces
Wings for Warriors
1
Advancement of health and the saving of lives
Cardiac Risk in the Young
Carers Trust
Centre Point
Crackerjacks Children's Trust
1
Down Syndrome Research Foundation
1
Dream Makers
1
Dyspraxia Foundation
1
Epilepsy Research UK
Group B Strep Support
1
Headstart 4 Babies
1
Lennox Children's Cancer Fund
1
OPA (Oesophageal Patients Association)
1
Passage 2000
Refuge
1
Royal Trinity Hospice
1
St Joseph's Hospice Hackney
1
Strongbones Children's Charitable Trust
The Cheer-up Squad Limited
UCLH Charity
1
UK ABIF
1
Wellspring Counselling Ltd
Willow
1
Yorkshire Children's Trust		 2023
Unrestricted
Total
Funds
£
5,000
-
1
5,000
1,000
-
1
-
1
11,000
-
1
-
2,000
1
2,000
-
1
-
1
-
1
8,000
1
2,000
3,000
1
2,000
-
1
2,000
5,000
1
5,000
1
5,000
1
-
1
2,000
1
5,000
1
5,000
1
-
1
-
1
10,000
5,000
1
-
1
8,000
-
1
67,000		 2022
Unrestricted
Total
Funds
£
-
25,000
-
-
5,000
2,000
32,000
5,000
5,000
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

Page 14

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of grants - to institutions (continued)
No.
Advancement of education
Activiteens
Angel Community Canal Boat Trust
1
Battersea Summer Scheme
1
Bede House Association
1
Blueprint Training & Expertise
Bodleian Libraries
1
Bristol Children's Help Society
British Institute of Florence
British Library
1
Camp Horizon/Kids Care London
Children's Bookfest Chichester
Dance Consortium Ltd
1
Ditch the Label
Finding Rhythms
1
First Story
1
Francis Holland School Trust
Gainsborough's House Society
Garden Museum
1
Give a Book
1
GL 11 Community Project
1
Katherine Low Settlement
Kids N'action
Lakeland Arts
1
Lake District Summer Music
1
Little Hiccups
1
Magdalen College Development Trust
1
Music for Youth
1
National Library of Scotland
1
National Youth Orchestra of Great Britain
Newlyn School of Art
1
Only Connect
1
Opportunity Sports Foundation
1
Prisoners Education Trust
1
Royal Academy of Arts
Safe Families
1
Soundabout
1
SPAG St Peter's Summer Project
1
The Queen's Reading Room
1
The Tablet
1
The Foundling Museum Trust
1
The No Way Trust Ltd
1
University of Cambridge
1
University of Edinburgh Development Trust
Young and Inspired
Youth on the Move		 2023
Total
Funds
£
-
1
7,000
1
5,000
5,000
1
-
1
10,000
-
1
-
1
7,000
-
1
-
1
20,000
-
1
15,000
50,000
1
-
1
-
1
42,000
1
10,000
1
3,000
-
1
-
1
30,000
1
5,000
1
2,000
50,000
5,000
13,500
-
1
35,000
1
5,000
1
3,000
15,000
-
1
5,000
1
3,000
5,000
15,000
4,000
300,000
1
5,000
1
40,000
-
1
-
1
-
1
714,500		 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
3,000
3,000
1,531,000

Page 15

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

NOTES TO THE FINANCIAL STATEMENTS

4. Analysis of grants - to institutions (continued)
No.
Relief of those in need
Able Kidz
1
Blind Aid
1
Buddy's for Children with Autism
1
Cerebral Palsy Plus
City Escape
1
East Teignbridge CTA
Event Mobility
1
Exeter Community Transport Association
Hot Line Meals Service
1
Leeds Mencap
1
Leeds Weekend Care Association
1
Live Unlimited
1
Maxability
1
Seeing Dogs
SNAPS (Children's Charity)
1
Step by Step (Children's Charity)
1
Switchback Initiative
The Book Trade Charity
1
Up n Away
Young & Free
1
Other charitable purposes
Blossoms London
Kate Eustace
1
Profile Editions
1
Tempus Novo
The Model Railway Club
1
Tough Enough to Care
Total grants to institutions		 2023
Total
Funds
£
5,000
1
5,000
3,000
-
1
5,000
1
-
1
5,000
-
1
3,000
1
5,000
3,000
5,000
3,000
1
-
1
4,000
5,000
-
1
10,000
-
1
5,000
66,000
-
1
3,000
7,183
-
1
6,000
-
1
16,183
1,663,058		 2022
Total
Funds
£
5,000
-
-
2,000
5,000
3,000
-
2,000
3,000
-
-
-
2,000
1,000
-
-
60,000
-
10,000
-
93,000
2,000
-
-
20,000
-
3,000
25,000
5,325,340

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 seven recipients totalling £1,074,000 (2022: £1,238,100). Future awards are subject to satisfactory applications from the grant recipients.

5. Auditors' remuneration

----- Start of picture text -----
Expendable 2023 Expendable 2022
Unrestricted Endowment Total Unrestricted Endowment Total
Funds Funds Funds Funds Funds Funds
£ £ £ £ £ £
Audit remuneration - audit 3,960 - 3,960 3,780 - 3,780
----- End of picture text -----

Page 16

THE JOHN R. MURRAY CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 other than reimbursement of travel costs totalling £696 (2022: £1,282) to one (2022: one) trustee.

7. Tangible fixed assets

Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge
At 31 December 2023
Net book value
At 31 December 2023
At 1 January 2023		 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
£
22,379,429
2,648,021
(8,272,103)
2,208,298
-
-
18,963,645
2,208,298
456,692
2,664,990
17,619,111
1,344,534
-
18,963,645		 cash
£
531,580
-
-
-
323,542
4,549,814
5,404,936
-
323,542
323,542
-
-
5,404,936
5,404,936		 2023
Total
£
22,911,009
2,648,021
(8,272,103)
2,208,298
323,542
4,549,814
24,368,581
2,208,298
780,234
2,988,532
17,619,111
1,344,534
5,404,936
24,368,581		 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

Page 17

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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		 2023
£
17,160
-
17,160		 2022
£
14,580
-
14,580

10. Analysis of net assets between funds

Tangible assets
Investments
Other net assets		 Unrestricted
Funds
£
8,440
-
(7,228)
1,212		 Expendable
Endowment
Funds
£
-
24,368,581
21,551
24,390,132		 2023
Total
Funds
£
8,440
24,368,581
14,323
24,391,344		 Total
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

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 2023
Total funds
brought
forward
£
23,052,874
23,052,874
8,440
(1,423)
7,017
23,059,891		 Total
Incoming
resources
£
-
-
-
240,326
240,326
240,326		 Total
resources
expended
£
(169,659)
(169,659)
-
(1,727,746)
(1,727,746)
(1,897,405)		 Gains/
(losses) on
investments
£
2,988,532
2,988,532
-
-
-
2,988,532		 Transfers
between
funds
£
(1,481,615)
(1,481,615)
-
1,481,615
1,481,615
-		 Total funds
carried
forward
£
24,390,132
24,390,132
8,440
(7,228)
1,212
24,391,344

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 2023

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:
2023
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
18,963,645
18,963,645
The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows:
2023
Total
Funds
£
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Investment income
226,870
Investment management fees
(169,659)
57,211
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Unrealised gains/(losses) on investments
2,208,298
Realised gains/(losses) on investments
780,234
2,988,532		 2022
Total
Funds
£
22,379,429
22,379,429
2022
Total
Funds
£
225,338
(178,223)
47,115
(2,229,467)
(1,220,904)
(3,450,371)

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 2023

NOTES TO THE FINANCIAL STATEMENTS

13. Comparative statement of financial activities and net movement in funds
Unrestricted
Funds
Note
£
INCOME AND ENDOWMENTS FROM:
Investments
1
227,176
Total
227,176
EXPENDITURE ON:
Raising funds - Investment management costs
2
-
Charitable activities
3
5,395,892
Total
5,395,892
Net gains/(losses) on investments
-
Net income/(expenditure)
(5,168,716)
Transfers between funds
11
5,183,010
Net movement in funds
14,294
RECONCILIATION OF FUNDS
Funds at 1 January
11
(7,277)
Funds at 31 December
11
7,017
Total funds
Total
Total
Gains/
brought
Incoming
resources
(losses) on
forward
resources
expended
investments
£
£
£
£
Endowment funds
Expendable endowment fund
31,864,478
-
(178,223)
(3,450,371)
Total endowment funds
31,864,478
-
(178,223)
(3,450,371)
Unrestricted funds
Fixed asset reserve
8,440
-
-
-
General funds
(15,717)
227,176
(5,395,892)
-
Total unrestricted funds
(7,277)
227,176
(5,395,892)
-
Total funds
31,857,201
227,176
(5,574,115)
(3,450,371)
Year ended 31 December 2022		 13. Comparative statement of financial activities and net movement in funds
Unrestricted
Funds
Note
£
INCOME AND ENDOWMENTS FROM:
Investments
1
227,176
Total
227,176
EXPENDITURE ON:
Raising funds - Investment management costs
2
-
Charitable activities
3
5,395,892
Total
5,395,892
Net gains/(losses) on investments
-
Net income/(expenditure)
(5,168,716)
Transfers between funds
11
5,183,010
Net movement in funds
14,294
RECONCILIATION OF FUNDS
Funds at 1 January
11
(7,277)
Funds at 31 December
11
7,017
Total funds
Total
Total
Gains/
brought
Incoming
resources
(losses) on
forward
resources
expended
investments
£
£
£
£
Endowment funds
Expendable endowment fund
31,864,478
-
(178,223)
(3,450,371)
Total endowment funds
31,864,478
-
(178,223)
(3,450,371)
Unrestricted funds
Fixed asset reserve
8,440
-
-
-
General funds
(15,717)
227,176
(5,395,892)
-
Total unrestricted funds
(7,277)
227,176
(5,395,892)
-
Total funds
31,857,201
227,176
(5,574,115)
(3,450,371)
Year ended 31 December 2022		 13. Comparative statement of financial activities and net movement in funds
Unrestricted
Funds
Note
£
INCOME AND ENDOWMENTS FROM:
Investments
1
227,176
Total
227,176
EXPENDITURE ON:
Raising funds - Investment management costs
2
-
Charitable activities
3
5,395,892
Total
5,395,892
Net gains/(losses) on investments
-
Net income/(expenditure)
(5,168,716)
Transfers between funds
11
5,183,010
Net movement in funds
14,294
RECONCILIATION OF FUNDS
Funds at 1 January
11
(7,277)
Funds at 31 December
11
7,017
Total funds
Total
Total
Gains/
brought
Incoming
resources
(losses) on
forward
resources
expended
investments
£
£
£
£
Endowment funds
Expendable endowment fund
31,864,478
-
(178,223)
(3,450,371)
Total endowment funds
31,864,478
-
(178,223)
(3,450,371)
Unrestricted funds
Fixed asset reserve
8,440
-
-
-
General funds
(15,717)
227,176
(5,395,892)
-
Total unrestricted funds
(7,277)
227,176
(5,395,892)
-
Total funds
31,857,201
227,176
(5,574,115)
(3,450,371)
Year ended 31 December 2022		 13. Comparative statement of financial activities and net movement in funds
Unrestricted
Funds
Note
£
INCOME AND ENDOWMENTS FROM:
Investments
1
227,176
Total
227,176
EXPENDITURE ON:
Raising funds - Investment management costs
2
-
Charitable activities
3
5,395,892
Total
5,395,892
Net gains/(losses) on investments
-
Net income/(expenditure)
(5,168,716)
Transfers between funds
11
5,183,010
Net movement in funds
14,294
RECONCILIATION OF FUNDS
Funds at 1 January
11
(7,277)
Funds at 31 December
11
7,017
Total funds
Total
Total
Gains/
brought
Incoming
resources
(losses) on
forward
resources
expended
investments
£
£
£
£
Endowment funds
Expendable endowment fund
31,864,478
-
(178,223)
(3,450,371)
Total endowment funds
31,864,478
-
(178,223)
(3,450,371)
Unrestricted funds
Fixed asset reserve
8,440
-
-
-
General funds
(15,717)
227,176
(5,395,892)
-
Total unrestricted funds
(7,277)
227,176
(5,395,892)
-
Total funds
31,857,201
227,176
(5,574,115)
(3,450,371)
Year ended 31 December 2022		 13. Comparative statement of financial activities and net movement in funds
Unrestricted
Funds
Note
£
INCOME AND ENDOWMENTS FROM:
Investments
1
227,176
Total
227,176
EXPENDITURE ON:
Raising funds - Investment management costs
2
-
Charitable activities
3
5,395,892
Total
5,395,892
Net gains/(losses) on investments
-
Net income/(expenditure)
(5,168,716)
Transfers between funds
11
5,183,010
Net movement in funds
14,294
RECONCILIATION OF FUNDS
Funds at 1 January
11
(7,277)
Funds at 31 December
11
7,017
Total funds
Total
Total
Gains/
brought
Incoming
resources
(losses) on
forward
resources
expended
investments
£
£
£
£
Endowment funds
Expendable endowment fund
31,864,478
-
(178,223)
(3,450,371)
Total endowment funds
31,864,478
-
(178,223)
(3,450,371)
Unrestricted funds
Fixed asset reserve
8,440
-
-
-
General funds
(15,717)
227,176
(5,395,892)
-
Total unrestricted funds
(7,277)
227,176
(5,395,892)
-
Total funds
31,857,201
227,176
(5,574,115)
(3,450,371)
Year ended 31 December 2022		 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
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

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