The John R. Murray Charitsble Trust Trustees, Report and Financial Statements for the year ended 31 December 2024 Registered Charity Number I 100199
THE JOHN R. MURRAY CHARITABLE TRUST FINANCtAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 INDEX Page Rgfgrenco and admtnistrnve detalls TNstees' report Indèpendent auditorfs report statement of financial activities Balance sheet Statpment of cash flows Accounling policies 10 Notss to the accounts 12
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER2024 REFERENCE AND ADMINISTRATIVE DAlL5 John R Murray Virginia G Murray Hallam J R G Murray John O G Murray Charl&s J G Murray Prlnclpal offl¢e 5Tr Albemarl8 Street London W1S 4BD Ghaiity registered number 1100199 Auditor Blu& Spir¢ Limited C8wley Priory South Pallant Chich&ster West Sussex P019 1SY Bankers C HDare & Co 37 Fleet Street London EC4P 4DQ Solicitors Currey & Co LLP 33 Queen Anne Slr88t London W1G 9HY Investment managers Rothschild & Co Wealth ManageJnent UK Limikèd New Court st Swtihin's Lane London EC4N 8AL Pagp 1
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES. REPORT The trustees have pl8asure in PTesenting their annual report for the purposes of the Charities Art 2011. together wtth the accounts for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practicè ISORPI "Accounting and Reporting by Charities. IFRS 102) in preparing the annual report and financial statements c>f the charity. STRUCTURE GOVERNANCE AND MANAGEMENT The John R. Murray Charitable Trust is a registered charity constitut1 under a Dectaratlon of Trust dat2d 16 July 2003 and is registered with the Chartty Commission Inp. 11001991. It is contrulled by a board gf trustees who manage all aspects of the Trust's affairs and in whom vests thè powèr trj appoint new trustees. Any new trustees will be provided with copies of thè Chanty Commission's guidance to trusteès and given an Introduction to the actnrities of the charity by. the existing board. Existing trustees are provided with training as and when required. The trustees have assessed the major risks lo which the charity is exposed, in particular those relating to the pèrformance of investment marf(ets. Th& trustees believe that by delegating investment managemènt lo re¢oJnised charity investment professionats and monitoring their perfomiance, and by ensuTing controls exist over key areas of the Gharity's actNity, they have pslablished effective systems to mitigate those risks. OBJECTIVES AND ACTivrriES The charity's objects provide that "The trusteès shall pay or apply the income of the trust fund and may also transf8r, pay or appty the whole Dr any part or parts of the capTtal of the trust fund to such charities or for such ¢haritable PUTPOSÈS as the trustees shall from tlme to time in their absolute unntrOlled discretion think frt." In considering how be5ttD achieve these objectsthe trustees have had regard to the guidance on public benèfrt issued by the Charity Commission. The trustees canlinue t9 make grants in support of charitable organtsations IN furtherance of the chaThVs oblecls for the public bpnefit. In the medium term the trust8es' principal aim will be the contEnued support of the National Library of Scotland (as the owner of the John Murray ArchDie) and its Cutorial and preservation responsibilities for the Archwe as well as developing the Trust's support Df the arts and in parti¢ulaF lileTatur& Grant maklng pollcy The trustees will not consider unsolicited applications for grants. The trustees will normalw only make grants or loans to other registered charities in areas in which th6 trustees have an interest in the arts and literature lallhough not strICY limited to such aieas) and where the award of a grantwill hav? an immediatè and tangible benefitto the recipi?nl charity in question. The scope of their gDiing is dolerminèd only by the extent of their resouices.. it is not otherwise restithd either geographically or by th8 type of actwity carrigd Dn by prospective beneficialles or applicants. ACHIEVEMENTS AND PERFORMANCE During the course of the year the Trust made 6J12023.' 921 grants totalling £6,903,70012023.' £1,663,058) as set out in note 4 to these accounts. Thè trustees are satisfied with the iTrvestment performance of the funds held within the Charitablè Tnjst tor the year ended 31 December 2024 and continue to monitor the perfDrrnan of investment managers throughout the financial year against a benchmark of inflatiDn plus 4Ph. FUNDRAISING STANDARDS INFORMATION The charity does not solicit funds from the general public nor does it engaue any third parties to act on its behalf in raising funds for the charty. As such the charity is not bound by any scheme for regulating fundraising. Page 2
THE JOHN R. MURRAY CHARITABLE TRUST FINANcfAL STATEmEs FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES, REPORT FINANCIAL REVIEW Totsl incoming resources for the year onded 31 December 2024 were £7,010,59312D23.. £1,721,941) CDnsisling of investment incorne of £302.707 12D23-. £240,326) and transfers from endowment funds of £6,707.886 12023= £1,481,615). Outgoing resources tolalled £7,114,92512023= £1,897,405) including £6,903,70Q12023= £1,663.058) of grants to benefiaaries. The existence of a substantial expendable endowment fund generating investment income allDWS the trustées to lake the view that no unTestri¢led fund reserves are requir&d. Al 31 December 2024 the charity's total funds amounted lo £19,293,153 12023.. £24,391,344) consisting of expendable endowrnenl funds of £19,263,15212023-. £24.390,1321 and unrestricted funds a surplus of £30,001 12023.. £1,2121- Freè reserves, being unrestricted funds not rèpr&8ented by fixed assets were a surplus of £21,S61 12023= deficit of £7,228). The crèation of the dèficit on funds arises through the recognition of exp2nditure bèfore the transfer of assets to satisfy the liabilities. The charty's PTincipal funding source is investment income generatecl from the investment of funds realised on sale of the Murray Archwe. Under the Declaration of Trust, the trustees are èmpowered to invest in any mDde of investment which the trustees could èffect rfthey were absolutety and beneficially enlilled. The charty's investhTrènl policy has been to allotrate funds available for Investment in order tD gain exposure to a wide dass of investment vehicles and in oid&r to spread risk. PLANS FOR FLrruRE PERIODS The trustees will continue to support the National Lti rary of Seotland in its preservation and the promotion of thg Archwe tD a wtde public audi&nce, subject to the trustees being satisfied that grants awarded for this PUTPOS2 have met thè Iruslees, aims. and that further funding fTom the trustees remains appropriate. The trustees will continue lo support other charitiès that they are particular interestèd in including the arts and ItEeratur&. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparing the Trustees, Report and the Tinancial statements in accordance with appli(2ble law and United Kingdom AUnting Standards (United Kingdom GenerallyApled Accounting Praclicel. The law applThble lo charities in England & Walès requires the trusteès to prepare financial statements for each nancial year whi¢h give 2 ITue and lair view of the state of affrdirs of the charity and of the incoming resources and applicaticjn of resour¢es of the charity forthat tEriod. In preparing these financial statement5, the trustees are wuirod select suitable accounting policies and then apply them con5iSt@nt', observe the methods and principles in the Charities SORP. make judgèments and estimates that are reasonable and prudent., stale whèthèr applicable accounting standards have bèèn followed, subject to any matellal departures disclosed and explained in the financial statemènts., prepare thè financial statements on the going (ncern basis unles5 it is inappropriate to presum? that the charty will continue in operation. The trustees are responsible fc)r keeping proper SOunting records that disclose with reasonable accuracy at gny time thg financial position of the charty and enable them lo ensure that the financial statements comply with the Chanties Act 2D11, the Charity (Accounts and Reports) Regulations 2008 and the provisions Df the trust deed. They are also responsible forsafeguarding the assets ofthe charity and hence fDr taking reasonable stepsforthe Prevention and detection of fraud and other irregulartties. Approved by th8 tru8te8s and signed on their behalf Trustee Date 21.9. 202S Page 3
THE JOHN R. MURRAY CHARITABLE TRUST FINANcL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 INDEPENDENT AUDITOR'S REPORT Indgpgndent auditor's report to the trustees of The John R. Muffay Charitable Trust Opinion We have audited the financial statements of The John R. Murray Charitable Trust (the 'charity') for the year ended 31 December2024 which comprtse the Statement of FinancialActTrtrf(ies, the Balance Sheet. the Statement of Cash Flows and noles to the financial statements, including significant accounting policies. The financial reporting framewr)rk that has been applied in their preparation is applicable law and United Kingdom Accounting StsndaKls, inc]uding Financial Reporting Standard 1 D2 The FinanGi81 Reporting Starpdanl 8pplicable in the LIK and Republitr of Iland {United Kingdom Generally Accepted Accounting PracticÈ). In our opinion the finanGial statements: gDie a Irug and faiT view of the state of the charty'5 affairs as at 31 Decembèr 2D24, and of its ineoming resources and applicaliDn of resources, for the year then ended- have been proper prepared in accordance with United Kingdom Gèneralty Accepted Accounting Practice., and havo been prepared in ar£ordanoe wtth the requirements of the Charities Aci 2011. Basis for opinion We conducted our audit in accorr18n wkh International Standards on Auditing IUK) IISAS (UK)) and applicabl8 law. Our responsibilities under IhDse standgrds are further deseribèd in the Auditorfs responsibilities for the audit of the rinancial slalements section of oui reporL We are independent of the charity in accordance wsth the ethical requirements that are relevant lo our audit of the finanGial ststemenls in the UK including the FRC'S Ethieal Standard, and we have fulFill6d our other ethical responsibilities in accordance with Ihese Tequiremenls. We b2lieve that the audit èvidence we have obtained is sufFicienl and appropriate ID provide a basis fDr our opinion. Conclusions relating to going concèrn In auditing the financial statements, we have concluded that the trustees, use of the going concem basis of accounting in the Preparation of the finncial stal8ments is appropriate. 8ased on the Work we have performed, we have not identffied any material uncertainties relating lo èvents or conditions that. in(fNidualty or collectivety, may cast signfficant doubl on the charitvs ability lo wntinue as a going CDncem for a pèriod of at least tselve months from when the flnancial statements are authorisecl for issue. Our responsibilities and the responsibilrfcies nf the trustees wlth respèct to going ¢Dncem are described in the relevant section5 of this report. other infomation The other information comprises the information included in the trustees. report, other than the financial statèments and our audiloT'S report thereDn. Our opinion on thè financial statemènts does not cover the other inforrnation and, excèpt to the èxtent otherwise explicitty Stated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other irrformation and, in doing so, considerwhether the other information is malerialiy inconsistent with the financial slalements or our knowledge Dbtained in the audit or othervKse appears to be matetially mi55tated. If we identify such material inconsistencies or apparent material mStatements, we are required to detemine whether there is a material misstatement in thè financial statements or a material mis5t8tement of the other information. If, based on the work we have performed, we wnclude that there is a material mÉsslalement of this other infomiation, we are required lo report that tad. We have nolhing to report in thi5 regard. Matters on which we are requlred to report by Èxception We have nothing to report in respect Df the following matters in relation lo which th& ChaTities (Accounts and Reports) Regulations 2008 require us to report 0 you . in our opinion= the infomalion given in Ihe financial statements is inwnsistent in any material respect with the trustees. reporL' or sufficient aoUntIng r?cords have not been %epl,' or the financial statemgnts are not in agreement with the accpunting records,. or we have not reBewed all the information and explanationB wa require for our audrft. Page 4
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMEWS FOR THE YEAR ENDED 31 DECEF411BER 2024 INDEPENDENT AUDITOR'S REPORT Responsibilities of tNstèes As explained more fully in the stalèrnent of Iruste8s' responsibilitlès, the trustees are responsible for the preparation of financial slalements which give a true and fair view, and for such intemal Control as the trustees determine is necessary to enable the preparation of financial statements that are trèè fro)m material mESStalemenl, whethèr due to fraud or error. In preparing th2 financi31 statements, the Iruslees are responsbi le for assèssing the charlS ability to ¢ontlnue as a going concern, disclosing, as applicable, matters related lo going concem anci using the gDing conrn basis of accounting unless the trustees etiher intend to liquidate the charity or to cease operations. or have no realistic allemative bul to do so. Auditorfs rèsponsibllities for the audit of the financial statemen We have been apFM)inled as aud¥tor und&r se¢tion 144 of the Charities Act 2011 and report in acoordance with reguiations made under section 154 of thatAct. Our objectives are to obtain reasonable assurance about whether the financial statements as a whosè are fm from material mi%stalement, whether due lo fraud or error, and lo issue an auditorfs rèport that includ8s our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will &y$ delect a material misstatement when exists. MtS51alemenls can arise frDm fraud or error and are considerEd material if, Individual or in the aggregate, they could reasonably be expected tD influence the eBonomic decisions of users taken Dn the basis of these financial statements. Irregukrities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined abovè, ID detect material misstatements in respect of irregularities, including fraud. The extent to which our prodUr&S are capable of detecting irregularities, including fraud is detailed below. Based on our understanding of the Charity gnd the industry in which it operates. we identffied the principal laws and gulations that direct41 affect the financial statements to be th2 Charities Act. Employment Act and Trustee Act. W assessed the extent of Complian with these laws and regulations as part of our procedures on the related financial statement items. In addition, the Charity is subiect to many other laws and regulatlons wh&re the cOnsequenS of non-compliance could have a material effeGt on amounts Dr disclosures in the financial slatemenls. for instancè through the imposition of fines or litigation. As an investment and fund& grantmaker there is a limitation to areas most likely lo have such an effeci Audrting standards limit the requir?d audit ProdureS to identfy non-compliance WEth these laws and regulations to enquiry of the TTUStees and other management and inspection of regulatory and legal correspondence any. Audit procedures performed by the engagement team included.. Enquiry of thDse Charg with gDvemance around actual ancl potential litigation anLI claims and any instances of non-complian with laws and regulations- Reviewing minutes ot meetings of those charged with governance., Rewewing financial statement disclosures and lesling lo supporling documentation to assess compliancè wlth applicable laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregulariti, inGluding thosè lding to a material misstatement in the financial statements or non-EDmpliance with regulatiDn. This risk incteases the more that wmpliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as w2wiII be l&ss likely to become are of instances of nonwcomplian¢e. The Tisk is also grèalÈr regarding irregularities occurring due to fraud rather than error, as frgud invoives intentional concealment, forgery, collusion, omisslon or misrepresentation A further description of our responsibilities is available on the Financial Reporting Coun¢ifs website at.. Ilww.frc.D -ukjaudlto1audlt-asSUra audilor-s-res onsibililie>for-Ih -Of-theIdesert tio auditor. DE2%80Ph995-res onsibili ies-for. This description fr)rrns part of our auditols report. PagÉ 5
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMEKfs FOR THE YEAR ENDED 31 DECEMBER 2D24 INDEPENDENT AUDITOR'S REPORT Use ofour report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities lACtS and Reports) Regulations 2008. Our audtt work has been undertaken so that we might state lo the charity's Itustees those matters we are required to slate to them in an auditotrs report and for no other PUTpose. To thè fullest exlenl pemiitted by law, w& do not accept or assume responsibility to anyone other than the char/ and the charity's trusteès as a boty, for our audit work, for this report, or for the opinions we have formed. Cawley Priory South Pallanl Chichester West Suss8x P019 1SY Blu& Spire Lumited, Statutory Auditor Dal& Blue Spire Limited is eligible to act as an auditorin tenns of s8Ction 1212 of the Comp8nies Acl 2DO6_ Page 6
THE JOHN R. MURRAY CHARITABLE TRUST FINANcL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF HNANCIAL ACllVITIES Expendablè Unrestrictpd eThdowment Funts Funds 2Q24 Total Funds 202S Tolal Funds NDte INCOLIEAKD ENDOWLIENIS FROM: Inve$tm8nls 302,707 302,707 240,326 Totsl 302.707 302.707 2411,326 EXPBND]TURE ON: R8i%iny fvnd5- ljwestsTht managernent ¢osts 133,121 133,121 169,659 Charfkbk 8Cthfie$ 6,981.804 e,981,804 1.727,746 Total 6,981.804 133,121 7,114.925 1,897.405 Nelgainslllossesl on Investments 1,714,027 1,714.027 2,988.532 P4et IncomellexpÈThditurel 16.679,09n 1,580,906 15.098,1911 1,331,453 Yrdnthrs b?tsveenlunds 6,707,886 16.70Y,88SI Not movamont in fLtAd$ 28,789 15,128,980) 15.098,1911 1.331.453 RECOFICIUATtOK OF FUNDS Funds al 1 January 1,212 24,39D,132 24,391,344 23,059,891 Funds at31 DèttrmbBr 11 30.001 19,263,152 19,293.153 24,391,344 ofthe th8rty'5 athitieiware acquired or dis¢ontiwed durfw the abov8 Ilnanclal years. The ch8rity ha5 teccgni8Bd gains or loss2s otherthan those de8ttwth in Ihe st#lerrEnl offfinanu818CthiUes. Page 7
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMEfffs FOR THE YEAR ENDED 31 DECEMBER 2024 BALANCE SHEET AS'AT 31 DECEMBER 2024 2024 2023 FIXED ASSET8 T#Dyible fjxed assets InvestsnÈnlk Tofdl Axed as$pts 19.249,232 24.368.581 19.25T,672 24,377.021 CiIRRENT ASSETS Cash at hanLI and in bank Total CUTrÈnt assets 59.401 59,401 31.483 31,483 CURRENT LIABILlnES Cteditot5.' arTh)un18 falling du&wTthln one year N8tcurr&nt asspts 23,920 17,160 35,481 14,3Z3 F4Ètassots 19,293.1¥8 24,391.344 THE FUNDS OF THE CFtARny Exp&ndablè kndowmentfunds UnTestrtcted fLtnd5 Total ¢harlty fund3 19,283,152 30,001 19.293.163 24,390.132 1.212 24,391,344 nDtes Dn pages 12 to 19 fDrm part of these finanaal statemeTts. Approved by board offMtees and slgned ott its bBh81f Trustee Dalè Ix. q.QO Pago 8
THE JOHN R. MURRAY CHARITABLE TRUST FINANcL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATEMENT OF CASH FLOWS 2024 202S Notr Net cash flowfrom opÈrdUng acflvllies18eè bglowl ri,108.16¥ 11,894,825) Cash flowfrom Invasry9 aclivltlp Interest reWed ProtsÈds from 581è of rny8strfnts Pwchase Df investmènls NOth ftowfrom Investlng 302,7DY 5,221,937 12,822.7051 240,328 9,052.337 (2,848,021) 2.701,939 fj.844,642 ot incm59lldecrBasel in cash and cash ÈquNaleyrfs 14A06,226) 4,749,817 Cash and cash Èquivalenis at 1 January s,6,419 6B6.602 C45h and cash èqulvalents at 31 DeceMr 1,030.193 5,436,419 Cash and cash eqUa[Pts consst of. Cash at bank and in hand CaÈh held within inve51ment portfolio fortransaotions Cash and cash equlvalents at31 Decèmb?r 59,401 97D.792 1,030,193 31,483 5.404,936 5,436,419 Rgconciliatlgn Df not incomp lo net cash flowfrom tspgrdtlng acttvitiP5 2024 2023 et Incom8 for Ihe year 15,098,191) 1,331.453 Adlu&ted for. Interest and dMden(ts (Gainslllosses on Investrnents IncreaselldeuBasel In creditors 1301707) 11,714,02T) 6,76D (24D.326) 12,988,532) 2,580 12.009.974) (3226.2781 17,108,165) 11,894,825) AnatysTs of nÈt debt 2022 Ca&h Ilows 2023 Cash fflows 2024 Total Cash and ¢a$h equivalents 16B6,602) 16B6,604 14,749,61 14,749,81 15,436.4191 15,436,419) 4,406,228 4,406.226 11,030.1931 11.030.193> Page 9
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES General Information, SCO and basis of thg flnanclal stattrmènts The John R. Murr8y ¢haritabte Tru8158 an LTnintorporated charfty govemed by a sch8mè. Th addre$3 of the pffmfyypal Offi 18 gwen In the referen and adminislralwe d8taiEs sÈctlon and Ihe nature ofth& ¢harity's operaknons and pripaI aclvthes are gwen sn tFE trustees, report. The charity constltutes a public beneffl entity a& deffned by FRS 102. Tha finanal statements have been prepafed a¢coFdarLe wlth AccountirwJ and RepDrting by Ch8rlUès: Slètèrnent of Recommended PraoticB appllcabte to chatits pBparing thety 2Munts in accordance with the FlnarrAal Repoiting Standard applicable in the UK and Republi¢ of Itel&nd issued In D¢tober 2019, the Financial RepDrting Standard applicabte in the Un118d ngdoM and Republc of Irpland IFRS 1021, Ihe CharE$ Act 2011 and iJK GenÈraUy ApId Artounting Practi¢. The financial statements are prepared on 8 going cort ba515 under thè historical cost CDnvenUon, mo(lffied to Include cèrtain items at fair valuE. The finandal statemÈnts are presented in $tern which ES the function21 cwrÈnty oftrE Ghaty arLd rowhded lo lh8 nearest E. The 8lynificanl accDuntin9 policEs applied in preparatlon of thèsE financial statements are $et Dut bElow. Thesa poliw have been consistenty appliedto all ye8rs presented ynless tythewse stated. Incomlng tsrtÈ Al incoming resour arè in¢luded In the Statemenl of Financlal Activities ISOFAI when thp ¢harity13 legally entiled to incomB aftèr any performance cond5fons have been met. the arfw)unt can bè measurpd reliabty It is prDbablBthat the income 11 be re¢Èwed. Investment In¢ome 15 eamed through holding assets for investrnt purposes su¢h a5 5har85 8nd propety- It Indudes dMdBnds, intet and rent Wfvre it nol practicable to identify Invesbrent management costs incurrèd Wi1n a scheme wlth reasonable accuracy the invesbnent income i8 reported nel of Ihe8È oDsts. It is induded when amount can be measured refiably. Inlerest income is recognis8d uslng tt)e effective interest rnethod ond dmdend Bnd Fenl income ts rerx)gnk%ed a$ the chanty's right to receive paYnI is establksfÈd. Resources expended All ExrKlitutE is accDunied fot on grt OCCW818 basls and has bÈÈn oldssffied underhe&ding8 that aggrègate all costs related to IhÈ calpgory. Ewenditure is CognIsed where thera is a legal or WnStrU5ts ablvJ31ion to Tnake p8yment5 to third porties. it Is probable Ihat the settbmènt be required and the &mount ofthe oblvJation can be measured reliably. h is calEgottsed under foSluMng h88dngs-. . Costs ofIa1ng ftmds Indudes Investmènt m8nagemBntfees'. and . Exwxliture on ch8ritabb actltieS indudes grants iftfUrtheran ofthe thartys objects togetherwith $uppDrt a[ govemanc8 costs. Grants payabk to Ihwd parbe5 aTe withln the charltab18 objectiv. Where untonditional grants are off&red, thts is accrtsÈd as 500n as the reGipieDI notified of thp grnnt. BS tlys give5 rise to 8 reasona& expection that the reclplent vhll rèowe the grants. V4lhETe grants are condllional tBIBtiny lo perforynance then the grantb% onty acc when any unftJNed conthtions aTe outside of the control oftre ¢harity. Supportand govemancg costs 8llocallDn Support C05ts are Ihose that assist the work of the chanty do not direw represent charltable acte8 and Costs and govprnance costs. Thy are incurred dirpctty in support of Èxpendiwrtt on fhe objEcts Df lh8 charity. The anatysls of thesè c¢$ts 1$ ry)¢luded in note 3. Govemanoe costs Govemance wsts cotnwse lh& costs associaled witr the governan ariangem6nts of the L*arlty and tThcie audtt lees, costs associatsd yfh con5tthlional and 51alutory wuirements and ary costs a88ouated th Ihe 8trategie aÈ oppty$ed to the day lo day managètnent Df the ch3riVs assets. Tr8 charity is consiJer8d to pa85 th8 te8ts sat out in &ection& 521 10 535 IneomÈ Tax ABt 2007 IA 200n, as such no income tax ts payHtsIp on IhB chanvs actlvilies. Page 10
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAFi ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES Plxed assets Tangible fLxed as$ets are stated at cost or valuation18&s actumulated depre¢iAtion accumu13ted imptirtrTÈnt losses. CO Include5 costs direclty attrUlb]e to making the aS&èt¢ap4b of operating as inlendpd. Flxttd assets are wtnPri5ed of some fram&s and photwraph$ whlch 8re stated at Cost are not dÈpred8ted 8$ they h8vÈ exceptionalty lor ¢OnDmiC Use] live$ and actumulaled depreuatiDn Is not consiOer?d to be mat8rial. They are asse3sed for impdThent annualty by the trLJStee8. ed asset IeStMont¥ Investments am recognisBd Inltlalty at fair value normafy the transadion pThce exdudiryJ transathon costs. Sub5Equenly, they are measured sttsirvalue wilh change5 recognlsÈd in'npl yan5 1 00$5) on Investments, in the SOFA rfthe shares sre publtY traded orth8Srfair valuB csn olhthMSP be rneasured lIablY. D&bfors rècèable and creditors payablo one yoar Debtois and crtOrS Wrth no slate(S inleiest rale and reteNsbTe or payabte Wthln orÈ year are recordEd at Iran&a¢tion prfce. Any losses arising impalmient are TrcoBnls8d In expendHur8. Cash and cash Èqtsivalgnts Cash and cash equivalents indudes ¢ash at bank and in ha and cash b8[anS wlthin the investrllent portEollo availablè for lrtvestment trartsaction PWP05e8. Fund accountlng UnB51ricted funds 8re gvgilabk for use al the d¥8creUon of the trustee5 in futherance Df the.gervdl objectives of the charfty anrt have not been design4ted forother purpoÈe&. EndowrfrrtfU¥ rBpresent those assets whlch must bÈ held pemanènty tythe chartiy, principal* hehl as fixed a55el ¢nvesknÈnts. Income arising on the endowment fi$ can k used in acCordanwith tW obiects of Ihe charity and is Iuded 25 unTestricled InM&. Any capital galn5 or 10$8es arfslng c)n the Investments fom part of the I. InvEslrnent management charges and legal adce relating to the funrl ar charg2d against th& fund. Tr tru51ee& may. at their dcretiOn, fransfer tD unrestrited flmds amounts In oruer that thèy m2y be expended in furtheran of the charity's oblèGtives. vrerthe terms Df the Declaration of Twst, IhB trustees may. for a pertod ot 21 years from the date of tN2t earatI0Th, accumulatÈ income as part ofthe wendable endtsvffliÈntfLd. Goin9 Conrn The finan¢ial stalemBnts have been prepared on a going nceM as th8 Iruslees bÈli&vethat no materi21 uncertainties ex18L Th& twstees ave ¢onsideted t1 level ot funds held and th? expected level of incDme and expenditure for 12 months aulhDr1si these financial $tstements. The budget8d b)comÈ and trxpendiiure is 8Lrfficient wth the level of re$Èrve5 fDr the charfty tD bÈ able to continue as a going concpm. Page 11
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEfvIENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS l. IiivÈstmont Incojn Expendabte Unrestrfcted Endowment Funds Funds 2024 TDtsI Funds Expendable Unrestrfcted EndoYmiEnt Funds Funds 2023 Total Funds In¢Dtnefrom lisled investm8nts Interest Incomè 179,421 123.288 302.707 179,421 123,2B6 3D2,707 226.870 13,456 240,326 226,870 13,458 240,326 2. Inv&sbn¢nt rnarragÈmentf8es ExpeThdabl8 Unrb5tr1cted Endowment Funds Fun(is 2024 Tofal Funds EXndable UThrÈstricted Endowment Funds Funds 2023 Totsl Funds Irwe8trnent mtnagementfees l¥J,121 133,121 133,121 133.121 169,859 169,659 169,659 169,659 3. Charitablg actlvltles Expendabl? Uor05trfctsd EThdowm¢nl Funds Fun 2024 Tofal Fund5 Expendable Unr&8trictÈd Endowment Furtds Funds 2023 Total Funds GRnts tD instituuons lsetr note41 Support- llt Support- bank thargos Support- lè)alfèÈs G0vem8[- Lpgal fees GOvemar-Atsdltors remuneratlon G0veMan-TrulleeS. Èxpenses 6,9D3.700 34,845 470 38,094 375 4,320 8,903,700 1,663.058 29,310 1,663.056 29,310 465 30,180 78 3.96D 695 1,727,746 470 38,094 375 4,320 30,180 78 3.950 695 1.727.746 6,981,B04 6,981,804 GTants to Institirtio 2024 Unr25tr1cted Total Funds 2023 Unrestricted Total Funds No. Advèncempnl of amatevr$port Durham Aoall0n of Boys atQ Girls Cjubs l$fingttsn 8oal Club Thè Dlsabled S8lors As5Dcrdlion S.DOD 20,000 5,000 25,000 5,000 AdvancementufenvitDnmenlalprotection orimprDkEment Loughborough JUbon Action Group S.ODO 5,000 Page 12
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS dk An4Jy3i8 of granls-to Institutlon5 (Eontlnued) 2024 Unr25tl2Etpd Total Funds 2023 Unrestricted Totsi Funds No. Advancpment of cltPLenship orcommunfy development st Peters Chilthen andyoung PBople's AcUvlti¥s Group The Brixton 8MX Club The LMng5tone Inffjative Wells City BarK 5,000 IOOD 5.000 2.000 7,000 7,ODO Advancement of thè arts. Cultum, hÈnYage and5¢nCe Artwothors, Guilj Trustees Lld Arts4dementia Arvon Foundation AUra Orchestr8 Brittèn Sirrfonia Ltd Canal & R(ver Trust Charfes Dicker NursÈrfe$ City of LDndon SinfDnia Cl8pham Pott&ry knled Claptr>n Common Boys Club CDllege OfAM TJust DrJDhnson's HOUSÈ TrnÈt EIL UK Hlstoric Chapels Twst KÈats_SIElley Memorlal Agsouation Ilncotwratad) Nation31Prt CollÈcl(Dr¥s Fund National Portratt GaIry Newstead Archive research SAVE Britaln's Heritage Sir John SD8nne's Museum Sooety ofAntiqU2rieS Spitale1dS Musi st Barthol)mews Heritaue The Abbotsford Trusl Tre Academy ofAn¢ient MlC Tre Bronte Soety The KoesderTrusl IKoesUerArtsl The Landmaik frust The Nation31 Gallery TNst Ihe P3Fk Trealre The Strawberry Hill Tw5t Troupe ttheatrèl Wats Gallety Wordsworth Tru&t 2D,000 5,DOO 10.000 15,000 20,000 8,000 6,572 30,000 15,000 17,5DO 3,000 3.000 30.000 fjD.000 5,000 35,000 3,orKJ 15.000 78.013 1,7DO 65,DDO 42,000 55.ODD 20,250 70,000 50,000 100.000 20,000 80.000 20,000 2D,000 50,OOD 42,00 38,040 3,000 80.000 2.000 200,000 14,000 769,375 20.0 442,700 AdvancEinent gfpoverty Bristol Children's Help Society CripplÈgats Ftsundalion DEC IDi$8slèr Emergency Committe81 Eastside Communlty Tn&%l Refwh CarÈr5 St. Ma[bln-Th8-F1&kls Charty The SDFA Prolect 5,000 5,DOO 1.000 3.000 3,000 1.000 2,DOO 9,OOD 11.ODO Page13
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FDR THEYEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 4. ArÉaty$is of yr4nts-to InstriN& Irontlnuedl 2024 Unre5trl¢tsd Total Fynds 2023 UnTethctÈd Ttttal Funds No. Promotion of &fficiÈrt¢y of the 8rmed foro ngs for Wat0[5 5,000 5,000 2,000 2.000 AdvarKement Dfhtrallh and the sevlng ofli¥es Crackefjacks Children's Trust Downs Syndromè Res?arEh Foundatton MIled DFeam Makers Dy8prats Foundation Group B Strep Support He8dslart4babies knmited LÈmox Childrens Cancer Fund OPA (Qegophageal Palents As8DcK4tionl REWe Royal Trinty Hospi StJosBph's Hospio Hackney StroTyJbDTES Chlldr8n charitabTrUSt UCLH Charity UKABIF Tlbw 8,ODO 2,000 3,OOQ 2.000 2,OOD 5.000 5,000 5,000 2.000 5,000 5,000 3.DOO 3,000 s,ooD 10,OQD 5,000 2,000 10,000 5.000 8.000 87.000 28.000 Adv8llcEmentofèducsbon Angèl Community Canal BDatTrust Barts Charfty Battersea SutnryEI Scheme Bede House Assouation BodleiHo Libraries Bthti8h brary Children'& Book FÈst- ChitawtttrCIO Dan Con50rULJrn UmIt8d FiThdg RhythTr Ine Cell Work ¥irst story rn&d 15,000 1.000 7,000 5.000 5.000 10.000 7.0 2.DQO 20,000 2D.000 15,ODO 10.000 50,000 8.000 3,DOO 3,000 3,000 5.CN)O 50,000 10,000 3,DOO GL11 CommUty Project Hgppy Kids ds NeCtn L3kp District Music Limited Lakeland Arts Litue Hiccups agdalen Colle9& OevelopmentTrust Music foryouth National knbrary of S¢oUènd Ne*lyn School of Art Only Conne oppOnity Sports FouMl8lion Pr5sonets EduBation Trusl Sgfe Families SDllndabout SPAG St Petefs SumrrEr ProFct The 8ri9tDI ChihlRn's Help soety The Brillsh Insutute of Florènce Cwrtedfoma 5.000 3D,000 2,000 so.000 5.000 13,5DO 35,000 s.000 3,000 15,000 5,000 3,000 5,000 5.ODO 5,510.DOO 5,000 50.0 6,090,OL 308,500 Page 14
THE JOHN R. MURRAY CHARITABLE TRUST FINANC]AL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 4. Anatysls of gT4nts- to IngtitLrtions IcontiTrupdl 2024 Totrdl Fund$ 2023 Total Fund$ Broughtfonvard The Colege ofAJI Sou15 ofthe Foithful Dep8rtpd, of Oxford The Foundling Museum The Garden Musèum The GramnEr School of Eifvrnrd Vi at StrattDrf- UpotFAvon The Kyn9es College of Our Lady of Eton Besyde Wfindesore The London knbrary The No WayTw$t Ltd Thè Queen's Readfin9 Rotsm The Tablet Unlvèrsity of CambrvJge- F[flaM Museum Wentrmrth wocrf1fKJe PrEseatiOn TrLt 6,090,000 308,500 1,000 50,000 42,000 300,000 42,DOD 2.OOD 15.000 30,000 5,ODO 15,000 4.000 4D,UOD 65,ODO 50,ODO 6.,000 714,SOO RefiPfth0s8 In need Able Kldz Blind Akj Buddws for ChIldn Autism Ceiebral Palsy Plu Clty Escape CIDthing Solubons (for disabled PeOFAel Event Mobllliy Plot Une Mèal& Sem Lepds Mencap Leeds veekEnd CarÈ Assotyotion Live Unlimited Maxabilty SNAPS IChildBrts Charity) step by Step London The Book Tr2dÈ Gh#rli y The Swlchback Inllla Young & Free 5,000 5,000 3,000 2,000 5,OOCI 5,000 5,UOO 6,000 S,OOD 3,QDO 5,000 3.000 5,DOD 3,000 4.000 5.000 10,000 s,0 20,DOO 5,000 68,000 42,DOO Otherchanl&blepu*pos9S Kale Eusta Profile Edillons The Model RolldY Glub 3.000 7.183 6,000 16.183 rotslgrnnt& to in5tit(rtrons 6,903,7DO 1,663.058 Grant commthents In addition to the grants list abov8 thè charity had unpmvidÈd annual grant commitmènts, 4t the balancp sheet date, In respe¢t of grants to 5tEen repEnts totalling Q99,00012023'. seven re(xpients totalling £1,074,DODI. Future awards are subject to satlsfactory appfications from Ihp grant recipients. Page 15
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 5.Audltors' rÈmunoTatlon ExpÈlldable LlnrÈstric12d Endowment Funds Funds 2024 Totsl Fund5 Experbdable UnrgStri¢tÈd Endowment Funds Fund& 2023 Totsl Funds Aurlit rermfteYdtiDn- audll 4,320 4?2D 3,960 3,960 8taff ¢osts and relatod party transaBtlons Thè charity has no employèes but engages the semtes of an adminislralor one day per wÈek tD a$St the trustees in the FUnng of the charity. wi other admirvstratiDn being carried out by thB trle8 by its IBgdl 8dvi8ers. No remmeration was pald tD trustees in orthè prwdiry year. Durlng thè year under JEwew, the charity paid tFÉ rent £25,orKI12D23.. £2D.0001 to Ihe trustee, Sir John k4urr8y, for the buildlng 50 AJbwllarle Strept London, W1S 48D and wmbersed the travel cost £nil tts the tnt51ees12023 £696 to onetteeI- Thewere no othèr d$d058ble related patytransacti(w in the Yr. 7. TangIbfixèd a&setÈ Photographs Fram85 Totsl Cost At l January 2024 AddOn£ Dlsposals At 31 Decembèr 2024 7,2WJ 1,147 8,440 Dkprprl4ti0 At 1 January 2D24 Ch8Tge At 31 Dacembèr 2024 iaèt bookvaluè At 31 DecBrnber 2024 7,2¥3 1.14T At 1 January 2024 7,293 1.14T Page 16
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 8. Investments 2D24 Total 2Q23 Total InvE¥nts MarkÈtvalue broughtforward at 1 January AddlJon> at CQ5t Disposals atcarrywu valu8 Net gaiNOossl on revaluabon gainlllossl on foreign exchan cash inflowlloumowl Mark8ivalu8 carrièd forward at 31 D¢cernber 18.963,646 2,822,7 14,458.5461 95D,636 5,404,936 24,368,5B1 2,822,705 14,458,546) 950,636 479,141 14.913,2851 19.249.232 22,911,009 2.648.021 18272,1Q31 2208.298 323,542 4,549,814 24,36B,581 479.141 14.913,285 970.7¥4 18,278,440 G&In(lo&sÈj oninvesth7ents Unreallsed ltrom abovel ReaSe on dispDsal of frxed 8SSètinvestrnÈnts and fotsign currerKy 9S0,636 284,250 1.234.886 950,838 T3.391 1.714,027 2.208.298 780.234 2.988,532 479,141 479,141 7hè investments above dre follows." stell investmBnts other inv&stsnents Cash and cash Nuivalents 18,278.440 18278,440 17,619.111 1,344,534 5,4D4.936 24,3B8,581 970,792 970,792 970,792 19.249,232 18,278,440 9. Creditors: amoui)ts falling due vAthln oneyear 2024 2023 Acuua l>ant aEdTors 19,920 4,000 23,920 17,160 17.160 10. Analy$i> of n¢la5s8ts b&tsve8n funds ExpoRdablÈ UnrÈstrlcted Endowment F¥nds Funds 2Q24 Total Funds ExpÈThdabte UnrÈstri¢ted Endowment Funds FLtttds 2023 Total Fynds Tangible assets Inve5trnen15 othèr net assets 8,440 8,440 19,249,232 35,481 19,293,153 8,440 24,368.581 14.823 24,391.344 19,249,232 13,920 19.263,152 24,38881 21,551 24,39D,132 21.561 30,001 fl,2281 1212 Page17
THE JOHN R. MURRAY CHARITABLE TRUST FINANCiAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 11. Ren¢11rd11tsn gf nÈt movemont lrtfut)ds Yw ended 31 Dècember 2024 Total Gain Ilosspsl on invesknents Tofal funds brought fonvard Total Incomlng rpsDurces Trdn&fèrs blen fund5 Total funds carfsed foNrnTd r9$0urres expendod EndowmentfUjs ndable Èndowment fund Tolal endowmentfvnd5 24,390,132 24,390.132 1133,1211 1133,1211 1,714,027 1,714,027 16,707,886) 16,707,886) 19,263.152 19.263.152 Unr&strl¢tsd funds FiKed asset rEser¥e Gelieral fvnd$ Total unrèstrfcl8d fund5 8,440 21,561 30,001 17.2281 1.212 3ffl,70T 32,77 16.981,8041 18,981,8041 6,707,888 6,707,886 Total fun 24.391.344 302.707 (7.114,924 1,714.027 19,293.153 The IrangfÈr of fund8 from the expendable etKlovuDentlund to tsnMlrfc(ed gen2r&l fvnd was implementÈd by the truste8s In ord&r to prOde re50urcÈ$ fDr grant Wdrds in of Ihe thartty's objectives undÈrseEtion 6 ofthe tnjstdeed. 12. Flnan¢%al inslrutnents The ¢anWrvJ oflh8 charity'5 finamal instruments arp as follDW5: 2024 Ttstal Funds 2023 Tofal Funds Finsnchfé55*s M&asured at fairvèlue through net incornellexpÈndLrÉ}'. asset invesimenl$ 18.278.440 18,278.44D 18,963,645 18.963.645 The in¢tyme, wen88. gains and net losses attrlbutableto thÈ trJ)an$ financial Instruments are 5ummotsÈd as follows= 2024 Total Funds 2023 Total Funds Incorne and penStr Flnanual &ets me3swpd at falrvalue IhrDu9h nEt inrAimellexpendlturel Investmènt inwme Investsnenl monagement fees 179,421 1133,1211 46,3LKI 228,870 1169.6591 57,211 Nfrtrgalns snd10s5&s (inclucfing ch8nges In fwrvaluel Fin8ncial a55ets Mpa$or atfairvaluelhrDugh net incornell2xpEThliturel Unrealis8d galnslllosse$l on Investments Reali£ed gainslliosse51 on invesknènts 950.638 763,391 1.714.027 2.208.298 780,234 2,988,532 Ixed a$sel Inv8slments aty held atfair v81ue th valuatiDn$ Dblalned usin9 lasItred Dr closing midlbid market prfs as aYaiJablB. Page18
THE JOHN R. MURRAY CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2D24 NOTES TO THE FINANCIAL STATEMENTS 13. Comparative statement of Iln8nci?l artfvrtl65 and nÈt 0verent in funds Fxp?ndab Unrestrtcted Endowrnent Funds Total Funds INCOPllEAND ENOOWMENTS FROM: Inveslments 24D,326 240,326 Total 240,326 240,326 EXPENDITURE ON.. RaL&hu Investmentrnawement costs 169.659 169,659 charitab acttvfties 1.727.746 1.727.746 Totrl 1.727,T48 169,659 1.897,4D5 Nèt gaSnsl(tosse81 on ll)vestrJEnts 2.988,532 2,9B8,532 Net in¢¢*m¢ll¢xpenditUT81 11.487,4201 2,818.873 1,331,453 Tran5f8rs bott¥88nfunds 1,481,815 11,481,615) Net myement infuDd8 15,B051 1,387,258 1.331,453 RECONCIUAIION OF FUNDS FuThds at l January fj1 7.017 23.052,874 23,059,8gi Fund6 at31 December 1,212 24,390,132 24,391.344 Yoar pnded 31 DecErnber2023 Total Galt/ resoLtr¢es 11055Ds1 on 8xnded investsnents Total funds bFOUght foTrv8rd Total Incomlng T250ur¢es Transfers behvÈÈn funds Total funds arried lorward Endo%wnent funds Expendable erklowmentfvnd Total endowNEntfvnd5 23,D52,B74 23,052,B74 1169,6591 1169,6591 2.988,532 2,988,532 11.481,6151 11,481.615) 24.390,132 24.390.132 Unrestricted fund Fxed 8sset resep¢e GÈnaralfunds Totsl unreslricted fun 8.440 11.4231 7,017 240,328 24D.328 11,727,746) 11,727,746) 1.481.615 1.481.615 (7,2281 1,212 Total fvnds 23,059,891 240,326 11.897.40 2.988,532 24,391.344 Page19