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 admtnistrn￿ve 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 D￿AlL5
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 constitut￿1 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 un￿ntrOlled 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 Cu￿torial 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
strIC￿Y 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 STATEmE￿s 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 A￿Unting Standards (United Kingdom GenerallyA￿pled 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 S￿Ounting 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
FINANc￿L 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 I￿land {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 fin*ncial 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 m￿Statements, 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 a￿oUntIng 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 charl￿S ability to ¢ontlnue as a
going concern, disclosing, as applicable, matters related lo going concem anci using the gDing con￿rn 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 pro￿dUr&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 cOnsequen￿S 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 Pro￿dureS 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
l￿ding 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
-ukjaudlto￿1audlt-asSUra
audilor-s-res
onsibililie>for-Ih
-Of-the￿Idesert 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 lAC￿￿￿tS
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
FINANc￿L 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$tm8nls
302,707
302,707
240,326
Totsl
302.707
302.707
2411,326
EXPBND]TURE ON:
R8i%iny fvnd5- ljwests￿Tht managernent ¢osts
133,121
133,121
169,659
Charfkbk 8Cthfi￿e$
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
FINANc￿L 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 Invas￿ry9 aclivltlp
Interest re￿Wed
ProtsÈds from 581è of rny8strf￿nts
Pwchase Df investmènls
NOt￿h 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 DeceM￿r
1,030.193
5,436,419
Cash and cash eqU￿a[P￿ts 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$3 of the pffmfyypal Offi￿ 18 gwen In the
referen￿ and adminislralwe d8taiEs sÈctlon and Ihe nature ofth& ¢harity's operaknons and pri￿paI aclvthes are gwen sn tFE trustees, report.
The charity constltutes a public beneffl entity a& deffned by FRS 102. Tha finan￿al statements have been prepafed ￿ a¢coFdarLe wlth
AccountirwJ and RepDrting by Ch8rlUès: Slètèrnent of Recommended PraoticB appllcabte to chatits￿ pBparing thety 2Munts in accordance
with the FlnarrAal Repoiting Standard applicable in the UK and Republi¢ of Itel&nd issued In D¢tober 2019, the Financial RepDrting Standard
applicabte in the Un118d ￿ngdoM and Republc of Irpland IFRS 1021, Ihe Char￿E$ Act 2011 and iJK GenÈraUy A￿pI￿d 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 $ter￿n￿ 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 $et Dut bElow. Thesa poliw have been
consistenty appliedto all ye8rs presented ynless tythewse stated.
Incomlng ￿ts￿rtÈ￿
Al incoming resour￿ arè in¢luded In the Statemenl of Financlal Activities ISOFAI when thp ¢harity13 legally entiled to incomB aftèr any
performance cond5fons have been met. the arfw)unt can bè measurpd reliabty It is prDbablBthat the income ￿11 be re¢Èwed.
Investment In¢ome 15 eamed through holding assets for investr￿nt purposes su¢h a5 5har85 8nd propety- It Indudes dMdBnds, inte￿t and
rent Wfvre it ￿ nol practicable to identify Invesbrent management costs incurrèd Wi￿1n a scheme wlth reasonable accuracy the invesbnent
income i8 reported nel of Ihe8È oDsts. It is induded when amount can be measured refiably. Inlerest income is recognis8d uslng tt)e
effective interest rnethod ond dmdend Bnd Fenl income ts rerx)gnk%ed a$ the chanty's right to receive paY￿￿nI is establksfÈd.
Resources expended
All Ex*rKlitutE 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 WnStrU￿5￿ts 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 ofIa￿1ng ftmds Indudes Investmènt m8nagemBntfees'. and
. Exwxliture on ch8ritabb act￿ltieS indudes grants iftfUrtheran￿ ofthe thartys objects togetherwith $uppDrt a[￿ govemanc8 costs.
Grants payabk to Ihwd parbe5 aTe withln the charltab18 objectiv￿. Where untonditional grants are off&red, thts is accrtsÈd as 500n as the
reGipieDI ￿ notified of thp grnnt. BS tlys give5 rise to 8 reasona￿& expec￿tion that the reclplent vhll rèowe the grants. V4lhETe grants are
condllional tBIBtiny lo perforynance then the grantb% onty acc￿ when any unftJNed conthtions aTe outside of the control oftre ¢harity.
Supportand govemancg costs 8llocallDn
Support C05ts are Ihose that assist the work of the chanty do not direw represent charltable act￿￿e8 and Costs and
govprnance costs. Thy are incurred dirpctty in support of Èxpendiwrtt on fhe objEcts Df lh8 charity.
The anatysls of thesè c¢$ts 1$ ry)¢luded in note 3.
Govemanoe costs
Govemance wsts cotnwse lh& costs associaled witr the governan￿ ariangem6nts of the L*arlty and tThci￿e audtt lees, costs associatsd
y￿fh 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 I￿A 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$ets are stated at cost or valuation18&s actumulated depre¢iAtion accumu13ted imptirtrTÈnt losses. CO￿ Include5 costs
direclty attr￿Ul￿b]e to making the aS&èt¢ap4b￿ of operating as inlendpd.
Flxttd assets are wtnPri5ed of some fram&s and photwraph$ 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 I￿eStMont¥
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$￿5) on Investments, in the SOFA rfthe shares sre publ￿tY traded orth8Srfair
valuB csn olhthMSP be rneasured ￿lIablY.
D&bfors rècè￿able and creditors payablo one yoar
Debtois and cr￿￿tOrS Wrth no slate(S inleiest rale and reteNsbTe or payabte Wthln orÈ year are recordEd at Iran&a¢tion prfce. Any losses
arising impalmient are TrcoBnls8d In expendHur8.
Cash and cash Èqtsivalgnts
Cash and cash equivalents indudes ¢ash at bank and in ha￿ and cash b8[an￿S wlthin the investrllent portEollo availablè for lrtvestment
trartsaction PWP05e8.
Fund accountlng
UnB51ricted funds 8re gvgilabk for use al the d¥8creUon of the trustee5 in futherance Df the.ger*vdl objectives of the charfty anrt have
not been design4ted forother purpoÈe&.
Endowrf*rrtfU￿¥ rBpresent those assets whlch must bÈ held pemanènty tythe chartiy, principal* hehl as fixed a55el ¢nvesknÈnts. Income
arising on the endowment fi￿￿$ can k used in acCordan￿with tW obiects of Ihe charity and is I￿uded 25 unTestricled In￿M&. Any capital
galn5 or 10$8es arfslng c)n the Investments fom part of the I￿￿. InvEslrnent management charges and legal ad￿ce relating to the funrl ar
charg2d against th& fund. Tr tru51ee& may. at their d￿cretiOn, fransfer tD unrestrited flmds amounts In oruer that thèy m2y be expended in
furtheran￿ of the charity's oblèGtives. vr￿erthe terms Df the Declaration of Twst, IhB trustees may. for a pertod ot 21 years from the date of
tN2t ￿e￿aratI0Th, accumulatÈ income as part ofthe wendable endtsvffliÈntfL￿d.
Goin9 Con￿rn
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
EX￿ndable
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$port
Durham A￿o￿all0n of Boys atQ Girls Cjubs
l$fingttsn 8oal Club
Thè Dlsabled S8lors As5Dcrdlion
S.DOD
20,000
5,000
25,000
5,000
AdvancementufenvitDnmenlalprotection orimprDkEment
Loughborough JU￿bon 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
AU￿ra Orchestr8
Brittèn Sirrfonia Ltd
Canal & R(ver Trust
Charfes Dicker￿ NursÈrfe$
City of LDndon SinfDnia
Cl8pham Pott&ry kn￿led
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 GaI￿ry
Newstead Archive research
SAVE Britaln's Heritage
Sir John SD8nne's Museum
Sooety ofAntiqU2rieS
Spita￿le1dS Musi
st Barthol)mews Heritaue
The Abbotsford Trusl
Tre Academy ofAn¢ient M￿lC
Tre Bronte So￿ety
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[b￿ln-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 Ins￿t￿ri￿N& Irontlnuedl
2024
Unre5trl¢tsd
Total
Fynds
2023
UnTethctÈd
Ttttal
Funds
No.
Promotion of &fficiÈrt¢y of the 8rmed foro
ngs for Wat￿0[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* charitab￿TrUSt
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
FiThd￿g 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 CommU￿ty Project
Hgppy Kids
ds NeCt￿n
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
oppO￿nity Sports FouMl8lion
Pr5sonets EduBation Trusl
Sgfe Families
SDllndabout
SPAG St Petefs SumrrEr ProFct
The 8ri9tDI ChihlRn's Help so￿ety
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 wocrf1fKJ￿e PrEse￿atiOn TrL￿t
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
RefiPf￿th0s8 In need
Able Kldz
Blind Akj
Buddws for ChIld￿n Autism
Ceiebral Palsy Plu
Clty Escape
CIDthing Solubons (for disabled PeOFAel
Event Mobllliy
Plot Une Mèal& Sem
Lepds Mencap
Leeds v￿eekEnd 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 Roll￿dY 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
5￿tEen re￿pEnts 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$S￿t the trustees in the FUnn￿g of the
charity. wi other admirvstratiDn being carried out by thB trl￿e8 by its IBgdl 8dvi8ers.
No remmeration was pald tD trustees in orthè prwdiry year.
Durlng thè year under JEwew, the charity paid tFÉ rent £25,orKI12D23.. £2D.0001 to Ihe trustee, Sir John k4urr8y, for the buildlng 50 AJbwllarle
Strept London, W1S 48D and wmbersed the travel cost £nil tts the tnt51ees12023 £696 to onet￿￿teeI-
The￿were no othèr d$d058ble related patytransacti(w in the Y￿r.
7. TangIb￿fixèd a&setÈ
Photographs
Fram85
Totsl
Cost
At l January 2024
Add￿On£
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&s￿Èj oninvesth7ents
Unreallsed ltrom abovel
Rea￿Se￿ on dispDsal of frxed 8SSètinvestrnÈnts and fotsign currerKy
9S0,636
284,250
1.234.886
950,838
T￿3.391
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
24,388￿81
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. Re￿n¢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
b￿l￿en
fund5
Total funds
carfsed
foNrnTd
r9$0urres
expendod
EndowmentfU￿js
ndable Èndowment fund
Tolal endowmentfvnd5
24,390,132
24,390.132
1133,1211
1133,1211
1,714,027
1,714,027
16,707,886)
16,707,886)
19,263.152
19.263.152
Unr&strl¢tsd funds
FiKed asset rEser¥e
Gelieral fvnd$
Total unrèstrfcl8d fund5
8,440
21,561
30,001
17.2281
1.212
3ffl,70T
3￿2,7￿7
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 prO￿de
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 incornellexpÈndL￿rÉ}'.
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 lasItr￿ed Dr closing midlbid market prf￿s 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 ￿0ver￿ent 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
8x￿nded
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