abrdn.com
Murray Income Trust PLC
Annual Report 30 June 2024
An investment trust founded in 1923 aiming
for high and growing income with capital growth
For more information visit murray-income.co.uk
abrdn.com
Front cover image: Looking East along the River Clyde in Glasgow,
to the Clyde Arc and the Finnieston Crane
Founded in 1865, HSBC is one of the largest banking and financial
services organisations in the world, with 41 million personal, wealth
and corporate customers, operating from a strong capital base and
through a diversified business model. HSBC was one of several new
stocks purchased by the Company during the Year.
Murray Income Trust PLC 109
Directors
Peter Tait (Chair)
Alan Giles (Senior Independent Director)
Stephanie Eastment (Chair of the Audit Committee)
Angus Franklin
Nandita Sahgal Tully
Company Secretaries and Registered Office
abrdn Holdings Limited
1 George Street
Edinburgh EH2 2LL
Registered in Scotland under company number SC012725
Website
murray-income.co.uk
Points of Contact
The Chair or Company Secretaries at the Registered
Office of the Company
Email: murray.income@abrdn.com
Legal Entity Identifier
549300IRNFGVQIQHUI13
United States Internal Revenue Service
FATCA Registration Number (“GIIN”)
8Q8ZFE.99999.SL.826
abrdn Social Media Accounts
Twitter: @abrdnTrusts
LinkedIn: Murray Income Trust PLC; abrdn Investment Trusts
Alternative Investment Fund Manager
abrdn Fund Managers Limited
Authorised and regulated by the Financial
Conduct Authority
Investment Manager
abrdn Investments Limited
Authorised and regulated by the Financial
Conduct Authority
Registrar (for direct shareholders)
The Share Portal, operated by Link Group, is a secure
online website where shareholdings can be managed
quickly and easily, including changing address or
arranging to pay dividends directly into a bank account, or
to receive electronic communications. To register,
shareholders will need their Investor Code which may be
found on their share certificate or by contacting the
Registrar by email at shareholderenquiries@linkgroup.co.uk
Alternatively, please contact Link Group –
By phone:
0371 664 0300 and +44 (0) 371 664 0300 (international).
Calls are charged at the standard geographic rate and
will vary by provider. Calls from outside the United
Kingdom will be charged at the applicable international
rate. Lines are open between 09:00 - 17:30, Monday to
Friday excluding public holidays in England and Wales
By post:
Link Group
Central Square
29 Wellington Street
Leeds LS1 4DL
Independent Auditor
PricewaterhouseCoopers LLP
144 Morrison Street
Edinburgh EH3 8EB
Depositary
BNP Paribas SA, London branch (formerly BNP Paribas
Trust Corporation UK Limited, until 31 May 2024)
10 Harewood Avenue
London NW1 6AA
Solicitors
Dickson Minto W.S.
16 Charlotte Square
Edinburgh EH2 4DF
Stockbroker
Investec Bank plc
30 Gresham Street
London EC2V 7QP
Additional Shareholder Information
Murray Income Trust PLC 1
Strategic Report Governance Overview General Portfolio Corporate Information Financial Statements
Peter Tait, Chair
Investment Objective
The Company aims for a high and
growing income combined with capital
growth through investment in a portfolio
principally of UK equities.
Overview
Performance Highlights 2
Strategic Report
Chair’s Statement 4
Investment Manager’s Report 8
Performance 13
Financial Highlights and Dividends 15
Overview of Strategy 16
Promoting the Success of the Company 24
Portfolio
Ten Largest Investments 27
Portfolio 28
Sector Comparison with the Benchmark 30
Summary of Investment Changes During the Year 31
Governance
Board of Directors 34
Directors’ Report 37
Statement of Corporate Governance 46
Directors’ Remuneration Report 47
Audit Committee Report 51
Statement of Directors’ Responsibilities 54
Independent Auditors’ Report to the Members
of Murray Income Trust PLC 55
Financial Statements
Statement of Comprehensive Income 64
Statement of Financial Position 65
Statement of Changes in Equity 66
Statement of Cash Flows 67
Notes to the Financial Statements 68
Corporate Information
Information about the Manager including
Investment Process 89
Investor Information 95
AIFMD Disclosures (Unaudited) 98
General
Alternative Performance Measures 100
Glossary of Terms 103
Notice of Annual General Meeting 104
Additional Shareholder Information 109
Contents
2 Murray Income Trust PLC
Net asset value total return
ABC
Share price total return
AB
+9.9% +7.6%
2023: +8.8% 2023: +4.9%
Benchmark total return
AD
Ongoing charges
B
+13.0% 0.50%
2023: +7.9% 2023: 0.50%
Earnings per share (revenue) Dividend per share
37.4
p
38.50
p
2023: 38.7p 2023: 37.50p
Discount to net asset value
BC
Dividend yield
B
10.5% 4.5%
2023: 8.2% 2023: 4.5%
A
Total return as defined on page 102.
B
Considered to be an Alternative Performance Measure. Further details can be found on pages 100 to 102.
C
With debt at fair value.
D
The Company’s benchmark is the FTSE All-Share Index.
Net Asset Value per share
c
Dividends per share Mid-market price per share
At 30 June – pence Year ended 30 June – pence At 30 June – pence
807.7
835.7
871.0
911.7
957.9
20 21 22 23 24
34.25
34.50
36.00
37.50
38.50
20 21 22 23 24
768.0
871.0
832.0
837.0
857.0
20 21 22 23 24
Performance Hi
g
hli
g
hts