ACCOLNT ol-Ih¢ IN'TROXIISSIOXS of the Trustecs
W.J. LiNDERV¥'OUD's Charithble Trnsi for Medical Rcscarch
FROM..
TO..
17ih jul￿ ?023
18 Junc ?O?J
(Trust M'ind-up>
Trust¢¢s=
C S Kennai Il's
l.indsa% s Trusiees & Eieculors Limited
LEI.. ? li8005iE8HOQMN41LI•3
Scottish ChariTh X'o. SC0016?-
CSL'M-IL106215

i. J LlndLrn1￿)d'S Chariiable Trusl
for.N.ledical Research
rt of ihe TrU￿CeS for the
riLMI ended l 8 June ?0?4
- ￿TrUst M ind
"T-he Trusiecs her¢￿ iih submit their report w ith th¢ accounis for ih¢ peri￿￿ ended 18, Junc ?024.
(Trusl M ind-up}
The Trusl ￿a5 establishcd under the W'ill of the lale ￿'1111￿M John linden¥i)od dated 19th tk.cember 198U.
'l-he tunds shall IK hcld and administered b!. Trusiees for the b¢n¢fit of Nl¢diLal R¢searLh in EdiiiburLh
dirvLted (o aLhiei'e pres"eniion of. ¥ur¢ fi)r (Trr relief Irom pain and illn¥ss. 1kn¢ dut) vl- lh¢ l-rusieLS is to pa)
Dui ihe whole free income annuall) for this purpose according lo ihcir disLrction.
The TrustCL5 noi% aciini dfL'
of19a CanninL StrLX't. E.Llinhiir_' .
anil l.indsa%s Trustees & l.xecutors Limited txith
Statiiton. regiili?tinn% require ihe Trustees to prepare accounti for cach financial N"¢ar which gil'e a true and
fair i'ieiN" of the state of atlairs of th¢ -I'rus1 and of the surplu> or dL'licil of ihe Trusi for that period. In
preparing those accounts. th¢ Trusiies are required to..
seleLt suitable accounting TK>licies and then appl! them consistentl!:
make judgements and csiimatC5 Ihat are responsible and prudent..
sldlL ii,IieiliLr appliiable 41CLOUllting siandards have been tollo￿,ed. subjcct to an) wnalcrial departUlLS
disclosed and explained in Ihe aLcount.%'
prepar¢ ih<' accounts on ihe qoinq conccrn basis unless li is inappropriaie to pre5Utnc that ihe l-rus( ￿ ill
c()ntinue.
'rhc "l-rustCC5 arc rcsponsibl¢ for keepin4 propcr accouniing record5 ￿'hICh disclose ￿'Ith reasonable acLuraLy
al ani tim¢ ih¢ finanrial wsilion of Illl Triisl and in ¢nahle Ihem 10 ensure ihat Élie aLcounts complv Ith
slaluior) rLg¥ullliions. The). 2re also responsible l-or Sar¢￿￿8rdin￿ the assets ol-lhe Trust and hcnLL lor t4ikin
r¢awnable steps for Ihe prei'eniion and deieciion (Il- fraud and ()thLr irrL"gulariiies.
Donativns mad¢ durin¥ ihe Near in suptK)n of ihc obj￿11%¢5 of ihe ¢haritJ are detailed in the appendices.
1.he financial posiiion of the Trust is dis¢losed in the accounts.
The Trust is recoEnised ai a charilN b¥ Inland Re%enue for taialion purposes. "Ihe Inland Revenue
Charitv Number i) %COO16:i. A5 a r¢suli there is no liabiliD' to t￿atIOn on ani of ihe Trusi income.
The C harits s regisle￿d address is clo Lindsays. Caledonian Eichang¢. 19a L anning Sireei. Edinburgh 1143
Apprui"¢d b!, Ihe 'l-n151ees and Slgned on iheir behalf l)v C S Kenned¥.
-Vate

W J Underwood's Charitable Trust for Medical Research
Abslracl of account for year lo 18th June 2024
CAPITAL
Credit
balance al the close of last account
Gain on realisalion of investments
123,157.42
18,000.00
141,157.42
Deducl".-
Adminislralion Expenses (Examination Fees 2023 & Final Account)
Investment Management Fees
Agents, Capital Fees
250.00
3.000 00
5,080 80
8,330.80
Credit
balance al the close of this account
132.826.62
REVENUE
Credit
balance at Ihe close of last accounl
5.397.30
Investment Income
5.658.49
11,055.79
Deduct.'-
Charitable donations
5,000.00
Credit
balance at the dose of this account
6,055.79
138.882.41
Represented by".
Rathbones
Lindsay Funds
Income
630.89
138,251.52
138,882.41

W J Underwood's Testamentary Trust
Receipts & Payment Account lor the year 118th June 2024
2024
2023
Receipts
Investment Income
5,658.49
6.012 27
5,658.49
6.012.27
Proceeds from sale of inve51menls
139.931.70
10,871.54
Total Receipts
145,590 19
16,883 81
Payments
Chari18ble Donations
Adminislralion Expenses
Inveslmenl Managemenl Fees
Agenl's Fees
5.000.00
250.00
3,000 00
5.080.80
6,000.00
125.00
3,000.00
1,37160
13,330.80
10,496.60
Purchase of Inve51menls linc Equ81is81ionsl
0.00
8,027.28
Tol81 Payments
13,330.80
18,523.86
Surplus / Ideficil} lor year
132.2S9.39
{1,640.051

W J Undepwood's Testamentary Trust
Statement of B818nce5 as al 23 May 2024
2024
2023
Investments
Opening balance
Purchases
Sales
Gain J Ilossl on sales
121,931.70
0.00
1139,931 701
18,000.00
123.476. 13
8,027 26
110,871 541
1,299.85
Closing balance
0.00
121.931.70
Market Value as at 16 July
0.00
130,928.00
Bank and cash in hand
Opening balances
Lindsay Funds
Ralhbones
3.723.12
2.899 90
6,040 57
222250
6,623.02
132,259.39
8.263.07
11,640.051
add.. Surplus J Ideficitl
Closirvj balance
138,882.41
6,623.02
Represented by..
Lindsay5 Funds
Ralhbones
138.251.52
630.89
3.723 12
289990
138 882.41
6 623.02
All funds are ￿n￿SIricted.
Approved by the Trustees and siqned on their behalf

LINDSAYS WS
WIL1LK215 W J unde￿ Chari¢abk Trusl
- STOCKS & SHARES.
Book Values-........_
Puichasesl
(Sales)
Sales
Proceeds
Piofiv
ILOBSI
No ol shares
Opening
Clcwng
Alllance Monthly Incorne Bond P Gross Inc
now Liontrtsst Monthly Inc Bond P Ine
20105r24 sale
5.700
15.7001
5.977 47
5,977 47
15,977 471
15.977 471
4.704 21
11,273 261
5,977 47
15,977 471
4,704 21
11,273 261
Arttmls Fund Managers Global In¢ l DIS
20105r24 sale
B.400
IB.4001
7,648 54
7.848 54
17.848 541
17,848 541
11,28692
3,418 38
7,848 54
17,848 541
000
11,26692
3,418 38
EJE----
Artemls Fund Manayers Corporate Bond F Inc
20105r24 sale
5,400
15,4001
4,803 29
4.803 29
14.803 291
14,803 291
4,964 22
1eo.93
4,803 29
14 803 291
0.00
4,964 22
180 93
Babcock & Brown Public Portnershlps Ltd
18105r24 sale
2,000
12,0001
2,069 43
2,069 43
12.069 431
I2.(￿9 431
2.539 01
489 58
2,069 43
12,Ce9 431
000
2.539 01
489 $8
Britlsh Amerkan Tobacco
16105r24 sale
9S
1951
2,501 35
2,501.35
12,501351
12.501 351
2.331 32
1170031
2,50135
12.501 351
000
2.331 32
1170031
Bny Mellon Fund Managers Ltd Newton Glb
17105r24 sale
4700
14.7001
7.950 77
7,950 77
17,950 771
17,950 771
10,651 61
2.700 84
7.950 77
17.950 771
10,651 61
2.700 84

European Asset
16105r24 sale
6,500
16,5001
6.809 41
6,809 41
16,809 411
16,809 411
5.798 65
11,010.761
6.809 41
16.809 411
000
5,798 65
11.010 781
Gore Street Energy Storage
16105Q4 sale
2,300
12.3001
2,804 38
2.804 38
12.804 381
12.804 381
1,419.25
11,385 131
2,804 38
12,804 381
000
1.41925
11,385 131
Greencoat UK Wind pk Ord
16105124 sale
4,000
14,0001
4.898 34
4,898 34
14,898 341
14 898 341
5.760 49
2.15
14,898 341
000
5.760 49
215
Guiness Asset Mana9ement
17105124 6ae
380
13801
8,242 23
8.242 23
18.242 231
18.242 231
11.60900
3,￿6 77
8,242 23
18.242 231
000
11,60900
3.366.77
Henderson Far East Inc Tst old. NPV shares
16105r24 sale
1.580
11.5801
4,367.78
4.367 78
14.367 781
14.367 781
3,729 15
1638 831
4,367 78
14.367 781
000
3,729 15
1638 631
Hendefson Intl Income Trus¢
16105n4 sale
5.250
15,2501
6.555 11
6,555 11
16,555 111
16,555 111
8.868 56
2,313.45
6.555. 11
16,555111
000
8.868.56
2,31345
HICL Infrastructure
16105r24 sae
1,600
11,6001
2.860 80
2,880 80
12,860.601
12,880 801
1,975.71
1885 091
2.860 80
12 860.801
0.00
1,97571
1885 091

mercantt.le Investment Trust Ord
16105r24 sale
3.800
13.8001
3.976 12
3.976 12
13.976 121
13,976 121
8,987 00
5.010 88
3.976 12
13,976 121
000
8,987 00
5.010.88
M&G Securities Global Macro Bond PP Inc
17105r24 sal8
3,340 51S
-3.340 518
3,520 49
3,509.53
13,509 531
13.509 531
2.675 09
1834 441
0000
3,520 49
13,509 $31
000
2.675 09
1834 441
Murray International Trust
16105Q4 sale
4,200
14,2001
8,258.59
8.258 59
18.258 591
18,258.591
10.692 82
2,434.23
8.258.59
18,258 591
000
10.692 82
2.434 23
Murray Income Trust
16m5124 ￿e
650
16501
5.023 47
5.023 47
15.023.471
15,023.471
5,813 74
790 27
5.023 47
15,023 471
000
5,813 74
790 27
Royal London Managefs Ethical Bd Z GBP
17105r24 sale
4500
14,5001
5,15529
5.15529
15.155 291
15,155 291
4,477 95
1677.341
5,15529
15.155 291
000
4.477 95
1677.341
Sarasin Investment Funds
17105r24 sale
5500
15.5001
9,932 17
9,932 17
19,932 171
19,932.171
11.04400
1,117.83
9,932 17
19.932.171
000
11,04400
1,11183
Schroder Oriental Income Fund
18105r24 sabe
2.100
12,1001
3,974 79
3,974 79
13,974 791
13,974 791
5.674 15
1,699 36
3,974 79
13,974 791
5,674 15
1,699 36

Scottish AmerKan Inv Co
970
19701
4.943 80
4,943 80
14,943 801
16m5r24
14,943 801
4.991 23
4743
4,943.80
14,943 801
000
4.991 23
4743
T B Baiky Fund Managers
20105r24 sale
2500
12,5001
6,227.39
6.227 39
16.227 391
18.227 391
6,561 25
333.86
6,227 39
16,227 391
6,￿]25
333 86
Treasury 114% Gilt 3110112025
14107r23 purchase
15105r24 sale
3500
-3500
3,241 65
13,241 651
3.24165
13.241651
3.396 37
154.72
0.00
000
3.396 37
154 72
139,931.70
18.IXM).00

otes to ihe A¢counis
Income from inN'estments is ¢rediied to the income and cxpendiiur¢ account in the vear in which
re¢eiN'ed.
No Trustee receil'ed an)" remuneraiion during the )'ear (?0?3 XTon¢).
The investments are shO￿"n in the a¢¢ount at cost.

Appendices
Ini'cstmi'nt InLiime
I l-Au¥-11121 1)iiidL'nd 571KI
2? Xll
2• Xll
?11?I l)ii'JJL'nd Im 571NI
14-IX*-21123 1)iiidLnJ i)n $71111
2? 1111
!X.I'Lh-?1174 1)ii'idLnd ijn 571MI
2119 (15
Artemli kuNIl C ciry) F IAI.
CIA 44
C)7 C)7
()M.21)
.Iii-Apr..
IS￿h1.11<.* Pybllr PortAerihlp.T l.¢d
Ilrlilih Anwrli'un
54x1
54MI
IlnJ,,VebiYI)H¥l (*LfihAI H'IM
()• 711
Xl 41
Funipeun .44¥ets 7in.11
1)5 Ily
1)5 Ilx
12 111)
2(7 45
12-Ai)r-.
552
Ctrrvéiii'fjoi UK M Ind
25-Ais¥-_
X7
X7.(
1172()
A Tfel
124 71)
>15 51)
-1 l_Jun-21)24 1)iiidLnd i)n IXI

Appendices
Hend*rFiJn Far EIL¥¢ lttc. Iru.¥l C)rdNPY
2X.NI)i'.
2f)-I'L'tk?1124 1)iiidLnd i)n 15YII
i l.Augy.?11?I l)JiidL'nd i)n 52il)
il)-NiTri. ?11!? IhiiJLnJ i)n 5?511
?{).1.I￿71l?4 1)iiidLmd i)n 575{1
HIC'I. InJru.ftThLY*re
IX4C
IH-Ai¥r-.
,Ven'oMille Tn¢%l C)rd
l ()-Mdi-
M&(.. l)plim¢TI Inrumv.Si¥rlinR PPJnc
19 85
Murnij. Inierndrivnal IrM.¥l
14.%LI)-2111 1 i)lK'idL￿d (151)
82XM
14.M41r-.
4(1 ()J
4<) 77
f>L) 71
X484
71) Xll
711.li
2¥-Ni)I'.
.lehnider C)riental
4? (Xl
I l.Miii-
.S¢-olli¥h Co
-17 47
-14 44
l().Xh

Appendices
Ilf)-N(11-.2n?? l)iiidL'iid cm ?51MI
11!.1.L￿71)74 1)iiiJcnd on_ilXI
l)l.Md%-?0?4 1)iiid¢Td ilti ?5iy
TreasuF)'.l ?5% 1/4% 31fj125
59f,I
72-1kn..?11)I ITril%% IIiiLYL'NI
111-(kl.2111 1 l *i%tiiLYil in IILU 151. jlicni ￿l¥S5 JnlLTr'I due ti)r ihe
42.2
Ilk.Jdn-?(124 PaimLmi In IIL'U iil-¥lJLrykl lniLT¢￿ duc (or thL"
FK'Ii1Lt￿ l)4111?1!! &nd U:111 l 1?4
-?11?4 1)d%in¢nl Ln IILU Lil"ilJ¥Y)I pri￿5 IIIILYes1 lor the
'ti4¢L￿ I)41iiJ!! Jnd .1 lilJ_l/74
S,()5￿.4￿)

Appendtces
111?I SL'i)Ilan
5.IMM).IX)

Appendices
C-4pital P*i'mL'nt
Cthpitthl Admlni¥truti(In EApi'n¥L'
18-Jun-21124 MJil)u¥l Miiii4ick Iinol LiumilluilC)iI IL'L, IÉ) ￿1[1d up
11()-Ai)T-?1174 lttsih￿InL￿ InKi%iniLnl Miinu¥LYiiL'iil l.LX* iippliLiiblL II) iUI)Iial
AKI'nt% C'¥pIt￿l Tr1'1'¥
I l-Jwi-21124 V A-I. ￿1 !IW

NOTES
1 The Investments are shown in the account al valuation.
2 Income from Investments is credited to the Income and Expenditure account
in the year In which It Is received.
3 No Committee Member received any remuneration during the peri¢xI {2023 none)

W J Underwood's Testamentary Trust for Medical Research
Trustees, Report for tho ygar ended 18th June 2024 (Trust Wind-up)
I report on the accounts of the charty for the penod ended 18th June 2024 ITru5t Wind-up
The charity's trustees are responsible for the preparabon of the accounts In accordance
with the terms of the Charity"es and Trustee Investmenl (Scotlandl Act 2005 and the
Charities Accounts Iscotlandl Regulations 20(￿. The charity trustees consider that the
audit requirement of Regulation 10111 Icll of the Accounts Regulations does not apply.
11 Is my responsibility lo examine the accounts as required under sectson 4411 Icl of the
Act 2nd to stale whether particular maiters have Gome to my attention.
My examination Is carned out In accordance with Regulabon 11 01 the Charities
Accounts (Scollandl Regulations 2006 An examinaiion Includes a revbew ol the
accounting records kept by the charity and a wmpanson of the accounts presented
with those records 11 also Includes consideration of any unusual Items or disclosures
In the accounts, and seeks explanations from the trustees conceming any such
rnatters. The procedures undertaken do not provide all the evidence that would be
required in an audit, and consequently S do not express an audit opinion on the view
given by the accounts.
In the tourse ol my examination. no matter has corne lo my attention
1 which gives me reasonable ca4Jse lo believe that In any material respect
the requirements
lal lo keep accounting records in accordance wiltt Sec110n 44111 lal of the
2005 Aci and Regulation 4 of the 20(6 Accounts Regulations. and
{bl to prepare accounts which accord wlh the accounting records and
comply with Regulation 9 of the 2006 Accounts Regulations
have not been mel. or
2 to which in my opinion, attention should be drawn in order lo enable a
proper understanding of the accounls lo be reached