LINDSAYS CHARII A141.F. I-RIISI.
Accounts for ihe l'ear ended 31 Ikccm￿r ?074
Scotti%h Charit%, No. SC 002014
?0?4
TRUS I I-'1--5=.
Lindsa)'s Trusl¢c5 & F"xcculuTh l.imiied
l.El= 21illOOI)115/8RI118F5681
CSLII.IN?1511

LINDSAYS CHARITABLE TRUST
Scottish Charity Number SC002014
Trustees, ReFKJrt for the year ended 31 December 2024
The Tmstees are Lindsays Trustee5 & Executors Limited. a Company Lirnited by Guarantee.
Ihe Directors of which are the partners In the firm ol L1ndsays LLP Caledonian Exchange.
19a Canning Street. Edinburgh.
The Tmst was established by Lindsays Trustees Limited by Deed of Trust dated 25 January 1983,
which Deed was regislered In the Books ol Council and Session on 10 February 1983.
The hjnds are held and administered by the Trustees.
The purposes of the Trusl are lo donate fund5 to charitable organisalions relating lo conseNation,
the environment, wildlife, the arts as well as medical research The Trustees do have 8 wide
discretion to pay the TrLJSt Income to such charitable organisations as they may select. The
Trustees will normally support Scottish basett chanlies working In Scotland and lend
to support smaller. less well known ¢harilie5 working In specialist fields
During the year the Trustees made donatsons lo a number of chanties as detsiled In the
appendi￿5
Slalulory regulations require the Trustees to prepare financial slalemenls for each financial year
which give a true and fair view ol the Trust's financial aclivilses during the year and ol
ils financial position al the end of the year In preparing these statements the
Trustees are required lo"
Select suitable a￿o￿ntIng policies and then apply them consislenlly
Make judgements and eslimaies thai are responsiDle and prudenl
Stale whethef applicable accounting standards have been followed subject lo
any malenal departures disclosed and explained In the accounts
Prepare the accounts on the going conGern basis unless Il Is Inappropriate lo
presume that the Trust will continue
The Trustees are reponsible for keeping proper accounh'ng reeords which disclose with
accura¢y at any b.me the financial wsition of the Trust and to enable them to ensLJre that
the accounts comply with statutory regulations They are also responsible lor safeguarding
the assets of the TrLJsI and hence for taking reasonable sleps for the prevention and deleciior)
of fraud and other iTregularilies
The financial posilion of the Trust Is as discbsed in the Statement of Receipts and Payments
and the Staletnenl of Balances.
The Trust Is recognised by the Inland Revenue as a Charity for taxation purposes and Ihere
is no liability to laxaliory on any of Ils Income or capital
Approved by the Trustees and signed on Iheir behalf a Director of
Lindsavs Trust@es Executors Limited

Lindsays Charitable Trust
Abslracl of Account for year lo 31 December 2024
CAPITAL
Credit balance at close of last account
293,745.83
Add..
Unlraced Balances donated lo the Charity
816.03
294.561 86
Deduct".
Loss on Realisalion ol Investments
Independent Examination Fee12023 Account)
Investment Management Fees
Agents, Capital Fees
1.854 96
125 00
3,160.39
1.10640
6,246.75
Credit balance al close ol this account
of which, Investments al book value
288,315.11
284,951 58
Capital under-invested
3,363.53
REVENUE
Credit balance al close of last account
Investment Income
3,972.94
14,534.27
Add:
18,507.21
Deduct
Payments lo Charities
Agents, Revenue Fees
15.000 00
724 80
15.724.80
Credit balance at Close of this account
2,782.41
6.145.94
Represented by..
Ralhbones
Capitsl
Revenue
2.739.31
2.372 62
1.034 01
Lindsays Funds
6,145.94

Lindsays Charitable Twst
Receipts & Payment Account for the year to 31 December 2024
2024
2023
Receipts
Investment Incorne
Unlraced Balances donated lo the Chanty
14,534 27
816.03
15,314.91
713.45
15.350 30
16.028 36
Proceeds from sale of Investments
60,683.73
12,743.81
Total Receipts
76.034 03
28.772.17
Payments
Charitable Donations
Administration Fees
Inveslmenl Management Expenses
Agent's Fees
15,000 00
125 00
3,160.39
1,831 20
29,000.00
12500
3.045 88
1.690.56
20,11659
33,861.44
Purchase of Inveslmenlslinc Equalisalion)
56.155 26
12,093 76
Total Payments
76.271 85
45,955.20
Surplus I Ideficill lor year
1237.821
117.183.031

Lindsays Charitable Trust
Slalement ol Balances a5 al 31 December 2024
2024
2023
Investments
Opening balance
Purch3se51inc Equalisalion}
Sales
Gain I Ilossl on sales
291.335 01
.155.26
160 683 731
11.854 96
290,978 88
12.093 76
112,743.811
1,006 18
Closing balance
284.951 58
291,335 01
Market Value as al 31 December
349.984.00
345,315 00
Bank and cash In hand
Opening balances
Lindsays Deposit
Ralhbones
340760
297616
18.745 69
4.821 1D
6 383.76
1237.821
23.566 79
117.183.03}
add Surplus I Ideficill
Closing balance
6,145 94
6,383.76
Represented by..
Ralhbones Fijnds
Lindsays Funds
5.111 93
103401
2.976.16
3,407.60
6,145 94
6,383 76
All funds are unrestricted
robid D Ine T-L,S'.Ll.Is anl s

LINDSAYS WS
LIN21511
- STOCKS & SHARES-
Book Values-
Purchasesl
(Sales)
Sales
Proceeds
Profiv
ILos$l
No of shares
Opening
Closing
Allianz Tgchnology Trust plc
3.500
994000
9.940 00
3.500
9.940 00
9,940 00
Artomis Fund Managers
11.000
9,784 48
9,784 48
11,000
9.784 48
9.784 48
Astrazeneca
125
6.727 45
6.727.45
125
6.727 45
6,727.45
Babcock & Brown Public Partnèrship5 Ltd
10.000
10.347.23
10,347.23
10.000
10.347.23
10.347.23
8HP 8illiton PIC
370
5.144 33
5,144 33
370
5.144 33
5,144.33

Blackrock Greater Europe
22105124 purchase
1,400
8.883 17
8,883.17
1,400
8.883 17
8,883.17
81uebay Funds Management
08105123 purchase
05107124 equalisalion
85
7,499.55
7,499 55
115981
85
7,499.S5
7,483 57
8ny Mellon A88Ot Management
6,000
9.579.26
9,579.26
6,000
9,579.26
9,579.26
British Am9rican Tobacco ord 25p
350
6.472.47
6,472.47
350
6,472 47
6,472 47
European Assets Trusl NVIReg'dl
2210S124 sale
10,000
110.0001
10.032. 12
10,032 12
110.032.121 110.032.121
8,993.20 11,038.921
10.032.12 110.032 121
0.00
8.993.20 11,038.921
F&C Comm9rcial Property Trust Ltd
now BMO Comm9rcial Property Trust Ltd
12102124 sale
15,000
14.851 49
14,851.49
115.0001
114.851491 114,851 491
11.622.60 13,228.891
14.851 49 114.851491
0.00
11.622.60 13,228 891

GSK plc ord. 25p shares
356
5.663.38
5.663.38
3S6
5.663 38
5,663.38
Grgencoat UK Wind plc
3.400
5,212 20
5,212 20
3.400
5.212 20
5,212 20
Gulness Asset Management
476 8600
9.971 22
9.971 22
476.8600
9.971 22
9,971 22
Haleon
12102124 sale
445
14451
1.257.00
1.257 00
11.257 001 11.2S7 001
1.445 87
188 87
1.257 00 11.257 001
0.00
1.445 87
188 87
Henderson Far East Incom• Ltd
08111124 sale
4.450
4.450
14145.74
14,145 74
114,145 741 114.145 741
10.034.75 14.110.991
14145.74 114,145 741
0.00
10,034.75 14,110.991
Henderson European Focus Trust
22105124 sale
5,500
15,5001
498723
4.987 23
14.987 231 14,987 231
10,752.61
5.765 38
4.987 23 14 987 231
0.00
10,752 61
5.765.38

HICL Infrastructurg
2.900
5. 103.99
5, 103.99
2,900
510399
5,103.99
HSBC Holdings
12102124 sale
02105124 Sale
03106124 Sale
2.050
11.0251
15051
15201
14.757.11
14,757.11
{7.378 551 17.378 551
{3.635.301 13.635 301
13.743.261 13.743 261
6.334 50 11.044 051
3.510 52
1124.781
3.595.20
1148.061
14 757.11 {7.378 551
0.00
13.440.22 11.316.891
JP Moryan US Equity Income Fund
11000
4.098 07
4.098 07
11000
4.098 07
4.098 07
J P Morgan Global Growth & Income plc
3.200
10.037.28
10,037.28
3.200
10,037.28
10,037.28
Legal & General Group plc
12102124 purchase
2.900
7.049.90
7.049 90
2,900
7 049.90
7.049.90
Liontrust Investments Ltd
Change lo Holding
Liontrust Investments Ltd Sust Fut Monthly Inc Bd
Holding after Change
8000
18.0001
6.903 19
16.903.191
6.903 19
16.903.191
6685 236
6.903 19
6.903 19
6685.236
6.903 19
6,903.19

Mercantile Invest Trust Ord
7.200
8.507 73
8.507.73
7.200
8.507.73
8.507.73
Murray Income Trust
2000
14.666 80
14.666 80
2,000
14.666 80
14.666 80
Murray Intomational Trust
4.175
10.103 50
10.103 50
4,175
10,103 50
10.103 50
National Grid plc
07106124 Take up Rights
700
204
7.230.13
7.230.13
1.315 80
1.315.80
904
7.230. 13
1,315 80
8.545.93
Natixis Intl Funds
15102124 purchase
2.000
12.170.00
12, 170.00
2.000
12.17000
12,170.00
Persimmon plc
350
4.938.50
4.938.50
350
493850
4.938 50
Polar Capital Technology Trust
22105124 purchase
Change to holding
Holding after Change11 0 for 11
350
13501
3.500
10,684 24
10.684 24
110.684 241 110,684 241
10,684 24
10,684 24
3,500
10.684 24
10,684 24

Renewables Infrastructure Group
8,000
10.674 54
10,674.54
8,000
10.674 54
10.674.54
Rio Tinto plc
08111124 purchase
170
8,568.58
8,568.58
170
8,568 58
8,568.58
Shell ple ord. É0.07 shares
02105124 sale
632
11521
10,428 01
10,428.01
12.508.001 12.508.001
439448
1.886 48
480
10,428.01 12,508.001
7,920.01
4.394 48
1,886 48
Royal London Unit Trust Managers Ethlcal Bond Z
8,600
9.901.52
9.901.52
8,600
9.901.52
9.901.52
Sarasin Investment Funds
7,500
14.11904
14.119.04
7,600
14.11904
14.119.04
Scottish American Investment Co Ord
3,000
7.711.90
7,711.90
3,000
7,711.90
7,711.90
ABRDN PLC
23.000
14 605.00
14.605 00
23,000
14,605.00
14,605.00

Treasury 114•A Gilt 3110112025
9300
8.434 07
8.434 07
9300
8 434.07
8.434 07
Unilever plc
115
499903
4.999 03
115
499903
4.999 03
Totals
284.951 58
60.683 73 11.854 961

Income
Investment Income
Artemis Fund Monqgers
01102124 Dividend on 11000
30104124 Dividend on 110(K)
31107124 Dividend on Ilc
31110124 Dividend on 11((Kl
Astrozeneco
25103124 Dividend on 12S
09109124 Dividend on 125
8abcock & Brown Public Partnership
13106124 Dividend on 10000
23112124 Dividend on 100(K)
8HP Billiton
03104124 Dividend on 370
07110124 Dividend on 370
81ackrock Greoter Europe
19106124 Oividend on 1400
20112124 Dividend on 1400
8ny Mellon Asset Monogement
01103124 Dividend on 6000
31105124 Oividend on 6000
31108124 Dividend on 6(KKI
30/IIJ24 Dividend on 6000
81ueboy Funds M¢7nqgement
05107124 Dividend on 85
02110124 Dividend on 85
British American Tobocco Ord 25p
01102124 Dividend on 350
10105124 Dlvidend on 350
02108124 Dividend on 350
01111124 Dividend on 350
Europet7n A55ets Trust NVIReg'dJ
31101124 Dividend on 10000
30104124 Dividend on 10000
Bt71t7nced Commerci¢71 Prop Trust
01102124 Dividend on 15000
GSK PI
01101124 Dividend on 356
11104124 Dividend on 356
11107124 Dividend on 356
10110124 Dividend on 356
137.85
139.12
140.44
141.79
195 00
97.00
407.00
418.00
208.30
209.34
24.50
73.50
81.47
103.93
166.39
85.80
78.35
89.59
202.02
206.08
206.08
206.08
147.50
147.50
66.00
49.84
56.96
53.40
53.40

Greencoot UK Wind plc
29102124 Dividend on 3400
31105124 Dividend on 3400
30108124 Dividend on 3400
29111124 Dividend on 3400
Gulnness Asset Monogement
31101124 Dividend on 476.86
31107/24 Dividend on 476.86
Henderson For Eost Income
26102/24 Dividend on 4450
03106124 Dividend on 4450
02109124 Dividend on 4450
03112124 Dividend on 4450
Henderson Europeon Focus Trust
05102124 Dividend on 5500
HICI Infrustru¢ture Co ltd
04104124 Dividend on 2900
04104124 Dividend on 2900
28/06124 Dividond on 2900
28/06124 Dividond on 2900
30/09124 Dividend on 2900
30109124 Dividond on 2900
31/12124 Dividond on 2900
31112124 Dividcnd on 29DO
HSBC Holding5 PIC
25104124 Dividend on 1025
27106124 Dividond on 520
27106124 Dividend on 520
J P Morggn Global Growth & Income
05101124 Dividend on 3200
16104124 Dividend on 3200
03107/24 Dividend on 3200
07110124 Dividend on 3200
J P Morgan Asset Monager5
31101124 Dividend on 11000
30104124 Dividend on 11000
31107124 Dividend on 11000
31110124 Dividend on 11000
Legal & General Group plr
06106124 Dividend on 2900
27109124 Dividend on 2900
116.62
85.00
85.00
85.00
107.29
170.14
271.45
271.45
275.90
275.90
167.75
24.49
35.25
23.41
36.62
7.77
51.97
46.00
13.73
254.49
85.75
40.83
147.52
147.52
147.52
182.40
ioo.io
107.80
99.00
98.60
424.27
174.00

Liontrust Investments Ltd
03101124 Dividend on 8000
01102124 Dividend on 8000
28102124 Dividend on 8000
31103124 Dividend on 8000
30104124 Oividend on 8000
31105124 Dividend on 8000
30106124 Dividend on 8000
31107124 Dividend on 8000
31108124 Dividend on 8000
30109124 Dividend on 8000
31110124 Dividend on 8000
03112124 Dividend on 8000
Mercantile Invest Trust Ord
01102124 Dividend on 7200
16105124 Dividend on 7200
01108124 Dividend on 72(10
01111124 Dividend on 72110
Murroy Income Trust
14103124 Dividend on 2000
13/06124 Dividend on 2000
12/09124 Dividend on 2000
J2/12124 Dividend on 2000
Murrtsy Internotlonol Trust plc
16/02124 Dividond on 4175
20105124 Dividend on 4175
16108124 Dividend on 4175
18/11124 Dividend on 4175
Notlonol Grld plc
11101124 Dividend on 700
19107124 Dividlind on 700
Persimmon plc
12107124 Dividend on 350
08111124 Dividend on 350
Renewuble5 Infrstructure GRP NPV Ord
03101124 Dividend on 8000
03104124 Dividend on 8000
02/07124 Dividend on 8000
02110124 Dividend on 8000
Shell B Ord Euro 0.07
25103124 Dividend on 632
24106124 Dividend on 480
23109124 Dividend on 480
19112124 Dividend on 480
32.00
14.75
28.00
28.00
28.00
28.00
28.00
28.00
28.00
28.00
28.00
28.00
104.40
237.60
108.00
108.00
190.00
190.00
200.00
190.00
100.20
179.53
104.38
104.38
135.80
273.84
140.00
70.00
143.60
143.60
149.40
149.40
170.01
129.31
125.52
129.74

Royol London Sterling Extrn Yield BondA
02101124 Dividend on 86CKI
28103124 Dividend on 8600
28106124 Dividend on 8600
30109/24 Dividend on 8600
Sorosin Investment Trust
27102124 Dividend on 7500
28105124 Dividend on 7500
28108124 Dividend on 7500
27111124 Dividend on 7500
Scottish Americon Inc Co
11104124 Dividend on 3000
20106124 Dividend on 3000
19109124 Dividend on 3000
12112124 Dividend on 3000
Aberdeen Stondord Fund Monogers
28103124 Dividend on 23000
28106/24 Dividend on 230(KJ
30109124 Dividend on 230
Unilever plc
22103124 Dividend on Ils
07106124 Dividend on Ils
06109124 Dividend on Ils
06/12124 Dividend on 115
Treosury 1/4% Gilt 31/01/2025
31101124 Gross Interest
01108124 Gr055 Interest
Rothbones Funds
25103124 Gr055 Accrued Interest
25106124 Gross Accrued Interest
25109124 Gross Accrued Intere51
23112124 Gr055 Accrued Interest
Lindsoys Funds
08101124 Payment In lieu of client gro55 interest due for the period
04102122 to 02101124
02104124 Payment in lieu of client 8r055 interest due for the period
04/02122 to 31103124
03107124 Payment in lieu of cltent gr055 interest due for the period
04102122 to 30106124
02110124 Payment in lieu of client gross interest due for the period
04102122 to 30109124
95.12
95.55
101.26
98.32
96.66
95.93
149.72
104.72
114.(X)
103.50
106.50
lii.(K)
134.02
144.74
125.03
41.94
42.25
42.50
42.12
11.63
11.63
0.39
8.46
14.50
12.26
145.39
58.11
71.62
99.17
14.534.27

Revenue Payments
Payments to 8eneJiciories
Big Hearts Community Trust
Govs of Dean Orphanage & Cauvins Trust
The Woodland Trust
Maggie's
Scottish Refugee Counc41
3.0(M).(K)
3,000.00
3,000.00
3,000.00
3.000.00
15.000.00
Agents Revenue Fees
31112124 Fee for administration of the trust for the year to date.
applicèble to revenue
31112124 VAT at 20%
120.80
724.80

Capital Receipts
15101124 Untraced Clients balance donated to Charity
31101124 Untraced Clients balance donated io Charity
31101124 Untraced Clients balance donated io Charity
12102104 Untraced Clients balance donated to Charity
16102/24 Untfaced Clients balance donated to Charity
27/02124 Vntraced Clients balance donated to Charity
27/02124 Untraced Clients balance donated to Charity
27102/24 Untraced Clients balance donated to Charity
27102/24 Untraced Clients balance donated to Charity
15107124 Untraced Clients balance donated to Charity
07108124 Untraced Clients balance donated to Charity
05109124 Untfaced Clients balance donated to Charity
19109124 Untraced Clients balance donaied to Charity
19109124 Untraced Clients balance donared to Charity
14111124 Untraced Clients balance donated to Charitv
12112124 Untraced Clients balance donated to Charity
342.84
19.80
41.73
28.14
30.00
20.00
22.00
48.00
20.68
37.47
84.10
3.96
22.00
44.00
816.03

Capital Payment5
Capital Administration Expenses
22102124
lee for examination of account 31112123
125.CKJ
125.00
Investment Management Fèès
OIIOL/24 Rathbonos Management Fee
06104124 Rathbones Management Fee
01107124 Rathbones Management Fee
01110124 Rathbones Management Fee
776.95
777.35
801.96
804.13
3.160.39
Agents Capital Fees
31112124 Fee for admini51ration of ihe iiust for Ihe year to date,
applicable to capital
31112124 Vat at 20%
922.00
184.40
1.106.40

NOTES
1 The Investments are shown in the account at 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 remuneralion dunng the period {2023 none).

Independent Examiners Report to
the Trustees of
Lindsays Charitable Trust
I report on the ac£ounls of the charity foi the ￿11¢mI ended 31 st December 2024
The chairty's Iruslees are responsible for Ihe p￿paratIOn of the a¢x£)unls in aCCo￿ance
th Ihe lemis of the Charitie5 and Trustee Investment (Scolland) Acl 2005 and Ihe
Charilies Accounls Iscollandl Regulations 2006 las amended). The chamy ITU51ees
consider that Iheauttrt requirement ol Regulation 10{11 Idl of the 2006 Accounts
Regulations does nol apply.
It is my responsibility lo examine Ihe accounts as required urbder section 4411 Ic} of Ihe
Act and lo stale whelher particular matters have come to my attention.
My examinalion is caiiied out in accordance with Regulalion 11 01 the Charities
Accounls (Scolland) RegulalioThs 2006 An exèminalion includes a review ol Ihe
accounting records kept by the charrty and a cofflpari50n of the accounts presenied
with those recA)rd5. 11 also indu(Jes consideration of any unusual Ilerns or discjosufes
in the accounts. 2nd seeks explanations fiom the InJstees concerning any such
rnatters The procedures undertaken do nol provide all Ihe evidence that would be
required in an audit. and consequently I do not express an audit o￿nIOn on the view
given by the accounls.
In the course of my examination. no fflattef has come lo my allenlion
1 which gives me reasonable cause lo believe Ihal In any material ￿s￿et
the requirernenls".
la) to keep accounting ￿COr￿S in 8ccordance wilh Section 441111a} of Ihe
2005 Aci and Regulalion 4 of the 2006 Accounts Regulations. and
(b} lo prepafe accounts which accord wth Ihe accounting record5 and
comply with Regulation 9 of Ihe 2006 Accounts Regulation5
have not been mel. or
2 lo which. In my opinion. allenlion should be dravffl in order to enable a