Account of the Intromissions of
the Trustees of
IsabellA and Elizabeth Mudie Trust
For the year lo 31s( March 2026
2028
TRUSTEES'.-
Lindsay8 Tru81ees & Executors Limited
LEI'.213800B4YD3TP3K57D76
Scottish Charlly Number SC014030
KLPIMIS2211

Isabella and Elizabeth Mudle Trust
Trusteos, Rè
ort
The Tr*Jsleès subrnll Ihelr ieportwllh the accounts l(Y the year ended 31 March 2026
The Twsl was by Mutual Dlsposlllon and Seltlemenl by PAiss Isabella Mudie and Mlss
Elizabeth Mudio dated 13 August 1921 and iwo ¢odi¢iSs by Mlss Isabell8 Mlidle dated
30 Novemb&r 1927 and 22 Mgrch 1928.
The Fund shall be held and admlnlstered by Trustees. The presgnt Trusiegs are
Lin(Isays Truslses & Executor5 Llmlted
Appoliitmgllt of Trustees
New Iiustees ar? assumed by Ihe exisling Iruslees under the Trust DIspDslllon and
Selllement.
The Trustees 81 thè dale ol Ihis repurl tind Ihioughoul Ihe year are no18d.
Organlsallon
The Iiust 15 admini818red under the supervSsloii of th8 Trustees, who mèel periodlcally lo
assess giant appli¢81ion5. Day to day aclminislralion Is c&irkd by the Trusvs solicllor8.
Rlek Management
The Tiuslee8 have assessed the major risks to whlch the Trust is exposed. in parlicu18r
those relal8d lo th6 opgialions and financ8s ol the Tiusl.and are satiBfi'8d that systems
8r8 in place lo mituale our exposure b thg rnalor r15ks.
Charllabla purpos•5
The objèct ol the Twsl as strt out In1ts Trust De8d Is the payment Df grants lo resldents ol
Dundee who, througli sickness or olhetwSse, 8re In need ol finanual help.
Achlevemehts and p8rformance
The IIu5tep.8. through Ihelr Solkltors, Llndsays LLP, Caledonlan Exchango,19A Cdnning
Slreel, Edhburgh adrnlnlster the funds held by Ihom, collect Inoome and n78ke payments
of giahls or such bgnell¢iarle5 as apply lo thom lorassislance 8nd f811 wllhln the lerms ol
the Trust. No lund raising 18 c8rried on.
Trustee romuiieratlon And expen888
A lee Is pald Irom Ilme to lime lo Ihe Tru8t'8 Sollcllors. olwhom Kirsly Preston Is a
paFlner. 2026-£171012025- E 16621. Th& Irusle8s r8celve no remuneration and are pald
no bxpens8&,
Res9￿0$ Pollcy
The ieseNes of the Trust or￿[nate from gslales of Ihe late Miss18ab8lla aiid Elliabelh
Mudie together with the growth In value ol Invesiment8. The Iruslees have *opted a
reseNes pollcy Ihal ensui&s ihe contlnulng ability ul Ihe Tiusl lo Ineel its oblecllve5.
Elalance5 are ietèlned pilrn8rlly lo me&1 requests lor financial assistance.
The level ol total fuii(Is al 31 March 2026 was £ 84,1471202Jf £ 81,3391

Fulure Stratègy
The Iru5toes are looking al ways of increasing the numberof bEneflciaiies.
The liiiancial position Dl11)e Trust is as di5dosed In the accounts.
The Trust is a charlly and Is roGognl8Éd as su¢h by the Inland RevBnu6 lor taxation
purposes Thg Inland Revenue ohaiity number Is SC014030. A$ a rè5ulI there Is no
IFobllity to laK81ion on any of the Tru8t Incom8.
Ap)Yoved by Ilie Tiuslovs and slgi)ed on their behatf by Kir81y Preston
Trustee
Dale
I,kn Y)STriiJ 7 1(ili 7LtrS
il_leknlLOL

Accouryl foi'yeai to 31 slmarcli 2026
CAPIT
Credli
balance al the clo860f Illst ic¢ount
G#in on IralisAtion of iDveslmeiils
67,250.46
25.38
4,919.13
72,194.97
rJediict'.-
AdJnliii8lrutitstt 8xp¢nJe$(Indcpcnd¢nt Examincr$ Fcc 2025)
Adinini%tr&tion Exp¢iisr¥(QEneral)
Tnvesim¢nt M*n82ementFx
Aienls, CApilal FB¢s
12S.00
20.00
1,200,00
570,00
1,915.00
Citdit
b&lance at th¢ closL of Ihls I￿Ount
ofwhicli, IDvtgtm¢nts at m&rketvAlue.'.
70,279.97
77,890.00
Balgn¢e over-it)vesled
{7,6IO.031
BNUE
Credit
Artd:.
balance attho c105e of last￿count
)vestment inctsthe
14.089.19
2,767.95
16,857.14
Dedu¢t..-
P#ymenly lo BeneficiAries
Ag£nts' R¢v¢nii¢ Fe¢9
1,250.00
1,140.00
2,390.(XJ
Credlt
b&lattce 8tthe olose ofthls a¢¢ouni
14,467.14
6,857.11
Rapiwented by..
Lindsays Funds
Ratlibongs
6,526.59
0.00
J30.52
Capital
In¢orti¢
0.857.11

Isgb8
d Elizabelli
ie TIu81
Receipts & Payment AccoLinl lor th8 year lo 31 March 2028
2026
2025
Reoeip16
Inveslmgnl Incomg
Capllal Recelpls
2,767.9S
2,788.06
0.00
2,767.95
2,786.06
Pro¢ee(ts from 8ale of Inveslmenls
419,51
682.84
Total RwSpt8
3,167.48
3,478.70
Paym8nls
Charilabl8 Donations
Admini81ralion Exp8n8e8
Inve8lmenl IAanagemenl ExpenseB
Agènt's Fee
1,260,00
145.00
1,200.00
fj.710.00
1.260.00
126.00
1.200.00
1,ee2.80
4.305.00
0,00
4,237,60
0.00
PurGhaseslln¢ equallsallonsl
4,305.00
4.237.60
Surplus I Idellclll for yeor
1fj.117.541
1768.901

Isab811a an(* Ellzabelh Mud
e Trust
Recelpl8 & Payment Account lor the yaar lo 31 March 2026
2Q26
2025
Investmen18
Openlng tr)a18nce
Sal98
Purchasgslln¢, 8quallsallonl
Galn I Ilossl on sBle8
Incr8as8lD8crea881 in unioalls8d
appreGlallon
73,3es.00
(419.511
0.00
25.38
4.919.13
74,298.00
16&2.641
14.64
125Jr.001
Market Vallle as al 31 Mar¢h 202e
77,890.00
73,36b.(Kl
Bank and Cash In hand
OpanSng bBlance8
Lindsays
Ralhbones
7,214.77
759,B8
7,868.14
88B.41
7,974.65
1fj,117.$41
8,733.55
1758,901
add: Surplus I Idellcill
Closlng balance
8,857.11
7.974.66
Repre8enled by..
Lind8ay3 Fund8
R8lhbon8S
6.526.69
330.62
7.214.77
759.8B
6.857.11
7,974.65
I fund8 are unr081r￿16d.
Approwed by tho Truèteea and 81gned on Ihelr behalf
Slgn8d
Dale

Appendlces
InYt*lm¢nl Ilicomc
Rfflh&oJiiiMiiiilAsieith'ptÉglclJJe
01-Aw2025 Dprideiidon 65750
D2-Mrtr2n2S DiYidEiidan65750
02Jun-20?5 Djvid¢ndoA 65750
1-.1I11-2n2J Divlthrtdoft 65750
01-Aiig-2023 65750
29-AM8-202S DIv￿Clid0rt0s?5o
142.41
182,42
182,42
31-Od-?.025 Dlvld¢hdoiiOJ750
28-Nov-2025 Dividcndoii 05150
31-D¢o-2025 DiVId￿)d oji 651SO
68fj.01
149.01
27-Jleb-2020 DIY￿er1d UTr648CNI
filhbp1l￿TrjI1￿S
254vh-2015 GrDiglrlBr051
25-Sep.2025 Qros$lnl¢r&%t
I2-D￿l035 Omss IrfQMSt
26-Mir-2026 0rossllltero5t
D.Gl
03
0.22
014IlQ023 PRyinoil in licuofpll¥AioleX￿I due fu'llKpuiod 01102122 a
3010&tt025
-noi-2025 Paymtnl w liwoftsli&il s￿1￿0¥(￿￿0 04102U2M
49.V6
OfjJ2nkn2026 PayiKiii kn15¢li￿r￿rlEnl￿l￿rt3ldlIo rol'l￿ ypxi4dO4103J2251¥1
3111212025
31-Msr-2026 PAyinenl I11lEeiiof¢lKrtiirtWuikn4 hrl*poiqod 01102122 iiid
31103no26
3B.3•
3&20
2 y07.gs

APp0nd￿
Revoiiub ￿nyMo1111
?AymÈKI$ ID kleRonthirl¢$
01.Stp-2025 A￿$801]41￿￿ A Edwlrds
02-MÈr-2026 Mi51 Uillipn A EdwArdy
250.00
Ql.%¢p-?02S Mi&M H K4iiredy
?..￿1￿2D￿ Mis HKeiliieJy
125.(¥)
125.00
2$0.00
l.*p.2025 il OrBy
02-M6r-2026 MYsMaryR
125.fy)
121.IKJ
250.00
01-gep-2025 Dobri Fur&y
02.M4r-2D25 Debr&Vurey
125,(h)
25Q,OD
01-%Èp-1025 hMMIGaiildrl¢k
02-mo￿2026 Ab)nMtODiJdrlok
129.(X)
125.00
210.tIO
1150.0
ZQ-Mo1-2026 Lludsw f¢¢ forA(knlhisbrtioTr lhei1￿roryoIrt￿th10.
95DffjO
2Q-Mir-2D16 V31 It2

Appondl
CRplllllFiiymDllls
?I-MNy-2025 Mlchiol M#v4vkkèkftiMl4i￿1Qtt fÈ¢ MrW35
24-Sop.2025 ofscoilqnd iUDLi￿OI'D￿ ofAs5lNnpil￿i & RESI￿ttl1
125.(K)
20.00
145.
InVO&tmontMAnftaoM?ul Fees
o6-Api-.2￿j RBUibDrtsMfftiiuyiKHt fe
OL-Jiil-2025 11gllibDi%i Man6ll¢jr*￿l￿
DI￿¢1.2￿25 IiDllibortgMaiI￿7￿uIFEts
0148n.2￿6 Ryihboi￿s
300.OD
aoo.00
JOO,OD
300.00
120000
10-Mir-2026 1.ttstLqAp fell kn.Idmlthsirntion uful¢tn￿lrQrYEw￿dBth,
475.00
95.00
57O.OD
IQU￿-?026 Vwl At2U%

NOTES
1 The Inv98thenls arg In the ac¢ounl al valu8110n.
2 Incom8 from Inv88lm8n1818 ¢Yedlled lo the Inc%)mo and EKpendHure aceounl
the yeor In whS¢1111 le recelved.
3 No Commlilee Member recelved any remunerallon during th8 period12025 none).

In(Ièp8ndÈnt Ex8MInar￿ Rgportto
Ihe Tru8tee8 of
Ltsabolla aiid EllzabElh Mud19 Trust
I report on Ihd acwunls of th8 Gh&rlly lor the porlod Ènded 31st March 2020
The ImtsleB& arfj regponÈllAÉ lor lh8 preparalTron of Ihè ￿CoUnt8 In accord￿¢&
th Ihg l¢rm$ of th8 Charlllas and Trustee Invesiinent IScolL9ndl Acl 2005 9nd the
Charllies AccDunl8 Isrollandl Reoulallons 2006. The thaiity Iwsieèg ton$4der IhBI IhB
audll requliemenl of R8gul8lKJn 10111 Id) Df IlieAcwuTl¥ Regulallons doès not apply,
Illy my reepon91bl1￿Y lo examlne Ihe &¢counts as raqulred uiidersecllon 441llcl of Ihp
Act&nd to 8l&le whBiher pB[UDu￿malI￿r8 hava wme io my aitenllon.
My 8Kamlnallon18 Corr4ed wl accord￿￿& wllh RegLilyUon 11 of the Chorlllg8
A¢¢ounls IS¢olLgndl Regulalbns 2006. An 8Xgmlnallon in¢lude$ ) revie¥v of the
8cwunbrwJ records kept by Eh6 tharlly tnd a wmp4ri5on olllie accounts pre$bnléd
th thos& iecords, 11 also Includes conslderallon of any ￿n￿&￿all10m5 or d16do8ur8È
In lh& a¢cDunls, and seeks 6KFlanallon$ from Iha Irusleeg concgmlng 8ny such
m2ltaiÈ. The proctydures undertaken do n41 provlde all the bvlden¢e th81 woukl b8
requlred In an audll. and conseqiienlly I do not exprè59 sn audll oplnlon on thè vkw
ulvan by IhÈ acewnts.
In Ihe Gours8 of my exèNlnatlDn, no mjlter has come to my 8ltenllDn
1 wNch 9Iv85 m8 r8asonablo cause lo b8118ve Ihal In any malerlal r¥$pecl
Iha requlrernenl9',
lol lo kéep a¢￿Unth9 recordÈ h ae¢Ord¥nce￿lh Seellon 44lfl lal oflho
2005 Aotand Reguhlk)n 4 o¢lho 2006 A¢couAt8 Ragulatlons, and
Ibl lo prepare 8ccounl8 whKh accord wrfh Ihè 3GGDunllng rBcoid8 and
00mply￿￿h Regulullon 9 of thè 2000 A¢counls RegulalFons
how8 not been m81. or
2 to whlch, In ry ophlon, att8nUon shoUd be diawn In ord8r to ongble a
proper undgr¥landlnD of the accoun181o b8 iÈaGhBd.
Mlcha81 MaNAck
Indepèndertl E%amln8r
R81lredAccr￿iTrlanI
3111 North VVerb8r Park
Edlnburgh
EH418Y
Zo2