The Walker Trust Annual Report and Accounts Year ended 31 Dècèmbèr 2024 LEGAL and ADMINISTRATIVE INFORMAMON Trustees Bishop of Edinburgh Dean of the Diocese of Edinburgh Secretary of the Diocese of Edinburgh Charlty No SC002877 pri￿1p￿1 oddress Independent Exominer Drumrnond Laurie Unit 5, Gateway Busine55 Park Beancr0$5 Road Grangemouth FK3 8WX Investment Rathbone5 10 Geor£e Street Edinburgh EH2 2PF monuger5 THE WALKER TRUST Trustees, Report Year ended 31 Dècèmbèr 2024 The trustees are pleased to present their report together with the financi31 statements and independent examinerfs report for the year to 31 December 2024 Structure* governance and management The Walker Trust is constituted by a Declaration of Trust dated 13 September 2019 which replaced the origin81 Acr of Parliament of 1877 under which theTrust forrrerly functioned. The Trust Deed specifies that three representatives of the Scott15h Episcopal Church Diocese of Edinburgh shall be tru5tees- the Bishop of Edinburgh, the Dean of the Diocese and the Diocesan Secretary- and that there shall be 8t least two other Trustees. The Trustees are re5pon5ible for the management ol the Trust. They have dele88ted day-to-day administration to the treasurer and staff of the Diocese of Edinburgh. Investment management Is provided by Rathbones. The Trustees hold an annual rneeting each year to consider the preceding year's accounts and the management of the Trust. Any newly 3PPOlnted trustees are given the back8round to the Trust on their assumption and copies of relevant documents, including. where appropriate, charities le8151ation and regulations. Oblertlves and artlvltles The Trust Deed requires the Trustees to hold the Trust Fund and their income thereof in trust for.. l The settlernent of administration costs 2 The advancement ol the Scottish Episcopal Church, with the Diocese of Edinburgh being considered as having 3 prior claim., 3 The further advancement of St Mary'5 Episcopal Cathedral, Edinburgh.. 8nd 4 Any other charitable purpose directed to the improvernent. efficiency or benefit ol the Trust. The Trust also holds the office of Usher of rhe White Rod established as a hereditary di8nFtary in the 14th century, who attended the Parfiament of Scotland before it5 abolition in 1707. The Bishop of Edinburgh as ex-officio Chair of the Walker Trustees is the present Usher of the White Rod, but the role c3rries no duties. The Trust's original founder, M3ry W31ker, ditt3ted that th& Office should be held perpetually by the Trustee5 Wlth powerto appoint a deputy to officiate. Certain regalia associated with the Office is held by the Trust and 15 currently on loan to the National Museum of Scotland. Achlevements, performance and finartcial review Durin8 2024, the Trustees utilised its net income to make gr3nts of £14,500 to St Mary's Cathedral12023.. £14,0001 and £5,500 to the Di(xe5e of Edinburgh12023.. £5,000). In March 2024, White Rod was loaned to Perth Museum a5 part of an inaugural exhibition following the museum's substant131 renovation. THE WALKER TRUST TRUSTEE'S REPORT Icontlnuedl Year ended 31 December 2024 A¢h[￿eMents, performance and tlnanclal revlew Icontinuedl The Trijst's listed investments generated income of £21,389- a yiÈld of 3.53%12023.. 3.55%> based on avera8e value in the year,. and an increase of 1.4%12023.. 7.2%> on the previous year's income. Investment mènasernent fees paid in the year were Ll.7%12023.. 0.7%) of the average a55et value and 19.7Y412023'. 20.0%) of total income. The rMJrtfolio gained £6.475 in Lhe year, making o total return of £27,296 or4.5% 12023.. 5.2%) before management fees. This compares with a 10.7%12023.. 10.1%) tot31 rerurn on rhe benchmark. which is the PIMFA Private Investors. Balanced Index. Over a five-year period. the portfolio total return wa5 28%, compared with the benchmark's 28.6%. Reserves poll£y The Trustees airn to dlstribute in full each yearthe previou5 year's investment income after deducting 50% of relevant administration and governance costs. The remainins 50% 6nd any other c05t5, including investment management fees. are recovered frorn the value of the porrfolio, but otherwise capital reseNes are not currently utilised for 8rnnt-makin8. Investmentpollcy The Trustees have in5trLKted the Investment Managers to seek a balanced return beiween capital grovAh nd incorre on the basis of a rnedium level ol risk. The Investment Managers take Environmental, Social and Corporate GovÈrn8nce f8rtors into account in their investment proce55e5. Rlsk The Trustees periodically reviewthe risks to which the Trust may be exposed and take appropriate steps to mrfcigate thern. The major risk- loss of investment value and inCOmE- IS rnltigated by the appointment of professional investment m3n3gers. The Trustees also ensure that the herit38e assets are appropriately nsured by thÈ musÈums to which they are loaned. Futu￿ plans The Trustees will continue to review the organisation, management and administration of the Trust in order to maxirnise the funds available for grant-making while ar the same time maintaining Its poslilon on rlsk management. Approvèd bythe Trustèts on 10 Marth 2025 and Signed on their behalf by THE WALKER TRUST INDEPENDENT EXAMINER'S REPORT ro the Trustees of the Walker Trust I report on the financial statements for the year 31 December 2024 set out on pages 5 tc* 8. Respealve responslbllltle5 of Trumees and examlner The Charity's Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment5 (Scotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 las amendedl. The charity's Trustees consider that the audit rÈquirement of Regulation 10111 Idl of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial st3ternents as required under sertion 44llllcl of the Act and to state whether particular matters have come to my attention. Basis of independent examiner'5 ststement My examination is carried out in accordance with Regulation 11 of the 2￿6 Accounts Regulations. An examination includes 3 review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matter5. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements. Independent examiner's Statement In connettion with my examination, no matter has corne to my attention: lal which gives me reasonable cause to believe ihat in any material re5pert the requirements.. lil to keep accounting records in accordance with Section 4411) lal of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations,. and lill to prepare financial statements which accord with the accounting records and comply wiih Regulation 9 of the 2006 Accounts Regulations,. have not been met or Ibl to which. in my opinion. attention should be drawn in order to enable a proper understanding of the Drummond Laurie Unit S, G3teway 8u5iness Park, Beancross Road Gran8emouth FK3 8WX Dated.. 8th October 2025 THE WALKER TRUST Receipts and Payments Account Year ended 31 Oécember 2024 2024 2023 Note Receipts from operation$ Investment income 20,É21 21,102 Proceeds of sales of investments 110.517 35,752 Total Receipts 131.338 56.854 Payments on operations Fundrt7ff5ing Investment management costs Churitubleoctivtties Grant making Costs associated with White Rod 4.359 6.037 20,0(K) 1,552 21,552 893 1g.CMX) 600 19,6 432 6overNince costs Total payments on operations 26,804 26,069 Purchases of investments 104,598 30.203 Total payments 131,402 56,272 Net receiptsllpaymentsl in year 1641 582 Bank balances at l January Bank balance$ at 31 December 24.927 24,863 24.345 24,927 THE WALKER TRUST Statement of Balances As at 31 December 2024 2024 2023 Note Fixed assets Heritage asset Investments 176,000 597,717 773,717 176,000 597,161 773,161 Cuirent assets Cash at bank and In hand 24.863 24.927 Acciued interest 675 397 25,538 25,324 Current Ilabilities Creditors: Management and examination fees 18601 12,8451 Net current assets 24,678 22,479 Total net assets 798,395 795,640 Approved by the Trustees on 'lO March 2025 and signed on their beha THE WALKER TRUST Notes to the Accounts: year ended 31 December 2024 l Basls of accounts The accounts are prepared on a Receipts 8nd Payments basis in accordance with the Charities and Trustee Investrnent (Scotlandl Act 2005 and the Charities Accounts (Scotlandl Re8ulation5 2006 las amended). 2 Funds The Trust Deed perrnits all funds to be used at the discretion of the Trustees without disctinction between revenue and capital. Accordingly all the Trust's funds are unrestricted. 3 Investfflent income 2024 2023 Income from listed inve5tment5 Interest received 21,127 262 21,389 568 20,821 21,025 77 21,102 Accurnulation dividend included above Cash receipts from listed investments 21,102 4 Grants paid 2024 2023 Diocese of Edinburgh St Mary's Episcopal Cathedral s,soo 14,500 20,OQ)O 14,000 19,000 5 Costs a550ciated with White Rod The payment in 2024 was in respect of a fee from the Trust's13wyers for correspondence and research relatin8 to the right of the Usher of the White Rod to attend the Coronation of King Charles111. See note 10. Payments in 2023 represent the costs of the Bishop of Edinburgh who, a5 Usher of the White Rod attended the Coronation on Saturday 7 M8y 2023 in Westminster Abbey. 6 Govemance costs 2024 2023 Legal fees Independent Examiner's fee (prior year accounts) 443 450 893 432 432 7 Bank balan￿5 2024 2023 Main bank account held by Adrninistrators Cash element of investment portfolio Investment Managers, ￿venue account 14.756 7.773 2.334 24,863 17,258 6,213 1,456 24.927 THE WALKER TRUST Notes to the Accounts: year ended 31 December 2024 Icontlnuedl 8 Heritage Assets Heritase assets comprise the regalia and artifact5 a5XlClated with the Office of the Usher of White Rod and have been on loan to the National m￿se￿m of Scotland since August 2009. They were valued at that time by Lyon & Turnbull at £176.000. No subsequent valuation ha5 been carried out. The Trustees do not irtend to di5pM)se of these assets which have been held by the Trust since its establishment In 1877. 9 Llsted Investments Z024 2023 Market value èt i January Proceeds of disposals Additions at cost G3in/l10551 on revaluation Market value at 31 December 597,161 592.819 1110,5171 135,7521 104,598 30,203 6,475 9,891 597,717 597,161 Investment ￿￿￿¢￿ement Costs Costs of £4.359 p3id during 2024, as shDwn in the Receipts and Payments Account, relate to the 12 month period to 30 November 2024. Cost5 of £6.037 paid during 2023 relate to the 17-month period I July 2022 to 30 November 2023. 10 Related party transartlon$ The ere trustees durin8 the year and a150 members of the Standing Comrnittee of the Diocese of Edinburgh, which con51titues, for Charity Law purposes, the Trustees of the Dioc&se. St Mary's Cathedral is a separate legal entlty, but also a member Congregation ol the Diocese of Edinburgh. Grant5 made to the Diocese of £dinburgh and St Mary's Cathedral are disclosed in nore 4. wis a direcror of MAM UK Limited I'MAM") which acted ès the Trust's Inve5ttnent Manager until 31 January 2023. MAM was acquired on th3t dale by Investec Wealth and Investments UK I IWI"), now part of Rathbones, which continues to att as the Trust's Investment Man8gEr. 3$ a Divisional Director of IWI frorn 31 J8nuary 2023 to 31 July 2024. The Trust in 2023 paid MAM and IWI a total of £6,037, and pai¢J IWI £2.164 in the six rnonths to 30June 2024. was also a partner in Murray Beith Murray I"M8M"l until 31 January 2024 and a Con5ultènt with MBM until 31 January 1025. In Janu3ry 2024. MBM was paid a fee of £1,995 for corresponde and arrangements in connection with the Trust's claim to attend the coronation of King Charles111 in May 20231£1,55213nd for more general legal work1£4431. Trustee remunerution No Trustee received rernuneration directly from the Trust, or was paid expenses.