THE GORDON POLLOCK FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Company Registration No. SC698314 (Scotland)
Charity Registration No. SC051115 (Scotland)
THE GORDON POLLOCK FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs Miriam Pollock
Mrs Karen Elizabeth Phillips
(Appointed 10 November 2023)
Charity Number (Scotland)
SC051115
Company number
SC698314
Principal address
C/o Gillespie Macandrew LLP
5 Atholl Crescent
Edinburgh
EH3 8EJ
Registered office
C/o Gillespie Macandrew LLP
5 Atholl Crescent
Edinburgh
EH3 8EJ
Auditor
William Duncan + Co (Audit) Ltd
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
Bankers
Lloyds Bank Private Banking Ltd
21-23 Hill Street
Mayfair
London
W1J 5JW
Solicitors
Gillespie MacAndrew
5 Atholl Crescent
Edinburgh
EH3 8EJ
Financial advisors
Just Financial Group Ltd
200 Bath Street
2nd Floor
Glasgow
G2 4HG
THE GORDON POLLOCK FOUNDATION
CONTENTS
Page
Trustees' report
1 - 2
Statement of trustees' responsibilities
3
Independent auditor's report
4 - 6
Statement of financial activities
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 16
THE GORDON POLLOCK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 May 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Gordon Pollock Foundation was established in May 2021, for the purposes of advancement of education from a donation made by Miriam Pollock in memory of the late Gordon H Pollock.

 

The charity's objects are to fund PhD projects and studentships across all Scottish Universities in fields of medicine, climate, sustainability and life science, with a particular emphasis on (but not restricted to) the provision of students for individuals from underprivileged backgrounds, and to assist those students with living expenses while they are engaged in those projects and studentships.

 

There has been no change in these during the year.

Achievements and performance

In the period the Trustees have:

 

In August 2024 the charity has made it's first grant funding to Edinburgh University for funding studentships.

Financial review

In the year the Charity received receipt of the second tranche donation. The funds donated have been invested into an investment portfolio in March 2024. The initial investment was £5,100,000 which at the year end had a market value of £5,073,993 resulting in a loss on investment of £25,475

It is the proposed policy of the charity is to maintain a capital valuation of investments at the initial investment from the donation and then use income generated to meet its charitable objectives.

 

The Trustees plan to use growth in value and the income generated from the investment portfolio and to help with funding the charity Studentship program or cover support and governance costs. Spending on the studentship program each year will be subject to the trustee's having suitable candidates and their assessment of cash reserves required for future years.

 

The charity is working alongside University of Edinburgh and have put in place a Studentship programme in legacy of the late Gordon Pollock for the academic year 2024/25. The first grant funding for the Studentship has started in August 2024.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a company limited by guarantee was incorporated on 10th May 2021 and has no share capital. The company is registered with the Office of the Scottish Charity Regulator (OSCR) on the 12th July 2021 and has had charitable status since then.

THE GORDON POLLOCK FOUNDATION
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr Albert Pollock
(Resigned 10 November 2023)
Mrs Miriam Pollock
Mrs Karen Elizabeth Phillips
(Appointed 10 November 2023)

Trustees are recruited by the current board and proposed at the next meeting. Appointment is confirmed when the board have discussed and agreed the sustainability of the candidate.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

 

The trustees have met with their Solicitors and Financial Adviser during this continued set up phase and will continue to maintain contact as necessary going forward. Post year end the first grant funding has been made to Edinburgh University and this will be reviewed annually to see if the students in the studentship are entitled to the second payment in their academic studies.

In this period there are related party transactions as disclosed in note 16 to the accounts,. This is a related party loan with Trustee, Mrs Miriam Pollock. Other than the disclosed loan in note 13 and note 16 to the accounts, there are no other related or otherwise transactions as part of the continued set up phase.

Auditor

In accordance with the company's articles, a resolution proposing that William Duncan + Co (Audit) Ltd be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Mrs Miriam Pollock
Trustee
24 February 2025
THE GORDON POLLOCK FOUNDATION
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

The trustees, who are also the directors of The Gordon Pollock Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

 

In so far as the trustees are aware:

THE GORDON POLLOCK FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS AND TRUSTEES OF THE GORDON POLLOCK FOUNDATION
- 4 -

Opinion

We have audited the financial statements of The Gordon Pollock Foundation (the ‘charity’) for the year ended 31 May 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 May 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

THE GORDON POLLOCK FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS AND TRUSTEES OF THE GORDON POLLOCK FOUNDATION
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion:

-

adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-
certain disclosures of trustees' remuneration specified by law are not made; or
-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under Chapter 3 of Part 16 of the Companies Act 2006 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities , including fraud , are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

THE GORDON POLLOCK FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS AND TRUSTEES OF THE GORDON POLLOCK FOUNDATION
- 6 -

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements ,as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity’s trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body,and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Neil Reid FCCA (Senior Statutory Auditor)
for and on behalf of William Duncan + Co (Audit) Ltd
24 February 2025
Accountants
Statutory Auditor
Ellersley House
30 Miller Road
Ayr
Ayrshire
KA7 2AY
THE GORDON POLLOCK FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
1,382,500
3,804,900
Investments
4
3,583
-
Total income
1,386,083
3,804,900
Expenditure on:
Charitable activities
5
28,321
11,330
Total expenditure
28,321
11,330
Net gains/(losses) on investments
10
(25,475)
-
Net movement in funds
7
1,332,287
3,793,570
Reconciliation of funds:
Fund balances at 1 June 2023
3,793,570
-
Fund balances at 31 May 2024
5,125,857
3,793,570

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE GORDON POLLOCK FOUNDATION
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
5,073,993
-
Current assets
Debtors
12
-
776,900
Cash at bank and in hand
79,000
3,028,000
79,000
3,804,900
Creditors: amounts falling due within one year
14
(27,136)
(11,330)
Net current assets
51,864
3,793,570
Total assets less current liabilities
5,125,857
3,793,570
The funds of the charity
Unrestricted funds
5,125,857
3,793,570
5,125,857
3,793,570
The financial statements were approved by the trustees on 24 February 2025
Mrs Miriam Pollock
Trustee
Company registration number SC698314 (Scotland)
THE GORDON POLLOCK FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
17
2,147,417
3,023,993
Investing activities
Purchase of investments
(5,100,000)
-
Investment income received
3,583
-
Net cash used in investing activities
(5,096,417)
-
Financing activities
Repayment of borrowings
-
4,007
Net cash (used in)/generated from financing activities
-
4,007
Net (decrease)/increase in cash and cash equivalents
(2,949,000)
3,028,000
Cash and cash equivalents at beginning of year
3,028,000
-
Cash and cash equivalents at end of year
79,000
3,028,000
THE GORDON POLLOCK FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
1
Accounting policies
Charity information

The Gordon Pollock Foundation is a private company limited by guarantee incorporated in Scotland. The registered office is C/o Gillespie Macandrew LLP, 5 Atholl Crescent, Edinburgh, EH3 8EJ.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's articles of association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is included on an accrual basis, inclusive of VAT.

1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed as incurred. Changes in fair value are recognised in other recognised gains and losses except to the extent that a gain reverses a loss previously recognised in net income expenditure, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in net income/(expenditure) for the year.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE GORDON POLLOCK FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 11 -
1.8
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
1,382,500
3,804,900
THE GORDON POLLOCK FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
(Continued)
- 12 -
Donations and gifts
Donations and gifts
1,106,000
3,028,000
Gift aid
276,500
776,900
1,382,500
3,804,900
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Income from unlisted investments
3,539
-
Interest receivable
44
-
3,583
-
5
Charitable activities

Advancement of Education

Advancement of Education

2024
2023
£
£
Share of support costs (see note 6)
17,641
3,710
Share of governance costs (see note 6)
10,680
7,620
28,321
11,330
THE GORDON POLLOCK FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
6
Support costs allocated to activities
2024
2023
£
£
Legal and professional fees
17,641
3,710
Governance costs
10,680
7,620
28,321
11,330
Analysed between:
Charitable activities
28,321
11,330
7
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
9,360
6,000
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9
Employees
2024
2023
Number
Number
Trustees
2
2

There were no employees during the period, however there was two Trustees.

There were no employees whose annual remuneration was more than £60,000.
10
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
Gains/(losses) arising on:
£
£
Revaluation of investments
(25,475)
-
THE GORDON POLLOCK FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
11
Fixed asset investments
Unlisted investments
£
Cost or valuation
At 1 June 2023
-
Additions
5,100,000
Valuation changes
(25,475)
Other movements
(532)
At 31 May 2024
5,073,993
Carrying amount
At 31 May 2024
5,073,993
At 31 May 2023
-
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
-
776,900
13
Loans and overdrafts
2024
2023
£
£
Directors' loans
4,007
4,007
Payable within one year
4,007
4,007

Included within borrowings is an amount owed to the Trustee, Mrs Miriam Pollock. This loan has no formal agreement in place and is repayable on demand.

14
Creditors: amounts falling due within one year
2024
2023
£
£
Borrowings
4,007
4,007
Accruals and deferred income
23,129
7,323
27,136
11,330
THE GORDON POLLOCK FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
15
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 June 2023
Incoming resources
Resources expended
Gains and losses
At 31 May 2024
£
£
£
£
£
General funds
3,793,570
1,386,083
(28,321)
(25,475)
5,125,857
Previous year:
At 1 June 2022
Incoming resources
Resources expended
Gains and losses
At 31 May 2023
£
£
£
£
£
General funds
-
3,804,900
(11,330)
-
3,793,570
THE GORDON POLLOCK FOUNDATION
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 16 -
16
Related party transactions
Transactions with related parties

During the year the charity entered into the following transactions with related parties:

During the year a donation was received from Trustee, Mrs Miriam Pollock of £1,106,000.

17
Cash generated from operations
2024
2023
£
£
Surplus for the year
1,332,287
3,793,570
Adjustments for:
Investment income recognised in statement of financial activities
(3,583)
-
Other movements on investments
532
-
Fair value gains and losses on investments
25,475
-
Movements in working capital:
Decrease/(increase) in debtors
776,900
(776,900)
Increase in creditors
15,806
7,323
Cash generated from operations
2,147,417
3,023,993
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