REGISTEREDCHARITY NUMBER: SC010945 NA DITED FINANCIALSTATEMEliTS R THE I'EAR ENDED IDE ".EMBER2 24 Paul McK¢ndTr" & C"0 oirice 14 Th¢ Muirlield C-entre IA &iuth Muirfield Road Cumbernauld CO7 IAX
THE POLL(KK METrIORIAL lI&S1oARy TRUST for the 'vdr ended JI DECEIIBER 2024 Page Report of tht Trusttts Indtptndent Examiner's Report StAtethent ofFlttnelal Adil'ltks Balance Sheet Notes to tbe Flon¢lal Stxtethents Detailed Statement of Trinancial,Ictivities 14
THE POLL(KK MENIORIAL hll&SIONARY TRUST REPORT OF THE TRI'STEES ftsr the year ended 31 DEC.'E%IBER 21b24 The trustecs present their annual rert and fjnancial SLgtrments of the charitr for the %'tar ended 3 1st DecemE¢r 2024. The tinancial ststements haN'e en preped in e0rdance ii.iih the acoiuniing rK>licies set oui in note I to the accounts. the Charities and Trustee Ini'tsimeni (sL12nd} Aci 21M)i. the Chariiies Accounts (Swilandi Rcgulaiions 2006 las aMLndLd1, and ALcouniing and Rewrtin8 bi Charilies.. S¢aiemeni ol. Rcu)mmended Prnthice appliLable charities preparing Iheir )¥u)unts in aLLoi(LthLt iiith the FinanLial R¢tx)rting aNJlii•hl¥ in the ljk )nJ RepuhliL i)r Ir¢lund IFR%1021. OWECTII'ES AND AcfiviTIES Objeetlvts and lths The Tru%l¢v• r¢¥ul<irlv rni%¢ th¢ li%t of tshjeciiie4 for ii"hi¢h thth. art usua]li' li) consider appliLaiii)n% fÉ)r a%%i.%lartie. Thi% rti)t in i%av thr LhtsraL¢tY i)f th¢ Tru%L hul indiLaivs ¢() }eriLiar1 th¢ gcnc'ral 'aV in %TrhiLh Ih¢v interpret their fr¢¢(k)rN to the thiects tho. assisL -Fhe present list is as tollows in accordance ii'ith the 8oNemin8 thxument-.-The present IisL is as follows.. l. Iniiiaiiv¢s Wn¢¢M to broad¢n th¢ ¢xw¢n¢¢ and Incr¢ th¢ ability ofthose engag in milOn. tsking a¢coun( ol. thL LhallLngL racism and sexism. and w rffi)MO w and jJsti¢¢'. 2. InitiatiL4 l(Ir pNim()ting LiintJL'I k.tM'LLn dilTLYLl uintiriL'fiL% and LuliurL%. ¢k1gnL¥j thL LhurLhL Lx)nLLmLd and IhLir iniLrdL'rAndcnec. bring thLm a undcrstandin8 01- liiih. and inicrlaiih rclaliuns, and IrL'sh in%i8hL% li)r thL'ir i%c)rk', in IhL Lcint¢¥i i)I': PoiLml', InjusllLL. Migration. l)isLriminaii4)n. C'limaiL C'hangL. 3. InitiJ¢iv¥s in ¢hur¥h educlOn. siu(kni %rll-b¢in8. and in sw(fv publi11¢)5 i¥hich enlighiin and $timulJii th¢ LhurLhLb' sLrn'i¢L' and mission. l)artiLular LiinsiLk'ration is sien ts) dppliLalions for'sttyl furbdin8' arwj inno¥aLIVL' Pn)jLI5. Gmntmgklng Appli¢atii)n% li)r graDi% Lan i)nltr ix. r¢¢¢ill fN)m (In¥ i?r othLY l)f th¢ Illtnil, iK'n¢liLiar1L nun)Ld %ir J. l)iii)ald 'IThL -I'rustLxs arL rKJl in a EK)5ili(In IÉ) add io this lis¢. Joinl appliutii)ns. hiii%LILr. mav h. madL hy IM() i)r rn()rL IK'nLIiLIJriL ini<)liiYJ in J rArtILulaT pr()jLxi: and grani maik. in 4uptK)rt ill. %uLh an LLumLniLal LnlLryJf15L w'ill rK)t rc5trict thc rishi of any of thc appliLJnts (o applv for hclp M'ith ils. oivn mi55i1Inary undLrtdking%. Page I
THE POLL(KK MENIORIAL hll&SIONARY TRUST REPORT OF THE TRI'STEES ftsr the year ended 31 DEC.'E%IBER 21b24 ACHIEVEMENTS AND PERFORI¥IANCE Chfirii&ble A¢tivities The principl actifvities and hieVeMents0fthe Trw are the grants olliduring the Near ended 31 Deixnber. The follolg are the w)t¢ntial beneficiaries Beneticiaries which apInt-1.rUSlttS- BMS World Mission ChurLh ()t'SttTrilknd C.(?unLil l(?r Wc)rld Mik%ion Melhi1%( ChurLh IlnilL(l FrLL ('hurLh ()I'%ciitland IlnilLd RLli)miL'd C'hurLh UthLr BLn¥tiiiari¢- -I'hL Ilibll KIl¢), LMM% IntLmulii)nul I.'MM% Nu/ArLih 'Ll[iiiShlP iil-C'hurche5 olchrisl MÉ)rJ%'idn C'hiirLh ()Ml.' IniL'matii)nJl l)r¢%bitiriJn C'hurlh in Ireland I)rL%blrith L'hurih ()I' WJl<s ludLnl C'hri.%lian M()ILML1 YMC'A %L'I)Iland YW('A Y<)ung Wiim¥rt'%'l rust Investment performance [ IK Lqllltk i'dluLb hai L fLmJined ai lower I'aluL the to the war in Ilkrninc and the of inflJtii)n. l)urin8 thL yLar Ihe ini'e%imenLs fell in I'dlue ts) 311)eLemr 2024 reL(Kdin8 an LnLrthse ()(£4.238 12023 de £)I'£h(J41. ince the }'ear end ih¢ '#1cor ihe inv¢51m¢nts ri5¢n bv around 3%. FINANCIAL REI'IEW Trln#ntlal position ljuring LhL' IL' Ii) 31 Ikxmher 2Q24. 1(Kttl income f37.(H7 1£35.141) 20231. T()ul eYrndiiure £4fi.044 It211.1)26 211?31, rcsuliing in a rcdudion in Tf5cf%cs ol-f4.758 1£15.718 inrtfa5C 2V231. 'lThi5 lias mainlN' duc to a ri5C in grants made in ihe peri(KJ. Ini¢strn¢nl ialucs increa5cd in the tri(KJ M" £o.w¥ I£(N incre45e- 20231. Reserve5 WFlity It 1% IhL' TniitLL%' wIiL%' to h(Ild re%etiEs ofarwximaieli" £25.(KM) in the lJnTe%thLLed Cienernl Fund. This enahle% Ihem lil di%trihule ¥rarttS Jnd Th'hen neLY¥Sars'. iiithi?ul ihe neLYl io 14.dlt (?n th¢ TYLeipi c?r tru%l c?r inie%imeni inL(Ime ¢n5ur¢s th¢ trust run5 smoothlTr" and rne¢i all liabili¢i¢5. At th¢ i"eaT th¢ ¢ru5t held £35.210 120?3 £38,1.121 in the (ieneral Fund. The iru51 also held 1171.U23 12023 £17? 5591 in a Designated Capitsl l-und. the INstee5 hai'e set a M)licy that it should k invcsted so as to rn&ximisc thc kntal rLXum le4pi1 groiith plus inomicl w."ith a mcdiurn IcNcl ot The adequaej of the resen'es rx)licy is MI1ed annua]l>". STRUCTURE.GOI"ERP4ANCE AND MAPIAGEMENT Governing doeumenl ThL Lharit!. IS LonirollLd bN' its goTremin8 (knumenL a dea1 of and constitsJs an unincorwratrd Charit%. The tl)IlvLk Mwnorial Missiiinar! Ttusl roT[nlI. conslitud l April 1943. Page 2
THE LL K lEI RIAL %fl NARI'TR REPORT OFTHE TRL"STEES for the 'ear ended 31 DECEMBER 2024 The Pollock M¢rnorial Mi55ionary' Tw51 was lorrnalli. consliiutrd on l ApTiI 1943. Recrnitment and appointment of neiv tru$lee5 "I rusiees are eiiher appK)inted bi. the iK)ard or M. one ofthe (Kganisations enutjed do so. a list of the organi5ation5 IS Sholn under 8ranimakin8. REFERENCE AND ADMINISTIL4TII'E DETAIts Registered C'harity number SL'OIOY45 Principal address CIO"I'hi)mtis IltirriL & Co AilurtliL III)u*' IA L'dd()gan SireLI Ci2 fyQl.' Trustees Appolmied by ArcountAnts to the Trust 'I'hi)md% IldrriL &. L'i> ].[.[ ('h4l11LI'LcI ( LrtiliLQ ALLx>untant 'I'hi Muirhiad C'¢nty¢ IA %()uih MuirliLld Road Cum,Mald G67 IAX Bankers ThL' Ili)% al Bank i)f SL(lild pli 24 IA1ugl Str¢¢t Milngai'ie CI62 6PB Inve51ec WLalth & In%lment Quartemiill Onc. 3rd Fl(Mir li l.auri%tsin Pl F.dinburgh EH3 9EN Page 3
The Trusi receives * th•ior of its fml thÈ Srj D Pollocys Tn• wlbb is # xt up by Sir J. Don8>J Polkx. Noo¢ T1¢¢9 LY oifKials of Polkxk MissxMwJ" aiy •yty in of lys ¢Jther Apmivcd bv UrthrI)ft troanl ofirnsiets th 29 2ff25 and itslthlfiy:
tE POLLO I report on Ihe dcGuunl.s fi?r Ihc y¢ar Lnd¢d 31 Deccmbcr 2024 scl oul on p¥¥cs six ro thirtee. Respective responsibilitie$ of trust¢¢s and ¢x•min¢r Thc charitys trnstces att re$pr)nsihle lur Ihc PTepar&lion ot the aceounts in aixordanvc WTTh the I¢Tf115 uf It Chdrilies and'frust¢¢ Investment (Scoilandl Aci 2005 and rh¢ Chariti¢s Accounrs Iscoilandl Regulations 21J(16 arnend¢dl. The charity'5 truste¢5 collbider that th< oudii requirn¢t vf Rcgulativn Iollllal lo Icl ot. thc A¢¢ounl8 Rcguliiiion5 doc% not xpply. It 15 my rcspoJJsibiliry to ¢xainin¢ the accounts as rcquircd under Seciion 441 IH¢i of thc Act alld kn SLaLc wh¢ih¢r particular mottcrg h¥Lve eome to my ottcntion. B¥J45 of ihe Independent eilmlnèr'i report My ¢xaminaiton w4k% carried nui in accoi'dance with Re8ulaiton I l of Ihe Charities Accoiinls Iscotlglldl Re8ulatiorts 20{1. An exarnindiion includ¢& J r¢vi¢w uf rhe ai¢ountin¥ r¢Lurdb kept by the chariry and a compariwn ol- Ihc accounL pie5eiitrd willi Ilitstsr r¢¢ur4Js. 11 (IlbD illLlu&s iufisid¢idiiun of any uniLSUgL l items or disclosu in the accounis. and eckin¥ cxplunilti()n5 froin you ds I.te LOIILernin¥ illly SULh rniitt¢T.¥. The wLKedures underthketi not provTdL dll the evidcnce Ihal would b¢ r¢quired itt audik and conts¢qu¢nily I do noi cxpress audil opinivn the view given by tti¢ aLLounls. Independent eKamSner'$ 8t#temertt In corbnociion with rThy examinfflion. no matter h&¥ bom¢ kn my atlLntion '. (I I which 8iv¢$ ni¢ I'eisutillble causc to bclicvc thai, in uny nwierial iY8P*t. Ihe rrquircmcnt5 to keep loUn[ing e0rd8 in o¢cordan¢¢ with Section 441 IMO) of th¢ 2005 Act and Rcguldtion 4 of the 2UlkS AcLounts Ri¥ulHIIun5', and 10 prepare accounts which 8¢¢0rd with the &ccouniiii¥ r¢Lords And to comply wirh R¢gul•iiun 11 of the 20116 ALLounl% RL¥uluiions hdvt not been rnci., 121 lo whiLh, in rny opinion, allLMtion .¥hi)uld b¢ dr#wi in order IiTr enable a prOr understanding of thc accoun to reaLhol. Puul MIKLndry & Co Otficc 14 The MuiTfi¥ld Cenirv l A.Suuih Muirtield Rodd Cumb¢mauld J67 IAX 7 (JGlobci' 2025 Pd8e 5
IDE EMBER 2024 2024 2023 Unrestricted fith INCOME AND ENDOWMENTS FROM sha L)f trust incorn¢ 31,6gJ 29,636 Invcslrncn( irKome 5.357 5.504 Totsl 37.047 35,140 EXPENDITURE ON Ch•ritabl¢ fiotivltl¢s Choritable activities 39J50 12,8 Othtr 6,694 7226 TotAI 20,026 Net gait15 on investmcnts 4,239 604 NET JNCOMEI{EXPENDITUREI (4.7581 15,718 RECONCII.IA TION OF FUNDS Total funds brou8ht lorward 210.WI 195273 TOTAL FUP4DS CARRIED FORWARD 206,233 210.991
2024 zoz3 UnrriLcd Tots] lo3, CLwvfA&SETS Debws Cash & t4nk JO.9)3 26.124 45J71 57.027 CIIEDJTORS fdiin8 wih1nYt¥ (1,4(6) {2.2961 NET CURRENT ASSETS 43.165 54.731 TOTAL ASSETS LscuRRYT LIABILITIES W33 210,9)1 P4ET AStiLTS 6.233 210.9)] Urw¢ri¢d fill)Js'. 35210 171.023 .J8,132 172.859 Llesw*d¢•i 233 210.Y41 TOTAL 233 210.$91 sigtKxl lin 11.% IL'half M.
THE POLL(KK MENIORIAL lI&S1oARy TRUST
YOTES TO THE FIN.4JCI.4L ST.4TE_IIEliTS
for the year ended 31 DEC.'E%IBER 2024
ACCOLNTING POLICIES
Bgsls of preparing the fittatttial stliemtllts
The linJniiJl SUl¥rn¢nls 111. th¢ iharil!. iihiLth is a lbIl¢ txn¢fil ¢ntsli' un&r FRS 102, hai'e Iw pr¢partxl i
aLLiirdanLe Miih the C'hariiie5 SORP IFRS 10?1 'Aco)unling and RetK)rting b!. Chariiies.. Stat¢ment (If
ReLI)tnrn¢nded PrdLIiLY
IDE EMBER ACCOUIYTING PoLICI- toDtinued Short kn de01$ m¢asurtd attran1( l¢ss iM1rL iv C&%h and (ash o]uivalfflts comryise5 Imlanffs. Sh)rt t¢mi crtslitsms ar¢ m¢&8uYtyJ 01 th¢ trS#)n pri¢¢. Provisions Provisiong arc (ktcrnincd try di5COUnti]J8 thc extrted ful¢ flows al a [ffe-t ratc reflects currcnt market &W&8ments of the time Wai of monev S1 the risks srttific to the ligbility. The unwityJin8 of the diseouni is retO8nised &8 fiTharwx o)sL IvEMENT INCOME 2024 2023 In¢ome from rd awt Inve JJ57 TRUSTEES, REMUNERATION AND BENEFITS 2024 2023 Trwrtees, f¢eJ 1.610 1.484 TrUrte. expell5 2024 2023 550 525 I'ravel and other ¢osts of £550 {2023 - £5251 th'¢r¢ r¢1md otte 12023 - one) ¢Nstr¢s during the year. Som¢ Of th¢sC C4Mts arc included '1th]n mccting in thc SOFA. COMPAIL4TIVES FOR THE STATEMENT OF FIANCIAL ACTIVITIES Unwtrided funds INCOME AND EI¥DOWMENT6 FROM Share of tnLrf iTme 29.636 Invesent inkx)me 5 J04 Totsi 35.140 EXPKNDITUREON Cb4rll*ble actlvltles Charitable activiiies 12.800 7226 Total 20,026 604
IDE EMBER COMPARATIVLS FOR THE sTATET OF ANCIAL AcfiviTIES- ntInued Unrestricd IYET IIYCOME 15.718 RECONCILIATIOli OF FUNDS Totaj fLULd5 brought forward 195273 TOTAL FUNDS CARRIED FORWARD 210.991 FIXED ASSET INVESTMENTS invesiments MARKET VALUE Al l January 2U24 AdditirxL8 DL5wsd5 Revaluationj 15(260 40.10? (34234) 935 At 31 D¢¢¢mb¢r 2024 163,(k58 NET BOOK VALUE Al 31 December 2024 I63.(8 At 31 De¢¢mber 2023 156,260 Thcrc were no invrJ1rna H5Kts 0Side the UK. Cost or Valuati( ¥ 31 Decgmber 2024 1$ r¢$Yewl by: Lied inv¢$thits Valuati(m in 2024 163.(kn8 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Investment InLU)rne Amount duc from InL4t 971 1.267 29.636 971 30,3 P*g¢ 10
IDE EMBER CREDITOILS: AMOUNTS FALLtNC DUE WITHIN ONE YEAR 2024 2023 &xiai UrIty and other taxes F¥¢orfs fe¢ ld¢Fent fce 306 I,J(K> 282 1.439 575 2.296 MOVEMENT IN FUNDS Net Transfery Al 31.12.24 At l.l.24 fimds Vnrtstrtcttd G¢n¢ra] lund Dc5i8n*d 4ii¢al fimd 38,132 172,859 (4.758) 1,836 11,836) 35210 171,023 210.991 (4.758) 2(233 TOTAL FUNDS 210.991 (4,758) 2(16.233 Net movement in fimth, included in the akne are as follo. Irning Gain8 snd Movemenl in funds UllreJtTlrted Genuaj lur¥J 37.047 {46.044) 4239 (4.758) TOTAL FUNDS 37,047 {46,044) 4239 14,758) C•wp•r•dvu for wov¢m4ot l• f•• mov¢mcnt in fimd5 Al 31.12.23 At 1.123 UDr¢strl¢t¢d fwids G¢n¢ra] tUT Ik5i8nad (wit8J fuNJ 23,017 15,115 603 38.132 171859 195273 15.718 210.991 TOTAL FUNDS 195273 15,718 210,WI
IDE EMBER MOVEMENT ll¥ FUNDS- eontiDued Comparative net nxTrvemeni in Includ inthe aFA)ve are follow3: Ggins and M'em¢nI in funds Unrestrlcted fwids rtneral lllnd D¢signad ¢•t81 futsj 35.140 {20P26) 603 603 35,140 {20m6) 15,718 TOTAL FUND5 35.140 {20.026) 15.718 A year 12 months and Jxioryew 12 nxxth ¢ombintyd Nli10n 1$ as follows.. Nd Transfers Ai 31.12.24 At l.l.23 in fuft funlts UDrtJirleted (yen¢raJ lund 23,017 171256 IOJ57 603 1,836 11.836) 35210 l7l.023 195.273 10,9 20d233 TOTAL FUNDS 195,273 10.9 206233 A CUTrtnt year l2 months and prior ytar l2 rnryrtlu net move( in ]lu¢kd in the aixjve are as follows.. Iw)min8 R¢30urtts Gains and Moi'¢m¢nt irt furtds Unrtstrlcttd fundj neral fuNi Iksignad wil0] fuThJ 72,187 {66P70) 4240 603 IOJ57 603 72.187 {66,070) 4,843 10,960 TOTAL FUIIDS 71187 (66.070) 4,843 10,960 oulgoirtg granL8 are paid. Itse tksiywtcd Fund rtIfftgts the wi¢ai ofth¢ tr P*g¢ 12
THE POLL(KK MENIORIAL hll&SIONARY TRUST OTESTOTHE FIN.4NCI.4L ST.4TEIIETr*TS- tontinued for the ?ear ended 31 DEC.'E%IBER 2024 qOTr EMENT If4 FLNDS- tODtiDued Trxnsftrs bttwtttt fllttds J'ranbl¢r5 represent the ini'e51m¢n¢ income ihai is for used f(K generdl Chanble pur5¢5 and the investtn¢nt mdndgetn¢nt LiiS15 th<lt dre iK)me bi. the &rKral Fun¢ RELATED PARTY DISCLOSURES Th¢r¢ We n() r¥]11¢ rty IranlionS fur th¢ i'ear¢n(kd 31 2(124. Pag¢13
IDE EMBER 2024 2024 2023 INCOME AND ENDOWMENrs Sb4re of trurt llleoJDt Sir J DonJ]d Poll,8 Tn1 31,6 29ffj36 Invtstment ltttom¢ Inwmc from fixc4J a55d Invest 5J57 5,504 Total intomini reso•rrEs 37.047 35.140 EXPENDITURE ChATltxblt aclh Grants to insliiuriot 39J50 12,8(K> Support thsts MxnagerneDI Trustc¢s' Iti3 T. extxnses 1.610 550 1.484 525 2,160 2,(K19 Covern*Thtt tosts Portlolio mana8emeni fees FtOffs fee In4cFKndenL ¢X8minrf$ f¢¢ Me¢ting eXFa¢S 1.560 547 383 375 428 4,534 5217 20,026 Net {¢xpeodltUr¢m¢ome before E•ths losseJ (8,9971 15,114 GnlSe$ f a investm¢nts 4239 604 Net {txpeDdliUIlDtorne (4.7581 15,718 This pwgr fomi ofth¢ fffi¥n¢i $18lcm¢rtts Pag¢ 14