2019-12-31-accounts

Sporos Trust Scottish Charity no. SC 032198 Annual Report & Accounts for the year ended 5 April 2019

Trustees. Annual Report For the year ended 5 April 2019 The trustees present their annual report and Fu￿nClaI statements of the trust for the year ended 5 April 2019. The rinancial statements have been prepared in accordance with the accounting policies set out in Note l thereto, and mply with". the Charities and Trustee Investment (Scotland) Act 2005. the Charities Accounts (Scotland) Regulations 2006 as amended. Accounting and Reporting by Charities: StateJDent of Recommended Practice (SORP) 2005" and the Financial Reporting Standard for Smaller Entities (etTe¢tive April 2008). Objectives & Activities The Deed of Trust provides that the T￿￿S shall hold the Trust Fund and the income of it to pay and apply the same to or for the benefit of or in furtherdnce of such puryx)￿. objects or instructions charitable in law and in such proportions and matmer as the Trustees shall think fit. In exercising their discretion the Trustees shall give primary considetxtion to the wishes of those persons who gift or lend fim(Ls to the Tru5l but this proviso shall impose no binding obligation on the T￿￿te¢s. The Trustees fulfil the objects of the trnst by making charitable donations out of the trusts (vital and income to organi5ations and individuals, in accordance with publish¢d charity guidelines and criteria of public benefit. An analysis and schedule of donations made in the year is included in the account4 wlth explanatory no￿. Organisations which re£eive donations from the trt￿l are registered charities which in the opinion of the truste¢s are doing worthwhil¢ work for the benefit of swiety. and which gcncrally do not have a high public profile such as to attract major funding from other sources. Some grdnts which are for the benefit of charitsble organisations ar¢ actually paid to individuals who work more or less full time os unpaid voluntccrs for those organisations. and who therefore have to rdise their living expcnses through the gifts of supporters and by undertaking other work in th¢ir spare time: such grants are diwlosed in the accounts as gE￿ts to organisations, tn accordonce with the Charities SORP. as being primarily.for the benefrt ofthe organisation rather than of the individua15 concemed. Grants are also made to (or for the benefit OO individuals who have applied to the trust for funding and who detnonstrate genuine needs which ar¢ unlikely to be met otherwise. Achievements The two main charitsble InVe￿ments of the year are described below. The Irust also made a variety of other donations. details of which are given in the Appendix. But overall this was a year in which the lev¢1 of donations was lower than usual. In part this was because some of the previous major donees did not actually need further funding from the trust thL5 year. and in part because of ¢onstraints in the p¢rsonal cÉrcumstances of the trustees. Institut St Jegn, Cameroon Project In the previous year the trustecs tentatively started to support this exeiling new projecL and in the current year as it gathered momentum the trust's commitment has Increase￿ with a view to further stepping up suptK)rt next year. Essentially the ambitious aim is to build and establish" a new tertiary education institute in Yaounde, Cameroon's capital, with a strong focus on engineering and t￿hnolOgY. The projcct is run under the auspices of the Frèrcs de Saint Jean, a Catholic order based in France with a strong and long-established presence in Cameroon. where they were already Nnning for many years a large and highly successful ￿olldary school (College Vogt). The new iertiary education project was initiated by an enterprising young man known to the tn￿tee5. Nicholas Church went to Camer(x)n to help as engine¢r with ¢onstruction work at College Vogt while there, he realised that most of the very well educated pupils of the colkge were leaving the country to universities abroad and few returned to Cam¢roon- the classic-brain drain" The Insiilut St Jean project was born to counter this and to invest in the futur¢ of thi5 nccdy country. The website gives a g(K)d glimpse of the projecL and thc trustccs will gladly proyidc fiJrther infomiation (vid¢o links rAc.) to those wanting to know morc of this ￿markable story. Progress iw continued at an impressive ratr and scale since the year eTKI. From little acorns....

Dan Baciu, elderly car¢ proj¢c( Romania The trustees have known and worked willi for over 25 years, largely owin£ to his involvemcnt (with his wife in the Happy Kids Foundation and Transylvania College. We have also long known of his keen interest and involvement in elderly Care: as a forn)er doctor specialisinE in £eriAtriCS, ond have in a qmall way supported the elderly day care centre which he M'as instnllnental in starting in Manastur, a poor district of Cluj. Proper provision for elderly carc is almost non<xisient in Romani4 and ther¢ are very few ￿Sidential facilities. so we wer¢ deligh￿1 to hear of iDvolYeTn¢nl in an exciting new projcct to build a iesidential centre in the countrybid¢ outside Cluj. Thc tsust""s donation teptes¢nts sedcorn funding which ￿lS required to invea as an ass(Kiate in the project. Financial review Holdings of quoted shares The trugt receives from the founding trustees donations of qwted shares annually. Historica]ly the shares have been sold by th¢ trust within 12-18 months, sales being timed when the shore price is strong atLd/or when funds ar¢ n¢¢d¢d by the trusL and sale proceeds applied to charitable donations. These gifis of shares have therefore not hithcrto been treated as cndowmcnt fi￿d$. The tn￿teeS are consid¢ring a slight policy shift lo treat at least some of the gifted shares as an cxp¢ndable endowment fund. The currcnt year opened as usual with a holding of shares gifted to the ttU5t only just before end of th¢ prior y¢ar. Approximately half of these shares were sold during the currenl year, realising a significant book "profiff of some £38,000 (- 16.5 /0 on opening maTket value). owing to a Strong appreci￿10￿ in the share price which outweighed the fall of Sterling against the lknllar during the year. FOT the same reAson there was also a substantial unrealised gain of sorne £20:OIy) on the revaluation of the shares at the year end. Just before the year end a furthcr 6,400 shares wcrc giftcd to thc trust by the trustees. contribuling to a relatively Substantial investments balan¢e at the year en(L Foreign exchange r2te movements The shares held by the trust are denominated in US Dollars, and the ttusi keeps significanl funds in USD in ordcr to minimise foreign exchange costs. as key projects supported by the trust operate in currencies other ihan GBP. All transactions and balances in the accounts are translated to GBP at the relevant date, and thus ihe MaIn￿nanCe of a USD bank account giTres rise to a net gain or Ios5 on cullEncy translation in the accounts, as stated therein. Such'gaills" or"loss(s" are. however. mi)re apparent than real - they are merely book adjustrnents arising from the need to translate for¢ign curreDCy trallsaclions and balances into GBP for accounts purEKJses. CUrrer￿Y movements related to unpredicthble Brexit polilical devclopmcnts were again an unavoidabl¢ fact of life. Reserves policy It Iw not httherto been the poli¢y of the trustees to hold signifKant ￿ServeS but to ¢￿Thd incoming resources on charitsblc donations within a year or two of receipt The trust ¢urrently I￿S bank standing orders for grants amoLtnting to some £12,(K)O pcr annum for which th¢ trustees aim to maintain sufficient cash fi￿ds. but lias no strict finanGial obligations for which provision must be made of necessity. Occaiions may arise, however, when il is noi expedient to sell shares gifted to the trust within the year. This will give rise lo the holding of higher reserves iban usual, in the form of investments. The trustees are empowered by the ttust deed to ac£utnulate income-with wwer to resort to that accumula￿1 income in funjre years., The trustees envisage no difficulty in identifying worthy charitable causes to which any Such accumulated reserves can be applid in thc coming years. AIT¢ady some significJnt new beneficiaries have been taken on. Investment w)licy The trustees have given Lfue consideration io the fact that the trust's investments not diversified but held in one quoted company. Jardine Matheson Holdings. The facrs are this company is already a divcrsified conglomerate op¢rdting internationally. with baianeed currency exposure. little debL a high net asset value share, and a core of highly c&sh-generative businesse4 the shares have a low Bets value (i.e. they stable) and over thelost 30 years have outperfom)d the Sage of Omaha {Warr¢n Buffet)" they also pay a good and reliable

dividend. It is the considered opinion of the trustees that this sharcholding is already ¢ff¢ctiv¢ly a div¢rsified one. and that there are few beller investments for which it wuld be ekchat]gcd. Trustee remuneration and expenses Neither of the trustees received any remuneration or expenses during the yegr. Structure Gov¢rnanc¢ Governillg do¢ume•t Founding Deed of Trust dated 5 September 2(Kll. Appointmelll of trustee5 The trustees have tK)wer lo apwitii additional trus¢s. Th¢ Trust Da d￿5 not specify any minimum or maximum numb¢r of trustet% nor any procedures for their aP￿In(ment or terni of seryic¢. Nature. puryose f4nd operntion of the trvst The cuttent trustees established the trust as a sunple grant-making trust to facilitat¢ iheir charitable giving. . The tNst is funded exclusively b), the founding trust¢¢s. and no funds a￿ either solicited or received from third parties. Funds availabl¢ to the trust Tnay vary significantly from year to year. . Decisions about donations are made from time to time by the trustees, gcncrally as needs come to th¢ir Lttention. On the other hand certain donations are made on a regular basis loi the medium or long terni. . The Trust Deed makes no provisions as to meetings of truses or any other aspect ofthe OF¢rdtion of the tsusL Reference & Administrative Infomiation Charity name and llumber Sporos Trust. SC032198 These are the current trustees, who were also in office throughout the yeai. There were no changes during the year, and no other trustees have s¢rved during the year or sincc ￿ year end. Banker5 HSBC Private Bank (UK) LIMI￿ 8 Cotk Stre¢L London WIS 3LJ Approved by the Trustees and signed on their behalF. I ITFI Febnwy 2026

lllde lldellt Eiaminer's Re rt to the Trllstees of Thes ros Trust I report on the alzouots for the yeaT endaj 5 April 2019 set out on wages I to 8. Respectii'e responsibilities of trustees and eLgminer The chAriVs trustees are responsible for the prep2ration of the accounts in 2ccordance with the terms of the Charities and T￿￿te¢ Investsnent (Scotland) Act 2005 and the chariti￿ Accounts (Scotland) Regulations 2006 (as amended)- The CI￿l￿S trustees consider that the audit rcquiretnent of Reg￿latiOn l O( I Xa) to (c) of the Accounts Regulations does not apply. It is my r¢sw>nsibility to cxaminc thc accounts as rcquircd undcr Scct&on 44(1 Xc) of the Act and to stste whether partlcular matt¢r5 havc comc to tny attention. B&4is of the independent examiner's report My examination was (￿Tled oul in accordance with Regulation I l of the Chartties Accounts (Scotland) Regulations 201)6. An examination ineludcs a review of the accounting records kept by the charity and a Comparison of the ac¢ounts presented with those recor¢Ls. It also includes consideraiion of any unusual items or disclosures in the accounts, and seeking explanalions frc you as trustees concerning any such matter5. The pmcedures undertaken do not provide &ll th¢ evidence that would be requir&1 in an audi¢ and consequently I do not cxpress an audit opinion on th¢ view given by the accounts. Independent examiner's statemellt In Con￿￿[10n with my examination, no matter has come lo my attention . (l) which gives me T&￿￿ble cause to ￿lieve tha¢ in any material reS￿cL the requirements to keep accounkn.ng records in accorthce with Section 441 Ixa) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations. and to prepare accounts which accord with the accounting re￿rdS and to comply with Regulation 8 of the 2006 Accounts Regulations have not been met" OT (2) to sN'hich. in my opinion. attcntlOD should IK drnwn in order to ¢nable a proper understanding of the accounts to k reached. Th¢ Institut¢ of Chartered Accountsnts of Scotland Farries Kit* & McV¢an Chartered ACcoun￿nts t￿rnfrI(s Enterprise Park Heathhall Dumfri DUMFRIESSFITRE DGI 3SJ I l February 2026

Sporos Trust Statsment of Financial Activities for the year ended 5 April 2019 tunds 2019 funds 2018 Incoming rtsour Incoming resources from g¢n¢rat¢d fiu)ds: Voluntary income Investment income Other incoming resources: Gain on foreigu ¢urr¢ncy trnnslatioll 312242 3256 450.636 910 Note 3 Total incoming resources 315898 451546 Resources expended Charitable activities Governance costs Other resources expended: Loss on foffign ¢urrM¢y trdnsiatioo Note 4 143.142 480 458,800 480 3,711 8.746 Total resources expended 147J33 46&026 Net incomillgl{ou¢going) resour￿ before other reeognised gain￿01￿8￿9) 10&165 (16,480) Other recognised gainsl(10&ses) Net gaIn￿(losSes) on invcsljncnt assets 58.078 {16J16) Note 5 Net movement in funds 226243 (32,7%) Total funds brought foTh¥ard 521939 555.735 Total fulld$ Carried fon¥ard 749,IK2 522939 The notes on pages 7-8 and Schedule l on page 9 forni an iniegral part of thcsc accounts.

Sporos Trust Balance Sheet as at5 April 2019 fi￿d$ 2019 fimds 2018 Fixed assets Investments 553.584 451.454 Notc 7 Current assets Cash at l)ank and in hatid 197.518 72,925 Not¢ 8 Liabilities Creditors falling due within one year 1,920 Note 9 Net assets 749.182 522,939 Tb¢ funds ofthe charity Unrestricted funds 749J82 522,939 Note 10 Total charity funds 749J82 521939 The not¢s on pages 7-8 and Sche(tul¢ l on page 9 forni an int¢gral part of these accounts. These a￿oUnts have been prepared in xcordance with the Financial Rcporting Standard for Small¢r Entities (effective April 2008)- Approv¢d hv th¢ Tru8tees and signed on their beh￿f. I I" February 2026

Notes to the accounts for the year ended S April 2019 l. Basi5 of pre￿ration of accounts These accounts have been prepared on the historic cost basis as modified by the revaluation of Investmen￿ and in accordance with: the Charities & Tn￿lee Investment (Scotland) Act 2005. the Charities Accounts (Scotland) Regulations 2006 as amended. Accounting & Reporting by Charities.. Ststement of Recommended Practice {SORP) 2005. atid the Fitwicial Reporting Stsndard for Smaller Elltit1￿ (effective April 2008). 2. Accoullting polKci¢s Voluntary income, consistiDg entirety of gifts of quoted share5 to thc charity, is recognised on the date of thc share transfer, and valued at the market value of the shar¢s on the date of trdnsfer. Investmellt income is recognised when ￿1Vable. Foreigll ¢urr¢ncy translation (i) Transactions denominated in foreign currencies are translated into Sterling at the rdte ruling on that date. (li) Bank balances in foreign currencies are translated into Sterfing at the rat¢ ruling ￿ the year end. (iii) Net gait￿110$SeS resultittg from currency translation are included in Other IDcoming Resources or in Other Resources Expende￿ &5 applicable. Resour¢es expended on charitable aettvities. consisting cntirety of grants paid to orgdni5ations or individuals, are recognised when actually paid. as in no case is there a legal or constrnctive obligation committing the charity to pay any grant before it is actually paid. All other expendtture is ac¢ounied for <)n an accruals basis. Investments (i) Shares quoted on a recognised stiKk ¢x¢hange are valued at their market value at the year etMI. (li) Gainglosses on investments include those rcalised on the sale of investments and any unrealised gain or loss on revaluation of investments at the year end. Fund aecounting Unrestricted funds are those whictL are available for use at the discretion of the tn￿teeS in furtherarfftce of the objects of the charity and which have not been desigllatcd for other purwses. 3. Incoming resources Voluntary income consists entirely of gifts of quoted shares to the charty from the founding trn5tees. 4. Resources expended 2019 2018 Charitable activities Grants paid (page 9) Bank f¢¢s & charges 142242 457.575 1225 Total charitsble activtties 143.142 458.8(K> Governance costs Independent examination 480 Other resources eNxnded Loss on currency trnnsixtion 3.711 8.746 147,333 468,026

1. Gainsllosses on inv￿tMellt ￿ets 2019 2018 Realised 8ain/(loss) on saIe of shares Unrealised gain/(loss) on Trvaluation of shares 38.038 20.(HO (17.134) 818 Net gain/(loss) on investment assets 58.078 (16J16)
2. Related party trnDsactions Neither ihe truste¢s nor any cotmected party received any ranuneration or oth¢r b¢n¢fit or expenses durin8 th¢ period (2018.. nil). There were no other transactions of any kind with the trustres or with any connected paty during the period. other than the gifts of quoted shares to the cR￿lty by the trustees as disclosed in the SOTr A (Voluntary income) and Note 3.
3. Invostments All itLvestm¢nts are Carried at their market value, and consist entirely of shares in Jardine Matheson Holdings quoted on the Singa￿Te Stock Exchange (denominated in US Dollars). The shares are generally held for the short terni only and sold to generate funds for disbur5crnent of gran￿ but they are shown in the accounts as Fixed Asset Investsnents on the basis that the tr￿stee5 have the ￿Wer to hold th¢m and to receive the dividend income. Movemetkt in r￿ed asset investtnents Market value brought forward at 6 April 2018 Additions at cost Disposals at catrying Value Net gain/(loss) on revaluation 451.454 312242 (230,152) 20.040 Market value at 5 April 2018 £553 584
4. Cash at bank in hand 2019 2018 Sterling account US Dollar account (converted to GBP) Euro account (converted to GBP) 35.879 144j98 17241 58.810 14.I15 £197.518 £72.925
5. Creditors falling due within one year 2019 2018 Independent ¢xamination fees .920 1.440
6. Unrestricted funds Unrestricted fund5 are those which are available for use at the dI￿retiOn of the trustees in furthcrance of the objects of thc charity and which have not been designated for other purposes. It is the policy of the trustees, as allowed by the Trust Deed. that all funds are unrestricted.
7. Controlling interest The charity is under the control of the trusEees.

Appendix Charitsble dollations made in the ytar ended 5 Aprtl 2019 All amounts in Sterling (GPB) 2019 2019 It￿1tilt1OnS Individuals 2019 T(tsls 2018 T(tsls Institut StJeAty Cameroon proieci Universiry College Old Mernbers" Trust EduratioTh totals 63.694 64,D54 64,054 311,404 Lau￿￿tIn0M1ssi0n 4.800 Scripture Uniijn S¢otiand Cinna￿On Trusi, New￿ Swart John Wil￿￿ Trust 3.088 12(K> Christianlchurcb-related work totals iowj 18fv88 2&600 Biblic4 North I 7.981) 7980 Humanitarian relief work tota 7980 9500 Dan Baciu, Romaniaelderly fdre project Defibrillator for Gclston communtty Pancreati¢ Cancer Kesearch 48536 21x1 Health & Wellbei•2 totsl 49.120 11870 Drug r¢h4bilitatioD aAd poverty r¢liefto¢a15 38A41 CHEER T￿￿t C(*mp8$$ion tots15 51500 The Bridge Youth Project, Tadcaster Commurttty develop't & young people t(rtal 6,600 TOTAL DONATIONS FOR YEAR 59J36 142242 457,575 C2tegnries l = Edu￿tIOn 2= Christian/chur¢h-related Work 3 - Not currently 4= Humanitarian relief work 5 = H¢atthcare 6= Drug rehabiliNion and poverty relie( 7= Compassion (donations mainly io iieedy individuals) 8-com￿￿TrItydtv¢￿0pme￿t& youTrg people (ContEnued)

Notes on the more material grants in this period Major andlor long temi benefKiariesJprojects described in th¢ Trustees. Rwrt underth¢ heading of Achieyetnents: In$titiit St Jean (camer[￿￿} Dan Baciu elderlv care centre (RomaDl*) Laurentlno miss10n: re knowTr to the trU￿teS from thcÈr fomer WO￿ Y(MJth Wilh A Mission {YWAM). Thej rioH iuii a ¥hurih-based Iiiission in Laurentino. a chrOni￿lY deprived suburb of Rom¢. Th¢y hav¢ to raise all their own finaTr¢ial support (& they ate $￿ar1ed), butthey also fund themselves by frachiRg English. The trust supports th¢m on a regular monthly basis. BiblicallnttrnatioHal Bible Society Tryorking ID Iraqi Kurdistan: this charity opeTaL¢s worldwide butthe Sporos Trust's support is designated for the Kurdish region of bonh It4.. where the tDJsttts havc long petsonal knowlcdgc of the 5iiuatio attd ihe regional stsff. Their work includes & wid¢ rdnge of relief and educational projects with mentally and physirally disabled people, widows of Saddam Hu&8ein's "Anfal" 2nd others who are marginalised andloi struggling io survive. Th¢ special curr¢nt focu5 is the desperate needs of the ￿anY refugtts from the Syria. Alongside this vital relief work there is the on(poin8 production and distribution of aKurdish transLation ofthe Blble and related material- this language group of over 12 million has never had the bible in its Own tongue. and the initiative is welcomed even by ￿emberS of the governmeRt. CHEER Trust wa5 set up someyears ago by a bereaved Tnothei ofyollng children to provide support for S￿ngle paTenrs in Ihe UK who find th¢mselves struggling to bring up children alone for any reason. The sUp￿rt is wide-ranging.. practical. emotional. spirihjal. The trust employs 5 part tim¢ and voluntrer stsff. Youth With A Mission (YWAM) is an IntrM￿l0naI neNork of nationally aut{￿0m0￿SQrga￿lsati0rtS su¢h as YWAM Scotland, working mainly with young p￿le from student age to about 30. The main thtust of their work is Iraininii - people io make a posiiive diffeience in society. The ttust iegulatly supports ,Tr and inspiring youn(F equippin. o are long-sranding members ofihe senior leAde￿￿1p team in Scotland. Like atl who i¥i)rk fi)r YWAM, they arc r&%ponssble for raising all their living costs fiom supwrters and frorn other paii-time work Scripture Union (SU) is a worldwhde rthvijtk of auton(4nous organi5ations such as SU Scotland working with children and young people since the 19th Lentury. Much of their work is ba%ed in srhotsls (at the invitation of h¢ad tcachcrs), wher SU regional staff and Yolunteers mak¢ a Yaluable contribution to PSHE wogrdmm4 especially the Scottish Govemment's "Skil]s for Life" ¢urri¢ulum. The other main stsznd olsu's work i5 running residential activty camps.. many participating children frotn disadvantaged baCkgr￿ndS (whose costs are heavily subsidisoj) do not othenvise get a holiday away froTn home, and return year after yw. SU also has a very strong fecord oliraining young ￿pIC in leadership. inter alia. . Th¢ cinn8[￿0￿ Trust runs a 4Aropin café 2nd Chrisiian twkshop in Newton Scewar¢ a small town ti) a pan of Galloway suffering from rural deprivafion and where rhere is lirtle provision for young rKople. The Bridge Youth Project works with young p￿pIe in Tadrtser. north Yorkshire. Thetnwees were made awar¢ of li by a friend who is a truste£ olihe charity. and responded to an appeal for fund& The Johll Wi150Th Trust suppotts the work o ex-prisoner leading a ttansformed Itfe in Dutnfries and seeking to change the lives of prisoner4 ex-prisoner5 and vouno offenders. primarily through telling his own illspird¢ional story. The Sporos Trust gives on a regular monthly basi5. 10