Sporos Trust Scottish Charity no. S¢ 032198 Annual Report & Accounts for the year ended 5 April 2020
Trustees, Annual Report For the year ended 5 April 2020 The trustees present their annual report and financial 5tatemei)ts ol the tnjsi for the year ended 5 April 2020. The financial statements have been prepared in accordance with the accounting policies sel out in Note I theiEto, and comply with.. thc ch"Ttle5 and Trustee Illvestin¢nl (Scotlandl Act 2005; Ihe Charities Accounts (Scotland) Re.oulations 21Hh as ameiided.. Accounting and R¢portlDg by Charitie%-. Statement of Reconimended Practice (SORP) 2005. dnd the Financial Reporting Sta]Idard for Smaller Entities (effective April 2008). Objectives & Activities The Deed of Trust pi-ovides ihat Ihe Truste&s shall hold the Trust Fund and the incoine of it lo pay and apply the same to or for the benefit of or in furtherance of sucli puiposes. objects or instn]ctions charitable in law and in such proportions and manner as the Thjsiees shall think fit. In exercisin their di.seretion the Trnsiees shall give primary consideration to the wishes of those persons who gift or lend funds to the Tru5L but this proviso shall impose no binditlg obligation OTr the Trustees. The Trustees fulfil the objects of the trust by making charitable donations out of the tfU5t's Capit and ii)come to organisations and individuals. in accordance with published charity guidelin&s nd criteria of public benefit. An analysis and schedule OF donations made in the year 15 included iii the accounts. with explanatory iiotes. Organisations which receive donations fi'oin the trust are registered charities which in the opinion of the tnTstees are doing worthwhile work foi the benefil of sociely. and which geiierolly do not have a high public profile Such as to attract major fundiiig From other sources. Soine urants which are for the benefit of charitsble oroantssatioiis are actually paid to individuals who work Inore oi. les5 full iitne as unpaid volunteers for Lhose organisations. and who therefore have to I'ais¢ their living expenses (hrough the LrifLs of suppoiieiE and by UJKlertaking otlier work in their spare time- such grants are disclosed in the accounts As grants to organisatioJ)s. in accordance with the Charities SORP, as being pi"iinartly foi" tlie benefit of the organisation rathtr thaji of the andividuals concerned. Grants are Also made to lor for tl)e beiiefit of) individu15 wlio liave ¢ipplied to the Irust for funding ARd who denK)nstraie genuine need5 which are unlikely to be Inet otherwise. Achievements The three main charitable donee5 of the yeai. aiE described below. The trusl a150 made a variety of other donations, deiails of whicli ai? givell in tl)e Appendix. But overall this wa5 a year in which the level of donations was lower than usual. In p&rt thib was because some of the previous Inajoi. donees did not actually ne¢d further fundirtg from the trust thi5 year, and in part because of constraints in the pei".8onal circumstances of the ttusiee8. Transylvania College Foundation (fonnerly HrEppy Kid& Foundation) Tlie largesi single project supported by the trust in I"eceiit til5, this is exciting and hugely successful educational venture in the city of Cluj, Roinania. It was started ttfter ihe fall of Ceausescu by a visionary profe55ional couple who. instead of emigrating to stai1 a new life like most of Iheir peers. decided to dedi¢ate their lives to helpiiig to rebuild their broken counlry. They decidcd that their focus would be educatTOn. They started in 1992193 with a kindergartell in theii. own flat foi. 10-12 small chTldren. Today this h2s grown into Trapsylvania College. a transforinational and 5tand&i'd-setling school for ovei 600 pupils fiotn kinderuarten up to ge 18. The school receives rLO public funding, except thai the tnufticipal governThrllt oraiited it a long leabe of land in & pool. part of the ¢ity in recogi)itioii of the venture's exÉi'aordiii&ry benefit to society. Up lo a third of cliildren are from poor fumilies and Irceive bursaries. Several are vrphdns or froin Irat families who would not otherwise bother to educate their children beyond the age of about ien. Some of these l)¢ive ti'avelled over two hours each way lo get to school. And have I'eceiitly goi)e on to achieve tnarvellous ihing5. Soine of the fir.st pupils to gain top gJ'ade5 in British A-Levels aiE now starting at British univeisities. and as the College consistently Eauoht them to use their education for the benefit of othei's and for soclety. one can envisage a transforming ripple effeci well beyond ihe borders of Romania.
The piiblie benefit of the scliool is mrich wider aJ)d iiicalculable They provide inspii'Ation21 irainiiig (always oversubscribed) to teucliers in tlie still backward state sector,. the premises are sn constint use even during the school holidays- local disabled ehildiEn use the SIT11 $wimmiTr¢ pi)ol foi phystotheiipy. pupils redecorated a grim cAncer ward for childreii in tlie local ared. rlTre list is Yirtually endless. Romania's Educalion Miiiister has asked the School to be involwed Tn crearing a new Naiional Curricllluin, long overdue in a chi'onically nderfuiided 4ind demoTali5ed state education sector. Fitwieially the school now covers its running costs through fees aiid other sources of income. which a creELtively and energetically pursued, but slill carries too inuch bank borrowing (personally <yuarnnteed by the founders, who live inodebtly and own little). The Sporos Trnst's aim is to see this debt reduced to a more nmnageable level, and to fund iinportaiit new Gapifal inveslinent without recwrse to new borrowing. The trustees are also personally cominitted to ensui'ing that scholai'.¥hips coiitinue lo k available to needy pupils. Tile Sporos Trusi is proud to be associited with such a beacon of social enteiyrise. Cliristian Resource Ministries- Malawi orphanage rebuilding This 5TDall charity (which substantially overlttps with the S(Kiety for tlie Pi'otection of African Children. see 2018 report and accounts) was set vp by a man froin Castle Douglas called with the pi'iimai'y aiin of SUPPOTtinu an orpliankgc and 8chool at Blantyie in Malawi. where AIDS linlcr diL) has orphaned very many children. Progress is regularly tTr)nitored by Jiin Figgis. who beai's all his traycl and admin costs personally. The orphanage is an ouis(anding success. but receni climatic di51151ei's in the Tegioii hdve nece.ssiiated extensive rèbuilding works whTch are on(Toin The Sporos Trnst has been a spoiidic supporter for sevei•l years. and Ihe tnEStees illtend to coiitinue especially at this tyine of greater and urgent need. elderly c#re prolecl RomAnj The trustees have known and worked with or over 25 years. largely owing to his involvement (with his wife ii) the Happy Kids Fouiidatioll dnd -fransylvania College. We liave tLls0 lono knowii of his keen int¢t¢si aiid iiivolveinent in elderly care, as a foriTher doctor specia]ising in geriatrics, and have in a small way supported thc elderly dily Cl¢ ntre which he wa5 instrumental in startiiig in Manastur, a tM)or distric( of Cluj. Propel" provision for elderly Cdre 1% dlm05t non-exi.%tcnt in Ronwnia. and there ate very few residential facilitie& so we were deliglited Lo hear of nvolveineni in an exci11n new projetl to build a resideiiiial centrc in the countryside outside Cluj. The trust's dondlion represents seedcorn funding which Wlis required 10 inve%t as an associafr tn the proJecÉ.
Financial review Holdings of quoted shares The 1ru.st receivc& fioim the rounding tnislees doii(ilions of quored .shares aniiually. Hi.StoriclY the shar&s Iiave been sold by the tru81 within 12-18 montlis. sales bEiiig tÉined when the share price is strong andlor wlien fund.£ are needed by the tiust. and sale proceeds applied to charitable donations. These ftS of shares have therefore not hitherto been treated as endowment fiinds. The trustees are considering <1 sli-ht policy shift to treat at some of Lhe gifted shaTeS as an expeiidable Lndowinent fund. The cuneni yeai- Dpened usual with a hold5ng of shdres gifted to Ihe trust oiily Just before end of the prior year. Approximaiely lialf of Ihese slialES were sold duriiiu t]ie current year. realising a significant book'profit" of some £38.(K)0 (= 16.5% on opening Tnttiket value), owing (o a sii-ong appiEcialion iii the shalt price wliich otwelghed the fall of Sterling ¢ig&in5t the Dollar during the year. For the Sa rea50n there was also a substantial unrealised gain of soine £20,(K)O on the revaluttiioT] of the sl)ares at the year end. Just before the yettr end a fiiither 6.400 share5 were oifted to the trust by the 1rn8tees, contributiiag co a relatively substantial inves1mlt5 balance at the year end. Forelgn exeh2nge rate movements The shares held by the trust aTe denominated in US Dollars. and the trust keeps signific&ni funds in USD in order to minimise foreign exehaiige costs. È% key prnjects SLlPPOrted by the tru.st operate In currencies other than GBP_ All transactions and bsllances in the accounts Are tran%lated to GLIP at the relevant date. aiid thus the Inaintenance of a USD bttnk aecouni g5ves tise io # net gain or10sS Otl CUTrency Ir41nslation in the accounts, as stated therein. Such "trains" or"10sses" are, however, more apparent than real - they are merely book adjustments arisii)E Irom ilie ne¢d to traiislatc forcign CUTrellcy tran&cl10nS dnd balances into GBP for accounts purwses. Currency moyeinents r¢lated to uiiprcdictable Brexit political developineiits were again an unavoidablc fact of life. Reserves policy It has not hitherto been the po15cy of the trustees to hold significant reserve.s. but to expend incoming resources on charitable donations within a year or two of receipt. The trusi curiEntly has baiik sthnding orders for granrs amounting to soille £12.000 per for which the trustees &Lim to maintain sufFici¢nt cash funds. bui has no strict finaiicial obligaiions for which provision mu51 be miide of nece.%%ity. O¢casTons Imay arise. however. when it is noE exredient to sell shares gifted 10 the trust within the yeai.. This will give rÉse to thc holding of higher reserves tlian usual, in the form of InvestintS. The trustees are empowered by the tru%t deed io accuinulate iiicome'with poweT io resort 10 tliai acciiinulaied income in futurE years." The trUseS ei)visa.(re no difficulty in ideniifying worthy chdritable ¢¥wses 10 which any such #ccumulated reserves can be applied it) the coining yexrs. Already some significant new beneficiaries have been taken on. Investhient policy The ti'ustces h¢ive given due consideration to tlie ft that the trklSt'5 investimenis are not diversified but held in one quoied coinpaiiy. Tl)c fact5 arc th¢&t this coinpany is alieddy a dive15ified eonglomernte oper&tii)g Illterndiionally. wi(h baldllLEd curi'ency exposui"t, liiilE debi. a higli iict ass¢t value pci share. and IA core of hi.ohly cash-.uenerdive businesses. the shares have a low Beia value (i.e. they are siable) and over the last 30 years have outperformed the Sage ol Omaha (Warren Bllffet).. they also p&y & gocd and reliable dividend. It is the considered opinion of ihe twstees Ihai this shaiEliolding is already effectivel)r a diversified one. and that there are few better invesrinenls lor which it could bt exchanged. Trustee remuneration and expenses Neither of the irustees received any remuneration 01 expenses during tlic yeaj.. Structure and Governance Governing document Foundinrr Deed of Trust daied 5 Sepiember 2001.
Appointment of trustee5 The trustees have power to appoint additi(yial trnstees. The Tiust Deed does not specify any minimum or In8xainum nuinbet of trusiees. nor aiiy procedures for iheii. appoiiitinent or term of service. Natll purpose and operation of the trust The curreiit (rustee.% esidblished (he Irusr as a simple grant-makii)g trusi io facilitate theii. chariiablB giving. The trust is fuiided eKclusively by the founding trustees. and iio funds are eirher solicited or received from third pties. FLlI?ds available to the trust may vary sittnificantly from yeai- to year. Decisions about donations are made from tiine to time by the trustees, generally &s needs come to their attention. On the other haiid cei'taiii donations made on a revular basis for the Inedium or long ienn. The Trust Dced miikes no provisions as to meetings of tn]stees or any other aspect of the operation of the trusi. Reference & Administrative Information Charity number Spoi'os Trust. SC032198 Trustees These are the current ITUStees. who were also in office throughout ihe year. There were no changes during the year. and iio other tnJste&g have served during the year or since ihe year end. Bankers HSBC Privare B[k (UK) Limited. 8 Coi* Street. London W IS 3LI roiled by the TrtiEtees and 8iCNned on tlieir behalf.. I ith February 2026
Inde ndent Examiner's Re rt to th¢ Trustres of Tlie S oros Trust report on the accounts for the year ended 5 April 2020 set out on pages I to Respective responsibilities of trustw and examiner The charity's trustees are responsiblc for Ihc prepatation of the accounts in accordan¢¢ with the lenns of th¢ Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scoiland) Regulations 2006 (as amended). 1.he charity's trustees consider that the audit requirement of Regulation l O( l )(a) to (c) of the A¢¢ounts Regulations does nol apply. Ii is my responsibility to exaTnin¢ the accounts as required under Section 44(1 Xc) of the Act and to state whethcr particular matters have comc to my attention. Bssis of the independent examinews report My examination was carried out in accordance with Regulation I l of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review ot" the accounting records kept by the charity and a comparison of the accounts preseEtted with those records. li also includes c4)nsÈderation of any unusual items or disclosures in the accounts, and seeking explanations from you as trustccs conceming any such matters. The procedures undertaken do not provide all i.he evidence that would bc r¢quircd in an audit, and consequently I do not express an audit opinion on ihe view given by the acwunLS. IDdependeDt examiner's statement tn connection with my examination, no matter has ¢om¢ to my attention . (l) which gives me reasonable cause to believe that, in any matcrial tysp( thc requireTnents to keep accounting records in accordance with stion 44(IXa) of the 2005 Act and Regulation 4 of the 2006 Ac¢ounl8 Regulations. and to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 A¢eounts Regulations have ttot been met. or {2) to which, in tny opinion, attention should be drawn in ord¢r to cnable a proper understanding of the ecouThts to be reached. Thc Institute of Chartered Accountants of Scotland Farries Kirk & Mcvean Chartered Acwunrants Dumfries EnteriSe Park Heathhall Dumfries DUMFEUESSHtRE DGI 3SJ I I" February 2026
Sporos Trust ststement of Financial Activities for the year ended 5 April 2020 UnKstricted Unrestricted fund5 2019 20?0 Incoming resourees Incoilling iEsourc£s frotn generated funds: Voluntary incoine Investment income 102.642 9.163 312.242 3.256 Note 3 Other incoming resources: Gain on foreign currency tiznslation 4.861 Total incoming rasources 316.666 315.498 Resourcts expended Ch(Lritable activities Governance costs Other I"esources expended: Loss on foreign ellrreney translation Noie 4 22.fj.734 580 143.142 3.711 Total resources expended 226,314 147J33 Net incomingl(outgoing) resource5 before other recognised gainsl(losse5} 90.352 16&165 Other reeognKsed gains/{losses) Net gainsl{losse5) on investment assets {86,044) 58.078 Note 5 Net movement in fun8 226243 Total funds brought foiward 749,182 522,939 Total funds carried forw2rd 753,490 749,182
Sporos Trust Balance Sheet as at 5 April 2020 Ut7restricted Uni'estricted funds 202 funds ?019 ixed a&sets tnvestinents 709.152 553,584 Note 7 Current gssets Cash at bank and in hdnd 46.738 197,518 Note 8 Liabilitles Creditors falling due wiihin one year 2,400 1.920 Note 9 Net 05sets 753,49 749,182 The eund5 of the charity Ui)retstricted fund5 753,490 74Y,182 Note 10 Tntal charity funds 753,4911 749,182 These accounts have been prewdTed in ac¢oi'dJftce with Éhe Financial Reporfing siandilrd for Smaller Entities (effective April 20081_ Approved by ihe Twstees and signed on their behalf.. I I". trebruary 2020
Notes to the accounts for the year ended 5 April 2020 l. Basis of preparatioll of aceounts These ac¢ounts have been prepared on th¢ histort¢ ¢ost bosis as modiFi¢d by the r¢valuation of inv¢stm¢nts, and in accordanc¢ with- the Charities & Trustee Investment (Scotland) Act 2005- tlie Charities Accounts (Scotland) Regulations 2006 as amended. A¢¢ounting & Reporting by Charities.. Statement of Reeommended Practice (SORP) 2005- and tlje Financial Reportin8 Stsndard for Small¢r Entities {effectiv¢ April 2008). 2. Accounting poltcies Voluntary income. consistin8 entir¢ly of gifts of quoted shares lo the charity. is r¢cognis¢d on the dat¢ of the slwe transfer, and valued at the market value of the shares on the date of transfer. Investment income is recognised when receivable. Foreign currency traDSlation (i) Transactions denominated in foreign currencies are translated iilto SterlirLg at the rate ruling on that date. (ii) Bank balances in foreign eurrencies are trdnslated into Sterling at the rate ruling at the year end. {iii) Net gainsllosses resulting from currency translation are included in Other Incoming R¢50ur¢es or in OtheT Resources Expended. a5 applicable. Resources expended chari¢#bl¢ activities. consistitkg entirely of gr&ftts paid to organisations or indiYidu&ls. are recognis¢d when actually paid, as in no Case is there a1¢8kl or constructive obligation committing the charity to pay any grant before it is a¢tually paid. All other ¢xpendAture is accounted for on an accruals basis. Illvestments (i) Shares quoted on a recOlsed st(Kk exchange are valued at their m8rket value atthe year end. (ii) Goinsllosses on investtnents include those realrsed on the sale of investments and any unrealised gttin or loss on revaIuation of investtnents at the year end. Fund *eeoullting Unrestricted funds are those which are available for u5¢ at th¢ disctetion of the trustees in furtlieranc¢ of the objects of the chaTTty and which have not been desIated for otlier purposes. 3. lfteoming resources Voluntary income ¢onsists entirely of gifts of quoted shares to the charity froill the founding trustees. 4. Resources expended 2020 2019 Charitabl¢ artivities Grants paid (page 9) Bank fees & charges Total charitable activities 224,504 1.230 225,734 l42,242 900 143.142 Governance costs Indcpendent examination Trust tax return filing costs Total governance costs 480 100 580 480 480 Other resources expended Loss on currency trallslation 3.711 226.314 147,333
- GaiDsllos5es on investment a83ets 2020 2019 Realised gaiiil(loss) on sale of shar¢s Unrealised gainl{loss) on revaluation of shares 2.758 (88,802) 38,038 20,040 Net gainl(10ss) on inv¢sttnent assets (86.044) 58,078
- Related party transaction5 Neitlier the trustees nor any connected party received any MUll¢rntiOn or other b¢nefit or expenses during the period (2019: nil). There were no other transactions of any kind with the trustees or witti any connected party during the p¢riod. other tIll the gifts of quot¢d shares to the charity by the tNstees as dI10sed in the SOFA (Voluntary income) and Note 3.
- lTrvestments All investments are carried at tiieir market valu4 and consist entirely of shares in Jardii)e Matheson Holdings quoted on the Singapore Stock Exchange (denominated in US Dollars). The shares are generally held for the short tenn only and sold to generate funds for disbursement of granty but they ar¢ shown in the accounts as fixed Asset Investments on the basis that the trustees have the power to hold them and to receive the dividend income. Movement in fIxed asset invcsttnents Market value brought forward at 6 April 2019 Additions at COSt Disposals at carrying value Net gatnl(loss} on revaluation 553.584 302,642 (58.272) (88.802) Market value at 5 April 2020 £709.152
- Cash at bank and ID band 2020 2019 Sterling a¢couRt US Dollar account (converted to GBP) Euro account (converted to GBP) 25.04S 21.693 35,879 144,398 17.241 £46.738 £197.518
- Creditors falling due within one year 2020 2019 Independent ¢xamin&tion fees 2.400 1.920
- Unrestricled fuDds Unrestricted funds are thos¢ which are available for use at the discretion of the trustees tn furtherance of ilie objects of tlie charity and lich have not been designated for other purposes. It is th¢ policy of the trustees. as allowed by the Trust Deed, that all funds are unrestricted.
- Controlling interest The charity is under the control of the trustees.
Appendix Charitable donations made in the year ended 5 April 2020 All amounts in Stcrlinv (GPBI Cdi¢ivory 2020 2ff20 Insiiiuiions Individuals 2020 Tota15 2019 Tolals Trnrtsylvania College Fourtdation OUP, book5 (Dr Transylvania Colleg¢ Univ¢rsiiy CollcLTC Old MGmbers' Trusi National Tnjst fnr.Scotlond (ThQve school) Edu¢4¢ion totsls 110.011 612 200 131303 131,2fjJ 64,054 David & CollecTh Mayhew Wade & Krlthryn Robcrison. YWAM S£riplure Union Scotland John Wi150n Trust 6.(X)O 4,800 2.000 1,200 Christianlchurch.rdated work totAb 3,200 10000 14,000 18.fj88 ChTiSiian Resource Minisiries (M&lawil BÈblira. North Iraq Huwnitarian relief work totals 7,752 37.752 37.752 7,98 Dan Ba¢iu. Rornania eldLrly cair project National Au1(si Socieiy SSAFA 26.049 .i(x) 200 Health & Welfare ¢otal 500 26,049 26,54Y 49.120 Drug rehabilitation poverty relief totals CHEER Tnthst 15,1 Compassion tfjtsls 15,00 Is.(0 Community develop't & young people total 10 TOTAL DONATIONS FOR YEAR 187.655 36I4y 224504 142,242 Categories l Éducation 2= Chri8tiaftlchurch-relaied work 3 - Not currently used 4= Hurnani¢arian r¢li¢f work 5- Elcaltheare 6- Drug rehdbililalÉon and poverty relief 7= co[npalo Idonaiions mainly lo needy individuals) 8= Community developcnI & yollng PLopIc (Coiiti1711ed) io
Notes on the more material grants in this period
Major andlor long tenn benLfJciai'ieslpr(>jec15 describcd iii (he TTUSleES' Report und¢r Ik'ading ol-. ALhieveinents:
Trllnsylvania College Fouvdation IRomania}
Ciiristian Re5DurtÈ MiDi5trie5 (Malawi
• Dan BaeÈll elderly care centre (Ronnial
CHEER TTUSt was s¢t UP %OEllL y¥tit a0 by J bLfLJved mothttr ot young cliildren io provide supw)rl foi sinttle par¢nts in
Ilic UK whn find tjiemsclvts sliwggliK¥ LO briiig uii children alonL IOT dny rLason. The suppori 55 wI(-rangIn%.' practical,
emoiional. spirilual. The trusl empl()ys 5 part iirn¥ an(1 volunlw si41r.
David and Colleen Mavhew dre known 10 Ilie irusie&s from Iljcir fDrrncr wui'k in Youth Wilh A Mis.%ion IYWAMI. They
have nuw steppcd down Irom IcJding IhL n]1ssion in LaurLniino {Romel aftd liovc rLiurnLd iu iliL UK Io betvc US LhaplaiD5 ¢it
Ci'owhurs( Chrislian He