2022-04-05-accounts

Sporos Trust Scottish Charity no. SC 032198 Annual Report & Accounts for the year ended 5 April 2022

Trustees. Annual Report For the year ended 5 April 2022 The trustees present their annual rep)rt and financial statements of the trust for the ycar ended 5 April 2022. The financial statements have been pr¢pared in accordance with the accountillg policies set out in Note l thereto, and comply with: the Charities and Trustee Investment (S¢otland) Act 2005" the Charitics Accounts (Scotland) Regulations 2006 a5 amended. Ac£oulltiThg and Reporting by Charities: Statement of RecommetLded Practice (SORP) 2005" and the Financial RetK)rting StsTKlard for STnall¢r Entities (effective April 2008). Objectives & Activities The Dccd of Trnst provides that the Trustees shall hold the Trnst Fulld and the income of it to pay and apply the same to or for the benefit of or in furtherdn¢¢ of such purposes. objects or instructions charitable in law and in SLEch proportions and manner as the Trustees shall thilth fit. In exercising their discrction the Trustees shall give primary consideration to the wishes of those persons who gift or lend funds to the Tn￿( but this proviso shall itnp)se no binding obligation on the Trustecs. The Trustees fulfil the obje¢ts of th¢ ttust by making charttablc donations out of the trnsvs capitsl and income to organisations and individual8 in accotdance with published charity guidelines and Criteria of public benefit. AtL analysis and schedule of donations rnade in the year is included in the a¢cow1￿ with explanatory notes. Organisations which receive donations from the trusi are registered charities which in the opinion of the trustees are doing worthwhile work for th¢ knefit of society, and which generally do not havc a high public profile such as to attract major funding froTll Other souices. A major slice of the trust's grantmaking tends to be targeted at overseas projects, and there are three specific reasons for this: (i) The countries concerned are poorer than the UK (often by a very great margin). and the purchasing power of money invested tends to be many tim¢s greater than in the UL. (li) Those countries a150 have little or nothing in the way of a charitsble sector (an example: one might exp￿1 that CameriK)n as a lornier Frcnch rolony would benefit from Fre[￿h charity, but suprisingly Fronce as a nation has virtually no charitable sector at all). (iii) The UK has cut overseas and in any w this tends to be badly spent or to fall into the wrong hands. Some grants which are for the benefit of charitable organisations are a¢￿allY paid to individuals who work more or less full time as unpaid volunteers for those organisations, and who ther¢fore have to rdise their living expenses through the gifts of supporters and by undertaking other work in their spare time; such grants are disclosed in the accounts as grants to organisations, in accordan¢¢ with the CharitTres SORP, as being primarily for the bcneflt of the organisation rdther than of ihe individuals concerned. Grants are also made to (or for the iKnelit OO individuals WFLO have applied to the trust for funding and who demonstrats genuine needs which arc unlikely ￿ be met otherwise. Achievements Details of charitsble grdnts made in the year are given in the Appendix. Two special area5 of support are described in more detail below. Certain projects SUPPOrted in previous years are wming towards the end of their period of greatest nerf and this is part of they reason why the level of donations w&s lower than the trust's incoming resources. A second pth of the reasoll is explained in the Financial Review below. under the heading Holdings of quoted shares. TraDsylvania College Foundation The remarkable achievemcnts of this Romantan educational clwity are well known through our previous reports. In this period we sent SUPtX)rt tot211ing 80,000 Euros (£67,739) to three connected entities specifically for work with Ukrainian rcfugces who have TK>ured into Romania: Transylvania College itsclf has taken in both childre and teachers (Eur 25000, under Education)" separately the TC Foundation has been providing shelter and other necessities {Eur 30000, under Humanitarian Relief Work)- and the new Wellbeing Ittstitute launched by College Principal RuxaDdrd Mercea with her doctor husband Voicu Mcrcca has bLYn addressing the deep emoiional and psychological needs of traumatized refugees {Eur 2501x1, under Health & Welfare). Page I

Institut St Jean, Cameroon higher education project In previous years the trustees tcntatively started to supFx)rt this exc]li￿g new projec¢ and in the cutTent ycar it had sufticient committed funds in place to begin construction of the planned new university campus. The Sporos TrU￿t leLIs rivileged to ￿ part of this retnarkable mcxlel of what is possible in Africa. In November 2019 trus￿) ttav¢lled to Yaoundé. Camer(KTrn'S capilal, for the foundation laying ceremony. By Septcmbci ?O?O construction of the main building was substantially complete. and December 2021 saw thc fist graduation c¢r¢mony at the new campus wh¢r¢ Cameroon's FAlu¢aÈion Minister announced the upgrading of the Institute's otficial status to University. Things can move fast in Afric4 and money invested can go almost a hundred tRmes further than in Euro￿. It is an extraorditwy achicvcment. The project is run under the auspices of the Frères de Saini Jean, a Catholic order knsed in Frnnce with a strong and long-cstabSished prcsencc in Camcroon. where th¢y were already running for many years a large and highly successful secondary school (College Vogt). complemeDfrd latterly by an experimcntal tcrtiary college set up to prcpare Students for life and vocational employment. The demand for and su¢cess of the latter paved the way for the ambitious plan to establish a ￿l￿￿e new university with a strong focus on engineering and t¢chnology. ￿)d parknership links with top instillrtions in Europe such &s the Universits de Technologie ai Troycs. The whole thing was initiated by a dynamic youtig tnan known to the trustees". Nicholas Church went to Cameroon 10 help as an engineer with corLgtruction work at College VogL while there, he realised that mod of the very well edueated pupils of the college were leaving the country to universities abroad and few retllrned to Cameroon- the classic'brain drain- The Institut St Jean projcct was bom to counter this and to invest in the future of this needy country. Th¢r¢ is t(KTr much to frll in this rewrtr. the itistitute's website (https:/linstitutsaintjean.org4 gives a glimpse of th¢ projcc¢ and the trustees will gladly provide further information to those w'anting to know more. Financial review Holdings of quoled sha￿8 The trust rettives from the fouTtding trustces donations of quoted shares annually. Historically the shares have en gold by the trnst within 12-18 months. sales being timed whcn the share price is strong andlor when funds are needed by the tn￿ and sale proceeds 4)plied to charitable donations. Obviously these gifts of Shar￿ havc n¢ver been treated as cndowment funds, but latterly Ibe truSt￿S have initiared a slight policy shift to treat a significant proportion of the gTrfted shores as if they were an expendable unrestricted endowment fund. although strictly thcrc is no "endowmcnt fund- fornially so ¢Alled. Towards thc end of thc prior year, thanks largely to a capital res￿￿c￿rIng by Jardin¢ Mathcson Holdings, the share price reached an all-time high which is reflectcd in the high opening investtnent valuation. This was not tr) last, however. and for most of the year the share price languished IKlow a level at which the irustees felt it g(K)d management to sell. Only one small sale of" 800 shares (£35,235) was made in November 2021 to keep the trust in funds. The share price finished the year 15Q/o down on its opening level. Icading to the substantial unrealised "papcF' loss of £95,764 on revaluation at the year end. But the very low level of sal4 coupled with further gifts of shares by thc Irustces just kforc thc ycar resultcd in a high closing balance of investments. A good rate of dividelld is paid on these. so the inve51rn¢nt incom¢ on the increased shareholding is gradually moving the trnst towards a more internally sustainable footing. Foreigll exchange rale movements The shares held bv th¢ tn￿ are denominatsd in US Dollars. and the trust nomially keeps significant funds in USD in order to minimis¢ for¢ign exchange costs, as key projects supported by the trnst operaie in currencies other thaTh GBP. All transactions and balances in thc accounts are translated to GBP at the relevant dale, and thus the mailltenan¢¢ of a USD batLk account gives rise to a nei gain or loss on currency translation in thc a¢countS, as stated therein. Such'gains" or "k)sses" are. howev¢r, more apparent than real - they are merely b(K)k adjustments arising from (he need to translate foreign currency transactions and balaTWS into GBP for a¢¢ounts purposes. and tittiing differences between inflows and outflows. [continucdl Page 2

Reserves policy It has not hithcrto been the policy of the trustees to hold Si￿lficallt reserves. but to expend incoming resources on haritable donations within a year or two of receipL The trnst currentty has bank standing Orders for grdnts amounting to some £12,000 per annutn for which the trustees aim to maintain suificient ￿$h funds. but has no strict financial obligations for which provision must k made of necessity. Occasions arise. however, when it is not expedient to sell shares gifted to the trust within the year. This gives rise to increased rcscrves in the forni of investsnents. The trusw are emw)wered by the trust deed to accumulate income-with power to resort to that accumulated inwm¢ in future years." The tntstees envisage no difficulty in identifying worthy charitable causes to which any such accumulated rescrves can be opplied in the coming years, and indeed a few have already Ixen identified at the time of this repxt Investment policy The trustees have given due considerdtion to the fact that the trust's invesÉments are not diversified but held in one quoted company, Jardine Matheson Holdings. The facts ate that this cotnpany is already a divetsified conglomerate operating interllationally. with balanced cutrency exposu￿, little debL a high net asset value per share, and a core of highly cash-generative businesses" the shares have a low Bela value (i.e. they are stsble) and over the last 3(F years have outperfornied the Sage of Omaha (Warren Buffet). they atso pay a giK)d and reliablc dividend. It is the considered opinion of the trUst￿S that this shareholding is already ¢ffectively a diversified one, and that there are few bettcr investments for which it could be exchanged. Trustee rernuneratioll and expenses Neither of the trustees received any remuneration or e￿nSeS during the year. Structure and Governance Governing documeDt Founding Deed of Trnst dated 5 September 2(Mll. Appointment oftrustees The trustees hav¢ power to appoint additional trnstees. The Trust tked kns not specify any minimum QT maximum number of trustees. nor any pr(Kedures for their apw)intment or trni of servic¢. NY&ture, purpose and operation of the tn The current ttustees established the trust as a simple grdnt-making tri￿ to facilitate their charitable giving. . The Érust is funded exclusively by the founding trustees. and no funds are either solicited or received frorn third parties. Fun<Ls available to the tnjst may vary significantly from year to ycar. Decisions aEKJUt donations are made from tirrkc to titne by the trnstee8 generally as needs come to their attention. On the other hand certain dO[￿tIO￿$ are made on a regular basis for the medium or long terni. . The Trust Detd makes no provisions as to meetings of tru5tee5 or any other asttct of the operation of the trust. Page 3

Reference & Administrative Infomlation Cbarity name and number Sporos TrusL SC032198 Truslees Th¢se are the current trustets. who were also o￿let throughout the year. There were no changes during the year. and no other truslees have s¢rved during the year or since th¢ y¢ar eThL Bankers HSBC Private Bank (UK) Limited. 8 Cork StreeL tA)ndon W IS 3LJ Approved by the Trustees and signed on thcir khalf: Iiusiee I l February 2026 Page 4

Inde ndent Examiner's Re Thes rt to th¢ Trustee5 of r05 Trust I report on the accounts for the ye2r ended 5 April 2022 set oui on pages I to 8. Respective responsibilities of tn￿tee9 and examioer The charity's trustees are responsible for the preparation of the accounts in a￿ordanCe with the temis of the Charities and Trusttt Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The clwitys trustees consider that ihe audit requirement of Regulatioo 10(1 Xa) to (c) of thc Accounts Rcgulations (k￿S not apply. It is my reswnsibiliry to examine the aLcounts as rquired under Scdion 44(IXc) of th¢ Act and to slatc whether particular m2ners have come to my attention. Basis of the independent exarniner's report My ex8mination was Ca￿led out in accordance with Regulation I l of the Charili&s Accounts {S¢otland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a Comparison of the accounts presented with those records. It also includes considerdiion of any unusual items or disclosures in the accounts, and seeking explanations from you a8 trustees conceming any such matters. The w(wlures undcrtaken do not provide all the evidence that would be requitcd in an audiL and conwuently I do not cxpress an audit opinion on the view given by the accounts. Indepetsdetht examiner's statement ID connection with my examinatiow no maller come to my ￿￿ni100 .' (l) which gives me reasonable cause to believe tha¢ in any material respecL the requirements to keep accounting records in accordance with S￿tIOn 44(1)(a) of the 21M)5 Act and Regulation 4 of the 2006 Accounts Regulations" and to prepare accounts which accord with the awounting records and to comply with Regulation 8 of the 2006 Accounts Rcgulations have not been meL or (2) to Whic￿ in my opinion. attention should be drnwn in ordcr to cnable a proper undcrstanding of the accounts to be reached. The Inqtitute of Chartered Accountants of ScotIa￿j Farrtes Kirk & Mcvean Chartered Accountsnts Dumfries Enterprise Park Heathhall Dumfrie5 DUMFRIESSHIRE DGI 3SJ I iih Febnwy 2026 Page S

Sporos Trust Statement of Financial Activities for the year ended 5 April 2022 Unrestricted Unrcstrict 2022 2021 Incoming resources Inwming resources from generated funds: Voluntsry iwme tnvesttnent inwme Other incoming resources.. Gain on foreign Cu￿encY translation Bank fees refunded 395.472 15.784 474.800 15.925 Note 3 1,571 iJ96 Total incoming resourc 414223 490.725 Resources expellded Charitable activiti¢s Governanee costs Other resources expended: tA)ss on foreign currency translation Note 4 170.444 930 270.817 1.080 1.720 Total resources expended 171J74 273ffj17 Net Incomi￿(0￿(g0llUg) resources before other re￿nISed gainsl(loss¢s) 242049 217,108 Other recognis¢d gall￿00&￿) Net gainsl(losses) on investment assets (98.785) 84571 Note 5 Net movement in funds 144.(K 301.679 Total funds brought forward ,055.169 753.490 Total funds thrried fonvard 1,199233 1,1I55,169 The notes on pages 8-9 arAd Appendix on page 10-1 I form an integrdl part of these accounts. Page 6

Sporos Trust Balance Sheet as at 5 April 2022 Unre5tricteA un￿strIC￿j fimds funds 2022 2021 Fixed assets Inv¢stmcnts 1.189.160 927,708 Note 7 Currellt assets Cash at bank and In hand 13.883 130J41 Note 8 Liabilities CreditOTS falling due withkn one year 3.810 1880 Note 9 Net assets l J99233 1,05&169 Tbe funds of th¢ charity Unrestricted funds 1.199233 l.055.169 Note 10 Total charity fuJMts 1,199233 1,05&109 The notes on pages 8-9 and Appendix i)n page 10-1 I forni an integral part of these accounts. These a￿ounts have be£n pr¢par¢d in accordance with the Financial Rep)rting Standard for Smaller Entities (effeciive April 2008). Approved by the TrUs￿eS and signed on their khalF. I iih February 2026 Page 7

Notes to the accounts for the year ended 5 April 2022 l. Basis of preparation of aceounts These accounts have been prepared ou the historic cost b&sis &5 modifIed by the revalualion of investments, and in accordance with.. the Charities & Trusfre Invcstm¢nt (Scotland) Aci 2005" Ihe Charities Accounts (kotland) Regulations 2006 as amended. Acwunting & RetK)rting by Charities: Statement of Recommended Practice (SORP) 2005" and the Financial Reporting Standard for Smaller Entities {Cff￿tTve April 2008). 2. Accounting policies Voluntary ineome, consisting entirely of gifts of quoted shares to the charity. is r¢cognised on the date of the share transfer, and valucd at the market value of the shares on the date of transfer. InvestmeDt incorne is recognised when re¢eivabl¢. Foreign currency translation {1) Transactions denominated in foreign currencies are tTrnsW into Sterling at the rate ruling on that date. (li) Bank balances in foreigll currencies are translated into Sterling at the rdte ruling at the year end. (iii) Net gain￿loSseS resulting from currency translation arc included in Other Incoming Resources or in Other Resources Exp¢nd¢d, as applicable. Resources expended on ¢h2ritable 2CtRvlti￿. consTSting mainly of grants paid to organisations or individual& are r¢cognised when actually paid, as in no c&se is there a legal or constructive obligation committing the chority to pay arky grant b¢fore it is actually paid. All other expendttur¢ is accounted for on an accruals basis. Investments (i) Shares quoted on & recognised ￿Ock excE￿nge are valll￿ at their tnarket value al the ycar end. {ii} Gain511osses on investtnents include those realised on the sale of investments and any unrealised gain or loss on revaluation of investments at the year end. * Fund accounting Unrestricted funds are those which are available for use at the discretion of the trustees in fuTthernnce of the objects of the charity and which have not been designated for other purwjses. 3. Incoming resourees Voluntary illCOllLe consists entirely of gifts of quoted shares to the charity from the founding trustees. 4. Resources expended 2022 2021 Charitsbl¢ activiti Grants paid {page 9) Bank fees & charges Total charitable acttvities 170.444 269542 1.365 270.817 170.444 Governance co¥$ Independent examination Trust tsx return filing costs Total governance costs 450 930 1.080 Other resources expended Loss on currency translation 1.720 171J74 273.617 Page 8

1. Gainsllosses OD investment 2022 2021 Realised gainl(loss) on sale of shares unrealis￿ gaiD](loss) on revaluation of sha￿S (3.021) (95.764) 14,159 70,412 Net gain/(loss) on investment assets (98.785) 84.571 Related party tr2nsactioDs Neither the trustees nor any ¢onD¢cied paTty r¢ceived any remuneration or other b¢n¢fit or ¢xp¢D￿5 duriThg the p¢riod (2021.. nil). There were no other traDSACtions of any kind with the trustees or with any connected party during the perio¢ other than the gifts of quoted shares to the ¢harity by the trustees as disc105cd in the SOFA (Volutw incomc) and Note 3.
2. Investments All Anveslments are carried at their market valu4 and Consist entirely of shares in Jardine Matheson Holdings quoted on the Singapore Stock F.xchange (denominated in US Dollars). The shares are generally held for the short terni only and sold ￿ generate funds for disbursement of grants but they are shown in the accounts a5 Fixed Asset Inveslment5 on the basis that the tnWees have the EK)wer to hold th¢m and to receive th¢ dividend income. Movement in fixed asset investments Market value brought forward at 6 April 2021 Addition5 at cost Disposals at catrying value Net gainl{loss) on revaluation 927.708 395.472 (38256) (95,764) Market valEte at 5 April 2022 £1.189.160
3. CAsh 9¢ bank and in hand 2022 2021 Sterling account US Dollar a¢￿Unt (converted to GBP) Euro account {¢onvert¢d to GBP) 13,883 123.890 6.451 £13.883 £130J41
4. Creditors f2lliDg due within one year 2022 2021 Ind¢pend¢nt examination fecs Tax Return filing Costs 3,360 450 3.810 2.880 2.880
5. Unrestricted funds Unrestricted funds ale those which are available for use at the discretion of the trustees in furtherance of the objects of the charity and which have not been designated for other purp)ses. It is the FM)licy of the trustec& as allowed by the Trust Dea, th* all fvnits are unrestricted.
6. CoDlrolling intertgt The charity is under the control of the In￿. Page 9

Appendix Charitable donations made in the year ended S April 2022 All amounts in Sterling (GPB) 2022 2022 In*ilutions IndividuaLs 2022 Totats 2021 Totals Institut Si Jean, Cameroon university projeci Trdnsylvania College re Ukraine familtes Edu¢8¢ion totals 52230 21.168 73J98 73J98 235,192 DAvid & Colleen Mayhew. Crowhurstcentre Wade & Kathryn Robertson, VWAM Scrip￿re Union Scotland John Wilson Tru 4.8 1200 Christian/chureh-relate41 work totals 32 ioji 14,1100 14.(MM Christian Rcsouice Ministries (Malawi) Trdnsylvanikcolletre Foundation re Ukraine HumanitariaD relief work totsb 13,¢)(M) 25.402 38.402 38.4112 10,000 Wellbeing Institure, Transylvania re Ukraine Health & Welfare total 21.169 21,169 21,169 St Stephen'5 Society. Hong kng Drug rehabilitation aDd poverty relief totsls 5.035 35 5.lJ35 CHEER Trust 15.1 CompassioD totsb Is.00 15,(MlO ioJ)00 Brsd¥e Piojeci. Tadcas Natalya's Fund re Malawi Community deyelop't & young people totsl TOTAL DONATIONS FOR YEAR 159.644 ioJ( 170.444 269,452 Categories l = Educaiion 2- christia￿Church-reIattd worf( 3 = Noi currently used 4- Humanitarian Telief work 5 - Healthcare 6= Drug rehabilitstion and poverty relief 7= Compassion (donations mainly to needy individuals) 8-Communirydevelopment& young people (Continued) Page 10

Notss on the more material grants in this period Majoi and/or long term beneficiarie51projects describ￿ inthe Tru5tees' W under the heading of Athiev¢m¢nts: Institut St Jean, Carneroon Tr&Thsylwxnia College FoundatlOD CHEER Trust was sei up 50meyears ago by a bereaved mother ofyoung children to provide suptM)rt for single paTents i the UK who find themselves struggling to bfing up children alone for any reay)n. The sUP￿rt is wide-ranging.. praetbcal. emolional, spiriiual. The tNst is run by 3 trustee5 with 9 volunteer stsff. Christian Resource Ministries- M¥lawi This small charity (which subsiantially oyerlaps WTth the Society forthe Protection of African Children. s¢e 2018 reptsrt and accounts) was set up by a rnan from ca￿le Dougl￿ Called Jim FÈWS. with the primary aim of supporting an orphanage aEJd school at Blantyre in Malawi, where AIDS (inter alia) has ¢)Tphaned very tnany children. The orphanage is an ou(standing success. but recent climattc di5&%teTS ill the region have nec￿sItated eX￿nSiVe rebuilding works whi¢h are ongoing. The Sporos Trust ha5 been a sporadic supporter for sev¢rn] yeaTS, and the ￿5¢ee5 intend to continue especially at ihis time of gr¢ater and urgent need. St Stephen's Soeiety This IoTJg-esiablished Charity was founded in the early 19705 in Hong Kong with a Primary ftKus on rehabililation of drug addicts, a tnajor social issue at the time. The Society's impressive rcsults were re¢ognised by the Hong Kong govemmenL which donated land around 1990 for a permaDent rehabilitation c¢ntre. In the eatly 1990$ the trnstees of the Sporos Trust gave £1 million towards the consrrnction costs. sin￿ thell the scope of the St Stephen's Sociery's work has broadened considerably. and they have teams engaged in a wide rdnge ofactiviry all over the Far East and now also India. The main fwus remains drug rehabilitstion. bui there is atso increasing educational worK and much SiTnple poveity relief (hence the inclusion of -poYerty reliev in ihe C￿egOry heading). David Colleen Mayhew arc kllown to th¢ truste&s from their fomier work in Youth With A MissioTh (YWAM). They have now stepped down from leading the mission in Lautentino (iiorne) and have tlwmed to ihe UK to serve as ¢haplains at Crowhurst Christian Healing Centre in Sussex. As before, they have to raise theti own financial support. The trust supports them on a regular monthly basis. Youth With A Mi55i0n (YWAM) is an international network of natiijnally autonomous organisations such ag YWAM Scotland. working mainty with young people fro]n sts[d￿l age to about 30. The main thrust oftheii work is training, equipping and inspiTing young people to make a posstive ditrercnce in ￿lety. The Itust regularly supports Wade and Kathryn Robertson who are long-sw?ding members of (he senior leadership teatn in ScotlaTrd. Like all who work for YWAM. they are resFonsible for raising all their living ry)5ts from supporws and frotn othet part-time work. The Brtdge Projeet This STnall but effective project WOTks with young people in Tadcaster. YoTkshire. manyof whom are froln disadvantsged home backtsiounds and hav¢ significant emotional and psychological ne£ds. The trustees were made aware of it by a friend who is a trustee of the ¢harity. Support is by monthly standing older amounting to £5.040 in a full year. Scripture Union (SU) is a worldwide network of autonolnous Organ￿tIonS such as SU Scotland working with children and young people since the 19th century. Much of their work is bL%ed in schools (at the invitation of head teo¢h¢rs), where SU regional staff and voluntttrs make a valuable colltribution to PSHE programme& ¢s￿lalIY the Scottish Gov¢Tnment's "Skills for Life" cU￿l¢u[um. The other main strand of Su's work is rnnningresidential activity camps.. many participating children from disadvaniaged backgrounds (whose costs are heavily subsidised) do not otherwise get a holiday away from home. and return yeai after year_ SU also has a very strong record of training youJ)g people in leaderthip, inter alia. The JohTr WÉlsoN Trust suppons the work of John Wilson. an ex-prisoner leading a transformed life in Dumfries and seeking to change the lives of prisoner% ex-prisoner% and young offendets. primarily through telling his own inspirydtional story. The Sporos Trnst gives on a regular monthly b8SiS. Page 11