MIC.HAEI. AND SARAH SPENCER FOUNDATION FINANCIAL STATEMENT. FOR THE YEAR TO 31 MARCH 2021
1KICEL AND SARAH SPE< NCF.R FOUNDATION FINANCL4L SI'ATEMCI NTS OR THE YEAR TO 31 tvtARCH 2021 DEX Rcference and administrative infomiation Trustees, Report 24 Independent Examiner's Report qtatcment of finanLial activities Balance Shect Statement of cash flow Notes to the Financial Siatements 9-12
MICHAEL AND SARAII SPENCER FOUNI)ATION REFERENCE AND ADMINISTRATIVLI INFORMATION Register Cliarity Name Michael and Sarah Spencey Foundation Charity Nutnbcr 1184658 Principal Address 3rd r.loor 39 Sloane StIEet London SWIX 9LP Trustees Lord Michael Alan Spencer Lady Sarah Sp¢i)cer Ms Marina B07.ica Ritossa Indepcndent Examiner AJ)thony Epton Chartered Acwuntant5 and registered auditors 75 Maygrovc Road West Hampslead London NW6 2EG Bankers Barclays Bank PLC
MICHAEL AND SARAII SI)F,NCEI R FOUNDA TION TRUSTLES, REPORT "OR THE YEAR LI NDED 31 MARCH 2021 'I'he trustees prcscnt their report and accounts for thc year ended 31 March 2021. 'I'he tinancial 5tatcments have been prepared in accordance with Accounting and Reporting by Charities.. Siateinent of Recoinmended Practic¢ applicable to charities prepai'ing thcir accoiints in accordance with thc F inancial Reporting Standard applicable in the IJK and Rttpubli¢ of Ircland (FRS102- cffective l Januai'y 2015- (Charities SORP FRS 102). Structure) guvernanee and management The Govcrning Document is a Trust Deed dated l O April 2019. The trustees meel quaitei'ly to determine the gLneral policy of ihe Lharity. 'rhe I'l'ustccs who servcd thc charity during the year were as follows.. Lord Nfjicht¢el Alan Spencer Lady Sarah Spencer Ms Marina Bozica Ritossa None of the tnistees have any beneficial interest in ihe charity. Risk management The trustees have assessed thc major risks to which the charity is exposed. They have reviewed the ability of the charity to mcet its tUre commitments. The trustees are satisffted that systcins are in place to mitigate such risks. Objcets and activities The objccts of tEie charity are to fijrther such charitable purposes which may be charitable according to ihe law of Englaiid and Wales and to providc support to other registcrLd charities as the trustccs in their discretion see fit from time to time in particular but not limited to.. l. Tlie relief of sickncss and preservation of health ainong people anywhcre in Iheworld by providing aiid assisting the provision of equipment facilitics and .8ei'vices- 2. The prevention or rclief of poverty anywhere in the world by providing grants, items and services to individuals in necd and to charities orother organizations working to prevent or relicve poverty,. 3. For the bencfit of the public to promotc thc education af peoplc anywhere in the world in such ways as thc Iru8tees think fil including by the provision of gi'ants and financial assistance tu enable irkdividuals to study at any school collcge or university or other education institution and assisting any charity or othcr instithtion whose aims include advancing the education of people anywhcre in thc world- 4. The advancement of environmentdl proteclion and improvement for the benefit of the public by thc protection and conservation of animals.
MICHAEL AND SARAH SPENCEI R FOIINDATION TRUSIEES, REI'ORT FOR THE YEAR ENDEI D 31 MARCII 2021 Grant Making policy The Trust has e.stablished its gi'ant making policy to dchieve the Trust's objectives to support oiher registered charities. The Trust wclcomes grant applications which are discussed in Ihe quarterly meeting.8 atteJ)ded by all irustees. Public Benefit The priiicipal activities of the chai'ity during the year continued to be to achieve thc objectives as Slated above. The trustees are aware of the Charity Coininission guidance on public bencfit i'eporting as set out ID Scction 17 Charities Act 201 l. The trustees believe that ihc charity achieves a publiL benefit. Achievement8 and performance Dui'ing thc year the charity has receivcd fiinds which has enabled the charityto make donations in excess of £659k (2020.. £12.4m) lo worthy causes. Financial review During thc year ihe charity receivcd total incomc of £573,974 (2020.. £12,513,290) dnd paid SLlPPOrt costs of £3.383 (2020.. £17,794) leaving a surplus of funds before grants of £570,591 (2020= £12,495,496}. Of this £659,896 (2020: £12,407,147) wa8 granted in fiirtherance of the charity's objectives. There was therefore a deficil of £956 (2020.. suiplus for thc year of£88,349) which wa5 the charity's reserves at thc cnd of the year. The trustees are satisfied with the results and activitics during thc year. Reserves Policy The charily"s re.serve5 policy is lo crellte sutficicnt rcs¢rves lo enable thc charity lo continue ils activities and scrvices at a meaningful level, should there be a drup in income. A8 all income is derived from voluntary donations, Ihe trustees rcvicw this position on a rcgiilar basis. Statement of tru5tees' responsibilities The trustees al'e responsible for preparing thc Trustees, Report and the fiiiancial statements in aLcordance with applicabl¢ law and United Kingdom Accounting Siaiidards incliiding Financial Reporting Standard 102 The FinaKci171 Reporling,Ytap7dardapplicable in ihe UKundRepublic' of lyeland (United Kingdom (ienerally Accepted Accounting Practice). The law applicablc to charities in England & Wales requires the truslees to prepare financial statements for each financial year whi¢h give a truc and fair view of the state of affairs of the charity and ofthe income and cxpenditure of the charity for that year. In preparing these fmancial slatements, the trustccs are required to..
MICHAEL AND SARAH SPENCER FOUNDATION TRUSTEES, REPORT FOR THE YEAR EIYDED 31 MARCH 2021 •select suitable accounting policies and then apply them consistently,. •observe the methods and principles in the Charitie5 SORP. •make judgments and accounting estimates that are reasonable and prudent. •stale whether applicable accounting standards have bcen followed, subjcct to any material departures disclosed and explained in the financial statements, and 'prepare the financial stateinents on the going concei'n basis unless it is inappropriateto presume that the charity will continue in biisiness. The trustees are responsible for maintaining propcr accounting records which disclose with reasonable accuracy at any lime ihe finanLi&l position of the charity and enable them lo ensiire that the financial slalement5 coinply with thc Charities Act 201 I, the Charity (Accounts and Reports) Regiilations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hcnce for taking reasonable steps for the prevention and detection of fraud and other irregularilies. l-hc trustees are responsible for the maintenance and intcgrity of the charity and financial information included on the chai'ity's website. Lcgi51ation in the Unitcd Kiiigdom governing the prcparalion arid dissemination of financial statements tnay differ from legislation in other jurisdictions. Approved by the trustees on Qoi and signed on their behalf b Lord Miehael Alan Spencer Trustee
INDEPENDENT EXAIMINLII'S REPORT TO 'I'HF. TRUSTFES OF MICHAF,L AND SARAH SPF.NCF.R FOUNDATION l i'eport to the triistees on my examination of the accounts of the Michael and Sarah Spcncer Foundation for tlie yeai. ended 31 March 2021. Responsibilities and basis of report As Ihe charity triistees of tlie Trust you are responsible for the prepai'ation of the accounts in aecordance with the requiremen¢s ot. the Ch'itIcS Aci 2011 ('the Act,). I I'eport in respect of my cxainination ofthe'l-rusl's accounts cari'ied out under section 145 ofthc 201 l Act and in cai'rying oul my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement Since Ihe'l i'ust's gross incomc cxceeded £250,000 I confirni thai J am qualified to undertake the examinatioii becaiise I dm & member of the ICAEW, which is one of the listed bodies. I have completed my examination. I confirn) ihat no material matters have comc to my attention in conncction with the examination giving me cause to believe Ihal in any mal¢rial respect: accounting record5 were not kept in respect of thc'l i'usl as required by section 130 ofthe Act; or 2. the accoiints do not accord with those records-, or 3. the accounts do not comply wilh the applicable requii'ements Concerning the fonn and content of accounts set out in the c.harities (Accounts and Reports) Rcgulalions 2008 othLr ihan any requirement that the dCCOUTlts giv¥ & 'true and fair vicw which is not a Inatter considered as part of an indcpendent examination. havc nu concei'ns and have come across no other matter.8 in conncction with the examination to whiLh altention should be drawn in this report in order to enablc a proper undei'standing of the account5 to bc reached. Anthony Epton BA FCA CTA FCIE Goldwins Cbartered accountants 75 Maygrove Road West H2mp5tead London TrIW6 2EG 26 July 2021
fvllCHALL AND SARAH SPENCER Tr OIINDATION STATEMENT OF FINANCIAL ACTIVITifi S FOR THE YEAR LNDED 31 MARCH 2021 INCLUDING INCOME AND II XPENDITURF. AC.COUNT 2021 Total 2020 Total Unrestrlcted Restilcted Note Intome from: Donation5 573,580 573,580 12,508,043 Investment income 394 394 5,247 Total Income 573,974 573,974 12,513,290 Expenditure on: Charitable activitie5 663,279 663,279 12,424,941 Total expenditure 663,279 663,279 12,424,941 Net {expendlturelllnctsme for the year 189,3051 189,3051 88,349 Transfers between funds Net movement In fund5 189,3051 189,3051 88,349 Recohtlllatlon of funds: Total funds brought forward 88,349 88,349 Total funds carrled forward 956 1956) 88,349 All of the above results are derived fi'om continuing activities. The attached notes fomi part of these financial statements.
MICHAEL AND SARAH SPII NCER FOUNDATION BALANCE SHII T AS AT 31 IVIARCH 2021 2021 2020 Note Cui'rent Assets Cash at bank and in hand 1,844 93,749 1,844 Creditois- aTnounts falling due within one year 12,800) {5,400) Net cui'rent (liabilitie5)lassets (956) 88,349 Net (liabilities}lassets (956} 88,349 Income funds Restricted funds Unrestricted funds {956) 88.349 (956) 88,349 Approved by the trustees on and signed on t eir behalf b Lord Michael Alan Spenter Trustee
tCHALL AND S¢UiAII SI'ENCEI R FI OUNt)A TION CASH bLOW STATEMEI NT, AS AT 31 [RCH 2021 2021 2020 Note C#sh flows from operAtlng activities: Net c&8h provided by l (used in) opaling activities 191,905) 93,749 Cash floivs froill investing activities: Salel (purchase) of fixcd asset5 Salel (purchast) of investments Cash provided by l (uscd in) investing activities Change in cash and eash equivAlent4 in the yegr (91.905) 93,749 Cash and ¢#sh equivalents at thc beginning of the y¢ar 9J,749 Cash and cash eqUValentS at thc cnd of the year 1,844
MICHAF,L AND SARAH SPLNC'EII FOUNDATION NOTES TO THE ACCOUIYTS FOR THE YEAR ENDED 31 RC112021 ACCOUNTING POLICIF.S Basis of preparation The financial slalements have bceii prepared in accordance with Accounting and Reporting by Charities.. Siatemenl of Recommended Practice applicable to chai'ities preparing their dccounls in accordaiice witl) the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 elfective l January 2015) (Charities SORP FRS 102). The charity meets the dcfinition of a public bencfit entity undci. FRS 102. Assets and liabilities are initially recogni.sed al historical cost or Iransaclion value Linless Otherwise stated in the re5evant accounting policy or note. b) Going concern The Irustecs consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The triistees do not consider that there are any soui'ces of estimation uncertainty at Ihe reportiiig dale that have a significant risk ot'causing a material adjustment lo the Carrying amounts of assets and liabilities within the ncxt reporting pcriod. Ineome Income is recognised whcn the charity has entitlcment to the fiinds, any performanLe condition.8 attached lo the incoine have been mel, it is probable that the income will be received and that the amount can be measiired rcliably. d) Interest receivable Intcrcst on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normally upon notification of the inlerest paid or payable by the bank. Fund accounting Uni'eslricted flind5 are availablc to spcnd on activitie8 that further any of the purposes of charity. Designated flinds are unrestricled funds of Ilie charity which the Iriistccs havc dcLided at their discretion to set asidc to use for a specific purpose. Reslricled tunds ar¢ donations which the donor has specified arc to be solely used for particulai. arca5 of thc charity's work or for specific projccts being underlaken by the chily. Expenditure Expenditure is recognised once there 15 a legal or constructive obligation to make a payment to a third party, it is probablc that settlcment will be required and the amounl of thc obligation can be measured reliably. g) Cash at bank and in balld Cash at bank and Cash in hand includes cash and Short lerm highly liquid investments wilh a short malurity of three months or Ic5s from the datc of acquisition or opening of the deposit or similar account.
MICEL4LL AND SAIiAH SPEI Tr4CER FOUNDATION NOTES I'O THE ACCOUNTS FOR I'HE YEAR 31 MARCH 2021 DonatlOE15 2021 2020 Monetary donations 57J.580 I2,508,04i Charitable aetivities Grants to i115titutions: Worth Abbey Schaol Development Corpus Christi C.allege Other grants 6,250,000 5,000,000 1,157,147 659,896 659,896 12,407,147 ort cost5.. Legal dnd pi'of¢5sional Website Bank eharges Foreign exchange difference Independcnt examination fee Audit fee 11,880 510 460 115 14> 2,800 5.400 17,794 Tota] expenditure 663,279 12,424,941 Net (expenditurey income for tht year This is staled after charging: 2021 2020 Audit fees Independent examination fees 5,400 2,800 Creditors: amounts falling due within one ye&r 2021 2020 Accruals 2,800 5,400 2,800 5,400 io
MICHAEL ATr4D SARAH SPENCER FOIINDATION NOTES TO I'HE ACCOUNTS FOR THE YEAR 31 EV{C,H 2021 Analysis of net assets betwecn funds Totsl fllnds UnLEStricled Restricted Net current liabilities Net Iliabilitie¥)l assets at the end of the year 956 956 956 956) Analysis of net #ssets bctween funds (prior period} Total runds Unrestricted RtrIcted Net curr¢nt assets 88,349 Net assets at the end of the pei-iod 88,349 88.349 Movements In fund5 Atl April 2020 At31 March 2021 Incoining re5011rees Outgoing resoLirees Transfers Total unre.stricted fund5 57J,974 66J,279) 956 Tot81 funds 57),974 663,279) 1956 Movements in funds (prior pcriod) At the start of the period At the end nf the period Incoming resources Outgoing resourceb Transfers Tvt&l unreslricted funds 12.513,290 12 424,941 Total funds 12,513,290 12,424,941
MICHAEL AND SARAH SI'LNCER FOUNDAI'ION NOTES TO 'I'HL ACCOUNI'S FOR THE YEAR 31 MARCI12021 Reconciliation of net income l(expenditurt) to net eash tloiv from opcrating actiYitit.% 2021 2020 Net (cxpenditure)l incvme for tbe reportillL period (as per the statemeEJt of financixl Attivities) (89,305) 88.349 Increasel {deci'ease) in creditOl'S 12,600} 5,400 Net cash prnvided by l (used in) operating aetivities 91.905 93,749 Analysis ofeash and casli equivalent At31 l April 2020 Cash flow March 2021 Cash at bank and in hand {91.905) 1,844 Total cash aDd cash equiyalent {91,905) 1,844 10. Emoluments of tbe trustees The trustces did not receive any remuneration during the year (2020.. Nil). There were no employccs in the year (2020: Nil). -Fhcrc wcrc no employee bencfits payments to kcy management personnel in the year (2020.. Nil). Related party transaetlons Donation5 of £573.580 (2020.'£12.5m) have been i'e¢eived from IPGL Liinited, a wholly owned subsidiary of SPCJL (Holdings) l.iinilcd. The ultimate controlling party is l.ord Michael Alan Spencer by virtue ofhis shareholdings in IPGL (Holdings) Limited. During 2020 a trustee also donated £5.000. 12. Taxation The charity is exempt from income lax as all its incotne is charitable and is applied for charilablc purposcs. 12