MIC.HAEI. AND SARAH SPENCER FOUNDATION
FINANCIAL STATEMENT.
FOR THE YEAR TO 31 MARCH 2021

1KIC￿￿EL 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)
op￿aling 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 eqU￿ValentS 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 ch￿ily.
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
R￿trIcted
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