MICHAEL AND SARAH SPENCER Fouf4DATION FINANCIAL STATEI MENTS FOR THE YFAR ENDED 31 MARCH 2023
MICHAEL AND SARAH SPENCER FOUNDATION FINANCIAL STATEMENTS FOR THf YEAR ENDED 31 MARCH 2023 INDEX Reference and administrative infoiThation Trustees, Repoit 24 Independent Examincr s Report Statement of financial activities Balance Sheet Statement of cash flow Notes to the Financial Statements 9-12
MICHAEL AND SARAH SPENCER FOUNDATION REFERENCE AND ADMINISTRATIVE INFORMATION Register Chai'ity Name Michael and Sarah Spencer Foundation Charity Number 1184658 Principal Addres5 3rd Floor 39 Sloane Streel London SWIX 9LP Trustees Lord Michael Alan Spencer Sai'ah Spencer Marina Bozica Ritossa Independent Examiner Anthony Epton Goldwins Chartered Accountants and registered auditors 75 Maygrove Road West Hampstead London NW6 2EG Bankers Barclays Private Bank One Stanhope London WIK IAF Solicitors Trowers & Hamlins LLP The Senate Southernhay Gardens Exeter EXI IUG
MICHAEL AND SARAH SPENCER FOULYDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their report and accounts for the year ended 31 March 2023. The financial statements havc been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102- effective l January 2015- (Charities SORP FRS 102). Structure> governance and management The Governing Document is a Trust Deed dated l O April 2019. The trustees meet quartei'ly to detennine the general policy of the charity. The Trustees who served the charity during the year were as follows: Lord MiLhael Alan Spencer Sarah Spencer Marina Bozica Ritossa None of the trustees have any beneficial intertst in the charity. Risk management The trustees have assessed the major risks to whicli Ilie charity is exposed. They have reviewed the ability of the charity to mect its future comtnitments. The trustees are satisfied that systems are in place to mitigate such risks. Objects and activities The objects of the Lharity are to further such charitable purposes which may be charitable accoi'ding to the law of England and Wales and to provide support to other I'egistercd charities as the trustees in their discretion see fit from time to time in particular but not limited to.. l. The i'elief of sickness and preservation of health among people anywhere in the world by providing and assisting in the provision of equipment facilities and services. 2. Thc pi'evention or relief of poverty anywhere in the world by providing grants, items and services to individuals in need and to chai'ities or other organizations working to prevent or relieve povcity. 3. For the benefit of the public to pi'omote the education of peoplc anywhere in the woi'ld in such ways as the Irustees think fil including by the provision of grants and financial a55iStance to enable individuals lo study at any school college oi. univei'sity or othei. education institution and assisting any chai'ity or other institution whose aims include advancing the education of people anywhere in the world. 4. The advancement of environmental protection and improvement for the bcnefit of the public by the pi'otection and conseivation of animals.
MICHAEL AND SARAH SPEI NCEI R FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Grant Making policy The Trust has established its grant making policy to achieve the Trust's objectives to support othei. registered charities. The Trust welcomes grant applications which are discussed in the quarterly meetings attended by all trustees. Public Benefit The principal activities of the charity during the year continued to be to achieve the objectives as stated above. The trustees are awai'e of the Charity Commission guidance on public benefit i'epoiting as set out in Section 17 Charities Act 2011. The trustees believe that the charity achieves a public benefit. Achievements and performance Dui-ing the year the charity has received funds which has enabled the charity to make donations in excess of £174k (2022: £926k) to worthy causes. Finan¢ial revieiv During the year the charity received total income of £171,642 (2022: £933,551) and paid support costs of £3,034 (2022.. £2,870) leaving a sui'plus of fuiids befoi'e grants of £168.608 (2022: £930,681). Of this £174,084 (2021.. £926,500) was granted in furtherance of the chai'ity's objectives. There was thcrcfore a deficit for the yeai. of (£5,476) (2022: surplus of £4,181). The trustees are satisfied with the results and activities dui'ing the year. Reserves Policy 'I"he chai'ity's reserves policy is to create sufficient reserves to enable the charity to continue its activities and servi¢es at a meaningful level, should thcrc be & di'op in income. As all income is derivcd from voluntary donations, the trustees review this position on a regular basis. Statement of trustees, re5POll5ibilities The trustees are responsible for preparing the Ttustees, Report and the financial statements in accoi'dance with applicable law and United Kingdom Accounting Standards including Financial Reporting Siandai'd 102 The ffinancial ReporlingSiandai'dapplFcable iii ihe UKandRepiiblic of Ireland (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the ti'ustees to prepare financial s¢atement5 for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that year. In pirparing these financial statements, the ts'ustees al'e required to..
MICHAEL AND SARAH SPENCER FOUNDATION TRUSTEES, REPORT FOR THE YEAR NDED 31 MARCH 2023 •select suitable accounting policies and then apply them consistently. 'observe the methods and principles in the Charities SORP- "make judgments and accounting estimates that are reasonable and prudent. •state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and 'prepai'e the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees &re responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safcguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are rcsponsible for the maintenance and integrity of the charity and financial infomation included on the charity's website. Legislation in thc United Kingdom governing the preparation and di5scmination of financial statements may differ from legislation in other jurisdictions. Approved by the trustecs on . and signed on iheir behalf by.. 19 December 2023 Lord Michael Alan Speneer Trustee
INDEPENDENT EXAMINER'S REI PORT TO THE TRUSTEFS OF MICHAEL AP4D SARAH SPENCER FOUNDATION I report lo the U'ustees on my examination of the accounts of Michael and Sarah Spencer Foundation for the year ended 31 March 2023. Responsibilities and basis of report As the charily trustees of the Trust you are responsible for ihe preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my exainination of the Tist'S accounts can'ied out under section 145 of the 201 l Act and in carrying out 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 I have completed my examination. I confirm that no matcrial matters have come to my attention in connection with thc cxamination giving me cause to believe that in any inatei'ial respect.. accouiiting rccords were not kept in respect of the Trust as required by section 130 ofthe 2. the accounts do not ac¢ord with those records; or 3. the accounts do not comply with the applicable i'equiremenls concei'ning the form and content of accounts set out in the Charities (Accounts and Repoits) Regulations 2008 otlier than any i-equii'ement that the accounts give a 'true and fail. view whi¢li is not a mattci. considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention sliould be drawn in this report in order to enable a pi'oper understanding of the accounts to be reached. Anthony Epton BA FCA CTA FCIE Goldwins Chaitei'ed accountants 75 Maygi'ove Road West Hampstead London NW6 2EG 19 December 2023
MICHAEL AND SARAH SPENCER FOUNDATIOIY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ETr4DED 31 MARCH 2023 INCLUDING INCOME AND EXPENDITURE ACCOUNT 2023 Total 2022 Total Unrestricted Restricted Note Income from: Donations 171,640 171,640 933,551 Investment income Total income 171,642 171,642 933,551 Expendlture on: Charltable activities 177,118 177,118 929,370 Total expenditure 177,118 177,118 929,370 Net lexpenditurelllncome for the year 15,4761 15,4761 4,181 Transfers between fund5 Net movement in fund5 15,4761 15,4761 4,181 Reconciliation of funds.. Total funds brought forward 3,225 3,225 19561 Total funds Carrled forward 2,251 12,2511 3,225 All of the above i'esults are derived from continuing activities. The attached notes foi'm part of these financial statements.
MICHAEL AND SARAH SPEI NCER FOUNDATION BALANCE SHEET AS AT 31 MARCH 2023 2023 2022 Note Cllrrent Assets Cash at bank and in hand 549 6,025 549 6,025 CIEditors: amounts falling due within one year (2,800) (2,800) Net eurrent (liabilities)lassets (2,251) 3,225 Net (liabilities)lassetg (2,251) 3,225 Imcome funds Restricted funds Unrestricted funds (2,251) 3,225 (2,251} 3,225 Approved by the trustees and signed on their behalf Lord Michael Alan Spencer Trustee 19 December 2023
MICHAEL AND SARAH SPII NCER FOUNDATION CASH FLOW STATEMENT AS AT 31 MARCH 2023 2023 2022 Note Cash floivs from operating aetivities: Net cash pi'ovided by l (used in) operating activilies 15,4761 4,181 Cash tIow5 from investing activitles: Salel (purchase) of fixed assets Salel (purchase) of investments Cash provided by l {used in) investing activities Change in cash and cash equivalents n theyear 15,4761 4,181 Cash and cash eqiiivalents at the beginning of Il)e year 6,025 5,844 Cash and cash equivalents at the end of the year 549 6,025
MICHAEL AIYD SARAH SPENCER Fouf4DATION NOTES TO THE ACCOUNTS FOR THE YEAR FNDED 31 MARCH 2023 ACCOUNTIIYG POLICIES Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Pi'actice applicable to charities preparing their accounts in accordance witli the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective l January 2015) (Charities SORP FRS 102). The chai'ity meets the definition of a public benefit entity undei. FRS 102. Assets and liabilities are initially i'ecognised at historical cost oi. ti'ansaction value unless otheNiise stated in the relevant accounting policy or note. b) Going Concern The Iruslees consider that there are no material uncertainties about the charity's ability to continiie as a going concern. The trustees do not consider that therc are any sources of estimation uncertainty at the repoiting date that have a significant i'isk of causing a matei'ial adjustment to the carrying amounts of assets and liabilities within the next reporting pei'iod. Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. d) Interest receivable Intei'est on funds held on deposit is included when receivable and the amount can be measured rcliably by the charity. this is noiThally upon notification of the interest paid or payable by the bank. Fund accounting Unresti'icted funds are available to spend on activities that further any of the purposes of charity. Designated funds arc unrestricted funds of the chai'ity which the trustees have decided at theii. discretion to set aside to usc for a specific purpose. Restricted funds are donations which tlie donor has specified al'e to be solely used for particular areas of the cliai'ity's work oi. for specific projects being undertaken by the charity. Expenditure Expenditure is recognised once ihere is a legal or constructive obligation to make a paymcnt to a thii'd paity, it is probable that settlement will bc required and the amoiint of the obligation can be measui'ed reliably. g) Cash at bank and in hand Cash at bank and cash in haiid includes cash and short term highly liquid investments with a short maturity of three months or less fix>m the date of acquisition or opening of the deposit or similai. account.
MICHAEL AND SARAH .SPENCER FOUNDATION NOTKS TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2023 Donalions 2023 2022 Monetary donations 171,640 913,551 Charitable activities Grants to institutions.. Other grants 174,084 926,500 174,084 926,500 ort costs.. Bank Charges Foreign exchange diffei'ence Independcnl examination fee 63 (29) 3,000 68 2,800 3,034 2,870 Total expenditure 177,118 929,370 Net {expenditure)I iDcome for the year This is stated after charging.. 2023 2022 Independent examination fees -net 2.700 2,800 Creilitors: amounts falling due within one year 2023 2022 Accruals 2,800 2,800 2,800 2,800 10
MICHAEL AND SARAH SPENCEI R FOUNDATION IYOTES TO THE ACCOUIYTS FOR THE YEAR 31 MARCH 2023 Analysis of net assets between funds Total funds Unrestri¢ted Restricted Net current 2,251 2,251 Net {liabilities) at the end of the year 2,251 2.251 Analysis of net assets/(liabilities) between funds {prior period) Total funds Unrestricted Restricted Net current assets 3,225 3,225 Net assets at the end of the period 3,225 3,225 Movement5 IN funds Atl April 2022 At31 Mxreh 2023 Incoming resources Outgoing resources Transfers Total unre5tri¢ted funds 3,225 171,642 177,118 2.251 Total fund5 3,225 171,642 177,118 (2.251} Movements in fudS (prior period) At the start of the period At the end of the period IncoTning resources Oiitgoing resouices Transfers Total unrestrieted funds 956 933,551 929,370 3,225 Total funds 956 933,551 929,370 3,225
MICHAEL AND SARAH SPENCER FOUNDATION NOTES TO THE Accouf4TS FOR THE YEAR 31 MARCH 2023 Reconciliation of net income l(expenditure) to net cash floiv from operating activities 2023 2022 Net (expenditure)l An¢ome for the reporting periiKI (as per the statement of financial #elivities) In¢reasel (deci'ease) in creditors 15,4761 4,181 Net cash provided by l (used in) operating activities 15,4761 4,181 Analysi5 of c¥$h and eash equivalent At31 Cash flow March 2023 l April 2022 Cash at bank and in hand 6,025 {5,476) 549 Total cash and cash equivalenl 6,025 {5,476} 549 10. Emoluments of the trustees The trustees did not i'eceive any remunei'ation dui'ing the year (2022: Nil). Their were no employees in the ye. (2022: Nil). Thei'e were iio employee benefits payments to key managemerkt personnel in the year (2022.. Nil). Related party transactions Donations of £171,642 (2022.. £933,551) have been received from IPGL Limited, a wholly owned subsidiary of IPGL (Holdings) Litniled. The ultimate controlling paily is Lord Michael Alan Spencer by virtue of his shareholdings in IPGL (Holdings) Limited. 12. Taxation The charity is exempt from income tax as all its incomc is charitable and is applied for charitable putyoses. 12