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 Ti￿st'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 fu￿dS (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