MICHAEL AND SARAH SPENCER FOUNDAI'ION FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
MICHAEL AND SAILIH SPENCER FOUNDATIOIY FINANCIAL sTATELNTs FOR THE YEAR ENDED 31 MARCH 2025 tNDEX Reference and administrative infom110ll Tiustees, Report Independent Fxaminer s Report Statement of fmancial aclivitics Balance Sheet Statement of cash flow Notes to the Financial Statements 9-12
MICHAEL AND SARAH SPENCER FOUNDATION REFEREIYCE AND ADI41sT111TIVE INFORMATION Register Charity Name Micl)ael and Sarah Spencer Foundation Charity Numbei. 1184658 Prin¢ipa] Addrebs 3rd Flooi. 39 Sloane Skn'eet London SWIX9LP Tru5tecs Loi'd Micliael Alan Spencer Saral) Spcneei. Marina Bozica Ritossa Independent Examincr Anthony Epton Goldwins Chartered Account2nts and registered auditor5 75 Maygrove Road West Flampstead London Bankers Barclays Private Bank One Stanhope London WIIC IAF SolicitOTS Trowers & Hamlins LLP The Scnate Southenthay Gardens Exelcr EXI IUG
MICHAEL AND SAK4H SPE'NCER I'OUNDA'I'IOt41 TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The ts'ust¢es pi'es¢nt their report and accounts For the year ended 31 March 2025. The flnancial statements have been prepared in accoi'dance with A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice applicablc to eharilies pitpaiing theii. accounts in accordance with the Financial Reporting Standard applicable in the UK ajid R¢publi¢ of Ircland IFRS102- cffcctivc l January 2015- (Charitics SORP FRS 102). Structure, governallte and mAnagement The Goveining Document is a Trust Deed dated 10 Api'il 2019. The trusl¢¢s meet (tuarterly to detetinine tl)e geneial policy of thc cl)arity. The TDJstees who saved the Ch]ty during the year were as follows.. Lord Michael Alan Speneer Sarah Speneer Marina Bozica Ritossa None of the trustees have any beneficial interest in the charity. RSsk management Tlie ttU5Éees have assessed the major risks lo which the charity is exposed. They have reviewed the ability of the charity to meet lis futt]re commiimenls. The trustee8 are.qatisfied that sy8tems are in placc lo mitigatc such risks. Objects alld activities The objects of the charity are to furthei. such cliaritable purposes which may be charitable according to the law of England and Wales and loprovide 5UPPOrt to othei. registered charities as the trnstees in their discretion see fit from lime to lime in particular but not limited to.. l. The relief ofsickness and preservation of health among people anywhere in the world by providing ld assisting in the provision of cquipmcnt facilitics and scrviccs- 2. Tl)e prevention or relief of poverty anywhere in the world byproviding g'ants, items and seiviccs to individuals in nccd and to chai'itics or oihci. oi'ganizations working to prevent or relieve povety., 3. Foi. thc bcncfit of thc public to proinotc the cducatioii of peoplc anywhere thc woi'ld in such ways as the trustees think fit including by the provision of n[S and financial assistance lo enable individuals lo study at any scliool collegc or university oi. otlier education inslitution 2nd assisting any charity or other InstitiOn whose aims include advancing tl)e edii¢ation of peoi)le anywhei'e in the woi'ld; 4. The advancement of environmental prolection and improvement foi. the benefit of the public by the prote¢tion and coiiservation of animals.
MICHAEL AND SARAH SPENCER FOULNDA'I'ION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 Grant Making poliey The Trust has e.%tabli8hed its grant making policy to achieve the Trust's objectives io support other Itgislei'ed charities. Tlie Trust welcomes 'ant applicatiolls which are discussed in tlie quarterly meetings attended by all ttustees. Public Benefit Tlie pi'incipdl activities of the charity during the year ¢ontknued to be lo achieve the objectives as stated above. The trustees are aware of the Charity CoTnmi8sion guidancc on public benefit rcpoiting as set out in Section 17 clrItIeS Act 2011. The trustees believe tliat the charity achieves a public benefit. Achlevement.s and performance During the ycar the chaiity lias received funds which has enabled the charity to make donations in excess af £50k (2024.. £IOOk) to worthy causcs. Financlal revleiv During the ycar tELe cljarity received total income of £57.999 {2024: £107,012) and paid support costs of £4,282 (2024.. £3,293) ledving a SULplus of funds before gTants of £53,717 (2024.. £103,719). Of this £50,000 (2024.. £100,000) was granted in fuithei'ance of the charity's bjectives. There was therefore a sUlUS for the year of3,717 (2024.. sutylus of £3,719). Thc trustees are satisfied with the results and activities during the year. Resei'ves Policy The charity's reserves policy is lo create sufficient reserves to enable tlie charily lo continue its activitics and scrvices at a incaningful level, should there be a drop in income. As all income 15 derived from voluntary donations, the irustees review this position on a regular basis. Statement nf tnjstees, responslbilities The tsustees are i'esponsible for pi'epai'ing the Tiijstees, Report and the financial statemcnts in accordan¢e with applicable law aiid Unitsd Kingdom Accounting Standards inLluding Financial Rcpoiting Standard 102 The FinoneiolReporliKgStdNJlli'dllpplEeable in ihe UKandRepublicof Ji-elapid (United Kingdom (Fenei'ally Aceepled Accoullting Practice). The law applicable lo charities in F.ngland & Wales requires the trustees to prepare financial staleinents foi. each financial year which givc a ti'ue and fail. vicw of the state of affaii's of tl)e charity aiid of the incoJne and cxpenditure of the charity forthat year. In prepariiig these financial 5tatcinents. the ttustees are required to..
MICHAEL AND SAIiAH SPENCER FOUP4DATIof+l TRUSTEES, REPORT FOR THE YEI AR ENDED 31 MARCH 2025 •scIt suitable a¢counting policies and then apply them eonsistenily. bserve thc methods and principles in the Charities SORP. •make Judnents and accounting estimates that are rcasonablc and ptudent. •state whether applicable accounting standards have been followed, subject to any material deparml'es disclosed aiid explaiiicd iii the fii)ai)cial slateinei)Is, 2nd 'pi'cpare the financial statements on the going COllCCrn basis unless it is inappropriate to pi'esume that the chai'ity will continue in business. The trustees are responsible for iiiaintaining proper Ac¢ounting records whicli disclose with i'easonable aecui'acy ai any time the financial position of the charity dnd enable then1 to ensure that the financial statctnents comply witl) the Charities Act 201 I, the Charity (Accounts and Reports) Regulations 2008 and the pi'ovisions of the Twst Deed. They are also responsible for safeguai'ding the assets of the chai'ity and lience fortaking reasonable steps forihe prevention and deiection of fi'aud and other ii'i'egularities. The trustees are responsible for the maintenaThee and integrity of the charity and financial infoiination included on the charity's websit¢. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otlier jurisdictions. Appmved by the trustees on and signed on their beh by.. j Date.. 16 December 2025 Lord Michael Ala Trustee ei
INDEPENDENT F.XAMINER'S REPORT TO THE TRUSTEES OF MICHAEL AND SARAH SPENCER FOUNDATION I rq)ort io the tn]qtees on my examination of the accounts of Michael and Sarah Spencer Fouiidation lor tlie year ciidcd 31 Mar¢h 2025. Responsibilitie5 and basis of report As the charity trustees of the Tiust you are responsible for the preparation of the accounts in a¢cordance with the Tequiremenis ol ihe Charities Act 2011 ('the Act,). I report in respect of my examinalion ofthe Trust's accounts caffied out undei. section 145 of the 2011 Act and in cairying out my examination I have followed all the applicable Directions &Fiven by the Charity CoiTllnission undei. section 145{5)(b) of the Act. Independent examiner's statement I have coinpleted my cxamination. I confinn that no material matter.s have come to my attention in conrEection with tlie examination giving me cause to bclieve that in any material respect: accounting ircords were not kept in respect of the Trust as required by seciion 130 of the Act,. oi. 2. the accounts do not accord with those rords,. or the accounts do not comply with tlie applicable reqiiirements concerning tlie forni and content of &ccounts sec out in the Charities {A¢couDls and Repurls) Regulations 2008 other than any requirement that the accounts give a 'ttue and fair vicw whicl) is not a matter consid¢red as part of an illdrpendent ¢xaminaÉion. I have no concerns and have corne across nu oiliei. matters in connection with the examination to which attcntion should be drawn in this report in order to enable a propel. understanding of the accounts to be reached. Anthony Epton BA FCA CTA FCJE Goldwins Chartered accountants 75 Maygrove Road We%t Hampstcad LA)ndon NW6 2EG Date.. 16 Dember 2025
MICHAEL AND SAIL4H SPLNCER FOUIYDATION STATEMENT OF FITr4ANCIAL ACTIIqTIES FOR THE YEAR ENDED 31 LWCH 2025 INCLUDING INCOME AND LXPENDI'fuRE ACCOUN'r 2025 Total 2024 Total Unrestrlcted Restrlrted Note Income from: Donations 57,943 57,943 107,000 Investment Income 56 56 12 Total Income 57.999 57,999 107,012 Expendlture on: Charltable activitie5 54,282 54,282 103.293 Total expendlture 54,282 103,293 Nèt Incomellexpendlturel for the year 3,717 3,717 3,719 Tronsfers between funds Net movement In funds 3.717 3,717 3,719 Reconclllatlon of funds: Total funds brought forward 1,468 1,468 12.2511 Total funds carried forward 5,585 5,185 1,468 All of the above results are derived froin continuing activities. The attached notes form part of these financial statements.
MICHAEL AND SARAH SPENCIR fiOULNDA'I'ION BALANCE SHEET AS AT 31 fvIARCH 2025 2025 2024 Note Curi'ent Assets Casli at bank and in lland 8.701 4,319 8.701 4,319 Creditors.. aniounts falling diie within one year (3,516) {2,851) Net assetsl Olablllties) 5,185 1,468 Net assetsl Iliabilitlesl 5,185 1,468 InCot funds Restricted funds Unresiricted funds 5,185 1,468 5,185 1.468 Approved by the trustees on and signed on their behal 16 December 2025 Lord Mich Trustl'e nce
MICHAEL AND SAIL4H SPENCER TrOUNDA'I'ION CA.SH FLOW STATEMENT AS AT 31 MARCH 2025 2025 2024 Note Cash flows from opei'atlng #ctivitie5: Net cash provided by l (used in) opei'ating aciivities 4,382 3,770 Cash floiws from Investlng aetlvltles: Salcl {pur¢hasel nf fixed &%sets Salel Ipuichase) of investments Cash provided by I (used in) investing aetivities Change In cash and cash equlv2lents iii tlie ye4 4,382 3,77Q Cash and casl) equivalenis at Ihc beginning of Éhc ycar 4,319 549 Cash and ¢a8h cquivalents at the end of the year 8.701 4,319
MICHAEL AIND SARAH SPENCER bOUNDA'fioN NOTES TO THE ACCOULYTS FOR THF, YEAR ELNDED 31 IIiARCH 2025 ACCOUNTING POLICIES B&sis of preparatioii The financial staleiiienLq have been prepaird in accordance with Accounting and Reponing by Charities.. Stateinent of Rccoirnnend¢d Practice applicable to chai'itics piepaiing their accounts in a¢¢oi'dance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - eftective l January 2015) (Cliarities SORP FRS 102). The charity m¢¢ts the delinilion of a public benefit entity under FRS 102. Assets and liabilities are initially rccogni,8ed at historical cost or tt'ansaction value unle8S Otherwise stated in the relevant accountiiig policy or iiole. b) Going eoncern The trustces consider (hal there are no material uncertainties atxiut the Charity's ability to continue as a going ¢oncei'n. The tSteeS do not considei. that thcrc are any soui'ccs of estimation uncertainty at the repoiting date that have a significanr risk of causing a material adjustment to the carrying aniounls of assets and liabilitLCS Wlthin the next rq)oiting period. Jncome IThcome is i'ecognised when thc charity knas entitlement to the funds. any perfoi'manec conditions attach¢d to the income have been met, it is probable tliat Ihe income will be re¢eived and that the amount can be measured reliably. d) Interest receivable Interest on funds held on deposlt IS illcluded when receivable and the amount can be mcasured reliably by thc cl1.]ty. this is nomially upon notification of thc intcrcstpaid or payable by the bank. Fund accounting Uiireslricied tllnds are available to spend on activities that fijrther any of the puiyos&s of charity. Dthignated funds are unrestricted funds of the charity which the tnjstees liave decided at their discretion to set asidc to usc for a specific purpose. Restriclcd funds al'e donations which the donor has specified are to be solely used for pai'ticular ai'eas of the ¢harity's work or foi. spccific projccts being undertaken by the charity. Expenditure Expenditure ts recognised once there is a legal or constructive obligation to make a payment to a third paity, it is probable that settlemcnt will be requircd and the amount of the obligation can be measured I'eliably. g) Cash at bank And In hand Cash at bank and cash in hand includes cash and slioit term highly liquid investments with a slioit maturity ol three moiitbs or less fi'oJR] tli¥ dale ofacquisition oi. opcning of the deposit or similai. aceount.
MICHAEL AND SARAH SPENCLR FOUNDAI'ION NOTES TO THE ACCOUNTS FOR THF. YEAR 31 LIIARCH 2025 Donations 2025 2024 Monetary donaiions 57,943 107,000 Charitable aCtitieS Grants to institutions.. Orher grants 50,000 100,000 50,000 100,000 ort Costs.. I'l. Subseriptions Bank charges Foreign exchat]8e diffel'ence Independent examillation fee 51 4,229 3,240 4,282 3,293 Total ¢xpendirnre 54,282 103.293 Net {expeiidilureV fftfticome for Éhe year This is slated after chai'ging.. 2025 2024 Independent examination fees -net 2,970 2,700 Credltors.. amounts falllng due ivlthln one yeay 21125 2024 Trade Creditors Accnwls 51 3,465 51 2,800 3,516 2,851 10
MICHAEL AND SARAH SPEf*'CER FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2025 Analysis of net assets between fuiid$ Total funds Unresti'icted RestTi¢ted Net current assets 5,185 5,185 Net assets at tlie end of the perlod Analysis of net assetslolabllltles) behveen fvttds (prlor period) Total funds UnrestiTcted Restricted Net Current Iliabilitiesl 1,468 1,468 Net Oiabilitiesl at the end of the peri4)d 1,468 1.468 Movements In fund5 Atl April 2024 At31 March 2025 Incoming Irsources Outgoing resollrees Ttansfers Total unrestricted funds 1,468 57,999 (54,282 5,18S TotAI funds 1,468 57.999 154,282 5,185 Movements in fuThds (prlor period) Atthe staft of At tlie end of tlie period tncoming resource Outgoing L'esources p.lod Transfeis Total unrestricted fund$ 2.251) 107,012 103.293 1,486 Total fund$ 2.251 107,012 103,293 1,486
MICHAEL AND SARAH SPENCER FOUNDATION IYOTES TO THE ACCOUNTS FOR THE YEAR 31 MARCH 2025 Reeonelll*tloii of net Income Ilexpenditure) io net cash tloiv I'rom operatlD% actlvitles 2025 2024 Net Incomel (expendithre) for the reporting period (as per the statement of flnanelal aetlvities) Increa5el Ideti'ease) iii ci'ediiors 3,717 665 3.719 51 Net cA$h provided by l (used ifj) operating activltle$ 4,382 3,770 Analysis of cash cash equivalent At31 l April 2024 Cash flow March 2025 Cash at bank and in hand 4,319 4.382 8.701 Total cash and cash equivalent 4,319 4,382 8,701 io. Emolurnent$ of the trnstees The trustees did not receive anyremuneration during the year (2024-. Nil). There were no empluyees in the year (2024.. Nil). There were no employee bcnefits payments to key management pcrsonncl in the ycar (2024: Nil). Related party transactions Donacions of £57,943 {2024: £107,00) Iiave been received from IPGL Limited, a wliolly owned subsidiary of IPGL (Holdings) Limited. The ultimate controlling party is Loi'd Michael Alan Spcncer by virtue olhis shai'eholdings in tPGL (Holdillgs) Limited. 12. Tgiatio Tlie cliai'ity is exempt fi'om income tax as all its income is charitable and is applied for charitable purposes. 12