MICHAEL AND SARAH SPENCER FOUNDAI'ION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

MICHAEL AND SAILIH SPENCER FOUNDATIOIY
FINANCIAL sTATEL￿NTs
FOR THE YEAR ENDED 31 MARCH 2025
tNDEX
Reference and administrative infom1￿10ll
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 ADI￿￿41sT111TIVE 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 Insti￿tiOn 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 cl￿rItIeS 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 sU￿lUS 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
•scI￿t suitable a¢counting policies and then apply them eonsistenily.
bserve thc methods and principles in the Charities SORP.
•make Jud￿nents 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 r￿ords,. 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 De￿mber 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
InCo￿t 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 t￿SteeS 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 aCti￿tieS
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