Charity number: 1175951
THE MICHAEL LEWIS FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
THE MICHAEL LEWIS FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 15 |
THE MICHAEL LEWIS FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
Trustees Cheryl Lewis Nathan Lewis Tim Lewis Chris Edwards Steven Roberts Charity registered number 1175951 Registered office 136 Wimperis Way Birmingham B43 7DG Accountants Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury West Midlands B69 2DG
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THE MICHAEL LEWIS FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their annual report together with the financial statements of the The Michael Lewis Foundation for the year 1 April 2021 to 31 March 2022. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Our aims and objectives
The foundation will support people with Diabetes through the funding of technical advances in care that will provide the Diabetic person to enjoy a better quality of life. The foundation will not discriminate against anyone applying for the funding although priority will go to young adults within full time education but all applications will need to be supported by a letter from their Diabetic consultant or GP, endorsing their application. Whilst technical advances are the future we need to ensure that the clinical care the sufferer receives is aligned.
b. Ensuring our work delivers on our aims
We review our aims, objectives and activities each year. By looking at our achievements and the outcomes of our work, we assess each key activity and the benefits they have delivered to the communities we are set up to help. This review also ensures that our aims, objectives and activities remain aligned with our purposes. We have referred to the Charity Commission’s general guidance on public benefit in these reviews and in planning future activities.
c. Review of activities
The focus of our work
The system we are funding is the step further than general CGM which utilizes Bluetooth technology. This is supported by android and apple apps as well glucose readers which allows data to be shared with others remotely with built in alarms for early warning of hypo and hyper attacks. The system also comes with computer software that can be used to address trends in sugar levels allowing better control and reduced complications whilst being shared with consultants.
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THE MICHAEL LEWIS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Objectives and activities (continued)
d. How our activities deliver public benefit
The funds we raise are always put to those that need support financially to fund life saving equipment, that because of NHS criteria and their personal duty of care they do not qualify for, ie good control of blood sugars, This obviously means a constant blood testing procedure through finger pricking which means the loss of feeling in finger tips and the need to carry more equipment when going anywhere.
We as a charity would love to support everyone but we are currently concentrating on the younger generation as we feel that helping them to have better control will also stop them developing complications in the future.
The benefit of our services to any child or adult that do not qualify for NHS funding but their Diabetic consultant feels the equipment will be of extreme benefit.
All applications have to come with a consultant’s letter of approval.
e. Plans for the future
We are planning to continue working with Dexcom, whilst also looking at other technology to provide the best possible option to our recipients. We are hoping we can support the development of CGM with Insulin pumps to final produce the artificial pancreas allowing one machine to talk to another and then deliver the right amount of insulin as and when required meaning then end to injection and hypos/hypers.
We are currently looking at education days for newly diagnosed diabetics to help them overcome initial fears and concerns
f. Public Benefit
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission in determining the activities undertaken by the Charity.
The Charity Commission in its "Charities and Public Benefit" Guidance states that there are two key principles to be met in order to show that an organisation's aims are for the public benefit: firstly, there must be an identifiable benefit and secondly, that benefit must be to the public or a section of the public. The Trustees are satisfied that the aims and objectives of the charity, and the activities reported on above to achieve those aims, meet these principles.
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THE MICHAEL LEWIS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Achievements and performance
a. Main achievements of the Charity
We continue to supported 3 recipients this year providing guaranteed funding for 3 years to each individual. This funding will continue until the end of the 3 year agreement and we will continue to fund new recipients. We have also supported the Ukraine by providing critical funding to ensure insulin supplies are available in the worn torn country.
Recipient 1
Was a student nurse and the equipment has allowed her to carry out her training and hospital duties without having to stop to check blood sugar levels through manually finger pricking, she has also managed to reduce her HBAC1 which monitors her blood sugars over a 3 month period meaning she is healthier and less like to develop side effects associated with type 1 Diabetes.
Recipient 2
Started his university course recently, his mother a diabetic pediatric nurse was very concerned that his social nature could lead him to neglect his diabetes care and the fact that alarms could be set to warn people of low or high blood sugar gave them the peace of mind, as he went to live on his own outside of the family environment for the first time.
Recipient 3
We are also funding a 15 year old girl that had a brain tumor some years ago and although not a type 1 diabetic the she has hormone problems and type 2 diabetes her symptoms now follow the trend of type 1 diabetes although she is not hypo aware but with her condition being treated as type 2 diabetes she was ineligible for NHS funding.
Recipient 4
We funded a single parent through her last year of education, she was struggling to manage her blood sugars and combine her family life and education to a satisfactory level, and her consultant asked for our help
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
b. Reserves policy
The Trustees have established the Trust's Reserve Policy with reference to Charity Commission guidance (CC19) and accounting standards (FRS 102). Cash flow is carefully monitored on a continuing basis to meet this objective. The Trustees do not intend to build up reserves for unspecified purposes, but rather to apply all income to direct charitable purposes. This intention is established annually when the Trustees agree the budget for the forthcoming year. The unrestricted reserves at the period end were £42,904, and restricted funds of £Nil..
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THE MICHAEL LEWIS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
c. Principal funding
The principal funding sources for The Michael Lewis Foundation are voluntary donations and the associated gift aid.
Structure, governance and management
a. Constitution and governance
The organisation is a charitable incorporated organisation (CIO), incorporated and registered as a charity on 27 November 2017. The charity was established under a Memorandum of Association which set out the purposes and powers of the CIO. The Michael Lewis Foundation is governed under its Articles of Association. All decision making is undertaken in accordance with those Articles.
The trustees manage the affairs of The Michael Lewis Foundation at minutes quarterly meetings and monthly management meetings, with due regard to ensuring that all initiatives are aligned to the purposes of the organisation.
b. Methods of appointment or election of Trustees
The affairs of the organisation are managed by a Board of Trustees, who are trustees for the purposes of charity law. The nominated trustees are appointed to serve for a period of 3 years, after which they must be re elected at the next annual general meeting. There is power to appoint a minimum of 3 trustees and a maximum of 5.
All the trustees give their time voluntarily and will receive no personal benefit from The Michael Lewis Foundation.
c. Policies adopted for the induction and training of Trustees
The current trustees are already familiar with the practical work of The Michael Lewis Foundation. To ensure our existing trustees’ knowledge is current, we provide ongoing training for them in the duties of trustees and in financial management.
d. Organisational structure and decision making
The Michael Lewis Foundation is managed by the Board of Trustees – currently five in number – who are responsible for strategic direction and policy making.
e. Risk management
The charity has a comprehensive risk management policy. This policy requires that a risk register is maintained wherein risks are identified, their impact is quantified and strategies are developed and put in place to either avert risks or mitigate their impact. Initial work has been done to identify risks and record them in the charity’s risk register.
Where appropriate, systems or procedures have been established to mitigate the risks the charity may face. Internal control risks are minimised by applying procedures for authorisation of all financial transactions and the establishment of projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors. Standard public liability and professional indemnity insurances are in place.
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THE MICHAEL LEWIS FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Plans for future periods We are planning to conlinvg working with Dexcom, whilst also looking al other technology to provide the best possible option lo our r8clpienls. We are hoping we can support the development of CGM with Insulin pumps to final produee the artrficial pancre8s allowing one machine lo talk lo anolhgr and Ihen de5iver the right amount ol insulin as and when required tneaning then end lo injection and hyp)slhypers. As a small Charity Covid 19 has had an instrumental impact on us not just in the cancellation ol events an¢J much needed fund raising, bul also the opportunities to speak lo our SUPPDrters and gain additional support which is a key factor in our success both in raising awareness and linding suitable applicants. The Covid pandemic has pul us back but we are fully committed to achieving ou¥ goals. Mombgr$' liability The hhembers ol the Charity g(Jaranteg lo contribute an amount not exceeding £110 the assets ol th8 Charity In the event ol winding tjp. Statement of Trustees. responslbilllles The Trustees Iwho are also the directors of the Charity lor the purposes ol Company lawl arè responsible lor preparing the Trustees, Report and the linanclal slalemenls in accordance with applicable taw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel- Company law requires the Trustees to prepare financial slalemenls for each financial year. Under company law, the Trustees must not approve the financial statemerlls unless they are salislied that they 9ive a true and lair view ol the slate ol allairs ot the Charily and ol ils incoming resources and application ol resourc&s, including ils income and expendiluie, lor that Period. In preparing these financial ststements. the Trustees are required lo: select suitable a¢¢ounling policies and then apply them consislenlly., observe the methods and principles ol the Charities SORP IFRS 1021., make judgments and accounting estimate5 that are reasonable and prudent: slate whether applicable UK Accounting Standards IFRS 1021 have been lollowecl, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the linancial statements on the going concern basis unless il is inappropriate lo presume that the Charity will ¢ontiTruo in business. The Trustees are responsible lor keeping adequate accounting reeords that are sullScient lo show and eXaIn the Charity's tiansaclions and disclose with reasonable accuracy al any time the financial position ol the Charity and enable them lo ensure that the linancial slalemenls comply with the Companies Act 2006. They are also responsible lor safeguarding the assets ol the Chafily and hence lor taking reasonablg slep5 lor the prgvention and delgction ol fraud and other irregularities. Approved by order I the members ol the board ol Trus1e6s and si eir be Lewis Chrls Edwards Dale.. ILII 125 Page 6
THE MICHAEL LEWIS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022
| Note Income from: Donations and legacies 3 Raising funds 4 Total income Expenditure on: Charitable activities 5 Other expenditure 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 13,020 1,207 14,227 12,760 1,016 13,776 451 42,453 451 42,904 |
Total funds 2022 £ 13,020 1,207 14,227 12,760 1,016 13,776 451 42,453 451 42,904 |
Total funds 2021 £ 1,590 100 1,690 2,608 945 3,553 (1,863) 44,316 (1,863) 42,453 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 15 form part of these financial statements.
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THE MICHAEL LEWIS FOUNDATION REGISTERED NUMBER: BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note Current a$$ets Cash al bank and in hand 43,546 43.653 43,546 43,653 Creditors.. amounts falling due within one year (6421 {1,200) Net current assets 42,904 42.453 Nel asse1$ excluding pension assel 42,904 42,453 Total net assets 42,904 42.453 Charlty funds Reslricled Itjnds Unieslricled funds 10 10 42,904 42.453 Tot81 funds 42,904 42,453 The Charity was entitled to exemption from audit under section 477 01 the Companies Act 2006. Tho members have not required the ¢ompany to obtain an audit lor the p8ri0 in question in accordance with section 476 01 Cornpanigs Act 2006. The Trustees acknowledge their responsibilities lor complying with the requirements ol the Act with respect lo aceounling records and preparation ol financial statements. The financial statements have b¢en prgpargd in accordance Trmth thè provisions apICable to enlilies subjgcl lo the small companigs r8gim@. The linancial statements were approved and aulhorised for issue by the Trustees and signed on their behall by.. TIM Lewls Chrls Edwards Dale.. 1£1125 Page 8
THE MICHAEL LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. General information
1.1 Legal Status of the charity
The Michael Lewis Foundation is a charity constituted as a Charitable Incorporated Organisation in England whose registered office and primary place of business is Wimperis Way, Birmingham, B43 7DG.
It has no share capital. Its principal activities are to aid the relief of sickness and preservation of health of people diagnosed with Type 1 Diabetes, in particular but not exclusively by raising awareness, funding research projects, making grants and providing information and advice.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Michael Lewis Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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THE MICHAEL LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2. Accounting policies (continued)
2.5 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
2.6 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.7 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
3. Income from donations and legacies
| Unrestricted funds 2022 £ Donations 13,020 Total 2021 1,590 |
Total funds 2022 £ 13,020 1,590 |
Total funds 2021 £ 1,590 |
|---|---|---|
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THE MICHAEL LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
4. Income from raising funds
Income from fundraising events
| Unrestricted funds 2022 £ Fundraising 1,207 Total 2021 100 |
Total funds 2022 £ 1,207 100 |
Total funds 2021 £ 100 |
|---|---|---|
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2022 £ Direct relief Ukraine Insulin Crisis 5,128 Grants to individuals suffering from Type 1 Diabetes 7,632 12,760 Total 2021 2,608 |
Total funds 2022 £ 5,128 7,632 12,760 2,608 |
Total funds 2021 £ - 2,608 |
|---|---|---|
| 2,608 | ||
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THE MICHAEL LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
6. Support costs
| Unrestricted funds 2022 £ Accountancy preparation 642 Bank charges 374 1,016 Total 2021 945 |
Total funds 2022 £ 642 374 1,016 945 |
Total funds 2021 £ 600 345 |
|---|---|---|
| 945 | ||
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .
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THE MICHAEL LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. Creditors: Amounts falling due within one year
| Accruals and deferred income Financial instruments Financial assets Financial assets measured at fair value through income and expenditure |
2022 £ 642 2022 £ 43,546 |
2021 £ 1,200 |
|---|---|---|
| 2021 £ 43,653 |
9. Financial instruments
Financial assets measured at fair value through income and expenditure comprise cash at bank.
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THE MICHAEL LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
10. Statement of funds
Statement of funds - current year
Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds |
Balance at 1 April 2021 £ 42,453 Balance at 1 April 2020 £ 44,316 |
Income £ 14,227 Income £ 1,690 |
Expenditure £ (13,776) Expenditure £ (3,553) |
Balance at 31 March 2022 £ 42,904 |
|---|---|---|---|---|
| Balance at 31 March 2021 £ 42,453 |
11. Summary of funds Summary of funds - current year
General funds Summary of funds - prior year General funds |
Balance at 1 April 2021 £ 42,453 Balance at 1 April 2020 £ 44,316 |
Income £ 14,227 Income £ 1,690 |
Expenditure £ (13,776) Expenditure £ (3,553) |
Balance at 31 March 2022 £ 42,904 |
|---|---|---|---|---|
| Balance at 31 March 2021 £ 42,453 |
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THE MICHAEL LEWIS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2022 £ Current assets 43,546 Creditors due within one year (642) Total 42,904 Analysis of net assets between funds - prior year Unrestricted funds 2021 £ Current assets 43,653 Creditors due within one year (1,200) Total 42,453 |
Total funds 2022 £ 43,546 (642) 42,904 Total funds 2021 £ 43,653 (1,200) 42,453 |
|---|---|
13. Related party transactions
There were no related party transactions during the accounting period.
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