Charlty number: 1175951 THE MICHAEL LEWIS FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE MICHAEL LEWIS FOUNDATION CONTENTS Page Reference and Admln5strative Details of the Charlty. Its Trustees and Advlsers Truytees. Report Independent Examinerfs Report Statèment of Flnancial Activities Balance Sheet Notes to the Financial Statements 9-14
THE MICHAEL LEWIS FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Cheryl Lewis Nathan Lewis Tim Lewis Chris Edwards steven Roberts Company registered number 1175951 Charlty reglstered number 1175951 Registered office 136 Vvimperis Way Birmingham B43 7DG Accountants Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Page 1
THE MICHAEL LEWIS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The TTuslees present their annual report together with the financial Stslements of the Charity for the 1 April 2023 to 31 March 2024. 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 slalements of the charitable company compty with the current slatulory requirements, the requirements of the charitable company's governing d¢xument and the provisions of the Statement of Recommended Practice ISORPI applieable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102} (effective 1 January 20191. Since the Charty qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under Ihg Companies Act 2006 Islrategic Report and Directors, Reporti Regulations 2013 has been omitted. Objectfves and actlvltles a. Our alms and objectives The foundation will support people wf(h Diabetes through the funding of technical advances in care that will provide the Diabetic person lo enjoy a better quality of life. The foundation will not discriminate against anyone applying for the funding although priority will go to young adults wlhin full time education but all applications will need lo be supported by a letter from their Diabetic consultant or GP, endorsing their appli¢alion. Whilst technical advances are the future we need lo ensure that the clinical care the sufferer receives is aligned. b. Ensurlng our work dellvers on our alms We review our aims, objectives and activities each year. By looking al our achievements and the oul¢thnes of our work. we assess each key activity and the benefi15 they have delivered to the communf(ies we are set up lo help. This review also ensures that our aims, objectives and activitie5 remain aligned wth our PUTposes. We have referred lo the Charity Commission's general guidance on public benefit In these reviews and in planning future activf(ies. c. Revlew of actlvltles The focus of our work The system we are funding is the step further than general CGM which ulilises Bluetooth technology. This is 8UPPOrted by android and apple apps as well glucose readers which allows data lo be shared wlh 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. d. How our actlvities dellver publlc beneflt funds we raise are athys put to those Ihot need support financialty to fund life saving equipment, that because of NHS criteria and their personal duly of care they do not qualfy for, ie good control of blood sugars. This Obvious mean5 a constant blood testing procedure through finger pricking which mean5 thè loss of feeling in finger tIP5 and the need lo carry more equipment when going anhere. We as a Charity would love to support everyone but we are currently concentrating on the younger geneT*ion as we feel that helping them to have better control will also slop them developing complicalions in the future. The benefrt 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. Pag$ 2
THE MICHAEL LEWIS FOUNDATION TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Objectives and actlvltles Iwntlnued) e. Plans for th& future We wll continue to fund the JDRF educational days and look at investing in new technology advances 1.8. CGM with insulin pumps to create 'artrficial pan¢reas'. f. Publ1¢ Benefit The Trustees confirni 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 actiwtses undertaken by the Charity. The Charty Commission in ils "Charitie5 and Public Benefiv, Guidance states that there are two key principles lo met in order lo show that an organisalion's aims are for the public benefit.. firslty, there must be an identifiable nefil and secondly. that benefit must be lo the public or a section of the public. The Trustees are satisfied that the aims and objectives of the charity. and the adivilies reported on above to achieve those aims, meet these principles. Achlevements and performance a. Maln achlevements of thg Charlty We continue to fund recipients for the Dexcom Continuous 81ood Sugar Monjtors, allowing them to live a life with knowledge Iheywill receive alerts if their sugars are high or low. To add lo this, we have also funded Iwo educational days for newly diagnosed children and parents, wothing alongside JDRF. FSnan¢lal review a. Going concem After making appropriate enquiries, the trustees have a reasonable expectation that the charfty ha5 adequate resources lo continue in tsperational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial ststements. 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 Trusvs Reservg Policy with reference lo Charity Commission guidance {CC191 and accounting stsndards IFRS 1021. Cash flow is Careful monitored on a continuing basis lo meet this objective. The Trustees do not intend to build up reserves for unspecrfied purposes, but rather lo apply all income lo direct charitable purposes. This intention is established annually when the Trustees agree the budget for the forthcorning year. The unrestricted reserves at the period end were £58,727 {2023.. £52.0521. and restricted funds of £NIL {2023= £NILI. c. Prln¢lpal fundlng The principal funding sources for The Michael Lewis Foundation are voluntsry donations and the associated gift aid. Page 3
THE MICHAEL LEWIS FOUNDATION TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 structure. govèrnancè and management a. Constltutlon and governan¢9 The organisalion is a charitable incorporated organisation ICIO), incorporated and registed as a charity on 27 November 2017. The charity was estsblished under a Memorandum of Association which set out the purposes and powers of the CIO. The Michael Lewis Foundation is governed under its ArticEes of Association. All decision rnaking is undertaken in accordan with those Articles. Tho trustees manago tho affairs of The Michael Lewis Foundation al minutes quarterly meetings and monthly management meetings, with due regard to ensuring that all initiative5 are igned lo the purposes of the organisation. b. Methods of appolntment or electlon of Trustees The affairs of the organisalion are managed by a Board of Trustees, who are Iruslees for the purposes of charity law. The nominated trustees are appointed to serve for a period of 3 years. after which they musl be re elected al the next annual general meeting. There is power to appoint a minimum of 3 trustees and a m8muM of 5. All the trustees give their time voluntarily and will weive no personal benefit from The Michael Lews Foundation. Policies adopted for the Inductlon and tralnlng of Trustees The current trustees are already f8mlliar with the practical work of The Michael Lewis Foundation. To ensure our existing trustees, knowledge 15 current. we provide ongoing training for them in the duties of trustees and in financial management. d. Organlsatlonal structure and declslon maklng The Michael Lewis Foundation is managed by the Board of Trustees - currently five in number responsible for strategic direction and policy making. who are 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 quantrfied and strategies are developed and pul in pla to ef(her avert risks or mitigate their impact. Initial work has been done to identify risks and record them in the ¢harty's risk register. Where appropriate, systems OT procedures have been established to mitigate the Tisks the charity may face. Intern81 control risks are minimised by applying procedures for authorisation of 811 financial transactions and the eslablishmenl of projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers. clients and visitors. Standard public liability and professi¢)nal indemnity insurances are in place. Plans for future periods We will continue to fvnd the JDRF educational days and look at investing in new technology advances i.e. CGM with insulin pumps to create°artifi¢ial pancrea$'. Page 4
THE MICHAEL LEWIS FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Members. liabilty The MembeTS of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up. Statement of Trustees. responslbllltles The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in acwrdance with applicablg law and Unilgd Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Praclicel. Company law requires the Trustees to prepare fi'nancial statements for each financial . Under eompany18w, the Trustees must not approve the financial slalements unless they are satisfied that they give a true and fair view of the slate of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements. the Trustees are roquir8d lo- select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 102}-, make judgments and accounting eslimales that are reasonable and PTudenl'. state whether applicable UK Accounting Standards {FRS 1021 have been folk)wed. subject to any material departures disclosed and explained in the financial statements.. prepare the financial slalemenls on the going concern basis unless it Is inappropriale to presume that the Charty will ¢onlinve in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity'5 transactions and disclose with loasonable accuracy at any time the financial position of the Charity and enable them lo $nsure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charrty and hence for taking reasonable steps lor the prevention and detection of fraud and other iTregularilie5. Approved by order of the members of the board of Trustees and signed on their behalf by.. TIM Lewls Chr1$ Edwards Date= 29 January 2025 Page 5
THE MICHAEL LEWIS FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Indepondent Examlner's Report to tho Trustees of The Mlchaol Lewls Foundation I'tha Charity'l I report lo the charty Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. Responsibilities and Basis of Report As the Trustees of the Charty {and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {Ihe 2006 Act'i. Having satisfied myself that the accounts of the Charity are not Tequired to be aud(Éed under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Charitys accounts carried out under section 145 of the Charities Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151{bl of the 2011 Act. Independent Exarninerfs Statement I have completed my examinion. I confimi that no matters have come lo my attention In connection with the examinion giving me cause lo believe- accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act., or the accounts do not accord with those records,. or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Ad other than any requirement that the accounts give a Irue and fair, Mew which is not a matter considered as part of an independent examination.. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Re¢ommgnded Practice for accounting and reporting by charities lapplicablo to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}1. I have no concerns and have come across no other matters in connection wi(h the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely lo the Charity's Trustees, as a body, in a¢cordan¢e with Part 4 of the Charities IA¢counls and Reports) Regulations 2008. My work has been undertaken so that I might state lo the Charrtls Trustees those matter5 1 am required to state lo them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not aceepl or assume responsibility to anyone other Ihan the Charity and the Charitys Trustees as a body, for my work or for this report. Signed: Helen Blundell Dated: 29 January 2025 LLB FCA FCIE DChA Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury Wesl Midlands B69 2DG Page 6
THE MICHAEL LEWIS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME ANO EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Raising funds 9,943 17,269 9.943 17.269 9.267 6,629 Total Incorne 27.212 27.212 15,896 Expendlture on: Raising funds Charitable activilios Other exp8nditure 10,423 10.252 10,423 10.252 1.134 4.241 1.431 1.077 Totsl gxpendSture 21,809 21.809 6,749 Net movement In funds 5,403 6.403 9, 747 Reconciliation of funds- Total funds brought forward Net movement in funds 52,052 6,403 52.052 5.403 42,905 9. 147 Total funds carriod forward 57,455 57,455 52,052 The Statement of Financial Activities includes all gains and losses recognised in the year. Tho notes on pages 9 to 14 form part of these finanelal statements. Page 7
THE MICHAEL LEWIS FOUNDATION REGISTERED NUMBER: 1175951 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Currenl assets Cash at bank and in hand 58.190 52, 739 cdOrS.. amounts falling due wthin one year 10 1735) (687) Net current assets 57,455 52,052 Total ngt assets 57,455 52.052 Charity fund$ Unrestricted fund$ 11 57.455 52,052 Total funds 57,455 52,052 The Charrty was entitled lo exemption frc*n audit under section 477 of the Companies Act 20[. The members have not Tequired the company lo obtain an audit for the period in question in COrdanCe with section 476 of Companies Act 2006. The Trustees acknowledge Ihoir responsibilities for complying with the requirements of the Act wrth respect to accounting records and preparation of financial slalementS. The financial statements have been prepared in accordance wth the provisions applicable lo entities subjert to the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Tim Lewls Chrls Edwards Date: 29 January 2025 Page 8
THE MICHAEL LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiatlon 1.1 Legal Status of the ¢harlty The Michael Lewis Foundation is a charty constituted as a Charitabte Incorporated Organisation in England whose registered office and primary place of business is Wimperis Way, Birmingham, B43 7DG. It has no share capltal. Its principal activities are to aid the relief of sickness and preservation of health of people diagnosed with Type 1 Diabetes, in particular bul not exclusively by raising awareness. funding research projects. making grants and provKling infomiatlon and advice. Aceounting pollcles 2.1 Basis of preparation of financSal statements The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 102) - Accounting and Reporting by Charf(ies'. Slalement of Recommended Practice applicable to charities preparing their aecounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iretand IFRS 102) {effeclive 1 January 20191, the Financial ReportirKJ Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Michael Lewis Foundation meets the definrtion of a public benefit entity under FRS 102. Assets and liabilib.es are initially recognised al historical cost or transaction value unless othermse stated in the relevant accountin9 policy. 2.2 Income Ail income is recognised onee the Charity has entrtlomenl to the income, it is probable that the income will h received arKI the amount of income receivable can be measured reliably. 2.3 Expenditure Expendkure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit to a third party, il 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 ath"wty. Direct ¢ts attributable lo a single activity are allocated direct lo that activity- Shared costs which contribute to more than one activity and support ¢051$ which are not attributable to a single activty are apportioned btheen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of lime spenL and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise fvnds for it5 charitable purposes and includes costs of all fundraising activities events and non<haritable trading. Expenditure on charitable actNf(ies is incurred on directly undertaking the aclimlies which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 9
THE MICHAEL LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.4 Cash al bank and In hand Cash at bank and in hand includes cash and short-lerm highly liquid investments wrth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 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, il is probable that a transfer of ecomIC benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabifilies aTe recognised at the amount that the Charity anticipates il will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it must provide. Provisions are measured al the best oStimat& of the amounts required to settle the obligation. Where the effect ol the tirne value of money is material, the provision is based on the present value of those amounts, discounted at the pre4ax discount rale that reflects the risks specific to the liabilty. The unwinding of the discount is re¢ogn15ed in the Ststement of Financial Activities as a finance cosL 2.6 Flnanclal Instruments The Charity only has financial assets and financial liabilrties of a kind that qualify 88 basic financial instruments. Basic financial instruments are initially recognised al ITansaction value and subsequently measured at their settlement value wi(h the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.7 Fund accounting General funds are unreslricled funds whlch are available for use at the discretion of the Trustees In furtherance of the general objective5 of the Charity and which have not been designated for other purposes. Income from donations and legacies Unre5trieted funds 2024 Total funds 2024 Tot funds 2023 Donations 9.943 9.943 9,267 Total 2023 9,267 9.267 Page 10
THE MICHAEL LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from raising funds Income from fundraislng events Unrestrfcted funds 2024 Total funds 2024 Tofal funds 2023 Fundraising 17.269 17.269 6,629 Total 2023 6,629 6,629 Expenditure on raising funds Costs of ralslng voluntary income Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Fundraising expenses 10,423 10,423 4,241 Total 2023 4.241 4.241 Page11
THE MICHAEL LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Total 2023 Grants lo individuals suffering from Type l Diabetes JDRF Education days 3,498 6.754 3,498 6,754 1,431 10,252 10,252 1,431 Total 2023 1,431 1,431 Support costs Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Accountancy preparation Bank charges 720 414 720 414 687 390 1,134 1.134 1,077 Total 2023 1,077 t.077 Independent examinerfs remuneration The independent examinevs remuneration amounts to an independent examiner fee of £720 12023 - £68n. Trustee$. remuneration and expenses During the year, no Trustees reiVed any remuneration or other knefits f2023- £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023- £NIU. Page 12
THE MICHAEL LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Credltors: Amounts falllng due wlthin one year 2024 2023 Accruals and deferred income 736 687 11. Statement of funds ststement of funds- current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestrlcted funds General FLsnds- all funds 52.052 27,212 121.8091 57,455 statement of funds- prlor year Balan al 31 March 2023 Balanc8 al l Api712022 Income Expenditure Unrestrlcted funds General funds 42, 904 75,897 (6.749) 52,Q52 12. Analysis of net assets between funds Anatysis of net assets between fund$ - current period Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 58,1Sfl 17351 58,190 17351 Total 57,455 57,455 Page 13
THE MICHAEL LEYIIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Anatysls of net assets betW0en funds {¢ontinuedl Analysis of net assets between funds- prior pariod Unrestricled funds 2023 Total funds 2023 Current assets Creditors due within one year 52. 739 (68r) 52. 739 (687J Total 52,052 52,052 13. Related party transactions There were no related paty transactions during the accounting period. Page 14