Charity number: 1175951 THE MICHAEL LEWIS FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE MICHAEL LEWIS FOUNDATION CONTENTS Page Referencg and AdmlnFstratlve Detalls of the Charlty. Its Trustoes and Advlsers Trustees. Report Chartered accountsnt's report Statement of Flnancial Actlvitie$ 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 2025 Trustees Cheryl Levis Nathan Lewis Tim Lews Chris Edward5 Steven Roberts Charfty reglstered number 1175951 Registered office 136 Wimperis Way Bimiingham B43 7DG Accountants Crowe U.K. LLP Chartered Accountants Black Country House Rounds Green Road Oldbury Wesl Midlands B69 2DG Page 1
THE MICHAEL LEWIS FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report together with the financial 51atemenls of the Charrty for the year 1 April 2024 10 31 March 2025. The Annual Report seNes the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial slalemenls of the charitsble company comply with the current stslulory requirements. the requirements of the charrtable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance w((h the Financial Reporting Standard applicablo in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Since the Charty qualffles 88 small Ltnder sectlon 382 of the Companles Act 2006, the Strategic Report requlred of medium and large companies under the Companies Act 2006 Islralegic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Our aims and objectivgs The foundation will support people wrth Diabetes through the funding of technical advances in care that will provtde the Diabetic person to enjoy a better quality of lrfe. The foundation will not discriminate against anyone applwng for the funding although priority will go lo young adults within full time education all applications will need to be supported by 8 letter from their Diabetic consultant or GP. endorsing their application. Whilst technical advances are the future we need to ensure that the ¢linic81 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 actwity and the benefits they have delivered to the communities we are set up lo help. This review also ensures that our aims, objectives and activities remain ali9ned wrth our purposes. We have referred lo the Charity Commtssion's general guidance on public benefit in these reviews and in planning future activities. c. Revlew of actlYltle8 The focus of our work The system we are funding is the step further than general CGM whleh ulillses Bluetooth technolcgy. This is supported by android and apple apps as well glucose readers which allows data to be shared wf(h others remotely wrth bu1 in alarrns for early warning of hypo and hyper attacks. The system also comes th computer software that can be used to address trends in sugar levels allowing better control and reducod complications whilst being shared with consullanls. d. How our activities deliver public benefit The funds we raise are ay$ put lo those that need support financially to fund lrfe saving equipment, that because of NHS criteria and their personal duty of care they do not qualify for. ie good conlToI of blood sugars. Thi5 obviously mean5 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 bul we are currently concentrating on the younger generation as we feel that helping them to have better control will also slop Ihern developing complications in the future. The benefit of our services to any child or adutt that do not qualify for NHS funding but their Diabetic consultant feels the equipment wll be of extreme benefrt. All application$ have lo me with a consultant's letter of approval. Page 2
THE MICHAEL LEWIS FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Objectives and actlvltles IntInued) e. Plans for the future We wll continue to furbd the Breakthrough T1D (formerly JDRFI educational days and look * inve$ling in new technology advances i.e. CGM wf(h insulin pumps lo create "artificial pancreas.. We have also now looked at supporting research development to help find a bela cell understanding in earty onset of type 1. f. Public Benaflt The Trustees confim that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard lo public benefit guidance published by the Commission in determining the activities undertaken by the Charity. The Charity Commission in ils 'fharilies and Publ Benefrf, Guidance states that there aTe two key principles lo be met in order to show that an organisalion's aims are for the public benefit.. firstly, there musl be an identifiable benefit and secondly. that benefit must be to the public or a section of the public. The Trustees aTe satisfied that the aims and objectives of the charity. and the aclNlties reported on above to achieve those aims, meet these principles. Achlevements and performance a. Main a¢hievomgnts of the Charlty We continue to fund recipients for the Dexcom Continuous Blood Sugar Monitors. allowing them to live a life wlh knowledge they will receive alerts if their sugars are high or low. To add to this, we have also funded tmo educational days for newly diagnosed children and parents, working alongside BreakthrouhT1 D Financial review . Going concem After making appropriate enquiries, the Iruslees have a reasonable expectation that the charity has adequate resources lo continue in operational existence foT the foreseeable future. FOT thi5 rea50n they continue lo adopt the going concern basis in preparing the financial slalemenls. Further details regarding the adoption of the going c¢Mcern ba818 can be found in the Accounting Policies. b. Reserves policy The Trustees have established the Trusvs ReseNe Policy with reference to Charity Commission guidance ICC19) and accounting standards (FRS 1021. Cash flow is carefully moni(ored on a continuing ba51s lo meet this objective. The Trustees do not intend to build up reserves for unspecrfied purposes. bul rather to apply all in¢ome lo direct charitable purposes. This intention is established annually when the Trustees agree the budget for ltte forthcoming year. The unrestricted reserves at the period end were £39,142 12024.. £57,455}, and ieslricled funds of £NIL12024'. £NIL}. c. Principal fundlng The principal funding sources for The Michael Lewis Foundation are voluntary donations and the assockgted grft aid. Page 3
THE MICHAEL LEWIS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure. governance and management a. Constltutlon and governance The organisation is a charitable incorporated organisation ICIOI, incorporated and registered as a charity on 27 November 2017. The charity was established under a Memorandum of Association which sel out Ihe purpoge8 and powers of the CIO. The Michael Lewis Foundation is governed under its Articles of Association. All decision making is undertaken in accordance wf(h those Articles. The trustees manag& the affairs of The Mich1 Lewis Foundation at quartorly meetings and monthly management meetings, with du¢ regard lo ensuring that all initiatives are aligned to the purposes of the organisation. b. Methods of appolntment or electlon of Trustegs The affairs of the organisalion are managed by a Board of Trustees, who are trustees for the purposes of eharity Isw. The nominated trustees are appointed to serve for a period of 3 years, after which they mugt be re eEected at the next annual general meeting. There is power lo appoint a minimum of 3 trustees and a maxtmurn of 5. All the trustees give Iheir time voluntsrity and will receive no personal benefit from The Michael Lewis Foundation. c. PolScles adopted for the Inductlon and trainlng of TTUStees The current Iruslees are already familiar with the practical work of The Michael Lewis Foundation. To ensure our existing Iruslees, knowledge is current. we provide ongoing training for them in the duties ol trustees and in financial management. d. Oryani$ational structure and decision maklng The Michael Lewis Foundation is managed by the Board of Trustees - currently five in number - who are responsible for strategic direction and policy making. . Risk management The charity has a comprehensive rlsk management policy. This policy requires that a risk register is maintained wherein risks are identified. their impact 15 quantified and strategies are developed and put in place to either avert risks or mitigate their impact. Initial WOTk has been done to identify risks and record them in the eharty's risk register. Where appropriate, systems or procedures have been established to miligale the risks the charity may face. Internal control risks are minimised by applying procedures for authorisation of all financTal transactions and the establishment of projects. Procedures are in place to ensure compliance wth health and safety of staff, volunteors, ¢lient$ and visitors. Standard public liability arKI professional indemnty insurances are in place. Plans for future perlods We will continue to fund the Breakthrough T1D educational days and look at investing in new technology advances i.e. CGM wrth insulin pumps to create 'artifi¢ial pancreas. We have also moved foNard in supporting Beta cell understanding in earty on set ol type 1 Diabetes. Page 4
THE MICHAEL LEWIS FOUNDATION TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Members. liability The Members of the Charty guarantee to contrfbLrte an amount not exceeding £1 to the assets of the Charity in the event of winding up. Statement of Trustees. responsibilities The Trustees (who are also the director$ of the Charity for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable and United Kingdom Accounting Standards (United Kiwdom Gen&ralty A¢c9Ptgd Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial . Under company law. the Trustees must not approve thè financial slalements unless they are satisfied that they give a true and fair view of the state of affairs of the Charty and of its incoming resources and application of resources, including ils income and expenditure. for that period. In preparing these financial statements, the Trustees are required to- select suitable accounting poliie5 and then apply them consistently.. observe the methods and principles of the Charities SORP IFRS 1021,. make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 102} have been followed, Sublt to any material departures diselosed and explained In the financial slalements., prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting Tecords that are sufficient to show and explain the Chartys transactions and disclose with reasonable accuracy at any time the financial posbtion of the Charity and enable them to ensure that the financial slalemenls comply wf(h the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking roasonable step5 for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed o beh Tim Lewis Chrls Edwards Dale.. Page S
WORLD PEACE FLAME FOUNDATION UK CHARTERED ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED FINANCIAL STATEMENTS OF THE MICHAEL LEWIS FOUNDATION FOR THE YEAR ENDED 31 MARCH 202S We ha prèpared foryour approval the financial statements of The mhael Lewis Foundation ftsrthe year ended 31 March 2025 whlch comprise the Statement of fbnancial activities, the Balance sheet and the related notes from the charity's accounting recorijs and from information and explanations you have given to us. As a memberfimi of the Institute of Ch8rtere¢J Accountants in England and Wales {ICAEW), we are subject to t5 8thical and other professional requiretnents which are detailed at.. http".IlwvM.Icaew.eomlenlmembershipl regulalions-standaTds-and-guidan¢e. This report is mad6 solèly to thè Trnstees In accordancewith the term5 of our engagement lètter. Ourwo has been undertaken solely to prepare for your approval the finan¢ial statements of The mhael Lewis Foundation and state those matters that we have 89reed to state to thè Trustees in this report in 8ccordance with ICAEW Technic31 release TECH07116AAF. To the fullest extent pemiitted by law. we do not ?¢¢epl or assume responslblllty to anyone other than The Michael Lewi5 FoundatK)n and its Trustees for our work orfor this report. It Is your duty to ensure that The Mlchael Lewi5 Foundation has kept 8dtrquale a¢¢ountlng records and to prepare Statutory finanrial statements that 9Thre a true and fair view of the assets. li8bil(tie8. financial posltion and net incoming resources of The Michael Lewis Foundation. You consider that The mhael Lews Foundatk)n is exempt from the statutory audit requirern8nt for the year. We have not been Instructed to cary out an audit or review of the ffin8ncl81 statements of The Michael Lews Foundation. For this reason. we have not verified the ?¢¢ura¢y or completeness of the accounting re¢ords orinformation and explanations you have glven to us and wedo not. therefore, express any oplnlon on the statutory financial ststemenls. CROWE U.K. LLP Chartered Accountants Black Country House F<ounds Green Road Oldbury West Mldlands B69 20G 20 January 2026 Page 7 Page 6
THE MICHAEL LEWIS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacEs Raising funds 2.802 5,529 2,802 5,529 9.943 17.269 Total In¢ome 8.331 8.331 27,212 ExpendSlure on: Raising funds Charitable activities other expenditure 3.049 22,459 1,136 3,049 22.459 1.136 10,423 10,252 1, 134 Total exponditure 26,644 26.644 21,809 Net movement in funds {18.3131 118,313) 5,403 Reconciliation of funds: Total funds brought foJv4ard Net movement in funds 57,455 118,313) 57.455 {18,3131 52,052 5.403 Total funds ¢aTried forward 39.142 39.142 57,455 The Statement of Financial Activities includes all gains and losses reccgnised in the year. The notes on pagos 9 10 14 form part of those financial statements. Page 7
THE MICHAEL LEWIS FOUNDATION REGISTERED NUMBER: BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note urrent assets Cash at bank and in hand Current Ilabllltles 49.927 58.190 Creditors.. amount5 falling due wthin one 10 (10,7851 (735) Net current assets 39.142 57,455 Total net assets 39.142 57,455 Charity fund$ Unrestricted funds 11 39,142 57,455 Total fundg 39,142 57.455 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company lo obtain an audit for the pertod in question in accordance wth sedion 476 of Companies Act 2006. The Trustees acknowledge Ihelr resFonsibllitles for complying with the requlremenls of the Act with respect to aceounling records and preparation of financial statements. The financial statements have been prep8red in accordance with the provisions applicable to enlilies subject lo the small companies regime. The financial slalements were *proved and authorised for issue by th ees art 'signed on their behaw by.. Tl Lewis Chrfs Edwards Date.. 801112 Page 8
THE MICHAEL LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General Infomiation 1.1 Legal Status of the charity The Michael Lewis Foundation is a charity Conslituled as a Charitable Incorporated Organisalion in England whose rggislered office and primary place of busines5 is Wimperis Way, Bimiingh8m. B43 7DG. It ha5 no share capital. Ils principal activitles are to aid the Telief of sickness and preservation of health of people diagnosed with Type 1 Diabetes, in partlcular blrt not exclusively by raising awareness, funding research projects. making grants and providing information and advice. Aecounting policies 2.1 Basls of preparation of financial statements The financial ststements have been prepared in accordance with the Charities SORP IFRS 102) - Accounting and Reporting by Charf(ies: Statement of Recommendgd Practice applicable lo charities prepaTing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS 1021 and the Companies Act 2006. The Michael Lewis Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are InitallY iecognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Income All income is reeognised once the Charity has enlitlemenl to the income, it is probable that the income will be received and the amount of income receivable can be measured Toliably. 2.3 Expendlturo Expenditure is reeognised once there a legal or conslructtve obligation to transfer economlc benefrt lo 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 15 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 actiwty are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned belween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and deprlatIOn charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charty to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable adwIt$ is incurred on dlreclly undertaking the activfties which further the Charty's objectives. as well as any associated support costs. All expenditure is inclusive of irrecovera)le VAT. Page 9
THE MICHAEL LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 20 Accounting policies Icontinuedl 2A Cash at bank and In hand Cash at bank and in hand includes cash ar 5hort-lerm highty liquid investmentg wf(h a short matunty of three months or less from the date of 8cquiyitlon or openirrfj of the deposit or similar account. 2.5 Llabilities and provisions Liabilities are recognised vthen there is an obligation at the Balance Sheet date as a result of a past event, il 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 gnticipates il will pay to settle the debt or the amount it has Teceived as adVand payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tsx discount rate that reflects the risks spe¢rfic to the liabilty. The unwinding of the discount is reeognised 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 qualrfy as basic financial inslrumenls. Basic financ181 instruments are initially recognised at transaction value and subsequenlty measured at their settlement value wlh the exception of bank loans which are subsequenlty measured al amortlsed cost using the effective interest method. 2.7 Fund accounting General funds are unrestricted funds which are available for use at the dis¢Telion of the Trustees in furtheranee of the general objectives of the Charity and which have not bgen designated for other purposes. Incom? from donatlons and l&gacles Unrestrlcted funds 2025 Total funds 2025 Donations 2,802 2.802 Unrnslricled funds 2024 Total funds 2024 Donations 9,943 9.943 Page 10
THE MICHAEL LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Incorne from raising funds Income from fundraising events Unrestricted fund$ 2025 Total funds 2025 Fundraising 5,529 5,529 Unrestncted funds 2024 Total funds 2024 Fundraising 17.269 17,269 Expenditure on ralslng funds Costs of ralsing voluntary Income Unrestrlcted funds 2025 Total funds 2025 Fundr81sing expenses 3,049 Page 11
THE MICHAEL LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expendithre on ral$ing funds lcontlnued) Costs of ralslng voluntary Income Icontlnuedl UnresbFCted funds 2024 Total funds 2024 Fundraising expenses 10.423 tO.423 Analysh of expendSturo on charltable a¢tlvltle$ Summary by fund type Unrestrl¢ted funds 2025 Total 2025 Breakthrough T1D {formerly JDRF) Education days Sandwell Hospital Donation Bela cell projects donation 11,500 959 11.500 959 10,000 10,0(K) 22,459 22.469 Unrestricted funds 2024 Tofal 2024 Grants to individuals suffering from Type 1 Diabetes JDRF Education days 3,498 6.754 3.498 6.754 10,252 10,252 Page 12
THE MICHAEL LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Support costs Unrestricted funds 2025 Total funds 2025 Accountancy preparatlon Bank charges 758 378 758 378 1,136 1.136 unS1Cted funds 2024 Tot81 funds 2024 Accountancy prepaTrlion Bank chaiges 720 414 720 414 t, 134 1, 134 Indgp9ndant Examinerfs Remuneration The independent examiner's rgmuneration amount5 to an independent examiner fee of £NIL1202447201. Trustee$. remuneration and èxpenses During the year. no Trustees received any remuneration or other benefits {2024- £NILJ. During the year ended 31 March 2025, no Trustee expenses have been incurred (2024- £NILJ. The charity employs no staff and therefore M indNidual 18 paid more than £60.000 per annum. Page 13
THE MICHAEL LEWIS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. CreditOTS: Amounts falling due within one year 2025 2024 Accruals and deferred Iome 10,785 735 11. Statement of funds Staternent of funds- current year Balan¢0 at 31 March 2025 Balance at 1 April 2024 Income Expendlture Unrestricted funds General funds 57N55 8,331 126,644} 39,142 Statement of funds- prior year Balance al 31 Mah 2024 Balance al l Apnl 2023 Income Expenditu Unrestricted funds General Funds 52.052 27,212 (21.809) 57.455 12. Rolatgd party transadlons There were no related partytransactions during the accounting perd. Page 14