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2022-12-31-accounts

Incorporated by Royal Charter

FINANCIAL STATEMENTS

31 DECEMBER 2022

The Institute of Mathematics and its Applications Registered Charity Number: 1017777

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS Page 1

REPORT OF THE COUNCIL

The Council submits its report and the financial statements of The Institute of Mathematics and its Applications for the year ended 31 December 2022. The Financial Statements have been prepared in accordance with the accounting policies set out on pages 9 and 10 to the accounts and comply with the Institute’s Trust Deed, the Charities Act 2011 and 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) – (Charities SORP (FRS 102) as updated by the Charities SORP (FRS 102) update bulletin 1).

PRINCIPAL ACTIVITIES

The principal activity of the Charity during the year was the operation of a learned and professional society for those involved in all areas of mathematics and its applications, working as a charity for the public benefit.

REVIEW OF THE BUSINESS AND FUTURE DEVELOPMENTS

Council considers that the Institute’s state of affairs is satisfactory, and that future results will continue on a close to breakeven result.

The Council members also produce a Trustees’ Annual Report (2022) (Appendix 2 – attached) which reports Legal and Administrative Information; Activities and Achievements; and Future Plans.

RESULTS

The Statement of Financial Activities on page 6 shows a deficit in reserves of £23,546 for the year compared to a surplus of £65,907 in the previous year. The deficit in reserves is made up of a deficit of 59k in restricted and a surplus of 36k in unrestricted funds. During the year, income of a restricted nature amounting to £70 was received (2021: £12). Total unrestricted net assets at the year-end amount to £1,381,060 (2021: £1,344,819). Restricted Net assets for 2022 were £73,548 (2021: £133,335).

COUNCIL

The constitution of the Council on 31 December 2022 was as follows:

PRESIDENT

Professor P Glendinning (From 1 January 2022)

VICE-PRESIDENTS Dr P Rowlett Dr M Barons Dr R Pinch HONORARY TREASURER Professor A Osbaldestin HONORARY SECRETARIES Professor P Glaister Professor M Grove

PAST PRESIDENTS Professor A Fitt Professor C Linton Dr N C Chamberlain

MEMBERS OF THE COUNCIL Professor R Bearon Dr F de Melo Viríssimo Professor G Niblo Professor E Rochead Dr E Campillo Funollet Dr S Lawrence Professor N Steele Dr S Carr Professor S Lombardo Mr N Turner Mr C Chipperton Professor T N Phillips Mr D S Bays Mr N M Brusby Professor C Budd

The following completed their term of office as Councillor and Trustee at the 2022 AGM: Professor C Breward; Dr B Dias and Professor C Hobbs. The following completed their term of office as Councillors and Trustees at the end of 2022: Dr R Pinch, Professor M Grove.

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS Page 2

REPORT OF THE COUNCIL

TAX STATUS

The Institute is accepted by the HM Revenue & Customs as an educational charity. As a charity, the Institute is exempt from tax on income and gains to the extent these are applied to its charitable objects. No tax charges have arisen in the Institute.

AUDITORS

During the year, Croucher Needham (Essex) LLP were re-appointed as auditors. It was decided this year that the audit for 2023 financial year will go out to tender. A decision to re-appoint will be taken at the autumn Annual General Meeting.

By order of the Council

Professor P Glendinning

29 March 2023

Main office address: Catherine Richards House 16 Nelson Street Southend-on-Sea Essex SS1 1EF

TRUSTEES’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

The Trustees (Council members) are responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The Royal Charter of Incorporation and the law applicable to charities in England & Wales requires the Trustees’ (Council members) to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Institute and of the incoming resources and application of resources of the Institute for that period. In preparing these financial statements, the Trustees (Council members) are required to:

The Trustees (Council members) are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Institute and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Royal Charter of Incorporation. They are also responsible for safeguarding the assets of the Institute and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS

Page 3

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS

OPINION

We have audited the financial statements of The Institute of Mathematics and its Applications (the ‘charity’) for the year ended 31 December 2022, which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

BASIS FOR OPINION

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

Page 4

As explained more fully in the Statement of Trustees' responsibilities in the preparation of financial statement, the trustees, who are also the directors of the charity for the purposes of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

THE EXTENT TO WHICH THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING IRREGULARITIES, INCLUDING FRAUD

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with applicable laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are:

The audit engagement team identified the risks of transactions with unidentified related parties and management override of controls as the areas where the financial statements were most susceptible to material misstatement due to fraud.

Based on the results of our risk assessment we designed audit procedures to identify fraud or noncompliance with such laws and regulations identified above. The relevant audit procedures performed included but were not limited to:

Page 5

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

James Robert Marchant FCCA (Senior Statutory Auditor) For and on behalf of Croucher Needham (Essex) LLP

Date: .........................

Chartered Certified Accountants Statutory Auditor

Market House 10 Market Walk Saffron Walden Essex CB10 1JZ

Page 6

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Income and endowments from:
Donations and legacies
Appeal Fund, Donations and Bequests
Charitable activities
Member Entrance fees
C. Math/C Math Teacher Member Entrance fees
Member Subscription fees
Conference and symposium fees
Publications income and Institutional subscriptions
Sundry
Scholarships
Investment Income
Total
Expenditure on:
Charitable Activities
Branches and groups
Conferences
Education
Grants/Donations
Promoting Mathematics
Scholarships
Mathematics Today
Membership
Professional development
Other publications
Governance
Total
Net movement in funds
Reconciliation of funds
Total Funds brought forward at 1 January 2022
Total Funds carried forward at 31 December 2022		 Unrestricted Restricted
Total
Total
Funds
Funds
Funds
Funds
2022
2022
2022
2021
Notes
£
£
£
£
16,878
0
16,878
15,055
2,401
0
2,401
3,949
709
0
709
709
338,339
0
338,339
334,168
75,132
0
75,132
39,411
555,280
0
555,280
546,198
2,728
0
2,728
887
103,579
0
103,579
119,920
4,347
70
4,417
4,770
16
1,099,393
70
1,099,463
1,065,067
10,212
0
10,212
11,552
136,861
0
136,861
80,171
23,277
0
23,277
27,475
75,772
0
75,772
75,867
1a
320,754
0
320,754
144,818
1c
79,641
0
79,641
112,153
1c
180,479
0
180,479
185,512
105,236
0
105,236
137,577
35,788
0
35,788
43,018
39,925
59,857
99,782
59,471
55,205
0
55,205
121,546
1d
1,063,149
59,857
1,123,006
999,160
1a
36,241
(59,787)
(23,546)
65,907
1,344,819
133,335
1,478,154
1,412,247
1,381,060
73,548
1,454,608
1,478,154

No separate Statement of Total Recognised Gains and Losses has been presented as all such gains and losses have been dealt with in the Statement of Financial Activities.

The net movement in funds arises from the charity's continuing operations. The detailed Income and Expenditure Account (2022) is attached (Appendix 1a).

Page 7

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS

BALANCE SHEET AS AT 31 DECEMBER 2022

FIXED ASSETS
Intangible fixed assets
Tangible assets
CURRENT ASSETS
Stock
Debtors unrestricted
Cash at bank and in hand restricted
Cash at bank and in hand unrestricted
LIABILITIES
Amounts falling due within one year unrestricted
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
FUNDS
Restricted funds
Unrestricted funds		 2022
£
0
93,538
93,538
4,842
40,920
73,478
1,657,691
1,776,931
415,860
415,860
1,361,070
1,454,608
73,548
1,381,060
1,454,608		 2021
Notes
£
0
2
103,186
3
103,186
4,843
4
339,217
5
133,335
1,370,707
1,848,102
473,134
473,134
6
1,374,968
1,478,154
133,335
1,344,819
1,478,154

The Financial Statements on page 6 to 16 together with the Trustees' Annual Report (2022) in Appendix 2 were approved and authorised for issue by the Council on 29 March 2023 and signed on their behalf by

Honorary
PROFESSOR ANDREW OSBALDESTIN Treasurer
PROFESSOR PAUL GLENDINNING President

Page 8

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
£
Net Cash (used in)/provided by operating activities
222,711
Cash flows from investing activities
Investment income
4,417
Purchase of fixture and fittings & Equipment
0
Net Cash (used in)/provided by investing activities
4,417
Change in cash and cash equivalents in the year
227,127
Cash and cash equivalent brought forward
1,504,042
Cash and cash equivalents carried forward
1,731,169
(0)		 THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
£
Net Cash (used in)/provided by operating activities
222,711
Cash flows from investing activities
Investment income
4,417
Purchase of fixture and fittings & Equipment
0
Net Cash (used in)/provided by investing activities
4,417
Change in cash and cash equivalents in the year
227,127
Cash and cash equivalent brought forward
1,504,042
Cash and cash equivalents carried forward
1,731,169
(0)		 Page
Notes

2021

£

124,674
15

4,770
16

(4,003)

767

125,441

1,378,601
1,504,042

(0)
4,417
0
4,417
227,127
1,504,042
1,731,169
(0)

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS Page 9

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

ACCOUNTING POLICIES

BASIS OF ACCOUNTING

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS102) (Charities SORP (FRS102)) as updated by the Charities SORP (FRS 102) update bulletin 1, and the Charities Act 2011 and applicable regulations.

TANGIBLE FIXED ASSETS

Fixed assets include properties valued by Chartered Surveyors on an existing use/open market basis. Other fixed assets are stated at historical cost. No fixed asset under £250 is capitalised.

Depreciation is provided on all tangible fixed assets other than freehold land at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:-

Freehold buildings 2%
Fixtures, fittings and equipment 15%
Computer equipment 33%

Following the implementation of FRS 102, the charity has followed the transitional provisions to retain the book value of freehold buildings re-valued on 31 December 1991, but not to adopt a policy of revaluation in the future.

INTANGIBLE FIXED ASSETS

The cost of attaining the Royal Charter has been capitalised and has now been written off on a straight line basis over ten years.

STOCK

Stock is valued at the lower of cost and net realisable value. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow moving items.

FUNDS STRUCTURE

Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objects. Restricted funds are funds which have been given for particular purposes and projects (see note 7).

LEASED ASSETS AND OBLIGATIONS

All leases are “operating leases” and the annual rentals are charged to the Statement of Financial Activities on a straight line basis over the lease term.

PENSIONS

The Institute operates a defined contribution scheme. The amount charged to the Statement of Financial Activities in respect of pension costs and other post retirement benefits are the contributions in the year.

BRANCHES

The Statement of Financial Activities represents the results of the charity only. The Institute has seven current branches and these are not consolidated on the basis they are not material to the charity. There are no other related parties.

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS Page 10

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

ACCOUNTING POLICIES

INCOMING RESOURCES

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amounts can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

To the extent that reliable estimations are available with regard to the final settlement of each accounting year’s publication income and expenditure, provision is made for the final settlement figure. Where reliable estimations are not available, no provision is made.

RESOURCES EXPENDED

Resources expended are recognised in the period in which they are incurred and include attributable Input VAT that cannot be recovered. Resources expended are allocated to the particular activity where the cost relates directly to that activity.

Governance costs include the costs of governance arrangements that relate to the general running of the charity. These activities provide the governance infrastructure that allows the charity to operate and to generate the information required for public accountability. They include the strategic planning processes that contribute to the future development of the charity.

Direct expenditure is allocated to categories of activity. Where expenditure cannot be directly allocated it represents support costs and is apportioned on a basis consistent with the use of resources, by reference to the number of staff working on each activity.

The Institute makes grants and donations to members of the mathematics community. The purpose of the grants and donations is to facilitate research activity in all areas of mathematics.

GOVERNMENT GRANTS

Incoming resources from grants are accounted for on an accruals basis for re-imbursement of expenses incurred and entitlement to grant allocation in line with signed contracts.

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS

Page 11

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1.Expenditure on: 2022 2022 2021
a) Analysis of expenditure on Support Direct Staff
Costs Costs Costs Total Total Notes
Unrestricted funds £ £ £ £ £
Operating activities in furtherance of Charity's objectives
Branches and groups 1,725 1,664 6,823 10,212 11,552
Conferences 17,847 48,419 70,595 136,861 80,171
Education 4,246 2,235 16,796 23,277 27,475
Grants/donations 3,649 57,689 14,434 75,772 75,867
Promoting Mathematics 58,850 29,125 232,779 320,754 144,818
Scholarships 5,839 50,708 23,094 79,641 112,153
Mathematics Today 18,644 88,091 73,744 180,479 185,512
Membership 19,705 7,588 77,943 105,236 137,577
Professional development 6,701 2,581 26,506 35,788 43,018
Other publications 3,848 20,858 15,221 39,925 41,694
Governance 4,910 30,875 19,420 55,205 121,546
Total unrestricted resources expended 145,964 339,833 577,355 1,063,149 981,383 1b
Restricted funds
Operating activities in furtherance of Charity's objectives
QJMAM 0 59,857 0 59,857 17,777
Mathematics Today (Leslie Fox Prize Fund award) 0 0 0 0 0
Total resources expended 145,964 399,691 577,356 1,123,006 999,160
b) Analysis of Total Support Costs Conferences Education Maths Membership Governance Other
Today
Unrestricted funds £ £ £ £ £ £
DMH premises\18 Nelson Street 2,426 577 2,534 2,678 667 10,956
Communications & IT 3,855 917 4,027 4,257 1,061 17,413
Postage & printing 1,257 299 1,313 1,388 346 5,678
Financial costs 9,130 2,172 9,537 10,080 2,511 41,236
Depreciation 1,180 281 1,232 1,303 325 5,329
Total unrestricted 17,847 4,246 18,644 19,706 4,910 80,612
£
Conferences 17,847
Eduation 4,246
Mathematics Today 18,644
Membership 19,705
Governance 4,910
Other 80,612
145,964

Direct expenditure is allocated to categories of activity. Where expenditure cannot be directly allocated it represents support costs and is apportioned on a basis consistent with the use of resources, by reference to the number of staff working on each activity.

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS

Page 12

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

c) Analysis of promoting mathematics costs

Maths Careers
Maths Matters
Other
Total promoting mathematics costs
Scholarships		 2022
2021
Support
Costs
Direct
Costs Staff Costs
Total
Total
£
£
£
£
£
4,180
6,296
16,533
27,009
35,497
0
0
54,670
22,829
216,246
293,745
109,321
58,850
29,125
232,779
320,754
144,818
5,839
50,708
23,094
79,641
112,153
64,689
79,833
255,873
400,395
256,971

Maths Careers is only supported by the Institute of Mathematics and its Applications.

d) Analysis of governance costs

Audit fees - Audit of Financial Statements
Legal and professional
Irrecoverable VAT
Cost of AGM and Trustee travel etc.
Apportionment of staff costs
General overhead costs
Total governance costs		 2022
2021
Support
Costs
Direct
Costs Staff Costs
Total
Total
£
£
£
£
£
10,255
10,255
9,135
2,500
2,500
0
0
8,311
0
8,725
19,420
19,420
87,342
4,910
18,120
23,030
8,033
4,910
30,875
19,420
55,205
121,546

e) Analysis of grants expended

Educational Grants
Small Grants
University Liaison Officer Grants
Donation/Sponsorship
CMS		 2022
2021
Total
Total
£
£
600
1,501
10,020
7,300
8,861
3,999
0
3,050
21,006
23,338
40,487
39,188
0
0
40,487
39,188

See notes 6, 8 and 10 in the Trustees Annual Report where details are given for Educational Grants, Small Grants & University Liaison Officer Grants. The grants are payable to individuals £0 and institutions £15,760

Page 13

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. INTANGIBLE FIXED ASSETS

2. INTANGIBLE FIXED ASSETS
Cost: 1st January 2022 and
as at 31st December 2022
Amortisation: as at 1st January 2022 and
31st December 2022
Net Book value as at 1st January 2022 and
as at 31st December 2022		 £
47,131
47,131
0

Intangible fixed assets represent legal costs incurred in 1992 in respect of the application for a Royal Charter.

3. TANGIBLE FIXED ASSETS

Cost or valuation:
Property 1 January 2022
Land 1 January 2022
Additions
Disposals
31 December 2022
Representing assets stated at:
Cost
Valuation
Depreciation
1 January 2022
Charged in the year
Disposals
31 December 2022
Net book value:
31 December 2022
31 December 2021		 Freehold
property
& land
£
189,750
40,250
0
0
230,000
0
230,000
230,000
137,976
4,600
0
142,576
87,424
92,024		 Fixtures
TOTAL
fittings &
equipment
£
£
168,263
358,013
0
40,250
0
0
0
0
168,263
398,263
168,263
168,263
0
230,000
168,263
398,263
157,098
295,073
5,049
9,649
0
0
162,147
304,722
6,114
93,538
11,163
103,186

The freehold property was revalued at 31 December 1991 by Wheeldon and Deacon, Chartered Surveyors on an existing use open market basis.

The original cost of the freehold land & property was £219,074.

The Council considers that the current value of the property (Catherine Richards House) is to the best of the information available in excess of the 1991 revaluation.

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS

Page 14

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. STOCKS 2022 2021
£ £
Goods for resale 4,842 4,843
5. DEBTORS 2022 2021
£ £
Due within one year:
Trade debtors 1,059 301,385
Prepayments and accrued income 39,861 37,831
40,920 339,216
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
6. CREDITORS 2022 2021
£ £
Amounts falling due within one year:
Trade creditors 28,605 19,290
Other taxation and social security costs 58,305 111,454
Accruals 16,543 27,084
Deferred income 312,408 315,305
415,860 473,133
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will
probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or
estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any
any trade discounts due. 2022 2021
£ £
Deferred income b/fwd. 315,305 335,152
Amounts released (315,305) (335,152)
Deferred in year 312,408 315,305
Deferred income c/fwd 312,408 315,305

Deferred income mainly consists of publishing and membership income relating to 2023 and will therefore be released next year.

7. MOVEMENTS IN FUNDS

Restricted reserves
Leslie Fox Prize Fund
QJMAM
Unrestricted funds
Free reserve
Gains/(losses) on investment assets
Total restricted and unrestricted funds		 2022
2021
Incoming
resources
Resources
expended
Transfer
between
funds
£
£
£
£
£
3,073
0
0
0
3,073
70,475
70
(59,857)
0
130,262
73,548
70
(59,857)
0
133,335
1,319,015
1,095,045
(1,063,149)
0
1,287,119
62,046
4,347
0
0
57,699
1,381,060
1,099,391
(1,063,149)
0
1,344,818
1,454,608
1,099,462
(1,123,006)
0
1,478,153

QJMAM funds are held by the Institute of Mathematics and its Application and grants are awarded from the funds upon instruction by the Trustees of QJMAM in line with their terms and conditions. The Leslie Fox Prize Fund may be used to award biennially for best submission in Numerical Analysis.

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS

Page 15

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

8. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted funds
Restricted funds		 Tangible
fixed
Net current Fund balance
assets
assets
balance
£
£
£
93,538
1,287,522
1,381,060
0
73,548
73,548
93,538
1,361,070
1,454,608

9. COMMITMENTS UNDER OPERATING LEASES

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall as follows:

Plant and machinery
Within one year
Between two and five years
Building
Within one year
Between two and five years		 2022
2021
£
£
1,134
3,210
0
1,134
0
5,000
0
0
1,134
9,344

10. PENSION COSTS

The Institute makes payments to personal pension funds set up by individual members of staff. Contributions payable by the Institute amounted to £53,275 (2021: £59,937).

11. EMPLOYEES

The average weekly number of persons employed by the Institute
regardless of whether they are part time or full time during the year was:
Management:
£70,001 - £80,000
Below £60,000
Administration:
Scholarships
Staff costs for the above persons:
Salaries
Pension contributions
Social security costs
Other costs		 2022
2021
1
0
1
2
15
15
1
2
18
19
2022
2021
£
£
488,954
500,015
39,314
43,179
41,237
41,192
7,853
12,553
577,357
596,940
THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS Page 16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
12. TAXATION
The Institute is accepted by HM Revenue & Customs as an educational charity and as such is not subject to corporate
taxation for activities within its charitable objects.
13. RELATED PARTY TRANSACTIONS
During the year payments were made to Dr Snezana Lawrence and Dr Sophie Carr (Bays Consulting) in relation to services
provided as assessors for the mathematics teacher training scholarships amounting to £826, and £1,967 respectively
(2021 £3,118 relating to services provided by Dr Snezana Lawrenceas an assessor on the teacher training scholarships).
In addition, re-imbursed expenses for travel and subsistence to Council Members amounted to £6,209, 12 members re-imbursed
(2021: £1,661, 13 members re-imbursed).
14. SCHOLARSHIPS
In 2012 the Teaching Agency approached the IMA to run a Mathematics Initial Teacher Training Scholarship Scheme.
Under such a scheme the scholarships would be paid by the DFE (for England only) to run the Scheme. In 2012 costs
associated with the negotiation were borne by the IMA. In addition DFE paid for a small grant to develop the submission.
DFE announced on 21st December 2012 that the Scheme would be run. The amounts awarded by the DFE were as follows:
Year Award
2018 194,543
2019 137,739
2020 128,053
2021 119,920
2022 103,579
15. Reconciliation of net movement in funds to net cash flow
from operating activities
2022 2021
Total Total
£ £
Net movement in funds (23,546) 65,907
Add back depreciation 9,649 12,798
Deduct investment income (4,417) (4,770)
Decrease/(increase) in stock 1 (3,358)
Decrease/(increase) in debtors 298,298 9,572
(Decrease)/increase in creditors (57,273) 44,524
Net cash provided by/(used in) operating activities 222,711 124,674
16. INVESTMENT INCOME
2022 2021
Total Total
£ £
Interest on cash deposits 4,417 4,770
Investmentincomeincludes £70 (2021£12)in respect of restrictedfunds.

Appendix 1a

THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD 1st January - 31 December 2022

Incoming resources
Entrance/Transfer fees
Subscriptions
Publications
Miscellaneous Income
Appeal fund and bequests
Interest Received
Conference income
Scholarships & HE STEM
Resources expended
Salaries, pension & NHI
Other staff expenses
Office overheads
Telephone
General printing, post. & stat.
Office equipment hire & maint.
Council and committee
Travel
Branches and groups
Education
Publications (inc. Maths Today)
General expenses
Bank charges
Legal and professional
Audit and accounts
Depreciation
Subscription to other bodies
Repairs and renewals
Web-site expenses
Presidential Address
Conference Direct Costs
Grants/Donations
Strategy Review Weekend
Information Technology
I. T. Consultancy
Careers in M & 50th Ann
Scholarships & HE STEM
Irrecoverable VAT
De Morgan House Rental
De Morgan House Other
18 Nelson Street Rental
18 Nelson Street Other
Development - SRW
Development - Database & Web
Unrestricted Surplus/(Deficit)
Incoming resources
Publications
Resources expended
Publications
Restricted Surplus/(Deficit)
Overall Surplus/(Deficit)		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2022
2022
2022
2021
£
£
£
£
3,110
3,110
4,658
338,339
338,339
334,168
555,280
555,280
546,198
19,606
19,606
887
0
0
15,055
4,347
70
4,417
4,770
75,132
75,132
39,411
103,579
103,579
119,920
1,099,393
70
1,099,463
1,065,067
569,504
569,504
584,386
7,853
7,853
12,553
20,934
20,934
17,959
3,594
3,594
4,042
10,281
10,281
2,065
5,489
5,489
5,656
11,292
11,292
6,961
16,998
16,998
3,570
1,000
1,000
1,000
600
600
1,501
100,256
100,256
94,470
5,280
5,280
8,284
8,585
8,585
6,377
2,500
2,500
0
56,209
56,209
54,629
9,649
9,649
12,798
12,395
12,395
14,789
3,688
3,688
480
1,646
1,646
1,022
11,793
11,793
2,750
41,546
41,546
3,469
56,284
56,284
51,517
5,911
5,911
43
5,490
5,490
3,693
1,512
1,512
(34)
4,687
4,687
7,900
48,460
48,460
39,915
9,397
9,397
8,311
8,842
8,842
11,148
4,355
4,355
5,491
6,641
6,641
6,250
3,984
3,984
3,750
253
253
329
6,245
6,245
4,310
1,063,149
0
1,063,149
981,383
36,241
70
36,311
83,684
0
0
0
0
0
0
0
0
0
59,857
59,857
17,777
0
59,857
59,857
17,777
0
(59,856)
(59,856)
(17,776)
36,241
(59,786)
(23,546)
65,907
THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS THE INSTITUTE OF MATHEMATICS AND ITS APPLICATIONS Page 16
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
12. TAXATION
The Institute is accepted by HM Revenue & Customs as an educational charity and as such is not subject to corporate
taxation for activities within its charitable objects.
13. RELATED PARTY TRANSACTIONS
During the year payments were made to Dr Snezana Lawrence and Dr Sophie Carr (Bays Consulting) in relation to services
provided as assessors for the mathematics teacher training scholarships amounting to £826, and £1,967 respectively
(2021 £3,118 relating to services provided by Dr Snezana Lawrenceas an assessor on the teacher training scholarships).
In addition, re-imbursed expenses for travel and subsistence to Council Members amounted to £6,209, 12 members re-imbursed
(2021: £1,661, 13 members re-imbursed).
14. SCHOLARSHIPS
In 2012 the Teaching Agency approached the IMA to run a Mathematics Initial Teacher Training Scholarship Scheme.
Under such a scheme the scholarships would be paid by the DFE (for England only) to run the Scheme. In 2012 costs
associated with the negotiation were borne by the IMA. In addition DFE paid for a small grant to develop the submission.
DFE announced on 21st December 2012 that the Scheme would be run. The amounts awarded by the DFE were as follows:
Year Award
2018 194,543
2019 137,739
2020 128,053
2021 119,920
2022 103,579
15. Reconciliation of net movement in funds to net cash flow
from operating activities
2022 2021
Total Total
£ £
Net movement in funds (23,546) 65,907
Add back depreciation 9,649 12,798
Deduct investment income (4,417) (4,770)
Decrease/(increase) in stock 1 (3,358)
Decrease/(increase) in debtors 298,298 9,572
(Decrease)/increase in creditors (57,273) 44,524
Net cash provided by/(used in) operating activities 222,711 124,674
16. INVESTMENT INCOME
2022 2021
Total Total
£ £
Interest on cash deposits 4,417 4,770
Investmentincomeincludes £70 (2021£12)in respect of restrictedfunds.