## 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements and;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Institute will continue in business.
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:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## _**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:
- the information given in the financial statements is inconsistent in any material respect with the Trustees Annual Report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## _**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:
- obtained an understanding of the nature of the charity, including the legal and regulatory framework that the charity operates in and how the charity is complying with the legal and regulatory framework;
- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; and
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are:
- FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice);
- The 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 (The FRS 102 Charities SORP);
- The Charities (Accounts and Reports) Regulations 2008; and
- The Charities Act 2011.
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
- obtaining the trustees’ register of interests and corroborating entries by reviewing entries on the Charities Commission website;
-
-
-
- inspecting minutes of Trustees’ meetings;
- maintaining vigilance throughout the audit work to identify all related parties;
- identifying and reviewing unusual accounting transactions and journal entries;
- discussions with management including consideration of known or suspected instances of noncompliance with laws and regulations and fraud; and
-
- performing a detailed review of the completeness and accuracy of disclosures.
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:
- Investment income is included when receivable;
- Incoming resources from publications and conferences are accounted for when earned;
- Subscriptions are recognised over the period to which the fees relate.
- Scholarship income is recognised when invoiced.
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.|||||