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2022-03-31-accounts

Mathematics in Education and Industry

for the year ended 31 March 2022

Registered Company Number: 03265490 (England and Wales) Registered Charity Number: 1058911

Contents

Glossary 1
eport
Reference and administrative details 2
Statement from the Chair and Chief Executive 3
Structure, governance and management 4
Objectives and activities 6
13
Report of the Independent Auditors 15
Statement of Financial Activities 19
Balance Sheet 20
Cash Flow Statement 21
Notes to the Financial Statements 22

Mathematics in Education and Industry for the year ended 31 March 2022

Glossary

Glossary
AC Area Coordinator
AMSP Advanced Mathematics Support Programme
BDC Business Development, and Communications
CPD Continuing Professional Development
DfE Department for Education
GDPR General Data Protection Regulation
HE Higher Education
KPI Key Performance Indicator
Maths Hubs A DfE-funded network of school-led regional support hubs for maths
MEI Mathematics in Education and Industry
NCETM National Centre for Excellence in the Teaching of Mathematics
OCR Oxford, Cambridge and RSA
PD Professional Development
STEM Science, Technology, Engineering and Mathematics
STEP Sixth Term Examination Paper
TAM Teaching A level Mathematics
TD Teaching Discrete Mathematics
TFM Teaching Further Mathematics
TGM Teaching GCSE Mathematics
TM Teaching Mechanics
TMUA Test of Mathematics for University Admission
TS Teaching Statistics

1

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

The trustees are pleased to present their annual report, together with the financial statements of the charity, for the year ended 31 March 2022. The report meets and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102).

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number: 03265490 (England and Wales) 03265490 (England and Wales)
Registered Charity number: 1058911
Registered office Monckton House
Epsom Centre
White Horse Business Park
Trowbridge, Wilts
BA14 0XG
Trustees Peter Anscombe
David Bedford
Richard Browne
Timothy Jay Appointed 17 August 2021
Vivienne Dews Resigned 3 February 2022
Steven Labedz
Jade Otty
Victoria Pope
Richard Smith-Morgan
Serena Tierney
Elizabeth Thomas Resigned 15 December 2021
Lowri Williams
Company Secretary Keith Proffitt
Chief Executive Charlie Stripp MBE
Auditors Monahans Chartered Accountants
Fortescue House
Court Street
Trowbridge, Wilts
BA14 8FA
Bankers Lloyds Bank PLC
Market Place
Warminster, Wilts
BA12 9BD
Solicitors VWV
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA

2

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

STATEMENT FROM THE CHAIR AND CHIEF EXECUTIVE

another very challenging year. Despite this, thanks to the flexibility and commitment of our staff, MEI was able to provide crucial support for teachers and students in schools and colleges throughout England and continue with innovative development work to improve mathematics education.

Through the year, as the situation with the pandemic developed, we were able to adapt our provision of support to teachers and students, and our own ways of working, to address the changing circumstances. This enabled us to help reduce the impact of the disruption on mathematics education in schools and colleges and meet our key targets.

When the pandemic started to ease in the spring, we were able to return to more face-to-face interaction with teachers, students and colleagues. We ensured that we took advantage of what we have learned during the pandemic about the benefits of online interaction. This has enabled us to offer a more flexible blend of face-to-face and online interaction and is informing ongoing improvements to our work.

students they serve, was challenging period.

Victoria Pope, MEI Chair of Trustees

Charlie Stripp, MEI Chief Executive

3

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

MEI is a company limited by guarantee and governed by its Memorandum and Articles of Association, a revised version of which was agreed at the AGM on 1 July 2011. MEI is registered as a charity with the Charity Commission.

Trustee appointment, induction and training

The Chair of the Trustee Board is Professor Victoria Pope, who has been Chair since September 2019.

Trustee nominations are the responsibility of the Board and are made as opportunities arise, to meet perceived needs. The proportion of trustees who have a background in mathematics or education is close to one-

One trustee was appointed by the Board in the year leading up to the 2021 AGM and he was elected by members at that AGM. All of the current trustees are now subject to the rule agreed at the June 2019 AGM that trustees should serve for a maximum term of nine years from the date of their initial election at an AGM, with the possibility of a one-year extension if an exception is agreed by the Board and an AGM.

Since the 2021 AGM the Board has appointed one new trustee and two trustees have retired for personal reasons.

A training and development programme for all trustees is organised by the Board Recruitment and Development Committee. Other development opportunities for individual trustees, shaped to suit individual needs, are also made available. New appointees undergo an induction process to ensure they understand the work of MEI and the requirements for charity trustees generally.

Organisation

The trustees met four times during the year as a full Board to direct strategy and policy, oversee performance and approve the annual operating budget. The Board has adopted a focused strategic approach that is subject to annual review.

In addition, the Board held one vote by email in January 2022 and one emergency meeting in February 2022 to discuss an urgent contractual matter.

The Board has disbanded the Emergency Committee set up at the beginning of the COVID-19 pandemic; it has not met since August 2020. The Board has agreed ways in which urgent decisions can be made outside of the scheduled Board meetings.

During the year the Board has had oversight of the gradual emergence from restrictions due to COVID-19 including: supporting teachers and students with COVID-recovery programmes; the reopening of the Trowbridge office with staff working to a flexible hybrid model; maximising the use of remote working technologies; establishing a balance between online and in person meetings; programme to include a mix of online and in person support for teachers.

The Board has subcommittees that have some delegated responsibilities and provide assurance to meetings of the full Board. These are: the Finance, Audit and Risk Committee; the Contracts Committee; the Remuneration Committee; the Board Recruitment and Development Committee. The Finance, Audit and Risk Committee was responsible for liaising with the external auditors on accounting matters and reviewing the internal control environment.

4

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

The Remuneration Committee has now been reconstituted as the Remuneration and Workforce Committee with new terms of reference to include oversight of human resources matters.

One trustee has specific responsibility for safeguarding and another for cybersecurity and GDPR and they provide assurance to the full Board at each meeting.

The trustees delegate responsibility for the operational management of day-to-day activity to the Chief Executive who directs the Senior Leadership Team for this purpose. The Senior Leadership Team consists of the Chief Executive, the Deputy Chief Executive, the Programme Leader for the AMSP, ur main work streams, the National Centre for Excellence in the Teaching of Mathematics (NCETM) Director for System Leadership and the Company Secretary.

Advisory committees for Curriculum and Resources and for Teacher Support continue. These committees do not need to be chaired by Board members, though they continue to include Board members and some outside advisers, as well as MEI staff. The role of the committees is to offer guidance and support to the work of the relevant programmes. The Board continues to enjoy the support of the MEI Advisory Panel chaired by Professor Richard Craster of Imperial College.

The Board has established two task and finish groups to take forward work in specific areas: a Governance Review Group has been reviewing the Articles and Charity Governance Code and a Fundraising Group strategy.

The Chief Executive and Deputy Chief Executive attend all Board meetings and other meetings as required. The Chief Executive has held three meetings of all staff during the year, and meetings of the Senior Leadership Team between Board meetings. Other meetings of groups of staff are held as required. Trustees are welcome to attend staff meetings and some choose to do so. Senior Leadership Team members attend Board meetings to provide a deep insight into their strand of work on a rotational basis.

The Board continues to assess its effectiveness and ensure it has the necessary skill sets to meet

Pay policy for key management personnel

The trustees consider that the key management personnel of the charity comprise the Board, the Chief Executive and Deputy Chief Executive to whom the trustees have delegated responsibility for the day-to-day running of activities. No trustee receives remuneration or other benefit from their work and 21 respectively.

T and Remuneration Committee, succeeded by a separate Remuneration Committee by the end of the year under report, with any recommended changes forwarded to the Board for approval. In view of the nature of the , salaries are benchmarked against pay levels and increases within the education sector, together with CPI inflation.

5

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

OBJECTIVES AND ACTIVITIES (INCORPORATING ACHIEVEMENTS AND PERFORMANCE)

The general objectives of MEI are to advance the education of the public in the field of mathematics and to promote links between education and industry in mathematics. MEI staff and trustees keep these firmly in mind, and also give due attention to the Charity Commission's general guidance on improve the quality of mathematics education are aimed to be of advantage to society generally and are therefore of clear public benefit.

MEI pursues its objectives through four distinctive but interconnected strands of work. More information follows under their headings: Curriculum and Resources, Student Engagement, Teacher Support, and Busine supports the work of these strands.

Advanced Mathematics

Support Programme (AMSP), which aims to increase participation in level 3 mathematics education and improve the teaching and learning of level 3 mathematics in England, and the National Centre for Excellence in the Teaching of Mathematics (NCETM), which coordinates the work of the national Network of Maths Hubs and the implementation of a Teaching for Mastery (TfM) pedagogy for are funded by the Department for Education strands of work discussed below. The work of the NCETM is contained within the Teacher support strand.

Curriculum and Resources

resources platform.

MEI continued its partnership with the awarding organisation OCR to support the teaching of OCR(MEI) specifications.

A textbook for the OCR(MEI) Core Maths specifications was published by Illuminate Publishing in summer 2021.

MEI continued to provide Integral online resources for mathematics. Different versions of the Integral resources are available. These are tailored for all English mathematics A level specifications, for the Northern Ireland and Wales mathematics A level specifications, for two international mathematics A level specifications and for transition to university. Integral subscriptions numbers grew through the year, with over 800 schools and colleges subscribing in 2021/22. In response to COVID-19, MEI introduced a cut price revision offer for the Integral resources for schools and students.

and Core Maths students. Over 100 students have engaged with this assessed term-long course. We have also updated the free selfstudents based on feedback from schools. In addition to this we have been working with the -school club targeted at disadvantaged students in Key Stage 3 to develop their data science skills.

6

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

MEI continued its work with Imperial College to support students in state schools aiming to achieve an A* at A level in both Maths and Further Maths. The online A level Further Mathematics course is now complete and internationally accessible through the EdX platform. MEI has provided two days of workshops for each of four cohorts of mentor supported students. The associated online support programme for teachers for the Further Maths units is in development and due for launch in autumn 2022.

MEI responded to a consultation from the DfE, giving expert advice on issues affecting mathematics teaching and assessment and also published a discussion paper about assessment in mathematics, considering issues relating to assessment, some of which had come into the spotlight due to the COVD-19 pandemic. The discussion paper will be followed up with a position paper on curriculum and assessment in mathematics, to be published in early summer 2022.

Student Engagement (SE)

The Student Engagement (SE) strand aims to increase the numbers of students who choose to study level 3 mathematics post-16. This strand was previously called the Raising Participation strand; the new name is felt to more clearly reflect the focus of the work of the team, although raising participation is of course still a key goal.

After the disruption caused by the COVID-19 epidemic, extensive work was carried out to develop a range of new resources and activities to support raising participation in level 3 mathematics. This was a very successful programme of activity, but once schools reopened we have also been working on moving back towards many of the activities that we had carried out previously including face-to-face activities with students.

The online support for transition between educational phases (i.e. from GCSE Maths to post-16 study, and from A level Maths to STEM undergraduate study) continues and has been relaunched for 2022. The courses had excellent feedback last year, for example:

Through its AMSP work, MEI:

7

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

k the views

of students and young people aged 16 26 about their experiences of mathematics education and how MEI might further develop our activity in this area. The panel will meet for the first time in July 2022.

Teacher Support

Support strand supports the professional development of teachers of mathematics. Teacher support is a major element of the AMSP, and most of the professional development opportunities MEI provides for teachers of KS4 and level 3 mathematics are delivered through that programme.

MEI extends its influence on mathematics education through its direct involvement in the Mastery (TfM) approach to mathematics teaching in primary and secondary schools throughout England is having a substantial impact. The implementation of the TfM programme is coordinated by Key stage 1 to Key stage 4. For level 3 mathematics post-16, the Maths Hubs continue to help promote the work of the AMSP and collaborated with the AMSP on national projects to support teachers of A level Mathematics and Core Maths.

Despite the ongoing disruption and uncertainty about restrictions this year due to the pandemic, professional development programmes have included some in-person and blended delivery in addition to our established online programmes. Our extensive offer ranged from stand-alone one-hour online sessions to sustained courses delivered in-person or through a blend of online and in-person interactions over several months.

Through the work of the AMSP, more than 650 teachers of level 3 mathematics took part in sustained professional development courses. Alongside these sustained programmes, shorter professional development programmes provided approximately:

The NCETM provided extended professional development programmes to train:

Through the TfM programme, the NCETM provided extended TfM professional development to teachers in:

grow. During the year, teachers from more than 11,500 schools, over half of all state-funded schools in England, engaged with professional development through their local Maths Hub.

8

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

in-person summer conference was replaced by a two-day online conference again this year. In the same way as last year, it was intended that as many teachers as possible should benefit from the event, so MEI provided it free of charge. There were more than 900 participants. The event received excellent feedback, with many teachers commenting that they appreciated the opportunity to attend online. In addition, we hosted a series of free twilight webinars in the spring to . Over 450 teachers registered for the event.

curriculum materials for teachers of mathematics at key stages 3 and 4. These materials are intended urriculum and develop their pedagogical knowledge to help them to apply the TfM approach.

MEI has continued to provide bespoke professional development for most of the DfE-funded Further Education Centres for Excellence in Maths programme, supporting almost 25 FE Colleges this year.

Business Development and Communications

nd

ofile, strengthen its

brands, and promote its services, including those offered by programmes managed by MEI. A key achievement in 2021-22 was the redevelopment of , and in July 2021 an additional team member was recruited to provide additional capacity in this area.

Work to implement continued throughout the year, culminating in the decision to focus greater effort on this aspect To release capacity for this, the activities, moved into the Operations and Finance strand. The role of Director for Business Development and Communications, was redefined as Director for Business Development and Fundraising, with responsibility for activities.

The Trustees have assessed the requirements of the Charities (Protection and Social) Act 2016 in relation to disclosures concerning fundraising standards. MEI invites donations from the public but consider detailed disclosures about fundraising to be necessary.

Operations and Finance

Operations and Finance teams provide financial, administrative, IT, HR and facilities services and its activities.

MEI staff returned to the office in September 2021 under hybrid working arrangements agreed in consultation with staff. There was little disruption to business during the subsequent lockdown and the new working arrangements have embedded well.

MEI undertook a formal consultation with staff to introduce a revised contract of employment including flexible-working terms for operations staff. This was rolled out to MEI employees from September 2021.

MEI is an equal-opportunities employer and ensures that all employment applications, training opportunities, and promotions are equally accessible to all individuals regardless of physical ability, gender identity, ethnicity, or other protected characteristics.

9

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

MEI continues to develop its IT systems and platforms. We completed the migration of websites, data systems and online platforms to Microsoft Azure with the support of its IT infrastructure partner Assured Digital Technologies (ADT), rolled-out out an integrated charge card system for travel and expenses management, and introduced an online HR portal for staff.

MEI again achieved ISO 9001 Quality Management, ISO 14001 Environmental Management and Cybersecurity Essentials+ accreditations.

Purple Lime continued to work as Finance partner and Veale Wasbrough Vizards (VWV) as legal partner.

Advanced Mathematics Support Programme (AMSP) and National Centre for Excellence in the Teaching of Mathematics (NCETM) DfE contracts

MEI holds the contract with the DfE to lead and manage the AMSP, with Tribal as the major subcontractor and delivery partner. The NCETM contract is held by Tribal education, with MEI as the major subcontractor and delivery partner.

The AMSP had a very successful year, meeting all of its key performance indicators for 2021-22. The NCETM also had a strong year. All NCETM targets relating to primary school mathematics were met, and significant progress was made towards meeting secondary school targets.

Both programmes continued to adapt the support provided in response to the ongoing disruption due to the pandemic. Much of the support continued to be provided online, to maximise engagement while it remained difficult for teachers and students to attend face-to-face.

Financial Review

8 6). This 12% increase in income is as a direct result of the AMSP contract being on a costrecovery basis. The costs incurred in running the programme were increased during the period as a result of the resurgence from the COVID pandemic.

The Statement of Financial Activities continues to be dominated by the AMSP which accounted for 88% of income and 85% of expenditure. The Trustees continue to explore opportunities to diversify

The Balance Sheet remains in a strong position with total

funds as all programmes with restricted funding were on a cost recovery basis or were concluded at the year end. The level o

as a designated fund to meet the immediate needs of AMSP funded activities should government funding cease.

The Financial performance reported for the year has exceeded budgeted expectations which resulted in a surplus for the period.

framework remains robust and effective, with sound internal controls. ISO 9001 and ISO 14001 certifications were maintained.

Plans for future periods

Consistent with our Strategic Goals, over the coming year we will concentrate our efforts across the following five priorities:

10

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

a) Developing the AMSP to meet the requirements of the new contract

The new AMSP contract requirements are for a continuation of the current programme, but with increased emphases on:

A new requirement is to develop a team of Core Maths Specialist Leads to support schools/colleges across England to develop their Core Maths provision.

b) Developing the NCETM to meet the requirements of the new contract

Additional requirements are to work with Further Education colleges to improve the teaching of GCSE Mathematics resit, and a more explicit school impro

reinforced, with a target that 75% of primary and 65% of secondary schools have engaged with the programme by 2025.

c) Leading developments in mathematics education and informing policy

independent curriculum development work to

As part of our leadership role in the AMSP, NCETM and Maths Hub programmes we will provide expertise on mathematical education to the DfE.

d) Generating funding that is independent of government contracts

We will amend our organisational structure, as set out in e), below, to develop our fundraising capacity and focus our fundraising efforts, in line with the recommendations of the Fundraising Task and Finish Group.

We will also ensure that we are alert to any opportunities to carry out funded work that

11

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

e) Continuing to develop our organisational structure and roles, operational systems and digital infrastructure

security and efficiency.

We will complete work to amend our financial administration and reporting systems to enable a more project-

effectively towards meeting our charitable objectives.

will move from what was formerly the the Operations & Finance strand to Business Development & Fundraising.

Principal risks and uncertainties

MEI continues to operate in an environment of significant and rapid change. In light of the importance of STEM skills to the economy, MEI trustees are confident that improving mathematics education will continue to be a strong priority for government. There is always risk, however, that the government changes its approach to supporting mathematics education, or that MEI does not win a future large contract. The Board has agreed that diversification of funding is a key priority for MEI and increased capacity to achieve this.

MEI has a structured and well documented approach to risk assessment and management. Operational and strategic risks are subject to continuous review and assessment at both Senior Leadership Team and Board level, to ensure that controls are adequate and appropriate mitigation action is in place.

A strong governance framework of control and monitoring measures is in place throughout the business to ensure delivery of all contractual objectives and obligations, including staff welfare. We continually work to improve

Balance Sheet is strong and financial resilience is good. budget process is robust and challenging and financial performance versus budget is closely monitored at Senior Leadership Team and Board level. The Board reviews its reserve policy annually in line with quantified needs and cash flow is very closely managed.

Trustees recognise the importance of highly professional and experienced staff in delivering its strategic objectives. Recruitment and retention policies are constantly reviewed to ensure best practice. Investment is made in individual training and development programmes as required. Regular staff surveys help shape HR strategy

The Board assesses its effectiveness in carrying out its statutory functions and ensures that any gaps in required skills and experience are identified and addressed. The Board ensures compliance with new statutory and legal obligations, and remains abreast of best practice.

Effective corporate governance is essential as MEI grows in both size and complexity and as statutory and legal obligations become more demanding. MEI will continue to ensure internal controls are sound and seek independent assurance from the auditors regarding their adequacy.

12

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

Reserves Policy

The Board reviews its reserves policy on an annual basis and recognises that the review is an important part of its governance framework and forward financial planning.

The Trustees regard the 2021/22 level of reserves to be prudent and justified in relation to ongoing stakeholders that MEI is well led, well managed and prudently run. Unrestricted reserves provide security against foreseeable developments, a sensible contingency for unforeseen events and enable MEI to take advantage of viable opportunities to enhance resources and skills in the promotion of charitable objectives.

The Trustees maintain a designated unrestricted reserve to ensure MEI could manage the transition from the AMSP contract in a controlled way should Government funding cease. They also ensure MEI could honour internal staff and third-party commitments (especially to students and teachers) and,

The Trustees consider it prudent to maintain a minimum level of general unrestricted reserves -house running costs, excluding AMSP costs. Additional unrestricted reserves are maintained to cover unforeseen developments and fund potential investment in resources.

At the reporting date the value of general unrestricted funds less tangible fixed assets (or was This reserves policy requires the Charity to maintain a minimum level of (2020: .

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of MEI for the purposes of company law) are responsible for preparing and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

13

Mathematics in Education and Industry for the year ended 31 March 2022 (continued)

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the char Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditors

Auditors will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

was approved by order of the board of trustees, as the company directors, on and signed on the board's behalf by:

.........................................................

Keith Proffitt Company Secretary

14

Mathematics in Education and Industry Report of the Independent Auditors to the Members of Mathematics in Education and Industry

Opinion

the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement the related notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements

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 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 charitable company'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.

15

Mathematics in Education and Industry Report of the Independent Auditors to the Members of Mathematics in Education and Industry (continued)

Other information

The other The trustees are responsible for the other information 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustee Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

(who are also the directors of the charitable company 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.

16

Mathematics in Education and Industry Report of the Independent Auditors to the Members of Mathematics in Education and Industry (continued)

In preparing the financial statements, the trustees are responsible for assessing the charitable disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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 aud 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the charitable company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with employment law and charities and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommend Practice 2019 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

17

Mathematics in Education and Industry Report of the Independent Auditors to the Members of Mathematics in Education and Industry (continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available at: https://www.frc.org.uk/auditorsresponsibilities

Use of our report

as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we er purpose. To the fullest extent permitted by law, we do not accept or members as a body, for our audit work, for this report, or for the opinions we have formed.

James Gare (Senior Statutory Auditor) For and on behalf of Monahans Statutory Auditors Chartered Accountants Fortescue House Court Street Trowbridge Wiltshire BA14 8FA

18

Mathematics in Education and Industry Statement of Financial Activities (incorporating an Income and Expenditure Account) for the year ended 31 March 2022

Unrestricted
funds
Notes
Income from:
Donations and legacies
3
40
Other trading activities
4
425,314
Investments
5
83
Charitable activities
6
Curriculum and Resources
92,952
Teacher Support
291,884
Advanced Mathematics Support Programme
61,416
Total income
871,689
Expenditure on:
7
13,718
Charitable activities
8
Curriculum and Resources
727,808
Teacher Support
163,939
Business Development and Communication
144,161
Advanced Mathematics Support Programme
48,701
Total expenditure
1,098,327
(226,638)
Transfers between funds
20
132,543
Net movement in funds
(94,095)
Reconciliation of funds
Total funds brought forward
1,369,319
Total funds carried forward
1,275,224
Raising funds
Net income / (expenditure)		 Restricted
funds
-
-
-
28,000
259,544
7,808,757
8,096,301
-
28,000
259,544
-
7,676,214
7,963,758
132,543
(132,543)
-
-
-		 Total
funds
2022
40
425,314
83
120,952
551,428
7,870,173
8,967,990
13,718
755,808
423,483
144,161
7,724,915
9,062,085
(94,095)
-
(94,095)
1,369,319
1,275,224		 Total
funds
2021
restated
579
415,267
183
196,343
385,597
7,122,719
8,120,688
39,578
467,668
460,585
80,254
7,036,781
8,084,866
35,822
-
35,822
1,333,497
1,369,319

The statement of financial activities includes all gains and losses recognised in the year.

All incoming resources and resources expended arise from continuing activities, comparative figures for each fund class are provided in the notes to the accounts.

The notes form part of these financial statements

Mathematics in Education and Industry Balance Sheet as at 31 March 2022

Registered company number: 03265490 (England and Wales)

Notes
Fixed assets
Tangible assets
15
Current assets
Debtors
16
Cash at bank and in hand
Liabilities
Creditors falling due within one year
17
Net current assets
Total assets less current liabilities
Net assets
Funds
Unrestricted funds
20
Total funds		 2022
65,676
1,070,900
1,311,497
2,382,397
(1,172,849)
1,209,548
1,275,224
1,275,224
1,275,224
1,275,224		 2021
55,768
888,025
1,672,499
2,560,524
(1,246,973)
1,313,551
1,369,319
1,369,319
1,369,319
1,369,319

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

behalf by:

...................................................... Victoria Pope - Trustee

...................................................... Richard Smith-Morgan - Trustee

The notes form part of these financial statements

Mathematics in Education and Industry Cash Flow Statement for the year ended 31 March 2022

2022
Notes
Cash inflow / (outflow) from operating activities
24
(329,648)
Cashflows from investing activities:
Interest income
83
Purchase of tangible fixed assets
(31,437)
Cash inflow / (outflow) from investing activities
(31,354)
Increase / (decrease) in cash at bank and in hand during the year
(361,002)
Cash balances at the start of the financial year
1,672,499
Cash balances at the end of the financial year
1,311,497		 2021
(11,552)
183
(29,952)
(29,769)
(41,321)
1,713,820
1,672,499

The notes form part of these financial statements

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation in the preparation of the financial statements are as follows:

a) Accounting convention

MEI is a charitable company registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to per member of the charity. The address of the registered office is given in the reference and administration details on page 2 of these financial statements. The nature of the operations and principal activities are detailed within the Report.

MEI meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared on a going concern basis under the historical cost convention, and in accordance with accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011.

b) Income recognition

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from grants, whether capital or revenue, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Interest receivable on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

All other income is recorded on an accruals basis except for subscriptions and website income that are accounted for on a receipts basis.

c) Expenditure recognition

Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under the following headings:

Costs of raising funds comprise the costs incurred in attracting donations and legacies, and those incurred in trading activities to raise funds.

Charitable activities comprise both direct costs, grants payable and support costs relating to these activities.

Irrecoverable VAT is charged against charitable activities in proportion to indirect costs that have been incurred.

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

Grants payable to third parties are within the charitable objectives. Unconditional grants are accrued during the period to which they relate, according to the agreed payment schedule, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

d) Allocation of support costs

Support costs include central functions and governance costs and have been allocated on a basis consistent with the use of resources, e.g. by the time spent or the estimated usage. Details of support costs allocated are set out in note 10.

e) Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property 5 years on straight line basis
Fixtures and fittings 4 years on straight line basis
Office equipment 4 years on straight line basis

Fixed assets are stated at original cost or, if donated, the value at date of receipt, less accumulated

f) Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

g) Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds are a category of unrestricted fund, designated by Trustees for a specific future purpose.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in note 20.

h) Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

i) Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease.

j) Going concern

MEI was awarded a contract for an enhanced Additional Mathematics Support Programme (AMSP) which is effective from 1 May 2018 to 31 July 2022. Since the period end, this contract has been retendered and awarded to MEI from 1 July 2022 to 31 July 2024, with a possible further extension for 12 months. The Trustees are confident that they have robust strategies in place, as set out in the reserves policy in the trustees report, enabling the charity to continue to adopt the going concern basis in preparing the financial statements.

k) Cash at bank in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

l) Debtors receivable and creditors payable

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

2 Fund comparatives

Income from:
Donations
Other trading activities
Investment income
Charitable activities
Curriculum and Resources
Teacher Support
Advanced Mathematics Support Programme
Total income
Expenditure on:
Raising funds
Charitable activities
Curriculum and Resources
Teacher Support
Business Development and Communication
Advanced Mathematics Support Programme
Total expenditure
Net income / (expenditure)
Gross transfers between funds
Net movement in funds		 Unrestricted
funds
Restricted
funds
2021
2021
579
-
415,267
-
183
-
144,343
52,000
81,309
304,288
70,428
7,052,291
712,109
7,408,579
39,578
-
415,668
52,000
156,297
304,288
80,254
-
39,839
6,996,942
731,636
7,353,230
(19,527)
55,349
55,349
(55,349)
35,822
-		 Total
funds
2021
restated
579
415,267
183
196,343
385,597
7,122,719
8,120,688
39,578
467,668
460,585
80,254
7,036,781
8,084,866
35,822
-
35,822

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

3
Member subscriptions
4
Digital resources income
Educational & publication sales
Royalties receivable
5
Deposit account interest
Other trading activities
Investment income
Donations and legacies		 2022
40
40
2022
410,785
2,762
11,767
425,314
2022
83		 2021
579
579
2021
392,828
7,136
15,303
415,267
2021
183
2021 total activities 7,087,011 342,988 11,183 49,836 60,249 54,775 98,617 7,704,659
2022 total activities 7,826,106 362,696 3,571 46,652 117,922 84,519 101,087 8,542,553 2021
7,035,011
52,000
-
-		 7,087,011
Advanced Mathematics Support Programme
7,742,217		 - - - - 65,909 62,047 7,870,173 2022
7,742,217
28,000
18,789
37,100		 7,826,106
Curriculum and
Teacher		 Resources
Support		 Grants
46,789
37,100		 Contract income
-
362,696		 Miscellaneous
3,571
-		 Consultancy income
46,652
-		 Conference and training days
-
117,922		 Professional development courses
-
18,610		 Student courses
23,940
15,100		 120,952
551,428		 Grants received, included in the above, are as follows:
Department for Education - Advanced Mathematics Support Programme
Nesta
Silicon Valley Community Foundation
University College London

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

7 Expenditure on raising funds

Fundraising expenditure 2022
13,718
13,718		 2021
restated
39,578
39,578

8 Charitable activities costs

Curriculum and Resources
Teacher Support
Business Development and Communication
Advanced Mathematics Support Programme
9
Advanced Mathematics Support Programme
Grants payable		 Direct costs
608,488
288,198
85,679
3,511,233
4,493,598		 Grant
funding of
activities
(See note 9)
-
-
-
3,554,576
3,554,576		 Support
costs
(See note 10)
147,320
135,285
58,482
659,106
1,000,193
2022
3,554,576
3,554,576		 Totals
755,808
423,483
144,161
7,724,915
9,048,367
2021
3,473,839
3,473,839

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

9 Grants payable - continued

The total grants payable to institutions during the year were as follows:

AMSP - East 1 - University of Cambridge
AMSP - East 2 - University of Essex
AMSP - East 2 - CAM Academy Trust, Comberton
AMSP - East 3 - University of Hertfordshire
AMSP - East Midlands 1 - Loughborough University
AMSP - East Midlands 2 - University of Nottingham
AMSP - East Midlands 3 - University of Northampton
AMSP - East Midlands 4 - University of Lincoln
AMSP - East Midlands 5 - Sir Isaac Newton Sixth Form - Norwich
AMSP - London 1 (South West) - Kingston University
AMSP - London 2 (Central & North) - University College London
AMSP - London 2 (Central & North) - Imperial College London
AMSP - London 4 - Institute of Education
AMSP - London 5 -London Academy of Excellence
AMSP - North East - Gateshead Council
AMSP - North West 1 - University of Liverpool
AMSP - North West 2 - University of Manchester
AMSP - North West 3 - Lancaster University
AMSP - North West 4 - Xaverian College
AMSP - North West 5 - South Lakes Federation
AMSP - North West 6 - St Patrick's RC High School
AMSP - South East 1 - Edgbarrow School
AMSP - South East 2 - University of Oxford
AMSP - South East 3 - Worthing College
AMSP - South East 4 - University of Greenwich
AMSP - South East 5 - Canterbury Academy
AMSP - South West 1 - Plymouth University
AMSP - South West 2 - Poole Grammar School
AMSP - South West 2-1 - University of Bath
AMSP - South West 3 - Hardenhuish School
AMSP - West Midlands 1 - University of Wolverhampton
AMSP - West Midlands 2 - Keele University
AMSP - West Midlands 3 - University of Warwick
AMSP - West Midlands 4 - University of Birmingham
AMSP - West Midlands 5 - Bishop Challoner Catholic College
AMSP - West Midlands 6 - Worcester University
AMSP - Yorks and Humber 1-3 - University of Leeds
AMSP - Yorks and Humber 4 - University of Sheffield
AMSP - Yorks and Humber 4 - King Ecgbert School
AMSP - Subcontracted Costs - Tribal Education Ltd		 2022
2021
47,540
50,914
116,480
93,140
47,540
53,322
47,540
46,237
47,540
46,237
95,080
82,169
47,540
46,237
47,540
46,237
47,540
46,237
54,011
61,650
-
2,962
28,128
-
22,597
32,429
49,392
48,835
206,007
200,361
79,234
77,062
63,387
61,650
43,578
42,384
79,234
77,062
31,693
30,824
31,693
44,878
79,234
77,062
47,540
46,237
39,616
38,531
76,962
65,116
63,387
73,981
47,540
46,237
79,234
72,378
39,616
38,531
47,540
46,237
43,658
31,902
79,234
77,062
47,540
46,237
11,919
46,237
47,540
46,237
47,540
46,237
171,725
138,712
1,294
15,413
47,540
46,237
1,302,624
1,284,428
3,554,576
3,473,839

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

10 Support costs

Wages & pensions
Travel & subsistence
Rent & rates
Postage & stationery
Insurance
Telephone
Light & heat
Sundries
Bank charges
IT support
Repairs
Depreciation
Governance (see note 11)		 CR
97,250
-
3,822
944
1,218
1,348
446
1,965
436
13,905
1,658
21,529
2,799
147,320		 TS
107,867
-
3,822
944
1,218
1,348
446
1,965
436
13,905
1,658
-
1,676
135,285		 AMSP
374,776
-
37,987
9,378
12,103
13,400
4,435
19,531
4,330
138,205
16,478
-
28,484
659,107		 BDC
29,948
-
979
242
312
345
113
503
112
3,561
425
-
21,941
58,481		 2022
609,841
-
46,610
11,508
14,851
16,441
5,440
23,964
5,314
169,576
20,219
21,529
54,900
1,000,193		 2021
614,573
6,964
45,349
11,315
19,948
7,240
2,321
10,505
5,950
108,063
5,382
17,281
14,842
869,733

Support costs have been allocated between charitable activities on the basis of either time spent or the estimated usage of each expense. Some costs have been allocated in full, where they have been identified as specifically relating to a charitable activity.

Key:

CR - Curriculum and Resources

TS - Teacher Support AMSP - Advanced Mathematics Support Programme BDC - Business Development and Communication

11 Governance costs

Board meetings and expenses
Professional fees
Auditors' remuneration
Auditors' remuneration for non-audit work		 2022
1,874
42,843
8,725
1,458
54,900		 2021
972
5,870
8,000
-
14,842

12 Net income / (expenditure) for the year

This is stated after charging / (crediting):

2022 2021
Auditors' remuneration 8,725 8,000
Auditors' remuneration for non-audit work 1,458 -
Depreciation 21,529 17,281
Operating lease rentals 40,169 40,269

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

13 Analysis of staff costs and employee benefits, trustee and key management personnel remuneration and expenses

Wages and salaries
Social security costs
Other pension costs		 2022
2021
3,394,091
3,092,035
338,483
309,880
230,551
214,601
3,963,125
3,616,516

The above costs include in respect of part-time tutors (2021: Including these tutors the average head count during the year was 177 staff (2021: 187 staff), these employees were distributed as follows:

Charitable - full-time Charitable - full-time Charitable - full-time 2022
2021
62
57
Charitable - part-time tutors 103
118
Governance and support 12
12
177
187
2022
2021
The number of employees who received total employee benefits (excluding employer pension
4
5
1
2
2
1
-
-
1
1
8
9

No trustee was paid nor received any other benefit from employment with the charitable company during either the current or preceding year. During the year no (2021: one) Trustees were

The key management personnel of the charitable company comprises the trustees, the Chief Executive and Deputy Chief Executive to whom responsibility for the day-to-day activities of the charitable company is delegated. The total employee benefits received by key management

14 Pension costs

The charity contributes to the employees' personal pension schemes which are defined contribution schemes. The charge for the year was (2021: and there was an amount of

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

15 Tangible fixed assets

Cost
At 1 April 2021
5,700
Additions
-
Disposals
-
At 31 March 2022
5,700
Depreciation
At 1 April 2021
5,700
Charge for year
-
Eliminated on disposal
-
At 31 March 2022
5,700
Net book value
At 31 March 2022
-
At 31 March 2021
-
16
Trade debtors
Prepayments and accrued income
Other debtors
Debtors
Improvements to
property		 4,859

-

-
4,859
4,859

-

-
4,859

-

-
Fixtures
and fittings		 128,457
31,437

-
159,894
72,689

21,529

-
94,218
65,676
55,768
2022
970,277
100,623
-
1,070,900
Office
equipment		 Totals
139,016
31,437
-
170,453
83,248
21,529
-
104,777
65,676
55,768
2021
673,977
211,823

2,225
888,025

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

17 Creditors: amounts falling due within one year

Trade creditors
Social security and other taxes
Accruals and deferred income
Other creditors		 2022
300,298
134,073
702,328
36,150
1,172,849		 2021
257,433
115,574
844,394
29,572
1,246,973

Included within accruals and deferred income are receipts in advance in respect of the MEI conference and contract income received in advance:

Deferred income at 1 April 2021
Incoming resources deferred in the current year
Amounts released from the previous year
Deferred income at 31 March 2022		 134,359
6,000
(106,441)
33,918

18 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Expiring:
Within one year
Between one and five years		 2022
14,583
-
14,583
Land and		 2021
35,000
-
35,000
buildings		 2022
2021
4,756
1,976
6,359
3,435
11,115
5,411
Other operating leases

19 Analysis of net assets between funds

Fixed assets
Current assets
Current liabilities		 Unrestricted
funds
65,676
2,382,397
(1,172,849)
1,275,224		 Restricted
funds
-
-
-
-		 2022
Total funds
65,676
2,382,397
(1,172,849)
1,275,224		 2021
Total funds
55,768
2,560,524
(1,246,973)
1,369,319

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

20 Movement in funds

Unrestricted funds:
General funds
Designated funds
AMSP Ancillary Activities
Restricted funds:
Department for Education - AMSP
Tribal Education Ltd - Mathematics
CPD Support Programme (NCETM)
Nesta
TOTAL FUNDS		 At 1 April
2021
996,635
372,684
1,369,319
-
-
-
-
1,369,319		 Net movement
in funds
(239,353)
12,715
(226,638)
132,543
-
-
132,543
(94,095)		 206,951
(74,408)
132,543
(132,543)
-
-
(132,543)
-
Transfers
between funds		 At 31 March
2022
964,233
310,991
1,275,224
-
-
-
1,275,224

Transfers between funds

Transfers have been made from restricted funds to account for internally recharged costs to funded programmes. The main constituent of these charges is to account for for recharging of capital expenditure on a revenue basis. The AMSP contract is operated on a cost recovery basis.

The value of funds required to be held as desginated reserves for the AMSP under the Charity's reserves policy is assessed each year. Any surplus or deficit funding is then transferred to/from general funds as required.

Net movement in funds, included in the above are as follows:

Unrestricted funds:
General funds
Designated funds
AMSP Ancillary Activities
Restricted funds
Department for Education - AMSP
Nesta
TOTAL FUNDS
Tribal Education Ltd - Mathematics CPD Support
Programme (NCETM)		 Incoming
resources
810,273
61,416
871,689
7,808,757
259,544
28,000
8,096,301
8,967,990		 Resources
expended
(1,049,626)
(48,701)
(1,098,327)
(7,676,214)
(259,544)
(28,000)
(7,963,758)
(9,062,085)		 Movement in
funds
(239,353)
12,715
(226,638)
132,543
-
-
132,543
(94,095)

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

20 Movement in funds - continued

The tables below include comparative figures for movements in funds during the year ended 31 March 2021.

Unrestricted funds:
General funds
Designated funds
AMSP Ancillary Activities
Restricted funds:
Department for Education - AMSP
Tribal Education Ltd - Mathematics
CPD Support Programme (NCETM)
Nuffield Foundation
TOTAL FUNDS		 At 1 April
2020
989,767
343,730
1,333,497
-
-
-
-
1,333,497		 Net movement
in funds
(50,116)
30,589
(19,527)
55,349
-
-
55,349
35,822		 56,984
(1,635)
55,349
(55,349)
-
-
(55,349)
-
Transfers
between funds		 At 31 March
2021
996,635
372,684
1,369,319
-
-
-
1,369,319

Net movement in funds, included in the above are as follows:

Unrestricted funds:
General funds
Designated funds
AMSP Ancillary Activities
Restricted funds
Department for Education - AMSP
Nuffield Foundation
TOTAL FUNDS
Tribal Education Ltd - Mathematics CPD Support
Programme (NCETM)		 Incoming
resources
641,682
70,428
712,110
7,052,291
304,288
52,000
7,408,579
8,120,689		 Resources
expended
(691,798)
(39,839)
(731,637)
(6,996,942)
(304,288)
(52,000)
(7,353,230)
(8,084,867)		 Movement in
funds
(50,116)
30,589
(19,527)
55,349
-
-
55,349
35,822

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

20 Movement in funds - continued

Designated funds

AMSP Ancillary Activities

MEI operates services that are run in conjunction with the DfE funded Advanced Mathematics Support Programme (AMSP). The activities mainly relate to the provision of online tuition to students. Cumulative surpluses to date on these activities are designated by the Trustees to be utilised in the event that the AMSP contract is ended, in order to allow for a more gradual wind down of the Programme than may otherwise be necessary.

Restricted funds

The Department for Education Advanced Mathematics Support Programme (AMSP)

The Advanced Mathematics Support Programme is a government-funded initiative, managed by MEI. It aims to increase participation in Core Maths, AS/A level Mathematics and Further Mathematics, and improve the teaching of these qualifications. This is achieved using a central team of staff and with coordinators who each cover an area of England. The programme provides direct support for teachers and students in state-funded schools and colleges. Additional support is offered in areas of low social mobility so that, whatever their gender, background or location, students can choose their best post-16 mathematics pathway and have access to high quality teaching.

Tribal Education Ltd - Mathematics CPD Support Programme (NCETM)

The Mathematics CPD Support Programme (the National Centre for Excellence in the Teaching of Mathematics (NCETM)) is a government-funded partnership led by Tribal Education Ltd. It aims to ensure all teachers of mathematics have access to high quality continuing professional development. MEI is funded to provide the Director for the Programme, Director of Strategy, and the Director For Secondary as well as mentoring and training services and participation in the governance structure.

Nesta

Nesta grant funding was received to support schools, colleges and remote learning EdTech providers to understand the needs of their learners in a remote context. The aims of the project are to support these organisations to develop innovative new ways to meet the needs of learners facing socioeconomic disadvantages.

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2022 - continued

21 Related party disclosures

There were no transactions with related parties during the year ended 31 March 2022 (2021: none). Travel and subsistence payments made to the Trustees during the year are disclosed at Note 13.

22 Ultimate controlling party

The trustees consider that the charity is jointly controlled by the trustees and that there is no ultimate controlling party.

23 Share capital

The company is limited by guarantee and does not have a share capital.

24 Reconciliation of net income / expenditure to net cash flow from operating activities

Net income / (expenditure)
Depreciation charges
Interest receivable
(Increase)/decrease in debtors
Increase in creditors
Net cash inflow / (outflow) from operating activities
Net funds
Cash at bank an in hand
Total
Analysis of changes in net funds		 2022
2021
(94,095)
35,822
21,529
17,281
(83)
(183)
(182,875)
515,302
(74,124)
(579,774)
(329,648)
(11,552)
2022
2021
1,070,900
888,025
1,070,900
888,025

25 Analysis of changes in net funds

26 Prior period restatement

expenditure on Charitable Activities. This resulted in no change to the reported net income or the unrestricted funds for the period,