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2023-03-31-accounts

Mathematics in Education and Industry

for the year ended 31 March 2023

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 14
Statement of Financial Activities 18
Balance Sheet 19
Cash Flow Statement 20
Notes to the Financial Statements 21

Mathematics in Education and Industry for the year ended 31 March 2023

Glossary

Glossary
AC Area Coordinator
AMSP Advanced Mathematics Support Programme
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 2023 (continued)

The trustees are pleased to present their annual report, together with the financial statements of the charity, for the year ended 31 March 2023. 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 Resigned 13 March 2023
James Coughlan Appointed 1 July 2022
David Hancox Appointed 13 March 2023
Timothy Jay
Mridul Khariwal Appointed 13 March 2023
Steven Labedz
Jade Otty Resigned 8 July 2022
Victoria Pope
Hashim Ramzam Appointed 1 July 2022
Richard Smith-Morgan Resigned 22 December 2022
Serena Tierney
Lowri Williams
Company Secretary Keith Proffitt
Chief Executive Charlie Stripp MBE
Auditors Sumer Audit
County Gate
County Way
Trowbridge
Wiltshire
BA14 7FJ
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 2023 (continued)

STATEMENT FROM THE CHAIR AND CHIEF EXECUTIVE

MEI has had a successful year. We secured new contracts to continue, and expand, our work through the Advanced Mathematics Support Programme (AMSP) and National Centre for Excellence in the Teaching of Mathematics (NCETM), both funded by the DfE. The AMSP now has an increased supporting teachers of maths in Further Education (FE) colleges. The new contracts are progressing well.

In addition to the new NCETM FE work, MEI bid successfully for a significant government grant to provide professional development for FE teachers of GCSE resit and Functional Skills mathematics. This programme has been established rapidly and is already meeting or exceeding expectations. We have also won contracts with Oak National Academy to provide lesson materials for the whole of the primary and secondary mathematics curricula, across Key Stages 1 4.

Alongside our DfE funded work, we continue to influence national thinking on mathematics education. curriculum development work has included designing and piloting innovative data science education programmes and publishing a position paper on curriculum and assessment in mathematics.

rk as a charity improving maths education for all.

Victoria Pope, MEI Chair of Trustees

Charlie Stripp, MEI Chief Executive

3

Mathematics in Education and Industry for the year ended 31 March 2023 (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

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 one-third

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 April 2022 three trustees have retired, including the Finance Trustee. Two new trustees were appointed by the Board and subsequently elected at the 2022 AGM. Two more trustees, including a Finance Trustee, have been appointed by the Board since the 2022 AGM. Recruitment is currently underway to recruit a new trustee with expertise in Further Education, bringing the number of trustees to 12.

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.

The emerging pattern is that the Board meets in person twice a year and online for the other two meetings. One of the in person meetings planned for March 2023 had to be moved online due to a train strike.

In addition, the Board held an emergency meeting in June 2022 to authorise signing of the AMSP contract. Votes taken by email between Board meetings are recorded in the minutes of the next meeting of the Board.

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 and Business Development Committee; the Remuneration and Workforce 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.

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

4

Mathematics in Education and Industry for the year ended 31 March 2023 (continued)

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, the Directors ching 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. A new Young Persons Consultative Panel has been set up to advise on MEI's work, most particularly in the area of Student Engagement.

Two task and finish groups concluded their work during the year. The Governance Review Group had originally been set up to . More recently it has overseen a revision of the Articles which will be put to members in the late summer. It has also recommended a new approach to how the Board and SLT receive advice from external stakeholders on key issues. The Fundraising Group

has now been subsumed into the Contracts and Business Development Committee.

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 and other key colleagues 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.

Remuneration and Workforce Committee with any recommended changes forwarded to the Board for approval. In view of the nature education sector.

5

Mathematics in Education and Industry for the year ended 31 March 2023 (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 Business Development and Fundraising Finance functions support the work of these strands.

Continuing major parts are the leadership and management of the 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) are funded by the Department for Education strands of work discussed below. This year we also secured a two-year DfE grant to provide CPD for teachers of mathematics in FE colleges, and a two-year contract with the government-funded Oak National Academy to develop full curriculum packages for Primary and Secondary mathematics.

Curriculum and Resources

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

MEI continued to provide Integral online resources for mathematics. Alongside the traditional maths and further maths support for A levels in England, Wales, NI, and the two international specifications, we have added subscriptions/courses to support trainee teachers and students in Higher Education. Subscription levels remain strong despite budget cuts; Just under 900 schools/colleges around the world subscribed to A level resources, 12 universities to HE resources, and a combination of 3 ITT providers and 6 trainees to the ITT resources. For individual student subscribers, we had 182 subscriptions. A new 'Revision Subscription' offer ran from Feb 1 offering 50% off a full year valid through to June 30 which accounted for 29 new school subscribers and 65 student subscribers.

During 22/23 Core Maths students. Over 100 students have engaged with this assessed term-long course and 33 students completed the assessments. From September 2022 to March 2023 MEI was contracted by East Kent College Group to create data skills courses for adult learners. We created and delivered 6 short courses, at level 2 or 3, and supplied the materials to EKC Group for further dissemination. The courses are well received and we intend to use these materials in future, possibly for MEI staff.

6

Mathematics in Education and Industry for the year ended 31 March 2023 (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 has now been launched and a face to face day is planned in summer 2023.

MEI ran a national FE Maths Challenge, grade 4 in GCSE Mathematics in KS4 and so were working towards GCSE resit post-16. This is the only national maths competition running for these students and it had high participation with 12 regional lead colleges, 61 colleges, and 25,000 students competing. Feedback from students suggests that the FE Maths Challenge is having a positive impact helping to improve students confidence in maths and so helping them to succeed.

A position paper on curriculum and assessment in mathematics was published in 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.

In the last year the work in this strand has returned to the usual profile of activity, subsequent to the changes in provision that were put in place during the disruption caused by the COVID-19 epidemic. That said, many of the resources developed during this time are still available to students and add an extra dimension to the profile of activity; this includes the free Essential Skills , Transition to A level and Transition to University online courses. Typical comments in the feedback from these courses:

attainment

and is interesting and engaging at each level. Our prospective students have re (Year 12 teacher)

Further Maths at A level and was anxious going to university behind. However, using this course has boosted my confidence and belief in myself, putting

(Student on University Transition course)

Through its AMSP work, MEI:

7

Mathematics in Education and Industry for the year ended 31 March 2023 (continued)

The newly established continues its work to seek 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 met three times in 2022-23 academic year, with an MEI Trustee attending one of these as an observer. Work from the panel so far has supported evaluation of -zine resources; feedback from university projects ; and discussion of the possible implications of the initiative.

Teacher Support

from KS2/3 transition to all aspects of post-16 mathematics in schools and colleges. Teacher support o support teachers of KS4 and level 3 mathematics is mainly delivered through that programme.

MEI extends its influence on mathematics education through its direct involvement in the he Teaching for 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 the NCETM through the Maths Hubs network and forms 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.

Throughout the year, as schools and colleges continued to recover from disruption caused by the - person support provided for teachers. Our highly regarded Teaching A level Mathematics (TAM) course, which features in-person study days and lesson observations, resumed in September 2022. We have continued to provide an extensive offer ranging 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, over 640 teacher places were provided and filled to complete a sustained professional development programme, over a period of at least 6 months, in the academic year 2021/22. During the four-month period from April 2022 to July 2022, the AMSP met and exceeded its teacher professional development KPIs for improving the teaching of A level further maths, A level maths, level 3 core maths, GCSE maths and supporting preparation for university entrance tests. Alongside the sustained programmes, shorter professional development programmes provided approximately 2700 teacher days of support.

During the eight-month period from August 2022 to March 2023, part way through the first year of the new AMSP contract, over 600 teachers enrolled on a sustained professional development programme and in addition, over 19,300 teacher hours of support (equivalent to 4825 teacher days) was provided through shorter programmes. We are on track to meet the professional development KPIs at the end of the first year of the contract in July 2023.

In September 2022, a national team of Core Maths Specialist Leads were recruited and began their training.

The NCETM provided extended professional development programmes to train:

8

Mathematics in Education and Industry for the year ended 31 March 2023 (continued)

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

grow. During the year, teachers from more than 12,000 schools, over 60% of all state-funded schools in England, engaged with professional development through their local Maths Hub.

-person event in summer 2022 after two years of replacement online conferences due to the pandemic. The conference was held at Keele University and was attended by 266 participants. The two-day event received excellent feedback. In addition, we work. This is the second time we have offered this online event. In spring 2022 over 450 teachers registered for the event however, this spring fewer than 170 teachers registered.

During the year, MEI was successful in winning a significant DfE grant to provide professional development for teachers of GCSE resit and Functional Skills Mathematics in Further Education Colleges. Work is now well underway and is making excellent progress.

Business Development and Fundraising

The Business Development and Fundraising (BD and F) strand supports and developing opportunities to generate income.

Work focused on securing a new contract for the AMSP; a DfE grant to provide Post-16 maths Continuous Professional Development to the Further Education Workforce (16-19 GCSE/FSQ resits); and two contracts for the Oak National Academy one for Primary Maths and the other for Secondary Maths. In addition work progressed on positioning MEI to obtain funding for specific projects MEI has identified as key priorities for maths education.

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, programme operations, marketing and communications, IT, HR and facilities services.

MEI is an equal-opportunities employer which 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 2023 (continued)

MEI continues to develop its IT systems and platforms. This year we progressed the implementation of a new event management system (EMS), linked to a customer relationship management system (CRM), working with a specialist partner. We launched online HR and training systems to facilitate leave booking, compliance training, PDRs and HR transactions. Further to this, we launched a new Integral website with the support of a UX and website design partner.

continues to strengthen its brands, and promote its services, including those offered by programmes managed by MEI.

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

We ran the biannual staff engagement survey, which found sustained high levels of staff engagement despite national trends towards reduced engagement scores.

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

In May 2022, MEI successfully retendered for the contract with the DfE to lead to manage the AMSP for a further two years, with the potential for a third year extension until July 2025. Tribal Education continue to be a 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, concluding the previous contract by meeting all of its key performance indicators for 2022-23. The transition to the new contact, which started on 1 August 2022, went smoothly. The AMSP support is now well established and respected by schools/colleges in England. There has been disruption to planned support resulting from rail, teacher and university lecturers strikes, however the AMSP team have managed these situations flexible and the AMSP is on course to meet or exceed all of its key performance indicators in 2023-24. The NCETM also had a strong year and is on course to meet its primary and secondary school targets for 2022-23.

Financial Review

In 2022/23 a surplus was generated of £16,799 (2021/22: deficit of £94,095). Total income increased to £9,933,863 (2021/22 £8,967,990) and total expenditure also increased to £9,917,064 (2021/22 £9,062,085). This 11% increase in income is a result of an increased level of activity under the new

The Statement of Financial Activities continues to be dominated by the AMSP which accounted for 84% of income and 84% of expenditure. The Trustees continue to explore opportunities to diversify

The Balance Sheet remains in a strong position with total reserves of £1,292,023 (2021/22: £1,275,224). All of these reserves are held within unrestricted funds as all programmes with restricted funding were on a cost recovery basis or were concluded at the year end. The level of reserves held 34,395 held as a designated fund to meet the immediate needs of funded programmes should funding cease.

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

10

Mathematics in Education and Industry for the year ended 31 March 2023 (continued)

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 priorities:

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. This view was reinforced by the announcement by the Prime Minister in January that We will move towards all 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

11

Mathematics in Education and Industry for the year ended 31 March 2023 (continued)

sound and seek independent assurance from the auditors regarding their adequacy.

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 2022/23 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 its major contracts in a controlled way should funding cease. They also ensure MEI could honour internal staff and third-party commitments (especially to students and teachers) and, importantly, s.

The Trustees consider it prudent to maintain a minimum level of general unrestricted reserves -house running costs, contracts with a minimum 3-month notice period. Additional unrestricted reserves are maintained to cover unforeseen developments and fund potential investment in resources.

A restricted access account requiring dual authority of two Trustees is in the process of being established. This account will hold a minimum balance of £500,000 to ensure liquidity requirements of key contracts are maintained.

At the reporting date the value of general unrestricted funds less tangible fixed assets was £897,454 (2022: £898,557). This reserves policy requires the Charity to maintain a minimum level of free reserves of £602,769 (2022: £599,177).

12

Mathematics in Education and Industry for the year ended 31 March 2023 (continued)

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.

The trustees are responsible for the maintenance and integrity of the corporate and financial 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.

ort was approved by order of the board of trustees, as the company directors, on 23 June 2023 and signed on the board's behalf by:

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

Keith Proffitt Company Secretary

13

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 2023 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.

14

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

Other information

The other informati 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.

15

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 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 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 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:

16

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 on the Financial Reportin at: https://www.frc.org.uk/auditorsresponsibilities

Use of our report

This Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we ired to state to them in an 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 Sumer Audit Statutory Auditors Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ

19 September 2023

17

Mathematics in Education and Industry Statement of Financial Activities (incorporating an Income and Expenditure Account) for the year ended 31 March 2023

Unrestricted
funds
Notes
£
Income from:
Donations and legacies
3
-
Other trading activities
4
415,875
Investments
5
1,597
Charitable activities
6
701,400
Total income
1,118,872
Expenditure on:
7
19,348
Charitable activities
8
1,164,518
Total expenditure
1,183,866
(64,994)
Transfers between funds
20
81,793
Net movement in funds
16,799
Reconciliation of funds
Total funds brought forward
1,275,224
Total funds carried forward
1,292,023
Raising funds
Net income / (expenditure)		 Unrestricted
funds
Notes
£
Income from:
Donations and legacies
3
-
Other trading activities
4
415,875
Investments
5
1,597
Charitable activities
6
701,400
Total income
1,118,872
Expenditure on:
7
19,348
Charitable activities
8
1,164,518
Total expenditure
1,183,866
(64,994)
Transfers between funds
20
81,793
Net movement in funds
16,799
Reconciliation of funds
Total funds brought forward
1,275,224
Total funds carried forward
1,292,023
Raising funds
Net income / (expenditure)		 Restricted
funds
£
-
-
-
8,814,991		 Total
funds
2023
£
-
415,875
1,597
9,516,391		 Total
funds
2022
£
40
425,314
83
8,542,553
1,118,872 8,814,991 9,933,863 8,967,990
-
8,733,198		 19,348
9,897,716		 13,718
9,048,367
1,183,866 8,733,198 9,917,064 9,062,085
81,793
(81,793)		 16,799
-		 (94,095)
-
16,799
1,275,224		 -
-		 16,799
1,275,224		 (94,095)
1,369,319
1,292,023 - 1,292,023 1,275,224

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

18

Mathematics in Education and Industry Balance Sheet as at 31 March 2023

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		 2023
£
60,174
1,209,493
1,611,013
2,820,506
(1,588,657)
1,231,849
1,292,023
1,292,023
1,292,023
1,292,023		 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

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.

23 June 2023

behalf by:

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

...................................................... David Hancox - Trustee

The notes form part of these financial statements

19

Mathematics in Education and Industry Cash Flow Statement for the year ended 31 March 2023

2023
Notes
£
Cash inflow / (outflow) from operating activities
24
309,229
Cashflows from investing activities:
Interest income
1,597
Purchase of tangible fixed assets
(11,310)
Cash (outflows) from investing activities
(9,713)
Increase / (decrease) in cash at bank and in hand during the year
299,516
Cash balances at the start of the financial year
1,311,497
Cash balances at the end of the financial year
1,611,013		 2022
£
(329,648)
83
(31,437)
(31,354)
(361,002)
1,672,499
1,311,497

The notes form part of these financial statements

20

Mathematics in Education and Industry

Notes to the financial statements for the year ended 31 March 2023

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 £10 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

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.

Digital resources income is resognised in proportion to the cost of delivery for the service period. As all significant costs of delivery are incurred prior to or during the point of sale the income is recognised on a receipts basis.

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.

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.

21

Mathematics in Education and Industry

Notes to the financial statements for the year ended 31 March 2023 - continued

1 Accounting policies (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 depreciation. Expenditure on assets is capitalised if the expenditure amounts to £500 or more.

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 Advanced Mathematics Support Programme (AMSP) which is effective 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.

22

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2023 - 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
2022
2022
£
£
40
-
425,314
-
83
-
92,952
28,000
291,884
259,544
61,416
7,808,757
871,689
8,096,301
13,718
-
727,808
28,000
163,939
259,544
144,161
-
48,701
7,676,214
1,098,327
7,963,758
(226,638)
132,543
132,543
(132,543)
(94,095)
-		 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)

23

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2023 - continued

3 Donations and legacies

Member subscriptions
4
Digital resources income
Educational & publication sales
Royalties receivable
5
Deposit account interest
Other trading activities
Investment income		 2023
£
-
-
2023
£
406,423
-
9,452
415,875
2023
£
1,597		 2022
£
40
40
2022
£
410,785
2,762
11,767
425,314
2022
£
83

24

Mathematics in Education and Industry

Notes to the financial statements for the year ended 31 March 2023 - continued

6 Incoming resources from charitable activities

Unrestricted
£
Grants
-
Contract income
281,670
Miscellaneous
107,742
Consultancy income
70,558
Conference and training days
136,403
Professional development courses
28,543
Student courses
76,484
701,400
Grants received, included in the above, are as follows:
University College London
Nesta
Silicon Valley Community Foundation
Department for Education - Advanced
Mathematics Support Programme
Department for Education - Further Education
CPD Programme		 Restricted
£
8,526,395
273,536
-
-
-
-
15,060
8,814,991
2023
£
8,356,456
169,939
-
-
-
8,526,395		 2023 total
activities
£
8,526,395
555,206
107,742
70,558
136,403
28,543
91,544
9,516,391
2022
£
7,742,217
-
37,100
28,000
18,789
7,826,106		 2022 total
activities
£
7,826,106
362,696
3,571
46,652
117,922
84,519
101,087
8,542,553

25

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2023 - continued

7 Expenditure on raising funds

Fundraising expenditure 2023
£
19,348
19,348		 2022
£
13,718
13,718

8 Charitable activities costs

Direct costs
Grant funding of activities (Note 9)
Support costs (Note 10)
9
Advanced Mathematics Support Programme
Grants payable		 Unrestricted
£
904,639
-
259,879
1,164,518		 Restricted
£
4,379,014
3,534,898
819,286
8,733,198		 2023 Total
£
5,283,653
3,534,898
1,079,165
9,897,716
2023
£
3,534,898
3,534,898		 2022
£
4,493,598
3,554,576
1,000,193
9,048,367
2022
£
3,554,576
3,554,576

26

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2023 - 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) - 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		 2023
2022
£
£
49,064
47,540
83,543
116,480
49,064
47,540
49,064
47,540
16,073
47,540
81,451
95,080
49,064
47,540
49,064
47,540
49,064
47,540
45,045
54,011
60,061
28,128
21,088
22,597
49,455
49,392
212,609
206,007
81,773
79,234
65,419
63,387
44,975
43,578
81,773
79,234
32,709
31,693
32,709
31,693
81,773
79,234
36,647
47,540
40,886
39,616
111,924
76,962
32,428
63,387
49,064
47,540
59,780
79,234
40,886
39,616
49,064
47,540
49,064
43,658
81,773
79,234
49,064
47,540
49,064
11,919
49,064
47,540
49,064
47,540
145,611
171,725
-
1,294
49,064
47,540
1,307,611
1,302,624
3,534,898
3,554,576

27

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2023 - continued

10 Support costs

Wages & pensions
Rent & rates
Postage & stationery
Insurance
Telephone
Light & heat
Sundries
Bank charges
IT support
Repairs
Depreciation
Governance (see note 11)		 Unrestricted
£
188,394
7,079
3,833
2,260
2,768
1,196
3,953
1,106
28,318
1,090
16,812
3,069
259,878		 Restricted
£
459,636
46,222
25,022
14,761
18,075
7,807
25,810
7,226
184,902
7,119
-
22,707
819,287		 2023
£
648,030
53,301
28,855
17,021
20,843
9,003
29,763
8,332
213,220
8,209
16,812
25,776
1,079,165		 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

Support costs have been allocated between restricted and unrestricted 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.

11 Governance costs

Board meetings and expenses
Professional fees
Auditors' remuneration
Auditors' remuneration for non-audit work		 2023
£
6,814
8,600
9,143
1,219
25,776		 2022
£
1,874
42,843
8,725
1,458
54,900

12 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2023 2022
£ £
Auditors' remuneration 9,143 8,725
Auditors' remuneration for non-audit work 1,219 1,458
Depreciation 16,812 21,529
Operating lease rentals 42,719 40,169

28

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2023 - 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		 2023
2022
£
£
3,609,547
3,394,091
375,240
338,483
250,159
230,551
4,234,946
3,963,125

The above costs include £484,550 in respect of part-time tutors (2022: £523,461). Including these tutors the average head count during the year was 193 staff (2022: 177 staff), these employees were distributed as follows:

Charitable - full-time
Charitable - part-time tutors
Governance and support		 2023
2022
77
62
116
103
11
12
204
177

The number of employees who received total employee benefits (excluding employer pension contributions) of more than £60,000 were as follows:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000		 2023
2022
5
4
1
1
2
2
-
-
1
1
9
8

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 three (2022: none) Trustees were reimbursed travel and subsistence expenses totalling £421 (2022: none).

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 personnel during the year were £231,340 (2022: £227,379).

14 Pension costs

The charity contributes to the employees' personal pension schemes which are defined contribution schemes. The charge for the year was £250,159 (2022: £230,551) and there was an amount of £37,254 (2022: £36,252) included within other creditors outstanding at the year end.

29

Mathematics in Education and Industry

Notes to the financial statements for the year ended 31 March 2023 - continued

15 Tangible fixed assets

£
Cost
At 1 April 2022
5,700
Additions
-
Disposals
(5,700)
At 31 March 2023
-
Depreciation
At 1 April 2022
5,700
Charge for year
-
Eliminated on disposal
(5,700)
At 31 March 2023
-
Net book value
At 31 March 2023
-
At 31 March 2022
-
Trade debtors
Prepayments and accrued income
Other debtors
Debtors
Improvements to
property		 £
4,859

-
(4,859)

-
4,859
-
(4,859)

-

-

-
Fixtures
and fittings		 £
159,894
11,310
-
171,204
94,218
16,812
-
111,030
60,174
65,676
2023
£
977,901
229,316
2,276
1,209,493
Office
equipment		 Totals
£
170,453
11,310
(10,559)
171,204
104,777
16,812
(10,559)
111,030
60,174
65,676
2022
£
970,277
100,623
-
1,070,900

16 Debtors

30

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2023 - continued

17 Creditors: amounts falling due within one year

Trade creditors
Social security and other taxes
Accruals and deferred income
Other creditors		 2023
£
390,993
133,921
961,024
102,719
1,588,657		 2022
£
300,298
134,073
702,328
36,150
1,172,849

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 2022
Incoming resources deferred in the current year
Amounts released from the previous year
Deferred income at 31 March 2023		 £
33,918
56,617
(33,918)
56,617

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		 2023
£
37,850
18,925
56,775
Land and		 2022
£
14,583
-
14,583
buildings		 2023
2022
£
£
4,756
4,756
1,603
6,359
6,359
11,115
Other operating leases

19 Analysis of net assets between funds

Fixed assets
Current assets
Current liabilities		 Unrestricted
funds
£
60,174
2,820,506
(1,588,657)
1,292,023		 Restricted
funds
£
-
-
-
-		 2023
Total funds
£
60,174
2,820,506
(1,588,657)
1,292,023		 2022
Total funds
£
65,676
2,382,397
(1,172,849)
1,275,224

31

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2023 - continued

20 Movement in funds

Unrestricted funds:
General funds
Designated funds
AMSP Ancillary Activities
Restricted funds:
Department for Education - AMSP
TOTAL FUNDS		 At 1 April
2022
£
964,233
310,991
1,275,224
-
-
1,275,224		 Net movement
in funds
£
(69,211)
4,217
(64,994)
81,793
81,793
16,799		 £
62,606
19,187
81,793
(81,793)
(81,793)
-
Transfers
between funds		 At 31 March
2023
£
957,628
334,395
1,292,023
-
-
1,292,023

Transfers between funds

Transfers have been made from restricted funds to account for internally recharged costs to funded programmes and to allow for capital expenditure recovered on a revenue basis.

The AMSP contract is operated on a cost plus basis with a small management fee charged to the programme to provide for future potential clawback. These management charges are transferred to unrestricted funds.

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
Department for Education - Post 16
CPD
TOTAL FUNDS
Tribal Education Ltd - Mathematics CPD Support
Programme (NCETM)		 Incoming
resources
£
1,054,705
64,167
1,118,872
8,371,516
273,536
169,939
8,814,991
9,933,863		 Resources
expended
£
(1,123,916)
(59,950)
(1,183,866)
(8,289,723)
(273,536)
(169,939)
(8,733,198)
(9,917,064)		 Movement in
funds
£
(69,211)
4,217
(64,994)
81,793
-
-
81,793
16,799

32

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2023 - continued

20 Movement in funds - continued

The tables below include comparative figures for movements in funds during the year ended 31 March 2022.

At 1 April
2021
Net movement
in funds
£
£
Unrestricted funds:
General funds
996,635
(239,353)
Designated funds
AMSP Ancillary Activities
372,684
12,715
1,369,319
(226,638)
Restricted funds:
Department for Education - AMSP
-
132,543
-
132,543
TOTAL FUNDS
1,369,319
(94,095)
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds:
General funds
810,273
Designated funds
AMSP Ancillary Activities
61,416
871,689
Restricted funds
Department for Education - AMSP
7,808,757
259,544
Nesta
28,000
8,096,301
TOTAL FUNDS
8,967,990
Tribal Education Ltd - Mathematics CPD Support
Programme (NCETM)		 £
206,951
(74,408)
132,543
(132,543)
(132,543)
-
Resources
expended
£
(1,049,626)
(48,701)
(1,098,327)
(7,676,214)
(259,544)
(28,000)
(7,963,758)
(9,062,085)
Transfers
between funds		 At 31 March
2022
£
964,233
310,991
1,275,224
-
-
1,275,224
Movement in
funds
£
(239,353)
12,715
(226,638)
132,543
-
-
132,543
(94,095)

33

Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2023 - 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.

The Department for Education Further Education CPD Programme

The Department for Education provides funding to support the professional development of practitioners of Post-16 GCSE and Functional Skills Qualifications (FSQ) in Mathematics. The purpose of this grant is to ensure Further Education teachers have the skills and knowledge to meet the specific needs of their learners so that they can better support them to achieve a Level 2 maths qualification by the age of 19.

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.

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Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2023 - continued

21 Related party disclosures

There were no transactions with related parties during the year ended 31 March 2023 (2022: 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
25
Net funds
Cash at bank an in hand
Total
Analysis of changes in net funds		 2023
2022
£
£
16,799
(94,095)
16,812
21,529
(1,597)
(83)
(138,593)
(182,875)
415,808
(74,124)
309,229
(329,648)
2023
2022
£
£
1,611,013
1,070,900
1,611,013
1,070,900

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