## **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: - successfully completed AS/A level Further Mathematics tuition programmes for 148 students from 78 schools/colleges. - provided online mathematics enrichment events for 11 ~~1~~ 6 students from more than 1300 schools, including 310 schools from OA/LPAs, with 95 . - supported well over 3500 students, including over 750 from areas with low level 3 mathematics participation, through specialised short and extended programmes to support their high-level mathematical problem-solving skills and prepare them for university admissions tests. - developed a two-year online SUMS (Steps to University for Mathematical Students) e-zine targeted at Year 12 and Year 13 girls, promoting application to degree courses that require university admissions tests; there are associated large one-day enrichment events for Year 12 students across the country which have proved very popular. 7 ## **Mathematics in Education and Industry for the year ended 31 March 2023 (continued)** - has continued to work with a range of stakeholders including universities, employers and career organisations. 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)** - 187 new primary mathematics TfM Specialists, adding to the 1,119 that have been trained since the primary maths TfM programme began in 2015; - 128 new secondary mathematics TfM Specialists, adding to the 682 that have been trained since the secondary mathematics TfM programme began in 2016. Through the TfM programme, the NCETM provided extended TfM professional development to teachers in: - 1,221 primary schools, meaning almost 11,700 primary schools in England have taken part in the primary TfM programme since 2015 (over 65% of the total); - 309 secondary schools, meaning almost 1,800 secondary schools in England have taken part in the secondary TfM programme since 2016 (over 50% of the total). 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: - a) Meeting or exceeding the requirements of the AMSP and NCETM contracts. - b) Meeting or exceeding the requirements of the DfE Further Education mathematics professional development grant. - c) Meeting the requirements of the Oak National Academy contracts. - d) Continuing to lead developments in mathematics education and inform national policy. - e) Generating funding to support our work to improve mathematics education. - f) Continuing to develop our organisational structure, operational systems and digital infrastructure to support a), b), c) d) and e) above. ## _**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: - select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 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**_ - In so far as the trustees are aware at the time of approving the : - there is no relevant information, being information needed by the auditor in connection with the preparation of their report, of which the charitable company's auditor is unaware; and the trustees auditor that they ought to have individually taken, have each taken all steps that they are obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 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: - 2023, - and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **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: - the information given in the - financial year for which the financial statements are prepared is consistent with the financial statements; and - ements. ## **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: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit **;** or - the trustees were not entitled to prepare the financial statements in accordance with the small exemptions in preparing the ## **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: - Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; irregularities, and fraud; - Reviewing the minutes of Board of Trustee meetings; - Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses; - Performing analytical procedures to identify any unusual or unexpected relationships that might indicate risks of material misstatement due to fraud; - Reviewing of the financial statements disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above; business; and - Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers. 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. 34 **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| |---|---| 35