Ell MEI, Mathematics in Education and Industry Trustees, Report and Financial Statements for the year ended 31 March 2025 Registered Company Number: 03265490 (England and Wales) Registered Charity Number. 1058911
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) Contents Glossary Trustees. report Referen and administrative details Statement from the Chair and Chief Executive Structure, govemance and management Objectives and activities Statement of Trustees, responsibilities 13 Report of the Independent Auditors 14 Statement of Financial Activities 18 Balan Sheet 19 Cash Flow Statement 20 Notes to the Financial Statements 21
Mathematics in Education and Industry Trustees, Report for the year ended 31 March 2025 Glossary AC AMSP CMSL CPD DfE GDPR HE KPI Maths Hubs NCETM OCR PD STEM Tfm Area Coordinator Advanced Mathematics Support Programme Core Maths Specialist Lead Continuing Professional Development Department for Education General Data Protection Regulation Higher Education Key Performance Indicator A DfE-funded network of school-led regional support hubs for maths National Centre for Exllen in the Teaching of Mathematics Oxford, Cambridge and RSA Professional Development Science, Technology. Engineering and Mathematics Teaching for Mastery
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) The tnjstees are pleased to present their annual report. together with the financial statements of the charity, for the year ended 31 March 2025. The report meets the requirements for a directors, report 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 Reporling by Charities: Statement of Recommended Practi (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: 032654j (England and Wales) Registered Charity number: 1058911 Registered office Monckton House Epsom Centre White Horse Business Park Trowbridge. Wilts BA14 OXG Trustees Peter Anscombe David Bedford James Coughlan Navarda Garside David Hancox Timothy Jay Mridul Khariwal Steven Labedz Stephen Pardoe Victoria Pope Hashim Ramzan Serena Tiemey Lowri Williams Resigned on 12 March 2025 Company Secretary Keith Profffti Chief Executive Charlie Stripp MBE Auditors Sumer Audit County Gate County Way Trowbridge Wiltshire BA14 7FJ Bankers Lloyds Bank PLC Market Pla Wamiinster. Wilts BA12 9BD Solicitors VWV, Narrow Quay House Bristol BS14QA
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) STATEMENT FROM THE CHAIR AND CHIEF EXECUTIVE 2024125 was a challenging but successful year for MEI. The unexpected General Election in July meant the tendering prOsS for new AMSP and NCETM contracts was delayed. with the expectation that the new govemment would issue ITTS in November. In the event, further extensions to both contracts were granted to the end of academic year 2025126. We worked with the DfE to re-shape the AMSP to align with the priorities of the new govemment. Cerlain areas of AMSP student support will no longer Ix)ntinue under the programme. The re-shaped programme will include three large-scale pilot projects, designed to address government priorities directly: 'Higher Level Maths Achievement Programme. _ to improve maths outcomes at GCSE and beyond for potentially high achieving students from disadvantaged backgrounds 'Girls' Progression to A Level Maths Programme. _ to increase gids. progression to A level Maths and beyond 'Maths into Al'_ to teach students and teachers of A Level Maths and Computing about the maths that underpins Al. These are developments that emerged from analysis of available statistics on attainment and engagement in maths. and the drive to improve Al skills for the rapidly changing workforce needs. We were already considering proposing such changes for the next AMSP contract. We secured separate funding from XTX Markets to continue the support for university entrance tests that had been funded through the AMSP. The changes to the AMSP necessitated discontinuing the extemally employed Regional Lead team and Area Coordinator network, employing a new team of Local Leads and significantly restructuring MEI'S staff, including through a voluntary leavers. scheme. We set up a temporary Executive Board made up of a small team of senior staff and trustees to oversee the changes, enabling agile decision making, whilst also ensuring strong charity govemance and good coordination with the DfE. We have worked successfully with govemment to make positive changes to the work of both the AMSP and NCETMI Maths Hubs: The changes to the AMSP mean MEI is leading vital. innovative work to address key issues in improving maths education and social equity. New developments to the NCETMI Maths Hubs programme have the potential to widen the reach and deepen the impact of Maths Teaching for Mastery to improve maths teaching across Key Stages 1 to 5. Collaborative working between the AMSP and NCETM is now stronger than ever, increasing the coherence of support for maths teachers in Key Stages 4 and 5. Separate from the AMSP changes: The AMSP and NCETM contracts both met their KPIS, as did our work to provide professional development for FE teachers of GCSE resit and Functional Skills Mathematics, funded by government grant. DfE feedback on all three areas of work was positive. Our work to develop ihe maths reSoUrS for Oak National Academy was completed successfully. wilh positive feedback. A Level Maths, A Level Further Maths and Core Maths all reached re(x)rd participation levels in summer 2024 and MEI'S work has made a significant contribution to this.
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) Other work, induding the Bimingham Maths Pr(y3ression Programme, funded by the Maths Excellence Fund, and the 'Big Earth Data Project., funded by the UK Space Agency, has also been successful, demonstrating MEI'S ability to lead innovative developments to improve maths education. from supporting disadvantaged students to realise their potential to cutting- edge curriculum development in maths and data science. Through a period of change our dedicated staff have conducted themselves brtlliantly, maintaining the quality of their work and their commitment to improving maths education. This enabled us to end the year in a strong position. with exciting plans in pla to continue our mission to improve maths education for all. Vicky Pope, Chair of MEI Trustees P¢fP Vicky Pope IJ ul 18, 2025 10:59 GMT+ll Charlie Stripp, MEI Chief Executive Charlie Stripp (Aug 14, 2025 15.'29:54 GMT+II
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) STRUCTURE. GOVERNANCE AND MANAGEMENT Goveming document MEI is a company limited by guarantee and govemed 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 Professor Victoria Pope remains Chair of the Trustee Board {'the Board,). since September 2019. Trustee nominations are the responsibility of the Board. made as needs arise. Around half of trustees have a background in mathematics or education. Trustees serve a maximum of nine years from their election at an AGM, with the possibility of a one-year extension by eXptIon if agreed by the Board and AGM. The People and Remuneration Committee is responsible for a development programme for the Board and individual trustees. Organisation Trustees met as a full Board for four scheduled meetings during the year, to review MEI'S strategy and priorities, oversee performance and Complian and approve the annual operating budget. In February 2025 the Board met for an additional meeting to consider ongoing discussions with the DfE about a contract variation and exiension to the AMSP contract. Board subcommittees provide assurance to Ihe full Board and have some delegated responsibilities. These are: the Finance, Audit and Risk Committee, which covers.. finance, audit, risk., contracts, business development; and technology development the People and Remuneration Committee, which covers: HR; pay" trustee recruitment., and Board development A task and finish group, comprising the Chair and Deputy Chair of the Board, and the Chairs of these two committees. started meeting in Dember 2024 lo oversee discussions with the DfE about a contract variation and extension to the AMSP contract. The Finance, Audit and Risk Committee is responsible for liaising with the extemal auditors on accounting matters and reviewing the internal control environment. There are designated trustees for cybersecurity and GDPR, and safeguarding. who report to the Board on these areas. The development of business strategy. annual planning, and delivery of agreed plans is delegated to the Chief Executive, who directs the Senior Leadership Team for this purpose. The Chief Executive. Deputy Chief Executive and Chief Operating OffIr attend all Board meetings and other meetings as required. Pay policy for key management peOnnel Key management personnel are the Chief Executive. Deputy Chief Executive. and Chief Operating Officer. The Chief Executive's remuneration is reviewed on an annual basis by the People and Remuneration Committee, which makes a recommendation to the Board. Other senior salaries are benchmarked against pay levels and awards in the education sector and are agreed by the People and Remuneration Committee.
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) No trustee receives remuneration or other benefit from their work with the charity. Details of trustees, expenses and related paty transactions are disclosed in notes 13 and 21 respectively. OBJECTIVES AND ACTIVITIES (INCORPORATING ACHIEVEMENTS AND PERFORMANCE) MEI'S charitable objects are to advance the education of the public in the field of mathematics and to promote links between education and industry in mathematics. Trustees are satisfied that MEI'S work to improve the quality of mathematics education has clear public benefit. The DfE-funded AdVand Maths Support Programme (AMSP) remains a major part of MEI'S activity. In April 2025, MEI secured an extension to the AMSP contract to summer 2026. As part of this extension the DfE and MEI have agreed to refocus parts of the programme. This will require significant change early in the FY 2025-26. The programme will continue to aim to increase participation in level 3 mathematiGS education and improve the teaching and learning of level 3 mathematics in England. A similar extension was secured for the National Centre for Excellence in the Teaching of Mathematics (NCETM- in which we are a partner with Etio). The NCETM coordinates the work of Maths Hubs and implementation of the Teaching for Mastery ITfM) pedagogy. Other significant areas of work include our programme of CPD for teachers of mathematics in FE colleges, funded by the DfE, and the development of full curriculum packages covering all of 11-16 and primary mathematics. funded by Oak National Academy. In 2024125, the AMSP achieved all the key perf0mlan targets. providing extensive support to students. teachers and schoolslcolleges across the country. and is set to do so this academic year. The NCETM similarfy met its targets and is on track to do the same this year. In 2024125 MEI pursued its objectives and delivered its programmes and ServIS through distinctive strands of work.. Curriculum & Resources, Studenl Engagement, Teacher Support and MEI Programmes. Business Development and Fundraising, Marketing & Communications and Operations & Finan support the work of these strands. Curriculum & Resources The curriculum and resources strand has led MEI'S curriculum development work, management and development of curriculum resources, and MEI'S online 'lntegral' platfomi. MEI continued its partnership with the OCR awarding organisation to support the teaching of OCR(MEI} specifications. MEI continues to provide Integral services which indude online resources for all A level Maths and Further Maths specifications. Subscription levels remain strong despite sector budget Gonstraints. MEI continued to deliver the online Data Science Taught Course for A level and Core Maths students. Over 800 students engaged with the course, with 338 completing the assessment. MEI was also funded by the UK Space Agency {UKSAI project to create a suite of hands-on activities for key stage 3-5 students using satellite data. These reSoUrS are now complete and freely available on the MEI website as 'The Big Earth Data Project,. The A" in Maths and A" in Further Maths projects have continued to expand. During the year, MEI has supported 250 A level Mathematics and 300 A level Further Mathematics state school students working with Imperial College and 150 A level Mathematics students working with the University of
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) Manchester. The CfEY evaluation report indicated that the project was having some success in improving student outcomes. Plans for the next cycle are for 300 Maths and 300 Further Maths students at Imperial College and 250 Maths and 50 Further Maths students at the University of Manchester. MEI ran the national FE Maths Challenge for the fourth time. for 16-19 students who have not yet achieved at least a grade 4 in GCSE Mathematics and are working towards GCSE resit post-16 or functional maths. In 2024125 40,000 students competed from 92 participating colleges,. an increase from 32,000 students in 82 colleges the previous year. Feedback from students was positive.. 960A stated that the FE Maths Challenge was Good or Excellent,. 820/0 said that the Challenge improved their confidence in maths- and 80 % said that it improved their confidence in taking the maths exam this summer. This year AQA sponsored the challenge and AQA staff attended every Regional Final. Student Engagement The student engagement strand aims to increase the number of students who choose to study level 3 mathematics post-16 and progress to maths and STEM related study and careers. Work in this strand encompasses a wide range of activity including". tuition programmes., enrichment events,. support for higher level problem solving,. information. advice and guidance (IAG) for students about progression within mathematics and to STEM careers" and liaison with external stakeholders such as careers advisors, employers and HEIS. We continue to focus on Equity, Diversity and Inclusion (EDI), which incorporates a focus on ethnicity, gender and accessibility within mathematics education. Through its AMSP work, in the academic year 2023124. MEI: delivered ASIA level Further Mathematics tuition programmes for 177 students from 57 schoolslcolleges. 95°/0 of students who reported their grades achieved a grade C or above in A level Further Mathematics. provided mathematics enrichment events for 11-16 students from 1,919 schools, including 890 schools from priority areas I low participation, with 100 % of the events rated as 'good' or 'eXlIent'. supported 2,686 students, induding 1,105 from areas wth low level 3 mathematiCS participation. through specialised programmes to support their high-level mathematical problem-solving skills and prepare them for university admissions tests. supported 5,235 students, including 2,887 from priority schools, through one4ay events to develop problem-solving skills and promote engagement in STEM and university admissions tests. provided a two-year online SUMS (Steps to Universty for Mathematical Students) e-zine targeted at Year 12 and Year 13 girls. promoting appli(xtion to degree courses that require university admissions tests., developed the Quick Maths e-zine targeted at Year 10 and 11 gids: and delivered one-day 'SUMS' enrichment events for Year 12 students across the country which attracted 626 girls. The MEI Young Persons, Consultative Panel (YPCP) continued its work to seek the views of students and young people aged 16 - 26 about their eXperienS of mathematics educalion to inform how MEI might develop its activity. Three members from the inilial 0-year phase of the YPCP continued their membership for another tw(Fyear period, with seven new members joining in summer 2024. We continue to be impressed by the YPCP members, depth and breadth of interest and engagement.
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) Teacher Support Through MEI'S leadership role in both the AMSP and the NCETM, the teacher support strand leads professional development for teachers of mathematics. from primary school through to all aspects of posl-16 mathematics in schools and colleges. AMSP Under the AMSP, in the academic year ending in July 2024, teachers completed an overall 58,620 hours of professional development. This includes 18,140 teacher hours, over 300/0 of overall participation, by teachers in schoolslcolleges in Priority Areas. Overall, 60 % of all secondary schools and colleges engaged in AMSP teacher SUPfKIrt activities during the academic yèar 2023124 {this figure was 49/0 in 2022123). A national leam of 30 CMSLS was trained and deployed to support schools and colleges to deliver Core Maths qualifications. The NCETM'S programme to embed the Teaching for Mastery ITfM) pedagogy is coordinated through the Maths Hub network and fomis the major focus of the Maths Hubs, work from Key stage 1 to Key stage 4. NCETM In academic year 23124 the NCETMIMaths Hubs provided extensive professional development support for teachers in state schools throughout England. Key stages 1 & 2, the NCETMIMaths Hubs.. provided sustained professional development programmes in maths teaching for mastery to teachers in 7,576 primary schools ran Mastering Number at Reception and KS1 in 1,349 schools and Mastering Number at KS2 in 1,111 schools Key stages 3 & 4. the NCETMIMaths Hubs: provided sustained professional development programmes in maths teaching for mastery to teachers in 2,037 primary schools Post-16, the NCETMIMaths Hubs: in partnership with MEI and the AMSP. worked with 141 schools and colleges to enhance the teaching of A level Maths, Core Maths , GCSE Maths resit and Functional Skill Qualifications Overall, in academic year 23124, 58 % of all primary and secondary state-funded schools in England engaged with professional development through their local Maths Hub. MEI Conference In July 2024, MEI'S tw(Fday annual conference was held at Keele University and attended by 223 participants. The event reiVed excellent feedback. MEI Programmes This strand comprises smaller funded programmes and related activities. Ke sta e 1 to 4 maths curriculum reSoUrS Oak National Academ In August 2024, MEI completed the creation of resources for 1080 primary maths lessons and 864 secondary maths lessons. This completed the main phase of writing. The creators and reviewers recruited in 2023 for this task left MEI at the end of their fixed term contracts. many of them returned to schools in promoted posts. From September 2024, MEI pr(MJuced additional finan education resources for primary and secondary teachers, as part of the final phase of development for Oak and supported the Oak team in promoting the take up of the lessons. The contract with Oak ended in
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) March 2025. FE CPD Pro ramme artment for Education MEI completed year 3 of the FE CPD programme and agreed with the DfE a four-month extension to the end of July 2025. MEI met all its KPIS and in many cases greatly exceeded them. 590 teachersllecturers participated in over 3.700 hours of CPD and 61 colleges participated in departmentalffaculty level CPD in 2024-25. Bimiin ham Maths Education Develo ment Partnershi MEI continued to lead the partnership of stakeholders in Bim)ingham with the aim of improving maths outcomes across Birmingham schools and replicating the success of our work with Stoke-on-Trent Maths EXllenCe Partnership. A new steering committee was established in September. together with a fundraising group and communications group. Bimiingham Maths raised its profile. growing its followers on Linkedln from 70 to over 200. Maths Pro ression Pro ramme Pu seful Ventureslmaths Exllen Fund Beeen April and July 2024 we completed the set-up phase of this 5-year programme. establishing agreements with 9 secondary schools in Birmingham and working with them to plan programmes of interventions to support supports. During the autumn and spring terms, MEI provided training and SUPF)Ort for the schools to help them implement inlerventions. Business Development and Fundraising The Business Development and Fundraising strand supports MEI'S work by identifying and developing opportunities to generate income. Notable successes induded: major sponsorship arrangements for MEI annual student competitions - a tw(Fyear arrangement with Jane Street for the Ritangle competition, and a one-year arrangement with AQA for the FE Maths Challenge,. continuing to work with Imperial College London and the University of Manchester on their mA"ths online programmes, which aim to support students from communities underrepresented in higher education to achieve lop grades in their maths A levels- and a significant grant from Purposeful Ventures to enable the continuation of an extensive programme of student support for university maths entrance tests. Our Marketing and Communications team has continued work on positioning MEI to attract funding and meet the needs of new projects and priorities, induding the launch of new branding, changes to the AMSP website to reflect the revised programme and continuing work towards a new MEI website. The Trustees have assessed the requirements of the Charities (Protection and Social) Act 2016 in relation to disclosures conceming fundraising standards. MEI invites donations from the public but fundraising income forms a very small proportion of MEI'S activities. On this basis the Trustees do not 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. Following a review of the Finance Team, intemal reSoUS were strengthened by replacing the Finance Manager with a Finan Controller. Purple Lime continued to work as MEI'S Finan partner until February 2025 after which Joy Accountancy Services provided this support. Veale Wasbrough Vizards (VWV) continued as MEI'S legal partner.
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) 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. Towards the end of the year a re- structure was undertaken to meet the needs of the revised AMSP and the increasing diversification of MEI'S work. This resulted in the creation of a new Directorate structure as follows; Level 3 Programmes Education & Leaming Marketing & Business Development Operations Support & Central Services On 1st August 2024 MEI. following a competitive tender prosS, Cutter Group was appointed as MEI'S new managed services provider {MSP). replacing Nebula IT Services Limited. Cutter Group provides support for all MEI'S IT infrastructure and Leamer Management System (LMS). MEI continues to develop its IT systems and plaffomis. Work induded building a CRM to hold all MEI'S data and products not related to events and an upgrade of Integral, the LMS, which will be launched at the end of the academic year. Integrations beeen the CRM, LMS and finance systems will enable MEI to deliver process improvement over the coming yearwhich will improve service, data analysis on impact and make the organisation more effiaent MEI again achieved ISO 9001 Quality Management, ISO 14001 Environmental Management and Cybersecurity Essentials+ accreditations. Work began on meeting the ISO 27001 standard which is due to be completed in the next financial year. MEI'S marketing team continues to undertake a wide range of activities to raise MEI'S profile, strengthen its brands. and promote its services, including those offered by programmes managed by MEI. The outcomes from the previous yearfs brand review were implemented, resulting in the development of a new brand for MEI to be launched in the next financial year. The brand has been used to create a new website, to be launched in 2025126. Financial Review In 2024125 a surplus was generated of £27.025 (2023124- deficit of £220,342). Total income increased to £11.722,233 (2023124 £11,214.954) and total expenditure also increased to £11.695,208 (2023124 £11,435,296}. This 50/0 increase in income is a result of an increased level of activity under MEI'S successful bids to deliver new contracts. The Statement of Financial Activities conlinues to be dominated by the AMSP which accounted for 78 % of income and 74°/0 of expenditure" howver. this has reduced signtficantly from previous years in line with the Board's aim to diversify the Charity's funded activities. The Balance Sheet remains in a strong position with total reseeS of £1,098,706 (2023124: £1,071,681). Of these reserves, £101,759 (2023124: £45,943) are held as restricted funds. The remaining reserves are all unrestricted as the majority of programmes with restricted funding are operated on a cost recovery basis or were conduded at the year end. The level of reseNes held is consistent with MEI'S Reserves Policy. with £207,447 held as a designated fund to meet the immediate needs of funded programmes should fvnding cease. MEI'S govemance framework remains robust and effective, with sound intemal controls. Plans for future periods Consistent with our Strategic Goals. over the coming year we will conntrate our efforts across the following priorities.. a} Meet the requirements of existing contracts and grants b} Embed a new MEI structure and operational systems 10
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) c) Secure ongoing funding for key current programmes d} Develop relationships with government ministers e} Tender for AMSP and NCETM contracts or an overarching maths support contract from summer 2026 n Continue to lead developments in mathematics education and infomi national policy g} Secure funding to support other WOTk to support mathematics education h) Increase income generation through provision of reSoUS and ServIS independent of UK government funding Principal risks and uncertainties Global political and economic UnrtaInty and national economic COnmS mean government funding is tight. MEI trustees are confident that mathematics education will continue to be a priority for government. but future funding for large scale work to improve maths education cannot be taken for granted. MEI continues to diversify income streams and work with stakeholders to respond to the changing environment. 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. induding staff welfare. We continually work to improve MEI'S perfonan. MEI'S Balance Sheet is strong and financial resilien is good. MEI'S budget prOsS is robust and challenging and financial perfomiance 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 dosely managed. Trustees recognise the importance of MEI'S highly professional and experienced stsff in delivering its strategic objectives. Recruitment and retention policies are constsntly reviewed to ensure best practice. Investment is made in individual training and development programmes as required. Regular staff surveys help shape HR strategy to support the welfare and effectiveness of MEI'S staff. The Board assesses its effectiveness in carying out its statutory fijnctions and ensures that any gaps in required skills and experien are identified and addressed. The Board ensures compliance with new statutory and legal obligations, and remains abreast of best practi. Effective corporate g0Veman is essential as MEI grows in both size and complexity and as statutory and legal obligations become more demanding. MEI will continue to ensure intemal controls are 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 2024125 level of reserves to be prudent and justified in relation to ongoing MEI expenditure and commitments. Moreover, MEI'S reserves position sends a clear message to stakeholders that MEI is well led. well managed and prudently run. Unrestricted reseNes provide security against foreseeable developments, a sensible contingency for unforeseen events and enable MEI to take advantage of viable opportunities to enhan reSoUS and skills in the promotion of
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) 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 aSe. They also ensure MEI could honour intemal staff and third-party commitments (especially to students and teachers) and. importantly, protect MEI'S reputation and standing with stakeholders. The Trustees consider rt prudent to maintain a minimum level of general unrestricted reserves equivalent to at least four months. in-house running costs, excluding contracts with a minimum 3- month notice period. Additional unrestricted reserves are maintained to (x)ver unforeseen developments and fund potential inveslment in resources. A restricted access account requiring dual authority of two Trustees has been established during the year. This account holds a minimum balance of £500,000 to ensure liquidity requirements of key conlracts are maintained. At the reporting date the value of general unrestricted funds was £789,500 {23124: £760.176). This reseNes policy requires the Charity to maintain a minimum level of free reseeS of £680,262 (23124.. £602.769). 12
Mathematics in Education and Industry Trustees. Report for the year ended 31 March 2025 (continued) STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the directors of MEI for the purposes of company law) are responsible for preparing a Irustees, report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting PraGticel. Company law requires the tmstees lo 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 1021" make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disdosed and explained in the financial statements,. and prepare the financial statements on the going concem 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 Maintenan and integrity of the corporate and financial infomiation included on the charitable company's website. 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 trustees. annual report". there is no relevant infomiation, being information needed by the audilor in connection wilh the preparation of their report, of which the charitable 1x)mpanS auditor is unaware- and the trustees, having made enquiries of fellow directors and the charitable company s 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 infom)ation and to establish that the auditor is aware of that infom)alion. Auditors will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance wth the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies. The trustees. report was approved by order of the board of trustees. as the company direclors. on 8 July 2025 and signed on the board's behalf by.. Keith Proffitt- Company Secretary 13
Mathematics in Edu&*ion and Industry Report of the Independent Auditors to the Members of Mathematics in Education and Industry Opinion We have audited the financial statements of Mathematics in Education (the 'charitable company I for the year ended 31 March 2025 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 finanaal statements= give a true and fair view of the slate of the charitable company s affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan with Intemalional Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concem 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 UnrtaIntieS 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 Edu&*ion and Industry Report of the Independent Auditors to the Members of Mathematics in Education and Industry {continued) Other inforniation The other information comprises the information induded in the Trustees, Report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the Trustees, Report. Our opinion on the financial statements does nol cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion Ihereon. 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 detemiine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the vmrk we have perfonned, we conclude that there is a material misstatement of this other infomialion. W are required to report thal 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 Trustees. Report (incorporating the directors. report) for the financial year for vAiich the financial statements are prepared is consistent with the financial statements- and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knoedge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, 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 retums 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 rtain disclosures of direciors, remuneration specified by law are not made" or we have not received all the infomiation and explanations we require for our audit or the trustees were not entled to prepare the financial statements in accordan with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 13. the trustees {who are also the directors of the charitable company for the poseS 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 detemiine is neSSary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. 15
Mathematics in Edu&*ion 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 company's ability to continue as a going concem. disclosing. as applicable. matters related to going concem and using the going cOnM 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. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial slatements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to lnfiUen the economic decisions of users taken on the basis of these financial statements. IegUlaritIes, including fraud, are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities, oudined above, to detect material misststements in respect of irregularities. including fraud. The spectfic procedures for this engagement and the extent to which these are capable of detecting iegUlaties, induding fraud is detailed below. Based on our understanding of the charrtable COTnpany and industry, we identified that Ihe principal risks of non-compliance with laws and regulations related to (x)mpliance with employment law and charities and company legislation, and we considered the exient 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 1021. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate joumal entries to increase revenue or reduce expenditure, and management bias in aGGounting estimates and judgemental areas of the financial statements. Audit procedures perfomed by the audit engagement team included: Discussions with management. induding consideration of known or suspected instances of non-compliance with laws and regulations and fraud" Understanding of management's internal controls designed to prevent and detect 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- Perfomiing 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 lo assess Complian with relevant laws and regulations discussed above., Testing transactions entered into outside of the nomial course of the charitable company s business., and Identifying and testing joumal entries, in particular any joumal entries with fraud characteristics such as joumals with round numbers. 16
Mathematics in Edu&*ion 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 Complian with a law or regulation is removed from the events and transactions reflected in the financial stalements, as we will be less likely to become aware of instances of non-complian. 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 Reporting Council's website at: htt s'.Ilwww.frc.or -uldauditorsres onsibilities. This description fomis part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might state to the charitable company s members those matters we are required to state to them in an auditor's report and for no other purFJose. To the fvllest exient pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company s members as a body, for our audit work, for this report. or for the opinions we have fonned. James Gare (Senior Statutory Auditor) For and on behalf of Sumer Audit Statutory Auditors Chartered Accountants County Gale County Way Trowbridge Wiltshire BA14 7FJ 27 August 2025 17
Mathematics in Education and Industry Statement of Financial Activities (incorporating an Income and Expenditure Account) for the year ended 31 March 2025 Unrestricted funds Restricted funds Total funds 2025 Total funds 2024 Notes Income from: Donations and legacies Other trading actNtties Investments Charitable actwities 2,661 468.342 29.001 1,383.624 2,661 468.342 29.001 11,222.229 137 422,612 9,611 10,782,594 9.838,605 Total income 1,883.628 9.838,605 11,722.233 11,214,954 Expenditure on: Raising funds Charitable actNities 18,692 1,962.924 18,692 11.676.516 19,455 11,415,841 9.713,592 Total expenditure 1,981.616 9.713,592 11,695.208 11,435,296 Net income l {expenditure) 197,988) 125,013 27.025 1220,3421 Transfers been funds 21 69.197 (69,1971 Net movement in funds 28.791 55.816 27.025 220,342 Reconciliation of funds Total funds brought forward 1,025.738 45,943 1.071.681 1,292,023 Total funds carried forward 996,947 101,759 1,098.706 1,071,681 The statement of financial actwities indudes all gains and kjsses recognised in the year. All incoming resources and resources expended arise from continuing aclivtties. comparative figures for each fund class are provided in the notes to the accounts. The notes fomi part of these financial sialemenls 18
Mathematics in Education and Industry Balance Sheet as at 31 March 2025 Registered company number. 03265490 (England and Wales) 2025 2024 Notes Fixed assets Intangible assets Tangible assets 151.711 53.322 45,984 90,585 16 Current assets Debtors Cash at bank and in hand 1,144,368 1.659.830 1,385,963 1,359,446 2,804,198 2,745,409 Liabilities Credtlors falling due within one year 18 {1,910,525) 11.810.297) Net current assets 893.673 935,112 Total assets less current liabilities 1,098,706 1,071,681 Net assets 1 098 706 1 071 681 Funds Unrestricted funds Restricted funds 21 21 996,947 101,759 1,025,738 45,943 Totsl funds 1 098 706 1 071 681 These financial statements have been prepared in accordance Nwih the special provisions of Part 15 of the Companies Act 2006 relatinq to small chatitable companies. The financial statements were approved by the Board of Trustees on .8.Jul¥2025... and were signed on its behalf by= P42-Q- :,awAs (è61ll,.JILS18"&9 GNff+Il-" "" Vic David Hancox- rustee The notes fom part of these financial statements 19
Mathematics in Education and Industy Cash Flow Statement for the year ended 31 March 2025 2025 2024 Notes Cash inflow l {ouffiowl from operating activitie5 25 378.755 139,605 Cashflows from investing activities: Interest income Purchase of tangible fixed assets Purchase of intangible fixed assets 29.001 {1.645) (105,727) 9,611 175,589) 145,984} Cash louffiows) from investing activities 78,371 111,962 Increase I Idecreasel in cash at bank and in hand during the year 300 384 251 567 Cash balances at the start ofthe financial year 1,359.446 1,611,013 Cash balances al the end of the financial year 1 659 830 1 359 446 The notes fomi part of these financial statements 20
Mathematics in Education and Industry Notss to the financial statements for the year ended 31 March 2025 1 Accounting F)olicies The principal accounting policEs adopted. judgenEnts and key SoUS of estimali)n in the preparalDn of the financial statements are as follows.. al Accounting convention MEI is a charitable company registered in England and Wales. In the event of the charity being wound up, the liabilf(y in respect of the guarantee is limf(ed lo £10 per member of the chatity. The address of the registered office is gwen in the reference and administratn details on page 2 of these financial slatemenls. The nature of the charity's operations and principal activities are detaId within the Trustees, Report. MEI meets the definition of a public benefrt entity un(Jer FRS 102. The financial statements have been prepared on a going concem basis under the historical cost convenli)n, and in accordance with accordance with Accounting and Reporting by Charities.. Stalernent of Recomwnended Practice applicable to charitie5 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 applicab in the Unrted Kingdom and Republic of Ireland IFRS 1021. and the charilS Act 2011. bl Incorne recognition Income is recognised when the chanty has entr(ment to Ihe funds. any perf0mlan condrtions attached lo the items have been nt. li is probable that the Incon wll be receNed and the amunt can be measured reliably. Income from grants, whether capital or revenue. is recognised when the charity has entitlement to the funds, any perfomance conditions attached to the grants have been (( is probable that the income will be received and the amount can be measured reliably and is not deferred. DKJilal resources income is resognised in proportion to the cost of delNery for the Servi perK)d. As all svJnrficanl costs of delivery are incurred prior lo or during the point of Sa the income is recognised on a receipts basis. Interest reniable on funds hekl on deposit is induded en recervable and the amount can be measured reliably by the charity- this is nonmaly upon notrfi(al#)n of the inlerest paky or payab by the bank. All other income is rerded on an acwals basis. cl Expenditure recognition Expendtture is recognised where there is a gaI or constructwe oblHJatK)n lo rnake payments to third parties. il 15 probable that the settlement will be required and the arUnt of the oblwJatK)n can be measured reliably. All expenditure is accounted for on an accnjals basis and has been cL4ssrfied under the following headings.. Costs of rdising funds comprise the costs incurred in attrdcting donat)nS and 93CleS. and those incurred in trading activities to rdise funds. Charitable activitS comprise both direct costs. grants payable and support costs relating to these activities. Irrecoverdble VAT is charged against chaiitable activitEs in PTOPOrtK)n lo indirect costs that have been incurred. Grants payable lo third parties are bmthin the charitable obiectwes. Unconditv)nal grants are accrued during the period lo which they relate, according lo the agreed payment schedu, as this gives rise lo a reasonable expectation that the recipient will reNe the grants. Imere grdllts are condTiional relating lo perfomiance then the grant is onty accrued when any unfulFilled condrtions are outside of the control of the charity. 21
Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2025- continued 1 Accounting policies (continued) dl Allocation ofsupport costs Support costs include central functions and governan costs and have been allocated on a basis consistent with the use of resources, e.g. by the time spent or the estimated usage. DetaiL% of support costs allocated are set out in note 10. el Tangible ffixed assets Depreciation is provided al the follovAng annual rates in order to off the cost $$ estimated residual value of each asset over ils estimated useful lrfe. Improvements to property Fixtures and fillings Office equiprnent 5 year5 on straight line basis 4 years on straight line basis 4 years on straight line basis Fixed assets are slated al original cost or. rf donated. the value at date of receipt. less accumulated depreciation. Expenditure on assets is caprtalised rf the expendf(ure arrK)unts to £500 or more. Intsngible ffixed assets Software development and expendrture on branding is caprtalised, cL2S5led as an asset on the balan sheet and amortised on a straight line basis over rls useful lrfe. The period chosen for writing off intangble assets is four years, which represents management's best estimate for the useful econom lrfe of these deVel0pnntS. All intangible assets are assessed for impainment at each peiiod end and provisKJn is made for any necessary impaimient. gl Taxation The chatity is an exempl charity wlhin the nEaning of schedule 3 of the Charities Act 2011 and is consKlered lo pass the lesls sel out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK cOrporatn tax purposes. h) Fund accounting Unrestricted funds can be used in accordance th the char[[ab objectNes at the discretK)n of the trustees. Designated funds are a category of unrestricted fund. deSjna1ed by Trustees for a specrfic future purpose. Reslricled funds can only be used for particular $tricted puOSe$ %wthin the objects of the charity. Restrictions arise when specrfied by the donor or svhen funds are raised for partr restricted purposes. Further explanation of the nature and purpose of each fund is induded in note 21. i) Pension costs and other postwretirement benefits The charitable company operates a defined contribution pension scheme. ContrTbulions payable lo the charitable company's pension scheme are charged to the Statement of Financial Actwities in the period lo which they relate. j) Operaling leases Rentals paid under operating aSeS are charged to the statenI of Financial Activities as incurred over the temi of the lease. kl Going concern MEI was awarded a contract for an enhanced Advanced Mathematics Support Programme IAMSPI, effective from 1 July 2022 10 31 July 2025, with has been extended lo 31 July 2026. The TnJslees are confKlenl that they have robust 51rategEs in place, as set out in the reseryes polry in the trustees report. enabling the charTty to continue to adopt the going concem basis n preparing the financ1 staterrEnts. l) Cash at bank in hand Cash at bank and cash in hand indudes cash and short temi hwJhly liquid investments wth a short maturity of three months or less from the date of acquisf(KJn or opening of Ihe deposit or similar account. ml Debtors receivable and creditors payable Debtors and credttOfS Wrth no staled interest rdte and receNable or payable within one year are recorded al Irdnsaction price. Any losses arising from impairment are recognised in expenditure. 22
Mathematics in Education and Industry Notes to the financial ststements for the year ended 31 March 2025 - continued 2 Fund comparatives Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Income from: Donations and legacies Other trading activities Investments Charitable activities 137 422.612 9.611 1,519,754 137 422,612 9.611 10,782,594 9,262,840 Totsl income 1,952,114 9,262,840 11,214,954 Expenditure on: Raising funds Charitable activities 19.455 2,320,668 19.455 11,415,841 9,095,173 Totsl expenditure 2,340,123 9,095,173 11.435.296 Net income l (expenditure) (388,009) 167.667 1220,342) Transfers between funds 121.724 {121,724) Net movement in funds 266,285 45,943 220,342 Reconciliation of funds Total funds brought forward 1.292.024 1,292,024 Total funds carried forward 1.025,738 45,943 1,071,681 23
Mathematics in Education and Industry Notes to the financial ststements for the year ended 31 March 2025 - continued 3 Donations and legacies 2025 2024 Donations 2.661 137 137 4 Other trading activities 2025 2024 Digf(al resources income Sponsorship income Royalties receivable Educational & publication sales 409.943 49,850 8.549 412.367 9.760 485 468 342 422612 5 Inveslment income 2025 2024 Deposit account interest 24
Mathernatics in Education and Industry Notes to the financial sL*ements forthe year ended 31 March 2025- continued 6 Incoming resources from charitable activities Unrestricted Restrct8d 2025 total activities 2024 total activities Grants Contract incorr Miscellaneous Consuhancy inc0e Conference and tfdining days Professional development courses Student courses 9,535.565 286,030 9,535,565 1.395,917 2,226 72,723 76,202 62,208 77,388 8,973,964 1,465,307 1.109,887 2.226 72.723 76.202 62,208 60,378 28.430 167.585 51,058 96,250 17.010 1 383 624 9 838 605 11 222229 10782 594 Grants r8c8ived, indud8d in the above, ar? as folk>w5= 2025 2024 Department for Education - AdVand Mathetnatics SuDDOrt Pr04JramTne Departtnent for Education - Furthei EduratK>n CPD Proararnrr Purposeful ventUS CIO- Maths Prog$s)n Programw 8,736.741 8,486,938 415.214 394,521 383.610 80,000 9 535 565 8 961 459 25
Mathematics in Education and Industry Notes to the financial statements forthe year ended 31 March 2025 - continued 7 Expenditure on raising funds 2025 2024 Fundraising expenditure 18.692 19,455 8 Charitable activities costs Unrestricted Restricted 2025 Total 2024 Direct costs Grant funding of activities (Note 91 Support costs (Note 10) 1.707.222 5,221.381 3.599.855 892.356 6,928.603 3,599.855 1.148.058 6.626.793 3,485.278 1.303.770 255,702 1 962 924 9 713 592 11 676 516 11 415841 9 Grants payable 2025 2024 Advanced Mathematics Support Progrdmn 3.599.855 3,485,278 3 599 855 3 485 278 26
Mathematics in Education and Industry Notes to the financial ststements for the year ended 31 March 2025 - continued 9 Grants payable - continued The total grants payable to instrtutions during the yearre as follows: 2025 2024 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 Newlon Sixth Fom- Nomch AMSP London 1 (South West)- Kingslon University AMSP London 2 (Central & North)- Imperial College London AMSP London 4 University College London AMSP - London 5 - London Academy of EXllenCe AMSP - North East - Gateshead Council AMSP North West 1 - Universty of Liverpool AMSP - North West 2 - Universty of Manchester AMSP - North West 3 - Lancaster Universty AMSP - North West 4 - Xaverian College AMSP North West 5 - South Lakes Federation AMSP - North West 6 - St Patrick's RC High School 50.991 127,300 50.991 50,991 50.991 50,991 50.991 50,991 50.991 50,991 67,988 22.736 50,991 220.962 84,985 67.988 46,742 84.985 33,994 33.994 49,667 132,175 49,667 49,666 28,972 70,361 49,667 49,667 49,667 49,667 66,223 16,556 49,667 215,223 82,778 66,222 45,528 82,778 33,111 33,111 IlL', 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 Grdmmar School AMSP - South West 2-1 - University of Bath AMSP - South West 3 - Hardenhuish School AMSP - West Midlands 1 - Universf(y of Wolverhampton AMSP - West Midlands 2 - Keele Unwer5ity AMSP - West Midlands 3 - Universf(y of Wawck AMSP - West Midlands 4 - University of Bimiingham AMSP - West Midlands 5 - Bishop Challoner Catholic College AMSP - West Midlands 6 - Worcester Unwersity AMSP - Yorks and Humber 1-3 - Universtty of Leeds AMSP - Yorks and Humber 4 - King Ecgbert School AMSP - Subcontracted Costs - Empowering Education Ltd 50,991 50.991 42,493 144.475 16,957 50.991 50,991 42.493 50,991 50.991 84,985 50.991 50,991 50.991 50,991 144.475 50,991 1,261,484 63,463 41,389 82,433 16,515 49,667 49,667 41,389 49,667 49,667 82,778 49,667 49,666 49,667 49,667 111,750 49,667 1,328,187 3 599 855 3 485 278 27
Mathematics in Education and Industy Notes lo the financial statements for the year ended 31 March 2025 - continued 10 Support costs Unrestricted Restricted 2025 2024 Wages & pensions Rent & rates Postage & stationery Insurance Telephone Light & heat Sundries Bank charges IT support Repairs Depreciation Govemance (see note 11) 146.587 6,639 1.312 1.892 1,842 1.199 5.322 717 42.336 644 38,908 8.304 431,328 43,304 8.562 12.344 12,013 7.824 34.710 4,672 276.116 4.201 577.915 49.943 9.874 14,236 13.855 9.023 40,032 5.389 318.452 4,845 38.908 65.586 735,817 50,633 5,701 21,458 19,364 10,529 27,718 5,939 354,092 2,174 45,178 25,166 57.282 255 702 892 356 1 148 058 1 303 769 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 identtried as spectrically lating to a chariiable activity. 11 Governance costs 2025 2024 Board meetings and expenses Professional fees Auditors. remuneration Audttors, remuneration for non-audii work 12.459 11.827 13,013 2.500 4,746 9,000 10,121 1,299 12 Net incorne l {expenditure) for the year This is stated after charging l (crediting): 2025 2024 Auditors, remuneration Auditors, remuneration for non-audii work Depreciation Operating lease rentals 13.013 2.500 38,908 44.936 10,121 1,299 45,178 44,936 28
Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2025 - continued 13 Analysis of slaff costs and employee benefits. trustee and key management personnel remuneration and expenses 2025 2024 Wages and salaries Social security costs Other pension costs Temiination payments 4.616.830 4,738,628 489,902 490,129 337,612 317,036 42,766 5.487.110 5,545,792 Included in staff costs for the period are a total of 10 termination payments at a total cost of £42,766 12024: £nil}. These costs were incurred as part of a voluntary leaver scheme negotiated following strnctural chanqes to the delwery of a contract. The above costs indude £382,372 in respect of part4ime tutors (2024.. £466,864). Including these tutors the average head count during the year vrds 179 staff (2024: 196 staff). these employees were distributed as follows.. 2025 82 86 2024 84 100 12 Charitable - full-time Charitable - part-time tuto Govemance and support 179 196 The number of employees who received total employee benefrts (excluding employer pension contributions) of more than £60,000 were as follov¢6'. 2025 17 2024 £60,001 - £70,000 £70.001 - £80,000 £80,001 - £90,000 £110.001 -£120.000 23 No truslee was paid nor received any other benefrt from employment with Ihe charitable company duiing either the current or predIng year. During the year four (2024: five) TNstees were reimbursed travel and subsistence expenses totalling £912 (2024= £1,351). The key managemeni personnel of the charitable company comprises the trustees. the Chief Executive, Deputy Chief Executive and Chief Operations Officer to whom responsibility for the day-to- day activities of the charitable company is delegated. The total employee benefits received by key manaqement personnel durinq the yearwere £251.748 (2024: £228.624). 14 Pension costs The charity contributes to the employees. personal pension schemes which are defined contribution schemes. The charge for the year was £337.612 {2024.' £317.036) and there was an amount of £43,214 {2024= £50,717) induded within other creditors oulstanding at the year end. 29
Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2025 - continued 15 Intangible fixed assets Assets under construction Totals Cost At 1 April 2024 Additions 45,984 105,727 45,984 105,727 At 31 March 2025 151,711 151 711 Depreciation At 1 April 2024 Charge for year At 31 March 2025 Net book value At 31 March 2025 151,711 151,711 At 31 March 2024 45,984 45,984 30
Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2025 - continued 16 Tangible fixed assets Offi equipment Totals Cost At 1 April 2024 Additions Disposals 188.155 1,645 188,155 1,645 At 31 March 2025 189.800 189,800 Depreciation At 1 April 2024 Charge for year Eliminated on disposal 97,570 38.908 97.570 38,908 At 31 March 2025 136,478 136.478 Net book value At 31 March 2025 53.322 53,322 At 31 March 2024 90.585 90,585 17 Debtors 2025 2024 Trade debtors Prepaymenls and accrued income Other debtors 913.645 229.334 1,389 884,232 498,632 3,099 1 144 368 1 385 963 31
Mathematics in Education and Industy Notes to the financial ststements for the year ended 31 March 2025 - continued 18 Creditors: amounts falling due within one year 2025 2024 Trade credttors Social security and othertaxes Accruals and defeffed Inco Other creditors 505,235 178.060 1.184.016 43,214 582.917 170.366 1,006,113 50,901 1 910525 1 810297 Included within accruals and deferred income are receipts in advan in respect of the MEI conference and contracl income received in advan. Defeffed income at 1 April 2024 Incoming resources deferred in the current year Amounts released from the previous year 15,033 89,390 {15.033) Defeffed income at 31 March 2025 19 Operating lease commilments Total future minimum lease payments under non-cancellable operating leases are as follows.. Land and buildings 2025 Other operating leases 2025 2024 2024 Expiring= Within one year Between one and five years 37,850 91.471 37,850 135,629 4,680 11.520 4.666 15.687 129 321 173 479 20 Analysis of net assets between funds Unrestrtcted funds Restricted funds 2025 Total funds 2024 Total funds Fixed assets Current assets Current liabilities 205,033 2,702,439 {1.910,525) 205,033 2,804,198 (1.910.525} 90,585 2.791.352 (1,810,297) 101,759 996 947 101 759 1 098 706 1 071 640 32
Mathematics in Education and Industry Notes to the financial statements for the year ended 31 March 2025 - continued 21 Movement in funds At 1 April 2024 Net movement in funds Transfers between funds At31 March 2025 Unrestricted funds: General funds 760.176 197,183) 126,507 789,500 Desunated funds AMSP Ancillary Activtties 265,562 1 025 738 805 57,311 207,447 996 947 Restricted funds: Department for Education - AMSP PuOseful Ventures CIO- Maths Progression Programme 69,197 {69,197) 45.943 55.816 101,759 125 013 101759 TOTAL FUNDS 1.071.681 27.025 1.098.706 Transfers between funds Transfers have been made from restricted funds to account for internally recharged costs to funded programmes and to allow for capilal expendilure re(x)vered on a revenue basis. The AMSP contract is operated on a cost plus basis vthh a small management fee charged to the programme to provide forfuture potential claack. These management charges are transferred to unreslricled funds. The value of funds required to be held as desginaled reserves forthe AMSP underthe Charity's reserves policy is assessed e8ch year. Any sury)lus or deficf( funding is then transferred tolfrom general funds as required. Net m0Vennt in funds, included in the above are as follows: Income Expendf(ure Movement in funds Unrestricted funds: General funds 1.840.348 (1,937.531) {97.183) Designated funds AMSP Ancillary Activtties 43.280 1 883 628 44,085 1 981 616 805 Restricted funds Department for Education - AMSP Empowering Education Ltd - Mathematics CPD Support Programme (NCETM) Purposeful Ventures CIO- Maths ProgressM)n Programme 8,753,751 (8,684,554) 69,197 286,030 {286,030) 383.610 (327.794) 55,816 Department for Education - Post 16 CPD 415,214 {415.214) 9713592 9 838 605 125 013 TOTAL FUNDS 11.722.233 11,695.208 27,025 33
Mathematics in Education and Industy Notes lo the financial statements for the year ended 31 March 2025 - continued 21 Movement in funds - continued The tables below include comparative rureS for movements in funds during the year ended 31 March 2024. Net movement in funds Transfers between funds At 31 March 2024 2022 Unrestricted funds: Gene1 funds 957.628 1437,875) 240,423 760,176 Deswnated funds AMSP Ancillary Activities 334.395 1 292 023 49,866 388 009 118,699 121 724 265 562 1 025 738 Restricted funds: Department for Education - AMSP Purposeful Ventures CIO - Maths Progression ProgmMe Department for Education - Post 16 CP 109,219 {109.219} 45,943 45,943 12,505 167 667 112,505} 121 724 TOTAL FUNDS 1.292.023 220.342 1.071 681 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricled funds: General funds 1.838,261 12,276.136) (437,8751 Designated funds AMSP Ancillary Activities 113,853 1 952 114 63,987 2 340 123 49,866 388 009 Restri¢ted funds Department for Education - AMSP Empowering Education Intemational Ltd - Mathematics CPD Support Programme INCETM) Purposeful ventUS CIO- Maths Prog$S1on Programme Department for Education - Post 16 CPD 8,502,478 18,393,259) 109,219 273.336 {273.336} 80,000 134,057) 45,943 407 026 9,262,840 394 521 19,095,173} 167,667 TOTAL FUNDS 11,214,954 11,435,296 220,342 34
Mathematics in Education and Industy Notes to the financial statements for the year ended 31 March 2025 - continued 21 Movement in funds - continued Desi nated funds AMSP Ancilla Activities MEI operates services that are run in conjuncti)n wtth the DfE funded Advanced Malhemalics Support ProgTrmme IAMSPI. The activtties Main relate to the provision of online tuition to students. Cumulative surpluses to date on these activiiies are designated by the Trustees to be utilised in the event that the AMSP Contract is ended, in order to alow for a nK)re gradual wind down of the Programme than may otherwise be necessary. Restricted funds The De artment for Education - Advanced Mathematics Su ort Pro ramme AMSP The Advanced Mathematics Support Programme is a govemment-funded initiative. managed by MEI. It aims to increase participation in Core Maths. ASIA level Mathematics and Further Mathematics. and improve the teaching of these qualrfications. 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 teachetS and students in state-funded schoo15 and college5. Additional support 15 offered in area5 of low social mobility so Ihal, whatever their gender. background or bcation. students can choose their besl post-16 mathematics pathway and have access to hiqh qualrty teachinq. owerin Education Ltd - Mathemalics CPD Su ort Pro NCETM The Malhemalics CPD Support Programme (the National Centre for Exllen in the Teaching of Mathematics INCETMII is a govemment-funded partnership led by Empowering 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 rnenloring and Iraining servi5 and participation in the govemance structure. ramme TheDe artment for Education - Further Educath)n CPD Pro ramme The Department for Education provides funding lo support the professional development of practttioners of Posl-16 GCSE and Functional Skills Qualrfications (FSQI 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 leaMe so that they can better support them to achieve a Level 2 maths qualification by the age of 19. Pu oseful Ventures CIO - Maths Pro ression Pro ramme Funding is received for the Maths Progression Programme to develop and ad a 5-year programme to improve progression in mathematics. focusing on pupils from disadvantaged backgrounds. 35
Mathematics in Education and Industy Notes lo the financial statements for the year ended 31 March 2025 - continued 22 Related party disclosures During the financial year the Charity paid an Insuran premium of £3.297 {2024= £3,518) which included Trustee indemnity cover. Travel and subsistence payments made to the Trustees during the year are disclosed at Note 13. There were no furthertrdnsactions vthh related parties during the year ended 31 March 202512024: none). 23 Ultimate controlling party The Trustees consider that the charity is jointty controlled by the Trustees and that there is no ultimate controlling party. 24 Share capital The company is limited by guarantee and does not have a share capital. The Trustees have limiled liability of £10 each to the company. 25 Reconcilialion of net income l expenditure to net cash flow from operating activities 2025 2024 Net income l (expendtture) Depreciation charges Interest receivable {Increaseydecrease in debtor5 Increase in creditors 27.025 38.908 {29,0011 241.595 100.228 {220,3421 45,178 19,6111 {176,4701 221,640 Net cash inflow I louffiow) from operating activities 378 755 139605 26 Analysis of changes in net funds 2025 2024 Net funds Cash at bank an in hand 1.659.830 1,359,446 Total 1 659 830 1 359 446 36
Mathematics in Education and Industy Detailed Statement of Financial Activities for the year ended 31 March 2025 2025 2024 INCOME Donations Subscriplions 2.661 2,661 137 137 Other trading income Websrte income EducatK)nal & publication sale Sponsorship income Royalties receivable 409,943 412.367 485 49.850 8.549 468.342 9,760 422,612 Investrnent income Deposit accounl interest 29.001 9.611 Charitable activities Conference and training days Sustained PD coutEes Grants Contract income Miscellaneous Consultancy income Studenl courses 76,202 62,208 9,535,565 1,395.917 2.226 72.723 77.388 11,222.229 167.585 51,058 8,973,964 1,465,307 28,430 96,250 10,782.594 Total income 11 722 233 11 214954 EXPENDITURE Cost of raising funds Publication purchases 18,692 18.692 19,455 19,455 Charitable activities Staff costs Tuition related cosls AMSP KS4 Enrichmenl AMSP STEP CPD AMSP Sustained PD AMSP Regional training evenls AMSP Olher Teacher PD AMSP Core Malhs PD MEI Conference R&D repayment Other charitable activty cost Gt3nts to institutions 4,865.110 44.085 88.192 124,287 213.457 173.766 14.320 56.624 58.722 40.054 1,275,773 3 599 855 10,554,245 4,745,988 63,987 116,431 160,565 218,019 181,366 94,979 130.403 60.328 854.727 3 485,278 10,112,072 This page doe5 not fonn part of the statutory financial staterTEnts. 37
Mathematics in Education and Industry Detailed Ststement of Financial Activities for the year ended 31 March 2025 (continued) 2025 2024 Support costs Staff costs Rent, rates and water Light and heal Repairs and renewals IT support Postage and stationery Insurance 577.915 49.943 9.023 4,845 318,452 9.874 14.236 735,817 50,633 10,529 2,174 354.092 5.701 21,458 L 11 Telephone Sundries Bank charges Depreciation Board meetings and expenses Professional fees Audrtors, fees Auditors, remunerath)n for non-audit w)rk 13.855 40.032 5.389 38.908 12.459 11.827 13.013 2,500 19,364 27,718 5,939 45,178 4.746 9.000 10.121 1.299 1,122,271 1,303,769 Total expenditure 11,695.208 11,435,296 Net movement in funds 220 342 This page does not fom) part of the statutory financial StatentS. 38