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 Ex￿llen￿ 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:
032654￿j (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 prO￿sS 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 reSoUr￿S 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 eX￿ptIon 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 De￿mber 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 OffI￿r attend all Board meetings and other meetings as
required.
Pay policy for key management pe￿Onnel
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 AdVan￿d 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 ServI￿S 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 reSoUr￿S 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
'eX￿lIent'.
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 eXperien￿S 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 re￿iVed excellent feedback.
MEI Programmes
This strand comprises smaller funded programmes and related activities.
Ke
sta
e 1 to 4 maths curriculum reSoUr￿S
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 EX￿llenCe 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 Ex￿llen￿ Fund
Be￿een 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 reSoU￿S 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 pro￿sS, 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 be￿een 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" how￿ver. 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 rese￿eS 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 con￿ntrate 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 reSoU￿S and ServI￿S independent of UK
government funding
Principal risks and uncertainties
Global political and economic Un￿rtaInty and national economic COn￿mS 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 perfon￿an￿.
MEI'S Balance Sheet is strong and financial resilien￿ is good. MEI'S budget prO￿sS 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￿ reSoU￿S 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 rese￿eS 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 AC￿pted 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)mpan￿S 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 Un￿rtaIntieS 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 kno￿edge 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 entl￿ed 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 p￿￿oseS 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 ne￿SSary 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 cOn￿M 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.
I￿egUlaritIes, 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 i￿egUla￿ties, 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 be￿en 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 SoU￿S 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 administrat￿n details on page 2 of these financial slatemenls. The nature of
the charity's operations and principal activities are detaI￿d 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 charil￿S 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 n￿t. 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 re￿niable 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 re￿rded 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 ar￿Unt 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 activit￿S 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 re￿Ne 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, cL2S5￿led 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 deVel0pn￿ntS. 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 cOrporat￿n 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. deS￿jna1ed by Trustees for a specrfic future purpose.
Reslricled funds can only be used for particular ￿$tricted pu￿OSe$ %wthin the objects of the charity. Restrictions
arise when specrfied by the donor or svhen funds are raised for part￿￿r 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 state￿nI 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 financ￿1 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 inc0￿e
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 - AdVan￿d
Mathetnatics SuDDOrt Pr04JramTne
Departtnent for Education - Furthei EduratK>n
CPD Proararnrr
Purposeful ventU￿S 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 year￿￿re 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 EX￿llenCe
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 pre￿dIng 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
Pu￿Oseful 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 cla￿ack. 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 m0Ven￿nt 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 r￿ureS 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:
Gene￿1 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 Prog￿mMe
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 ventU￿S 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 Ex￿llen￿ 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 servi￿5 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 State￿￿ntS.
38