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← United Kingdom Mathematics Trust

2020-07-31-accounts

Registered number: 03271283 Charity number: 1059125

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee) TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2 - 9
Independent Auditor's Report to the Trustees of the Trust 10 - 12
Statement of Financial Activities (incorporating Income and Expenditure Account) 13
Balance Sheet 14 � 15
Statement of Cash Flows 16
Notes to the Financial Statements 17 - 35

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2020

Trustees Mrs A F Baker
Professor C J Budd (resigned 12 August 2019)
Dr D M Crawford
Mrs R M Dorris
Mr R J Gazet
Mr C S James
Mr G J Keniston-Cooper
Dr C Kilgour (resigned 1 January 2020)
Mr M C D Knapton
Dr G Leversha
Mr S J Mulligan (resigned 12 August 2019)
Dr V Neale (resigned 28 August 2020)
Miss J Ramsden
Professor A Rucklidge
Dr G C Smith (resigned 14 August 2020)
Company registered
number 03271283
Charity registered
number 1059125
Registered office UK Mathematics Trust
School of Mathematics
University of Leeds
Leeds
LS2 9JT
Company secretary Mrs M T Fyfe
Independent auditor BHP LLP
First Floor, Mayesbrook House
Lawnswood Business Park
Redvers Close
Leeds
LS16 6QY
Bankers Lloyds Bank plc
4 West Street
Havant
PO9 1PE
Lloyds Bank plc
6/7 Park Row
Leeds
LS1 1NX

Page 1

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2020

Glossary

Term Definition
BMOS British Mathematical Olympiad Subtrust
CS Challenges Subtrust
ES Enrichment Subtrust
FRC Financial Reporting Council
FRS Financial Reporting Standard
IMC Intermediate Mathematical Challenge
IMO International Mathematical Olympiad
ISA International Standards on Auditing
JMC Junior Mathematical Challenge
SMC Senior Mathematical Challenge
SORP Statement of Recommended Practice
STMC Senior Team Maths Challenge
TMC Team Maths Challenge
Trust United Kingdom Mathematics Trust
Trustees Trustees of United Kingdom Mathematics Trust

Page 2

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 JULY 2020

The Trustees, who are also directors of the charitable company for the purposes of the Companies Act 2006, present their Annual Report together with the audited financial statements for the year ended 31 July 2020. The Annual Report serves the purposes of both a trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the Trust comply with the current statutory requirements, the requirements of the Trust's governing document and the provisions of the SORP applicable to charities preparing their accounts in accordance with the FRS applicable in the UK and Republic of Ireland (FRS 102) as amended by Update Bulletin 1.

Since the Trust qualifies as small under Section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006.

Constitution of the Trust

The Trust was incorporated on 30 October 1996. It is a company limited by guarantee, registration number 03271283, and is registered with the Charity Commission as Charity Number 1059125. Its registered address and principal office is UK Mathematics Trust, School of Mathematics, University of Leeds, Leeds, LS2 9JT. The governing document is the Memorandum and Articles of Association.

The Trustees of the Trust are also the trustees of the company for the Companies Act 2006 purposes. The governing body of the Trust is its Board (formerly Council), and its Trustees are precisely the members of the Board.

Under Article 1.1 of the Articles of Association, the Royal Institution of Great Britain and The Mathematical Association are Participating Bodies, and the Association of Teachers of Mathematics, the Edinburgh Mathematical Society, the Institute of Mathematics and Its Applications, the London Mathematical Society and the Royal Society are Supporting Bodies. The Royal Institution of Great Britain is also the Patron of the Trust.

On 20 October 2020, new Articles of Association became the governing document of the Trust. The main changes were: membership rules (with all existing members having the ability to retain their membership) and appointment of trustees (only by the Board and by members, and no longer by Participating Bodies and by Represented Branches).

Main objectives

The Trust is established to advance the education of children and young people in mathematics and in particular but without prejudice to the generality of the foregoing by organising and running mathematics competitions.

Trustees and Members

The Trustees during the period covered by this Annual Report were:

Mrs A F Baker Mr M C D Knapton
Professor C J Budd, Chair (resigned 12/08/2019) Dr G Leversha
Dr D M Crawford, Treasurer Mr S J Mulligan (resigned 12/08/2019)
Mrs R M Dorris Dr V Neale (resigned 28/08/20)
Mr R J Gazet (appointed Vice-Chair 12/10/2019) Miss J Ramsden
Mr C S James Professor A Rucklidge
Mr G J Keniston-Cooper (appointed Chair 12/08/2019) Dr G C Smith, Vice-Chair (resigned 14/08/20)
Dr C Kilgour (resigned 01/01/2020)

The Trustees delegate day to day management of the Trust to the Executive Director.

Trustees are recruited taking account of existing skills and experience on the Board. Under the new Articles of Association, up to 10 trustees can be appointed by the Board and up to 6 are appointed by a members� ballot.

Page 3

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 JULY 2020

A full induction programme is in place for new Trustees. Trustees act in accordance with the Codes of Conduct for Trustees, the Good Governance A Code for the Voluntary and Community Sector, and in line with legislation and regulations.

The Members of the Trust are the present and some former Trustees, present members of Subtrusts and others granted membership by the Board. The current Members of the Trust are the Trustees, as above, together with Mr R M Atkins, Mr P Beckett, Dr R W Bray, Professor J Brindley, Professor C J Budd, Mr D Bunnell, Dr C M Campbell, Dr K M Chicot, Dr D J Collins, Dr J D Cranch, Mr A Crews, Mrs S Cubbon, Mr M Dennis, Dr C C Fiddes, Mrs K Fogden, Mrs M T Fyfe, Dr A D Gardiner, Mr H Groves, Mr K Hayward-Bradley, Mr T J Heard, Mr F R Heywood, Miss P Hunt, Dr A Inglis, Miss S Jameson-Petvin, Dr V Kadelburg, Dr V Kathotia, Dr C Kilgour, Dr E Kimber, Mrs P King, Professor F C Kirwan, Professor T W Körner, Professor I B Leader, Mr N Lord, Mr A J S Mann, Ms P Matheson, Professor A C McBride, Mr S J Mulligan, Mr P Murray, Dr J S Myers, Mr D J Orton, Ms L Piper, Mr S Power, Dr A Randolph, Mr P Ransom, Mrs H Reeve, Professor J C Robson, Mr D Rowland, Dr A Sanders, Dr S Santos, Professor B Silverman, Dr J R Silvester , Dr A B Slomson, Mr R C Smart, Dr W B Stewart, Mr P A J Thomas, Mr A Voice, Mr J R Welham, Mrs R Wilshire, Ms M Wimbury and Mr D Yeo. The Royal Institution of Great Britain and The Mathematical Association are also Members.

Staff

The staff are joint employees of the Trust and the University of Leeds, under the terms of a Joint Employment Agreement dated 13 May 2003 and renewed in May 2008.

The Executive Director of the Trust was Mrs R Greenhalgh (until 30 September 2019) and Mrs H Telfer (as from 1 February 2020), with Dr S O�Hagan and Mrs H Telfer being joint co-Executive Directors for the intervening period (i.e. 1 October 2019 to 31 January 2020). Dr S O�Hagan was also Deputy Executive Director until 30 September 2019, and left the Trust on 31 January 2020. The Administrative Officers, who provide the bulk of the administrative support of the work of the Trust were Ms J Bereza, Miss H Forsyth, Miss N Hindle, Mx A Komatar, Miss A Lassu, Mrs A Maciuniene, Ms H Macklin, Mr C Normington, Mrs E Pilkington, Miss J Raby-Cox, Ms S Raffle-Edwards, Mr S Ramsay, Miss K Richardson, Mrs M Roberts, Mr D Sheard, Ms T Taylor, Mrs H Telfer, Miss J Williams and Mr A Wilson.

Meetings

The Board held its 59th, 60th, 61st and 62nd meetings on 12 August 2019, 12 October 2019, 18th January 2020 and 9th April 2020 respectively.

The 23rd Annual General Meeting of the Trust was held virtually (via Zoom) on 13 July 2020.

Structure of the Trust

The Trust has Subtrusts (�Represented Branches� in the old Articles of Association; renamed Executive committees in the new Articles of Association). Each of these Subtrusts is in charge of one of the spheres of the Trust�s activity; each has its own membership subordinate to that of the main Trust. The Trust currently has four Subtrusts as follows:

CS, whose main responsibilities are overseeing the running of:

Page 4

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 JULY 2020

In addition, the Board has established the following standing Executive committees to expedite its business and to widen channels of communication: Investment Committee and Publications Committee, and the following standing Board committees to undertake appropriate governance and separate more clearly operational (Executive committees) and strategic decision making (Board committees): Audit and Finance Board Committee, Nominations and Remuneration Board Committee and Risk and Compliance Board Committee.

Activities of the Trust performed for the public benefit

The Trustees confirm that they have had reference to the information contained within the Charity Commission�s general guidance on public benefit when reviewing the Trust�s aims and objectives and in planning future activities for the next financial year.

The Trust advances its charitable purpose mainly by running the JMC, IMC, SMC, TMC and STMC.

These activities are augmented by follow-up competitions including participating in the international Association Kangourou sans Frontières contests and the IMO; publications for teachers and students, Mentoring Scheme, Summer Schools, Mathematical Circles, and by providing resources for teachers. However, due to the impact of COVID-19, only planned activities up to 17 March 2020 were held; after this date some activities were run in a different format (e.g. held virtually - BMOS Trinity Camp, held online - JMC), and some were cancelled (e.g. Summer Schools).

The JMC, IMC, SMC, TMC and STMC, are open to all secondary schools and colleges with students of secondary school age in the UK. In 2019-20 the number of entries for these events were as follows:

2019-20 2018-19
Schools Students Schools Students
JMC 3,114 253,080 4,152 321,960
IMC 3,122 266,700 3,284 270,010
SMC 2,144 105,850 2,290 108,100
TMC 621* 2,484 1,712 6,848
STMC 1,174 4,696 1,214 4,856

For those challenges unaffected by COVID-19 (i.e. the IMC, SMC and STMC), the number of participating schools and students are slightly down on last year�s figures, but still close to the historic highs of 2017-18.

Page 5

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 JULY 2020

Mathematical Circles enable enthusiastic mathematicians from a local area to come together for two days and follow a mathematically demanding programme. The Mathematical Circles are aimed at students in Year 10 (England and Wales), S3 (Scotland) and Year 11 (Northern Ireland). Whilst several were planned for 2019-20, none took place due to COVID-19. It is hoped to restart them again later in 2020-21.

Summer Schools are designed for young people with an interest in mathematics. Students in Years 10 or 11 (England and Wales), S3 or S4 (Scotland) and Years 11 or 12 (Northern Ireland) who are among the top 1.5% of scorers in the IMC are selected by lottery and invited to attend one of the Summer Schools. The selection mechanism aims to ensure that half of the students attending are girls and that 80% are from state-funded schools. Once again the planned Summer Schools for 2019-20 were cancelled due to COVID-19, although the current intention is to restart them again in 2020-21.

The Mentoring Scheme continues to be well-received, and the Trust is grateful to Oxford Asset Management for their support. The Mentoring Scheme is open to students based in the UK who are keen to improve their problem-solving and mathematical reasoning skills. The Mentoring Scheme consists of nine programmes which increase in difficulty and in the level of prerequisite knowledge required, and runs each year from October to May.

The IMO is the World Championship Mathematics Competition for secondary-school students and is held annually in a different country. The first IMO was held in 1959 in Romania, with 7 countries participating. It has gradually expanded to over 100 countries from 5 continents. The 61st IMO was planned for Saint Petersburg, Russia in June 2020, but due to COVID-19, was run virtually at the end of September 2020.

More detailed information on all of the Trust�s activities, including those summarised above, can be found in the Trust�s Yearbook 2019-20, which is distributed electronically and free of charge to all Members of the Trust.

Page 6

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 JULY 2020

Treasurer’s report

It is pleasing to report that the Trust remains in a secure financial position despite some hardships over the year.

In the financial year 2019/20, the Trust made a deficit of expenditure over income (operating loss) of £48k.

While it is obviously disappointing to be reporting a second consecutive year of deficit, this should be viewed through a number of lenses. Firstly, there was a debt of over £45k owed by IMO 2019 Ltd relating to a number of bills that were not dealt with in the previous financial year, which were written off and which effectively account for the operating loss. Secondly there were the effects of COVID-19, which severely disrupted operations in the last four months of the financial year. Principal amongst these was the Trust�s largest income generating activity, the JMC. By the time the Challenge was due to take place, the whole country was in lockdown and it was looking possible that the more than 300,000 entrants would be disappointed and, more importantly to the Trust�s bottom line, that the approximate total expected income of £400k would either not materialise at all or would need to be returned to schools. Some heroic efforts on the part of the staff at the UKMT Office, working remotely, managed to arrange an online version of the JMC at a slightly later date than usual and nearly 130,000 pupils eventually took the Challenge. However, this did leave refunds or advanced entries for next year�s Challenge to be made to schools whose pupils were unable to take part to a significant extent. Hence nearly £126k of income has been removed from the accounts to cover these payments.

The effects of the COVID-19 were also felt in the financial markets, which fluctuated significantly during the course of the year and, although the value of the investments held did fall by about £12k from their value at the start of the year, this is far less than the approximately £120k loss in value that we were looking at suffering at one stage.

Whenever activities contract, savings occur as a by-product and the necessary cancellation of Marking Weekends for Intermediate Mathematical Olympiad Kangaroo and Junior Mathematical Olympiad and Summer Schools meant savings of around £40k and £35k respectively. There were also savings made on printing and postage of around £85k, although some of these were planned as the new website started to be used much more to process orders and send out reminder e-mails.

The Trust was fortunate to be able to enter into a generous arrangement consisting of a mixture of donation and sponsorship totalling £150k from XTX Markets this year and, all being well, this arrangement will be continuing into the future. It did mean, however, that we needed to say goodbye to previous sponsors Oxford Asset Management and Man Group and the Trust is particularly grateful to these organisations for the support they have given us over a number of years.

The Treasurer is extremely grateful for all the help and support provided by the Executive Director and staff at the UKMT Office. The assistance of all the Subtrusts and Committees in effectively managing their budgets is also gratefully acknowledged.

The Trust remains enormously grateful for the valuable support of all its sponsors, donors and supporters, beyond those mentioned specifically in this report, details of whom can be found in the Trust�s Yearbook 2019-20.

Future plans of the Trust

In order to achieve the Trust�s stated charitable purpose, the Trustees have agreed a set of values, which are to guide and inform all that the Trust does. The Trust believes:

Page 7

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 JULY 2020

The Trust�s current strategic objectives are:

The Trust intends to continue organising and running the activities summarised in this report, and will continue to review them in line with the above values and strategic objectives.

Reserves policy

The Trustees have agreed that the Trust should aim to build up its General Reserve to the level of its ongoing annual expenditure.

Investments policy

The policy of the Trust was reviewed in January 2017 and approved in April 2017. This policy is reviewed every three years. The Investment Committee has reviewed the policy and it has been approved by the Audit and Finance Board Committee..

Risks

The Trustees have reviewed the risks to which the Trust might be exposed, and have updated the risk management policy accordingly. Other than risks which are covered by insurance, one of the most serious risks is that, through circumstances beyond the control of the Trust, it proves impossible to run one of the challenges, and that consequently there would be a loss of income from fees. The maximum risk so entailed is considered to be covered by the reserves policy. (During the year, COVID-19 crystallised this risk. However, due to a combination of the reserves policy and mitigating action taken by management - see the activities section above, the Trust maintained a very secure financial position - see the Treasurer�s report above.)

Fundraising activities

Income not classed as from charitable activities breaks down into donations and legacies and investment income. All information for individual supporters is reviewed and maintained under GDPR regulations and no professional fundraisers or commercial participators were utilised in the year.

The Trust is not registered under any schemes or standards and has received no complaints about fundraising in the year (2019: none).

Page 8

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 JULY 2020

Statement of Trustees’ responsibilities

applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with UK Generally Accepted Accounting Practice (UK Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the Trust for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Trust's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small company exemption

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006.

Auditor

BHP LLP offer themselves for reappointment as auditor for 2020-21, in accordance with the Companies Act 2006.

Approved by order of the members of the Board on 16 January 2021 and signed on their behalf by:

Mrs Mary Teresa Fyfe Secretary

Page 9

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE TRUST

Opinion

We have audited the financial statements of the Trust (the �charitable company�) for the year ended 31 July 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK Accounting Standards, including FRS 102, the FRS applicable in the UK and Republic of Ireland (UK Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company�s affairs as at 31 July 2020, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

have been properly prepared in accordance with UK Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with ISA (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 statements in the UK, including the FRC�s Revised Ethical Standard 2019, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISA (UK) require us to report to you where:

the trustees� use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company�s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Page 10

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE TRUST (continued)

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees� report, other than the financial statements and our auditor�s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the Trustees� report (incorporating the directors� report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors� report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the trustees were not entitled to prepare the financial statements in accordance with the small companies� regime and take advantage of the small companies� exemptions in preparing the directors� report and from the requirement to prepare a strategic report.

Page 11

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE TRUST (continued)

Responsibilities of trustees

As explained more fully in the Statement of Trustees� responsibilities set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 ISA (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC�s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor�s 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 audit 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 purpose. To the fullest extent permitted 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 formed.

Michael Jackson (Senior Statutory Auditor) for and on behalf of BHP LLP, Statutory Auditor BHP LLP First Floor, Mayesbrook House Lawnswood Business Park Redvers Close Leeds LS16 6QY

Date:

Page 12

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2020

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
206,909
872,168
2,297
1,081,374
5,000
1,124,752
1,129,752
(12,166)
(60,544)
1,377,452
(60,544)
1,316,908		 Total
funds
2020
£
206,909
872,168
2,297
1,081,374

5,000
1,124,752
1,129,752
(12,166)
(60,544)

1,377,452
(60,544)
1,316,908		 Total
funds
2019
£
382,125
1,228,263

3,878
1,614,266
5,550

2,178,048
2,183,598

38,298
(531,034)

1,908,486

(531,034)
1,377,452

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 16 to 37 form part of these financial statements.

Page 13

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

BALANCE SHEET AS AT 31 JULY 2020

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Current assets
Debtors
15
Investments
16
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one year
17
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Funds
Restricted funds
19
Unrestricted funds
19
Total funds		 118,419
734,779
651,951
1,505,149
(271,133)		 2020
£
82,581
311
82,892
1,234,016
1,316,908
1,316,908
1,316,908
-
1,316,908
1,316,908		 73,823
746,945
591,016
1,411,784
(118,633)		 2019
£
83,724
577
84,301
1,293,151
1,377,452
1,377,452
1,377,452
-
1,377,452
1,377,452

Page 14

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

BALANCE SHEET (continued) AS AT 31 JULY 2020

The Trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies� regime.

The financial statements were approved and authorised for issue by the Trustees on 16 January 2021 and signed on their behalf by:

Mr G J Keniston-Cooper Chair

The notes on pages 17 to 35 form part of these financial statements.

Page 15

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2020
Net cash flow from operating activities
Net cash provided by/(used in) operating activities see note 21
Cash flows from investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Proceeds from sale of investments
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2020
£
95,124		 2019
£
(483,732)
(36,486)
-
-
2,297		 (83,724)
(799)
410,133
3,878
(34,189) 329,488
60,935
591,016		 (154,244)
745,260
651,951 591,016

The notes on pages 17 to 35 form part of these financial statements.

Page 16

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

1. General information

The Trust is a public benefit entity limited by guarantee. The registered office is UK Mathematics Trust, School of Mathematics, University of Leeds, Leeds, LS2 9JT.

2. Accounting policies

2.1. Basis of preparation of financial statements

These financial statements have been presented in pound sterling which is the functional currency of the Trust, and rounded to the nearest £.

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with the FRS applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Trust has elected to apply all amendments to FRS 102, as set out in the FRC's triennial review published in December 2017, and included in Update Bulletin 2 to the Charities SORP (FRS 102), prior to mandatory adoption for accounting periods beginning on or after 1 January 2019.

The Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2. Going concern

After making enquires, the Trustees consider the adequate resources continue to be available to fund the activities of the Trust for the foreseeable future even considering the impact of COVID-19. Although COVID-19 presented a significant challenge for the Trust, due to school closures, these risks were significantly reduced by providing the option for taking the challenges online. This has protected as far as is reasonable the largest income stream for the Trust. Accordingly, the Trust continues to adopt the going concern basis in preparing its financial statements.

Page 17

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

2.3. Income

All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Trust has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Trust, can be reliably measured.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Income from charitable activities

Examination entry fees

This income arises from the fees paid by schools for students participating in the challenges run by the Trust. The income and related debtor for fees are accounted for in the period in which the challenge is undertaken.

Sales of publications

This income arises from the sale of publications, past papers and other materials (including the Year Book) in connection with the challenges run by the Trust. Income from sales of publications is accounted for when the Trust becomes legally entitled to the income.

Summer Schools fees

This income arises from the fees paid by schools or parents/guardians/carers for students invited to and participating in the Summer Schools. The fee is waived in cases of hardship. The fees are accounted for in the period in which the Summer School takes place.

Page 18

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

2.4. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset�s use.

Expenditure on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purpose and includes costs of all fundraising activities events and non charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5. Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6. Intangible assets and amortisation

Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets from the date the asset is brought into use at rates calculated to write off the cost of each asset on a straight line basis over its expected useful life.

2.7. Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Office equipment 25% Reducing balance

Page 19

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

2.8. Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9. Investments

Investments during the year are held a market value. Realised and unrealised gains and losses are re-released to the Statement of Financial Activities as they arise.

2.10. Cash at bank and in hand

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

2.11. Liabilities

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.12. Financial instruments

The Trust only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and listed investments.

Debt instruments (other than those wholly repayable or receivable within one year), including other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of financial position.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounts at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Trust would receive for the asset if it were to be sold at the reporting date.

Page 20

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

2.13. Pensions

For those employees who have an employer�s pension scheme in place, the Trust makes a contribution currently equivalent to 18% of gross salary for The Universities Superannuation Scheme (academic staff), 16% for the University of Leeds Pension & Assurance (clerical staff) and 6 10% for the University of Leeds Defined Contribution Plan (clerical staff). The Trust's contribution is charged to the Statement of Financial Activities in the financial year.

2.14. Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

2.15. Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The items in the financial statements where these judgements, estimates and assumptions have been made include: The recognition of grant income in these financial statements involves judgements as to whether performance or other relevant entitlement conditions have been met.

3. Income from donations and legacies

Donations
Sponsorship
Grants
Total		 Unrestricted
funds
2020
£
144,738
40,417
21,754
206,909		 Restricted
funds
2020
£
-
-
-
-		 Total
funds
2020
£
144,738
40,417
21,754
206,909		 Total
funds
2019
£
329,445
49,461
3,219
382,125

In 2019 £300,000 of donations were restricted.

Page 21

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

4. Income from charitable activities

Examination entry fees and related income
Summer Schools fees
Sale of publications
Total
All income in 2019 was unrestricted.
5. Income from investments
Bank deposit interest receivable
All income in 2019 was unrestricted.
6. Expenditure on raising funds
Costs of raising voluntary income
Executive Director's salary (part) - unrestricted
All expenditure in 2019 was unrestricted.		 Unrestricted
funds
2020
£
800,550
-
71,618
872,168
Unrestricted
funds
2020
£
2,297
Unrestricted
funds
2020
£
5,000		 Total
funds
2020
£
800,550
-
71,618
872,168
Total
funds
2020
£
2,297
Total
funds
2020
£
5,000		 Total
funds
2019
£
1,101,254
42,943
84,066
1,228,263
Total
funds
2019
£
3,878
Total
funds
2019
£
5,550

Page 22

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

7. Analysis of expenditure on charitable activities

Summary by fund type

CS
BMOS
TMC
STMC
ES
Publications
Central
Total		 Unrestricted
funds
2020
£
186,268
89,705
30,821
59,973
18,505
13,729
725,751
1,124,752		 Total
funds
2020
£
186,268
89,705
30,821
59,973
18,505
13,729
725,751
1,124.752		 Total
funds
2019
£
155,835
102,920
81,526
55,196
65,819
44,291
1,672,461
2,178,048

Expenditure is charged directly to the project to which it relates and, where relevant, is restricted in line with the donor's restriction of expenditure eligible under funding received.

In 2019 £300,000 of Central costs were restricted.

8. Analysis of expenditure by activities

CS
BMOS
TMC
STMC
ES
Publications
Central
Total		 Activities
undertaken
directly
2020
£
186,268
89,705
30,821
59,973
18,505
13,729
680,414
1,079.415		 Support
costs
2020
£
-
-
-
-
-
-
45,337
45.337		 Total
funds
2020
£
186,268
89,705
30,821
59,973
18,505
13,729
725,751
1,124.752		 Total
funds
2019
£
155,835
102,920
81,526
55,196
65,819
44,291
1,672,461
2,178,048

Page 23

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

8. Analysis of expenditure by activities (continued)

Sub analysis by type of expenditure

Staff costs
Insurance
Prizes
Speakers
Teacher cover
Printing
Stationery
Postage
Telephone
Travel & accommodation
Venue hire & catering
Trustees' expenses
Bank charges
Training (staff) & recruitment
Website
Rent
Typesetting
Subscriptions
Royalties
Loan provision
Other direct expenditure
Total		 CS
2020
£
-
-
3,465
-
-
75,991
2,620
26,658
-
2,464
(1,545)
429
9
-
-
-
49
235
-
-
75,893
186,268		 BMOS
2020
£
-
59
642
-
-
433
242
1,241
-
12,833
70,456
-
3
1,023
-
-
-
363
-
-
2,410
89,705		 TMC
2020
£
-
-
10,133
-
360
13,119
1,335
1,094
-
3,877
(2,596)
913
-
-
-
-
24
100
-
-
2,462
30,821		 STMC
2020
£
-
-
2,033
-
460
3,006
894
750
-
9,508
38,123
(756)
-
-
-
-
10
-
-
-
5,945
59,973		 ES
2020
£
-
-
1,127
-
-
136
-
515
-
2,710
13,185
132
-
691
-
-
-
-
-
-
9
18,505		 Public
ations
2020
£
-
36
514
-
-
5,170
30
3,360
-
-
-
-
123
-
229
-
-
-
4,267
-
-
13,729		 Central
2020
£
454,372
3,038
47
-
-
543
541
3,416
1,601
2,863
1,685
1,158
258
1,407
35,748
29,561
-
3,283
-
45,000
95,893
680,414		 Total
funds
2020
£
454,372
3,133
17,961
-
820
98,398
5,662
37,034
1,601
34,255
119,308
1,876
393
3,121
35,977
29,561
83
3,981
4,267
45,000
182,612
1,079,415		 Total
funds
2020
£
454,372
3,133
17,961
-
820
98,398
5,662
37,034
1,601
34,255
119,308
1,876
393
3,121
35,977
29,561
83
3,981
4,267
45,000
182,612

Page 24

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

8. Analysis of expenditure by activities (continued)

Staff costs
Insurance
Prizes
Speakers
Teacher cover
Printing
Stationery
Postage
Telephone
Travel & accommodation
Venue hire & catering
Trustees' expenses
Bank charges
Training (staff) & recruitment
Website
Rent
Typesetting
Subscriptions
Royalties
Loan provision
Other direct expenditure
Total		 CS
2019
£
-
-
13,999
-
-
68,535
6,509
15,468
-
15,841
30,810
2,069
534
-
-
-
164
180
-
-
1,726
155,835		 BMOS
2019
£
-
501
2,402
870
-
503
28
146
-
29,265
67,159
1,148
-
-
-
-
-
-
-
-
798
102,820		 TMC
2019
£
-
-
15,391
-
1,455
3,753
1,752
1,143
-
19,260
38,044
486
-
-
-
-
28
-
-
-
214
81,526		 STMC
2019
£
-
-
3,710
-
180
523
19
626
-
14,724
34,318
240
-
-
-
-
552
-
-
-
304
55,196		 ES
2019
£
-
-
1,395
-
200
45
512
1,750
-
14,911
46,420
401
-
185
-
-
-
-
-
-
-
65,819		 Public
ations
2019
£
-
-
607
-
-
29,660
-
1,751
-
-
-
-
856
-
410
-
434
-
10,211
-
362
44,291		 Central
2019
£
453,302
1,733
983
-
-
30,058
6,386
65,901
1,317
3,558
6,647
732
1,995
4,499
1,305
40,810
-
6,078
-
930,000
79,365
1,634,669		 Total
funds
2019
£
453,302
2,234
38,487
870
1,835
133,077
15,206
86,785
1,317
97,559
223,398
5,076
3,385
4,684
1,715
40,810
1,178
6,258
10,211
930,000
82,769
2,140,156

Page 25

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

9. Auditor's remuneration

2020
£
Fees payable to the Trust's auditor for the audit of the Trust's annual
accounts
11,000
10. Staff costs
2020
£
Wages and salaries
378,926
Social security costs
26,876
Contribution to pension schemes
48,570
Total
454,372
The average number of persons employed by the Trust during the year was as follows:		 2019
£
11,700
2019
£
379,974
28,671
50,207
458,852
Employees 2020
No.
16		 2019
No.
14

The number of employees whose employee benefits (excluding employer�s pension costs) exceeded £60,000 was:

In the band £60,001 - £70,000 2020
No.
-		 2019
No.
1

Since September 2005 the Trust has only employed staff jointly with the University of Leeds. During the previous year, the part time Executive Director and Deputy Executive Director, together with nine full time and ten part time staff have been so employed. In addition, temporary clerical staff provided services to the Maths Challenges Office during busy periods.

The Trustees consider that the only key management personnel of the Trust, as defined by Charities SORP (FRS 102), are the Executive Director and two Operations Managers. Total remuneration (including employer�s pension costs) for these posts were £141,424 (2019: £140,680).

Page 26

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

11. Trustees' remuneration and expenses

Two Trustees (2019: two) received remuneration in the period from the Trust. See note 26 for further details. During the year, six Trustees (2019: sixteen) were reimbursed from funds for expenses incurred by them for work performed on behalf of the Trust. The total amount reimbursed to the Trustees was £2,489 (2019: £5,077), and related to travel and subsistence, printing, and postage.

12. Taxation

The Trust is a registered charity and therefore entitled to exemptions from UK corporation tax in accordance with Part 11 Corporation Tax Act 2010.

13. Intangible assets

Cost
At 1 August 2019
Additions
At 31 July 2020
Amortisation
Charge for the year
At 31 July 2020
Net book value
At 31 July 2020
At 31 July 2019		 Website
costs
£
83,724
36,486
120,210
37,629
37,629
82,581
83,724

Page 27

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

14. Tangible fixed assets

Cost or valuation
At 1 August 2019
At 31 July 2020
Depreciation
At 1 August 2019
Charge for the year
At 31 July 2020
Net book value
At 31 July 2020
At 31 July 2019
15. Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
Total		 2020
£
31,560
20,613
66,246
118,419		 Office
equipment
£
101,750
101,750
101,173
266
101,439
311
577
2019
£
31,265
1,780
40,778
73,823

Page 28

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

16. Investments

Market value at beginning of the year
Disposals
Net (losses)/gains on investments
Market value at end of the year
Investments are held in units of common investment funds
COIF Charities Investment Fund
CAF UK Equitrack Fund
Schroders Charity Multi Asset Fund
Total
Historical cost at end of the year		 2020
£
746,945
-
(12,166)
734,779
2020
£
539,174
190,638
4,967
734,779
204,003		 2019
£
1,118,780
(410,133)
38,298
746,945
2019
£
512,572
229,352
5,021
746,945
204,003

Page 29

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

17. Creditors: amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income
Total
Deferred income
At 1 August
Released in the year
Addition in the year
At 31 July
18. Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure
Financial assets measured at amortised cost
Total
Financial liabilities
Other financial liabilities measured at fair value through income and
expenditure		 2020
£
11,179
134,406
125,548
271,133
22,359
(22,359)
109,548
109,548
2020
£
734,779
704,124
1,438,903
2020
£
271,133		 2019
£
68,197
12,347
38,089
118,633
15,221
(15,221)
22,359
22,359
2019
£
746,945
624,061
1,371,006
2019
£
118,633

Financial assets measured at fair value through income and expenditure comprise current asset investments. Financial assets measured at amortised cost comprise trade debtors, other debtors and cash at bank and in hand.

Other financial liabilities measured at fair value through income and expenditure comprise trade creditors, other creditors and accruals and deferred income.

Page 30

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

19. Statement of funds

Statement of funds
current year
Balance at 1
August 2019
£
Unrestricted funds
Designated funds
International reserve
480,000
General funds
General Funds
897,452
Total Unrestricted funds
1,377,452		 Income
£
-
1,081,374
1,081,374		 Expenditure
£
-
(1,129,752)
(1,129,752)		 Net Gains/
(Losses)
£
-
(12,166)
(12,166)		 Balance at
31 July 2020
£
480,000
836,908
1,316,908

During the year the Trust loaned £45,000 (2019: £930,000) to IMO 2019 Ltd. This loan was written off as part of the deed entered into between the Charity and IMO 2019 Ltd on 5 May 2020.

As at 5 May 2020 £1,165,079 was outstanding under the loan agreement but had been fully provided against in the previous period financial statements. On 5 May 2020 a deed was entered into between the Charity and IMO 2019 Ltd to waive and write off this amount. There is no liability remaining under this loan agreement.

Page 31

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

19. Statement of funds (continued)

Statement of funds prior year

Unrestricted funds
Designated funds
International reserve
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Restricted Funds
all funds
Total of funds		 Balance at 1
August 2018
£
1,110,000
798,486
1,908,486
-
1,908,486		 Income
£
-
1,314,266
1,314,266
300,000
1,614,266		 Expenditure
£
(630,000)
(1,253,598)
(1,883,598)
(300,000)
(2,183,598)		 Net Gains/
(Losses)
£
-
38,298
38,298
-
38,298		 Balance at
31 July 2019
£
480,000
897,452
1,377,452
-
1,377,452

The International Reserve had been established by the Trustees to meet the costs of the IMO in the UK in 2019 and other international events.

General unrestricted funds are those funds expendable at the discretion of the Trustees in pursuance of the Trust's objects.

Page 32

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

20. Analysis of net assets between funds

Analysis of net assets between funds
current period
Intangible fixed assets
Tangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds
prior period
Intangible fixed assets
Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2020
£
82,581
311
1,505,149
(271,133)
1,316,908
Unrestricted
funds
2019
£
83,724
577
1,411,784
(118,633)
1,377,452		 Total
funds
2020
£
82,581
311
1,505,149
(271,133)
1,316,908
Total
funds
2019
£
83,724
577
1,411,784
(118,633)
1,377,452

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UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net movement in funds (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Net losses/(gains) on investments
(Increase)/decrease in debtors
Increase in creditors
Interest receivable
Net cash provided by/(used in) operating activities
22. Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2020
£
(60,544)
266
37,629
12,166
(44,596)
152,500
(2,297)
95,124
2020
£
651,951
651,951		 2019
£
(531,034)
4,337
-
(38,298)
6,927
78,214
(3,878)
(483,732)
2019
£
591,016
591,016

23. Capital commitments and contingent liabilities

The Trust did not have any capital commitments or contingent liabilities at 31 July 2020 or 31 July 2019.

Page 34

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2020

24. Pension commitments

The Trust operates a defined contribution plan for some employees of the Trust. Contributions made into this plan are currently equivalent to 18% of gross salary for The Universities Superannuation Scheme (academic staff), 16% for the University of Leeds Pension & Assurance (clerical staff) and 6 10% for The University of Leeds Defined Contribution Plan (clerical staff). The total amount recognised in profit and loss during the year was £48,570 (2019: £50,207). As at the reporting date, amounts of £nil (2019: £nil) was payable to the plan.

25. Rights of members

The Trust is a company limited by guarantee. Each member undertakes to contribute such amounts as may be required (not exceeding £1) to the assets of the Trust if it is wound up while he/she is a member, or within one year after he/she ceases to be a member, for the payment of its debts and liabilities.

The income and property of the Trust must be used solely towards the promotion of its objects and no amount can be paid to any member by way of dividend or other share of profit. In the event of the Trust being wound up with a surplus, that surplus must be transferred to another charitable body with similar objects. Because of the restrictions on the distribution of surpluses, there are no equity interests in the Trust's reserves.

26. Related party transactions

Dr G C Smith received royalties of £1,440 (2019: £1,262) in the year and Dr G Leversha received royalties of £1,048 (2019: £948) in the year. No other Trustees received any remuneration from the Trust. Dr G C Smith paid expenses of £nil (2019: £2,554) in the year.

Due to the nature of the Trust's operations and the composition of the Trust's members, it is inevitable that transactions will take place with organisations in which a member may have an interest. All transactions involving such organisations are conducted at an arm's length and in accordance with the Trust's procurement policy.

During the year the Trust loaned £45,000 (2019: £930,000) to IMO 2019 Ltd, a company in which Dr G C Smith and Mr G J Keniston-Cooper were also directors. As at 5 May 2020 £1,165,079 was outstanding under the loan agreement but was fully provided against in this and previous financial statements. On 5 May 2020 a deed was entered into between the Charity and IMO 2019 Ltd to waive and write off this amount. There is no liability remaining under this loan agreement.

Page 35