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← United Kingdom Mathematics Trust

2021-07-31-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 2021

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

CONTENTS FOR THE YEAR ENDED 31 JULY 2021

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Glossary 2
Trustees' Report 3 - 9
Independent Auditors’ Report to the Members and Trustees of the Trust 10 - 13
Statement of Financial Activities (incorporating Income and Expenditure Account) 14
Balance Sheet 15 - 16
Statement of Cash Flows 17
Notes to the Financial Statements 18 - 37

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021

Trustees Mrs A F Baker (resigned 7 April 2021)
Dr J D Cranch (appointed 31 July 2021)
Dr D M Crawford
Mrs S Cubbon (appointed 31 July 2021)
Mrs R M Dorris
Mr R J Gazet (resigned 18 October 2021)
Mr C S James
Mr G J Keniston-Cooper
Mr M C D Knapton
Dr G Leversha
Dr V Neale (resigned 28 August 2020)
Dr S W N O'Hagan (appointed 31 July 2021)
Miss J S Ramsden (resigned 29 November 2021)
Professor A Rucklidge
Dr G C Smith (resigned 14 August 2020)
Company registered
number 03271283
Charity registered
number 1059125
Registered office United Kingdom Mathematics Trust
4100 Park Approach
Leeds
LS15 8GB
Independent auditor BHP LLP
1st 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)

GLOSSARY

FOR THE YEAR ENDED 31 JULY 2021

Term Definition
BMOEC British Mathematical Olympiad Executive Committee
BMOS British Mathematical Olympiad Subtrust
CEC Challenges Executive Committee
CS Challenges Subtrust
EEC Enrichment Executive Committee
ES Enrichment Subtrust
FRC Financial Reporting Council
FRS Financial Reporting Standard
GDPR General Data Protection Regulation
IMC Intermediate Mathematical Challenge
IMO International Mathematical Olympiad
ISA International Standards on Auditing
JMC Junior Mathematical Challenge
PEC Publications Executive Committee
SMC Senior Mathematical Challenge
SORP Statement of Recommended Practice
STMC Senior Team Maths Challenge
TMC Team Maths Challenge
TMCEC Teams Maths Challenge Executive Committee
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

FOR THE YEAR ENDED 31 JULY 2021

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 2021. 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 (FRS102) 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 4100 Park Approach, Leeds, LS15 8GB. The governing document is the 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, and its Trustees are precisely the members of the Board.

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 (resigned 07/04/2021) Dr J D Cranch (appointed 31/07/2021) Dr D M Crawford, Treasurer Mrs S Cubbon (appointed 31/07/2021) Mrs R M Dorris Mr R J Gazet, Vice-Chair (resigned 18/10/2021) Mr C S James Mr G J Keniston-Cooper, Chair Mr M C D Knapton Dr G Leversha Dr V Neale (resigned 28/08/2020) Dr S W N O’Hagan (appointed 31/07/2021) Miss J S Ramsden (resigned 29/11/2021) Professor A Rucklidge Dr G C Smith, Vice-Chair (resigned 14/08/2020)

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. 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.

Page 3

UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021

The members of the Trust are the present Trustees and other individuals granted membership by the Board (in accordance with Article 5.3). The current members of the Trust are the Trustees, as above, together with Mr G H Ainsley, Mr R M Atkins, Mr A Banerjee, Mr J Beckett, Mr P Beckett, Mr R Bhattacharyya, 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, Mr G Craciun, Mr A Crews, Mr M Dennis, Dr A Eames-Jones, Mr F Feser, Dr C C Fiddes, Mrs K Fogden, Mr D Forster, Mrs M T Fyfe, Dr A D Gardiner, Mr H Groves, Mr J Hall, Mr K Hayward-Bradley, Mr T J Heard, Mr T Hennock, Mr F R Heywood, Mr J R Hodkinson, Mrs P Hunt, Dr A Inglis, Mrs S Jameson-Petvin, Dr V Kadelburg, Dr V Kathotia, Dr C Kilgour, Dr E Kimber, Dr J D King, Mrs P King, Professor F C Kirwan, Professor T W Körner, Professor I B Leader, Mr N Lord, Mrs T Lunel, Mr A J S Mann, Ms P Matheson, Professor A C McBride, Mr S J Mulligan, Mr P Murray, Dr J S Myers, Dr V Neale, 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, Ms F Shen, Sir B Silverman, Dr J R Silvester, Dr A B Slomson, Mr R C Smart, Dr G C Smith, Mrs C K Squires-Parkin, Mr A Voice, Mr J R Welham, Mrs R Wilshire, Ms M Wimbury and Mr D Yeo.

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. One year’s notice to end this agreement on 28 February 2022 was given by the Trust to the University of Leeds, so that as from this date, the Trust solely will employ all its staff.

The Director of the Trust was Mrs H Telfer. The Administrative Officers, who provide the bulk of the administrative support of the work of the Trust were Miss H Forsyth, Miss N Hindle, 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, Miss J Williams and Mr A Wilson.

Meetings

The Board held its 63rd, 64th, 65th, 66th and 67th meetings on 26 August 2020, 20 October 2020, 16 January 2021, 7 April 2021 and 31 July 2021 respectively.

The 24th Annual General Meeting of the Trust was held virtually (via Zoom) on 31 July 2021. An Extraordinary General Meeting of the Trust was held virtually on 20 October 2020 to approve the Trust’s new Articles of Association.

Structure of the Trust

The Board has established the following standing Board Committees to undertake appropriate governance and make strategic decisions: Audit and Finance Board Committee, Investment Board Committee, Nominations and Remuneration Board Committee and Risk and Compliance Board Committee.

The Board delegates the operational day to day running of the Trust to the Executive Director. To expedite its business and to widen channels of communication, the Executive Director has established an advisory Executive Board, and five Executive Committees which report into the Executive Board.

Each Executive Committee, with its own membership, advises on one of the spheres of the Trust’s activity, as follows:

Page 4

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021

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 continued impact of COVID-19, only some of these planned activities were held; some activities were run in a different format, and some were cancelled.

The JMC, IMC, SMC, TMC and STMC, are open to all secondary schools and colleges with students of secondary school age in the UK. The JMC is additionally open to primary schools in the UK. In 2020-21 the number of entries for these events were as follows:

2020-21 2019-20
Schools Students Schools Students
JMC 2,764 239,000 3,114 253,080
IMC 2,058 177,400 3,122 266,700
SMC 1,766 85,590 2,144 105,850
TMC 0 0 621* 2,484
STMC 0 0 1,174 4,696

Page 5

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021

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). These did not take place this year due to COVID-19 and an ongoing review.

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. The planned Summer Schools for 2019-20 were cancelled due to COVID-19, however an online alternative was held in August 2020. Two online Summer Schools were also held in July 2021.

The Mentoring Scheme continues to be well-received. 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. 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 run virtually and administered from Saint Petersburg, Russia from 18 to 28 September 2020.

More detailed information on all of the Trust’s activities, including those summarised above, can be found in the Trust’s Yearbook 2020-21, which is distributed electronically free of charge to all members of the Trust.

Treasurer’s report

I don’t think anyone would dispute that this was a very difficult year for all involved with the Trust. However, thanks to the hard work of the staff at the UKMT Office and volunteers, the figures for the year indicate that the Trust has made some considerable gains with an operating surplus (excluding any gain in the value of investments) of £192,026. This compares to an operating loss of £48,378 for 2019/20 and so is very pleasing.

Obviously the impact of COVID-19 on the activities behind these figures has been considerable. Income from the Challenges and other activities was down by £108k on 2019/20, itself a year that was partially impacted by COVID-19, and professional fees (the majority of which went on fees for using Cuttle to allow our competitions to take place online and are included in “Other direct expenditure”) were up by £117k. However, these negatives as far as the income and expenditure is concerned were more than cancelled out by gains and savings elsewhere. The amount spent on staff salaries was down by £61k, money spent on travel was down by £29k and venue hire was down by £109k as marking weekends, training camps and summer schools all took place online. Also, running the competitions through the Cuttle platform meant savings in printing (£60k) and postage (£23k) and on certificates (£11k) compared with 2019/20 (and total savings of over £167k when compared with the last “normal” year of 2018/19, although some significant part of this came from not running STMC and TMC). It should also be noted that in 2019/20, there was a debt write-off relating to IMO 2019 of £45k which we obviously did not incur this year.

Another financial positive, although sad to think about for many of us, was that we received £90k from the estate of Dr Andrew Jobbings, a UKMT stalwart of many years standing who is now commemorated in the Andrew Jobbings Senior Kangaroo in recognition of all the work he did as part of that organisation. I should also like to mention the generous sponsorship/donation of £32k/£118k from XTX Markets and the £25k sponsorship of STMC and TMC from LetterOne, which is all the more generous when one considers the fact that STMC and TMC did not take place at all in this financial year, although some materials for both STMC and TMC were released to schools and did recognise LetterOne’s generosity.

The value of the investments held by the Trust rose significantly over the course of the year from a starting point of £735k to £982k at the end of the financial year, an increase of £247k. It should be noted, however, that this increase is not entirely down to the market as a sum of £100k was invested in the COIF Charities Investment fund, our best performing investment, during the course of the year but a rise in value of £147k is still extremely pleasing and very valuable to the financial position of the Trust in these difficult times.

Page 6

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021

The Treasurer is extremely grateful for all the help and support provided by the Executive Director and staff at the UKMT Office, particularly as all spent the year working from home. The assistance of all the Executive Committees in effectively managing their budgets is also gratefully acknowledged.

The Trust remains enormously grateful for all the valuable support of its sponsors, donors and supporters, beyond those mentioned specifically in this report, details of whom can be found in the Trust’s Yearbook 2020-21.

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:

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.

Page 7

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2021

Reserves policy

The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately one year’s unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to continue the Trust’s stated objects i.e. 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. The trustees consider that a level of one year is sufficient given the flexibility afforded by current asset investments (being the investment of unrestricted funds, rather than an endowment fund) which can be realised immediately in the case of urgent need.

The balance held as unrestricted funds at 31 July 2021 was £1,656,153, of which £1,603,109 was regarded as free reserves, after allowing for funds tied up in fixed assets. Actual cash payments for the year totalled £874,797. The current level of free reserves is therefore nearly twice what would have been needed to cover the year’s cash payments. However, with the continuing uncertainties associated with COVID-19 and the requirement for greater organisational flexibility (involving ending the joint agreement with the University of Leeds, resulting in both location and staff changes), the level of these reserves could be depleted very quickly. Should these two factors prove not to be detrimental to the Trust, the Board may look to reduce reserves in the future to their target level via a combination of expanding the Trust's current activities and engaging selectively in new related activities.

Investments policy

The policy of the Trust was reviewed and approved in December 2020. This policy is reviewed every three years. This policy is publicly available on the UKMT website.

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 that 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, COVID19 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 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 (2020: none).

Page 8

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2021

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’; Report and the financial statements in accordance with 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 companies 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 2021-22, in accordance with the Companies Act 2006.

Approved by order of the members of the Board on 15 January 2022 and signed on their behalf by:

Mr G J Keniston-Cooper Chair

Page 9

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF THE TRUST FOR THE YEAR ENDED 31 JULY 2021

Opinion

We have audited the financial statements of the Trust (the 'charitable company') for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, 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 Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with ISA (UK) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 10

UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF THE TRUST (continued) FOR THE YEAR ENDED 31 JULY 2021

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of 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 Trustees' Report.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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.

Page 11

UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF THE TRUST (continued) FOR THE YEAR ENDED 31 JULY 2021

Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Trust’s accounts to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

Page 12

UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF THE TRUST (continued) FOR THE YEAR ENDED 31 JULY 2021

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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 Auditors' Report.

Use of our report

This report is made solely to the charitable company's members and trustees, 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 trustees those matters we are required to state to them in an Auditors' 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 its trustees, 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 Auditors 1st Floor, Mayesbrook House Lawnswood Business Park Redvers Close Leeds LS16 6QY

Date:

Page 13

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2021

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Other sources
6
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net gains/(losses) on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
7
8		 Unrestricted
funds
2021
£
302,041
766,833
279
27,518
1,096,671
5,000
899,645
904,645
147,219
339,245
1,316,908
339,245
1,656,153		 Total
funds
2021
£
302,041
766,833
279
27,518
1,096,671
5,000
899,645
904,645
147,219
339,245
1,316,908
339,245
1,656,153		 Total
funds
2020
£
185,155
872,168
2,297
21,754
1,081,374
5,000
1,124,752
1,129,752
(12,166)
(60,544)
1,377,452
(60,544)
1,316,908

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 18 to 37 form part of these financial statements.

Page 14

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

BALANCE SHEET

AS AT 31 JULY 2021

Note
Fixed assets
Intangible assets
14
Tangible assets
15
Current assets
Debtors
16
Investments
17
Cash at bank and in hand
Creditors: amounts falling due within one year
18
Net current assets
Total net assets
Charity funds
Restricted funds
20
Unrestricted funds
20
Total funds		 76,820
982,026
789,572
1,848,418
(245,309)		 2021
£
51,052
1,992
53,044
1,603,109
1,656,153
-
1,656,153
1,656,153		 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

Page 15

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

BALANCE SHEET (continued)

AS AT 31 JULY 2021

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 15 January 2022 and signed on their behalf by:

Mr G J Keniston-Cooper Chair

Date:

The notes on pages 18 to 37 form part of these financial statements.

Page 16

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Note
Cash flows from operating activities
Net cash provided by operating activities
22
Cash flows from investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Purchase of investments
Interest received
Net cash used in 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
23		 2021
£
248,128
(8,838)
(1,948)
(100,000)
279
(110,507)
137,621
651,951
789,572		 2020
£
95,124
(36,486)
-
-
2,297
(34,189)
60,935
591,016
651,951

The notes on pages 18 to 37 form part of these financial statements

Page 17

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

1. General information

The Trust is a public benefit entity limited by guarantee. The registered office is 4100 Park Approach, Leeds, LS15 8GB.

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 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 ongoing 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 18

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

2. Accounting policies (continued)

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

Challenges entry fees

This income arises from the entry fees paid by schools for students participating in the Challenges run by the Trust. The income and related debtor for Challenges entry 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 School 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 19

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

2. Accounting policies (continued)

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 purposes 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.

Page 20

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

2. Accounting policies (continued)

2.7 Tangible fixed assets and depreciation (continued)

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

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 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.

Page 21

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

2. Accounting policies (continued)

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 shortterm 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 Activities.

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.

2.13 Pensions

The Trust operates a defined contribution plan for some employees of the Trust. Contributions made into this plan are currently equivalent to 21.1% 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.

Page 22

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

2. Accounting policies (continued)

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 Company 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
Royalty
Total 2021		 Unrestricted
funds
2021
£
235,466
62,000
4,575
302,041		 Total
funds
2021
£
235,466
62,000
4,575
302,041		 Total
funds
2020
£
144,738
40,417
-
185,155

All income in 2020 was unrestricted.

Page 23

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

4. Income from charitable activities

Challenges entry fees and related income
Sale of publications
Total 2021
All income in 2020 was unrestricted.
5.
Income from investments
Bank deposit interest receivable
All income in 2020 was unrestricted.
6.
Income from other sources
Coronavirus Job Retention Scheme		 Unrestricted
funds
2021
£
692,568
74,265
766,833
Unrestricted
funds
2021
£
279
Unrestricted
funds
2021
£
27,518		 Total
funds
2021
£
692,568
74,265
766,833
Total
funds
2021
£
279
Total
funds
2021
£
27,518		 Total
funds
2020
£
800,550
71,618
872,168
Total
funds
2020
£
2,297
Total
funds
2020
£
21,754

Page 24

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

7. Expenditure on raising funds

Executive Director's salary (part) - unrestricted
All expenditure in 2020 was unrestricted.		 Unrestricted
funds
2021
£
5,000		 Total
funds
Total
funds
2021
£
2020
£
5,000
5,000

8. Analysis of expenditure on charitable activities

Summary by fund type

CEC (previously CS)
BMOEC (previously BMOS)
TMC
STMC
EEC (previously ES)
PEC (previously Publications)
Central
Total 2021		 Unrestricted
funds
2021
£
207,705
19,095
(10)
42,763
10,099
38,706
581,287		 Total
funds
2021
£
207,705
19,095
(10)
42,763
10,099
38,706
581,287		 Total
funds
2020
£
186,268
89,705
30,821
59,973
18,505
13,729
725,751
899,645 899,645 1,124,752

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.

Page 25

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

9. Analysis of expenditure by activities

CEC
BMOEC
TMC
STMC
EEC
PEC
Central
Total 2021
CS
BMOS
TMC
STMC
ES
Publications
Central
Total 2020		 Activities
undertaken
directly
2021
£
207,705
19,095
(10)
42,763
10,099
38,706
535,756		 Support
costs
2021
£
-
-
-
-
-
-
45,531
45,531
Support
costs
2020
£
-
-
-
-
-
-
45,337
45,337		 Total
funds
2021
£
207,705
19,095
(10)
42,763
10,099
38,706
581,287
854,114 899,645
Activities
undertaken
directly
2020
£
186,268
89,705
30,821
59,973
18,505
13,729
680,414		 Total
funds
2020
£
186,268
89,705
30,821
59.973
18,505
13,729
725,751
1,079,415 1,124,752

Page 26

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 JULY 2021

9. Analysis of expenditure by activities (continued)

Staff costs
Insurance
Prizes
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 2021		 CEC
2021
£
-
-
-
-
34,034
77
9,822
-
69
396
-
-
-
-
-
77
231
-
-
162,999
207,705		 BMOEC
2021
£
-
-
1,492
-
-
96
407
-
4,717
4,059
177
-
-
275
-
-
17
-
-
7,855
19,095		 TMC
2021
£
-
-
-
-
-
-
-
-
450
(1,023)
-
-
-
-
-
-
-
-
-
563
(10)		 EEC
2021
£
-
-
90
-
-
-
51
-
-
6,500
-
-
-
3,458
-
-
-
-
-
-
10,099		 PEC
2021
£
-
-
-
-
4,247
106
6,251
-
-
-
-
-
-
24
-
448
-
12,310
-
15,320
38,706		 Central
2021
£
393,215
3,062
-
-
220
102
(2,859)
1,817
20
-
-
679
666
39,494
33,645
-
6,675
-
-
101,783
578,519		 Total
funds
2021
£
393,215
3,062
1,582
-
38,501
381
13,672
1,817
5,256
9,932
177
679
666
43,251
33,645
525
6,923
12,310
-
288,520
854,114

The STMC was not run in 2021, so there was no associated expenditure in the year.

Page 27

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

9. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Insurance
Prizes
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 2020		 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
ES
2020
2020
£
£
-
-
-
-
2,033
1,127
460
-
3,006
136
894
-
750
515
-
-
9,508
2,710
38,123
13,185
(756)
132
-
-
-
691
-
-
-
-
10
-
-
-
-
-
-
-
5,945
9
59,973
18,505		 Public
ations
2020
£
-
36
514
-
5,170
30
3,360
-
-
-
-
123
-
229
-
-
-
4,267
-
-
13,729		 Central
Total
funds
2020
2020
£
£
454,372
454,372
3,038
3,133
47
17,961
-
820
543
98,398
541
5,662
3,416
37,034
1,601
1,601
2,863
34,255
1,685
119,308
1,158
1,876
258
393
1,407
3,121
35,748
35,977
29,561
29,561
-
83
3,283
3,981
-
4,267
45,000
45,000
95,893
182,612
680,414
1,079,415

Page 28

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

10. Auditor's remuneration

Fees payable to the Trust's auditor for the audit of the Trust's annual
accounts
11.
Staff costs
Wages and salaries
Social security costs
Contribution to pension schemes		 2021
£
11,500
2021
£
320,125
25,888
47,202
393,215		 2020
£
11,000
2020
£
378,926
26,876
48,570
454,372

The average number of persons employed by the Trust during the year was as follows:

2021 2020
No. No.
Employees 15 16

No employee received remuneration amounting to more than £60,000 in either year.

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 £146,724 (2020: £141,424).

12. Trustees' remuneration and expenses

Two Trustees (2020: two) received remuneration in the period from the Trust. See note 28 for further details. During the year, two Trustees (2020: six) were reimbursed from funds for expenses incurred by them for work performed on behalf on the Trust. The total amount reimbursed to the Trustees was £31 (2020: £2,489), and related to travel and subsistence, printing, and postage.

Page 29

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

13. 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.

14. Intangible assets

Cost
At 1 August 2020
Additions
At 31 July 2021
Amortisation
At 1 August 2020
Charge for the year
At 31 July 2021
Net book value
At 31 July 2021
At 31 July 2020		 Website
costs
£
120,210
8,838
129,048
37,629
40,367
77,996
51,052
82,581

Page 30

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

15.
Tangible fixed assets
Cost or valuation
At 1 August 2020
Additions
At 31 July 2021
Depreciation
At 1 August 2020
Charge for the year
At 31 July 2021
Net book value
At 31 July 2021
At 31 July 2020
16.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2021
£
12,251
7,249
57,320
76,820		 Office
equipment
£
101,750
1,948
103,698
101,439
267
101,706
1,992
311
2020
£
31,560
20,613
66,246
118,419

Page 31

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

17.
Investments
Market value at beginning of the year
Additions
Net gains/(losses) 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
Historical cost at end of the year		 2021
£
2020
£
734,779
746,945
100,000
-
147,247
(12,166)
982,026
734,779
2021
£
2020
£
738,509
539,174
237,782
190,638
5,735
4,967
982,026
734,779
304,003
204,003

Page 32

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

18. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income
Deferred income at start of year
Resources deferred during the year
Amounts released from previous periods
Deferred income at end of year
Financial instruments
Financial assets
Financial assets measured at fair value through income and expenditure
Financial assets measured at amortised cost
Financial liabilities
Other financial liabilities measured at fair value through income and expenditure		 2021
£
100,457
43,023
101,829
245,309
2021
£
109,548
(109,548)
76,126
76,126
2021
£
982,026
809,072
1,791,098
2021
£
245,309		 2020
£
11,179
134,406
125,548
271,133
2020
£
22,359
(22,359)
109,548
109,548
2020
£
734,779
704,124
1,438,903
2020
£
271,133

19. Financial instruments

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, accruals and deferred income.

Page 33

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

20. Statement of funds

Statement of funds - current year
Balance at 1
August 2020
£
Unrestricted funds
Designated funds
International reserve 480,000
General funds
General funds 836,908
Total Unrestricted funds1,316,908
Statement of funds - prior year
Balance at 1
August 2019
£
Unrestricted funds
Designated funds
International reserve 480,000
General funds
General funds 897,452
Total Unrestricted funds1,377,452		 Income
£
-
1,096,671
1,096,671
Income
£
-
1,081,374
1,081,374		 Expenditure
£
-
(904,645)
(904,645)
Expenditure
£
-
(1,129,752)
(1,129,752)		 Gains/
(Losses)
£
-
147,219
147,219
Gains/
(Losses)
£
-
(12,166)
(12,166)		 Transfers
in/(out)
£
(480,000)
480,000
-
Transfers
in/(out)
£
-
-
-		 Balance at 31
July 2021
£
-
1,656,153
1,656,153
Balance at 31
July 2020
£
480,000
836,908
1,316,908

As the International reserve was specifically set up to fund the cost of holding the IMO in the UK in 2019, with the event having been held and all related Trust liabilities having been settled, it was agreed to transfer the unused balance on this designated fund back to General funds.

Page 34

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Intangible fixed assets
Tangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior year
Intangible fixed assets
Tangible fixed assets
Current assets
Creditors due within one year
 Unrestricted
funds
2021
£
51,052
1,992
1,848,418
(245,309)
1,656,153
Unrestricted
funds
2020
£
82,581
311
1,505,149
(271,133)
1,316,908		 Total
funds
2021
£
51,052
1,992
1,848,418
(235,676)
1,665,783
Total
funds
2020
£
82,581
311
1,505,149
(271,133)
1,316,908

Total

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(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2021

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

Net income/(expenditure) for the year (as per Statement of Financial
Activities)
Adjustments for:
Amortisation charges
Depreciation charges
(Gains)/losses on investments
Interest receivable
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by operating activities
23.
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
24.
Analysis of changes in net debt
At 1 August
2020
Cash at bank and in hand
£
651,951		 2021
£
339,245
40,367
267
(147,247)
(279)
41,599
(25,824)
248,128
2021
£
789,572
789,572
Cash flows
£
137,631		 2020
£
(60,544)
37,629
266
12,166
(2,297)
(44,596)
152,500
95,124
2020
£
651,951
651,951
At 31 July
2021
£
789,582

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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 2021

25. Capital commitments and contingent liabilities

The Trust did not have any capital commitments or contingent liabilities at 31 July 2021 or 31 July 2020.

26. Pension commitments

The Trust operates a defined contribution plan for some employees of the Trust. Contributions made into this plan are currently equivalent to 21.1% 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 £47,202 (2020: £48,570). As at the reporting date, amounts of £nil (2020: £nil) was payable to the plan.

27. 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 they are a member, or within one year after they cease 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.

28. Related party transactions

Dr G C Smith received royalties of £1,638 (2020: £1,440) in the year and Dr G Leversha received royalties of £1,494 (2020: £1,048) in the year. No other Trustees received any remuneration from the Trust. Dr G Leversha paid expenses of £31 (2020: £nil) 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 £Nil (2020: £45,000) to IMO 2019 Ltd, a company in which Dr G C Smith and Mr G J Keniston-Cooper were also directors. On 5 May 2020 a deed was entered into between the Trust and IMO 2019 Ltd to waive and write off this amount. There is no liability remaining under this loan agreement.

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