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2022-07-31-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 2022

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 9
Independent Auditor's Report on the Financial Statements 10 - 13
Statement of Financial Activities 14
Balance Sheet 15 - 16
Statement of Cash Flows 17
Notes to the Financial Statements 18 - 37

UNITED KINGDOM MATHEMATICS TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2022

Dr J D Cranch

Trustees Dr J D Cranch Dr D Crawford Mr D Vaccaro (appointed 29 September 2022) Ms T Lunel (appointed 27 September 2022) Ms M Wimbury (appointed 15 September 2022) Mr R Gazet (appointed 15 September 2022) Dr T Gardiner (appointed 6 April 2022) Dr M-A Lobo-Yeo (appointed 6 April 2022) Dr Sanja Hukovic (appointed 17 January 2022, resigned 16 September 2022) Dr V Kadelburg (appointed 6 January 2023) Mr S Power (appointed 6 January 2023) Company registered number 03271283 Charity registered number 1059125 Registered office United Kingdom Mathematics Trust 4100 Park Approach Leeds LS15 8GB Independent auditor BHP LLP First Floor, Mayesbrook House Lawnswood Business Park Redvers Close Leeds LS16 6QY Bankers Lloyds Bank plc 4 West Street Havant Hampshire PO9 1PE Lloyds Bank plc 6/7 Park Row Leeds LS1 1NX

Page 1

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

Glossary

Term Definition
BMOEC British Mathematical Olympiad Executive Committee
BMOS British Mathematical Olympiad Support
CEC Challenges Executive Committee
CS Challenges Subtrust
EEC Enrichment Executive Committee
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
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 2022

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 2022. 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 UK Mathematics Trust, 4100 Park Approach, Leeds LS15 8RB. The governing document is the Articles of Association.

The Trustees of the Trust are also the directors 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.

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 Report were:

Dr J D Cranch Dr D M Crawford, Treasurer Mrs R M Dorris (resigned 10 September 2022) Ms S Cubbon (resigned 10 September 2022) Mr C James (resigned 20 March 2022) Mr G J Keniston-Cooper Mr M C D Knapton Dr G Leversha (resigned 30 April 2022) Dr S W N O'Hagan (resigned 4 August 2022) Miss J S Ramsden (resigned 29 November 2021) Professor A Rucklidge (resigned 30 April 2022) Mr D Vaccaro (appointed 29 September 2022) Ms T Lunel (appointed 27 September 2022) Ms M Wimbury (appointed 14 September 2022) Mr R Gazet (resigned 18 October 2021, appointed 14 September 2022), Chair Dr T Gardiner (appointed 6 April 2022) Dr M-A Lobo-Yeo (appointed 6 April 2022) Dr V Kadelburg (appointed 6 January 2023) Mr S Power (appointed 6 January 2023)

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 2022

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 Mrs V Kadelburg, Mr S Power, 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 were 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 employed all its staff.

As at the 31 July 2022 the Director of the Trust was Mrs H Telfer. The Administrative Officers, who provide the bulk of the administrative support during the year were Miss A Lassu, Mrs A Maciuniene, Mr C Normington, Mrs E Pilkington, Miss J Raby-Cox, Ms S Raffle-Edwards, Mr S Ramsay, Miss K Richardson, Miss N Ruecroft, Mr J Cushion, Mrs C Hudson, J Ayling, Mr C Western, Mr D Patel, Miss D McDonald, Mrs L Shaw, Ms N Hughes-Cream, Ms E Haynes and Mr J Permain.

.

Meetings

The Board held its 68[th] , 69[th] and 70th, meetings on 19 October 2021, 15 January 2022 and 30[th] April 2022 respectively.

The 25th Annual General Meeting of the Trust was held virtually on 6 April 2022.

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:

  1. The Challenges Executive Committee, who advise on the running of:

  2. a. The mass-entry Junior, Intermediate and Senior Mathematical Challenges for students aged between 11 and 18 approximately;

  3. b. the more advanced, more specialised competitions (Junior Mathematical Olympiad, Junior Kangaroo, Intermediate Mathematical Olympiad and Kangaroo, and Senior Kangaroo) for students aged between 11 and 18 approximately.

Page 4

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2022

  1. The British Mathematical Olympiad Executive Committee, who advise on the Olympiad activities for students aged 16 to 18, the Mathematical Olympiad for Girls for students aged 15 approximately to 18, and selective mentoring, training and camps for students aged 12 to 18.

  2. The Team Maths Challenges Executive Committee, who advise on the mass entry Team Maths Challenge for students aged between 12 and 14 approximately, the mass entry Senior Team Maths Challenge (in collaboration with the Advanced Mathematics Support Programme) for students aged 16, 17 or 18, and also produces the Primary Team Maths Resources.

  3. The Enrichment Executive Committee, who advise on organising and running the Trust’s outreach and enrichment activities, including the National Mathematics Summer Schools, Mathematical Circles and Mentoring Scheme.

  4. The Publications Executive Committee, who advise on the selection of publications for the range of publications UKMT sells.

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 Junior, Intermediate and Senior Mathematical Challenges, the Team Maths Challenge and the Senior Team Maths Challenge.

These activities are augmented by follow-up competitions including participating in the international Association Kangourou sans Frontières contests and the International Mathematical Olympiad; 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 Junior, Intermediate and Senior Mathematical Challenges, the Team Maths Challenge and the Senior Team Maths Challenge, are open to all secondary schools and colleges with students of secondary school age in the United Kingdom. The Junior Mathematical Challenge is additionally open to Primary schools in the United Kingdom. In 2021-22 the number of entries for these events were as follows:

2021-22 2020-21
Schools Students Schools Students
Junior Mathematical Challenge 3,477 306,130 2,764 239,000
Intermediate Mathematical Challenge 2,760 241,400 2,058 177,400
Senior Mathematical Challenge 2,113 104,470 1,766 85,590

Page 5

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2022

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). No Mathematical Circles took place this year. A review of the role and value of Mathematical Circles as part of the UKMT portfolio of events is planned.

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 Intermediate Mathematical Challenge 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. This year just one Summer School took place in July 2022 (NMSS58), followed by two more across the first two weeks of August 2022, taking them into the following financial year.

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 International Mathematical Olympiad is the World Championship Mathematics Competition for secondary-school students and is held annually. The first International Mathematical Olympiad was held in 1959 in Romania, with 7 countries participating. It has gradually expanded to over 100 countries from 5 continents. The 62nd International Mathematical Olympiad was an online competition due to covid restrictions. It was hosted by the Russian Federation and the competition was organised by a distributed IMO administered from St Petersburg, Russia from 14 July to 24 July 2021.

More detailed information on all of the Trust’s activities, including those summarised above, can be found in the Trust’s Yearbook 2021-22, which is distributed electronically free of charge to all Members of the Trust.

Treasurer’s report

This was another difficult year for UKMT. Although the ravages of Covid were starting to decrease, the decision to move away from the umbrella of the University of Leeds that was designed to make some things easier was not without its difficulties. Unfortunately, a number of staff who had been very loyal to UKMT decided that they preferred to stay employed by the University and so a great deal of recruitment needed to be done and this proved to be an expensive business. Despite all the hard work of the staff, increasing turnover by over £300k, the majority of which came from an increase in sales of the Challenges (£285k more in 2021/22 than in the previous year, which is almost back to pre-pandemic levels), the extra expenses that increased activity brings meant that the figures for 2021/22 indicated that the Trust made an operating deficit of £29.7K compared to a surplus of £192k the previous year, although this deficit is mitigated by an increase in the value of investments of approximately £29k leading to an overall deficit of £576.

Although, as mentioned above, fees income rose by £329k there were a large number of areas where expenditure rose as well. The largest increase in expenditure came in professional fees which rose by £142.5k to £326.5k, although the majority of this (£258k) is due to a first full year of using the Cuttle platform for ordering, processing of results, running online competitions and much more. However, there was also a significant increase in legal fees with more than £29k being paid to our solicitors for consultations about new agreements and to help try to deal with disputes. As always, staffing is another major expenditure and this year was no exception with wages, pension and National Insurance for our hard-working staff costing just over £433k in total, an increase of nearly £40k. To try to ensure that there were sufficient staff to keep up with the increasing demands of the Trust’s operations as the majority started to get back into full swing and to be able to obtain these staff quickly, recruitment agencies and sometimes some temporary staff were employed which cost £79k this year compared to noting in previous years. The increase in activities, pleasing as they are when compared to the paucity of operations outside the Challenges in the previous year, unsurprisingly also resulted in an increase in expenditure on Accommodation, Travel and Venue hire of around £100k in total.

Our increased income also meant some increase in the VAT we needed to pay and this rose by £62.3k.

Page 6

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2022

Despite all the somewhat negative sounding details in the report above, it must be pointed out that the Trust is still in an extremely strong financial position with over £1 million in investments and significant cash reserves thanks to all the loyalty shown to UKMT by the many schools and the teachers who believe in the opportunities for mathematical challenge that we provide.

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 2021-22.

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:

  1. That all young people can benefit from the experience of mathematical problem solving and, therefore, that the Trust seeks to inspire a love of mathematical problem solving in the widest possible group of young people.

  2. That there should be no barriers to young people’s engagement in the Trust’s activities and, therefore, that the Trust seeks to widen participation and increase inclusion and diversity.

  3. In the independence of the Trust and, therefore, seeks to uphold its reputation whilst raising its profile inside and outside the UK.

  4. In being a considerate employer, caring for and developing staff and volunteers.

The Trust’s current strategic objectives are:

  1. DIGITAL TRANSFORMATION - Integrating digital ways of working across UKMT to enhance the delivery of our charitable purpose, giving our beneficiaries a great experience and service, create value, and maintain our competitive advantage.

  2. IMPACT ASSESSMENT - Establishing a robust impact assessment framework spanning across all areas of the UKMT. Ensuring all activities have the mathematical education impact on young people that their aims set out to achieve.

  3. PEOPLE PLANNING - Establishing a clear succession plan for both volunteers and paid staff, ensuring we are able to have the right people in the right place at the right time to deliver our charitable purpose effectively. Reduce situations where there is a single point of failure that has arisen where we have developed reliance on individual people. Create a plan that addresses skills gaps in the current workforce (inc Volunteers) that will allow us to deliver the strategic objectives in the next 5 years.

  4. INCLUSIVITY & DIVERSITY - Create an inclusivity and diversity strategy which will include forming a I&D statement that covers staff, volunteers and beneficiaries. Understand what actions need to be taken to achieve the strategy and how this can/will be measured.

  5. CORE BUSINESS - Increasing overall participation of our beneficiaries in UKMT activities.

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 2022

Reserves policy

The Trustees have agreed that the Trust should aim to maintain its General Reserve to the level of its ongoing annual expenditure. The General Reserve of £1.5m exceeds the current year’s operating costs and the Trustees will continue to monitor levels in the forthcoming year.

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, COVID-19 crystalised 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

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 (2021: none).

Statement of Trustees’ responsibilities

The Trustees are responsible for preparing the Report of the Trustees 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 company and of the incoming resources and application of resources, including the income and expenditure, of the company 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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 8

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2022

The Trustees confirm that:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company'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 2022-23, in accordance with the Companies Act 2006.

Approved by order of the members of the Board on 22 March 2023 and signed on their behalf by:

Robert James Gazet

Robert James Gazet (Mar 23, 2023 07:49 GMT)

Mr R Gazet

Trustee

Page 9

[UNITED KINGDOM MATHEMATICS ]

TRUST (A Company Limited by Guarantee) FOR THE YEAR ENDED 31 JULY 2022

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED KINGDOM MATHEMATICS TRUST

Opinion

We have audited the financial statements of United Kingdom Mathematics Trust (the 'charitable company') for the year ended 31 July 2022 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 United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, 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 Trustees Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Trustees 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) FOR THE YEAR ENDED 31 JULY 2022

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED KINGDOM MATHEMATICS TRUST

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 Directors' 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 Trustees' Responsibilities Statement, 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.

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 ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Page 11

[UNITED KINGDOM MATHEMATICS ]

TRUST (A Company Limited by Guarantee) FOR THE YEAR ENDED 31 JULY 2022

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED KINGDOM MATHEMATICS TRUST

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 charity’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:

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 12

[UNITED KINGDOM MATHEMATICS ]

TRUST (A Company Limited by Guarantee)

FOR THE YEAR ENDED 31 JULY 2022

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED KINGDOM MATHEMATICS TRUST

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 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mike Jackson (Mar 23, 2023 09:55 GMT)

Michael Jackson (senior statutory auditor)

for and on behalf of BHP LLP, Statutory Auditors 1st Floor Mayesbrook House Leeds LS16 6QY Date: Mar 23, 2023

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 2022

Note
Income from:
Donations and legacies
3
Charitable Activities
4
Investments
5
Other Income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net gains/(losses) on
investments
Net movements in funds
Reconciliations of funds:
Total funds brought forward
Net movement in funds
Total funds carried forwards		 Restricted Funds
Unrestricted
2022
2022
£
£
144,470
228,838
-
1,052,121
-
236
-
-		 Restricted Funds
Unrestricted
2022
2022
£
£
144,470
228,838
-
1,052,121
-
236
-
-		 Restricted Funds
Unrestricted
2022
2022
£
£
144,470
228,838
-
1,052,121
-
236
-
-		 Total funds
2022
£
373,308
1,052,121
236
-		 Total funds
2021
£
302,041
766,833
279
27518
1,281,195
5,000
1,450,364
1,455,364
29,123
(145,046)
1,656,153
(145,046)
1,511,107		 1,425,665
5,000
1,450,364
1,455,364
29,123
(576)
1,656,153
(576)
1,655,577		 ,
144,470 1,096,671
-
-		 5,000
899,645
- 904,645
-
144,470
-
144,470		 147,219
339,245
1,316,908
339,245
1,656,153
144,470

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)

REGISTERED NUMBER: 03271283

BALANCE SHEET AS AT 31 JULY 2022

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		 2022
£
8,037
-
226,495
1,101,149
788,755
2,116,399
(468,859)
1,647,540
1,655,577
144,470
1,511,107
1,655,577		 2021
£
51,052
1,992
53,044
76,820
982,026
789,572
1,848,418
(245,309)
1,603,109
1,656,153
-
1,656,153
1,656,153		 2021
£
51,052
1,992
1,656,153
-
1,656,153
1,656,153

Page 15

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

BALANCE SHEET (CONTINUED) AS AT 31 JULY 2022

The Trustees acknowledge their responsibilities for complying with the requirements of the Act 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 and signed on their behalf by:

Robert James Gazet

Robert James Gazet (Mar 23, 2023 07:49 GMT)

Mr R Gazet Chair

Date: 22 March 2023

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 2022

Note
Cash flows from operating activities
Net cash used in operating activities
22
Cash flows from investing activities
Purchase of intangible assets
Loss on disposal of tangible fixed 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		 2022
£
86,999
-
1,948
-
(90,000)
236		 2021
£
248,128
(8,838)
-
(1,948)
(100,000)
279
(87,816)
(817)
789,572
788,755

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 2022

1. General information

United Kingdom Mathematics Trust (the "Company") is a public benefit entity limited by guarantee. The registered office is 4100 Park Approach, Leeds, England, 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 company, 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. The Pandemic providing the option for taking the challenges online which 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 FOR THE YEAR ENDED 31 JULY 2022

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Company 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 Company 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 Company, 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 entry fees paid by schools for students participating in the challenges run by the Trust. The income and related debtor for examination 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 charity 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 UKMT 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 FOR THE YEAR ENDED 31 JULY 2022

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 Company 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 Company'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 Company; 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

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

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 Company 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

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

2. Accounting policies (continued)

2.12 Financial instruments

The charity 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 out-right 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 Company would receive for the asset if it were to be sold at the reporting date.

2.13 Pensions

Following the move away from the University of Leeds, the Trust put a new defined contribution scheme in place from 1 November 2021. Contributions of 6% and 10% are made.

Previously the Trust made a contribution 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 charity'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 FOR THE YEAR ENDED 31 JULY 2022

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 Company 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
Grants
Sponsorship
Royalty
Total		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
167,024
167,024
235,466
144,470
-
144,470
-
-
56,999
56,999
62,000
-
4,815
4,815
4,575		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
167,024
167,024
235,466
144,470
-
144,470
-
-
56,999
56,999
62,000
-
4,815
4,815
4,575		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
167,024
167,024
235,466
144,470
-
144,470
-
-
56,999
56,999
62,000
-
4,815
4,815
4,575		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
167,024
167,024
235,466
144,470
-
144,470
-
-
56,999
56,999
62,000
-
4,815
4,815
4,575		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
167,024
167,024
235,466
144,470
-
144,470
-
-
56,999
56,999
62,000
-
4,815
4,815
4,575		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
167,024
167,024
235,466
144,470
-
144,470
-
-
56,999
56,999
62,000
-
4,815
4,815
4,575		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
167,024
167,024
235,466
144,470
-
144,470
-
-
56,999
56,999
62,000
-
4,815
4,815
4,575
144,470 228,838 373,308 302,041

All income in 2021 was unrestricted

Page 23

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

4. Income from charitable activities

Examination entry fees and related income
Sale of publications
Total
All income in 2021was unrestricted.		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
985,098
985,098
692,568
-
67,023
67,023
74,265
-
1,052,121
1,052,121
766,833		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
985,098
985,098
692,568
-
67,023
67,023
74,265
-
1,052,121
1,052,121
766,833		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
985,098
985,098
692,568
-
67,023
67,023
74,265
-
1,052,121
1,052,121
766,833
- 1,052,121

5. Investment income

Bank deposit interest receivable All income in 2021 was unrestricted.

Restricted
funds
2022
£
-		 Restricted
funds
2022
£
-		 Unrestricted
funds
2022
£
236		 Unrestricted
funds
2022
£
236		 Total
funds
Total
funds
2022
2021
£
£
236
279		 Total
funds
Total
funds
2022
2021
£
£
236
279		 Total
funds
Total
funds
2022
2021
£
£
236
279

6. Other income

Coronavirus Job Retention Scheme (CJRS)
Total		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
-
-
27,518
-
-
-
27,518		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
-
-
27,518
-
-
-
27,518		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
-
-
27,518
-
-
-
27,518		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
-
-
27,518
-
-
-
27,518		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2022
2022
2022
2021
£
£
£
£
-
-
-
27,518
-
-
-
27,518
- -

All income in 2021 was unrestricted.

Page 24

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

7. Expenditure on raising funds Costs of

raising voluntary income

Executive Director's salary (part) - unrestricted
All expenditure in 2021 was unrestricted.		 Unrestricted
funds
2022
£
5,000		 Total
funds
Total
funds
2022
£
2021
£
5,000
5,000

8. Analysis of expenditure on charitable activities

Summary by fund type

STMC
BMOEC
TMC
EEC
Central
PEC
CEC
Total 2022		 Unrestricted
funds
2022
£
41,701
32,631
756
28,536
1,247,126
18,403
81,211		 Total
funds
2022
£
41,701
32,631
756
28,536
1,247,126
18,403
81,211		 Total
funds
2021
£
42,763
19,095
(10)
10,099
581,287
38,706
207,705
1,450,364 1,450,364 899,645

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 FOR THE YEAR ENDED 31 JULY 2022

9. Analysis of expenditure by activities

STMC
BMOEC
TMC
EEC
Central
PEC
CEC
Total 2022
STMC
BMOEC
TMC
EEC
Central
PEC
CEC
Total 2021		 Activities
undertaken
directly
2022
£
41,701
32,631
756
28,536
1,200,349
18,403
81,211		 Activities
undertaken
directly
2022
£
41,701
32,631
756
28,536
1,200,349
18,403
81,211		 Support
costs
2022
£
-
-
-
-
46,777
-
-
46,777
Support

costs
2021
£
-
-
-
-
45,531
-
-
45,531		 Total
funds
2022
£
41,701
32,631
756
28,536
1,247,126
18,043
81,211
1,403,587 1,450,364
Activities
undertaken
directly
2021
£
42,763
19,095
(10)
10,099
535,756
38,706
207,705
854,114		 Total
funds
2021
£
42,763
19,095
(10)
10,099
581,287
38,706
207,705
854,114 899,645

Page 26

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

9. Analysis of expenditure by activities (continued)

Staff costs
Insurance
Prizes
Printing
Stationery
Postage
Telephone
Travel &
accommodation
Venue hire &
catering
Trustees' expenses
Bank charges
Training (staff) &
recruitment
Website
Rent
Typesetting
Subscriptions
Royalties
Other direct
expenditure
Total 2022		 CEC
2022
£
-
-
2,945
5,623
148
21,620
-
12,379
35,480
-
12
-
-
-
8
-
-
2,996
81,211		 TMC
2022
£
-
-
-
-
-
-
-
789
(375)
-
-
-
-
-
-
-
-
342
756		 BMOEC
2022
£
-
177
-
256
14
-
-
24,264
527
57
-
-
-
-
-
-
-
7,336
32,631		 PEC
2022
£
-
-
-
15,034
31
3,119
-
-
-
-
-
-
-
-
-
-
(2,105)
2,324
18,403		 EEC
2022
£
-
-
-
27
480
-
-
2,476
24,833
-
-
65
-
-
-
16
-
639
28,536		 Central
and
STMC
2022
£
428,432
3,194
-
439
678
3,529
2,202
10,023
5,676
138
357
3,517
72,827
59,476
113
13,136
4,750
633,563
1,242,050		 Total
funds
2022
£
428,432
3,371
2,945
21,379
1,351
28,268
2,202
49,931
66,141
195
369
3,582
72,827
59,476
121
13,152
2,645
647,200
1,403,587

Page 27

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

9. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Insurance
Prizes
Printing
Stationery
Postage
Telephone
Travel &
accommodation
Venue hire &
catering
Trustees'
expenses
Bank charges
Training (staff)
& recruitment
Website
Rent
Typesetting
Subscriptions
Royalties
Other direct
expenditure
Total 2021		 CEC
2021
£
-
-
-
34,034
77
9,822
-
69
396
-
-
-
-
-
77
231
-
162,999
207,705		 TMC
2021
£
-
-
-
-
-
-
-
450
(1,023)
-
-
-
-
-
-
-
-
563
(10)		 BMOEC
2021
£
-
-
1,492
-
96
407
-
4,717
4,059
177
-
-
275
-
-
17
-
7,855
19,095		 PEC
2021
£
-
-
-
4,247
106
6,251
-
-
-
-
-
-
24
-
448
-
12,310
15,320
38,706		 EEC
2021
£
-
-
90
-
-
51
-
-
6,500
-
-
-
3,458
-
-
-
-
-
10,099		 Central
and
STMC
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

Page 28

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

10. Auditor's remuneration

2022 2021
£ £
Fees payable to the Trust's auditor for the audit of the Trust's annual
accounts 14,900 11,500
11.
Staff costs
Wages and salaries
Social security costs
Contribution to pension schemes		 2022
£
363,876
33,814
35,742
433,432		 2021
£
320,125
25,888
47,202
393,215

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

2022 2021
No. No.
Employees 16 15

One employee received remuneration amounting to between £60,000 to £70,000 (2021: none).

During the year the Trust moved away from The University of Leeds and now employs staff directly. Previously the it employed staff jointly with the University. During the previous year, the part-time Executive Director and Deputy Executive Director, together with nine full-time and ten part-time staff had 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 the Operations Manager. Total remuneration (including employer's pension costs) for these posts were £138,745 (2021: £146,724).

12. Trustees' remuneration and expenses

Two Trustees (2021: two) received remuneration in the period from the Trust. See note 29 for further details. During the year, four Trustees (2021: two) were reimbursed from charity funds for expenses incurred by them for work performed on behalf on the Trust. The total amount reimbursed to the Trustees was £1,005 (2021: £31), 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 FOR THE YEAR ENDED 31 JULY 2022

13. Taxation

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

14. Intangible assets

Cost
At 1 August 2021
Additions
At 31 July 2021
Amortisation
At 1 August 2021
Charge for the year
At 31 July 2022
Net book value
At 31 July 2022
At 31 July 2021		 Website
£
129,048
-
129,048
77,996
43,015
121,011
8,037
51,052

Page 30

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

15.
Tangible fixed assets
Cost or valuation
At 1 August 2021
Additions
Disposals
At 31 July 2022
Depreciation
At 1 August 2021
Charge for the year
At 31 July 2022
Net book value
At 31 July 2022
At 31 July 2021
16.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2022
£

117,676
17,678
91,141
226,495		 Office
equipment
£
103,698
(1,948)
101,750
101,706
44
101,750
-
1,992
2021
£
12,251
7,249
57,320
76,820

Page 31

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

17. Investments

Market value at beginning of the year
Additions
Gains/(losses) on investments
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		 2022
£
982,026
90,000
29,123
1,101,149
2022
£
752,112
343,302
5,735
1,101,149
394,003		 2021
£
734,779
100,000
147,247
982,026
2021
£
738,509
237,782
5,735
982,026
304,003

Page 32

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

18. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Other taxation and social security
Accruals and deferred income
Deferred income at 1 August 2021
Resources deferred during the year
Amounts released from previous periods		 2022
£
157,053
136,819
12,617
162,370		 2021
£
100,457
43,023
-
101,829		 2021
£
100,457
43,023
-
101,829
468,859 245,309
2022
£
76,126
120,177
(76,126)
120,177
76,126

Deferred income relates to funding for attendance at SMC delivered in October 2022.

19. 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		 2022
£
2021
£
1,101,149
982,026
924,109
809,072		 2022
£
2021
£
1,101,149
982,026
924,109
809,072
1,791,098
2,025,258
2022
£
2021
£
468,859
245,309

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, other taxation and social security and accruals and deferred income.

Page 33

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

20. Statement of funds

Statement of funds - current year

----- Start of picture text -----
Balance at 1 Gains/ Balance at
August 2021 Income Expenditure (Losses)
31 July 2022
£ £ £ £
Unrestricted funds
General Funds 1,656,153 1,281,195 (1,455,364) 29,123 1,511,107
- - -
Restricted Funds 144,470 144,470
Total Funds 1,656,153 1,425,655 (1,455,364) 29,123 1,655,577
Statement of funds - prior year
Balance at 1
August Gains/ ((Losses)
Balance at
and
2020 Income Expenditure transfers 31 July 2021
£ £ £ £ £
Unrestricted funds
Designated funds
International reserve 480,000 - - (480,000) -
General funds
General Funds 836,908 1,096,671 (904,645) 627,219 1,656,153
Total Unrestricted 1,316,908 1,096,671 (904,645) 147,219 1,656,153
funds
----- End of picture text -----

Restricted funds represent a grant in respect of challenges which will be spent in the forthcoming year.

Page 34

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

21. Analysis of net assets between funds

Analysis of new assets between funds – current year

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Total		 Restricted
funds
Unrestricted
funds
Total funds
2022
2022
2022
£
£
£
-
-
-
-
8,037
8,037
144,470
1,971,929
2,116,399
-
(468,859)
(468,859)		 Restricted
funds
Unrestricted
funds
Total funds
2022
2022
2022
£
£
£
-
-
-
-
8,037
8,037
144,470
1,971,929
2,116,399
-
(468,859)
(468,859)		 Restricted
funds
Unrestricted
funds
Total funds
2022
2022
2022
£
£
£
-
-
-
-
8,037
8,037
144,470
1,971,929
2,116,399
-
(468,859)
(468,859)		 Restricted
funds
Unrestricted
funds
Total funds
2022
2022
2022
£
£
£
-
-
-
-
8,037
8,037
144,470
1,971,929
2,116,399
-
(468,859)
(468,859)
144,470 1,511,107 1,655,577

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2021
£
Total funds
2021
£
1,992
1,992
51,052
51,052
1,848,418
1,848,418
(245,309)
(245,309)
1,656,153
1,665,153		 Unrestricted
funds
2021
£
Total funds
2021
£
1,992
1,992
51,052
51,052
1,848,418
1,848,418
(245,309)
(245,309)
1,656,153
1,665,153

Page 35

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

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:
Depreciation charges
Amortisation 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
2021
Cash at bank and in hand
£
789,582		 2022
2021
£
£
(576)
339,245
44
267
43,015
40,367
(29,123)
(147,247)
(236)
(279)
(149,675)
41,599
223,550
(25,824)
86,999
248,128
2022
£
2021
£
788,755
789,582
788,755
789,582
Cash flows
At 31 July
2022
£
(827)
£
788,755		 2021
£
339,245
267
40,367
(147,247)
(279)
41,599
(25,824)
248,128
2021
£
789,582

Page 36

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

25. Operating Lease Commitments

At 31 July 2022 the Charity had commitments to make future lease payments under non-cancellable operating leases as follows:

Not later than one year
Between two and five years		 2022
£
2021
£
8,007
5,890
8,813
13,217
16,820
19,107

During the year the charity has recognised £27,321 (2021: £7,097) as operating lease rental payments in the Statement of Financial Activities

26. Capital commitments and contingent liabilities

The Trust did not have any capital commitments or contingent liabilities at 31 July 2022 or 31 July 2021.

27. Pension commitments

The Trust operates a defined contribution plan for some employees of the Trust. From 1 November 2021 contributions of 6% or 10% are made into a new plan following the move away from the University of Leeds. Previously contributions made into the plan were 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 £35,742 (2021: £47,202). As at the reporting date, amounts of £nil (2021: £nil) was payable to the plan.

28. 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.

29. Related party transactions

Dr G Leversha received royalties of £1,321 (2021: £1,494) in the year and Mr T Gardiner received royalties of £227 (2021: £nil). No other Trustees received any remuneration from the Trust.

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.

Page 37