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← United Kingdom Mathematics Trust

2023-07-31-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 2023

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2 - 7
Independent Auditor's Report on the Financial Statements 8 - 11
Statement of Financial Activities 12
Balance Sheet 13 - 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 - 33

UNITED KINGDOM MATHEMATICS TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

Trustees Dr D S Bobker (appointed 1 January 2024)
Dr A T Cates (appointed 22 June 2023)
Dr J D Cranch
Dr D Crawford
Ms S Cubbon (resigned 10 September 2022)
Mrs R M Dorris (resigned 10 September 2022)
Ms T Lunel (appointed 27 September 2022)
Mr R Gazet (appointed 14 September 2022, resigned 25thMay 2023)
Dr T Gardiner (resigned 22 January 2024)
Dr M-A Lobo-Yeo
Dr Sanja Hukovic (resigned 15 September 2022)
Dr V Kadelburg (appointed 6 January 2023)
Mr G J Keniston-Cooper (resigned 10 September 2022)
Mr M C D Knapton (resigned 10 September 2022)
Mr S J Mulligan (appointed 22 June 2023, resigned 22 September
2023, reappointed 7 December 2023)
Dr S W N O'Hagan (resigned 4 August 2022)
Mr S Power (appointed 6 January 2023, resigned 7 December 2023)
Dr G C Smith (appointed 25thMay 2023), Chair
Mr D Vaccaro (appointed 29 September 2022, resigned 22 January 2024)
Ms M Wimbury (appointed 14 September 2022)
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)

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

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 2023. 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) published in October 2019.

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

The Trustees during the period covered by this Report were:

Dr D S Bobker (appointed 1 January 2024) Dr A T Cates (appointed 22 June 2023) Dr J D Cranch Dr D Crawford Ms S Cubbon (resigned 10 September 2022) Mrs R M Dorris (resigned 10 September 2022) Ms T Lunel (appointed 27 September 2022) Mr R Gazet (appointed 14 September 2022, resigned 25th May 2023) Dr T Gardiner (resigned 22 January 2024) Dr M-A Lobo-Yeo Dr Sanja Hukovic (resigned 15 September 2022) Dr V Kadelburg (appointed 6 January 2023) Mr G J Keniston-Cooper (resigned 10 September 2022) Mr M C D Knapton (resigned 10 September 2022) Mr S J Mulligan (appointed 22 June 2023, resigned 22 September 2023, reappointed 7 December 2023) Dr S W N O'Hagan (resigned 4 August 2022) Mr S Power (appointed 6 January 2023, resigned 7 December 2023) Dr G C Smith (appointed 25th May 2023), Chair Mr D Vaccaro (appointed 29 September 2022, resigned 22 January 2024) Ms M Wimbury (appointed 14 September 2022)

The Trustees delegate day to day management of the Trust to the Managing 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 2

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2023

Meetings

Extraordinary General Meetings were held on 10th September 2022 and 5th November 2022. The Annual General Meeting was held on 30th May 2023.

Structure of the Trust

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

The Board delegates the operational day to day running of the Trust to the Managing Director. In order to continue to deliver first class mathematical competitions, the Trust has established specific committees of volunteers to advise and oversee them:

  1. The Challenges 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.

  4. 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.

  5. 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 for students aged 16, 17 or 18.

  6. The Enrichment Executive Committee which produces the Primary Team Maths Resources, and who advise on organising and running the Trust’s outreach and enrichment activities, including the National Mathematics Summer Schools and Mentoring Scheme.

  7. 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 and by providing resources for teachers.

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 2022-23 the number of entries for these events were as follows:

Page 3

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2023

2022-23 2022-23 2021-22 2021-22
Schools Students Schools Students
Junior Mathematical Challenge 3,703 324,940 3,477 306,130
Intermediate Mathematical Challenge 2,864 261,060 2,760 241,400
Senior Mathematical Challenge 2,193 114,430 2,113 104,470

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. For Summer School 2023, 35 juniors, 8 seniors and 13 volunteers attended a very successful event.

The Mentoring Scheme continued to be suspended in the academic year 2022-2023. They were in fact revived in October 2023 and are proving to be as popular as ever. 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 64th International Mathematical Olympiad was hosted in Makuhari Japan from July 2nd to July 13th. Six hundred and eighteen participants from 112 countries and regions attended. The UK team earned 2 gold medals, 2 silver medals and 2 bronze medals earning the UK a place in the top 20 for the 8[th] year running with a rank of 13[th] .

More detailed information on all of the Trust’s activities, including those summarised above, will be found in the Trust’s Yearbook 2022-23 which will be distributed electronically free of charge to all Members of the Trust. Work was undertaken after September 2023 to fill the lacuna in the record of our activities caused by the Covid pandemic and associated disruption. While the distribution of the Yearbook by electronic means will be the default, a limited number of paper copies of Yearbooks will be available to volunteers on demand. The current Yearbook is currently in the course of preparation.

Report of the Chair of Trustees

This past year has been a difficult one for the Trust and has seen considerable changes within the Board and Management. Before we could concentrate on getting the Trust back on an even footing post-pandemic, management and governance issues had to be dealt with. These issues resulted in the loss of a major funder and no external funds were raised during the year.

After an Extraordinary General Meeting of the members held on 10 September 2022 the members voted to remove a number of Trustees who were replaced. The issue at stake had been the feeling of the members that the Trust had departed from the principle of being a volunteer led charity. The Executive Director left the Trust’s employment in April 2023. A number of new Trustees were elected which helped to create the current Board who firmly adhere to that principle and which they believe is fundamental to the future success of the Trust.

In spite of the upheavals within the Board and a number of significant staff changes, the Trust continued to function normally and successfully increased participation in all the competitions run compared to the previous year. Part of the reason that the Trust had lost its way last year was a misalignment of objectives between the Board of Trustees, the Volunteers

Page 4

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 JULY 2023

and the Staff. This itself was partly due to the lack of a clearly stated strategic plan which all our stakeholders could accept. It is planned during the current year to remedy this by developing a clear set of achievable objectives around which each section of the Trust can unite.

To that end the Trust has been successfully working to rebuild relationships between its three constituent parts and with its external sponsors and supporters resulting in over £400,000 having been raised during the current year so far and excellent participation in all the competitions.

The Chair is extremely grateful for all the hard work and commitment shown by the staff at the UKMT Office under challenging conditions and the ongoing dedication of its precious volunteer force who work tirelessly in the cause of mathematics education.

Future plans of the Trust

During the latter part of 2023 and early 2024 the Trust was extremely successful in growing the number of competition entries. Of particular note is a collaboration with ASDAN which we believe has significant growth potential. ASDAN (China) is a company which facilitates an enhanced educational experience for Chinese school students in terms of competitions, qualifications and international trips. UKMT makes its competitions available to Chinese students through ASDAN, with our competitions happening in China after they are held in the UK. This both enhances the educational experience of participating Chinese students, and generates income for UKMT to support its work in the United Kingdom.

In addition, the Trust continues to work with our major supporters helping to underpin our operations. Overall the Trust aims to continue to grow mathematical competition participation at home and abroad to reach as many young people as possible to help them experience the joy of mathematics.

Remuneration policy

During the period when the Trust’s employees were employed by the University of Leeds, the Trust followed the remuneration policy of that organisation. The Trust is now developing a revised remuneration policy and is currently evaluating jobs within the Trust and creating a grading structure for salaries. Each employee of the Trust will be allocated a job grade and then have a clear salary and career progression path. The work to finalise the policy is not expected to be completed until June 2024.

Treasurer’s report

The turmoil in management and governance of the Trust during the last financial year took its toll financially as well as organisationally, resulting in a deficit of expenditure over income of £468,000. However this was in the main due to a number of factors which are not expected to recur in the future. They included termination payments to senior staff, unduly high legal costs, expensive engagements of consultants and only minimal grants and donations for the year. The Trust has also needed to include a provision for bad and doubtful debts of £33,000 due to past failure to pursue outstanding debts effectively. The Trust has now initiated a Cash Collection Review which is looking at ways of improving the follow up of outstanding debt and has so far had much success in recovering the oldest cases.

It should be emphasised that in spite of a challenging year, the Trust was in a comparatively strong financial position at the end of it, with reserves of just under £1.2 million in a combination of investments and cash. However, net outflows of funds of the size experienced in 2022-23 is clearly unsustainable in the long term. Hence the Trust is dependent on its ability to obtain the support of major external backers and is very grateful for the generous support that has been forthcoming in the current year from a number of sources. All the indications point to the successful external fund raising to date, combined with increased competition participation and reduced costs resulting in a modest level of net income for the current year. In an ideal world, the Trust would aim for operational self-sufficiency so that the income generated from competitions would be sufficient to cover the Trust's administration expenses, but this is, unfortunately, some way off, although the Trust is moving in the right direction with the aim of slowly rebuilding reserves. Approaching this goal would then allow the Trust more freedom to broaden its activities in bringing mathematics to young people.

Page 5

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2023

Reserves policy

The current total funds of the Trust as at 31 July 2023 are £1,187,671 (2022: £1,655,577) and are fully unrestricted (2022: 1,511,107 was unrestricted and £144,470 was restricted). After accounting for restricted funds and fixed assets, the Trust’s free reserves were £1,185,901 (2022: £1,503,070). 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 under £1.2m is well below this threshold but, as stated in the Treasurer’s report, concrete steps are being taken to rebuild reserves to the safer level.

Investments policy

The policy of the Trust was reviewed and approved in December 2020. 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.

As an organisation working closely with children, the Trust regards child safeguarding as a key priority. There is a Child Safeguarding Policy in place which is kept under regular review and adherence to it is closely monitored. All adults involved in the Trust’s activities undergo the required checks to ensure they are suitable for their role. Should a breach of policy occur it is brought immediately to the attention of the Trustees who treat all such matters with the utmost seriousness.

In addition to the safeguarding risk, the Trust regards as a key risk the possibility of events which may prevent the running of one or more of the major challenges (such as occurred with Covid), with the consequent loss of a large proportion of its expected income. This risk is addressed by the reserves policy which requires the Trust to maintain reserves to a level sufficient to allow the Trust to continue its activities if such events occur.

Fundraising Activities

Income not derived 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 (2022: 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:

Page 6

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

TRUSTEES' REPORT (continued)

FOR THE YEAR ENDED 31 JULY 2023

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.

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 2023-24, in accordance with the Companies Act 2006.

Approved by order of the members of the Board on 28 March 2024 and signed on their behalf by:

ee, Sey

Dr G.C. Smith Chair of Trustees

Page 7

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

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 2023 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 8

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

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

Opinion on other matters prescribed by the Companies Act 2006

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 9

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

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 10

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

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.

Laura Masheder (senior statutory auditor)

for and on behalf of BHP LLP, Statutory Auditors 1st Floor Mayesbrook House Leeds LS16 6QY

Date:

Page 11

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

Note
Income from:
Donations and legacies
3
Charitable Activities
4
Investments
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net gains/(losses) on
investments
Net movements in funds
Reconciliations of funds:
Total funds brought forward
Net movement in funds
Transfer
Total funds carried forwards
19		 Restricted Funds
2023
£
(22,432)
-
-
(22,432)
-
-
-
(22,432)
144,470
(22,432)
(122,038)
-		 Unrestricted
2023
£
32,380
1,286,923
1,506
1,320,809
-
1,787,003
1,787,003
20,720
(445,474)
1,511,107
(445,474)
122,038
1,187,671		 Total funds
2023
£
9,948
1,286,923
1,506
1,298,377
-
1,787,003
1,787,003
20,720
(467,906)
1,655,577
(467,906)
-
1,187,671		 Total funds
2022
£
373,308
1,052,121
236
1,425,665
5,000
1,450,364
1,455,364
29,123
(576)
1,656,153
(576)
-
1,655,577

The Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 16 to 33 form part of these financial statements.

Page 12

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

REGISTERED NUMBER: 03271283

BALANCE SHEET AS AT 31 JULY 2023

Note
Fixed assets
Intangible assets
13
Tangible assets
14
Investments
16
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one year
17
Net current assets
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds		 2023
£
As restated
2022
£
1,770
8,037
-
-
765,009
1,101,149
291,238
226,495
341,412
788,755
632,650
1,015,250
(211,758)
(468,859)
420,892
546,391
1,187,671
1,655,577
-
144,470
1,187,671
1,511,107
1,187,671
1,655,577

Page 13

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

BALANCE SHEET (CONTINUED) AS AT 31 JULY 2023

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:

Dr G.C Smith Chair

Date: 5 April 2024

The notes on pages 15 to 33 form part of these financial statements.

Page 14

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023

Note
Cash flows from operating activities
Net cash used in operating activities
21
Cash flows from investing activities
Loss on disposal of tangible fixed assets
Sale of investments
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
22		 2023
£
2022
£
(805,709)
86,999
-
1,948
356,860
-
-
(90,000)
1,506
236
358,366
(87,816)
(447,343)
(817)
788,755
789,572
341,412
788,755

The notes on pages 16 to 33 form part of these financial statements

Page 15

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

1. General information

United Kingdom Mathematics Trust (the "Company") is a public benefit entity limited by guarantee, incorporated in England and Wales. 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 16

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

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 17

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

UNITED KINGDOM MATHEMATICS TRUST

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 18

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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

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 19

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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 mad 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 20

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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 Prior period restatement

Following a clarification of the accounting treatment, the amounts held as investments have been reclassified as fixed assets from current assets to better reflect their nature. The Trustees have taken this decision to reflect the ongoing intention to hold the investments for the long term.

2.16 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
2023
2023
2023
2022
£
£
£
£
-
16,131
16,131
167,024
(22,432)
-
(22,432)
144,470
-
13,333
13,333
56,999
-
2,916
2,916
4,815		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2023
2023
2023
2022
£
£
£
£
-
16,131
16,131
167,024
(22,432)
-
(22,432)
144,470
-
13,333
13,333
56,999
-
2,916
2,916
4,815		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2023
2023
2023
2022
£
£
£
£
-
16,131
16,131
167,024
(22,432)
-
(22,432)
144,470
-
13,333
13,333
56,999
-
2,916
2,916
4,815
(22,432)
32,380
9,948		 373,308

The negative grant figure relates mainly to the reversal of an accrual made at the end of the previous financial year when the donor withdrew the grant. Details are given in the report of the Chair.

Page 21

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

4. Income from charitable activities

Examination entry fees and related income
Sale of publications
Total		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2023
2023
2023
2022
£
£
£
£
-
1,219,586
1,219,586
985,098
-
67,337
67,337
67,023		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2023
2023
2023
2022
£
£
£
£
-
1,219,586
1,219,586
985,098
-
67,337
67,337
67,023		 Restricted
funds
Unrestricted
funds
Total
funds
Total
funds
2023
2023
2023
2022
£
£
£
£
-
1,219,586
1,219,586
985,098
-
67,337
67,337
67,023
-
1,286,923
1,286,923		 1,052,121

All income in 2022 was unrestricted.

5. Investment income

Bank deposit interest receivable Restricted
funds
2023
£
-		 Unrestricted
funds
2023
£
1,506		 Total
funds
Total
funds
2023
2022
£
£
1,506
236

All income in 2022 was unrestricted.

Page 22

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

6. Expenditure on raising funds

Unrestricted
funds
Total Total
funds funds
2023 2023 2022
£ £ £
Executive Director's salary (part) - unrestricted - - 5,000
Support costs
Accommodation
IT
Office Expenses
Printing and Postage
Prof Fees
Provision for doubtful debts
Staff Costs
Sundry
Travel and subsistence
Irrecoverable VAT
Venue Hire
Ttl		 2023
2022
£
£
1,315
1,675
351,993
370,481
119,293
182,368
11,024
3,953
244,391
149,242
20,377
12,664
512,672
433,432
5,302
13,091
3,851
7,454
142,232
108,935
18,560
14,229
1,431,010
1,297,524

7. Support costs

Total

The negative grant figure relates mainly to the reversal of an accrual made at the end of the previous financial year when the donor withdrew the grant. Details are given in the report of the Chair.

Page 23

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

8. Analysis of expenditure on charitable activities

Expenses 2022-23
Accommodation
IT
Office Expenses
Printing and Postage
Prizes, medals etc
Sundry
Travel and subsistence
Venue Hire
Allocated support costs
Total
Expenses 2021-22
Accommodation
IT
Office Expenses
Printing and Postage
Prizes, medals etc
Sundry
Travel and subsistence
Venue Hire
Allocated support costs
Total		 Competition Enrichment
Events Publications
Total
49,595
2,440
47,561
-
99,596
-
2,412
-
(19)
2,393
106
(201)
13,180
163
13,248
31,407
607
10
17,887
49,911
962
3,907
6,639
-
11,508
1,843
691
243
9,432
12,209
17,398
3,699
51,860
-
72,957
26,319
29,985
37,869
-
94,173
1,331,285
19,916
17,282
62,525
1,431,008
1,458,915
63,456
174,644
89,988
1,787,003
Competition Enrichment
Events
Publications
Total
6,677
113
12,902
-
19,692
4,895
3,379
2,013
-
10,287
2,642
496
321
31
3,490
27,376
42
115
18,154
45,687
3,200
509
1,780
-
5,489
1,747
310
57
219
2,333
6,235
2,669
13,879
-
22,783
22,371
24,833
875
-
48,079
1,080,715
143,468
8,166
65,175
1,297,524
1,155,858
175,819
40,108
83,579
1,455,364

In the above analysis, “Competition” refers to the various competitions run by the Trust, including the Junior, Intermediate and Senior Mathematical Challenges and the British Mathematical Olympiad as set out in the Trustees’ Report and for which the Trust charges entry fees. “Events” refers mainly to competitions in which the Trust organises teams to enter overseas mathematical competitions which include the International Mathematical Olympiad. “Enrichment covers the Trust’s outreach activities including the Summer Schools and Mentoring Scheme.

Page 24

UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

9. Auditor's remuneration

Fees payable to the Trust's auditor for the audit of the Trust's annual accounts

2023 2022
£ £
15,000 14,900

10. Staff costs

2023 2022
£ £
Wages and salaries 435,629 363,876
Social security costs 41,772 33,814
Contribution to pension schemes 35,271 35,742
512,672 433,432

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

2023 2022
No. No.
Employees 11 16

During the year up to 31 July 2023, termination payments totalling £45,000 (2022: £nil) were made to an individual.

One employee received remuneration amounting to between £110,000 to £120,000 (2022: one employee received between £60,000 to £70,000).

During the prior year the Trust moved away from The University of Leeds and now employs staff directly. Previously 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, Managing Director, and the Operations Manager. Total remuneration (including employer's pension costs) for these posts were £278,097 (2022: £138,745).

11. Trustees' remuneration and expenses

One Trustee (2022: two) received remuneration in the period from the Trust. See note 28 for further details. During the year, three Trustees (2022: four) 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 £6,264 (2022: £1,005), and related to travel and subsistence, printing, and postage.

Page 25

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

12. 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.

13.
Intangible assets
Cost
At 1 August 2022
At 31 July 2023
Amortisation
At 1 August 2022
Charge for the year
At 31 July 2023
Net book value
At 1 August 2022
At 31 July 2023		 Website
£
129,048
129,048
121,011
6,267
127,278
8,037
1,770

Amortisation is charged to expenditure on charitable activities in the Statement of Financial Activities.

Page 26

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

14. Tangible fixed assets

Cost or valuation
At 1 August 2022
Additions
Disposals
At 31 July 2023
Depreciation
At 1 August 2022
Charge for the year
At 31 July 2023
Net book value
At 31 July 2023
At 31 July 2022
15.
Debtors
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
134,432
-
156,806
291,238		 Office
equipment
£
101,750
-
-
101,750
101,750
-
101,750
-
-
2022
£
117,676
17,678
91,141
226,495

Page 27

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

16. Investments

Market value at beginning of the year
Additions
Disposals
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		 2023
£
1,101,149
-
(356,860)
20,720
765,009
2023
£
759,268
-
5,741
765,009
290,455		 2022
£
982,026
90,000
-
29,123
1,101,149
2022
£
752,112
343,302
5,735
1,101,149
394,003

Page 28

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

17. 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 2022
Income deferred during the year
Amounts released from previous periods		 2023
£
42,860
48,226
12,572
108,100
211,758
2023
£
120,177
19,280
(62,650)
76,807		 2022
£
157,053
136,819
12,617
162,370
468,859
2022
£
76,126
120,177
(76,126)
120,177

Deferred income relates to competitions and events where payment has been received but the event has not yet been held.

Page 29

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

19. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted Funds
Total Funds		 Balance at 1
August 2022
Income
Expenditure
Gains/
(Losses)
and
transfers
Balance at
31 July 2023
£
£
£
£
£
1,511,107 1,320,809
(1,787,003)
142,758
1,187,671
144,470
(22,432)
-
(122,038)
-
1,655,577 1,298,376
(1,787,003)
20,720
1,187,671

Restricted funds represent a grant in respect of challenges which were not undertaken. The funder has agreed that the funds received can be used for unrestricted purposes. As a result of this, a transfer has been made from restricted funds to unrestricted funds for the unspent amount.

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted Funds
Total Funds		 Balance at
1 August 2021
IncomeExpenditure
Gains/
(Losses)
and
transfers
At
31 July 2022
£
£
£
£
£
1,656,153 1,281,195 (1,455,364)
29,123
1,511,107
-
144,470
-
-
144,470

1,656,153 1,425,665 (1,445,364)
29,123
1,655,577

Page 30

UNITED KINGDOM MATHEMATICS TRUST

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

20. 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
2023
2023
2023
£
£
£
-
-
-
-
1,770
1,770
-
1,397,659
1,397,659
-
(211,758)
(211,758)
-
1,187,671
1,187,671
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)
144,470
1,511,107
1,655,577

Page 31

(A Company Limited by Guarantee)

UNITED KINGDOM MATHEMATICS TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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

22.
23.		 2023
£
2022
£
Net income/(expenditure) for the year (as per Statement of Financial
Activities)		 (467,906)
(576)
Adjustments for:
Depreciation charges -
44
Amortisation charges 6,267
43,015
(Gains)/losses on investments (20,720)
(29,123)
Interest receivable (1,506)
(236)
Decrease/(increase) in debtors (64,743)
(149,675)
(Decrease)/increase in creditors (257,101)
223,550
Net cash provided by operating activities (805,709)
86,999
Analysis of cash and cash equivalents
Cash in at bank and in hand
Amounts held in notice deposits
Total cash and cash equivalents
Analysis of changes in cash and cash equivalents
At 1 August
2022
£
Cash at bank and in hand
788,755		 2023
£
2022
£
239,302
688,029
102,110
100,726
341,412
788,755
Cash flows
£
At 31 July
2023
£
(447,343)
341,412

Page 32

UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

24. Operating Lease Commitments

At 31 July 2023 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		 2023
£
10,962
-
10,962		 2022
£
8,007
8,813
16,820

During the year the charity has recognised £42,253 (2022: £27,321) as operating lease rental payments in the Statement of Financial Activities

25. Capital commitments and contingent liabilities

The Trust did not have any capital commitments or contingent liabilities at 31 July 2023 or 31 July 2022.

26. 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 £35,271 (2022: £35,742). As at the reporting date, amounts of £2,501 (2022: £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 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.

28. Related party transactions

T Gardiner, who served as a Trustee during the year, received royalties of £458 (2022: £227) and Dr G.C. Smith, a current Trustee, received royalties of £2,371 (2022: £1802 ). No other Trustees received any remuneration from the Trust.

There were no other related party transactions which occurred during the year.

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