Registered wDthber: 03271283 Charity number: 1059125 UNITED KJNGDOM MATHEMATICS TRUST (A Company Limited by Guarantee) TRUSTEES. REPORT AND ￿NANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 111 *AE0SFDRS* A12 •12 COMPANIÉS UNITED KIIYGDOM MATHEMA TICS TRUST IA Company Limitsd by Go•Mttt¢¢: N*wb¢t l)3271283) CONTENTS Page Reference Ad￿j￿iStrative D¢t*iJs tsf tht C•thp•thyJ its Tnuttt5 ¥Trd Advi5trs Tr￿tett. Report lftdepelldt￿I Audilor's Report ihe FiD¥M¢i*J Stst¢thents 8-10 •tsment ofFinalltial Activitie5 li B•lawee Shett 12 St*iement of Cash Flows 13 Tr4oies to the FinaTrti*l St•temt•ts 14-26 U141TED KINGDOM MATHEMATICSTRUST IA Ctsjnpany LiTnited by Guara￿tee. Numbtr 03271283) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED31 JULY 2024 Tru5¢ttS Dr D S Bobkcr (ap￿iD1¢d l January 2024) Dr A T Cales Dr J D Crdnch Dr D Crnwford {rr5ignoJ 20 April 2024) Mr S Darby {a[TKJ1n￿ 17 June 2024) Dr T Gardiner (rcsigned 22 January 2024) tk V Kadelburg Dr M.A LOt￿y￿) M5 T Luncl Mr S J Mulligan (r¢si8ned 22 June 2023, ap￿)in￿d 7 Deeanber 2023) Mr S Power (re5igntd 7 Decembu 2023) Dr G C Smith, Chair Mr D Vaccaro (resi8ned 28 Mweh 2024) M5 M Wimbury Comp8•y registered numb¢r 03271283 Charity registsred rtumbe 1059125 R¢gist¢rtd orr Unitcd Kingdom Math•n4ics Tnjst 4IOO Park Approxh Leed5 LS15 8GB lTrdependent 8udltor BHP LLP First Floor. Maye51wook House LaWnsW￿d Business Park Red¥ers Clo LS16 6QY B8Dkers Lloyds Bank plc 4 Wesi Strttl Havant Hampshire P09 IPE Lloyds Bank plc 617 Park Row Leeds LSI INX Page I UNITED KINGDOM MATHEMATICSTRusr IA C•tt)piny Lirnited by Gu¥raw¢e¢: Nwmb¢t03271283) TRUSTEES. REPORT FOR THE YEAR ENDED31 JULY 2024 The Tru5ttt5. who also directors of the charilablt cowy for th¢ purp)ses of iht Companie5 Act 2006, prtsenl their Annual Report togeth¢r with the audited financial statements for the year ￿ded 31 July 2024. The Annu￿ Rewrt serves the FMJrp)s¢s of a trystr¢s' r¢w)rt *)d a diiextors. r￿Ort under wmpany law. The Trus*es CODfirni thai the Annual Rewrt and financial s￿erneTrts of th¢Tru51 comply with the current stsiutory requirements, the requirements of the Trust'5 8OVtrnin8 docum¢￿t and the provisions Of the SORP appliL¥ble ￿ charitie5 preparing their accounts in accordance with the FRS applicable irt the UK artd Republic of Ireland (FRS1021 published in (kLotr*r 2019. Since thcTrust qualifie5 a5 small undcr 5C¢tion 382 of the CompaThies Act 21MJ6, the styategic rewrt rc4uirtd of medium and large rompani¢s under the ComFwJies Aci 2WJ6 (Strategic Rwrt and Dir￿tOrs, R¢port) Regulations 2013 has been ornittcd. In preparing this rerx)rt. the Trusttts have tsken odv3nthg¢ of the Sm￿1 companie5 txcmplions provided by se¢tion 415A of theCompanie5 Act 2(￿. Con5eitutlon ofthe Trust The Tn]st W&8 iTKorp)ratrd on 30 Ociober 1996. It is a company limi￿￿ by guaraniee, Yegistration number 03271283, aod is registered with thc Charity Commission as Charity Numbu 1059125. Its TeBiStered address and principal office 15 UK Mathemaiics Tru4 4100 Park Approxh. Leed$ LS15 8RB. The 8overnLt)8 documeThi is lh¢ Articles of Association. The Tru5t¢¢s of th¢ Tn￿1 ar¢ alw the direC￿[S of ihe compny for th¢ Companies Art 2(M)6 puryxjses. The 8overnLn8 IM)dy of the Trusi i$ its Board {fom)¢rly CourKil), ￿ its TTUStees are precisely th memb¢rs of the Booryt. M*lD obJEftives The Truy is e5tsblish¢d to advon¢e the ￿￿¢8[lon of child￿ arKI young Fwlc in mathemoti¢S ond in particular, but without prejudice ￿ the 8eneYality of the lore80in8. by OTganisirtE and runnin8 mathematics comFditions. Trustees The individyals who w¢re Trnste¢s ai any tim¢ in the puiod Cove￿1 by thi$ RetKJn wtte: Dr D S Bobker (awinied l January 2024} Dr A T Cates Dr J D CTam¢h Dr D Crdwford {reS18n￿ 20 April 2024) Mr S t>arby lapp)inta 17 Junc 2024) Dr T GaTdin¢r Ir¢5l8ne4 22 Jatjuary 2024) Dr V Kthlburg Dr M-A Loitry Ms T LuDel Mr S J Mulligan (resigned 22 June 2023. reapw1n￿d 7 December 2023) Mr S PoweT {Tesigned 7 D¢¢emEtr 2023) Dr G C Smith, Chair Mr D VatcaTO {resigned 28 Marth 2024) Ms M Wimbury The Trus¢ee5 delegate day io day Manage￿1¢￿[ of the Trust w the Direaor. TrU￿et5 are Tecruitcd takin8 aecounL of existing skills and experience on thc Board. A full induc¢ion progrdmme is in platt for new Trustees. Tn￿lee5 act accordance with ihe Codes of Conduci for Trusites. G￿d Governante.. A Code for the Voluniary and Community Sector. and in line with legislaiion aTwJ regulati(Vl5. Meetings The Annual Generdl Mee4inB was held on 20th April 2024. The Board md six limes durin8 ihe yrar. Page 2 UNITED Kif4CDOM MATHEMATICS TRUST (A Com￿NY Llmit¢d by Cw*rnnttt: Nvwber113271283) TRUSTEES. REPORT FOR THE YEAR ENDED31 JULY 2024 Stry¢tyr¢ tsf tbe Tryst The Board h&5 established the following standing Board Committee5 lo undertak¢ appropriate govemance and make Strategic drfisions: Audit and Finance Commill¢¢. Inv¢stment Committ* N(Mninaiions and R¢muD¢roti0rt Commitiee and Risk and Complionc¢ Committee. The Board delegate5 the operational thy to day nlnning of the TruA tsTr the Director. In order lo contknue to deliver first class rnathernati￿ compdition& the Trust has esthblishwj specific committees of vol¥n*ets ￿ advise and overs¢¢ them.. The Challen8es Committee. who advise on the runnin8 of.. The rnass-eniry Junior. Intermcdiale and Senior Mathematical Challen8e5 for students aged between I l and 18 approximately J the More advance¢L more specialised comp￿IllonS (Junior Mathematical Olympi4 Junior KaTrgaTt￿, Iniernediate Mathcmaticaj Olyrnpiad and Kangar(￿. and Senior Kangam) for Students aged betsveen I l atld 18 apprOxima￿ly. The British Mathematical Olyrnpiad Executive Cornmitiffj who thise ott the olympi￿ a¢tivittes for students a8ed 16 10 18, th¢ Mathematical Olymptad lor Girls for studenLS 88td 15 approximately to 18. and selective menioring. trdinin8 and Camps for students aged l2 to 18. 3. The Team Mth Challen8es Executive Cornmittee. whj thi5e on the mass entry Team Math$ Challenge for S¢uden¢S aged 12 and 14 wxima*ly. and the Tnass thtry Senior Team Maths Thallenge for students 88ed 16, 17or 18. 4. The Enrichmcnt Executive Committtt. who woduce the Primary Team Maths R￿UrCes. and who advise on organisirt8 and running the Trusi's outreach and enrithmthl aciivilies including ihe Naiional Mathemalies Summer Schoo15 and Men￿ring Sclleme. 5. The Publication$ Executive Committee, who thise on sele￿]0￿ forthe rnrtge of publi¢￿10n$ UKMT sells. Aeiivi¢l￿ of tbt Trnst perforn¢d for th¢ publit bt•efli The TTUStee5 CODfirrn thatthey have had reftrfflce to the infornation contai1￿1 withio thtcharity Commissioo's 8¢neral guidance on public benefti when revtewjn8 the Trum's aims and obJe£tives and in plannin8 fuiure activitie5 for the next financial yvdr. The Tru￿ advances itscharitablc purpx)se moinly by n]nning thejunior. In￿mediate8nd Sehior MatheM￿lCa1 Challenges. the Team Maihs Challenge and the Senior Tcam Maths Challen8e. These a￿1ville$ are augmented by ftsllow-up ¢ompWitions including g*rti¢ipWing in the internafionll Aswciation Kangourou sans Froniières ¢ontesis and the Intrmaiional Mathematical Olympiad,. publications for ieacheT5 and 5tud¢nts. Mentorin8 Scheme. Summer sch￿15 and by providing resources for trachets. The Junior, Inicrmediate and Senior Mathemaiical Chall¢nge5. as well a5the Tearn m￿h$challenge and the SeniorTeam Maths Challenge, are open to all setondary schools and (vlleges wih students of secondary s¢hool age in the Uniied Kingdorn. The Junior Maihcrnatical Challenge is additionally 0￿rI to Primary schools in the United Kin8dom. In 2023- 24 iht nurnbtr of enirics for thtse tvents were follows= Pag¢ 3 UNITED KINCDOM MATHEMATICS TRUST (A Company Limited by G￿arantee. Number 03271283) TRUSTEES. REPORT FOR THE YEAR ENDED31 JULY 2024 P*rtieipation in the 2023-24 2022-23 Schools StUd￿)ts S¢hool$ S(udent5 Junior Mathemattcal Challen8e 3,550 279.IA)8 3.459 270.566 Intemi¢diat¢ Math¢mati¢a] Challenge 1891 226.810 2,739 209,723 Senior Malhematical chall￿Be 2,150 92,620 2,128 87.035 Summer Schools are designed for young people with an interest in mathcmatics. Studcnts in Yvdr5 10 or I l (England and Wal¢sl, S3 or S4 {S¢otlathJl and Years I l or 12 (North¢m Ir¢l*)d) who are anon8 the 1.5Yo of scorers in ihe Interrnediate Mathematical Challenge are selec*d by lonery and invited ts) attend one of thc Summer Schools. The 5el¢dion mechanism aims trp ensur¢ that a leasi h￿r ofthe Siudthts attending ￿ 8irls and that 90% ar¢ from funded sch(x>ls. For Summer S¢th(x)12024. 112 juniors and 21 senioTS allended. The Mentoring Scheme was relaurtched from October 2023. and over 100 studenL% worked with 77 mentors during the 2023-24 academic year. Tht Mentoring Schcrne is ¢JPEn to Students based in the UK who #re keen to imprtsve their prnbltm-solvin8 and mathematical ￿&S0n1n8 skills. The MenLorill8 Scheme consists of nine pro8rammes which in￿¢￿se in ditTJtulty and in the level of wtr¢qyisil¢ knowl¢dgt reqyiFt41 ar￿ runs e*h y¢ar from Ottol*r￿ Jurbe. Th¢ In*￿tiOnal Math¢m¥41i(al 0lyrnpi￿ 15 th¢ World Championship Math￿￿11¢$ Comwition for S￿0ndary-S¢hWj students and 15 held annually. The first Inwnaiional Mathem*ic21 Olympiad w&$ held in 1959 in Romania. with 7 yntries parti¢iP*ing. li has gradually ¢xpartd¢d ¢0 tsver I￿ ¢ountyi¢s fmm 5 ¢4Miin¢nts. The 65ih Intemational Mathemaiical Olympiad Was hos*d in Bath. Unitrd Kingdom from July I lth w July 22nd. Six hundred and nine partitipants fmm 108 ¢OWltries and rtgions attend￿￿. The UK team earned 2 gold medal4 3 silvtt medals and a bmnze meda] earning the UK a place in the top 20 for the 9 year runnin8 wirh a rank of 6 . This rq)rcsent5 the UK'5 best rinish since 1996. More detailed infonn¥tion OD all of the Trust's #ctiviti4 ir￿lUdIng th05c wmmarised aix)v< will be found in ihe Tnjsl's year￿0k 2023-24 which will ￿ distribuied electronically frtt of char8t ￿ all Mtmbtr5 of the Trust. Work Wd5 undertaken after September 2023 to fill thc Ixuna in thc r￿rd of our activitics uused by the Covid pandemic and aS￿elated disruption. While the distribution of the YtarlKMJk by elecrronic means will bt the defaulL a limiied number of papcr copie5 of Yeartwks will be available lo voluntrrrs on demand. The current YearEA)ok is in th¢ course tsf prep¥atioTh. Report of ihe Cbair •f TT•51ees This past year been successfvl for the Tft￿. We have coniinued ￿ rebuild oursuile of comFtiiions and aciiviiies, to expand oveT5ea5 participalion in our Challengcs and Olyrnpiad5 and to develop relationship5 With financial yJpport¢rs. Our performattce in Intern￿lo￿al maihs compeiilion5 is remarkable, and w¢hav¢ be￿ th¢¥rongestcountry in Europe over ihe pam 10 year5: measured by IMO ￿rrOrnian¢e. Most imwrtanily, all our (h)mesii¢ o)mpetitiortS Tan smocdhly wiUv)ui significant woblcms this year, and we we able to supply results quickly and aceurdtrly. Our volunLeer base continues io thrive, and il has b￿Ome pro8ressivtly easier to find eTh)ugh people w enable our marking w¢ekcnd5 to procttd ¢tTicicThily. Our other aciiviiie5 have mostly recovered from Covid-19 and Lhe 8$9)ciaied period of difficuliies. We expanded our Nation31 Mathemaiits Summer SCh￿Is lo ihree cv¢ni% our Men￿ring scheme5 It￿[h Olympiad Enrichmeni} are now fully funciional and OUT publishing arm 1$ active again_ Page 4 UNITED KINGDOM MATHEMATICS TRUST (A Comp*ffjy Limii¢d by Cu4T*tytee." Number 03271283) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 Ther¢ were si8nificani improvements to how the UKMT Offi¢e ￿ 0r8aftis￿. When UKMT found&1 in 1996. initially tl had one member of stsff. and since then. likeTopsy. iijust 8rew. its developm￿ was or8anic. and in many respect5. It was doing a go¢xl job. However in Tcccnt ytaT5 deficiencie5 in governance andoveT5i8ho management and rirwicial control more appartni resuliing irt seriou5 dishartnony ￿tween the three pillars of the Trug: volun￿ Ststy and Tnjstees. During this financial year we have giv￿ aiteniion to rebuilding ihe ri8ht iniernal relationship5 and overhauling our 8overnanc4 mana8ernen4 HR and financial proL%sses. Deficiencies in our HR processcs have been rcmedied including a full overhaul of our staff structure including the intrtyJu¢tion of a rev2sed salary and grading framework. All of this has t*en ac¢omplisha by Trus*es and Stsff working IQBether, their combined professional expertise obviating any neul ts) rea¢h for COnSLtlthn NowthattheTru$t has sthrted to recover its financial reserve5toward5weQovid levels and is achieving ny)re fioan¢ial security, theTru5teesare very mindfulof thebalanceFtheen building rtservesand expandirt8 ourcharitsbleactivitie5. A healthy level of Te5erves is required u) L￿￿￿Te We cai seeurely roniinue to play such on imw>rNwt part in the edu¢ational developIiiertf of hundrujs of ihousands of ¢bildrEn while surviving fvttJr¢ pandcmics or other black swan events, but il is an end in itself. There wa5 a pcriod of ab)ut 6 month5 durin8 thi5 financial year when the Tru￿ was without a DiTector. and the Chair of Tntsitts efftctivtly assumed ihis role. Fortunaiely, we havt foLEnd an exttlleni new Direc￿t, Matthew Main, who joined u5 at the end of Septemt¢r 2024. The Trustec5 would like to thank all ￿aff in Leeds for the way in which th¢y ra]lied around to help the Twst flourish ortce again and of (J)ur5c our treasured volunittr5 to whom the Trnst owe5 everythin8. Future plans ofthe Tru The Ttwst continLKS to be suc£ts5ful in its efforts to grow the numb￿ of Com￿ltion enthts in thc UK and abroad. Our collaboration with ASDAN (China) facililat¢5 a¢¢ess to UKMT compytilions for Chinese sthool Students and ilh)se of other countries in Asia and the Middle ￿1. Thi$ efthances the tducaiional experience ol participating international students. and 8enerates income for UKMT to supwjrt its work in the United Kin8dorn. In the UK. the Trust aims to stren￿h¢￿ its existing programme5 and Y•Jd more whcre UKMT can provide particular value. For example, in early 2025 the Team Maihs Challenge will sigrhifieanily expand to a 8reaier number of h05t vtnues. and lalu in the AU￿Mn, we aim 10 Ttswne ihe Senior Team Maths Challenge. In additson, Ihe Trust intend$ to laun¢h a competitiort for Primary aged pupils for the fir51 time. utilisiDg the Ewlier Kangaff)o r¢sour¢¢s provided by the Aswcialion Kan8oumu sans Frortlié￿. The Trust continuts to work with our tnoior ￿p1￿)rt￿S helping to undtrpin out ojxraiions. Overall ihe Trnsl aims to continue io gTOW maihemaiical comtxiilion panicipaiion at home and abroad to reach &s many young ￿ople as 55ibl¢ to help them experience the joy of mathcrnati¢s. Rem•nerAtioD polity During the pcriod wh¢n the TTU5t's employees wtrc cmployed by thc University of Lfcd5. the Trust followed the remun¢rdlion p)licy of that organi5ation. The Tru￿ now irnplementcd a r¢vis¢d rcmuneratiov wli¢y with esiablished N)b gradin8 ¢literia artd a salary scale. The Remuneralion committee rcviews for approval all new recrUI￿ent and salary increases on Ihe reLyTrmmendaiion of the DIrec￿r. The Tecommendaiion for the remuneralion of the Director and the Director of M*hem3ti£al ProgramnKs is provided by the Chair of ihe Board. Trea5urer'$ report After ihe [￿Mi011 of the previous financial year, theeurreniyear has seen a dramaLiC Lurnaround in the Trust's finance5. Thc most si8nificanl eveni bein8 Ihe Murn of one of our major external suprx>rters so that income from donaiion5 and 5pon50r5hip reached ihe level nece55ary to bridgeour fi￿dIng gap and contribute towards tebuilding our reserves. The Trust is Dow irt a posili4)n of having signifi¢ani ￿MM11ments fTOrn our Thvo rnajor SUp￿rners for the Trext two years which will eortLribuie 8rea¢ly to the TnJsi"-s financial security. Page 5 UNITED KINGt)OM MATHEMATJCSTRUST {A Company Litybi¢¢d by Gll8r*n¢ee: Number03271283) TRUSTEES. REPORT FOR THE YEAR Ef*DED 31 JULY 2024 Give# the recent path of inflation and kccping FYice5 at a very Jow level for a nurnbcr of yCaTS rtow, the decision was tsken ￿ raise ihe prict of the thr¢¢ ¢hall¢nges from £13 LO £15 per pack of 10 eniries for the 2024-25 financial year. At the time of Writing. 50 far. the Seniot Maths Challen8e h&$ beert run and participalion is actually up frorn last year, indiratSDg tho¢ th¢ modest price incTeas¢ has had no n¢gativ¢ impa¢i on paTticipation is irKlicatin8 reasonable 8ro*th in overall income compared with lasi year. This Cart ￿ added to the coniinuing growth in overse&s incorne 50 that the overall oU￿￿k 15 ofincomc 8r0￿h. Overdll the piciure is encouragin8 in ienns of our ability to rebuild our reserve5 and expand our ¢xpMditure on our mapr adiviues yJ¢h a5 the N*ional Mathematics Sumrner S¢h(x)Is and Olympiod troirting urnps. Firvdlly. work is now mort or iw thmplctd OTh Up&r￿lIng the internal financial control sys*ms uthrch itt the past had fallen short of besi practices. In FArticular, a FKoper budget for 2024-25 h&$ F*en appmved by the Board and a 5yslem of close rnonitorin8 of cxperKlitur¢ against budget and a regular of thc fiow forazst has bern iDtrodu¢ed allowing propv ov¢r5ight atLd ¢ontrol w E¢ excrci5ed by the Board. R¢s¢rve$ poll¢y The eurreni total funds of th¢ Trust as at 31 July 2024 aTe £ l J73,831 (2023: £1.187.671) and aTe fvlly unr¢stri¢Led (2023.. fvlly unrtstricled). TheTrust's free reserves were £lJ72.83912023.. £I.]85,￿l}. The TTU5Lees have agreed that Ihe Trust sknuld aim to maintain its General Reserve to the Icvcl of its ongoing annual expfndiiu￿. Thi5 p)lTrry is based on an assessment of financial risk. ensurirtg the Tnjst has a w(ficieni to mitigate any wdden Ios5 of incorne. In Ttcent ycar4 the charity ha5 experienced nuauaiions in key income 5trtarng particularly s￿nSOrShiP and competition income, which were significantly imFxcted by the Covid-19 pande4nic. Maintairting reserves at this level provide5 fjnancial stability. allowing the TTUSt w continue it5 core activili¢s without immediate di5rupiion in the even¢ of nforeseen financial challcngek The General Reserve at 31 Ju]y 2024 is below this thrtshold but we are confident of 8ettin8 much clo%r to the tsrgd by 31 July 2025. Inve5¢Tnewts policy The wlicy of the Tru￿ was reVie￿d and approved in DecanE¢r 2020. This p)licy is publicly a¥a1￿b]e on the UKMT websi¢e. Pisks The Trustees have reviewtsj the risks to whith the Trust might be exF¥)sed. and have UFrflated the Risk Management Policy aecordin81y. A$ aftorganisation workit)8closely with thildr￿.th¢Trl￿ regards child safe8uardingas a key wiority. There is a Child Safe8uarding Policy in place which 15 ktpi under Tt8ular review and adhucnee to it" 15 c105ely rnonitOTed. All adults involved in the Trust's actjVLties undergo th¢ rquired thtsks to ensure they are suilablr for their role. Should a breach of txTrlicy occur il 15 Ixought immedi*¢ly 10 the altrlliion of the Tnlstees who treat all such matier5 with Iht utm05t serbousfK5S. In addition ￿ the safeguarding risk. the TrnsL re8ards as a key risk ihe rM)s5ibilily of events which may preveni the Tunning of one or more of the major challenge5 (such a5 occurred with Covid}. with the consequent loss of a large proportion of its expected income. This risk is *Idres￿￿ by the reserves poli¢y which rwuijes the Trust to mainthin reserve5 to a level 5ufficierbl to allow the Tru￿ io ￿￿tInUe its xiiviiie5 if such events occur. FundrAising Actbvities Income not d¢rivd frorn rhariiable aciiviii¢s bT¢ak5 down into Ik)na¢ion5 and legacies and inve5trnen¢ incorn¢. All infomation for individual supw>rters is reviewed artd mairttain¢d undei GDPR regulations and no professional fundraisers or commercial rArticipaiors were uiilised in the year. The Tru￿ is ￿gisl¢red under any schemes or standaTds and has re¢eived complaints about fvndrai5ing in the year (2023.. none). Page 6 UNITED KINCDOM MATHEMATICS TRUST (A Comp*wy L6wiied by Gu*rnttiet: Number 03271283) TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2024 State•ent of TrnJtee5' respottsibilitles The Tru5tecs are T¢5poll5iblc for prewing thc R￿￿11 of the Truslcc5 and the fiDan¢ial Sth¢emcnt5 in *¢ordHn¢c w2th applicabl¢ law and r¢8ulaiions. Company law requircs the Truyees to prqjare financlal 5ts1ements for Vdch fjnancial year. Under that law TTU5t¢es have elected to prepart the financial 5ts¢¢rnents in a¢¢ordancc with UK Geoetally Actemed A¢¢ounting Practice (UK Ac¢ouniirtg Sundards and applicable lawl, iD¢luding FRS 102 The Finartcial ReFM)nin8 Slandord applicable in the UK and Republic of Ireland. Undtr compaThy law the frustr¢s mum apprnve the finaneial statrments unless they are sat15fied lh￿ they give a trne and fair view of the state of affairs ofthe compamy and of the incoming resour¢es and application of r¢sourc4 in¢ludinB th¢ in¢ome ex￿dI1￿￿. of the ￿MpanY for period. In preparing these tinancial swemenis, Ihe'l'rustees are required to". Select suitable accounting ￿licieS and then apply them consis￿l1y. • Observe the m¢thod5 and PTirKiplcs in the Charitie5 SORP IFRS 1021. Make jud8rnm15 and accouniing estimate5 are Te&sonabk and PTuthL whether appli¢able UK Ac¢ouniin8 Stsndards have followe4 subject io any m￿erial departure5 disc105ed and explained in the financial siatcmcnts. Prepare the financial 5tatemenLS on the going concern b&sis unless it 15 inappropriale to presume that the company will ￿nIInut in IyJ5ine5S. TheTrust¢C5 arr r¢5POn5ible forkceping thiuateacwunting rfford5th￿ar¢sUITlC7tntlo show an uplain th¢¢h8riiable company's tran5actjon5 and disclose with rea￿)nable xcuraey at any lime ihc fjnancial rxTrsition of the comyany and ¢nabl¢ them to ensure that the financial Stat￿EntS comply with the Companies A¢L 2(￿. They are also resp￿S]b]e for safe8uardin8 the &%sets of the company and hence for takirtg It&￿nable steps for the prevention and detcction of fraud and othcr irTcgularitie5. Tk Trustees confirni ihat: • So far as each TrLStee is awar< there is no relevant audil information of whidj the ¢ompany's auditor is unawar¢. The Tru5t¢C5 have taken all the step5 that ou8ht to have taken as Tn￿$ in order to make thejnselves aware of any relevan( audit inforniaion and to eslab]ish that the c(Mnpany¥ ￿dI￿r is aware of Lhat information. The Tru51ees are Te5pon5iblt for thc maintenance ar￿ intC8rity of the corwrdte and financial information included on the Company's website. Le8islaiion in the UK Eovemin8 the preP￿10n and dissemination of financi￿ staiements may differ from le8islation in other jurisdiction5. SffiJLIt ¢•mpAtty eAemptio In preparin8 this rq￿rt the TnEs￿eS have tsken thfantage ofthe small cornpanic5 eXem￿l0￿S providtd by Section 415A of the Companie5 Aci 2006. Audi¢or BHP LLP offer th•nselves for ￿p￿)IntMent ¥ audi￿ 2024-25, in ac¢ordon¢¢ wilh the Comwies ACL 2(K)6. Approved by order of ihe memkrs of ihe Board on 2 April 2025 and signed on Lheir trKhalf ty.. Dr C.C. SmSth Ch8ir of TTll$t¢¢$ Page 7 UNITED KINCDOM MATHEMATICSTRUST (A Company Limittd by Cu*nutet: N¥mb¢r Q3271283) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF UNITED KINGDOM MATHEMA TICS TRUST Opinio• We have audited ihe financial staterneT￿ of United Kingdom Mathcmatics Tru￿ (the charitsble ¢omw)y') for the year ended 31 July 2024 which comprise the S￿emeniOrFbnan¢i￿ Attivities, the Balance She4 the Sthiement of C&%h Flows and the related noles. includin8 a summary of 5ignifJcant aco)uniin8 rxTrlicies. The financial r¢porting framework that ha5 been applied in Iheir prepar*itsn is applicable law and Unit¢d Kingdom Ar¢ounting Standards, includin8 Financial Reportillg Standard 102 Th¢ Financial Reportin8 Standard a￿11th1¢ in the UK and Rtpublicof Ireland. (United Kin8dom G¢rirrally Accepted Accounting Prnclice). In our opinion the financial siatements.. give Y4 true and fair vicw of the state of the tharitable COMp￿Y'S affaiT5 a5 at 31 July 2023 and of ils inwming resourtts and application of re9)UrC￿ iThcludin8 Lts in¢om¢ and ¢4xnditure r￿the year ihen ended. have b¢ffl pmperly pr¢por¢d in 4¢¢ordan¢< with unl￿ KiDgth)m Genernjly A¢¢¢p￿d A¢¢ountin8 Praui¢¢; and have betn prepared in accothce the Tequirements of the Compgnie5 Act 2006. B¥$is foroplnio We condu¢trd our audi¢ in aw)rdan¢£ with International S¢andards on A￿]lling {UK) (ISAS {UK)) and 41plicable law. Our resp)n$ibiliiies under th¢)se stsndards are further de5¢ri1*d in the AudiLors' responsibililies for the audit of the finan¢ial S¢o￿n¢￿ts Srtlion of our rewjrt. We are independent of the ¢haritable company in ac¢oTdan(* with the ethi￿1 requirements that are relevant ts) our audii of ihe financial $￿ements in the United Kingdom. includin8 the Finaneial Reporting Coun¢il'$ Ethical Stsnd¥4 and we hav¢ fulfilled our other ethical reswn$ibilities in a¢¢ordaTkce with these requirements. Wt believe thai Ihe audiL evidence we have obtsined is suffieient and appropriate ts) provide a basis for our opinion. Contlusitins relating t• toittg tottcenb In Juditin8 the fJThancial statemenLK we have concludryj theTrnste& w of the goingconcern basis of accountin8 in the pr¢paraiion of the finart¢ial sta*ments is appropriate. Ba￿d on the work we have perfonn&L we have not identified any material uncerrainiies relatin8 to events or conditions Ihai individually or ctsllectively. may ￿$t significani ¢kJubt on the charithble company's ability to u)ntinue as a 80in8 concem for a period of at least Th¥elve months fnjm when the finattcial statrments are authorised for issue. Our resrx)nsibilitie5 and the reS[￿nsIbIlI11es of the Tn￿ with res￿ ￿ 8OIE18 Cot￿eM are described in the r¢l¢vant 5eCtion5 of this reFKJrt. Other inform*tio The other infornatioth ¢ompris¢s the informa¢ion included in thc TTU5tee5 Annual Report other than the financial 5tst£ments and our Auditors. Rep)rt ihereon. The Trusiets are re5￿Ms]ble for the other infomiaiion contsined wlihin the Trusi¢¢s Annu31 ReFQrt. Our opinion on the financial $Wem£￿ts doe5 not cover the other informaiion and. except io the exient otherwise explicitly staled irt our reKM)@ we do cXp￿SS any form of assurante conclusion ihtreon. Our r¢sponsibility Is to read the other informaiion and: in th)ing 50. eonsider whtther the other infornalion is maierially incon5iStent wilh the financial stsiemenls. or our kDowl¢dgt obmined in the course of the wdiL or otherwise appears to ¢ M￿eria]lY misstated_ If we iderttify su¢h material intonsistencie5 or apparent material missiaiemertts, we ar¢ required io ddtrmine wheiher thi5 give5 rise 10 a rnaicrial mi5StattmenL In the financial s￿lements Ihems¢lve5. If. based on the work we have pcrforrnd. wc ¢on¢lude therE IS ¥ maierial mi5sw¢ment of thi5 other infoTmalion. we ayc rtqUlTed to rerx)rt Ihai fact. We h3vc nothing to report in this rgard_ Page 8 UNITED KINGDOM MATHEMATICS TRUST IA Cornp8ny Limtted by Gu*ranlee: Nwmber 032712&1) INDEPENDENT AUDITORS, REPORTTO THE MEMBERSOF UNITED KINGDOM MATHEMATICS TRUST Opinion on other m*tter5 preseribed by the CMp*Die5 Act 10•6 In our opinion, FAsed on the Nwjrk underthken in the course of the audit: the inforrnation 8Lven Ln the Trustr£$' Rewrt lin¢wxTrrdting the Direetor5' RqNxt) for the financial year for which the financial $tOtements are prepared is u)nsist•it wilh the financial yxoments. and the Director5, Rep)rt has been prepared in accordance with appIl￿b]e legal Tequirementk Matt¢rs whitb w¢ •r¢ rt4lllr¢d th report by ¢s¢¢ptiott In the li8ht of our kMwled8e and ￿l￿ers￿ndIng of the charitable company and its tnvironmcnt obtained in the COUT5e of the audit, we havc noi identified maierial misstaitmcnts in thc Director5, Re￿rt. Wt have Th)thing to re[￿rt in resp￿1 of th¢ following rn8ttew5 in rcl&ioTh to which CornFQniC5 Ad 20(￿ rquire5 V5 10 re￿rt ￿ yots if, in our opirtiort= a(kquate accounting records have Th)t been kw or retum5 adcquate for our audit havc no¢ bcen reccivcd from branch¢s not visited by us,. or th¢ finan¢io1 statements are not in a￿t with the xa)unting records and returns" or certain discloswes of Direcior5' Ternunemion specified by law are rx)i made" or we have not received all the infornaiion and explanali￿$ we requir¢ for OLLr audiL or Ihe Trusttts were nol entitled ￿ prtpare the financi￿ swements in a¢cordance with the 5rnaJl companies tt8ime and ke advantsge of th¢ sm311 wmpanie< ¢x¢mwions in preparin8 the Dir¢ciors' Rep)n and from the requirement to prepaTe a Strntegic RtwrL Respottslbilittes of trusittt As explained mor¢ fvlly in the Trustees. tiesFM)nsibiliti¢s StatemenL th¢ TTUSLees (who art also the direc(ors of the charitsble company for the pUrw)s￿ of company law) arc fe5Fonsibl¢ for the preparation of th¢ financial stat￿ents and for being satisfied that they give a true and fair view. and for 5u¢h internal (xbtjtrol a5 the Trustees det¢nnin¢ is ne¢essary to enable the ￿paratIOn of financvdl 51at¢mwbts that are free from material misstst￿C￿L whether due to fraud or error. In prepartng the financial swemenLs.theTnthsare resrA)nsible fora55es5ing thecharitablecornpany'sability tocon15nue as a going ¢on¢¢rn. disclosing. as 4)pli¢able. mattu5 related ￿ going concern and using th¢ going ¢on¢ern basis of a¢¢ouniin8 unless the Trusietseith¢r iThiend LO liquid*¢ thetharitsbleeompany Or￿ ce￿Or￿lI0ns, orhave no rvdlistic aliernaiive but lo do ￿). A•ditors' responsiblllll¢s ffyr the alldit of tht fithxN¢ixl st*tements Our objcctives are ￿ olxain rtasonable a55ufdnce whether the financial sthitrnents as a whole are free frorn matcrial tnisstatement, whether due to fTaud or errnr. and ¢0 issue an AudiLors' Rry￿rt thai includes our opinion. Reasonable assurartce is a high level ofassutance bui is not a guarantee an audii CO￿jU¢[ed in accordance with ISAS {UKI will always delect a maierial misstsiemcnl when it exists. Misstatements r4n arise frorn frdud or error and are considered rnaierial if. individually or in ihe ag8reBat4 ihey COLhld re￿nablY be exrttLed u> influence the economic decisions of users taken on the b￿l50f these financial statrrnents. Irregulariiie5. including fraud, are inmanccs ofrton-tompliance with law5 and regulaLions. We de518n procedures in line with our resw>n5ibiliLies, ouLlined atrf)ve, to deteci mat￿la1 missthiements in respect ofirTe8ularitie5. including fraud. The extent lo Nvhich OUT proccdure5 are capable of daeaing iTrt8ulaTiiies. including frdud is detsiled below= We 8sse55ed the s￿￿ept)billtY of the charity"s accounLS ￿ material tnis5ts1emeni: including olkninin8 an underslandin8 ofhoiv frnud mi8hiottur, by- Page 9 UNITED KINGDOM MATHEMATICSTRUST (A CompiTry Limited by Cuarxnttt: Nwmber 032712831 INDEPENDENT AUDITORS, REPORT TO THE MEMBERSOF UNJTED KIliGDOM MATHEMATICS TRUST making enquiri¢s of mana8wneni as to whue they ¢onsidtr&J thtye was suswibility to fraud. their knowledg¢ of actual. suspected and alleged fraud- and considering the it)ternal ￿nE101S in place to miti8aie risks of frnyd and Th)ll-cornpliance wilh laws and regulations. To •ldre5s ihc risk of fraud through managcment bths and ovcrridcof u)ntrol% we: • perforned analylical procethirt% to identify any unusual or UneXr￿1ed relationshi journal entries to identify unusual transaction% assessed whether jud8ements and ￿umptIOnS made ih deLern)iE)ing the aco)untin8 estimates set oui in thc ac¢ounuD8 [￿licI¢S were indicative of ￿*￿(la1 bi4 and investigated the rntionale behithd signifi¢ant or Unusu￿ trnnsactions. In resp)nse to the Tisk of irrtguloriti¢S Ortd ]￿-￿mpli8￿¢e with laws and regulatioTh& we d¢signe)J procedures whi¢h Include￿ were ttoi limited to.. • agreeing firton¢ial statemeni disc]osures ￿ underlyin8 ￿pE￿Ing documenthiion: reading mirtutes of meetin8sof tF#)se cha]Eed 80V￿ ¥ttd enquirinB of man¥g•neoi as ￿ a¢tyal and pOt￿lia] litigation and ¢laims. Because of the inhemii limitsiiofts of an audil there 15 a risk thai we will noi delect all irregularittes. including those leading lo a material missthtement in the finantia) ststemethts OT non-Q)rnpliantt with regulation. This risk increases the more ihai compliance wilh a law or regulation is rcmovd from iht events and transactions rencacd in the financial stsleMen￿ as ￿ will b¢ less likely to b¢¢orne aware of instsnce5 of nOn￿OMpli4￿Cc. Thc risk 1$ alg) greater regarding iTregularities occurring due kn fraud rather than erTtY. 85 fraud involves intrntional concealmenL for8ery* collusion, omission. or mi5repr¢s¢ntsliiJn A fvrther desuipiion of our resrrf)nsibilttÉe5 for the audit of the financial ststements is locatrd on the Financial Reportin8 Council'5 website at". WWW.f￿.OTg.UkI&￿dI1OrSres￿)nslbllll1e5. This description forns part of our Auditors, Report. Use of our rtport This report is made 501ely io the charitsble eofftpany¥ members &8 a i￿, in ac£ordance with Ch¥rter 3 of Part 16 or lh¢ Companie5Ac¢ 2(M)6. Ouraudii work has been undertaken 50 that we might slate ttsthe ¢haritsble ¢ompany's mernbeT$ those matters we are tequired to ststr io them in an AuditOT5' Rep)rt and for no other purpose. To Lhe fullesi extenl permitted by law, we do notaccerA or&ssume responsibility ￿ anyone otherthan the charirable company and it5 memt£rs, &s a tK)dy. for our audit %vork, for ihis r¢￿T￿ or for the opinion5 we have formoj. 6YP LLP ei ￿.°,%,,￿,:1, yr4 se￿10r 51¥lutory auditor) for and on behaifof BHP LLP, s￿lUtory Audiiors I st Flotsr Maycsbrook House Leeds LS166QY Dale.. 1710412025 GMT Page 10 UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guannttt: f4tymbtt l)J2712&1) STATEMENTOF FINANCIAL ACTIVITIES (IPICORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED31 JULY 2024 Uttrestrleted 2024 Tol*l funds 2024 Total f￿ndS 202J Note Income from: Donations and legacies Chariiable Activities Investmenls 405,737 1.484,423 4.127 1.894.287 405.737 1.484,423 4.127 1.894,287 9,948 1.286.923 1.506 1298.377 Total income Expenditure on". Chariiabl¢ activilies Total expenditllr¢ Net gaIn￿(lo55e5) on investments 1,788,858 1.788,858 80,731 .788,858 1,788,858 80.731 1,787,003 1.787,003 20.720 15 Net movements ID fuuds 186.1 186.160 (467,906) Reconciliations of funds: Total funds broughi forward Net movement in funds Total funds farried forwards 1.187.671 186.1&) l J73.831 1,187.671 186,160 1,373,831 1.655.577 (467,906) ,187.671 1&19 All tncome and txpenditure in the eumt ye¥ unresthctrd. The Frtvious year inclu&d r¢stricLed incomt of £22.432 and restricted eX￿ndItUre of £l22,038. Th¢ Sto￿)ent of Financial Artiviti¢S complieswth th¢ requirements foran itKom¢ and exrthdiwreoc¢ouni under the Compani¢s Act 2￿6 and includes all gains and105se5 rcco8nised in the year. All in¢ome and expendiiwe deriv¢ from a)ntinuin8 a¢tivjties. The notes on pages 14 to 26 form prtof these financial swowits. Page 11 UNITED KINCDOM MATHEMATICS TRUST {A Company Limited by Cy¥rxtttt¢= IYumb¢r •3271283) BALANCE SHEET AS AT 31 JULY 2024 2024 2023 ]Yote Fixed gssets Intsngible &ssets Tangible asws Investments 13 14 15 ,770 992 845.740 765,009 Current a55ets Debtors Cash w bank and in hand 16 22 290,682 457.582 74&264 291,238 341,412 632,650 cr￿ltors. amounts falling due within one year Net ¢urremt asstts 17 (221.165) (211.758) 527.099 .373.831 420.892 1,187,671 Tot¥1 net assets Charity fund5 Restricted funds Vnresthcied funds Total funds 1&19 1&19 l J73,831 1,373.831 1,187,671 .187,671 The Trusitts acknowled8e their TesrM)nsibiliiies for complyin8 Wlth the re9UiTementsof the Act with rtsrrtt to accounting re¢ord$ and preF4rnti0n of financial #atcmcnts. The financial 5taterncnts hav¢ b¢¢n prcpared in xcordaTrc¢ with the F￿VIsIonS applicable to cntiti¢s subjerl to the small companLes re8ime. The financial stawn¢nL3 wer¢ atvroved and authorise4 for issue by the Trusw and signed on their beha]f by: DT G.C Smith Chair Datr: 2 April 2025 The notrs ort pages 14 ￿ 26 forn) part of th￿¢ finan¢io] S¢OL¢m¢nts. Page 12 UNITED KINGDOM MATHEMATICS TRUST (A Cornpany Limited by Guarafjtee: N¥wber03271283) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED31 JULY 2024 2024 2023 Note C¥45h flows from operating #¢tiwities Net cash used in operdiing activitie5 Cash flow$ from inve5tiMg activitie5 Purch&se of thngibk fixed asse Sale of investments Interest received Net ¢#sh used in iAvesting activities 20 13.125 (805.709) (1,082) 356,860 1.506 358,366 4.127 3,045 Ch4nge in cgsh and equivalents in the year Cash and cash equivalents ai the beginning of the year Cash and cash equivaknts at ihe end of the year 116,170 (447J43) 341,412 788,755 457,582 341.412 2132 Page 13 UNITED KINGDOM MATHEMATICSTRUST IA Company L4mited by Gur*•lee- N¥mb¢r0327128J Tr40TES TO THE FINATr4CIAL STATEMENTS FOR THE YEAR ENDEDJJ JULY 21124 Ctner*l inform•tlo uffti￿ Kingthm mathemati￿ Trust (the "Company") 15 a public i*oefit etllity limited by guardnte4 incoTporoted in England and Wa1¢5. Thc offiEe is 41￿) Park Appwh. Le*J4 En8land. LSI5 8GB. Atcoumling poli¢its 2.1 Basts of preparnlion of riw￿l¥l 514teweDts These fir)ancial siatements have trKen presented in p)urKi Sterling which is the functional currency of the company aThd roun*Jed io th¢ ntare51 £. The firt8n¢ial statemcnts have becn preparcd in 3ccordance with the Chari¢ies SORP IFRS 102) Accounting and Reportingby Charilies.. SORP applicableth charitiesprcpaTin8tharacwunts in accordance with ihe FRS applicable in the UK and Ryblicof Ireland IFRS 102) and the coMF￿leS Ad 2(M)6. Th¢ Tru31 meets the definition of &public benefJt entity U[￿er FRS 102. Awts and liabiliiies are inLILally recogniscd at historical ¢ostor transa¢iion value unless othtrwise Sta￿ in th¢ r¢kvani a¢£ounting p)licy. 2.2 Goi￿8 to*cer Aftereonsid¢ring likely future incomcandexpEnditur4 and in th¢ lighiofour¢urrtni level of rescrves,, theTrusi¢es nssderthaiad4uate rewurtts cofttintse w bt available ￿ fund the aaivities of ih¢Trustforthe foreseeable future. Ac¢ordin8ty, the TTUSt continues w adopt the going con¢¢m basis in preparin8 its financial 51atenJents. IJ Ineome All income is Yeeogt)ised onet (he Company h&$ ￿till￿nent io the inLY)mE it Is probable that tht income wll be received and the atnount of in￿rne r¢reivablc rn¢asurtd reliably. The reci>8nition of inrom¢ from Icgacic5 15 ¢JcpKnd¢nLon ¢stablishing entitlemen4 ih¢ Probability of ￿￿1p1 and the a>ility to esiimale with sufficieni ac£uraty the amouThi receivable. Evidence of eniiilemeni LO a le8acy exisis when thecompany ha5 Sufficient evidence that agift has i*¢n left io them {through knowledgeof the eKlStence of a valid ill and the death of the ￿TrefaC￿r) and the exeCU￿r is sati5fitd the Property in question will not be required to saiisfy claims in the ests¢e. Receiptof a legacy rnus¢ ix T￿gnI￿1 Wh￿ it is probabl¢ that il will be re¢eived and the fair value of the amount receivable, which will 8enu￿1Y ￿ the exr*cted amouni to be di5tritrxLted to the Company, Cdn bc ￿I7abty mca5ur¢d. Grdnts are included in the Statement of Financial Activilie5 on a receivable basis. The balance of in￿)rne rectived for SFecifJc purptsses i￿1 not expendtyj during the ￿lod is shown in ihe ￿levan( fundson the Balar￿ Sheei. Whej income is received in advance of enLiilemffiL of receipl, its reco8nition is deferred and includ¢d in ¢reditors as dtfeTred income. Where eniidernent occurs before income is r￿cly¢d. the incorne 15 accrued. Income tax retoverablt in relation ￿ th)naiions received undtr Gift Aid or ded5 of coV￿an1 is ￿e08nIsed at the lim¢ of th¢ donation. Income t&x recov¢rable in ￿latiOn w in¥eSthl¢nL income is re￿gnISed at the lim¢ th¢ inv¢#meni income is ¢¢ivabl¢. Page 14 UNITED KIIYGtM)M MATHEMATICS TRUST (A CompAny Limited by Cu*¥•tttee: Number 03271283) NOTESTO THE FJNANCIAL STATEMENTS FOR THE YEAR ENDED31 JULY 21124 £¥aminalion enlryftes This income arises from the ￿try fees paid by s¢lwls forsludents participating irt the thallen8es run by the Tru$1. The income and rtlated dtbtor for examinatiort fees are accounted for in the period in which the challen8e IS undertaken. Soles OAp￿bliCal1￿nT This inwme arises fmm the $01¢ of publi¢aiitiT4 pas¢ parers and other material$ (in¢ludin8 th¢ Year Bookl in ¢onntttion with the challen8tsnJn by theTrusL. Income from y]es of publications is accoun(ed forwhen the chariiy br￿Me5 leEally entitled ￿ the iTKomc. St￿￿tter$cl￿oIfieS This ineome arise5 from the fees ￿ld by sch(KJlsor pa￿nt￿g￿ar￿l￿gCdrers for students inviied to and partj¢ipaiing in the UKMT Summer Schwlk The fee 15 Wdivd in cases of harthhip. The fees are ac£ounted for in the period in which the Surnrner Sel￿1 thkts place. 2.4 Expendltu Expffiditure 1$ recogni*d on¢e thue is a kgal or Const￿￿7Ve obligaiion to trnn$fer e¢onomi¢ knefit to a third patty, it is probable a transfer of econorni¢ benefits ￿11 be rquiTed in settlement and the amount of the obligation ¢an b¢ rnfdsured reliably. Expenditu￿ is clas5ificd by activity. The costs of each activity are made up of the total of direct ¢ostsand shared costs. including sllp￿rt Costs involved in uttdert3kirtg each aaivity. Dire¢t ¢os tributable to a single activity are all¢xated directly to that activity. Shared eosts which contribute io more than one ¥tivity and supk¥)rt costs whi¢h art T￿1 a￿l￿￿table to a single 2¢tivity ate app)rtioned bttween those activities on a basis consisteni with the use of re50UTce5. Central 5thff costs are aJl¢Jcated on the b￿15 of time spent, and deprrfiaiion charges allo¢*ed ofi th¢ ￿rtIOn of thc asset's use. EX￿ndit￿re on raising funds iDclude5 ail expenditure incurred by th¢ Company to raise fvnds for its ¢haritablc puryx)ses and intlud¢5 ¢OSts of all fundAisirt8 activitie5 events artd nort-tharitsbl¢ trading. Expet2dilur¢ ort charitabjc activiti￿ 15 in¢urr¢d on directly undcrtaking the activiti¢5 which fijrther the Company's objtctiVe5, a5 well as any as%Jciated suppirt s￿5 All eX￿ndItUre is inclu5iv¢ of irrecovernble VAT. 2.5 Interesl rereiv4ble Inierest on funds held on deFOSii is included when re¢tivable and the amouni be measured reliably by the Company. thi5 is nonnally urA)n nolification of th¢ inLeresL paid or payable by the insiituiion with whom th¢ funds e dep)sit¢d. 2.6 IDt*ngiblt asset$ *ffjd #morli4tioA Inthngible assets are capitsli5ed and recognistd when fuwre economic benefits are probable and the wst or value of the assei Can be measured reliably. Intangible ass￿5 are initially Tetogrtised at t05t. After rcwitiort. under the cost rnodel. intangible assets ore measured ai cost less any accumulated amortisation and any aecumulated impaimieni losses. Amortisation 1$ provtded on intangible assets from iht dale Ihe assei is brou8hi inio use ai ra￿5 calculated to write Ihe cosi of c¥h a55el on a 51raight-lin¢ basis ovu its expectrd u5¢ful lif¢. Page 15 UNITED KINCDOM MATHEMATICS TRUST {A Company Lithited by CuarAlltet: Number 032712831 NOTES TOTHE FJNAYCIALSTATEMENTS FOR THE YEAR ENDED 31 JULY 2024 2.7 Tangible fixed assets and depretiatiDn T8n8ible fixed ass¢ts coain8 £1,(MX) or tth)re are ¢apithlis¢d and reco8nised when future economic b¢n¢fiL5 are probable and the cost or value of the asset can be me&sured reliably. T8ngible fixed assets aye initially recognised ai ¢ost. After te¢ogniiion, under the cost model. tan8ible fixed &s5ets are measured at com less accUmula￿d depreciation and any accumulate41 impainnent 1055es. All costs incurred to bring a tangiblc fixcd asset into its int•JdeJJ workin8 condiuon sI￿Uld be iTk¢luded irh th¢me8suremeni of cost Depreciation 15 charged ￿ asto all￿11¢ thec05tof tsn8ible r￿ed less their Tcsidual value over their estimated Useful livt&. Ikpreciaiion is provided on the followin8 b&si5". Office 4uipmeni 33% strai8hi line 2.8 D¢btor5 Tr4d¢ and other d¢lrtors ar¢ rgJ)8nis¢d at the seulement amouni aftet •)y Thde di￿¥￿[ offered. Prepayments 4r¢ valued at the amouni rryJaJd netof any trade diswLLnLS du 2.9 Investments Investments durin8 ihe year art held at marka value. Realistd and unrealised Kain5 and Ios5e5 are released to Ihe Statemertt of Firtatttial Aciivities a% thry arise. 2.10 C*$h •t b¥llk #nd in hamd Cash at bank artd in hand includ¢s cash and short-term highly liquid investments with a short maturity of three mnths or less from the date of wuisiiion orowin8 of the deimjsii or similar accouThL 2.11 Li4biliti Liabilitits are reeognised when there is an obli8aiMM ai the Balanct Shed date as a result of a past tveni. it is Probable that a transf¢rof eronomi¢ benefit will be required in settlemenL and the amount of the settlement can be e5timatrd ￿lIablY. Liabilities are r¢¢o8nised at the amount thal the Compwjy anii¢ipaLes il will pay ¢0 s¢ttle the debi or the anw)un¢ it has r￿1ved ￿ advoJ)¢e payme#¢s for the Bood5 or service5 it must provide. 112 Fin*nei*l in$truMents The chwrity onty en*rs into basi¢ finan¢¥al instnJment5 ￿5￿￿1005 that result in the rc¢ogni¢ion of financial assets and liabilities like trnde attd other accounts reoivable and payabl¢, and listed investmertts. tkbi instruments {oth¢r than those wholly Tyyable (x rtc¢ivable within one yrarl. in¢luding other accounts receivable and payable, are initially measured atpresertl value of ih¢ fulurecash flowsand subsequently ai amortised COSI USlTr8 the effeciive inierem m￿hOd. Debi inStrumenLS Lhai are payable or receivable wiihin one year, typically trade payables or rtteivableg are measured. iniiially ar￿ subsequ￿lly. at the undis¢ounted amouni of ihe cash or other consideration, expected 10 be paid or rrceivtd. However, if the arrangemertts of a short-term instrumeni n5titut¢ a financing Irdnsaction. like the paymcni of 3 trade debt deferred beyond norrnal busine55 terms or finanted at a ral¢of intV¢51 ¢hat 15 Th)i a market rdie or tn Case of an oul•fi8h¢ sknrt-l¢nn loan not at mork¢l raie, the rinancial a55d or liabiliiy is mcasured: iniiially. ai ihe prtseni value of the fulure cash flow discounied ai a market rdle of inEere51 for a 5irnilar In￿r￿ment aThJ subsequenily ￿ amortised cost. Page 16 UNITED KINGDOM MATHEMATICSTRUST (A Company Limiied by GuaraTh¢tt: Number 03271283) NOTESTO THE FINANCIAL STATEMEP*TS FOR THE VEAR ENDED31 JULY 2024 Financial assrts that are measured al COJ and amorti5&J cost ajr ass¢ss¢4 at the end of rath rew)rting period for ¢)bjective eviden£¢ of irnpaimlent. If obj¢¢tive evithnce of impirnjeni is foun￿ an impim>eni loss Is recognis¢d in the Statement orrinancial PTr5LIiOn. For financial t5se15 meayJTed at 8mortised ¢OSL the imFrtiTment loss is MeasU￿d asthe difference bettveen an asset's Carrying amount and the presenty￿￿e of eStim￿¢d ￿$h tlows discounLS ai the asset'sorigirtal effeaive interest rate. If a financial asw has a variable interest rdi4 the discwni rdtr for mc4surin8 any impaiTmeni 1055 15 the Current effeaive interest ratr detennined under the coniract. For fjnancial assets rneAsured atcost le&s impairnienL the impaimyetht loss is measured As the difference trtheen an &%sefs caryin8 amount and be5L eAimatr of iht recowerable amount. which 15 an approximarion of the amount that the CompaDy w￿￿ld receive for the as5d if li were ￿ bt sold at the rep)rtllJ8 IIJLe. 2.14 PensioDJ Followin8 the mov¢ away from ihe University of Leeds th¢ T￿￿t wt a new defJn¢d wntributiorh Scheme in pla¢e fmm l November 202]. Contributions Orbe￿¥¢¢n 6 and IO% m&le. The charity's wntributiDfi i5 rharg￿ to the Ststement of finanrial ¥iivilies in th¢ financia] year. 2.15 Fllnd *eto•Dtint Crtneral funds are unrtstrici&J funds which are #voilable for use at the dixretion of the Tmsitts in furtherance of the g¢n¢rai objectiv&s of the ComFYany and which havt not bttn th5ignated forother purF*)Se5. De5i8nated fund5 ¢Otnprise unresLrictrd fund5 hav¢ been seL &side by the Trust¢es for particular p￿rr￿se5. The aim artd use of Carh de5ignatd fvnd i$ set out in the no*5 to the fina]J¢ial statrmcnts. Re5trictd ￿ndS are fvnds which are ¢0 be used in aecordancc with 5￿cifiC restrictions IMp)￿d by donors or which havr been raised by the Comp4ny fw particular purw5cs. Th¢ r05ts of raisin8 and 3drninist￿ng such funds aT chargcd against the spe£ific fund. The airn and us¢ of each restricted fund 15 set oui in the notes to the financial tcments. InYe5tment iTh&)me, gains znd1055es are allo￿trd ￿ the apprnpriatc fund. SwtnifJ¢¥tyt jude¢theTrts and t5￿￿•¢¢$ PrqyaTalion of the financial statements requires mana8emeni ￿ make $18nifhcant judgements. esiimates and 2ssuTnptions aboui the carrying arnounts of a55et$ and liabililies ihat are r￿1 rcadily apparent from other sources. The estimates and ociaied assumpiions art based on historical experience IT￿ other fa¢¢ors that are considered ¢0 be relevant. The items in the financial 51atemenis where these jud8emtnts. esiimaies and ￿umpi10nS have ￿en made include.. Bad d¢bt pr•vislon In preparin8 these financial wiemertts, the Truuee5 have made significartl judgements regarding the reco8nition and measurement of provisions for bad debts. Thest judgcrnents arc based on management's besi esiimaies and involve a55es51n8 the recoverability of aecounLS receivable balances based on histhric expenertce irt Itvels of recoverabiliiy. As t 31 July 2024, the Lotal bad debi Provision was £73.41612023.. £33.0411. Page 17 UNITED KINGDOM MATHEMATICS TRUST IA Company Limited by Guara•¢et: Nurnbtr03271283 NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 JULY 2024 In¢om¢ from donatious awd leyti¢s UTrre5¢rictsd T•tsl fullds Ttstsl fwrtds 21)24 2024 2•23 tA)nations 4,570 i44.￿) 255,167 4570 I44.(￿j 255.167 16,131 {22.432) 13J33 2.916 9.948 Grants sp)n￿rshIp Royaltits receivtsl Totsl 405.737 405,737 £32,380 of income fmm th)oatiorts and legacies in 2023 was unrtStrI¢t￿1. Negalivegrant irKome r¢latsng to the reversal of an accrual ￿￿llIngE22.432 was attributed to restricted fijnds. lll¢om¢ ¢hAritsbk *etiviti¢S Uorestriettd fuDd$ Tot*1 f4md5 Tolal fynd$ 21124 21124 2023 ExamiThation enty fe¢s w)d r¢lat¢d income Sale of publications 1.405,027 1,405,027 79J96 79.396 1219.586 67.337 Totsl .484,423 1,484.423 1.286,923 All in￿rne from Charitable aclivitie5 in 2023 was u[￿Anded. Invt51menl iueowje UTrre5tTicled fuDd$ Total f4nds T•tsl fyDds 2024 1024 2023 Bank dep)sil interesi re¢eivable All invesrmeni income in 2023 was unrestri(trd. Page 18 UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantte: Number 0327128J) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 JULY 2024 Adml•istr*tio• tAp¢ths¢s 2024 2112J Ac¢ommod*ion 5.503 360J24 19,170 lJ15 351,993 119293 11.024 IT Costs otTice Expenses Printing and Postage Prizes, Medals dc Professional Ftts 37.988 150.087 40,375 469,659 8.953 9.678 115.872 11.286 lJ28 244.391 20.377 512.672 5J02 3,851 142232 18.560 I.431￿10 Provision for Doubtful t)ebts stsff Costs Sundry Travd and subsisien¢e ]rr￿0Ver#ble VAT Venue Hire Total (A•le 81 Prinling and was intlud¢d comFttition exp¢]w tn 2024. Prizts •Jd rnfyJ•ls included under competition expenses in 2023. Aoalysls of ¢xp¢ttdltllre on ehAritabl¢ •rflvl Exptnsts 2023-24 C•mptiitions camp￿£¥*￿ts Ellriehment Publit*tiONS Total Accommodation 73.638 71,473 665 4.880 149,991 665 IT Costs Office Expenses Prizes. Meda15 ttr Professional Fees suT￿ry Travel and Subsistenc¢ Venue Hire 31,738 3.768 7,841 622 3.165 574 11.285 46,762 44.658 11,888 59,340 69,610 77.048 1.328,895 34.860 6.030 2,144 l.153 2280 20.297 22,5Th) 1,845 27.9¥1 48,719 33.057 58 29,584 18,611 23,691 1.193,895 AllocaLed AdrniniMrntsve Expenses 22,5 Totgl IJ53JO7 JI 1.76S 59,858 63,427 1,78&857 Page 19 UNITED KINGDOM MATHEMATICSTRUST IA Compxoy Limited by CwJr•At¢e: Number 03271283) NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 JULY 21124 Expens¢$ 2022-23 Competition Camps Enrichme￿1 Publira¢ion$ IEvents 47.561 Total Accommodation 49595 2,440 2,412 (201) 17 99,596 2.393 13.248 49,911 11,508 12209 72,955 94,173 1,431.010 IT C051S (191 163 Office Expenses Printin8 and Posta8e PTIZCS. Medals etc Sundry Travel and Sub5iSten¢e 13.180 10 31,407 962 17.887 6.639 243 3.9)7 691 1,843 17.396 26319 lJ31.287 9.432 51.860 37,869 17,282 3.699 29,985 19.916 Venue Hire Allocatd Admini51rativc ExFn5¢S 62.525 Tol*l 1.4S&g15 174 89.988 .787J103 In the th)ve an￿y$ll Thrrtition" refcr5 to the V&TitsUS ¢ompdi¢ioths run by the Tr￿ including the Junior, Iniem)ediai¢ and Senior m￿hematIcal Challenges and the Brilish Mathematical Olympiad as set out in the Trusttts, Rew)rt and for which the Tnjst rharges enty ftts. *amps￿ve￿ts- refcr5 tnainly to comwitions irb which the Tw5¢ tsrgan15es teams to enter0vers￿ mathematical comiKtitionswhieh intlude the lntemaLion￿ Mathematical Olympi&l. Durirt8 2023-24, Events Includ￿ the Oxford HatcOm￿liti0n in celcbration of the discov¢ry of th¢ aperiodic rnonotile. Th¢"Camp5"¢lczn¢nt refers io training given lo selecied students Fwtieipating in the higher level ￿Mp￿ill00$ in¢luding th¢ IMO. "Enrichment" vers the Trust's outreach actiwitie5 including the N*ional Mathemati¢s Summer Sthty)l$ and th¢ M¢n¢oring S¢heme. A*dltor'$ remuTrtrxll(*n Fccs payable to the TTUSt'5 audilor f(r the annuaj audit.. £16.750 {2023.. £15,th)) io. Staff costs 2024 2D23 Wages at)d salaries Social securiry COSL5 Contribution to pension schemes 406.078 435,629 39,431 41,772 24.150 35,271 469.659 512,672 Th¢ averdge number of persons employed by the ComFqny during th¢ year w*$ 1212023: 11) During the year up w 31 July 2024. ierminalion paymcn¢S t￿)17￿£ £23.172 (2023.. £45.¢XK)) werc made to two individual$ {2023.' one). One employee received remuneralton wlwniing LO between £W,(MM) to £100.0￿ (2023: one employee received between £1 10,000 to £120,(KX)}. The Trustee5 consider ihe only kry managemeni peT50nnel of ihe Tru5L as defined by Charilies SORP {FRS 102). a the Maryaging DiTecioT and the Director of mathema11￿1 Pwgrammes. Totsl remuneration {including employerfs pension eosts} lor Ihese p)Sts Was £146,192 (2023.. £267.(1)41. Page 20 UNITED KING￿m MATHEMATICS TRLIST IA Company Limited by CuaraTrtee: 03271213) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 JULY 2024 TThstees' Ttmunerxtlo• *thd exptns One Trustee (2023.. oncl received royalty payments in the ￿lL¥l from the TTUSL Sec ry)te 27 for further dethils. During the year, seven Trustees (2023.. three) were re1M￿r$¢d fTom ¢harity funds for expe#ses irtcurrtd by them for Work wfornied on behalf of the Trng. The total amount rtiMt￿rs￿fj LO the Trustees was £6,671 {2023.. £6,264), and relai&l to travel and subsistence, printin8, ar￿ ￿$ts8e. 12. The Tnjst is a regisiered tharity and Uvefore eniidol ￿ ¢xemptions fmm United Kin8(k)m corp)rntion lax io a¢cordanc¢ with Part I I Corr￿tIOn Tax Aci 2010. 13. Ini•ngibl¢ Ass¢t$ Website Cos1 At l August 2023 Addiiions 129.048 Ai 31 July 2024 129.048 Amortis*tion AI I Au8usI 2023 Char8t for the year At 31 July 2024 127.278 .770 129.048 Net book val￿t At I Au8usI 2023 1.770 At 31 July 2024 Page21 UNITED KINGDOM MATHEMATICS TRUST IA Company Limited by Guar*D¢4¢: N¥*btr1132712&J) NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 JULY 2024 Tangible rued Assets Offiee equipment C05t At l August 2W23 Addition5 101.750 1,082 102,832 At 31 July 2024 Deprecialion At l Augus¢ 2023 Charge for the year Ai 31 July 2024 101,750 101,840 book value At l August 2023 At 31 July 2024 992 Inve5¢mMts 2024 2023 Market value at Ixginning of the year AddilioE)s 765.W9 1.101.149 Di5fft1s Gain51{1055e51 on inve5tmer Market valut Lzrricd fonvard {356.860) 845.740 765.(M)9 Inve5tmeThis are held in units of common in¥eslment fuTrJs COIF Charities Investment Fund 839,417 759.268 5.741 Schroder5 Charity Mulii Asset Fund 84i.740 HiS￿rICal eost ar end of the year 29).4ii Page 22 UNITED KINGDOM MATHEMATICSTRUST {A Comp4ny Limited by Guir*ntee: Numbtr 113271283) NOTESTO THE Fif4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 20Z4 16. Debtors 2024 ZO23 Due within one year Trade deb¢ors 111.910 5,302 173.470 290,682 134.432 Other debtors Prepayrnents and a£￿Ued income 156.806 291.238 17. CTedi¢iirs: A￿O￿nts falling due vithin o•e year 2014 2023 Trade crediws 77.722 12.901 16,638 113. 42, 48226 12,572 108.100 her creditOTS her taxaiioTh and social WUriLy A¢¢nLals and deferred in¢ome 221.165 21 1,758 21124 2•23 tkferred inc£¥me at l August 2023 Income deferrcd durin8 the year 76,807 67.715 120.177 19.280 Amounts released ftom previous F¢riods (76,807) (62.6501 76.807 67.715 Deferred ino)me relates ￿ sales of ￿Mp￿ill9n$ and events where the evMt f￿1$ in the n¢xi financial year. 18. Stxt¢thettt ofFund5 2024 2024 2023 21123 2023 Unrestricted Total UAre5tricted Restridtd Total Balan¢e * l August Ineome durin8 tht year ExFndiiure durin8 the year Gains11055e5 and Iran5fer5 ,187.67l 1.894287 ,187,671 1,894287 {1,788:858) 80.731 -J7J.831 144.470 1,655.577 1.298,377 {1,787,(K)i) 20.720 I J20,8( {1,787,1M)3) 142.758 ,187,671 (22,432) 11,788,8i8) 80.731 1122:038} Balance ai 31 July -J73.831 1.187,671 All funds were unrestricted during th¢ year. Page 23 UNITED KINGDOM MATHEMATJCSTRUST IA Cotyp¥ny Limited by G•*r¥nttt: I4u￿ber 03271183) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 JULY 2024 19. A#*lysis ofnet *ss¢t5 betvttn f￿Ad5 Analysis tsf ntt *55ets IKtwet• f••ds- rnrreot ye*r Uttr¢strirted fvnds 2024 TotAI fund5 2024 Tangible fixed ass¢t5 Inlangiblt fixed assets Fixed asset investments 992 845.740 748264 (221,1651 845,740 748.264 (221.1651 Curreni 8ssets Creditor5 due within one year Total 373831 1 373 831 An#lysis ot#¢t #sstts brtwten l¥nds- previo￿ ytsr Uwres¢rie¢ed Iwnds 2023 Totsl fll*ds 2(123 Tangible fixed &$5ets Intangible fixed &vts Fixed assei investments ,770 1.770 765,￿9 632.650 765.Tr)9 632.650 Curr¢nt 45s¢ts CTeditor5 within ont year (211.758) {2l1,7581 Tothl .187.671 1 187,671 Recollclllatlon im t• n¢t fTOffj oper•¢img •¢tivilie5 2024 2023 Net ineomel{exr*ndiiur¢) for th¢ year{&s per Sts*meni of Finart¢ial AaiVjti¢s) 186.160 (467,906) Adjy5tm¢nts ffjr= tkpreciaiion charges Amortisaiion Charge5 IGairtsylosses on inve￿Ments lrtierest re¢eivabl¢ 90 1.770 180.731) (4:127} 556 9,407 6,267 (20.7201 11.5061 64.7431 (2i7:1011 tkcr¢a*/{inrrras¢l in deb￿rS (Decrvd5eVincrease in eredyiors. Nei cash providtd by opernring adivities (80i:7091 Page 24 UNITED KINGDOM MATHEMATICSTRUST A Company Limited by Cuaranltt: Numberl)3271283) NOTES TO THE FINANCIAL STATEMEliTS FOR THE YEAR ENDED 31 JULY 2024 21. Analysi$ •f t￿h ¢*sh equiv*kfyts 2024 2023 Cash iTh at bank and in band 352.831 239,302 AmoLkttt5 held in noticc dep)sits Tot•1 c*$h And (Ash t9￿1valettts 104.751 457,582 102.110 341,412 22. A4*fysis oftb*age5 iTr f*sh *Ad ta5h eqvivale4ts At l August 2013 C￿￿ llows At 31 July 2024 CA5h at bank and in har 341.412 457,583 The charity has TKJ debt OUiStanding as a 31 July 2024 or the weyious year. 23. Operational Lease Commitments At 31 July 2024 the CTharity had o)mmitments to make fubjre le4se under rK>n-caThcellable operatin8 leASeS as follows". 21124 2023 Ntst l*er than ¢)ne year Between two and five yeays Tofal 13.980 10,962 13.980 10.962 During th¢ year the ¢hariiy has r¢¢ognised £53.551 {2023: £42253) as ope￿]ng Itase ￿181 payments in the StateTnent of Financial Aciiviiie5. 24. C*pital commitments aAd ¢￿tI￿gent li*bilities The Trust did N)t have any wital commitments or Lxmiin8eni liabiliiies at 31 July 2024 or 31 July 2023. PM5ioTr commitments The Trust operates a deftned contribuiion plan for employees of ihe TrusL. From l November 2021 contyihjlions of beiween 6 and IO% art made into a new plan following Ihe move awdy from the University of Leeds. The total amouni recogni5ed in profil and loss durin8 the year was £24,150 {2023= £35,271). As aL the rep)rting dale. £2,72012023'. £2.5011 was payable ¢0 the plan. Page 25 UNITED KINCDOM MATHEMATICS TRUST (A Company la￿lted by Gu4r¥rttee: Nwmbtr ￿171￿) NOTES TOTHE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED3I JULY 2024 26. Rights of menbbers The TTUSI is a rompany lirnitod by guarantee. Exh memkr un&rtske5 lo coniritNJtr such amounts &$ may be required Inol ¢x¢¢¢ding £1) to the as5et5 of the TTUSi if il is wound up while hejshe 15 a memi*T, or within one year after he/she to ￿ a memt*r, for the pymen( of itsde1￿ and liabiliu¢s. The income and property of the Trum musl be usal sol¢ly kn¥ard5 the ryrmoiion of ILS objects and no amouni can be paid to any memFKr by way of dividend or othcr share of profil. In the event of the Trust Ixing wound up with a surplu5, that surylus must be traftsferr￿l w another ￿￿TL￿b)e Ixxjy with similar obj¢cts_ Be