**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 2025** 

Document ID: 2cd4de9f95d85278e1a0ccf3dc6249cb90ae1ee3f3314b9c28e37ed0c7d0295f 



**UNITED KINGDOM MATHEMATICS TRUST** 

**(A Company Limited by Guarantee: Number 03271283)** 

## **CONTENTS** 

||**Page**|
|---|---|
|**Reference and Administrative Details of the Company, its Trustees and Advisers**|**1**|
|**Report of the Chair of Trustees**|**2**|
|**Report of the Trustees'**|**3 - 7**|
|**Independent Auditor's Report on the Financial Statements**|**8 - 10**|
|**Statement of Financial Activities**|**11**|
|**Balance Sheet**|**12**|
|**Statement of Cash Flows**|**13**|
|**Notes to the Financial Statements**|**14 - 25**|



Document ID: 2cd4de9f95d85278e1a0ccf3dc6249cb90ae1ee3f3314b9c28e37ed0c7d0295f 



**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025** 

|**Trustees**|Dr D S Bobker|
|---|---|
||Mr T Bowler (appointed 10 May 2025)|
||Dr A T Cates|
||Dr J D Cranch|
||Mr S Darby|
||Dr V Kadelburg|
||Dr M A Lobo-Yeo|
||Ms T Lunel|
||Mr S J Mulligan|
||Dr G C Smith, Chair|
||Ms M Wimbury|
|**Company registered**||
|**number**|03271283|
|**Charity registered**||
|**number**|1059125|
|**Registered office**|United Kingdom Mathematics Trust|
||4100 Park Approach|
||Leeds|
||LS15 8GB|
|**Independent auditor**|Sumer Auditco Limited|
||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 1N|



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Document ID: 2cd4de9f95d85278e1a0ccf3dc6249cb90ae1ee3f3314b9c28e37ed0c7d0295f 



**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

**REPORT OF THE CHAIR OF TRUSTEES FOR THE YEAR ENDED 31 JULY 2025** 

## **Report of the Chair of Trustees** 

The year ending July 2025 was one both of consolidation and development for the Trust. We appointed a new Director, Matthew Main, in September 2024, and he quickly established excellent relationships with our other staff, Trustees, volunteers and financial supporters. Kit Reagan is now our Director of Mathematical Programmes, and our competitions have continued to prosper. 

There was an inflation price uplift in our Challenges, the first since 2017, but this has done nothing to moderate their popularity. During the year, a full set of Team Maths Challenge events was rolled out nationally, and preparations are in hand for the phased reintroduction of Senior Team Maths Challenge starting in 2025-26. Once again we ran three National Mathematics Summer Schools in Leeds. Our video service, providing solutions to all UKMT-authored secondary competitions, has continued to grow.  We also ran a Primary Kangaroo pilot competition, as well as providing resources to help secondary schools organize events for their feeder schools. 

We had another very successful year in international competitions. The UK has now achieved a top 20 performance in each year of the past decade, and as often happens, all our students won medals at the International Mathematical Olympiad (IMO). This year three of those medals were gold. 

We have stable and strong financial support from three outside organizations. The financial services sector helps us: Jane Street supports our senior Olympiad programme. The company XTX Markets supports the Challenges and their follow-on competitions. We also have a commercial and cooperative relationship with Aseeder (formerly Asdan, China) which makes our competitions available in Asia. 

As you will read in the Treasurer’s report, our diverse sources of income, our efficient administration (including the chasing of aged debts to the Trust) and the generosity and industry of our volunteers have combined to produce a healthy financial outcome for the year despite employers’ National Insurance increases and inflation in the economy. After the travails of Covid and the difficult period of Trust management in its aftermath, we have rapidly recovered to the financial position we enjoyed before IMO2019. Our reserves are now about the same as a year’s UKMT expenditure, and this was the target I have worked towards since becoming Chair of Trustees in 2023, so we are in a strong position to ride out any future black swan events. It has been achieved far more quickly than I had imagined possible. Conditions for the Trust will not always be as propitious as they were in 2024-25, but the Trust has used the year well. No individual or group is particularly responsible for this state of affairs, but everyone has been pulling in the right direction and we had no unexpected expenditure. 

Note that in general the UK Charity Sector has been facing very hard times in recent years, but UKMT has an unusual and currently successful economic model. Of course we must remain vigilant against threats to our activities, but also look for opportunities to contribute even more to mathematics competitions, and mathematics education more widely. 

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Document ID: 2cd4de9f95d85278e1a0ccf3dc6249cb90ae1ee3f3314b9c28e37ed0c7d0295f 



**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025** 

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 2025. 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 United Kingdom Mathematics Trust, 4100 Park Approach, Leeds LS15 8GB. 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 individuals who were Trustees at any time in the period covered by this Report were: 

Dr D S Bobker Mr T Bowler (appointed 10 May 2025) Dr A T Cates Dr J D Cranch Mr S Darby Dr V Kadelburg Dr M A Lobo-Yeo Ms T Lunel Mr S J Mulligan Dr G C Smith, Chair Ms M Wimbury 

The Trustees delegate day to day management of the Trust to the 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, Good Governance: A Code for the Voluntary and Community Sector, and in line with legislation and regulations. 

## **Meetings** 

The Annual General Meeting was held on 10th May 2025.  The Board met four times during the year. 

## **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, Remuneration Committee, Risk and Compliance Committee, and General Purpose Committee.  The Board delegates the operational day to day running of the Trust to the Director. In order to continue to deliver first class mathematical competitions, the Trust has established specific committees of volunteers to advise and oversee them: 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025** 

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

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

   - b. the more advanced, more specialised competitions (Junior Mathematical Olympiad, Junior Kangaroo, Intermediate Mathematical Olympiads and Kangaroo, and Senior Kangaroo) for students aged between 11 and 18 approximately, as well as the Primary Kangaroo for younger children. 

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

3. The Team Maths Challenges Executive Committee, who advise on the mass entry Team Maths Challenge for students aged between 12 and 14 approximately, and the mass entry Senior Team Maths Challenge for students aged 16, 17 or 18. 

4. The Enrichment Executive Committee, who produce 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. 

5. The Publications Executive Committee, who advise on selection 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, as well as 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 202425 the number of entries for these events were as follows: 

|**Participation in the**<br>**mathematical challenges**|2024-25|2024-25|2023-24|2023-24|
|---|---|---|---|---|
||Schools|Students|Schools|Students|
|Junior Mathematical Challenge|3,505|277,616|3,550|279,608|
|Intermediate Mathematical Challenge|3,033|239,202|2,891|226,810|
|Senior Mathematical Challenge|2,127|96,202|2,150|92,620|



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 at least half of the students attending are girls and that 90% are from statefunded schools. For Summer School 2025, 144 juniors and 36 seniors attended. 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025** 

The Mentoring Scheme was relaunched from October 2024, and 100 students worked with 55 mentors during the 202425 academic year. The Mentoring Scheme is open to students based in the UK who are keen to improve their problemsolving 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 June. 

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 66th International Mathematical Olympiad was hosted on the Sunshine Coast, Australia from July 10th to July 20th. Six hundred and thirty participants from 110 countries and regions attended.  The UK team earned 3 gold medals, 1 silver medal and 2 bronze medals earning the UK a place in the top 20 for the 10[th] year running, with a rank of 16[th] . 

More detailed information on all of the Trust’s activities, including those summarised above, will be found in the Trust’s Yearbook 2024-25 which will be distributed electronically free of charge to all Members of the Trust. Work was undertaken after September 2024 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 in the course of preparation. 

## **Future Plans for the Trust** 

In 2025-26 we plan to expand our national finals for the Team Maths Challenge and Senior Team Maths Challenge and move them away from London. We have located promising premises in Manchester. We will roll out Primary Kangaroo nationally. There are also plans to expand our Introductory Olympiad Camp, held in Oxford in recent years. We will also be working on ways to simplify communication between our office and volunteers, and between schools and competition organisers. 

One of the drivers of the Trust's past issues was the breakdown of the proper relationships between the Board, the Volunteers and the Staff.  Now, the general atmosphere among office staff and volunteers has been transformed from the low point reached in 2022. The new Director has recruited the Trust up to strength and introduced effective management within the Office. However, it is important that a proper Board/Volunteer relationship is preserved for the future by enshrining it within a proper governance framework which had been sadly lacking. A start has been made with the BMO Executive Committee which has adopted new Terms of Reference, recently approved by the Trustees. This is currently being reviewed by other key committees as a template to be modified so that they can propose their own (updated) Terms of Reference. 

We have revised the Staff Handbook and associated policies, to bring it into line with modern best practice. We will develop a written Code of Conduct for Volunteers, to strengthen the position both of Volunteers and the Trust in the event of future problems. All this falls under the cliché of ‘ _fixing the roof while the sun is shining_ ’. 

## **Remuneration policy** 

The Trust has now implemented a revised remuneration policy with established job grading criteria and a salary scale, effective as of June 2024. The Remuneration committee reviews for approval all new recruitment and salary increases on the recommendation of the Director. The recommendation for the remuneration of the Director is provided by the Chair of the Board. 

## **Treasurer’s report** 

The Trust’s 2024-25 financial year has seen a dramatic turnaround in the financial position, £870,000 being added to our reserves compared to just under £200,000 last year.  However, such a result is very much a one-off due to a combination of circumstances not expected to recur.  These included: a new sponsorship agreement with a major supporter, the increase in the price charged for challenge entries from £1.30 to £1.50, under-staffing for part of the year while recruitment proceeded and activities such as Senior Team Maths Challenge not being run.  The end result is that the Trust’s reserves at end July 2025 stood at £2.2m compared to £1.4m last year.  This is a significant milestone in that reserves have been rebuilt to pre-Covid levels and now meet our policy target of sufficient reserves to cover operations for a full year. It has also allowed us in the current year to expand our activities to the level covered by sponsorship, including the re-introduction of Senior Team Maths Challenge and the expansion of Summer School places. Our future plans are now based on modest surpluses, the intention being to concentrate on steady growth in the 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025** 

participation in our competitions and our first class maths training activities, and not to accumulate increasing reserves. Our current reserves forecast for July 2026 is consistent with that intention. 

Finally, the excellent progress in the financial process and controls project should be noted.  The Trust was unfortunately starting from a very low base two years ago compared to best practice but the critical features are now working well.  These include:  a proper budgeting system and monthly tracking of expenditure vs the planned amounts, monthly management accounts to allow the Board of Trustees to exercise proper oversight of the Trust’s finances, rigorous internal financial control systems and the introduction of an effective debt collection system which has dramatically reduced the level of unpaid debt.  These arise mainly due to well known issues of school finance administration, but the Finance Team has found a way to achieve excellent results whilst preserving our excellent relationship with our participating schools. 

## **Reserves policy** 

The current total funds of the Trust as at 31 July 2025 are £2,244,057 (2024: £1,373,831) and are fully unrestricted (2024: fully unrestricted). The Trust’s free reserves were £2,243,426 (2024: £1,372,839). The Trustees have agreed that the Trust should aim to maintain its General Reserve to the level of its ongoing annual expenditure. This policy is based on an assessment of financial risk, ensuring the Trust has a sufficient buffer to mitigate any sudden loss of income. In recent years, the charity has experienced fluctuations in key income streams, particularly sponsorship and competition income, which were significantly impacted by the Covid-19 pandemic. Maintaining reserves at this level provides financial stability, allowing the Trust to continue its core activities without immediate disruption in the event of unforeseen financial challenges. 

## **Investments policy** 

The Investment Policy has been reviewed and approved by the Board in January 2026. 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 (2024: 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 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

**REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025** 

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: 

- Select suitable accounting policies and then apply them consistently. 

- Observe the methods and principles in the Charities SORP (FRS 102). 

- Make judgments and accounting estimates that are reasonable and prudent. 

- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable 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: 

- So far as each Trustee is aware, there is no relevant audit information of which the company's auditor is unaware. 

- The Trustees have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. 

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** 

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements. In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually. 

Approved by order of the members of the Board on 4 February 2026 and signed on their behalf by: 


## **Dr G.C. Smith Chair of Trustees** 

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Document ID: 2cd4de9f95d85278e1a0ccf3dc6249cb90ae1ee3f3314b9c28e37ed0c7d0295f 



**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

**INDEPENDENT AUDITOR’S 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 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including 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: 

- give a true and fair view of the state of the charitable company's affairs as at 31 July 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

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

## **Basis for opinion** 

We conducted our audit in accordance with 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.  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. 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF UNITED KINGDOM MATHEMATICS TRUST** 

## **Opinion on other matters prescribed by the Companies Act 2006** 

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

- the information given in the Trustees' Report, which includes the Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Directors’ Report has been prepared in accordance with applicable legal requirements. 

## **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: 

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

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. 

## **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: 

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF UNITED KINGDOM MATHEMATICS TRUST** 

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

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and 

- investigated the rationale behind significant or unusual transactions. 

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

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading minutes of meetings of those charged with governance; and 

- ● enquiring of management as to actual and potential litigation and claims. 

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 Auditor’s Report. 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an 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. 


Signer ID: CRZCVPKXXZ... **Laura Masheder (senior statutory auditor)** for and on behalf of Sumer Auditco Limited Statutory Auditors 1st Floor Mayesbrook House Leeds LS16 6QY 

Date: 16/02/2026 GMT 

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Document ID: 2cd4de9f95d85278e1a0ccf3dc6249cb90ae1ee3f3314b9c28e37ed0c7d0295f 



**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025** 

||**Unrestricted**<br>**Total funds**|**Total funds**|
|---|---|---|
||**2025**<br>**2025**|**2024**|
|**Note**|**£**<br>**£**|**£**|
|**Income from:**|||
|Donations and legacies<br>**4**|742,082<br>742,082|405,737|
|Charitable Activities<br>**5**|1,727,486<br>1,727,486|1,484,423|
|Investments<br>**6**|5,788<br>5,788|4,127|
|**Total income**|2,475,356<br>2,475,356|1,894,287|
||||
|**Expenditure on:**|||
|Charitable activities<br>**7**|1,633,690<br>1,633,690|1,788,858|
|**Total expenditure**|1,633,690<br>1,633,690|1,788,888|
|Net gains/(losses) on investments<br>**14**|28,560<br>28,560|80,731|
||||
|**Net movements in funds**|870,226<br>870,226|186,160|
||||
|**Reconciliations of funds:**|||
|Total funds brought forward|1,373,831<br>1,373,831|1,187,671|
|Net movement in funds|870,226<br>870,226|186,160|
|**Total funds carried forwards**<br>**17,18**|2,244,057<br>2,244,057|1,373,831|



All income and expenditure in the current year was unrestricted. 

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 14 to 25 form part of these financial statements. 

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Document ID: 2cd4de9f95d85278e1a0ccf3dc6249cb90ae1ee3f3314b9c28e37ed0c7d0295f 



**UNITED KINGDOM MATHEMATICS TRUST** 

**(A Company Limited by Guarantee: Number 03271283)** 

## **BALANCE SHEET AS AT 31 JULY 2025** 

|**2025**<br>**2024**<br>**Note**<br>**£**<br>**£**|**2025**<br>**2024**<br>**Note**<br>**£**<br>**£**|**2025**<br>**2024**<br>**Note**<br>**£**<br>**£**|
|---|---|---|
|**Fixed assets**|||
|Tangible assets<br>**13**<br>631<br>992|||
||||
|Investments<br>**14**<br>1,375,706<br>845,740|||
||||
|**Current assets**|||
|Debtors<br>**15**<br>300,486<br>290,682|||
|Cash at bank and in hand<br>**20**<br>659,414<br>457,582|||
|959,900<br>748,264|||
||||
|Creditors: amounts falling due within one year<br>**16**<br>(92,180)<br>(221,165)|||
|**Net current assets**|867,720|527,099|
|**Total net assets**|2,244,057|1,373,831|
|**Charity funds**|||
||||
|Unrestricted funds<br>**17,18**|2,244,057|1,373,831|
|**Total funds**|2,244,057|1,373,831|



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: 4 February 2026 

The notes on pages 14 to 25 form part of these financial statements. 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025** 

|**Note**|**2025**<br>**2024**|
|---|---|
||**£**<br>**£**|
|**Cash flows from operating activities**||
|Net cash used in operating activities<br>**19**|697,450<br>113,125|
|**Cash flows from investing activities**||
|Purchase of tangible fixed assets|-<br>(1,082)|
|Purchase of investments|(150,000)<br>-|
|Interest received|5,788<br>4,127|
|**Net cash used in investing activities**|(144,212)<br>3,045|
|**Change in cash and cash equivalents in the year**||
||553.238<br>116,170|
|Cash and cash equivalents at the beginning of the year|457,582<br>341,412|
|**Cash and cash equivalents at the end of the year**<br>**20,21**|1,010,820<br>457,582|



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Document ID: 2cd4de9f95d85278e1a0ccf3dc6249cb90ae1ee3f3314b9c28e37ed0c7d0295f 



**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

## **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 considering likely future income and expenditure, and in the light of our current level of reserves, the Trustees consider that adequate resources continue to be available to fund the activities of the Trust for the foreseeable future. Accordingly, the Trust continues to adopt the going concern basis in preparing its financial statements. 

## **2.1 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. 

## _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. 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

_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. 

## **2.2 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. 

## **2.3 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. 

## **2.4 Tangible fixed assets and depreciation** 

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

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

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

Depreciation is provided on the following basis: 

Office equipment   -  33% straight line 

## **2.5 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. 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

## **2.6 Investments** 

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

## **2.7 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. 

## **2.8 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 advance payments for the goods or services it must provide. 

## **2.9 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. 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

## **2.10 Pensions** 

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

The charity's contribution is charged to the Statement of Financial Activities in the financial year. 

## **2.11 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. 

## **3. 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: 

## **Bad debt provision** 

In preparing these financial statements, the Trustees have made significant judgments regarding the recognition and measurement of provisions for bad debts. These judgements are based on management’s best estimates and involve assessing the recoverability of accounts receivable balances based on historic experience in levels of recoverability. As at 31 July 2025, the total bad debt provision was £25,765 (2024: £73,416). This is the result of £8,160 having been written off as permanently irrecoverable and a write back of £39,490 due to the much improved efficiency in collecting overdue debts. 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

## **4. Income from donations and legacies** 

||**Unrestricted**<br>**Funds**<br>**Total funds**<br>**Total funds**|
|---|---|
||**2025**<br>**2025**<br>**2024**|
||**£**<br>**£**<br>**£**|
|Donations|30,672<br>30,672<br>4,570|
|Grants|200,000<br>200,000<br>144,000|
|Sponsorship|504,059<br>504,059<br>255,167|
|Royalties received|7,351<br>7,351<br>2,000|
|**Total**|742,082<br>742,082<br>405,737|



All donations and legacies in 2024 were unrestricted. 

## **5** . **Income from charitable activities** 

||**Unrestricted**|<br>**Total funds**|**Total funds**|
|---|---|---|---|
||**funds**|||
||**2025**|<br>**2025**|**2024**|
|||||
||**£**|<br>**£**|**£**|
|||||
|Examination entry fees and related income|1,636,564|<br>1,636,564|1,405,027|
|||||
|Sale of publications|90,922|<br>90,922|79,396|
|||||
|||||
|||||
|**Total**|1,727,486|<br>1,727,486|1,484,423|
|||||



All income from charitable activities in 2024 was unrestricted. 

## **6. Investment income** 

|Bank deposit interest receivable<br>Interest on cash deposit investments<br>**Total**|**Unrestricted**<br>**funds**<br>**Total funds**<br>**Total funds**<br>**2025**<br>**2025**<br>**2024**<br>**£**<br>**£**<br>**£**<br>4,382<br>4,382<br>4,127<br>1,406<br>1,406<br>-<br>5,788<br>5,788<br>4,127|
|---|---|



All investment income in 2024 was unrestricted. 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

**7. Analysis of Expenditure** 

## **2024-25** 

|**Expense Category**|**Admin**<br>**Camps/Even**<br>**ts**<br>**Competitions**<br>**Enrichment**<br>**Publications**<br>**TMC**<br>**Total**|
|---|---|
|Accounting|62,628<br>-<br>-<br>-<br>-<br>-<br>62,628|
|Bad Debt Charge|(39,490)<br>-<br>-<br>-<br>-<br>-<br>(39,490)|
|IT costs|320,981<br>-<br>280<br>(242)<br>-<br>-<br>321,019|
|Office expenses|105,159<br>122,984<br>176,492<br>39,207<br>28,376<br>58,906<br>531,124|
|Professional fees|60,976<br>5,660<br>4,560<br>243<br>-<br>1,101<br>72,540|
|Staff costs|474,361<br>-<br>-<br>-<br>-<br>-<br>474,361|
|Sundry expenses|32,316<br>(1,837)<br>1,229<br>4,009<br>12,868<br>11,305<br>59,890|
|Travel and<br>subsistence|-<br>145<br>-<br>-<br>-<br>-<br>145|
|Irrecoverable VAT|121,508<br>-<br>-<br>-<br>-<br>-<br>121,508|
|Venue Hire|(6,299)<br>3,866<br>22,522<br>-<br>-<br>9,876<br>29,965|
|||
|**Total**|**1,132,140**<br>**130,818**<br>**205,083**<br>**43,217**<br>**41,244**<br>**81,188**<br>**1,633,690**|



|**2023-24**||
|---|---|
|**Expense Category**|**Admin**<br>**Camps/Events**<br>**Competitions**<br>**Enrichment**<br>**Publications**<br>**TMC**<br>**Total**|
|Accounting|84,578<br>**-**<br>-<br>-<br>-<br>-<br>84,578|
|Bad Debt Charge|40,375<br>-<br>-<br>-<br>-<br>-<br>40,375|
|IT costs|360,324<br>665<br>-<br>-<br>-<br>-<br>360,989|
|Office expenses|125,063<br>160,589<br>122,745<br>28,032<br>11,285<br>13,627<br>461,341|
|Professional fees|65,509<br>1,845<br>4,952<br>2,144<br>58<br>2,890<br>77,398|
|Staff costs|469,659<br>-<br>-<br>-<br>-<br>-<br>469,659|
|Sundry expenses|57,895<br>63,972<br>1,257<br>7,183<br>29,584<br>4,192<br>164,083|
|Irrecoverable VAT|115,872<br>-<br>-<br>-<br>-<br>-<br>115,872|
|Venue Hire|3,356<br>959<br>10,086<br>-<br>-<br>162<br>14,563|
|||
|**Total**|**1,322,631**<br>**228,030**<br>**139,040**<br>**37,359**<br>**40,927**<br>**20,871**<br>**1,788,858**|



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. “Camps/Events” refers mainly to competitions in which the Trust organises teams to enter overseas mathematical competitions, which include the International Mathematical Olympiad. The “Camps” element refers to training given to selected students participating in the higher level competitions. “Enrichment” covers the Trust’s outreach activities including the National Mathematics Summer Schools and the Mentoring Scheme. 

## **8. Auditor’s remuneration** 

Fees payable to the Trust’s auditor for the annual audit: £17,195 (2024: £16,750). 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

|**9.**<br>**Staff costs**<br>Wages and salaries<br>Social security costs<br>Contribution to pension schemes|**2025**<br>**£**<br>403,655<br>42,609<br>28,097<br>474,361|**2024**<br>**£**<br>406,078<br>39,431<br>24,150|
|---|---|---|
|||469,659|



The average number of persons employed by the Company during the year was 12 (2024: 12). 

During the year up to 31 July 2025, termination payments totalling £14,000 (2024: £23,172) were made to one individual (2024: two). 

Two employees received total remuneration of between £60,000 and £70,000 during the year (2024: one employee received between £90,000 to £100,000). 

The Trustees consider that the only key management personnel of the Trust, as defined by Charities SORP (FRS 102), are the Director and the Director of Mathematical Programmes. Total remuneration (including employer's pension costs) for these posts was £124,648 (2024: £126,192). 

## **10. Trustees' remuneration and expenses** 

One Trustee (2024: one) received royalty payments in the period from the Trust. See note 26 for further details. During the year, eight Trustees (2024: seven) were reimbursed from charity funds for expenses incurred by them for work performed on behalf of the Trust. The total amount reimbursed to the Trustees was £6,843 (2024: £6,671), and related to travel and subsistence, printing, and postage. 

## **11. 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. 

## **12. Intangible Assets** 

|**Intangible Assets**||
|---|---|
|`|**Website**|
|**Cost**|**£**|
|At 1 August 2024|129,048|
|Additions|-|
|At 31 July 2025|129,048|
|**Amortisation**||
|At 1 August 2024|129,048|
|Charge for the year|-|
|At 31 July 2025|129,048|
|**Net book value**||
|At 1 August 2024|-|
|At 31 July 2025|-|
|||



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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

## **13. Tangible Fixed Assets** 

||**Office**<br>**equipment**|
|---|---|
|**Cost**|<br>**£**|
|At 1 August 2024|102,832|
|Additions||
|At 31 July 2025|102,832|
|||
|**Depreciation**||
|At 1 August 2024|101,840|
|Charge for the year|361|
|At 31 July 2025|102,021|
|||
|**Net book value**||
|At 1 August 2024|992|
|At 31 July 2025|631|



## **14. Investments** 

||**2025**<br>**2025**<br>**2025**<br>**2024**<br>**Listed**<br>**investments**<br>**£**<br>**Cash deposits**<br>**£**<br>**Total**<br>**£**<br>**£**<br>845,740<br>-<br>845,740<br>765,009<br>150,000<br>350,000<br>500,000<br>-<br>-<br>-<br>-<br>-<br>28,560<br>28,560<br>80,731<br>-<br>1,406<br>1,406<br>-|
|---|---|
|||
|Market value at beginning of the<br>year||
|Additions||
|Disposals||
|Gains/(losses) on investments||
|Interest received on cash deposits||
|Market value carried forward|1,024,300<br>351,406<br>1,375,706<br>845,740|
||849,576<br>849,576<br>839,417<br>7,121<br>7,121<br>6,323<br>167,603<br>167,603<br>-<br>351,406<br>351,406<br>-|
|||
|||
|COIF Charities Investment Fund||
|Schroders Charity Multi Asset Fund||
|BlackRock Charities UK Equity<br>Index Fund||
|COIF Charities Deposit Fund||
||1,024,300<br>351,406<br>845,740|
|||
|Historical cost at end of the year|340,455<br>350,000<br>790,455<br>290,455|



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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

## **15. Debtors** 

||**2025**<br>**2024**|
|---|---|
||**£**<br>**£**|
|**Due within one year**||
|Trade debtors|106,991<br>111,910|
|Other debtors|3,104<br>5,302|
|Prepayments and accrued income|190,391<br>173,470|
||300,486<br>290,682|



## **16. Creditors: Amounts falling due within one year** 

|||**2025**<br>**2024**|
|---|---|---|
|||**£**<br>**£**|
|Trade creditors||16,495<br>77,722|
|Other creditors||10,790<br>12,901|
|Other taxation and social security||20,615<br>16,638|
|Accruals and deferred income||44,280<br>113,904|
||||
|||92,180<br>221,165|
||||
|||**2025**<br>**2024**|
|||**£**<br>**£**|
|Deferred income at 1 August 2024||67,715<br>76,807|
|Income deferred during the year||-<br>67,715|
|Amounts released from previous periods||67,715<br>(76,807)|
|||25,800<br>67,715|



Deferred income relates to sales of competitions and events where the event falls in the next financial year. 

## **17. Statement of Funds** 

||**2025**<br>**£**<br>**2025**<br>**£**<br>**2024**<br>**£**<br>**2024**<br>**£**|
|---|---|
||**Unrestricted**<br>**Total**<br>**Unrestricted**<br>**Total**<br>1,373,831<br>1,373,831<br>1,187,671<br>1,187,671<br>2,475,356<br>2,475,356<br>1,894,287<br>1,894,287|
|Balance at 1 August||
|Income during the year||
|Expenditure during the year|(1,633,690)<br>(1,633,690)<br>(1,788,858)<br>(1,788,858)|
|Gains/(losses) on investments|28,560<br>28,560<br>80,731<br>80,731|
|Balance at 31 July|2,244,057<br>2,244,057<br>1,373,831<br>1,373,831|



All funds were unrestricted during the year. 

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**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

|**18.**|**Analysis of net assets between funds**<br>**Analysis of net assets between funds – current year**|**Unrestricted**<br>**funds**<br>**2025**<br>**£**<br>**Total**<br>**funds**<br>**2025**<br>**£**<br>631<br>631<br>-<br>-<br>1,375,706<br>1,375,706<br>959,900<br>959,900<br>(92,180)<br>(92,180)<br>2,244,057<br>2,244,057<br>|
|---|---|---|
||||
||Tangible fixed assets||
||Intangible fixed assets||
||Fixed asset investments||
||Current assets||
||Creditors due within one year||
||||
||Total||
||**Analysis of net assets between funds – previous year**<br>Tangible fixed assets<br>Intangible fixed assets<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>Total||
|||**Unrestricted**<br>**funds**<br>**2024**<br>**£**<br>**Total**<br>**funds**<br>**2024**<br>**£**|
|||992<br>992|
|||-<br>-|
|||845,740<br>845,740|
|||748,264<br>748,264|
|||(221,165)<br>(221,165)|
||||
|||1,373,831<br>1,373,831|



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Document ID: 2cd4de9f95d85278e1a0ccf3dc6249cb90ae1ee3f3314b9c28e37ed0c7d0295f 



**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

## **19. Reconciliation of net movement in funds to net cash flow from operating activities** 

|**20.**<br>**21.**|**2025**<br>**£**<br>**2024**<br>**£**<br>Net income/(expenditure) for the year (as per Statement of Financial Activities)<br>870,226<br>186,160<br>**Adjustments for:**<br>Depreciation charges<br>361<br>90<br>Amortisation charges<br>-<br>1,770<br>(Gains)/losses on investments<br>(28,560)<br>(80,731)<br>Interest receivable<br>(5,788)<br>(4,127)<br>Decrease/(increase) in debtors<br>(9,804)<br>556<br>(Decrease)/increase in creditors<br>(128,985)<br>9,407<br>Net cash provided by operating activities<br>697,450<br>113,125<br>**Analysis of cash and cash equivalents**<br>**2025**<br>**£**<br>**2024**<br>**£**<br>Cash in at bank and in hand<br>552,237<br>352,831<br>Amounts held in notice deposits<br>107,177<br>104,751<br>Cash deposits held in fixed asset investments (note 14)<br>351,406<br>-<br>**Total cash and cash equivalents**<br>1,010,820<br>457,582<br>**Analysis of changes in cash and cash equivalents**<br>**At 1 August**<br>**2024**<br>**£**<br>**Cash flows**<br>**£**<br>**At 31 July**<br>**2025**<br>**£**<br>Cash at bank and in hand<br>457,582<br>553,238<br>1,010,820|
|---|---|
||**Adjustments for:**|
||<br>Depreciation charges|
||Amortisation charges|
||(Gains)/losses on investments|
||Interest receivable|
||Decrease/(increase) in debtors|
||(Decrease)/increase in creditors|
||Net cash provided by operating activities|
||**Analysis of cash and cash equivalents**<br>Cash in at bank and in hand<br>Amounts held in notice deposits<br>Cash deposits held in fixed asset investments (note 14)<br>**Total cash and cash equivalents**<br>**Analysis of changes in cash and cash equivalents**<br>**At 1 August**<br>**2024**<br>**£**<br>Cash at bank and in hand<br>457,582|



The charity has no debt outstanding as at 31 July 2025 or the previous year. 

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Document ID: 2cd4de9f95d85278e1a0ccf3dc6249cb90ae1ee3f3314b9c28e37ed0c7d0295f 



**UNITED KINGDOM MATHEMATICS TRUST (A Company Limited by Guarantee: Number 03271283)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025** 

## **22. Operational Lease Commitments** 

At 31 July 2025 the Charity had commitments to make future lease payments under non-cancellable operating leases as follows: 

|Not later than one year<br>Between two and five years<br>Total|**2025**<br>**£**<br>**2024**<br>**£**<br>14,641<br>13,980<br>-<br>-<br>14,641<br>13,980|
|---|---|



During the year the charity has recognised £56,580 (2024: £53,551) as operating lease rental payments in the Statement of Financial Activities. 

## **23. Capital commitments and contingent liabilities** 

The Trust did not have any capital commitments or contingent liabilities at 31 July 2025 or 31 July 2024. 

## **24. Pension commitments** 

The Trust operates a defined contribution plan for some employees of the Trust. From 1 November 2021 contributions of between 6 and 10% are made into a new plan following the move away from the University of Leeds. 

The total amount recognised in profit and loss during the year was £28,097 (2024: £24,150). As at the reporting date, £3,795 (2024: £2,720) was payable to the plan. 

## **25. Rights of members** 

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

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

## **26. Related party transactions** 

Dr G.C. Smith, a current Trustee, received royalties of £2,679 (2024: £2,399) in relation to publications. No other Trustees received any remuneration from the Trust. 

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

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