**Charity Number: 1117838 Company Registration Number: 05729264** 

## **THE MATHEMATICAL ASSOCIATION** 

**ANNUAL REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 DECEMBER 2020** 



**THE MATHEMATICAL ASSOCIATION** 

## **CONTENTS** 

**______________________________________________________________________** 

||**Pages**|
|---|---|
|Charity Reference and Administrative Details|1-2|
|Council Members’ Annual Report (including Directors’ Report)|3-9|
|Statement of Council’s Responsibilities|10|
|Independent Examiner’s Report|11|
|Statement of Financial Activities|12|
|Balance Sheet|13-14|
|Notes to the Financial Statements|15-27|





**THE MATHEMATICAL ASSOCIATION** 

**CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR TO 31 DECEMBER 2020** 

**______________________________________________________________________** 

## **Legal and administrative information** 

**Charity registration number** 1117838 **Company registration number** 05729264 **Council Members** Prof M Askew (Resigned 14/04/2020) Mr K T H Cadman Mrs E M Glaister Dr R J Huntley (Resigned 14/04/2020) Dr G Leversha Dr E L Lord Mr D J Miles Miss C D Moseley Mrs J E Morgan Mrs C A Myers (Resigned 14/04/2020) Dr C B Pritchard Mr P H Ransom M.B.E. (Resigned 14/04/2020) Mr W P Richardson M.B.E. Mr T Roper Mrs S Southward Mr O L Toller (Resigned 14/04/2020) Mr E Southall Dr H Fry Dr J Simons (Resigned 14/04/2020) Mr J B Seagull Mr N L Wilson (Appointed 14/04/2020) Dr P J Harris (Appointed 14/04/2020) Mr D Foster (Appointed 14/04/2020) Miss S A Dudzic (Appointed 14/04/2020) Mr S J Abbott (Appointed 14/04/2020) **Chair of Council** Mr T Roper **Company Secretary** Mr W P Richardson M.B.E. **Secretary** Dr P J Harris **Treasurer** Mr D J Miles **Registered Office** 259 London Road Leicester LE2 3BE **Independent Examiner** UHY Hacker Young 14 Park Row Nottingham NG1 6GR 

_____________________________________________________________________________________________ 

- 1 - 



**CHARITY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR TO 31 DECEMBER 2020** 

## **THE MATHEMATICAL ASSOCIATION** 

**______________________________________________________________________** 

## **Legal and administrative information (continued)** 

## **Solicitor** 

Nelsons Solicitors Pennine House 8 Stanford Street Nottingham NG17 7BQ 

## **Bankers** 

National Westminster Bank PLC 1 Granby Street Leicester LE1 6EJ Allied Irish Bank Direct Banking PO Box 73306 London W5 9PB 

_____________________________________________________________________________________________ 

- 2 - 



**THE MATHEMATICAL ASSOCIATION COUNCIL MEMBERS ANNUAL REPORT (INCLUDING DIRECTOR’S REPORT) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

The Council Members, who are also Trustees, present their report and the financial statements of the charity for the year ended 31 December 2020. The Council Members have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity. 

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019 affecting reporting periods beginning on or after 1 January 2019. 

## **Council Members of the charity** 

The directors of the charitable company are its Council Members for the purposes of charity law. The Council Members who have served during the year and since the year end were as follows: 

Mr K T H Cadman Mrs E M Glaister Dr G Leversha Dr E L Lord Mr D J Miles Miss C D Moseley Mrs J E Morgan Dr C B Pritchard Mr W P Richardson M.B.E. Mr T Roper Mrs S Southward Mr E Southall Dr H Fry Mr J B Seagull Mr N L Wilson Dr P J Harris Mr D Foster Miss S A Dudzic Mr S J Abbott 

## **Governing document** 

The Mathematical Association was founded in Great Britain in 1871 and is a registered Charity and a Company Limited by Guarantee, governed by its Memorandum and Articles of Association, (Charity Number 1117838, Company Number 05729264). Anyone can become a member of the Association, and there were 1,962 members in 2020, an increase of 280. 

## **Objectives and activities** 

The objects of the Association are to effect improvements in the teaching and learning of mathematics and its applications; and to provide means of communication among students and teachers of mathematics and other interested persons. 

_____________________________________________________________________________________________ 

- 3 - 



**THE MATHEMATICAL ASSOCIATION COUNCIL MEMBERS ANNUAL REPORT (INCLUDING DIRECTOR’S REPORT) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

In furtherance of the objects, but not otherwise, the Council may exercise the following powers: 

- to publish periodicals and other items; 

- to provide and maintain a library; 

- to employ staff including a chief executive, who shall not be members of the Council, as are necessary for the proper pursuit of the objects and to make all reasonable and necessary provision for the payment of pensions and superannuation for staff and their dependents; 

- to provide professional development opportunities through annual conferences and other courses; 

- to do all other lawful things as are necessary for the achievement of the objects. 

## **Appointment of trustees** 

The elected members of Council are its trustees who monitor the business of the Association. There are three Officers, the Chair, Treasurer and Secretary, each elected annually and not allowed to hold office for more than five years in succession. There is a President, President Designate and Immediate Past President, who each hold office for a period of one year; there are eight Chairs of Committees who are elected annually and may serve one term of five years and up to five Members without Office who may serve two terms of three years. The members of the Association elect all members of the Council at the Annual General Meeting, with the exception of the President who is elected by Council. The Company Secretary, if not otherwise a Member of Council, is in attendance at meetings of Council. 

All members, via the October MA News, are advised of any retiring trustees and invited to nominate trustees by notifying the Executive Officer by 31st December each year. The agenda for the AGM is published in the February MA News. Currently, the AGM is held during the Annual Conference (which may in a BCME year or joint conference year be held in conjunction with other associations) and this takes place around Easter. Council is mindful of the benefits of it having representatives from primary, secondary, further and higher education. 

## **Trustee induction** 

New trustees, if they are to be unopposed at the AGM, are invited to attend the March Council meeting. Each receives pertinent information regarding the Association. From time to time they are given Charity Commission update leaflets to brief them on their legal obligations under charity law. At the moment there is no formal induction day held to train new trustees but the Association Officers are available to mentor new trustees and a Council handbook is given to new trustees. 

## **Organisation** 

The Council, which currently can have up to twenty-one members, administers the Charity. Council meets four times a year. There is a Standing Committee, empowered by the Council to conduct business on its behalf, which meets four times a year. It is made up of the three Officers, the President, the Immediate Past President and one nominated Member without Office. The Company Secretary, if not already a member of Standing Committee, attends its meetings as a non-voting member. 

In addition, there are eight committees: Branches, Conference, Editorial Board, Membership, Professional Development, Publications, Publicity and Media, Teaching. 

During the year there were 5 permanent employees on the payroll at MA Headquarters. 

_____________________________________________________________________________________________ 

- 4 - 



**THE MATHEMATICAL ASSOCIATION COUNCIL MEMBERS ANNUAL REPORT (INCLUDING DIRECTOR’S REPORT) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

To facilitate effective operations the Executive Officer has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance and activities related to employment and work performance. 

## **Risk management** 

Council has examined the major strategic, business and operational risks which the Charity faces and through regular reports to the Council and Standing Committee meetings, and dialogue between the Treasurer and Executive Officer (formerly, in 2019, the Senior Administrator), confirms that systems are established to lessen these risks. 

Council has a risk management strategy comprising: 

- an annual review of the risks the Charity may face; 

- the establishment of systems and procedures to mitigate any risks; and 

- the implementation of procedures designed to minimise any potential impact on the Charity, should any risks materialise. 

A risk identified last year, falling membership, has been mitigated by a successful membership campaign. However the coronavirus pandemic of 2020 has forced the cessation of face-to-face professional development and the cancellation of the 2020 Annual Conference. The pandemic has also forced the focus to be upon financial risks. A group of officers of the Association and the Executive Officer have been looking closely at cutting costs and increasing income. Council annually agrees the setting of a reserves policy in order to manage aspects of financial risks. The risk register is reviewed annually and revised accordingly. 

## **Achievements and performance** 

In 2020 the MA has achieved the following for its members and the UK mathematics community in general: 

- successfully appointed and established in post an Executive Officer; 

- mitigated the effects of the pandemic by: 

   - moving the entire headquarters staff to working from home; 

   - moving all committee meetings on-line via Zoom. 

- increasing our on-line offering in terms of the Primary Mathematics Challenge (PMC), the First Mathematics Challenge (FMC) and webinars; 

- continued to raise issues with the government through meetings with key personnel within relevant departments; 

- held the 2019-2020 PMC Bonus Round (previously known as the Finals) in February 2020. Because of the pandemic, the 2020-2021 PMC in November 2020 was offered in a paper and on-line format; 

- the FMC, in only its second year, was offered successfully in an on-line format over the last two weeks of June and the first week of July in 2020. There was an increased entry and the on-line format proved to be very popular in the pandemic; 

- appointed a management accountant to secure better information about our financial position; 

- and increased our membership. 

Five new items were added to the MA publications catalogue: _A-level Pure Mathematics, Hooked on Mathematics, Foundation GCSE Revision Cards Grade 5-1, Geometry Juniors,_ and _Pack up a Penguin_ . There are publications in the pipeline for 2021. 

_____________________________________________________________________________________________ 

- 5 - 



**THE MATHEMATICAL ASSOCIATION COUNCIL MEMBERS ANNUAL REPORT (INCLUDING DIRECTOR’S REPORT) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

The Association published three editions of The Mathematical Gazette (the Association’s general interest mathematical journal), five editions of Mathematics in School (aimed at teachers working in secondary schools), three editions of Primary Mathematics, three editions of Equals Online (a valuable resource for those working to ensure that pupils with Special Educational Needs benefit from mathematics), three editions of SYMmetryPlus, three editions of Mathematical Pie and three editions of its members’ newsletter, the MA News.  An online newsletter, E-News, is circulated on a monthly basis to both members and non-members who sign up to receive it. 

Issues from at least five years ago of both _The Mathematical Gazette_ and _Mathematics in School_ are available online through JSTOR, and the Association received a royalty income from JSTOR. The income from JSTOR in recent years (after conversion from dollars to sterling) has been: - 

2018: MiS £3,083; Gazette £9,903; Total £12,986. 2019: MiS £3,279; Gazette £10,302; Total £13,581. 2020: MiS £2,875; Gazette £9,707; Total £12,582. 

The Association was to hold its Annual Conference in 2020 jointly with the National Association for Numeracy and Mathematics in Colleges (NANAMIC). Unfortunately the pandemic forced the cancellation of this event. The 2021 Annual Conference, celebrating the 150[th] anniversary of the Association will be held on-line. 

Membership numbers have increased during the year from 1,682 in 2019 to 1,962 in 2020. 

## **Financial review** 

## **COVID-19 statement** 

In December 2019, a novel strain of coronavirus was reported in Wuhan, Hubei province, China. In the first several months of 2020, the virus, SARS-CoV-2, and resulting disease COVID-19, spread to the United Kingdom. Restrictions on movement and the requirement to keep socially distanced were introduced. The trustees believe that these restrictions have had a direct impact on the 2020 reporting period. 

The trustees are actively working with staff to manage and mitigate the impact of COVID-19 on the Association’s operations. On review currently the trustees do not consider there to be a significant impact on their ability to continue as a going concern for the foreseeable future. The Association is continually reviewing and monitoring the expected impact of COVID-19 and should it have any impact on the value of their assets and liabilities this will be recognised in the accounting period to which it relates. 

At the time of approving the financial statements, trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 

In common with many other charities, 2020 has not been a good year financially for the Association. It was apparent to Members of Council from the start of the year that the Association has been spending more than its income for some time, the pandemic has exacerbated the situation and a deficit of £99,758 over the year was recorded. This has emphasised to Members of Council the continuing need to be mindful of the financial situation of the Association and as such maintain a rigorous policy throughout 2020 and beyond towards the management of its resources and finances. We have referred to the guidance 

_____________________________________________________________________________________________ 

- 6 - 



**THE MATHEMATICAL ASSOCIATION COUNCIL MEMBERS ANNUAL REPORT (INCLUDING DIRECTOR’S REPORT) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

contained in the Charities Commission general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. 

During the course of 2020 in response to the situation the following actions have been put in place lead by a small group comprising the Officers of the Association and the Executive Officer: 

1. The appointment of a management accountant who provides monthly, detailed accounts more accurate than our previous profit and loss accounts. The Treasurer presents these management accounts to Council to assist in the monitoring of the Association’s finances. Using these accounts, Council has worked towards keeping the deficit under control and seeking opportunities to increase income. 

2. Appointed a new agent to seek advertising for our journals who works on a commission only basis rather than a fee plus commission thereby reducing cost and increasing income. 

3. Reviewed the production and printing costs of all but one of the journals with a view to moving to a cheaper production model and printer whilst preserving the quality of the journals. 

4. Reviewed all our contracts for the provision of services such as heat, light, telecommunications etc. with a view to moving to cheaper contracts as soon as is practicable whilst maintaining or improving the quality of service. 

5. Run a very successful membership campaign which has increased the membership, see above. 

Council anticipates that these actions will pay dividends in 2021. 

The long-term future of the Association depends upon its ability to maintain and strengthen its membership base, as well as ensuring that sufficient funding is secured to support its various undertakings. The Membership Committee continues to seek ways to publicise the Association and increase membership. The new membership structure linked to monthly direct debit subscriptions has bedded in and proved attractive to members.  The website is firmly established and the number of our Twitter followers has risen substantially to approximately 29,000 (again, an increase of over 5,000 in the year), we will continue to improve the website and the addition of the donation page makes it far easier for people to donate and use Gift Aid.  All such donations are acknowledged by a letter from the Chair. 

Council continues to encourage professional development activities and recognises that the various projects and the one-day conferences have been a good source of income in the past and importantly have helped to raise the profile of the Association across the mathematics community. Work in this area is managed by the Professional Development Committee Chair and several members of Council who are looking at the production of webinars and making them available on-line. 

From time to time the Association has been in receipt of legacies or donations.  During 2010 it received a legacy of £1,729, a mathematically significant figure. This led to the establishment of The 1729 Group, membership of which is offered to those making donations of similar mathematically significant amounts. During 2020, the Association was grateful to receive a £5,251 legacy from the estate of Jack Oliver.  We continue to encourage members to assign Gift Aid to donations and subscriptions, in 2020 HMRC has refunded a total of £5,606 in Gift Aid. 

On 21[st] July 2014 the Association entered into an agreement with Cambridge University Press (CUP) to print and distribute _The Mathematical Gazette_ .  This agreement generated £29,798 income in 2020.  A small group of Trustees will meet with CUP over the coming months to inspect the accounts.  This is an annual procedure. 

_____________________________________________________________________________________________ 

- 7 - 



**THE MATHEMATICAL ASSOCIATION COUNCIL MEMBERS ANNUAL REPORT (INCLUDING DIRECTOR’S REPORT) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

**Council’s Policy Statement on Fixed Assets Register** Council’s policy for the maintenance of the Fixed Assets Register is that only items with an expenditure of £500 or more are added to the Register and this amount will be reviewed by the Treasurer on an annual basis. 

## **Reserves policy** 

It is the policy of the Association to maintain sufficient general funds to cover management, administration and support costs and to enable it to respond to any further approved projects which may arise from time to time. Council continues to set aside funds to cover the costs of servicing life members, maintaining the building which houses Headquarters, website development work and funding other special projects. 

The reserves of the Association are held in the various funds as detailed in the Financial Statements in note 18.  The Association's reserves policy and the level of reserves within each fund are reviewed each year having regard to the Charity Commission publication CC19, ‘Charities and Reserves’, and a forecast of income and expenditure is prepared for the following year. 

Council considers that the balance of general reserve, after deducting Fixed Assets, Branch Reserves and President’s Fund, should aim to be equivalent to between three and six months of expenditure. As at 31 December 2020 this amount was £58,465 (2019: £153,856) which represents 2 months (2019: 4 months). The Association will aim to build up the reserves in the coming year. 

## **Plans for future periods** 

The major financial concern for the Association will be to continue to mitigate any future deficits in its year-end accounts. To this end the Association will: 

1. Complete the review of production and printing costs of its journals. 

2. Migrate those journals which have been so reviewed to new production models and printer. 

3. Develop a strategy to increase income across all streams. (membership, challenges, publications and events) 

4. Continue to review existing contracts and seek to change to more economic suppliers as such contracts come up for renewal. 

5. In addition, the Association will continue to monitor expenditure and aim to build on the savings achieved in previous years. 

## **Public Benefit Statement** 

We respond on behalf of the membership to government and executive agencies to proposals for change, with a view to increasing the likelihood of the decisions reached and policies instituted being consistent with good learning and teaching in mathematics. The level of consultation over the past twelve months has continued to be high and The Mathematical Association, working through its Teaching Committee, has provided evidence and opinion on issues ranging from what constitute suitable mathematical experiences for children in their early years, towards the end of their primary education and right through to the curriculum for 19-year-olds, and much besides. 

The various responses to consultations can be found in the We Say section of the MA website. We routinely contribute to the Joint Mathematical Council (which represents the whole mathematics community); the Advisory Committee on Mathematics Education (ACME), which is an independent body concerned with all aspects of mathematics in education and the Meetings of the Mathematical Subject 

_____________________________________________________________________________________________ 

- 8 - 



**THE MATHEMATICAL ASSOCIATION COUNCIL MEMBERS ANNUAL REPORT (INCLUDING DIRECTOR’S REPORT) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

Associations (MMSA), which represents the classroom facing associations, where we have two representatives who are both trustees. 

Following the Privy Council’s approval of the designation of Chartered Mathematics Teacher, The Mathematical Association is part of the Registration Authority, working in collaboration with the Institute of Mathematics and its Applications (IMA), the Association of Teachers of Mathematics (ATM) and the National Association for Numeracy and Mathematics in Colleges (NANAMIC). In addition, The Mathematical Association promotes the designation to its members as a status that reflects the balance between teaching skills (pedagogy) and mathematics knowledge necessary for a professional teacher to educate and inspire today’s students and identifies those at the forefront of their profession. 

In the modern world, instilling good numeracy skills is seen as an important part of the educational experience, and so the work that The Mathematical Association is doing to help improve the teaching and learning of mathematics can only be viewed as being of great benefit to society. 

_____________________________________________________________________________________________ 

- 9 - 



## **THE MATHEMAICAL ASSOCIATION** 

## **STATEMENT OF COUNCIL’S RESPONSIBILITIES FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

## **Statement of Council Members’ responsibilities** 

The Council (who are directors of the charitable company for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. 

Company law requires the Council to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).  Under company law the Council must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. 

In preparing these financial statements, the Council 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 estimates that are reasonable and prudent; 

- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

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

The Council are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Disclosure of information to the Independent Examiners** 

We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that: 

- there is no relevant information of which the company’s Independent Examiners are unaware; and 

- we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit information and to establish that the company’s Independent Examiners are aware of that information. 

Signed on behalf of the Council 


………..……………. 

Mr T Roper **Chair of Council** 

Date: ……………………… 9 April 2021 

Charity Number: 1117838 

Company Registration Number: 05729264 

- 10 - 



**THE MATHEMAICAL ASSOCIATION** 

**INDEPENDENT EXAMINER’S REPORT FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

I report to the charity Council Members on my examination of the accounts of the company for the year ended 31 December 2020 which are set out on pages 13 to 28. 

## **Responsibilities and basis of report** 

As the charity Council Members of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). 

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent Examiner's statement** 

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

- accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; 

- the accounts do not accord with those records; 

- the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or 

- the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 

………………………………… R Merchant FCA **UHY Hacker Young Chartered Accountants** 

14 Park Row Nottingham NG1 6GR 

Date: ………………………….. 22 April 2021 

_____________________________________________________________________________________________ 

- 11 - 



**THE MATHEMATICAL ASSOCIATION** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR TO 31 DECEMBER 2020** 

**______________________________________________________________________** 

|**Note**<br>**Income:**<br>Donations and<br>legacies<br>**2**<br>Charitable<br>activities<br>**3**<br>Investments<br>**4**<br>Other<br>**5**<br>**Total income and**<br>**endowments**<br>**Expenditure on:**<br>Association<br>activities<br>**6**<br>Administration<br>**7**<br>**Net income/**<br>**(expenditure)**<br>**Gains in the year**<br>**Net movement in**<br>**funds**<br>**Reconciliation of**<br>**funds:**<br>Total funds<br>brought forward<br>**18**<br>**Total funds**<br>**carried forward**<br>**18**|**2020**<br>**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>**£**<br>11,630<br>-<br>11,630<br>243,688<br>-<br>243,688<br>2,456<br>-<br>2,456<br>6,063<br>-<br>6,063<br>263,837<br>-<br>263,837<br>315,738<br>-<br>315,738<br>48,066<br>-<br>48,066<br>363,804<br>-<br>363,804<br>(99,967)<br>-<br>(99,967)<br>-<br>-<br>-<br>(99,967)<br>-<br>(99,967)<br>588,608<br>6,500<br>595,108<br>488,641<br>6,500<br>495,141|**2019**<br>**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>**£**<br>47,018<br>-<br>47,018<br>305,574<br>-<br>305,574<br>531<br>-<br>531<br>5,517<br>-<br>5,517|
|---|---|---|
|||358,640<br>-<br>358,640<br>346,495<br>-<br>346,495<br>69,101<br>-<br>69,101|
|||415,596<br>-<br>415,596|
|||(56,956)<br>-<br>(56,956)<br>71,435<br>-<br>71,435|
|||14,479<br>-<br>14,479<br>574,129<br>6,500<br>580,629|
|||588,608<br>6,500<br>595,108|



All income and expenditure derive from continuing activities. 

_____________________________________________________________________________________________ 

- 12 - 



**THE MATHEMATICAL ASSOCIATION** 

## **BALANCE SHEET FOR THE YEAR TO 31 DECEMBER 2020** 

**______________________________________________________________________** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>**11**<br>**Current assets**<br>Stocks<br>Debtors<br>**13**<br>Cash at bank and in hand<br>**Creditors: amounts falling due within**<br>**one year**<br>**14**<br>**Net current assets**<br>**Creditors: amounts falling due after**<br>**more than one year**<br>**15**<br>**Total assets less current liabilities**<br>**Charity funds**<br>Restricted funds<br>**18**<br>Unrestricted funds<br>**18**<br>Revaluation reserve<br>**18**<br>**Total charity funds**|18,333<br>41,373<br>135,670|**2020**<br>**£**<br>398,087<br>142,054<br>(45,000)<br>495,141<br>6,500<br>236,942<br>251,699<br>495,141|22,601<br>63,770<br>156,498|**2019**<br>**£**<br>402,456|
|---|---|---|---|---|
||195,376<br>(53,322)||242,869<br>(50,217)||
|||||192,652<br>-|
|||||595,108|
|||||6,500<br>335,409<br>253,199|
|||||595,108|



_____________________________________________________________________________________________ 

- 13 - 



**THE MATHEMATICAL ASSOCIATION** 

## **BALANCE SHEET (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

**______________________________________________________________________** 

For the year ended 31 December 2020, the charitable company was entitled to audit exemption from an audit under section 477 of the Companies Act 2006. 

The Council Members have not required the charitable company to obtain an audit for its accounts for the year in question in accordance with section 476 of the Act. 

The Council Members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and preparation of the accounts. 

The financial statements were approved and authorised for issue at the Annual General Meeting and were signed on its behalf on ………………. 

Signed on behalf of the board of Council Members: 


………………………………… Mr T Roper **Chair of Council** 


………………………………… Mr D J Miles **Treasurer** 

Date: …………………………. 9 April 2021 

Charity Number: 1117838 Company Registration Number: 05729264 

The notes on pages 15 to 27 form part of these financial statements. 

_____________________________________________________________________________________________ 

- 14 - 



**THE MATHEMATICAL ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR TO 31 DECEMBER 2020** 

**______________________________________________________________________** 

## **1 Summary of significant accounting policies** 

## **(a) General information and basis of preparation** 

The Mathematical Association is a registered charity in England. The address of the registered office is given in the charity information on pages 1 and 2 of these financial statements.  The nature of the charity’s operations and principal activities are the improvements of the teaching and learning of mathematics and its applications. 

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the  Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019 affecting reporting periods beginning on or after 1 January 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. 

The charity does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A. 

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.  The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. 

The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated. 

## **(b) Funds** 

Unrestricted funds are available for use at the discretion of the Council Members in furtherance of the general objectives of the charity 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 charity for particular purposes. The cost 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. 

## **(c) Income recognition** 

All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. 

Subscriptions, donations and investment income are accounted for on a receivable basis. Life membership subscriptions and subscriptions received in advance are initially accounted for as deferred income and transferred to revenue by equal annual installments over the period covered by the subscriptions. 

_____________________________________________________________________________________________ 

- 15 - 



**THE MATHEMATICAL ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

## **(c) Income recognition (continued)** 

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised.  On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. 

Other income is generated from individual projects and activities; this is also accounted for on a receivable basis. 

## **(d) Expenditure recognition** 

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: 

- expenditure on charitable activities (association activities and administration) includes expenditure associated with editorial, publications, annual conferences, professional development costs and includes direct costs and support costs relating to these activities. 

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. 

## **(e) Tangible fixed assets** 

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The surplus or deficit on revaluation is recognized in profit or loss. 

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: 

Freehold buildings 1% straight line basis Fixtures and fittings 10% straight line basis IT equipment 20% straight line basis 

Only assets costing in excess of £500 are capitalised. 

## **(f) Heritage assets** 

The rules of the Association state that 'the Library of the Association may not be disposed of, in whole or part, without the express permission of the Council'. The Council have confirmed that it is not their intention to dispose of any books or periodicals in the Library in the foreseeable future. The Council considers this class of fixed assets to be heritage assets and note 12 contains a brief summary of the nature and scale of the assets in accordance with SORP (FRS 102) Section 18. The Library has not been included in the balance sheet because, in the opinion of the Council, the cost of regular professional valuation of these assets to include a value in the accounts cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the charity. 

_____________________________________________________________________________________________ 

- 16 - 



**THE MATHEMATICAL ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

## **(g) Stocks** 

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Provision is made for damaged, obsolete and slow-moving stock where appropriate. 

## **(h) Debtors and creditors receivable / payable within one year** 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 

## **(i) Leases** 

Rentals payable and receivable under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. 

## **(j) Foreign currency** 

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. 

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate. 

## **(k) Employee benefits** 

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. 

The charity operates a defined contribution plan for the benefit of its employees.  Contributions are expensed as they become payable. 

## **(l) Tax** 

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 

_____________________________________________________________________________________________ 

- 17 - 



## **THE MATHEMATICAL ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

**______________________________________________________________________** 

## **2 Income from donations and legacies** 

|Donations including gift aid<br>Legacies<br> <br>**Income from charitable activities**<br>Members’ subscriptions<br>Gazette<br>Editorial board<br>Publications<br>Annual conference<br>Annual conference refunds<br>Primary Maths Challenge<br>First Maths Challenge<br>Professional development income<br>Branch income|**2020**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>6,379<br>6,379<br>5,251<br>5,251<br>11,630<br>11,630<br>**2020**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>104,187<br>104,187<br>41,712<br>41,712<br>11,846<br>11,846<br>23,731<br>23,731<br>12,845<br>12,845<br>(18,821)<br>(18,821)<br>55,564<br>55,564<br>11,880<br>11,880<br>183<br>183<br>561<br>561<br>243,688<br>243,688|**2019**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>14,595<br>14,595<br>32,423<br>32,423|
|---|---|---|
|||47,018<br>47,018|
|||**2019**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>121,152<br>121,152<br>52,860<br>52,860<br>17,554<br>17,554<br>24,863<br>24,863<br>10,665<br>10,665<br>-<br>-<br>63,457<br>63,457<br>9,146<br>9,146<br>4,201<br>4,201<br>1,676<br>1,676|
|||305,574<br>305,574|



## **3 Income from charitable activities** 

## **4 Investment income** 

|Bank interest received|**2020**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>2,456<br>2,456<br>2,456<br>2,456|**2019**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>531<br>531|
|---|---|---|
|||531<br>531|



_____________________________________________________________________________________________ 

- 18 - 



**THE MATHEMATICAL ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

**______________________________________________________________________** 

## **5 Other income** 

|Rent receivable|**2020**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>6,063<br>6,063<br>6,063<br>6,063|**2019**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>5,517<br>5,517|
|---|---|---|
|||5,517<br>5,517|



## **6 Analysis of expenditure on association activities** 

|**Allocation**<br>**Note**<br>Publicity expenses<br>Support<br>Membership<br>Direct<br>Editorial board<br>Direct<br>Publications<br>Direct<br>Annual conference<br>Direct<br>Branch expenses<br>Direct<br>Council and other committees<br>Direct<br>Staff costs<br>Direct<br>**9**<br>Staff costs recharged to PMC<br>Direct<br>PMC expenses<br>Direct<br>Professional development<br>Direct<br>Library management fund<br>Direct<br>Website expenses<br>Direct|**2020**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>910<br>910<br>8,781<br>8,781<br>99,060<br>99,060<br>24,018<br>24,018<br>1,857<br>1,857<br>1,460<br>1,460<br>16,463<br>16,463<br>142,313<br>142,313<br>(11,208)<br>(11,208)<br>29,007<br>29,007<br>409<br>409<br>745<br>745<br>1,923<br>1,923<br>315,738<br>315,738|**2019**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>5,747<br>5,747<br>6,708<br>6,708<br>100,065<br>100,065<br>14,973<br>14,973<br>1,078<br>1,078<br>2,361<br>2,361<br>26,974<br>26,974<br>149,706<br>149,706<br>(11,061)<br>(11,061)<br>41,481<br>41,481<br>6,256<br>6,256<br>761<br>761<br>1,446<br>1,446|
|---|---|---|
|||346,495<br>346,495|



_____________________________________________________________________________________________ 

- 19 - 



**THE MATHEMATICAL ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

## **7 Analysis of expenditure on administration** 

|**Allocation**<br>**Note**<br>Printing, postage and stationery<br>Support<br>Repairs and renewals<br>Direct<br>Rates<br>Support<br>Insurance<br>Direct<br>Telephone<br>Support<br>Governance costs<br>Support<br>**10**<br>Bank and credit card charges<br>Direct<br>Legal and consultancy fees<br>Direct<br>Sundries<br>Direct<br>Heat and light<br>Support<br>Depreciation<br>Support|**2020**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>572<br>572<br>16,257<br>16,257<br>2,391<br>2,391<br>3,096<br>3,096<br>5,780<br>5,780<br>3,550<br>3,550<br>1,687<br>1,687<br>2,112<br>2,112<br>2,396<br>2,396<br>4,070<br>4,070<br>6,155<br>6,155<br>48,066<br>48,066|**2019**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>2,012<br>2,012<br>34,628<br>34,628<br>2,443<br>2,443<br>2,983<br>2,983<br>5,330<br>5,330<br>3,805<br>3,805<br>1,794<br>1,794<br>1,800<br>1,800<br>1,426<br>1,426<br>6,074<br>6,074<br>6,806<br>6,806|
|---|---|---|
|||69,101<br>69,101|



## **8 Council members' and key management personnel remuneration and expenses** 

The Council members neither received nor waived any remuneration during the year (2019 – £nil). 

No (2019 – 0) Council Members are accruing pension arrangements. 

The Council Members had expenses reimbursed during the year of £13,918 (2019 – £20,185). 

The total amount of employee benefits received by key management personnel is £44,566 (2019 – £51,929). The council believes key management personnel to constitute of the executive officer (2019 – the senior administrator). 

## **9 Staff costs and employee benefits** 

The average monthly number of employees and full time equivalent (FTE) during the year was as follows: 

|Association activities|**2020**<br>**2020**<br>**Number**<br>**FTE**<br>5<br>5<br>5<br>5|**2019**<br>**2019**<br>**Number**<br>**FTE**<br>5<br>5|
|---|---|---|
|||5<br>5|



_____________________________________________________________________________________________ 

- 20 - 



**THE MATHEMATICAL ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

## **9 Staff costs and employee benefits (continued)** 

The total staff costs and employee benefits were as follows: 

|Wages and salaries<br>Social security<br>Defined contribution pension costs|**2020**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>128,564<br>128,564<br>8,598<br>8,598<br>5,151<br>5,151<br>142,313<br>142,313|**2019**<br>**Unrestricted**<br>**funds**<br>**Total**<br>**£**<br>**£**<br>133,591<br>130,591<br>9,332<br>12,332<br>6,783<br>6,783|
|---|---|---|
|||149,706<br>149,706|



No (2019 – 0) employees received total employee benefits (excluding employer pension costs) of more than £60,000. 

## **10 Governance costs** 

The independent examiners’ remuneration includes an independent examination fee of £3,300 (2019 – £3,210). 

_____________________________________________________________________________________________ 

- 21 - 



**THE MATHEMATICAL ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

**______________________________________________________________________** 

## **11 Tangible fixed assets** 

|**Cost or valuation:**<br>At 1 January 2020<br>Additions<br>Disposals<br>At 31 December 2020<br>**Depreciation:**<br>At 1 January 2020<br>Charge for the year<br>Eliminated on disposal<br>At 31 December 2020<br>**Net book value:**<br>At 31 December 2020<br>At 31 December 2019|**Freehold**<br>**buildings**<br>**Fixtures,**<br>**fittings and**<br>**equipment**<br>**IT equipment**<br>**£**<br>**£**<br>**£**<br>393,635<br>6,974<br>40,614<br>-<br>-<br>1,786<br>-<br>(1,929)<br>(3,387)<br>393,635<br>5,045<br>39,013<br>3,936<br>5,172<br>29,659<br>3,000<br>444<br>2,711<br>-<br>(1,929)<br>(3,387)<br>6,936<br>3,687<br>28,983<br>386,699<br>1,358<br>10,030<br>389,699<br>1,802<br>10,955|**Total**<br>**£**<br>441,223<br>1,786<br>(5,316)|
|---|---|---|
|||437,693|
|||38,767<br>6,155<br>(5,316)|
|||39,606|
|||398,087|
|||402,456|



The historic cost equivalent of freehold buildings are as follows: 

|**Freehold buildings:**<br>Cost<br>Accumulated depreciation|**2020**<br>**£**<br>150,000<br>(15,000)<br>135,000|**2019**<br>**£**<br>150,000<br>(13,500)|
|---|---|---|
|||136,500|



The freehold property situated at 259 London Road, Leicester was revalued with the RICS Valuation Standards – Global and UK (7th Edition), at a market value of £393,635 on 2 October 2019 by Kevin D Skipworth BSc MRICS, RICS Registered Valuer, who is not connected with the charity. 

The historical cost of the property on 24 June 1974 was £150,000. 

_____________________________________________________________________________________________ 

- 22 - 



**THE MATHEMATICAL ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

## **12 Heritage assets** 

The Charity’s collection of books and periodicals, which are not capitalised and included in these financial statements, are located in the University of Leicester’s David Wilson Library and the Association’s Headquarters.  The Charity’s library is covered by the same insurance arrangements as the University’s own library and the Charity’s own insurance. 

The Library of The Mathematical Association comprises around 12,000 books and 5,500 runs of periodicals from many different countries. The collection covers mathematics, its teaching, history and popularisation, and is particularly rich in its coverage of school and university mathematics textbooks of the nineteenth and twentieth centuries. 

The collection also includes around 850 older or rarer items going back to the sixteenth century.  The Library as a whole is a unique primary source for the history of the mathematics curriculum in the United Kingdom. 

Valuations (for insurance purposes) of the library’s contents: 

|September 1999|Special Collection|£178,940|
|---|---|---|
||Open Stack books|£110,030|
|March 2004|Charles Attwood collection|£18,460|
|June 2005|John Hersee collection|£97,650|
||John Hersee manuscripts|£62,000|



March 2001 the Wittgenstein Archive, which is on loan to Trinity College Library, Cambridge, was valued at £57,500. 

The above books, periodicals and manuscripts have not been included in the balance sheet because, in the opinion of the Council, the cost of regular professional valuation of these assets to include a value in the accounts outweighs the benefits to the users of the financial statements. 

_____________________________________________________________________________________________ 

- 23 - 



**THE MATHEMATICAL ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

**______________________________________________________________________** 

## **13 Debtors** 

|Trade debtors<br>Prepayments and accrued income<br>**14**<br>**Creditors: amounts falling due within one year**<br>Bank loans and overdrafts<br>Trade creditors<br>Other tax and social security<br>Other creditors<br>Accruals and deferred income<br>**15**<br>**Creditors: amounts falling due after more than one year**<br>Bank loans and overdrafts<br>**16    Deferred income**<br>At 1 January 2020<br>Additions during the year<br>Amounts released during the year<br>At 31 December 2020|**2020**<br>**£**<br>17,061<br>24,312<br>41,373<br>**2020**<br>**£**<br>5,000<br>3,317<br>4,697<br>400<br>39,908<br>53,322<br>**2020**<br>**£**<br>45,000<br>45,000<br>**Under 1**<br>**year**<br>**£**<br>26,167<br>36,448<br>(26,167)<br>36,448|**2019**<br>**£**<br>3,354<br>60,416|
|---|---|---|
|||63,770|
|||**2019**<br>**£**<br>-<br>12,054<br>6,262<br>400<br>31,501|
|||50,217|
|||**2019**<br>**£**<br>-|
|||-|
|||**Total**<br>**£**<br>26,167<br>36,448<br>(26,167)|
|||36,448|



All deferred income is due within 1 year and has been deferred for membership subscriptions relating to a 12 month period. 

_____________________________________________________________________________________________ 

- 24 - 



**THE MATHEMATICAL ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

## **17 Leases** 

## **Operating leases - lessee** 

Total future minimum lease payments under non-cancellable operating leases are as follows: 

|Not later than one year<br>Later than one and not later than five years|**2020**<br>**£**<br>2,978<br>4,826<br>7,804|**2019**<br>**£**<br>2,978<br>7,764|
|---|---|---|
|||10,742|



Non-cancellable operating leases relate to telephone and photocopier rental expenses. 

## **18 Fund reconciliation** 

|**Unrestricted funds**<br>Headquarters<br>Branches<br>Revaluation Reserve<br>President’s Fund<br>**Total unrestricted funds**<br>**Restricted funds**<br>Yorkshire Branch masterclasses<br>**Total restricted funds**<br>**Total funds**|**Balance at**<br>**1 January 2020**<br>**Net incoming/**<br>**(outgoing)**<br>**resources**<br>**Transfers**<br>**Balance at**<br>**31 December**<br>**2020**<br>**£**<br>**£**<br>**£**<br>**£**<br>303,113<br>(99,760)<br>1,500<br>204,853<br>14,999<br>(207)<br>-<br>14,792<br>253,199<br>-<br>(1,500)<br>251,699<br>17,297<br>-<br>-<br>17,297|
|---|---|
||588,608<br>(99,967)<br>-<br>488,641|
||6,500<br>-<br>-<br>6,500|
||6,500<br>-<br>-<br>6,500|
||595,108<br>(99,967)<br>-<br>495,141|



## **Unrestricted funds** 

The headquarters fund represents the free funds of the Charity which are not designated for particular purposes. 

The branches fund represents funds held at branches. 

_____________________________________________________________________________________________ 

- 25 - 



**THE MATHEMATICAL ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

## **18 Fund reconciliation (continued)** 

The revaluation reserve represents the difference between the historic cost of the property and its revalued amount. Each year the additional depreciation charged as a result of the revaluation is transferred to Headquarters funds. 

The President’s Fund is a fund set up to hold a previous President’s donations to the Association.  This funding has been used on occasion to assist with fees to attend conferences or courses. 

## **Restricted funds** 

The restricted funds represent income to be utilised on Mathematics Masterclasses, run with the Yorkshire Branch of the Mathematical Association (YBMA). 

## **19 Analysis of net assets between funds** 

|**Current year**<br>Fixed assets<br>Cash and current investments<br>Current liabilities<br>Creditors more than one year<br>**Total 2020**<br>**Comparative year**<br>Fixed assets<br>Cash and current investments<br>Current liabilities<br>**Total 2019**|**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>**£**<br>**£**<br>398,087<br>-<br>188,876<br>6,500<br>(53,322)<br>-<br>(45,000)<br>-<br>488,641<br>6,500<br>**Unrestricted**<br>**funds**<br>**Restricted**<br>**funds**<br>**£**<br>**£**<br>402,456<br>-<br>236,369<br>6,500<br>(50,217)<br>-<br>588,608<br>6,500|**Total**<br>**£**<br>398,087<br>195,376<br>(53,322)<br>(45,000)|
|---|---|---|
|||495,141|
|||**Total**<br>**£**<br>402,456<br>242,869<br>(50,217)|
|||595,108|



_____________________________________________________________________________________________ 

- 26 - 



**THE MATHEMATICAL ASSOCIATION** 

**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR TO 31 DECEMBER 2020** 

## **______________________________________________________________________** 

## **20 Pensions and other post-retirement benefits** 

The charity operates a defined contribution pension plan for its employees.  The amount recognised as an expense in the period was £5,151 (2019 – £6,783). 

At the year end the balance owing was £nil (2019 – £nil) 

## **21 Related party transactions** 

During the year Council member Mr W P Richardson M.B.E. was paid £12,546 (2019 – £12,546) for production of the journal _The Mathematical Gazette._ 

Council member Dr C Pritchard was paid £5,789 (2019 – £1,975) for the shared editing of the journal _Mathematics in School_ . 

Council member Miss C Moseley was paid £957 (2019 – £957) for shared editing of the journal _Primary Mathematics_ . 

Council member Mr P Ransom M.B.E. was paid £627 (2019 – £580) for editing the journal _SymmetryPlus_ (2018 – and the October 2017 _MA News_ ). 

Council member Dr G Leversha was paid £5,771 (2019 – £5,715) for editing the journal _The Mathematical Gazette_ . 

Council member Mr T Roper was paid an Honorarium of £nil (2019 – £94) for the proofing of _The Mathematical Gazette_ . 

Council member Dr R J Huntley was paid an Honorarium of £771 (2019 – £nil) for editing the journal _Primary Mathematics_ . 

Council member Dr E L Lord was paid an Honorarium of £771 (2019 – £nil) for editing the journal _Primary Mathematics_ . 

Council member Mr O L C Toller was paid an Honorarium of £119 (2019 – £nil) for editing the journal _The Mathematical Gazette_ . 

At the year end the balance owing to these Council members was £nil (2019 – £nil). 

## **22 Legal status of the charity** 

The charity is a company limited by guarantee and has no share capital. The liability of each Council member in the event of winding up is limited to £1. 

_____________________________________________________________________________________________ 

- 27 -