Company registration number: 05729264 Charity registration number: 1117838
The Mathematical Association
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2022
Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
The Mathematical Association
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 to 9 |
| Balance Sheet | 10 to 11 |
| Notes to the Financial Statements | 12 to 24 |
The Mathematical Association
Reference and Administrative Details
Dr Nira Chamberlain Stella Dudzic Dr Colin Foster Elizabeth Glaister Sudeep Gokarakonda Lucinda Hamill Dr Paul Harris Dr Andy Kemp Dr Gerald Leversha David Miles Joanne Morgan Cherri Moseley Dr Christopher Pritchard William Richardson Thomas Roper Jemma Sherwood Edward Southall Sue Southward Jill Trinder Nicholas Wilson William Richardson
Trustees
Company Secretary William Richardson Senior Management Team Sandi Atkinson, Executive Officer Charity Registration Number 1117838 Company Registration Number 05729264 Registered Office 259 London Road Leicester LE2 3BE Independent Examiner John O'Brien, employee of Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Page 1
The Mathematical Association
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2022.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Stephen Abbott (resigned 14 April 2022) Dr Nira Chamberlain (appointed 14 April 2022) Stella Dudzic Dr Colin Foster Dr Hannah Fry (resigned 14 April 2022) Elizabeth Glaister Sudeep Gokarakonda (appointed 14 April 2022) Lucinda Hamill Dr Paul Harris Dr Andy Kemp (appointed 14 April 2022) Dr Gerald Leversha David Miles Joanne Morgan Cherri Moseley Dr Christopher Pritchard William Richardson Thomas Roper Jay Bobby Seagull (resigned 14 April 2022) Jemma Sherwood Edward Southall Sue Southward Jill Trinder Nicholas Wilson
Structure, governance and management
Nature of governing document
The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 14 April 2022. It has no share capital and the liability of each member in the event of winding-up is limited to £1.
Page 2
The Mathematical Association
Trustees' Report
Recruitment and 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 seven 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 and this takes place around Easter. Council is mindful of the benefits of it having representatives from primary, secondary, further and higher education.
Objectives and activities
Objects and aims
The objectives 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.
Objectives, strategies and activities
-
to publish periodicals and other items;
-
to provide and maintain a library;
• to employ staff, 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.
Public benefit
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 Associations (MMSA), which represents the classroom facing associations, where we have two representatives who are both trustees.
Page 3
The Mathematical Association
Trustees' Report
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.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Financial review
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.
Members of Council have followed through with their commitment made last year to continue to be mindful of the financial situation of the Association and as such maintain a rigorous policy throughout 2022 and beyond towards the management of its resources and finances.
We have referred to the guidance 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 2022 in response to the financial situation at the end of 2021 the following actions were taken:
-
The formation of a working group comprising of the Chair, Treasurer, Honorary Secretary, Chair of Membership and Executive Officer to monitor and review financial commitments and contracts with a long term view for a sustainable future.
-
Monthly management accounts prepared by an external accountant are reviewed and presented to Trustees at their quarterly meetings.
-
Implemented changes in the production and printing of our main journals to benefit from significant cost savings. This review is now broadening to encompass all journals.
-
Continued to review all provision of services contracts and moved to new suppliers where savings can be made.
-
Continued to develop the activities of the Marketing and Communications Officer to deliver successful campaigns generating increased income from across all areas of the association.
We have now seen the impact and benefit of these actions taken as we post a further reduced deficit of £4,310 this year, we are encouraged that we have and will continue to make informed decisions that will ensure the long-term financial sustainability of the Association.
Page 4
The Mathematical Association
Trustees' Report
Policy on reserves
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.
The reserves of the Association are held in the various funds as detailed in the Financial Statements in note18. 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 and Branch Reserves, should aim to be equivalent to between three and six months of expenditure. As at 31 December 2022 this amount was £58,047 (2021: £38,341) which represents 1-2 months (2021: 1-2 months). The Association will aim to build up the reserves in the coming year.
Principal risks and uncertainties
Financial risks
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, 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.
The pandemic has 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.
Page 5
The Mathematical Association
Trustees' Report
Statement of Responsibilities
The trustees (who are also the directors of The Mathematical Association for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 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 charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 4 March 2023 and signed on its behalf by:
......................................... Thomas Roper Trustee
Page 6
The Mathematical Association
Independent Examiner's Report to the trustees of The Mathematical Association ('the Company')
Independent examiner’s report to the trustees of The Mathematical Association ('the Company')
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity’s trustees 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 charity’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 and Fellow of the Association of Charity Independent Examiners, 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; or
-
the accounts do not accord with those records; or
-
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.
......................................
John O'Brien MSc, FAIA, FCCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners
Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
26/04/2023 Date:.............................
Page 7
The Mathematical Association
Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Investment income 5 Other income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 |
Unrestricted funds £ 10,319 339,981 163 7,399 357,862 (362,172) (362,172) (4,310) (4,310) 457,142 452,832 |
Restricted funds £ - - - - - - - - - 6,500 6,500 |
Total 2022 £ 10,319 339,981 163 7,399 357,862 (362,172) (362,172) (4,310) (4,310) 463,642 459,332 |
Total 2021 £ 7,375 305,067 8 7,215 |
|---|---|---|---|---|
| 319,665 | ||||
| (351,164) | ||||
| (351,164) | ||||
| (31,499) | ||||
| (31,499) 495,141 |
||||
| 463,642 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for the period is shown in note 18.
The notes on pages 12 to 24 form an integral part of these financial statements. Page 8
The Mathematical Association
Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
These are the figures for the previous accounting period and are included for comparative purposes
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Investment income 5 Other income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 |
Unrestricted funds £ 7,375 305,067 8 7,215 319,665 (351,164) (351,164) (31,499) (31,499) 488,641 457,142 |
Restricted funds £ - - - - - - - - - 6,500 6,500 |
Total 2021 £ 7,375 305,067 8 7,215 |
|---|---|---|---|
| 319,665 | |||
| (351,164) | |||
| (351,164) | |||
| (31,499) | |||
| (31,499) 495,141 |
|||
| 463,642 |
The notes on pages 12 to 24 form an integral part of these financial statements. Page 9
The Mathematical Association
(Registration number: 05729264) Balance Sheet as at 31 December 2022
| Note Fixed assets Tangible assets 10 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: Amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 15 Net assets Funds of the charity: Restricted income funds Restricted funds 18 Unrestricted income funds Unrestricted funds Total funds 18 |
2022 £ 385,770 23,155 40,664 100,485 164,304 (60,404) 103,900 489,670 (30,338) 459,332 6,500 452,832 459,332 |
2021 £ 392,489 18,333 44,052 102,607 |
|---|---|---|
| 164,992 (53,839) |
||
| 111,153 | ||
| 503,642 (40,000) |
||
| 463,642 | ||
| 6,500 457,142 |
||
| 463,642 |
For the financial year ending 31 December 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The notes on pages 12 to 24 form an integral part of these financial statements. Page 10
The Mathematical Association
(Registration number: 05729264) Balance Sheet as at 31 December 2022
The financial statements on pages 8 to 24 were approved by the trustees, and authorised for issue on 4 March 2023 and signed on their behalf by:
......................................... Sudeep Gokarakonda Trustee
The notes on pages 12 to 24 form an integral part of these financial statements. Page 11
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
The Mathematical Association 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 notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 12
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Tangible fixed assets
Individual fixed assets costing £500.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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.
Page 13
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Freehold buildings 1% straight line Computer equipment 20% straight line Office equipment 10% straight line
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Page 14
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Restricted income funds are those grants for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Pension costs charges in the Statement of Financial Activities represent the contributions payable by the charity during the year.
2 Income from donations and legacies
| Donations and legacies; Donations from individuals |
Unrestricted funds General £ 10,319 10,319 |
Total 2022 £ 10,319 10,319 |
Total 2021 £ 7,375 |
|---|---|---|---|
| 7,375 |
3 Income from charitable activities
| Members' subscriptions Challenges Gazette Publications Annual conference Advertising & sponsorship Postage Other income Branch income Professional development income Consultancy |
Unrestricted funds General £ 123,776 105,875 41,059 21,253 11,399 15,748 8,885 3,301 660 8,025 - 339,981 |
Total 2022 £ 123,776 105,875 41,059 21,253 11,399 15,748 8,885 3,301 660 8,025 - 339,981 |
Total 2021 £ 118,404 82,894 - 76,193 20,549 - - 1,094 1,261 565 4,107 |
|---|---|---|---|
| 305,067 |
Page 15
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
4 Grants & donations
| Sundry donations HMRC Gift Aid 5 Investment income Interest receivable and similar income; Interest receivable on bank deposits 6 Other income Rental income |
Unrestricted funds £ 793 9,526 10,319 Unrestricted funds General £ 163 Unrestricted funds General £ 7,399 |
Restricted funds £ - - - Total 2022 £ 163 Total 2022 £ 7,399 |
Total £ 793 9,526 |
|---|---|---|---|
| 10,319 | |||
| Total 2021 £ 8 |
|||
| Total 2021 £ 7,215 |
Page 16
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
7 Expenditure on charitable activities
| Advertising, Marketing & Comms Audit & accountancy fees Branches Challenge expenses Committee expenses Conference expenses Bank charges Depreciation Equipment, repairs & renewals Facilities & building maintenance Insurance IT & website Journals Library management fund Legal & professional fees Membership expenses Natwest BBL interest PMC expenses Printing, postage & stationery Professional development Publications Publicity Rates & utilities Salaries, NI & pension Training & staff costs Subscriptions Telephone Travel Trustee expenses Royalties payable Sundry expenses VAT partial exemption adjustment |
Unrestricted funds General £ 10,062 4,823 1,458 270 - 26,452 7,025 7,253 - 7,389 2,555 13,799 - 869 5,174 - 1,120 - 78,533 1,221 24,944 - 10,841 135,770 11,602 720 7,047 - - 398 8 2,839 362,172 |
Total 2022 £ 10,062 4,823 1,458 270 - 26,452 7,025 7,253 - 7,389 2,555 13,799 - 869 5,174 - 1,120 - 78,533 1,221 24,944 - 10,841 135,770 11,602 720 7,047 - - 398 8 2,839 362,172 |
Total 2021 £ - - 745 605 1,383 14,888 2,084 8,685 1,661 12,221 2,587 10,263 99,101 826 9,692 4,423 - 14,760 7,715 56 9,737 326 8,211 133,311 1,240 834 5,270 279 261 - - - |
|---|---|---|---|
| 351,164 |
Page 17
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
8 Net incoming/outgoing resources
Net outgoing resources for the year include:
| Net outgoing resources for the year include: | ||
|---|---|---|
| Depreciation of fixed assets 9 Staff costs The aggregate payroll costs were as follows: Staff costs during the year were: Wages and salaries Social security costs Pension costs Compensation payments |
2022 £ 7,253 2022 £ 123,165 8,394 4,211 - 135,770 |
2021 £ 8,685 |
| 2021 £ 119,361 7,280 4,748 1,922 |
||
| 133,311 |
The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:
| Average number of employees | 2022 No 5 |
2021 No 5 |
|---|---|---|
4 (2021 - 4) of the above employees participated in the Defined Contribution Pension Schemes.
No employee received emoluments of more than £60,000 during the year.
The total employee benefits of the key management personnel of the charity were £51,040 (2021 - £49,344).
Page 18
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
10 Tangible fixed assets
| Cost At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation At 1 January 2022 Charge for the year Eliminated on disposals At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Freehold buildings £ 393,635 - - 393,635 9,936 3,936 - 13,872 379,763 383,699 |
Office equipment £ 5,045 - (762) 4,283 4,207 367 (566) 4,008 275 838 |
Computer equipment £ 39,795 730 (836) 39,689 31,843 2,950 (836) 33,957 5,732 7,952 |
Total £ 438,475 730 (1,598) |
|---|---|---|---|---|
| 437,607 | ||||
| 45,986 7,253 (1,402) |
||||
| 51,837 | ||||
| 385,770 | ||||
| 392,489 |
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.
11 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.
Page 19
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
12 Stock
| 12 Stock | ||
|---|---|---|
| Stocks 13 Debtors Trade debtors Prepayments Accrued income Other debtors |
2022 £ 23,155 2022 £ 2,412 8,871 24,006 5,375 40,664 |
2021 £ 18,333 |
| 2021 £ 6,025 13,784 24,243 - |
||
| 44,052 |
14 Creditors: amounts falling due within one year
| 14 Creditors: amounts falling due within one year | ||
|---|---|---|
| Bank loans Trade creditors Other taxation and social security Other creditors Accruals Deferred income |
2022 £ 10,000 7,332 11,885 591 2,570 28,026 60,404 |
2021 £ 10,000 4,478 3,157 - 1,650 34,554 |
| 53,839 |
Page 20
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
15 Creditors: amounts falling due after one year
| Bank loans | 2022 £ 30,338 |
2021 £ 40,000 |
|---|---|---|
A Bounce Back Loan of £50,000 was taken out in June 2020. Repayment of the loan started in January 2022. Total amount repayable is £53,909.40.
16 Obligations under leases and hire purchase contracts
Operating lease commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| Other Within one year Between one and five years |
2022 £ 2,972 3,082 6,054 |
2021 £ 2,972 3,568 |
|---|---|---|
| 6,540 |
Non-cancellable operating leases relate to telephone and photocopier rental expenses.
Page 21
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
17 Charity status
The charity is a company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
18 Funds
| Unrestricted funds General Headquarters Branches Revaluation Reserve President's Fund Restricted funds Yorkshire Branch masterclasses Total funds |
Balance at 1 January 2022 £ 180,631 9,015 250,199 17,297 457,142 6,500 463,642 |
Incoming resources £ 357,862 - - - 357,862 - 357,862 |
Resources expended £ (362,172) - - - (362,172) - (362,172) |
Balance at 31 December 2022 £ 176,321 9,015 250,199 17,297 |
|---|---|---|---|---|
| 452,832 6,500 |
||||
| 459,332 |
The specific purposes for which the funds are to be applied are as follows:
The restricted fund is for the Yorkshire Branch to run mathematics masterclasses.
Page 22
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
19 Analysis of net assets between funds
Unrestricted
| Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets |
General £ 385,770 157,804 (60,404) (30,338) 452,832 Unrestricted General £ 392,489 158,492 (53,839) (40,000) 457,142 |
Restricted £ - 6,500 - - 6,500 Restricted £ - 6,500 - - 6,500 |
2022 Total funds £ 385,770 164,304 (60,404) (30,338) |
|---|---|---|---|
| 459,332 | |||
| 2021 Total funds £ 392,489 164,992 (53,839) (40,000) |
|||
| 463,642 |
20 Fees payable to independent examiner
During the period, the fees payable (excluding VAT) to the charity’s independent examiner Community Accounting Plus are analysed as follows:
| Independent examination | 2022 £ 1,440 |
2021 £ 1,400 |
|---|---|---|
Page 23
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
21 Taxation
The charity is a registered charity and is therefore exempt from taxation.
22 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Dr Colin Foster
£Nil (2021: £30) of expenses were reimbursed to Dr Colin Foster during the year.
At the balance sheet date the amount due Dr Colin Foster was £Nil (2021: £Nil).
Dr Gerald Leversha
Dr Gerald Leversha received remuneration of £5,820 (2021: £5,820) and £1,129 (2021: £1,093) of expenses were reimbursed to Dr Gerald Leversha during the year.
Remuneration was paid for editing the journal The Mathematical Gazette.
At the balance sheet date the amount due Dr Gerald Leversha was £Nil (2021: £Nil).
Cherri Moseley
Cherri Moseley received remuneration of £Nil (2021: £957) and £44 (2021: £78) of expenses were reimbursed to Cherri Moseley during the year.
Remuneration was an Honorarium for shared editing of the journal Primary Mathematics. Expenses are for travel and accommodation.
At the balance sheet date the amount due Cherri Moseley was £Nil (2021: £Nil).
Dr Christopher Pritchard
Dr Christopher Pritchard received remuneration of £4,824 (2021: £4,824) during the year.
Remuneration was for the shared editing of the journal Mathematics in School.
At the balance sheet date the amount due Dr Christopher Pritchard was £Nil (2021: £Nil).
William Richardson
William Richardson received remuneration of £9,731 (2021: £12,456) and £Nil (2021: £13) of expenses were reimbursed to William Richardson during the year.
Remuneration was for production of the journal The Mathematical Gazette.
At the balance sheet date the amount due William Richardson was £Nil (2021: £Nil).
No trustees have received any other benefits from the charity during the year.
Page 24
Company registration number: 05729264 Charity registration number: 1117838
The Mathematical Association
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2022
Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
The Mathematical Association
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 to 9 |
| Balance Sheet | 10 to 11 |
| Notes to the Financial Statements | 12 to 24 |
The Mathematical Association
Reference and Administrative Details
Dr Nira Chamberlain Stella Dudzic Dr Colin Foster Elizabeth Glaister Sudeep Gokarakonda Lucinda Hamill Dr Paul Harris Dr Andy Kemp Dr Gerald Leversha David Miles Joanne Morgan Cherri Moseley Dr Christopher Pritchard William Richardson Thomas Roper Jemma Sherwood Edward Southall Sue Southward Jill Trinder Nicholas Wilson William Richardson
Trustees
Company Secretary William Richardson Senior Management Team Sandi Atkinson, Executive Officer Charity Registration Number 1117838 Company Registration Number 05729264 Registered Office 259 London Road Leicester LE2 3BE Independent Examiner John O'Brien, employee of Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Page 1
The Mathematical Association
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 December 2022.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Stephen Abbott (resigned 14 April 2022) Dr Nira Chamberlain (appointed 14 April 2022) Stella Dudzic Dr Colin Foster Dr Hannah Fry (resigned 14 April 2022) Elizabeth Glaister Sudeep Gokarakonda (appointed 14 April 2022) Lucinda Hamill Dr Paul Harris Dr Andy Kemp (appointed 14 April 2022) Dr Gerald Leversha David Miles Joanne Morgan Cherri Moseley Dr Christopher Pritchard William Richardson Thomas Roper Jay Bobby Seagull (resigned 14 April 2022) Jemma Sherwood Edward Southall Sue Southward Jill Trinder Nicholas Wilson
Structure, governance and management
Nature of governing document
The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 14 April 2022. It has no share capital and the liability of each member in the event of winding-up is limited to £1.
Page 2
The Mathematical Association
Trustees' Report
Recruitment and 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 seven 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 and this takes place around Easter. Council is mindful of the benefits of it having representatives from primary, secondary, further and higher education.
Objectives and activities
Objects and aims
The objectives 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.
Objectives, strategies and activities
-
to publish periodicals and other items;
-
to provide and maintain a library;
• to employ staff, 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.
Public benefit
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 Associations (MMSA), which represents the classroom facing associations, where we have two representatives who are both trustees.
Page 3
The Mathematical Association
Trustees' Report
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.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Financial review
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.
Members of Council have followed through with their commitment made last year to continue to be mindful of the financial situation of the Association and as such maintain a rigorous policy throughout 2022 and beyond towards the management of its resources and finances.
We have referred to the guidance 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 2022 in response to the financial situation at the end of 2021 the following actions were taken:
-
The formation of a working group comprising of the Chair, Treasurer, Honorary Secretary, Chair of Membership and Executive Officer to monitor and review financial commitments and contracts with a long term view for a sustainable future.
-
Monthly management accounts prepared by an external accountant are reviewed and presented to Trustees at their quarterly meetings.
-
Implemented changes in the production and printing of our main journals to benefit from significant cost savings. This review is now broadening to encompass all journals.
-
Continued to review all provision of services contracts and moved to new suppliers where savings can be made.
-
Continued to develop the activities of the Marketing and Communications Officer to deliver successful campaigns generating increased income from across all areas of the association.
We have now seen the impact and benefit of these actions taken as we post a further reduced deficit of £4,310 this year, we are encouraged that we have and will continue to make informed decisions that will ensure the long-term financial sustainability of the Association.
Page 4
The Mathematical Association
Trustees' Report
Policy on reserves
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.
The reserves of the Association are held in the various funds as detailed in the Financial Statements in note18. 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 and Branch Reserves, should aim to be equivalent to between three and six months of expenditure. As at 31 December 2022 this amount was £58,047 (2021: £38,341) which represents 1-2 months (2021: 1-2 months). The Association will aim to build up the reserves in the coming year.
Principal risks and uncertainties
Financial risks
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, 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.
The pandemic has 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.
Page 5
The Mathematical Association
Trustees' Report
Statement of Responsibilities
The trustees (who are also the directors of The Mathematical Association for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 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 charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 4 March 2023 and signed on its behalf by:
......................................... Thomas Roper Trustee
Page 6
The Mathematical Association
Independent Examiner's Report to the trustees of The Mathematical Association ('the Company')
Independent examiner’s report to the trustees of The Mathematical Association ('the Company')
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity’s trustees 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 charity’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 and Fellow of the Association of Charity Independent Examiners, 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; or
-
the accounts do not accord with those records; or
-
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.
......................................
John O'Brien MSc, FAIA, FCCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners
Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
26/04/2023 Date:.............................
Page 7
The Mathematical Association
Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Investment income 5 Other income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 |
Unrestricted funds £ 10,319 339,981 163 7,399 357,862 (362,172) (362,172) (4,310) (4,310) 457,142 452,832 |
Restricted funds £ - - - - - - - - - 6,500 6,500 |
Total 2022 £ 10,319 339,981 163 7,399 357,862 (362,172) (362,172) (4,310) (4,310) 463,642 459,332 |
Total 2021 £ 7,375 305,067 8 7,215 |
|---|---|---|---|---|
| 319,665 | ||||
| (351,164) | ||||
| (351,164) | ||||
| (31,499) | ||||
| (31,499) 495,141 |
||||
| 463,642 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for the period is shown in note 18.
The notes on pages 12 to 24 form an integral part of these financial statements. Page 8
The Mathematical Association
Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
These are the figures for the previous accounting period and are included for comparative purposes
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Investment income 5 Other income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 |
Unrestricted funds £ 7,375 305,067 8 7,215 319,665 (351,164) (351,164) (31,499) (31,499) 488,641 457,142 |
Restricted funds £ - - - - - - - - - 6,500 6,500 |
Total 2021 £ 7,375 305,067 8 7,215 |
|---|---|---|---|
| 319,665 | |||
| (351,164) | |||
| (351,164) | |||
| (31,499) | |||
| (31,499) 495,141 |
|||
| 463,642 |
The notes on pages 12 to 24 form an integral part of these financial statements. Page 9
The Mathematical Association
(Registration number: 05729264) Balance Sheet as at 31 December 2022
| Note Fixed assets Tangible assets 10 Current assets Stocks 12 Debtors 13 Cash at bank and in hand Creditors: Amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 15 Net assets Funds of the charity: Restricted income funds Restricted funds 18 Unrestricted income funds Unrestricted funds Total funds 18 |
2022 £ 385,770 23,155 40,664 100,485 164,304 (60,404) 103,900 489,670 (30,338) 459,332 6,500 452,832 459,332 |
2021 £ 392,489 18,333 44,052 102,607 |
|---|---|---|
| 164,992 (53,839) |
||
| 111,153 | ||
| 503,642 (40,000) |
||
| 463,642 | ||
| 6,500 457,142 |
||
| 463,642 |
For the financial year ending 31 December 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The notes on pages 12 to 24 form an integral part of these financial statements. Page 10
The Mathematical Association
(Registration number: 05729264) Balance Sheet as at 31 December 2022
The financial statements on pages 8 to 24 were approved by the trustees, and authorised for issue on 4 March 2023 and signed on their behalf by:
......................................... Sudeep Gokarakonda Trustee
The notes on pages 12 to 24 form an integral part of these financial statements. Page 11
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
The Mathematical Association 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 notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 12
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).
Tangible fixed assets
Individual fixed assets costing £500.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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.
Page 13
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Freehold buildings 1% straight line Computer equipment 20% straight line Office equipment 10% straight line
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Page 14
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
Restricted income funds are those grants for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Pension costs charges in the Statement of Financial Activities represent the contributions payable by the charity during the year.
2 Income from donations and legacies
| Donations and legacies; Donations from individuals |
Unrestricted funds General £ 10,319 10,319 |
Total 2022 £ 10,319 10,319 |
Total 2021 £ 7,375 |
|---|---|---|---|
| 7,375 |
3 Income from charitable activities
| Members' subscriptions Challenges Gazette Publications Annual conference Advertising & sponsorship Postage Other income Branch income Professional development income Consultancy |
Unrestricted funds General £ 123,776 105,875 41,059 21,253 11,399 15,748 8,885 3,301 660 8,025 - 339,981 |
Total 2022 £ 123,776 105,875 41,059 21,253 11,399 15,748 8,885 3,301 660 8,025 - 339,981 |
Total 2021 £ 118,404 82,894 - 76,193 20,549 - - 1,094 1,261 565 4,107 |
|---|---|---|---|
| 305,067 |
Page 15
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
4 Grants & donations
| Sundry donations HMRC Gift Aid 5 Investment income Interest receivable and similar income; Interest receivable on bank deposits 6 Other income Rental income |
Unrestricted funds £ 793 9,526 10,319 Unrestricted funds General £ 163 Unrestricted funds General £ 7,399 |
Restricted funds £ - - - Total 2022 £ 163 Total 2022 £ 7,399 |
Total £ 793 9,526 |
|---|---|---|---|
| 10,319 | |||
| Total 2021 £ 8 |
|||
| Total 2021 £ 7,215 |
Page 16
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
7 Expenditure on charitable activities
| Advertising, Marketing & Comms Audit & accountancy fees Branches Challenge expenses Committee expenses Conference expenses Bank charges Depreciation Equipment, repairs & renewals Facilities & building maintenance Insurance IT & website Journals Library management fund Legal & professional fees Membership expenses Natwest BBL interest PMC expenses Printing, postage & stationery Professional development Publications Publicity Rates & utilities Salaries, NI & pension Training & staff costs Subscriptions Telephone Travel Trustee expenses Royalties payable Sundry expenses VAT partial exemption adjustment |
Unrestricted funds General £ 10,062 4,823 1,458 270 - 26,452 7,025 7,253 - 7,389 2,555 13,799 - 869 5,174 - 1,120 - 78,533 1,221 24,944 - 10,841 135,770 11,602 720 7,047 - - 398 8 2,839 362,172 |
Total 2022 £ 10,062 4,823 1,458 270 - 26,452 7,025 7,253 - 7,389 2,555 13,799 - 869 5,174 - 1,120 - 78,533 1,221 24,944 - 10,841 135,770 11,602 720 7,047 - - 398 8 2,839 362,172 |
Total 2021 £ - - 745 605 1,383 14,888 2,084 8,685 1,661 12,221 2,587 10,263 99,101 826 9,692 4,423 - 14,760 7,715 56 9,737 326 8,211 133,311 1,240 834 5,270 279 261 - - - |
|---|---|---|---|
| 351,164 |
Page 17
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
8 Net incoming/outgoing resources
Net outgoing resources for the year include:
| Net outgoing resources for the year include: | ||
|---|---|---|
| Depreciation of fixed assets 9 Staff costs The aggregate payroll costs were as follows: Staff costs during the year were: Wages and salaries Social security costs Pension costs Compensation payments |
2022 £ 7,253 2022 £ 123,165 8,394 4,211 - 135,770 |
2021 £ 8,685 |
| 2021 £ 119,361 7,280 4,748 1,922 |
||
| 133,311 |
The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:
| Average number of employees | 2022 No 5 |
2021 No 5 |
|---|---|---|
4 (2021 - 4) of the above employees participated in the Defined Contribution Pension Schemes.
No employee received emoluments of more than £60,000 during the year.
The total employee benefits of the key management personnel of the charity were £51,040 (2021 - £49,344).
Page 18
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
10 Tangible fixed assets
| Cost At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation At 1 January 2022 Charge for the year Eliminated on disposals At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Freehold buildings £ 393,635 - - 393,635 9,936 3,936 - 13,872 379,763 383,699 |
Office equipment £ 5,045 - (762) 4,283 4,207 367 (566) 4,008 275 838 |
Computer equipment £ 39,795 730 (836) 39,689 31,843 2,950 (836) 33,957 5,732 7,952 |
Total £ 438,475 730 (1,598) |
|---|---|---|---|---|
| 437,607 | ||||
| 45,986 7,253 (1,402) |
||||
| 51,837 | ||||
| 385,770 | ||||
| 392,489 |
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.
11 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.
Page 19
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
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.
12 Stock
| 12 Stock | ||
|---|---|---|
| Stocks 13 Debtors Trade debtors Prepayments Accrued income Other debtors |
2022 £ 23,155 2022 £ 2,412 8,871 24,006 5,375 40,664 |
2021 £ 18,333 |
| 2021 £ 6,025 13,784 24,243 - |
||
| 44,052 |
14 Creditors: amounts falling due within one year
| 14 Creditors: amounts falling due within one year | ||
|---|---|---|
| Bank loans Trade creditors Other taxation and social security Other creditors Accruals Deferred income |
2022 £ 10,000 7,332 11,885 591 2,570 28,026 60,404 |
2021 £ 10,000 4,478 3,157 - 1,650 34,554 |
| 53,839 |
Page 20
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
15 Creditors: amounts falling due after one year
| Bank loans | 2022 £ 30,338 |
2021 £ 40,000 |
|---|---|---|
A Bounce Back Loan of £50,000 was taken out in June 2020. Repayment of the loan started in January 2022. Total amount repayable is £53,909.40.
16 Obligations under leases and hire purchase contracts
Operating lease commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| Other Within one year Between one and five years |
2022 £ 2,972 3,082 6,054 |
2021 £ 2,972 3,568 |
|---|---|---|
| 6,540 |
Non-cancellable operating leases relate to telephone and photocopier rental expenses.
Page 21
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
17 Charity status
The charity is a company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
18 Funds
| Unrestricted funds General Headquarters Branches Revaluation Reserve President's Fund Restricted funds Yorkshire Branch masterclasses Total funds |
Balance at 1 January 2022 £ 180,631 9,015 250,199 17,297 457,142 6,500 463,642 |
Incoming resources £ 357,862 - - - 357,862 - 357,862 |
Resources expended £ (362,172) - - - (362,172) - (362,172) |
Balance at 31 December 2022 £ 176,321 9,015 250,199 17,297 |
|---|---|---|---|---|
| 452,832 6,500 |
||||
| 459,332 |
The specific purposes for which the funds are to be applied are as follows:
The restricted fund is for the Yorkshire Branch to run mathematics masterclasses.
Page 22
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
19 Analysis of net assets between funds
Unrestricted
| Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets |
General £ 385,770 157,804 (60,404) (30,338) 452,832 Unrestricted General £ 392,489 158,492 (53,839) (40,000) 457,142 |
Restricted £ - 6,500 - - 6,500 Restricted £ - 6,500 - - 6,500 |
2022 Total funds £ 385,770 164,304 (60,404) (30,338) |
|---|---|---|---|
| 459,332 | |||
| 2021 Total funds £ 392,489 164,992 (53,839) (40,000) |
|||
| 463,642 |
20 Fees payable to independent examiner
During the period, the fees payable (excluding VAT) to the charity’s independent examiner Community Accounting Plus are analysed as follows:
| Independent examination | 2022 £ 1,440 |
2021 £ 1,400 |
|---|---|---|
Page 23
The Mathematical Association
Notes to the Financial Statements for the Year Ended 31 December 2022
21 Taxation
The charity is a registered charity and is therefore exempt from taxation.
22 Trustees remuneration and expenses
During the year the charity made the following transactions with trustees:
Dr Colin Foster
£Nil (2021: £30) of expenses were reimbursed to Dr Colin Foster during the year.
At the balance sheet date the amount due Dr Colin Foster was £Nil (2021: £Nil).
Dr Gerald Leversha
Dr Gerald Leversha received remuneration of £5,820 (2021: £5,820) and £1,129 (2021: £1,093) of expenses were reimbursed to Dr Gerald Leversha during the year.
Remuneration was paid for editing the journal The Mathematical Gazette.
At the balance sheet date the amount due Dr Gerald Leversha was £Nil (2021: £Nil).
Cherri Moseley
Cherri Moseley received remuneration of £Nil (2021: £957) and £44 (2021: £78) of expenses were reimbursed to Cherri Moseley during the year.
Remuneration was an Honorarium for shared editing of the journal Primary Mathematics. Expenses are for travel and accommodation.
At the balance sheet date the amount due Cherri Moseley was £Nil (2021: £Nil).
Dr Christopher Pritchard
Dr Christopher Pritchard received remuneration of £4,824 (2021: £4,824) during the year.
Remuneration was for the shared editing of the journal Mathematics in School.
At the balance sheet date the amount due Dr Christopher Pritchard was £Nil (2021: £Nil).
William Richardson
William Richardson received remuneration of £9,731 (2021: £12,456) and £Nil (2021: £13) of expenses were reimbursed to William Richardson during the year.
Remuneration was for production of the journal The Mathematical Gazette.
At the balance sheet date the amount due William Richardson was £Nil (2021: £Nil).
No trustees have received any other benefits from the charity during the year.
Page 24
Annual accounts 31 December 2022 report to the management committee
The Mathematical Association 259 London Road Leicester LE2 3BE
Please reply to Helen
20[th] March 2023
Dear Board Members,
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