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← The African Institute For Mathematical Sciences - Next Einstein Initiative Foundation (UK)

2025-06-30-accounts

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES – NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

(A COMPANY LIMITED BY GUARANTEE)

Trustees’ Report and Financial Statements

Year Ended 30 June 2025

Company Registration Number: 07265648 (England and Wales) Charity Registration Number: 1138466

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A Company Limited by Guarantee)

Trustees Professor Neil Turok (Chair)
Mr Mohammed Gharbi
Mr. Elabdel Kader Ndiaye
Professor Thuli Madonsela
Mr. Charles O. Boamah
Charity number: 1138466 (England and Wales)
Company number 07265648 (England and Wales)
NP/Network President Prof. Sam Yala as Network President
Principal address De Morgan House 57-58 Russell Square
London
WC1B 4HS
Registered Office De Morgan House 57-58 Russell Square
London
WC1B 4HS
Auditors Moore Kingston Smith LLP
10 Orange Street
Haymarket
London
WC2H 7DQ
Solicitors Edwin Coe LLP
2 Stone Buildings
Lincoln’s Inn
London
WC2A 3TH

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

CONTENTS

Page
Trustees' report 1 - 12
Statement of trustees' responsibilities 13
Independent auditor's report 14-16
Statement of financial activities 17
Balance sheet 18
Statement of cash flows 19
Notes to the financial statements 20-28

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025

INTRODUCTION

The Trustees present their report which also contains the directors’ report as required by company law and financial statements for the year ended 30 June 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Memorandum and Articles of Association, the Companies Act 2006 and the requirements of “ 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 (FRS102) (effective 1 January 2019)”.

OBJECTIVES AND ACTIVITIES

The African Institute for Mathematical Sciences (AIMS) NEI UK Foundation is a grant making charity which supports the AIMS Network by raising funds to support AIMS programs and then granting funds to other AIMS entities.

The Memorandum and Articles of Association state that the objectives of the AIMS NEI UK Foundation are the furtherance of education and skills development for the public benefit through the establishment and support of a network of institutes for the mathematical sciences throughout Africa and the provision of scholarship funding to enable students in financial hardship to pursue their mathematical and scientific education at these institutes.

During the reporting period, the AIMS Rwanda Centre served as the operational arm of the AIMS NEI UK Foundation. This role has been played by AIMS Rwanda Centre with effect from July 01, 2023. The governance and operational relationship between the AIMS NEI Centres are outlined in a detailed legal contract that lays out the obligations of each party.

AIMS ensures that all its activities are for charitable purposes and for the benefit of the public in general.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

AIMS NEI UK Foundation is a charitable company, limited by guarantee. The Foundation was incorporated on 26 May 2010 and registered as a charity on 19 October 2010. The Foundation was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £10.

Recruitment and Appointment of Trustees

Under the requirements of the Memorandum and Articles of Association, the minimum number of Trustees of the charity is three with no maximum unless determined by ordinary resolution. They do not have to be re-elected to the Board of Trustees at Annual General Meetings, but at least one-third do step down at each Annual General Meeting to allow new members to step in. The Board Charter explains that the Board members (trustees) will be provided with an orientation and education program that will include written information about the business and operations of AIMS, documents from the recent board meetings, and opportunities for meetings and discussions with the senior management and other Board members.

The Board of Trustees includes senior academics working in the field of mathematical sciences and senior executives from the financial and non-profit sectors. Over the years, the Board has expanded its membership to include additional corporate expertise and consider gender composition. Trustees hold office for a term of up to five years and are eligible for reappointment. Trustees’ positions are volunteer positions and they receive no compensation and can cease office by resignation at any time. Table 1 below presents the list of AIMS Trustees who served during the reporting period and up to the date of signature of the financial statements. There were no changes in the Board of Trustees during the year.

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Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025

Table 1: A List of AIMS NEI Trustees

Name of Trustee Position
1.
Prof. Neil Turok
(Chair)		 Founder of AIMS, Higgs Chair of Theoretical Physics, University of Edinburgh
2.
Mr.
Mohammed
Gharbi		 Former Vice President and Chief of Staff at the African Development Bank
3.
Prof.
Thuli
Madonsela		 Professor of Law and Chair in Social Justice at Stellenbosch University; and Former Public
Protector of South Africa
4.
Mr. Elabdel Kader
Ndiaye		 Vice-President of the Chamber of Commerce and Industry of Dakar, Senegal.
5.
Mr.
Charles
O.
Boamah		 Ex-Senior Vice President of the African Development Bank

RESERVES POLICY

AIMS tries to build and maintain an adequate level of reserves through unrestricted funds it generates from the donors and administrative costs it recovers from the restricted funds to support the institution’s day-to-day operations in the event of unforeseen shortfalls. Such reserves are allocated based on the needs of the entities. The purpose of the reserves is to ensure the stability of the mission, programs, employment, and ongoing operations of the institution. Reserves may also be used (depending on whether restricted or unrestricted) for one-time, nonrecurring expenses that will build long-term capacity, such as staff development, research and development, or investment in infrastructure. Unfunded AIMS UK’s operational needs were supported by the administrative overheads accumulated in the reserves (unrestricted equity at AIMS Rwanda Centre). As of 30 June 2025, our total Reserves were negative $14,251 in unrestricted funds. The deficit in unrestricted funds in 2025-2026 will be bridged through the funding support from AIMS Rwanda Centre. AIMS will try to maintain a positive reserve of 50% of its annual operational needs, which is about $ 40,000.

GRANT MAKING POLICY

The AIMS Network is funded by governments, foundations and the private sector. AIMS therefore places a strong emphasis on financial stewardship. The International Governing Board (IGB) through its Audit and Finance Committee (AFC), provides financial management leadership and expertise and sets the framework within which financial operations are managed. Financial accountability means that by AIMS being a not-for-profit organization, it must account for all the funds received and report on what has been achieved by using those resources. The mechanisms and structures that support AIMS’ accountability include: an Executive Management team; dedicated and segregated administrative and program units including finance, grants and program management with strong monitoring, evaluation and oversight; well-established and tested business practices; annual internal and independent audits and organizational evaluations; accessible organizational information; reports to stakeholders including funders; and engagement with the public at large, especially Africans. When donor funding agreements are initiated and signed with AIMS UK, then the AIMS Rwanda Centre manages and reports on such funds on behalf of the AIMS UK.

RISK MANAGEMENT

RISKS MITIGATION MEASURES
Funding risks (High)
Risk of not being able to secure funds to support AIMS
UK operations and support its charitable activities.		 AIMS Executive management team with support from the Board of
Trustees is working closely with the long-time donors of AIMS MCF
and working closely with new donors to secure funding. A long-term
funding agreement with the Mastercard Foundation was signed in
August 2024.

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Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025

RISKS MITIGATION MEASURES
IT security risk (Medium)
Cyber-attack (through phishing, scam, spam, viruses, etc.) could
result in loss of information and records and can negatively
impact the operations.		 Management constantly reviews cyber security efforts to deal with
any emergencies and ensures sufficient back-up of the network
systems and information. In addition, there is a business continuity
plan to deal with any eventuality in case of failure of computer
systems due to cyber-attack.
Risk of AIMS UK not having a bank account (Medium)
Due to not able to open bank accounts for AIMS operations in UK
could affect AIMS existence in UK.		 As per the legal opinion received so far, not having a bank account
will not affect AIMS’ charitable status or its existence as a legal
entity in UK.

THE ORGANIZATIONAL STRUCTURE

During the reporting period, the day-to-day management and administration of AIMS NEI UK Foundation were delegated to the Network President (NP) and the Chief Financial Officer (CFO) of AIMS Network by the AIMS UK Board of Trustees. The NP and the CFO were based at AIMS’ Rwanda Centre in Kigali, Rwanda and were responsible for management of AIMS NEI UK Foundation operations.

The Board of Trustees also serves as the International Governing Board (IGB) responsible for strategic planning and decision-making regarding the establishment and coordination of the network of AIMS Centres.

The International Governing Board serves as the overarching governing body of the AIMS organization and its affiliated entities, including Chapters and AIMS Centres of Excellence. AIMS South Africa, AIMS Ghana, AIMS Cameroon, and AIMS Senegal each maintain local governance structures, including Boards of Trustees composed of national and international academics, private sector leaders, and representatives of partner organizations. AIMS Rwanda, AIMS UK, and AIMS Germany are governed by the IGB, while AIMS Canada operates under a separate Board of Directors.

The AIMS International Governing Board is responsible for approving the strategic plans and budgets for all AIMS entities as well as strategic decisions for the organization. Accountable to the Board, the NP is responsible for the strategic direction of the organization while the Executive Team led by the NP is responsible for the operations of the organization including overseeing and ensuring the implementation of the programs within the approved budgetary periods and limits.

During the reporting period, the AIMS Rwanda Centre served as a coordinating body to ensure all activities of the organization are carried out as expected while maintaining both international and local standards and practices.

At the Network level there are various policies such as finance, procurement and human resources that guide decisions and processes. Some elements are to be applied network wide while allowing room for areas where local laws supersede, for the adaptations to be made in a manner that allows for continued accountability and transparency in the use of donor funds.

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Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025

RELATED PARTIES AND RELATIONSHIPS WITH OTHER CHARITIES

The AIMS NEI UK Foundation has been created to mobilize resources and manage donor relations for the growing network of AIMS Centres across Africa. The AIMS NEI Rwanda Centre served to coordinate and channel funds to the various entities on behalf of AIMS NEI UK Foundation.

The AIMS Rwanda Centre complies with and facilitates the AIMS NEI UK Foundation’s compliance requirements with all statutory requirements about financial statements, audit or examination of financial statements, annual reports and annual returns. The Rwanda Centre closely monitored the delivery and success of all programs funded by the donors to ensure that the aims and objectives are being met and the terms and conditions of the donors are respected.

The AIMS NEI Rwanda Centre instituted a contractual agreement with each AIMS Centre, as an accountability mechanism between all parties for the management and operations of the Centres as a whole, including compliance with the terms and conditions stipulated in the agreements between AIMS NEI and its donors. The AIMS NEI UK Foundation has also established a contractual relationship with AIMS NEI Chapters in Canada and Germany to provide funding and/or channel funding through them to the Centres.

The AIMS NEI UK Foundation is accountable for all donor funds that are received following the signing of the grant agreement between the donor and AIMS NEI UK Foundation. As a coordinating body, the AIMS NEI Rwanda Centre holds overall accountability for all donor funds and as such, it has signed a Memorandum of Understanding with each of the AIMS entities.

All trustees (Board members) serve voluntarily and no remuneration (in any form) is paid to them.

GOING CONCERN

The Trustees recognise that the charity has an overall deficit; the AIMS Rwanda Centre has agreed to continue to provide funding as necessary to the UK Foundation and to make sure that the Charity continues to operate without disruptions. The Charity continues to monitor the impact of cost inflation and currency fluctuations on its finances and so far, has not seen any major impact.

AIMS UK does not have a primary main source of funding and is currently supported by the AIMS Network through the AIMS Rwanda Centre. In collaboration with the AIMS Network, AIMS UK will continue to pursue additional funding opportunities to ensure its long -term sustainability.

On the basis of the above, at the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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.

FINANCIAL OVERVIEW

Financial summary

During the 01 July 2024 to 30 June 2025 financial year, the charity’s income was $ nil . The major source of income at AIMS NEI UK Foundation is the final payment of restricted funding from International Development Research Centre under the Mathematical Sciences for Climate Change Resilience (MS4CR) project, which ended on 30 June 2023. There are no other sources of funding specific to AIMS NEI UK Foundation. The administrative overheads of the AIMS NEI UK Foundation are supported by the AIMS Rwanda Centre from the unrestricted funds it receives from various donors. During the year the Charity granted funds of $ nil (2024: $ 450,067) to other AIMS entities.

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Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025

Significant events, risks and uncertainties affecting the financial performance and position of the charity, include in particular:

  1. No significant event occurred during the period that affected the Financial Performance of the charity.

  2. UK Charity needs approximately USD 80,000 annually to cover its administrative overheads. All administrative costs are fully funded by AIMS Rwanda Centre through the Mastercard Foundation-funded project. Factors that are likely to affect the financial performance or position going forward:

  3. Our total Reserves at the end of the year were negative $14,251 in unrestricted funds.

  4. The Board is closely monitoring its deficit in unrestricted reserves and continues to engage with long-standing donors to explore opportunities for securing additional unrestricted funding to address the shortfall.

Breakdown of the funds granted

Schedule of the breakdown of the funds granted to the other entities by function is explained below. The AIMS-NEI UK Foundation has not incurred any expenses for the other entities in the last two financial years.

Breakdown of the funds transferred to the other entities by function

2025 2024
Program - 412,962
Academic Support - 137,018
Advancement and Fundraising - 0
Teachers Training Program - 0
Public Engagement - 0
Research and Quantum Leap Africa - 170,728
Monitoring and Evaluation - 0
Industry Initiative and Next Einstein Forum - 22,770
Operation - 0
Program Support - 82,446
Non Program - 37,105
Admin& Finance - 27,889
Human Resources,IT,and other common costs - 9,216
Grand Total - 450,067

FUTURE PLANS

AIMS UK Foundation will continue to support AIMS’ efforts in securing funds to support its activities by engaging various stakeholder groups (public, academia, science community, philanthropists, private sector etc.) through meetings, conferences, workshops, and public events, designed to promote awareness of AIMS through the engagement of alumni, partners and potential supporters in the UK.

ACHIEVEMENTS AND PERFORMANCE OF AIMS NETWORK

This segment of the report (achievements and performance of AIMS Network), on pages 6 to 11, talks specifically about the performance of AIMS Network of entities and inclusion of this segment in the Trustees report is to provide additional information to the users on the achievements of AIMS globally.

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Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025

AIMS VISION AND MISSION

The African Institute for Mathematical Sciences (AIMS) is a Pan-African network of Centres of Excellence for post-graduate education, training, research, and public engagement in mathematical sciences. AIMS’ vision is a prosperous Africa propelled by innovative education and mathematical sciences. AIMS’ mission is to empower talented young Africans to be creative leaders of science and technology. AIMS’ core values are excellence, equity & inclusion, integrity, and Pan-Africanism.

OBJECTIVES AND MAIN ACTIVITIES

Objectives

AIMS Main Activities

To meet its objectives, AIMS implements several activities across its network. AIMS Council of Centre Presidents, the operational decision-making body, coordinates the activities of the network with support from the Centre’s management and staff. The activities include world-class post-graduate training, teachers training programs, scientific research into the challenges facing humankind, transitioning young Africans to employment, outreach, and impactful public engagement.

WORLD-CLASS EDUCATION AND TRAINING IN MATHEMATICAL SCIENCES

AIMS continues to build the capacity of talented young African scientists by delivering advanced training in mathematical sciences at the postgraduate level. AIMS is addressing the critical lack of skilled personnel across the continent by building human capacity and technical expertise in STEM. The AIMS Master’s programs follow a blended learning approach, with most courses delivered in person at AIMS Centres with visiting lecturers from across Africa and around the world, while other courses are delivered online with tutors available onsite to support and guide students. The AIMS academic programs include:

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Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025

AIMS TEACHER TRAINING PROGRAMS IN SOUTH AFRICA, CAMEROON, RWANDA, AND GHANA

AIMS is dedicated to improving the quality of education at the secondary school level and building the pipeline of students in mathematics and science. Through innovative pedagogical approaches, the use of technology, professional development, and strengthening the course content, AIMS is building the capacity of mathematics and science teachers and improving the learning experience and outcomes for secondary school students across South Africa, Cameroon, and Rwanda. AIMS has also established a Master’s in Mathematical Sciences for Teachers program in Ghana.

CUTTING-EDGE RESEARCH FOR INNOVATION AND SOLUTIONS IN AFRICA

Research is an integral part of AIMS’ mission. AIMS conducts innovative research that pushes the boundaries of knowledge in mathematics, machine learning, and mathematical biology while creating new opportunities to apply mathematics to solve societal challenges. Research is conducted at AIMS Centres with government, university partners, local researchers, and visiting scientists. AIMS researchers also work with industry partners to ensure their research meets the continent's development needs. AIMS has a growing number of Resident Researchers and regularly hosts Visiting Researchers from around the world. The influx of outside scientists and their interaction with AIMS staff and students enhance the Centres' innovative and engaging research and learning environment and AIMS’ capacity-building efforts. Ongoing research initiatives at AIMS include Research Chair programs, exchanges with visiting researchers, the Women in Climate Science Fellowship program, workshops, conferences, seminars, PhD and Postdoc programs, and Quantum Leap Africa (QLA), which delivers impactful research in big data analytics and data science.

TRANSITIONING YOUNG AFRICANS TO EMPLOYMENT

AIMS offers a range of Work Integrated Learning (WIL) programs that allow AIMS students and alumni to apply their skills in mathematical sciences to real challenges faced by industries in Africa and beyond, including the private, non-profit, and government sectors. The WIL opportunities at AIMS include the Co-op Master’s program (described above) and internship opportunities for AIMS graduates. The AIMS Master’s program also includes dedicated modules to help students build transferable skills, such as leadership, communication, problem-solving, and teamwork, to enhance their employability and impact in the workplace. AIMS promotes innovation and entrepreneurship in STEM through its Entrepreneurship and Innovation Programs, which assist young African scientists in generating innovative solutions to address development challenges. Additionally, AIMS continues to build partnerships with the industry to align its training and research better and ensure they remain relevant to industry needs.

OUTREACH AND PUBLIC ENGAGEMENT

AIMS is actively engaging the public through outreach activities related to STEM in its host countries and across the continent, including facilitating alumni events, providing mentorship and coaching for secondary school students, hosting political and senior government officials, and organizing public events at the Centres. This helps raise awareness of the importance of STEM for national development and generates interest and enthusiasm for the pursuit of math and science among youth, with a particular emphasis on encouraging women and girls to consider further study and careers in STEM. AIMS students are also very involved in community give-back activities, including environmental clean-ups, volunteering at local orphanages and children’s centres for victims of violence, blood donation campaigns, sex education awareness, and tutoring secondary-level students in math and science.

Through the Next Einstein Forum (NEF), AIMS provides a platform that connects science, society, and policy in Africa and beyond to leverage science for human development globally. The NEF Global Gatherings are NEF’s marquee event, showcasing the work and impact of African scientists by bringing them together every two years. They allow young African scientists to learn about recent advancements in STEM, collaborate with peers, and engage with political and industry leaders. The NEF Global Gatherings connect African scientists with the global scientific community, including decision-makers, industry leaders, and international media for knowledge-sharing, networking, and collaboration.

The AIMS Teacher Training Programs (AIMS TTP) in South Africa, Cameroon, and Rwanda actively engage students, the public, and policymakers in activities that highlight the importance of STEM. In this context, participants recognize the role STEM plays in Africa’s development and promote the uptake of STEM subjects at the secondary school level. Additionally, AIMS TTP fosters dialogue on enacting policies that support the advancement of STEM in Africa.

SUMMARY OF ACHIEVEMENTS IN 2024-2025

Since its inception in 2003, AIMS has established itself as an ecosystem for excellence in STEM. With a Pan-African presence and six Centres of Excellence in South Africa, Senegal, Ghana, Cameroon, and two in Rwanda, AIMS has become the most extensive network for postgraduate education, training, and research in mathematical sciences.

The unique added value of AIMS to higher education in Africa includes its inclusive access and fully funded tuition model, an immersive

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Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025

24/7 learning environment, a rigorous curriculum that encourages exploration and creativity, moving away from rote learning, worldclass academic faculty, and industry linkages to support graduates’ successful transition to employment.

Below is the summary of key achievements during the reporting period 2024-2025:

AIMS 2024/2025 Graduates

AIMS graduated 324 students (36% women) in the 2024/25 academic year across its five Centres: AIMS Cameroon 53 (Females 21), AIMS Ghana 56 (Females 18), AIMS Rwanda 74 (Females 30), AIMS Senegal 43 (Females 20), and AIMS South Africa 98 (Females, 28). This takes the number of AIMS alumni to 3,820 (35% Women) from 46 African countries. Tables 1 and 2 below provide the distribution of AIMS graduates and alumni per program and Centre, respectively. AIMS Tanzania closed in 2018 and did not admit students thereafter including in the current reporting period.

Table 1: Number of Graduates in 2024-2025 and Alumni to Date by AIMS Master’s Program

AIMS Master’s Programs 2024/2025 Graduates 2024/2025 Graduates 2024/2025 Graduates Alumni to date Alumni to date
Women Men Total Women Men Total
Structured Master’s in Mathematical Sciences 96 155 251 1115 2070 3185
Co-op Master’s in Mathematical Sciences 12 16 28 117 197 314
African Master’s in Machine Intelligence 0 48 96 144
Master of Mathematics for Teachers 0 35 68 103
AI for Science Master of Mathematics for Teachers 9 36 45 11 63 74
Total 117 207 324 1326 2424 3820

Table 2: Number of Graduates in 2024-2025 and Alumni to Date, by AIMS Centre

AIMS Centre 2024/2025 Graduates 2024/2025 Graduates 2024/2025 Graduates Alumni to date Alumni to date
Female Male Total Female Male Total
AIMS Cameroon 21 32 53 214 359 573
AIMS Ghana 18 38 56 231 476 707
AIMS Rwanda 30 44 74 206 340 546
AIMS Senegal 20 23 43 224 440 664

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Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025

AIMS South Africa 28 70 98 404 787 1191
AIMS Tanzania 0 0 0 47 92 139
Grand Total 117 207 324 1326 2494 3820

AIMS Alumni

AIMS is fostering a transformation in Africa by providing top-tier postgraduate training in mathematical sciences to the continent's youth. According to the latest AIMS alumni survey, 72% of AIMS graduates find employment across various sectors, including private, public, and academic fields, both within Africa and abroad. The primary industries where AIMS alumni are employed include higher education (such as university teaching staff), research (within academic, public, and private institutions), and Information and Communications Technology (ICT) (occupations include Data Scientists, Analysts, Developers, and Data Engineers). Notably, a significant majority (76%) of alumni currently working do so within Africa, with South Africa, Ghana, and Rwanda being the leading countries where they are based.

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Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025

AIMS Teacher Training Programs

AIMS continued with its efforts to improve the quality of mathematics education at the secondary in Africa. Through its Masters in Mathematical Sciences for Teachers (MMST) delivered in Ghana, AIMS prepared and graduated 60 (37% Women) secondary school teachers with improved content and methodology in teaching mathematics. The teacher's knowledge was expanded, ensuring an in-depth understanding of mathematical foundations relating to core secondary school curricula and applications of modern mathematics. The last MMST program intake was in 2024 and graduation is expected in 2026, hence there was no change in numbers for the program in 2025. Additionally, the AIMS School Enrichment Centre (AIMSSEC), based in South Africa, continued to deliver its professional development courses for mathematics teachers in South Africa. The courses delivered include Mathematical Thinking, Problem Solving & EduTech, Mathematical Communication & Language, Differentiation & Inclusion in the Mathematics Classroom, Mathematics, Skills & Competencies for Employment, Conceptual Development & Planning for Transitions in Education, Action Research in Practice, Subject Leadership Training.

Transitioning Young Africans to Employment

AIMS is committed to ensuring all its graduates successfully transition to employment, entrepreneurship, or further studies. During the current reporting period, AIMS enhanced its efforts to improve graduates' transitions into entrepreneurship. This initiative addresses the need to train young people to become job creators rather than job seekers and to solve African challenges through entrepreneurship. To this end, AIMS established two incubators at its centres in Rwanda and Ghana and partnered with the University of Koblenz's Zentral Institute for Scientific Entrepreneurship (ZIFET), with funding from Germany's Federal Ministry of Education, to develop Knowledge and Technology Transfer structures relevant to the African context. Additionally, through its collaboration with the Mastercard Foundation, AIMS is expanding its Work Integrated Learning (WIL) programs to include more students, providing them with practical exposure to essential professional skills and helping them build professional networks while studying.

Cutting-edge research for Innovation and Solutions in Africa

AIMS continues to build the capacity of research scientists in Africa and produce ground-breaking research that provides homegrown and evidence-based solutions to Africa’s development challenges. During the current reporting period, ongoing research initiatives included:

Outreach and Public Engagement

Mathematics Olympiads – AIMS Rwanda prepared the Rwanda team in maths in preparation for the 66th International Mathematical Olympiad in Sunshine Coast, Australia, and the 2025 Pan African Mathematics Olympiad (PAMO) in Gaborone, Botswana. The team did a great job: they got two honorable mentions at the 66th IMO, with a total score of 31 points and a rank of 92nd out of 110 countries. The team did its best ever at PAMO 2025, winning four silver medals and two bronze medals. This was the first time all six students got medals. This great performance keeps the team's upward trend going since 2021. The team did well at both competitions, getting 2 honorable mentions at IMO and 4 silver and 2 bronze medals at PAMO. They were ranked 92nd out of 110 countries at IMO, and all of the students scored points at both competitions. Two students got honorable mentions and did very well on their own at IMO, with scores of 14 and 12 points.

The Africa Science Week (ASW) - On 18 August 2025, AIMS Rwanda hosted Africa Science Week in Kigali, bringing together a diverse cohort including high school students, medical professionals, and senior researchers for an intensive four-day summit focused on practical STEM education and Python programming. Prof. Sam Yala, AIMS Rwanda President and Dr. Lema Lugamu-Seknuna (AIMS RIC) encouraged participants to advance Africa’s technological sovereignty and equip the next generation with the hands-on data literacies required to solve real-world industry challenges. The outcome of the initiative was immediately tangible, as seen in medical students automating patient data tracking to improve efficiency and the establishment of a mentorship pipeline to help retain local talent. The event delivered a lasting impact by transforming participants' scepticism into confidence in using technology, while laying a scalable blueprint for long-term scientific self-reliance and innovation across the African continent.

Strategic Partnerships and Fundraising

During the timeframe covered by this report, AIMS successfully expanded and diversified its strategic collaborations. AIMS forged new partnership agreements with organizations from private and public sectors across various countries, including Kenya, Canada, Germany, United Kingdom, and Germany. You can find a detailed list of these partnerships in Table 3 below.

10

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES’ REPORT FOR THE YEAR ENDED 30 JUNE 2025

Table 3: Partnership agreements signed in 2024 - 2025

New Partner Country The objective of the Agreement
African Population Health and
Research Center (APHRC)
Kenya		 To develop a comprehensive digital and automated system that will enable
the tracking and evaluation of research capacity and the scientific impact of
projects and programs that receive support from the Carnegie Corporation
of New York..
The
Mastercard
Foundation
Scholars Program
Canada		 The Mastercard Foundation, the African Institute for Mathematical Sciences
(AIMS) and AIMS to implement the second phase of the Mastercard
Foundation Scholars Program, known as "Young Africa Innovates." This
phase builds upon the first phase (2015-2021), which awarded 510
scholarships with a 99% completion rate, trained over 3,000 educators in
Cameroon, and positivelyimpacted over590,000 students.
University of Koblenz Germany To implement a project on Knowledge and Technology Transfer: KTT@AIMS.
The 4-yearproject is aimed at analysing, developing and implementing
professional structures and services dedicated to advancing the transfer of
scientific knowledge and technology with a long-term goal of establishing an
AIMS Excellence Centre for KTT.
The
Canadian
International
Development Scholarships 2030
(BCDI 2030)

Canada		 The program aims to strengthen the social and economic development of
women and men, particularly women, from eligible Francophonie and
Commonwealth countries, as well as other Small Island Developing States
(SIDS). Running for eight years, from 2022 to 2030, the program promotes
the education, training and empowerment of women and men who are
committed to reducing inequalities and improving living conditions in their
communities.
UK Office of National Statistics
(UK-ONS)		 United
Kingdom		 To implement the ‘Standards for Official Statistics for Climate-Health
Interactions’ (SOSCHI), a climate and health interactions project funded by
Wellcome to develop a generalizable statistical framework from measuring
theimpact ofclimate change on healthoutcomes.
Imperial College, London United
Kingdom		 To implement the Climate Change Resilient Equitable Healthy Cities in Africa
(CLARITY-Africa) project, funded by Wellcome and seeking to generate novel
transdisciplinary knowledge and trigger policies and practices that enhance
resilience and adaptive capacity to the health effects of climate change in
Africa’s cities.
The University of Tubingen Germany This agreement further enhances the parties’ efforts directed at efficiently
and sustainably implementing agreed-upon activities, including:
•
The AIMS-TUBINGEN Data Science and AI Fellowship Program, which
aimed to leverage the AIMS Work-Integrated Learning (WIL) framework
to enhance inclusive access to quality education and applied research
to build the capacity of the next generation of STEM, AI, and Data
Science leaders in Africa.
•
The AIMS-TUBINGEN Junior Research Chair in Machine Learning for
Science to build a joint independent research group between one of
the AIMS Centres and the Machine Learning Cluster of Excellence (CoE)
in Tubingen.
•
Partnership between the AIMS MSc Program “AI for Science” and the
CoE on the exchange of teaching personnel and contributions of
teachingmodules
University of Waterloo Canada Centre for Education in Math and Computing (CEMC) and the Faculty of
Mathematics, University of Waterloo. Waterloo will provide financial
support to AIMS from 2023 to 2026 and continue offering scholarships for
AIMS alumni enrolled in graduate programs at Waterloo. In return, AIMS will
offer guest teaching positions for Waterloo faculty and longer-term tutor
positions for Waterloo PhD students. Additionally, AIMS and CEMC will
continue their close collaboration on developing educational materials and
training programs.

AIMS streamlined its fundraising activities last financial year and launched a financial sustainability plan that seeks to diversify and expand its revenue sources. Over 2024-2025, AIMS secured just over $4 million from the five host country governments: Rwanda, Ghana, Cameroon, Senegal and South Africa and USD 56 million from Mastercard Foundation for 2024 - 2031. Discussions are ongoing with partners, notably, with Google, Global Affairs Canada, International Development Research Centre, and the Government of Germany, to renew existing grants and secure additional ones.

11

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK) (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 JUNE 2025

PROGRAM RISKS

AIMS faces ongoing challenges in securing the necessary funding to support its programs and fulfill the objectives outlined in its new 10-year Strategic Plan. This year, AIMS engaged in ongoing discussions with donors, focusing on the International Development Research Centre, to address this financial risk. Moving forward, AIMS is determined to improve the timing of host country government contributions to boost its financial stability further.

PLANS FOR THE NEXT REPORTING PERIOD

AIMS will continue its focus mobilizing resources through it AIMS-NEI UK entity.

BANKERS AND ADVISORS

The institutions providing professional services to AIMS include:

PUBLIC BENEFIT

The Trustees confirm that they have complied with their duty under Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the company’s directors has confirmed that:

Auditor

The auditor, Moore Kingston Smith LLP, will be proposed for re-appointment at the next annual general meeting.

On behalf of the Board of Trustees ……………………………………………………. it Prot Professor Neil Turok (Chair) Trustee

…………………………………………………….

Date:………29/04/2026………………………

12

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2025

The trustees, who are also the directors of The African Institute for Mathematical Sciences - Next Einstein Initiative Foundation (UK) for the purpose 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).

Company Law requires the trustees to prepare financial statements for each financial year which 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 charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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.

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

Opinion

We have audited the financial statements of The African Institute for Mathematical Sciences - Next Einstein Initiative Foundation (UK) (the ‘charity’) for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditors responsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

1/5/2026

Peter Conneely (Senior Statutory Auditor) for and on behalf of Shipleys LLP

Moore Kingston Smith LLP

10 Orange Street Haymarket London WC2H 7DQ

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2025

Notes
Income and endowments from:
Charitable Activities
3
Other Income
4
Total Income
Expenditure on:
Charitable activities
5
Total resources expended
Net incoming / (outgoing)
resources before transfers
Gross transfers between
funds
Net movement in funds
Fund balances at
1 July
Fund balances at
30 June		 Unrestricted
Funds
2025
USD $
-
70,363
70,363
70,168
70,168
195
-
195
(14,446)
(14,251)		 Restricted
Funds
2025
USD $
-
-
-
-
-
-
-
-
-
-		 Total
2025
USD $
-
70,363
70,363
70,168
70,168
195
-
195
(14,446)
(14,251)		 Unrestricted
Funds
2024
USD $
-
66,855
66,855
70,461
70,461
(3,606)
-
(3,606)
(10,840)
(14,446)		 Restricted
Funds
2024
USD $
450,067
-
450,067
450,067
450,067
-
-
-
-
-		 Total
2024
USD $
450,067
66,855
516,922
520,528
520,528
(3,606)
-
(3,606)
(10,840)
(14,446)

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

BALANCE SHEET

AS AT 30 JUNE 2025

2025 2024
Notes USD$ USD$
Current Assets
Debtors 10 3,532 3,195
Creditors: amounts falling due
within one year 11 (17,783) (17,641)
Net current liabilities (14,251) (14,446)
Unrestricted funds 13 (14,251) (14,446)
(14,251) (14,446)

The financial statements were approved by the Trustees on .......29/04/2026.......... .............................. (Tek Pret Prof. N Turok Trustee

Company Registration No. 07265648

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

Notes
Cash flows from operating activities
Cash absorbed by operations
17
Investing activities
Investment income received
Net cash (used in)/generated from investing
activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
USD $
-		 USD $
-
-
-
-
-
-		 2024
USD $ -
-
-
-
-
-
-		 USD $ -

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

Charity information

The African Institute for Mathematical Sciences - Next Einstein Initiative Foundation (UK) is a private company limited by guarantee incorporated in England and Wales. The registered office is De Morgan House, 57 - 58 Russell Square, London, WC1B 4HS.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association incorporated 26 May 2010, the Companies Act 2006 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 (FRS 102)” (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in US Dollars, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest USD $.

1.2 Going concern

The Trustees recognise that the charity has an overall deficit; the AIMS Rwanda Centre with effect from July 01, 2023 has agreed to continue to provide funding as necessary to the UK Foundation and to make sure that the Charity continues to operate without disruptions. The Charity continues to monitor the impact of cost inflation and currency fluctuations on its finances and so far, has not seen any major impact.

AIMS UK does not have a direct primary source of funding and is currently supported by the AIMS Network through AIMS Rwanda Centre under the Mastercard Foundation-funded project which is a long-term funding agreement signed in August 2024. In collaboration with the AIMS Network, AIMS UK will continue to pursue additional opportunities to ensure its long-term sustainability

On the basis of the above, at the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Incoming resources are recognised when the Charity is legally entitled to them after any performance conditions have been met, and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Investment income is included when receivable.

For grants, agreement of the terms of the grant usually indicates entitlement. Where specific performance conditions are identified in the grant agreement, income is recognised upon fulfilment of these terms.

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

1 Accounting policies

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Expenditure on charitable activities includes the costs of the delivery of its activities and services.

Other expenditure represents those items not falling into any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Grants payable are included within charitable activities and are recognised when the charity has a constructive obligation for the grant taking into account any conditions attaching to the commitment.

1.6 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.7 Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight-line basis over the term of the relevant lease.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There were no critical accounting estimates.

3 Charitable Activities

2025 2025 2024 2024
Restricted Unrestricted Restricted Unrestricted
funds funds funds funds
US$ US$ US$ US$
Donations and gifts - - 450,067 -

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

4
Other income
Funds provided by the Rwanda Centre
Write-off of employee income tax payable		 Unrestricted
Funds
2025
USD$
68,656
1,707
70,363		 Total
2024
USD$ 66,855
-
68,855
5
Charitable activities
Expenditure on behalf of Network entities
Grant funding of activities (see note 6)
Share of support costs (see note 7)
Share of governance costs (see note 7)
Analysis by fund
Unrestricted funds
Restricted funds		 Education and
skills
development
2025
USD$
-
-
52,368
17,800
70,168
70,168
-
70,168		 Education and
skills
development
2024
USD$ -
450,067
49,577
20,884
520,528
70,461
450,067
520,528

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

6
Grants payable
Grants to institutions:
AIMS – NEI Rwanda Centre		 Education and
skills
development
2025
USD$
-
-		 Education and
skills
development
2024
USD$ 450,067
450,067

7 Support costs

Staff costs
Legal costs
Other support costs
Consultant fees
Director's liability insurance
Audit and accountancy
Bank charges
Analysed between
Charitable activities		 Support
costs
USD $
-
-
44,294
4,577
3,497
-
-
52,368
52,369		 Governance
costs
USD $
-
-
-
-
-
17,800
-
17,800
17,800		 2025
USD $
-
-
44,294
4,577
3,497
17,800
-
70,168
70,168		 Support
costs
USD $ -
3,325
42,891
-
3,361
-
-
49,577
49,577		 Governance
costs
USD $ -
-
-
-
-
20,884
-
20,884
20,884		 2024
USD $ -
3,325
42,891
3,361
20,884
-
70,461
70,461

Governance costs include payments to the auditor of $17,450 (2024-$20,534) for audit fees and $350 (2024-$350) for other services (bookkeeping and corporation tax).

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

9 Employees

Employment costs 2025 2024
USD $ USD $
Wages and salaries - -

There were no employees based in UK. The administrative and operational aspects of AIMS UK were managed through AIMS Rwanda Centre.

10
Debtors
Amounts falling due within one year:
Prepayments and accrued income
11
Creditors: amounts falling due within one year
Other taxation and social security
Accruals and deferred income		 2025
USD$
3,532
-
17,783
17,783		 2024
USD$ 3,195
1,707
15,934
17,641

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

12 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement of Funds
Movement of Funds
Balance at
1 July 2023
Incoming
resources
Resources
extended
Transfers to
Unrestricted
funds
Balance at 1
Jul 2024
Incoming
Resources
Resources
expended
Transfers to
Unrestricted
funds
Balance as
at June 2025		 Movement of Funds
Movement of Funds
Balance at
1 July 2023
Incoming
resources
Resources
extended
Transfers to
Unrestricted
funds
Balance at 1
Jul 2024
Incoming
Resources
Resources
expended
Transfers to
Unrestricted
funds
Balance as
at June 2025		 Movement of Funds
Movement of Funds
Balance at
1 July 2023
Incoming
resources
Resources
extended
Transfers to
Unrestricted
funds
Balance at 1
Jul 2024
Incoming
Resources
Resources
expended
Transfers to
Unrestricted
funds
Balance as
at June 2025		 Movement of Funds
Movement of Funds
Balance at
1 July 2023
Incoming
resources
Resources
extended
Transfers to
Unrestricted
funds
Balance at 1
Jul 2024
Incoming
Resources
Resources
expended
Transfers to
Unrestricted
funds
Balance as
at June 2025		 Movement of Funds
Movement of Funds
Balance at
1 July 2023
Incoming
resources
Resources
extended
Transfers to
Unrestricted
funds
Balance at 1
Jul 2024
Incoming
Resources
Resources
expended
Transfers to
Unrestricted
funds
Balance as
at June 2025		 Movement of Funds
Movement of Funds
Balance at
1 July 2023
Incoming
resources
Resources
extended
Transfers to
Unrestricted
funds
Balance at 1
Jul 2024
Incoming
Resources
Resources
expended
Transfers to
Unrestricted
funds
Balance as
at June 2025
USD USD USD
USD
USD
USD
USD
USD
USD
IDRC - 450,067 (450,067)
-
-
-
-
-
-
Mastercard - - -
-
-
-
-
GSK
GAC SFE		 -
-		 -
-
-
-
-
-
-
- 450,067

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

13 Analysis of net assets between funds
Unrestricted
2025
USD$
Fund balances
at 30 June are
represented by:
Current assets /
(liabilities)
(14,251)
(14,251)		 Restricted
2025
USD$
-
-		 Total
2025
USD$
(14,251)
(14,251)		 Unrestricted
2024
USD$ (14,446)
(14,446)		 Restricted
2024
USD$ Total
2024
USD$ -
(14,446)
-
(14,446)

14 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non- cancellable operating leases, which fall due as follows:

Within one year
Within two and five years		 2025
USD$ 18,975
-
18,975		 2024
USD$
27,311
9,104
36,415

15 Related party transactions

During the year the charity entered into the following transactions with related parties:

The African Institute for Mathematical Sciences (AIMS) is a Pan-African network of six Centres of Excellence offering postgraduate training, research, and public engagement for the advancement of Science, Technology, Engineering and Mathematics (STEM) in Africa. AIMS Network is situated within AIMS Rwanda Centre in Kigali, Rwanda and has its resource mobilization and public engagement offices, called Chapters, in the United Kingdom (the Charity), Germany and Canada.

In terms of Governance, the AIMS Network is governed by the International Governing Board (IGB) which also serves as the Board of Trustees for the Charity. The IGB is guided by the local Advisory Councils or Boards of Trustees. The AIMS-South Africa, AIMS-Ghana and AIMS-Senegal Centres of Excellence have independent Boards of Trustees as per the local regulatory requirements of the countries where they are located. AIMS-Cameroon and AIMS Rwanda Centres of Excellence have Advisory Councils to the IGB. The AIMS Canada Chapter has its own independent board as required by the Canadian regulatory requirements. The AIMS Germany Chapter does not require an independent Board but is Governed directly under IGB. The Audit and Finance Committee (AFC) of the IGB assists the IGB in fulfilling its oversight responsibilities with respect to financial management and reporting, internal and external audit, and risk management and internal controls. The AFC is comprised of three members from the IGB as well as the Network President and CFO as permanent non-executive members. The IGB is also supported by the Council of Centre Presidents. The council provides operational guidelines and advice for training and research programs development and implementation. It also has the responsibility for monitoring and evaluation of program performance.

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

16 Related party transactions

In terms of management and operations, the operations were managed through AIMS - NEI Rwanda Centre located at Kigali, Rwanda. This includes, all governance and accountability aspects including strategic, technical, financial and operational decisions, leadership, ensuring regulatory compliances in Rwanda. Headed by a Network President and supported by the Council of Centre Presidents, the Rwanda Centre was responsible for the day-to-day activities of AIMS, including institutional and/or technical support to AIMS Centres of Excellence. AIMS Centres of Excellence operate and function within the overall Governance structure and accountability framework of AIMS- Network. Centre Management Teams are responsible for the day-to-day operations and management of each Centre and consist of Centre President, a Chief Operating Officer, an Academic Director, and any other person nominated by the Centre President. AIMS Centres of Excellence undertake to remain responsible to work under the overall governance and management structure of AIMS.

As disclosed in the financial statements the charity funds other entities within the AIMS network of which there are trustees in common, which is overseen by a central management team.

AIMS UK is an entity which is part of the AIMS network and not a parent or subsidiary. The network does not have a legal entity which is a parent which would require consolidation in terms of the accounting standards FRS 102 and the SORP. The AIMS network consolidates accounts based on the inter-entity agreement in place for the network of entities.

During the year the Charity granted funds of $nil (2024: $450,067) and had expenses reimbursed of $68,656 (2024 – US$ 66,855) from other entities of the Charity's network. The Trustees are on the Boards of these entities.

Funds transferred to other entities where Trustees are members of the Board of such entities:

Entity: AIMS Rwanda Centre: US$ nil (2024 – US$ 450,067)

No expenses were incurred by the Charity in the last two financial years for other entities of AIMS Network where Trustees are members of the Board of such entities

Docusign Envelope ID: 0242D847-6906-883B-8108-38A3A8CEC522

THE AFRICAN INSTITUTE FOR MATHEMATICAL SCIENCES NEXT EINSTEIN INITIATIVE FOUNDATION (UK)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

17
Cash generated from operations
Surplus/(deficit) for the year
Movements in working capital:
(Increase)/(decrease) in debtors
Increase in creditors
Cash absorbed by operations		 2024
USD $
195
(335)
140
-		 2024
USD $ (3,606)
330
3,276
-

18 Analysis of changes in net (debt)/funds

The charity had no debt during the year.