Charlty Rtgistratlon No. 1145689 Company Regi5tratlon No. 07886294 (Englond and WalgBI NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES. REPORT AND CONSOLIDATED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 NATIONAL NUMERACY (LIMITED B Y GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 Tru8teoS PeT(lita Fraser Ichairl Andrew Haldane Ivice-chair) Edvdrd Brunekcohen (Honorary Treasurer) Paul Coffèy Shery Coutu Catherina McCILsre Graham Keniston-coowr Chris Linton Hilen Patel Catherine Paulson.Ellis Sandra Wallace C8E Chl&f Exè¢uttve Samuèl Sims Charity nUM￿r 1145669 Company numb•r 07886294 Registered office & prfncipal addres$ Unil 54155 Sussex Innovation c￿tr• SGignce Park Squarè Brighton N1 9SB Auditors TC Group The Courty8rd Shoreham Road Uppèr Beeding Sleyning West Sussex BN44 3TN M•in bankers Wir9in Money Virgin Money Store 170 North Stset Brighton BN1 IEA NATIONAL NUMERACY (LIMITED BY GUARANTEE) CONTENTS Page Trustees, r8POrt 1-12 statèment of trustee5' responsibilities 13 R¢port of the Indèp8ndenl Audi￿3 14-17 Con50tidat8d ststement of Ilnancial actimties 18 Consolidated balance sheet 19 Charity balance sheet 20 Consolidated cash flow st3ten7ent 21 Notes to the accounts 22-34 NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees of National Numeracy are plaased to present their report together Mlh the audited finan¢ial stslements of the charitable company for the year 1 January 2023 10 31 December 2023. Th8 trustees Confim that the Annual report and financial statements of the company comply with the currant statutory requirements. the requirements of the cornpanls governing document and the provisions of the Slatemenl of Recommended Practice ISORP}, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republle of Ireland IFRS 1021 {affeclive 1 January 2015} as amended by Update BLJlletin 1 (effective 1 January 20151. Since the company and the group qualrfies as small under section 383, the strategic ￿POrt required of medium and large companies under The Companies Ac* 2006 (Strategi report and Directorfs Report) Regulations 2013 18 not required. Objectlves and activitles The objectives of the charity are to promote education for the public b8nefil in mathematics and numeracy. Th8 policies and activities adopted in furtheran¢e of these objects are sel out below. The trustees have pard due regard to guidance on public bénefit Issued by the Charity Commission in deciding what a¢livilies the charity should undertake. A me$sage from our CEO and Chalr of Truste85 The worfd is in a highly dynamic stste. The rapid chango, constant uncertainly and complextty that charaeterise the Covid-19 period have persisted. The new norm of So￿al. economic, political, environmental and cultural flux has highlighted how absolutely central nurneracy is lo our everyday INes. Soaring costs for energy. food and other basic essentials hit thase worst off the hardest. Last year rf( became clear the confidéntt lo understand and work with numbers can no longer be viewed a8 a 'nice lo have, but is crucial lo navigating daily life.11 is also ￿Ucial lo thriving in life. In 2023 we re183sed new research on nLtmera¢ls role in improving social mobility and found the areers, eamings and progression of women, younger people and those that ar& unemployed. in particular, were negatively affectéd by low numeracy. 2023 wa$ the year that Prime Minster Rishi Sunak drew attenliL)n to the nation's 'anli-malhs mindset, with his 'malhs lo 18, plans. At National Numeracy we welcome a spotlight being shone on the UK'S poor numeracy levels after a decade of campaigning. Bul we continue to stress the need for a strong link lo th8 everyday maths needed oulslde of the classroom. And we conlnue to advocat6 SUPPOrt for everyon8, no matter what level of attainment, 8s well as supporting t&achers and educators to deliver Improved numeracy for all. 11 has been heartening to see the detemiinetion of individuals, businesses, local authorities, Civil society organisations, schools and colleges to use numoracy as tool for positive change. There is an increasing acknowledgement of numeracy as a pillarfor building a financially inclusive, resilient and socially rncibile nation. And this has been refiecled in the growth of our programme8 and services. In 2023 we ran more in-person events. training sessions and workshops, than ever before. We are working face-to-face in schools, community settings and workplaces around the country.. our pla￿-baSed work goes from strength to strength. hlledia coverage ofourwork grew by 2520A in 2023, with 1.335 mentions compared 10 379 the year before. Meanwhile, our digital services are showng record levels of demand. We saw a 340A crease of new users on our website and 1.1 million Inleraclions online across the year. From downloading our fr8e reSoU￿e5 lo walthing our Infornative Mdeos, people ar@ improwng their numeracy wherevar and whenever suits them, via mobile phones and other devices. There is much progress to celebrate.. over 32,000 adults and 81,000 children participated in our programmes in 2023. This simply would not have been possible wrthout our amazing, committed group of partners. But, against the backdrop of challenging social and economic rcum5tances, there is much more to do. We have ambitious plans lo increase our impact in 2024 and beyond. We wholèheartedly welcome your partnership and 8UPPOrt in maklng this a reality. Sam Slms, CEO and Pèrdlta Fra$er, Trustèè {Chalr) NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Perforniance and achlevements Communitle5 National Nurn&racy works in villages. lown$, cities and online communrbes across the UK. We are a national charity with a 'place-basad' 8pproach. which means working hard to unde¥sland the issues, interconnections and relationships that are uniqu& to every area. In many cases our programmes are designed hand-in-hand with the local communty and partners, attending lo the unique needs and challenges of local residents, workers, children and families. Throughout 2023 we worked on the ground with partners in England, Seotland and Northern Ireland and plan to expand our work into Wales. Numeracy'8 role in creating opportunities in local communities Wds the focus of a discussion between CEO Sam Sims and MP & Shadow Levelling Up Minister Alex Norris Our UK Numerac In hls low numerac hots ols Back in 2022, we built the ffrsl ever model to predict and rank arèas of the UK by numeracy skills and confidence, using data from thousands gf leamers and working with data company Experiars. The UK Numeracy Index aims to guide positive action in the places vthere the need is graalest and over the pa51 year we have used it to offer new and valuable insights to a range of organisalions. These include the Department for Education, the Office of the Children's Commlssioner and a range of Local AuthorFties. In May we used the Index's ward level data in lett8rs to all 650 MPS from the Nats"onal Numeracy Leadership Ctsun¢il businesses, explaining numeracy levels in their constituencies and urging them to join our efforts lo improve numeracy levels in the UK. And October 8aw us joining forces wlh the National Literacy Trust and Experian lo mount an ev&nt al the Labour Party Conference in Liverpool, exploring insights from the Ind8X. Warkin witti local authoritie ve num rac where il's mos needed Wot*ing with Local ALrthorities stretching from Fife lo Bristol, we have helped support over 13.000 learners in 2023 to boost numberconfid@nce and skills. As part of the government's Multiply initiative lo support adults wthoul GCSE grade C14 maths qualth￿tIOn. Local Authorities have deliv8red signifieanl numeracy improvement schemes. National Numeracy has worked directly with 23 of these aLrthorilies. offering training, tools and advico, as well os supporting many others with our free rasourees and research. One of our key programmes has been to create networks of trained NumeraGy Champions who each go on to support and mentor many other adults in need. In 2023 we recruited and trained more CPD-accredited champions than ever before, with 97Qh sayng they found tho programme helpful and that il made them feel mor? confident to support others who lack number confidence. In Bristol. one Numeracy Champion said.. "I thought mysew the most unlikely lo be numeracy champion a$ l am not ¢onfident al all regarding maths. But I have become inspired and oxcited on how I can use this new role in my work." Our 'How to help your thildren love maths, sessions have be8n popular in many schools. 'The parents were absolutely thrilled with the session. I recelveLY numerous positive comments about how engaging and informatNe it wa5," reported one West Sussex teacher. And our National Numeracy Challenge online tool has helped over 2,700 Multiply-eligible learners, with over a third demonstrating an improvement. Linc Inshire Co-o livin values Improving number Confiden￿ at Lincolnshire co.op was seen as a vital business need as the company rolled out new recruitment and HR systems. Staff needed to access rotas, timetables, payslips and more via the new systems, but many were lad(ing the number confidence and skills lo make the most of the new systems. Our Numeracy Champion programme has seen over 200 people volunteer for training during the 3 year project that equips project thém lo support others wth their numeracy- be they colleagues or customers. Tasha Bi5by from Lincs Co-op said. l used lo feel afraid about maths. 11 made me feel self-ctsnscious, and I haled feeling like that. I didn't want to face ti. Sinc8 then, I've passed my Level 2 exam... I've been able lo manage it in a way that suits me, in a way that I'm comfortable.. NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 'sne Wewill expand ourplace based wort( overthe coming yearand beyonLI. To makethe most meaningful tgntribulion to addressing the nation's low numeracy levels, we believe we need to be on-the-ground, working in partnership, in communiti¢s, where the need is greatest. We plan to extend our work into Wales and continue to grow our supput in communities where need is most, using the Numeracy Index as a guide. We plan to ulilis8 the most of the final year of Muttiply funding to réach new lean8rs in current and new local authorities and start to discuss the legacy of this funding. We will facilitate webinars lo showcase our offering lo further our reach. Flnanclal Incluslon Being able lo better manage money1s a key motivation for our learners.. almost a quarter of them {23%1 cited it as the primary reason for improving their numeracy last year. It tallies wllh the Financial Conduct Authority's 2023 Financial Lives Survey which showed 24'h of adults had low levels of confi'denee in managing their rmoney. Young people, those frum ethnic minorities and the unemployed were affaeled most. The cost-of-living crisis has eanl money management is critical for individuals, families and businesses. But with 49V/o of working age adV￿S living wlh low numeracy, il's a daily struggle for millions. Numeracy is the bedrock of being able to access and use th8 financial syslom. If we can't access bank accounts, bank branches, insurance policie6, pension pols and more, il's difficult lo deal wth daily gxpenses, and to get back on our feel if IhingB go wrong. Th*'s why. in 2023, we deliv8red more numeracyfor money managemonl supportthan ever before wf(h the help of ourflnanaal expert Ambassadors Martin Lewis. lona Bain and Timi Merriman-Johnson and our 8llPPOrters Barclays Lifeski116. Capital One, Experian, The Lord Mayorfs Appe81 and Vanquis Banking Group. OurAmbass ors18ad the darion call f ranum tion Our lon*standing Ambassador, Money Saving Expert Martin Lews, has become a national tr8asure for helping us navigate the cost-of-living Crisis. Martin kicked off National Numeracy Day 2023 for us on m11's Good Moming Britain, lesling the nation's number know-how over the show's three hours. Later, on BBC S Live, he talked passionately about numeracy. 'It's lrfe enhancing and empowering...certainly in your financial life, but many other areas of life,. h& said. Throughout the year - and for key money moments such as Black Friday - we oflered practical lips for real-life money management wlh our AMbaSsad￿S and Morning Live's money expert lona Bain and Timl Merriman Johnson, aka Mr MoneyJar. This irf Talks Mone odcasl We worked with Ellie Austin-williams and Wictoria Nabarro. podcasters for This GIA Taks hnoney, lo reach more women and girls, thanks to the support of Capital One. They incorporated our conlenl into their work and look part in our corporate volunteering programme, vlsiting school8 lo spread numbèr positivity. Meanwhile our training officers Beth and Bryony joined them on the Money Unfiltered podcast. Mana in mon To help adults with low numeracy boost thèir confidence wth managing money, w& partnered wth finanual education platform Nudge. Users of our online tool, the National Numeracy Challeng&, are offe￿d bite-size, impartial, finaneial information from Nudge. Last year 500 adu￿8 downloaded the platfoim, with 980A becoming repeat users. Il's a great. praotical onward slep for our learnèrs, making the link beiwe8n numeracy improvement alld ev8ryday money management. The initiative was supported by Experian's global United for Financial Health projectwhich works with nonprofit organisalions to help people in unders6rved communities improve their financial health. NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 What's next? Numerw for managing moMy and financial inclusion wll remain a central pillar of our charty's work. Sadly, millions of people are struggling to maka ands meet and we know that improving numeracy confidence and competence can and does help those in grèalesl need. Soclal Mobili & Gonder National Numeracy seeks to open up opportunities in communities in greatest needs across the UK. From our work over the past decade, we know improving numeracy can support everyone to prtsgress, or be the best that they can be, without being hampered by socio-economic disacfvanlage. Bul what can be done to turn the tide on the UK'S pemicious numeraty problem and help unlock the number skills and confidence thatwll help drive social Mobili￿ We set out to explore how improving numeracy could play a central role in improving Social mobility, informlng a sèl of recommendations for the nation. Number nfid nce and Soaal Mobili with Ca Our researth, Number Confidence and Social Mobility, fundèd by Capital One and launched in April 2023, revealed how improving numeracy can play a central role in improving soclal mobilily.'Lack of number confidence is an obstacle that slops people from achieving their full potential and from making Ih8ir greatest possible contribution to our communities,. wrolg Lucy-marie Hagues, CEO of Capital On& UK, in her introduction to the report. The reSea￿h found a negativg school math8 experience is linked lo lower number confidence and maths attainment, which in turn are linked to a greater negative career impact (earnings, career choices and progression). It also showed the efficacy of the National Numeracy Challenge in helping lo improve outcomes towards qualifications and work. And while exploring the connection between numeracy and social mobility, we found Ihore was a gender divide, a yawning gap in numbèr Confiden￿ between womgn and men. How to make maths work for women and girls was a key theme throughout 2023. National Numeracy Ambassadors Rachel Riley, Katya Jones and lona Bain shared their dlfferent experiences wth numbers for our Big Number Natter initiative. Social Mobilit and National N wlth KPMG Like National Numeracy, KPMG believes numeracy is a building block of social mobiif(y. As Founding Supporter of our National Numeracy Day campaign, KMPG got the whole business involved in 2023. vAth 119 volunteers engaging over4,000 school 51udenls. Schoolchildren went into its offices and attended virtual sessions in London, Leeds, Nottingham and Cambridge. 'Numeracy skills ara essential.. they help us navigate daily lrfe and if we want to build a morè prosp8r¢)us and fairer soGiety, we need to tackle pocr num8racy,° said Bina Mahla, Chair. KPMG in the UK hal's ne Soaal mobility is at Ihe heart ef National NumeraEI5 mission and we wll continue lo offor fresh Snslghl, research and dats. To help address the gender numeracy gap we have launched a Gender Taskforce in 2024, a8 part of the National Numer8cy Leadership Council, to drive forward wsilive action aeross the UK Em Low numeracy is holding UK PLC ba¢k. As many as 4% of the UK'S working age population have low numeracy skills. It costs the national economy up lo £25 billion a year. Our 2023 resaarch showed that low number onfidence starts early in life and limits learning opportunities, career choiees, progression and earnings. For instan￿, adutts with lower numeracy skills often get stuck in a 'skills trap,. Entering the labour market in a less favourable position, they r&ceiv8 fewer devèlopment opportunities limiting their job prospects. In short, low numeracy damages indlvidual, business and societal potential and prosperity. It limf(s people's lives and th058 of Ihelr families. But il can change. In 2023 almost half148%1 of people using thg National Numeracy Challenge, NATIONAL NUMERACY (LIMITED BY GUARANTEE} TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 said they did so lo improve Ihetr employment opportuniti8s. Amd throughout the year we worked su￿$$fUllY with many of our partners to make a real difference to people's employability, livelihoods and futures Eve Lon rcoun th The Lord Ma or, al Our Every Londoner Counts initiative, support8d by The Lord Mayor's Appeal, alms lo improve employability and financial inclusion in the caprtal. In 2023 wè trained a fijrther 200 Numeracy Champians to support others in businesses, organi5atiDns and communlly groups across London Ikeeping us on largel for 500 champions by the end of the project). In addition, over 6,500 Londoners with low number skillslconfidence have ch8cked their skills on our National Numeracy Challenge and 1,200 feel more able to take their next steps al work or with managing their money. Our team mounted a plethora of ltral community events, workshops. media coverage and staff engagement activities in 2023, including showcasing our wgrk al the Lord Mayoffs Show. Lord Mayor Alderman Nicholas Lyon3 told Eyjsiness leaders al our Mansion Houso event. The average wage drfferential of someone in London wlh low num?racy, as compared lo someon8 who has gained basic numeracy, is nearfy £3,000 annually alone.. National Numeracy has connected with organisalions, training providers and charities across Tower Hamlets lo train 60 Numeracy Champions. Nikki Chatha, Skills for Lrfe Assistant Programme hllanager al Tower Hamlets Council, said their Numeracy Champion classes comprised 70-80°k women.. 'They don t realise they, using math5 and th8 power they have wth it. That's what the trainlng has allowed everyone to understand.. National Numera dershi Council A numerate nation is crucial to improving Olsicomes for UK PLC. In forniing the National Numeracy L&adership Council we brought together leading busin6sse8 and govemrnent departments to tackle the numeraey crisis together. The Council comprises senior leaders from Amazon, Amazon Web Services, Barclays Lrf8Skills, Bloomberg L,P, Capital One UK DWP, Experian UK& I, HM Treasury, KPMG UK, S&PGlobal, TP ICAP,Vanquis Banking Group plus HM Treasury and the Department for Work and Pensions. In 2023. members hav8 wod(èd wrthin Ih8ir own businesses and industries, and as a group, to influence and effect systemic change Council member and CEO of Capital One UK Lucy Maries Hagues sal on the govemment's 'malhs lo 18, Expert Advisory Group, while KPMG and Vanquis Banking Group contributed industry perspectwes lo the 'malh$ lo 18. employer consultation. S&P Global end Oliver Wyman hosted a roundtable event with business partners lo discuss the role of numera¢y lo drivlng employability. The Counal businesses wrote to all MPS highlighting numeracy levels in each individual consliluency, were join8d by the Minister of Slate al the Department for Education Robert Halfon MP in May and held discussions with groups as diverse at the Royal Society and AQA. Numera Cham ions Our CPD-accredited Num8racy Champions programme doesnl train people to leach maths, it trains them lo support colleagues and other adults lo d8velop positive attitudes tovrard maths. In 2023 we trained 955 Numer8Cy Champions who each go on lo train a cohort of colleagues in their organisation. In this way the prggramme has a multiplying impact across business and communities. Tha Department of Work and Pension's South London T&am signed up to the Num&racy Champions programme, Mlh 100% ofthose completing the training rating il as 'really useful.. One said the programme would be valuable for DWP work coaches as well as claimants, partners and providers. oostin em lo with the National Nume￿¢ allen e Our online learning t¢JoI. the National Numeracy Cha118rge is used In many areas of our work, including the Numeracy Champions programme. NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 hat's next? We know the transfomalional power of improwng numeracy for boosting employability and building sustsinable careers. We plan lo increase our work with a wide rango of public and private sector employers and agencies in communities across the UK, rolling out of a new, comprehensive adLtII numèracy offer based on our uniqu8 attitudinal approach Su ortin Chlldr•n The UK is in the grip of an Intergeneral￿)nal numera¢y GTiSiS - a ¢yclo which must be broken if we are to develop a numerate nation. We believe the confidence to understsnd and work wlh numbers, allied with the wadical use of numbers in everyday day life, should form a central pillar of mathematical learning in the UK. Our 'cradle lo careerf vision for numeracy focussing on maths in real life sees the confident use of numbers beginning at nursery and extending throughout adulthood. Pa nlal En enl Pro ramm Research shows children are more motivated lo l&aTn about maths when their parents talk with them about the numeracy in everyday life. That's why much of our work wth schools and families centres on supporting the adults that support children. Our approach means we have a 'double impact, of inspirlng positive attilud&s towards numeracy in parents and carers and their children al the same lime. In the 202212023 academic ygar, our hugèly succ8&5ful Parental Engagement Programme, supported by Vanquis Banking Group, Garfield Weston and Jahn Lyon's Charity, ran across 18 schools in three areas of greatest need.. London, Manchester and Renfrewshire. Across all three locab'ons, 69% of teachers agreed that the programme has helped them increase parental engagement in maths. 79% of paren15 who used the Family Maths activities said this h&lped them f&el better able to supporttheirchild,. and 920A ofparenls who attended the parent workshop agreed that as a result oflhi5 session, they feel more able to support their Child with maths learning. In all three areas teaehers reportad small but significant posrtive changes seen in children's confidents and participation with maths and with parental engagement. Ona teacher in Renfrewshire said.. 'Pupils are now spolling maths in the real world rather than only in the classroom. They are more confident making these links 8nd have become more excited about numeracy homework.. In the 202312024 academic year, Capital One, Vanquis Banking Group, Garf￿1￿ Weston and CISI Future Foundation are supporting an expanded programme. For instance, Vanquis Banking Group are funding the programme for the third year as a key part ¢f their community investment strategy, addressing and helping people overcom8 - barriers lo financial and social inclusion. During this period we are 5UPPOrting schools across Nottingham, Bolton, Manchester City, and North Ayrshire Scotland. Of the 27 schools we had haped lo onboard at the beginning of the year, 22 completed thè programm8. Su ortin teachers Teachers have a crucial part to play in the nation's numeracy, bul our new data revealed 43Vo ofteachers entering the profession lack eith8r confidence or Skills, or both, when il comes to maths. We are supporting those entering the profession, with 11.000 trainee teachers using the National Numeracy Challenge over th8 past year. National Numerac Da 20 breaks all records During our flagship campaign Nab"onal Numeracy Day. with Founding Supporter KPMG and our lead supporters, we go all-oul lo engage childrgn with a day of fantastie number fun. A massive 7,339 schools & education providers signed up to support thè 2023 campaign, a 92% increase on the previous year. 50,000 children joined our National Numeracy Day Live event and almost 10,000 entered lo our Number Heroes compeb"tion. kn.ds danced with BBC CBeebies Numberblocks, played Bol Bingo with Numbots and held Big Number Natters the nth'on over. And with Education Scotland, we organised a range of fantastic National Numeraoy Day evènls for Scotlish schools. NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Infiuen ucalional lic National Numeracy CEO Sam Sims gave evidence lo the House of Commons Education Select Committee alx)ut the government's 'malhs to 18, proposals. Our rasponse lo the Pm's 'malhs lo 18. announcèment made it dear that addr&ssing poor numeracy and anti-malhs alb'tudes needs to begin much earfier than age 16. d appearing in front of the Select Committee, Mr Sim$ was unequivocal that after a decade of supporting hundreds of thousands of adults lo improve their numeracy, reform was needed in nurseries 8nd primary schools, notjust at 16. He told the Committee that our charity Works with thousands of adults every month who have very low numeracy and almost wilhoul exception they say they had very negalivo axperience at schoc)I frtsm a young age. To build confidence and positive attitude whereby people can see the everyday value in maths. we need lo stsrt eady, in nurseries and primary schools and ensure that building confidence with numbers is part of this plan not just skills. May saw the first ever NatKJnal Numeracy Day Parliamentary Debate, wth many polib'aans speaking about the importanc8 of everyday numeracy induding Shadow Schools Minister Stephen Morgan MP and the Minister for Schools. Nick Gibb, Also last year, we welcomed Labour's Shadow Education Secretsry Bridget Phillipson announcement of a plan lo encourage stronger lrfelong numeracy by boosting early intervention and 'real world. maths teaching al primary ￿h0O1. Our eo rale volunteers ins ire the nation's n8Xt eneration Over the past year our corporate volunteers visited 69 schools in 13 tovms and cities up and down the country, spraading number positivity to 12,000 Children. The volunteer5 from our partner organisalions Capital One, Exptrian, Vanquis Banking Group and TP ICAP inspired children by deliv&ring 70 'my malh$ story, assemblies and 67 'maths in the real worfd, 18ssons. Low Moor C of E Primary in Bradfoid had a visit from Vanquis Banking Group volunteer Cathy Prior. The school's malhs18ad Jessica Troy said.. Cathy was fantasticl She delivered a great assembly lo the whole of Key Stage 2. Children were enthused and engaged, asking lots of questions.. The unique programme, developed with th8 kind support of Capitsl On&, supports positNe attiludos towards numbers and maths in Key Stag8 2 children, in areas of greatest need. It's a powerful vray for our business partners to invest in their communities and their people. Dave Richards, Head of Corporate Responsibility al Capital One talked about what it means for colleagues lo go in to schools and inspire Children. Mr Richards said". "You can, through doing something qurte simple in terms of telling your story, have a really profound impact on a key societal issue. What's next? We want children to exit the UK'S education system feeling w811 able lo use and work wlh numbers in the roal world. If we don't change attitudes and mindsets al a young age, the UK will ￿ntinue to have an adult numeracy problem. We wll offer a new, expanded programm& of supportfor schools and families focussing on the key driver for change.. supporting the adults that support children. In the 202412025 academic year we have evolved our Sthools and Families offer. onboarding schools on a temi by term basis rather than annually, with a view lo expanding our reach lo over 90 schools. We are also undertaking research to better support our understanding of th8 Early Years field with an aim to developing an offering to support practitione￿ and families in th8 future. MenLIl Wellngss & Incluslon In 2023, tho Prime Minister joined eur call for UK'S anti-maths mindsol lo be addressed. Feelings about maths run deep, and one aspect is rarely, if ever, discussed.. that maths is a mental w811ness issue. Our res&areh in 2023 made the link btheen maths and mental wellness crystal clear. Ovèr a third of adults135%} say that doing maths makes them feel anxious, while one in live are so fearful rt even makes them feel physically sick, according to the rasearch by ¢¢mmissioned for National Nurrleracy by KPMG. Furthermore, almost of third of adults {32%1 ¥fvho have low number confidence Say it affects thair mental wellness. Throughout the year National Numeracy ha5 consislenlty addressed lack of confidence, anxiety, feai and the mentsl wellness aspects of numeracy in our programme$, campaigns and communications. Our communication 8fforts to reach the most malh8-anxiou$ adult NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 group, the 18-245. is having an impact, with the proportion of 16-24-year.olds checking the* skill$ on the National Numeracy Challenge having Increased from 20Yo to 260A over the past four years. Acknowledging the murti- faceted fe&lings abo￿, and attitudes towards, numeracy in our work means our beneficiaries can be supported in ways that suit them. 11 helps make a difference lo their maths mindset, their lives and livelihoods. And il helps make our work as inclusive as possible. Number C fidents Week with TP ICA Our Number Confidenca Week campaign in November, supported forthe fourth year by TP ICAP and others, saw 108,713 actions taken by people lo help build their number confidence.- dawnloading one uf our free ￿soUrCes., watching a celebrity video., or taking the National Numeracy Ch811enge. Because of the link bebNeen snaths and mental wellness, we offered a range of creative, calm1r￿, confidence building activities and launched a brand- new video series called 'Dear NN, with our expert agony aunts exploring real-life stories, helping people seo they are not alone. Meanwhile, Training Offittr Ishraq Li-Rahm8n, shared his top lips on feeling confidentwth numbers and we announced a new Ambassador, aerospa¢e 6ngineer Jessica Gagen, aka Miss England. Number ¢onfi ence on the co h wlh Dr Linda Dr Linda Papadopoulos, the renowned psychologlsl and TV presenter, look part in the Big Number Natter and gave h8r lop eonfidence boosting lip$ for adults and for supporting children. Dr Linda sai(J'. 'The underside of anxiety is avoidance.. If I'm anxious about maths, I slay awayfrom maths. Bul the only waywe increase confidence is doing the thing we neverthoughl we could do, edging towards it sI￿Y in small, incremental ways.. Dyscal¢ulia, supporting those with so-called 'numbers dyslexia, 2023 saw a big uptick in tho numbers i)f people coming lo our charity for information at)out dyscalculia, a le8rning difficulty that makes it hard lo undersland,18am or use maths. As a result we now offer a wide range of supporting resources, videos, lips, ca* studies an(J infomiation. BBC One Moming Live money expert lona Bain is an Ambassador lor our eharily. lona has dy8c8lculia and is passionate about supporting others. She had some great tips for Number Confidence Week. SEND and neurodiversi Our Trainlng OffI￿r lain Evans spent 14 years in the Furlher Educallon sector, supporting maths leaming with a range of odull learners with SEND. lain had a Big Number Natter with SEND students from his former college and WTole about what SEND and neurodiversity Tnean and how reamers with conditions such as autism and ADHD may be supported. He also shared his insight into maths anxiety wlh lips on how to ovareome it. at's next? Carrying out some in4epth research about the link between mental hea￿h and maths to infomi our support is next on our list. Empowering everybody in the UK lo use numeracy lo gain control over their futures means we are committed lo including everybody and are always focussed on how wg can do more. NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Structure* governance and management National Numeracy is a company limited by guarantee which wa5 eslablish8d on 19 December 2011 and governed by ils Articles ofAsso¢iation. Itwas registered as a charity on 30 January 2012. The trustees, WI￿) were also the directors for the purpose of company law. and who served dufing the period were.. Perdita Fraser, Chair Andrew Haldane, Vice-chalr Edward Brunel-cohan, Honorary TreaSu￿r Catherine Mcclure Paul Coffey Chris Linlon Graham Keni5ton Cooper Catherine Paulson-Ellis Hiten Patel Sherry Coutu Sandra Wallaee The trustees have full re$ponsibilrty for all legal and financlal matters. Any additions lo the membership of the trustees follows invitation by the Board of Trustees after due consideration. All the trust88s give of their lime freely and none of the trustees ha5 any beneficial interest In the company. All the trustees are members of the company guarantee lo contribute £1 in the event of a wnding up. Trustees aro roquired to disdose all relevant interests. Detsils of trustee expenses and related paty transactions arg disclosed in a note to the accDunl$. New trustees arè prowded a thorough briofing before their initial board meeting and arè given a ¢opy of National Numeracys Tmstee Handbook, whith outlines the complete induciion process, along wth the relevant Charity Commission guidelines for trustees. Organisational matters The work of National Numeracy, in¢luding that of the wholly owned trading subsiLYiary National Numeracy Solutions Ltd, is overseen bythe Board of Trustees, which mel sixtimes during 2023, fourlimes being thè ordinary trustee meetings, one being a brief ched(-in sassion and one lime being an extra strategy session. Day to Qay management is delegated to the CEO and the senior leadership team. The Nomination5 Committee la sub-committee of the Board) al80 met regularly lo wnsider senior appointments and Matte￿ of succession and 19 rewew the ￿mposItiOn of the Board. There werè no changes to the make-up of the board during 2023. Catherine Paulson-Ellis agreed to S8fVe a further term. In 2023, our work with 51alutory organisations and sthools expanded once again, prompting futher efforts to drive important policy reviews and developments, particularty in the areas of GDPR and safeguarding. These initiatives have been supported by external expert 8gencie5 to ensure full compliance. A Iruslee has been designated for both GDPR and safeguarding to offer support and ensure the board 1$ reassured of Gompliance in these crillcal areas. staffing levels grew a little in 2023 with the creation of several new roles in response lo incressed activrty and funding. Al the end of 2023 National Numeracy had 36 stsff membèrs on payroll. In April 2023 Kale Sumner came onboard as Operations & Impact Diroctor, replacing Emily Kramer after more than 10 years of service. In line with the charity's remuneration policy and in accordance with the Sialement of Recommended Practi (SORPI. National Numeracy disdoses all payments lo trustees Ino trustees receive 'pal>, discloses the number NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 of staff in rèceipt of more than £60,000 ané above lin bands of £10,000), and discloses pensions and other benefits. The Chiet Executive and trustees rewew the salaries of staff annually. in accordance with the charity's remun8ration policy. The trustees also determine pension arrangements. In addition, th8 Nominations Commrtiee advises on the Salary of the CEO, for decision by the board. National Nurneracy Solutions Ltd Ilhe trading subsidiary) made a change lo the board in 2023.. directors are now Sam Sims (Chief Executive) and Kate Surnn8r (Operations Director). The Diiectors also met separately three limes in 2023. National Numeracy Continues to be based on the SLJSS&X University campus al Falmer, near Brlghlon. As an independent charity wrfch a social mission, National Numeracy is passionately committed to, and constantly reviewng and improving, its Environmental. &)aal and Governance standards. Our charitable work also helps meet our partners, own ESG goals. National Numeracys ESG measures include, but are not limited to.. Envimnmenlal We are committed lo protecting the environment through wstainable practice$, with an envlronmental sustainability policy In our staff handbook. Pro9ramme Tnalerials are provided digitally, reduang print and paper eosls_ Sustainable sources sought for marketing materials and used furniture and equipment is racyded. Training programmes are delivered online where possible, and public transport used for travel when necessary. Our office on the University of Sussgx'Green Campus, is aecessible by bus. rail and cyde paths. So￿81 We are committed lo the Fair Work First criteria, and we are a Real Liwng Wage employer. Fair and equitable workplace measures include an independent annual anonymou$ employoe survey. We have an active staff Equality, Diversity and Incluslon group and mandaled EDI training. We have a team of trained mental health first aiders, We offerfl8xible working lo help reduce barrior5 that may disproportionatoly affect women and Contribute to the gender pay gap. Gov8man¢8 We have a g8nder-balanced governance structure,. 50V. of the Leadershlp Group are wom8n. We commit lo operating with integrty, embodying our 'core four, value5. Our new finance policies and system ensure Iranspar8ncy and best value from suppliers. We operate a regularly review8d risk register. Our dedicated GDPR Group works wth extemal experts to gnsure security of Dur dats. b. Flnanco and fundlnll The charity's growth and in¢reas8d impact in 2023 w8r8 fuelled by 8 rematkable and expanding network of supporters and partners, all united by a shared commitment to tackling the issue of low numeracy. We were grateful for the crucial and often continuing support of organisalions such as Barclays, Bloomberg, C8mbridgeshire and Pelerborough Combined Authority, Capital One, CISI Future Foundation, Experaan, the Garfield Weston Foundation, Health Education England, Kartesia, KPMG, Lincolnshire Coop, The Lord Mayor's Appeal, the LSEG Foundation, S&P Global, TP ICAP. UFI VocTech Trust and Vanquis Banking Group, amongst others. These supporters made vital financial contributions lo fund our campaigns, programmes and projocts, as well as the overall impact of the charty. io NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 In addition. we re￿iVed fantastic pro bono and in-kind Support lo deliver a number of criti&i1 and straleylc projects from organisalions such as Amazon & AWS. Googl8, BGO. BCG, Capital Ong, Experfan. KPMG and Oliver Wyman. In addition to our support from cOrp￿ates, trusts and foundations we have continued to expand our partnership with local communities. Local Authorities we worked with as part of thè Multiply project funded by the Departm6nt of Edu¢ation, included,, Surrey County Councll Bristol City Council Willshire Counul Brighton & Hove In lolal we have worked with 23 different Local Authorities and organisations on Multiply-funded projects in 2023. As detailed in the previous text this has enabled us to train hundr8ds of Numeracy Champions ènd. with their help, rais8 awareness and support their communities with improved number Confidence and skills. Consolidated income in 2023 was £2,435,437, the trading subsidiary contributing generating a profrf( of £43,609. As we look forward to 2025, our Multiply-funded prolects will come lo an end. This poses a potential short-term financial challenge to this particular area of our work., however, we are confident in our ability lo secure altemab.ve funding sources in the long term. Our slrateglc focus remains on diversifying revenue streams lo create a mor8 sustainable and resilient financial fount¥ation. We are actively exploring new partnerships, grant opportunities, and innovativè fundraising initiatives that will ensure the charity's continued impactand grawth in the years aheod. We are optimisliG about the future and committed lo maintaining our mission-driven work. c. Rlsk a5S8SSTllgnt The trustees have regulady assessed tho major risks to whlch the charity is &xposed and maintained a detailed risk register during 2023, split between strategic risks and operational risks. The risk registèr was regularly reviewed by a dedic8led Intemal Risk Committee. The committee consider the appropriate level and accompanying scoring for ongoing risks, taking into consideration both likelihood and potential impact of each risk at the current time, as well 88 mitigating actions taken and planned. The commitiee also consid8r and review new and emerging risks, and whether any previously idenlffied risks are resO￿ad or no longer rèlevant. Key areas for discussion in 2023 included GDPR cor¢sideration5, ensuThng full delivery of 8eNice ¢onlrarts and future funding. Trustees are satisfied that systems are in place lo mitigate exposure to the major risks. d. Reserves The trustees of National Numeracy recognise the need for reserves lo create a sustainable organisalion into the futur8. In particular. we seek lo mainlaln key charitab18 ¥livilies, maintain funds to insur8 against variations in income due lo the uncertain nature of fijnding sources and the uneven profile of income throughout the year, as well as lo enable us lo fund planned spacifie investments in future development as necessary lo support our strategy. Therefore. the reserves calculations take into ¢onsideration'. The c05t of key ongoing charitabla activities. chiefly the National Numeracy challenge Cash flow buffer of approximately four months of additional expendrture key risk facto A calculated sustainability sum which would effecty'vely allow for restructuring or closure li NATIONAL NUMERACY (LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Giving consideration to all of these factors, a tsrget range for unrestricted r8s8rv8s has been ealculaled at be￿en £650,000 and £700,000. This figure represents an incT8ase on last year due to thè increased size of the team and an increasa in our levels of charitsble adivity. The tsrget reserves calculation is revi8w8d annually, and current levels are reviewed again$1 largels on a quarterly basis Within trustee Meeting paper5. The trustees are designat.ng £155,539 of unreslricled resthves lo protect the delivery of committed projects in 2024, speafically our Paronlal Engagement Programme and delivery of our key public campaign. The remaining unrestricted fre8 reserves position al 3111212023 is therefore £728,120. This is slightly above the target position and is considered reasonable a5 expectations are for il lo return lo the target window at the end of 2024. At 31 December 2023, r8Stricted fund$ of £136,172 w8re held. e. Invostmont Pollcy As well as operating accounts, National Numeracy also maintain8 both in3tanl access deposit accounts and longer-term deposit accounls in orderto provide interest on funds received. The Hon. Treasurer and relevant staff meet regLblarly lo assess the best investment options available to maximise use of funds. Investment decisions nèèd to be agreed by the Head uf Finance, the Hon. Treasurer and th8 CEO. Due to the n￿d for relatively short-term access lo funds. long-lerm options are not available and there is a low- risk policy approach to invèstment options lo safeguard charitable funds. Therefore, National Numeracy invests its financial reserves prudently and subject to the regular review. National Numeracy owns no propety. The policy and approach Is monttored and rewewed as part of the annu81 budgeting cycle. f. Fundralslng National Numeracy's fundmising is carried OLrt predominanuy by in-house fundraisers employed dI￿dY by the tharrty. The charity's approath (excluding the operation of the trading subsidiary) is primarily lo seek grants and donations from charities, trusts and corporate partners National Numeracy 18 also a charity partnèr of The Lord Mayor's Appeal, which raises appeal donations for distribution lo ils charity partners. The Lord Mayorfs Appeal is a charfcy registered wth the Fundraising Regulator and adheres lo the Ccée of Fundraislng Practice. National Numeracy registered wf(h the Fundraising Regulator in earfy 2024. We are cornmitted to meeting best practice fundraising standards, followng all relevant guidelines and adhering to the Code of Fundraising Practice We place the needs and Considerations of our supporters first when it comes lo our fundraising activfties, and we ensure that fundraisers adhere to our practices, ￿th particular attention paid to vulnerable people. No com ￿aIntS relating to fundraising were received in 2023. 27109124 Approved on behaK of the board on ...........,............,....... by Perdila Fraser Trustee {Chair) 12 NATIONAL NUMERACY (LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustee8, who are also the dtTectors of National Numeracy for the purpose of company18w. are responslble for prèparing the Trustees, Report and the aceounls in accordance Mth applicable law and UnrEed Kingdom Aecounting Standards (Untted Kingdom Generally Awepled Accounling Practice), including Financial Rèporting Standard 102 'Thg FinaneAal Rèwrting Standard for the UK and R•public of Irelan(I'. Company law iequires the tiustees to prepare accoun15 for each financial year which give a true and fair view of the statè of affairs of the charity 8nd of the incoming resources and application of resour￿$. inejuding the Sn¢>)me and oxpenditure. of the charitable company for that year. In pr&p8ring these awounts, thè tNstses are required to.. . select suitable accounting poliaes and then apply them consistently., obseNe the methods and principles in the Charib'es, SORP., maké judgement5 and estimatès that are reasonable and prudent., and - prepare th8 accounts on the going concem basls unless it is inappropriat8 to presume thatthe charity wll continue in operation. The trustees are responsible for keeping adequate a￿oUnt￿rtg records fhal disdosè with reasonable accuracy al anytirne thefinan¢ial posltion of tho charity and enable them lo ensure thatthe accounts comply with the Companies Act 20(￿. They are also responsible for safeguarding the assets ol the charty and hence for taking reasonable $kps for the pievention and dete￿10n of fraud and other irregulariti¢$, 13 NATIONAL NUMERACY (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF NATIONAL NUMERACY Oplnlon We have audited the finanaal slat&m&nts of National Numeraw Ilhe parent charitabl8 company,) and its subsidiary Cthe group? for the yèar ènded 31 De￿mber 2023 which compris& the Stxtsment of Financial Activities, the consolmlated and charTty Balance Sheets, th8 Cashllow Statemant and note5 to the finanual slatsmenls, including a $uwmary of signfficant accounting policies. Tho financial reporting framework that has been applied in their preparatlon is applicable law and Unit￿1 Kingdom Accounting Standards, induding Finanaal Reporting Standard 1￿2 The Finanthal Reporting Standard applicable in the UK and Republic of Ireland {Unit8d KirrtJdom Generally Accepted Accounting Pract*). In wr opinion, the finanual statements.. give a true and fairview of state of thè group's and the parEnl charitable companls affairs as at 31 Decemb8r 2023 and of its incoming r&8ources anij application of resources for the year then ended,, have been properfy prepared in accordance with Unitèd lfjngdom Generally A￿pted Acc4Junting Pr8(*ce,' and have been prèpared in ace£Jrdance wtth the Tequiremenis ofthe Companies Ad 2Q￿￿. Ba$15 for oplnlon We conducted our audit in accordance with Inlemational Stsndards on Auditing (UK) IISA5 IUIQI and appli¢ablg law. Our responsibilities under those standards 2re further described in th8 Audito￿$ re5ponsibilib.es for the audit of the financial statements seejion of our report. Wg are independent of the charitable company in accordanv£ with the eth￿1 rèquirèmènts that are relevant lo our audit of th8 finanoal st8ternents in the UK, induding Ihe FRC'S Ethic21 Standard, and the provisions avaiLable for small ènbties, and we have fulfilled our other ethical responsibilities in ar£Ordan￿ with these requirEments. We believa that the audit ewdence we havo obtain￿1 is suffiaent arKI appropriate lo provide a basis for our opinion. Conclusions relating to going concèm In auditin9 the financial stataments, we have ￿ncluded that the tw$tÉes' use of the going concem basis ol a¢wunting in the preparation of thè finanrAal statements 1$ appropriate. Based on the work we have performed, we have not idenlffied any malerfal uncert8inlies relai'ng to events or condrti¢)n$ that, individually or co118CtivÈly, may cast doubt on the charitable company's ability lo ¢ontinue as a g¢ing concern for a period of at least twelve months frorn when the financial slalements ar8 3Uthori$ed for issue. Our responsibilrties and the re8ponsibilities of tho tru$tees ￿th respect lo going concern are described in the relevant sédions of this report. Other Infomiation Th8 olher infomialion cornprises the information included in th8 annu81 report, induding the twstees, report, other than the linanaal staterronts and our auditorfs repcirt th8r8on. The trustees are reswnsyble for the other infDmiation. Our opinion on the ffnanoal 5taloment5 doe8 not cover the othei inforrnation and, ex￿pt lo the extent otherwise explicitty stated in our retK)rt. we do not express any fom of assuran￿ condusion thoioon. In connection with ourauditof the financk81 statements. our responsibility isto rèad the other information and, in doing so. wnsider whether the other information is materially In￿nsISte￿I with the financial statements or our th0￿edge obtained in tre audit or othermse appears lo be materially misstatèd. If we identrfy such material inGonsistencies or apparent vn*erial misstatements, we arè rÈquired to determine whether Iherp is a materkil misstatemènt in the financjal statements or a tnaterial missialement of the other inforrnation. If, based on th& work WÈ have performed. we wndude that there is a matarial misstatement of this other irrformalion, we a￿ required to re￿rt that fact. We hav8 nothing to ￿pOrt in this regard. 14 NATIONAL NUMERACY (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITOR (CONTINUED) TO THE MEMBERS OF NATIONAL NUMERACY Opinions on other matters prescribed by th• Companlos Act 2006 In ￿r opinion. based on the work und•rt8ken in thè c4)ur$e of the audit.. the infoimation given in the Iruslees, report, which indudes Ihe dir8ctors' rèport P￿Pa￿d for the purposes of cornpany law, forthe finanaal year forwth"¢h the financial statements are prepared is con￿StentWith the financia] stateryEnts,' and the dire¢tors' roport induded within the trustees, report has been prèp8red in aC￿￿an￿ with applicable legal requirements. Matters on whlch w• ar• required to report by exceplon In the light of kTh)wledge and understanding ot the parent charitable ￿MpanY and group and its enwronment obtained in the course of the audit, we have not identified material rnisststernents in the directors, report indudedwilhin the Iruslee5' report. We h8va nothing to report in respect of thè following m8Etgr¥ in rolalion to which the Companies A¢t 2(X)6 ￿quIte(s) us to report to you if, In our opinion.. adequate and Proper aco)unting records hav8 not beèn kept, or relums adequate forour audit havo not be¢n retyved frorn blanches not irisited by us,, or the financial st8tÈménts ale in agreement with Ihe accA)unting r¢cords and relums., or tain disdosures of Irustee5' remuneration speafied by law are not tnade", or we have not rec&ved all Infwmation and explanations we require for our audit", or the trustees were not enttued to prepare the finanaal statements in accordance ffiqth the sm811 cornpanies regime and take advantage of thè small companies. exemptions in preparing the trustees, report and from th¢ requirem¢NI Ip P￿pare a strategic report. Responsiblllt]•s of trust A$ 8xplained morè fully in the trustees, responsibilities statement, the trustees Iwhts are also tho dirertors of tre tharitable company for the purposes of company lawl are responsible for the preparation of the financial statèmÈnts and for being satisfied that they give a true and fail view, ond internal control as the trustees delemiine is necessary lo enable the prepaTalion of finanaal stalemerts Ihal are free Irom material misstatement, whether due lo fraud or error. In preparing the finanaal statetnents, the Irusteos aro responsible for assessing the c￿MpanY'S ability to continuè as a going conc*rn, disdosing. as applicable, matters related to going cOn￿M and using th@ going concèm basis of awounling unloss the tru51ees either intend lo liquidate the company or to c8ase operations. or have no realistic akernativ• but to do so. Audito￿$ rÈsponsibilities for the audit of the flnanclal statements Oui obje¢bvè$ a￿ to obtain Teasonable assuran￿ about whether the finan¢ial slalements as a whole are free from material misstatement, whother due to fraud or error, and to issue an auditorfs ￿port that indudas our epinion. Reasonable as$uranw is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wth ISA5 (UK) will alway8 detect a material mis6tatemenl ¥then it eX￿t$. Misst8tements can arise Irom frydud OT erior and are considered rnalerial if, individually or in the aggregate, they could reasonably be expected to influenTr the economic derisions of users taken on the basis oflhese fjnanrAal stalemenls. Irregularities, induding fraud. are instsn¢es of non-￿mPli8nce with laws and regulations. The extant to which our pri)cedures are capable of detecting irregUlar￿eS. inciuding fTrud, is detailed below. 15 NATIONAL NUMERACY (LIMITED BY GUARANTEE) REPORT OF THE INDEPENDENT AUDITOR (CONTINUED) TO THE MEMBERS OF NATIONAL NUMERACY Extent to which th• audit was consSdered ¢apabl• of dthting irregularitle& Including fraud The objecb'ves of our audit, in respect to fraud, arè.. to idÈntify and assess the risks of material misslaternent of the finanoal stat¢tngn15 due lo fraud., to obtain suffiaenl appropTiats audit eviden￿ regarding thè assessed risks of rTWterial misstatement due to fraud, through designing and impletnenting appropriate responses., and to iespond appropriately to fraud or su$pÈded fraud identffied during the audit. However, the primary responsibility for the p￿ventIon and detection of fraud r8sts wrth both those charged wilh govemance oflhe erttity and its management. Our 4)proath was as follow8.. Wè idenlified aws of laws and regulations th81 could reasonably be expected to have a material effect on the finanual statements from our general sector experiènce, 8nd through discussion wrfh thg trustee5 and other management las required by audthng standards), and dI￿u8$ed wth the Iruslees and other management the wlioes and procethjres regarding ￿MplianCe with laws and regulalk?ns (see belNI.' We idenlffied the following areas as those most likety to have suth an effect. health and safety,. Génèral Data Protection Regulation IGDPRI,. fraud,. bribery and corruption- and employmènt law. Auditing Stand￿dS limit the requlred 8udit procedures to identify ngn-GQTvpliance with these laws and regulations lo enquiry of the trustees and other management and inspection of rÉgLJlatory and legal o)rrespondenco, if any. The identified actual or Sus￿etéd nOn-￿)rnp1Iance was not suificietrtly significant to our audit lo result in our b¢iny idgnlthed as a key audit matt8r. We consid¢rod the legal and regulatory fram8works diredy applicable lo the finanoal staternetts reportlng framework IFRS 102, thè Compaftie$Acl 2L￿￿ and the Charities A¢t 201118r￿ the relevant tax cornplianc8 re9ulalions in the UK., We considered the nature of the charitable company and group's owrations, the control enwronrnenl and finanaal perforrnance. We wmmunicaled identified lawsand regulations throu9houtourle8m arKi remained alertto any indications of nonptrrative Funds requirèd to complete delivery in the txrrènt funding year. Campalgn Dplivery Funds required to dellver campaign activities as agreed with éxtèrnal partners. 20 Analysls of ngt a88ets b•iw•en funds U￿r￿trIcted funds Deslgnated funds Restri¢tsd funds Total Fund balanee represented by.. Current assets Creditors.. amounts fallin9 due within ona yèar 31 Deeem r 2023 are 1.104,758 1￿.539 139,468 1,399,765 1376.6381 13,296) 1379,9341 728.120 155,539 136,172 1,019.831 33 NATIONAL NUMERACY {LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 21 Analys18 of assets bots¥èÈn funds Icontlnuedl Unre8trict•d funds Deslgnatrd funds RestrlctÈd funds Totsl Fund balances at 31 D8 represantéd by.. FixÈd assets Current assÈts Creditors.. ètnounls falling due within year 2022 are 140 890.584 140 1,427,314 227,000 309,730 1193,2271 {93,590) (286,8171 697,497 227.000 216,140 1,140,637 22 Pgnslon commitments The company operates a defintsd contribution pension schetno. The assets of the scheme ar8 hèld separately from thos¢ of the company in an independently administered fLind. The pension o)sl charge represents contributions payablé by the company lo the fund. Contributions totslling £9,374 were payable to trte fund al the y&81-end12022.. £11,135). 23 Rglated party transactions Th¢ Ir8nsfer agreement Gontract enterÈd into with NMP in 2013 was Continued. No repayments were made during the yoar 80 the creditor balance at the year-end of 240,￿0 {2022.' £40,OWI remains. The charity has taken advantage of the exemption, under the le￿6 ol Financial Reporting Standard 102 'The Financial Repotting Standard applicable in the UK and Republic of Irelan¢J', nr*l to disdose related paty transactions wlh wholly ownèd subsidiaries within the gmup. D¢t8ils of trustee expense reimbursÈmenls are includgd in note 17.