Registered Charity no. 1155010 Registered Company no. 08370409
MathsWorldUK (Company Limited by Guarantee)
Trustees Annual Report and Accounts
8 Month Period of Account Ending 30th September 2023
MathsWorldUK
8 Month Period of Account Ending 30th September 2023 Contents Page
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees Annual Report | 3 |
| Independent Examiners Report | 8 |
| Statement of Financial Activities and Income | 9 |
| and Expenditure Account | |
| Statement of Financial Position | 10 |
| Notes to the Financial Statements | 11 |
MathsWorldUK
8 Month Period of Account Ending 30th September 2023
Legal and Administrative Information
Reference
The Charity is called “MathsWorldUK” (referred to in parts of the report as "MWUK") and is registered with the Charity Commission for England and Wales as an Incorporated Association limited by guarantee .
Registered Charity Number 1155010 Registered Company Number 08370409 Registered Office Stringer House 34 Lupton Street Leeds LS10 2QW
Website
www.mathsworlduk.com
The Trustees and Directors
The Trustees and Directors who were in post during the financial year were as follows:
Pro Margaret Brown OBE (Deputy Chair) Dr Christian Yates Geoffrey Wain (Chair) Dr Jack Abramsky Pro Thomas Ward Dr Roger Fisken Ms H Clapham Ms R Holland Mr H Kyffin Mr S Lewis Ms L Mcclure Appointed 10/03/2023 Mr J Davison Appointed 06/06/2023 Mr M Rushworth
Chief Executive Officer
Dr Katie Chicot
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MathsWorldUK
8 Month Period of Account Ending 30th September 2023
Legal and Administrative Information
Primary Bankers
Independent Examiner
HSBC UK 1 Centenary Square Birmingham B1 1HQ United Kingdom Nigel Wyatt BSC FCA Wyatt & Co Chartered Accountants 125 Main Street Garforth Leeds, LS25 1AF
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MathsWorldUK
8 Month Period of Account Ending 30th September 2023
Trustees Annual Report
The trustees present their report and financial statements for the period ending 30th September 2023.
Objectives and activities
The charity's objects are to advance the education of the public in mathematics. We aim to achieve this, ultimately, through the creation of the UK’s first visitor attraction inviting young people and their families to discover the joy and power of mathematics through hands-on experiments and challenges.
In practice our work involves creating engaging and accessible exhibitions and collections of mathematics interactives, sparking excitement, curiosity and engagement with the wonders of maths. We deliver playful workshops and activities exploring exciting mathematical topics. This work takes place alongside furthering our main mission by raising our public profile and building the business case for a national Mathematics Discovery Centre.
MathsCity was running for the duration of this report and has received over 26,500 visitors since its launch with over 15,000 this operational year. In its second year of operations MathsCity had over 2,200 school visitors.
Public benefit
MathsWorldUK works for the benefit of the general public by fostering a greater appreciation of and interest in mathematics.
Mathematics is increasingly important across many disciplines: science, medicine, engineering, technology, communications, AI and Big Data, finance, economics and more. It is a fundamental tool enabling us to analyse and comprehend the world around us, and to solve some of the most urgent problems facing society in today’s complex world. This has been brought into sharp focus during the Covid-19 pandemic.
Maths brings together essential skills - in reasoning, creativity, abstract and spatial thinking, critical thinking and problem-solving - that enable us to participate fully in society and to build fulfilling and resilient lives. The negative economic, social, and health and wellbeing impacts of poor maths skills in adult life are well evidenced, yet the mathematics skills gap – the difference between the numbers of mathematically literate people that we need and the number that we actually have - in the UK remains too large.
We aim that our hands-on activities in MathsCity should improve national attitudes towards Mathematics. This and ultimately the creation of the Mathematics Discovery Centre with hands-on activities will then contribute significantly to increasing the proportion and diversity of young people engaging confidently with mathematics and choosing to continue with mathematical study in further and higher education beyond age 16 and into college and university.
The trustees have referred to the Charity Commission’s guidance on public benefit in agreeing the charity’s aims and objectives and in planning its future activities.
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8 Month Period of Account Ending 30th September 2023
Trustees Annual Report
Who engaged with and benefited from our activities?
In addition to our visitors to MathsCity previously noted, since our last report at the end of January we have attended a range of external events with the MathsCity kit and staff. ‘Child Friendly Leeds Live’ involved over 1000 members of the public, mostly young families. Our activities were construction, geometric bubbles (with a zome connector kit) and mind reading tricks.
The Big Number Natter was at the University of Leeds and was for around 100 school students.
Leeds Piano competition held one of its rounds at MathsCity for a fun cross over.
We ran a stall at the Leeds Science Fair which had over 500 visitors and was held in the Leeds City Museum.
We have also taken part in events to promote the city with the local authority.
Holiday activities in 2023 - The February half term theme was Fighting floods. The wave tank was out in MathsCity at half term and was staffed by students attached to the University of Leeds Fluids Group. Alongside this there was a photo competition with fluids in nature as its theme which we promoted.
Over the Easter holidays students attached to the University of Leeds Fluids Group and enablers ran an egg marbling activity and 2380 visitors took part.
Conferences - Since the report on 31[st] January, Katie Chicot has presented ‘Hands on maths’ at: Teaching and Learning Conference at Leeds Grammar School; the Local Authority Mathematics Subject Leaders meeting and the Maths Scholars weekend organized by the Institute for Mathematics and its Applications. Ayliean (MathsCity Community Mathematician) gave a session at the Teaching Together conference in Leeds. MathsWorldUK had a slot at the ‘Talking Maths in Public’ Conference in Newcastle.
Online - Our community mathematician Ayliean MacDonald continues to make a big impact with TikTok. We celebrated International Women in Maths Day with an interview between Ayliean and maths historian Brigitte Stenhouse all about the life and work of Mary Sommerville. On our social media, we also featured up and coming mathematicians from the University of Leeds who are our enablers Ciara Higham and Danielle Bullamore.
CEO Katie appeared on Hindu radio network, Rangoli Radio in the role model slot, talking about perseverance and struggle in maths.
We celebrated International Day of Mathematics or Pi Day with a Pi-athlon challenge online. Ayliean was a co-host of the day of talks held by the IDM.
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MathsWorldUK
8 Month Period of Account Ending 30th September 2023
Trustees Annual Report
Achievements and performance
As per our priorities in our last year’s report, our key achievements in the half year included:
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Maintaining MathsCity in Leeds to offer inspiring and engaging maths experiences for visitors of all ages and backgrounds.
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Developing new content around the theme of ‘Our chaotic Earth’ including installing the wow factor i- sandpit.
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Further build the community around MathsCity, including schools, local businesses and industry
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• Securing grants for MathsCity for its third year of operations and for content of the future National Mathematics Discovery Centre
Our priorities for the coming year are:
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Maintaining MathsCity in Leeds to offer inspiring and engaging maths experiences for visitors of all ages and backgrounds.
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Developing new content around the theme of ‘Our Chaotic Earth’ including installing the wow factor i- sandpit.
-
Further build the community around MathsCity, including schools, local businesses and industry
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Develop the business plan for the Mathematics Discovery Centre through the lessons of MathsCity.
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• Strengthening the Board’s expertise and organisational structures and capacity in order to ensure MWUK is ready to manage the next stage of the delivery of MathsCity and the Mathematics Discovery Centre
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Increasing focus on audiences in the vicinity of Leeds and build partnerships with local stakeholders.
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Securing grants for MathsCity and major funders for the National Mathematics Discovery Centre
Financial review
The financial transactions of the charity during the year and the position at the end of the year are set out in the attached accounts.
MathsWorldUK receives no ongoing core public subsidy and relies on project grants and donations to deliver its activities.
In addition to the contributions shown in the financial statements MWUK received valuable in-kind support from the University of Leeds, in the form of staff time given to public engagement and outreach activity, and fundraising support. The charity also benefited from the support of individual volunteers helping to deliver and develop its MathsCity programmes.
Costs incurred in this period related mainly to staffing, outreach activity and the development of MathsCity.
In the coming year fundraising will focus on the third year of MathsCity operations and on development activity for MathsCity and the Mathematics Discovery Centre.
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MathsWorldUK
8 Month Period of Account Ending 30th September 2023
Trustees Annual Report
Reserves policy
The Trustees have agreed that MWUK should aim to build up its reserve to the level of 6 months of its ongoing expenditure. The charity ended the year with £56,089 in free reserves (general unrestricted fund excluding the designated exhibit fund). This resembles 6 months of ongoing expenditure - an increase on the sum of £43,588 held the previous year, reflecting the need to carry funds forward for the operations of MathsCity.
Structure, governance and management
MathsWorldUK is a company limited by guarantee (no. 8370409 formed on 22 January 2013. It was registered as a charity (no. 1155010) in November 2013.
The trustees, who are also the directors for the purpose of company law and who served during the year are listed on p. 1. None of the trustees has any beneficial interest in the company. All the Trustees are members of the company and the liability of the members in the event of the company being wound up is limited to a sum not exceeding £1.
Membership of the Board is regularly reviewed to ensure the right balance of skills and expertise. New Trustees will be recruited in the coming year in preparation for increased activity relating to the development of the Mathematics Discovery Centre.
The charity is led by the Board of trustees which meets quarterly and is supported by three committees (Development, Programming, Finance and General Purposes Committees). Day to day management of the organisation is delegated to the CEO, who has an active role in delivering outreach activity alongside a small team of volunteers, while leading development work and fundraising for the Mathematics Discovery Centre.
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8 Month Period of Account Ending 30th September 2023
Trustees Annual Report
Trustees’ Responsibilities
The 2011 Charities Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to:-
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Select suitable accounting policies and apply them consistently.
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Make judgments and estimates that are reasonable and prudent.
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Prepare financial statements on the ongoing concern basis unless it is inappropriate to presume that the trust will continue in existence.
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State whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Charity. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signed on behalf of the Trustees………………………………………………………
Sam Lewis
Name of Trustee ………………………………………………………………………..
14/03/2024
Date:…………………………………………..
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8 Month Period of Account Ending 30th September 2023
Independent Examiners Report
I report to the trustees on my examination of the financial statements of MathsWorldUK ('the charity') for the period ended 30th September 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Nigel Wyatt BSC FCA Date: 14/03/2024 Independent Examiner 125 Main Street Garforth Leeds LS25 1AF
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8 Month Period of Account Ending 30th September 2023
Statement of Financial Activities and Income and Expenditure Account
| 8 Months | 12 Months | ||||
|---|---|---|---|---|---|
| 30 Sep 2023 | 30 Jan 2023 | ||||
| Unrestricted | Restricted |
Total | Total |
||
| Funds | Funds | Funds | Funds | ||
| Note | £ | £ | £ | £ | |
| Income | |||||
| Donations and legacies | 10,814 | 36,606 | 47,420 | 171,231 | |
| Activities for generating income | 49,064 | - | 49,064 | 60,341 | |
| Other trading activities | 5,711 | - | 5,711 | - | |
| Investment income | 436 | - | 436 | 88 | |
| Other Income | 81,733 | - | 81,733 | 120,000 | |
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| Total income | 2 | 147,758 | 36,606 | 184,364 | 351,660 |
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| Expenditure | |||||
| Expenditure on charitable activities | 3 | 155,535 | 41,041 | 196,576 | 294,241 |
| Cost of generating funds | 4 | 1,312 | - | 1,312 | 4,383 |
| Governance costs | 5 | 2,121 | - | 2,121 | 3,779 |
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| Total Expenditure | 158,968 | 41,041 | 200,009 | 302,403 | |
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||
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| Net Income / (Deficit) | (11,210) | (4,435) | (15,645) | 49,257 | |
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| Net Income and Net Movement In Funds | |||||
| Total funds brought forward | 14 | 136,306 | 78,902 | 215,208 | 165,951 |
| Transfers | 14 | 20,226 | (20,226) | - | - |
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| Total Funds Carried Forward | 14 | 145,322 | 54,241 | 199,563 | 215,208 |
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All income and expenditure derive from continuing activities.
The statement is a combined Statement of Financial Activities and Income and Expenditure Account for the purposes of meeting both Companies Act and charity SORP reporting requirements.
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8 Month Period of Account Ending 30th September 2023
Statement of Financial Position
| Statement of Financial Position | |||
|---|---|---|---|
| 30 Sep 2023 30 Jan 2023 | |||
| Note | £ | £ | |
| Fixed Assets | |||
| Tangible fixed assets | 11 | 89,233 | 92,718 |
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||
| 89,233 | 92,718 | ||
| Current Assets | |||
| Debtors | 12 | 13,533 | 24,366 |
| Cash at bank and in hand | 106,905 | 103,111 | |
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||
| 120,438 | 127,477 | ||
| Creditors: Amounts Falling Due Within One Year | 13 | 10,108 | 4,987 |
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||
| Net Current Assets | 110,330 | 122,490 | |
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||
| Total Assets Less Current Liabilities | 199,563 | 215,208 | |
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||
| Net Assets | 15 | 199,563 | 215,208 |
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| Funds Of the Charity | |||
| Restricted funds | 14 | 54,241 | 78,902 |
| Unrestricted funds | 14 | 145,322 | 136,306 |
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| Total Charity Funds | 14 | 199,563 | 215,208 |
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Directors Responsibilities
The Directors are satisfied that for the period ended on 30th September 2023 the charitable company was entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that no member or members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner.
The Directors acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and with FRS 102 (effective January 2015).
Sam Lewis
Name of director: ─────────────────────────────────────────────────── Signed on behalf of the directors: ─────────────────────────────────────────────────── Date of approval: 14/03/2024 ───────────────────────────────────────────────────
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8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
1 Accounting Policies
Basis of Preparation
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities Financial Reporting Standards applicable in the UK and Republic of Ireland (Charities SORP 2019 FRS 102) and the Charities Act 2011.
Accounting Period
The financial statements cover the shortened period from 1st February to 30th September 2023, comprising 8 months.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Fund Accounting
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have set aside resources for a specific purpose.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or the term of specific appeal.
Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
Incoming Resources
All incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.
• All voluntary income is recognised as donations and is included in full, with associated Gift Aid receivable in the Statement of Financial Activities.
• Grants where entitlement is not conditional on the delivery of specific performance by the charity are recognised when the charity becomes unconditionally entitled to the grant.
• Income resources from charitable trading activities such as Mathematics experiences and activities are accounted for when invoices are drawn up (as the point of entitlement).
• Donated services and facilities are included at the value to the charity where this can be quantified.
• Gifts in Kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised.
• Volunteer time, the value of voluntary support for the work of the Charity is not included in the accounts but is described in the notes to the accounts.
• Investment Income is included in the accounts when receivable.
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8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred. Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out the resources and the amount of the obligation can be measured with reasonable certainty.
Governance Costs
Include costs of the preparation and examination of statutory accounts, the costs of the trustees' meetings and cost of any legal advice to trustees on governance or constitutional matters.
Liability Recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Tangible Fixed Assets
All assets are capitalised and at historic cost for items over the value of £1,000. Fixed assets are stated at cost less accumulated depreciation. Depreciation is charged on furniture and equipment which is written off on a straight-line basis over the estimated useful lifetime of the asset.
Equipment Between 5 and 10 years Straight line Office Equipment 4 years Straight line Computer Equipment 4 years Straight line Maths City Fixtures and Fittings Between 4 and 10 years Straight line
Operating Leases
Rental charges payable under operating leases are charged on a straight line basis over the terms of the lease.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Legal Status of the Charity
The charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
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8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
2 Analysis of Income
| Analysis of Income | |||
|---|---|---|---|
| 8 Months | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 30 Sep 2023 | |
| £ | £ | £ | |
| Donations and Legacies | |||
| Donations & gift aid | 8,227 | - | 8,227 |
| Grants | 2,587 | 36,606 | 39,193 |
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|
| 10,814 | 36,606 | 47,420 | |
| Activities for Generating Income | |||
| Maths City ticket sales | 48,347 | - | 48,347 |
| Maths City sponsorship | 667 | - | 667 |
| Membership | 50 | - | 50 |
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|
| 49,064 | - | 49,064 | |
| Other Trading Activities | |||
| Maths City shop sales | 5,711 | - | 5,711 |
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|
| 5,711 | - | 5,711 | |
| Investment Income | |||
| Bank interest | 436 | - | 436 |
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|
| 436 | - | 436 | |
| Other Income | |||
| Other income | 1,733 | - | 1,733 |
| Donations in kind (Donated premises) | 80,000 | - | 80,000 |
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|
| 81,733 | - | 81,733 | |
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|
| Total Income | 147,758 | 36,606 | 184,364 |
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8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
| es to the Financial Statements | |||
|---|---|---|---|
| 12 Months | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 30 Jan 2023 | |
| £ | £ | £ | |
| Donations and Legacies | |||
| Donations & gift aid | 1,301 | - | 1,301 |
| Grants | 604 | 169,326 | 169,930 |
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|
| 1,905 | 169,326 | 171,231 | |
| Activities for Generating Income | |||
| Maths City ticket and shop sales | 60,191 | - | 60,191 |
| Maths City sponsorship | - | - | - |
| Membership | 150 | - | 150 |
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|
| 60,341 | - | 60,341 | |
| Investment Income | |||
| Bank interest | 88 | - | 88 |
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|
| 88 | - | 88 | |
| Other Income | |||
| Other income | - | - | - |
| Donations in kind (Donated premises) | 120,000 | - | 120,000 |
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|
| 120,000 | - | 120,000 | |
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|
| Total Income | 182,334 | 169,326 | 351,660 |
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8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
3 Expenditure on charitable activities by fund type
| 8 Months | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 30 Sep 2023 | |
| £ | £ | £ | |
| Administration costs | 1,464 | - | 1,464 |
| Advertisement costs | 15,814 | - | 15,814 |
| Bank charges | 3,536 | - | 3,536 |
| Depreciation | 23,485 | - | 23,485 |
| Maths City exhibition costs | 3,692 | 1,265 | 4,957 |
| Premises costs | 92,655 | 8,054 | 100,709 |
| Staff related costs | 734 | 76 | 810 |
| Staff salaries and secondment costs | 14,155 | 31,646 | 45,801 |
| Website costs | - | - | - |
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|
| 155,535 | 41,041 | 196,576 | |
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|
| 12 Months | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 30 Jan 2023 | |
| £ | £ | £ | |
| Administration costs | 7,271 | 507 | 7,778 |
| Advertisement costs | 11,406 | 6,607 | 18,013 |
| Bank charges | 100 | 40 | 140 |
| Depreciation | 29,474 | - | 29,474 |
| Maths City exhibition costs | 4,647 | 16,980 | 21,627 |
| Premises costs | 130,960 | 13,355 | 144,315 |
| Staff related costs | 990 | 953 | 1,943 |
| Staff salaries and secondment costs | 20,740 | 47,909 | 68,649 |
| Website costs | 2,302 | - | 2,302 |
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|
| 207,890 | 86,351 | 294,241 | |
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8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
Capital Expenditure Incurred
Due to the way capital assets are accounted for under the charity's SORP FRS102 the assets purchased during the year are not captured with charitable activity expenditure. They are shown as additions with the fixed asset note. The value of the assets are written down as expenditure against the fund they were purchased from as deprecation over the useful life of the asset. The following table outlines the assets purchased and the deprecation which has been changed to the relevant fund.
| 8 Months | 12 Months | |||
|---|---|---|---|---|
| 30 Sep 2023 | 30 Jan 2023 | |||
| £ | £ | |||
| Exhibition equipment purchased | 20,000 | 48,066 | ||
| Depreciation change | 23,485 | 29,474 | ||
| **4 ** | Cost of Generating Funds | |||
| 8 Months | ||||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 30 Sep 2023 | ||
| £ | £ | £ | ||
| Maths City shop purchases | 1,312 | - | 1,312 | |
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| 1,312 | - | 1,312 | ||
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| 12 Months | ||||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 30 Jan 2023 | ||
| £ | £ | £ | ||
| Maths City shop purchases | 4,383 | - | 4,383 | |
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| 4,383 | - | 4,383 | ||
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8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
5 Governance Costs
| Governance Costs | |||
|---|---|---|---|
| 8 Months | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 30 Sep 2023 | |
| £ | £ | £ | |
| Insurance costs | 580 | - | 580 |
| Legal & professional fees | 1,541 | - | 1,541 |
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|
| 2,121 | - | 2,121 | |
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|
| 12 Months | |||
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 30 Jan 2023 | |
| £ | £ | £ | |
| Insurance costs | 2,767 | 1,012 | 3,779 |
| Legal & professional fees | - | - | - |
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|
| 2,767 | 1,012 | 3,779 | |
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6 Volunteers
Outside of the executive committee, trustees and directors who are all volunteers, the charity has a body of volunteers who help run and facilitate the festivals and exhibitions. More details can be found in the trustees' report in relation to volunteers who support the charity.
7 Donated Gifts and Services
During the year the charity received a gift in kind for the use of premises for Maths City. The premises have been provided free of charge with an estimated annual rental value of £120,000 per year. The premises started to be used by the charity from October 2021. £80,000 has been recognised as both an income donation and an expense in the year inline with the Charities SORP guidance on gifts in kind for the 8 month period of account.
8 Independent Examination Fees
Fees payable to the independent examiner for:
| Independent Examination Fees Fees payable to the independent examiner for: |
||
|---|---|---|
| 8 Months | 12 Months | |
| 30 Sep 2023 | 30 Jan 2023 | |
| £ | £ | |
| Independent examination and preparation of the financial statements |
850 | 850 |
| Payroll and VAT support services | 978 | 1,840 |
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8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
9 Staff Costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 8 Months | 12 Months | |
|---|---|---|
| 30 Sep 2023 | 30 Jan 2023 | |
| £ | £ | |
| Wages and salaries | 45,768 | 68,649 |
| Social security costs | - | - |
| Employer contributions to pension plans | 33 | - |
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| 45,801 | 68,649 | |
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The average head count of employees during the year was as follows:
| 8 Months | 12 Months | ||
|---|---|---|---|
| 30 | Sep 2023 | 30 Jan 2023 | |
| Average head count | 16 | 10 |
Number of employees who received employee benefits of more than £60,000 during the year was as follows:
More than £60,000
30 Sep 2023 30 Jan 2023 - -
Key Management Personnel
The charity considers its key management personnel to be the CEO. Due to the secondment arrangement there is no employee benefit to disclose. During the period ending 30th September 2023 no secondment arrangement was in place and time was given by the CEO voluntarily in running the charity.
18
MathsWorldUK
8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
10 Trustee Expenses
During the period two of the trustees (30 Jan 2023: 0) incurred out of pocket expenses which were incurred in the ordinary running of the charity for administrative expenses. The total for the year was £333 (30 Jan 2023: £0).
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.
11 Tangible Fixed Assets
| Tangible Fixed Assets | |||||
|---|---|---|---|---|---|
| Maths City | |||||
| Exhibition | Office | Computer | Fixtures and | ||
| Equipment | Equipment | Equipment | Fittings | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| At 1 February 2023 | 141,316 | 3,621 | 727 | 34,379 | 180,042 |
| Additions | 20,000 | - | - | - | 20,000 |
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|
| 161,316 | 3,621 | 727 | 34,379 | 200,042 | |
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|
| Depreciation | |||||
| At 1 February 2023 | 81,629 | 1,278 | 364 | 4,053 | 87,324 |
| Charge for this year | 20,334 | 603 | 121 | 2,427 | 23,485 |
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|
| 101,963 | 1,881 | 485 | 6,480 | 110,809 | |
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|
| Carrying amount | |||||
| At 30 September 2023 | 59,353 | 1,740 | 242 | 27,899 | 89,233 |
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|
| At 31 January 2023 | 59,687 | 2,343 | 363 | 30,326 | 92,718 |
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12 Debtors
| 30 Sep 2023 | 30 Jan 2023 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 2,216 | 2,435 |
| Accrued income | 8,520 | 21,051 |
| Prepayment | 2,797 | 880 |
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|
| 13,533 | 24,366 | |
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13 Creditors: Amounts Falling Due Within One Year
| 30 Sep 2023 | 30 Jan 2023 | |
|---|---|---|
| £ | £ | |
| Accruals | 850 | 4,230 |
| Other tax and social security | 9,258 | 757 |
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|
| 10,108 | 4,987 | |
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19
MathsWorldUK
8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
14 Analysis of Charitable Funds
| 1 Feb 2023 | Income | Expenditure | Transfers 30 Sep 2023 | Transfers 30 Sep 2023 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Unrestricted Funds | |||||
| General funds | 43,588 | 147,758 | (158,968) | 23,711 | 56,089 |
| Designated Funds | |||||
| Asset, exhibition and equipment fund |
92,718 | - | - | (3,485) | 89,233 |
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|
| Total Unrestricted Funds | 136,306 | 147,758 | (158,968) | 20,226 | 145,322 |
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|
| Restricted Funds | |||||
| MathsCity Exhibits Grant | 33,226 | - | (3,992) | - | 29,234 |
| Fluid Exhibits Grant | 811 | 8,258 | (919) | (8,150) | - |
| MathsCity Startup Grant 1 | 29,883 | - | (29,883) | - | - |
| Chaotic Earth Exhibit Grant | - | 27,083 | - | (12,076) | 15,007 |
| Future Exhibit | - | 1,265 | (1,265) | - | - |
| MathsCity Schools Grant | 4,982 | - | (4,982) | - | - |
| Transport Exhibit Grant | 10,000 | - | - | - | 10,000 |
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|
| 78,902 | 36,606 | (41,041) | (20,226) | 54,241 | |
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|
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|
| Total Funds | 215,208 | 184,364 | (200,009) | - | 199,563 |
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Fund Transfers
During the financial year a number of fixed assets were purchased from the Leeds Univercity and open University restricted funds. At the point of purchase the assets are then held within the asset designated fund. To reflect that the assets have been purchased from the restricted fund, transfers for the value of the assets have been made to the asset designated fund.
20
MathsWorldUK
8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
| 1 Feb 2022 | Income | Expenditure | Transfers 31 Jan 2023 | Transfers 31 Jan 2023 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Unrestricted Funds | |||||
| General funds | 54,212 | 182,334 | (215,040) | 22,082 | 43,588 |
| Designated Funds | |||||
| Asset, exhibition and equipment fund |
73,274 | - | - | 19,444 | 92,718 |
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|
| Total Unrestricted Funds | 127,486 | 182,334 | (215,040) | 41,526 | 136,306 |
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|
| Restricted Funds | |||||
| Touring Exhibition | - | 1,000 | (1,000) | - | - |
| MathsCity Exhibits Grant | 5,324 | 81,526 | (12,098) | (41,526) | 33,226 |
| Code Break Exhibits Grant | 4,294 | - | (4,294) | - | - |
| ICMS Schools | 7,896 | - | (7,896) | - | - |
| MathsCity Startup Grant 2 | - | - | - | - | - |
| Fluid Exhibits Grant | 769 | 11,800 | (11,758) | - | 811 |
| MathsCity Startup Grant 1 | - | 50,000 | (20,117) | - | 29,883 |
| Outreach Grant | 16,606 | - | (16,606) | - | - |
| Trinity College Cambridge | 3,576 | - | (3,576) | - | - |
| MathsCity Operations Grant | - | 10,000 | (10,000) | - | - |
| MathsCity Schools Grant | - | 5,000 | (18) | - | 4,982 |
| Transport Exhibit Grant | - | 10,000 | - | - | 10,000 |
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|
| 38,465 | 169,326 | (87,363) | (41,526) | 78,902 | |
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|
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|
| Total Funds | 165,951 | 351,660 | (302,403) | - | 215,208 |
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21
MathsWorldUK
8 Month Period of Account Ending 30th September 2023
Notes to the Financial Statements
Fund Descriptions
Designated Funds
Asset, exhibition and equipment Fund to hold the organisations assets at net book value. fund
Restricted Funds
MathsCity Startup Grant 1 Touring Exhibition
A grant to establish MathsCity and build towards MathsWorld. The exhibition called "Explore Maths" is a stand-alone exhibition originally developed for the purposes of touring throughout the UK and which is being repurposed to create MathsCity.
MathsCity Exhibits Grant Code Break Exhibits Grant School Engagement Grant MathsCity Startup Grant 2 Fluid Exhibits Grant
Grant to establish and develop the exhibits at MathsCity. A grant to develop code breaking exhibits and activities. A grant to develop school workshops and a series of school events. Sponsorship to establish MathsCity.
A fund to establish MathsCity and develop logic and computability resources for the centre. A further grant was given during 2023 for the Fluid Exhibit.
Outreach Grant
Outreach Grant A grant to enable under represented groups to visit MathsCity. MathsCity Operations Grant Operating Costs of Maths City. MathsCity Schools Grant A grant to enable free ticket entry for schools. Transport Exhibit Grant Grant given to purchase Exhibit. Chaotic Earth Exhibit Grant Grant to develop a new Chaotic Earth Exhibition for MathsCity.
15 Analysis Of Net Assets Between Funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 30 Sep 2023 | |
| £ | £ | £ | |
| Fixed assets | 89,233 | - | 89,233 |
| Current assets | 66,197 | 54,241 | 120,438 |
| Creditors less than 1 year | (10,108) | - | (10,108) |
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|
| 145,322 | 54,241 | 199,563 | |
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|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 30 Jan 2023 | |
| £ | £ | £ | |
| Fixed assets | 92,718 | - | 92,718 |
| Current assets | 48,575 | 78,902 | 127,477 |
| Creditors less than 1 year | (4,987) | - | (4,987) |
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|
| 136,306 | 78,902 | 215,208 | |
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16 Related Parties
There were no related party transactions that took place during the year.
22