Mathematlcs Education for Social Mobility & Excellence Annual Report and Financial Statements Period from 13 June 2022 10 31 August 2023 harily Re9k8lralK)n Number 1199281 (England and Walesl Contents Reports Reference and admlnislrative dalails Twstees, report Independent auditor's report 15 Financial Statemènts Slaternenl of financial activities 19 Balance sheet 20 Principal ac¢ounling polices 22 Notes to the financial stslaments 25 Mathematics Education for Social Mobility & Excellen Reference and admlnlstrative dètails Trustees Danlel James Abramson (Chairl Alexander Gerko Kathryn Greenhalgh Charfotte Alice Poller Senior Lèadership Team CEO David Thomas (from May 20231 Robert Wilne {unlil May 20231 Operations Dlrector Catherine Fenwick (from September 2022} Melanle Robinson {June 202210 September 20221 Curriculum Dlreclor Strategy Director Sam Harvey-Brewin {from September 20221 Syreela Afien Secretary Catherine Fenwick R8glstered Offl¢e Yellow Buijding 1 Nicholas Road London W114AN Telephone Website 020 3116 0800 htt s'.Ilmesme.or Charity Registration Number 1199281 (England and Wales) Independent audltor Buzzacott LLP 130 Wood Street London EC2V 6DL Principal bankers Lloyds Bank 95 George Sl Croydon CR9 2NS Solicitors Womble Bond Dickinsorb The Spark Draymans Way Newcastle Helix Newcastle Upon Tyne NE4 5DE Mathematics Education for SoThal Mobilty & Excellence 1 Trustoes. report Period lo 31 August 2023 The trustgas present their report together with the financSal statements of Mathernalics Educats'on for Social Mobllity & Excellence I'MESME, or the 'Charily'l for the pèriod from 13 June 2022 10 31 August 2023. MESME has recently rebranded itself to Axiom Maths as of January 2023 but wa5 known as MESME throughout the pervjd of this report and has been referred lo as MESME throughout. The name has noty8t been re-regislered with the Charities Commission. The financxal statement5 h8ve been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicabl8 to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} I'charities SORP FRS 102,), Ihe Financial Reporting Standard applicable in the UK and Republlc of Ireland {FRS 1021 and the Charities Act 2011. The accounting policies underpinning Ihe preparation of the financial statements are sel out on pages 21 to 23. Objectives •nd activities Policies and obffiectives The objectives of the organisalion, as staled in the goveming documents, are to advance the rnalhemali¢al education of children and young people in the UK, up lo and including PhD study. We do this by delivering maths cirdes {as described on the next pagel lo high attaining disadvantaged pupils in order lo Increase their interest in mathèmatics. their skill in thinking rnalhemalically and their emergin9 identity as mathematicians. In setting objectivès and planning for activitl8s. the TrLtslees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit.. running a charity {PB21 The challeng• Currenuy, half of children from disadvantaged families who are top attainers in maths al age 11 are no longer high attainers by the time they reach 16. MESME seeks to contribute to change this. English malhematlcs outcomes have improved over ￿Cent decades as shown in the Trends in Intemational Mathematics and scien￿ Study ITIMSS) and Programme for Inlemational Sludenl Assessment {PISA} This has been due in part lo thg pivot to 'leaching for mastery, and adoption of mastery approaches into the National Curriculum. However, much remalns lo be done. Thirty thousand childr&n In every year group who were top attainers in maths al age eleven are no longer top atiainers by the lime they rèach sixteen. Half of disadvantaged pupils who were top attaineTS fall into this group. This causes individu81 and so¢ietal harrns. Thes8 children lose out on the enriching experience of learning rnalhs to a high level. and on the economic benefits that brings. Employees with a maths A Level eam 100/0 more than someone in the same job bul wlthoul that qualification. For a maths degree this rises lo 30Qk. We lose out as a society loo. In 2022 there were 16.000 specialisl skilled STEM vacancies In England. Filling these would bwst our economic produclivily and help raise significant additional lax revenues. Mathematics Education for Social Mobility & Excellence 2 Trustees. raport Period to 31 August 2023 Objectives and activities Icontinuedl Activltles undertaken to achleve obJeetlve$ The Charfty Is funded to- 1) widen the implementation of maths circles in the UK with a focus on higher attalning pupils and in patticular those from lower SOCiOryeconomic backgrounds. 2) offer grants to related programmes which share our long-lerm goal of more pupils from dlsadvantaged backgrounds tsking PhDs in the malhemallcal sciences. MESME believes delivering maths circles to high-attaining pupils from lower socio-economic backgrounds will in¢rease their interest in mathematics. improve their skill in thinking malhemalically and their emerging identity as mathematicians. Funding Ilke-minded prolects will also promote maths among this largel group. 1) Development and delivery of maths clr¢les Maths circles help keep pupils Committed to maths by giving Ihern a challenglng and enrichlng experience, as well as social group where maths matters. In a MESME maths circle, a small group of puplls regularly come together with an experienced. knO￿edgeable mentor lo grapple with intriguing questions. to discover and explo￿ exciting ideas, and to learn to think like advanced malhemalicians. To dale, MESME has focused on delivering maths cirdes lo pupils In Year 7 and Year 8 compulsory secondary education. capturing pupils as they transition from primary lo se¢ondary education. We strive towards maintaining pupils, enthusiasm for maths throughout compulsory education and beyond. We do this through.. il Developing a Curriculum- we provide 8 fully resoUr￿d curriculum of stretching maths problems for our pupils which helps develop confidence in sophisticated mathematical behaviours. li} Dallvery-we fund delivery partrters (tutoring organisalions, maths schools, independent schools) and stale schools to train mentors and delivgr maths circles either onllne or in person. We provide training materials. qualty assur8nce and a Community of Pradce to help develop best practice in delivering the curriculum for maximum impact. 2} Providing additional grants which allgn with our mission and valuès Separate from the maths circles, MESME has provSded grants for ￿ organisalions to implement programmes that align with our mission and values- il Year 11 Programme (Maths Masterclass) dellvered by Talent Ed: A series of 20 maths sessions delivered lo high achieving Year 11s with the mission to 'increase the diversity and number of pupils stutying maths-based subjects at highty selective niversities. lil Unlversity Proparation for Maths and Physlcs (COMPOSI= Th8 COMPOS programme supports Year 12 and 13 pupils with advanced malhemalics and physlCS problems, with the aim of attracting more pupils lo study maths. physics and other mathematical science subjects al university- Mathematics Education for Social Mobility & EX￿llenCe 3 Trustee$. report Period to 31 August 2023 Objectives and a¢tivities Ictsnlinued} Short and longer tgm) alms In the short and longer terms maths circles continue to be the main delivery focus for reachlng the charity's overall mission. In 2023124 we exptrct lo work with over 6,000 puplls lo enhan their enjoyment of maths and to develop their mathemab¢al abililie5. For 2023124 we have a strategic focus on the followng key oblectives.. 1) Developing a programme which scfh)ols and pupils love enough lo promote to thelr peers.. and 2) Building a robust and well-funclioning independent organisalion that supports our ambitions tor growth. Developing 8 pmgramme which schools and pupils love enough to promote to their peers This objective includes continuing to improve the content of our curriculum so that pupils want to continue particlpaling in maths circles throughouttheir secondary education and they report the programme is having a positive impact on their love for maths. We aim to continue lo deliver the pro9ramme by.. al funding a Maths Excellence Co-ordinator IMExC} role within every school that works wSth us directly. By the end of the academic year (July 20241 we are alming to have recruited an additional 200 schools. bl giving greater clarity as to how we work w(Ih deltvery partners to give maximum impact. cl delivering an online programme directly to pupils who do not have access to in.person maths circles at thelr school. Bulldlng a robust and wg11-functioning independent organisation that supports our ambltions ft>rgrowth During this reporting period MESME has been housed under the urnbrella of the oducalion charlty, Ark. procuring IT, finance and HR services as well as office Space. From mid-April 2024, MESME bacame a fully independent organisalion managing ils own operations wlh an expanded team of 20+ employees. Longer temi plannlng forpost 2024 We will build a programme that every Head of Maths wants their school to be a part of. At the core of this will be our world-beating curriculum, taught through maths circles. We expect il to grow lo cover other elements. such as teacher CPD 8nd summer camps for the highest potential m8lhematicians. We wll be the public voice of maths in England. We will tske responsibility for the public perception of malhemalics. We will understand where our laT9et young people are put off maths, and the most effective ways to challenge that. Mathematics Education for Social Mobility & Excellence 4 Trustoes, report Period to 31 August 2023 Objo¢tives and a¢tivitios (conlinuedl Short and longer term aims (conlinuedl Bulldlng a programme that every Head of Maths wants thelrs¢hool to buy Into Developing a world-beating Curriculum of maths cir¢le aclivitios so that every young person joining the programme stsys on the joumey for 5 years (from Year 7 to 171 and develops a passion for maths. We are committad to partnering with schools to support pupils. In the short term we will provide funding for a member of staff lo have lime to act as champion for these pupils. to nurture their tslenl and lead them pastorally as well as academically. We will assess the impa¢t of this model before developing our strategy lo sustain it. Becomlng a public voice formaths wlth responslbllily forpublic perception This objective includes proactive and reactive work building on our research understanding of why our target young people are put off maths and developing ways to challenge that. KPIS and Impact The main key priorities for Ihls first year of charitsble status since September 2022 to August 2023 are as follows.. Develop and begin Smplementstion of a strategy that will frnable MESME to scal8 successfully to enrol 10.000 Year 7 pupils in Maths circles each year. Dellver Maths circles to 3,000+ puplls. of whom al least 30Yo ar$ eligible for Pupil Premium fundir79, achieving 85Vo Student all9ndan￿ and 80ts10 Student retention. Continue to develop an exceptional and professional maths circles cutriculum in Ilne wlh the MESME Curriculum philosophy. Develop and begin implemenlalion of a plan for activities for Maths clrcle participants which address wider ba￿lerS they may face to progression in mathematics. Put in place data systems lo enable effective and scalable quallly assurance, feedback and outcome Iraeking (including destination tracking using the National Pupil Datsbasel. Establish the MESME learn. indudlng recruiting a pemianent CEO. Place MESME firmly and positively on the map within the mathematical community. Progress towards these tsrgets and impact is reported in the bglow section, Achievements and Performance. Mathemali¢g Education for Social Mobility & Excellence 5 Trustees, report Period to 31 Atjgust 2023 Objectives and activities Iconlinuedl Grant Making Separate from the maths circles, MESME has provided grants for two organisations lo implement programmes that align with our mission and values.. 11 Year 11 Programme {Maths Masterclassl.. A pilot of thi5 programme took place be￿een 1 September 2021 10 31 August 2022, delivering maths sessions to high achieving Year 10 students. MESME then funded this intervention to continue with the same cohort, providing a lolal of 20 Sessions ovtsr the current academic year, with the mission lo 'increase the diversity and number of pupils studying malhs-based subjects at highly selective universities. During this reportiThJ perk)d. 53 pupils were enrolled, with 47 pupils completing this programme. 21 University Prèparation for Maths and Physl¢s ICOMPOSI.. The COMPOS programme supports Year 12 and 13 pupils with advanced mathematics and physics problems, ¥Arilh the aim of attracting more pupils lo study maths, physics and other mathematical science subjects al university. Dufing the 2022123 academic year, a lolal of 334 pupils were enrolled on the programme, with 321 completing tha summer term. Contrlbution of volunteers MESME does not employ the services of volunteers. Publ1¢ bengflt In determining the objectives and activities of the charitable incorporation organisalion, the trustees confirm that they have glven due consideration lo the Charity Commission's guidance in relation to Public Benefit and are satisfied that the charitable company complies with Section 4 of the Charities Act 2011. MESME exists to support the advancement of education for the benefit of the public, and further details of how this has been achieved Is set out within the remainder of this annual report Achievements and performance The oharilable incorporation organi5ation was incorporated on 13 June 2022 and registered with the Charity Commission. It was originally incubated as an Ark Venture {also known as Ark UK Programmes. a registered charity in England and Wales, registration number 1137932. and company limited by guarantee, company number 05932797. Registered address.. The Yellow Building, 1, Nicholas Road. London, W11 4ANI. Frorn 1 Jt September 2022 the organisation delivered activity as an indep8ndenl organisation and from 31sI October employees were dSrectly employed by MESME. In our first year of delivery across the 2022123 academlc year we set stretching largels for working with pupils. mentors and schools. Durin9 this perlod- 2,949 pupils were enrolled in the maths circles programme over the 2022123 academic year against a stretch largel of 3,000 pupil5. 2,148 pupils completed the sumrner tèrm (up until July 2023), repre8enllng a retention rate of 73¥. Ilargel of 800/.1 Malhematics Education for Social Mobility & Ex￿lleNCe 6 Trustees, report Period to 31 August 2023 Achievements and performance (continued) Average attendance rale was 79.￿ (target of 85%) Percentage of pupils efigible for Pupil Premiurn was 41% (exceeding target of 30%) Mentors We have developed an in-schools programme, working with over 100 mentors deliverin9 maths circles to pupils from their school, typically as an after-school programm&. We have trained and supported over 250 mentors from 12 delivery partners IDPS) to deliver our maths circles sessions regionally. nationally and through a variety of delivery models (online, blended, in sthool, in person, in hubs.) We successfully trialled a Teaching and Learning ResponsSbility ITLRI model with 26 schools. We offergd payment lo schools of £2,749.00 per annum lo fund a posf(ion wllhln the school that is responsible for maths cSrcles delivery and other maths excellence activrbes. Due lo the success of this trial, we are now extending this funding lo schools we have recruited directly new title for the funded position,. Maths Excellence Coordinator {MExCI. We ore eonfid6nl that this new model will increase our impo¢t on Sc￿01$ and pupils who are on the programme and the wider sludenl body. We have continued to develop a 'Communily of Practice, (COP) for mentors from our Delivery Partners. By hosting events to discuss key issues, challenges and best practicg. alongside developing better lines of communication between partners. The Community of Practi￿ is maximlslng the support avai18ble whilst improving the overall delivery of the cirdes. Monltorlng and evaluation During this first year of operation, we have monitor8d our act￿tIeS via surveys with our maths circles mentors and pupils, and in the latter stages of this period this has been supplemented with additional focus groups and reSea￿h projects. Pupil findings from focus groups-. Math$ ¢ir¢les arg fun: Many pupils find the circles to be much more fvn than they had originally anlicipaled. Pupils expect maths circles to feel like an extra maths lesson and are pleasantly surprised by the fun, problem-solving exp8rience Cl￿re$ provide. Maths circles create a sense of belonging.. Pupils value the collaboration, socialising, and small group settings of the circles. Better at maths.. The idea of improving at maths ts oftan a draw and pupils feel the clrcle supports them in thls endeavour. Teacher findings from focus groups.. The pre-designed nature of the programme Is appre¢iated.' plannlng and adminislralion for leacherslmentors lo facilitate and deliver the maths circles Is minimised. Mathematics Education for Soci81 Mobility & Excellence 7 Trustee5' report Poriod to 31 August 2023 Achievements and performancè Iconlinued} Monitoring and evaluation (continued) The approach to pedagogy is appraciated- pupils are encouraged lo discuss their learning and devise solutions independently. The lo￿1 of challenge Is considered appropriatè". mentors per￿1ve the programme as effectively enhancing puplls. appelile for adventur&, 3￿CUlation, and acceptance. Maths circle5 provlda a safe and inclu$lve space, fostering pupils. individual expression. In some cases, mentors described the programme's impact as significant, with cases of pupils forming their first friendships in the circle and cOnsequen￿Y enjoysng school moro. In addition lo the management and development of the above programmes. we have developtrd the organlsation structure and made the following investments.. Investment In p8ople To support the growth strategy and to establish the or9anisation as a well-functioning charity, during this period. we have recruited a senior leadership tearn including a full time CEO, and three Directors who manage the key arèas of Strategy, Curriculum. and Operatlons. Our initial team of two people las of June 20221 has grown lo fourteen people at end of August 2023 and bNenty by Chrlstmas 2023 to support the ambition for growth. Investment In systems We have invèsted in a bespoke online portal used by mentors, school and delivery partners and MESME key staff to manage all aspects of the maths circles programme and ensu￿ we are collecting all the data we need to measure the impact of our activities. Successful outcomes of this investment in the next period will include.. Secure houslng of pupil data., Ease of use for reporting for all partners- and Improved, clearer arKI eccurate dats that can be used to improve repo￿ng across programme delivery. Acquislllon of Talent Ed (online deliverypartner) In August 2023. Talent Ed ceased trading as an educational charity and was unable to continue as 8 delivery partner. Following a thorough consultation process MESME 'lupe'd' two full time membars of staff, continued to contrael twenty-four mentors and acquired the programme infraslruclure {e.g. Salesforce CRMI to ensure the continuous dalivery of the online programme to over 500 pupils. The online programme will be an embedded part of the MESME delivery programme going forward. Malhemalics Education for Social Mobility & Excellence 8 **Trustees’ report** Period to 31 August 2023 ## **Financial review** As noted above, MESME began operating independently following the transfer of the charitable activity, assets and liabilities from Ark UK Programmes with effect from 1 September 2022. Prior to this transfer, i.e. from incorporation on 13 June 2022, the charitable incorporation organisation effectively remained dormant. The income and expenditure reported below, therefore essentially relates to the 12 month period ended 31 August 2023. Since 1 September 2022, the charity has earned income of £2,482,000 and incurred expenditure of £1,982,000 resulting in a net income of £500,000 (before accounting for the net assets transferred from Ark UK Programmes on 1 September 2022). Income is primarily generated from the philanthropic donation from a single donor via the UBS Optimus Foundation who provide an additional 10% uplift in funds. The Charity’s principal expenditure relates to the direct cost of delivering maths circles within the UK, and associated grantmaking activity which for the period ended 31 August 2023 amounted to £1,982,000. In addition to the operational income noted above, the transfer of assets and liabilities from Ark UK Programmes on 1 September 2022 of £496,000, effectively a donation from Ark UK Programmes to MESME, has been reflected as part of the overall income for the year. Therefore, the overall net increase in reserves for the period amounted to £996,000. ## _**Reserves policy and financial position**_ As of 31[st] August 2023 MESME has £996,000 in unrestricted reserves for general purposes of the charity at the end of the reporting period. This represents 3.5 months operating costs against 2023/24 budgeted expenditure. Our reserves policy is to keep up to 4 months expected operating costs based on the incoming years budgeted expenditure. Reserves are used to: - Provide working capital to protect the continuity of our core programme delivery - To provide funding for unexpected opportunities (such as the previous acquisition of Talent-Ed) - To provide cover for risks which include unforeseen expenditure. ## _**Fundraising**_ Funds are received from a single donor with an additional uplift donation from the philanthropic grant making foundation, UBS Optimus Foundation. The Charity does not actively fundraise (by way of appeals, collections, or otherwise seeking donations). As such, the trustees do not make any further disclosures in relation to the charitable company’s approach to fundraising as required by the Charities (Protection and Social Investment) Act 2016. _**Risk management**_ The management of risk is an on-going process, and the trustees undertake reviews of the principal risks and uncertainties that the charitable incorporation organisation faces. The Trustees review the policies, systems and procedures to ensure that action can be taken as needed to minimise or manage any potential impact on the charitable incorporation organisation should those risks materialise, or identify any further mitigating actions that may be required. Mathematics Education for Social Mobility & Excellence **9** Trustees, report Period lo 31 August 2023 Prlncipal risks and uncertainties The trustees have identified the following principal risks.. Ensuring the safetyof allthose involvedin MESMEactffvities in particularyoungpeople Mitigations for this risk include.. The organisation has a robust safeguarding p)licy. I safeguarding concems are reo)rded in the safeguarding log overseen by the Safeguarding lead. The organisation has a dedicated safeguarding and deputy safeguarding lead who have up-to date training. All central staff and mentors are Enhanced DBS checked. All new staff receive safeguarding training in the first week of OnbOa￿l￿J. Flnanclal Rlsks including Ihe risk that funds are used inappropriTately and the charlty's reliance on a single donor Miligalions for this risk in¢luda'. The Operatictrns Director meets wllh the Ark Flnance Diredor to review Management Accounts monthly. Once the organisalion fully separates from Ark and transfers lo the services of FD Works lan altemalive finance provider) the Operations Director will continue lo review the accounts monthly. The bank a￿oUnt is under the umbrella of Ark to allow for ease of transfer of funds in the initial stages. The Ark Finance Director and Finance team, who have experience of 'spinning out, other Ventures are supporting the MESME Operations Diroctor to transfar lo the new finance provider smoothly and efficiently Trustees review expenditure against forecast at every Trustees meets'ng Ithree times per yearl To malnlaln reserves equlvalenl to up to four months of budg8led annual expendlture. Long term forecasts (up to 5 years) are presented to the donor to approve and commit to. Longer term diversification of funding options are being considered by Trustees and the CEO. ITand data pmte¢tlon Risks in¢lude a data breach (In partl¢ular of Confidentialpupil data) Mitigations for thls risk include.. The organi5ation has robust data protection tx)licy. ICT acceptable use pglicy. Staff data breach procedures A dedicated member of staff responsible for GDPR and data protection Malhematies Educatr)n for Social Mobility & Excellence 10 Trustees, r•port Period to 31 August 2023 Principal rlsks and uncertalnties {continued) IT and data protection (continued) An outsourced Data Prokclion Officer (DPO) All central staff receive data protection training which is updated annually, the DPO and Deputy DPO undergo enhanced data prot8Ction training. Investment in a password protected Hub that allows for the confidential upload of pupil data Structure. governance and management MESME was incorporated on 13 June 2022 and began trading on I September 2022 following the transfer of activities, assets and liabilities from Ark UK Programmes where the charity had been incubated prior lo its legal independence. MESME is a charitable incorporation organisalion(CIOI{Charity Registration No. 11992811. The tharilable incorporation organisation is govemed by its constitution. Trustoas The constitution requires that the charitsble incorporation organisation has al least three Tiustees and no more than ten. Trustees arg appointed by the existing Board of Trustees. Decisions may be taken either at a meeting of the charity trustefys or by resolution in wrillng lor electronic forml agreed by a majority. No sub committees currentty exist due to the size of the charity bul should growth allow delegation lo committeg is pemiissible as per the terms and conditions in the constitution. Inductlon New Iruslees are proposed and appointed by the current Board of Trustees by Board resolution. They agree lo the terms of reference, the articles of association and going forw8rd will be aware of the mst recent accounts. Going forward the charity trustees will make available lo each new trustee. on or before his or her ffrsl appointment a copy of the curienl version of the constitution and a copy of the CIO'S lalesl Trustees. Annual Report and statement of accounts. The Chair of Trustees will be responsible for the induction of new trustges. The following trustees served during the pgriod of report and up to the dale of approval of the annual report and financial statements, except where shown: Trustet Appolnted l R851gned Appointed 13 June 2022 Appointed 12 October2022 Appoin18d 13 Jun8 2022 Appointed 13 June 2022 Danlel James Abramson Kathryn Greenhalgh Alexander Gerko Charfotte Allce Potter Trustees are appointed by the Board of Trustees in accordance wkh the Artlcles a￿1 Board Terms of Reference. Malhemalics Education for Social Mobility & Excellence 11 Trustee$. report Period lo 31 August 2023 Structurot governance and management (continued} Sonior Leadership Team The Iruslees consider that they, together with the MESME Senior Leadership Team ISLT} omprise the key management of the charitable incorporation organisalion in charge of directing and controlling, runnlng, and operating the charilabla incorporation organisalion on a day-to-day basls. The members of thg SLT during the period of report comprised the following.. SLT Members Rol8 Robert Wilne CEO linterim Jung 2022- March 20231 CEO (from May 20231 Operallon8 Director (June 2022- S8pt8mbar 20221 Operauons Dir8Ctor (from Septernb&r 20221 Curriculum Director (from Seplernber 20221 strategy DSrector (from January 20231 David Thomas Melanie Robinson Catherine Fenwck Sam HarveY-8￿￿An Syreeta The remuneration of the CEO and Senior Leader5hlp Team is approved by the MESME Trustees annually, taking into account cost of living and benchmarking against Similar roles in similar sized charilieslnot-for-profll organisations. Trustees a￿ not remunerated for their services as trustees of the Charity. Statsment of trustees. responslbilities The trustees are responsible for p￿ paring th8 trustees, report and financial 51atemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Ac¢èpted ACCOUn￿ng Practice). The law appllcable lo charilabSe incorporation organisations in England and Wales ￿qUireS the Irusl89s to prepare financial statemènts for each financial year, which give a true and falr view of the state of affairs of the charitable incorporation organisalion and of the income and expenditure of the charitable incorporation organisalion for that period. In preparing these financial slalements, the Iruslees are required to.. Select suitable accountlng policies and then apply them consistently- ObseNe the methods and principles in Accounb'ng and Reporting by Charities.. Statement of Rtrcommended Practice ISORPI applicable to charities preparing Ihelr accounts in accordance with the Financial Reporbng Standard applicable to the United Kingdom and Republic of Ireland IFRS 102}'. Make judgements and estimates Ihal are reasonable and pwdenl.. Slatè whether applicable United Kingdom A¢￿UntIng Stsndarcls have been followed, subject lo any material departures disclosed and explained in the financlal statements.. and Prepare the financial ststemenls on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. Mathematics Education for Social Mobility & EX￿llenCe 12 Trustees. report Period to 31 August 2023 Strueturep govèrnance and management Iconlinued) Staternent of trustees. responsibilitie5 {continu8d) The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the charitable incorporation organisation and enable thewn lo ensure Ihal the financial ststements comply with the Charities Act 2011. They are also rosponsible for safeguarding the assets of the charftable incorporation organisation and hence for taking reasonable steps for the prevention detection of fraud and other irregularities. Approved by the trustees and signed on thelr behalf by. Dan Abramson Chair of Trustees bdknLF 4- ) Date-. Mathematics Educatron for Social Mobility & Excellence 13 Independgnt auditor's r8port Period lo 31 August 2023 Independent auditor's report to the trustees of Mathomatics Education for Social Mobllity & Excellencè Oplnlon We have audited the financlal statements of Mathematics Education for Social Mobility & EX￿llenCe Ilhe 'charilable incorporation organisalion'l for the period 13 June 2022 10 31 August 2023 which cornprise th8 Statement of financial activities, the balance sheet, Ihe slalemenl of cash flows, the principal accounting policies and the notes to the financial slalemenls. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. Including Financial Reporting Standard 102 'The Finan¢ial Reporting Stsndard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stalemenls: give a true and fair view of the slate of the charitsble incorporation organisatKJn's affairs as at 31 August 2023 and of Ils Sncome and expgndilure for the period then ended- have beer* property prepared in accordance wlh United Kingdom Generally Accepted Accounting Practi￿., and have been prepared in accordan￿ with the requirements of the Charities Act 2011. Basls for opinion We Conducted our audit in accordance with Inlernallonal Standards on Auditing IUKI {ISAs IUKI and applicable law. Our responsibilities under thos6 Standards are further described in the auditor's responsibilities for the audit of the financial statements secb'on of our report. We 8re independent of the charitable incorporation organisalion In a¢cordance wlh the ethical reqU1￿MentS that are relevant to our audit of the financial ststements in th& UK, including the FRC'S Ethical Stsndard, and we have fuwilled our other ethical rgsponsibililies In accordance with these requirements. We belleve that the audll evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions rèlating to going concem In auditing the financial statem&nts. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed. we have not identified any material uncertainlies relating lo events or conditions that. individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibililtes of the directors with respect lo going concem are described in the relevant sections of this report. Mathemallcs Education for Social Mobility & Excellence 14 Independent audltoRs report Period to 31 August 2023 Other information The trustees are responsible for the other infom)alion. The other infomiation comprises the information included In the Annual Report and Financial Statements. other than the financlal stslements and our auditor's roport Ihereon. Our opinion on the financial ststements does not cover the other information and. except lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance Conclusion Ihereon. In connection with our audit of the financial statements, our responsibility Is to read the other Infomialion and. in doirlg so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such rnalerial inconsistencies or apparent material misstatements. we are required lo determine whether there is a material misstalemenl in the financial statem8nts or a material misstatement of the other information. If, based on the work we have perfomied, we conclude that there is a material mlsstslementof thls other information. we are required to report that fact. We have nothing lo report in this regard. Matters on which we are requlred to report by exceptlon We have nothing lo report irb respect of the foll¢)wing matters in relation lo which the Charities Act 2011 requires us to report to you if, in our opinion.. the infomwtion given in the trustees. annual report Is inconsistent in any materfal respect with the financial statements. or suffi¢ienl accounting records have not been kept., or the financial stslements are not in agreement wth the accounting records and relums: or we have not received all the infomialion and explanations we require for our audit. Trustegs. responslbllltles As explained more fully in the slalemenl of Iruslees. responsibilities Contsined within the trustees, report, the Iru51ees are responsible for the preparatton of the financial statements and for being satisfied that they give a true and fair view, and for such intem81 control as the Iruslees determine is rbecessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the accounts. the trustees are responsible for assessing the chariWs ability to continue as a going concern, disclosing. as applicable, matters related to going wncem and using the going concem basis of accounting unlfjss the trusteès either inlen(J lo liquidate the charity or to cease operations, or have no realistic alternative bul lo do so. Mathematics Educalkjn for Soclal Mobility & Excellen￿ 15 Indepèndent audltor'$ report Perfod to 31 August 2023 Auditor's responslbilities for the audit of the financial ststements Our objectives are lo obtain reasonable assurance about whether the financial statements as whole are free from material misslalemenl, whether due lo fraud or error. and to issue an auditor's report that includes ou¥ opinion. Reasonable assurance Is a high level of assurance. bul is not a guarantee that an audit conduded in accordance with ISAS IUKI will always delect a material misstatement when it exists. Misslalements can arise from fraud or error and are considered material if, individually or in the aggregatè, they could Teasonably be expected lo influence thè economic decisions of users tsken on the basis of these financial stalernenls. Irregularities. in¢ludln9 fraud, 8re Instan¢es of non-compliance with laws and regulations We design prO¢￿￿reS in line with our responsibilities, ouuined above. to detect material misstalernents in respect of irregularllies, including fraud. The exlenl lo which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approath to identifying and assessing the rSsks of material misslalemenl In respect of irregul¥rilies. induding fraud and non-compliance with laws and regulations, was as follows: we ensured that the engagement team collectively had the appropriate competence, capabili1185 and skills to identify or recognise non-compliance with applicable laws arbd regulatsons., we obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable incorporation organlsats'on and delemiined that the most significant frameworks which Bre (Sireclly relevant to specific assertions in the financial statements are those that relate to the reporting framework {Statement of Recommended Practi Accounting and Reporting by Charfties preparing Ihls accounts in accordan￿ with the Financial repoitng Standard applicable in thg United lfjngdom and Republic of Ireland {FRS 1021 and the Charities Act 20111. We assessed the susceptibility of the charitable incorporation organisation's finan¢ial statements to material misstsl8menl. including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place lo mitigate risks of fraud and n¢￿-CoMplIance with laws and regulations. To address the rfsk of fraud through management bias and override of (x>ntroSs we.. performed analytical procedures to iderbtify any unusual orunexpected relationships.. and reviewed journal entries to idenllfy unusLtal transactSons,' and assessed whether Ihejudgemenls and the assumptions made in detemining accounting estimates were indicative of potential bias. Mathematics Education for Social Mobillty & Excellence 16 Independent auditovs report Period to 31 August 2023 Auditor's responsibilities for audit of the financlal ststements Iconlinuedl Irregularities. Including fraud. are Instances of non