Axiom Maths Annual Report and FinanGial statements Year anded 31 August 202S Charity Registration Numtèr 1199281 (En9land and W818s1 Contgnt$ Reports Reference and administrdtive details Tn￿le8s. report hdependant aLKlilof s report 14 Flnanclal Statements Statement of finarKial activities 18 Balance sh8&1 19 Prfncipal accountsng policos Notes to the financlal 5talem8nls 21 24 Axiom Maths R8ferenc• and admlnlstrativo detalls Trustees Daniel James Abramson (Chair) Aiexander Gerko K8thryn Greenhalgh JOnat￿n Hill Charfotte Potter Edward Southall Senlor La•dershlp Toam CEO Delivery Dlr¢¢tor Operations Diwtor School Partnwship Director Cjjrriculum Director Strnlegy OiTrctor David lknmos Adam Geach Catherine Fenwck Naomi Burtey-Baker Sam Harvey-Brev•in SY￿ta Allen S•cr•tary Cath8rfne Fenwck R•gl$torgd Offlca Unll 2 5541 Br*￿ry BuildirKJ 8rgY•Pry Road N7 9QH Tdephone 07￿1 908 676 Webslle Charlty R•glstratlon Numb•r 1199281 (England and Wal8s1 Ind•p•nd•nt •ud5tor Buzz8eott Au¢Jlt LLP 130 Wood StT69t LoThJon EC2V 6DL Prfnclpal bankorn Uoyds 8ank (closed July 20241 95 George St Croydon CR9 2NS The Co-operatlve Bank PLC (Ope￿ Aprfl 20241 1 Balloon Street Ma￿hester M60 4EP Axiom Maths 1 Refer•nce and admlnistrative detsils SollclttM5 Womble BoThJ Dickinson The Spark Draymans Way NevKastle Hdix Newcastle Upon Tyne NE4 SDE Axiom Maths 2 Trustees, rèport 31st August 2025 The trustees p￿ent their report together the fInar￿la1 statements of Axiom Maths Ifomedy Mathematics Education for Social Mobilty & Exeellenc8 {'Axiom Maths. or the 'charitable inco￿OratIon organisation'l for1￿ period f rom 1st September 2024 to 31st August 2025. The financial statements have been prepa￿1 in aCco￿anCe wth Accounting and Reportirg by Charities.. Statement of RecOmm￿ded PTrctice applicable to chartlies preparing their accounts in accordance with the Fir￿￿lar Reportiro Standard applicable in the UK and Republic of keland IFRS 102) I'charitses SORP FRS 102.1, the Flnancial Reporting SlandaKI applicable In the UK and Republic of Ireland {FRS 1021 the Charities Act 201 f. The accounliNJ policies umlerpinning the preparation of th8 financial statements are set out on pages 21 to 23. The objectives of the organisation. as ststed in the goveming documents. are to advance the mathematical education of children aNI youry people in the UK, up to and including PK) study. We do this by ddivering malhs circles to high attainirrfJ disadvantaged pupils to increase their interest in mathematics. their skill in Ihinkir¥J malhemalically and their em8rging identity mathematicians. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benef it, includirg the guidance 'Public benefit: runniThJ a charity IPB21. The challengo Every year 30,0￿ children vtho were lop perfomers at the end of primary sehool donl go on to get top GCSE grayes in maths. Hatf of top terform￿S th We￿ on f￿ school meals ag eleven are no lor¥J&r top perforners by sixteen. Somethino goes wrong 8S DUDils le8ve primary school. We surveyed 2.OCK] pupils in years Six to nin8 arKI found that ￿t￿n high4ttainiThJ pwils transition to S￿ndary school they beco￿￿. less likdy to think maths is fun130% in Year 7 vs 40% in Year 61 more likely to think math$ is easy (38% vs 2Pk) increasingty Stress￿ (reported St￿$5 levels climbed 42% to 51)%). Axiom Maths seeks lo change this. This yearfs research builds on our inilia findings, strengthening the evidence on Ihe disadvantage gap in pupils. experience of mathematics and pinpointing when attitudes to maths dec11r￿ during the transition from primary to secondary school. We f iThJ that pupils from more disadvantag￿j families are at greater risk of falling off trad( li mathematics duriThJ this transition. the effects becomlng evident by Easter of Year 7.. enjoymenl drops sharply, stress levels increase, and a pronounced so cio*oonomic divKJe emerges in how high-attaining pupils experience leamiThJ, particularfy in maths. Axiom Maths 3 Trustees, rgport 31st August 2025 At Axiom V•E have an opportunity to reset exp&L*ion5 of school duriNJ the autumn temi {before pupils fall offj. We can f lood pupils Nmth positwe experiences and a positive culture, give them rich classroom exp￿ienceS sthere they're exposed to joyful maths and create environments where curiosity is encouraged. We can start closing disadvantage g before it opens f urther. Actlvltles undertaken to achleve oble¢tlves The Charity is wtdenirvJ the implementation of maths circles in thè UK wth a focus on higher attaining pupils ar¥J tF¥)se from Iov+V soclo-ecommlc backgrounds. Axiom Maths believes delNerir¥J matlk8 Circles to high-atlainirvJ pupils f rom lower socio- economic backgrounds wll increase th￿r interest in mathematics. improve their skill in thinking malhematiC8lly and support their emerging idenlily as malhemalicians. Fundirg complementary acttvities in addition lo the Circles leg, summer sctK)ols. celebration events) reinforces the promoliorb of maths among this target group. Over the last years we have built a model that is scalirrfJ across the country. We are on track to exc&d ourgrowth targets and reach over14,000 pupils bythe end of 2026. AlongsKle this rapid growth ￿ have designed and tested a number of improvements lo our maths cirGI&8 programme. including the design of specific sessions and howY*P train and support mentors. Every school has a dedicated Mathematics Excellence CO￿rdInatOr IMExC} is fund&1 to Co-ordinate delivery of the maths circles by mentors. engage in professional development to improve the progrdmme, provide necessary data and encourage pupils. engagement in wider activili8S th* Promote maths. This year we piloted a new mentoring model in which sixth- fomi pupils act as Junior MentOf5. SUPPOrted by a teacher, enabling the programme lo reach more pupils in each school. Online The in4chool prDgrdmme is compleJnented by an Axiom Maths online offerwhich was att8rKl8d by just ovor 8(Kl pupils. Those pupsls mggt wp8kly in small groups online- circles- of which there were 168 this year. The online offer enab18s pupils al schools that are not currently able to off er itwerson circles to access our programme. Expanding our offer beyond maths cirdes Followng the pllot of a loolkÉt' of addrtion81 actNities in 2023-24 have expanded our off to include hvo summer sch)ols and deven Rising Malhemalicians Festivals. These activitEs are designed to equip Axiom Maths pupils wlh a richer sel of experienrns overall to support th￿r mathematical development, both in temis of kno￿edge and skills aThY in lems of their Mathematic￿ identities. Over 1,OW pupils attended these events supported by universities and corporate partners with over 80% of pupils rating the events as enjoyable or very enjoyable. Our improvements to the programme have b*n ur%Jerpinned by a relentle55 focus on makinJ our operations more effective so that we can reach more pupils with less human effort required. Wa have inv8Sted in building automations Ntherever possible to move away ftDm more labourwinlensNe manual processes. And we have built a strong culture to run counterto the nomis of mediocrity that emerge in many organisations as they grow. Axiom Maths 4 Trustees. roport 31st August 2025 Short longer tèrm aims both the short atxl longer term. delivertng math5 circles lo school pupils remains the charity's core delivery model and primary route to achieving its mission. We anticipate 7.001 8.1]CX) Year 7 pupils startiry math5 circl&% in 202926. Al this scale. Axiom Maths wll be one of the largest educational pmgrnmmes in county. Short terni aims During the first Ihr88 months of 2025126, we wll focus on developing a clèar implementation plan fora t￿-year refreshed strategy (see below}, strengthening oryanisalional culture in line th refreshed values as the staff team grows, and improving pupil retention so more participants Continue ￿1r math8matical jounw into the next academic year. We wll also continue developing ourdata inf rastructure to prvvide accurate rea14im9 insights and enable rapid automation. Longer tem) aims Beyond November 2025, 4MII move inlo the next phase of growth, building on the establishment of grassroots mathematics across EnglarKI and Wales. Our ￿￿-year strategy will focus on.. making malhs circles a univetsa feature of schools vknilst also improving quality al th level creating meaningful progression for our pupils by restNcturing the programme into t phases introducing a Year 9 entry point as well as year 7 introducing higher level m8th5 circles. providing study opportunities and malhemalical experiences beyond maths circles for pupils who want to go f urther setting the standar(J for a sustainab[8. techn01ogy-8nabl￿ 21st-century ch&ity ty maximising our impact per pound. KPIS and impact The main key priorities forthe reporknr¥J year September1 St2024 to August 319t 2025 were as follovts.. We are on trdck to have al least 10,OCKJ pupils in Maths circles in January 2026 We are imprDviryJ both 1nrfj￿s0n online retention Our rnento￿ are ￿11-traIned aTrJ high performing Our core processes a￿ slreamlined Optimis￿ f or responsive programme delivery We are considergj to be a le*Jing voice in maths edl￿￿10￿, inf Iu8ncing both policy practice. Axlom Maths 5 Trustees, Tgport 31st August 2025 We trained and supported 227 mentoTr from 6 deftvery partners {Untversily Maths Schools ond tutoring organisalionsl and our owm online mentors lo deliver maths circl through a voriety of delivery modds {online, blended. in school, in person, in hubs). Puw"Is 7,CfjO pupi15 completed the summer temi circles. 1.231 pupils attended onllne, 1,918 allended circle8 delwered by our Delivery pwtners lup until July 2025). Average allendance rate (all Maths circles) of 77% arKI retentlon rale of 78% Ilargel of 80%) The percentage of puplls ellgible for the Pupll Premium {across all programmesl was 37.5% (exceeding target of 30%149% for lfv)se accessir¥J the online programme were igible for the Pupil Premium. Monltorfng and evaluatlon We are partnering wlh an ext•mal evaluation ￿encY to evaluate the impact of our maths circles and onhance eff￿liver￿S of the progTrmme. Three maln research quegllor gulde our evaluation.. Do maths circl88 develop tho ql￿lItIeS of mathematicians? Do malhs Circles lead to hbgh8r allainment In m*hs for secondary school pupils? Do maths ¢lrde5 increase th8 desire for pupils to continue Studying maths beyor GCSE? 8uN•y Deslgn We ask question8 in the temily pupil suryey to measure bahaviours, soclal conflder£4 intentions to ¢ontinue studylng maths, arKI self-effirxy. We also ask qu951ions about 8ocI Identity and desire to St￿lY math5 boyoTrJ GCSE. s11￿0 stsrtlng math5 Gircles puplls report feeliry more confident rdising their hands in lessor6, mor8 confident in explaining thdr thoughts in S¢￿01 maths lessons and moro interested in understanding other people's ide8$ and leamir¥J from them. Above all. pupils report having f un wth other likfrminded mathematicians. In addition. mentor5 comment that the p￿graMme,$ focus on advanced and unconventional problem-solving develops Ihelr own methods of leaching and their profici8ncy In gauglro pupils, understarKling. Others noted the value Axiom Maths. Professional Developmert provid8$ through collaborating Ot￿ mgnlors as as development for thèir pupils. iom Maths 7 Trust995' rgport 31st August 2025 In addition lo the man&3ement and development of the programmes, we hava developed OffJanisation struciure and made th8 follo*ing investments". Investment in people To support the growth strdlegy during this pwiod we have increased the staff headcourt from 28 as of 1st September 2024 to 35 as of 31st August 2025. Our main growth has been to develop the Schools Partnership team to include eight Heads of Region supported by tmo School Relationship Leads. We have developed the Stratwjy team lo encompass three Membe￿ of staff dedicated to data and impact. There is no change in our senior lealership team made up of a CEO and five Dir￿torS responsible for Strategy, Curriculum, School Partnerships. Operations arKI Ddivery. Investment in systems To 5UPPOrt increased efficiency as we scale. v* have invested in system changes to support the effective monitoriTrJ of programme delivery and creation of aLrtomated workflo￿. These improvements not only enhance the experience for mentots but also increase the capacity of our stalf teams to focus on rdalionship management. FINANCIAL REVIEW Financlal porforman During the year ended 31 August 2025 the charity has eamed income of £6,389,000 12024.. £3,389.0001 and incurred expenditure of £5,613.000 {2024: £3,669,000) resulting in net expenditure of £776,O¢Y) 12024.. nel expenditu￿ of £280,000). Income is primarily generated from the philanthropic donation f rom a single donor via th8 UBS Optimus Foundation provide an additional 10% uplrft in funds. The Charity's principal expendtture relates to the direct cost of delivering malhs circles within the UK, associated grant4nakiThJ activty which for the year ended 31 August 2025 amounted to £5.613.OLMJ (2024: £3.669.LKKJ). The overall net irtrease in reserves for the period amounted to £776,000 {2024 decrease of £280.￿0). nel Resekves pollcy and Ilnanclal poslllon Our reserves policy is to keep up to4 months eXP￿ted operating costs based onthe incomiro yearfs budgeted expenditure, vthich approximatelyequates lo £2.834,000. ReseNes are us to.. Provide w)thirKJ capital to protect the continuity of our core prDgramme delivery To provide fuTrJing for unexpected opportunlties To prDvid8 cov8r for risks which include UnfOres￿n expenditure. As of 31st August 2025, Axiom Maths held fund balances of £1.492,000 12024: £716,000}. Includ￿1 as p8rt of this is a tangibla fix8d asset fund balaTTrce of £29,￿0 {2024: £23,000) Axiom Maths Trust••s' rnport 31st August 2025 prgsenting the Carrying v¥Jue of the charity's taryiblo fixed assets- this has been separately identif bed as this balance canrnt be assum￿ lo be available to meet the Charity's day404 requirements. The remaining balance of £1,463,1MJ 12024.. £693.000) is the charity's unrestricted generdl f unds and effectively represents the free reserves available for thè charity's day-to4ay needs. f ree reserves at the year-end g]ualed lo approximately 2 months of operatiThJ costs agalnst 202S26 budgeted expenditure. Th8 firsttranck* of 6 months. funding has Iready reach￿1 the account forthe start of the next financial year. The In￿teeS are satisf led that the cu￿ent level of ffjserve$ moets the target s thin the policy. Fundralslng Thg majority of th8 funds are récaived f rom a slryle donorwilh an additional uplift donat*)n from the phi18nlhroplc grdnl making foundation, UBS Optimus Foundation. The Charity do not actively f undraise {by vray of appeals, Colleetions. or olheNAse seeklng donalSons}. such, the INstees do rKJl make any f urther dis¢lo$ur¢s In rglatlon to the charitable companvs approach lo fundraisiTrJ as required by the Charfti88 (Protactlon and Social Investment) Act 2016. Axiom Maths 9 TNstees' report 31st August 2025 RISK MANAGEMEfrir The management of risk is an on-goiro process. aThJ the trustees uThJertake reviews of t principd risks and uncertainties that the charitable incorpordtion organisalion faces. The Trustees review the policies, systems and proCedU￿S to ensure that 8etion can be taken as needed lo minimise or manage any potential impact on the charttable incorporati)n organisation should those llsks materialise or identify any further mitigatiThJ actions that m be requir8d. Prlnclpal rlsks and uncertainti93 The trustees have identrfied the followng piincipal risks: Safgguardlng The safety of those involved in Axiom, particularty a youThJ pe￿On. is compromised Mitigations for this risk include- The organisation has a robust safwjuarding policy vthich is reviewed annually I safeguarding concems are record&1 in the safeguarding log overseen by the safeguarding lead The organisation has a dedicated safeguardiro and deputy saleguarding lead who have up-to date training I cenlTal staff and menlors are Enhanced DBS checkgj A]1 new staff reC￿ve safeguarding trdnirwJ in the f i￿t week of onboarding All existing staff receive a ref reS￿r trainitVJ annual SafeguardiTrJ practice is monitorwj thrO￿h development visits and 'leaming walks.. Flnanclal Rlsks Misappropriation of fuThJs Rdiance on sole funder Mitigations for this risk indude.. Trustees Teview expenditure ajainst fortast and a subgroup Finance and Flsk committee provides closw scrutiny three times a year To maintain reserves. equNalent to ￿ to four months of budgeted annual expenditu Reach a suslanable furmjing model based on cost per circle. Axiom Maths 10 Trustees. report 31st August 2025 IT and data protecuon Data breach. individual data is leak￿ pffjd used in the public domain Mitigations for this risk Incl￿0. The organisalion has robust dala proleclK)n policy. ￿ acceptable use policy, staff d* breach procedures A dedicated member of staff Yesportsible for GDPR and data protectSon An oulsourced Data Protection Officer (DPO) All central staff receive data protection tTainirvJ Nthi¢h 1$ updaled annually, th¢ DPO and D8puly DPO undergo enhanced data proteclion training The organlsatlon18 expo8￿ to a cyber securlty breach. Mitigations for this risk incl￿18. Undergo Certrfication for Cyber Essentials Pl Cr88le tailored phishiThJ campaigns for staff lo aducale staff on how lo spot phishirg emails and to do Annual data prolectlon refresher tralnlng of Staff. STRUCTURE, GOVERNANCE AND MANAGEMENT Axiom Maths was IrKorpordted on 13 Jun8 2022 and b•gan tradlng on 1 September 2022. Axiom Maths 1$ a ¢haritable incorporation organisation's (Charity Registration No. 11992811. The charitable Sncorporntion organisalion 1$ gov6m&J by its constitution and now operal Ind¢pondontly. Tru¥t••s Th8 constltullon requirns that Chari￿le ir￿orpO￿tion organisation has al least three Trustees and MO￿ than ten. Trustees are appoinled by tho existing Both of Trustees. Decisions may be taken either at a meeting of the charity I￿steeS or by resolution In writing (or eleclronic fo￿nI agreed by a majority. A subr the audit of thè fln•nclal statements We have been appointed as audf(orunder section 144 of the Chartties Act 2011 and rnport in ¢ordan¢e the Act arKI relevatt regulations maje or havirrfJ effeLt Ihereunder. Our objeclNes ar8 lo obtain Yeasonable assurance aboLrt whglhw the f inancial slal8menls as a whole are free from material rnisslal8menl. %thelher dug lo fraud or emr, and to IssLte an audilorfs report that includes our opinion. Reasonable assurance is a high18val of assuranc8. but is not a guarantee that an a￿$11 conducted in accordancewth ISAS (UK} will alway5 dele¢t a material misstalemenl vthen r( exists. Misslalemenls can arise from fraud or error and are considered material If, Indlvldually or In the aggregate, they could reasonably be expe¢led lo influence the economic de¢isiors of users taken on the basis of these financial slalemenls. Irregularities, Includlr¥J fraud. are Instances of nonrycompllance wth laws and wulatlons. We design procedures in linè wlh our responsibilities, outlined above, lo detect material misstatements in Te3PKt of iwul8riti88, includiro f raud. Tho extant lo Nthich our procedu are capable of det￿tIng irregulariti88, Including fraL*J 1$ detaied b810w.' Our approach to Idenllfylrvj al￿ a8ses$lng t￿ rfsks of materfal misslat8ment In respect of irregularities. Including frdud and non•ar 5214 153 Ca•h and ¢a¥h •qufvalonts at 31 Augu•t 2024 578 425 C•¥h and ¢••h•qufvaltrnts *t 31 ￿Nu*t 2025 5,792 578 Nots• to th• ¥tatsrn•nt of ¢•sh flo￿ for th• y￿r •nd•d 31 Augu¥t 2025. A R•contlllatlon of n•t In¢om• l (•xp•ndltur•) to n•t eA•h 110￿ from op•rntlng actlvltles Y••r ènded Yo8r endod 31 Augu8t 31 August 2025 2024 £'ooo £'ooo N•tlncom• l {•xP•nd￿Ur•I In fund• {a• p•r the itsl•m•ntof fln8n¢l•l •ctIV￿leS} Adluotments for: Dapreciation charge Decrease in debtors Increase I Id8cr88s81 in creditors N•t eash provld•d by op•ratlng actlvltl•s 776 12801 11 11 4,433 5231 872 14161 181 Analy818 of ca8h and equlvalents 2023 £'ooo 2024 £'ooo Cash at bank and in hand 5,792 578 No separate reconclliation of net debt has been prnpared as there Is no diff erence between the net cash (debt) of the charitable incorporalionorganisation and the abovecash and cash equivalent$. AxH)m Maths 20 Principal accountlng poli¢i¢s Year ended 31 August 2025 Prir￿1pal accountirKJ policies adopted. jLhJgements and key sources of estimation uncwtainty in the preparation of the financia statements of the Ctharity are laid out below. Basis of preparatton Th8S8 financia slatements have been prepared for th8 year end￿ 31 August 2025. The f inancial statements have been prepared under the hisloricalcosl convention￿th Items recognised at cost or If￿￿tIOn vdue unless otherwse slated in the relevant accounti policies bdow or the notes lo Ihese financial statements. The financial stalemenls have been prepared in accordance wlh the prtnciples set out in Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the United Kingdom and Republic of Ireland {Charities SORP FRS 102) and the Financial Reportirrfj Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The f inancial statements are present&J in sterfirKJ arKI are rouNJed to the nea￿t thousand pound. Publlc bengfit entlty The charitable incoTporationorganisation meets the definitionof apublic benefit entity under FRS 102. Critical accounting estimates and areas of judgement Preparation of thef inancial statements reqLtires the trustees to make significant judgements and estimates. The iterns in the accounts where these judgements and estimates have been made include the estimates aTKJ assumptions made in forecasting the future income and expenditure flov•ts for the purposes of assessiThJ going concem {se8 below). Assessment of golng concern The trustees have assessed whether the use of thegoing concem assumption is appropriate in preparing these financial statements. Th8 tnJslg8s have mad8 this assessment in resp&t to a period of at least one year f rom th8 date of approval of th￿e financial statements. The trustees have co￿lUded that there are Th) material Ur￿ertaIntieS related to events or conditions that may cast significant doubt on the abiltty of Axiom M81hs to continue as a goir#J concern. Th8 trustees are of the opinion that Axiom Maths ￿11 have sufficia resources to meet its liabilrties as they fall due. Income recognltlon Income is recognis￿ in the period in wthich the charTtable incorporation organisalion has enttllement to the income. the amount of incomecan be measured reliably and it is probab that the income wll be received. Axiom Maths 21 Prlnclpal accounting pollcles Year endryl 31 August 2025 Grants Grdnts are included in the statement ol financial activilieson a receivable basis. The balance of income received for specific purpos¢s bul not expended duiing the period is shovm in the relevant funds on the balance sheet. Where income Is received in advance of meeting any perfomiance•rd81ed eondilions there is not unconditional entitlement to the income aN1 its cognition 1$ deferred irKluded in creditors as deferred income until the perfomiance- related condllions ar6 met. WhwB entiUemwLt occur5 befor8 inGom8 is received. thg income is accrued. Donadons Donations are recognised on a receivable basis {there there are no perfornance-relat•d conditions) vthere the ￿telp1 is probable and the amount can be rdiably measured. Other Incom• Other income is recognised in the period it is r8ceivable and to the exlenl Ihe charfly has provSded the goods or swvices. Expendlture rncognldon Liabilitias are recognised as expendllur• as soon as thare Is a legal or constructive obligation committing Axiom Maths to make • payment lo a third party, il is probable that 8 tronsfer of oconomi¢ benef its TrMII be requlred in settlement and the amount of th6 obllgatbn can be measured r¢llably. ExpenditUTQ on charitable activitles In¢l￿jeS 8mount8 expended direclty by the charfly, 8$ well as paymanls lo project partners, pdncipally towards establishment of Maths arcles wilhln s¢hools. Where funds dlslribuled to project partners. the expenditur8 18 recognl$ed over the perfod In whi¢h th8 project partner perfomi8 thwr part ol the contract. Expendlture on th￿ilable a¢tfvities also i￿ludeS support costs On¢ludlng goveman¢ecoslsl repr8sents.ng tho day-t041ay costs of operating t￿ charity. This includes the cosl of support in the fom of finance. HR. govemance and central overhgads. Govamance costs compTBe Ine COS13 Involving Ihe publlG aG¢ounlability of th• oharity. Th068 in¢ludg gudlt costs gnd osls in rgspecl to compliance with ragulotion and good practice. All exp$nditure is slated inclusive of VAT. Flnanclal Instruments Thg charily only holds basiG financial instruments as defined In FRS 102. The financial assets and finarKial Itabllilies of the Charity and Ih8ir measurtm8nl basis are as follows: Fln8ncial 8sset$ - trade and other debtors are basic financial instruments and arè debt Instruments measured ai amortised cost as detailed in note 10. Prepayments are not finanGial instrumarts. Cash 8t bank- is classrfigj as a basic fi￿ClaI instrument and is rneasured al face value. Axiom Maths 22 Prlncipal accounting pollcles Year eThJed 31 AwJust 2025 Financial liatslities - trade credf(ors, accruats ar¥J other creditors are financi81 instruments, and are measured at amortis￿j cost as delaile(l in note 11. Taxation and social security are not included in the fina￿184 instruments disclosure definition. Deferred income is not deemed to be a f inancial liability. a5 the cash setllement has already taken place and there is an obligation to deliver services rather than cash or ￿ther f inancial instrument. Tangible fixed assets All assets costing more than £5(Xl and vthh an expected useful lrfe exceediro one ye8r are capitalised. Depreciation is provided at the following annual rates in order lo write off each asset over its estimat￿ useful lrfe.. • Computer equipment.. 33% p.a. on cost Debtors Trade and other debtors are recognIs￿ at the settlement amount after any trade discourt offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and in hand includes cash and shortterm highly liquid investments with a short m£turtty of three months or I￿S f rom the date of acquisition or opening of the deposit or similar account. Llabllltles abilities are recognised when there is an obligation 81 the balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. arKI the amount of selllement can b8 8Stimaled reliably. Liabilities arg recognised at the amount thal the charity anticipates il wll pay lo settle the debt or the amount li has weived as advance(1 payments for the goods or seNices it must provide. Fund accounting The genernl unr8stricted fund rèpreserbts tIK)se monies vthich arp freely available for application towards achieviTrJ charitabl8 purpose that falls wthin tho charity's objects. Reslricted funds comprise monies rased for. or their use rpstricted to, a specrfic purpo or contribLrtions subject lo donor imposed conditio￿. Penslon c¢)sts Contributions by the charity in respect of ils ￿plOyeeS. personal pension plan and its auto- enrolment scheme are charged to the statement of financial activities in the year in which they are e8med by those employees. The charity is auto enrolment compliant for pension purposes and eontribules into a def IHI contribution pension scheme. This scheme means that orKe contributions a￿ made the pension furKls are at the discretion of themembers and are oulsidethe control of the charfly. Ax￿rn Maths 23 Notes to the financlal stat•m•nts Year endgj 31 2025 1. InGome from donatlons 2025 TOW unr88tnc￿j Restricknl fvnds funds nds £'orK) 2024 To nds Unrn•¢rfcted R••ldcted fvnds fund• UBS Optimus grant Other granls re¢wvatd8 347 6,347 3,386 3.386 6.347 3,389 2. Expendlture on charltabl• actlvllles 2025 £'ooo 2024 £'ooo Unre•trkt•d eX￿ndItU Implèmonting Maths Cirde$ Grants payable to p8rtn8rs lo dèliver Malhs Cifdo$ Grants p8yabl8 to P8th8rs delivor olh8r projects SupportCO8ts (note 31 3,110 1.925 360 176 5,571 2,359 979 255 76 3,669 R••trl¢t•d •xp•ndltur• Implemenbng Maths Clrdts$ 42 5.613 3,669 Grant payable above IncI￿leS multiple paymmts lo elghl delivery partnars. Ex¢lLwJed from gr8nt$ payabl• above are additbonal ¢ommltmenl8 relallng lo conlr8cts awarded in the year but pertainiry to funding fora sP￿rfIC future period of acllvlly which ¢ollectNely totall￿ £288,CQO12024 - £302,CthI) {see note 91. 3. Support colts Unrgsirictsd funds 2025 2024 £'ooo £'ooo 28 nance HR C*)v8manc Rgnt and rgt8s Oher overheads and support$l8ff 36 15 56 64 176 1S 20 76 Axiom Maths 24 Notes to the flnanclal statements Year end￿ 31 August 2025 4. Net income l {expendlture) and net movement in funds This is stated after chargirrfj: 2025 t'ooo 2024 £'ooo Staff costs {note 51 Auditorfs remuneralton Auditfee . Other services 2.275 1.333 15 14 5. Staff costs 2025 £'ooo 2024 £'ooo Wage5 and salaries Social security costs Penslon costs 1,868 211 196 2.275 1.086 124 123 1.333 Stsff number5 The average number of persons anployed by the charitable incorporat&J organisation during the period end￿1 31st August 2025 VRS 31.5 (including 2 int8ms. 1 fix@d temi employee. 8 new starter5 and 1 leaver) {2024.. 26). Higher paid staff The number of employees whose emoluments fell within the followng band$ (based on actual emoluments accnJ&J in the reporting perio(J} was.. 2025 No £60.001- £70.000 £70.001- £80.000 £80.Q01- £90.000 £140,001 - £150,000 £160.001 - £170.000 Key management petsonnel The trustees considertha Ihey, togethervthh the Axiom Maths Senior Leadership Team wll comprise th8 key management of the charitsble Ir￿OrpOration organis81ion In charge of direcliTrJ and conlrollirvJ, running. and operating the charitable incorporationorganisalion on a day-to-day basis. The total amount of employee benef its (IncludirvJ employee pension contributions) r8ceival by key management personnel for their swices to the orrJanisation was £686,03S {2024.. £537.5061. As stated bwlhin note 6, the trustees receive no remuneration for their services lo the charity- Axiom Maths 25 Notgs 10 th? flnan¢lal stat•m•nts Ye8r end￿ 31 August 2025 6. Related party transactlons The trustees receiv8J no remuneration in connection wth their duties in the current or comparative period. One trustee received reimbursement of expenses amounting lo £362 (2024.. £360) for travel costs to attend board meetings. The charity received phil￿throplC donalions totalling £5,674,816.00 12024.. f3,077.4821 from one of its trustees. 7. Taxatlon Axiom Maths is a registered charity and given the nature of its activities. the charity is not subject to incorne or corporation tax on income derived from its charitable aclivllies, as it would fall ￿thin the various exemptions available to registered charities. 8. Tangible fixed assets Computer equipment £'ooo Totsl £'ooo C05t At 1 Sèptembèr 2024 Addition5 At 31 August2025 28 28 17 45 45 D•wèclatlon At 1 September 2025 Charg8 for the yèar At 31 August2025 16 Net book values At 31 August 2025 At 31 Augu8t2024 29 23 29 23 9. Debtors 2025 £'ooo 2024 £'ooo Trade deblors Prepayments (Jher Dobtors 288 302 298 309 iom Maths 26 Notes to the flnan¢ial statements Year end￿1 31 August 2025 12. Restricted funds The f unds of the charity inclLhJe the followiTrJ arnountsvthich there subject to do￿r￿mpos8j restriGlions on its application.. At31 August 2025 Sept•m￿r 2024 Income Expn(knir• Transfers CHK Foundation 42 42 1421 1421 The CHK Foundallon provided f unding to run a programme of Axiom Maths celebrdtion events in summer term 2024125. Axiom Maths pupils f rom diff erent schools came together to leam more about where maths can take them, lo meet olhws love maths and to celebrate the worf( they put in across the year. Axiom Maths 28 Axiom Maths Annual Report and FinanGial statements Year anded 31 August 202S Charity Registration Numtèr 1199281 (En9land and W818s1 Contgnt$ Reports Reference and administrdtive details Tn￿le8s. report hdependant aLKlilof s report 14 Flnanclal Statements Statement of finarKial activities 18 Balance sh8&1 19 Prfncipal accountsng policos Notes to the financlal 5talem8nls 21 24 Axiom Maths R8ferenc• and admlnlstrativo detalls Trustees Daniel James Abramson (Chair) Aiexander Gerko K8thryn Greenhalgh JOnat￿n Hill Charfotte Potter Edward Southall Senlor La•dershlp Toam CEO Delivery Dlr¢¢tor Operations Diwtor School Partnwship Director Cjjrriculum Director Strnlegy OiTrctor David lknmos Adam Geach Catherine Fenwck Naomi Burtey-Baker Sam Harvey-Brev•in SY￿ta Allen S•cr•tary Cath8rfne Fenwck R•gl$torgd Offlca Unll 2 5541 Br*￿ry BuildirKJ 8rgY•Pry Road N7 9QH Tdephone 07￿1 908 676 Webslle Charlty R•glstratlon Numb•r 1199281 (England and Wal8s1 Ind•p•nd•nt •ud5tor Buzz8eott Au¢Jlt LLP 130 Wood StT69t LoThJon EC2V 6DL Prfnclpal bankorn Uoyds 8ank (closed July 20241 95 George St Croydon CR9 2NS The Co-operatlve Bank PLC (Ope￿ Aprfl 20241 1 Balloon Street Ma￿hester M60 4EP Axiom Maths 1 Refer•nce and admlnistrative detsils SollclttM5 Womble BoThJ Dickinson The Spark Draymans Way NevKastle Hdix Newcastle Upon Tyne NE4 SDE Axiom Maths 2 Trustees, rèport 31st August 2025 The trustees p￿ent their report together the fInar￿la1 statements of Axiom Maths Ifomedy Mathematics Education for Social Mobilty & Exeellenc8 {'Axiom Maths. or the 'charitable inco￿OratIon organisation'l for1￿ period f rom 1st September 2024 to 31st August 2025. The financial statements have been prepa￿1 in aCco￿anCe wth Accounting and Reportirg by Charities.. Statement of RecOmm￿ded PTrctice applicable to chartlies preparing their accounts in accordance with the Fir￿￿lar Reportiro Standard applicable in the UK and Republic of keland IFRS 102) I'charitses SORP FRS 102.1, the Flnancial Reporting SlandaKI applicable In the UK and Republic of Ireland {FRS 1021 the Charities Act 201 f. The accounliNJ policies umlerpinning the preparation of th8 financial statements are set out on pages 21 to 23. The objectives of the organisation. as ststed in the goveming documents. are to advance the mathematical education of children aNI youry people in the UK, up to and including PK) study. We do this by ddivering malhs circles to high attainirrfJ disadvantaged pupils to increase their interest in mathematics. their skill in Ihinkir¥J malhemalically and their em8rging identity mathematicians. In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating lo public benef it, includirg the guidance 'Public benefit: runniThJ a charity IPB21. The challengo Every year 30,0￿ children vtho were lop perfomers at the end of primary sehool donl go on to get top GCSE grayes in maths. Hatf of top terform￿S th We￿ on f￿ school meals ag eleven are no lor¥J&r top perforners by sixteen. Somethino goes wrong 8S DUDils le8ve primary school. We surveyed 2.OCK] pupils in years Six to nin8 arKI found that ￿t￿n high4ttainiThJ pwils transition to S￿ndary school they beco￿￿. less likdy to think maths is fun130% in Year 7 vs 40% in Year 61 more likely to think math$ is easy (38% vs 2Pk) increasingty Stress￿ (reported St￿$5 levels climbed 42% to 51)%). Axiom Maths seeks lo change this. This yearfs research builds on our inilia findings, strengthening the evidence on Ihe disadvantage gap in pupils. experience of mathematics and pinpointing when attitudes to maths dec11r￿ during the transition from primary to secondary school. We f iThJ that pupils from more disadvantag￿j families are at greater risk of falling off trad( li mathematics duriThJ this transition. the effects becomlng evident by Easter of Year 7.. enjoymenl drops sharply, stress levels increase, and a pronounced so cio*oonomic divKJe emerges in how high-attaining pupils experience leamiThJ, particularfy in maths. Axiom Maths 3 Trustees, rgport 31st August 2025 At Axiom V•E have an opportunity to reset exp&L*ion5 of school duriNJ the autumn temi {before pupils fall offj. We can f lood pupils Nmth positwe experiences and a positive culture, give them rich classroom exp￿ienceS sthere they're exposed to joyful maths and create environments where curiosity is encouraged. We can start closing disadvantage g before it opens f urther. Actlvltles undertaken to achleve oble¢tlves The Charity is wtdenirvJ the implementation of maths circles in thè UK wth a focus on higher attaining pupils ar¥J tF¥)se from Iov+V soclo-ecommlc backgrounds. Axiom Maths believes delNerir¥J matlk8 Circles to high-atlainirvJ pupils f rom lower socio- economic backgrounds wll increase th￿r interest in mathematics. improve their skill in thinking malhematiC8lly and support their emerging idenlily as malhemalicians. Fundirg complementary acttvities in addition lo the Circles leg, summer sctK)ols. celebration events) reinforces the promoliorb of maths among this target group. Over the last years we have built a model that is scalirrfJ across the country. We are on track to exc&d ourgrowth targets and reach over14,000 pupils bythe end of 2026. AlongsKle this rapid growth ￿ have designed and tested a number of improvements lo our maths cirGI&8 programme. including the design of specific sessions and howY*P train and support mentors. Every school has a dedicated Mathematics Excellence CO￿rdInatOr IMExC} is fund&1 to Co-ordinate delivery of the maths circles by mentors. engage in professional development to improve the progrdmme, provide necessary data and encourage pupils. engagement in wider activili8S th* Promote maths. This year we piloted a new mentoring model in which sixth- fomi pupils act as Junior MentOf5. SUPPOrted by a teacher, enabling the programme lo reach more pupils in each school. Online The in4chool prDgrdmme is compleJnented by an Axiom Maths online offerwhich was att8rKl8d by just ovor 8(Kl pupils. Those pupsls mggt wp8kly in small groups online- circles- of which there were 168 this year. The online offer enab18s pupils al schools that are not currently able to off er itwerson circles to access our programme. Expanding our offer beyond maths cirdes Followng the pllot of a loolkÉt' of addrtion81 actNities in 2023-24 have expanded our off to include hvo summer sch)ols and deven Rising Malhemalicians Festivals. These activitEs are designed to equip Axiom Maths pupils wlh a richer sel of experienrns overall to support th￿r mathematical development, both in temis of kno￿edge and skills aThY in lems of their Mathematic￿ identities. Over 1,OW pupils attended these events supported by universities and corporate partners with over 80% of pupils rating the events as enjoyable or very enjoyable. Our improvements to the programme have b*n ur%Jerpinned by a relentle55 focus on makinJ our operations more effective so that we can reach more pupils with less human effort required. Wa have inv8Sted in building automations Ntherever possible to move away ftDm more labourwinlensNe manual processes. And we have built a strong culture to run counterto the nomis of mediocrity that emerge in many organisations as they grow. Axiom Maths 4 Trustees. roport 31st August 2025 Short longer tèrm aims both the short atxl longer term. delivertng math5 circles lo school pupils remains the charity's core delivery model and primary route to achieving its mission. We anticipate 7.001 8.1]CX) Year 7 pupils startiry math5 circl&% in 202926. Al this scale. Axiom Maths wll be one of the largest educational pmgrnmmes in county. Short terni aims During the first Ihr88 months of 2025126, we wll focus on developing a clèar implementation plan fora t￿-year refreshed strategy (see below}, strengthening oryanisalional culture in line th refreshed values as the staff team grows, and improving pupil retention so more participants Continue ￿1r math8matical jounw into the next academic year. We wll also continue developing ourdata inf rastructure to prvvide accurate rea14im9 insights and enable rapid automation. Longer tem) aims Beyond November 2025, 4MII move inlo the next phase of growth, building on the establishment of grassroots mathematics across EnglarKI and Wales. Our ￿￿-year strategy will focus on.. making malhs circles a univetsa feature of schools vknilst also improving quality al th level creating meaningful progression for our pupils by restNcturing the programme into t phases introducing a Year 9 entry point as well as year 7 introducing higher level m8th5 circles. providing study opportunities and malhemalical experiences beyond maths circles for pupils who want to go f urther setting the standar(J for a sustainab[8. techn01ogy-8nabl￿ 21st-century ch&ity ty maximising our impact per pound. KPIS and impact The main key priorities forthe reporknr¥J year September1 St2024 to August 319t 2025 were as follovts.. We are on trdck to have al least 10,OCKJ pupils in Maths circles in January 2026 We are imprDviryJ both 1nrfj￿s0n online retention Our rnento￿ are ￿11-traIned aTrJ high performing Our core processes a￿ slreamlined Optimis￿ f or responsive programme delivery We are considergj to be a le*Jing voice in maths edl￿￿10￿, inf Iu8ncing both policy practice. Axlom Maths 5 Trustees, Tgport 31st August 2025 We trained and supported 227 mentoTr from 6 deftvery partners {Untversily Maths Schools ond tutoring organisalionsl and our owm online mentors lo deliver maths circl through a voriety of delivery modds {online, blended. in school, in person, in hubs). Puw"Is 7,CfjO pupi15 completed the summer temi circles. 1.231 pupils attended onllne, 1,918 allended circle8 delwered by our Delivery pwtners lup until July 2025). Average allendance rate (all Maths circles) of 77% arKI retentlon rale of 78% Ilargel of 80%) The percentage of puplls ellgible for the Pupll Premium {across all programmesl was 37.5% (exceeding target of 30%149% for lfv)se accessir¥J the online programme were igible for the Pupil Premium. Monltorfng and evaluatlon We are partnering wlh an ext•mal evaluation ￿encY to evaluate the impact of our maths circles and onhance eff￿liver￿S of the progTrmme. Three maln research quegllor gulde our evaluation.. Do maths circl88 develop tho ql￿lItIeS of mathematicians? Do malhs Circles lead to hbgh8r allainment In m*hs for secondary school pupils? Do maths ¢lrde5 increase th8 desire for pupils to continue Studying maths beyor GCSE? 8uN•y Deslgn We ask question8 in the temily pupil suryey to measure bahaviours, soclal conflder£4 intentions to ¢ontinue studylng maths, arKI self-effirxy. We also ask qu951ions about 8ocI Identity and desire to St￿lY math5 boyoTrJ GCSE. s11￿0 stsrtlng math5 Gircles puplls report feeliry more confident rdising their hands in lessor6, mor8 confident in explaining thdr thoughts in S¢￿01 maths lessons and moro interested in understanding other people's ide8$ and leamir¥J from them. Above all. pupils report having f un wth other likfrminded mathematicians. In addition. mentor5 comment that the p￿graMme,$ focus on advanced and unconventional problem-solving develops Ihelr own methods of leaching and their profici8ncy In gauglro pupils, understarKling. Others noted the value Axiom Maths. Professional Developmert provid8$ through collaborating Ot￿ mgnlors as as development for thèir pupils. iom Maths 7 Trust995' rgport 31st August 2025 In addition lo the man&3ement and development of the programmes, we hava developed OffJanisation struciure and made th8 follo*ing investments". Investment in people To support the growth strdlegy during this pwiod we have increased the staff headcourt from 28 as of 1st September 2024 to 35 as of 31st August 2025. Our main growth has been to develop the Schools Partnership team to include eight Heads of Region supported by tmo School Relationship Leads. We have developed the Stratwjy team lo encompass three Membe￿ of staff dedicated to data and impact. There is no change in our senior lealership team made up of a CEO and five Dir￿torS responsible for Strategy, Curriculum, School Partnerships. Operations arKI Ddivery. Investment in systems To 5UPPOrt increased efficiency as we scale. v* have invested in system changes to support the effective monitoriTrJ of programme delivery and creation of aLrtomated workflo￿. These improvements not only enhance the experience for mentots but also increase the capacity of our stalf teams to focus on rdalionship management. FINANCIAL REVIEW Financlal porforman During the year ended 31 August 2025 the charity has eamed income of £6,389,000 12024.. £3,389.0001 and incurred expenditure of £5,613.000 {2024: £3,669,000) resulting in net expenditure of £776,O¢Y) 12024.. nel expenditu￿ of £280,000). Income is primarily generated from the philanthropic donation f rom a single donor via th8 UBS Optimus Foundation provide an additional 10% uplrft in funds. The Charity's principal expendtture relates to the direct cost of delivering malhs circles within the UK, associated grant4nakiThJ activty which for the year ended 31 August 2025 amounted to £5.613.OLMJ (2024: £3.669.LKKJ). The overall net irtrease in reserves for the period amounted to £776,000 {2024 decrease of £280.￿0). nel Resekves pollcy and Ilnanclal poslllon Our reserves policy is to keep up to4 months eXP￿ted operating costs based onthe incomiro yearfs budgeted expenditure, vthich approximatelyequates lo £2.834,000. ReseNes are us to.. Provide w)thirKJ capital to protect the continuity of our core prDgramme delivery To provide fuTrJing for unexpected opportunlties To prDvid8 cov8r for risks which include UnfOres￿n expenditure. As of 31st August 2025, Axiom Maths held fund balances of £1.492,000 12024: £716,000}. Includ￿1 as p8rt of this is a tangibla fix8d asset fund balaTTrce of £29,￿0 {2024: £23,000) Axiom Maths Trust••s' rnport 31st August 2025 prgsenting the Carrying v¥Jue of the charity's taryiblo fixed assets- this has been separately identif bed as this balance canrnt be assum￿ lo be available to meet the Charity's day404 requirements. The remaining balance of £1,463,1MJ 12024.. £693.000) is the charity's unrestricted generdl f unds and effectively represents the free reserves available for thè charity's day-to4ay needs. f ree reserves at the year-end g]ualed lo approximately 2 months of operatiThJ costs agalnst 202S26 budgeted expenditure. Th8 firsttranck* of 6 months. funding has Iready reach￿1 the account forthe start of the next financial year. The In￿teeS are satisf led that the cu￿ent level of ffjserve$ moets the target s thin the policy. Fundralslng Thg majority of th8 funds are récaived f rom a slryle donorwilh an additional uplift donat*)n from the phi18nlhroplc grdnl making foundation, UBS Optimus Foundation. The Charity do not actively f undraise {by vray of appeals, Colleetions. or olheNAse seeklng donalSons}. such, the INstees do rKJl make any f urther dis¢lo$ur¢s In rglatlon to the charitable companvs approach lo fundraisiTrJ as required by the Charfti88 (Protactlon and Social Investment) Act 2016. Axiom Maths 9 TNstees' report 31st August 2025 RISK MANAGEMEfrir The management of risk is an on-goiro process. aThJ the trustees uThJertake reviews of t principd risks and uncertainties that the charitable incorpordtion organisalion faces. The Trustees review the policies, systems and proCedU￿S to ensure that 8etion can be taken as needed lo minimise or manage any potential impact on the charttable incorporati)n organisation should those llsks materialise or identify any further mitigatiThJ actions that m be requir8d. Prlnclpal rlsks and uncertainti93 The trustees have identrfied the followng piincipal risks: Safgguardlng The safety of those involved in Axiom, particularty a youThJ pe￿On. is compromised Mitigations for this risk include- The organisation has a robust safwjuarding policy vthich is reviewed annually I safeguarding concems are record&1 in the safeguarding log overseen by the safeguarding lead The organisation has a dedicated safeguardiro and deputy saleguarding lead who have up-to date training I cenlTal staff and menlors are Enhanced DBS checkgj A]1 new staff reC￿ve safeguarding trdnirwJ in the f i￿t week of onboarding All existing staff receive a ref reS￿r trainitVJ annual SafeguardiTrJ practice is monitorwj thrO￿h development visits and 'leaming walks.. Flnanclal Rlsks Misappropriation of fuThJs Rdiance on sole funder Mitigations for this risk indude.. Trustees Teview expenditure ajainst fortast and a subgroup Finance and Flsk committee provides closw scrutiny three times a year To maintain reserves. equNalent to ￿ to four months of budgeted annual expenditu Reach a suslanable furmjing model based on cost per circle. Axiom Maths 10 Trustees. report 31st August 2025 IT and data protecuon Data breach. individual data is leak￿ pffjd used in the public domain Mitigations for this risk Incl￿0. The organisalion has robust dala proleclK)n policy. ￿ acceptable use policy, staff d* breach procedures A dedicated member of staff Yesportsible for GDPR and data protectSon An oulsourced Data Protection Officer (DPO) All central staff receive data protection tTainirvJ Nthi¢h 1$ updaled annually, th¢ DPO and D8puly DPO undergo enhanced data proteclion training The organlsatlon18 expo8￿ to a cyber securlty breach. Mitigations for this risk incl￿18. Undergo Certrfication for Cyber Essentials Pl Cr88le tailored phishiThJ campaigns for staff lo aducale staff on how lo spot phishirg emails and to do Annual data prolectlon refresher tralnlng of Staff. STRUCTURE, GOVERNANCE AND MANAGEMENT Axiom Maths was IrKorpordted on 13 Jun8 2022 and b•gan tradlng on 1 September 2022. Axiom Maths 1$ a ¢haritable incorporation organisation's (Charity Registration No. 11992811. The charitable Sncorporntion organisalion 1$ gov6m&J by its constitution and now operal Ind¢pondontly. Tru¥t••s Th8 constltullon requirns that Chari￿le ir￿orpO￿tion organisation has al least three Trustees and MO￿ than ten. Trustees are appoinled by tho existing Both of Trustees. Decisions may be taken either at a meeting of the charity I￿steeS or by resolution In writing (or eleclronic fo￿nI agreed by a majority. A subr the audit of thè fln•nclal statements We have been appointed as audf(orunder section 144 of the Chartties Act 2011 and rnport in ¢ordan¢e the Act arKI relevatt regulations maje or havirrfJ effeLt Ihereunder. Our objeclNes ar8 lo obtain Yeasonable assurance aboLrt whglhw the f inancial slal8menls as a whole are free from material rnisslal8menl. %thelher dug lo fraud or emr, and to IssLte an audilorfs report that includes our opinion. Reasonable assurance is a high18val of assuranc8. but is not a guarantee that an a￿$11 conducted in accordancewth ISAS (UK} will alway5 dele¢t a material misstalemenl vthen r( exists. Misslalemenls can arise from fraud or error and are considered material If, Indlvldually or In the aggregate, they could reasonably be expe¢led lo influence the economic de¢isiors of users taken on the basis of these financial slalemenls. Irregularities, Includlr¥J fraud. are Instances of nonrycompllance wth laws and wulatlons. We design procedures in linè wlh our responsibilities, outlined above, lo detect material misstatements in Te3PKt of iwul8riti88, includiro f raud. Tho extant lo Nthich our procedu are capable of det￿tIng irregulariti88, Including fraL*J 1$ detaied b810w.' Our approach to Idenllfylrvj al￿ a8ses$lng t￿ rfsks of materfal misslat8ment In respect of irregularities. Including frdud and non•ar 5214 153 Ca•h and ¢a¥h •qufvalonts at 31 Augu•t 2024 578 425 C•¥h and ¢••h•qufvaltrnts *t 31 ￿Nu*t 2025 5,792 578 Nots• to th• ¥tatsrn•nt of ¢•sh flo￿ for th• y￿r •nd•d 31 Augu¥t 2025. A R•contlllatlon of n•t In¢om• l (•xp•ndltur•) to n•t eA•h 110￿ from op•rntlng actlvltles Y••r ènded Yo8r endod 31 Augu8t 31 August 2025 2024 £'ooo £'ooo N•tlncom• l {•xP•nd￿Ur•I In fund• {a• p•r the itsl•m•ntof fln8n¢l•l •ctIV￿leS} Adluotments for: Dapreciation charge Decrease in debtors Increase I Id8cr88s81 in creditors N•t eash provld•d by op•ratlng actlvltl•s 776 12801 11 11 4,433 5231 872 14161 181 Analy818 of ca8h and equlvalents 2023 £'ooo 2024 £'ooo Cash at bank and in hand 5,792 578 No separate reconclliation of net debt has been prnpared as there Is no diff erence between the net cash (debt) of the charitable incorporalionorganisation and the abovecash and cash equivalent$. AxH)m Maths 20 Principal accountlng poli¢i¢s Year ended 31 August 2025 Prir￿1pal accountirKJ policies adopted. jLhJgements and key sources of estimation uncwtainty in the preparation of the financia statements of the Ctharity are laid out below. Basis of preparatton Th8S8 financia slatements have been prepared for th8 year end￿ 31 August 2025. The f inancial statements have been prepared under the hisloricalcosl convention￿th Items recognised at cost or If￿￿tIOn vdue unless otherwse slated in the relevant accounti policies bdow or the notes lo Ihese financial statements. The financial stalemenls have been prepared in accordance wlh the prtnciples set out in Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in the United Kingdom and Republic of Ireland {Charities SORP FRS 102) and the Financial Reportirrfj Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The f inancial statements are present&J in sterfirKJ arKI are rouNJed to the nea￿t thousand pound. Publlc bengfit entlty The charitable incoTporationorganisation meets the definitionof apublic benefit entity under FRS 102. Critical accounting estimates and areas of judgement Preparation of thef inancial statements reqLtires the trustees to make significant judgements and estimates. The iterns in the accounts where these judgements and estimates have been made include the estimates aTKJ assumptions made in forecasting the future income and expenditure flov•ts for the purposes of assessiThJ going concem {se8 below). Assessment of golng concern The trustees have assessed whether the use of thegoing concem assumption is appropriate in preparing these financial statements. Th8 tnJslg8s have mad8 this assessment in resp&t to a period of at least one year f rom th8 date of approval of th￿e financial statements. The trustees have co￿lUded that there are Th) material Ur￿ertaIntieS related to events or conditions that may cast significant doubt on the abiltty of Axiom M81hs to continue as a goir#J concern. Th8 trustees are of the opinion that Axiom Maths ￿11 have sufficia resources to meet its liabilrties as they fall due. Income recognltlon Income is recognis￿ in the period in wthich the charTtable incorporation organisalion has enttllement to the income. the amount of incomecan be measured reliably and it is probab that the income wll be received. Axiom Maths 21 Prlnclpal accounting pollcles Year endryl 31 August 2025 Grants Grdnts are included in the statement ol financial activilieson a receivable basis. The balance of income received for specific purpos¢s bul not expended duiing the period is shovm in the relevant funds on the balance sheet. Where income Is received in advance of meeting any perfomiance•rd81ed eondilions there is not unconditional entitlement to the income aN1 its cognition 1$ deferred irKluded in creditors as deferred income until the perfomiance- related condllions ar6 met. WhwB entiUemwLt occur5 befor8 inGom8 is received. thg income is accrued. Donadons Donations are recognised on a receivable basis {there there are no perfornance-relat•d conditions) vthere the ￿telp1 is probable and the amount can be rdiably measured. Other Incom• Other income is recognised in the period it is r8ceivable and to the exlenl Ihe charfly has provSded the goods or swvices. Expendlture rncognldon Liabilitias are recognised as expendllur• as soon as thare Is a legal or constructive obligation committing Axiom Maths to make • payment lo a third party, il is probable that 8 tronsfer of oconomi¢ benef its TrMII be requlred in settlement and the amount of th6 obllgatbn can be measured r¢llably. ExpenditUTQ on charitable activitles In¢l￿jeS 8mount8 expended direclty by the charfly, 8$ well as paymanls lo project partners, pdncipally towards establishment of Maths arcles wilhln s¢hools. Where funds dlslribuled to project partners. the expenditur8 18 recognl$ed over the perfod In whi¢h th8 project partner perfomi8 thwr part ol the contract. Expendlture on th￿ilable a¢tfvities also i￿ludeS support costs On¢ludlng goveman¢ecoslsl repr8sents.ng tho day-t041ay costs of operating t￿ charity. This includes the cosl of support in the fom of finance. HR. govemance and central overhgads. Govamance costs compTBe Ine COS13 Involving Ihe publlG aG¢ounlability of th• oharity. Th068 in¢ludg gudlt costs gnd osls in rgspecl to compliance with ragulotion and good practice. All exp$nditure is slated inclusive of VAT. Flnanclal Instruments Thg charily only holds basiG financial instruments as defined In FRS 102. The financial assets and finarKial Itabllilies of the Charity and Ih8ir measurtm8nl basis are as follows: Fln8ncial 8sset$ - trade and other debtors are basic financial instruments and arè debt Instruments measured ai amortised cost as detailed in note 10. Prepayments are not finanGial instrumarts. Cash 8t bank- is classrfigj as a basic fi￿ClaI instrument and is rneasured al face value. Axiom Maths 22 Prlncipal accounting pollcles Year eThJed 31 AwJust 2025 Financial liatslities - trade credf(ors, accruats ar¥J other creditors are financi81 instruments, and are measured at amortis￿j cost as delaile(l in note 11. Taxation and social security are not included in the fina￿184 instruments disclosure definition. Deferred income is not deemed to be a f inancial liability. a5 the cash setllement has already taken place and there is an obligation to deliver services rather than cash or ￿ther f inancial instrument. Tangible fixed assets All assets costing more than £5(Xl and vthh an expected useful lrfe exceediro one ye8r are capitalised. Depreciation is provided at the following annual rates in order lo write off each asset over its estimat￿ useful lrfe.. • Computer equipment.. 33% p.a. on cost Debtors Trade and other debtors are recognIs￿ at the settlement amount after any trade discourt offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and in hand includes cash and shortterm highly liquid investments with a short m£turtty of three months or I￿S f rom the date of acquisition or opening of the deposit or similar account. Llabllltles abilities are recognised when there is an obligation 81 the balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement. arKI the amount of selllement can b8 8Stimaled reliably. Liabilities arg recognised at the amount thal the charity anticipates il wll pay lo settle the debt or the amount li has weived as advance(1 payments for the goods or seNices it must provide. Fund accounting The genernl unr8stricted fund rèpreserbts tIK)se monies vthich arp freely available for application towards achieviTrJ charitabl8 purpose that falls wthin tho charity's objects. Reslricted funds comprise monies rased for. or their use rpstricted to, a specrfic purpo or contribLrtions subject lo donor imposed conditio￿. Penslon c¢)sts Contributions by the charity in respect of ils ￿plOyeeS. personal pension plan and its auto- enrolment scheme are charged to the statement of financial activities in the year in which they are e8med by those employees. The charity is auto enrolment compliant for pension purposes and eontribules into a def IHI contribution pension scheme. This scheme means that orKe contributions a￿ made the pension furKls are at the discretion of themembers and are oulsidethe control of the charfly. Ax￿rn Maths 23 Notes to the financlal stat•m•nts Year endgj 31 2025 1. InGome from donatlons 2025 TOW unr88tnc￿j Restricknl fvnds funds nds £'orK) 2024 To nds Unrn•¢rfcted R••ldcted fvnds fund• UBS Optimus grant Other granls re¢wvatd8 347 6,347 3,386 3.386 6.347 3,389 2. Expendlture on charltabl• actlvllles 2025 £'ooo 2024 £'ooo Unre•trkt•d eX￿ndItU Implèmonting Maths Cirde$ Grants payable to p8rtn8rs lo dèliver Malhs Cifdo$ Grants p8yabl8 to P8th8rs delivor olh8r projects SupportCO8ts (note 31 3,110 1.925 360 176 5,571 2,359 979 255 76 3,669 R••trl¢t•d •xp•ndltur• Implemenbng Maths Clrdts$ 42 5.613 3,669 Grant payable above IncI￿leS multiple paymmts lo elghl delivery partnars. Ex¢lLwJed from gr8nt$ payabl• above are additbonal ¢ommltmenl8 relallng lo conlr8cts awarded in the year but pertainiry to funding fora sP￿rfIC future period of acllvlly which ¢ollectNely totall￿ £288,CQO12024 - £302,CthI) {see note 91. 3. Support colts Unrgsirictsd funds 2025 2024 £'ooo £'ooo 28 nance HR C*)v8manc Rgnt and rgt8s Oher overheads and support$l8ff 36 15 56 64 176 1S 20 76 Axiom Maths 24 Notes to the flnanclal statements Year end￿ 31 August 2025 4. Net income l {expendlture) and net movement in funds This is stated after chargirrfj: 2025 t'ooo 2024 £'ooo Staff costs {note 51 Auditorfs remuneralton Auditfee . Other services 2.275 1.333 15 14 5. Staff costs 2025 £'ooo 2024 £'ooo Wage5 and salaries Social security costs Penslon costs 1,868 211 196 2.275 1.086 124 123 1.333 Stsff number5 The average number of persons anployed by the charitable incorporat&J organisation during the period end￿1 31st August 2025 VRS 31.5 (including 2 int8ms. 1 fix@d temi employee. 8 new starter5 and 1 leaver) {2024.. 26). Higher paid staff The number of employees whose emoluments fell within the followng band$ (based on actual emoluments accnJ&J in the reporting perio(J} was.. 2025 No £60.001- £70.000 £70.001- £80.000 £80.Q01- £90.000 £140,001 - £150,000 £160.001 - £170.000 Key management petsonnel The trustees considertha Ihey, togethervthh the Axiom Maths Senior Leadership Team wll comprise th8 key management of the charitsble Ir￿OrpOration organis81ion In charge of direcliTrJ and conlrollirvJ, running. and operating the charitable incorporationorganisalion on a day-to-day basis. The total amount of employee benef its (IncludirvJ employee pension contributions) r8ceival by key management personnel for their swices to the orrJanisation was £686,03S {2024.. £537.5061. As stated bwlhin note 6, the trustees receive no remuneration for their services lo the charity- Axiom Maths 25 Notgs 10 th? flnan¢lal stat•m•nts Ye8r end￿ 31 August 2025 6. Related party transactlons The trustees receiv8J no remuneration in connection wth their duties in the current or comparative period. One trustee received reimbursement of expenses amounting lo £362 (2024.. £360) for travel costs to attend board meetings. The charity received phil￿throplC donalions totalling £5,674,816.00 12024.. f3,077.4821 from one of its trustees. 7. Taxatlon Axiom Maths is a registered charity and given the nature of its activities. the charity is not subject to incorne or corporation tax on income derived from its charitable aclivllies, as it would fall ￿thin the various exemptions available to registered charities. 8. Tangible fixed assets Computer equipment £'ooo Totsl £'ooo C05t At 1 Sèptembèr 2024 Addition5 At 31 August2025 28 28 17 45 45 D•wèclatlon At 1 September 2025 Charg8 for the yèar At 31 August2025 16 Net book values At 31 August 2025 At 31 Augu8t2024 29 23 29 23 9. Debtors 2025 £'ooo 2024 £'ooo Trade deblors Prepayments (Jher Dobtors 288 302 298 309 iom Maths 26 Notes to the flnan¢ial statements Year end￿1 31 August 2025 12. Restricted funds The f unds of the charity inclLhJe the followiTrJ arnountsvthich there subject to do￿r￿mpos8j restriGlions on its application.. At31 August 2025 Sept•m￿r 2024 Income Expn(knir• Transfers CHK Foundation 42 42 1421 1421 The CHK Foundallon provided f unding to run a programme of Axiom Maths celebrdtion events in summer term 2024125. Axiom Maths pupils f rom diff erent schools came together to leam more about where maths can take them, lo meet olhws love maths and to celebrate the worf( they put in across the year. Axiom Maths 28 # **Axiom Maths** The Trustees Unit 2-5 55-61 Brewery Road LONDON N7 9QH **26 March 2026** ## **Post-audit management report for Axiom Maths for the year ended 31 August 2025** This post-audit management report presents the observations and matters which came to our attention during our audit, which are considered to be significant, as required by International Standard on Auditing (UK) 260. The audit of the financial statements does not relieve management or those charged with governance of their responsibilities for the preparation of the financial statements. We would like to take this opportunity to thank the finance team for their assistance provided during the course of our audit. Yours faithfully Gumayel Miah for Buzzacott Audit LLP ## **Contents** Executive summary ....................................................................................................... 2 Key audit findings ........................................................................................................... 5 Other information ......................................................................................................... 10 Appendix 1: Audit observations and recommendations ......................................... 12 **Key contacts Gumayel Miah Engagement Partner** Tel: 020 7556 1365 Email: miahg@buzzacott.co.uk **Bálint Szomor Engagement Manager** Tel: 020 7710 3179 Email: szomorb@buzzacott.co.uk Buzzacott Audit LLP, 130 Wood Street, London, EC2V 6DL Axiom Maths Post-audit management report for the Year Ended 31 August 2025 Page 1 of 12 ## **Executive summary** ## **Purpose of the external audit** The purpose of this report is to bring to the attention of Board as those charged with governance the findings from our recent audit of the financial statements of Axiom Maths, for the year ended 31 August 2025 for your consideration and to enable you to address matters arising where appropriate. Throughout this report, “you” and “your” refer to Board. “We” and “our” refer to Buzzacott Audit LLP. We appreciate that you will already be aware of some of the matters contained in this report. However, in accordance with International Standards on Auditing (UK) (ISAs) we are communicating them to you formally. As auditor, we are responsible for performing the audit in accordance with ISAs (UK), which is directed towards forming and expressing an opinion on the financial statements for the year ended 31 August 2025 that have been prepared by management with the oversight of those charged with governance, and other matters required by legislation. Our work has been carried out in accordance with our audit planning letter dated 8 December 2025. We summarise our main findings below and provide more detail in the following pages. ## In summary, we report that: - other than the finalisation of our work on related party transactions, there are currently no significant unresolved matters; - except for trivial items, only one misstatement was identified during the audit pertaining to the grant income of £22,000 from CHK Foundation and associated expenditure being treated as restricted income and expenditure in the accounts when the grant agreement has indicated that the funding is unrestricted – given the amount in question is immaterial, management have elected to leave this misstatement unadjusted; - other than presentational amendments, there have been no adjustments made to the figures presented to us for audit; - the key risk areas highlighted during our planning process have been adequately addressed during our audit work; - our work highlighted no significant deficiencies in the systems operated by the charity; and - we anticipate issuing an unqualified and unmodified audit opinion on the accounts. Axiom Maths Post-audit management report for the Year Ended 31 August 2025 Page 2 of 12 The matters raised in this report have been discussed with Catherine Fenwick and Dan Abramson. record of all weaknesses that may exist or of all improvements that might be made. ## **Audit progress** We are pleased to report that the audit of the financial statements, from our perspective, was completed in accordance with the agreed timetable. We would like to take this opportunity to thank all those with whom we dealt during the audit for their assistance and co-operation, in particular Catherine Fenwick and the FD Works team. ## **Auditor’s report** We do not propose any modifications to our audit opinion and, therefore, we intend to issue an unqualified opinion in our auditor’s report. ## **Accounting and internal controls systems** Our work during the audit included an examination of some of the charity’s transactions, procedures and controls with a view to expressing an opinion on the financial statements for the year ended 31 August 2025. This work was not directed primarily towards discovering weaknesses, other than those that would affect our audit opinion, or towards the detection of fraud. We have included in this report only matters that have come to our attention as a result of our normal audit procedures and consequently our comments should not be regarded as a comprehensive Axiom Maths Post-audit management report for the Year Ended 31 August 2025 Page 3 of 12 We found no significant deficiencies in the accounting and internal control systems during our audit. We do, however, make an observation in relation to treasury management which is detailed later in this report. ## **Accounting policies, accounting estimates and disclosures** Other than as described below, the accounting policies used in preparing the financial statements are unchanged from the previous year. Our work included a review of the adequacy of disclosures in the financial statements and consideration of the appropriateness of the accounting policies and estimation techniques adopted by the charity. We found the disclosed accounting policies, significant accounting estimates and the overall disclosure and presentation to be appropriate for the charity. Axiom Maths Post-audit management report for the Year Ended 31 August 2025 Page 4 of 12 ## **Key audit findings** ## **Annual Report and Financial Statements format** The financial statements have been prepared, as last year, in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (Charities SORP FRS 102). There are no significant changes to the format of the financial statements this year. ## **Adjustments made during the audit** Other than presentational amendments which have no impact on the reported results, no adjustments have been made to the financial statements presented to us for audit. ## **Unadjusted misstatements** Except for trivial items, only one misstatement was identified during the audit pertaining to the grant income of £22,000 from CHK Foundation and associated expenditure being treated as restricted income and expenditure in the accounts when the grant agreement has indicated that the funding is unrestricted. If adjusted for, unrestricted income and expenditure would both increase by £22,000 and restricted income and expenditure would have reduced by the same amount, but there would be no impact on the overall results for the year. We will obtain written representations from you, as trustees, that you concur this is not to be adjusted, due to its lack of significance to the overall result portrayed by the financial statements. ## **Materiality** Materiality threshold £160,000 Reporting threshold: £8,000 Materiality refers to the relative significance of a particular matter in the context of the financial statements as a whole. An item would be considered material if its omission or its erroneous inclusion would reasonably influence the decisions of those using the financial statements. Our materiality threshold is based on 2.5% of operational income. A lower level of materiality may be selected for specific areas of the financial statements and for some disclosure items e.g. transactions and other financial arrangements with trustees and their connected persons. When considering the impact of misstatements discovered during the course of our audit and considering the implications for our report of such misstatements, we will refer to this level amongst other things. Whether a Axiom Maths Post-audit management report for the Year Ended 31 August 2025 Page 5 of 12 misstatement is ‘material’ or not is ultimately down to the auditor’s judgement. We are required to report corrected audit misstatements, and uncorrected audit misstatements in excess of our reporting threshold which is set at 5% of overall materiality. ## **Observations and recommendations on the accounting system and financial reporting function** The table below provides a summary of any observations made concerning weaknesses in the charity’s accounting and internal control systems. Observations included in the “A” grade (red) banding indicate that, in our opinion, there is a risk of significant financial impact on the charity that must be addressed immediately. “B” grade (orange) banding recommendations relate to those issues where there is a risk of moderate financial impact on the charity, such as a control failure or the absence of a control in an area of moderate risk. These items should be addressed shortly. Advisory matters are raised for your consideration, but do not require action if not deemed appropriate. |**Priority**|**No of**
**points**|**Relating to**| |---|---|---| |**A**|**0**|•
N/a| |**B**|**0**|•
N/a| |**C**|**0**|•
N/a| |**Advisory**|**1**|•
Treasury management| Further details in respect of the observations and recommendations as a result of our audit work are given in Appendix 2. The matters have all been discussed with Catherine Fenwick, who have appropriate management authority. ## **Prior year observations** Observations included in the “C” grade (yellow) banding indicates that the matter, although important, does not warrant urgent attention and should be addressed within an agreed timeframe. There were no observations made last year that required follow up this year. Axiom Maths Post-audit management report for the Year Ended 31 August 2025 Page 6 of 12 ## **Key audit risks and outcomes** As part of our audit planning process, we identified those areas where we believe there is a higher probability that a material error may appear in the financial statements. In the pages which follow we have provided a brief summary of the outcome of our audit work in relation to those higher risk areas. |**Risk area**|**Audit procedures**|**Results and conclusion**| |---|---|---| |**Income**|There is an inherent risk in all|We reviewed the terms of the UBS Optimus Foundation grant for any key compliance terms, in order to gain| |**recognition**|organisations in relation to income
recognition, i.e. that income may
be accounted for in the wrong
period or at artificially inflated or
suppressed amounts. Axiom
Maths’ income is predominantly
earned via a single grant from the|assurance over the entitlement to, and completeness of, the income. In addition to the £6.3m of cash received
from UBS Optimus Foundation during the year ended 31 August 2025 and recorded as income in 2024/25, the
charity received a further £4.3m in August 2025 which has been held within creditors awaiting release to income
in 2025/26. We gave consideration as to whether the additional £4.3m received should be recorded as income
in 2024/25 or in 2025/26 and sighted correspondence from UBS Optimus Foundation confirming that the
funding had been provided for application in 2025/26. Therefore, we concur with the accounting treatment
adopted.| ||UBS Optimus Foundation. There is
a risk that any restrictions imposed
by the donor are not fully
understood resulting in
inappropriate allocation of funds in
the statutory accounts or the
income being reported in the|Further grants totalling £42,000 were also received from the CHK Foundation during the year, comprising two
grants under separate agreements of £22,000 and £20,000. Both grants and the associated expenditure have
been recorded in the accounts as restricted. However, the agreement pertaining to the £22,000 made it explicit
that the funding would be unrestricted. As referenced earlier in this report, we have therefore noted an
unadjusted misstatement with respect to this, but this misstatement is immaterial, and has no bearing on the
overall result for the year.| ||wrong financial year.|Additional testing was undertaken to gain further assurance over cut-off through our work on debtors and| |||creditors which included a review of post- period end transactions. We found that all other income reviewed had| |||been correctly recognised in the appropriate period.| Axiom Maths Post-audit management report for the Year Ended 31 August 2025 Page 7 of 12 |**Risk area**|**Audit procedures**|**Results and conclusion**| |---|---|---| |**Management**|There is an inherent risk in all|We carried out specific procedures over journal entries, suspense accounts and accounting estimates,| |**override of**|organisations that management|particularly any adjustments made as part of the period end accounts preparation process.| ||may be in a position to override|| |**controls**|any controls in place to manipulate|We completed a review of the transaction listing to identify any material or duplicate journals posted during the| ||results or conceal unauthorised or|period with no material matters identified to bring to your attention.| ||inappropriate transactions.|| |||The charity’s use of suspense accounts has been reviewed and checks around the basis of estimating any| ||Given Axiom Maths’ back-office|accruals and prepayments were carried out as part of our cut-off testing.| ||support functions (including|| ||finance and payroll) are|No concerns have been noted.| ||outsourced giving an additional
layer of segregation, the risk is
lowered, with additional challenge|As part of our sample based substantive testing, we reviewed whether key authorisation and approval protocols
had been followed for payroll, grant payments and other expenditure, and found no exceptions| ||provided through the review of|| ||management reporting information|| ||by the Board of Trustees.|| Axiom Maths Post-audit management report for the Year Ended 31 August 2025 Page 8 of 12 |**Risk area**|**Audit procedures**|**Results and conclusion**| |---|---|---| |**Related**|In all organisations, there is an|We reviewed the adequacy of procedures in identifying and recording related party transactions and potential| |**party**|inherent risk that transactions with
related parties could be|conflicts of interest. As part of this, we reviewed information available on public record in relation to trustees and
members of the charitable incorporated organisation’s key management personnel.| |**transactions**|undertaken on terms that benefit|| ||those who control the entity at the|We carried out data analytics on the transaction listing to identify any potential undisclosed related party| ||expense of other stakeholders or|transactions and no further related party transactions were identified| ||the entity itself. For this reason,|| ||UK GAAP requires transparent|| ||disclosure of any significant|| ||transactions and balances arising|| ||between the charitable|| ||incorporated organisation and its|| ||related parties.|| ||There is a risk that related party|| ||transactions may not be identified|| ||or disclosed adequately in the|| ||financial statements|| Axiom Maths Post-audit management report for the Year Ended 31 August 2025 Page 9 of 12 ## **Other information** ## **Letter of representation** We enclose the draft letter of representation which we will request the trustees to approve and sign at the same time as the financial statements. This includes acknowledgement of the trustees’ responsibility for the design and implementation of internal controls to prevent and detect fraud. As set out in our planning letter, we understand the following applied to the year ended 31 August 2025. - Trustees of Axiom Maths effective oversight of management's processes for identifying and responding to the risks of fraud in the charity and a system of internal controls was in place to mitigate these fraud risks. - The key areas at most risk of fraud at the charity are misuse of UBS Optimus Foundation grant funding that could lead to the grant being terminated. - Trustees were not aware of any instances of actual, suspected, or alleged fraud, including misconduct or unethical behaviour related to financial reporting or misappropriation of assets. - There have not been any out of the ordinary transactions. If the above information is no longer correct, please contact Gumayel Miah or Bálint Szomor. ## **Professional ethics** In accordance with our profession’s ethical guidance and further to our letter to you dated 8 December 2025confirming audit planning arrangements there are no further matters to bring to your attention in relation to Integrity, Objectivity and Independence. ## **Current developments** A separate charity sector updates handout has also been provided for the information of trustees. The matters included may not all be directly relevant to the charity. However, we are aware that a lot of trustees are involved with more than one organisation, therefore we have included items for general information. ## **Updates, insights and seminars** As part of our commitment to the charity sector, during the year the Charity Team issues occasional Updates and Insights on matters of relevance to the sector and also holds a number of seminars free of charge throughout the year. We would be delighted to welcome representatives of your charity Axiom Maths Post-audit management report for the Year Ended 31 August 2025 Page 10 of 12 to our seminars or to add trustees and management to our email distribution lists if this would be welcome. News and Insights are also available on our website at News and insights (buzzacott.co.uk), where there is also an opportunity to sign up to our mailing list should you wish. This report has been prepared for your private use only. It has been prepared on the understanding that it will not be shared with any third party without our prior written consent and we can therefore assume no responsibility to any other party. Any recommendations contained herein are based on the information you have provided and UK law and judicial and administrative interpretation as of the date of this letter. Should the facts provided to us be incorrect or incomplete, or should they change, our recommendations may be inappropriate. Buzzacott Audit LLP accepts no liability for losses arising from changes in UK law, interpretation or practice or in public policy that are first published after the date of this report. If you require any further information or assistance, we shall be very pleased to help you. We would be pleased to receive your comments and reaction to this letter. Axiom Maths Post-audit management report for the Year Ended 31 August 2025 Page 11 of 12 ## **Appendix 1: Audit observations and recommendations** ||**Observation**|**Implication**|**Recommendation**|**Management comment**| |---|---|---|---|---| |**Advisory**|**Treasury management**|||| ||We noted that the Charity may end|Maintaining large cash balances in|We recommend that the Charity|This was discussed and agreed| ||up holding a significant proportion|non-interest-bearing or low-|reviews its cash flow forecasts and|at the Finance and Risk| ||of its funds as cash balances in|interest current accounts may|liquidity requirements and consider|
Committee on 9th December| ||current accounts at any given time,|result in lost opportunities to|placing surplus funds into|2025 and it was agreed to use| ||as a result of the periodic UBS|generate additional income for the|
appropriate short-term deposit or|the funding platform Insignis to| ||transfers.|Charity.|notice accounts with reputable|diversify the rates of return.| ||||financial institutions. Such accounts|| ||||may offer improved interest|| ||||returns while maintaining sufficient|| ||||accessibility and low risk.|| Axiom Maths Post-audit management report for the Year ended 31 August 2025 Page 12 of 12