Charity number.. 1212353 The Richmond Project Trustees, Report and Financial Statements For the period ended 31 December 2025
Table of Contents Reference and administrative details of the charity, its trustees and advisets............... Trustees. report............................................................................................................................................... Independent auditors'iw)0rt..................................................................................................................... 12 Statement of financialactivities................................................................................................................ 15 Balance sheet............................................................................................................................................... 16 Notes to the financial statements..................................................................................................... .. .. IT 21Page
Reference and administrative details of the charity, its trustees and advisers for the period ended 31 December 2025 Trustees Akshata Muty, &>Chair lapF)ointed 28 February 20251 Rishi Sunak, Crthair (appointed 28 February 20251 Elizabeth Perelman lapFrf)inted 12 August 20251 Eleanor Sh8ro$s (appointed 28 February 20251 Charity registered number 1212353 Principal & Registered office Spaces 25 Wilton Road London SW1V 1LW Independent auditors Price Bailey LLP Chartered Accountants Tennyson House, Cambridge Business Park, Cambridge, CB4 OWZ Bankers HSBC UK Bank pk 1 Centenary Square 8irmingham BI IHQ 31Page
Trustees, report For the period ended 31 December 2025 Welcome from the Co£hairs Our mission is lo transfonn lives by numbers. We believe that confidence with numbers creates more fulfilling lives, boosts Soal mobilty and leads to a thnving Socbety. We believe that by building number confidence in everyday life - from play lo professions, from shopping lo mortgages - everyone can lead more fulfilling lives. regardless of how old you are. where you live. arsd what you do. en we each ad a more fulfilling life, we all come together lo create a Ihnving soCty. No one of any age should feel left out when rt comes lo numbers. It demands a curtural shift, so that people think. feel and talk aut number skills like they do reading skills. We want to end the idea of being or not being -a numbers person". We are excrted to see what this exlIent team can aChve in 2026. Akshata Murty & Rishi Sunak. Co£hairs of TNst#ès 41Page
Welcome from the Chief Executive Officer It has been an exciting and fast-moving perithj for The Richmond Project. We have an ambitious vision and have been gr¢Ing rapidty - in our team. and in our breadth of prramme activity. We are now looking fotward to driving meaningful impact this year and beyond. Our initial fccus was on setting ourselves up ensuring that we had the right structures, team and partnerships in place to deliver our mission. As we rTh)ve into our first hjll year of operation, our focus is on amplifying the national Conversation aboul nurTEracy. investing in impactful projects. and innovating to create new solutions. A key part of this next phase will be evolving our strategy lo ensure we are working in the areas where we can make the greatest difference. and it is likefy that we will work wilh partners in the following areas. Nurserylhorne Foundational skills School consolidatton Gateway qualification Adult basics Financial Education Broad cultural engagen*nt We are excrted about what lies ahead and are grateful to our partners. funders and team members for their commitment and collaboration. T(MJether, we are not onty supporting change financially but shaping the systems that will enable all young people lo thrive for generations to come. Lizzie Gaisman. Chief Executive Officer 51Page
The Trustees Pfesenl their annual report together with the audrted financial slalements of the Charity for the period 28 Febnjary lo 31 December 2025. Our purpose and public benefTt Our mission is to transform lives by numbers. We believe that confidence with numbers creates more fulfilling lives, boosts social mobility and leads to a thriving scciety. In setting objectives and pLanning for activities. the Trustees have gNen due consideration to the general guidance published by the Ch2rty Commission relating to public benefil, including the guidance 'Public benefit.. runnin9 a chanty, IPB21. Environmental, Social and Governance (ESG) considerations During the period, the Chanty's activrt*s were primarity focused on establishmenl and strategy development. The Trustees have Iherefore taken a proportM)n8te approach lo environmental. social and governance consideralions at this stage. focusing on strong governan. ethical decision-making and responsible stewardship of funds. As the Charity's operational aclwty incfeases. the Trustees expect lo fomialise and report MO fulty on relevant envirOnnIal and social matters in future periods. Our approach and activities Through our partnerships. we aim lo irKTease nuntsr Crjer mpetenCe in the UK by Investing In the followng categores Research: Conducl novel research and share nÉw finding$ Invest- Pfovide funding and expertise lo support hh-qalty. targeted ideas. develop and ilerale existing concepts to increase effectiveness. xale and impact Amplify: Increase awareness and drive cuttural change through everyday numbers Innovate: Address gaps in provision wrth onginal concepts We have a proaclNe approach lo working wrth all our partners, and we support them to grTh and thrive in two ways. Acceleration.. providing tailored support and funding lo help existing organisalions grow and scale. Renewal of Ihis supwrt is based on car KPIS and a mutual bespoke agreernenl between us, the organisation and our funders Sustsining and funding- offering funding to existing organisalions wrth fe4Yer support needs or whose specific goals can be achieved by grantees Our portfDIios The work carried out in relation to our objectives was splrt as follows." Research we contracted with Public First lo undertake a programme relating lo public attitudes to nurneracy This included significant survey work and was run as a ioint venture with The Richmond Project. the Policy Instrtute at King s College London and Purposeful Ventures. Identification of potèntial partners We Spent time investigating potential programme partners to consider where grants could be given wrth mosl impact. This was done - and conlin4Jes to be done - by reviewing potential partners wtto have the Capalty and the capacity to deliver hwJh quality, impaclful programmes to approprgte target groupings Setting up our Charity - as a new registered chartty we needed to setup up our basic infraslruclure including developing policies. setting up accounting systems and appointing staff
Impact In the period to December 2025 there are no impacts lo reFQrt as the Charty was onty in Ihe setup phase and onty one small grant was made in the period. We expect to measure impact in the future by showing infomption likety to include". number of grants awarded impacts on engagement fates outcomes from funded proiecls Key events and achievements Timeline of key events February 2025-Awl 2026 February- August 2025 Charity set up and registered wrth Chanty ComMissn Recruilmenl of initial staff members Research project with Public First commBSned September 2025. Staff team joined the charity Operational and administrative policies wrrtten October - December 2025. Micro-grant given lo Maths Week England Consideration of polenbal programme partn$ January 2026". "Number Nation- Understanding the UK'S relatnship with everyday numbers. report published First grants announced Rethink Maths - funding pik)ts of a structured foundational number skills prc*Jramme in Nursery and Reception classes Leaming wrth Parents - fvnding to evaluate and enhance their digitsl platform that helps parents support their chihlren's maths kaming at home February 2026 Grant to Bookmark Reading Chanty announced - funding for packs of number-themed books to be sent lo schools with high levels of deprIVatn to build a love of reading and numbers April 2026 Grant lo Whalworked Education - funding trials of peer tutoring maths interventbons across primary and secondary schools
Plans for future periods Summary of plans for future Our plans over the next 1-3 years irtlude- We will continue to Invest in research. building, developing and $¢aling Amplify Innovate and look to work wrth partners in each of our target areas Nurserylhome Foundational 3ki113 School consolidab'on Gateway qualification Adull ba$i¢s Financial Education Broad cultural enga9ement Risks Principal financial risks and mitigations- highef likelihood ri$ks listed xisting mitigation and ongoing onitori Nersffied funding, fundraising plan urth•r planned iti ation evelop ¢orporate nx)rship strategy oss of key lunding stream Non-financial risks and miti ations - hi her likelihood risks listed Existing mltlgation and urther plann•d oin monitori ation feguarding breach Safeguarding policy. staff Involving a s part of monilonng, ensure all training. OBS checks ffiliates are caryin9 Out relèvant neficiary Affiliates saleguarding ecks. pol1*$ checked belore any ondu¢t annual safe9uardin9 audit 9fant$ awarded aleguarding eehnological IT syslern failure I ber attack Regular backups. antsvirus. cloud 5toTage Cyber insurance in ace onijuct System audits evelop staff awareness training epvtational egative media erage Agency contracted evelop communications plan 81Page
Financial review Income for the period totalled £516.6LN). Our inccrfne in this per from donations and was used in this peri(xJ lo setup the chaty. lnrte research and investuale potent1 partrErs who can deliver programmes thrwgh grant funding Expenditure lot811ed £473.600 resulting in a surplus for the penod of £43.C(10. Al the balance sheet date. the charity had reserves of £43,000 all of whh is Unrest[ted funds. Policy on holding reserves The Trustees have established a reserves policy to ensure that the Charity can continue to operate effectivety and meet its commrtments as they fall due. The is lo maintain unrestricted general reserves at a level equivalent lo between three and six rrKJnths of average core operating expendrture. Al 31 December 2025. the Charty held unrestred funds of £43.1. all of which are regarded by the Trustees as free reserves. Average annualised forecast Core operating expenditure for the period equates to approximatety £760.000. giving a tafgel reserves range of approximatety £190,000 to £380,000. As at the balance sheet date. free resep4es were therefore below the Trustees, target range. This position reflects the Charity's start-up phase, during whh expenditure was incurred in establishing governance, staffing and operating infrastructure ahead of swJnthcant grant-making activty. The Trustees expect reserves lo increase over future penc#Js as the Charty's funding base develops and operating activity becomes more established. The reserves F4)Srtion and policy will be reviewed at least annually. having regard lo planned activities. grant commitments, future cash flow requirelntS and identified risks. Going concem After making appropriale enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future For this reason, we have adopted the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Structure. governance and management The Richmond Project is a Charttable Incorwrated OrganisatK)n {cioI. govemed by a Constitution, dated 28 February 2025. The charity is governed by a Board of Trustees that meets al least 6 times per year. The Board of Trustees makes objective. long-lerm decisions on key issues in order to advance the organisation's mission and goals Such key Issues include bul are not limited lo. Goal setting Strategy Grant decisions Relationships wrth important stakehdders Public retnS Finances Employment Safeguarding Other legal matters Operational matters connected wf(h implementation of the slrategy. together wrth responsibility for the day-to-day running of the charity. are delegated to the CEO and mana9ement team. 91 Page
Structure. governance and management (continued) The Board of Trustees is committed to consKJering decisions obiectivety and seeking to reach Consensus where possible However. recognising that this may not aKvays be possible or desirable, the Board of Trustees adheres lo the following decision-making process, which is consistent with our Conslrtulion". For any substantive decision to be formalty agreed. a quorum la minimum of Iruslees or such larger number as the truslees may decide from lime lo limel musl be present In the first instance, decisions are made according to a simple majority vote of a quorum of trustee5 The Board of Trustees may decide. in the fLrtUfe. lo convene sub-groups Of $ub-commrttee$ lo focus on particular issues and delegate certain responsibilrties lo Ihose sub-groups. This may include 'slandin9 9roups' and may also include 'lask and finish groups. to focus on a particular project or issue. Any 'slanding group, 01 'task and finish group. must have separate tems of reference, lo be agreed by the Board of Trustees. New Trustees are appointed by the existing Twslees in a¢¢ordance wrth the charity's constitution. There should aVayS be a minimum of two Trustees. The induction and training of trustees includes.. An induction programme - face lo meetin9s with aders, visit to partnet organisatKins and sharing of documentation Dissemination of gUance on being a Trnstee trom the Charrty Commission and other leading organisalions Short relevant training sessions The Board of Truslees spOnsIble for reviewing and setting the remuneration of the senior management team. after due consideration for market rates, skill sets and perfomiance. Volunteers During the perth under review, the Charity did not make use of volunteers. All activities undertaken during the set-up phase of the Chanty were delivered by employed staff and professnal advisers. The Trustees will keep the potent1 use of volunteers under revwi as the Charty's programmes and activities develop in future perK)ds. 10IPage
Statement of Trustees, responsibilities The Trustees are fesponsible for preparing the Trustees, Report and the financial statements in accordance with applicabk law and United Kingdom Accounts"ng Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial penod which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources. including its income and expenditure for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting polics and then appty them consislentty Observe the methods and principles of the Charities SORP IFRS 1021 Make judgements and accounting estimates that are reasonable and pnjdent State whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any matenal departures disclosed and explained in the financial statements Prepare the financial ststemenls on the going concem basis unless it is inappropriate to presume that the Charty will continue in lyJness. The Trustees are responsible for keeping adequate accounting records that are sufficient to shu and explain the Charity's transaCtnS. discb)se wtth reasonable accuraGy at any time the financial position of the Chanty and enable them to ensure that the financial statements comply wilh the Charities Act 2011. the CharTty (Accounts and ReFY)rtsl Regulations 2008 and the provisions of the CIO Foundation. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonabbe Steps ft)r the prevention and detection of fraud and other irregularities. Disclosure of information to auditor Each of the persons who are Trustees at Ihe lin* when this Truslees. Report is approved has confirmed that". So far as that Trustee is aware, there is no relevant audrt information of whh the charty's auditors are unaware. and That Tfuslee has taken all the steps that ought lo have been taken as a Trustee in order to be aware of any relevant audit information and lo establish Ihal the charty's audrtors are aware of that inf0mlOn. Auditors The audrtors. Price Bailey LLP. were appointed in the penod and have indicated their willingness to ¢ontinue in offe. The Trustees will propose a rnotn reappoints.ng the audrtors at a meeting of the Trustees. Approved by order of the members of the Board ofTrustees and signed on their behalf CchaIr Date". -hA 2026 11 IPage
Independent Auditors, Report to the Trustees of The Richmond Project Opinion We have audrted the financbal slatemenls of The RichrrK)nd Project Ilhe 'chanty'l for the period ended 31 December 2025 which comprise Statement of Financial Aclivrties and Balance Sheet and notes lo the financial statenEnts. including significant accounting policies The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard$. including Financjal Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republ of IreLgnd (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial statements.. give a Inje and fair view of the state of the chanty'$ affairs as at 31 December 2025 and of r(s incoming reSoUrS and application of resources for the period then ended.. have been propefty prepared in accordance wrth Unrted Kingdom Generalty Apted Accounting Practbce.. and have been ppared in accordance with Ihe requIrennIS of the Charf(ies Acl 2011. Basis for opinion We conducted our audrt in accordance wrth Intemalional Standards on Audrting IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further descnbed In the auditor responsibilrties for the audrt of the financial statements seCtn of our report. We are independent of the charity in accordance with the eth1 fequiremenls Ihal are revant lo our audrt of the financial slalemenls in the UK. including the FRC'S Ethal Standard. and we have fulfilled our other ethical fesponsibililies in accordaft¢e wrth these requirements. We klieve that the audrt evKlence we have obtained is SuffnI and appropriate to provide a basis for our opinion. Con¢lusions relating to going concern In auditing the financial statements. we have concluded that Ihe Trustees. use of the going concem basis of accounting in the preparation of the finala1 statements is appropriate. Based on the work we have perf0Md. we have not identified any material uncertainties relating to events or condrtions that, IndivKlualty or collectivety, may east signifunt doubt on the Charity's ability lo continue as a going concern for a penod of * kasl tsvelve rTh)nths from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees wrth respect lo going concem a described in Ihe Televanl sections of this rem. 121Page
Other infomiation The other information comprises the infomwtion included in the Trustees, annual report. other than the financial slalemenls and our audrtor's report thereon. The Trustees are responsible for the other information. Our opInn on the financk31 slalemenls does not cover the other infomialion and we do not express any form of assuran conclusion thereon. Our responsibilty is to read the other inforynation and. in doing so. consider whether the other information is materially inconsistent wrth the financial statements or our knowledge obtsined in the course of the audrt or otheThvise appears to be Material misstated. If we identify such material inconsistencies or apparent material misslalemenls. we are required to determine whether this gives rise to a malefbal misslalemenl in the financial slalements themselves If. based on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation. we are required lo report that fact. We have nothing to repMNt in this regard. Matters on which we are required to report by exception We have noltting lo rep)rt in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you rf. in our opinion". the infomiation gtven in the Trustees, Rep is inconwstent in any malerkql respect wrth the financial statements," or sufficient accounting TeD)Tds have not been kept.. c¥ the financial slalements are not in agreent with the accounling records", (x we have not received all the informab.on and explanabons we require for our audit. Re$pon$ibilitie$ of trustees As explained MO fvlty in the Tru$lees' POnsIbl111e$ statement. the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability lo continue as a going concem. disck)sing. as applicabk. matters reL4led lo going Conr and using Ihe going concem basis of xcounting unsS the Trustees ef(her intend to liquidate the charty or lo cease operations, or have no realistic allemalive but to do so. Auditors. responsibilities for the audit of the financial ststernents We have been appointed as audrtor under section 144 of the Charf(ies Act 2011 and report in accordance wrth the Act and relevant regulations made or having effed thereunder. Our objectives are lo obtain reasonable assuran ab)ut whether the ffinancial ststements as a whole are free from mater1 misstatement. whether due to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will aayS detect a material misstatement when il exists. Misstatements can arise from fraud or err(y and are considered material if, indiv81 or in the aggregate, they could reasonabty be exFected to influence the economic decisions of users taken on the basis of these financhal statements. Irregularities, including fraud. are instan$ of non-¢omplian¢e wrlh laws and regulations. We design procedures in line wrth our responsibilrtEs. outlined atove, lo detecl material misslatemenls in respect of irregularilies, including fraud. The extent lo whh our procedures are capable of detecting irregularities. tncluding fraud is detailed bebw. 131Page
We gained an understanding of the legal and regulalory framework applicable to the Charity and the sector in which it operates and considered the risk of the Charity not complying with the applicable 18ws and regulations in particular those that coukl have a material impact on the financial statements. The risks were discussed wrth the audit team and we rernained alert to any indications of non- compliance throughout the audrt. We carrEd out specift wocedures to address the nsks Identified including the following" We reviewed systems and procedures to Identify potent1 areas of management OVerre rEk. In particular, we ¢arrwl out testing of Joumal entries and other adjustments for approprpleness. We also assessed fflanagent bias in relation to the accounting wlicies adopted and in delemining signifan1 accounting estimates. We reviewed the minutes of the TnJstee meetings and any correspondence the Ch8rty Commission. agreeing the financial statement disclosures to underlying supporting documentation. We have made enquiries of manageYrEnt and OffTS of the Chartty regarding laws and regulations applicable to the Organisatn and they nfinYed there have been no instances of non-compliance. Because of the inherent l1mrtatnS of an audit. the is a nsk that we will not detect all irregularities, including those leading lo a material misslatemenl in the financial stslerrnts or non-compliance wrth regulation. The risk increases the more that compliance with a law or regulation is rerVed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance The risk is also greater regarding iffegularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery. collusion, omission or misrepresentstion. A further descnpt¢on of our fesponsibilrties is avaikble on the Financial Reporting Council's website at. h ukJOur.WLvk1AudWAYrt.and-asSuranCetst5-aTrJ uKJanIsIanda[dS-Xl. uidance-fr-alIJrtors1ArtoW5- IIrtfoy-audrtIDesc sI1rtES-ts- audrt.as x. This description forms part of our audttor's rewrt Use of our report This report Is made solety to the chanty's Trustees. as a t, in accofdance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has Ixen undertaken $0 that we might slate to the chanty's Trustees those matters we are required to state lo them in an auditorfs report and for no other purpose. To the fullest extent pemitted by law. we do not accept or assume responsibility lo anyone other than the charty and the ¢hanty's Trustees as a body, for our audrt work, for this report. 01 for the OpinnS we have fon1. Price Bailey LLP Chartered Accountants Statutory Auditors Tennyson House, Cambridge Business Park. Cambridge. CB4 OWZ Date: RPAI 2026 Price Bailey LLP is eligible for appointment as audrtor of the charrty by virtue of its eligibilty for apFointment as audrtor of a company under sect 1212 of the CoMpanS Act 2006. 141Page
Statement of financial activities For the period ended 31 December 2025 Total Funds (all Unr95tri¢tgd} 202S £'ooo Incom8 from: Donations and 9aCS Charitable *ivths 516.6 Total income 516.6 Expenditurt <>n'. Charitable acbvibes 4736 473.6 Total •xpenditurn Net movement In lunds Reconciliation of funds.. Net movemenl in ftjnds Totsl fvnd$ ¢aftiod 43.0 43.0 The Statement of FinancAI Activities includes all gain$ and bsses recognised in the period. The notes on pages 17 to 23 fom part of these financial statements. 151Page
Balance sheet As at 31 December 2025 2025 Fix•d ass•ts Propety Plant and Equipment Right of use asset 10 72.8 Current assots Debtors Cash at b>nk and In hd 12 11.1 119.0 Credrtors amounts falling due wthin one ye¥ Net current assèts 13 195.01 35.1 Total assots loss curr•nt liabilities 107.9 Lease Liabilrty 14 164.91 Total net assèts Charlty funds Reslricted fund$ Unreslncled Totsi funds 15 15 43.0 43.0 The financial statements were approved and autPK)rised for tssue try the Trustees and signed on their behalf by.. Trustee Dale.. I*ApA 2026 The notes on pages 17 10 23 ft)rm part of these financial ststements. 161Page
Notes to the financial statements for the period ended 31 December 2025 General information The Richmond Project Is a CIO (charitab Inccryiratay IniSal It is registered wrth the Charity Commission under charty number 1212353. The objectives of the Charity are sel out in the Trustees. Rewrt. The Registered office address is shown on page 3 of this document. 2. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 2026 - Accounting and Reporting by Chafrties". Statement of Recommended Practice applicable to charities preparing their accounts in accordance wlh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tive l January 20261, the Financial Reporting Standard applicable in the UK and Republr of Ireland IFRS 1021 and the Charrties Act2011. The Charrties SORP IFRS 10212026. has been early adopted for this. the chanty's first accounting period. The adoption of SORP 2026 has impacted the charity's accounting for leases. Dunng the per, the charity recognised a nght-of-use asset and ccKresponding lease liabilrty. The financial ststements have been wepared lo gpie a Irue and fairf vigN and have departed from the CharfLies (Accounts and Rep)rts) Regulats'ons 2008 onty to the extent required lo provide a'true and fairf vwi. The Richmond Project meets the definth'on of a wblie benefit entty under FRS 102. Assets and liabilities are Initial recognised al histoncal cost or transaction value unless otherwise stated in the relevant &counling polbcy. The financial statements have been prepared in Slefling. the fvn¢tnal currency of the Charty. Monetary amounts in these finan¢k11 statements have been rounded to the neast £000. The financial statements cover a penod of less than 12 months. from the date of registration on 28 February to 31 December 2025. 2.2 Going c<)ncern At the lime of approving these financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue to operate for the foreseeable future. The Trustees consider that there is no materhgl uncertainty about the Chartty's ability lo conlinue as a going concern after considering budgets. forecasts. cashflow forecasts, reserves. cash balances, and the future plans of the Charty. As a resutt. the Trustees continue to adopt the going concern basis of accounting in preparing the finanual $talennts. 171Page
2.3 Income All income is recognised once the Charty has r1Ved the Inco or rt is probable that the income will be received and the amount of income receivable can be measured reliably. In Ihe period under review all Income was non-exchange transactions being donations. 2.4 Interest receivable Interest on funds held on deposrt is included when receivable and the amount can be measured reliabty by the Charity. this is normalty upon nolifi¢ation of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Expenditure Expenditure is reccsnised once there is a legal or conslructtve oblallon to transfer economic benefit to a third paty. rt is probable Ihal a transfer of economic benefits will be required in settlement and the arrnunt of the obligatn can be measured relbty. Expendrture is clasSifd by activity Expenditure on charitable actNrties is incurred on directty undertaking the activities which further the Charty's objectives. as well as any ass(tiated Supp costs. All expendrture includes irrecoverable VAT. Grants payable are charged in the penod when the offer is made except in those Cases where the offer is condrtional, such grants being rec¢)3nised as expendrture when the condrtions attaching are fulfilled. Grants offered subject to conditions which have not en at the period end are noted as a commf(ment but not accrued as expenditure. 2.6 Fixed assets and depreciation Propety. plant and equipment costing £500 or m(Ke are caprtalised and recognised when future economic benefits a probable and the cost or value of the asset can be sSUred reliab Propety. plant and equipment are inrtialty recc*3nised at cost. After re¢ognrtKJn. under the cost model, property. plant and equipment are measured at cost sS accumulated depreciation and any accumulated impairment losses All costs incurred to bring propety, plant and equipment into its intended working condrtion should be included in the measurement of ¢ost. Oeprecialion is charged so as to allocate the cost of proFerty, plant and equipment less their residual value over their estimated useful lives. using the straighl-line method. DepCIall0n is proved on the folbwing basis.. Laptop Computers 33¥. Display Screens 25% R wJhl of use asset over te twm ofthe kne 181Page
2.7 Leases and right of use assets The charity enters into contracts that convey the right lo use identtfied assets for a penod of time in exchange for consideration. These arrangements are accounted for as leases in accordance wtth Section 20 of FRS 102 and the Charities SORP IFRS 102) 2026. which has been eady adopted in this, the charty's first accounting pericwj. At the cornrnencemefit dale of a kase, the charty reccgnises a nghl-of-use asset and a corresponding lease liability Right-of-use assets are initialty measured at cost. in¢luding irrecoverable VAT. comprising the initial measurement of the lease liabilty. adjusted for any lease payments made at or before commencement and any inrtial direct costs. Right-of-use assets are subsequenlty depreciated on a straight-line basis over the shorter of the lease term and the useful economic life of the underlying asset. Lease liabilrties are inrtialty measured al the present value of the remaining lease payments, including irrecoverable VAT, discounted using the charty's obtainable borrowing rate. as the interest rate implicrt in the lease cannot be readity determined. The lease liability is subsequently measured by increasing the carying amount to reflect interest on the liabilty and reducing il for lease paynEnts made. Where lease payments Include amounts for services or other non-lease components. only the fixed consideration payable for the nght to use the undettying asset is included In the measurement of the lease liabilty. Amounts relating to services are recognised as expenditure as incurred. 2.8 Debtors Trade and olhef debtors are recognised al the settlentnt amunt after any trade discount offered. Prepayments are valued al the an)Unt prepaKI net of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-tem hhty Iuld investrrents with a short matunty of three rrInthS or less from the dale of acqUiSrtn or opening of the deposit or similar account Monies receNed in fofeign CurrencS are translated into sterting at the sp)1 exchange rate applicable al the dale of receipt and are converted into steding as swn as practuble thereafter Any resuhing exchange drfferences are recc*Jnised in the statement of financk81 adivities in the peTKNJ in which they arise. 2.10 Liabilities and provisions Liabilities are fecognised when the is an 0bIKJatn al the Balan Sheet dale as a result of past event, rt is probable that a transfer of econom benefrt will be required in settlement. and the amount of Ihe settlement can be estimated reliabty. 2.11 Financial instruments The Charity only has finan¢o1 assets and financial liabilities of a kind that qualify as basic financial instruments which are based on histor1 cost. 191Page
2.12 Pensions The Charity operates a defined contribution pension scheme. and the pension charge represents the amounts payable ty the Charty lo the fund in respecl of the perN)d. 2.13 Fund accounting Gener81 funds are unreslricled funds which are available for use al the discretion of the Trustees in furthefance of the general objectives of the Charity and whh have not been designated for other Purposes. 2.14 Taxation The Charity is exempl from laxation on income and gains applied for charttable purposes. Irrecoverable VAT is included within the relevant expenditure headings. Critical accounting estimates and areas of judgement Eslimales and judgements are conlinualty evaluated and are based on historical experience and other factors. including expectations of future evenls that are believed to be reasonable under the circumstances. The measurement of the right-of-use asset and lease liability involves estimates and judgements, partVIaty in detemiining the obtainable borrowing rate used lo discount future lease payments. The Trustees have applied judgement in estimating an appropnale discount rate based on comparable market trx)rrowing rates. Actual outcomes may drffer from Ihese ests'males. Ineome frorn donations and legacies Totsl Fund5 (all Unrestricted) 202S D¢)nalion$ 516.6 Analysis of expenditure by activities Programme Grants £'ooo Research Costs £'ooo 139.2 Support Costs £'ooo 332.4 Total Costs £'ooo 473.6 Building number confidence One small grant lo Maths Week England was given in the per1 to 31° December 2025. 201Page
Analysis of Support Costs Total 2025 Staff costs Premises costs HR and other staffing costs Office Lease incl Finance Cost Govemance costs (see note n Inforrnation technology Communications. Markth'ng & websrte Other 1242 203 147 707 81 8 332.4 7. Governance costs T¢)tsl 2025 Auditors. remunerati Legal costs Insurance 52.2 70.7 8. Stsff costs 202S £'ooo 115.2 Wages and salaries Social secunty costs Contribution to defined contn'butw penSn schemes 124.2 The average number of r$on$ employed by the Charity during the pericrtj was as folkxvs.. 2025 There were employees whose employee beneffts lexcluding employer pension costs) exceeded £60,000 in the FerK*J. During the period. the Charity incurred costs including employe¢s national insurance and employerfs pension contributions in Spect of 3 key management personnel totalling £117.027. 21 IPage
- Trustees, remuneration and expenses During the period. no Trustees received any remuneration or other ttnefiis. During the period ended 31 Drnber 2025. no Trustee expenses have been incurred. 10. Property plant and equipment Computer Equipmènt Total AdditscS At 31 De¢embef 2025 0opr•ciatM) Charge for the per At 31 December 2025 N•t book valu• 31 December 2¢r25
- Right of Use Asset Office L•aso Total Additions At 31 C*cember 2025 77.3 77.3 77.3 77.3 Dopreciation Charge fof the perts At 31 Q)ecember 2025 12.9 12.9 12.9 12.9 Net book valu At 310ecember 2025
- Debtors 2025 Due within on• yoar Trade debtors Other debtors Prepayments and a¢¢lld Income 11.1 221Page
13. Creditors: Amounts falling due within one year 2025 Trade eredrtofs Other taxation and $0¢o1 se¢unty Other credrtors Accruals an¢J defeffed in¢offe 13.9 81.1 9S.O 14. Lease Liability The figures below refer Its the rental of office space used by the charty Lease liability rectrjnised at ¢ommeneement Interest charged in the penod Lease payments made in the period Lease liability at 31 December 2025 £ 72.3 £ 1.8 £ 14.3 £ 64.9 Lease liabilrts are measured at the present value of future lease payments. discounted y$ing the obtanable borrowing rate applicable at the ase commencement date The obtainable borrowing rate applied was 70 vthich represents the rate that the Chanty coukl have incurred to borTCW fijnds over a similar term and wrth similar security The office lease agreement also includes a clause that the rental payments will increase annually however this has not been Included thin Ihe lease Iiabilty catulation as there is only one year vthich the increase will apply lo and the amount Is wholly Trmmalenal The expected rent increase for the final 12 months 1$ 4% 15. Statement of funds Balan¢0 at 31 D•c•mb•r 2025 Income Expenditure Unr•strlctèd funds General Funds- all ftsrKIs 5166 4736 43.0 Total funds 516.6 473.6 43.0 16. Pension commitments The Charity operates a defined contribulion pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity lo the fund and amounted to £3,222. Contributions payable to the fund and al the balance sheet date these payEnts were fulty up lo dale. 17. Related party transactions During the year. the charity received uncondrtional and unrestncted donations of £516,471 from trustees and related parties. None of the trustees lor any persons connected with them) received any remuneration, reimbursement for expenses, or benefits from Ihe charty during the year. 231Page