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 Sh8￿ro$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 So￿al 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 soC￿ty.
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 a￿ut 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 ex￿lIent team can aCh￿ve 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 pr￿ramme 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 envirOn￿nIal and social matters in future periods.
Our approach and activities
Through our partnerships. we aim lo irKTease nuntsr C￿r￿jer￿ ￿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 h￿h-q￿alty. 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 c￿ar 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 Capa￿lty 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 ComMiss￿n
Recruilmenl of initial staff members
Research project with Public First commBS￿ned
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 relat￿nship 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 deprIVat￿n 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$ks listed
xisting mitigation and ongoing
onitori
Nersffied funding, fundraising plan
urth•r planned
iti
ation
evelop ¢orporate
nx)rship strategy
oss of key lunding stream
Non-financial risks and miti ations - hi
her likelihood risks listed
Existing mltlgation and
urther plann•d
oin
monitori
ation
feguarding breach Safeguarding policy. staff
Involving a
s part of monilonng, ensure all
training. OBS checks
ffiliates are caryin9 Out relèvant
neficiary
Affiliates saleguarding
ecks.
pol￿1*$ 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. lnrt￿e research and investuale potent￿1 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 wh￿h 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 unrestr￿ed 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 wh￿h 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
requirel￿ntS 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 re￿￿t￿nS
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 a￿VayS 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 gU￿ance 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 profess￿nal advisers. The
Trustees will keep the potent￿1 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 polic*s 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 lyJ*ness.
The Trustees are responsible for keeping adequate accounting records that are sufficient to shu
and explain the Charity's transaCt￿nS. 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 wh￿h 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 inf0m￿lOn.
Auditors
The audrtors. Price Bailey LLP. were appointed in the penod and have indicated their willingness to
¢ontinue in off￿e. The Trustees will propose a rnot￿n 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
C￿chaIr
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 reSoUr￿S and application of resources for the period then ended..
have been propefty prepared in accordance wrth Unrted Kingdom Generalty A￿pted
Accounting Practbce.. and
have been p￿pared in accordance with Ihe requIren￿nIS 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 seCt￿n of our report. We are independent of the
charity in accordance with the eth￿1 fequiremenls Ihal are re￿vant lo our audrt of the financial
slalemenls in the UK. including the FRC'S Eth￿al 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 Suff￿￿nI 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 fina￿la1 statements is appropriate.
Based on the work we have perf0M￿d. 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 opIn￿n 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 agree￿nt 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$lees' ￿POnsIbl111￿e$ 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 Con￿r￿ and using Ihe
going concem basis of xcounting un￿sS 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 mater￿1 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 a￿ayS detect a material misstatement
when il exists. Misstatements can arise from fraud or err(y and are considered material if, indiv￿￿81
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 wh￿h 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 potent￿1 areas of management OVerr￿e
rEk. In particular, we ¢arrwl out testing of Joumal entries and other adjustments for
approprpleness.
We also assessed fflanagen￿t bias in relation to the accounting wlicies adopted and in
delemining signif￿an1 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 Off￿TS of the Chartty regarding laws and
regulations applicable to the Organisat￿n and they ￿nfinYed there have been no instances
of non-compliance.
Because of the inherent l1mrtat￿nS of an audit. the￿ is a nsk that we will not detect all irregularities,
including those leading lo a material misslatemenl in the financial stslerr*nts or non-compliance wrth
regulation. The risk increases the more that compliance with a law or regulation is rer￿Ved 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.WLvk1AudWA￿Yrt.and-asSuranCetst￿￿5-aTrJ uKJanI￿sIanda[dS-*Xl.
uidance-fr￿-alIJrtors1A￿rtoW5-
I￿Irt￿foy-audrtIDesc
sI￿1rtES-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 Opin￿nS 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 CoMpan￿S 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 ￿9aC￿S
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 h￿d
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 I￿niSa￿l 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¢t￿nal currency of the Charty.
Monetary amounts in these finan¢k11 statements have been rounded to the nea￿st £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 $talen￿nts.
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2.3 Income
All income is recognised once the Charty has r￿1Ved 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 obl￿allon 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 obligat￿n can be measured rel￿bty. Expendrture is clasSif￿d
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.
Dep￿CIall0n is prov￿ed on the folbwing basis..
Laptop Computers
33¥.
Display Screens
25%
R wJhl of use asset
over t￿e twm ofthe kne
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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 h￿hty I￿uld investrrents with a short matunty
of three rr￿InthS or less from the dale of acqUiSrt￿n or opening of the deposit or similar account
Monies receNed in fofeign Currenc￿S 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 0bIKJat￿n 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 histor￿1 cost.
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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 wh￿h 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, part￿VIaty 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 per￿1 to 31° December 2025.
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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 penS￿n 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

9. Trustees, remuneration and expenses
During the period. no Trustees received any remuneration or other ttnefiis.
During the period ended 31 D￿rnber 2025. no Trustee expenses have been incurred.
10.
Property plant and equipment
Computer
Equipmènt
Total
Additsc￿S
At 31 De¢embef 2025
0opr•ciatM)
Charge for the per
At 31 December 2025
N•t book valu•
31 December 2¢r25
11. 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
12. Debtors
2025
Due within on• yoar
Trade debtors
Other debtors
Prepayments and a¢¢ll￿d Income
11.1
221Page

13.
Creditors: Amounts falling due within one year
2025
Trade eredrtofs
Other taxation and $0¢o1 se¢unty
Other credrtors
Accruals an¢J defeffed in¢offe
13.9
81.1
9S.O
14.
Lease Liability
The figures below refer Its the rental of office space used by the charty
Lease liability rectrjnised at ¢ommeneement
Interest charged in the penod
Lease payments made in the period
Lease liability at 31 December 2025
£ 72.3
£ 1.8
£ 14.3
£ 64.9
Lease liabilrt*s are measured at the present value of future lease payments. discounted y$ing the obta*nable
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 pay￿Ents 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