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CHARITY REGISTRATION NUMBER: SC000241
EDINBURGH MATHEMATICAL SOCIETY
TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS
For the year ended 31 July 2025
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EDINBURGH MATHEMATICAL SOCIETY
TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS
For the year ended 31 July 2025
Legal and Administrative Information
Trustees
T Brendle (President to 24 Oct 2025, Vice President from 24 Oct 2025) R Norman (Vice President to 25 Oct 2024) B Pelloni (Vice President from 25 Oct 2024 to 24 Oct 2025, President from 24 Oct 2025) J Enright (General Secretary to 24 Oct 2025) J Pridham (Treasurer to 25 Oct 2024) A Kirpichnikova (Treasurer from 25 Oct 2024 to 19 Dec 2025) O Pocovnicu (Meetings Secretary to 25 Oct 2024) M Quick (Convenor of the Editorial Board to 25 Oct 2024) S Sierra (Convenor of the Editorial Board from 25 Oct 2024) S O’Hagan (Librarian to 25 Oct 2024) L Li (Librarian from 25 Oct 2024) A Sevastyanov M Cordes (Trustee to 25 Oct 2025, General Secretary from 25 Oct 2025) W-S Lee (to 24 Oct 2025) E Hall (Meetings Secretary from 24 Oct 2024) K Kowal (to 25 Oct 2024) M Llewellyn (to 25 Oct 2024) C Smith (to 25 Oct 2024) S Harper (to 24 Oct 2025) R Xia (from 24 Oct 2024) K Meyer (from 25 Oct 2024) D Das A L Garcia Pulido (from 24 Oct 2025) N Jurga (from 24 Oct 2025) A S Macdonald (Treasurer from 19 Dec 2025)
Principal address
International Centre for Mathematical Sciences The Bayes Centre 47 Potterrow Edinburgh EH8 9BT
Charity Number
SC000241
Website Email Address http://www.ems.ac.uk edmathsoc@ed.ac.uk
Bankers
Bank of Scotland CAF Bank Ltd Edinburgh Royal Mile Branch 25 Kings Hill Avenue PO Box 1000 Kings Hill, West Malling BX2 1LB ME19 4JQ Scottish Widows Bank Independent Examiners PO Box 883 Jeremy Chittleburgh CA Leeds Chiene + Tait LLP (trading as CT) LS1 9TY Chartered Accountants & Independent Examiners Edinburgh Stockbroker EH3 6NL
Redmayne – Bentley LLP C25 Blysthwood Square Glasgow G2 4BL
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EDINBURGH MATHEMATICAL SOCIETY
TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS
For the year ended 31 July 2025
The Trustees submit their report and the financial statements for the year ended 31 July 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard for Smaller Entities (second edition – October 2019).
Structure, governance and management
The Society is governed in accordance with its Constitution and Rules (copies of which are available on request and on the Society’s website). The Constitution places responsibility for the management of the Society in the hands of its General Committee, comprising the President, Vice-President, one or two Secretaries, Treasurer, Librarian, Convener of the Editorial Board, and at least six but not more than ten additional members, all of whom are elected annually.
The Society also has an Investment Committee (responsible for monitoring the Society’s finances and selecting investments), an Editorial Board, a Policy Advisory Group, a Research Support Fund Committee, an Education Committee, and, when required, a Whittaker Prize Committee.
For the purposes of charity legislation, the Trustees of the Society are precisely the members of the General Committee, as listed on the previous page. The members of the General Committee are elected annually at the Annual General Meeting of the Society, which is held in October. A list of the current members of all committees is available on the website.
Objectives, activities and achievements
The Edinburgh Mathematical Society was founded in 1883 for “the mutual improvement of its members in the Mathematical Sciences, pure and applied”, an objective later recast in broader and more outward-looking terms as “the promotion and extension of the Mathematical Sciences, pure and applied, particularly in Scotland.”
The Society is an unincorporated association firmly established as the principal mathematical society for the university community in Scotland. Its membership is drawn from all Scottish universities and other educational institutions, as well as from mathematicians in industry and commerce both in the UK and overseas..
Meetings of the Society
In 2024–25, the Society held its 143rd Session, which included seven regular meetings each featuring an address by a distinguished mathematician. An eighth scheduled meeting was cancelled at short notice due to severe weather and the emergency closure of the host institution. Details of the speakers and the titles of their talks at the Society meetings are provided in the table below. All talks were delivered in a hybrid format.
Collectively, the seven talks were attended by 297 in-person and 184 online members and guests. In-person numbers at the talks ranged from 22 to 90 attendees. To provide access to the talks for an even wider audience, with the speakers' permission, the Society recorded most of the sessions. The recordings will be made available online either publicly on the Society's website or exclusively to Society members via a link in an email, depending on the speaker's preference.
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EDINBURGH MATHEMATICAL SOCIETY
TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS
For the year ended 31 July 2025
| Date | Host | Speaker | Title |
|---|---|---|---|
| EMS public lecture: David | |||
| 26/09/24 | Edinburgh | Spiegelhalter (Cambridge | Chance, luck, and ignorance; how to put our |
| University) | uncertainty into numbers | ||
| University of | Yang-Hui He (LIMS & Oxford | ||
| 25/10/24 | |||
| Edinburgh | University) | The AI Mathematician | |
| University of | |||
| 15/11/24 | Anna-Karin Tornberg (KTH) | Layer potentials - quadrature error estimates and | |
| Dundee | |||
| approximation with error control | |||
| University of | |||
| 6/12/24 | Alain Goriely (Oxford University) | Seeing is deceiving: The mathematics of visual | |
| Strathclyde | illusions |
||
| University of | |||
| 24/01/25 | Alison Etheridge (Oxford University) | ||
Edinburgh |
Cancelled | ||
| University of | |||
| 21/02/25 | Jon Chapman (Oxford University) | Exponential asymptotics and applied mathematics | |
| Glasgow | |||
| University of St | Simon Baker (Loughborough | ||
| 21/03/25 | |||
| Andrews | University) | Finding normal numbers in fractal sets | |
| University of | Miguel Piñar (University of | Orthogonal Sobolev polynomials and spectral | |
| 16/05/25 | |||
| Stirling | Granada) | methods for boundary value problems on the unit ball | |
Proceedings of the Edinburgh Mathematical Society
The Proceedings of the Edinburgh Mathematical Society has been published by the Society since 1883. Four issues are currently (as of 2025) published online each year containing research papers covering a wide range of topics in pure and applied mathematics. The Proceedings has an international board of consulting editors and has a worldwide circulation. The Society has a completely digitised archive of the Proceedings collections.
Supporting joint initiatives
The Society recognises that its declared objective—“the promotion and extension of the Mathematical Sciences”— is often best achieved by supporting activities planned and led by others. It therefore operates grant schemes for mathematical activities and contributes to national and international initiatives through subscriptions, donations, and representation on committees. Details are set out below.
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EDINBURGH MATHEMATICAL SOCIETY
TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS
For the year ended 31 July 2025
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Organisation Purpose Amount
Royal Society of Edinburgh Learned Societies Group on Scottish STEM £600
education
Joint Mathematical Council Affiliation fee £170
Friends of Oberwolfach Membership fee €250
Council for the Mathematical Sciences (CMS) Support of parliamentary and policy work £3,000
European Mathematical Society Affiliation fee €720
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Newsletter
The President’s Newsletter is sent annually to all members. It keeps members informed about the Society’s activities and provides detailed and informal coverage of recent events. Copies are available on the Society’s website.
Membership
Membership of the Society is open to all who are interested. Applications are considered by the General Committee and can be refused only for good and proper reasons. The Society has reciprocity agreements with a number of overseas mathematical societies, under which membership of one society entitles members to join the others at a reduced subscription. Postgraduate students at Scottish universities are offered free membership of the Society for the duration of their studies to encourage participation in its activities.
Library
Most of the collections belonging to the Society are held in the Library of the University of Edinburgh and are recorded as such in the Edinburgh University Library catalogue. Some older books and journals are housed at the Collaborative Academic Store for Scotland (CASS), located in the Causewayside Building of the National Library of Scotland. The Society’s principal collection consists mainly of periodicals obtained by exchange with other learned societies throughout the world; at present, about 100 periodical titles are received. Members may consult or borrow books from the Society’s Library and are also entitled to use the Edinburgh University Library. In return, members of the Edinburgh University Library may use the Society’s Library.
Website
The Society website (http://www.ems.ac.uk) allows society members and non-members to access information about the EMS such as key committee members, meetings calendar, Proceedings, support funds, and history of the Society.
Grants
The Society has four schemes for awarding grants. The Research Support Fund , the Education Fund , the St Andrews Fund , and the Maths Week Scotland Small Grants Scheme .
The Research Support Fund (launched as the Centenary Fund in 1983, the Society’s centenary year, and renamed in 2002 to make a clear statement of its purpose) gives financial support to a variety of mathematical activities, including research visits and conferences. Any person may apply for a grant from this fund. Applications are considered by the Research Support Fund Committee. The committee works to a set of rules, copies of which are available on the website. Awards are normally paid to an applicant’s institution rather than the applicant personally. The fund also administers a scheme of grants for undergraduate research bursaries.
The Education Fund supports educational activities of a mathematical nature at both school and university level. At school level it is advertised as the Schools Enrichment Fund. Applications may be made to the Education Committee, but additionally the Education Committee actively seeks out projects worthy of support and may organise activities itself.
The St Andrews Fund (formerly used to support colloquia at the University of St Andrews) is a designated fund used to support the annual postgraduates’ meeting at the Burn. The Society last ran it in 2024 but did not run it in 2025 because of increased costs. The Society plans to resume in 2026 and carry the allocated money over.
The Maths Week Scotland Small Grants Scheme resumed in 2024-25 funded by the Scottish Government, the Society and the Glasgow Mathematical Journal Trust. Funds are primarily awarded to schools to support educational activities that are in line with the Maths Week Scotland Initiative (https://www.mathsweek.scot/). The MWS Fund 1
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EDINBURGH MATHEMATICAL SOCIETY
TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS
For the year ended 31 July 2025
is the restricted contribution granted by the Scottish Government and the Glasgow Mathematical Journal Trust, while the MWS Fund 2, a designated fund, acts as a reserve for the Society's contribution to the scheme.
The Education Committee has worked hard to increase the visibility of the School Enrichment Fund and this has led to a welcome increase in applications from a wider variety of schools. Looking forward to 2025-26, the Committee is grateful to the General Committee for increasing the annual budget to £18,600. This will allow the Committee to offer awards of up to £700 in the coming year.
In addition to the above funds, the General Committee from time to time makes special grants. Sometimes these are major grants for the support of large international conferences but equally they may be small grants for worthy mathematical purposes that do not fall within the remits of the existing schemes.
The budgets for awards from the Research Support Fund, Undergraduate research bursaries (administered by the RSF committee), the Education Fund, the St Andrews Fund and the ICMS Research in Groups fund, as well as those for Student Societies and Special Grants, for this year, next year and last two years are given below:
----- Start of picture text -----
Fund 2025-26 2024-25 2023-24 2022-23
£ £ £ £
Research Support £30,000 £30,000 £30,000 £30,000
Research Bursaries £10,350 £10,350 £10,350 £9,000
Education £18,600 £14,400 £14,400 £14,400
St Andrews £10,000 £5,000 £4,000 £4,000
ICMS Research in Groups £2,000 £2,000 £2,000 £2,000
Student Societies £1,400 £1,400 £1,400 £1,400
Whittaker Prize, EMS Thesis Prize and Impact Prize £750 £750 £1,500 £750
Maths Week Scotland 2 £6,000 £20,000 £0 £3,000
Support for PhD student attendance £1,000 £1,000 £1,000 £1,000
----- End of picture text -----
Research Support Fund
Research Support Fund grants paid in 2024-25:
----- Start of picture text -----
Applicant Purpose: Undergraduate Research Bursary £ Paid
Inder Kaur Bursary for Mira Kiwan £1,035
Jeremy Parker Bursary for Alex Law £2,070
Dan Lucas Bursary for Jeremy Graham £2,070
Yoav Len Bursary for Simun Dropuljic £2,070
Total £7,245
Applicant Purpose: Research Support Fund £ Paid
Collette Mair Seeking to improve the accessibility of maths and statistics for visually £584.78
impaired people
Armedeo Sgueglia Early career workshop in combinatorics £1,500
Ping Lin Research visit of Prof Lei Zhang (Shanghai Jiaotong University) and Dr £1,050
Yangshuai Wang (University of British Columbia)
Ujan Chakraborty & Young Mathematicians in C-algebras £1,490
Julian Ganzales
Sophie Huczynska Scottish combinatorics meeting 2024 £697.57
Dimitra Kosta Applied algebra network £1,200
Anastasia Istratuca Piscopia initiative meeting £996.36
Josephine Evans ICMS research workshop: The many facets of kinetic theory £1,500
Xuerong Mao Visitor: Professor George Yin £588.26
Ruaraidh McPike Visit by Prof. Nuno Brites £1,200
Nikolaos Sfakianakis Two day workshop at St. Andrews £2,500
Ujan Chakraborty Young Functional Analysts. Workshop £1,288.88
----- End of picture text -----*
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EDINBURGH MATHEMATICAL SOCIETY
TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS
For the year ended 31 July 2025
----- Start of picture text -----
Istvan Gyongy Numerical Modeling of Non-linear Stochastics £3,000
Laura Larios Jones Postgraduate Combinatorial Conference £2,997.06
Total £20,592.91
Applicant Purpose: Covid Recovery Fund £ Paid
Deborah Kent St Andrews University £1,485.35
Total £1,485.35
Applicant Purpose: Special Grants from the General Committee £ Paid
Piscopia Initiative to increase under-represented groups into graduate research £650
studies in maths and stats
Total £650
----- End of picture text -----
Education Fund Grants paid in 2024–25
----- Start of picture text -----
Applicant Affiliation Award Purpose
Clare McClelland Community School of £450.00 The Mystery of the Maths
Auchterarder Menace (Maths Week Scotland
Event)
Rachel Plant Sir E Scott School £400.00 Puzzles for All
Jennie Purton Woodpark Primary School £595.28 Maths Play
Nicola Clelland Taylor High School £600.00 Maths Camp
Claire Conner St Anthony’s Primary School £467.99 Outdoor Maths is Fun!
Adele Flynn Rosneath Primary School and ELC £600.00 The Bee School
Gillian Bone Dumfries Academy £600.00 Murderous Maths
Kierean Boyle St Andrew’s High School £300.00 Primary 7 Enterprising Maths
Competition
Morven Baigent Drumchapel High School £599.20 BGE Numeracy Intervention
Programme 2024/25
Emily Ross The Highland Council £599.07 Materials to Support Numeracy
Support Officer
Edwin Irvine Anderson High School £500.12 Scottish Maths Challenge Final
& Presentation
Jordan Watson Bishopbriggs Academy £400.00 Maths Week Scotland 2024
Sarah Batten Forrester High School £600.00 Numeracy Information Evening
Lynn McPherson Kilmacolm Primary School £559.20 Kilmacolm Loves Maths Week
Scotland 2024
Anne McLean Muirkirk Primary School £600.00 Pizza and Problems
Jonathan Black Brannock High School £600.00 Maths Study Weekend (PGL
Dalguise)
Alison Harvey Belmont Academy £600.00 Belmont Academy Maths
Support (BAMS) 2025
Anne-Marie Wellpark Children’s Centre £500.00 Maths Fun at Home
Cunninghan
Kasia Learmonth Kinross High School £360.00 Maths Outdoors
Mark Neil West Lothian Council Numeracy £600.00 West Lothian Creativity in
and Mathematics Steering Group Numeracy and Mathematics
Competition
Chris Smith Grange Academy £600.00 Grange Academy Maths Camp
2025
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EDINBURGH MATHEMATICAL SOCIETY
TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS
For the year ended 31 July 2025
----- Start of picture text -----
Julie Caldwell Castlehead High School £600.00 Primary Transition
Sarah Murray Irvine Royal Academy £600.00 Maths LIVE! Student Event at
Disneyland® Paris - Inspire their
future career
Shazia Ahmed University of Glasgow £453.76 Naboj Maths Competition, 14
March 2025, University of
Glasgow
Graham Dorrat Anderson High School £445.56 Regional Final of UKMT Team
Maths Challenge
Lesley Graham Douglas Primary School £330.00 Pupil Improvement Plan
Priorities; Learning and
Teaching in STEM
Cara Hay Strathburn Primary School £550.00 Building Tomorrows Innovators
Through Hands-On Steam
Learning
Teresa Pickburn Priorsford Primary School £600.00 Together Time Maths Games
and Resources
Claire Smith Dykesmains Primary School £600.00 Manipulative Maths
Rachel Ponder Balerno High School £175.00 P7 Maths Competition
TOTAL £15,485.18
----- End of picture text -----
The St Andrews Fund was not run this year.
Voluntary and Paid Work
The Society’s officers and committee members undertake all their work for the Society on a voluntary basis. Therefore they receive no payment beyond the reimbursement of some of their expenses. Many members of the Society, and indeed non-members too, also assist the Society in a range of activities including refereeing papers submitted to the Proceedings and representing the Society on other bodies. They too receive no payment other than reimbursement of some expenses. The Society is deeply grateful for all this assistance freely given and is very conscious that without it the Society’s work would come to a halt.
The Society is also very grateful to the Scottish universities for permitting staff and resources to be used to assist the Society.
The Society has strong links with the International Centre for Mathematical Sciences (ICMS) in Edinburgh for the management of pre-production editorial work on the Proceedings, for assistance with the Society’s financial statements, for the organization of the post-graduate meeting, and for administrative support of committee meetings. The Society is invoiced at an appropriate rate for the works carried out by ICMS. This year the fee was £21,750.
Financial Review
In round figures income was £139,455 (2024: £85,172) and expenditure was £135,356 (2024: £75,245) and at the end of the year the Society's net assets were £782,997 (2024: £745,570).
After providing for the expenditure on the production of the Proceedings of the Edinburgh Mathematical Society and the appropriate assistance in the running of the Society, it has remained the policy of the Society to actively deploy the income it receives for the support of the mathematical community. The budgets for the Education Fund and Research Support Fund were increased this year, reflecting both a higher number of applications and the release of delayed awards from the previous period. It is gratifying to note that the Society continues to have the resources to support such a wide range of mathematical activities.
During the past year, the Society’s investments performed strongly, with most of the gains driven by equity holdings. The value of the investment portfolio rose from £561,399 to £605,561, and investment income also remained robust as bond yields, share dividends, and bank interest continued to improve.
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EDINBURGH MATHEMATICAL SOCIETY
TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS
For the year ended 31 July 2025
Future plans
The speakers and dates for the Society’s meetings in the following year have already been confirmed.
Reserves policy
The General Fund
The General Fund held at 31 July 2025 amounted to £610,497 (2024: £563,570). This fund supports the day-to-day operation of the Society, including grants and awards, subscriptions and donations to other bodies, and other charitable activities not funded from designated reserves.
Given ongoing economic uncertainty and the evolving landscape of academic publishing—a key element of the Society’s income—the General Committee considers it prudent to maintain a General Fund from which income can be drawn to sustain and expand charitable activities. The General Fund is regarded as an expendable reserve, used in pursuit of the Society’s objectives and managed to provide income for future grant schemes and other continuing activities.
Whittaker Prize Fund
The Whittaker Prize Fund held at 31 July 2025 amounted to £32,000 (2024: £32,000). This reserve supports the Whittaker Prize, the EMS PhD Thesis Prize, and the EMS Impact Prize, currently valued at £1,000, £500, and £750 respectively (occasionally two Whittaker Prizes are awarded). Prizes are normally conferred at two-yearly intervals. The fund is intended to meet its designated purpose indefinitely, assuming an annual return of approximately 3.5%.
St Andrews Fund
The St Andrews Fund held at 31 July 2025 amounted to £30,000 (2024: £30,000). This fund provides a reserve for the annual Postgraduate Meeting at Burn House, whose current budget is £5,000 per year. It is expected to meet the designated purpose for at least five years allowing for inflation. This fund did not pay out in 2025 because of increased costs. The Society plans to resume in 2026 and carry the allocated money over.
The Publications Reserves Fund
The Publications Fund held at 31 July 2025 amounted to £100,000 (2024: £100,000). This fund provides reserves against contingencies, particularly those related to the publication of the Proceedings of the Edinburgh Mathematical Society. It is designed to cover one year’s production and distribution costs should revenues fall unexpectedly.
Maths Week Scotland 1 Fund
The restricted fund is the Maths Week Scotland 1 Fund, which at 31 July 2025 amounted to £4,500 (2024: £0). This reserve represents external contributions to Maths Week Scotland 2025 programme not yet paid out.
Maths Week Scotland 2 Fund
The Maths Week Scotland 2 Fund held at 31 July 2025 amounted to £6,000 (2024: £20,000). This reserve supports the Society’s pledged contribution to the forthcoming year’s Maths Week Scotland programme.
Investment policy
The Treasurer invests the reserves of the Society on the advice of the Investment Committee and reports to the General Committee. The aim is to maximise the long-term benefit to the Society, balancing income generation with appropriate risk management and ethical considerations.
Risk management
The General Committee and Investment Committee review the Society’s risk register annually. This identifies and quantifies potential risks to the Society’s objectives and activities, along with strategies to mitigate them. Risks are categorised under Governance, Operational, Financial, External, and Compliance headings. Where appropriate, designated funds are maintained to offset specific risks or commitments, and the adequacy of these provisions is reviewed each year.
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EDINBURGH MATHEMATICAL SOCIETY
TRUSTEES’ ANNUAL REPORT and FINANCIAL STATEMENTS
For the year ended 31 July 2025
Statement of trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
Statement of trustees’ responsibilities (continued)
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
02 June 2026
Approved by the Trustees on ………………………. and signed on their behalf by:-
Dr M Cordes
(General Secretary)
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
OF EDINBURGH MATHEMATICAL SOCIETY
I report on the financial statements of the Edinburgh Mathematical Society for the year ended 31 July 2025 which are set out on pages 11 to 20.
This report is made to the trustees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me to prepare the financial statements on behalf of the Trustees and to report my opinion as set out below and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the trustees, as a body, for my work or for this report.
Respective responsibilities of trustees and independent examiner
The charity’s trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 (the Act) and the Charities Accounts (Scotland) Regulations 2006 (as amended) (the Regulations). The charity trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination is carried out in accordance with Regulation 11 of the Regulations. An examination includes a review of the accounting records kept by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financial statements.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention:
-
(a) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with Section 44(1)(a) of the Act and Regulation 4 of the Regulations, and
-
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the Regulations
have not been met; or
- (b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Jeremy Chittleburgh CA CT
Chartered Accountants and Independent Examiners 61 Dublin Street Edinburgh EH3 6NL
02 June 2026
……………………………
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EDINBURGH MATHEMATICAL SOCIETY
STATEMENT of FINANCIAL ACTIVITIES (Including Income and Expenditure Account)
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|For the year ended 31 July 2025|
|Un-|Un-|
|restricted|Restricted|2025|restricted|Restricted|2024|
|Notes|Fund|Fund|Total|Fund|Fund|Total|
|£|£|£|£|£|£|
|Investment income|7|29,298|-|29,298|18,469|-|18,469|
|Income from charitable activities:|
|Publisher proceedings income|66,400|-|66,400|63,331|-|63,331|
|Members’ subscriptions|2,757|-|2,757|3,372|-|3,372|
|Maths Week Scotland|-|41,000|41,000|-|-|-|
|--------------|-------------- ---------------|--------------|-------------- ---------------|
|Total income|98,455|41,000|139,455|85,172|-|85,172|
|--------------|-------------- ---------------|--------------|-------------- ---------------|
|Expenditure on:|
|Charitable activities:|
|Proceedings|6,800|-|6,800|6,800|-|6,800|
|Meetings and lectures|3,211|-|3,211|3,698|-|3,698|
|Seminars and conferences|-|-|-|5,673|-|5,673|
|Grants, awards and prizes|46,208|53,450|99,658|35,865|-|35,865|
|Subscriptions and donations|4,998|-|4,998|6,904|-|6,904|
|Management and administration|17,139|-|17,139|14,105|-|14,105|
|Governance costs|8|3,550|-|3,550|2,200|-|2,200|
|--------------|-------------- ---------------|--------------|-------------- ---------------|
|Total expenditure|81,906|53,450|135,356|75,245|-|75,245|
|--------------|-------------- ---------------|--------------|-------------- ---------------|
|Net income / (expenditure) before|
|movement on investments|16,549|(12,450)|4,099|9,927|-|9,927|
|Net movement on|
|investments|33,328|-|33,328|57,184|-|57,184|
|Net income / (expenditure)|49,877|(12,450)|37,427|67,111|-|67,111|
|Transfers between funds|(16,950)|16,950|-|-|-|-|
|--------------|-------------- ---------------|--------------|-------------- ---------------|
|Net movement in funds|32,927|4,500|37,427|67,111|-|67,111|
|Reconciliation of funds:|
|Total funds brought forward|745,570|-|745,570|678,459|-|678,459|
|--------------|-------------- ---------------|--------------|-------------- ---------------|
|Total funds carried forward|778,497|4,500|782,997|745,570|-|745,570|
|======== ========= ========= ========= ========= =========|
----- End of picture text -----
The notes on pages 13 to 20 form part of these financial statements.
11
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
EDINBURGH MATHEMATICAL SOCIETY
BALANCE SHEET
For the year ended 31 July 2025
----- Start of picture text -----
|||||
|---|---|---|---|
|Notes|2025|2024|
|£|£|£|
|Fixed Assets|
|Investments|13|605,561|561,399|
|Current Assets|
|Debtors|10|5,677|-|
|Cash at bank and in hand|11|200,942|188,531|
|––––––––|––––––––|
|206,619|188,531|
|Current Liabilities|
|Creditors falling due within one year|12|29,183|4,360|
|––––––––|––––––––|
|Net Current Assets|177,436|184,171|
|–––––––– –––––––––|
|Net Assets|782,997|745,570|
|========== ==========|
|The funds of the charity:|
|Unrestricted General Fund|14|610,497|563,570|
|Unrestricted Designated Funds|14|168,000|182,000|
|Restricted Fund|14|4,500|-|
|––––––––– –––––––––|
|782,997|745,570|
|========== ===========|
----- End of picture text -----
20 May 2026 Approved by the Trustees on ………………………. and signed on their behalf by:-
Professor B Pelloni President
The notes on pages 13 to 20 form part of these financial statements.
12
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
EDINBURGH MATHEMATICAL SOCIETY
NOTES to the FINANCIAL STATEMENTS
For the year ended 31 July 2025
1. Accounting Policies
Basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP FRS 102) (second edition – October 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The financial statements are presented in Sterling which is the functional currency of the charity and rounded to the nearest £1.
The Scottish charity constitutes a public benefit entity as defined by FRS 102.
Going Concern
The financial statements have been prepared on a going concern basis. The trustees have assessed the Society’s ability to continue as a going concern and have reasonable expectation that the Society has adequate resources and reserves to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Income recognition
Income is recognised once the Society has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.
Donations are recognised when they have been communicated in writing with notification of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Society is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Society and it is probable that those conditions will be fulfilled in the reporting period.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Members’ subscriptions are recognised on a cash received basis.
Interest on funds held on deposit is included upon notification of the interest paid or payable by the Bank.
Expenditure recognition
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Society to that expenditure. All expenditure is accounted for on an accruals basis and all expenses are allocated to the applicable expenditure headings. Irrecoverable VAT is charged to the Statement of Financial Activities as incurred.
Grants, awards and prizes are payments made to third parties in the furtherance of the charitable objects of the Society. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the Society.
Governance costs include the costs of general governance of the charity as opposed to direct management inherent in meeting charitable objectives and are those costs associated with strategic, constitutional and statutory requirements.
Management and administration costs have been separately disclosed in the Statement of Financial Activities. In the opinion of the trustees, there is no reliable method to allocate such support costs within governance costs.
13
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
EDINBURGH MATHEMATICAL SOCIETY
NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 31 July 2025
1. Accounting Policies (continued)
Contributions and refunds received
The Society sometimes receives contributions from various sources towards meetings and other events that it organises. Sometimes also the recipient of a grant has to refund part or all of the grant, because conditions attached to the grant have not been met or the financial position has changed. In all such cases the contributions and refunds are recognised as income.
Charitable activities
Costs of charitable activities include grants made, with editorial work and governance costs. These are all detailed on the face of the Statement of Financial Activities.
Heritage Assets
The Trustees are mindful of the disclosure requirements for Heritage Assets. The Trustees have identified several items as Heritage Assets as detailed in note 16. The Trustees consider that whilst these are Heritage Assets, they are of little commercial value. As a consequence, no value can be placed on these items for accounting purposes.
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently at their mid-market value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Society does not acquire or use put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
VAT
The Society is VAT registered so expenditure is stated net of the recoverable amount of VAT.
Funds structure
The unrestricted general fund is used for the day to day operation of the Society, for grants and awards, and for subscriptions and donations to other bodies and other charitable activities not funded from designated funds.
The designated funds comprise The Publication Reserves Fund, the Whittaker Prize Fund, the St Andrews Fund and the Maths Week Scotland Fund 2. These four funds are designed to meet the charity’s objectives of awarding grants, meeting the costs of the annual postgraduate meeting and to act as the Society’s reserve against contingencies, particularly in relation to the publishing of the Proceedings .
The restricted fund is the Maths Weeks Scotland Fund 1 which is a reserve held towards the cost of the annual Maths Week Scotland event.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
14
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
EDINBURGH MATHEMATICAL SOCIETY
NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 31 July 2025
2. Proceedings
The cost of complimentary copies of the Proceedings for copyright libraries, other organisations with whom the Society has exchange agreements, marketing purposes, internal use of the Society and its Publisher, and a small number of life members of the Society entitled to receive them under a now withdrawn Society rule is included in the expenditure, but no attempt has been made to quantify the value to the Society and the mathematical community of the journals in the Society’s library that the Society receives from other organisations as a result of the exchange agreements.
3. Employees
The Society has no employees but incurs the cost of secretarial services.
4. Remuneration and reimbursement of expenses to trustees
Trustees, who are key management personnel, received no remuneration from the charity.
Trustees received reimbursement of expenses for the following two reasons: firstly, travel expenses and accommodation of trustees attending meetings of, or on behalf of, the Society and secondly expenses incurred by the President of the Society or a deputy entertaining speakers or guests of the Society. The total reimbursement of expenses paid to trustees was £1,330 for five trustees (2024: £227 for two trustees).
5. Grants
Details of the grants awarded for the period are given in the trustees’ report. It is the policy of the Society to award grants to institutions and only in exceptional circumstances to individuals.
6. Reimbursed expenses
Speakers to the Society are reimbursed for travel, subsistence and accommodation upon presentation of receipts for these items. Trustees, members and other individuals receive reimbursement of expenses and accommodation when attending meetings of, or on behalf of, the Society or making purchases on behalf of the Society. The President of the Society or a deputy receives reimbursement of expenses incurred when entertaining speakers and guests of the Society.
| 7. | Investment Income | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Dividends received | 17,896 | 15,223 | |
| Interest received | 11,402 | 3,246 | |
| --------------- | ------------- | ||
| 29,298 | 18,469 | ||
| ======= | ======= | ||
| 8. | Governance costs | 2025 | 2024 |
| £ | £ | ||
| Independent examiner’s remuneration | 1,953 | 1,210 | |
| Preparation of financial statements | 1,597 | 990 | |
| --------------- | ------------- | ||
| 3,550 | 2,200 | ||
| ======= | ======= |
9. Taxation
The Society is a registered charity and has no liability to corporation tax or capital gains tax.
15
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
EDINBURGH MATHEMATICAL SOCIETY
NOTES to the FINANCIAL STATEMENTS (continued)
For the year ended 31 July 2025
| 10. Debtors | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Other debtors | 5,677 | - |
| ––––––– | ––––––– | |
| 5,677 | - | |
| ======== | ======== | |
| 11. Cash at bank and in hand | 2025 | 2024 |
| £ | £ | |
| Bank of Scotland | 53,325 | 21,442 |
| Scottish Widows | 124,498 | 118,877 |
| Charities Aid Foundation | 20,608 | 48,079 |
| Redmayne Bentley Deposit Account | 2,511 | 133 |
| ––––––– | ––––––– | |
| 200,942 | 188,531 | |
| ======== | ======== | |
| 12. Creditors: Amounts falling due within one year | 2025 | 2024 |
| £ | £ | |
| Accruals | 26,426 | 2,200 |
| VAT payable | 2,757 | 2,160 |
| –––––– | –––––– | |
| 29,183 | 4,360 | |
| ======= | ======= |
Accruals include accurate figures except where an estimate has been made and not yet finalised at the year end. Corrections are included in the subsequent year.
16
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
EDINBURGH MATHEMATICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 July 2025
| 13. Investments | 2025 | 2024 | |
|---|---|---|---|
| Holding | Valuation | ||
| £ | £ | ||
| Government Stock: Conventional | |||
| 3¾% Treasury Stock 2052 | 2,640 | 2,044 | 2,322 |
| ––––––– | ––––––– | ||
| Government Stock: Index-linked | |||
| 1¼% IL Treasury Stock 2027 | 11,605 | 24,682 | 24,023 |
| 4⅛% IL Treasury Stock 2030 | 6,450 | 22,140 | 22,306 |
| 1⅛% IL Treasury Stock 2037 | 4,350 | 15,557 | 16,631 |
| Vanguard U.K. Inflation-Linked Gilt Index Fund GBP Inc | 128 | 17,467 | 18,896 |
| ––––––– | ––––––– | ||
| 79,846 | 81,856 | ||
| Unit Trusts, OEICs and Investment Trusts | |||
| M&G Charifund (Inc) | 5,332 | 85,783 | 83,647 |
| M&G Dividend Fund A (Inc) | 21,748 | 12,416 | 11,711 |
| Alliance Witan Trust | 7,000 | 89,600 | 86,800 |
| Temple Bar Investment Trust | 9,500 | 31,683 | 26,933 |
| Invesco Perpetual High Income (Inc) | - | - | 27,299 |
| Invesco Perpetual High Income (Acc) | - | - | 57,567 |
| Invesco UK Opportunities Fund (Acc) | 6,469 | 73,811 | 68,223 |
| Murray International Trust | 4,900 | 14,112 | 12,765 |
| European Assets Trust | 8,850 | 8,514 | 7,841 |
| Henderson European Trust | 13,919 | 28,395 | 26,446 |
| Ishares Core FTSE 100 ETF | 2,900 | 25,819 | 23,606 |
| Scottish Mortgage Trust | 800 | 8,784 | 6,917 |
| Abrdn UK Ethical Equity Fund (Inc) | 30,800 | 21,193 | 21,705 |
| FP Foresight UK infrastructure Income Fund (Inc) | 18,100 | 15,331 | 15,761 |
| Artemis Income Fund (Inc) | 17,150 | 55,317 | - |
| Janus Henderson Responsible Income Fund (Inc) | 30,150 | 52,913 | - |
| ––––––– | ––––––– | ||
| 523,671 | 477,221 | ||
| –––––––– | –––––––– | ||
| Total investments | 605,561 | 561,399 | |
| ========== | ========== | ||
| Valuation at 31 July 2024 | 561,399 | ||
| Additions | 96,970 | ||
| Disposals | (86,136) | ||
| Unrealised gain on revaluation of investments | 32,058 | ||
| Realised gain on revaluation of investments | 1,270 | ||
| –––––––– | |||
| Valuation at 31 July 2025 | 605,561 | ||
| ========== |
The Society’s investments are in general long-term investments.
14. Funds
The General Committee reviews its reserves policy annually. The Society’s assets are divided into a General Fund and certain other designated funds. The Society has a broad-ranging programme of activities in support of its strategic objectives as described in the Trustees’ Report, and they all need continuity of funding. The Society’s assets are divided into funds as follows:-
17
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
EDINBURGH MATHEMATICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 July 2025
14. Funds (continued)
| Funds (continued) | |||||
|---|---|---|---|---|---|
| Net | |||||
| Balance | incoming/ | Investment | Balance | ||
| 31 July | (outgoing) | Gain/ | 31 July | ||
| 2024 | resources | Transfers | (Loss) | 2025 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General fund | 563,570 | 16,549 | (2,950) | 33,328 |
610,497 |
| ========== | ========== | ========== | ========== | ========== | |
| Designated funds | |||||
| Whittaker Prize Fund | 32,000 | - | - | - | 32,000 |
| St. Andrews Fund | 30,000 | - | - | - | 30,000 |
| The Publication Reserves Fund | 100,000 | - | - | - | 100,000 |
| Maths Week Scotland Fund 2 | 20,000 | - | (14,000) | - |
6,000 |
| ––––––– | ––––––– | ––––––– | ––––––– | ––––––– | |
| 182,000 | - | (14,000) | - |
168,000 | |
| ========== | ========== | ========== | ========== | ========== | |
| Restricted Funds | |||||
| Maths Week Scotland Fund 1 | - | (12,450) | 16,950 | - | 4,500 |
| ========== | ========== | ========== | ========== | ========== | |
| ––––––– | ––––––– | ––––––– | ––––––– | ––––––– | |
| Total | 745,570 | 4,099 | - | 33,328 | 782,997 |
| ========== | ========== | ========== | ========== | ========== | |
| Net | |||||
| Balance | incoming/ | Investment | Balance | ||
| 31 July | (outgoing) | Gain/ | 31 July | ||
| 2023 | resources | Transfers | (Loss) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General fund | 521,459 | 9,927 | (25,000) | 57,184 |
563,570 |
| ========== | ========== | ========== | ========== | ========== | |
| Designated funds | |||||
| Whittaker Prize Fund | 32,000 | - | - | - | 32,000 |
| St. Andrews Fund | 25,000 | - | 5,000 | - | 30,000 |
| The Publication Reserves Fund | 100,000 | - | - | - | 100,000 |
| Maths Week Scotland Fund 2 | - | - | 20,000 | - | 20,000 |
| ––––––– | ––––––– | ––––––– | ––––––– | ––––––– | |
| 157,000 | - | 25,000 | - | 182,000 | |
| ========== | ========== | ========== | ========== | ========== | |
| Total | 678,459 | 9,927 | - | 57,184 | 745,570 |
| ========== | ========== | ========== | ========== | ========== |
18
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
EDINBURGH MATHEMATICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 July 2025
14. Funds (continued)
General Fund – this is used for the day to day operation of the Society, for grants and awards, and for subscriptions and donations to other bodies and other charitable activities not funded from designated funds. The uncertain financial climate, and the future risks to academic publishing (a key part of the Society’s income) have led the General Committee to conclude that it is prudent to hold a General Fund from which income can be drawn to maintain and extend its charitable activities. The General Fund is deemed an expendable reserve to be used in pursuit of the Society’s objectives, and it is managed to provide income to be used to ensure the availability of resources for its grant schemes and other continuing charitable activities in future years.
Whittaker Prize Fund – this fund is a reserve held towards the cost of the Whittaker Prize, the Impact Prize and the EMS PhD Thesis Prize, currently £1,000, £750 and £500 respectively (occasionally two Whittaker Prize awards are made). The prizes will normally be awarded at two-yearly intervals. The fund is intended to meet the designated object indefinitely, assuming an annual return of 3.5%.
St. Andrews Fund - this fund is a reserve held towards the cost of the annual postgraduates’ meeting at the Burn House, whose current budget is £5,000 a year. The fund is intended to meet the designated object for 5 years, allowing for inflation.
The Publication Reserves Fund - this fund acts as the Society’s reserve against contingencies, particularly in relation to the publishing of the Proceedings . It is designed to cover contingencies including the expense of producing and distributing the Proceedings for one year.
Maths Week Scotland Fund 2 - this fund acts as the Society’s reserve held towards the cost of the annual Maths Week Scotland event. The fund is intended to meet the costs arising in the year.
Maths Week Scotland Fund 1 - this restricted fund is a reserve held towards the cost of the annual Maths Week Scotland event. The fund is intended to meet the costs arising in the year.
----- Start of picture text -----
|||||
|---|---|---|---|
|Net|
|current|
|15. Analysis of net assets between funds at 31 July 2025|Investments|assets|Total|
|£|£|£|
|General funds|437,561|172,936|610,497|
|Designated funds|168,000|-|168,000|
|Restricted funds|-|4,500|4,500|
|––––––– ––––––– –––––––|
|605,561|177,436|782,997|
|======= ======= =======|
|Analysis of net assets between funds at 31 July 2024|Net|
|current|
|Investments|assets|Total|
|£|£|£|
|General funds|379,399|184,171|563,570|
|Designated funds|182,000|-|182,000|
|––––––– ––––––– –––––––|
|561,399|184,171|745,570|
|======= ======= =======|
----- End of picture text -----
Assets are assigned to funds as follows:
The designated funds are made up of The Whittaker Prize fund which is allocated £32,000 (2024: £32,000), the St. Andrews fund which is allocated £30,000 (2024: £30,000), the Publications Reserves Fund which is allocated £100,000 (2024: £100,000) and the Maths Week Scotland Fund 2 which is allocated £6,000 (2024: £20,000). The restricted fund is the Maths Week Scotland Fund 1 of £4,500 (2024: £nil). The General Fund is allocated the balance of the Society’s assets.
19
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
EDINBURGH MATHEMATICAL SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 July 2025
16. Heritage assets
The Trustees have considered the requirement to report the nature of Heritage Assets under the control of the Society.
The Trustees have identified the following as Heritage Assets:-1
- Most of the collections belonging to the Society are held in the Library of the University of Edinburgh and are recorded as such in the Edinburgh University Library catalogue. Some older books and journals are housed at the Collaborative Academic Store for Scotland (CASS), which is located in the Causewayside Building of the National Library of Scotland. The Society’s principal collection consists mainly of periodicals obtained by exchange with other learned societies throughout the world; at present about 100 periodical titles are received.
All journal exchanges are now electronic only.
17. Related parties
Apart from the reimbursement of trustee expenses disclosed in note 4, the Society has not undertaken transactions with any related parties.
20
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
EDINBURGH MATHEMATICAL SOCIETY
SUPPLEMENTARY INFORMATION – ANALYSIS OF EXPENDITURE
For the year ended 31 July 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Proceedings | ||||
| Administrative costs | 6,800 | 6,800 | ||
| ––––––– | ––––––– | |||
| 6,800 | 6,800 | |||
| Meetings and lectures | ||||
| Speakers’ expenses | 2,338 | 3,127 | ||
| President expenses | 738 | 227 | ||
| Student travel expenses | 135 | 14 | ||
| Other | - | 330 | ||
| ––––––– | ––––––– | |||
| 3,211 | 3,698 | |||
| Seminars and conferences | ||||
| Postgraduate meeting | - | 5,673 | ||
| ––––––– | ––––––– | |||
| - | 5,673 | |||
| Subscriptions and donations | ||||
| Subscriptions | 4,998 | 6,904 | ||
| ––––––– | ––––––– | |||
| 4,998 | 6,904 | |||
| Grants, awards and prizes | ||||
| Research Support Fund | 20,593 | 15,822 | ||
| Education Fund | 15,485 | 7,231 | ||
| Whittaker Prize Fund | 750 | 1,500 | ||
| Covid Recovery Fund | 1,485 | 362 | ||
| Maths Week Scotland | 53,450 | - | ||
| Student Summer Bursaries | 7,245 | 10,350 | ||
| Special Grants | 650 | 600 | ||
| ––––––– | ––––––– | |||
| 99,658 | 35,865 | |||
| Management and administration | ||||
| Secretarial services | 14,950 | 13,200 | ||
| Work on database/logo/website/posters | 314 | - | ||
| Expenses of trustees on Society business | 592 | - | ||
| Expenses of members on Society business | - | 159 | ||
| Bank charges | 120 | 122 | ||
| Legal and professional fees | 466 | 376 | ||
| Investment commission | 697 | 248 | ||
| ––––––– | ––––––– | |||
| 17,139 | 14,105 | |||
| Governance costs | ||||
| Independent examiner’s fee | 3,550 | 2,200 | ||
| ––––––– | ––––––– | |||
| 3,550 | 2,200 | |||
| –––––– | –––––– | |||
| 135,356 | 75,245 | |||
| ======= | ======= |
21
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
LETTER OF REPRESENTATION
Edinburgh Mathematical Society
CT Chartered Accountants and Independent Examiners 61 Dublin Street EDINBURGH EH3 6NL
Dear Sirs
Edinburgh Mathematical Society FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 July 2025
The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your report on the charitable company’s financial statements for the year ended 31 July 2025. These enquiries have included inspection of supporting documentation where appropriate and are sufficient to satisfy ourselves that we can make each of the following representations. All representations are made to the best of our knowledge and belief.
General
-
We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK) and that you do not express an audit opinion.
-
We confirm that the charitable company qualifies as small in accordance with the conditions set out in chapter 1 of part 15 of the Companies Act 2006.
-
We confirm that the charitable company was entitled to exemption under regulation 10 of the Charities Accounts (Scotland) Regulations 2006 from the requirement to have its financial statements for the financial year ended 31 July 2024 audited. We also confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476 of the Companies Act 2006.
-
We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter dated 4 October 2017 under the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), and for being satisfied that they give a true and fair view.
-
All the transactions undertaken by the charity have been properly reflected and recorded in the accounting records.
-
All the accounting records and related financial information, including minutes of all management and trustee meetings and correspondence with The Office of the Scottish Charity Regulator have been made available to you for the purpose of your work.
Assets and liabilities
-
The charity has satisfactory title to all assets and there are no liens or encumbrances on the charity’s assets, except for those that are disclosed as applicable in the notes to the financial statements.
-
All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as applicable.
-
We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
Loans and arrangements
- The charity has not granted any advances or credits to, or made guarantees on behalf of trustees other than those disclosed in the financial statements.
Related parties
- Related party relationships and transactions have been appropriately accounted for and disclosed as applicable in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of company law or accounting standards.
Subsequent events
- All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed as applicable.
Docusign Envelope ID: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714
Going concern
- We believe that the charity’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charity’s needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charity’s ability to continue as a going concern need to me made in the financial statements.
Grants and donations
- All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.
Yours faithfully
..............................................................................................................................
Signed on behalf of the board of trustees 02 June 2026 Date - ………………………..
Certificate Of Completion Envelope Id: 9450FAFE-CFAE-857D-831C-A3BE9C0CD714 Status: Completed Subject: Complete with Docusign: Edinburgh Mathematical Society 2025 Accounts - For Signing.pdf, Letter ... Source Envelope: Document Pages: 24 Signatures: 4 Envelope Originator: Certificate Pages: 5 Initials: 0 Mairi Murphy AutoNav: Enabled 61 Dublin Street EnvelopeId Stamping: Enabled Edinburgh, Midlothian EH3 6NL Time Zone: (UTC) Dublin, Edinburgh, Lisbon, London Mairi.Murphy@ct.me IP Address: 194.140.216.2 Record Tracking Status: Original Holder: Mairi Murphy Location: DocuSign 20 May 2026 | 09:21 Mairi.Murphy@ct.me Signer Events Signature Timestamp Prof Beatrice Pelloni Sent: 20 May 2026 | 09:28 Ems.president@ed.ac.uk Viewed: 20 May 2026 | 10:45 Security Level: Email, Account Authentication Signed: 20 May 2026 | 10:46 (None) Signature Adoption: Pre-selected Style Using IP Address: 82.132.217.79 Electronic Record and Signature Disclosure: Accepted: 20 May 2026 | 10:45 ID: 12eaa4ef-263a-4b76-9e56-18f138821df0 Dr Matthew Cordes Sent: 20 May 2026 | 10:46 edmathsoc@ed.ac.uk Resent: 22 May 2026 | 09:25 Security Level: Email, Account Authentication Viewed: 02 June 2026 | 13:26 (None) Signed: 02 June 2026 | 13:26 Signature Adoption: Pre-selected Style Using IP Address: 2a00:23cc:e01c:9601:5882:31f5:c04a:9d91 Electronic Record and Signature Disclosure: Accepted: 02 June 2026 | 13:26 ID: 5d9f084e-9517-4c95-a171-917939929f01 Jeremy Chittleburgh Sent: 02 June 2026 | 13:26 jeremy.chittleburgh@ct.me Viewed: 02 June 2026 | 13:30 Senior Partner Signed: 02 June 2026 | 13:30 Security Level: Email, Account Authentication (None) Signature Adoption: Drawn on Device Using IP Address: 194.140.216.2 Electronic Record and Signature Disclosure: Accepted: 02 June 2026 | 13:30 ID: 46f19170-ede9-4e17-b260-901fff153bc6 In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp
| Certified Delivery Events | Status | Timestamp |
|---|---|---|
| Carbon Copy Events | Status | Timestamp |
| Claire Barr | Sent: 02 June 2026 | |
| claire.barr@ct.me | ||
| Security Level: Email, Account Authentication | ||
| (None) | ||
| Electronic Record and Signature Disclosure: | ||
| Not Offered via Docusign | ||
| Jade Surtees | Sent: 02 June 2026 | |
| Jade.Surtees@ct.me | ||
| Security Level: Email, Account Authentication | ||
| (None) | ||
| Electronic Record and Signature Disclosure: | ||
| Not Offered via Docusign | ||
| Witness Events | Signature | Timestamp |
| Notary Events | Signature | Timestamp |
| Envelope Summary Events | Status | Timestamps |
| Envelope Sent | Hashed/Encrypted | 20 May 2026 |
| Certified Delivered | Security Checked | 02 June 2026 |
| Signing Complete | Security Checked | 02 June 2026 |
| Completed | Security Checked | 02 June 2026 |
| Payment Events | Status | Timestamps |
| Electronic Record and Signature Disclosure |
Electronic Record and Signature Disclosure created on: 14 May 2021 | 11:21 Parties agreed to: Prof Beatrice Pelloni, Dr Matthew Cordes, Jeremy Chittleburgh
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Until or unless you notify Chiene + Tait LLP as described above, you consent to receive exclusively through electronic means all notices, disclosures, authorizations, acknowledgements, and other documents that are required to be provided or made available to you by Chiene + Tait LLP during the course of your relationship with Chiene + Tait LLP.