2022 Accounts London Institute for Mathematical Sciences Reglstered company no. 06814771 Registered charity no. 1139814 Other names London Insytute,. LIMS Reg1Sted address 21 Albemarle Street, London, WIS 48S Solicitors Eversheds. I Wood St, London EC2V 7WS Independent examiners TC Graup, The Courtyard, Shoreham Road. Upper Beeding, Steyning, West Sussex. BN44 3TN A charitable company limitsd byguarantee www.lim5.ac.uk Trustees DrThomas Fink Imanaging Directorl Sir Roy Anderson, FRS Slr john Beddington, FRS Mr Martin Reeves Trustees, report and unaudited financial statements for the year ended 31 December 2022 Trustees, annu31 rèport Notes to the linancial statements li Independent examineT'S report Company status N.2 Accounting policles N.3 Goln8 concern N.4 Income N.5 Expenditilre Net income & expenditure N.7 Tangible fixed assets N.8 Investments N.9 Debtors N.10 Creditors N.11 Restricted and unrestricted funds N.12 Analysls of net assets between funds N.13 Related party transactions N.14 Operating lease commitments N.15 Comparative statement of financial athvlties for the year ended 31 Dec 2021 li li 12 12 12 13 14 14 14 14 Statement of financial actiwties io 8alance sheet io 16 16 16 17
London Institutr br Mathernatrcal Sciences Ac¢ount$lor the year ended 31 December 2022 Trustees, Annual Report Summary of 2022 Structure of Ihe London Institute Financlal review 2022 was a ty0msfoimaiivt year. At th¢ start of The London IttitUte advaeS research for the At the end of 2022 the Institute had total the Ukrainian war. we rnived fast to crffaLeour publjcbenefiibymaintaiDinBaniaepend¢nLre- reSe¢S ts1£150,841 compared to £182.199 i ArDold and daU Fellowships for scientists Search irn%timte fi)rtheoreticaIphy5ics andJnath- 2021. li ha(1 a $utplu5 of restricted fund5 of from Russi4 Lknne and Bdarus. With ten etllatl. Ii v¢S scientists the freedom grd sup- £89,043, compaied Lo £2.tl]O in 2021. positiolls, eath for three years. It is the largest port todedl¢aLe themselves to researchfull-tirne. Our Teserves policy is io nuiulaln rts¢rv¢5 of proBratntne of lis kind. By the end of the year, There greno teathingora¢&Dilli8trative duues. wehgd recrwtcd five Fcllows. at Icast 20% of tht ¢haTity'5 a[Ual expenditure. The Institute¥ aCtit$ ate outEined JD the At the end of 2022, we held fve reseNes of ake roorn ftsr otsr arrivak we foll(K¥ing six p4ges. Each page describe5 the ac- £6l,798,conipat¢d 10£180.199in 2021. early doubled our space in the Royal Institu- tiiitte5 associatcd with unr of the fi)llowing 5ii We Tcceivcda substantial 8TatLt dutins2022 tioD. We are using ont of outlarge newzoom$ thenS.. rcstarch, p¢ople. hndin8, coID]nuIiic&- which was mostly deferred to 2023. The a$ a 5emiDarroorn, whichsiKnifi£antlyincrea5- tiOll.5pace and cvents. unrestricted elelltt to this grant was greatet esour convening power. The Instimie is a charitable company limit- than £4W.000 which covers wejj in excess of Scienttfic discovery i5 our matn hcus, and edby8uaranle¢ and is governed by LL Artlcles 20% of the charitys annual txpertdirure. thts yedr saw br¢akthroughs in areas t¥Ag- ot As50ciatioJJ. Th¢ Tru$i¢es of the chatiry are Htstorically. our main riskh2sbeen a short- in8 frorn quantll field theory to Ai-assistrd the Directors and Memkrs o( the iompaAy. age OF unrestrÈcted fund5. This was because m&the[n1(S. To better b¢n¢hsnark our IE- TrLtstee5 are elected by ordinary resolutlon on rno$t srant-giving agencies offer impracricabk search PTDgre54 WE started wetghin8 our pa- the basis of their capability to advaknte the ac- pets bythe fiailion of authorswho wDrk at the ittJite¢t costs rates, knowtTrg that wiiversities tie$ofthe Institute. vnstitute.me alsopublished2rticLes in the press <an make up the shorrfall through the c¢lei)rating thew41ue of theoretical scien¢¢ ond ThtTiustee5 meet iThper$oA ¢v¢ryquartci, 5[Ch Excellence Frdn)ework aJLd student and indiiidua] Trustees meet with the Man- fees. aIiDounangour new Fellowships. a8ins Direilor tnore regLdArly. Day-to-day WtrattcveJ]tsonlopicsrangingfromAI-as- Ovtr the last few Yea however. we have Sl5ted discovery to the theti(SOf£eI1pTo- d¢¢i$ion-makin¥ is ddega¢ed lo the Manag- sig-nificantly reduced this risk Fir51, we have irjg Dirertor. The Trustees are aware of the had more cvtpvrale-&PDn50red itsearch gramKllin& Our conimltrneni to our website Charity CommJssAon's guldante on public fun(bn8. from bl¢.bl¢ and the BCG Hender50n paid off wli¢n it was named offte of the top five ben¢fit in deildins whal activitie5 the Insti- Institute. scietLce websites at the 2022 Wcbby Awards. te carries out. SecoD< we hav¢ giarted to attract major pmlanthiopy. ITh our 2021 4nnual r¢pon, we anttcipated adding phdaTrthropy to our fund- ing repertoire. Sure enough. in ?022 we raised over £3m tQ 3UPPOrt our Arnold and tAlldau Feiiow5hips. aftd we rKeived our first ftS for OL endownient fr)rjunior fellow& Declaration Ttt ¢omptlJngthisannuaJreFOrtthettwl¢eswn. firrn they hdve ha(( rodaTd to the ChaTity Com- illi55ion5wudaJK¢ 0]) publi<b¢rtefitandthatthis report complies with the Challry C¢tnrtth5xbns Statejnent of Reconuncnded Prartice. The trus- ieesdedare thQttheyhr approyedthts ret IIGif (yl nL(Oh,,..) _j , SigLed onbd)alfofrhetwsesby ?(A Ls,) DrThomas Fink DsreclorandTrn$tee 11 May2023 Mthler tneasure fiorn number theory 1$ used for the first till)¢ in physics. yielding-mahler tlo whith exiryolate5 different phases in QFT.
IOn knslitute formaihernatical Scienc Accounts foi theyeat ended31 December 2022 Research We continuously track the quality of the papers we publish, and have set ourselves a target of doubling our research output every two years. Our researth spans four main themes: math. ematlcs thai tinifies.. the e]egant tsniver5r. ]Ite, learnins and eMSE{e.. and the theory Df hu- man enterpiise. tn 2022. most of our resear¢ was ott the $e¢ond ¥nd third ihemes. The top- ics of our pubb"cations tange from advances In 4uantLUn fidd theory. to alternative fot]ll5 Qf computing, to ma¢hkne learniti8 In 8eometty. In 2023. we will Add puKe m4thematic% to the lia.. of our five Arnold and Landau Fellow$ re- cruirea 50 laT, thiee art maihcinaliaans. To better benchmaJ out res¢arth 2022 we started wei¥hitt8 our publishÈd papers by Ihe (raciion ofauthors thatwork#t thetnstitutr. Ilys ¢nsure$ that the numbtt ol organis8llons that lay daim lo a Fapcr adds up to onc. inti. mately, this wdl alIiJw us fairly to compare our researih perfornwicewiih tkat of otherplac¢s. Ourgoaifortheforeseeabl¢ tutureis lodou- ble our earch output every two years. Our Cirtuits of memilstors, resistur$ meThwry. can ¢xhibAt instabitities which a]loWd&ICal tuD- unit of measure is tbe author And S0Ce nor- malised in]pa£t per publication. or ASNIP. I ndJingthrou8h poteniiaj ener8ybarrier& 2022, OUT target was 20ASNIP poiTrt& In 2023, Itwill be 28. OtteASNIP poSnti$the equivalent of 4tiCal papers. ,(1-7, --7oxl'lls- IfKryr L., Selected papers Jotlrnol ofthe Ameri¢od MoÈhemalT¢alSoGiYty PhyKcal ReviewE Bounding Zarembas conjecture Optimal electronic reservoirs UsingmdhLthrdatedtotheBourgain-Gambutd tKRchiDerefinesthepreviousboundonZar¢uJbls miectutein thetheoryof continuedfraction& Balancingtn¢[ThoryttutnlinearcvtnFelltsith nonlineatities ftojn mejlliisiots optiTnises the ¢omput0ti0ttai¢pacityofeiectrottlcreservoi CoMMUNtcatiorts MdthemrtticalPhystcs Journal ofHigh EnergYPhy5ir5 Gauge theory and integrability •l.i Mahler measure for qulvers MAlJermeasurefromnumbertheoryisusedfor thefirst lie in plyics. ?ielding"Mahlerflo whlth extr4)olates differentphases in QFT. The algebrn ¢f a torlc qulver gauge theory re- covers the Bethe ans&tL ttvding the rdauon bel gauge th¢oriesandlntegrable wterns. Phy5iC5 IdtsT5 B Machine leaming Hilbert series I.,....1 Phy(aIRviy D Calabi-yau anomalies Neural networks fittdeffiaenr waysto compute th¢ Hiibert serie5, an important couniing fiuK- tioninal8ebiaic8eometyand gauge theory. Utwervised machu]e-leamiDg of the Hodge nUmbetsofLab1-yaUhYPClsUrfaffSdetectsneW
London Institute for Mathematical S¢iettces Accounts for theyc•r¢nd¢d31 Dec¢mber2022 People We filled five of our ten Arnold and Landau Fellowships and recruited two key members of staff: an office coordinator and a science writer. Oui Teiruiknent drive in 2022 was centa on ¢ur 10 Arnold andLattdau Fellowships. Trilling lÈn research ptssts in a year is a majoi tsnder- iaking, especially for a srnall organiation. But through word of mouth aDd our significartt press coverag& byyearsettdwehad90 applica- tion& We did a fiTst-8iage lttteryiew with 20 of th¢se. thd then mettbe mostpromising per- son. which often involved traydling ¢0 a mu- tually cie55ible country. Ry the end ol 2022. we had made five appolniments. and two new Fello had artiyed. Outside of researth we fed two straW"c role5. Th¢ fit5twa5 an office(diDatOrada$- sistant to the director. Wt hrlcotned Alana Ker Marer in Septetnber 2029 A5 welt as orc1. ttating the athiiities of our xicTrti5ts and.%taff, She also liais¢5 wilh the Royal Institstion. with whomwc continue tOWOTkmore cl(kdy. The second post we filled was a fu]L-time science writer with & matb¢mati£al back- ground. Itk D¢c¢mbet 2022 we welcon Dr Madeleine Ha]I, who has a PhD in mathe- mailcb. Her work conjplements the writing and joutnaiism dolle by out pait-time silence writer.Thoma5 Hodgkinson. Th¢ London Institute hosts a day syrnpostum on usi8 Al to speed up mathentiCal discove foJLow¢d by a panel discussioo. dilnks and dinner. People ARNOLD FELLDW LANDAU RESEAFiCH FELLOW Ilya Shkredov Alexander Ochirov Pro£Shknedovi%anArnold FellowotLIMS and a rnember of the RiL4sian Academy ofSciente& Hework50n llumbertheotyandconjbinatorics. Dr O¢hirov is a Landau Reseatch Fdlow at LIMS,havin¥previoustyworked th Oxford and Zurich. IS resEarchison quantumfie]dtheory. SCIENCE WRITER OFFICE COORDINATOR Madeleine Hall Alana Ker Mercer Dr Hau is a science writer at LIM& wbere she writÈs for the press and our website. Hci back- growiitil Jn tnathematicalbiologyresearch. Miss Ker Merttr 15 the wordinator aud assis- tant to the D1ctOr,with experiÈnceittEJ]gIith Ilterature 2nd htstory of arL suFrtMER UNDERGRADUATE RESEARCH FELLOW Tim Zhang Tim Zhang wès a sumtller undergraduate re- scar¢h fdlow al Lurfs. He worked on i]nple- menting modelsofgene regulatorynetworks.
IAithn forM4the]naticalSciences AccouThts for th¢y¢ar ended31 December2022 Funding Thanks to the generosity of our donors, we created ten three-year Fellowships for outstanding theorists affected by the war in Ukraine. WitTrlln two anda tLalf]nonths ofthestartofthc ITh Ukraine, we esiab]ished teTr three-ycar rliowships for leing theoreti<31 physicist5 and mathtmaticians lts)m Russia. Uknae and Belarus. Led by our Directur of DeVelOpeI we rdisea over frotn OnO donors. A5wellas achance ta hdpsclentistsarfectedby thecontlicl, theprograrnme is aonce.itt4-gen- etationopportunitytorecruiibtilliaottheDrittS. Our five Arnold Fellowship$ are named aftet the ukrainian.knrn rAathematiuanVladlmlrAr. nola. OurfiveLandau fello1p& ate named af- terLcwLandawtheNLthlprrLtrwlnnll)g Rlatt physi¢itt. By theend of the pr, we bad ¢rc¢ived applicatiOll5 a[ appointedfive Feuo Mcanwhile. with Killls College London we won a Research Project Grani from the Leverhulrne Tru51 foi work on iosiiiology. Wr r¢ceived the fiist donations lo our Tombrcllo lunAor F¢lluw5 end0ent, whicli we are rais- Our Arnold and Landau FellhiP$ contirtue a traditioll ot contact atO collaboration b¢tw¢en irlg with Calteth5 help. The BCG Hmd¢rson British andRussian scieThiists. rnstimte gave u$ a one-yw sraDI for rese¥r Al-assisteddiscovery, andourfundingfrom the Catnbrid8e cell progtaminlThB company bltbio continued irAto its third yeat. Arnold Fellowships Landau Fellowships BCG Henderson Anonymous donors rnad¢ a transformative FoJL05bung the estsblishment of the Arnold The BCG Hendetson Institute invest£d in re- c¢niiil>uiion to e5tablith five three-ytr4r fel- Fellowships, we have raised nlltched fund- search ott AI-assl$ied math¢lltical di3coYery. lowship$ for theoreticaL physicists arld math- ins from anonymous donors to establish the As well as supporiittg Iwo of our researthers, ¢mafiiians ttum Ru5b"ia. Ukraine and Belarus. Landau Fellowships. Natned after the Nob£l the fitndsng weni iowards a conference thai Th¢s¢f¢llow$hip5 are named afterthe Ur- laureate Lev Landau. these fellowshlps ale brougbt together r¢searChS &vm acudemia ian-born mathem2ticiatt Vladimir Arjjold. for five outstanding theoretical physicists attd and industry. The BCG Hcndcrson lJJ5titllte We are grateful for the opporiunily to recruit mathemAticians from Rus$i rv wvrk al the is the think tank of B(>5ton Consulting Group. world-class talentfrom tiiese counirles, whi¢h London Institute. Thank yr>u to our donors. 4pplyIn8 iTrsi8hts froffl acadernic disciplines to have an excepts'oD&I record of discovrry ill the wbose geneD)us suppori will sh¥e the fllturÈ the strategi¢ ¢hallert8es facing business, 80V- mathematical $¢iences. of research ot our Institute. ¢rnm¢M and so¢i¢iy. Leverhulme Trust blt.bio The Lottdon Institute won a Research Pro- Bit.bios invesÉtnent in the London Enstitute ject Gralll frotn the LeVerhltne Trust to has ¢ontlnued for a third year, supportitLg do research on mathitte learrtin8 applied to multiple PO%L*. Over the coming year, we will string Cosmology. Ihe grani. which is joillt fftnvesiigare Ihe mathemarics ol experimental with Kintys College London, is For two year5 design, AI-assisled al0very of rcpToÉrom- and will support a POSLdoc At th¢ Institute. ming set5, and simple modds of cell pro- aLnong other thiThg3. The ILverhuimt 'lrusl 8raTninin8 that are exactly sohTable. Bit.bio 1$ is a UK-based organi5ation that funds grattt$ a $yntheticbiology cojnpany that repro8ran)s for ortglnal aod sisnificatLt research acr055 ell human cells fo[ use in re$earth, drug discov- academicdisciplittes. try and c¢ll Iherapy.
London T4]stitut¢ ftst M&thentiCal Sciencal Accounts for theyearend¢d 31 DecembÈT 2022 Communication We published essays on our new Fellowships and the value of theory, and we were named one of the top five science websites at the Webby Awards. More than research orgdjjisations, we in- vest in ourivebsiiv lo ensure1¢ is cltar, cornpel. Iins and up-to-daie. In 2022. for tp]e, we upaaled VUT Site's vnderiying grid to enhallce Its mDduIar design. attd w¢built ollrcollection (pf blackboardg on our IanduLS We add. ed a new se¢tlon to showcase our rooms lrt the R()yaI Instimtion. and another to describe our Arnold and Landau Plts. We also improved our Inlerfacewith Social mcdia. OUT dedicatioll 10 OUT Site was rewarded enwew¢r¢natnedatthe 2022WebbyAw5 as one of the five besi $aen<¢ websites m the world. Thi5 Pla us ongSide the likes of ScT- encetnagazineand NASASolarSystem Explora- tion. In an e&wcalIed"DesigningWebDeslgn." we de$ciibedihefiYeprlnaplesgviOingour$ite.' simpts"aty. dattty, continuous evolution, modu- larity aRdrecuNYelYdibilegrdS. The press took great intertst itt our Fel- lowships for $dentists affected by the war An Ukrain Wehad41ticles Èbout them in Nature. The Times and The DRtly Telegr4ph. Be(ore the Nobelceremonies.wewroleln Ike TimÉsabout the vaLue of theoretic re8carth. Our webstte bas nomlnated for the besi $¢lence website in th¢ Webby Awards-haijed the "iJLt¢meCshighest honol, by TheNew York nmes. Selected articles 8 DEC 2022 10 O¢T 2022 The beaLrtiful game Landau lives on The beautifi game of mthemaricE. affeler- aiing disifflrry by seeills patterns #mong the patterns, deserves a Nobelptize all ofils omm. CreatiDg Fdiowships fot scitnti$15 affected by the war in Uktaine will not only help them. It willa150 be amajorknwLforBritish Kienc¢. 40CT2022 12 OCT2022 Boost for British science Russians welcome In NAture, the London InstLtute argtJe$ that it$ fivcnew Resvdrch FelIowships for Russtan the- orists will be a boost for British science. In a letter in The Tlin, vur Directot Thomas Fink edLoes BiThsieiils support for lii)Èrty as a Prn(lIt[00f0tIsjndj thouort. 1 JUL2Q22 19 MAY 202? ,. tbt¢tltyrapD Hislory repeals itself From Russia with math The Royaj Instilutionsupported s(ienti$tsllee- ing 19305 auihoTitarianisrn. Now. thanks to ourAmold FeJIowships, history repe3ts itsel(. Cbt¢tltgrb story$uggestsournewptsstsfOrE&kl$i$alld ath¢maiithans frorn Russi4 1]kratne and B(4a- rkis willhavean endtyin8impaci on UKscie[L
iA)ndoTh Instituie forMathemati¢alSclences
Account5for the year ¢nded 31 Decembei 2022
Space
To accommodate our growing team of scientLSts and
staff, we doubled our space in the Royal Institution,
making us their anchor tenant.
We believe in the power of Presence, arld all
of our scientists and staff work tn the build.
ing fivv days a wedL To make space for our
growins team, art 2022 we Tented thtee n¢w
room$ In tht Royal Inslitutloll. This ha$ Dearly
doubled our space, making us the Royal Insti-
tions nchor tettat.
o of our new rooms are large rooms on
the second ]oor, 3djoinin8 our original of_
fices. These formed part of the privaie apart-
tThellts of past Royal ID5titution direcio15. We
call them Braggs Dlning RI)M ad Tyttdalls
Parlour. On the ihild floor we took a
that oncÈ $eTved #s a guest room for visiting
lectureis, which we call Davls Attic.
We are using the bi88est ofour new ro(
as 4 serninar room and to host meeting$ of
young researdr5 from the SUriDunding uni-
vetsitie5. It cart accommvdale50 people.
To It{¢ ihe terior ofall of out rooms re-
¢
London Instihrte formatheMatic S¢leTrces Awounts fortke yearended 31 Dec¢rllber 2022 Events We have contributed to the Royal Institution's programme of events with seminars, public lectures and our largest conferences to date. The RuV Institution is a world.l¢ader in the liv¢ communltation of Kitnce. In 2022 we coniributed 10 its programme with a pro- sramme of our own. W¢hosiedconkteIl5Qn AI-ossisitdmath. em&tical diKovery and the mathematics of cell programmins. With theaddition of a dedi¢aled seIllarr00toQWrOtsmsInfeROYalrnstitu- tlon. we were able to hDSt more iolks, for larger auaiences, vnsubjects rwing fromblackhole5 to ttubuIcn¢t to the gtrllrture olinni)vation. We started hostingwteklylcctures on cur- rent topi in theoreiicai physl¢s for youn researchers frorn the London universitit$, i partnership with the viitual Lottdon Theory In$tltute. This is an opportunity for FhD st- den15 andpostdocs frotn dtfferent universiiie.s to network on neutral turl. It also offers us, in the absence o(&ludents, a chan¢t to scout for emtryng talent. &nce Int£rF1ing Sir Roger P£nro8e inthe Lecture 1healre at the end of 2021, we hav¢ CDntinued to provide content for the Royal In- $litution'spubliccveJJts. Aswegr¢w.wehope to progress beiThg an occasional coDtribulor robeingont tbe Ropl InstitutiOll5 rnainstays. Cellbiologigt and bit.bio founder MarkKotter explainshow breakthroughs in progratnming¢e115 artkicking off a revolution. Selected events 5 DEC 2D22 28 OCT 2022 Strong turbulence Al mathematics Ovet the coutse of four lectures Prof. Ai¢AaJJ- der Mi6dai presents 35 years of rese3r(h con- cernllJ8 ht3 new 4>proach to strongtutbulenc¢. The kndon Institutehosii a daySymplum on usiD8AIt05peedUp3then1dIscoVery.f9l- lowed byavdnet dISal0 diiDksandknneL 7 JUL 2022 10 MAR 2022 Acceleratlng innovation Uncovering Ihe OS of life The L4>ndon fnstitute and the DitrhleyFounda- tiott h051 aftemoDndisai0n and thinks o theiett0[lln0vt10nlAab0wtsktspetd itup. BTrakthroughs in cell programming 4re kick- ingoff abiological anaIoguvolihesilicon rev luti0 alLowing us to predicublyengineer]ife. 2B AIAR 2022 21 FE8 20?.2 Cell programming math8 LonTI lecture series The IA)ndon L[llUte and bir.bio host a two- daYinterJtl<aLrn¢e[In%tQ unravd the theory of¢eU ptO8rammingèt the ROY Institution. Duyitig sprln8, the London Institute hosts w¢tklylecturcs in theoretical physics for young researdJer5 who areinterested in newfitlds.
London In51iWteforMathematral S(i2n2es Accounts fortheyearen(*d 31 December2022 2 Independent examiner's report to the trustees of London Institute for Mathematical Sciences {"the Company") I report to the chartytrustees on my examination ofthe account5 of the Companyforthe year ended 31 December 2022. Responsibilities und bosis of report As the charlly's trustees ef the Company land 3150 Its directors for the purposes of ¢offipany lawl you are respon51ble for the preparation of the accounts In accordance with the requirements of the Companie5 Act 20061'the 2006 Act'l. Independent exominEr's stotement I have completeij my eKamlnation. I confirm that no matter5 have come to my attention in connection with the examinatitsn 8ivln8 me cause to bèlieve-. lil accounting record5 were not kept in respect of the Company as required by section 386 of the 2006 Act,. or Having satisfied myself that th¢ acwunts of the Company 3re not required to be audlted under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity'5 accounts as carried out under section 145 of the Charities Au 2011 I'the 2011 Act'l. lill the accournts do not accord with those records- or liiil the accounts do not comply with the accountin8 iÈquirÈmerbts of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an Independent examination,. or Sin¢e the comp3nWs Bross income exceeds £250,000 your examiner rnust be a member of a body listed in sethon 145 of the 2011 Act. I can confirm that l am 4u2lilied to undertake the examination because l am a member of the Association Of Chartered Certified Accountants. which Is one of the listed kH)dies. Ilvl the account5 have not been prepared In accordance wth the methods and principles Df the Statement of Recommended Practice for atcountTng and reporttng bv charities. In carrying out rny examination I have followed the DirÈ¢tions given bythe Charity Commission under Sedion 145151 Ibl of the 2011 Act. I have no toncerns and have come across no other matters in connethon with the examination to which attention should be drawn in this reporr in ordèr to enable a proper underst3nding of the accounts to be reathed. Mr Mark Curnmln5 FCCA FCIE for and gn behalf of TC Group The CDurtyard, Shorèharn Road UppÈr Beeding, Steynlng. West Sussex BN44 3TN Date=
London $tUte lor MathematttslSdentÈ5 Accountsfortho yearended 31 Decernber2022 3 Statement of financial activities Unrestritted Restricted 2022 (£) 2022 f£J Totul rotul 2022 (EJ 2021 (EJ The statement of financial actrvities includès all gains and losses recognised in the year. All income and expenditure derive from continulng activities. Income D(Fnations & legacie5 lsee N.41 other trading activity lsee N.4 752,107 117,437, 869.544. 669.505, 40,000. 40,000.. 792,107,, 117,437 909,544 j 670.505 Expenditure Charitable athvities (see N.51 910,5081 910.508., 30,394 940,902 i 831,377 940,9Q2 831,377, 30,394 Net Incomellexpendlturel (see N.61 Trdnsfer5 between fund5 (see N.111 1118,4011 87,043 131,3581 1160,8721 Net movements infund5 1118.401 87,043 1313581 1160,8721 Reconciliution offunds , Totsl funds at ljan 180,199. 2,000 182.199,. 343,071 150.841 i 182,199,. Total funds at 31 Dec 4 Balance sheet Fixedo55ets 2022 f£) 2021 (£J For the year ending 31 December 2022 the tompBny was entitled to exemption from audit undÈr 5pcknon 477 of the Companies Act 2006 re13ting to small companies. The members have not required the company to obtain an audit in accord8nce with section 476 of the Companies Act 2006. The dirèttors acknowledge their responsibility for complying with the reqU1mentS of the Act wlth respect to accounting records and for the preparation of ac¢ount5. Tan8lble assets (see N.71 Investment in subsidiary (see N.Al 5.225 5,680 loo 5,325 5,780 Ctsrrentassets Debtor515ee N.91 Cash at bank 1,519,897 1,485,053 1.340.524 145,934 2.860,421 1,630,987 The accounts have been prepared irt a¢cordance with the provisions applicable to companies subject to the srnall companies regime. Current liobility Amount falllng due within one year Isee | N.ioI 12.714.9Q51,' {1.454.5681 The ft"nancial 5t3ternents were apprnved by the Trustees on and sl8ned on their behalf, by Net curnt assetsllllabilittesl 145,515 176,419 Net Q55ets 0,841 182,199 Thoma5 Fink Compary Reglstration No: 06814771 The notes on the followlng pages are part of these financial statements. Chorltyfunds Re5trirted (see N.111 Unrestrirted15ee N.111 89,043 2,th)0 61,798 180.199 150.841 182.199 io
Lonthffl WfjtrLUteforMathernafjcalSCtKeS unts forthe ar*ed 31 Oecember2022 Notes to the financial statements N.1 Company status The London Instle 15 a company Ilmited by guarantee and reglstered in England and Wales. The members of the company are the Trustees. In thè event of th@ company being wound up. the liability is limited to £5 per member. The Institute meets the defrnition of a public benefit entity under FR5102. The specitic publit benefits can be found in the Tru5tee5' Report. N.2 Accounting policies Busis of prepurotion of finuncial stotements The flnancial statement5 have been ppad In accordance with the Companies Act 2006. the Charities Act 2011 and Accounting and Reporknng by Charities.. Statement of Recommended Practice applic3ble to charitr.es preparing their accounts in accordance with the Financial Reporting Standards IFRS 102, effecknve Jan 20151. The financial ststements have been prepared under the historical cost ConvenOn. The Lgndon Institute is exempt from preparing group accounts In accordance with 5402 of the Companies Act 2006 and the Charities SORP IFRS 1021. The functional currency of the charity 15 British pound Sterling. Itcms in the accounts are rounded tg the nearest pound. Fund uccounttng Unrestricted funds are funds with no restrlctions and ean be used for the general objectives of the company. Restricted funds are funds which have restrictions imposed by donors or which have been Trised ty the company for parricular purposes. The transaction5 relating to such funds are set against each separate fund and no other. The airn and use of each rèstricted fund 1$ Set out in Note N.11. Income Incoming resources are included when the charlty ha5 entitlement to the fund5. probabllity of receipt and the amount can be reliably measured. other trading income is recoenised on an accruals basis. excluding walue added tax. Tanoiblefixed ossets unddeprÈcNotion Tangible fixèd assets are stated at C05t less depreciation. Depreciation Is calculated uslng a 20% 5tréight line for the leasehold property. fixtures and fittings and 33% straight line for the trffi equipment. Foreign currencies Monetary assets and liabllltie5 are translated into sterlin8 using thé tlosing 5POt rate at the balance sheet date. Transactions in foreign currencies are translated into sterling using the spot rdte on the day of the trar15actions. Exchange gains and losses are shown in N.5. Debtors Trade and other debtors are reco8ni5ed at the settlement amount due. Prepayments are valued at the amount ppaId. Expenditure Expenditure Is accounted for on an accruals basis and has been aggregated Into relevant expense categories. Research activtty costs are Iho5e costs incurred directly in support of the Institute's obj@cts. Support costs are those costs incurred indirectly in support of the Institute's objects. Governance Co5 are thosE incurred In connethon with administrats.on of the Institute and compliance with conslitutional and statutory requirements. Creditors ondprovi5ion5 Creditors and provislons are c0sl$¢d where the InStite ha5 a present obligation resulting from a past event that wlll likely result in the transfor of funds to a thlrd party and the amount dL¢e can be reliably measured. Investrnents Investment5 in associat@s and subsidlaries are aoUnted for orn the historic cost basis for the equlty held. Cush utb17nk Dnd in hond Cash at bank and in hand includes tash and short temi highly liquid snvestments. li
Londo In%knte fcrMathemattcaIStce5 Acco¥nts forthe yearended 31 DecembÈr2022 N.3 Going concern The Trustees believe current and future exptrted incorne will allow the London Institute to continue its activities. Therefore. the financial statement5 were prepared on the basls that the Institute is a goinB concern. The Institute has a surplus on unrestricted funds of £61,79812021.. £180,199). N.4 Income In¢¢>mefrom donotions Unrettncted2022 (EJ 8.906 ' Restrirted2022 f£) Tott712022 f£J Total 2021 I£J Donations 10,479 2,798 i Grant and corporate 743,201 115.8641 859,065 666,707 752,1071 117,437 669,505 Incomefrom other troding odivitie5 Fee income 40,000 40.000 Lecture fee income 1.000 N.5 Expenditure StGrff costs (EJ Depreci(7Th0n (£) othercosts (£} Toto120221£J Toth12021 I£} Research activity costs Idetsiled below) j". 438,758 i 27,064 465.822 409,084, Support costs Idetsiled belowl 200,911. 422.293 | 831,377 5,011 269,148, 296,212 475,080 ' 639.679 1 5.011 940,902 12
London For MathEmatsl stien5 Account5 forthe year ended 31 December 2022 N.5 Expenditure {continued) Resetsrch uctivlty costs ' P05tdocs 2022 IE) 20211£J 2,988. 51.933 283,601,. 188.232 .. 99,208 Support costs 2022 (EJ 2021 (£J 175,930. 215,534. l Administratr-on salaries Fellow5 Depreclation Rent 3,704 Developers Consulknng Travel 212,924 1 137,592 3,543 Bookkeeping fees ' Sundry expenses Bank tharges and interest 6,112 19,744, 8,672, 32,396 116,2121 115,69Ql I 17,047 . Employers national Insurance Employèrs pension IT software and consumables 20,529 National insurance 22.479 26,704 3.6001 1,7511 14.061 3,585 2,311 Independènt examiner's fee i Utilities . BOO and Sundry 193 696 465,822. 409,084 Repalrs and renewals 2,490 Cleanlng Legal fee5 493 Governance costs 2022 (E) 2021 {£) 22,375 16,312. Independent Expminer, fees Legal fees 3,600 3,600., j Rates Insurance 3,406 16,312 L7601 1,211 25,975 19.912 Telephone and internet 754 Prlntin& Stationery and posta8È ' AdVe$Ing and publication fees Recruitment*ees 1,306 1,176 Stoff costs 20221£1 2021 (£J 561.727 551.699 1 S4,610 47,420, 33.040 i Wage5 and salaries Soclal SecUrY costs Pension cOS 72,755 59,100., 24,170 Penslon costs 2,513,. 5.197 i Subscriptions 629,679: 634,969 ' 1 {Profit10s$ on disp. fixed assets Forelgn exchange lossllgalnl i Research & development tax credit , Event costs 3,032 1,835 4.356 196.7031 186,488) 41,528 Fines and penale$ 438 475,080,, 422,293 Three employoes received total employee bènefits In excess of £60,000. Senior management consists of 3 individuals 12021-. 11, with siaff costs totalling £329.082 12021.. £292.4721. The Institute'5 Arkncles allows Trustees to be paid for services to the company. and Trustees were paid Ehlil and no expenses were reimbur5ed12L121.. £Nill. The average Monthly nurnber of employees during the year was 3 research 5taff12021.. 61 and 4 administrative stafFI2021- 31. The independent erdminer was paid E3,60012021.. £3,60QI for examinlng and £NII12021.. £Nill for Dther servlces. 13
lo0 InsEl¢UteforMathemcal ence$ AcwuntsfortheyparEnded 31 Deternber2022 N.6 Net income & expenditure The nrt income and expenditure in the statement of financial athvities 15 Stated after th3r8ing'. 202?LI _ 2021_1£1 5,011 3.704 1 Depreciation cf tan6lble fixed assets Independerlt exarniner'5 fee 3,600 N.7 Tangible fixed assets N.8 Investments Le05ehold Fixtures & property{£J fiItFngs (£J 189,537". Office equip. f£J Cost Tottrl 1£) 250.624 i 4.5571 1189,5371. Investment 2022 {£) 20211£1 loo As at l Jan 2022 47,749 13.338 . Subsldlary 100 Additions 4.557 loo,, Disposals 1189,5371 At 31 Dec 2022 17,895,, 65,644 Subsidi(Fry LIMS V8nture5 Ltd On 2 Nov 2015 the Ins17tute set up its trading subsidiary, LIM5 Ventures Limited Iregislered no. 09851506 and registered office 21 Albemarle Street, London. England, WIS 4BSI. and subscribed to 100 ordlnary £1 shares. The charity holds lOO% of the issued Share capital. The company's accountg for the ye4r ended 31 Dec 2022 showed a total deficit in reserves and share capit31 tsf £6.111 12021.. £4,311 deflcltl. Depreciorion .'AsatlJan 2022 189,537 47,520 7.887 244.944 Charge for the year I On disposals 228. 4.783 s.oil 1189,5371 1189,5371 60.418 At 31 Dec 2022 47,748,. Net book vulue At 31 Dec 2022 5,225 5,225 .' At 31 Dec 2021 5.4511 5.680 N.9 Debtors N.10 Creditors Debtor5 2022 f£) 2021 (£) 73.125 35.260 105,665 109,4341 Owed from group undertakings 1,340,359 1.340.359., Trade debtors 748 Credittrr5fvlling due kvithin the yeor Bank loans and ¢)verdr3fts 2022 (£J 2021 {£) 758 Rental deposit 6.155 Other debtors Other loans 372,637 398.237 Trade cr2ditors 8.774 3,186 Social security VAT 303,753 287,289 1.519.897 1.485,053 227,264 243.86S Other creditors 224,682 282,915 Accruals and deferred income 1,577,037 232.921 2,714,905 1,454,568 14
iondaD In5tttutefor mathemaCal Sdences AcroknTris fortheyear ended 31 DErernker 2022 N.11 Restricted and unrestricted funds Restrictedfunds unstrictedfUds Restritted funds are externally restrlcted In use or purpose. Unrestricted funds bear no external rerictionS in use or purpose. Restrlcted funds are accounted for and reported separatelv. Unre5trirt@d funds are pooled and spent in accordance wlth the charitys objectives, as determined bythe trustees. The Instftute has five types of income which contrlbute to its $trIcted and unrestricted fund5. The subtota15 for these five streams help us see which fundraislng effDrt5 were effettive, and how best to adjust course for the year ahead. Income rype Grdnts Foundadtsns Corpora&e Don3tions Othertrndin8 Income given... for research after wnning a cornpetits.on not for research after winnin8 a competition for research the absence of a cOmpetron notfor research In the absence of a competition lor office and room rentsl and other athvlty Forreseurch Competitive Restricted vs urRrestricted Mix of both Mix of both Typic311y unre51rfcted Varies Unrèstrlcted Broyghtforwurd l Jon 2022 {£) Restrictedfvnds Curriedfvrwurd Tmnsfer5 31 20221£J Income 13.641,, 16,753. Expenditure Anon C 13,641 Anon J Grdnt5 16.753 ' Edward Har¥4St Trust i Tom Tombrello 85,470. Oonaiions , Tom Tombrell 1.573 117.437 30.394 89,043 Unrestrictedfvnd5 25,846,. 82,180 Grants .AnonJ Donations . Various 8,906 910.508, 61,798 Other trading Boston Consulting Grtrup Corporate BItBio Ltd 180,199., 90,571 584,604 180,199 792,107. 910,508,, 61,798 i Tottllfvnds i Re5tTlCted fund5 117.437, 89.043 Unrestricted funds 180.199;. 792,1071 91tI,508 61,798 182,199,. 940.902 . Source ShDrt nome long nome Anon J , Anonymougj Anon C Anon C Anonymous C Edward 4arvist Trust j Edward Harvlsi frust Edward H3rvistTrvsE 15
London Institutsfar MatheMatal Sdences Act15 loithei*arended ai DecEmber2Q22 N.12 Analysis of net assets between funds Unrestrirted 2022 f£} Restrtcted 2022 {£J Total Unrestricted 2022 (£1 2021 1£) Restiicted Totalfunds 2021 1£) 2021 (£) . Fixed assets 5,326 56.4721 61,798, 5,326, 5,780 5.780., Net current assetsliabilities 89.043,, 145,515 174,419.; 176.419. 89,043 150.841 180,199 2.000 182,199 N.13 Related party transactions Included within other creditors is a balance of £91,582 12021.. E165,371) due to Dr. Thoma5 Fink, Director of the london Institute. which will be drawn down from year to year. During thè year, the London In5titutÈ invoiced LIMS Ventures Limited15ee N.41 £nil in respect of accountancy services12021: £1,800). At the year end, LIMS VÈntures Limited owed the Institute £1,349.72512021.. £1.340.3591. Mr. Martin Reeves Itrusteel Is a dirertor of Boston conslting Group. During the year, the London Institute received £90,571 12021.. £nill from Boston Consulfjng Group. Included within other debt0 Is a balance of £104,01212021.. £116,612) due from Benlamln Lynch, director of LIMS Ventures Limited. Repayments received during the yeir were £12.600. N.14 Operating lease commitments As at 31 t)ec 2022, minimum payments to be made in relation to the premisés rental lease totalled £212,92412021'. £137,5921. Total of future minimum lease payments under non<4ncellable operatin8 leases are as follows- Leosehold Leusehold propety property 2022 {£J 2021 (£1 78.624.. Operoling le05es which expire.. Within one year Between two and five years 350.999 After five years 350.999 78,624 i 16
tondon InsfftuteforMathematSral $cn¢e5 AccountsforiheyeareDded 31 Derernber 2022 N.15 Comparative statement of financial activities for the year ended 31 Dec 2021 Unrestritted Restricfed 2021 {£J 2021 f£) rott71 2021 {£J Income ' Donalons & legacles Othertrading activhv Tolal income 572,037 97,468 669,505 I,ooo' I,ooo 573,037 97,468 Fxpenditure Charltable activlties 613,799 217.578, 831,377 Total expenditure 613.799, 217,578., 831,377,. Net income/lexpenditurel Transfers between funds {40,7621 1120.1101 1160.8721 Net movements in funds 140,7621 1120,1101 {160,8721 Recontilirjtion offunds ' Totsl funds at ljan 2021 220,961, 122,110,. 343.071 i Total funds at 31 DÈC 2021 180,199, 182,199 17
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