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**Registered number: 06814771 Charity number: 1139814**
# **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES**
# **(A Company Limited by Guarantee)**
**UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 DECEMBER 2024**
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## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
|**CONTENTS**||
|---|---|
||Page|
|**Reference and Administrative Details of the Institute, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 8|
|**Trustees' Responsibilities Statement**|9|
|**Independent Examiner's Report**|10 - 11|
|**Consolidated Statement of Financial Activities**|12|
|**Consolidated Balance Sheet**|13 - 14|
|**Institute Balance Sheet**|15 - 16|
|**Consolidated Statement of Cash Flows**|17|
|**Notes to the Financial Statements**|18 - 43|
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**LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE INSTITUTE, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 DECEMBER 2024**
|**Trustees**|Dr Thomas Fink|
|---|---|
||Mr Martin Reeves|
||Ms Talulah Brodi-Sangster (appointed 26 July 2024)|
||Mr Florian Schuster (appointed 1 July 2025)|
||Sir Roy Malcolm Anderson (resigned 31 March 2025)|
||Sir John Rex Beddington (resigned 31 March 2025)|
|**Company registered**
**number**
06814771
**Charity registered**
**number**
1139814
**Registered office**
Royal Institution
21 Albemarle Street
London
W1S 4BS
**Managing Director**
Dr Thomas Fink
**Accountants**
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
**Bankers**
Metro Bank PLC
One Southhampton Row
London
WC1B 5HA
**Solicitors**
Eversheds
1 Wood Street
London
EC2V 7WS||
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## 2024 Trustees’ Report
London Institute Royal Institution 21 Albemarle St London W1S 4BS lims.ac.uk
28 October 2025
## OVERVIEW
he Trustees present their annual report together with the financial statements of T the Institute for the year 31 December 2023 to 30 December 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the group and the Institute qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## OBJECTIVES AND ACTIVITIES
The London Institute advances research for the public benefit by maintaining an independent research institute for theoretical physics and mathematics. It gives scientists the freedom and support to dedicate themselves to research fulltime.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
## ACHIEVEMENTS AND PERFORMANCE
In terms of research, 2024, was the second-most successful to date for the London Institute for Mathematical Sciences. Highlights include our first paper in _Nature_ and a _Quanta Magazine_ feature on our discovery of murmurations. Yet our most significant achievements have been strategic: expanding our range of income streams and creating our Council of trustees and governors.
£1,248,126 in unrestricted funds at the end of 2024. However, this funding gap was bridged by income landing in the first months of 2025, as we discuss below. All told, we have secured nearly £6m of short-term and long-term funding in the first eight months of 2025 —twice as much as we ever raised in a whole year before. We are on course to not only cover our costs for 2025, but also reduce the debt that we’ve carried over the last several years. Looking ahead to 2026, we have already covered two-thirds of our total projected spend. Although our balance sheet suggests that 2024 was disappointing, the numbers are misleading in two ways.
First, in previous years, we included as an asset on our balance sheet the IP of our spinoff companies, which are partly owned by LIMS Ventures, our startup incubator and trading arm. Taking into account our shifting priorities and the depreciation of IP over time, we have not included this asset, which would more than balance our debt, in our 2024, balance sheet.
Second, in 2024, we put in a lot of groundwork to broaden our range of funding streams. This
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includes a new emphasis on sponsored and endowed posts, a shift towards trustees who fundraise, and a more systematic strategy for winning grants. These efforts started to bear fruit not in 2024, as we had hoped, but in early 2025.
## GIFTS
Khodorkovsky Foundation, which made a gift of £450,000 in 2024, matching their gift in 2023. We announced this in a Thunderer column in _The Times_ about how science transcends politics. Crucially, unlike prior donations to our programme for Russian and Ukrainian scientists, these two gifts covered our full costs: the scientists’ salaries and the same again for space, support and communication. Thanks to these donations, the mathematician Arman Sarikyan joined us as an Arnold & Landau Junior Fellow. In late 2024, we crowned our collaboration with the Foundation by interviewing its founder, Mikhail Khodorkovsky, in _The Times_ . Then, in early 2025, the Khodorkovsky Foundation announced the London Institute’s largest gift to date: £2.5m over five years, to continue our scheme for Russian scientists. One of our Arnold & Landau scientists, Evgeny Sobko, was promoted to a Fellow in early 2025, following a global competition launched in 2024.
Thanks to Jonathan McClory, our strategic and political advisor, in 2023 we got to know the entrepreneur and philanthropist Ben Delo. At the end of 2024, the BitMex founder donated £100,000 to help us recruit the Harvard physicist Juven Wang, a protégé of Edward Witten. In early 2025, Mr Delo upped the ante and pledged a further £700,000 over five years to create the Ben Delo Fellowship, with Fellow Dr Wang its first occupant. Mr Delo explained why he is supporting the mathematical sciences in _The Spectator_ , praising
our “blend of entrepreneurial spirit and academic excellence”. To get to know him better, and promote our work together, we interviewed him in _Perspective_ magazine.
In early 2025 we began talks with the entrepreneur and founder of Cognia AI, Alexey Makin, whom we met through Mikhail Burtsev, one of our scientists. Whereas the 20th century saw peak progress in reductionist science, the 21st will witness radical advances in our understanding of life, learning and emergence. Mr Makin’s company has since pledged a gift of £1.6m over three years to support junior fellows and visitors working in
In 2023 we met Dario Amodei, the founder of the AI company Anthropic. He was mentored, like our director, by Caltech’s Tom Tombrello, one of the London Institute’s founding trustees. In 2025 we raised $250,000 to support our programme to recruit American scientists. This has been supplemented by a $130,000 donation from an American foundation, brokered by our new trustee Talulah Riley, described below.
## GRANTS
During the last year we systematically increased our submission of grant proposals, both to government agencies and foundations.
We have applied to UKRI for £3.9m of research grants, each of which lasts between one and four years. Taking into account the official UKRI success rates, these have an expected value of £0.9m. Long lag times in the decision process mean that we have yet to receive final decisions on any of them. The topics of these grants include statistical physics, algebraic geometry, quantum field theory and using AI to spot mathematical structure.
We submitted two grant proposals to Renaissance Philanthropy on AI-assisted discov-
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The London Institute is located in the Royal Institution in Mayfair, which has been the home of British science since 179
ery, and two to the UK’s metascience unit on the science of organising science. They were not successful, but subsequent negotiations with Open Philanthropy, which funds the metascience unit, bore fruit when we won a $100,000 grant. This is to find out if 21st-century science can learn from the 20th-century professionalisation of sport, an idea we first proposed in 2023 in _The Daily Telegraph_ .
## RESEARCH
Our research falls into four broad domains: the elegant universe; life, learning and emergence; mathematics that unifies; and AI-assisted theory. The elegant universe comprises reductionist physics and its extensions. In a paper published in the premier physics journal, _Physical Review Letters_ , Evgeny Sobko and others described the first exact solutions of a key family of quantum field theory models. In another paper in _PRL_ , Alexander Ochirov and co-authors derived classical Kerr amplitudes for a rotating black hole using insights from massive higher-spin quantum field theory.
Our most notable advance was in life, learning and emergence. In a paper in the preeminent journal _Nature_ , Oleksandr Gamayun and coauthors described a robotic metamaterial that
violates Newton’s third law of motion, with potential applications in soft robotics and quantum computing. We wrote a popular account of this breakthrough for our website.
We published a paper in _Nature Communications_ on a training algorithm for an artificial neural network that was implemented entirely on an experimental chip. In _Neural Computation_ , we used the free energy principle to derive multiple theories of associative learning, thereby allowing us to combine them into a unifying framework. We had two papers on Kauffman’s archetypal model of the interface between order and chaos. One appeared in _Journal of Physics A_ and the other in _Physical Review Research_ . They are stepping stones to our previously published exact solution of the Kauffman model.
work on infinite dimensional groups by proving that the height of a parallelotope made from real infinite-dimensional vectors is infinite if these vectors satisfy certain conditions. This singleauthor paper appeared in _Linear Algebra and its Applications_ .
AI is particularly adept at spotting patterns in the mathematical sciences, called AI-assisted theory. This is because, as we argued in a _Nature_
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_World View_ piece, in mathematics there are no coincidences and mathematical data is cheap. Yang-Hui He, one of the pioneers in the field, reviewed progress in AI-driven maths and physics in a perspective piece in _Nature Reviews Physics_ .
When Yang-Hui He and co-authors applied elementary machine learning methods to elliptic curves—simple polynomial equations used in modern cryptography—they discovered new structural insights. These so-called murmurations, which exhibit flocking patterns, were published in _Experimental Mathematics_ . They also formed the subject of a feature in _Quanta Magazine_ , one of the magazine’s '** science stories per year.
## COMMUNICATION
The London Institute is good at telling its story. We took this up a notch at the start of 2024, when we recruited our chief science writer, Ananyo Bhattacharya. He was previously chief online editor at _Nature_ and science correspondent at The Economist, before writing the acclaimed biography of John von Neumann, The Man from the Future.
In his new role, Dr Bhattacharya writes about the Institute and our discoveries for our website and the press. He also helps our scientists structure their papers and grants. He wrote a feature for _Nautilus_ about the surprising ways in which
physics is unlocking new structures in mathematics.
Our journalist Thomas Hodgkinson continues to make our case in the press about the value of basic science and how to organise it. Many of the pieces written or placed by him have been mentioned in this report. In addition, he marked the 225th anniversary of the Royal Institution in _The Spectator_ , and he had a feature in _Nautilus_ about why theorists can’t quit chalk.
Alongside the press, our website is the main way we communicate, not only with the outside world but also with ourselves. To codify and convey our routines and rituals, we added them to our website in the form of evolvable scripts: concise and accessible units of procedure, described in _Harvard Business Review_ by our trustee Martin Reeves. These and other scripts, such as our web design rules, are contained in our new culture section. Other website developments include a standardised jobs template and a simplified system for tracking soft power.
Turning to events, we held a symposium in the Royal Institution’s lecture theatre about how to organise scientific discovery. Speakers included two science ministers and Arkady Volozh, the founder of Yandex and Nebius. We also established our St Scholastica’s Feast, an annual formal dinner, to mark the anniversary of our founding and affirm our belief in the importance of community.
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Speakers at our “Organising Genius” symposium included former science minister Lord Willetts and Yandex founder Arkady Volozh.
## COUNCIL
As the London Institute has developed, so has its board of trustees, passing through three successive phases. In the first, our board consisted of eminent scientists who lent their stamp of competence to a young organisation. In our second phase, our trustees were leaders of learned societies and chief scientific advisors. In 2025 we embarked on phase three. Now we are appointing trustees who, as well as advising, can advance our mission by giving or leveraging financial support.
In this, we are inspired by the example of Caltech, whose president recently visited us. At a time when government support for basic science was under threat in America, Caltech made financial sovereignty an abiding principle. It systematically reformed its board, contributing to its remarkable $3.4bn Break Through fundraising campaign.
Impressed by Caltech’s disruptive approach and compelled by our own need to cover core costs, in 2025 we created the London Institute Council. This combines our revised board of trustees with a new forum of governors. While governors occupy a lighter role than trustees, both groups have the same responsibilities: as well as showing up and offering their insights, they introduce us to friends in a position to support us and make or broker
With the departure of two of our longeststanding trustees, Sir Roy Anderson and Sir John Beddington, we had a chance to put our plan into
practice. In mid 2024, Talulah Riley, the actress and author and former wife of Elon Musk, joined our board. For two years prior to this, Ms Riley attended our events and expanded our network of supporters beyond science. Her election was marked by an interview in _The Times_ with the paper’s science editor.
In early 2025 we elected Florian Schuster to our board. He co-founded the Cambridge cell programming company bit.bio, which invested £2.9m in our Institute between 2020 and 2024. With his business acumen and network of investors, Mr Schuster will consolidate the London Institute by helping us cover our core costs.
## STRUCTURE, GOVERNANCE AND MANAGEMENT
_Constitution_ . The Institute is a charitable company limited by guarantee and is governed by its Articles of Association. The Trustees of the charity are the Directors and Members of the company.
_Subsidiary undertakings._ The Institute has three subsidiary undertakings: LIMS Ventures Limited, StructX Limited and Conaissance Limited.
LIMS Ventures Limited. LIMS Ventures is the trading arm and start-up incubator of the London Institute for Mathematical Sciences.
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_StructX Limited._ StructX Limited is a wholly owned subsidiary of LIMS Ventures. It designs extremely light and thermally efficient structures based on fractal principles for use in aerospace, space and passive heating.
_Conaissance Limited._ Conaissance Limited is 80% owned by LIMS Ventures. It has developed a trustbased search platform that uses social networks and incentive structures to connect people with jobs and services.
_Methods of appointment or election of Trustees._ Trustees are elected by ordinary resolution on the basis of their capability to advance the Institute's activities.
_Organisational structure and decision-making policies._ The Board of Trustees meets in person three times a year, and individual Trustees meet with the Managing Director more regularly. Dayto-day operational decision-making is delegated to the Managing Director.
_Induction and training of trustees._ New Trustees are informed about the Institute’s mission and governance structure and their responsibilities. They have access to the Articles of Association, recent financial statements, strategic plans, routines and rituals, and guidance issued by the Charity Commission. Trustees are encouraged to study briefings relevant to their role, particularly in fundraising, governance, financial oversight and risk management. Ongoing development is supported through regular updates from the Managing Director and monthly scientific and strategic events hosted by the Institute.
_Arrangements for setting pay of key management personnel._ The salaries of the Institute’s key management personnel are set by the Board of Trustees according to market rate, the performance of the personnel, and the financial resources available to the Institute. Pay levels are
benchmarked against sector norms for comparable research organizations, with consideration given to the individual’s experience, responsibilities and contributions.
## FINANCIAL REVIEW
## _Summary of results_
Total consolidated income during 2024 was £906,738 (2023: £3,068,748). The decrease is largely due to large grants and donations landing in the beginning of 2025 rather than the end of 2024.
Total consolidated expenditure during 2024 was £2,259,898 (2023: £1,888,050). The rise in 2024 is due to employing more researchers.
£1,353,160 (2023: surplus of £1,180,698). The deficit arose due to the Trustees’ focus on governance matters and identifying donors for 2025 and beyond.
Total funds at the year-end were £781,339 in deficit (2023: £571,821 in surplus). Restricted funds were £466,787 in surplus (2023: £1,824,190 in surplus) and unrestricted funds were £1,248,126 in deficit (2023: £1,252,369 in deficit). The Trustees’ focus on fundraising during 2024 and 2025 is expected to generate funding that will restore unrestricted funds to a surplus.
## _Principal funding sources_
The charity’s income is derived primarily from UK and international grant-giving agencies and donations from foundations, philanthropists and individuals.
## _Risks_
We have two main risks. First, our expenditure is predictable, but our income is volatile. Since most of our expenses are salaries and rent, we can predict our next year’s costs to within 15%. Our income, by contrast, has relied on high-value but low-probability grants and gifts, creating high volatility. To fix this, we are growing our forum of governors, thereby adding more mid-level gifts.
Second, we’ve been better at raising extrinsic funding than intrinsic funding. To fix this, we set out a new strategy of consolidation through endowment, intrinsic philanthropy and intrinsic grant funding.
The Trustees have assessed the major risks to which the Institute is exposed, in particular those
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Institute and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
## _Going concern_
Total funds of the Institute were £781,339 in deficit at the Balance Sheet date. The Trustees are confident that their targeted fundraising efforts will provide surplus funds that will eliminate this deficit within the next one to two years.
Going forwards, successful fundraising efforts are expected to deliver future surplus reserves. Indeed, we have already secured commitments from a diverse range of funders totalling £1.9 million, against expenditure of somewhat over £2 million. With an experienced and proven fundraising team in place, we are confident that the modest funding gap will be bridged and exceeded during the year.
LIMS has a strong track record of raising funds from a broad base of institutional and private donors. In 2024 we put in a lot of groundwork to broaden our range of funding streams. This includes an emphasis on sponsored and endowed posts, a shift towards trustees who fundraise, and a more systematic strategy for winning grants. We are currently in advanced discussions with several major donors and grant-making bodies for further support. On this basis, the Trustees consider that the Institute remains a going concern for the foreseeable future.
The Trustees do not consider that there are any material uncertainties in respect of going concern.
of a funding stream. Our reserves policy is to maintain reserves of at least 20% of our annual expenditure, which roughly equates to £400,000.
At the end of 2024, our unrestricted funds (adjusted for operational fixed assets, which are deemed to represent a commitment of the reserves) were in deficit by £1,277,884 compared with a deficit of £1,284,310 in 2023. This is below the target level. As discussed in this report, the Trustees are focusing on securing funding to build reserves and fund the Institute’s research.
## PLANS FOR THE FUTURE
Since it was founded in 2011, the London Institute has had three stages of development. Stage one was about gaining recognition. Stage two was about growth. In 2025 we began stage three, which is about consolidating our position and building long-term security. We need to raise dedicated funding to cover our intrinsic costs: our senior scientists, staff and rent. We will do this in three ways: intrinsic grant funding, intrinsic philanthropy and endowment. In conjunction with this third stage, we created the London Institute Council, which consists of our revised board of trustees and a new forum of governors. Among other things, the Council is committed to making or brokering financial support that covers our intrinsic costs.
Approved by the Trustees and signed on its behalf by:
Dr Thomas Fink Managing Director & Trustee
## _Reserves policy_
The Trustees maintain free reserves to enable the Institute to deal with financial shocks, such as an
Date: 02 December 2025
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## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 DECEMBER 2024**
The Trustees (who are also the directors of the Institute for the purposes of company law) 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).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Institute and the Institute and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) 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 Institute will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Institute and the Institute's transactions and disclose with reasonable accuracy at any time the financial position of the Institute and the Institute and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Institute and the Institute and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
................................................ **Dr Thomas Fink Managing Director & Trustee**
Date: 02 December 2025
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**LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 DECEMBER 2024**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LONDON INSTITUTE FOR MATHEMATICAL SCIENCES ('the Institute')**
I report to the charity Trustees on my examination of the consolidated accounts of the Institute comprising the London Institute for Mathematical Sciences ('the parent Institute') and its subsidiary undertakings for the year ended 30 December 2024.
## **RESPONSIBILITIES AND BASIS OF REPORT**
As the Trustees of the parent Institute (and its directors for the purposes of company law) you are responsible for the preparation of the consolidated accounts of the Institute in accordance with the requirements of the Companies Act 2006 ('the 2006 Act') and you have chosen to prepare consolidated accounts for the Institute. You are satisfied that the accounts of both parent Institute and the Institute are not required by either company or charity law to be audited and have chosen instead to have an independent examination.
Having satisfied myself that the consolidated accounts are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Institute's accounts carried out under section 152 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 152(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no option as to whether the consolidated accounts present a 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement.
## **INDEPENDENT EXAMINER'S STATEMENT**
Since the Trustees have opted to prepare consolidated accounts for the Institute your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
1. accounting records were not kept in respect of the parent Institute and its subsidiaries as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements 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
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
Other than the matter disclosed below, I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
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**LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 DECEMBER 2024**
## **OTHER MATTERS**
At the 30 December 2024 Balance Sheet date, the Institute's consolidated funds were £781,339 in deficit. The deficit comprised an unrestricted funds deficit of £1,248,126 and a restricted funds surplus of £466,787. The Institute has used £243,902 of restricted funds to fund unrestricted activity, as presented in Note 21. We draw your attention to note 2.2, which details the steps the Trustees are taking to return funds to surplus, highlights the dependency on future support from a network of high-net-worth donors and explains why the Trustees consider the Institute is a going concern.
This report is made solely to the Institute's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Institute's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the parent Institute and the Institute's Trustees as a body, for my work or for this report.
Signed: Dated: 03 December 2025
Mrs Kelly Bretherick FCA
PEM, Salisbury House, Station Road, Cambridge, CB1 2LA
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## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 DECEMBER 2024**
|**Note**
**INCOME FROM:**
Donations
4
Charitable activities
5
Investments
6
**TOTAL INCOME**
**EXPENDITURE ON:**
Charitable activities
7
**TOTAL EXPENDITURE**
**NET (EXPENDITURE)/INCOME**
Transfers between funds
20
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**funds**
**2024**
**£**
**139,276**
**159,578**
**2,103**
**300,957**
**1,610,475**
**1,610,475**
**(1,309,518)**
**1,313,761**
**4,243**
**(1,252,369)**
**4,243**
**(1,248,126)**|**Restricted**
**funds**
**2024**
**£**
**605,781**
**-**
**-**
**605,781**
**649,423**
**649,423**
**(43,642)**
**(1,313,761)**
**(1,357,403)**
**1,824,190**
**(1,357,403)**
**466,787**|**Total**
**funds**
**2024**
**£**
**745,057**
**159,578**
**2,103**
**906,738**
**2,259,898**
**2,259,898**
**(1,353,160)**
**-**
**(1,353,160)**
**571,821**
**(1,353,160)**
**(781,339)**|As restated
Total
funds
2023
£
2,798,904
260,105
9,739
3,068,748
1,888,050
1,888,050
1,180,698
-
1,180,698
(608,877)
1,180,698
571,821|
|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 43 form part of these financial statements.
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## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee) REGISTERED NUMBER: 06814771**
## **CONSOLIDATED BALANCE SHEET AS AT 30 DECEMBER 2024**
|**Note**
**FIXED ASSETS**
Tangible assets
12
Investments
13
**CURRENT ASSETS**
Debtors
15
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling due within one
year
16
**NET CURRENT LIABILITIES / ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Creditors: amounts falling due after more
than one year
17
Provisions for liabilities
18
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Restricted funds
20
Unrestricted funds
20
**TOTAL FUNDS**|**182,349**
**40,536**
**222,885**
**(860,482)**|**2024**
**£**
**29,758**
**15**
**29,773**
**(637,597)**
**(607,824)**
**(43,000)**
**(130,515)**
**(781,339)**
**466,787**
**(1,248,126)**
**(781,339)**|350,041
641,233
991,274
(334,894)|As restated
2023
£
31,941
-
31,941
656,380
688,321
(50,000)
(66,500)
571,821
1,824,190
(1,252,369)
571,821|
|---|---|---|---|---|
The Institute was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 13
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
# **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES**
# **(A Company Limited by Guarantee) REGISTERED NUMBER: 06814771**
# **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 DECEMBER 2024**
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
**Dr Thomas Fink Managing Director & Trustee**
Date: 02 December 2025
The notes on pages 18 to 43 form part of these financial statements.
Page 14
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee) REGISTERED NUMBER: 06814771**
## **INSTITUTE BALANCE SHEET AS AT 30 DECEMBER 2024**
|**Note**
**FIXED ASSETS**
Tangible assets
12
Investments
13
**CURRENT ASSETS**
Debtors
15
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling due within one
year
16
**NET CURRENT LIABILITIES / ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
Creditors: amounts falling due after more
than one year
17
Provisions for liabilities
18
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Restricted funds
20
Unrestricted funds
20
**TOTAL FUNDS**|**182,349**
**40,489**
**222,838**
**(860,454)**|**2024**
**£**
**29,758**
**34**
**29,792**
**(637,616)**
**(607,824)**
**(43,000)**
**(130,515)**
**(781,339)**
**1,780,548**
**(2,561,887)**
**(781,339)**|350,041
641,186
991,227
(334,866)|As restated
2023
£
31,941
19
31,960
656,361
688,321
(50,000)
(66,500)
571,821
1,824,190
(1,252,369)
571,821|
|---|---|---|---|---|
The Institute's net movement in funds for the year was £(1,353,160) (2023 - £1,180,698).
The Institute was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
Page 15
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
# **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee) REGISTERED NUMBER: 06814771**
# **INSTITUTE BALANCE SHEET (CONTINUED) AS AT 30 DECEMBER 2024**
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
**Dr Thomas Fink Managing Director & Trustee**
Date: 02 December 2025
The notes on pages 18 to 43 form part of these financial statements.
Page 16
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES**
## **(A Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 DECEMBER 2024**
|**Note**
**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash used in operating activities
22
**CASH FLOWS FROM INVESTING ACTIVITIES**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Purchase of investments
**NET CASH USED IN INVESTING ACTIVITIES**
**CASH FLOWS FROM FINANCING ACTIVITIES**
Repayments of borrowing
Net borrowing from Managing Director
**NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES**
**CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR**
Cash and cash equivalents at the beginning of the year
**CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR**
23|**2024**
**£**
**(721,345)**
**2,103**
**(13,055)**
**(15)**
**(10,967)**
**(7,000)**
**138,615**
**131,615**
**(600,697)**
**641,233**
**40,536**|As restated
2023
£
(443,131)
9,739
(41,399)
-
**(31,660)**
(322,137)
97,637
**(224,500)**
**(699,291)**
1,340,524
641,233|
|---|---|---|
The notes on pages 18 to 43 form part of these financial statements
Page 17
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
**LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **1. GENERAL INFORMATION**
The London Institute for Mathematical Sciences is a company limited by guarantee and registered in England and Wales. The members of the Institute are the Trustees. In the event of the Institute being wound up, the liability is limited to £5 per member.
The functional and presentational currency of the Institute is British pound sterling. The financial statements are rounded to the nearest pound.
## **2. ACCOUNTING POLICIES**
## **2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
London Institute for Mathematical Sciences meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Institute and its subsidiary undertakingss. The results of the subsidiaries are consolidated on a line by line basis.
The Institute has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
## **2.2 GOING CONCERN**
The financial statements have been prepared on a going concern basis, notwithstanding that the Institute’s unrestricted funds are in deficit by £781,339 at the year end. The Trustees have considered the financial position and are satisfied that it is appropriate to adopt the going concern basis for the following reasons:
- The Institute benefits from a network of high-net-worth donors, including Trustees and Governors, who have historically supported the Institute and have indicated their willingness to provide further financial assistance if required. The Trustees are confident that additional funding can be secured through these relationships.
- The Institute has an experienced and proven fundraising team with a strong track record of success. The team is actively increasing applications for grants from UK government bodies and other foundations and is in the process of preparing claims for UKRI grants.
- The Institute is pursuing opportunities to diversify and increase its income streams, including commercial activities such as renting rooms at the Royal Institution and commercialising the intellectual property being developed by its trading subsidiaries.
Page 18
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
**LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **2.2 GOING CONCERN (CONTINUED)**
Based on these factors, the Trustees have a reasonable expectation that the Institute will have adequate resources to continue its activities for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. The Trustees do not consider there to be any material uncertainties in respect of going concern.
## **2.3 INCOME**
All income is recognised once the Institute has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are included in the Consolidated Statement of Financial Activities on a receivable basis.
Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income from the provision of services is recognised as and when project milestones are completed.
## **2.4 INTEREST RECEIVABLE**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Institute; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **2.5 EXPENDITURE**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Governance costs are those incurred in connection with administration of the Institute and compliance with constitutional and statutory requirements.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Institute's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 19
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **2.6 FOREIGN CURRENCIES**
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.
## **2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION**
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the Institute assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|Short-term leasehold property|-|20%|
|---|---|---|
|Fixtures and fittings|-|20%|
|Office equipment|-|33%|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
## **2.8 INVESTMENTS**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Investments in associates are stated at the amount of the Institute's share of net assets. The Consolidated Statement of Financial Activities includes the Institute's share of the associated companies' net income or expenditure using the equity accounting basis.
Page 20
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
**LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **2. ACCOUNTING POLICIES (CONTINUED)**
## **2.9 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.10 CASH AT BANK AND IN HAND**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **2.11 LIABILITIES**
Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Institute anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.
## **2.12 FINANCIAL INSTRUMENTS**
The Institute 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.
## **2.13 OPERATING LEASES**
Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.
## **2.14 PENSIONS**
The Institute operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Institute to the fund in respect of the year.
## **2.15 FUND ACCOUNTING**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Institute and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Institute for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 21
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Institute makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgement:
## **Provisions**
The calculation of provisions requires the use of significant estimates and assumptions concerning the likelihood and timing of any outflow of resources. Further details are given in note 18.
## **Discounting of loans**
Interest free loans should be discounted if the effect of the time value of money is significant. As explained in note 17, the Institute has one such loan. The Trustees have opted not to discount the loan due to the effect of the time value of money being judged to be immaterial.
## **4. INCOME FROM DONATIONS AND LEGACIES**
|**Unrestricted**
**funds**
**2024**
**£**
Donations
129,276
Grants
10,000
139,276
As restated
Unrestricted
funds
2023
£
Donations
9,791
Grants
-
9,791|**Restricted**
**funds**
**2024**
**£**
5,000
600,781
605,781
As restated
Restricted
funds
2023
£
36,800
2,752,313
2,789,113|**Total**
**funds**
**2024**
**£**
**134,276**
**610,781**|
|---|---|---|
|||**745,057**|
|||As restated
Total
funds
2023
£
46,591
2,752,313|
|||2,798,904|
Page 22
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **5. INCOME FROM CHARITABLE ACTIVITIES**
|**Unrestricted**
**funds**
**2024**
**£**
Research collaboration services
159,578
As restated
Unrestricted
funds
2023
£
Research collaboration services
260,105
**INVESTMENT INCOME**
**Unrestricted**
**funds**
**2024**
**£**
Bank interest
2,103
Unrestricted
funds
2023
£
Bank interest
9,739|**Total**
**funds**
**2024**
**£**
**159,578**|
|---|---|
||As restated
Total
funds
2023
£
260,105|
||**Total**
**funds**
**2024**
**£**
**2,103**|
||Total
funds
2023
£
9,739|
## **6. INVESTMENT INCOME**
Page 23
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2024**
**£**
Research collaboration
1,610,475
As restated
Unrestricted
funds
2023
£
Research collaboration
834,084
**ANALYSIS OF EXPENDITURE BY ACTIVITIES**
**Activities**
**undertaken**
**directly**
**2024**
**£**
Research collaboration
1,372,024
Activities
undertaken
directly
2023
£
Research collaboration
1,132,956|**Restricted**
**funds**
**2024**
**£**
649,423
As restated
Restricted
funds
2023
£
1,053,966
**Support**
**costs**
**2024**
**£**
887,874
Support
costs
2023
£
755,094|**Total**
**2024**
**£**
**2,259,898**|
|---|---|---|
|||As restated
Total
2023
£
1,888,050|
|||**Total**
**funds**
**2024**
**£**
**2,259,898**|
|||Total
funds
2023
£
1,888,050|
## **8. ANALYSIS OF EXPENDITURE BY ACTIVITIES**
Page 24
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **DIRECT COSTS**
|**Research collaboration**
Fellows
Developers
Consulting
Travel
Employers national insurance
Employers pension
IT software and consumables
Books and sundry
Conference fees|**2024**
**£**
**933,234**
**101,017**
**171,120**
**36,620**
**116,560**
**7,801**
**4,158**
**477**
**1,037**
**1,372,024**|2023
£
715,684
133,800
135,980
32,234
104,452
5,170
4,419
1,217
-|
|---|---|---|
|||1,132,956|
Page 25
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **SUPPORT COSTS**
|**Research collaboration**
Administration salaries
Depreciation
Rent
Bookkeeping fees
Sundry expenses
Bank charges and interest
National insurance
Independent examiner's fee
Event costs
Realised currency gains
Repairs and renewals
Cleaning
Legal fees
Publication fees
Insurance
Telephone and internet
Printing, stationery and postage
Advertising and publication fees
Recruitment fees
Pension costs
Subscriptions
(Profit)/loss on disp. fixed assets
Foreign exchange loss/(gain)
Fines and penalties
Audit fee
**9.**
**INDEPENDENT EXAMINER'S/(AUDITOR'S) REMUNERATION**
Fees payable to the Institute's independent examiner (2023: independent
auditor) for the independent examination (2023: independent audit) of the
Institute's annual accounts|**2024**
**£**
**176,296**
**15,238**
**469,880**
**15,423**
**(9,416)**
**323**
**21,614**
**6,000**
**27,849**
**(112)**
**2,213**
**1,969**
**49,827**
**2,134**
**2,539**
**801**
**1,737**
**49,527**
**42,588**
**1,953**
**4,333**
**-**
**1,108**
**150**
**3,900**
**887,874**
**2024**
**£**
**6,000**|2023
£
175,728
13,659
376,437
9,574
13,328
2,561
16,343
-
17,099
-
1,324
465
45,892
5,419
2,331
729
986
56,211
-
2,474
2,168
1,024
2,342
-
9,000|
|---|---|---|
|||755,094|
|||2023
£
12,900|
Page 26
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **10. STAFF COSTS**
|Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes|**Group**
**2024**
**£**
**1,210,547**
**138,174**
**9,754**
**1,358,475**|Group
2023
£
1,025,211
120,795
7,645
1,153,651|**Institute**
**2024**
**£**
**1,210,547**
**138,174**
**9,754**
**1,358,475**|Institute
2023
£
1,025,211
120,795
7,645|
|---|---|---|---|---|
||||||
|||||1,153,651|
The average number of persons employed by the Institute during the year was as follows:
||**Group**|Group|**Institute**|Institute|
|---|---|---|---|---|
||**2024**|2023|**2024**|2023|
||**No.**|No.|**No.**|No.|
|Staff|**16**|14|**16**|14|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
||**Group**|Group|
|---|---|---|
||**2024**|2023|
||**No.**|No.|
|In the band £60,001 - £70,000|**2**|-|
|In the band £70,001 - £80,000|**2**|1|
|In the band £90,001 - £100,000|**1**|2|
|In the band £110,001 - £120,000|**2**|1|
|In the band £120,001 - £130,000|**1**|-|
|In the band £200,001 - £210,000|**-**|1|
Key management personnel comprises the Trustees, Managing Director, Development Director, Finance Director and the Director of LIMS Ventures (2023: Trustees, Managing Director and Development Director). During the year, total remuneration (including employer's national insurance and employer's pension) totalled £322,899 (2023: £367,596)
Page 27
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **11. TRUSTEES' REMUNERATION AND EXPENSES**
During the year, Dr Thomas Fink has been remunerated for his employment as Managing Director of the Institute. Remuneration of Trustees is permitted by Section 5 of the Institute's Articles of Association. The value of his remuneration and other benefits was as follows:
|||**2024**|2023|
|---|---|---|---|
|||**£**|£|
|Dr Thomas Fink|Remuneration|**128,000**|204,183|
During the year ended 30 December 2024, expenses totalling £647 were reimbursed or paid directly to 2 Trustees (2023 - £NIL to Trustee). These expenses related to travel and subsistence costs incurred in carrying out Trustee duties.
## **12. TANGIBLE FIXED ASSETS**
## **GROUP AND INSTITUTE**
|**COST**
At 31 December 2023
Additions
At 30 December 2024
**DEPRECIATION**
At 31 December 2023
Charge for the year
At 30 December 2024
**NET BOOK VALUE**
At 30 December 2024
At 30 December 2023|**Fixtures and**
**fittings**
**£**
**68,162**
**6,851**
**75,013**
**51,831**
**5,453**
**57,284**
**17,729**
16,331|**Office**
**equipment**
**£**
**30,123**
**6,204**
**36,327**
**14,513**
**9,785**
**24,298**
**12,029**
15,610|**Total**
**£**
**98,285**
**13,055**|
|---|---|---|---|
||||**111,340**|
||||**66,344**
**15,238**|
||||**81,582**|
|||||
||||**29,758**|
||||31,941|
Page 28
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **13. FIXED ASSET INVESTMENTS**
|**GROUP**
**COST OR VALUATION**
At 31 December 2023 (as previously stated)
Prior year adjustment
At 31 December 2023 (as restated)
Additions
AT 30 DECEMBER 2024
**NET BOOK VALUE**
AT 30 DECEMBER 2024|**Investments**
**in**
**subsidiary**
**companies**
**£**
**1,142,596**
**(1,142,596)**
**-**
**-**
**-**
**-**|**Investments**
**in**
**associates**
**(Irix Limited)**
**£**
**-**
**-**
**-**
**15**
**15**
**15**|**Total**
**£**
**1,142,596**
**(1,142,596)**
**-**
**15**
**15**
**15**|
|---|---|---|---|
Page 29
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **13. FIXED ASSET INVESTMENTS (CONTINUED)**
|**INSTITUTE**
**COST**
At 31 December 2023 (as previously stated)
Prior year adjustment
At 31 December 2023 (as restated)
AT 30 DECEMBER 2024
**IMPAIRMENT**
Reversal of impairments
AT 30 DECEMBER 2024
**NET BOOK VALUE**
AT 30 DECEMBER 2024
AT 30 DECEMBER 2023 (AS RESTATED)|**Investments**
**in**
**subsidiary**
**companies**
**£**
**625,323**
**(625,304)**
**19**
**19**
**(15)**
**(15)**
**34**
19|
|---|---|
Page 30
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **13. FIXED ASSET INVESTMENTS (CONTINUED)**
## **PRINCIPAL SUBSIDIARIES AND ASSOCIATES**
The following were subsidiary undertakings of the Institute:
## **Names**
LIMS Ventures Limited StructX Limited Conaissance Limited
**Company Registered office or principal Class of Holding Included in number place of business shares consolidation** 09851506 Royal Institution, 21 Albemarle Ordinary 100% Yes Street, London, W1S 4BS 10404542 Royal Institution, 21 Albemarle Ordinary 100% Yes Street, London, W1S 4BS 10807678 Royal Institution, 21 Albemarle Ordinary 80% Yes Street, London, W1S 4BS
The financial results of the subsidiaries for the year were:
## **Names**
**Net assets £**
LIMS Ventures Limited **34** StructX Limited **33** Conaissance Limited **10**
Page 31
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES**
## **(A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **13. FIXED ASSET INVESTMENTS (CONTINUED)**
The following were associates of the Institute:
**Names**
Qoob Limited
Irix Limited
**Fair value of Registered Class of Holding investment office or shares at 30 principal place December of business 2024 £ -** Royal Institution, Ordinary **20** % 21 Albemarle Street, London, W1S 4BS **15** Royal Institution, Ordinary **15** % 21 Albemarle Street, London, W1S 4BS
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Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **14. VALUATION OF INTANGIBLE ASSETS HELD BY THE GROUP**
FRS 102 does not permit the recognition of the Group's intangible assets on the Balance Sheet. This is because these assets do not have an active market.
However, to aid readers' understanding of the value of these assets, the Trustees have requested that these be independently valued by Dr Fernando Da Cruz Vasconcellos PhD MRICS of Valuation Consulting as at 31 December 2024.
His valuation of these assets is £1,520,835 (2023: £1,622,561).
The valuation of these assets was conducted on the basis of fair market value, as defined by the International Valuation Standards. This is the estimated amount for which an asset should be exchanged between a willing buyer and a willing seller in an arm's length transaction, after proper marketing, where both parties have acted knowledgeably, prudently, and without compulsion.
In determining the fair market value, the valuer has also taken into account the International Private Equity and Venture Capital Valuation Guidelines (IPEVGVG) (Edition December 2022), which remain relevant as of 31 December 2024. It is important to note that fair value is not the amount that the Institute would receive or pay in a forced transaction, such as a voluntary liquidation or a distressed sale, but rather reflects the value in a typical market transaction.
The methodology and assumptions used in the valuation are consistent with industry standards and best practices, ensuring that the intangible assets are valued in a manner that reflects their true economic worth.
## **15. DEBTORS**
|**DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Prepayments and accrued income|**Group**
**2024**
**£**
**355**
**181,148**
**846**
**182,349**|Group
As restated
2023
£
3,890
192,797
153,354
350,041|**Institute**
**2024**
**£**
**355**
**181,148**
**846**
**182,349**|Institute
As restated
2023
£
3,890
192,797
153,354|
|---|---|---|---|---|
||||||
|||||350,041|
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Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Bank overdrafts
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 31 December 2023
Income deferred during the year
Amounts released from previous periods
**Deferred income at 30 December 2024**|**Group**
**2024**
**£**
**-**
**192,371**
**388,723**
**244,504**
**34,884**
**860,482**
**Group**
**2024**
**£**
**7,569**
**-**
**(7,569)**
**-**|Group
As restated
2023
£
758
32,075
177,872
104,844
19,345
334,894
Group
2023
£
1,506,937
761,784
(2,261,152)
7,569|**Institute**
**2024**
**£**
**-**
**192,371**
**388,723**
**244,476**
**34,884**
**860,454**
**Institute**
**2024**
**£**
**7,569**
**-**
**(7,569)**
**-**|Institute
As restated
2023
£
758
32,075
177,872
104,816
19,345|
|---|---|---|---|---|
|||||334,866|
|||||Institute
2023
£
1,506,937
761,784
(2,261,152)|
|||||7,569|
## **17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|||Group||Institute|
|---|---|---|---|---|
||**Group**|As restated|**Institute**|As restated|
||**2024**|2023|**2024**|2023|
||**£**|£|**£**|£|
|Other loans|**43,000**|50,000|**43,000**|50,000|
The loan arose in January 2023 and has a term of five years. The loan is interest free and needs to be repaid by the end of 2027. The Institute is free to make repayments before the end of the term without penalty.
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Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **18. PROVISIONS**
## **GROUP**
|At 31 December 2023
Additions
**At 30 December 2024**|**T Fink**
**Unpaid**
**Salary**
**£**
**66,500**
**64,015**|
|---|---|
|||
||**130,515**|
The provision relates to unpaid salary due to Dr Thomas Fink (Trustee and Managing Director of the Institute) in respect of employment between 2020 and 2024. Although the settlement of this liability is considered probable, the exact amount and timing of such settlement are uncertain.
## **19. PRIOR YEAR ADJUSTMENTS**
## **Intangible assets**
In the prior year, intangible assets owned by LIMS Ventures Ltd, StructX Ltd, Conaissance Ltd and Qoob Ltd were presented at fair value determined by Dr Fernando Da Cruz Vasconcellos PhD MRICS of Valuation Consulting. As there is no active market, the recognition of these internally generated assets was not permitted by FRS 102. The revaluations have been reversed. The impact of this is a £625,304 decrease in the charity-only investment in subsidiaries and a £1,142,596 decrease in the group investment in subsidiaries figure, with corresponding decreases in charity-only and group funds.
## **Intercompany balances**
In the prior-year, intercompany balances due from LIMS Ventures Limited, StructX Limited and Conaissance Limited were presented. As these balances are not considered to be recoverable, they have been written off. The impact is a decrease in charity-only debtors amounting to £1,350,781 and a £591,140 decrease in charity-only creditors. The overall decrease in funds is £759,641.
## **Classification of loan from Robert Farr**
A portion of this loan (£7,000) was disclosed as being due within one year. As none of the loan is legally repayable within one year, this amount has been reclassified to creditors due after one year.
## **Operating lease commitments**
In the prior year, the operating lease commitment relating to the rental of rooms at the Royal Institution did not take into account a six-month break clause. Accounting for this reduces the lease commitment from £1,708,129 to £158,090.
## **Classification of charitable income from service contracts**
In the prior year, income generated from the provision of services was disclosed as grants and donations rather than income from charitable activities. Reclassifying this income reduces income from grants and donations by £260,109.
## **Classification of restricted income**
Restricted income amounting to £864,292 was treated as unrestricted. This has been reclassified to restricted.
Page 35
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
**LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **19. PRIOR YEAR ADJUSTMENTS (CONTINUED)**
## **R&D tax credits**
In the prior year, R&D tax credits to which the Institute was not entitled were accrued. Reversing these tax credits results in a £406,183 decrease in current assets, unrestricted funds and income.
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Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **20. STATEMENT OF FUNDS**
## **STATEMENT OF FUNDS - CURRENT YEAR**
|**UNRESTRICTED FUNDS**
General funds
Ben Delo
Bit Bio
Boston Consulting Group
XTX Markets
Just Giving donations
Other service contract income
Other small donations
Interest
**RESTRICTED FUNDS**
Khodorkovsky Foundation
XTX Markets
Andrei Sakharov Foundation
Edward Harvist Trust
Leverhulme Trust
Tom Tombrello
Rose Foundation
**TOTAL OF FUNDS**|**As restated**
**Balance at**
**31**
**December**
**2023**
**£**
**(1,252,369)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(1,252,369)**
**1,194,536**
**508,811**
**31,800**
**2,000**
**-**
**87,043**
**-**
**1,824,190**
**571,821**|**Income**
**£**
**-**
**120,000**
**112,500**
**39,306**
**10,000**
**5,275**
**7,772**
**4,001**
**2,103**
**300,957**
**450,000**
**79,088**
**-**
**-**
**71,693**
**-**
**5,000**
**605,781**
**906,738**|**Expenditure**
**£**
**(1,309,518)**
**(120,000)**
**(112,500)**
**(39,306)**
**(10,000)**
**(5,275)**
**(7,772)**
**(4,001)**
**(2,103)**
**(1,610,475)**
**(324,215)**
**(248,515)**
**-**
**-**
**(71,693)**
**-**
**(5,000)**
**(649,423)**
**(2,259,898)**|**Transfers**
**in/out**
**£**
**1,313,761**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**1,313,761**
**(974,377)**
**(339,384)**
**-**
**-**
**-**
**-**
**-**
**(1,313,761)**
**-**|**Balance at**
**30**
**December**
**2024**
**£**
**(1,248,126)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**(1,248,126)**
**345,944**
**-**
**31,800**
**2,000**
**-**
**87,043**
**-**
**466,787**
**(781,339)**|
|---|---|---|---|---|---|
Page 37
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **20. STATEMENT OF FUNDS (CONTINUED)**
## **STATEMENT OF FUNDS - PRIOR YEAR**
|**UNRESTRICTED FUNDS**
General funds
Bit Bio
Boston Consulting Group
Just Giving donations
Other service contract income
Other small donations
Interest
**RESTRICTED FUNDS**
Khodorkovsky Foundation
XTX Markets
Andrei Sakharov Foundation
Edward Harvist Trust
Leverhulme Trust
Tom Tombrello
Rose Foundation
**TOTAL OF FUNDS**|As restated
Balance at
1 January
2023
£
(697,920)
-
-
-
-
-
-
(697,920)
-
-
-
2,000
-
87,043
-
89,043
(608,877)|As restated
Income
£
-
247,761
4,064
7,801
8,280
1,990
9,739
279,635
1,851,067
867,654
31,800
-
33,592
-
5,000
2,789,113
3,068,748|As restated
Expenditure
£
(554,449)
(247,761)
(4,064)
(7,801)
(8,280)
(1,990)
(9,739)
(834,084)
(656,531)
(358,843)
-
-
(33,592)
-
(5,000)
(1,053,966)
(1,888,050)|As restated
Balance at
30
December
2023
£
(1,252,369)
-
-
-
-
-
-
(1,252,369)
1,194,536
508,811
31,800
2,000
-
87,043
-
1,824,190
571,821|
|---|---|---|---|---|
Page 38
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
**LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **20. STATEMENT OF FUNDS (CONTINUED)**
## **Khodorkovsky Foundation**
This is funding for the Landau Fellowship and the Academic Sanctuary Fellowship. These fellowships fund Russian researchers, who have left Russia as a result of the war in Ukraine, to work for the Institute.
## **XTX Markets**
This is funding for the Arnold Fellowship. This fellowship funds five researchers from Ukraine, Russia or Belarus to work for the Institute.
## **Andrei Sakharov Foundation**
This is funding for the Landau and Arnold Fellowships. These fellowships fund Russian, Ukrainian and Belarussian researchers to work for the Institute.
## **Edward Harvist Trust**
Grant to fund seminar room equipment.
## **Leverhulme Trust**
This funding is for the project called "Topology from cosmology: axions, astrophysics, and machine learning", a research project that is a collaboration between King's College, London; Cornell University; London Institute for Mathematical Sciences; and Northeastern University.
## **Tom Tombrello**
Grant to fund the Tom Tombrello Junior Fellowships. The Fellowships fund two outstanding physicists and mathematicians in the early stages of their career.
## **Rose Foundation**
This is funding towards two capital projects at the Royal Institution: "Third Floor Project, Royal Institution" and the "Reconfiguring Research Space" project. These projects are intended to improve the facilities at the Royal Institution.
## **Transfers**
The transfer represents the allocation of restricted expenditure that should be borne by restricted funds, as the expenditure has been incurred in pursuit of the restricted funds' purposes.
Page 39
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **21. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD**
|**Unrestricted**
**funds**
**2024**
**£**
Tangible fixed assets
29,758
Fixed asset investments
15
Current assets
(243,902)
Creditors due within one year
(860,482)
Creditors due in more than one year
(43,000)
Provisions for liabilities and charges
(130,515)
**TOTAL**
(1,248,126)
**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD**
As restated
Unrestricted
funds
2023
£
Tangible fixed assets
31,941
Current assets
(832,916)
Creditors due within one year
(334,894)
Creditors due in more than one year
(50,000)
Provisions for liabilities and charges
(66,500)
**TOTAL**
(1,252,369)|**Restricted**
**funds**
**2024**
**£**
-
-
466,787
-
-
-
466,787
As restated
Restricted
funds
2023
£
-
1,824,190
-
-
-
1,824,190|**Total**
**funds**
**2024**
**£**
**29,758**
**15**
**222,885**
**(860,482)**
**(43,000)**
**(130,515)**
**(781,339)**
Total
funds
2023
£
31,941
991,274
(334,894)
(50,000)
(66,500)
571,821|
|---|---|---|
|Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**TOTAL**|||
Page 40
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **22. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|Net (expenditure)/income for the period (as per Statement of Financial
Activities)
**ADJUSTMENTS FOR:**
Depreciation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Movement in provisions
**NET CASH USED IN OPERATING ACTIVITIES**|**Group**
**2024**
**£**
**(1,353,160)**
**15,238**
**(2,103)**
**-**
**167,692**
**386,973**
**64,015**
**(721,345)**|Group
As restated
2023
£
1,180,698
13,659
(9,739)
1,024
(170,503)
(1,458,270)
-
(443,131)|
|---|---|---|
|**23.**
**ANALYSIS OF CASH AND CASH EQUIVALENTS**
Cash in hand
**24.**
**ANALYSIS OF CHANGES IN NET DEBT**
**At 31**
**December**
**2023**
**£**
Cash at bank and in hand
**641,233**
Bank overdrafts repayable on demand
**(758)**
Debt due within 1 year
**(97,655)**
Debt due after 1 year
**(50,000)**
**492,820**|**Cash flows**
**£**
**(600,697)**
**-**
**(138,615)**
**7,000**
**(732,312)**|**Group**
**2024**
**£**
**40,536**
**Other non-**
**cash**
**changes**
**£**
**-**
**758**
**-**
**-**
**758**|Group
2023
£
641,233
**At 30**
**December**
**2024**
**£**
**40,536**
**-**
**(236,270)**
**(43,000)**
**(238,734)**|
|---|---|---|---|
Page 41
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
## **LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **25. CONTINGENT LIABILITIES**
At the reporting date, there is a possible obligation to pay £350,988 to Dr Thomas Fink, Trustee and Managing Director of the Institute (2023: £350,988). This obligation relates to salary for his employment between 2016 and 2019. As the Trustees do not believe the settlement is probable, it has been disclosed as a contingent liability.
## **26. PENSION COMMITMENTS**
The Institute operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Institute in an independently administered fund. The pension cost charge represents contributions payable by the Institute to the fund and amounted to £9,754 (2023: £9,645). At the year end, contributions payable to the scheme amounted to £3,167 (2023: £1,528).
## **27. OPERATING LEASE COMMITMENTS**
At 30 December 2024 the Institute had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
||**Group**|Group|**Institute**|Institute|
|---|---|---|---|---|
|||As restated||As restated|
||**2024**|2023|**2024**|2023|
||**£**|£|**£**|£|
|**Leasehold premises**|||||
|Not later than 1 year|**158,090**|158,090|**158,090**|158,090|
The following lease payments have been recognised as an expense in the Statement of Financial Activities:
||**Group**|Group|**Institute**|Institute|
|---|---|---|---|---|
||**2024**|2023|**2024**|2023|
||**£**|£|**£**|£|
|Operating lease rentals|**469,880**|376,437|**469,880**|376,437|
Page 42
Docusign Envelope ID: 2E8DF718-B2B7-4D50-BC0E-077FAC5E02CF
**LONDON INSTITUTE FOR MATHEMATICAL SCIENCES (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 DECEMBER 2024**
## **28. RELATED PARTY TRANSACTIONS**
Mr Florian Schuster (a Trustee) made a short-term interest-free loan of £50,000 to the Institute in July 2024; this was repaid in August 2024.
Mr Martin Reeves (a Trustee) is Chair of Boston Consulting Group Henderson Institute and a Senior Partner and Managing Director of Boston Consulting Group (BCG). During the year, the Institute received £39,306 from BCG for writing joint research projects, lecturing on 'The Imagination Machine' and hosting a dinner at the Royal Institution in London (2023: £4,064).
Included in other creditors is a balance of £236,252 due to Dr Thomas Fink, Trustee and Managing Director (2023: £97,637). Please also see notes 18 and 25 for details of provisions and contingent liabilities, respectively.
At the balance sheet date, no amount was due from the Institute's wholly owned subsidiary, LIMS Ventures Limited (2023: £1,340,359).
Included in other debtors is a balance due from Mr Benjamin Lynch (Director of LIMS Ventures Limited) of £98,632 (2023: £113,752). Loan repayments during the year were £15,120 (2023: £nil).
Page 43