Reglstered number: 08202599 Charlty number: 1149490 LONDON MATHEMATICAL LABORATORY (A company limitad by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
LONDON MATHEMATICAL LABORATORY IA Company limltèd by guarant•81 CONTENTS Page Rèlar•n¢e and adminlstratlve detai15 of the Company. Its Trusteas and advlsers Trustees. report Trustees, responsiblllttre$ statement Independent audltors. report on the flnanclal statements Statement of flnan¢ial activities Balance Sheet 10- 11 Statement of cash flows 12 Notes to the financial $tatements 13-24
LONDON MATHEMATICAL LABORATORY (A company Ilmltod by guarantee) REFERENCE AND ADAIINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trustees Mr W D Kennedy (resigned 17 February 20241 Mr B Miller Mro Schuppart Mr J-P onstredd0r (resigned l Decernber 20221 Mr B Yeoh Company reglsler¢d numbèr 08202599 Charity reglstered number 1149490 Reglstered office Moorgalo Hotsse 201 Silbury Boulevard Milton Keynes MK9 1LZ Company secretary Mr C P Connaughton Ind8ndSnt audltors MHA Chartered Accounlanls Moorgale House 201 Silbury Boulevard Milton Keynes Bu¢kinghamshlr8 MK9 1LZ Page 1
LONDON MATHEMATICAL LABORATORY {A company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Trustees present their rtrport and financial 5talemenls for the year ended 30 September 2023. The financial slalemenls have been prepared in accordance with the accounting policies set out in note 110 the financial stalemenls and comply with the Charills trust deed, the Companies Act 2006, and the Charities SORP {FRS 1021- 'Accounting and Reporting by Charities.. Statement of Recommended Pra¢tl¢e applicable to Charities preparing their accounts Sn accordance with the Financial Reporung Standard applicable In the UK and Republic of Ireland IFRS 102)" leffe¢tive from 1 January 2019). ObJe¢tlvos and actlvltles The Charivs objects are lo advance eduixlion and research by developing a searCh inslrfcute for science and rnalhemalics,. and to fvrther such other exclusively charitsble purposes according to the law of England and Wales as the Trustees in tl)eii discretion determine. The policies adopted in furtherance of these objects are: creation of an environment of free enquiry in which research activity is not unduly monitored or constrained. appointment and coordination of an international fellowship of s¢Sensts. hosting of a¢ad¢mic semlnars and conterences. maintenance of a well-slocked library. development of leaching and outreach programmes to èncourage public awareness and dlscusglon of science. dissemination of research results throijgh publications, visits. conferences. and social media. There has been no material change in these objects during the pOrting period. The past year saw a welcome growlh of in-person activity and collaboration as the reslricb.ons of the pandemic receded. As a result, the headline Ergodicily Economics project thrived from an influx of new people and new ideas. A refresh of the charity's other headline projects led lo the reinvigoration of the external fellowship, a renaming of the Inference from Models project lo Informing Decisions with Models and Mathematics to rgfle¢l 8 new more specific focus on how malhemalical models are used in practical decision maknng and the a(Idltion of Data Science for Social Good as an adclilional headline projeel. The long-established Science on Screen collaboration with the Barbican organised 6 speclal screenings during the year and saw growth in average audience numbers. In meeting ils objectives. the Charity's fellows.. carried out fundamental research, submitted artides for publication and hosted vlsilors and workshops to facililale Collaborative 5cienlific work. reorganised the fellowship with bNenty fellows now associated the inslitule. hired an additional research fellow lo work on a new collaboration with a neurosctence inslilule in Copenhagen lo perfomi experlmental investigations of some of the behavioural science predictions of the Ergodicily Economics project. Continued to work with partners lo support a master's degree for students in developing countries. acquired new library books. communicated publicly through blogs and social media. A¢hl•vomgnts and perfomiance As a measure of porfomiance achleved.. Following the highly successful Ergodictty Economics online conferences in 2021 and 2022. a new hybrid approach was adopted ir¥ 2023. The online meeting, which allracled about 150 attendees. was followed by a more focused in-person meeting for 20 participants. This format worked very well 8nd will likely be repeated. Ergodicity Economics is now a de-facto regular annual conference series. Five fellows continued their research into Ergodlcily Economlcs and organised a focused workshop on the Page 2
LONDON MATHEMATICAL LABORATORY {A company Ilmited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 SEPTEMBER 2023 topic in July 2023 which created several new collaborations. One fellow published a new book popularising the results of the Informing Decisions with Models and Mathematlcs project. Another fellow continued to work on a popular science book on the history of economics scheduled for completion in 2024. One fellow CO&led the 12-week Dats Science for Social Good summer fellowshlp prOgrame hosted by the University of wal¢k. This brought 16 high-calibre young dats scien115ts together from all over the world to work alongside 4 non-profit organisations to solve practic81 data science and artificial intellig8re problems having tangible social impacts. The charity proceeded with an experimental collaboration with iesearchers in Denmark lo lesl the behavioural science Predictions of Ergodicily Econornics on human decision making. The first tranches of experimental data were obtained. One fellow continued the development of a malhemalics maslerfs programme in Pakistan with an associated undergraduate programme for Afghan students. The Chadty maSnlalned a Twitter account and blogs. Financial review The Charity received donations of £470.74912022: £2.751.1471 during the year under review. After costs, there was a deficit of £37,853 12022 SUTplus'. £2.315,9531. Tho retum lo a deficit year is mainly due to the dopreciation on the Charitys premises. It is the policy of the Charity that unrestricted funds be maintained at a level equivalent lo £375,000 {approximalely 6 months running ¢osls}. Tho Trustees consider that reserves at this level will allow charitable a¢tiv?lies to eonlinue in the event of a change in funding. Current unrestricted reserves of £1.227,822 exceed this level significantly. stru¢turg1 govornan¢e and management London Mathematical Laboratory is an incoiporated charity limited by guarantee and was ieglslered on S September 2012. All Trustees serve on a voluntary basis and do not receive reimbursement for out of pocket expenses. None of the Trustoes have any b8neficial ir)lerest in the company. Afl the Trustees are members of the company and guarantee to eonlribute £1 in the event of a wSnding up. The past year saw the resignation of Mr J-P OnstN4edder from the Board of Trustees and th9 appointment of Mr Benjamin Yeoh. The Trustees take strategic policy decisions. The day-to-day running of the Charity is in the hands of the Secretsry. The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place lo mitigate exposure to such risks. The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financAal slalements were.. Mr W D Kennedy Ireslgned 17 Febwary 2024) Mr B Miller Mr O Schuppart Mr J-P Onstwedder {resigned 1 December 20221 Mr B Yeoh Publlc Benefit The Trustees have paid due ¥eoard to the guldance issued by the Charity Commission regarding public benefit and havo conSided this when decAding the main adivilie$ of the Charity. Page 3
LONDON MATHEMATICAL LABORATORY (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Trustee Induction and Trainlng New Trustees are invited lo visit the f8olilies and meet existing Tnjstees and are made aware of their responsSbilities before accepting appointrnenl. Existing Trustees are kepl up lo dale in charity sector legislation through circulation of Charity Commission material on a periodic basis. Disclosure of Informatlon to audltors Each of the persons who are Trustees al the lime when this Trustees. Teport is approved has confimed that: so far as that Trustee is aware, there is relgvanl audit infomialion of whlch the charfws auditors are unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infr)mll0n and lo establish that the chartys auditors are aware of that infomialion. Auditor Appointment A resolution lo reappoint MHA as independgnt auditor will be propc•$ed at Iho next Annual General Meeting. Small company provlslons This report has been prepared In accordance with the provisions applicable to companies enlilled to the smo11 companys exemption. The Trustees. annual report was approved by the Board of Trvstees. Approved by order of thg mgmbei$ of the board of Trustees and signed on their behalf b. Mr B Yeoh Trustee Date.. Jun 14 2024 Page 4
LONDON MATHEMATICAL LABORATORY IA company limited by guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023 The Trustees (who are also the d1CtorS of the Company lor Ihe purposes of company lawl are responsible for preparing the Trustees. report and the financial slalements in accordance wlh applicable law and United Kingdom AccourTrting Standards Iuniled Kingdom Generally Accepted Accounting Pra¢licel. Company law requires the Twstees to prepar8 financlal statements for each financlal . Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair vlew of the slate of affairs of the Company and of Its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial stalemerbts. the Truslges are required lo. sele¢l suilable a¢counlir5g policies and then apply them consistentty.. observe thg methods and principles of the chare$ SORP {FRS 102},' make Judgments and accounting estimatès that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 102) have been followed. subject to any materfal departuies disclosed and explained in the financial slalements-. prepare the financial statements on th8 golng concern basis unless il Is inappropriate to presume that tho Company will ¢onlinue in business. The Trustees are responsible for keeping adequate accounting records that are suffiaenl to show and explain the Companls Irar>sactions and disclose wth reasonable a¢cura¢y at any lime the financial position of the Company and enable them to ensure that the financial statements ¢ornply with the Companigs Act 2006. They are also responsible for safeguardlng the assets of the Company and hence lor taking reasonable Steps for the prevention arKS detection of fraud and other irregularities. Approved by order of the member5 of the board of Tiustees and signed on ils behalf by.. Mr B Yeoh Trustee Date.. Jun 14 2024 Page 5
LONDON MATHEPAATICAL LABORATORY IA company limlted by guarantee) INDEPENDENT AUDITORS. REPORT TO THE 14lEMBERS OF LONDON MATHEMATICAL LABORATORY Opinion We have audited the financlal statements of London Mathematical Labomtory Ilhe 'charitable company) for thè year ended 30 September 2023 which comprise the Statement of financial activities. the Balance sheet. the Slalemenl of cash flows and the related notes, including a summary of significant accoLtntlng policies. The financial reporting framework fhal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Financial Reporbng Standard 102 'The Flnancial Reporting Stsndard applicable in the UK and Republic of Iland, (Unrted Kingdom Generally Accepted Accounting Practscel. In our opinion the financi81 statements= give a true and fair view of the slate of the charitable ¢ompanls affairs as al 30 Septèmber 2023 and of ils incoming resources and application of Tesotjrces. including its income ar expenditure for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in awjrdance with the requirements of the Charilies Act 2011. Basls for oplnlon We conducted our audit in accordance with Inlemational Standards on Audillng (UK} IISAS IUKI} and appIlble law. Our responsibilities under those standards arg further described in the Avdilors. responsibilities for the audlt of the financial ststements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slatemgnts in the United Kingdom. including the Financial Reporting Council's Ethical Standard, and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe Ihal the audh evidence we have obtsined is suffi¢ianl and appropriate lo provide a basis for our opinion. Con¢luslons relating to going concem In atjdlling the financial slatemenis, we have concluded that the Trustees. use of the going concem b8s1s of accounting in the preparalion of the finandal statements ts appropriate. Based on the work w8 have performed. we have not identifigd any mal8ri81 uncertainties relating lo ev¢nls or conditions that, Indiwdually or collectwely. may cast signfficanl doubt on the charitable companls ability to continue as a going concern for a per¢od of at least knelve months from when the financial stslemenls are authorised for Issue. Our responsibilities and the responsibilities of the Trustees bmlh resped to going concem are described in the relevant sections of this report. Pagè 6
LONDON MATHEMATICAL LABORATORY (A Company Ilmlted by guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF LONDON MATHEMATICAL LABORATORY {CONTINUED) Other Infomatlon The other information comprises the information inclLtded in the Annual report other than the financtal slalemenls and our Auditors. report Ihereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financsal statements does not cover the other information and. except lo the exlenl olheNise explicitly staled in our report. we do not express any form of assurance conclusion Ihereoll. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial staltsmenls or our knowledge obtained in the course of the audit. or otherwise appears lo be materially missiated. If we identify such material inconsisten¢ies or apparent material misstalemenls, we afè required lo determine whether this givgs rise to a material misstalemenl in the financial statements themselves. If, based on the work we havè performed, we conclude that there is a material misstslement of thls other information. we are required to report that fact. We have nothlng to report in this regard. MatteTS on which we are requlrèd to report by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the Information given in the Trus*ees' report Is inconsislenl in any material rgspgd wlh the financial statements,. or sufficient accounting records have not been kept., or the financial statements are not in agreement wlth the accounting records and returns: or we have not received all the infomialion and 8xplan8llons we require for our audit. Responsibllltles of trustoes As explained more fully in the TNstees' responsibilities slalemenl, the Trustees (who are also the directors olthe charitsble company for the purposes of company law} are responsible lor the preparation of the financial stalemenls and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees deterrnine is necessary to enable the preparation of financial slalemenls that are flee from material misstatement. whelher due to fraud or error. In preparing the financial ststements. the Trustees are responsibl8 for assessing the charitsble companls ability lo Continue as a golng concem. disclosing, as applicable, matters related to going concem and usin9 the going concern basis of accounting unless the Trustees either Intend to liquidate the charitable company or to cease operations. or have no realistic a118rJ8tive bul to do so. Page 7
LONDON MATHEMATICAL LABORATORY IA company limlted by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF LONDON MATHEMATICAL LABORATORY ICONTINUEDI Audltors. re$ponslbllltles for the audlt of the financial statements We have been appoinlgd as auditor under section 144 of the Charities Act 2011 and report in accordance wlh the Ad and levant regulations made or having effect Ihereunder. Our obieelives are lo obtain 8$Onable assurance about whether the financial statements as a whole are free from material misstatement. whether due lo Ir8ud or error. and to issue an Auditors, report that includes our opinion. Reasonable assuT&nce is a high level of assuran. but is not 8 guarantee that an audit conducted in accordanc6 with ISAS IUKI will always delect a material misststement when il exists. Misst8lements can aris8 from fraud or error and are considgred material if. individually or In the aggregalo, they could reasonably b& expected to inflL¢en¢e the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including frau(i, are Instances of non-compliance wlh laws and regulations. We design procedures Sn line our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities. including fraud. Tho extent lo which our piocedures are capable of delecling irregularities. including fraud is detailed below.. . Audit work performed over key risk areas sueh as managoment override and reviewing of accounting estimates for bias. Further review of financial slalemenls disclosures to ensure accounting policies have been correcuy followed. Enquiry of management and those charged with govemance around any leg81 claim. • Discussions with management over any potential or suspected fraud.. A further déscr¢ption of our responsibilities for the audrt of the financial statements is located on the Financial Reporting Coun¢il's website at-. www_fr¢.o .uklauditorsres nsibilities. This description forms part of our Auditors, roport. Usè of our report This report is made solely lo Ihe charitable companYs trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might slate lo the charttable companls trustees those matters we are required lo stste to them in an Auditors, report and for no other ptjrpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report. or for the oplnions we have formed. For and on behalf of MHA. Statutory Auditors Mikon Keynes United Kingdom Date.. /gio6/2020 MHA are eligible to act a5 auditors in lemis of section 1212 of the Companies Act 2006. MHA Is the trading name of Maclntyre Hudson LLP. a limited liability partnership In England and Wales (registered number OC3123131 Page 8
LONDON MATHEMATICAL LABORATORY IA company Ilmlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Incom• Irom: Donations and legacies Chai?table 8Ctivities Investments Other income 470,749 470,749 2.751.147 63.000 6.986 76.539 9.995 35.672 9,99S 35.672 Total income 516,416 516.416 2,897,672 Expendlture on: Charitable activities 507,269 47,000 554.269 581.719 Total oxpondlture 507,269 47.000 554,269 581.719 Net movement Sn funds 9.147 147,0001 {37,8531 2.315.953 Reconciliation of funds: Total funds brought forward Nftt movemont in funds 1.218,675 9,147 2,330,417 147.0001 3.549.092 137.8531 1.233,139 2,31 S,953 Total funds carrled forward 1,227,822 2,283,417 3,511,239 3.549,092 The Statement of finanaal aclimlies includes all galns and105ses recognised in the year. The notes on pages 13 to 24 form part of these financial statements. Page 9
LONDON MATHEMATICAL LABORATORY (A Company Ilmtted by guarantee) REGISTERED NUMBER: 08202599 BALANCE SHEET AS AT 30 SEPTEMBER 2023 2023 2022 Noto Fixed a$set$ Tanglble assets Current assets 12 2,289.883 2,340,132 Debtors Cash al bank and in hand 13 64.782 1.178.311 76.809 1,151,378 1,243,093 1.228.187 Creditor8.' 8moLfnts falling due within one year 14 121,737) {19,2271 Net currant assats 1.221.356 1,208,960 Total assets lèss ¢urrent liabilities 3,511,239 3.549.092 Total net assets 3,S11.239 3,549,092 Charlty funds Restricted funds Unrestr¢cted funds 15 15 2.283,417 1.227,822 2,330,417 1,218,675 Totsl funds 3,511.239 3.549.092 Page 10
LONDON MATHEMATICAL LABORATORY {A company Ilmlted by guarantee) REGISTERED NUMBER: 08202599 BALANCE SHEET ICONTINUEDI AS AT 30 SEPTEMBER 2023 The enllty was enlilled to exemption from audit under 8ection 477 of the C(Hnpanies Ad 2006. The members have not required the entity to obtain an audit for the year In question St) accordance with section 476 of the Companies Act 2006. However. an audit is required in accordance with section 144 of the Charities Act 2011. The Trustees acknowledge their responsibilit5es for complwng with the requirements of the Act with respect to accounting records and preparation of financial slalemenls. The financlal statements have been prèpared in accordance vith the prowsions applicable lo enlilies subject lo the small companles regime. The financial ststemenls were approved and authorised for issue by the Trustees and signed on their behalf by. 14qr B Yeoh Trustee Date.. Jun 14 2024 Tha notes on pages 13 10 24 foTm part of theso financial statements. Page 11
LONDON MATHEMATICAL LABOIiATORY IA company limlted by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2022 Cash flows from operating activltles Nel cash used in operating activities Inote 181 18.541 2,271,811 Cash flows from Inv¢$ting activities Dividends, interests and rents from investments Purchaseldonation of tsngible fixed assets 9,995 6,986 11,603} 12.352,4701 Net ¢ash provided byllused In) Invesn9 activities 8,392 12,345,484) Changè in cash Ènd ¢a$h equivalents in Ihè y•ar Cash and cash equivalents at the beginning of the year 26,933 173,673) 1.225.051 1,151,378 Cash and cash equivalents at the ¢nd of the year 1,178,311 1.151.378 The notes on pages 13 to 24 fomi part of these financial slalemenls Page 12
LONDON MATHEMATICAL LABORATORY IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 General Infom)atlon London Mathematical Laboratory is a private company Ilmlted by guarantee incorporated in England and Wales. The registered office is Moorgale House. 201 Silbury Boulevard, Milton Keynes. MK9 1LZ. The principal Pla of business Is 8 Margravine Gardens. London, W6 8RH. Accountlng poll¢les 2.1 Basls ol preparation of financial statements The financial slalements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their ac¢ounls in accordance with the Finanryal Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 102} {effective 1 January 20191, the Financial RepC}ng Standard applicable in UK and Republic of Iraland {FRS 102} and the Companies Act 2006. London Malhemalical Laboratory meels the definition of a public benefft enllty under FRS 102. Asse15 and liabililios are Initially recognised al historical cost or transaction value unless otherwise staled in the ielevant accounting policy. 2.2 Golng c¢n¢ern Al the lime of approving the financial stalaments. the trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the forseable future. Thus the trustees ntinUe lo adopt the going concern basis of aCnI1ng in preparing the finanal statements. 2.3 Income Al incomo is rgcognised once the Company has enliuement lo the Income. It Is probable that the income will be received and the amount of income recgivabl¥ can be measured reliably. Grants are included in the Ststement of financial activities on a receivable basis. The balance of income received for specific purpos8s but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is re1Ve in advance of enlillement of receipt, ils recognition is deferred and included in creditors as deferred income. Where entillernent occurs before income is received. the income is accrued. Inme lax recovorable In relallon to Investment income is recognised al the time the investment Income is recelvable. Other inc4)me is recognised in the perfod in whlch il Is receivable and to the extent the goods have been provided or on completion of the service. Page 13
LONDON MATHEMATICAL LABORATORY IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 A¢Muntlng pollcles leontinued) 2.4 Expenditure Expenditure is recognised once there is a legal or wnstructive obligation lo transfer economic benefit to a third paty. il is probable that a transfer of economic benefits will be required in selllemenl 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 lotsl of direct costs and shared costs, including SUPPOrt costs Involved in Undertaking each aclivily. Direct costs attributable lo 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 lo a single activity are apportioned be¢on those activities on a basis consistent with the use of resoLsrces. Central stsff costs are allocated on the basis of Ilme spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable acllvSlles Ss Incurred on directly undertaking the actNieS which further the Companys objectives, as well as any associated support costs. l expenditure is inclusive of irrecoverable VAT. 2.5 Inter•st receivable Interest on funds held on dewsil is induded when receivable and the amount can be measured reliably by the Company,. this is normally upon notification of the inter9St paid or payable by the institution with whom the funds are depos(ted. 2.6 Forelgn currenclès Monetary assets and liabilities denominated in foreign currenci¢s are translated inlo sterling at ral8S of exchange ruling at Ihg reporhng dale. The financSal slalemenls are prepared in sleiling. whlch Is the functional currency of the Charity. Morselary amounts in these financial slalements are rounded to the neTesl £. Exchange gains and lossos are recognised in the Statement of financial aclivilies. 2.7 T4nglble fixed assets and depreclatlon Tangible fixed assets are inS1ially recognised at cost. After recogn>tion, under the cost model, tanglble fixed assets are measured at costlgss accumulated depreciation and any accumulated impairment losses. All costs incurTed to bring a tangible fixed asset into its Intended worklng condibon should be induded in the measurement of cost. Depreciation is charged so as to all¢xale the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciatign 1$ provided on the following bases.. Freehold property Fixtures and fftbngs Computer equipment Straight line per annum 200/0 Straight line per annum 20% Straight line per annum Poge 14
LONDON MATHEMATICAL L4BORATORY (A company limlted by guarant¢el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accounting policies {eontlnuedl 2.8 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prep8yments are valued al the amount prepaid net of any trade discounts due. 2.9 Cash at bank and In hand Cash at bank and Sn hand includes cash and short-term highly liquid investments with a short maturity of thrèe months or less from the date of acquisition or opèning of the deposit or similar account. 2.10 Llabllltles and provisions Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past gvenl, it is probable that a IransfeT of economi¢ b&nefil will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it wll pay lo settle the debt or the amount il has received as advanced payinents for the goods or services il musl prowde. Provisions are me8sured al the best estimate of the amounts required lo settle the obligation. Where thè effe¢l of the tie value of money 15 material, thè provision is based on the present value of Ihose amounts, discounted at the pre-tax discount rata that reflects the risks specific lo the liability. Tho unwinding of the discount is rOgnIsed in the Ststemenl of financial activthes as a finance cost. 2.11 Fln?n¢lal In$trum¥nts Thg Company only has financial assets and financial liabilities of a knnd that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value wlh the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Pèn$ton$ The Company operatas a defined Contribution pension scheme and tha pgnslon ¢haTge represents the amounts payable by the Company lo the fund in respect of tho year. Page 15
LONDON MATHEMATICAL LABORATORY IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Accountlng pollcles (contlnued) 2.13 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherdnce of the general objectives Of the Company and which have not been designated for other purposes. Designated fvnds cornprise unrestricted funds Ihal have been sel aside by the Trustees for particular purposes. The aim and use of each designated fvnd is sel out in the notes lo the fit)ancial stslements. Restricted funds aro funds whlch are lo be used in aordance wlh speclfic restrlctlons imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are chaiged against the specrfic fijnd. The aim and use of each restrlctsd fund is sel out in the notes lo the financial slatemenls. Investrnent income, gains and losses are allocated lo the appropriate fund. Critical accounting estimats5 and areas of ludgmént In th8 appllcalion of the Chartys accounting policies, the Trustees are required lo make judgements. esumales and assumptions about the carrying amount of assets and liabilitses that are not readily apparent from olhgr sources. The estimates and associated assumptSons are based on histori1 experience and other factors that are considered lo be relevant. Actual rosults may drffer from these estimates. Critical accounting estimates and assumpllons: The esfymales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates ar6 re¢ognised in the period in which the estimate is revls&d where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and futur& periods. Income from donatlons and legacles UnTestr*cted R8$trl¢tod funds funds 2023 2023 Total funds 2023 Total funds 2022 Donations and gifts Grants 413,050 57.699 413,050 57.699 2.751.147 470,749 470,749 2.751.147 Total 2022 401,147 2,350,000 2,751.147 Page 16
LONDON MATHEMATICAL LABORATORY IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Income from charitable activities Unrestrfcted funds 2023 Total funds 2023 Total funds 2022 Donated facility 63,000 Total 2022 63.000 63,000 Investment Ineome Unrestrl¢ted funds 2023 Total funds 2023 Total fijnds 2022 Rental income Interest receivable 7.103 2.892 7,103 2,892 4,633 2.353 9,995 9,995 6,986 Total 2022 6,986 6,986 Other Incomlng resources Other income received durlng Ihg year was £35.672 {2022'. £76,539). Page 17
LONDON MATHEMATICAL LABORATORY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Analysls of expendlture by activltle$ Actlvltles undertaken directly 2023 Total funds 2023 Total funds 2022 Charitable expendityre 554,269 554,269 581.719 Total 2022 581,719 581,719 Analysls of direct costs Totsl funds 2023 Total funds 2022 Staff costs Depreciation Other office costs Audit costs Bank Fees, Exchange gains and losses Computer expensès InsLtr8nce Legal and professional Light and heal Rates Student costs 394,246 51,852 34.338 14.023 1.160 2.600 4.321 7,387 3,247 6.156 4.222 189 3,602 12.238 620 380,181 26,472 85.780 9,135 {7.9191 837 9,738 1,815 5,227 Memberships Entertainment Motor and Iravel costs Events costs Conferences Rent and rates Loss on fixed assets Telephone 700 3.884 250 13,440 63,000 1.742 877 628 554,269 581,719 Page 18
LONDON MATHEMATICAL LABORATORY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Audllors. remuneratlon 2023 2022 Fees payable lo the Companvs auditor for the audit of the Companys annual accounts 8.500 6,500 10. Staff ¢o$ts 2023 2022 Wages and salarles Social security o)sls Contribution to defined contribution pension schemes 351,782 20,440 22,024 343.929 17.068 19.184 394.246 380,181 The average number of persons employed by the Company during the year was as follows.. 2023 2022 No. Employees The number of emp¢oyees whose employee b8nefits {excluding employer pension costs} exceeded £60,000 was.. 2023 2022 No. In the band £110.000- £119,999 In the band £140,000 - £149,999 The key management personnel of the Charity comprised the Laboratory Direclorlcompany Secretary. The key management personnel of the Charily received total remuneration and expenses of £122,639 {2022.. £81.9581 during the year. 11. Trustees. remuneration and expenses During the year, no Twstees recèlved any remuneration or other benefits12022- £NILI. During the year ended 30 September 2023, no Trustee expenses have been incurTed12022- £NILI. Page 19
LONDON MATHEMATICAL LABORATORY {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 12. Tanglble flxed a$sets Freehold Lèasehold Fixtures and property Improvements fittings Computer equipment T¢)tal Cost or valuation At 1 Oclober 2022 Additions 2,350.000 9.700 17,809 13,006 1.603 2.390,515 1.603 Transfers between cla55es {9,700) 9,700 At 30 September 2023 2,350.000 27.509 14,609 2,392,118 Depreclatlon At 1 Octobgr 2022 Charge for the year Transfers betseen classes 19,583 47,000 8,357 1 S,839 2,657 8,357 6.604 2.195 50.383 51.852 (8.357) AI 30 September 2023 66,583 26,853 8,799 102,235 Not book valu¢ At 30 Septomber 2023 2.283,417 656 5,810 2.269.883 At 30 September 2022 2.330.417 1.343 1,970 6,402 2.340.132 During the year th8 leasehold improvements hamng a nelbook value of £1,343 ass re¢laSSle to fixtures and fittings for presenlalional purpose. Page 20
LONDON MATHEMATICAL LABORATORY {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 13. Debtors 2023 2022 Duè within one year Trade debtors Other debtors Prepayments and accrued income 57,699 1.139 5.944 69,774 7,035 64.782 76,809 14. Craditors: Amounts falling du? wlthln one year 2023 2022 Trade creditors Other taxation and social 8euJrity Accruals and deferred income 6.121 4.860 10.756 1,362 8,251 9.614 21,737 19,227 Page 21
LONDON MATHEMATICAL LABORATORY IA company limited by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 15. Statoment of fund$ Statement of funds • current year Balance at 30 Transfers September Inlout 2023 Balance at 1 October 2022 In¢ome Expenditure Unrestrlcted funds Deslgnated funds Ergodicity Economics Research International Malhemallcs Master Novo Nordisk Foundation 331.198 413.619 1304,8001 440.017 23,227 19,755} {67,0701 13,472 19.371) 57.699 354.42S 471.318 1381,6251 444,118 General funds General Funds- all funds 864.250 45,098 {125.644) 783,704 Total Unro$trl¢ted funds 1.218.675 516,416 1507.2691 1.227.822 The designated funds have been sel aside out of the unrestricted funds by the Trustees for specific purpos&s. Three designated fund exist for.. research into ergodicity economics- Intemalional Malhernalics Master la programme to build postgraduate rnalhematics teaching ¢8pacity in developing ¢ountries}'. and the Novo Nordik Foundation who are funding the wages and expenses of B Skjold. R¢$lrl¢t¢d funds 8 Margravine Gardens 2,330,417 147,000) 2,283.417 Totsl of funds 3,549,092 516.416 1554,2691 3,511,239 The restrlcled fund was in regards lo a donation of the propety, 8 Margravine Gardens, which has the restriction that it can only be used for the Charivs objectives for the furtherence of scientific res8ar¢h. Deprociatlon Is charge al 2% per annum of cost and this is expensed against the restricted fijnd. Page 22
LONDON MATHEMATICAL LABORATORY IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 16. Summary offunds Summary of lunds . ¢urrtrnt year Balance at 30 September 2Q23 Balance at 1 October 2022 Income Expenditure Designated funds General funds Reslrfcted ftFnds 354,425 864,250 2.330.417 471,318 45,098 {381.625} 444,118 (125,6441 783,704 (47,0001 2.283.417 3,549,092 516,416 (554.2691 3,511.239 1T. Analysls of net as$ets behveen funds Analys1$ of net a$sets between funds - current year Unrestricted R•$trlctèd funds funds 2023 2023 Total funds 2023 T8nglble fixed assets Current 85sets Creditors due within one year 6,466 1.243,093 121.737} 2.283,417 2,289,883 1.243,093 121,7371 Total 1,227,822 2.283,417 3.511.239 Page 23
LONDON MATHEMATICAL LABORATORY IA company Ilmltod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 18. Recon¢115atlon of net movemenl In funds to net cash flow from operating activities 2023 2022 Net incomelexpondilure for the ygar {as per Statement of Finandal Aci¢vities) {37,6531 2.315,953 Adjustments lor: Deplation charges Dividends, interests and rents from investmenls Loss on the sale of fixed assets (In¢a$0)lde¢rease in debtors IDe¢reaseVincrease in creditors 51,852 {9,995} 26,472 16.986) 1,742 (64,0791 (1,2911 12,027 2.510 Net cash provlded by operating activities 18,541 2,271.811 19. Analysis of ca$h and ¢ash equivalents 2023 2022 Cash In hand 1.178.311 1,151,378 20. Analysls of changes In net debt At1 October 2022 Cash flows At30 September 2023 Cash al bank and in hand 1,151,378 26,933 1,178,311 Pag8 24