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 onstr￿edd0r (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
Ind8￿ndSnt 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¢Sen￿sts.
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 prOgram￿e hosted by
the University of wa￿l¢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 intellig8r￿e
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 conSide￿d 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)m￿ll0n 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 d1￿CtorS 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 char￿e$ 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 I￿land, (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 appIl￿ble
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¢$ting activities
Dividends, interests and rents from investments
Purchaseldonation of tsngible fixed assets
9,995
6,986
11,603} 12.352,4701
Net ¢ash provided byllused In) Inves￿n9 activities
8,392 12,345,484)
Changè in cash Ènd ¢a$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 aC￿￿nI1ng in preparing the finan￿al
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 re￿1Ve￿ 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.
In￿me 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 actNi￿eS 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 ti￿e 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 r￿OgnIsed 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 a￿ordance 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 histori￿1
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¢laSS￿le￿ 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:
Dep￿lation 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