**Registered number: 08202599 Charity number: 1149490**
## **LONDON MATHEMATICAL LABORATORY**
**(A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2025**
**LONDON MATHEMATICAL LABORATORY (A company limited by guarantee)**
|**CONTENTS**||
|---|---|
|||
||Page|
|**Reference and administrative details of the Company, its Trustees and advisers**|1|
|**Trustees' report**|2 - 4|
|**Trustees' responsibilities statement**|5|
|**Independent auditors' report on the financial statements**|6 - 9|
|**Statement of financial activities**|10|
|**Balance sheet**|11 - 12|
|**Statement of cash flows**|13|
|**Notes to the financial statements**|14 - 25|
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
|**Trustees**|Mr B Miller (resigned 5 March 2026)|
|---|---|
||Mr O Schuppart|
||Mr B Yeoh|
||Mr A Adamou (appointed 22 May 2026)|
|**Company registered**
**number**
08202599
**Charity registered**
**number**
1149490
**Registered office**
8 Margravine Gardens
London
W6 8RH
**Company secretary**
Mr C P Connaughton
**Independent auditors**
MHA
Chartered Accountants
Statutory Auditors
The Pinnacle
150 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1LZ||
Page 1
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025**
The Trustees present their report and financial statements for the London Mathematical Laboratory (LML) for the year ended 30 September 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's trust deed, the Companies Act 2006, and 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 from 1 January 2019).
The trustees are aware of the forthcoming Charities SORP (FRS 102) 2026, which will apply to future reporting periods.
## **Objectives and activities**
The Charity's objects are to advance education and research by developing a research institute for science and mathematics; and to further such other exclusively charitable purposes according to the law of England and Wales as the Trustees in their discretion determine.
The policies adopted in furtherance of these objectives 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 scientists.
- hosting of academic seminars and conferences.
- maintenance of a guesthouse to host scientific visits by fellows and collaborators.
- maintenance of a well-stocked library.
- development of teaching and outreach programmes to encourage public awareness and discussion of science.
- dissemination of research results through publications, visits, conferences, and social media.
- running a publishing house, the LML Press, and publication of titles relevant to the Charity’s objectives.
There has been no material change in the Charity’s objectives during the reporting period. The headline Ergodicity Economics research project has continued to thrive, to expand in new directions and reached a significant milestone with the publication of the first academic textbook on the subject via the LML Press. The external fellowship currently consists of seventeen scientists from around the world. The Informing Decisions with Models and Mathematics project has continued to produce new research enabled by renewed support from the WTW Research Network. The main new project for this reporting period was the completion of the establishment of the LML Press publishing house. The first titles were published in March 2025 and June 2025.
In meeting its objectives, the Charity’s fellows:
- carried out fundamental research, submitted articles for publication and hosted visitors and workshops to facilitate collaborative scientific work.
- continued the LML research fellowship with twenty-two fellows now associated with the institute.
- continued to support the International Mathematics Master, an international MSc programme for students from developing countries, as it completed its transition to becoming an independent charitable organisation.
- acquired new library books.
- communicated publicly through blogs, social media and a regular online public seminar series.
- published, marketed and distributed new books under the LML Press imprint.
Page 2
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **Achievements and performance**
As a measure of performance achieved:
- The Ergodicity Economics 2025 conference continued what is now an established annual conference series. The event readopted the hybrid format which had proven so successful in previous years. An online component attracted about 150 participants and was followed by a more focused in-person event with 20 attendees. This year’s in-person event was themed “Good Decisions”. It was co-organised with the Centre for Adaptive Behaviour and Cognition at the Max Planck Institute for Human Development in Berlin, one of the world’s leading research groups in heuristic models of decision making. This event led to several new collaborations with LML fellows.
- Building on the success of a new book published in 2023 popularising the results of the Informing Decisions with Models and Mathematics project, one fellow continued her research partnership with the WTW Research Network on Natural Catastrophe Model Evaluation with renewed funding.
- Two fellows completed the publication of a textbook on Ergodicity Economics which was published by LML Press in June 2025. The book has received positive reviews, and a highly publicised and well attended formal launch event took place at Gresham College in June 2025.
- One fellow was invited to guest edit a thematic issue of the respected academic journal Philosophical Transactions of the Royal Society A on the topic of Applied Ergodicity. This volume is expected to be published in 2026.
- One fellow completed the formal establishment of the International Mathematics Master as an autonomous charitable organisation under Italian law. This is a mathematics masters programme for students from developing countries supported by an international consortium of universities.
- The Charity maintained an X/Twitter account, two blogs, a YouTube channel and a regular online seminar series.
- The Charity maintained a guesthouse and hosted scientific visits by overseas scientists during the year.
## **Financial review**
The Charity received donations of £466,916 (2024: £500,020) during the year under review. After costs, there was a surplus of £45,191 (2024 deficit: £29,734). The return to surplus this year is mainly due to lower staff costs.
The Novo Nordisk project was successfully completed in October 2024. The £5,857 remaining in the Novo Nordisk designated fund for administrative costs incurred by the Charity will be transferred to the general fund to close out the Novo Nordisk fund.
It is the policy of the Charity that the sum of unrestricted funds and the Ergodicity Economics designated fund be maintained at a level equivalent to £375,000 (approximately 6 months running costs). The Trustees consider that reserves at this level will allow charitable activities to continue in the event of a change in funding. Current unrestricted reserves of £1,337,279 exceed this level significantly.
## **Structure, governance and management**
London Mathematical Laboratory is an incorporated charity limited by guarantee and was registered on 5 September 2012.
All Trustees serve on a voluntary basis and do not receive reimbursement for out-of-pocket expenses. None of the Trustees have any beneficial interest in the company. All the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Page 3
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
The Trustees take strategic policy decisions. The day-to-day running of the Charity is in the hands of the Secretary. The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to 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 date of signature of the financial statements were:
Mr B Miller (resigned 5 March 2026) Mr O Schuppart Mr B Yeoh Mr A Adamou (appointed 22 May 2026)
## **Public Benefit**
The Trustees have paid due regard to the guidance issued by the Charity Commission regarding public benefit and have considered this when deciding the main activities of the Charity.
## **Trustee Induction and Training**
New Trustees are invited to visit the facilities and meet existing Trustees and are made aware of their responsibilities before accepting appointment. Existing Trustees are kept up to date in charity sector legislation through circulation of Charity Commission material on a periodic basis.
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
## **Auditor Appointment**
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ **Mr B Yeoh** Trustee Jun 25 2026 Date:
Page 4
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 30 SEPTEMBER 2025**
The Trustees (who are also the directors of the Company 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 Company and of its incoming resources and application of resources, including its 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 judgments 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 Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 Company 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:
................................................ **Mr B Yeoh** Trustee Date: Jun 25 2026
Page 5
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MATHEMATICAL LABORATORY**
## **Opinion**
We have audited the financial statements of London Mathematical Laboratory (the 'charitable company') for the year ended 30 September 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 30 September 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 6
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MATHEMATICAL LABORATORY (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
Page 7
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MATHEMATICAL LABORATORY (CONTINUED)**
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditors' responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Audit work performed over key risk areas such as management override and reviewing of accounting estimates for bias.
• Further review of financial statements disclosures to ensure accounting policies have been correctly followed.
- Enquiry of management and those charged with governance around any legal claim.
- Discussions with management over any potential or suspected fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 8
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON MATHEMATICAL LABORATORY (CONTINUED)**
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. 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 opinions we have formed.
## **Elizabeth Newell BA (Hons) FCA (Senior statutory auditor)**
for and on behalf of
## **MHA**
Chartered Accountants Statutory Auditors Milton Keynes
> Date: 26 June 2026
MHA are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
Page 9
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2025**
|**Note**
**Income from:**
Donations and legacies
4
Investments
5
Other income
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2025**
**£**
**466,916**
**91,815**
**14,449**
**573,180**
**480,989**
**480,989**
**92,191**
**1,245,088**
**92,191**
**1,337,279**|**Restricted**
**funds**
**2025**
**£**
**-**
**-**
**-**
**-**
**47,000**
**47,000**
**(47,000)**
**2,236,417**
**(47,000)**
**2,189,417**|**Total**
**funds**
**2025**
**£**
**466,916**
**91,815**
**14,449**
**573,180**
**527,989**
**527,989**
**45,191**
**3,481,505**
**45,191**
**3,526,696**|_Total_
_funds_
_2024_
_£_
_500,020_
_68,399_
_3,824_
_572,243_
_601,977_
_601,977_
_(29,734)_
_3,511,239_
_(29,734)_
_3,481,505_|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 25 form part of these financial statements.
Page 10
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee) REGISTERED NUMBER: 08202599**
## **BALANCE SHEET AS AT 30 SEPTEMBER 2025**
|**Note**
**Fixed assets**
Tangible assets
11
**Current assets**
Debtors
12
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due within one
year
13
**Net current assets**
**Total assets less current liabilities**
**Total net assets**
**Charity funds**
Restricted funds
14
Unrestricted funds
14
**Total funds**|**13,436**
**1,346,355**
**1,359,791**
**(26,913)**|**2025**
**£**
**2,193,818**
**1,332,878**
**3,526,696**
**3,526,696**
**2,189,417**
**1,337,279**
**3,526,696**|_480,782_
_783,408_
_1,264,190_
_(25,953)_|_2024_
_£_
_2,243,268_
_1,238,237_|
|---|---|---|---|---|
|||||_3,481,505_|
|||||_3,481,505_|
|||||_2,236,417_
_1,245,088_|
|||||_3,481,505_|
Page 11
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee) REGISTERED NUMBER: 08202599**
## **BALANCE SHEET (CONTINUED) AS AT 30 SEPTEMBER 2025**
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.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ **Mr B Yeoh** Trustee Date: Jun 25 2026
The notes on pages 14 to 25 form part of these financial statements.
Page 12
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
|**STATEMENT OF CASH FLOWS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2025**|||
|---|---|---|
|**Cash flows from operating activities**
Net cash provided / (used) in operating activities (note 17)
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase/donation of tangible fixed assets
**Net cash provided by investing 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**
The notes on pages 14 to 25 form part of these financial statements|**2025**
**£**
**471,433**
**91,815**
**(301)**
**91,514**
**562,947**
**783,408**
**1,346,355**|_2024_
_£_
_(459,563)_
_68,399_
_(3,739)_
**64,660**
**(394,903)**
_1,178,311_
_783,408_|
Page 13
**LONDON MATHEMATICAL LABORATORY (A company limited by guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **1. General information**
London Mathematical Laboratory is a private company limited by guarantee incorporated in England and Wales. The registered office and principal place of business is 8 Margravine Gardens, London, W6 8RH.
## **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 Mathematical Laboratory 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.
## **2.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **2.3 Income**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the 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 tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 14
**LONDON MATHEMATICAL LABORATORY**
**(A company limited by guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **2. Accounting policies (continued)**
## **2.4 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. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
## **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.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
Exchange gains and losses are recognised in the Statement of financial activities.
## **2.7 Tangible fixed assets and depreciation**
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.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
|Freehold property|- 2% Straight line per annum|
|---|---|
|Fixtures and fittings|- 20% Straight line per annum|
|Computer equipment|- 20% Straight line per annum|
Page 15
**LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **2. Accounting policies (continued)**
## **2.8 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.
## **2.9 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.
## **2.10 Liabilities and provisions**
Liabilities 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 Charity 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 Statement of Financial Activities as a finance cost.
## **2.11 Financial instruments**
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.12 Pensions**
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
Page 16
**LONDON MATHEMATICAL LABORATORY**
**(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **2. Accounting policies (continued)**
## **2.13 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 Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity 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.
Investment income, gains and losses are allocated to the appropriate fund.
## **3. Critical accounting estimates and areas of judgment**
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Critical accounting estimates and assumptions:
Depreciation rates are based on estimates of the useful lives and residual values of the associated assets.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **4. Income from donations and legacies**
|**Unrestricted**
**funds**
**2025**
**£**
Donations and gifts
436,762
Grants
30,154
466,916|**Total**
**funds**
**2025**
**£**
**436,762**
**30,154**
**466,916**|_Total_
_funds_
_2024_
_£_
_406,140_
_93,880_
_500,020_|
|---|---|---|
Page 17
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **5. Investment income**
|**Unrestricted**
**funds**
**2025**
**£**
Rental income
64,790
Interest receivable
27,025
91,815|**Total**
**funds**
**2025**
**£**
**64,790**
**27,025**
**91,815**|_Total_
_funds_
_2024_
_£_
_46,444_
_21,955_
_68,399_|
|---|---|---|
## **6. Other incoming resources**
Other income received during the year was £14,449 (2024: £3,824).
Page 18
**(A company limited by guarantee)**
## **LONDON MATHEMATICAL LABORATORY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **7. Analysis of expenditure by activities**
||**Activities**|||
|---|---|---|---|
||**undertaken**|**Total**|_Total_|
||**directly**|**funds**|_funds_|
||**2025**|**2025**|_2024_|
||**£**|**£**|_£_|
|Charitable expenditure (analysed below)|527,989|**527,989**|_601,977_|
## **Analysis of direct costs**
|Staff costs
Depreciation
Other office costs
Audit costs
Bank fees, exchange gains and losses
Computer expenses
Insurance
Legal and professional
Light and heat
Rates
Student costs
Memberships
Entertainment
Motor and travel costs
Events costs
Conferences
Repairs and maintenance
Telephone|**Total**
**funds**
**2025**
**£**
**312,009**
**49,751**
**101,051**
**12,160**
**1,358**
**3,735**
**3,851**
**9,309**
**3,652**
**6,721**
**3,364**
**121**
**2,769**
**1,559**
**-**
**13,827**
**1,552**
**1,200**
**527,989**|_Total_
_funds_
_2024_
_£_
_391,133_
_50,354_
_68,918_
_14,012_
_879_
_5,911_
_3,801_
_9,413_
_3,480_
_6,408_
_8,166_
_121_
_9,742_
_18,354_
_250_
_9,140_
_810_
_1,085_
_601,977_|
|---|---|---|
Page 19
**(A company limited by guarantee)**
## **LONDON MATHEMATICAL LABORATORY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **8. Auditors' remuneration**
|**Auditors' remuneration**|||
|---|---|---|
||**2025**|_2024_|
||**£**|_£_|
|Fees payable to the Company's auditor for the audit of the Company's|||
|annual accounts|**9,850**|_9,350_|
## **9. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2025**
**£**
**287,071**
**8,500**
**16,438**
**312,009**|_2024_
_£_
_351,361_
_18,808_
_20,964_|
|---|---|---|
|||_391,133_|
The average number of persons employed by the Company during the year was as follows:
||**2025**|_2024_|
|---|---|---|
||**No.**|_No._|
|Employees|**5**|_6_|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
||**2025**|_2024_|
|---|---|---|
||**No.**|_No._|
|In the band £90,001 - £100,000|**1**|_1_|
|In the band £140,000 - £149,999|**1**|_1_|
The key management personnel of the Charity comprised the Laboratory Director/Company Secretary.
The key management personnel of the Charity received total remuneration and expenses of £123,255 (2024: £122,545) during the year.
## **10. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2024 - £NIL)_ .
During the year ended 30 September 2025, no Trustee expenses have been incurred _(2024 - £NIL)_ .
Page 20
**(A company limited by guarantee)**
## **LONDON MATHEMATICAL LABORATORY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **11. Tangible fixed assets**
|**Cost or valuation**
At 1 October 2024
Additions
At 30 September 2025
**Depreciation**
At 1 October 2024
Charge for the year
At 30 September 2025
**Net book value**
At 30 September 2025
_At 30 September 2024_|**Freehold**
**property**
**£**
**2,350,000**
**-**
**2,350,000**
**113,583**
**47,000**
**160,583**
**2,189,417**
_2,236,417_|**Fixtures and**
**fittings**
**£**
**31,248**
**301**
**31,549**
**27,875**
**857**
**28,732**
**2,817**
_3,373_|**Computer**
**equipment**
**£**
**14,609**
**-**
**14,609**
**11,131**
**1,894**
**13,025**
**1,584**
_3,478_|**Total**
**£**
**2,395,857**
**301**
**2,396,158**|
|---|---|---|---|---|
|||||**152,589**
**49,751**
**202,340**|
|||||**2,193,818**
_2,243,268_|
Page 21
## **LONDON MATHEMATICAL LABORATORY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **12. Debtors**
|**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income
**Creditors: Amounts falling due within one year**
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2025**
**£**
**3,264**
**3,803**
**6,369**
**13,436**
**2025**
**£**
**7,041**
**2,955**
**1**
**16,916**
**26,913**|_2024_
_£_
_469,573_
_3,442_
_7,767_|
|---|---|---|
|||_480,782_|
|||_2024_
_£_
_2,511_
_2,011_
_1_
_21,430_|
|||_25,953_|
## **13. Creditors: Amounts falling due within one year**
Page 22
**(A company limited by guarantee)**
## **LONDON MATHEMATICAL LABORATORY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **14. Statement of funds**
**Statement of funds - current year**
|**Unrestricted funds**
**Designated funds**
Ergodicity Economics
Research
International Mathematics
Master
Novo Nordisk Foundation
**General funds**
General Funds
**Total Unrestricted funds**|**Balance at 1**
**October**
**2024**
**£**
**593,077**
**3,150**
**5,857**
**602,084**
**643,004**
**1,245,088**|**Income**
**£**
**414,918**
**15**
**-**
**414,933**
**158,247**
**573,180**|**Expenditure**
**£**
**(22,409)**
**(7,628)**
**-**
**(30,037)**
**(450,952)**
**(480,989)**|**Transfers**
**in/out**
**£**
**-**
**4,463**
**(5,857)**
**(1,394)**
**1,394**
**-**|**Balance at**
**30**
**September**
**2025**
**£**
**985,586**
**-**
**-**
**985,586**|
|---|---|---|---|---|---|
||||||**351,693**|
||||||**1,337,279**|
The designated funds have been set aside out of the unrestricted funds by the Trustees for specific purposes. Three designated funds exist for: research into ergodicity economics; International Mathematics Master (a programme to build postgraduate mathematics teaching capacity in developing countries).
The Novo Nordisk project was successfully completed in October 2024. The £5,857 remaining in the Novo Nordisk designated fund for administrative costs incurred by the Charity will be transferred to the general fund to close out the Novo Nordisk fund.
## **Restricted funds**
|Restricted Funds - all funds
**Total of funds**|**2,236,417**
**3,481,505**|**-**
**573,180**|**(47,000)**
**(527,989)**|**-**
**-**|**2,189,417**|
|---|---|---|---|---|---|
||||||**3,526,696**|
The restricted fund relates to the donation of the property, 8 Margravine Gardens, which has the restriction that it can only be used for the Charity's objectives for the furtherance of scientific research. Depreciation is charged at 2% per annum of cost and this is expensed against the restricted fund.
Page 23
**(A company limited by guarantee)**
## **LONDON MATHEMATICAL LABORATORY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **15. Summary of funds**
**Summary of funds - current year**
|Designated funds
General funds
Restricted funds|**Balance at 1**
**October**
**2024**
**£**
**602,084**
**643,004**
**2,236,417**
**3,481,505**|**Income**
**£**
**414,933**
**158,247**
**-**
**573,180**|**Expenditure**
**£**
**(30,037)**
**(450,952)**
**(47,000)**
**(527,989)**|**Transfers**
**in/out**
**£**
**(1,394)**
**1,394**
**-**
**-**|**Balance at**
**30**
**September**
**2025**
**£**
**985,586**
**351,693**
**2,189,417**
**3,526,696**|
|---|---|---|---|---|---|
## **16. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2025**
**£**
Tangible fixed assets
4,401
Current assets
1,359,791
Creditors due within one year
(26,913)
**Total**
1,337,279|**Restricted**
**funds**
**2025**
**£**
2,189,417
-
-
2,189,417|**Total**
**funds**
**2025**
**£**
**2,193,818**
**1,359,791**
**(26,913)**
**3,526,696**|
|---|---|---|
Page 24
**(A company limited by guarantee)**
## **LONDON MATHEMATICAL LABORATORY**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025**
## **17. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the year (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
Interests and rents from investments
(Increase)/decrease in debtors
Increase in creditors
**Net cash provided by/(used in) operating activities**
**18.**
**Analysis of cash and cash equivalents**
Cash in hand
**19.**
**Analysis of changes in net debt**
**At 1**
**October**
**2024**
**£**
Cash at bank and in hand
**783,408**|**2025**
**£**
**45,191**
**49,751**
**(91,815)**
**467,346**
**960**
**471,433**
**2025**
**£**
**1,346,355**
**Cash flows**
**£**
**562,947**|_2024_
_£_
_(29,734)_
_50,354_
_(68,399)_
_(416,000)_
_4,216_
_(459,563)_
_2024_
_£_
_783,408_
**At 30**
**September**
**2025**
**£**
**1,346,355**|
|---|---|---|
## **20. Related party transactions**
The Company has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the Company at 30 September 2025.
Page 25
Audit Trail
|**Document Details**|**Document Details**|||
|---|---|---|---|
|**Title**|2026-06-24|fnal accounts||
|**File Name**|2026-06-24_London Mathematical - Final accounts 300925.pdf|||
|**Document ID**|7ce27b99873d499daf81bb6567a1cbef|||
|**Fingerprint**|add9af5767d196b5dd107c41c5ac680|||
|**Status**|Completed|||
|**Document History**||||
|**Document Created**
Document Created by London Mathematical Laboratory (lml@lml.org.uk)
Fingerprint: 50ade5493f2aaaa7b1e70b9c6b267972|||Jun 25 2026
11:48AM UTC|
|**Document Sent**|Document Sent to Ben Yeoh (benyeohben@gmail.com)||Jun 25 2026
11:48AM UTC|
|**Document Viewed**
Document Viewed by Ben Yeoh (benyeohben@gmail.com)
IP: 92.71.143.96|||Jun 25 2026
04:29PM UTC|
||Document Signed by Ben Yeoh (benyeohben@gmail.com)|||
||IP: 92.71.143.96|||
|**Document Signed**|||Jun 25 2026
04:30PM UTC|
|**Document**|This document has been completed.||Jun 25 2026|
|**Completed**|Fingerprint: add9af5767d196b5dd107c41c5ac680||04:30PM UTC|