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2025-07-31-accounts

London Mathematical Society

Report of the Trustees for the period 1 August 2024 – 31 July 2025

FOREWORD FROM THE PRESIDENT AND EXECUTIVE SECRETARY (CEO)

We are pleased to present the annual report for 2024-25 which highlights some of our activities from the past year to advance the mathematical sciences.

This year saw the embedding of our new ambitious five-year strategy, which, alongside our existing charitable objectives, focuses on three strategic goals: LMS in the Global Community, Member Engagement, and Mathematics Pathways. A new Strategic Development Fund, designated by Council to develop the three strategic goals, allowed new initiatives to be undertaken to transform the delivery of one of the three goals.

It has been an exciting year for the mathematical sciences community as the Campaign for Mathematical Science launched the Maths Degrees for the Future competition. Five universities shared a £2.5 million funding to reimagine and create ‘next-gen’ degree designs that connect foundational mathematics to key applications in an increasingly AI and data driven world. We hope that the programme will lead to an increase the overall pool of students going into a mathematical sciences degree.

We are an internationally trusted publisher of mathematical research. Our rigorous peer-review process provides a vital service to the mathematical community, and the publications are a vital source of income to fund the Society’s other activities. This year,

we saw the benefits of a significant reorganisation of the shared Editorial Board of the Bulletin of the London Mathematical Society and the Journal of the London Mathematical Society and the processes that underpin the journals’ peer-review. As a result of this change, both journals have achieved significant improvement in review times. We are grateful to our community of authors, reviewers, editors and, of course, readers, for their support of the Society’s publications.

In terms of our financial position, we continued the longterm strategy of income and expenditure remaining broadly balanced and have continued to mitigate the effects of high inflation. We see strength returning to the conference room letting and venue-hire business. However, we remain indebted to our donors, both small and large, who enable many of our activities with external financial help.

This report provides a fuller description of our support for the mathematical community. We could not achieve the mission of the Society without the commitment, passion and efforts of the all the members who support the work of the Society. We want to express our gratitude for the incredible contributions and hard work of all the volunteers, Council and LMS staff.

Jens Marklof, LMS President Simon Edwards, Executive Secretary (CEO)

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CHARTER, OBJECTIVES AND PURPOSE

The London Mathematical Society has, since 1865, been the UK learned society for the dissemination and promotion of mathematical knowledge. Our mission is to advance mathematics through our members and the broader scientific community worldwide.

The Society delivers its charitable aims primarily through funding in support of mathematics. Such activities are vital for the continued health of mathematics as a discipline, which is critical to the UK economy, and which impacts on a wide range of societal activities.

Throughout 2024/25, the Society continued to deliver on the seven charitable objectives and our support of the mathematical sciences community. This report provides an overview of the activities and achievements against these objectives within this period and our plans for the future.

In implementing the Society’s Royal Charter and the formal statement of its objectives, the Society’s Council has previously approved the following interpretation of the objectives to support the day-to-day delivery of the Society work.

The seven charitable objectives are:

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LMS STRATEGIC GOALS 2023-28

In November 2023, LMS Council agreed a new strategy for the Society for the period 2023-2028. The strategy has three clear goals for the Society to develop its ambitions by building on the on-going work under the charitable objectives. The Society plans to make significant progress on realising these ambitions over the five-year period.

LMS in the Global Community

Play an active role in the international mathematical community and develop our international partnerships and our membership, building on the global status of the Society.

In February 2025, Council approved the Global Engagement Working Group becoming a formal committee of the Society renamed the Global Affairs Committee. The committee has worked to set up three LMS Global meetings; in Hanoi in partnership with the Vietnamese Institute for Advanced Mathematics (VIASM); in Johannesburg in partnership with South African Mathematical Society (SAMS) and Southern Africa Mathematical Sciences Association (SAMSA); in Mumbai in partnership with Tata Institute of Fundamental Research (TIFR). The LMS global meetings took LMS member mathematicians and distinguished

speakers to a new audience to promote the LMS as a global organisation. The meetings also provided opportunities to meet local business leaders and politicians to discuss the role of maths in society.

In May 2025, the LMS held its first UK/Africa Partnerships event which brought together organisations funding mathematics research and events in Africa with African mathematicians and stakeholders. The event was held at Edinburgh Futures Institute and supported by International Centre for Mathematical Sciences.

Engaging our Community

Mobilise and connect with current and potential LMS members and the wider mathematics community.

We held and supported over 30 events for the community that celebrated mathematics, past, present and future. This included the LMS General Meeting & Hardy Lecture in July 2025; Black Heroes of Mathematics conference in October 2024 run collaboratively with several mathematical organisations in the United Kingdom, and the LMS Undergraduate Summer School organised by the University of Bath in July 2025.

The Society was promoted at the Joint Mathematics Meeting in Seattle in January 2025. We were very pleased to re-connect with some of our US and international members who visited the LMS stand and joined us for a drinks reception. We were also pleased to host our first members’ reception at the BMC-BAMC conference in Exeter in June 2025 which gave opportunities for members to network and to hear about some of the Society’s work in supporting the community.

Pathways in Mathematics

Promote the importance of mathematics and the provision of opportunities for those that wish to study and develop a career in mathematics and its applications.

Coinciding with Maths Week in England in November 2024, the Campaign for Mathematical Sciences, held a Parliamentary Expo at the Houses of Parliament. The Expo provided an opportunity for politicians and policymakers to see how the mathematical sciences contribute across a range of sectors and establish future relationships. Speeches highlighted that the community wants to work with Government and policymakers to

achieve the vision of deriving maximum benefit for the UK from advanced mathematics.

The Society continues to support those with caring responsibilities through the Emmy Noether Fellowships, supported by the Liber Foundation, and Caring Supplementary Grants so that we maintain a diverse pipeline in mathematics.

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MEMBERSHIP

Objective: To work through its members and with the mathematical and broader scientific community worldwide to advance mathematics.

The Membership

Mathematicians and students of mathematics members are the core of the Society membership. Our members, which total around 3,000 in number, are at the heart of the Society, which supports mathematics and the mathematical community. Volunteers’ contributions are vital to the Society in defining its priorities, running its activities, and achieving its objectives. The Society at present has 24 committees with nearly 200 volunteer committee roles and other individual roles, as well as 27 volunteer roles representing the Society on external committees. The Society’s diverse membership includes mathematicians from around the world and at a wide variety of different career stages. In 2025, the Society was delighted to elect Professor Nalini Joshi, Professor Melanie Matchett Wood and Professor Shing-Tung Yau as Honorary Members.

2025 Honorary Members Shing-Tung Yau, Melanie Matchett Wood and Nalini Joshi

mathematicians during Pride and Black History Month, reinforcing our commitment to diversity and inclusion. We continue to promote LMS events, grants and other opportunities widely on the LMS website, mailing lists, e-updates, the LMS Newsletter and via external organisations and events, as well as on social media.

In a significant step towards improving our digital presence, we commissioned an external web agency to conduct a comprehensive audit of the LMS website. The audit focussed on key areas including user experience, design, content and information architecture. As part of this process, a range of members and non-members were interviewed to understand their perceptions of both the website’s usability and the Society’s core benefits. Based on their findings, LMS Council has agreed to proceed with a redesign of the LMS website.

Communications and Engagement

Effective communication with members and other audiences, including the wider mathematics and STEM communities, policy makers and the general public, is key to achieving the Society’s three main aims of disseminating, promoting and advancing mathematical knowledge. It also ensures that both members and non-members are kept engaged with the Society and its work, and that the Society itself is kept abreast of the most interesting and exciting developments in mathematics and those associated with this work.

Engagement with Higher Education

The Society has a network of LMS Representatives across UK universities, who help us to identify issues of concern and to communicate with our members. Currently, there are 70 LMS Representatives with whom the Society can engage and obtain feedback. In September 2024, the Society held an LMS Reps’ Day at De Morgan House in London, which was attended by 24 Reps. In addition to the LMS Representatives, the Society has started a network of LMS Student Reps to increase its engagement with and recruitment of student members. So far, there are 10 LMS Student Reps.

In 2024/25, the internal communications team at De Morgan House has made significant strides in improving the Society’s social media presence. We saw increased engagement across all platforms, with a notable boost on LinkedIn. To celebrate key national and international awareness campaigns, we published case studies throughout the year. For instance, we highlighted the achievements of

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As part of the LMS Strategic focus on Engaging our Community – Mobilise and connect with current and potential LMS members and the wider mathematics community, the Society launched its Interdisciplinary Collaboration Grant scheme. This grant programme supports universities in hosting joint lectures and events that connect mathematics with other disciplines. Examples include lectures or workshops exploring the intersection of mathematics with, for example, medicine, or engineering. As this is a new grant programme, the criteria are designed to be flexible to assess demand. Grants of £400 per event are available, with a total fund of £4,000, supporting up to 10 events. Two grants were awarded for interdisciplinary collaboration events held at QMUL and Southampton.

A network of LMS Good Practice Scheme (GPS) Representatives who encourage mathematics departments to embed equal opportunities for women within their working practices currently has 57 GPS Representatives at departments across the UK. The Society has also continued to build its network of Teaching Mathematics as a Career (TeMaC) Representatives. The TeMaC initiative supports

university mathematics departments in encouraging their undergraduate and postgraduate students to consider a career teaching mathematics. There are currently 43 TeMaC Representatives based in universities around the UK (see the section Education and Engaging with the Public for more details).

Engagement with LMS Members and the Wider Mathematics Community

We use a variety of channels to promote LMS events, grants and other activities. In addition to the LMS website and e-bulletins, we post information to several mathematics and mathematics-related mailing lists, some of which are targeted to specific groups. In the past year we have been working to extend our network of contacts to enable us to communicate with non-members who may be interested in the LMS and its work. The Society’s Newsletter, available electronically and in-print, continues to be an important communication channel.

2024–25 highlights

2025–26 plans

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EQUITY, DIVERSITY AND INCLUSION

Objective: In all the Society’s activities, to recognise, welcome and promote diversity in the mathematical sciences community both in the UK and internationally, through an open, inclusive, respectful, and accessible approach.

Ensuring that as much mathematical talent as possible is discovered and developed regardless of background is critical both in the interests of fairness and in the interests of academia, industry and society as a whole. This objective guides the Society’s work, particularly with respect to the transitions between the early career stages (undergraduate to postgraduate and postgraduate to postdoctoral) and with respect to women in mathematics and diversity more broadly. The Society has also recognised concerns regarding career progression, particularly for Early Career Researchers, and during the year redistributed funding from undersubscribed grant schemes to enhance the funding of its Early Career Fellowships.

Early career progression

The Society operates a number of schemes which provide support for the early career progress of

mathematicians at undergraduate, postgraduate and postdoctoral level as well as for women in mathematics. A brief summary of the key Society schemes is given below, with further details contained in Annex 5.

LMS Early Career Research Grants and Activities

For undergraduates, there are Undergraduate Research Bursaries (now in their tenth year) and the Undergraduate Summer Schools. In 2024-25:

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awarded £45.5k in total funding to support Undergraduate Summer Schools. The 2025 Summer School was held as an in-person event, hosted by the University of Bath, with 50 students registered to attend lectures with Q&A sessions over two weeks.

For postgraduates, there are LMS Research Schools, Cecil King Travel Scholarships to fund study or research abroad and Postgraduate Conference Grants. In 2024-25:

For post-docs and those starting new lecturer positions, there are LMS Early Career Fellowship and Celebrating New Appointment Grants. In 2024-25:

For Early Career Researchers (ECR) at both postgraduate and post-doc level, there are the ECR Travel Grants and the new online ECR Professional Development Panel discussions session. In 2024-25:

Women and Diversity in Mathematics

Committee for Women and Diversity in Mathematics

The Society focuses on diversity within the mathematical community through the Committee for Women and Diversity in Mathematics (CWDM). The Committee has representatives from the Institute of Mathematics and its Application (IMA), the Royal Statistical Society (RSS), the Operational Research Society (ORS), the Edinburgh Mathematical Society (EMS) and European Women in Mathematics (EWM).

The sub-committee of CWDM, the Good Practice Scheme (GPS) Working Group, held an online GPS Workshop on Allyship on 30 June 2025. The aim was to connect people with experience of making organisations and the mathematical sciences more inclusive, particularly to the LGBTQIA+ community. The speakers were Tyler Kelly and Simon Chandler-Wilde.

In 2024/25 CWDM launched a new grant scheme, the Inclusion and Diversity Fund, which supports events that promote EDI in mathematics, broadly speaking. A total of £13,000 was awarded for events ranging from ‘Maths Does Black History’ (BigIdeas.org) to ‘Breaking Barriers: Celebrating Mathematical Inclusiveness and Success for People with Disabilities’ (Strathclyde) and ‘LGBTQ+ Mathematics Day’ (Queen Mary University, London).

Thanks to continued donations from the Liber Stiftung, the Committee awarded £26,000 in Emmy Noether Fellowships. This scheme offers grants of up to £10,000 each to enhance the maths research of holders either re-establishing their career after a break or dealing with significant caring responsibilities.

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2024–25 highlights

2025–26 plans

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SUPPORTING MATHEMATICS RESEARCH

Objective: to advance mathematical knowledge by enabling mathematicians to undertake research and collaboration, and by supporting them in their efforts.

The Society supports mathematical research by making grants, awarding prizes, maintaining and making available the Society’s Library, and, as well as through its academic publishing activities.

Grants

The Society’s grants schemes (listed in Annex 5) are a core part of the Society’s work to advance mathematical knowledge. Financial support for mathematicians includes grants to:

The Society’s smaller-scale grants fulfil a crucial role in the UK mathematical funding landscape. These grants can offer mathematicians the opportunity to organise much-needed specialist conferences, work collaboratively through short visits, and enable the development of research partnerships, all of which significantly contribute to career development and promote UK mathematical research at its roots.

Through its core research grant schemes (Schemes 1-5), the Society has continued to provide support to many mathematicians and their research. In 2024-25, the Society’s Research Grants Committee awarded a total of £328k through its core scheme, funding 202 grants.

During 2020 – 2025 the LMS Mathematical Symposia were held at the University of Bath. This established and recognised series of international research meetings was founded at Durham University in 1974. The format is designed to allow substantial time for interaction and research. The meetings are by invitation only, usually lasting for two weeks, with up to 50 participants, roughly half of whom will come from the UK.

A novel element of the LMS-Bath Mathematical Symposia is that they were complemented by a summer school (which takes place prior to the Symposium to

prepare young researchers such as PhD students) or a “research incubator” after the Symposium (where problems related to the topic of the conference are studied in groups). These events can take up to an additional week. The 2025 event took place, with substantial funding from the Isaac Newton Institute:

From 2026 – 2030 the Mathematical Symposia will be held at the University of Sheffield.

The Joint British Mathematical Colloquium – British Applied Mathematical Colloquium was held at Exeter University from 23-26 June 2025. The Society contributed a grant of £15,000 towards organisation of the Colloquium, and held its Society Meeting there on the 25 June 2025, where Gwyneth Stallard OBE (Open University), gave a lecture entitled “A hundred years of transcendental dynamics”.

International schemes

The Society supports international mathematical activities through its partnerships with the American University in Beirut (AUB), Mathematics in Africa, and the International Mathematical Union (IMU). The Society is the UK’s ‘adhering organisation’ to the IMU, through the International Affairs Committee. The Society also offers travel grants to support attendance by UKbased mathematicians at the European Congress of Mathematics (ECM) and the International Congress of Mathematicians (ICM).

In 2024/25, the Society awarded four Mentoring African Research in Mathematics (MARM) grants, to a total of £16,000. The MARM scheme partners researchers in the UK/Europe with those in African universities. The current round includes partnerships between Lancaster University, UK and Joseph Sarwuan Tarka University, Nigeria; Cambridge, UK and University of Dodoma, Tanzania; University of Franche-Comté, France and École Normale Supérieure, Gabon; and Politecnico di Torino, Italy and University

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of Lubumbashi, Democratic Republic of the Congo.

Following discussions at the 2022 IMU General Assembly, the Society agreed to help pay Ukraine’s IMU subscription fees, with other countries including Germany and Georgia committing to help cover fees as required. The Society also continued to support the Solidarity Programme, led by the Issac Newton Institute and funded by XTX Markets, to provide refuge to researchers in the mathematical sciences. To date, 19 scientists have been awarded a Solidarity Welcome Grant, 13 of those scientists have been awarded a Solidarity Supplementary grant and are hosted in 12 different UK institutions. As grants end, 4 of those scientists have been awarded Solidarity Bridge grants to assist them in their next steps.

Owing to the geopolitical situation in Lebanon, the Society and the AUB did not run an application round for the Atiyah UK-Lebanon Fellowships in 202425. Normally, these Fellowships provide support for either an established UK based mathematician to visit Lebanon for up to six months or for a mathematician from the Lebanon of any level to visit the UK to further their study or research for a period of up to 12 months.

The International Centre for Mathematics in Ukraine (ICMU) became an institutional member of the European Mathematical Society (EMS) in 2025. Although its visiting activity in Kyiv has been sporadic, the Society continued to support the ICMU through its Distinguished Visiting Fellowship scheme by providing travel, subsistence, and costs to host the following fellows during the past year: Francis Brown (University of Oxford), Ryan Budley (University of Victoria), Augusto Gerolin (University of Ottawa), Alex Iosevich (University of Rochester), Bill Mance (Adam Mickiewicz University, Poznań). Further information is available on the ICMU website https://icmu.ua/en including testimony from a visitor to the Centre.

Following a successful pilot run, the Mathematics in Africa Grant Scheme was established to replace the AMMSI Grant Scheme. In 2024-25, with support from the Strategic Development Fund, the Society supported 13 activities in Africa totalling £8.2k. The Scheme proved popular receiving 35 applications.

Prizes

The Society awarded a number of LMS Prizes this year, as well as working in partnership with the Institute of Mathematics and its Applications (IMA) to award the IMA-LMS David Crighton Medal. The Society’s most prestigious prize, the De Morgan Medal, was awarded to Professor Nigel Hitchin for his deep contributions to differential geometry, bridging mathematics and theoretical physics, for opening many new avenues of research, and for his service to the mathematical

community. The Crighton Medal was awarded to Alain Goriely in recognition of his deep and influential mathematical insights into mechanical and biological processes and materials, for his support of early career mathematicians, and his contributions to the public understanding of mathematics and its applications. Jointly with The British Society for the History of Mathematics, the Society also awarded the Hirst Prize and Lectureship to June Barrow-Green in recognition of her outstanding research and leadership in the history of mathematics. Lastly, LMS Prizes were awarded to: Leonid Pastur (Senior Whitehead Prize), Helen Byrne (Naylor Prize and Lectureship), David Jordan and Adrien Brochier (Berwick Prize) and Henna Koivusalo (Anne Bennett Prize). Whitehead Prizes were awarded to Tom Hutchcroft, Richard Montgomery, Vidit Nanda, Evgeny Shinder, Perla Sousi and Ewelina Zatorska. The Society extends its warmest congratulations to all prize winners.

Library

One of the core functions of the LMS is the maintenance and curation of the Society’s Library, which is housed at University College London (UCL). The Library Committee, with representatives from the Science Library at UCL, annually review the Society’s active international journal exchange agreements and services offered by the UCL Library to members of the Society. During summer 2025, UCL completed major works to the Science Library creating additional study spaces and improved accessibility. Access was maintained to the LMS collection during the works.

The Library Committee also maintains a collection of historical material, known as the LMS Archive. The Archive contains permanent historical record of the activities of the LMS and also provides protection for other significant material relating to mathematics in the UK, for the purposes of bibliographic reference and further study by historians of mathematics.

This year, we had a preliminary meeting with one of the daughters of former LMS President Christopher Zeeman, regarding boxes of archive material containing letters, papers and other correspondence which Christopher kept and stored, with a view to cataloguing and displaying to compliment the current Zeeman Archive we hold.

Computer Science

The LMS/BCS-FACS (British Computer Society-Formal Aspects of Computing Science) Evening Seminar, held in collaboration with the FACS Specialist Group, was held on 15 January 2025 via Zoom. The speaker was Professor Annabelle McIver (Maquerie University, Australia). The talk was filmed and later posted to the Society’s YouTube channel.

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The Computer Science Colloquium on ‘Trends in Algorithm Design’ was held on 10 December 2024. Speakers were Peter Kiss, Christian Konrad, Peter Davies-Peck and Sagnik Mukhopadhyay.

The Computer Science Committee awarded eight Scheme 7 grants to facilitate collaborations in research at the interface of mathematics and computer science, to a total of £7,900.

2024–25 highlights

2025–26 plans

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REPRESENTING AND PROMOTING MATHEMATICS

Objective: to promote widely mathematical sciences research and its broad benefits to decision makers, policy advisers, funders and users of mathematics.

Through its external and public relations. the Society aims to ensure that the centrality of mathematics to so many aspects of society is represented to Government, other national policymakers and influential organisations and individuals to inform debate and improve decisionmaking. The Society undertakes significant collaborative work advocating for mathematics both individually and through the Academy for the Mathematical Sciences (AcadMathSci) and the Council for the Mathematical Sciences (CMS).

Public affairs

The Society continued to partner with XTX Markets, who generously fund the Campaign for Mathematical Sciences (CaMS). Working closely with Connect Public Affairs, the campaign focused on the following: to ensure that maths funding properly reflects the value of maths

to society, to ensure that maths is represented and understood in the UK’s parliaments, to strengthen the voice of industry in maths policymaking, and to stop any further cuts to pure maths in universities. Over the last year the campaign has had several notable successes including the organisation of a Maths Expo in the House of Parliament on 13 November 2024. The event bought together the mathematical sciences community to engage with politicians, many new to parliament following the UK General Election in July 2024.

The Campaign continued to follow cuts and closures at university mathematics departments. In January 2025, a Provision Tracker was launched to proactively monitor the health of university mathematics departments. This involved the collation of public data on provision including official university communications, news articles and research reports. Specifically, the Campaign coordinated a global response to planned cuts to Cardiff University mathematics department, from academics, culminating in an open letter signed by more than 3,000 mathematicians. This included 17 world-renowned Fields Medallists, 2 Nobel Prize winners, and over 50 Fellows of the Royal Society.

The LMS Research Policy Committee continues to cultivate its relationship with the Engineering and Physical

Sciences Research Council (EPSRC), working closely with EPSRC representatives to keep informed of the latest developments relating to mathematics research funding and to advocate on behalf of the community.

For the twelfth year the mathematical sciences, through the CMS, were represented in the prestigious STEM for Britain poster competition, which brings together young researchers across all STEM disciplines and Members of Parliament. The event was held at the House of Commons.

Council for the Mathematical Sciences

In July 2025 the Council for Mathematical Sciences formally came to an end and was in-

tegrated into the Academy for Mathematical Sciences, as the Learned Societies Forum. The Academy for Mathematical Sciences will provide the secretariat support to the forum.

During 2024-25 CMS continued its support for STEM4Britain, Parliamentary Links Day and Voice of the Future. It is anticipated that Learned Societies Forum will continue this work.

Collaborative working

The Society works actively and collaboratively through its membership of, and funding for, a number of mathematics and science organisations. This ensures the interests of mathematics are represented in national policy and public debates, and the Society is kept informed of external policy issues. The Society is a member of the UK Parliamentary and Scientific Committee, the British Science Association, the Joint Mathematical Council, the Campaign for Science and Engineering (CaSE) and the Foundation for Science and Technology. The Society also works in association with the Heads of Departments of Mathematical Sciences (HoDoMS) and is a member of the Parliamentary Affairs Committee (run by the Royal Society of Biology, on behalf of other STEM learned bodies). The Society maintains representation within a number of other organisations, including the Programme and Scientific Committees of the International Centre for Mathematical Sciences (ICMS) and the Isaac Newton Institute (INI). This year the Society provided funding for the Royal Society ACME Mathematics Futures Programme.

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Speeches at the Maths Expo. Clockwise from top left: LMS Vice-President Professor Cathy Hobbs; Dame Chi Onwurah, MP; Dr Ben Spencer, MP; Professor Aoife Hunt MBE

2024–25 highlights

2025–26 plans

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DISSEMINATING MATHEMATICS

Objective: to disseminate mathematical knowledge and make it available worldwide.

The Society has been a publisher of academic content since the first issue of the Proceedings of the London Mathematical Society in 1865 and continues to publish high quality publications to advance mathematics and enhance the mathematical research community. Society Meetings and Lecture Series enable both members of the community and the wider public to meet, hear about and discuss current mathematical thinking and developments.

Academic Publications

The Society publishes ten peer-reviewed journals, five of which are in collaboration with other learned societies and institutions, as well as two book series and individual book titles. Through its publications the Society aims to disseminate high-quality mathematical research and thinking worldwide. The publications are also a major source of funding for the Society, and choosing to publish with the Society is an important way that members can support our work.

The portfolio of high-quality journals and books serves our authors through transparent and timely editorial and production processes, and serves our readers by providing content of wide interest and high quality.

Source: Dimensions Analytics

The Society provides free online access to its journals to members of the Society and provides free or substantially discounted access to researchers in lowincome economies. Society members are also entitled to a discount when purchasing books from the Society’s two book series.

During 2024, the Society’s wholly owned journals received a total of 2,833 submissions, which represents a 28% increase from the previous year. The Editors accepted 568 articles for publication, which represents a 39% increase year-on-year. This should not be mistaken as a sign of reduced editorial standards, which we are prioritising maintaining. Instead, this is explained by a combination of year-on-year growth in submissions, with more acceptable articles received; and significant reductions in peer-review times at the Society’s two largest journals, meaning that more submissions reached the accept stage in 2024. Articles in the Society’s journals received more than 330k full text views in 2024, compared to 280k in 2023.

After several years of rapid growth, the proportion of Open Access primary research articles published within our journals has now stabilised at close to 50%. The same trend is seen across disciplines (see chart). The Society is continuing work to ensure that there are compliant options available to authors whose funders have mandated that they publish with immediate open access.

We are pleased to report that, this year, most LMS published journals received the same or higher Mathematical Citation Quotients (MCQs), Journal Impact Factors, and Journal Citation Indicators. We acknowledge that citation metrics are only one way of assessing a journal, and that the time frame used for such calculations can be seen as inappropriate for mathematics, however this overall trend is worth noting. The Society has supported the launch of the new journal, Moduli, owned by the Foundation Compositio Mathematica and published in partnership with Cambridge University Press. Moduli published its first articles in late 2024 and is now indexed in both Mathematical Reviews/MathSciNet and ZBMath.

The Society developed new policies on data access and publishing papers supported by computer-aided proofs. In response to new accessibility legislation, the

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Society has collaborated with the publication divisions of the European Mathematical Society (EMS Press), American Mathematical Society (AMS) and Society for Industrial and Applied Mathematics (SIAM), to develop consistent guidelines for publishing accessible mathematics. The guidelines will be launched early in the next financial year.

Six of the journals published by the Society are published in partnership with Wiley. These journals and this partnership, represent the Society’s single largest source of annual income. The Society’s current agreement with Wiley concludes at the end of 2026. During the last year, we have been through an extensive tender process to determine future publishing arrangements. The results of the tender will be made public after the new contract has been signed.

Society Lectures and Meetings

Lecture Series

The Society’s funding for visiting international lecturers helps UK-based mathematicians to keep engaged in dialogue with current mathematical thinking from across the world. In 2024–25, there was a Hardy Lecture Tour by Professor Emily Riehl (Johns Hopkins University) who visited Aberdeen, Birmingham, Bristol, Cambridge, Cardiff, Edinburgh, Glasgow, Manchester and gave the Hardy Lecture at the General Meeting in London on 4 July.

Meetings

Society Meetings enable both members of the mathematical community and the wider public to meet, hear about and discuss current mathematical thinking and developments. In 2024-25, the Society continued to host some of its meetings as hybrid events, with participation from attendees both remotely and inperson, while other Society Meetings were held online, with support from the host institutions.

2024-25 Programme of Society Meetings:

Date Venue Meeting Speakers
20 September 2024 De Morgan House,
London and online
via Zoom		 Joint Meeting with
the Institute of
Mathematics and its
Applications		 Rebecca Killick (Lancaster University)
Vera Melinda Galf (Vrije Universiteit Amsterdam)
Christina Cobbold (University of Glasgow)
Onno Bokhove(Universityof Leeds)
2-3 October 2024 De Morgan House,
London and online
via Zoom		 Black Heroes of
Mathematics		 Kim Sellers (Georgetown University)
Justice Aheto (University of Ghana)
Angela Tabiri (AIMS)
Flavia H. Santos (UCL and UCD)
Teresa Senyah (Pearson)
Imoleayomide Ajayi (Loughborough University)
Robin T Wilson (California State Polytechnic
University,Pomona)
20 November 2024 Online via Zoom Mary Cartwright
Lecture 2024		 Mary Cartwright Lecturer 2024:Bethany Marsh
(University of Leeds)
Francesca Fedele(Universityof Leeds)
22 November 2024 BMA House,
London, and online
via Zoom		 Annual General
Meeting & Naylor
Lecture 2024		 Naylor Lecturer 2024:Jens Eggers (Bristol)
Marco Fontelos (Instituto de Ciencias Matemática,
Madrid)
14 May 2025 University of
Cardiff		 LMS South West and
South Wales Regional
Meeting2025		 Ehud Meir (University of Aberdeen)
André Henriques (University of Oxford)
17 June 2025 University of
Lincoln		 LMS Midlands
Regional Meeting
2025		 Francesco Fournier-Facio (University of
Cambridge),
Oihana Garaialde Ocaña (University of the
Basque Country),
Simon Smith(Universityof Lincoln)

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Date Venue Meeting Speakers
20 June 2025 University of
Exeter		 LMS Society Meeting
at the Joint British
Mathematical
Colloquium – British
Applied Mathematical
Colloquium 2025		 Gwyneth Stallard OBE (OU)
4 July 2025 De Morgan House,
London and online		 LMS General Meeting
and Hardy Lecture
2025		 Hardy Lecturer 2025:Emily Riehl (Johns Hopkins
University)
Clark Barwick(Universityof Edinburgh)

Images from the 2024 AGM: Naylor Prize Winner Jens Eggers; LMS Prize Winners with LMS President Jens Marklof

2024–25 highlights

2025–26 plans

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ENGAGING WITH EDUCATION AND THE PUBLIC

Objective: to support mathematical education in schools, colleges and universities, and to encourage the public and young people to appreciate and engage with mathematics.

The LMS wants the wider public and young people in particular to have the opportunity to engage with and appreciate mathematics and recognise its contributions to society. It operates a number of initiatives that aim to achieve this.

Education

The Education Committee works on a number of different activities and schemes, including grants for education, public lectures, and responses to consultations.

Mathematics Education Policy

The Committee continues to work closely with other groups and societies in the area of mathematics education, including the Advisory Committee on Mathematics Education (ACME), the Joint Mathematical Council of the UK (JMC), Heads of Departments of Mathematical Sciences (HoDoMS) and the Institute for Mathematics and its Applications (IMA). A member of the committee represents the LMS on the IMA’s Mathematics Scholarship Scheme Management Group. The Committee also works with others to respond to Government consultations: in October 2024, it submitted a response to ‘Proposed Changes to the Assessment of Mathematics, Physics and Combined Sciences in 2025, 2026 and 2027’. It also worked with the IMA and RSS to update the statement published originally in September 2021 on ‘Methods of Assessment in the Mathematical Sciences’.

Education Committee Grants

This year the Society awarded 3 grants under its ‘Mathematics Education Conference Grants’ scheme, totalling £4,400. The scheme provides support to organisers of regular mathematics education conferences and is intended to contribute to the travel/ subsistence expenses of attendees at the event in question. The Society also awarded £1,000 under its ‘Grants for Teaching and Learning in HE’ scheme, which partially funds one-day workshops disseminating good practice in teaching undergraduate mathematics. Part

of this award included the LMS contribution towards the joint IMA, LMS and RSS Teaching and Learning in HE Workshop Series, which is administered by the IMA. In addition, 13 awards totalling £6,000 were made under the Small Grants for Education scheme, in support of events or activities that stimulate interest and enable involvement in mathematics from primary school to undergraduate level.

Outreach and Events

The Education Committee continued to run the Holgate Lectures and Workshops Scheme. The scheme provides session leaders who give talks or run workshops on a mathematical subject to groups of students or teachers. The sessions are specifically mathematical in content (rather than, say, career talks) and are intended to enrich and extend mathematical education, looking both within and beyond the curriculum.

In June 2025 the annual LMS/Gresham College Lecture was given by Robin Wilson (Open University). The title was ‘Sum Stories: Equations and Their Origins’.

The Education Committee held the third Mathematics Communication Workshop events in May and June 2025. Two day-long workshops were held, one online and one in-person at the University of Edinburgh. The workshops were limited to 20 attendees and received much positive feedback.

In May 2025, the Education Committee held its annual Education Day as an in-person event at De Morgan House. The theme of the day was ‘ Mathematical Journeys - Supporting Students Through Key Transitions’ and it included two keynote presentations, a panel session and two breakout groups which discussed different two very distinct transition phases in the higher education journey. The day was attended by around 60 people. Presentations were later posted on the LMS website.

Levelling Up: Maths

The Society has now transferred the day to day administration of the scheme to the Institute for

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Mathematics and its Applications. The Society continues to support the scheme by providing access to the Academic materials and participating in stakeholder engagement meetings.

Teaching Mathematics as a Career

The Education sub-committee, ‘Teaching Mathematics as a Career’ (TeMaC), continues to work towards formulating and implementing the Society’s response to the national shortage of suitably qualified mathematics teachers in the UK. The sub-committee held two consultation workshops with TeMaC representatives, with the aim of finding out how the scheme can better support them to promote teaching mathematics as a career within their institutions. The workshops were very useful and the sub-committee is now working on next steps.

2024–25 highlights

2025–26 plans

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MANAGING THE SOCIETY EFFECTIVELY

Objective: to manage the Society’s affairs and resources effectively and efficiently, operating where appropriate to make a not-for-profit financial return on activities, and to seek a variety of funding sources to support the Society’s work.

The Society aims to ensure that its resources are put to best possible use in achieving its mission and objectives. In all its operations it aims to ensure its longevity and effective planning for future circumstances, while also meeting the current needs of mathematics and its community.

In doing so the Society ensures it follows best governance practices by operating in accordance with its Charter, Statutes and By-Laws and by referring to guidance from the Charity Commission and, where appropriate, professional advisors (Annex 1).

The Society is governed by a Council of Member Trustees, elected by the membership from the mathematical community (Annex 1). Day-to-day operations are undertaken by members of staff (Annex 4). Council has chosen to delegate decision making on a number of matters to 18 standing committees and has also set up a number of temporary ad-hoc committees to deal with specific items of business (Annex 2). Council also maintains and reviews annually a Risk Register with respect to all activities undertaken by the Society.

The Society runs its financial operations in accordance with best accounting practices and ensures that all its plans and activities are underpinned by a sound financial structure. The Society’s financial and governance affairs are externally audited on an annual basis.

Development Activities

The Society would once again like to thank XTX Markets for its very generous donations in funding the Protect Pure Maths campaign (now renamed Campaign for Mathematical Sciences) and also the INI/LMS Solidarity Grants to support those academics who have had to leave their country of residence.

In 2024-25, the Heilbronn Institute for Mathematical Research (HIMR) contributed £20,000 towards the Undergraduate Research Bursaries, £15,000 towards the LMS Research Schools, £20,000 towards the LMS Early Career Fellowships and £5,000 towards the LMS Inclusion and Diversity Fund.

In 2024-25, the Isaac Newton Institute (INI) contributed

funding support to the LMS-Bath Mathematical Symposia and the associated summer school, the Liber Foundation contributed £25,000 to the Emmy Noether Fellowship programme and £15,000 to the Undergraduate Summer School, and Zubin Siganporia contributed £5,000 to the Mathematics Communication and Outreach Workshops.

The Society is most grateful to all donors for their gifts, which help ensure that the financial foundation of the organisation is as secure as possible for future generations, as well as making sure that the importance of the mathematical sciences is understood as widely as possible in industry and beyond.

In undertaking our fundraising activities, the Society does not raise funds from the public. Our fundraising activities are primarily focused on donations from our membership and corporate and charitable organisations closely aligned with mathematics. We are not currently registered with the Fundraising Regulator but work in line with best practice. We received no complaints related to our fundraising activity during the year.

Sustainability

The Society has a sustainability policy with energy efficiency and waste management improvements being made at De Morgan House. This year, the Society began to review its charitable activities with a view to changes that could be made to reduce their impact on the environment. This has included encouraging those in receipt of Society grants to take sustainability into consideration in their plans and working towards lower carbon travel – and travel-free alternatives such as online participation - for the Society’s events and lectureships. We also reduced the amount of printed promotional material displayed at LMS events and have instead been working to better integrate our print and online promotional channels.

More detailed information on how the Society operates is available in the sub-sections that follow:

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Governance and the Public Benefit

Governance

The Society’s governing body is its Council, members of which are also the Trustees of the charity. The Council consists of 20 members of the Society, of whom 8 are Officers (including the President) and 12 are Members-at-Large, including one designated position for the ‘Member-at-Large (Women and Diversity)’.

The Officers of the Society, together with the Executive Secretary, comprise the Finance and General Purposes Committee (F&GPC), which is responsible for providing advice to Council on a number of ad-hoc matters, implementing Council’s decisions, and ongoing financial management.

All candidates for election to Council are provided with information on the roles and responsibilities of Trustees. Those elected attend an induction about the work of the Society and the responsibilities of a Trustee. All Council members are required to return a Declaration of Interests, a Related Party Declaration, a Declaration as a Fit and Proper Person, and to sign up to the Society’s Anti-Bribery policy. Staff in management positions also sign an annual Declaration of Interests.

Council met six times in 2024-25, in October and November 2024 and February, April, June, and July 2025. The Finance & General Purposes Committee met four times: in September 2024 and in January, March and June 2025. The Society holds an Annual General Meeting and a mid-year General Meeting each year. In 2024-25 these were held in November 2024 and July 2025. Council has established several standing committees that advise Council and to which it has delegated some decision-making. A list of all committees and their membership is given in Annex 2.

As Trustees, Council members receive reimbursement only for expenses actually incurred in attending meetings or representing the Society. However, if a Trustee carries out work for the Society over and above normal Trustee’s duties, the Society may pay an honorarium for that service if there is a written

agreement produced in advance between the Society and the Trustee outlining the work to be undertaken and stating the exact or maximum amount. There was no paid work carried out by Trustees during the year 2024-25.

The Society depends heavily on the unpaid voluntary work of many of its members and others across the mathematical community. This includes those who referee papers submitted to the Society’s publications, those who edit those publications or serve on the Society’s Editorial Advisory Boards, those who serve on the Society’s committees and those who represent the Society on other bodies, together with the members of the Council themselves, many of whom take on significant responsibilities for the Society. The Society appoints representatives on external bodies and committees; these are listed in Annex 3.

Public benefit

In shaping objectives for the year and planning activities, Council has considered the Charity Commission’s guidelines on Public Benefit, including the guidance, ‘Public benefit: running a charity’ (PB2).

Council holds that the development and extension of mathematical knowledge, expanding humanity’s ability to determine and affect the natural, artificial, and social worlds, leads overwhelmingly to public benefit, providing for improved health and wealth for nations and individuals and providing tools to understand and sustain the world in which we live. The Society’s activities directly correlate with its mission and its objectives which are outlined on page 3 of this report.

Members of the general public are able to participate without charge in all Society activities of a suitable level. Charges for events aimed at professional mathematicians, whether or not members of the Society, are kept low, a policy that is maintained when deciding on criteria for grant awards. Publications are sold at prices that keep them competitive in the academic publishing world.

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Financial Review

During the year, the value of the Society’s total assets rose from about £22m to £23m.

During the 2024/25 period, income (excluding gains on investment assets) surpassed expenditure by £316k. This surplus is primarily attributable to the strong performance of our Wiley managed journals, higher interest rates on deposit savings, and the successful operation of our DMH conference facilities. However, due to the inherent volatility of these revenue sources, it is uncertain whether these increases will persist in future years. Furthermore, the postponement or rescheduling of several Society activities contributed to a reduction in overall expenditure.

Figure 1: Income Sources

The sources of income (see Figure 1 above) were:

Publications: 38.9% Investments: 18.9% Conference Facilities & Rentals: 9.7% Members’ Subscriptions: 4.2% Grants and Contracts: 19.7% Donations: 8.6%

The unrealised gain on investment value was £493k.

Conference revenue remains strong; however, the nature of bookings has evolved and client expectations for conferences have increased, resulting in greater competition. The Society has made strategic investments in technology to facilitate hybrid meetings and provide enhanced flexibility in utilizing meeting spaces for a variety of event formats. During 202425 the Society also invested in an outdoor platform lift to improve accessibility to the conference rooms in the basement area. The Council continues to closely monitor the recovery of the conference sector and receives regular briefings on its progress.

Figure 2 (below) shows expenditure (including governance and support costs) broken down by objective. These were:

Advancing mathematics (e.g. membership, links with the mathematics community, library, prizes): 8.6%

Enabling mathematics (e.g. grants, and training courses): 25.6%

Disseminating mathematics (e.g. publishing, meetings and lectures): 20.5%

In 2024–25, the Society’s journals achieved strong financial results, highlighted by a 28% increase in submissions, a 39% rise in accepted articles, and a 19% growth in full-text views of published works as reported above. Following several years of substantial expansion, the proportion of Open Access primary research articles published has now stabilised at approximately 50%, a trend reflected across multiple disciplines. The Society remains committed to providing compliant publishing options for authors whose funders require immediate open access.

Promoting mathematics (e.g. decision/policy makers, education, public, media): 34.4%

Other (e.g. costs of conference facilities/ residential properties/ Investment management fees): 10.9%

Budgets are set by Council on the recommendation of F&GPC, based on bids from budget holders, in line with the strategic objectives of the Society. Expenditure is

The Society remains financially sustainable and holds substantial reserves to support its charitable objectives and fund forthcoming initiatives. Efforts are ongoing to identify and develop additional funding sources. In light of continued economic uncertainty, the Society will regularly review the potential allocation of resources to further advance its aims.

Figure 2: Expenditure

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monitored quarterly by F&GPC, which is responsible for recommending any variation in the budgets set by Council.

The full audited accounts of the Society, including the accounting policies, are annexed to this report.

Risk management

Council and F&GPC annually review the Society’s Risk Register with the aim of ensuring that it identifies and quantifies potential risks to the Society and its plans and objectives, and that it lays out systems and strategies for mitigating those risks. Risks are addressed under the following headings: Governance and Management, Law and Regulation, Reputation, External and Environment, Financial, and Operational. In certain cases, Council has established Designated Funds to set against potential risks (see Reserves below); the risks or commitments that are covered by each fund are reviewed and revised annually.

Reserves

Council reviews its policy on reserves on an annual basis. The unrestricted reserves comprise a General Fund and other Designated Funds. In addition, there are several Restricted Funds. Several specific Designated Funds to meet potential costs of activities, to set against risks relating to the building and to publishing (see above) and to meet grant awards made for projects or activities which span a number of years – these are given at Annex 6.

The Society has a broad-ranging programme of activities in support of its strategic objectives as described in this report. While some activities are supported from Restricted Funds, all need continuity of funding. Due to the scale and future risks to academic publishing, Council continues to operate from the basis that it is prudent to hold a General Fund from which income can be drawn to maintain and extend its charitable activities. The General Fund acts both to provide income for activities not funded from Designated or Restricted Funds, and incorporates a ‘free reserve’, providing adequate working capital for the Society to operate effectively and efficiently, and for the pursuit of the Society’s objectives as Council may from time to time determine. A full explanation of the Society’s free reserves in given in Annex 6.

The Society holds several Restricted Funds, as described in the audited accounts. These originate from various donations and bequests and are invested and accounted for on an aggregated ‘total return’ basis.

Grant Awards and Commitments

Where the Society has contractual or constructive obligations to make grant payments these amounts are accrued in the accounts in accordance with the requirements of the Statement of Recommended Practice (SORP). Resources expended on grants shown in the Statement of Financial Activity (SoFA), therefore, recognise (within the year the grant is awarded) both liabilities and provisions for grant commitments. Normally grant commitments will be claimed by the end of the financial year, although the claim period may be extended by a further year where the start or end date of the grant so requires.

The Society also awards some grants with conditions for payment (such as delivery of a specific level of service or other specific output). Such commitments are reserved in the Designated Funds, and the grants are only recognised in the SoFA when the recipient of the grant has provided evidence of the specific service or output.

Investments

The Society decided to invest up to 30% of its relevant assets in residential property, as valued at the time of purchase, with the remainder given over to the Society’s investment managers. Investment in such residential property is directly managed by the Society. The percentage calculation excludes the value of De Morgan House. Also excluded are any investments made by the investment managers in the property area of asset classes.

1. Quoted investments

The Society believes that in investing its funds, regard must be made to environmental, social and governance (ESG) issues. In line with its general investment strategic direction, the Society believes that its investments should mirror its own desire to be sustainable. Currently 100% of its quoted investment is allocated in a Sustainable Multi-Asset Fund tailored to optimize ESG indices (see below).

The investment strategy for the portfolio, which is managed by Cazenove Capital (part of the Schroders group), is modelled to achieve CPI + 4% per annum nominal return over rolling 10-year periods. However, Council recognises that current levels of inflation will likely make it impossible to achieve this goal in the shorter term.

Drawdown from the portfolio, as agreed by Council, follows the ‘Yale model’ and consists of 50% of the previous year’s drawdown together with 3.5% of 50% of the current value of the portfolio. Thus, the drawdown is determined by a formula and so may

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be less or greater than the dividends and interest received: it is shown in the SoFA as Investment Income. The growth in the value of the Society’s investments (capital plus income) is the sum of this drawdown and the figure shown in the SoFA for Gains on investment assets. The scale of the Society’s activities is designed to match this level of return through the annual budgeting process.

It is Society policy to review on a regular basis the performance of those professional bodies it employs. Close attention is paid to our investment policy and to the performance of Cazenove (part of the Schroders group), with whom we have regular meetings. Accordingly, Council has an Investment Sub-Committee, which includes up to six external financial experts, to provide professional advice on the Society’s investments and on Schroders’ performance. Council has confirmed an investment mandate with discretionary powers with Schroders, based on a ‘total return’ basis, designed to maximise investment income while maintaining the real value of the investments.

The investment managers have discretion in both the mix and selection of investments in order to meet the growth targets for the portfolio, without exposing to undue risk the Society’s reserves, both Restricted and Unrestricted Funds, on which its future capacity to maintain its activities depends. The portfolio has exposure to a range of equity, cash, fixed-interest investments and alternative asset classes in both UK and overseas markets, accessed via the SUTL Cazenove Sustainable Charity Multi-Asset Fund. A summary of the main categories of investments and the geographical split is provided in the notes to the

financial statements in accordance with the Charities’ SORP. The Sustainable Multi-Asset fund is designed for charities seeking to maintain the real value of their capital over the medium to long term whilst generating a sustainable and reliable distribution level (from income and capital). The portfolio which aims to deliver returns similar to equity markets but with a lower level of volatility, is well diversified across asset classes. This approach is considered by the trustees to give optimum total return without exposing the Society’s investments to undue risk; it is consistent with the principles set out in the Charity Commission guidelines Investment of Charitable Funds, Basic Principles (CC14) and conforms with the Trustee Act 2000.

2. Residential property investments

As a safeguard against fluctuating performance of the stock exchange, the Society expanded its investments portfolio to include residential property and owns seven long lease residential properties (four in Central London and three in the Birmingham area), all of which are rented out. The rental derived is shown on the SOFA under ‘Investment Income’. The growth in the value of the Society’s residential property investment will be shown in the SOFA as Gains on investment assets. The primary long-term target of the Society’s residential property is to produce a yield of 4% pa and to provide an increase in capital value by at least the rate of inflation. The residential property investment is valued at the balance sheet date using the local estate agent’s guidance on the current housing market within the area where the properties are located.

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De Morgan House

Staff management

The Society currently employs a team of full-time and part-time staff. These staff are predominantly based in De Morgan House, typically working three days a week there and two days a week from home. A list of staff in post during the period can be found in Annex 4.

The Executive Secretary (CEO) is responsible for staffrelated issues, with a strategic overview provided by the Society’s Personnel Committee.

The remuneration of all staff within the Society is considered in detail by the Personnel Committee and set against the salary scales of the University of London. Any recommendations from the Personnel Committee regarding remuneration are then formally approved by the Trustees (the governing Council). The pay ranges for key management personnel (Senior Management Team) are determined and set by Trustees following analysis of roles and performance by the Personnel Committee. The Personnel Committee will also, as appropriate, compare the Society’s pay ranges with those of similar roles in other similar organisations.

De Morgan House

The Society holds a long lease (to 2109) from Bedford Estates on De Morgan House, 57-58 Russell Square, London, WC1. It uses these premises: (a) to house its administrative headquarters; (b) to hold its meetings and conferences in the promotion of mathematics; (c) to let out offices on the upper floors to other organisations on a commercial basis; and (d) for function rooms that it lets to other organisations for

their own purposes. This last category includes other mathematical and charitable organisations, where there is both a mathematical and financial benefit; discounts are available, and some rooms are offered at either reduced rates or at no charge as part of the Society’s charitable giving.

The Conference Centre has seen a continued increase in bookings throughout 2024-25, with an increased number of local schools in the Russell Square area using the venue as overflow classroom space. Three of the first-floor rooms of De Morgan House have been set up as classrooms for this purpose.

Office space remains available to rent commercially. The Society now has four tenant spaces let, and a room sponsorship agreement with the IMA.

LMS Website

The Society’s website is a key part of its data management infrastructure. Using a Drupal Content Management System, underpinned by a CiviCRM database, the website is not only a channel for communicating the Society’s activities but is also a key interface between the Society, its members, and the mathematical community more broadly. It enables prospective members and grant holders to submit applications, it allows current members to manage and pay for their membership online, and it allows audiences to register for Society events. Use of the website for these key business processes requires careful management and innovative design to ensure that the functionality benefits the Society and its stakeholders while protecting their data.

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Statement of Trustees’ Responsibilities

The trustees 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).

The law applicable to charities in England and Wales requires trustees to prepare financial statements for each financial year that give a true and fair view of the state of the affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the Royal Charter. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

For and on behalf of the Council of the London Mathematical Society:

Professor Jens Marklof (President)

24 October 2025

The trustees are responsible for keeping proper accounting records that disclose with reasonable

Date

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ANNEX 1: COUNCIL, EXECUTIVE TEAM AND PROFESSIONAL ADVISERS

Membership of Council during the period 1 August 2024 to 31 July 2025

President: Jens Marklof President-Elect: Mark Chaplain Vice-Presidents: Iain Gordon Catherine Hobbs Education Secretary: Mary McAlinden General Secretary: David Barnes International Secretary: Minhyong Kim (from November 2024) Programme Secretary: Chris Parker (until November 2024) Publications Secretary: Niall MacKay Members-at-Large: Sara Lombardo (Women and Diversity) Peter Ashwin Andrew Brooke-Taylor Elaine Crooks Lassina Dembélé (from November 2024) Clare Dunning (from November 2024) Jessica Enright Jason Lotay Minhyong Kim (until November 2024) Rachel Newton Gregory Sankaran Anne Taormina (until November 2024) Amanda Turner Sarah Whitehouse

*The International Secretary replaced the Programme Secretary from November 2024.

Executive Management Team during the period 1 August 2024 to 31 July 2025

Executive Secretary (CEO): Simon Edwards Head of Finance and Accounting: Ephrem Abate Head of Society Business: Jennifer Gunn Head of Conferences and Buildings: Andrew Dorward Head of Academic Publications: Simon Buckmaster

External advisors

Auditor: Griffin Stone Moscrop & Co, 21-27 Lamb’s Conduit Street, London, WC1N 3GS Investment Advisers: Cazenove Capital (part of the Schroders group), 12 Moorgate, London, EC2R 6DA Bankers: NatWest Bank plc, 208 Piccadilly, London, W1J 9HE Solicitors: Bates Wells, 2-6 Cannon Street, London, EC4M 6YH

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Registered address

London Mathematical Society, De Morgan House, 57-58 Russell Square, London, WC1B 4HS https://www.lms.ac.uk

Charity registration number

252660

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ANNEX 2: COMMITTEE MEMBERSHIP (as at July 2025)

List of Committees as at 31 July 2025

A full list of committee membership can be found at https://www.lms.ac.uk/about/committees

Committee for Women and Diversity in Mathematics: Sara Lombaro - Member-at-Large (Women and Diversity) (Chair)

Computer Science Committee: Standa Zivny (Chair)

Early Career Research Committee: Jelena Grbic (Chair)

Education Committee: Mary McAlinden - Education Secretary (Chair)

Finance and General Purposes Committee: Jens Marklof - President (Chair)

Global Affairs Committee: Minhyong Kim - International Secretary (Chair)

IMU Adhering Committee: Jens Marklof - President (Chair)

Investment Sub-Committee: Simon Salamon - Treasurer (Chair)

Library Committee: Deborah Kent - LMS Librarian (Chair) Newsletter Editorial Board: Alina Vdovina (Editor-in-Chief)

Nominating Committee: Helen Wilson (Chair)

Personnel Committee: Catherine Hobbs - Vice President (Chair)

Prizes Committee: Jens Marklof - President (Chair)

Publications Committee: Niall MacKay - Publications Secretary (Chair)

Research Grants Committee: Amanda Turner - Member-at-Large (Chair)

Research Policy Committee: Iain Gordon - Vice-President (Chair)

Society Lectures and Meetings Committee (SLAM): Jason Lotay - Member-at-Large (Chair)

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Sub-Groups, Ad-hoc Committees and LMS appointments as at 31 July 2025

Publications Nominating Group: Niall MacKay - Publications Secretary (Chair).

Education sub-Committee (Teaching Mathematics as a Career): Christopher Saker (Interim Chair).

Atiyah Fellowship Panel: Caroline Series (Chair).

Good Practice Scheme Steering Group: Alex Best (Joint Chair), Calvin Smith (Joint Chair).

LMS-IMA Joint Working Group (LMS members): President (Chair), Vice-President I. Gordon, Executive Secretary.

LMS–IMA Crighton Medal Committee 2025 (LMS Members): Jens Marklof - President (Chair). Mentoring African Research in Mathematics (MARM) Board: Frank Neumann (Chair).

Undergraduate Summer School Scientific Committee: Sacha Veselov, Frances Kirwan and Andrew Hone

Council Diarist: various Council members.

LMS/EMS Newsletter Correspondent: David Chillingworth.

Election Scrutineers: Charles Goldie and Cho-Ho Chu.

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ANNEX 3: EXTERNAL REPRESENTATIVES (as at July 2025)

Representatives on external committees and boards as at 31 July 2025

Athena Forum: Chair, Committee for Women and Diversity in Mathematics. British Mathematical Colloquium Scientific Committee: Jason Lotay and Jesus Martinez-Garcia. European Mathematical Society (EMS) Council: Jason Lotay, Frank Neumann, Ulrike Tillmann, Executive Secretary. International Centre for Mathematical Sciences (ICMS) Board: Sarah Rees.

International Centre for Mathematical Sciences (ICMS) Programme Committee: Cornelia Drutu, Julia Gog. International Centre for Mathematics in Ukraine: Simon Salamon.

International Commission on Mathematical Instruction (ICMI) UK representative: Paul Glaister.

Joint Mathematical Council (JMC): Education Secretary. Teaching Training Scholarships Management Group: Education Secretary.

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ANNEX 4: STAFF

Staff in post in the period 1 August 2024 to 31 July 2025

Executive Secretary’s Office

Executive Secretary (CEO): PA to the Executive Secretary: Head of Finance and Accounting: Accounts Assistant:

Simon Edwards Clare Ralphs Ephrem Abate Valeriya Kolesnykova

Publications

Head of Academic Publications: Publisher: Publishing Coordinator:

Simon Edwards Ola Törnkvist Anna Agathopoulou

Society Business

Head of Society Business: Membership and Grants Manager: Committee, Grants & Membership Manager: Communications & Policy Manager: Society Events Coordinator: Grants Officer: Society Governance Officer:

Jennifer Gunn Elizabeth Fisher (returned from maternity leave in May 2025)

Nicola Goldie (left July 2025 covering maternity leave) Katherine Wright Kieran O’Connor Lucy Covington Lesley Campbell

Conferences and Building Group

Head of Conferences and Building: Marketing & Events Administrator:

Andrew Dorward Meg Fenwick (from May 2025)

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ANNEX 5: GRANT SCHEMES

General policy on grant-making

The grant schemes are funded from the Society’s resources received from its endowments, investments and publishing activities and are one of the primary mechanisms through which the Society achieves its central purpose, namely to promote and extend mathematical knowledge. The principles governing its grant-giving are:

The Society’s committees that assess applications for grants are made up of mathematicians with a wide spread of research interests. Under most schemes, proposals are judged by the committees themselves, although they may seek advice. Each committee judges each application on its merits.

Any mathematician working in the UK is eligible to apply for a grant but, for some schemes, if they are not a member of the Society, then the application must be countersigned by a member who is prepared to support the application.

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Summary of main grants and training schemes

Conference Grants (Scheme 1)

Grants are made to the organisers of conferences to be held in the UK. Priority is given to the support of meetings where an LMS grant can be expected to make a significant contribution to the viability and success of the meeting. Support of larger meetings of high quality is not ruled out, but for such meetings an LMS grant will normally cover only a modest part of the total cost. (As of 1 August 2024, this Scheme will be merged with Scheme 6 Workshop Grants to become Conference and Workshop Grants (Scheme 1).

Visitors to the UK (Scheme 2)

The aim of the Scheme is to provide grants to mathematicians based within the UK to partially support visitors to the UK; the visitors are expected to give lectures in at least three separate institutions.

Support of Joint Research Groups (Scheme 3)

The Scheme is to provide support for groups of mathematicians, working in at least three different locations (of which at least two must be in the UK), who have a common research interest and who wish to engage in collaborative activities. The grant award covers two years and is expected that a maximum of four meetings (or an equivalent level of activity) will be held per academic year.

Research in Pairs (Scheme 4)

The Scheme is to provide small grants to UK-based mathematicians to help support short visits of intensive collaborative research with colleagues in other institutions, both in the UK and abroad.

Research Reboot (Scheme 4)

This scheme is to help restart research activity. It offers funding for the applicant to leave their usual environment to focus entirely on research for a period from two days to a week, in order to restart their research activity if they have been prevented from doing so by adverse conditions.

Collaborations with Developing Countries (Scheme 5)

The Scheme is to provide grants to mathematicians within the UK to support visits for collaborative research, or academic activities that will benefit the country concerned. Countries considered to be eligible for Scheme 5 funding are those contained within (but not exclusively limited to) the International Mathematical Union Commission for Developing Countries (IMU CDC) Definition for Developing Countries - https://www.mathunion.org/cdc/about-cdc/ definition-developing-countries.

Computer Science Small Grants (Scheme 7)

The Scheme aims to provide small grants to researchers based within the UK to help support visits for collaborative research at the interface of Mathematics and Computer Science.

Inclusion & Diversity Grants

The Inclusion and Diversity Fund aims to support events that promote EDI in mathematics, broadly speaking. The focus of these events may be on any aspect of diversity, including but not limited to race, ethnicity, gender, trans identity, sexual orientation, sex, age, religion or religious belief, neurodiversity, socioeconomic status, disabilities, and background.

Caring Supplementary Grants

The Society recognises that parents and carers are sometimes prevented from attending conferences and meetings and making research visits because there is no provision for the extra costs incurred in caring for dependants. It is the LMS’ view that institutions should make provision for caring costs but, while this is not largely the case, the Society is willing to make a supplementary grant as a contribution to the costs.

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Grace Chisholm Young Fellowship

These fellowships aim to provide some support when a mathematical career is interrupted by family responsibilities, relocation of partner, or other similar circumstance, making possible some continuous mathematical activity and so enabling the fellow to be in a position to apply for posts when circumstances allow. Each holder will be based in a specific Mathematics Department in a University or Research Institute in the UK; the host is expected to provide an email address, use of library and IT facilities and access to research literature. The normal duration of a fellowship is one year.

Emmy Noether Fellowships

These Fellowships are designed to enhance the mathematical sciences research, broadly construed, of holders, either re-establishing their research programme after returning from a major break associated with caring responsibilities or those requiring support to maintain their research programme while dealing with significant ongoing caring responsibilities.

Small Education Grants

These grants support such activities as popular lectures, exhibitions, masterclasses, mathematical competitions, etc., that help to encourage joint mathematical ventures between higher education institutions and schools, or the development of projects that would improve the public image of mathematics.

Mathematics Education Conference Grants

These grants offer support to organisers of regular mathematics education conferences and is intended to contribute to the travel/subsistence expenses of attendees of the event in question.

Mentoring African Research in Mathematics (MARM)

The aim of the programme is to enable all mathematicians in Africa to pursue academic careers of the highest standard. The Society believes that enhancing and developing academic research and research institutions in Africa will help ensure that pursuing world-class mathematical careers within Africa will be both achievable and a more attractive option than moving permanently to the developed world. Over time, the strengthening of the mathematical community within Africa will benefit not only the African community but mathematics as a whole. Grants are awarded for two-year academic partnerships between European and African institutions for activities including exchange visits, lectures and workshops, conferences, PhD supervision and mentoring support.

Support for Mathematics in Africa

The Society awards grants to support mathematical activities in Africa with the Mathematics in Africa Grant Scheme.

Atiyah UK–Lebanon Fellowships

This scheme was set up in memory of Sir Michael Atiyah (1929-2019) and operated in partnership with the Centre for Advanced Mathematical Sciences at the American University of Beirut. It provides for an established UK based mathematician to visit the Lebanon as an Atiyah Fellow for a period of between one week up to 6 months, or alternatively for a mathematician from the Lebanon of any level, in particular promising advanced level students from the AUB, to visit the UK to further their study or research for a period of up to 12 months.

Solidarity Grant Programme

This programme is designed for the purpose of giving refuge to researchers in the mathematical sciences who have had to leave their country of residence. The aim is not only to offer participants a safe home but also to enable them to continue their work and start new scientific collaborations in the UK. Participants can be hosted for up to 12 months in the UK whilst on the programme. The programme is administered by the Issac Newton Institute with support from the Society.

33

Summary of grants and training schemes supporting Young Mathematicians and Early Career Researchers

Undergraduate Research Bursaries in Mathematics

The Scheme aims to give training in research to undergraduates with research potential to encourage them to consider a career in scientific research. Grants are awarded for a six-to-eight week summer research project undertaken with the guidance of a research supervisor. The Undergraduate Research Bursaries are often supported by funding from HIMR.

Undergraduate Summer Schools

The goal of the Summer Schools is to introduce exceptional pre-final year undergraduates to research mathematics and, in particular, to make them think seriously about an academic career at this stage. The Summer Schools are a combination of short lecture courses with problem-solving sessions and colloquium-style talks. Talks are given by lecturers mostly (though not exclusively) from the UK, including high-profile speakers. The Schools are for around 50 students and involve 10 lecturers. The event is hosted by a UK university for a period of 10 days in the summer.

LMS Research Schools Programme

The purpose of the Research Schools, including Research Schools on Knowledge Exchange, is to provide training for young researchers in a core area of mathematics. Students and post-docs can meet a number of leading experts in the topic as well as other young researchers working in related areas. The series aims at the highest international standing of these research schools, allowing for support of both international lecturers and participants. The main criteria for funding are the topicality and the mathematical significance of the course material, the general alignment with the mission of the LMS and the likely demand for places nationally and internationally, and the standing of the proposed lecturers in the international mathematical community. The Research Schools are often supported by funding from HIMR.

Cecil King Travel Scholarship

The London Mathematical Society administers two £6,000 travel awards funded by the Cecil King Memorial Foundation for early career mathematicians, to support a period of study or research abroad, typically for a period of three months. One Scholarship will be awarded to a mathematician in any area of mathematics and one to a mathematician whose research is applied in a discipline other than mathematics.

Postgraduate Research Conferences (Scheme 8)

The aim of this Scheme is to support postgraduate research conferences, organised by and for postgraduate research students, to be held in the UK.

LMS Early Career Fellowships

To support early career mathematicians in the transition between PhD and a postdoctoral position, the London Mathematical Society offers up to 8 Fellowships of between 3 and 6 months to mathematicians who have recently or will shortly receive their PhD. The award will be calculated at £1,200 per month plus a travel allowance. The fellowships may be held at one or more institutions but not normally at the institution where the fellow received their PhD.

LMS Early Career Fellowships (Covid-19 Response)

To support early career mathematicians in the transition between PhD and a postdoctoral position, the London Mathematical Society offers up to 8 Fellowships of between 3 and 6 months to mathematicians who have recently or will shortly receive their PhD. In 2024-25, the award was calculated at £1,615 per month plus a travel allowance. The fellowships may be held at one or more institutions but not normally at the institution where the fellow received their PhD. The Early Career Fellowships are often supported by funding from HIMR/EPSRC/UKRI.

Celebrating New Appointments (Scheme 9)

Grants are made to provide partial support for meetings held in the UK to celebrate the appointment of a new lecturer in mathematics at a UK institution. The aim of the grant award is to embed the new lecturer in their home institution and the local mathematical community, and to allow the new appointment to create useful and lasting relationships with the local mathematical community. It is expected that the new appointment themselves will present a lecture at the meeting.

34

Travel Grants for Early Career Researchers

The Travel Grant Scheme provides partial support for UK-based early career researchers to attend conferences or undertake research visits either in the UK or overseas. Grant holders are early career researchers in mathematics, based in the UK, defined as a PhD/research student or anyone who has completed their PhD in the last five years (excluding academic career breaks). The scheme is open to both members and non-members of the LMS.

35

ANNEX 6: GENERAL AND RESERVE FUNDS

For the purposes of financial planning the Society has chosen to define Relevant Funds to consist of Quoted Investments + Residential Properties + Cash at bank. The Society’s target returns on its investment portfolio of CPI + 4% in the long-term, in order to guarantee its value in real terms. Council considers that income from the Relevant Funds is to provide financial stability to the Society so it can make effective long-term plans and cover some of the administration costs. Council will set budgets on the assumption that the income level of the Relevant Funds grows by a rate that meets or exceeds inflation.

General Fund

This provides for the general operation of the Society including its charitable activities not funded from Designated or Restricted Funds. Within the Society’s reserves, the General Fund is deemed an expendable reserve to be used in pursuit of the Society’s objectives as Council may from time to time determine. At present the fund exists to assure the availability of resources for the Society’s grant schemes and other continuing charitable activities in future years. This manages the risk to the Society’s ability to generate income to provide for such activities and offers a contingency against threats such as open access.

The Society maintains up to £1m free reserve as cash at bank to ensure that there is enough operating capital to stabilise the Society’s finances. It provides contingency against unexpected events, as well as allowing the Society to deal with losses in income and large unbudgeted expenses.

General Fund £17,300,727

Building and Development Reserve Fund

This reserve, originally built up for the Society to purchase or rent its own property was utilised in part in the purchase of a leasehold property (De Morgan House). This reserve fund exists to maintain the property in a state of good repair as required by the Lease holder, including in the case of disaster recovery should any major incident affect the physical aspects of the Society’s offices. This fund is both to guarantee continuity in the provision of programs and services, and to protect the value of hard-won net assets. Also to cover the costs of re-establishing our work should De Morgan House (DMH) to be lost through unforeseen circumstances (i.e. Room hire for in-person staff meetings if home working is implemented for one year (b) venue hire for in-person meetings, for example, Council/ special Cttee if any (considering most of the meetings are online; (c) dilapidations, were the Society to leave DMH. The agreed purposes and recommended levels as from the next financial year will be:

and recommended levels as from the next fnancial year will be:
Costs of re-establishing Society’s work should De Morgan House (DMH) to be lost through
unforeseen circumstances etc, (i.e. Room hire for in-person staff meetings,etc)		 £35,000
Furniture and fttings return to DMH followinga disaster created byunforeseen circumstances £35,000
Dilapidations,were the Societyto leave DMH £100,000
External and Internal redecoration £80,000
Building upkeep (Major modifcations and developments, unexpected repairs/replacement) (See
annex A above)		 £700,000
£950,000

36

Publication Reserve Fund

This fund is to mitigate the risks in the changing academic publishing market and to reserve funds for a transition to a sustainable future business model. It is intended that the reserve will be reviewed as circumstances arise each year. The agreed purposes and recommended levels are:

The agreed purposes and recommended levels are:
Financial liabilitytopublishingand society partners. £1,400,000
Multi-year transition to a sustainable open access business model forjournals. £1,600,000
Outreach and engagement at international events. £100,000
Strategic development fund. £100,000
Development or replacement ofpublishingsystems. £100,000
Legal and consultancyfees. £100,000
£3,400,000

LMS Strategic Development Reserve Fund

The following three funds form part of the overall support for the development and delivery of the Society strategy and strategic objectives.

• Funds to develop the Society’s updated strategy and strategic objectives

This fund is set aside to allow the Society to develop and fund activities to embed the updated strategy. The fund will ensure the Society can look beyond current ways of working to change and make a difference over the next five years. It is intended that the reserve will be reviewed as circumstances arise each year.

Funds available to develop the Society’s updated strategy and strategic objectives £322,875

• Nick Lord Pathways in Mathematics Fund

This fund is designated to support the Society’s initiatives in alignment with its strategic development goals. The reserve is intended to facilitate programs that support pathways in mathematics that enhance knowledge and skills, thereby creating pathways for individuals and groups to access educational opportunities provided or supported by the Society. This contribution will enable the Society to expand its effort and engage in this area.

Nick Lord Pathways in Mathematics Fund £147,428

• LMS-ICMU Distinguished Visitor Fellowship (DVF) Fund

This fund has been set aside to support the work of the ICMU, including sponsorship for visitors. The LMS Distinguished Visiting Fellowship scheme funds scientists to visit the ICMU and engage with the centre’s faculty.

Visiting Fellowship scheme funds scientists to visit the ICMU and engage with the centre’s faculty.
Funds to support the work of the ICMU £91,945
Restricted Funds
Prizes Fund(for Berwick/De Morgan/Lord Rayleigh’s/Fröhlich/Shephardprizes) £229,812
A.J. Cunningham Research Fund(forpublication of work on the factorisation of large numbers) £121,921
Zeeman Fund (for Undergraduate Research Bursaries named in honour of Prof. Sir Christopher
Zeeman)		 £240
Frank Gerrish Fund (for promotion of expository articles and surveys within the Society's
publications)		 £18,465
Emmy Noether Fellowship Fund (for those re-establishing their research after a break or ongoing
caringresponsibilities		 £38,115
Campaign for Pure Mathematics Fund (for campaigning to protect and promote pure
mathematics)		 £-
SolidarityGrant Fund(for mathematicians who are feeingtheir countries) £162,740
£571,293

37

ANNEX 7: AUDITOR’S REPORT

Independent Auditor’s Report to the Trustees of The London Mathematical Society

Opinion

We have audited the financial statements of London Mathematical Society (the ‘charity’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including 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:

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 charity’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.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

38

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees 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 charity’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 charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 auditor’s 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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC’s website at: https://www.frc.org.uk/auditors/auditassurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor. This description forms part of our auditor’s report.

39

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011 . Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Smith (Senior Statutory Auditor) For and on behalf of Griffin Stone Moscrop & Co Chartered Accountants & Statutory Auditor 21-27 Lamb's Conduit Street London WCl N 3GS

Date ........... ............ ........................................... . 31/1 o /lAJ?/S"

40

ANNEX 8: STATEMENT OF FINANCIAL ACTIVITIES

Page
42 Statement of fnancial activities
43 Balance sheet
44 Cash fow statement
45 Accounting policies
49 Investment income
50 Income from other tradingactivities
50 Costs of raisingfunds
50 Charitable activities: Advancingthe interests of mathematics
51 Charitable activities: Enablingmathematicians to undertake research and collaboration
52 Charitable activities: Disseminatingmathematical knowledge – Publications
53 Charitable activities: Disseminatingmathematical knowledge – Conference and meeting programmes
53 Charitable activities: Promotingmathematical research and its benefts
53 Governance and other committees’ costs
54 Analysis ofgeneral support andgovernance costs
55 Allocation of support andgovernance costs byactivity
56 Employment costs
57 Pension costs
58 Fixed asset investments
58 Gains and losses on investment assets
59 Tangible fxed assets
59 Debtors
59 Creditors and deferred income
60 Restricted funds
62 Unrestricted funds
63 Analysis of net assets between funds
63 CMS management account
63 Transactions with Trustees and connectedpersons
64 Comparison fgures of each fund(2023/24 fnancial statements)

41

STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31st July 2025

Notes
Income and endowments:
Donations and legacies
Income from charitable activities:
Membership subscriptions
Publications – LMS Periodicals
7a
Publications – Ventures and Royalties
7c,d
Grants and contracts
Total income from charitable activities
Income from other trading activities
3
Income from Investments
2
Other income		 Unrestricted
General
Funds
Designated
Funds
Restricted
Funds
£
£
£
154,111
-
195,000
170,520
-
-
1,029,504
-
2,570
261,617
279,496
-
78,107
-
719,200
_______
1,539,748
279,496
721,770
392,161
-
-
751,956
-
12,917
134
-
-
__		 Unrestricted
General
Funds
Designated
Funds
Restricted
Funds
£
£
£
154,111
-
195,000
170,520
-
-
1,029,504
-
2,570
261,617
279,496
-
78,107
-
719,200
_______
1,539,748
279,496
721,770
392,161
-
-
751,956
-
12,917
134
-
-
__		 2025
Total
Funds
£
349,111
170,520
1,032,074
541,113
797,307
2,541,014
392,161
764,873
134		 2024
Total
Funds
£
624,033
164,697
868,089
608,963
165,643
1,807,392
355,710
694,443
206
Total Income 2,838,110
279,496
929,687		 4,047,293 3,481,784
Expenditure:
Costs of raising funds
4
Expenditure on charitable activities:
Advancing the interests of mathematics
5
Enabling mathematicians to undertake research
and collaboration
6
Disseminating mathematical knowledge:
- Costs of publications
7b,c,d
- Conferences and meeting programmes
8
Promoting mathematical research and its benefits
9
Total expenditure on charitable activities		 __
408,175
-
-
__
314,829
-
5,531
752,295
20,656
180,785
401,806
181,920
10,380
171,052
-
-
373,746
13,124
896,518
__
2,013,728
215,700 1,093,214
__		 408,175
320,360
953,736
594,106
171,052
1,283,388
3,322,642		 382,608
322,491
993,518
561,332
175,249
744,944
2,797,534
Total expenditure 2,421,903
215,700
1,093,214		 3,730,817 3,180,142
Net income before gains and losses on
investment
Net gains/(losses) on investment assets
16
Net Income for the year
Transfers between funds
21/22
Actuarial gain/(loss) on defined benefit
pension schemes
14/20		 __
416,207
63,796
(163,527)
483,859
-
8,737
__
900,066
63,796
(154,790)
(59,117)
49,852
9,265
-
-
-
__		 316,476
492,596
809,072
-
-		 301,642
1,136,332
1,437,974
-
498,841
Net movement in funds for the year 840,949
113,648
(145,525)		 809,072 1,936,815
Reconciliation of funds:
Total funds brought forward
1		 6,459,778 4,798,600 716,818 21,975,196 20,038,381
Fund balances carried forward
1		 7,300,727
4,912,248		 571,293
22,784,268
21,975,196

The comparative figures for each fund are shown in the notes to the accounts, (see note 26).

42

BALANCE SHEET as at 31st July 2025

2025
Notes
£
£
Fixed Assets
Fixed Asset Investments
Quoted Investment
15a
14,765,595
Residential Property
15b
4,103,450
18,869,045
Tangible Fixed Assets
Leasehold Property
17
985,983
Fixtures, Fittings and Equipment
17
67,876
1,053,859
19,922,904
Current Assets
Medals in stock
2,343
Debtors
18
206,239
Cash at bank and in hand
1,371,158
Term deposit Investments
4,404,383
5,984,123
Creditors: Amounts falling due within one year
19(2,020,741)
Net Current Assets
3,963,382
Total Assets less Current Liabilities
23,886,286
Creditors: Amounts falling after more than one year
20
(1,102,018)
Total Net Assets
22,784,268
Represented by:
General Funds
2217,300,727
Designated Funds
22
4,912,248
Restricted Funds
21
571,293
22,784,268		 2024
£
£
14,302,938
4,144,450
18,447,388
1,030,800
32,358
1,063,158
19,510,546
-
212,713
1,217,848
1,866,877
3,297,438
(832,788)
2,464,650
21,975,196
-
21,975,196
16,459,778
4,798,600
716,818
21,975,196

The notes on pages ?? to ?? form part of these financial statements. The notes on pages 45-64 form part of these financial statements.

Approved by the trustees on 24 October 2025 and signed on their behalf by:

-------------------------------------------Professor Simon Salamon (Treasurer)

43

Cash Flow Statement

For the year ended 31 July 2025

Cash flow from operating activities
Net movements in funds
Add / (Deduct) gains/(losses) on investments (note 16)
Add back re-invested gains (note 2)
Add back investment management fees (note 4)
Add back VAT on investment management fees
Deduct investment income (note 2)
Add back depreciation charge (note 17)
Decrease / (Increase) in debtors (note 18)
Decrease / (Increase) in medals in stock
(Decrease)/increase in creditors (note 19/20)
Net cash provided by operating activities
Cash flow from Investing activities
Purchase of tangible fixed assets (note 17)
Purchase of fixed asset investments (note 15)
Proceeds on disposal of fixed assets investments (note 15)
Investment income (note 2)
Net cash provided by investing activities
Change in cash and cash equivalent in the year
Cash and cash equivalent at the beginning of the year
Cash in bank and deposit
Cash held in investments
Cash and cash equivalent at the end of the year
Cash in bank and deposit
Cash held in investments		 2025
2024
£
£
£
£
809,072
1,936,815
(492,596)
(1,136,332)
100,191
102,551
68,076
65,171
2,863
2,747
(764,873)
(694,443)
71,313
62,491
6,474
(32,945)
(2,343)
-
2,289,971
(336,236)
2,088,148
(30,181)
(62,014)
(19,150)
(107,237)
(6,606,950)
-
6,504,526
764,873
694,443
595,622
572,869
2,683,770
542,688
3,084,725
2,542,165
9,220
9,092
3,093,945
2,551,257
5,775,541
3,084,725
2,174
9,220
5,777,715
3,093,945

44

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st July 2025

1. Accounting Policies

The accounting policies adopted by the Society are as detailed below:

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) and the Charities Act 2011.

The London Mathematical Society 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 note(s).

The trustees have assessed whether the use of going concern basis is appropriate and have considered possible conditions that might cast significant doubt on the ability of the Society to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the trustees have considered the long-term expectations of income from its publishing activities and the continued challenges for the conference business.

The Society has put in place plans to increase the number of articles published in the Bulletin and Journal which will help mitigate some of the decline in subscription income. Council is actively exploring other sources of income. Pending the development of additional income streams, Council has reviewed all the Society’s activities in order to identify savings.

The conference income is returning to near pre-pandemic levels, but the type of bookings has changed as well as the expectations of clients for conferences so competition for business is much harder. The Society has invested in technology to allow hybrid meetings as well as more flexibility using the meeting space available for different types of events. Council has monitored the return of the conference business and receives regular updates.

On this basis, and the level of reserves held, the trustees consider that the Society has adequate resources to continue in operational existence for the foreseeable future. The Society therefore continues to adopt the going concern basis in preparing its financial statements.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

b) Judgements and key sources of estimation uncertainty

In the application of the Society’s accounting policies, the trustees are required to make judgement, 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 the estimates.

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.

The most significant estimates and assumptions which affect the carrying amount of assets and liabilities in the accounts relate to:

45

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st July 2025

1. Accounting Policies (continued)

c) Financial Instruments

The Society has elected to apply the provision of Section 11 ‘Basic Financial Instrument’s and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial Instruments are recognised in the Society’s balance sheet when the Society becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. (See notes 18 and 19 for details)

d) Members’ Subscriptions

Subscription income from members is recognised in the year to which it applies. New members may pay pro-rata subscription fees based on their election date within the membership year.

e) Donations

Cash donations are credited to the General Fund in the year of receipt but donations in kind are not recognised in these financial statements.

f) Investments

All quoted investments are valued at their market value at the balance sheet date, giving rise to unrealised gains and losses which are included in the Statement of Financial Activities. The market value is determined as follows:

The Society in its total returns policy treats all cash withdrawals from the investment portfolio as investment income. This is analysed in the notes to the financial statements as investment income split between the various categories of investment based on information provided by the investment managers and the proportion of total return drawn down relating to gains. The balance of unrealised gains and losses on revaluation of investments, and realised gains and losses arising on disposal of investments are separately identified in the notes to the Financial Statements and on the SoFA.

• Residential property investment

The rental derived is shown on the SoFA under ‘Investment Income’. The growth in the value of the Society’s residential property investment will be shown in the SoFA as Gains on investment assets. The residential property investment is valued at balance sheet date using the local estate agent’s guidance on the current housing market within the area where the properties are located.

g) Fixed Assets

Depreciation is provided on all tangible fixed assets at rates calculated to write off, on a straight-line basis, the cost less estimated residual value over their expected useful lives as follows:

Leasehold Property Over 50 years
Fixtures, Fittings and Office Equipment 20%
Computer equipment 33.33%

The Society operates a policy of capitalising assets whose unit cost exceeds £1,000, with expenditure below this level written off as incurred.

h)

Publications

iv) Unsold publication stocks are not valued at the Balance Sheet date for accounting purposes.

v) The cost of publishing rights and subscribers’ lists are written off in the year of acquisition.

vi) Royalties are taken into the Statement of Financial Activities when declared by relevant publishers.

46

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st July 2025

1. Accounting Policies (continued)

i) Joint Ventures

The results of joint ventures are included in the accounts up to the year- end indicated.

j ) Grants and Contracts

The Society has been awarded contracts and grants for some of its activities. These comprise: a contribution from IMU to support mentoring activities for mathematicians in Africa; shared costs of some activities with other societies and institutions. The income and expenditure relating these are handled through this Fund.

k) Recognition of grant liabilities

Where the Society has contractual or constructive obligations to make grant payments these amounts are accrued in the accounts in accordance with the requirements of the SORP. The liability will be recognised within the year the grant is awarded. The unpaid grant commitments should normally be claimed by the end of the following financial year. However, the claim period may need to be extended for a further year (award year + 2) if the grant cannot be claimed by the end of the year following the award due to constraints on the start or end date of a grant, or due to other circumstances outside the control of the Society.

The Society also awards some grants with conditions for payment being a specific level of service or specific output to be delivered. Such grant awards (commitments) will be reserved in the Designated funds, and the grants are only recognised in the SoFA once the recipient of the grant has provided evidence of the specific service or output. Such grants are therefore reviewed annually and the grant payments subject to the condition of a progress report with satisfactory performance. If the project spans a number of years and satisfactory progress reports are received after year one, the first stage of the grant will be released from the Designated fund and that part of the grant expenditure will be recognised in the SoFA at that point.

Grants unclaimed by the end of award year +2 will be released back to the Society’s general funds.

l) Grants payable

m) Taxation

The Society is a registered charity and no liability to taxation arises on the results of its business activities in support of its charitable purposes.

The Society has partial exempt status in respect of VAT, based on the split of its business and non-business activities. The proportion of VAT that cannot be recovered because of partial or fully exempt status of the activity is redistributed to the activities. The basis on which irrecoverable VAT have been allocated to the activities are set out in note 12.

n) Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.

o) Medals in stock

The medal stock for the prize is stated at the lower of cost and net realisable value.

p) General Fund

The Unrestricted reserves are analysed between the General Fund and other Designated Funds. The General Fund, detailed in note 22 to the financial statements, is to provide for the general operation of the Society including its charitable activities not funded from Designated or Restricted Funds. Within the Society’s reserves the General Fund is deemed an expendable reserve to be used in pursuit of the Society’s objectives as Council may from time to time determine. At present it is managed to provide the income to be used to ensure the availability of resources for its grant schemes and other charitable activities in future years.

q) Designated Funds

The Unrestricted reserves are analysed between general and designated funds. The Trustees have created the following designated funds:

(i) Building & Development Reserve Fund

This reserve is to meet the costs of (a) consequences of the temporary loss of De Morgan House, (b) periodic internal and external decoration and maintenance, (c) major modifications or repairs.

(ii) Publication Reserve Fund

47

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st July 2025

1. Accounting Policies (continued)

The reserve is intended to facilitate programs that support pathways in mathematics that enhance knowledge and skills, thereby creating pathways for individuals and groups to access educational opportunities provided or supported by the Society. This contribution will enable the Society to expand its effort and engage in this area.

r) Restricted Funds

The income of these restricted funds is to be used for the following purposes:

48

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st July 2025

1. Accounting Policies (continued)

s) Support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the Society’s Mathematical Sciences programmes and activities. The Governance costs include external audit, legal advice and the costs of trustee and committee meetings, as well as costs associated with constitutional and statutory requirements. Support and governance costs have been allocated between the costs of raising funds and charitable activities. The bases on which support and governance costs have been allocated to activities are set out in note 12.

t) Employee benefits

Termination benefits are recognised immediately as an expense when the Society is demonstrably committed to terminate the employment of an employee through, for example, redundancy, or to provide termination benefits.

u) Heritage assets

The Society holds an archive of historical material, known as the LMS Archive. The purpose of the Society’s Archive is to provide a permanent historical record of the activities of the London Mathematical Society. The Society’s Archive also provides protection for other significant material relating to mathematics in the UK that might otherwise be lost or destroyed, for the purposes of bibliographic reference and further study by historians of mathematics. No value is attributed to the Archive in the financial statements. From time to time, items may be added to the Archive and again no value is attributed to these items in the financial statements. The cost of regular valuations of items in the archive would not be justified.

2. Investment Income

2025
Unrestricted
£

a) Investment income receivable:
Total returns/ Unit Trust Distribution
(Bond interest, Equities dividends, etc.)
561,905
Re-invested total returns
(100,191)

Net investment income receivable
461,714
b) Residential property rental income
161,624
c) Interest receivable (Treasury Reserve and Bank deposits)
128,618

Total investment income 2025
751,956
2024
Unrestricted
£

a) Investment income receivable:
Total returns/ Unit Trust Distribution
(Bond interest, Equities dividends, etc.)
549,963
Re-invested total returns
(102,551)

Net investment income receivable
447,412
b) Residential property rental income
164,241
c) Interest receivable (Treasury Reserve and Bank deposits)
70,207

Total investment income 2024
681,860
 Restricted
Total
2025
£
£
9,306
571,211
-
(100,191)


9,306
471,020
-
161,624
3,611
132,229


12,917
764,873

Restricted
Total
2024
£
£
8,852
558,815
-
(102,551)


8,852
456,264
-
164,241
3,731
73,938


12,583
694,443

49

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st July 2025

3.
Income from other trading activities
2025
£
a) DMH Conference facilities
259,027
b) DMH Rental income
132,174
c) Advertising in Newsletter
960

Total
392,161

4.
Costs of raising funds
2025
£
£
a)
Conference facilities
General expenditure
60,169
Apportioned support and governance costs
118,822

178,991
b)
Service for tenants
89,703
c)
Investment Management fees
68,076
d) Cash deposit maintenance fee
1,330
e)
Residential Investment Property costs
70,075

Total
408,175

5.
Charitable activities: Advancing the interests of Mathematics
2025
£
£
Members’ services:
LMS Newsletter
20,987
Other costs
10,328
Unrecoverable subscriptions
3,714

35,029
Activities to support Women in Mathematics
-
Activities to support Maths -Computer Sciences
1,131
Library, binding and archives
4,257
Activities to support Global affairs
3,791
EMS, IMU, ICIAM subscriptions & ICM costs
12,880
Prizes
12,257
Apportioned support and governance costs (note 12)
251,015

Total
320,360
2024
£
248,743
105,632
1,335

355,710

2024
£
£
64,146
93,907

158,053
96,319
65,171
-
63,065

382,608
2024
£
£
13,931
6,365
4,643

24,939
118
895
4,714
-
26,967
12,858
252,000

322,491

50

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st July 2025

6. Charitable activities: Enabling Mathematicians to undertake research and collaboration

Grant Schemes
Research Grants (Schemes 1 – 6)
Mathematics in Africa (Designated- SDF)
Early Career Support (Schemes 8 and 9/ECR travel grants)
Research School Grants(incl. £15k HIMR Fund)
Early Career Fellowship Grants(incl. £20k HIMR Fund)
Undergraduate Bursaries(incl. £20k HIMR Fund)
Undergraduate Summer School (inc. £15k Liber Foundation)
Interdisciplinary Collaboration Grant (ICG) (Designated- SDF)
Computer Science Grants
Small Education grants (incl. Teachers CPD)
Diversity and Inclusion (incl. £5k HIMR Fund+ £5k designated SDF)
CWDM grant scheme
Atiyah UK-Lebanon Fellowships
Isaac Newton Institute (INI) Grants
Mentoring African Research in Mathematics (MARM)
ECM/ICM travel Grants(incl. £2k HIMR Fund)
Cecil King Grants (Restricted)
Emmy Noether Fellowship (Restricted)
ACME Grants (Designated)
ICMU grant (LMS-DVF Scheme) (Designated)
Solidarity Grants(Restricted)
Ad hoc Grants to Mathematical Bodies (UK & International)
Total Grants before cancellation/refunds and Support costs
Less: Grants cancellation and refunds
Charitable giving of LMS rooms
Apportioned support and governance costs (note 12)
Total Grants after cancellation/refunds and Support costs

ANALYSIS OF GRANT AWARDS
a) Grants: contractual commitments
b) Grant awards to institutions
c) Grant awards to individuals
Total grant awards
GRANT REFUNDS AND CANCELLATION
Grant refunds
Grants not taken up (‘out of date’)
Total grant refunds and cancellation
MOVEMENT IN OBLIGATION GRANT COMMITMENTS
Grant recognised at the start of the year
New grants charged to the SoFA in year
Grants paid during the year
Grants not taken up (‘out of date’)
Amount of grant recognised at the end of the year		 2025
£
£
344,365
8,201
45,503
45,000
52,450
32,891
45,491
800
7,861
11,756
13,000
2,100
-
30,000
16,000
-

655,418
12,000
26,042
-
6,655
67,743
13,866
 2025
£
£
344,365
8,201
45,503
45,000
52,450
32,891
45,491
800
7,861
11,756
13,000
2,100
-
30,000
16,000
-

655,418
12,000
26,042
-
6,655
67,743
13,866
 2024
£
£
351,396
-
50,643
60,000
74,688
35,626
25,000
-
1,500
11,110
-
3,817
8,600
30,000
-
5,499

657,879
12,000
18,300
7,000
1,400
125,465
8,462

830,506

(59,748)
33,505
189,255

993,518
£
7,000
592,118
231,388

830,506
£
(24,067)
(35,681)

(59,748)
£
273,891
830,506
(721,540)
(35,681)

347,176
781,724
(74,036)
40,443
205,605
953,736
(
£
-
611,453
170,271

781,724

£
(13,172)
(60,864)

(74,036)

£
347,176
751,724
703,877)
(60,864)

334,159

51

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st July 2025

7. Charitable activities: Disseminating Mathematical Knowledge - Publications

a) Income from LMS journals
b) Income from Ventures & Royalties
Nonlinearity
Russian journals (Turpion/RAS/LMS joint venture)
Mathematika
Compositio (see 7e)
Moduli
LMS Books and Royalties
c) Direct costs of publication
Journal of Computation and Mathematics
Costs of Expository Surveys project
Costs of Compositio (see 7e)
Other Operational Costs
d) Apportioned support and governance costs(note12)
NET PUBLICATIONS SURPLUS		 2025
£
£
1,032,074
189,281
-
61,177
279,496
1,400
9,759

541,113
(500)
(10,380)
(181,920)
(42,325)

(235,125)
(358,981)
(594,106)

979,081
 2024
£
£
868,089
195,748
50,948
51,896
296,450
-
13,921

608,963
(500)
(2,470)
(193,398)
(24,251)

(220,619)
(340,713)

(561,332)

915,720

The Society was involved in the following publishing ventures in the year:

e) Compositio management account


Income
Expenditure
Direct costs
Profit share to_Compositio_Foundation
NetCompositio surplus before LMS fees and Profit share
Management fee to LMS
Profit share to LMS
Balance C/fwd onCompositio Fund		 2025
£

279,496
(45,242)
(136,678)

(181,920)

(39,000)
(58,576)

-		 2024
£
296,450
(43,943)
(149,455)

(193,398)

103,052
(39,000)
(64,052)

-

52

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st July 2025

8. Charitable activities: Disseminating Mathematical Knowledge

– Conference and meeting programmes

2025
£
£
Society meetings and regional workshops
26,098
Invited Lectures
-
Hardy Lecturer
1,764

27,862
Apportioned support and governance costs (note 12)
143,190

Total
171,052

9.
Charitable activities: Promoting Mathematical Research & its benefits
2025
£
£
Policy
CMS
12,041
Communication and External Relations
23,500
Research Policy Activities
8,000
Annual dinner
8,445
Subscriptions to UK organisations
2,417

54,403
Education and young people, public engagement
Holgate Lecturers
-
Popular Lectures
-
MCTD (Maths Communication Training Days)(Restricted)
4,245
Other educational activities (Education Day/etc)
4,327

8,572
Mathematics Degree for Future (MDFF)
647,200
Levelling Up Scheme(Restricted)
7,065
Campaign for Pure Mathematics(Restricted)
197,461
Apportioned support and governance costs (note 12)
355,563

Total
1,283,388

10.
Governance and other committees’ costs
2025
£
£
Professional services
Solicitors fees
-
Audit and accountancy fees
15,033
Audit and accountancy fee over accrual
-
Other professional fees
33,896

48,929
Costs of meetings (Catering/Accommodation/Travel/Subsistence)
Governance(Council/F&GPC/Nomination, etc.)
21,356
Other Committees
3,570

£24,926
Election of Trustees
4,412
General office and staff costs (apportioned)(note 11_)_
246,028

Total
324,295
 2024
£
£
36,249
6,000
-

42,249
133,001

175,250

2024
£
£
33,899
7,947
-
7,948
2,348

52,142
1,350
2,854
4,124
2,281

10,609
-
4,548
328,611
349,034

744,944

2024
£
£
490
15,000
1,850
22,135

39,475
9,686
2,997

12,683
4,670
238,125

294,953

53

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st July 2025

11. Analysis of general support and governance costs

Analysis of general support and governance costs
Allocation of support and governance costs by activity
2025
Direct
Staff
General
Office
General
Management
and Finance
Governance
and
Committee
£
£
£
£
Raising funds
Conference facilities (DMH)
33,878
71,119
13,290
535
Services for tenants (DMH)
17,384
68,237
1,748
535
Managing Residential Property
14,584
1,590
1,487
535


Total support costs for raising funds
65,846
140,946
16,525
1,605


Charitable activities
• Advancing the interest of Mathematics
98,488
30,556
57,112
64,859
• Enabling Mathematicians to undertake
research and collaboration
95,174
22,417
46,877
41,137
• Disseminating Mathematical Knowledge
– Publications
191,798
36,344
65,980
64,859
• Disseminating Mathematical Knowledge
– Conference and meeting programmes
53,213
13,104
19,921
56,952
• Promoting Mathematics research and
its benefits
150,966
68,820
40,894
94,883



Total support costs for Charitable activities
589,639
171,241
230,784
322,690



Total 2025
655,485
312,187
247,309
324,295
2025
Governance and
Committee related
Other general
support


£
£
Staff costs
174,391
858,337
Office and Premises costs
35,247
180,898
IT costs
13,810
62,571
Depreciation
14,578
56,735
Irrecoverable VAT
8,002
56,440
Professional services
48,929
-
Costs of meetings
24,926
-
Elections of Trustees
4,412
-


Total 2025
324,295
1,214,981

2024
Governance and
Committee related
Other general
support


£
£
Staff costs
178,533
849,237
Office and Premises costs
24,586
111,776
IT costs
17,033
73,060
Depreciation
13,174
49,317
Irrecoverable VAT
4,799
79,992
Professional services
39,475
-
Costs of meetings
12,683
-
Elections of Trustees
4,670
-


Total 2024
294,953
1,163,382

Total
2025
£
1,032,728
216,145
76,381
71,313
64,442
48,928
24,926
4,412
1,539,276
Total
2024
£
1,027,770
136,362
90,093
62,491
84,791
39,475
12,683
4,670



Total
2025
£
118,822
87,904
18,196
224,922
251,015
205,605
358,981
143,190
355,563
1,458,335
224,922
251,015
205,605
358,981
143,190
355,563
1,314,354
1,539,276

12. Allocation of support and governance costs by activity

54

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st July 2025

12. Allocation of support and governance costs by activity (continued)

2024
Raising funds
Conference facilities (DMH)
Services for tenants (DMH)
Managing Residential Property
Total support costs for raising funds
Charitable activities
• Advancing the interest of Mathematics
• Enabling Mathematicians to undertake
research and collaboration
• Disseminating Mathematical Knowledge
– Publications
• Disseminating Mathematical Knowledge
– Conference and meeting programmes
• Promoting Mathematics research and
its benefits
Total support costs for Charitable activities
Total 2024		 Direct
Staff
£
26,230
16,866
14,047
57,143
115,246
94,077
190,256
53,575
136,244
589,398
646,541		 General
Office
General
Management
and Finance
Governance
and
Committee
£
£
£
59,549
7,622
506
63,986
1,391
506
1,930
1,193
506


125,465
10,206
1,518


33,872
43,891
58,991
24,266
33,683
37,229
40,577
50,889
58,991
11,913
15,776
51,737
95,148
31,155
86,487



205,776
175,394
293,435



331,241
185,600
294,953		 Total
2024
£
93,907
82,749
17,676
194,332
252,000
189,255
340,713
133,001
349,034
1,264,003
1,458,335

Basis of apportionment

Support costs include (a) Staff costs (salaries, benefits, training, H&S, recruitment, etc. of staff directly attributable to each of the above Society’s activities); (b) General Office Costs (rent, rates, services, cleaning, equipment, maintenance, telephones, postage, equipment, stationery, etc., depreciation and Irrecoverable VAT, and IT costs such as computer hardware and software, network, internet access, websites, software development, etc.), (c) General management and finance (cost of services that cannot be directly attributed to an activity, i.e. general accounting and financial controls, HR and Executive Secretary’s general management, etc.) ( d) Governance costs (costs of meetings, trustees’ expenses, and costs associated with constitutional and statutory requirements).

The costs of these are attributed across all the activities of the Society in proportion to (a) salary or f.t.e., (b) space occupied in De Morgan House, and (c) f.t.e. respectively, based on a time analysis undertaken by all staff.

Support and governance costs have been allocated between the costs of raising funds and charitable activities as:

The Society has partial exempt status in respect of VAT, based on the split of its business and non-business activities. The proportion of VAT that cannot be recovered because of partial or fully exempt status of the activity is redistributed to the activities on the same basis as the original elements (i.e. staff time and space occupied, IT and office use etc.), under General Office costs.

Support costs for each area of the above activities can be higher or lower than last year due to staff time allocation. This changes from year to year and will have an effect on direct staff costs, general office costs, general management costs and governance costs.

55

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st July 2025

13. Employment Costs
Employment Costs
2025
£

Total employment costs of all staff including taxable benefits for the year comprise:
Salaries and Wages
813,492

Employer’s National Insurance Contributions
99,463
Less HMRC employment allowance and SMP recovery
(8,217)
Employer’s Pension Contributions
113,296
Total
1,018,034		 2024
£
795,007
90,359
(13,025)
124,584
996,925

The total employment costs (Salaries/NIC /Pension) for the Executive Management Team amounted to £523,049 (2024: £507,092). This team is considered to be Key Management Personnel and consists of the Executive Secretary, Head of Finance, Head of Society Business, Head of Conference and Building, and Head of Publication .

The pension payments for the above members of staff amounted to £59,378 (2024: £68,164). These contributions were paid into a defined benefits pension scheme.

The number of employees earning £60,000 per annum or more was:

2025 2024
No.
 No.
£60,000 - £70,000 1 3
£70,000 - £80,000 4 2
£80,000 - £90,000 - -
£100,000 - £110,000 1 1

The average number of employees over the year (and full time equivalent) was:

Management and administration
Publishing and editorial
Total		 2024/2025
Total
FTE
12.2
11.6
3.0
3.0


15.2
14.6

 2023/2024
Total
FTE
12.4
10.9
3.0
3.0


15.4
13.9

56

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st July 2025

14. Pension costs

The Society participates in the Universities Superannuation Scheme (USS), with scheme assets managed in a separate trustee-administered fund. Due to the mutual nature of the scheme, assets are not assigned to individual institutions, and a unified contribution rate applies across all participants. As a consequence, the Society is exposed to actuarial risks related to employees of other institutions and cannot reliably allocate its share of the scheme’s underlying assets and liabilities. In accordance with Section 28 of FRS 102 “Employee Benefits,” the Society accounts for USS as a defined contribution scheme. Consequently, contributions payable to the scheme are charged to the profit and loss account.

A deficit recovery plan was put in place as part of the 2020 valuation. It required payment of 6.2% of salaries over the period 1 April 2022 until 31 March 2024, at which point the rate would increase to 6.3%. However, the recent changes in economic conditions have led to a marked improvement in the funding position of the USS pension scheme. According to USS advice, no deficit recovery plan was required under the 2023 valuation because the scheme was in surplus on a technical provision basis. Therefore, the Society was no longer required to make deficit recovery contributions from 1 January 2024 and accordingly released the outstanding provision to the statement of income and expenses in the prior year.

There was no movement to the profit and loss account, as no contribution was required in this financial year (prior year: gain of £498,841), as indicated in note 20.

The latest available complete actuarial valuation of the Retirement Income Builder, the defined benefit part of the scheme, is as at 31 March 2023 (the valuation date), which was carried out using the projected unit method.

Since the institution cannot identify its share of the Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to have sufficient and appropriate assets to cover their technical provisions (the statutory funding objective). At the valuation date, the value of the assets of the scheme was £73.1bn and the value of the scheme’s technical provisions was £65.7bn indicating a surplus of £7.4bn and a funding ratio of 111%.

The key financial assumptions used in the 2023 valuation are described below. More detail is set out in the Statement of funding principles (uss.co.uk/about-us/valuation-and-funding/statement-of-funding-principles).

Price inflation – Consumer Prices Index (CPI) 3.0% p.a. (based on a long-term average expected level of CPI, broadly consistent with long-term market expectations ) RPI/CPI gap 1.0% p.a. to 2030, reducing to 0.1% p.a. from 2030 Pension increases (subject to a floor of 0%) Benefits with no cap: CPI assumption plus 3bps Benefits subject to a “soft cap” of 5% (providing inflationary increases up to 5%, and half of any excess inflation over 5% up to a maximum increase of 10%): CPI assumption plus 3bps Discount rate (forward rates) Fixed interest gilt yield curve plus: Pre-retirement: 2.5% p.a. Post-retirement: 0.9% p.a .

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females Future improvements to mortality CMI 2021 with a smoothing parameter of 7.5 an initial addition of 0.4% p.a. 10% w2020 and w2021 parameters, and a long-term improvement rate of 1.8% pa for males and 1.6% pa for females

The current life expectancies on retirement at age 65 are:

2025 2024
Males currently aged 65 (years) 23.8 23.7
Females currently aged 65 (years) 25.5 25.6
Males currently aged 45 (years) 25.7 25.4
Females currently aged 45 (years) 27.2 27.2

57

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st July 2025

15. Fixed Asset Investments

ixed Asset Investments
2025 2024
£ £ £ £
a) Quoted investments
Investment Investment Total Total
Assets Assets
in the UK outside the
UK
Total Market value at 31st July 2025 2,657,807 12,107,788
14,765,595
 14,302,938
In the prior year, £3,289,676 of investment assets were in the UK with the remaining £11,013,262 being outside the UK.
Reconciliation of opening & closing market values: £ £
Market value at 1stAugust 2024 14,302,938 13,440,223
Additions at cost 107,237 6,606,950
Disposal proceeds - (6,504,526)
Gains/(losses) (note 16a) 533,596 930,632
Movement in cash (178,176)
 (170,341)
Total Market value at 31st July 2025 14,765,595
 14,302,938
Analysis by Fund:
Restricted Funds 282,852 270,091
Unrestricted Funds 14,482,743 14,032,847

The investments are fully allocated to the Schroder/Cazenove Sustainable Multi-Asset Fund (SMAF).

b) Residential Property investments


Market value at 31st July 2025
Reconciliation of opening and closing market values:
Market value at 1st August 2024
(Loss)/Gains in market value (note 16b)
Total Market value at 31st July 2025		 2025
£


4,103,450

4,144,450
(41,000)

4,103,450
 2024
£

4,144,450
3,938,750
205,700

4,144,450

This refers to the acquisition of property for residential letting with the aim of diversifying the Society’s investment portfolio. Rental income from these properties is shown on the SoFA under ‘Investment Income’ .

16. Gains and losses on investment assets

2025
Unrestricted
funds

£
a. Gains in market value ofQuoted investments
524,859
b. Loss in market value ofResidential Properties
(41,000)

Total gains
483,859

2024
Unrestricted
funds

£

a. Gains in market value ofQuoted investments
914,603
b. Gains in market value ofResidential Properties
205,700

Total gains
1,120,303
 Restricted
funds
£

8,737
-

8,737
Restricted
funds
£
16,029
-

16,029		 Total
£
533,596
(41,000)

492,596
Total
£
930,632
205,700

1,136,332

58

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st July 2025

17. Tangible Fixed Assets Leasehold
Fixtures		 Leasehold
Fixtures		 Total
Property
Fittings and
Equipment
£ £ £
Cost
Brought forward at 1st August 2024 2,175,353 165,303 2,340,656
Additions -
 62,014

 62,014
Carried forward at 31st July 2024 2,175,353

 227,317

 2,402,670
Depreciation
Brought forward at 1stAugust 2024 1,144,553 132,945 1,277,498
Charge for the year 44,817

 26,496
 71,313
Carried forward at 31st July 2025 1,189,370

 159,441

 1,348,811
Net book value
At 31st July 2025 985,983 67,876 1,053,859
At 31stJuly 2024 1,030,800 32,358 1,063,158
Part of the leasehold property is let out and the rental derived is shown on the SOFA under ‘Activities for Generating Funds’.
18. Debtors 2025 2024
£ £
Publications 77,496 101,814
Conference facilities 24,026 23,643
Other debtors 46,244 32,750
Prepayments and accrued interest 58,473
 54,506
206,239
 212,713
19. Creditors: amounts falling due within one year 2025 2024
£ £
Accruals 42,145 48,101
Grant creditors 334,159 347,175
Taxation and other Social Security creditors 58,113 110,757
Other creditors 540,670 326,755
Deferred income (MDFF) 1,045,654
 -
2,020,741
 832,788
Financial support provided by XTX Markets for the Campaign for Mathematical Sciences was received during the year,
relating to funding universities offering Maths degrees for future programmes. The programme spans three years with
varying start dates. Income is recognised based on claims submitted by universities and is deferred accordingly.
2025 2024
20. Creditors: amounts falling due after more than one year
£ £
Deferred income (MDFF) 1,102,018 -
Brought Forward Pension Provision - 498,841
Movement -
 (498,841)
Carried Forward Pension Provision -
 -

59

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st July 2025

21. Restricted Funds

Restricted Funds
Balance Other &
Expenditure		 Investment Transfers Balance
2025 at
Investment		 Gain/(loss) at
1.08.24 Income 31.07.25
£ £ £ £ £ £
Prize (Capital) funds
Berwick Fund 34,173 1367 - - - 35,540
De Morgan Medal & Larmor Fund 30,616 1225 - - - 31,841
Prize (Income) funds
Berwick Fund 16,692 575 (1500) 540 - 16,307
De Morgan Medal & Larmor Fund 57,988 1998 (2,281) 1876 - 59,581
Lord Rayleigh’s Fund 23,688 816 - 766 - 25,270
J.H.C. Whitehead Fund - - (1,750) - 1,750 -
Fröhlich Fund 14,575 502 - 472 - 15,549
Shephards Fund 42,861 1477 1386 - 45,724
Other funds
A.J. Cunningham Research Fund 114,287 3,937 - 3697 - 121,921
Zeeman Fund 231 9 - - - 240
Frank Gerrish Fund 25,264 3581 (10,380) - - 18,465
Cecil King Grant - 12,000 (12,000) - - -
Summer School fund - 15,000 (15,000) - - -
Emmy Noether Fellowship Fund 39,157 25,000 (26,042) - - 38,115
Levelling Up Scheme 10,555 - (8,479) - (2,076) -
Campaign for Pure Maths Fund 126,248 100,000 (236,594) - 10,346 -
Solidarity Grant Fund 180,483 50,000 (67,743) - - 162,740
HIMR Fund - 60000 (60,000) - - -
Maths Communication Training Fund - 5,000 (4,245) - (755) -
Maths Degree for Future Fund(MDFF) - 2,794,872 (647,200) - - 2,147,672
MDFF (deferred income) -
 (2,147,672)
 -
-
 -
 (2,147,672)
Total Funds 716,818 929,687 (1,093,214) 8,737 9,265 571,293

60

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st July 2025

2024
Prize (Capital) funds
Berwick Fund
De Morgan Medal & Larmor Fund
Prize (Income) funds
Berwick Fund
De Morgan Medal & Larmor Fund
Lord Rayleigh’s Fund
J.H.C. Whitehead Fund
Fröhlich Fund
Shephards Fund
Other funds
A.J. Cunningham Research Fund
Zeeman Fund
Frank Gerrish Fund
Cecil King Grant
Emmy Noether Fellowship Fund
Levelling Up Scheme
Campaign for Pure Maths Fund
Solidarity Grant Fund
HIMR Fund
Maths Communication Training Fund
Total Funds		 Balance
at
1.08.23
Other &
Investment
Income
Expenditure Investment
Gain/(loss)
Transfers
£
£
£
£
£
32,780
1,393
-
-
-
29,368
1,248
-
-
-
16,544
586
(1,500)
1,062
-
52,734
1,869
-
3,385
-
21,541
764
-
1,383
-
-
-
(1,500)
-
1,500
14,619
518
(1,500)
938
-
40,341
1,431
(1,500)
2,589
-
103,931
3,684
-
6,672
-
221
10
-
-
-
25,419
2,315
(2,470)
-
-
-
12,000
(12,000)
-
-
32,457
25,000
(18,300)
-
-
12,754
12,000
(5,410)
-
(8,789)
142,389
375,057
(391,198)
-
-
105,947
200,000
(125,464)
-
-
-
57,000
(57,000)
-
-
-
5,000
(4,124)
-
(876)





631,045
699,875
(621,966)
16,029
(8,165)		 Balance
at
31.07.24
£
34,173
30,616
16,692
57,988
23,688
-
14,575
42,861
114,287
231
25,264
-
39,157
10,555
126,248
180,483
-
-

716,818

• The transfer of £1,500 from the General Fund to Restricted Funds is to cover a shortfall in income for the Whitehead prizes.

• The transfer of £876 from Maths Comm training Fund to General fund is to cover Society’s staff time to deliver the project

61

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st July 2025

22. Unrestricted Funds


2025
General Fund:
(see note1(p))

Designated Funds:
a) Building & Development
Reserve Fund
b) Publication
Reserve Fund
c) Compositio Fund
d) ICMU Reserve Fund
e)Strategic Development
Reserve Fund
f) Nick Lord Pathway in
Maths Reserve Fund

 Balance
at
01.08.24
£
16,459,778


950,000
3,400,000
-
98,600
350,000
-

4,798,600

21,258,378


 Income
Expenditure
i
£
£
2,838,110 (2,421,903)


-
-
-
-
279,496
(181,920)
-
(6,655)
-
(27,125)
-
-


279,496
(215,700)


3,117,606 (2,637,603)


 Gain/(loss)
on
nvestments
£
483,859

-
-
-
-
-
-

-

483,859
 Actuarial
gains
(losses)
on pension
scheme
£
-

-
-
-
-
-
-

-

-
Transfer
Balance
at
31.07.25
£
£
(59,117) 17,300,727



-
950,000
-
3,400,000
(97,576)
-
-
91,945
-
322,875
147,428
147,428


49,852
4,912,248


(9,265)
22,212,975

2024
General Fund:
(see note1(p))
Designated Funds:
a) Building & Development
Reserve Fund
b) Publication
Reserve Fund
c) Grants Payable
Reserve Fund
d) Compositio Fund
e) ICMU Reserve Fund
f)Strategic Development
Reserve Fund		 Balance
at
01.08.23
£
15,650,336


600,000
3,000,000
7,000
-
100,000
50,000

3,757,000

19,407,336
 Income
Expenditure Gain/(loss)
on
investments
£
£
£
2,485,459 (2,356,378) 1,120,303




-
-
-
-
-
-
-
(7,000)
-
296,450
(193,398)
-
-
(1,400)
-
-
-
-



296,450
(201,798)
-



2,781,909 (2,558,176) 1,120,303
 Actuarial
gains
(losses)
on pension
scheme
£
498,841

-
-
-

-
-
-


-

498,841
Transfer
£
(938,783)

350,000
400,000
-
(103,052)
-
300,000

946,948

8,165
 Balance
at
31.07.24
£
16,459,778

950,000
3,400,000
-
-
98,600
350,000

4,798,600

21,258,378

De Morgan House

62

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31st July 2025

23. Analysis of net assets between funds


2025
Fund balances are represented by
Tangible fixed assets
Investments
Current assets
Current liabilities
Long-term liabilities
Total net assets

2024
Fund balances are represented by
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
24.
CMS Management account
Income(IMA/RSS/EdMS/ORS contributions)
Expenditure (including support costs)
LMS’s Contribution to the CMS		 Unrestricted funds
General
Designated
£
£
1,053,859
-
13,672,445
4,912,248
3,549,510
-
(975,087)
-
-
-


17,300,727
4,912,248

Unrestricted funds
General
Designated
£
£
1,063,158
-
13,378,697
4,798,600
2,850,711
-
(832,788)
-


16,459,778
4,798,600

2025
£
£
42,607
(77,673)

(35,066)		 Restricted
Total
Funds
Funds
£
£
-
1,053,859
284,352
18,869,045
2,434,613
5,984,123
(1,045,654)
(2,020,741)
(1,102,018)
(1,102,018)


571,293
22,784,268
Restricted
Total
Funds
Funds
£
£
-
1,063,158
270,091
18,447,388
446,727
3,297,438
-
(832,788)


716,818
21,975,196
2024
£
£
61,143
(100,051)

(38,908)

25. Transactions with Trustees and connected persons

Trustees receive reimbursement only for expenses actually incurred in attending meetings. No remuneration is paid to trustees except as disclosed below. The gross amount that has been reimbursed in respect of attendance of meetings in the period amounted to £8,502 for 15 Trustees (2024: £5,044 for 15 Trustees).

As disclosed in the Trustees’ Report, where grants are awarded to Trustees the payment is always made to the relevant institution.

63

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31st July 2025

26. Comparison figures of each fund (2023/24 financial statements)

Notes
Income and endowments:
Donations and legacies
Income from charitable activities:
Membership subscriptions
Publications – LMS Periodicals
7a
Publications – Ventures and Royalties
7c,d
Grants and contracts
23
Total income from charitable activities
Income from other trading activities
3
Income from Investments
2
Other income		 Unrestricted
General
Funds
Designated
Funds
Restricted
Funds
£
£
£
6,976
-
617,057



164,697
-
-
866,854
-
1,235
312,513
296,450
-
96,643
-
69,000

_______

1,440,707
296,450
70,235
355,710
-
-
681,860
-
12,583
206
-
-

__
 Unrestricted
General
Funds
Designated
Funds
Restricted
Funds
£
£
£
6,976
-
617,057



164,697
-
-
866,854
-
1,235
312,513
296,450
-
96,643
-
69,000

_______

1,440,707
296,450
70,235
355,710
-
-
681,860
-
12,583
206
-
-

__
 Unrestricted
General
Funds
Designated
Funds
Restricted
Funds
£
£
£
6,976
-
617,057



164,697
-
-
866,854
-
1,235
312,513
296,450
-
96,643
-
69,000

_______

1,440,707
296,450
70,235
355,710
-
-
681,860
-
12,583
206
-
-

__
 Unrestricted
General
Funds
Designated
Funds
Restricted
Funds
£
£
£
6,976
-
617,057



164,697
-
-
866,854
-
1,235
312,513
296,450
-
96,643
-
69,000

_______

1,440,707
296,450
70,235
355,710
-
-
681,860
-
12,583
206
-
-

__
 2024
Total
Funds
£
624,033

164,697
868,089
608,963
165,643

1,807,392
355,710
694,443
206
Total Income 2,485,459
296,450
 699,875 3,481,784
Expenditure:
Costs of raising funds
4
Expenditure on charitable activities:
Advancing the interests of mathematics
5
Enabling mathematicians to undertake research
and collaboration
6
Disseminating mathematical knowledge:
- Costs of publications
7b,c,d
- Conferences and meeting programmes
8
Promoting mathematical research and its benefits
9
Total expenditure on charitable activities
__
382,608
-

__
316,491
-
772,353
8,400

365,464
193,398
175,249
-
344,213
-


__
1,973,770
201,798


__
-

6,000
212,765
2,470
-
400,731

621,966
382,608

322,491
993,518
561,332
175,249
744,944

2,797,534
Total expenditure 2,356,378
201,798
 621,966 3,180,142
Net income before gains and losses on
investment
Net gains/(losses) on investment assets
16
Net Income for the year
Transfers between funds
21,22
Actuarial gain/(loss) on defined benefit
pension schemes
14/20
__
129,081
94,652
1,120,303
-

__
1,249,384
94,652
(938,783)
946,948
498,841
-

__
77,909
16,029

93,938
(8,165)
-
301,642
1,136,332

1,437,974
-
498,841
Net movement in funds for the year 809,442
1,041,600		 85,773 1,936,815
Reconciliation of funds:
Total funds brought forward
1
 5,650,336 3,757,000



 631,045 20,038,381
Fund balances carried forward
1		 6,459,778 4,798,600
 716,818
2		 1,975,196


64