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2020-07-31-accounts

REGISTERED CHARITY NUMBER: 1077592

Report of the Trustees and

Audited Financial Statements for the Year Ended 31 July 2020

for

THE IHR TRUST

THE IHR TRUST

Contents of the Financial Statements for the Year Ended 31 July 2020

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Report of the Independent Auditors 7 to 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 to 23
Detailed Statement of Financial Activities 24 to 25

THE IHR TRUST

Reference and Administrative Details for the Year Ended 31 July 2020

TRUSTEES

Dr Alice Prochaska (Chair) Prof Caroline Barron Mr Taylor Downing (resigned 13 December 2019) Prof Jo Fox (Ex-Officio, Director of the IHR) Frances Illingworth (from 20 July 2020) Dr Elisabeth Kehoe Dr John McLoughlin (from 20 July 2020) Ms Nicola Ralston Prof Rick Rylance (Ex-Officio, Dean of the School of Advanced Study) Mr John Shakeshaft (resigned 7 December 2019) Prof Alex Walsham (Ex-Officio, chair of the Advisory Council of the IHR) (resigned 30 September 2019) Prof Mary Vincent (Ex-Officio, chair of the Advisory Council of the IHR) (from 1 October 2019) Ms Elaine Walters

PRINCIPAL ADDRESS

Senate House Malet Street London WC1E 7HU

REGISTERED CHARITY NUMBER 1077592

AUDITORS Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD

Page 1

THE IHR TRUST

Report of the Trustees for the Year Ended 31 July 2020

The trustees present their report with the financial statements of the charity for the year ended 31 July 2020. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

OBJECTIVES AND ACTIVITIES Objectives and aims

Purpose

The objective of the IHR Trust is the advancement of the education of the public in history, in particular by undertaking, promoting, and supporting historical research.

Long Term Aims

To enhance the public understanding of, and education in, history. To increase appreciation for, and the value of, history in the United Kingdom.

Short Term Aims

Facilitate historical research, projects, and events that will promote the public understanding of history.

Strategies

The IHR Trust currently pursues its aims and objectives by supporting the work of the Institute of Historical Research, School of Advanced Study at the University of London. The IHR Trust fundraises on behalf of and in cooperation with the Institute of Historical Research, attracting philanthropic income to support the Institute's strategic priorities.

The Institute undertakes a dynamic range of activities that further the objectives of the Trust. These include: - A programme of fellowships, bursaries, and prizes to build a resident academic community, administered through the IHR in accordance with best practice and within the University of London's regulatory framework;

Criteria

The Institute of Historical Research and School of Advanced Study have various measures for assessing the impact of research projects and the level of public engagement with the Institute and events. The Trust receives regular updates on the activity of the Institute and the performance of its programmes.

Activities

The Trust made grants of £193,560 (2019: £32,629) to directly support activities at the Institute of Historical Research.

The Trust made other grants to support these charitable activities totalling £105,994 (2019: £74,555).

Activities were conducted within the existing scope and resources of the Institute of Historical Research.

Page 2

THE IHR TRUST

Report of the Trustees for the Year Ended 31 July 2020

OBJECTIVES AND ACTIVITIES

Public benefit

The Trustees confirm that they referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives. They consider that the activities carried out, summarised above and in the Achievement & Performance section of this report below, provide benefit to the community.

By promoting education and engagement with history, the Trustees are confident that the activities undertaken satisfy the 'benefit aspect' of public benefit. All programmes and events are open to the public, free from restriction, and the Institute actively seeks to widen participation and promote accessibility. For these reasons, the activities of the Trust satisfy the 'public aspect' of public benefit.

Additional Information

The Friends of the IHR volunteer in association with the Institute of Historical Research and the IHR Trust. They raise charitable donations and help organise several events throughout the year.

ACHIEVEMENT AND PERFORMANCE

Fundraising in the year ended 31 July 2020 resulted in charitable income of £122,995 (2019: £99,207). The Trust continued to fulfil the charity’s objectives by supporting a wide variety of projects promoting the education of the public in history.

As noted in the Activities section above, the Trust spent £193,560 (2019: 32,629) directly on charitable activities. This included contribution to Fellowships of £42,321 and payments to Prizes and Bursaries of £26,196.

Events constitute a crucial component of the Institute's work, however the impact of the Covid-19 pandemic severely curtailed the Institute’s events programme, with all events moving online or being cancelled.

The IHR Trust also made grants totalling £67,376 to the Layers of London project. The project was originally due to end in June 2020 but due to delays associated with the pandemic, its main funders the National Lottery Heritage Fund extended its funding until 30 September 2020. The IHR Trust also extended its match-funding until this date, drawing upon the Anita McConnell Endowment. Layers of London is a map-based history website and community engagement project enabling users to understand how the metropolis has changed over time. The initiative is capturing and recording local and community histories that would otherwise be lost, sharing information about London, and enabling the widest possible range of users to improve their understanding of London's history and geography. You can explore the map at www.layersoflondon.org

The Institute of Historical Research has a number of tools and measures for assessing the success of its activities relative to the strategic objectives of the Institute. The Trustees received regular reports from the Institute at Trust meetings and were satisfied that the projects supported by the Trust were achieving the shared aims.

The Trust did not set specific fundraising objectives for the year ended 31 July 2020, instead focusing on maintaining its current support. The Trust is taking a longer-term view to its fundraising strategy, looking to the Institute's Centenary in 2021 and beyond.

Page 3

THE IHR TRUST

Report of the Trustees for the Year Ended 31 July 2020

FINANCIAL REVIEW

Principal funding sources

The Trust raised a considerable percentage of its funds from individuals (£37,742), of which a large portion was from regular supporters making gifts under £1,000. This includes those individuals who generously gave to the Annual Fund (£29,196) and the Friends (£8,546). Professor P.J. Marshall CBE (£1,230) continued his support of the IHR Wohl Library and Conor and Elisabeth Kehoe generously supported the Institute’s activities with a donation of £56,000. The Trust received a donation of £5,372 from the Society for the Study of French History to support the work the IHR’s Archivist to work on the French History collections in the IHR’s Wohl Library.

Investment policy

The Trust maintained most of its assets in two portfolios managed by Cazenove Capital Management. One is a capital preservation portfolio that holds funds for the shorter-term and aims at a mixture of capital growth and income, with a targeted return of inflation plus 1% over the medium term after expenses. The other portfolio holds funds on a long-term basis and adopts a moderate risk to achieve a return of CPI plus 4% per annum after expenses.

The Finance and Investment Committee meets bi-annually and regularly reports to the Trustees. The long-term portfolio is a professionally managed Charity Authorised Investment Fund, regulated by the Charity Commission and FCA, and involves screening in common areas of concern for charities. The Trust is also pursuing its own policy for responsible donation acceptance.

Reserves policy

At 31 July 2020, the unrestricted reserves of the Trust totalled £78,618 (2019: £1,468). In addition, the Trust held funds for designated purposes of £32,174 (2019: £49,943); funds for restricted purposes of £634,149 (2019: £773,958); an expendable endowment of £179,373 (2019: £363,528); and a permanent endowment of £725,697 (2019: £655,051). The Trustees are currently considering the optimal level of free reserves and will seek to manage expenditure prudently to deliver that level of free reserves once identified. A Reserves Policy is under review.

The purposes and likely timing of restricted and designated funds are explained in Note 15 to these Financial Statements.

FUTURE PLANS

The IHR Trust will continue to fundraise to support of the work of the Institute of Historical Research in their shared aim of increasing the public understanding of history. Over the coming period, the Trust's objective will be to facilitate new, innovative projects that will underpin the Institute's Centenary Campaign. The Director and senior Development appointee will refocus and rearticulate strategic priorities for the IHR which will inform where the Trust targets its fundraising activities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Page 4

THE IHR TRUST

Report of the Trustees for the Year Ended 31 July 2020

The IHR Trust was established by the Trust Deed on 15 June 1999. The charity is controlled by its governing document and constitutes an unincorporated charity.

Trustees deal with major decisions concerning the operation of the Trust at Trust meetings. The IHR Development Office staff, in consultation with the Director of the IHR, manage the day-to-day activities of the charity. Trustees are not remunerated for their services.

Recruitment and appointment of new trustees

The IHR Trust is controlled by the Trustees, who are the key management personnel. All Trustees have an interest in promoting the importance of history and are appointed through a resolution of the Trust following discussion at Trust meetings. The Trustees meet at least three times a year, and terms of office are up to five years (renewable for three terms, with the option of re-appointment after a three year waiting period following the third term).

Each new Trustee receives copies of the Deed of the Trust, the latest annual accounts, the latest meeting minutes, and a copy of the Charity Commission's 'The Essential Trustee: what you need to know, what you need to do' (CC3). Trustees are also encouraged to participate in trustee training courses.

Risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems are in place to mitigate the exposure to the major risks.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 trust deed. 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.

Page 5

THE IHR TRUST

Report of the Trustees for the Year Ended 31 July 2020

Approved by order of the board of trustees on 28 January 2022 and signed on its behalf by:

.................................................................... Dr Alice Prochaska - Trustee

Page 6

Report of the Independent Auditors to the Trustees of The IHR Trust

Opinion

We have audited the financial statements of The IHR Trust (the 'charity') for the year ended 31 July 2020 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 7

Report of the Independent Auditors to the Trustees of The IHR Trust

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors 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 a Report of the Independent Auditors 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD Date: 28 January 2022.

Page 8

THE IHR TRUST

Statement of Financial Activities for the Year Ended 31 July 2020

Unrestricted
funds
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
106,584
Investment income
3
130
Total
106,714
EXPENDITURE ON
Raising funds
4
54
Charitable activities
5
IHR Research Support
105,994
Total
106,048
Net gains/(losses) on
investments
(24,274)
NET
INCOME/(EXPENDITURE)
(23,608)
Transfers between funds
15
82,989
Net movement in funds
59,381
RECONCILIATION OF
FUNDS
Total funds brought forward
51,411
TOTAL FUNDS CARRIED
FORWARD
**110,792 **		 Restricted
funds
£
16,411
1,311
17,722
985
195,803
196,788
(114,781)
(293,847)
154,038
(139,809)
773,958
634,149		 Endowment
funds
£
-
-
-
2,669
-
2,669
126,187
123,518
(237,027)
(113,509)
1,018,579
905,070		 2020
Total
funds
£
122,995
1,441
124,436
3,708
301,797
305,505
(12,868)
(193,937)
-
(193,937)
1,843,948
1,650,011		 2019
Total
funds
£
99,207
150
99,357
37,629
107,184
144,813
61,001
15,545
-
15,545
1,828,403
1,843,948

The notes form part of these financial statements

Page 9

THE IHR TRUST

Balance Sheet 31 July 2020

2020 2019
Notes £ £
FIXED ASSETS
Investments 11 1,412,192 1,414,832
CURRENT ASSETS
Investments 12 179,735 297,468
Cash at bank 67,325 214,260
247,060 511,728
CREDITORS
Amounts falling due within one year 13 (9,241) (82,612)
NET CURRENT ASSETS 237,819 429,116
TOTAL ASSETS LESS CURRENT
LIABILITIES 1,650,011 1,843,948
NET ASSETS 1,650,011 1,843,948
FUNDS 15
Unrestricted funds 110,792 51,411
Restricted funds 634,149 773,958
Endowment funds 905,070 1,018,579
TOTAL FUNDS 1,650,011 1,843,948

The financial statements were approved by the Board of Trustees and authorised for issue on 28 January 2022 and were signed on its behalf by:

............................................. J Fox - Trustee

............................................. A Prochaska - Trustee

The notes form part of these financial statements

Page 10

THE IHR TRUST Notes to the Financial Statements for the Year Ended 31 July 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.

The financial statements are presented in pound sterling.

Going Concern

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. As detailed in Note 17, in forming this opinion they have considered the impact of the COVID-19 pandemic on both its income and expenditure for a period of at least 12 months from the date of approval of these financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds consist of permanent and expendable endowments. The capital of permanent endowments must by law be retained. Expendable endowments are funds which allow the capital and income to be expended but are held for the long term.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Page 11

continued...

THE IHR TRUST Notes to the Financial Statements - continued for the Year Ended 31 July 2020

1. ACCOUNTING POLICIES - continued

Financial instruments

The Trust only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently valued at their settlement value.

Investment Policy

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities. The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within certain sectors or sub sectors.

2. DONATIONS AND LEGACIES

Sir John F. Kingman in Memory
of Lady Valerie Cromwell
The Dorset Foundation in
Memory of Harry M Weinrebe
Conor and Elisabeth Kehoe
Society for the Study of French
History
British Association of American
Studies
David Bates
Past and Present Society
John Carter Brown Library
Mark Storey and Carey Karmel
Lord Christopher Tugendhat
Professor P.J. Marshall CBE
Anne Thompson in Memory of
F.M.L. Thompson
British Friends
Other Income		 Unrestricted
£
-
-
56,000
-
-
-
-
-
-
-
-
-
8,546
18,010
82,556		 Restricted
£
-
-
-
5,372
-
500
-
-
-
-
-
-
-
10,686
16,558		 Total
Endowment
2020
£
£
-
-
-
-
-
56,000
-
5,372
-
-
-
500
-
-
-
-
-
-
-
-
-
-
-
-
-
8,546
-
28,696
-
99,114		 Total
2019
£
2,000
40,000
-
-
3,220
-
-
9,096
3,900
2,000
1,230
1,500
9,078
27,183
99,207

Page 12

continued...

THE IHR TRUST

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

3.
INVESTMENT INCOME
Deposit account interest
4.
RAISING FUNDS
Raising donations and legacies
Fundraising consultancy costs
Investment management costs
Portfolio management
Aggregate amounts
5.
CHARITABLE ACTIVITIES COSTS
IHR Research Support		 Direct
Costs (see
note 6)
£
193,560		 2020
£
1,441
2020
£
-
2020
£
3,708
3,708
Support
costs (see
note 7)
£
**108,237 **		 2019
£
150
2019
£
34,560
2019
£
3,069
37,629
Totals
£
**301,797 **

Page 13

continued...

THE IHR TRUST

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

6. DIRECT COSTS OF CHARITABLE ACTIVITIES

IHR Research Support 2020
£
193,560		 2019
£
32,629

IHR Research Support costs include payments towards the Layers of London project of £67,376, contribution to Fellowships of £42,321 and payments to Prizes and Bursaries of £26,196. In the year, £51,311 was repaid to the Rothschild Foundation as the Disraeli project was no longer able to go ahead. (2019: payments towards the Layers of London project of £67,376 and contributions of £1,645 to various IHR Events)

7. SUPPORT COSTS

Management
£
IHR Research Support
82,989		 Governance
Other
costs
£
£
20,724
4,524		 Totals
£
**108,237 **

Staff costs, as disclosed below, are recharged to the Trust by the University of London.

Support costs, included in the above, are as follows:

Management

2020 2019
IHR
Research Total
Support activities
£ £
Wages 82,989 49,513
Other
2020 2019
IHR
Research Total
Support activities
£ £
Computer Costs 11,814 11,442
Printing, Postage & Stationery 3,731 520
Meetings & Conferences 4,475 225
Hospitality - 231
Miscellaneous Costs 615 8,054
Bank charges 89 118
20,724 20,590

Page 14

continued...

THE IHR TRUST

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

7. SUPPORT COSTS - continued Governance costs

SUPPORT COSTS - continued
Governance costs
2020 2019
IHR
Research Total
Support activities
£ £
Auditors' remuneration 4,524 **4,452 **

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2020 nor for the year ended 31 July 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2020 nor for the year ended 31 July 2019.

9. STAFF COSTS

Wages and salaries
The average monthly number of employees during the year was as follows:		 2020
£
82,989
82,989
2
2020		 2019
£
49,513
49,513
2019

No employees received emoluments in excess of £60,000.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
IHR Research Support		 Unrestricted
funds
£
35,530
150
35,680
34,592
74,840		 Restricted
funds
£
63,677
-
63,677
822
32,344		 Endowment
funds
£
-
-
-
2,215
-		 Total
funds
£
99,207
150
99,357
37,629
107,184

Page 15

continued...

THE IHR TRUST

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
Endowment
funds
funds
funds
£
£
£
Total
109,432
33,166
2,215
Net gains on investments
130
9,868
51,003
NET INCOME/(EXPENDITURE)
(73,622)
40,379
48,788
Transfers between funds
(54,784)
54,534
250
Net movement in funds
(128,406)
94,913
49,038
RECONCILIATION OF FUNDS
Total funds brought forward
179,817
679,045
969,541
TOTAL FUNDS CARRIED FORWARD
51,411
773,958
1,018,579
11.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 August 2019
Transfers
Fund Revaluation
At 31 July 2020
NET BOOK VALUE
At 31 July 2020
At 31 July 2019		 Total
funds
£
144,813
61,001
15,545
-
15,545
1,828,403
1,843,948
Listed
investments
£
1,414,832
(156,792)
154,152
1,412,192
1,412,192
1,414,832

There were no investment assets outside the UK. Fixed asset investments consist of units held of the Cazenove Charity Multi-Asset Fund (£1,332,198) and as cash (£80,003).

Page 16

continued...

THE IHR TRUST

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

12. CURRENT ASSET INVESTMENTS

Listed investments 2020
£
179,735		 2019
£
297,468

Current asset investments consist of cash held with Cazenove in the JP Morgan Liquidity Fund (£104,989) and as cash (£74,746).

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors		 2020
£
9,241
-
9,241		 2019
£
4,393
78,219
82,612

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Investments
Current assets
Current liabilities		 Unrestricted
funds
£
77,957
32,835
-
**110,792 **		 Restricted
funds
£
280,704
353,445
-
634,149		 Endowment
funds
£
1,053,531
(139,220)
(9,241)
905,070		 2020
Total
funds
£
1,412,192
247,060
(9,241)
1,650,011		 2019
Total
funds
£
1,414,832
511,728
(82,612)
1,843,948

Page 17

continued...

THE IHR TRUST

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
British Friends
Restricted funds
BHO Project
American Friends Fund
Redevelopment Fund
Fellowships & Bursaries Fund
Victoria County History Fund
Library Fund
Sir John Neale Prize Fund
Power and Postan Fund
IHR Archives
Layers of London
Disraeli Fund
Eisenberg Fund
Seminar Sponsorship Fund
Elaine Paintin Memorial Fund
IHR Events
Endowment funds
IHR Endowment Fund
Anita McConnell Metropolitan History
Endowment
TOTAL FUNDS		 At 1.8.19
£
1,468
49,943
51,411
1,031
9,999
42,622
270,736
20,163
18,018
2,968
8,819
27,080
195,072
51,263
17,495
40,488
30,278
37,926
773,958
655,051
363,528
1,018,579
1,843,948		 Net
movement
in funds
£
(5,839)
(17,769)
(23,608)
(3,327)
(10,217)
(50,485)
(48,640)
(8,578)
(2,082)
(2,021)
(5,813)
(11,973)
(67,376)
(50,000)
(21,895)
(4,354)
(557)
(6,529)
(293,847)
70,646
52,872
123,518
(193,937)		 Transfers
between
funds
£
82,989
-
82,989
5,408
10,973
61,009
14,512
10,074
3,450
-
-
3,151
-
-
33,185
3,598
504
8,174
154,038
-
(237,027)
(237,027)
-		 At
31.7.20
£
78,618
32,174
110,792
3,112
10,755
53,146
236,608
21,659
19,386
947
3,006
18,258
127,696
1,263
28,785
39,732
30,225
39,571
634,149
725,697
179,373
905,070
1,650,011

Page 18

continued...

THE IHR TRUST

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

15. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
British Friends
Restricted funds
BHO Project
American Friends Fund
Redevelopment Fund
Fellowships & Bursaries Fund
Victoria County History Fund
Library Fund
Sir John Neale Prize Fund
Power and Postan Fund
IHR Archives
Layers of London
Disraeli Fund
Eisenberg Fund
Seminar Sponsorship Fund
Elaine Paintin Memorial Fund
IHR Events
Endowment funds
IHR Endowment Fund
Anita McConnell Metropolitan History
Endowment
TOTAL FUNDS		 Incoming
resources
£
98,168
8,546
106,714
10
-
-
1,000
-
1,644
-
-
5,372
-
1,311
5,448
2,937
-
-
17,722
-
-
-
124,436		 Resources
expended
£
(104,006)
(2,042)
(106,048)
(387)
(23)
(112)
(58,349)
(2,049)
(1,860)
(1,494)
(5,919)
(38)
(67,376)
(51,311)
(60)
(4,567)
(1,246)
(1,997)
(196,788)
(1,526)
(1,143)
(2,669)
**(305,505) **		 Gains and
Movement
losses
in funds
£
£
(1)
(5,839)
(24,273)
(17,769)
(24,274)
(23,608)
(2,950)
(3,327)
(10,194)
(10,217)
(50,373)
(50,485)
8,709
(48,640)
(6,529)
(8,578)
(1,866)
(2,082)
(527)
(2,021)
106
(5,813)
(17,307)
(11,973)
-
(67,376)
-
(50,000)
(27,283)
(21,895)
(2,724)
(4,354)
689
(557)
(4,532)
(6,529)
(114,781)
(293,847)
72,172
70,646
54,015
52,872
126,187
123,518
(12,868)
(193,937)

Page 19

continued...

THE IHR TRUST

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Seminar Sponsorship Fund
Elaine Paintin Memorial Fund
Stuart Moore Fund
IHR Events
British Friends
Restricted funds
BHO Project
American Friends Fund
Redevelopment Fund
Fellowships & Bursaries Fund
Victoria County History Fund
Library Fund
Sir John Neale Prize Fund
British Friends Fund
Power and Postan Fund
IHR Archives
Layers of London
Disraeli Fund
Eisenberg Fund
Seminar Sponsorship Fund
Elaine Paintin Memorial Fund
IHR Events
Endowment funds
IHR Endowment Fund
Anita McConnell Metropolitan History
Endowment
TOTAL FUNDS		 At 1.8.18
£
77,387
33,749
30,139
4,033
34,509
-
179,817
975
9,981
42,397
213,483
20,054
12,647
2,953
47,424
8,771
27,080
225,917
51,280
16,083
-
-
-
679,045
628,972
340,569
969,541
1,828,403		 Net
movement
in funds
£
(76,141)
-
-
-
-
2,519
(73,622)
56
18
273
57,253
132
1,338
15
-
48
-
(30,845)
355
1,412
6,739
168
3,417
40,379
25,672
23,116
48,788
15,545		 Transfers
between
funds
£
222
(33,749)
(30,139)
(4,033)
(34,509)
47,424
(54,784)
-
-
(48)
-
(23)
4,033
-
(47,424)
-
-
-
(372)
-
33,749
30,110
34,509
54,534
407
(157)
250
-		 At
31.7.19
£
1,468
-
-
-
-
49,943
51,411
1,031
9,999
42,622
270,736
20,163
18,018
2,968
-
8,819
27,080
195,072
51,263
17,495
40,488
30,278
37,926
773,958
655,051
363,528
1,018,579
1,843,948

Page 20

continued...

THE IHR TRUST

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

15. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
British Friends
Restricted funds
BHO Project
American Friends Fund
Redevelopment Fund
Fellowships & Bursaries Fund
Victoria County History Fund
Library Fund
Sir John Neale Prize Fund
Power and Postan Fund
Layers of London
Disraeli Fund
Eisenberg Fund
Seminar Sponsorship Fund
Elaine Paintin Memorial Fund
IHR Events
Endowment funds
IHR Endowment Fund
Anita McConnell Metropolitan History
Endowment
TOTAL FUNDS		 Incoming
resources
£
33,021
2,659
35,680
50
-
-
49,668
-
1,272
-
-
-
-
1,412
6,594
-
4,681
63,677
-
-
-
99,357		 Resources
expended
£
(109,161)
(271)
(109,432)
(2)
(6)
(88)
(356)
(43)
(21)
(5)
(16)
(30,845)
(108)
-
(47)
(54)
(1,575)
(33,166)
(1,226)
(989)
(2,215)
(144,813)		 Gains and
Movement
losses
in funds
£
£
(1)
(76,141)
131
2,519
130
(73,622)
8
56
24
18
361
273
7,941
57,253
175
132
87
1,338
20
15
64
48
-
(30,845)
463
355
-
1,412
192
6,739
222
168
311
3,417
9,868
40,379
26,898
25,672
24,105
23,116
51,003
48,788
61,001
15,545

The purposes of the funds are detailed below:

Designated funds

The British Friends Fund supports a variety of projects at the IHR as determined through consultation between the Committee of the Friends and the IHR.

Restricted funds

The Seminars Fund supports the IHR's seminar programme, with funding until about 2025.

The Elaine Paintin Memorial Fund supports IHR students with travel and accommodation costs for research trips or conference attendance, with funding until about 2033.

Page 21

continued...

THE IHR TRUST

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

15. MOVEMENT IN FUNDS - continued

The American Friends Fund represents funds raised by the Charity's American Friends group to support specific projects as determined through consultation between their Board of Trustees and the IHR.

The IHR Events Fund supports lectures, conferences, and other events at the IHR, with funding until about 2025.

The Redevelopment Fund supports the ongoing costs from the IHR's redevelopment in 2014, ensuring the IHR continues to provide a modern home for historical research, with funding until about 2022.

The Fellowships and Bursaries Fund represents a variety of fellowships, prizes, and awards, including: the David Cesarani Fellowship in Jewish History; the Veale-Straschnov Award for Doctoral Historical Research for Mature Students; the David Bates Bursary; and the Ruddock Bursary. These awards will run for the long-term.

The Library Fund supports the IHR Wohl Library, including collection development, conservation, capital costs, promotion, and research, with funding until about 2025.

The Victoria County History Fund supports specific projects and activities within the Victoria County History, with funding until about 2025.

The Sir John Neale Prize supports early career historians researching early modern Britain, with funding until about 2024.

The BHO Fund supports the development of the IHR's digital library resource, British History Online.

The Power and Postan Fund supports IHR Junior Research fellows with the costs of organising colloquia, conducting research, or attending conferences, with funding until about 2021.

The Layers of London Fund supports the Layers of London project, with funding until the project's completion in 2021.

The Disraeli Fund will support the project to collect, edit, and publish the papers of Benjamin Disraeli.

The Eisenberg Fund will support the IHR in a way befitting the memory of David Eisenberg. The details of the support will depend on the funds raised.

The IHR Archives Fund supports the Revealing History Project to catalogue and promote the IHR Archives, with funding until about 2022.

Endowment fund

The IHR's Endowment Fund is a permanent endowment to support the academic and research programmes of the IHR Trust.

The Anita McConnell Metropolitan History Endowment is an expendable endowment to support the advancement of education in metropolitan history at, or in association with, the Centre for Metropolitan History at the IHR (now the Centre for the History of People, Place and Community), with funding for the long-term.

Page 22

continued...

THE IHR TRUST

Notes to the Financial Statements - continued for the Year Ended 31 July 2020

15. MOVEMENT IN FUNDS - continued

Following a detailed review of the charity's reserves in 2019, it was identified that the British Friends funding was unrestricted funding that has been designated and not restricted. There were also several designated funds that actually appear to be restricted based on how the funding is awarded. The opening funds were transferred in the prior year.

Transfers between funds consist of payments made from unrestricted funds that have then been reimbursed from the relevant restricted or designated fund. In addition, some unrestricted funds have been allocated to specific projects and restricted accordingly.

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2020.

17. POST-BALANCE SHEET EVENT NOTE: IMPACT OF COVID-19 PANDEMIC

The Trustees are mindful of the risk that the COVID-19 pandemic may have short and long-term impacts on the Charity's incoming resources and resources expended. They have considered the possibility of increased short-term volatility and uncertainty in the fair value of its assets and believe it prudent to maintain their investments. They have considered the likely impact, if any, on its incoming resources and how the Charity can react to that impact and are confident it has enough flexibility to continue as a going concern.

Page 23

THE IHR TRUST

Detailed Statement of Financial Activities for the Year Ended 31 July 2020

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Investment income
Deposit account interest
Total incoming resources
EXPENDITURE
Raising donations and legacies
Fundraising consultancy costs
Investment management costs
Portfolio management
Charitable activities
IHR Research Support
Support costs
Management
Wages
Other
Computer Costs
Printing, Postage & Stationery
Meetings & Conferences
Hospitality
Miscellaneous Costs
Bank charges
Governance costs
Auditors' remuneration
Total resources expended
Net expenditure before gains and losses		 2020
£
99,114
23,881
122,995
1,441
124,436
-
3,708
193,560
82,989
11,814
3,731
4,475
-
615
89
20,724
4,524
305,505
(181,069)		 2019
£
99,207
-
99,207
150
99,357
34,560
3,069
32,629
49,513
11,442
520
225
231
8,054
118
20,590
4,452
144,813
(45,456)

This page does not form part of the statutory financial statements

Page 24

THE IHR TRUST

Detailed Statement of Financial Activities for the Year Ended 31 July 2020

Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net (expenditure)/income		 2020
£
(12,868)
(193,937)		 2019
£
61,001
15,545

This page does not form part of the statutory financial statements

Page 25