The IHR Trust (registered charity no. 1077592) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024
THE IHR TRUST (registered charity no. 1077592) REPORT AND FINANCIAL STATEMENTS For the year ended 31 July 2024 CONTENTS Page Reference and administrative infomiation Board of Trustees, report Auditorfs report Statement of financial activities Balan sheet 10 Cash flow statement 11 Notes to the financial statements 12
THE IHR TRUST (registered charity no. 1077592) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. TRUSTEES AND ADVISERS For the year ended 31 July 2024 Board of Trustees M Hilton. Chair M Finn Ex-officio. Chair IHR Advisory Council (from 1 Oct 2023) J Fox Ex-officio, Dean of SAS M Griffiths F Illingworth E Kehoe (from 25 Apr 2025) C Langhamer Ex-officio. Director of the IHR J McLoughlin G Oakland (from 25 Apr 2024) A Oke (from 7 November 2024) N Ralston M Vincent Ex-officio. Chair IHR Advisory Council (until 30 Sep 2023) Charity reg. no. 1077592 Registered Office Senate House Malet Street London WC1E 7HU Auditor Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD
THE IHR TRUST (registered charity no. 1077592) BOARD OF TRUSTEES, REPORT For year ended 31 JULY 2024 The Trustees present their report with the financial statements of the IHR Trust, which is a registered charity, for the year ended 31 July 2024. 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) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims Purpose The objective of The IHR Trust (the Trust) is the advancement of the education of the public in history. in particular by undertaking, promoting. and supporting historical research. Long Temi Aims To enhance 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 public understanding of history. strategies The Trust currently pursues its aims and objectives by supporting the work of the Institute of Historical Research (the Institute), School of Advanced Study at the University of London. The Trust fundraise on behalf of and in cooperation with the Institute, attracting philanthropic support for the Institute's educational purposes. The Institute undertakes a dynamic range of activities that fvifii the objectives of the Trust. These include.. A programme of fellowships, bursaries, and prizes to build a resident academic community, administered through the Institute in accordance with best practice and within the University of London's regulatory framework., Ambitious and innovative historical research organised through the Institute's Centre for the History of People, Place and Community and the History & Policy nelwork. Comprehensive research training and support opportunities., The publication, in print and online and open access, of monographs and the academic journal Historical Research- The expansion. development and conservation of the IHR Wohl LibraWs print and digital collections: A comprehensive schedule of public lectures, conferences. workshops, and events and a programme of some 60 research seminars: The refurbishment and provision of facilities for the conduct of historical research., Projects of outreach and public engagement.
THE IHR TRUST (registered charity no. 1077592) BOARD OF TRUSTEES, REPORT For year ended 31 JULY 2024 The Institute and the School of Advanced Study measure the impact of research projects and the levels of public engagement with the Institute and its events. The Trust receives regular updates on the activities and performan of the Institute. Activities The Trust made grants of £70.273 (2023: £61,507) lo support activities at the Institute. The cost of supporting the operations of the Trust was £59,296 (2023: £53,889). OBJECTIVES AND ACTIVITIES Public benefit The Trustees referred to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives. They consider that the activities summarised above and, in the Achievement. and Performan section below. benefit the community. By promoting education and engagement with history, the Trustees consider that the activities 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 across the UK via digital technology. The activities of the Trust satisfy the 'public aspect, of public benefit. Additional information The Friends of the IHR offer their time. raise charitable donations and help run events voluntarily throughout the year. ACHIEVEMENT AND PERFORMANCE Charitable income from fundraising in the year ended 31 July 2024 was £67,596 (2023: £1,070,693) The Trust primarily relies on the tools and measures of the Institute for assessing the performance of its activities relative to its strategic objectives. 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 2024, focusing on maintaining its current support.
THE IHR TRUST (registered charity no. 1077592) BOARD OF TRUSTEES, REPORT For year ended 31 JULY 2024 FINANCIAL REVIEW Principal funding sources During the financial year, the Trust raised funds from individuals and it received a benefit in kind from the University of London. Donations included those individuals who generously gave to the Annual Fund, the British Friends, and the American Friends, who donate via the British Schools and Universities Foundation Investment policy The Trust maintained most of its assets in two portfolios managed by Cazenove Capital Management. One is a capital preservation porttolio that holds funds for the shorter-term and aims for the security of capital with income reflecting the interest rate environment. The other portfolio holds funds on a long-term basis and adopts a moderate-lo-high risk approach to achieve a retum of CPI plus 4 % per annum after expenses. The Investment Committee (renamed the Finan & Investment Committee in November 2024) meets at least bi-annually and regulady reports to the Trustees. The long-term portfolio is invested in a professionally managed Charity Authorised Investment Fund, authorised by the FCA and registered with the Charity Commission. Reserves At 31 July 2024, the reserves of the Trust are set out in the balan sheet and amount to £2,994,501. This is made up of £526,010 (2023: £543,841) restricted funds" £1,346.655 (2023: £1,056,476) endowment funds" £57.651 (2023: £51.575) designated funds" and £1,064,185 (2023: £1.061.830) unrestricted reserves. The Trust established a working group that reviewed its reserves policy, which was accepted by the Trust in November 2024. It will be regularly reviewed. The purposes of restricted and designated fvnds are explained in Note 14 to these Financial Statements. FUTURE PLANS The Trust will continue to fundraise lo support the work of the Institute with a common aim of increasing the public understanding of history. Overthe coming period. the Trust aims to support the activities set out in the Institute's current strategic plan 2020-2025, and to support the Institute in developing a fundraising strategy to support its future objectives being developed in the 2025- 2030 Strategy. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Trust was established by the Trust Deed on 15 June 1999. it is controlled by its goveming document and constitutes an unincorporated charity. Trustees deal with major decisions Conrning the operation of the Trust at Trust meetings. The Secretary to the Trust, in consultation with the Director of the Institute, manages the day-to-day activities of the charity. Trustees are not remunerated for their services.
THE IHR TRUST (registered charity no. 1077592) BOARD OF TRUSTEES, REPORT For year ended 31 JULY 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees 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 on, with the option of re- appointment after a three-year waiting period following the second term). New Trustees are recruited through a combination of open advertisement, expressions of interest, and targeted approaches. In selecting individuals for appointment as new Trustees, the Trustees have regard to the skills, knowledge and experience needed for the effective operation of the Trust. 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). Risk management The Trustees assess the major risks to which the Trust is exposed, in particular those related to operations and finances. The Trust's Finance & Investment Committee. which consists of at least three members, considers financial strategy, policy, and risk and makes recommendations to the Trust for its approval. 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 ACpted Accounting Practi). 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 Select suitable accounting policies and then apply them consistently- Observe the methods and principles in the Charity SORP; Make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 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
THE IHR TRUST (registered charity no. 1077592) BOARD OF TRUSTEES, REPORT For year ended 31 JULY 2024 safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. 2310512025 Approved by the Board of Trustees on............................................. and signed on its behalf by.. M Hilton Chair of The Trust
THE IHR TRUST (registered charity no. 1077592) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE IHR TRUST FOR THE YEAR ENDED 31 JULY 2024 Opinion We have audited the financial statements of The IHR Trust (the 'Charity') for the year ended 31 July 2024 which comprise the Statement of Financial Activities. the Balance Sheet. the Cash Flow Statement and notes to the financial statements, induding 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). In our opinion the financial statements= give a true and fair view of the state of the charity's affairs as at 31 July 2024 and of ils incoming resources and application of resources, for the year then ended. have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordance with the requirements of the Charities Act 2011. 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 accordan 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 concem 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 concem 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 Trustees are responsible for the other infomiation. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
THE IHR TRUST (registered charity no. 1077592) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE IHR TRUST FOR THE YEAR ENDED 31 JULY 2024 Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitiy stated in our report, we do not express any form of assurance conclusion thereon. Matters on which we are required to report by exptIOn 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: the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements- or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and returns" or we have not reiVed all the infomiation and explanations we require for our audit. 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 concem and using the going conrn basis of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no realistic altemative 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 assuran 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 Influen the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
THE IHR TRUST (registered charity no. 1077592) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE IHR TRUST FOR THE YEAR ENDED 31 JULY 2024 The Charity is required to comply with charity law and, based on our knowledge of its activities. we identified that the legal requirement to accurately account for restricted funds was of key significance. We gained an understanding of how the Charity complied with its legal and regulatory framework, including Ihe requirement lo properly account for restricted funds, through discussions with management and a review of the documented policies. procedures and controls. The audit team, which is eXperIend in the audit of charities. considered the Charity's susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override. Our approach was to check that all restricted income was property identified and separately accounted for and to ensure Ihal only valid and appropriate expenditure was charged to restricted funds. This included reviewing joumal adjustments and unusual transactions. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at wmv.frc.org.uklauditorsresponsibilities. 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. LoLLF Knox Cropper LLP Chartered Accountants and Statutory Auditors 65 Leadenhall Street London EC3A 2AD 2910512025 Date:
THE IHR TRUST (registered charity no. 1077592) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 Unrestricted Funds 2024 Restricted Funds 2024 Endowment Funds 2024 Total Funds 2024 Total Funds 2023 Note INCOME AND ENDOWMENTS FROM: Donations and legacies Investments TOTAL 51,791 7.660 59.451 8.145 59.936 7,660 67.596 1,069.489 1,204 1,070,693 8,145 EXPENDITURE ON: Raising funds Charitable Activities IHR research support TOTAL EXPENDITURE 3.640 3.640 3,794 60,604 64.244 54,965 54.965 14,000 14,000 129.569 133.209 115,396 119.190 Net gainsl(losses} on investments 10 857 41,356 304,179 346.392 38,921 Net income before transfers Transfer between funds NET MOVEMENT IN FUNDS (3,936) 12.367 8.431 {5,464) 12,367 (17.831) 290,179 280,779 990,424 290,179 280.779 990,424 RECONCILIATION OF FUNDS TOTAL FUNDS AT 1 AUGUST 2023 1.113.405 543,841 1.056,476 2,713,722 1,723,298 TOTAL FUNDS AT 31 JULY 2024 1.121.836 526,010 1.346,655 2.994.501 2,713.722 All income and expenditure has arisen from continuing activities. Pages 12 to 27 include the notes to these accounts.
THE IHR TRUST (registered charity no. 1077592) BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Notes NON-CURRENT ASSETS Investments 10 2,741,268 1,534,132 CURRENT ASSETS Debtors Investments Cash at bank and in hand 970,000 112,268 204,474 1,286,742 12 117,884 143,269 261,153 CREDITORS.. amounts falling due within one year 13 (7,920) (107,152) NET CURRENT ASSETS 253.233 1,179,590 NET ASSETS 2,994,501 2,713,722 FUNDS Unrestricted funds Restricted funds Endowment funds 14 1.121,836 526.010 1.346.655 2.994.501 1,113,405 543,841 1,056,476 2,713,722 The financial statements were approved and authorised for issue by the Board of Trustees on 23 May 2025 and signed on their behalf by: M Hilton, Trustee Registered Charity Number. 1077592 10
THE IHR TRUST (registered charity no. 1077592) CASHFLOW STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Cash flows from operating activities Surplusl(deficit) for the financial year Adjustments for: (Gain) on fixed asset investments (Gain) on current asset investments Investment income (Increase)Idecrease in debtors Increasel(decrease) in creditors 280.779 990,423 (337.136) (5.616) (7,660) 970.000 99.232 801,135 (32,174) (2,953) (1,204) (970,000) 101,985 86,078 Cash flows from investing activities Purchase of fixed asset investments Investment Income (870.000) 7,660 (862.340) 1,204 1,204 Net increasel{decrease) in cash and cash equivalents (61.205) 87,282 Cash and cash equivalents at 1 August 2023 204,474 117,192 Cash and cash equivalents at 31 July 2024 143.269 204,474 A) Components of cash and cash equivalents Cash at bank and in hand 143.269 204,474 B) Analysis of changes in net debt At1Aug 2023 204,474 204,474 Non-cash At 31 July Changes 2024 143,269 143,269 Cash and Cash Equivalents Cash Cashflows 61,205 61,205
THE IHR TRUST (registered charity no. 1077592) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 1. ACCOUNTING POLICIES Basis of preparation of financial statements The financial statements of the Trust, which is a public benefit entity under FRS 102, have been prepared in accordan with the Charities SORP (FRS 102)'Accounting and Reporting by Charities: Statement of Recommended Practi 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 exptIOn of investments which are included at market value, as modified by the revaluation of rtain assets. The financial statements are presented in pounds steding. Going concem The Trustees consider that there are no material UnrtaIntieS about the Trust's ability to continue as a going concem. Income All income is recognised in the Statement of Financial Activities On the Trust 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 Trust 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 Trust is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordan with the charitable objectives at the discretion of the Trustees. Designated funds are unrestricted funds which the Trustees have designated for a specific purpose. Restricted funds can only be used for particular restricted purposes within the objects of the Trust. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 12
THE IHR TRUST (registered charity no. 1077592) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 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. Investment Policy Investments are a fomi 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 fomi of financial risk faced by the Trust is that of volatility in equity markets and other investment markets. 13
THE IHR TRUST (registered charity no. 1077592) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 2. DONATIONS AND LEGACIES Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2023 Total British Schools & University Foundation David Bates 1.194 1.194 1,593 500 American Friends of IHR 2.181 2.181 19,381 Legacies British Friends of the IHR 986,863 6.528 6.528 9.634 University of London Donations in Kind Other Income 31.439 31.439 12.630 5.964 18,594 51.517 51.791 8.145 59.936 1,069,489 3. INVESTMENT INCOME Unrestricted Funds Restricted Funds Endowment Funds Total Funds Total Funds Deposit Account Interest 7.660 7,660 1,204 7.660 7,660 1,204 4. RAISING FUNDS Unrestricted Funds Restricted Funds Endowment Funds Total Funds Total Funds Portfolio Management 3,640 3,640 3,794 3,640 3,640 3,794 14
THE IHR TRUST (registered charity no. 1077592) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 5. CHARITABLE ACTIVITIES COSTS Direct Costs (Note 6) Support Costs (Note 7) Total 2024 Total 2023 IHR Research Support 70.273 59.296 129.569 115.396 70.273 59.296 129.569 115.396 6. DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Intemships Library Costs Seminar Costs 8.558 6.257 5.100 2.500 3.223 3,543 VCH Funding Fellowships and Bursaries Other Research 8.100 4,000 39.660 30,034 5.632 15.173 70,273 61.507 7. SUPPORT COSTS 2024 2023 Reimbursement of Stsff Costs 40.696 24.697 Computer Costs Meetings and Conferences Miscellaneous Costs 13.268 13.372 3.543 110 Bank Charges Auditors, Remuneration 172 129 5.160 12,038 59,296 53,889 15
THE IHR TRUST (registered charity no. 1077592) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 8. TRUSTEES, REMUNERATION AND BENEFITS There was no Trustees. remuneration or other benefits from the year ended 31 July 2024, nor for the year ended 31 July 2023. There were no Trustees, expenses paid for the year ended 31 July 2024, and £111 for the year ended 31 July 2023. 9. REMINBURSMENT OF STAFF COSTS The Trust does not directly employ staff but reimburses the Institute for the cost of certain staff members 2024 2023 Reimbursement of Staff Costs 40,696 24,697 40,696 24,697 The average weekly number of employees during the period was: Number Number Employees No employees received remuneration over £60.000 (2023: nil) 16
THE IHR TRUST (registered charity no. 1077592) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 10. FIXED ASSET INVESTMENTS 2024 2023 Market Value Opening Balance (1 August) Additions Management Fees Revaluations Closing Balance (31 July) 1,534,132 870,000 {3,589) 340,725 2.741.268 1,501,886 (3.794) 36,040 1,534,132 NBV as at 31 July 2024 NBV as at 31 July 2023 2,741,268 1,534,132 1,534,132 1,501,886 Book Cost 2,531,075 1,519,810 Fixed asset investments consist of units held in the Cazenove Charity Sustainable Multi-Asset Fund (£2,740,536) and cash (£732). 11. DEBTORS 2024 2023 Due within one year Other debtors 970.000 970.000 Debtors in the prior year consist of legacies not received until after the year end. 12. CURRENT ASSET INVESTMENTS 2024 2023 Short Temi Investments at Market Value 117,884 112.268 117,884 112.268 Short Term Investments are those held within a liquidity fund so that they are readily accessible. Current investment gain in the year £5.616 (2023: £2.953). 17
THE IHR TRUST (registered charity no. 1077592) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade Creditors 7,920 7.920 Other Creditors 99.232 7,920 107.152 Creditors in the prior year include reimbursement owed to the University of London, which was paid after the year end. In the current year, this payment was made during the year. 18
THE IHR TRUST Ir8gist8red charity no. 10775921 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY2024 14.STATEMENT OF FUNDS Brought Forward Incomlng Resource5 Resources Expended Investment gain5111055esl Transfers Carrled FoThvard UNRESTRICTED FUNDS GeneTal fund 1.061.830 52.W24 {S2.9361 12.367 1.064.185 DESIGNA TED FUNDS British Friends of the IHR 51.575 1,113,405 6.527 59.451 11.3081 164,2441 857 57.651 1,121,836 857 12,367 RESTRICTED FUNDS BHO Project Amerir2n Friends Fund 3.956 3.956 33.291 44.016 149.734 20.655 2.181 12.3081 1.178 1.675 20.106 1.502 34.343 45,691 157.276 14.057 Redevelopment Fund Fellowships & Bursaries Fund Victoria County History Fund Library Fund Sir John Neale Prize Fund 550 113.1141 18.1001 15.1001 17.583 347 118 2.317 14.918 347 Power and Postan Fund 80 IHR Archives 11,104 55.807 1.263 29.888 45,824 111,1041 Layers of London Disraeli Fund 55.807 11,2631 Eisenberg Fun Seminar Sponsorship Fund 11.5831 13,2231 3.218 6,301 31.524 51,296 2,394 19
THE IHR TRUST Ir8gist8red charity no. 10775921 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY2024 8aine Paintin Mernorial Fund 34.547 38,448 14.345 6,223 36.( 730 11.2LKII 16001 18.5581 13,1001 18.0801 4.792 266 38.139 38,114 8.128 3,123 27.920 1,291 526.010 IHR Events Intemships Derek Keene 2.341 Justin Chatnpion Fellowship Royalties 543.841 8.145 154.9651 41.356 112.3e71 ENDOWMENT FUNDS IHR Endowment Funds 825,586 230. 1,056,476 229,986 74.193 304,179 1,055,572 291,083 1,346,655 Anrta Mcconnell 114.0001 114,0001 TOTAL FUNDS 2.713.722 67,596 1133.2091 346,392 2.994.501 The purposes of the funds are detailed below.. Designated fund5 British Friends The British Friends ol the IHR fund supports a variety of projects at the Institute as detem)ined through o)nsultation beN¥een ihe Committee ol the Friends and the Institute.
THE IHR TRUST Ir8gist8red charity no. 10775921 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY2024 Restricted funds BHO Fund The BHO Fund supports the development of the Institute's digilal library resource. Brrbsh History Online. American Friends Fund The American Friends of the IHR fund represents fvnds raised by Ihe Trust's Amerun Friends group lo support speofic projects as determined through consultab.on between that group an¢J the Inslitute. Redevelo ment Fund The R8d8V8loprnent Fund supports the ongoing (x)sts from the Instiiute's redevelopm8nt in 2014, ensuring the Institute continues to prowd& a suitable home for historical research. with funding expeded to be used by 2025. Fellowshi & Bursaries The Fellowships and Bursaries funds represents a variety of fellowships. prizes. and awards. iUding.. the Fellowship in Jewsh History.. the Veale- Straschnov Award for Doctoral Historical Re5earth fot Mature Stu¢Jents," and the Dawd Bate5 Buw5ary. Victoria Coun Histo Fund The Victoria County History FLJnd supports specrfic projecls. such as VCH Wiltshire. VCH London as well as general aCtiVeS within the Victoria County History, with funding expected to be used by 2028. The Libra Fund The Library Fund supports the IHR Wohl Library. induding thlecaion ¢Jevelopment. conservth"on. caprtal costs, promotion, and earCh, wth funding expected to be used by 2027. Sir John Neale Prize The Sir John Neale Prize supports earfy career historians researching earfy modem Britain. with funditYJ suffiuent to award a final prize in 2024. 21
THE IHR TRUST Ir8gist8red charity no. 10775921 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY2024 Power & Postan Fund This fund has been closed and V)e Trust is investigats.ng best use of the remaining funds. IHR Archives This fund has now been completely drawn dovm. The transfer is reimbursementfor a payTnent inallY made from Unrestrict8d funds. La ers of London Funds use(J to provide continuing support to the Layers of London Project at the Inslitute. Disraeli Fund This fund has now b8en dosed and the Trust is investigabng the t)est use of lh8 remaining funds The Eisenbe Fund The Eisenberg Fund will support the Institute a way befftling the memcry of David Eisenberg. This is done by suppotting an annual public event in honour ol the Eisenberg Family Seminar S onsorshi Fund The Setninar5 Fund supports the Institute's 5ernin8r programme, with lunding expected to be used by 2035. Elaine Paintin Mernorial Fund The Elaine Paintin Memorial Fund supports Institute sltyjents with travel and aCmM(atij o)sts for SearCh trips or conference attendan. with funding expected to be used by 2033. IHR Events The IHR Events-General fvnd 5UPPOrts ledures, Conferen5. arwj other events at the Institute. This fvnd a150 indudes fvnd5 for the Kehoe Leciuie in Irish History.
THE IHR TRUST Ir8gist8red charity no. 10775921 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY2024 Intemshi s Fund The Intemships Fund supports earfy career historians by offewing paid work on research projects and inits"ats"ves at the Instrtute on a short-temi basis. Derek Keene The Derek Keene fund supports work in Urban History. being Ggrri8d out at the Institute's Centre the History of peo8. Plac& & Community. Justin Cham ion Fellowshi The Justin Charnpion Fellowship in Black Bnlish History, supFw)rt a d(loral fellow ead) year to COMete their postgraduate thesis alties Fund The Royalties fund is rnade up of royalties dated to the Instilut8. The Institirte wll launch 8 n8w Campaign to grow thi5 Fund 2026. Endowment fvnd IHR Endowment Funds The IHR'S Endowtnent Fund 15 a pertnanent endowtnent to 5UPWt the aern and Te5eath programrne5 ofthe Institute. Anita Mcconnell Endowment The Anita Mcconnell Metropolitan History Endowrnent Ts an expendable endowTnent to support the advancement of education in metropolitsn history at. or in association with, the Centre for MetrotKJlitan Hisiory at the Institute (now the Centre for the History of People, Place and Community), wth funding for the long-temi. 23
THE IHR TRUST Ir8gist8red charity no. 10775921 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY2024 Comparative Staternent of Fund5- 2023 Brought Forward Incoming Resource Resource Inve5trnent gainsll105ses} Transfer5 Carried Forward UNRESTRICTED FUNDS General fund 116,471 999,323 154,1401 176 1,061,83 DESIGNA TED FUNDS British Friends of the IHR 41,491 157.962 420 51,575 1.113.40 1.008.987 154.1401 596 RESTRICTED FUNDS BHO Project Amencan Friend5 Fund Redevelopment Fund Fellowships & Bursaries Fund Victoria County History Fund Library Fund Sir John Neale Pri2e Fund Power and P05t8n Fund 3,905 11,841 43.143 175,895 24.160 19,587 338 80 51 3,956 33,291 44.016 149,734 20,655 17,583 347 80 20,974 476 873 130,0341 {4.0001 12,5001 3,873 495 378 118 IHR Archives 11.104 55,807 1.263 28.944 11,104 55,807 1,263 29.888 Layers of London Disraeli Fund Eisenberg Fund 24
THE IHR TRUST Ir8gist8red charity no. 10775921 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY2024 Setninar SpMJns015hip Fund Elaine Paintin Memorial Fund IHR Events Internships Derek Keene 2,462 13,5431 1.001 790 508 45,824 34.547 38,448 14.345 6,223 36.000 730 33.757 42.656 19.278 6,126 14.7161 16.2571 1.325 97 Justin Champion Fdlowship Royalties 730 523.788 61.706 151.0501 9.397 543.841 ENDOWMENT FUNDS IHR Endowrnent Funds 808,127 233.421 1,041,54 17,459 11,469 28,928 825,586 230,890 1,056,47 Anita Mcconnell 114.0001 114,0001 TOTAL FUNDS 1.72129 1.070.693 1119.1901 38.921 2,713.72 25
THE IHR TRUST (registered charity no. 1077592) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds Endowment Funds Total 2024 Investments 870.000 524.613 1.346.655 2,741,268 Current Assets 259.756 1.397 261,153 Current Liabilities (7.920) 1.121.836 (7.920) 2,994,501 526.010 1.346.655 COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Funds Restricted Funds Endowment Funds Total 2023 Investments 17.626 291,337 1.225.169 1,534,132 Current Assets 1.095.779 252,504 (61.541) (107.152) 1.056.476 1,286,742 Current Liabilities (107.152) 2,713,722 1.113.405 543,841 16. RELATED PARTY TRANSACTIONS There were no related party transactions for the year ended 31 July 2024 or the year ended 31 July 2023. 26
THE IHR TRUST (registered charity no. 1077592) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 17. COMPAR4TIVE STATEMENT OF FINANCIAL ACTIVITY Unrestricted Funds 2023 Restricted Funds 2023 Endowment Funds 2023 Total Funds 2023 INCOME AND ENDOWMENTS FROM: Donations and legacies Investments TOTAL 1.007.783 1,204 1,008,987 61.706 1,069,489 1,204 1,070,693 61,706 EXPENDITURE ON: Raising Funds Charitable activities IHR Research Support TOTAL EXPENDITURE 3,794 3,794 50.346 54.140 51.050 51,050 14.000 14.000 115,396 119,190 Net gainsl{losses) on investments 596 9,397 28,928 38,921 NET MOVEMENT IN FUNDS 955.443 20.053 14.928 990,424 RECONCILIATION OF FUNDS TOTAL FUNDS AT 1 AUG 2022 157.962 523.788 1.041.548 1,723,298 TOTAL FUNDS AT 31 JULY 2023 1.113.405 543.841 1.056,476 2,713,722 27