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 Con￿rning 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 AC￿pted 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 ex￿ptIOn
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 re￿iVed 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 con￿rn 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 eXperIen￿d 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 ex￿ptIOn 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 Un￿rtaIntieS 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. i￿Uding.. 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 aCtiV￿eS 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 in￿allY 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 aC￿mM(￿ati￿j 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, Conferen￿5. 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 peo￿8. Plac& & Community.
Justin Cham
ion Fellowshi
The Justin Charnpion Fellowship in Black Bnlish History, supFw)rt a d(￿loral fellow ead) year to COM￿ete￿ their postgraduate thesis
alties Fund
The Royalties fund is rnade up of royalties d￿ated 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 a￿ern￿ 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