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2025-07-31-accounts

The IHR Trust

(registered charity no. 1077592) REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2025

THE IHR TRUST (registered charity no. 1077592)

REPORT AND FINANCIAL STATEMENTS For the year ended 31 July 2025

CONTENTS

Page
Reference and administrative information 1
Board of Trustees’ report 2
Auditor’s report 7
Statement of financial activities 10
Balance sheet 11
Cash flow statement 12
Notes to the financial statements 13

THE IHR TRUST (registered charity no. 1077592)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY,

TRUSTEES AND ADVISERS For the year ended 31 July 2025

Board of Trustees M Hilton, Chair
M Finn Ex-Officio, Chair IHR Advisory Council
J Fox Ex-Officio, Dean of SAS (to 31 May 2025)
M Griffiths
C Gorrara Ex-Officio, Dean of SAS (from 1 Sep 2025)
F Illingworth
E Kehoe
C Langhamer Ex-Officio, Director of the IHR
J McLoughlin
G Oakland
A Oke (from 7 November 2024)
N Ralston
Charity reg. no. 1077592
Registered Office Senate House
Malet Street
London
WC1E 7HU
Auditor Knox Cropper LLP
65 Leadenhall Street
London
EC3A 2AD

1

THE IHR TRUST (registered charity no. 1077592)

BOARD OF TRUSTEES’ REPORT

For year ended 31 JULY 2025

The Trustees present their report with the financial statements of the IHR Trust, which is a registered charity, for the year ended 31 July 2025. 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 Term 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 fulfil the objectives of the Trust. These include:

2

THE IHR TRUST (registered charity no. 1077592)

BOARD OF TRUSTEES’ REPORT

For year ended 31 JULY 2025

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 performance of the Institute.

Activities

The Trust made grants of £87,826 (2024: £70,273) to support activities at the Institute. The cost of supporting the operations of the Trust was £41,596 (2024: £59,296).

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 Performance 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 2025 was £191,134 (2024: £59,936)

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 a specific fundraising target for the year ended 31 July 2025.

3

THE IHR TRUST (registered charity no. 1077592)

BOARD OF TRUSTEES’ REPORT For year ended 31 JULY 2025

FINANCIAL REVIEW

Principal funding sources

During the financial year, the Trust raised funds from individuals and groups. Donations included those individuals who generously gave to the Annual Fund, the British Friends, the American Friends (who donate via the British Schools and Universities Foundation) and the Seminar Sponsorship Fund. Funding to support early career researchers was received in the Justin Champion Fellowships Fund and the Internships Fund. A generous donation to fund a photographic exhibition at the IHR, in honour of Dame Janet Nelson, called ‘The People of the IHR’ was received, with the exhibition due to be launched in 2026.

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 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-to-high risk approach to achieve a return of CPI plus 4% per annum after expenses.

The Investment Committee (renamed the Finance & Investment Committee in November 2024) meets at least bi-annually and regularly 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 2025, the reserves of the Trust are set out in the balance sheet and amount to £3,246,833 (2024: £2,994,501) . This is made up of £498,405 (2024: £526,010) restricted funds; £1,511,536 (2024: £1,346,655) endowment funds; and £1,236,892 (2024: £1,121,836) unrestricted reserves. The Trust established a working group that amended its reserves policy, the new policy was approved by the Trust in November 2024.

The purposes of each category of funds are explained in Note 14 to these Financial Statements.

FUTURE PLANS

The Trust will continue to fundraise and support the work of the Institute with a common aim of increasing the public understanding of history. Over the coming period, the Trust will expand its support for the activities set out in the Institute’s strategic plan 2025-30. The strategic plan has four key themes, which are: Open History, Making History, Engaged History and Championing History.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

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

4

THE IHR TRUST (registered charity no. 1077592)

BOARD OF TRUSTEES’ REPORT

For year ended 31 JULY 2025

Trustees deal with major decisions concerning 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.

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 once, with the option of reappointment 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 regularly assess the risks to which the Trust is exposed. During the year the Trust’s Finance & Investment Committee carried out a major review which considered and updated all the risk management policies of the Trust and made recommendations to the Board of Trustees, which were accepted.

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

5

THE IHR TRUST (registered charity no. 1077592)

BOARD OF TRUSTEES’ REPORT

For year ended 31 JULY 2025

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.

27/05/2026 Approved by the Board of Trustees on ............................................. and signed on its behalf by:

Matthew Hilton

~~......................................~~ Matthew Hilton (May 27, 2026 09:35:22 GMT+1) ..............................

M Hilton, Chair of The Trust

6

THE IHR TRUST (registered charity no. 1077592)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE IHR TRUST FOR THE YEAR ENDED 31 JULY 2025

Opinion

We have audited the financial statements of The IHR Trust (the 'Charity') for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including 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:

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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The 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.

7

THE IHR TRUST (registered charity no. 1077592)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE IHR TRUST FOR THE YEAR ENDED 31 JULY 2025

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.

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:

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

8

THE IHR TRUST (registered charity no. 1077592)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

THE IHR TRUST FOR THE YEAR ENDED 31 JULY 2025

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

Knox Cropper (May 27, 2026 09:59:29 GMT+1)

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

27/05/2026

Date: .............................................

9

THE IHR TRUST (registered charity no. 1077592)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND

EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 JULY 2025

Note
INCOME AND ENDOWMENTS
FROM:
Donations and legacies
2
Investments
3
TOTAL
EXPENDITURE ON:
Raising funds
4
Charitable Activities
IHR research support
5
TOTAL EXPENDITURE
Net gains/(losses) on
investments
10
Net income before transfers
Transfer between funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF
FUNDS
TOTAL FUNDS AT 1 AUG 2024
TOTAL FUNDS AT 31 JULY 2025		 Unrestricted
Funds
2025
£
164,777
4,177
168,954
6,663
42,694
49,357
(1,618)
117,979
(4,309)
113,670
1,121,836
1,235,506		 Restricted
Funds
2025
£
26,357
-
26,357
-
86,730
86,730
15,845
(44,528)
18,309
(26,219)
526,010
499,791		 Endowment
Funds
2025
£
-
-
-
-
-
-
178,881
178,881
(14,000)
164,881
1,346,655
1,511,536		 Total
Funds
2025
£
191,134
4,177
195,311
6,663
129,424
136,087
193,108
252,332
-
252,332
2,994,501
3,246,833		 Total
Funds
2024
£
59,936
7,660
67,596
3,640
129,569
133,209
346,392
280,779
-
280,779
2,713,722
2,994,501

All income and expenditure has arisen from continuing activities.

Pages 12 to 27 include the notes to these accounts.

10

THE IHR TRUST (registered charity no. 1077592)

BALANCE SHEET

AS AT 31 JULY 2025

Notes
NON-CURRENT ASSETS
Investments
10
CURRENT ASSETS
Investments
11
Cash at bank and in hand
CREDITORS: amounts falling
due within one year
12
NET CURRENT ASSETS
NET ASSETS
FUNDS
13
Unrestricted funds
Restricted funds
Endowment funds		 2025
£
2,935,249
110,347
209,517
319,864
(8,280)
311,584
3,246,833
1,235,506
499,791
1,511,536
3,246,833		 2024
£
2,741,268
117,884
143,269
261,153
(7,920)
253,233
2,994,501
1,121,836
526,010
1,346,655
2,994,501

The financial statements were approved and authorised for issue by the Board of Trustees, and were signed and dated on their behalf by:

Matthew Hilton

Matthew Hilton (May 27, 2026 09:35:22 GMT+1)

M Hilton, Chair of the Trust

27/05/2026 Date:

Registered Charity Number: 1077592

11

THE IHR TRUST (registered charity no. 1077592)

CASHFLOW STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2025 2024
£ £
Cash flows from operating activities
Surplus/(deficit) for the financial year 252,332 280,779
Adjustments for:
(Gain) on fixed asset investments (193,981) (337,136)
(Gain) on current asset investments 7,537 (5,616)
Investment income (4,177) (7,660)
(Increase)/decrease in debtors - 970,000
Increase/(decrease) in creditors 360 (99,232)
62,071 801,135
Cash flows from investing activities
Purchase of fixed asset investments - (870,000)
Investment Income 4,177 7,660
4,177 (862,340)
Net increase/(decrease) in cash and cash
equivalents 66,248 (61,205)
Cash and cash equivalents at 1 August 2024 (A)
143,269		 204,474
Cash and cash equivalents at 31 July 2025 (A)
209,517		 143,269
A) Components of cash and cash equivalents
Cash at bank and in hand 209,517 143,269
B) Analysis of changes in net debt
Cash and Cash Equivalents At 1 Aug
2024		 Cashflows
Non-Cash
Changes
At 31 July
2025
Cash 143,269 66,248 - 209,517
143,269 66,248 - 209,517

12

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

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 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 financial statements are presented in pounds sterling.

Going concern

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

Income

All income is recognised in the Statement of Financial Activities once 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 accordance 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.

13

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

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 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 Trust is that of volatility in equity markets and other investment markets.

14

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

2. DONATIONS AND LEGACIES

British Schools & University Foundation
David Bates
American Friends of IHR
Legacies
People of the IHR Gift
Justin Champion Fellowship
Royalties
British Friends of the IHR
Seminar Sponsorship Fund
University of London Donations in Kind
Victoria County History Fund
Library Fund
Internships
Derek Keene
Gift Aid
Other Income		 2025
Unrestricted
£
-
-
-
124,918
-
-
-
-
-
-
-
-
-
-
18,650
100
164,777		 2025
Restricted
£
-
500
1,502
-
2,000
12,000
1,145
-
6,570
-
70
120
2,300
150
-
-
26,357		 2025
Endowment
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2025
Total
£
-
500
1,102
124,918
2,000
12,000
1,145
-
6,570
-
70
120
2,300
150
18,650
100
191,134		 2024
Total
£
1,194
-
2,181
-
-
-
-
6,528
-
31,439
-
-
-
-
-
18,594
59,936

3. INVESTMENT INCOME

Deposit Account Interest
4. RAISING FUNDS
Portfolio Management		 Unrestricted
Funds
£
4,177
4,177
Unrestricted
Funds
£
6,663
6,663

Restricted
Funds
£
-
-
Restricted
Funds
£
-
-		 Endowment
Funds
£
-
-
Endowment
Funds
£
-
-		 Total
Funds
£
4,177
4,177
Total
Funds
£
6,663
6,663		 2024 Total
Funds
£
7,660
7,660
2024 Total
Funds
£
3,640
3,640

15

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

5. CHARITABLE ACTIVITIES COSTS

Direct
Costs
(Note 6)
Support
Costs
(Note 7)
£
IHR Research Support
87,828
41,596
87,826
41,596
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
2025
£
Internships
2,619
Library Costs
-
Seminar Costs
3,204
VCH Funding
3,700
Fellowships and Bursaries
26,973
Redevelopment Fund
50,000
British Friends of the IHR
1,098
Other Research
232
87,826
7. SUPPORT COSTS
2025
£
Reimbursement of Staff Costs
27,974
Computer Costs
-
Meetings and Conferences
-
Miscellaneous Costs
-
Bank Charges
662
Auditors’ Remuneration
12,960
41,596		 Direct
Costs
(Note 6)
Support
Costs
(Note 7)
£
IHR Research Support
87,828
41,596
87,826
41,596
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
2025
£
Internships
2,619
Library Costs
-
Seminar Costs
3,204
VCH Funding
3,700
Fellowships and Bursaries
26,973
Redevelopment Fund
50,000
British Friends of the IHR
1,098
Other Research
232
87,826
7. SUPPORT COSTS
2025
£
Reimbursement of Staff Costs
27,974
Computer Costs
-
Meetings and Conferences
-
Miscellaneous Costs
-
Bank Charges
662
Auditors’ Remuneration
12,960
41,596		 Total 2025
£
129,424
129,424
2024
£
8,558
5,100
3,223
8,100
39,660
-
-
5,632
70,273
2024
£
40,696
13,268
-
-
172
5,160
59,296		 Total 2025
£
129,424
129,424
2024
£
8,558
5,100
3,223
8,100
39,660
-
-
5,632
70,273
2024
£
40,696
13,268
-
-
172
5,160
59,296		 Total 2024
£
129,569
129,569
87,826 70,273
2025
£
27,974
-
-
-
662
12,960		 2024
£
40,696
13,268
-
-
172
5,160
41,596 59,296

The 2025 audit fee has been accrued for in 2025, so two years have been charged in 2025.

16

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

8. TRUSTEES’ REMUNERATION AND BENEFITS

There was no Trustees’ remuneration or other benefits from the year ended 31 July 2025, nor for the year ended 31 July 2024. There were no Trustees’ expenses paid for the year ended 31 July 2025, and none for the year ended 31 July 2024.

9. REMINBURSMENT OF STAFF COSTS

The Trust does not directly employ staff but reimburses the Institute for the cost of certain staff members

taff members
2025
£
Reimbursement of Staff Costs
27,974
27,974
he average weekly number of employees during the period was:
Number
Employees
-		 2024
£
40,696
40,696
Number
-

The average weekly number of employees during the period was:

No employees received remuneration over £60,000 (2023: nil)

17

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

10. FIXED ASSET INVESTMENTS

Market Value
Opening Balance (1 August)
Additions
Management Fees
Revaluations
Closing Balance (31 July)
NBV as at 31 July 2025
NBV as at 31 July 2024
Book Cost		 2025
£
2,741,268
-
(6,663)
200,644
2,935,249
2,935,249
2,741,268
2,638,488		 2024
£
1,534,132
870,000
(3,589)
340,725
2,741,268
2,741,268
1,534,132
2,531,075

Fixed asset investments consist of units held in the Cazenove Charity Sustainable Multi-Asset Fund (£2,929,526) and cash (£5,723).

11. CURRENT ASSET INVESTMENTS

Short Term Investments at Market Value 2025
£
110,347
110,347		 2024
£
117,884
117,884

Short Term Investments are those held within a liquidity fund so that they are readily accessible. Current investment loss in the year £7,535 (2024: gain of £5,616).

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade Creditors
Other Creditors		 2025
£
1,800
6,480
8,280		 2024
£
7,920
-
7,920

18

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

13. STATEMENT OF FUNDS

UNRESTRICTED FUNDS
General fund
DESIGNATED FUNDS
British Friends of the IHR
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
Eisenberg Fund
Seminar Sponsorship Fund
Elaine Paintin Memorial Fund
IHR Events		 Brought
Forward
£
1,064,185
57,651
1,121,836
3,956
34,343
45,691
157,276
14,057
14,918
347
80
55,807
31,524
51,296
38,139
38,114		 Incoming
Resources
£
160,471
8,483
168,954
-
1,502
-
500
164
120
-
-
-
-
6,570
-
-		 Resources
Expended
£
(48,259)
(1,098)
(49,357)
-
-
(50,000)
(17,795)
(3,700)
-
-
-
-
(233)
(3,204)
-
-		 Investment
gains/(losses)
£
-
(1,618)
(1,618)
-
(2,224)
-
9,343
226
1,101
-
-
-
1,895
3,184
2,822
(502)		 Transfers
(4,309)
-
(4,309)
-
-
4,309
14,427
-
-
(347)
(80)
-
-
-
-
-		 Carried
Forward
£
1,172,088
63,418
1,235,506
3,956
33,621
-
163,752
10,653
16,139
-
-
55,807
33,186
57,846
40,961
37,612

19

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

Internships
Derek Keene
Justin Champion Fellowship
People of the IHR
Royalties
ENDOWMENT FUNDS
IHR Endowment Funds
Anita McConnell
TOTAL FUNDS		 8,128
3,123
27,920
-
1,291
526,010
1,055,572
291,083
1,346,655
2,994,501		 2,300
150
12,000
2,000
1,145
26,357
-
-
-
195,311		 (2,619)
-
(9,179)
-
-
(86,730)
-
-
-
(136,087)		 -
-
-
-
-
15,845
135,191
43,691
178,881
193,109		 -
-
-
-
-
18,309
-
(14,000)
(14,000)
-		 7,809
3,273
30,741
2,000
2,436
499,791
1,190,763
320,774
1,511,536
3,246,833

The purposes of the funds are detailed below:

Designated funds

British Friends

The British Friends of the IHR fund supports a variety of projects at the Institute as determined through consultation between the Committee of the Friends and the Institute. These funds are a designated proportion of overall unrestricted funds, to be used by the British Friends of the IHR

20

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

Restricted funds

BHO Fund

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

American Friends Fund

The American Friends of the IHR fund represents funds raised by the Trust’s American Friends group to support specific projects as determined through consultation between that group and the Institute.

Redevelopment Fund

The Redevelopment Fund supports the ongoing costs from the Institute's redevelopment in 2014, ensuring the Institute continues to provide a suitable home for historical research, with funding expected to be used by 2025.

Fellowship & Bursaries

The Fellowships and Bursaries funds represent a variety of fellowships, prizes, and awards, including: the Fellowship in Jewish History; the VealeStraschnov Award for Doctoral Historical Research for Mature Students; and the David Bates Bursary.

Victoria County History Fund

The Victoria County History Fund supports specific projects, such as VCH Wiltshire, VCH London as well as general activities within the Victoria County History, with funding expected to be used by 2028.

The Library Fund

The Library Fund supports the IHR Wohl Library, including collection development, conservation, capital costs, promotion, and research, with funding expected to be used by 2027.

Sir John Neale Prize

The Sir John Neale Prize supports early career historians researching early modern Britain, with funding sufficient to award a final prize in 2024.

21

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

Power & Postan Fund

This fund has been closed and the Trust is investigating the best use of the remaining funds.

Layers of London

Funds used to provide continuing support to the Layers of London Project at the Institute.

The Eisenberg Fund

The Eisenberg Fund will support the Institute a way befitting the memory of David Eisenberg. This is done by supporting an annual public event in honour of the Eisenberg Family

Seminar Sponsorship Fund

The Seminars Fund supports the Institute's seminar programme, with funding expected to be used by 2035.

Elaine Paintin Memorial Fund

The Elaine Paintin Memorial Fund supports Institute students with travel and accommodation costs for research trips or conference attendance, with funding expected to be used by 2033.

IHR Events

The IHR Events-General fund supports lectures, conferences, and other events at the Institute. This fund also includes funds for the Kehoe Lecture in Irish History.

Internships Fund

The Internships Fund supports early career historians by offering paid work on research projects and initiatives at the Institute on a short-term basis.

Derek Keene

The Derek Keene fund supports work in Urban History, being carried out at the Institute’s Centre for the History of People, Place & Community.

22

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

Justin Champion Fellowship

The Justin Champion Fellowship in Black British History, support a doctoral fellow each year to complete their postgraduate thesis

People of the IHR

The People of the IHR is a fund to support a photographic project and exhibition being launched in 2026. The donation was given in memory of Dame Jinty Nelson.

Royalties Fund

The Royalties fund is made up of royalties donated to the Institute. The Institute will launch a new Campaign to grow this Fund 2026.

Endowment fund

IHR Endowment Funds

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

Anita McConnell Endowment

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 Institute (now the Centre for the History of People, Place and Community), with funding for the long-term.

23

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

Comparative Statement of Funds - 2024

UNRESTRICTED FUNDS
General fund
DESIGNATED FUNDS
British Friends of the IHR
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		 Brought
Forward
£
1,061,830
51,575
1,113,405
3,956
33,291
44,016
149,734
20,655
17,583
347
80
11,104
55,807
1,263
29,888
45,824		 Incoming
Resources
£
52,924
6,527
59,451
-
2,181
-
550
-
118
-
-
-
-
-
-
2,394		 Resources
Expended
£
(62,936)
(1,308)
(64,244)
-
(2,308)
-
(13,114)
(8,100)
(5,100)
-
-
-
-
-
(1,583)
(3,223)		 Investment
gains/(losses)
£
-
857
857
-
1,178
1,675
20,106
1,502
2,317
-
-
-
-
-
3,218
6,301		 Transfers
12,367
-
12,367
-
-
-
-
-
-
-
-
(11,104)
-
(1,263)
-
-		 Carried
Forward
£
1,064,185
57,651
1,121,836
3,956
34,343
45,691
157,276
14,057
14,918
347
80
-
55,807
-
31,524
51,296

24

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

Elaine Paintin Memorial Fund
IHR Events
Internships
Derek Keene
Justin Champion Fellowship
Royalties
ENDOWMENT FUNDS
IHR Endowment Funds
Anita McConnell
TOTAL FUNDS		 34,547
38,448
14,345
6,223
36,000
730
543,841
825,586
230,890
1,056,476
**2,713,722 **		 -
-
2,341
-
-
561
8,145
-
-
-
67,596		 (1,200)
(600)
(8,558)
(3,100)
(8,080)
-
(54,965)
-
(14,000)
(14,000)
**(133,209) **		 4,792
266
-
-
-
-
41,356
229,986
74,193
304,179
346,392		 -
-
-
-
-
-
(12,367)
-
-
-
-		 38,139
38,114
8,128
3,123
27,920
1,291
526,010
1,055,572
291,083
1,346,655
2,994,501

25

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Investments
Current Assets
Current Liabilities		 Unrestricted
Funds

£
1,025,360
219,426
(8,280)
1,235,506		 Restricted
Funds

£
400,384
98,407
-
499,791		 Endowment
Funds
£
1,509,505

2,031
-
1,511,536
 Total
2025
£
2,935,249
319,864
(8,280)
3,246,833

COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS

Investments
Current Assets
Current Liabilities		 Unrestricted
Funds

£
870,000
259,756
(7,920)
1,121,836		 Restricted
Funds

£
524,613
1,397
-
526,010		 Endowment
Funds
£
1,346,655

-
-
1,346,655
 Total
2024
£
2,741,268
261,153
(7,920)
2,994,501

15. RELATED PARTY TRANSACTIONS

There were no related party transactions for the year ended 31 July 2025 or the year ended 31 July 2024.

26

THE IHR TRUST (registered charity no. 1077592)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

16. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY

Unrestricted
Funds
2024
£
INCOME AND ENDOWMENTS FROM:
Donations and legacies
51,791
Investments
7,660
TOTAL
59,451
EXPENDITURE ON:
Raising Funds
3,640
Charitable activities
IHR Research Support
60,604
TOTAL EXPENDITURE
64,244
Net gains/(losses) on investments
857
NET MOVEMENT IN FUNDS
8,431
RECONCILIATION OF FUNDS
TOTAL FUNDS AT 1 AUG 2023
1,113,405
TOTAL FUNDS AT 31 JULY 2024
1,121,836		 Restricted
Funds
2024
£
8,145
-
8,145
-
54,965
54,965
41,356
(17,831)
543,841
526,010		 Endowment
Funds
2024
£
-
-
-
-
14,000
14,000
304,179
290,179
1,056,476
1,346,655		 Total
Funds
2024
£
59,936
7,660
67,596
3,640
129,569
133,209
346,392
280,779
2,713,722
2,994,501

27

The IHR Trust 2025 Accounts FINAL

Final Audit Report

2026-05-27

Created: 2026-05-26 By: Conor Wyer (conor.wyer@sas.ac.uk) Status: Signed Transaction ID: CBJCHBCAABAAP2R0U6ydwrgVJXTZujQ16k3GKS_d7QFh

"The IHR Trust 2025 Accounts FINAL" History

Document created by Conor Wyer (conor.wyer@sas.ac.uk)

2026-05-26 - 3:06:06 PM GMT

Document emailed to Matthew Hilton (m.hilton@qmul.ac.uk) for signature 2026-05-26 - 3:06:11 PM GMT

Email viewed by Matthew Hilton (m.hilton@qmul.ac.uk) 2026-05-27 - 8:34:55 AM GMT

Document e-signed by Matthew Hilton (m.hilton@qmul.ac.uk)

Signature Date: 2026-05-27 - 8:35:22 AM GMT - Time Source: server - Signature Appearance Selected: TYPE

Document emailed to Olivia Burrell (olivia.burrell@knoxcropper.com) for signature 2026-05-27 - 8:35:24 AM GMT

Email viewed by Olivia Burrell (olivia.burrell@knoxcropper.com) 2026-05-27 - 8:57:53 AM GMT

Signer Olivia Burrell (olivia.burrell@knoxcropper.com) entered name at signing as Knox Cropper 2026-05-27 - 8:59:27 AM GMT

Document e-signed by Knox Cropper (olivia.burrell@knoxcropper.com)

Signature Date: 2026-05-27 - 8:59:29 AM GMT - Time Source: server - Signature Appearance Selected: TYPE

Agreement completed.

2026-05-27 - 8:59:29 AM GMT