The Trustees present their annual report and financial statements for the year ended 31 January 2026.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the IHES Trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
IHES Trust UK was established to support the advancement of mathematical and physical sciences, principally through fundraising in the United Kingdom for the benefit of the Institut des Hautes Études Scientifiques (IHES), an internationally renowned research institute based near Paris.
The Trust aims to encourage philanthropic support for fundamental scientific research and to facilitate donations from individuals, foundations and other organisations wishing to support the work of IHES.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the IHES Trust should undertake.
The Trust's activities are intended to advance scientific knowledge and understanding through support for fundamental research in mathematics and theoretical physics.
The year ended 31 January 2026 was the Trust's first substantive year of operations. Activities were principally focused on establishing the administrative, financial and governance structures necessary to support its charitable objectives, alongside developing fundraising activities and relationships with prospective donors.
A major milestone was the official launch of IHES Trust UK in June 2025, held at the French Ambassador's Residence in London. The event brought together representatives of the scientific community, supporters and prospective donors, providing an opportunity to introduce the Trust and promote its mission of supporting fundamental research in mathematics and theoretical physics.
During the year ended 31 January 2026, the Trust received charitable donations totalling £197,489 and incurred expenditure of £11,608, resulting in net income of £185,881.
The Trust established arrangements for claiming Gift Aid on eligible donations, submitting its first claims to HMRC in September 2025.
No grants were made during the reporting year, and donations received were retained in the United Kingdom pending the establishment of appropriate grant-making arrangements.
At 31 January 2026, the Trust held total funds of £185,881. The Trustees considered options for the management and investment of these funds, with particular emphasis on capital preservation, liquidity and appropriate investment returns.
As a recently established charity, IHES Trust UK has not yet adopted a formal reserves policy. The Trustees intend to develop a policy reflecting the Trust's anticipated operating costs, grant-making commitments and longer-term financial objectives.
The IHES Trust is a registered charity (charity number 1209821) and a company limited by guarantee (company number 15806263).
The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Under the Articles of Association, trustees are appointed by the Member, the Institut des Hautes Études Scientifiques (IHES), acting through its authorised representative.
One new trustee, Mr E Ullmo, was appointed during the year, with effect from 7 November 2025.
IHES Trust UK is a charitable company limited by guarantee, with the Institut des Hautes Études Scientifiques (IHES) in France as its sole Member.
The charity is governed by a Board of Trustees, who are also its company directors. The Board includes a Chair and a Treasurer and is responsible for the management and administration of the Trust.
The Trust has no employees and relies on external professional services for its accounting, audit and other specialist requirements.
The Trustees' report was approved by the Board of Trustees.
I report to the Trustees on my examination of the financial statements of IHES Trust UK (the IHES Trust) for the year ended 31 January 2026.
Having satisfied myself that the financial statements of the IHES Trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the IHES Trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
accounting records were not kept in respect of the IHES Trust as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
IHES Trust UK is a private company limited by guarantee incorporated in England and Wales. The registered office is 398 Woodstock Road, Wolvercote, Oxford, OX2 8JW.
The financial statements have been prepared in accordance with the IHES Trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The IHES Trust is a Public Benefit Entity as defined by FRS 102.
The IHES Trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the IHES Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the IHES Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the IHES Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the IHES Trust’s contractual obligations expire or are discharged or cancelled.
In the application of the IHES Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the IHES Trust during the year.
No trustee expenses were reimbursed.
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because income is exempt under part 11 of the Corporation Tax Act 2010 to the extent applied for charitable purposes.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
During the year the Trust received donations of £2,501 (2025: None) from Trustees and related parties of the Trust.