Charity Number 1059193
The Ida Carroll Trust
Annual Report and Unaudited Financial Statements
Year Ended 5 April 2023
The Ida Carroll Trust
Annual report and financial statements for the year ended 5 April 2023
Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2-3 |
| Statement of the responsibilities of the Trustees | 4 |
| Independent Examiner’s report to the Trustees | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8-12 |
The Ida Carroll Trust
Annual report and financial statements for the year ended 5 April 2023
Legal and administrative information
Contact Address
The Ida Carroll Trust 40 Parsonage Road Stockport SK4 4JR
Trustees
Mr J B Turner (Chairman) Dr A Mayes (Treasurer) Mr J S Eckersley Mr M Hancock Dr P Hick Mr P Lawson Mr J Phillips CBE Dr R O Vasey
Independent Examiner
J.E. Atherden FCA Atherden & CO. PO Box 660 Altrincham WA14 3UZ
Bankers
TSB Bank PO Box 373 Leeds LS14 9GQ
Investment advisors
Castlefield Investment Partners 111 Piccadilly Manchester M1 2HY
1
Trustees’ report for the year ended 5 April 2023
The Ida Carroll Trust
The Trustees present their annual report and the un-audited financial statements for the year ended 5 April 2023.
Legal Status, objectives, governance and management
The Trust is a Registered Charity (1059193).
The Trust is governed by the will of the late Ida Carroll, dated 30 June 1988, as amended by codicil dated 17 January 1994 and proven by grant of probate on 27 December 1995. The trust was opened on 13 May 1996 with a balance of £10. The trust was registered with the Charity Commission on 13 November 1996.
Its objects are to pay or apply both the capital and income in promoting the education of the public in the study, practice, knowledge and appreciation of music in such manner as the trustees in their absolute discretion think fit. Applications for funding towards musical projects and activities centred in, or with specific links to, the Northwest of England generally, and the Manchester environs in particular are, as a result of Ida Carroll’s work in this region, usually accorded favourable consideration.
Since 2017, the Charity has been collecting royalties relating to the Music of Arnold Clarke. In that year, Julia Earnshaw, Arnold Cooke’s niece, approached the Ida Carroll Trust and requested that they take on the administration of the Cooke royalties, as she considered that through its wider contacts it was in a more advantageous position to do so. These royalty payments are, in practice, used solely to issue grants or pay various expenses relating to the music of Arnold Cooke. However, there is no legal requirement to do this.
The trustees make grants at their discretion that are in accordance with the objects of the charity as set out above. Examples are noted within achievements and performance.
The trustees have had due regard to the Charity Commission guidance on public benefit.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Mr J B Turner (Chairman) Dr A Mayes (Treasurer) Mr J S Eckersley – appointed 26 February 2024 Mr M Hancock Dr P Hick Mr P Lawson Mr J Phillips CBE – appointed on 22 April 2022 Dr R O Vasey
The election of new trustees is based on their independence, knowledge and experience and they are appointed by the serving trustees. Such knowledge and experience largely obviates the need for formal policies or procedures for induction, but assistance, if required, is provided by the Chairman and serving trustees.
The availability of trustees to attend formal meetings is limited. To enable efficient discussion of and a prompt response to grant applications, the Trust Chairman circulates details by email (or occasionally by post) to the trustees who respond accordingly. Decisions on awarding grants are thus made through consultation, and in the rare circumstances that there is not unanimity, the majority view is respected and acted upon.
Achievements and performance
It is a clear indication of a return to a more normal post-Covid climate that the Trust provided a larger sum for live performances than for recordings over the financial year under review, during which our income was less than expenditure.
2
Trustees’ report for the year ended 5 April 2023
The Ida Carroll Trust
Achievements and performance (continued)
Of particular importance was our support for the Buxton International Festival, but also for the 2022/23 season of the Tameside Concert Society and the Carlisle Music Society. Such organisations are finding it increasingly difficult to secure funding in these more economically challenging times. In line with our particular commitment to musical education, in addition to our usual annual award to Manchester High School for Girls, we have also provided funding for the ‘Future Talent Musicians’ (founded by the Duchess of Kent and Nicholas Robinson), and the Benedetti Foundation (founded by former Young Musician of the Year Nicola Benedetti). We also supported the Royal Northern College of Music’s ‘Engage’ appeal during the fiftieth anniversary of their establishment.
The funding of recordings has included grants for CDs of chamber music by, Edward Gregson, Arnold Cooke string quartets, piano music by Robin Walker and Ronald Stevenson, harpsichord music by Ronald Stevenson and John McCabe, and George Macfarren’s chamber opera The Soldier’s Legacy – the latest project by Retrospect Opera.
Musical activity encouragingly continues to increase, and applications for funding received over recent months would indicate that it may be necessary, as has sometimes been the case previously, to transfer funds from capital investments to ensure our current account retains a positive balance.
The trustees are always keen to widen our collective knowledge and expertise and to that end were pleased to welcome John Philips CBE and John Eckersley as trustees.
Financial Review
Total income for the year amounted to £26,622 compared to £28,505 in 2022. Grants of £35,343 were made in the year (2022 - £34,488). Total expenditure amounted to £45,331 (2022 - £46,371). Net expenditure for the year before losses on investments amounted to £18,709 (2022 - Net expenditure £17,866). There were losses on the sale and revaluation of investments of £63,337 in the year compared to losses of £1,783 in 2022. At 5 April 2023 total funds amounted to £1,021,054 (2022 - £1,103,100). All funds are unrestricted.
Reserves Policy
The Trustees’ policy is to distribute the investment income arising in the fund, after allowing for operating expenses. It is the Trustees’ policy to retain the capital of the investments and hold 2-3 months investment income in addition. The Trustees have the power to distribute the investments but the investments are primarily held to generate income to fund the objects of the charity in the future.
Investment Policy
The Trustees have the power to make investments as they think fit. The Trustees have placed the majority of investments in the hands of professional fund managers, who manage them on a discretionary basis. Regular meetings are held with the fund manager to discuss the most appropriate structure of the portfolio so as to achieve the Trustees’ objectives. In general these objectives are to endeavour to maintain the capital in real terms whilst generating the best income commensurate with that. Any funds not placed with the Fund Managers are placed in interest-bearing deposit accounts. Performance is monitored in quarterly reports.
Risk Management
The Trustees review regularly the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to them.
Going Concern
The Trustees have performed a going concern assessment and do not consider that there are any material uncertainties about the charity’s ability to continue to operate.
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The Ida Carroll Trust Statemeni of respDnsibilities of Ihe Twstees for the year ended S Aprll 2023 Slaternent ol resF)onsibilitfjes ol Ihé Trustees The Trustees ar& resWnSib preparing the Anrsual report. Trustees. report a1 the financial slatemeni$ 1 a¢¢ordan¢e wifft awlicable law and fegulalions. Charity law requires the Tnjsiefjs to PT8paie financBI skiements tor ea¢h financi year in accordance wlh United Kingdom Generally Accepted Acccrtjnting Prae IUtKted TrQnglorn A(xountiTrg Slandards and applicable la¥vl. Uncler charity law the Ttust8es must not approve the finan stalements unless they are Satisfied that they give a true and fr wew of the state of attairs of the charrty and of Ihe i011 resources and applIcaOn of rèsouic88, including the i1Orne expenditLFre, ol the charity forlhal per. In pr8paring these fInatal statements. thè Twstees are fequir&S io.. $d8Ct sUrtab a¢countyw) tM)It$ and then appty them cortsislently." makè judgements arKI COUntr.j estimates ihai è Tas()nablè and pnhyent; state whether applicab18 UK Accounting StaTrJarts have been fouowd, subj'ect to any rnaterial departurgs disclos8d and explained in the finanual slatements". prepare the financial stalefflents on the )irj rxJrern basis vnless il is inappropriate to presume Ihai the charity will conrinug in business. The Trusiees are responsible for keepirwJ aitequale aoUnting records that are sufficient to show and explain the charity"s Iransacbons and dck)Se wlh reasonab ac¢uya¢y ai any time the financiat wsition of the ¢harily and 8nabl6 them to ènsure that the financial slalements ¢x)nwly wilh th8 Charibes Act 201 t They are a0 responsible or safeguarding the assets of the chartty a4d hence for tan9 reasonable slep5 lor the prevenlion and detectK)n ol traud and oth81 Irregularit. This rewrt was aFproved by the Trusiees on Apn.124 and sKJned on behalf ol the Tnjstees &J k4AW&S
The Ida Carroll Trust Report of the independent examlner Year ended 5 April 2023 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE IDA CARROLL TRUST I report to the trustees on my examination of the accounts of the TnJst for the year ended 5 April 2023 which are Sel out on pages 6 to 12. This report is m8de solely to the charity's tnjstees, as a bcmly. in accordaft with RUl2b"On 31 of the CharitS (Accounts and Reports) Regulatsons 20Q8. My work has been undertaken so that I might stale lo the charity's trustees those matters l am required lo slate lo them in an Independent examinerfs report and for no other purpose. To the fvllest exlenl permilled by law, I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for my work. for this report, or for the ststement I have made. Responsibilities and basis for report As the trustees of the charity you are responsible ft)r the preparab'on of the accounts in accordance with the requirements of the Charitses A¢1 2011 1"Ihe ACYI I report in respect of my examination of the charrty's accounts carried out under section 145 of the Act and in carrying out my examination I have fr>llowed all the applicable DirectK)ns given by the Charity Commission under section 1451Sllbl of the Act. Independent examinerfs $taternent I have completed my examination. I confirm Ihal no matenal matters have come to my attention in connection with the examination giving me cause lo believe that in any Material resFect aecounling records were not kept in respect of the charty as required by section 130 of the Acti or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounbng requirements o)nceming the fomi and content of the accounts set out in the Charities (Accounts and RekKJrtsl Regulations 2008 other than any requirement that the accounts give a 'true and fair view. whh is not a mattef considered as part of an independent examination. I have no concerns and have come across no other matters in connethon wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be Teached Signed.. J.E. Alherden FCA Atherden & Go. PO Box 660 Altrincham WA14 3UZ Date: 17th April 2024
The Ida Carroll Trust
Statement of financial activities
for the year ended 5 April 2023
| Un- | Un- | ||
|---|---|---|---|
| restricted | restricted | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | 2 | ||
| Charitable activities | 3,488 | 3,060 | |
| Investments | 23,134 |
25,445 |
|
| Total income | 26,622 |
28,505 |
|
| Expenditure on: | |||
| Raising funds | 3 | 8,088 | 9,074 |
| Charitable activities | 4 | 37,243 |
37,297 |
| Total expenditure | 45,331 |
46,371 |
|
| Net expenditure before investment losses | (18,709) |
(17,866) |
|
| Net losses on investments | 8 | (63,337) |
(1,783) |
| Net expenditure | (82,046) |
(19,649) | |
| Net movement in funds | (82,046) | (19,649) | |
| Funds brought forward | 1,103,100 |
1,122,749 |
|
| Funds carried forward | 1,021,054 |
1,103,100 |
All activities derive from continuing operations. All recognised gains and losses are included in the statement of financial activities.
The notes on pages 8 to 12 form part of these financial statements.
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The Ida Carroll Trust Balance sheet as at 5 ApTII 2023 2023 21)22 No¢08 FIx8d Assèts Inv9slmènts 1.017,142 1.088.575 Current assets Debtors & prepayments Cash at bank and In hand 10 2.498 10,898 3.452 15.009 13,394 18,461 Creditors.. arnount$ talllno due within onè year Creditors & accrual8 9,482 3.936 Ng1 curront as$8ts 3,912 14.525 Net assets 1,021,054 1,103,100 Funds Unrestrscted funds 1,021,054 1,103,100 1.021,054 1,103,100 Th8$8 financial slat8m8nls were approvod by the Trustees ancl aulhori5ed lor issue on15w)ri12024. r (Chairman) Dr A Maygs ITreasurerl Truste8 Trustee Chaiity Registration No. 1059193 The notes on pages 8 to 12 form part ol these fin8ncial statements.
Notes forming part of the financial statements for the year ended 5 April 2023
The Ida Carroll Trust
1. Accounting policies
The Ida Carroll Trust is an unincorporated charity constituted by a governing document dated 27 December 1995.
Accounting convention
The financial statements of the charity, which is a public benefit entity under FRS 102, are prepared under the historical cost convention and in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities SORP (FRS 102)” effective January 2019, applicable UK Accounting Standards and the Charities Act 2011.
The financial statements of the charity have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.
The financial statements are prepared in GBP, being the functional currency, and are rounded to the nearest pound.
Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value. Fixed asset investments are measured at market value.
Going Concern
The financial statements have been prepared on a going concern basis as the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.
Fund Accounting
The charity’s funds are unrestricted and are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity.
Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised in the statement of financial activities when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be met.
Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation.
Legacy gifts are recognised on a case by case basis following the grant of probate when the executor of the estate has communicated in writing the amount of the legacy, that there are sufficient assets in the estate to pay the legacy and that any conditions attached to the legacy are within the control of the charity or have been met.
Investment income is included when receivable.
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The Ida Carroll Trust
Notes forming part of the financial statements for the year ended 5 April 2023 Continued
1. Accounting policies (continued)
Direct Charitable Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured or estimated reliably. All expenditure is accounted for on an accruals basis.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them including governance costs.
Grants payable are payments to third parties in the furtherance of the charitable objectives of the trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without conditions, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the charity.
Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Fixed asset investments
Fixed asset investments are stated at market value.
Judgements in applying accounting policies and key sources of estimation uncertainty
In preparing the Financial Statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
There are not considered to be any key areas of judgement in these financial statements.
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The Ida Carroll Trust
Notes forming part of the financial statements
for the year ended 5 April 2023 Continued
2. Income (Unrestricted Funds)
| Income Royalties Donations Income from investments Dividend and interest received Total income 3. Expenditure on Raising Funds Investment management 4. Charitable expenditure Grants New Commissions Performances Recordings Publications Institutions Other Support costs 5. Support costs Support costs include: Trustees’ expenses Governance costs – independent examiners fee |
2023 £ 1,375 2,113 3,488 23,134 26,622 2023 £ 8,088 2023 £ - 16,293 11,220 - 7,750 80 1,900 37,243 2023 Total £ - 1,900 1,900 |
2022 £ 1,664 1,396 3,060 25,445 28,505 2022 £ 9,074 2022 £ 2,000 8,250 9,025 3,000 11,971 242 2,809 37,297 2022 Total £ 1,009 1,800 2,809 |
|||
|---|---|---|---|---|---|
Support costs are allocated to charitable expenditure.
10
Notes forming part of the financial statements for the year ended 5 April 2023 Continued
The Ida Carroll Trust
6. Employees
There were no employees during the current or previous year.
7. Trustees Remuneration
No Trustees, or person related or connected by business to them, have received any remuneration from the Charity during the year or previous year. No trustees (2022 – 3) were reimbursed for expenses incurred in connection with the charity.
| 8. Net (Losses)/Gains on Investments Gains on disposal of investments Year-end revaluation (losses) 9. Fixed Asset Investments Market Value at 6 April Additions Disposals Revaluation (losses)/gains Change in cash held Analysis of investments at market value: UK equities & equity funds Global equities & equity funds (Inc UK) Fixed interest & fixed interest funds Other assets Property Funds Global equities & equity funds (exc UK) Cash held for investment purposes Historical cost at 5 April |
2023 £ 15,278 (78,615) (63,337) 2023 £ 1,088,575 97,119 (124,801) (78,615) 34,864 1,017,142 517,663 168,119 103,426 94,161 34,062 45,038 54,673 1,017,142 871,148 |
2022 £ 17,325 (19,108) (1,783) 2022 £ 1,114,438 75,173 (96,167) (19,108) 14,239 1,088,575 625,356 140,797 113,108 99,906 48,573 41,026 19,809 1,088,575 853,048 |
|---|---|---|
The investment report for 31 March 2023 was used for these financial statements.
11
The Ida Carroll Trust
Notes forming part of the financial statements
for the year ended 5 April 2023 Continued
| 10. Debtors and prepayments Other debtors (falling due within one year) 11. Creditors: amounts falling due within one year Accruals |
2023 £ 2,498 2,498 2023 £ 9,482 9,482 |
2022 £ 3,452 |
|---|---|---|
| 3,452 2022 £ 3,936 |
||
| 3,936 |
12. Related Parties
There were no disclosable related party transactions during the year or previous year.
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