## **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.
3
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 f*r 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 T*as()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.
6
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.
8
## **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.
9
## **The Ida Carroll Trust**
## **Notes forming part of the financial statements**
**for the year ended 5 April 2023** _**Continued**_
## **2. Income (Unrestricted Funds)**
|**I**ncome
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.
12