## **Charity Number 1059193**
## **The Ida Carroll Trust**
Annual Report and Unaudited Financial Statements
Year Ended 5 April 2024
## **The Ida Carroll Trust**
**Annual report and financial statements for the year ended 5 April 2024**
## **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 2024**
## **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
## **The Ida Carroll Trust**
**Trustees’ report for the year ended 5 April 2024**
The Trustees present their annual report and the un-audited financial statements for the year ended 5 April 2024.
## **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 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 good to be able to report considerable activity in the Trust’s funding of recordings, performances and to Institutions. For recordings we provided grants towards a further CD of music by Ronald Stevenson and towards CDs of music by Martin Ellerby, Piano Sonatas by Gordon Jacob, Arnold Cooke and Nicholas Marshall, and two further recordings by Retrospect Opera of operas by Stanford and Macfarren.
2
## **The Ida Carroll Trust**
**Trustees’ report for the year ended 5 April 2024**
## **Achievements and performance (continued)**
For performances the Trust provided grants to Kantos Chamber Choir, Cumbria Rural Choir, The Lindow Ensemble and The Northern Chamber Orchestra. Grants were also given to Lake District Summer Music, Buxton International Festival and the Manchester Midday Concert Society.
Funding to institutions included the Benedetti Foundation, our usual annual award to Manchester High School for Girls and to the RNCM (£10,000) towards the restoration of the organ as part of their 50th anniversary appeal. At the other end of the scale, we provided a grant of £250 to enable Woodley Primary School to purchase recorders (for which their existing funding was about to be withdrawn) – even very modest sums can be of considerable benefit.
The Trust provided, on its own initiative, funding for a commemorative bust at the RNCM of Sir John Manduell, its founding Principal. The work was undertaken by the sculptor Helen Reeves, and an unveiling ceremony was held at the college on 21st June 2024. We also provided for the funding of new works in memory of the composer Anthony Gilbert (the first professor of composition at the RNCM, who died in July 2023) and for a concert held on 13[th] April 2024 to celebrate his life and work.
We are pleased to welcome the appointment of John Eckersley as a trustee, who will be taking over the position of Treasurer from Andrew Mayes.
## **Financial Review**
Total income for the year amounted to £29,450 compared to £26,622 in 2023. Grants of £75,525 were made in the year (2023 - £35,343). Total expenditure amounted to £86,104 (2023 - £45,331). Net expenditure for the year before gains on investments amounted to £56,654 (2023 - Net expenditure £18,709). There were gains on the sale and revaluation of investments of £13,946 in the year compared to losses of £63,337 in 2023. At 5 April 2024 total funds amounted to £978,346 (2023 - £1,021,054). 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
Statement of responsibilities of the Trustees
for the year ended S April 2024
Statement of responslbllities of the Trustees
The Trustees are responsible for preparing the Annual report. Trustees, report and the financial statements in
accordance with applicable law and regulations.
Charity law requires the Trustees to prepare financial statements for each financlal year in accordance with United
Kingdom Generdlly Accepted Accounting Practice (United Kingdorn Accounting Standards and applicable law}.
Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a
true and fair view of the State of affairs of the charity and of the incoming resources and applicats'on of resources.
including the income and expenditure. of the charrty for thal period.
In preparing these financial ststements. the Trustees a qUired to:
select suitable accounting policies and then appty them consistently:
make judgements and accounting estimates that are reasonable and prudenL'
state whether applicable UK Accounting Standards have been followed. subject to any material departures
disdosed and explained in the financial statements:
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
charity will ntinUe in business.
The Trustees are responsible for keeping adequate accounting r8rdS that are sufficient to show and explain the
charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and
enable them to ensure that the financial ststements comply with the Charities Act 2011. They are also responsible
for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection
of fraud and other irregularities.
This report wss approved by the Trustees on
anuary 2025 and signed on beha of the Trustees
c.D. M
rJTum
stee
r (Chainnan)
Dr A Mayes (Treasurer)
Trustee
The Ida Carroll Trust
Report of the independent examiner
Year ended 5 April 2024
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 Trust for the year ended 5 April 2024 which are Set out
on pages 6 to 12.
This report is made solely to the charity's trustees. as a body. in accordance with Regulation 31 of the Charities (Accounts
and Reports) Regulations 2008. My work has been underlaken 50 that I might state to the charity's trustees those matters
l am required to state to them in an independent examinerfs report and for no other purpose. To the fullest extent permitted
by law. I do not accept or assume responsibility to anyone olher than the charity's Irustees as a body, for my work, for this
report, or for the statement I have made.
Responsibilltles and basls for report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements
of the Charities Act 2011 ('the Act").
I report In respect of my examination of Ihe charty's accounts carried out under section 145 of the Act and in carrylng out
my examination I hav8 followed all the applicable Directions given by the Charity Commission under section 145151(b) of
the Acl.
Independent examiner's statement
I have completed my examination. I confirm that no material 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 fespect of the charity as required by section 130 of the Act,. or
2. the accounts do not accord with those records.. or
3. the accounts do not comply wilh the accounting requirements concerning the form and content of the
accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement
that the accounts give a 'true and fair view, which is not a matter considered as part of an independent
examination.
I have no concerns and have come across no other matters in connection with the examination to which attention
should be drawn in Ihis report in order to enable a proper understanding of the accounts to be reached.
Signed-.
J.E. Atherden FCA
Alherden & Co.
PO Box 660
AltrinGham
WA14 3UZ
Date: Io January 2025
## **The Ida Carroll Trust**
## **Statement of financial activities**
**for the year ended 5 April 2024**
|||**Un-**|**Un-**|
|---|---|---|---|
|||**restricted**|**restricted**|
|||**2024**|**2023**|
||**Notes**|**£**|**£**|
|**Income from:**|**2**|||
|Charitable activities||1,413|3,488|
|Investments||28,037|23,134|
|**Total income**||29,450|26,622|
|**Expenditure on**:||||
|Raising funds|**3**|8,017|8,088|
|Charitable activities|**4**|78,087|37,243|
|**Total expenditure**||86,104|45,331|
|**Net expenditure before investment losses**||(56,654)|(18,709)|
|Net gains/(losses) on investments|**8**|13,946|(63,337)|
|**Net expenditure**||(42,708)|(82,046)|
|**Net movement in funds**||(42,708)|(82,046)|
|Funds brought forward||1,021,054|1,103,100|
|**Funds carried forward**||978,346|1,021,054|
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 April 2024
2024
2023
Notes
Flxed Assets
Investments
1.003.677
1.017,142
Current assets
Debtors & prepayments
Cash at bank and in hand
10
2,425
3,965
2,498
10.896
6,390
13.394
Creditors: amounts falling
due within one year
Creditors & accruals
31.721
9,482
Net current (liabilities)lassets
(25,331)
3,912
Net assets
978,346
1,021,054
Funds
Unrestricted funds
978,346
1,021,054
978,346
1,021,054
These financial statements were approved by the Trustees and authorised for issue on Io January 2025.
•G¢w ('. 75. I
rJTum
(Chairman)
Dr A Mayes (Treasurer)
Trustee
Charity Registration No. 1059193
The notes on pages 8 to 12 form part of these financial statements.
**Notes forming part of the financial statements for the year ended 5 April 2024**
## **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 2024** _**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 2024** _**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|||**2024**
**£**
1,163
250
1,413
28,037
29,450
**2024**
**£**
8,017
**2024**
**£**
6,040
13,500
11,200
-
44,300
485
2,562
78,087
**2024**
**Total**
**£**
562
2,000
2,562||**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|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
Support costs are allocated to charitable expenditure.
10
## **The Ida Carroll Trust**
**Notes forming part of the financial statements for the year ended 5 April 2024** _**Continued**_
## **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. Two trustees (2023 – None) were reimbursed for expenses incurred in connection with the charity amounting to £562.
|**8.**
**Net Gains/(losses) on Investments**
(Losses)/gains on disposal of investments
Year-end revaluation gains/(losses)|**2024**
**£**
(5,145)
19,091
13,946|**2023**
**£**
15,278
(78,615)
(63,337)
|
|---|---|---|
|**9.**
**Fixed Asset Investments**
Market Value at 6 April
Additions
Disposals
Revaluation gains/(losses)
Change in cash held
Market Value at 5 April 2024
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
Cash held for investment purposes
Historical cost at 5 April|**2024**
**£**
1,017,142
179,792
(163,011)
19,091
(49,337)
1,003,677
590,036
161,511
176,797
38,990
31,008
5,335
1,003,677
874,889
|**2023**
**£**
1,088,575
97,119
(124,801)
(78,615)
34,864
1,017,142
517,663
213,157
103,426
94,161
34,062
54,673
1,017,142
871,148
|
|---|---|---|
||||
The investment report for 31 March 2024 was used for these financial statements.
11
## **The Ida Carroll Trust**
## **Notes forming part of the financial statements**
**for the year ended 5 April 2024** _**Continued**_
|**10.**
**Debtors and prepayments**
Other debtors (falling due within one year)
**11.**
**Creditors: amounts falling due**
**within one year**
Accruals|**2024**
**£**
2,425
2,425
**2024**
**£**
31,721
31,721|**2023**
**£**
2,498
|
|---|---|---|
|||2,498
**2023**
**£**
9,482
|
|||9,482
|
## **12. Related Parties**
There were no disclosable related party transactions during the year or previous year.
12