Charity Number 1059193
The Ida Carroll Trust
Annual Report and Unaudited Financial Statements
Year Ended 5 April 2025
The Ida Carroll Trust
Annual report and financial statements for the year ended 5 April 2025
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 |
Annual report and financial statements for the year ended 5 April 2025
The Ida Carroll Trust
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 E Hindmarsh 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
CAF Bank Limited West Malling Kent ME19 4JQ
Investment advisors
Castlefield Investment Partners 111 Piccadilly Manchester M1 2HY
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Trustees’ report for the year ended 5 April 2025
The Ida Carroll Trust
The Trustees present their annual report and the un-audited financial statements for the year ended 5 April 2025.
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 Mr M Hancock Dr P Hick Mr P E Hindmarsh – appointed 14 June 2025 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.
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Trustees’ report for the year ended 5 April 2025
The Ida Carroll Trust
Achievements and performance
It is good to report the Trust’s continued financial support of a wide range musical activities, performances and initiatives.
For music education institutions, annual awards were provided to Junior RNCM, Manchester High School for Girls and a one-off grant to the Olympias Foundation. For music performance, annual grants have been provided to Lake District Summer Music Festival, Buxton Arts Festival and for concert series by Carlisle Music Society, Forsyths, University of Manchester Walter Carroll concerts and Manchester Midday Concert Society. Grants have also been provided for one-off concerts by Festive Winds and Kantos Chamber Choir. Grants have been provided for recordings of music by John McCabe, Wilfred Heaton, Daniel Kidane and Edward Gregson.
Among miscellaneous grants, funding has been provided towards the publication of a biography of Wilfred Heaton and of a fascinating selection of letters to and from composer John McCabe compiled and edited by his widow Monica McCabe.
More unusual, but of significant importance, The Trust also funded the purchase of Anthony Gilbert’s music manuscripts (to be held in the Bodleian Library, Oxford) and The Light Music Society’s appointment of an archival consultant. During the year the Trust arranged a memorial concert to celebrate the life and work of composer Anthony Gilbert.
The Trust also continues to receive royalties from the publication and performance of the music of Arnold Cooke, Ida Carroll and Walter Carroll.
Financial Review
Total income for the year amounted to £38,075 compared to £29,450 in 2024. Grants of £46,071 were made in the year (2024 - £75,525). Total expenditure amounted to £62,492 (2024 - £86,104). Net expenditure for the year before losses on investments amounted to £24,417 (2024 - Net expenditure £56,654). There were losses on the sale and revaluation of investments of £29,289 in the year compared to gains of £13,946 in 2024. At 5 April 2025 total funds amounted to £924,640 (2024 - £978,346). 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
Statement of responsibilities of the Trustees for the year ended 5 April 2025
Statement of responsibilities 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 financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom 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 application of resources, including the income and expenditure, of the charity for that period.
In preparing these financial statements, the Trustees are required to:
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e — select suitable accounting policies and then apply them consistently;
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e make judgements and accounting estimates that are reasonable and prudent;
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e state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records 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 statements comply with the Charities Act 2011. 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.
This report was approved by the Trustees on 3 February 2026 and signed on behalf of the Trustees
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Mr OO = Andrey CP Klayet
Chairman) Dr A Mayes (Treasurer)
Trustee Trustee
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The Ida Carroll Trust
Report of the independent examiner Year ended 5 April 2025
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE IDA CARROLL TRUST
| report to the trustees on my examination of the accounts of the Trust for the year ended 5 April 2025 which are set out on pages6 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 undertaken so that | might state to the charity's trustees those matters | am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, | 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 statement | have made.
Responsibilities and basis 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’).
"| report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
| have completed my examination. | 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with 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.
| 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 accounts to be reached.
Signed:
J.E. Atherden FCA Atherden & Co. PO Box 660 Altrincham WA14 3UZ
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Date: § February 2026
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The Ida Carroll Trust
Statement of financial activities
for the year ended 5 April 2025
| Un- | Un- | ||
|---|---|---|---|
| restricted | restricted | ||
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | 2 | ||
| Donations and legacies | 4,818 | 250 | |
| Charitable activities | 2,163 | 1,163 | |
| Investments | 31,094 |
28,037 |
|
| Total income | 38,075 |
29,450 |
|
| Expenditure on: | |||
| Raising funds | 3 | 7,706 | 8,017 |
| Charitable activities | 4 | 54,786 |
78,087 |
| Total expenditure | 62,492 |
86,104 |
|
| Net expenditure before investment (losses)/gains | (24,417) |
(56,654) |
|
| Net (losses)/gains on investments | 8 | (29,289) |
13,946 |
| Net expenditure | (53,706) |
(42,708) | |
| Net movement in funds | (53,706) | (42,708) | |
| Funds brought forward | 978,346 |
1,021,054 |
|
| Funds carried forward | 924,640 |
978,346 |
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 April 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Investments | 9 | 917,184 | 1,003,677 | ||
| Current assets | |||||
| Debtors & prepayments | 10 | 3,998 | 2,425 | ||
| Cash at bank and in hand | 7,425 | 3,965 | |||
| 11,423 | 6,390 | ||||
| Creditors: amounts falling | |||||
| due within one year | |||||
| Creditors & accruals | 11 | 3,967 | 31,721 | ||
| Net current assets/(liabilities) | 7,456 | (25,331) | |||
| Net assets | 924,640 | 978,346 | |||
| Funds | |||||
| Unrestricted funds | 924,640 | 978,346 | |||
| 924,640 | 978,346 | ||||
| These financial statements were approved by the | Trustees and authorised | for issue on 3 February | 2026. | ||
| \ nef (Chairman) |
DrA Mayes (Treasurer) | ||||
| Trustee | Trustee |
These financial statements were approved by the Trustees and authorised for issue on 3 February 2026.
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\ nef (Chairman)
Trustee
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Charity Registration No. 1059193
The notes on pages 8 to 12 form part of these financial statements.
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Notes forming part of the financial statements for the year ended 5 April 2025
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 2025 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 2025 Continued
2. Income (Unrestricted Funds)
| 2. Income (Unrestricted Funds) |
||||||
|---|---|---|---|---|---|---|
| Donations & legacies Donations Legacy Charitable activities Royalties Income from investments Dividend and interest received Total income 3. Expenditure on Raising Funds Investment management 4. Charitable expenditure Grants New Commissions Performances Recordings Institutions Other Memorial concert Support costs 5. Support costs Support costs include: Trustees’ expenses Governance costs – independent examiners fee Sundry expenses |
2025 £ - 4,818 4,818 2,163 31,094 38,075 2025 £ 7,706 2025 £ - 19,000 5,750 6,900 14,421 6,256 2,459 54,786 2025 Total £ 287 2,100 72 2,459 |
2024 £ 250 - 250 1,163 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 |
||||
Support costs are allocated to charitable expenditure.
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Notes forming part of the financial statements for the year ended 5 April 2025 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. Two trustees (2024 – two) were reimbursed for expenses incurred in connection with the charity amounting to £287 (2024 - £562).
8. Net (losses)/gains on Investments
| Net (losses)/gains on Investments Gains/(losses) on disposal of investments Year-end revaluation (losses)/gains |
2025 £ 15,340 (44,629) (29,289) |
2024 £ (5,145) 19,091 13,946 |
|---|---|---|
9. Fixed Asset Investments
| Fixed Asset Investments Market Value at 6 April Additions Disposals Revaluation gains/(losses) Change in cash held Market Value at 5 April 2025 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 |
2025 £ 1,003,677 227,058 (265,986) (44,629) (2,936) 917,184 514,454 157,927 177,582 34,348 30,474 2,399 917,184 850,981 |
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 |
|---|---|---|
The investment report for 31 March 2025 was used for these financial statements.
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The Ida Carroll Trust
Notes forming part of the financial statements
for the year ended 5 April 2025 Continued
| 10. Debtors and prepayments Other debtors (falling due within one year) 11. Creditors: amounts falling due within one year Accruals |
2025 £ 3,998 3,998 2025 £ 3,967 3,967 |
2024 £ 2,425 2,425 2024 £ 31,721 |
2024 £ 2,425 |
|
|---|---|---|---|---|
| 31,721 |
12. Related Parties
There were no disclosable related party transactions during the year or previous year.
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