Charlty Registration No. 327665 Mayfield Valley Arts Trust Trustees, Report and Accounts For th8 year ended 5 April 2024
Mayfield Valley Arts Trust Information Trustees J R Thornton D Whelton S Derbyshire J Williams Charlty number 327665 Independent Examlnar S L Blad8n, Partner Hawsons Chartered Accountants 463a Glossop Road Sheffield S102QD Bankers HSBC Bank plc PO Box 50 17 Church Street Sheffield S1 1HH Sollcltors Oriel Law 107 Bell Street London NW16TL Investment advisors Investec Wealth & Investment Limited Beech House 61 Napier Street Sheffield S118HA
Mayfield Valley Arts Trust Trustees, Report and Accounts For the year ended 5 April 2024 Cont&nt8 Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the accounts 7-11
Mayfield Valley Arts Trust Trustees, Report For the year ended 5 April 2024 Th8 Trustees present their report and accounts for the year ended 5 April 2024. Objects of the charity The charity was established by a charitable trust deed in 1987. The objectives of the Trust are:_ To support those organisations which are committed to helplng young artists of recognised potential, by offering them a platformlaudience, which othemise they may have difficulty in achieving. To support those organisations that specialise in education through music, including special needs schools. The Trust will not b8 involved in the education of indivldual students nor will it provide grants to individual students. The Trust wlll not be involved in the provision of musical instruments for Individuals, schools or organisations. The policies adopted in furtherance of these objects are per current statutory requirements, Statement of Recommended Practice (SORP) - Accounting and Reporting by Charities and the trust deed. The trustees have the power to invest in such stocks, shares and investments as they see fit. The trustees have engaged Investec Wealth & Investment Limited as investment managers. The policy is to adopt a moderate risk investment strategy using high quality blu8 chip equitias together with government and corporate debt with an emphasis on income. Revlew of actlvlties The year ended 5 April 2024 was an active year for the charity where continued support was granted to the performance of music, particularly chamber music. Trustees The Trustees of the Trust who served during the period were,, J R Thornton D Whelton S Derbyshire J Williams It is the trust's policy to select trustees to enable it to have all round specialism so that it has all the required facets of trusteeship.
Mayfield Valley Arts Trust Trustees, Report For the year ended 5 April 2024 Flnancial Review The results for the year are set out in the Statement of Financial Activities on page 5. The financial statements comply with current statutory requirements. the governing documents and the 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 (FRS102). The accounts have been prepared under the accruals concept. The amount of Income spent on grants during the year was £119,875 (2023: £90,625). Th8 trustees desire is that these awards are funded from otherwise unrealised Capital gains in Trust investments from the prior financial year. The prlncipal funding source of income for the Trust is its investments. These are managed on a mix of discretionary and delegated authority to generate income to support the cost of running the charity and for expenditure in its grant making programme. The trustees have considered the factors which would impact future financial performance. They consider circumstances which negatively impact the performance of the investment portfolio as the most likely to affect the future financial performance of the trust. The trustees recognise their responsibility to where possible balance trust income with grant expenditure. Further, they are aware that post COVID- 19, global markets a still volatile and the mixed economic situation is impacting the trust's income. Developments will be k8Pt under regular review by the trustees in conjunction with the investment managers. The investment manager's report in writing at least tWiC8 a year on the performance of the endowment funds. Thus the trustees are able to assess at least on two occasions in each year how the charity is progressing in its grant making, in relation to its investments and In relation to the performance of its objects. The income of the Charity is modest and the Trustees. in accordance with good modern charity practlce and present charity law have established a policy to give priority to the most pressing needs in the field. In performance of its objectives for the year, grants were repeated or increased to support a core of charities working in the field. The charity plans to proceed with a similar pattern of grant making.
Mayfield Valley Arts Trust Trustees, Report For the year ended 5 April 2024 Res6rves policy As at 5 April 2024 the Trust has unrestricted reseNes of £2.033,442. St is the trustees, policy to maintain unrestricted reserves at this level. The total reserves represent the funds arising from donations and past operating results. The trust's policy is to have expenditure including the management and administration costs of the trust to be broadly in line with the amount of investment income received in the year. However in the immediate post Covid-19 environment the Trustees are keen to continue support for the beneficiaries. This may result in a short term period of expenditure exceeding income. Investment The charity's powers of investment are governed by the Trustee Act 2000. The Trustees take professional advice from their investment advisors on all investment matters. The Trust's policy is to maximise income for grant making whilst preserving the capilal value of its assets. Bearing in mind the turbulence in investment markets the Trustees believe this objective has been broadly fulfilled. The Trust's investments are dealt with partly on a delegated basis and performance is measured regularly against recognised benchmarks. Grants It is the trust's policy to support those organisations which are committed to helping young artists of recognised potential, by offering them a platformlaudience, which otherwise they would have difficulty in achieving. It is also the trust's policy to support those organisations who specialize in educational music, including Special Needs Schools. Rlsks As a matter of best practice, the Trust88s are conscious of the need to consider risk. The Trustees address and seek to mitigate the prlncipal areas of risk by engaging and relying upon professional investment managers (who carry indemnlty insurance). Publlc beneflt The board of trustees have complied with the duty within the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. Plans for Future Perlods The Trust plans to maintain its grant making programme. It believes that its objectives and its grant policies enable it to deliver its objects. It is clear from the liaison with the beneficiaries that at the local level the funds made available through the charity are crucial for the continuing work of the charities which the Trust supports. On behalf of the boa of Trustees J R Thornto Trustee
Mayfield Valley Arts Trust Independent Examiner's Report To the Trustees of Mayfield Valley Arts Trust report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024 which are set out on pages 5 to 11. Responsibllitles and basls of report As the charity's trustees 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 the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all th8 applicable Directions giv6n by the Charity Commission under section 145(5)(b) of the Act. Independent examlner'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 respect of the charity as required by section 130 of the Act; or the accounts do not accord with those records., or 3. the accounts do not comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement thal the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no Goncerns 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. (la aden FCA, Partner Hawsons Chartered Accountants 463a Glossop Road Sheffield S10 2QD gIL Ile(ernUd 3c&
Mayfield Valley Arts Trust Statement of Financial Activities For the year ended 5 Aprll 2024 Unrestrlcted Note 2024 2023 Income 121,222 101,944 Expendlture Charitable expendlture Grants payable Management and admlnistration 119,875 7,524 90,625 6,067 Total resources expended 127,399 96,692 Net Income Other recognlsed galns Realised Gain on investment assets Unrealised (Loss) on investment assets Investment management charges (6,177) 5,252 (38,734) (49,720) 14.261 5,546 (159,598) Net movement In funds (108,892) (164,271) General Fund 2,142,334 2,306,605 Fund balances at 5 Aprll 2024 2,033,442 2,142,334
Mayfield Valley Arts Trust Balance Sheet As at 5 April 2024 2024 2023 Notes Flxed assets Investments 1,950,508 2.048.369 Current assets Debtors Cash at bank and in hand 85,934 85,934 96,701 96,701 Credltors: amounts falllng due wlthln one year 10 3,000 2,736 Net current assets 82,934 93,965 Total assets less current Ilabilltles 2,033,442 2,142,334 Income funds Unrestricted funds 2,033,442 2 142,334 2,033,442 2,142.334 The accounts were approved and authorised for issue by the Trustees on Signed on behalf of the board of trustees •017 J R Thornton Trustae
Mayfield Valley Arts Trust Notes to the accounts For the year ended 5 April 2024 Accountlng pollcies 1.1 Basis of preparation The accounts are prepared under the historical cost convention modified to include the revaluation of certain fixed assets. The accounts have been prepared in accordance with Accounting and Reporting by Charitles: the Statement of Recommended Practice applicable to Charities preparing their accounts in accordanc8 with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). 1.2 Income resources Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except insofar as they are incapable of financial measurement. 1.3 Investments Fixed asset investments are stated at mid-market value ruling at th8 balance sheet date and are provided by Invest8c Wealth & Investment Limited. 1.4 Accumulated funds Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts. Investment Income 2024 2023 Income from listed investments Gross Interest received Gross Interest received on AHT Enterprise Fund 118,107 2,467 648 101,141 597 206 121,222 101,944
Mayfield Valley Arts Trust Notes to the accounts For the period ended 5 April 2024 Grants payable 2024 2023 Grants to institutions: Music in the Round Leeds Leider York Early Music Foundation Live Music Now Prussia Cove Young Musicians 30,000 10,000 34,875 25,000 15,000 5,000 30,000 10,000 14.875 22,500 13,250 119,875 90,625 Managemont and administratlon costs 2024 2023 Bank charges Administration expenses Accountancy 55 4.265 3.204 60 3,115 2,892 6,067 Total resources expended Total 2024 Total 2023 Charitable expenditure: Grants payable 119,875 90,625 Management and administration 7,524 6.067 127,399 96,692 Trustea8 None of the Trustees (or any persons connected with them} received any remuneration during the period.
Mayfield Valley Arts Trust Notes to the accounts For the period ended 5 April 2024 Employees There were no employees during the period. Flxed asset Investments Equities Market valu8 at 6 April 2023 Disposals at market value Acquisitions at cost Change in value in the period 2,048,369 (1,372,010) 1.323,869 49,720 Market value at 5 Aprll 2024 1,950,508 Historical cost: At 5 April 2024 2,163,861 At 5 April 2023 1,964,747 Debtors 2024 2023 Income tax reclaimable 10. Credltors 2024 2023 Accruals 3,000 2,736 11. Income Funds AHT Enterprise Fund Unrestricted Funds At 6 April 2023 Net movement in funds Transfer between funds 20.751 648 2,121,583 (109,540) At 5 April 2024 21,399 2,012,043 The AHT Enterprise Fund is a designated fund established to broaden the scope of the charity's work within the current policy guidelines and in particular to fund new initiatives.
Mayfield Valley Arts Trust Schedule of investments For the period ended 5 April 2024 Investments Book Value Market Value Gross Income British Government Bonds £190,000 UK Govt 5 % 7.3.25 190,787 190,410 4,750 Non Government Bonds £50,000 National Gas Trans PIC 7 % 50.461 50,377 3,500 Money Market Investmènts £500,000 Goldman Sachs Fds £500,000 JP Morgan Liquidity 500,035 500,035 1,000,070 500,000 500,000 1.000,000 10,460 10,675 21,135 Investment Company 46,240 Sequoia Economic l NPV 34,850 Twenty Four Income 48,727 36,977 85,704 37,662 36,488 74.150 3,179 3.645 6.824 Overseas Fixed Interest 5,025 Morgan Stanley IF EMG mkts 5,815 CT (Lux) I Sicav 2,600 Capital Intemal Fd 51,893 53,491 59,616 165,000 43,064 51,394 35,542 130,000 3,831 2,230 2,354 8,415 Property 30,000 Primary Hlth Prop Ord 26,000 Balanced Comm Prop 52,500 Target Healthcare NPV 29,707 29,987 54,185 113,879 27,083 20,579 41,764 89,426 2,458 1,310 2,969 6,737 Alternatlve Assets 39,800 Barclays Bank PIC 7.450/0 37,500 Hicl Infrastructu. Ord 33,750 INT Public Partner 17,600 The Renewables Inf Ord 45,000 Canadian Imp Bank 6.50/. 35,881 Hipgnosis Songs Fu Ord Npv 23,250 Valu-Trac Inv Fds 39.799 59,437 52,505 18,299 45,031 39,635 39,601 46,838 42,120 17,433 46,318 25,099 2,965 2,661 2,676 1,263 2.925 942 773 14,205 254.706 217,409 10
Mayfield Valley Arts Trust Schedule of investments For the period ended 5 April 2024 Investments Book Value Market Value Gross Income Equitles 15,000 BP Ord 2,300 Wood Group (John) Ord 500 8HP Group PIC Ord 1,020 Rio Tinto Ord 515 Brit Amer Tobacco Ord 1,075 Imperial Brands P1 220 Astrazeneca Ord USD 0.25 25,000 Vodafone Grp Ord 2,000 SSE PIC 3,205 National Grid Ord 7,775 HSBC Holdings PIC 5,244 Aviva Ord 11,000 Legal & General Gp Ord 3,543 STD Lrfe Aberdeen Ord 4,750 Schroders Non Vtg 2,250 Sage Group 70,000 Aberdeen Std Fd Mg European Equity 50,000 Blackrock FM Ltd 48,523 Aviva Investors UK US Equity Inc li 2 Inc Nav 80,000 Blackrock North Am 35,823 JP Morgan Ltd US Equity 1,745 Vanguard Funds PIC S&P 4,270 Link Asst Services Morant Wright Fuji Yld Strl 110,000 Schroder Unit Trust Asian Income Maximiser 66,500 Schroder Unit Tst Asian Incom8 L Inc 1,375 Anglo American 23,450 BNY Mellon 725 Relx PIC 34,600 Premier Miton Inv 16,575 BB Healthcare 20,000 Apax Global Alpha Ord Npv 58,085 J P Morgan Am UK Ltd 28,695 J P Morgan Gbl Emerg 3,010 Aberforth Smlr Cos Ord 35,790 Invesco European 1,656 14,980 2.996 320 3,294 1,189 1,578 158 1.927 1,354 1,205 2,678 1,668 2,160 517 1,022 147 2,176 3,376 2,049 4,800 1,003 765 840 3,105 1,278 1.154 1.207 414 3,134 1.032 2,268 1,150 1,234 389 294 52,541 19,721 41,105 11,997 18,541 50,942 17,148 27,000 25,727 12,970 4,920 38.514 28,707 70.371 59,720 27,503 28,980 303,106 198.736 Total 2,163,713 1.950,508 118,107