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