2025-04-05-accounts - The Mayfield Valley Arts Trust

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Charity Registration No. 327665

Mayfield Valley Arts Trust

Trustees’ Report and Accounts For the year ended 5 April 2025

Mayfield Valley Arts Trust

Information

Trustees

J R Thornton D Whelton S Derbyshire J Williams

Charity number 327665

Independent Examiner

S L Bladen, Partner Hawsons Chartered Accountants 463a Glossop Road Sheffield S10 2QD

Bankers

HSBC Bank plc PO Box 50 17 Church Street Sheffield S1 1HH

Solicitors

Wrigleys Solicitors LLP 3 rd Floor, 3 Wellington Place Leeds LS1 4AP

Investment advisors

Investec Wealth & Investment Limited Beech House 61 Napier Street Sheffield S11 8HA

Mayfield Valley Arts Trust

Trustees’ Report and Accounts

For the year ended 5 April 2025

Contents
Trustees’ report	1 – 3
Independent examiner’s report	4
Statement of financial activities	5
Balance sheet	6
Notes to the accounts	7 – 11

Mayfield Valley Arts Trust

Trustees’ Report

For the year ended 5 April 2025

The Trustees present their report and accounts for the year ended 5 April 2025.

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 helping young artists of recognised potential, by offering them a platform/audience, which otherwise they may have difficulty in achieving.
To support those organisations that specialise in education through music, including special needs schools.
The Trust will not be involved in the education of individual students nor will it provide grants to individual students.
The Trust will 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 blue chip equities together with government and corporate debt with an emphasis on income.

Review of activities

The year ended 5 April 2025 was an active year for the charity, the Trustees continuing to pursue their strategy for deepening MVAT’s support for a select number of organisations that meet the charity’s priority areas of support including the performance of music, particularly chamber music and education through music, including children with special educational needs. Many of the beneficiary charities have long-standing funding relationships with MVAT stretching back over decades, which have enabled organisational growth alongside evolving their programmes of activity.

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 2025

Financial 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 £106,000 (2024: £119,875). The trustees desire is that these awards are funded from otherwise unrealised capital gains in Trust investments from the prior financial year.

The principal 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.

The investment manager’s report in writing at least twice 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 practice 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 2025

Reserves policy

As at 5 April 2025 the Trust has unrestricted reserves of £1,969,036. It 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.

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 capital 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 platform/audience, which otherwise they would have difficulty in achieving. It is also the trust’s policy to support those organisations who specialise in educational music, including Special Needs Schools.

Risks

As a matter of best practice, the Trustees are conscious of the need to consider risk. The Trustees address and seek to mitigate the principal areas of risk by engaging and relying upon professional investment managers (who carry indemnity insurance).

Public benefit

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 Periods

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 board of Trustees

J R Thornton Trustee 27th October 2025

Mayfield Valley Arts Trust

Independent Examiner’s Report

To the Trustees of Mayfield Valley Arts Trust

I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2025 which are set out on pages 5 to 11.

Responsibilities and basis 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

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 respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of 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 this report in order to enable a proper understanding of the accounts to be reached.

S L Bladen FCA, Partner Hawsons Chartered Accountants 463a Glossop Road Sheffield S10 2QD

27th October 2025

Mayfield Valley Arts Trust

Statement of Financial Activities

For the year ended 5 April 2025

Unrestricted

Note Income 2 Expenditure Charitable expenditure Grants payable 3 Management and administration 4 Total resources expended 5 Net income Other recognised gains Realised Gain on investment assets Unrealised (Loss) on investment assets 8 Investment management charges Net movement in funds General Fund Fund balances at 5 April 2025	2025 £ 109,806 106,000 7,857 113,857 (4,051) 49,120 (97,467) (12,008) (64,406) 2,033,442 1,969,036	2024 £ 121,222
		119,875 7,524
		127,399
		(6,177) (38,734) (49,720) (14,261)
		(108,892) 2,142,334
		2,033,442

Mayfield Valley Arts Trust

Balance Sheet

As at 5 April 2025

Notes Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Income funds Unrestricted funds 11	£ - 269,808 269,808 3,000	2025 £ 1,702,228 266,808 1,969,036 1,969,036 1,969,036	£ - 85,934 85,934 3,000	2024 £ 1,950,508 82,934
				2,033,442
				2,033,442
				2,033,442

The accounts were approved and authorised for issue by the Trustees on 27th October 2025.

Signed on behalf of the board of trustees

…………………………….

J R Thornton Trustee

Mayfield Valley Arts Trust

Notes to the accounts

For the year ended 5 April 2025

1 Accounting policies

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 Charities: 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).

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 the balance sheet date and are provided by Investec 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.

2. Investment income

Investment income
Income from listed investments Gross Interest received Gross Interest received on AHT Enterprise Fund	2025 £ 107,111 2,061 634 109,806	2024 £ 118,107 2,467 648
		121,222

Mayfield Valley Arts Trust

Notes to the accounts

For the period ended 5 April 2025

3. Grants payable Grants to institutions: Music in the Round Leeds Lieder York Early Music Foundation Live Music Now Prussia Cove Young Musicians 4. Management and administration costs Bank charges Administration expenses Accountancy 5. Total resources expended Charitable expenditure: Grants payable Management and administration	2025 £ 38,000 10,000 30,000 13,000 15,000 - 106,000 2025 £ 60 4,797 3,000 7,857 Total 2025 £ 106,000 7,857 113,857	2024 £ 30,000 10,000 34,875 25,000 15,000 5,000
		119,875
		2024 £ 55 4,265 3,204
		7,524
		Total 2024 £ 119,875 7,524
		127,399

6. Trustees

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 2025

7. Employees

There were no employees during the period.

8. Fixed asset investments

8. Fixed asset investments Market value at 6 April 2024 Disposals at market value Acquisitions at cost Change in value in the period Market value at 5 April 2025 Historical cost: At 5 April 2025 At 5 April 2024 9. Debtors Income tax reclaimable 10. Creditors Accruals 11. Income Funds At 6 April 2024 Net movement in funds Transfer between funds At 5 April 2025	2025 £ - 2025 £ 3,000 AHT Enterprise Fund £ 21,399 634 - 22,033	Equities £ 1,950,508 (1,322,088) 1,171,275 (97,467)
		1,702,228
		1,868,324
		2,163,861
		2024 £ -
		2024 £ 3,000
		Unrestricted Funds £ 2,012,043 (65,040) -
		1,947,003

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 2025 Investments British Government Bonds £190,000 UK Govt 5% 7.3.25 Non Government Bonds £49,000 Barclays Bank Plc 5.75% £50,000 National Gas Trans Plc 7 % £49,000 National Grid Ele 5.875% £49,000 HSBC Holdings Plc 5.75% Money Market Investments £500,000 Goldman Sachs Fds £500,000 JP Morgan Liquidity 9.007 Goldman Sachs Fds Stg Liq Res Inst Acc 14.016 JP Morgan Liquidity Lvnav UK Rfs Investment Company 94,400 Sequoia Economic I NPV 71,100 Twenty Four Income Overseas Fixed Interest 5,025 Morgan Stanley IF EMG mkts 5,815 CT (Lux) I Sicav 2,600 Capital Internal Fd Property 30,000 Primary Hlth Prop Ord 26,000 Balanced Comm Prop 52,500 Target Healthcare NPV Alternative Assets 39,800 Barclays Bank Plc 7.45% 37,500 33,750 Hicl Infrastructu. Ord INT Public Partner 43,400 The Renewables Inf Ord 45,000 Canadian Imp Bank 6.5% 49,200 Morgan Stanley 7.50% FTSE/EUROSTOXX	Book Value £ - 49,549 - 50,123 49,788 - - 145,010 142,367 436,837 86,870 75,255 162,125 51,893 53,639 59,616 165,148 - - 54,185 54,185 39,799 59,437 52,505 44,769 - 50,022 246,532	Market Value £ - 49,365 - 49,879 49,644 - - 146,042 143,458 438,388 70,186 77,286 147,472 42,964 52,173 34,788 129,925 - - 46,568 46,568 40,027 40,463 37,024 32,615 - 48,664 198,793	Gross Income £ 9,500 - 3,500 2,879 - 17,002 18,152 - -
			51,033 4,835 4,921
			9,756 3,965 2,198 2,648
			8,811 1,035 572 3,044
			4,651 2,965 3,094 2,784 2,278 2,925 -
			14,046

Mayfield Valley Arts Trust

Schedule of investments

For the period ended 5 April 2025

Investments Equities 23,000 Fidelity Invst Fds Spec Situations 1,250 JP Morgan ETFS UK Eqty Core Ucits 35,850 JO Hambro Cap Mgt 41,200 JP Morgan Euro Grow Ord 515 Brit Amer Tobacco Ord 1,075 Imperial Brands P1 1,200 JP Morgan ETFS US Rei Equity 19,350 North American Inc Ord 30,300 Jupiter UT Mngrs Jpn Inc 31,500 Schroder Unit Trust Asian Income 1,410 Guinness Am Fds Asn Eqty Inc 13,300 JP Morgan Gbl Gth & Ord 34,300 JP Morgan Fund Icvc Emg Mkts Inc 3,543 STD Life Aberdeen Ord 130,500 Schroder Real Est Ord 29,000 Gemcap Investment Ahfm Defined Returns 25,000 Vodafone Grp Ord 48,523 Aviva Investors UK US Equity Inc Ii 2 Inc Nav 31,500 Blackrock American Ord 1,375 Anglo American 34,600 Premier Miton Inv 36,100 Apax Global Alpha Ord Npv 21,467 Invesco European Eqty Total	Book Value £ 44,816 36,146 49,602 39,815 - - 53,085 59,876 50,206 24,924 25,036 74,429 25,101 - 64,960 34,951 - - 59,886 - 70,371 50,048 40,245 803,497 1,868,324	Market Value £ 44,137 35,199 45,780 42,333 - - 44,526 58,195 47,104 22,655 23,487 65,636 23,015 - 60,030 35,015 - - 58,275 - 57,436 39,457 38,802 741,082 1,702,228	Gross Income £ - 178 142 989 910 483 - 1,045 617 149 - 570 53 517 2,318 357 947 1,793 630 452 3,239 3,086 339
			18,814
			107,111