**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:-
1. 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.
2. To support those organisations that specialise in education through music, including special needs schools.
3. The Trust will not be involved in the education of individual students nor will it provide grants to individual students.
4. 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.
1
## **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.
2
## **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
3
**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:
1. 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
3. 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
4
## **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|
5
## **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**
6
**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|
7
## **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.
8
## **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.
9
## **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|
10
## **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|
11