OoGuSign Envelop8 ID. 40A()481414709-6A7l-Z8&AD2P2LTrTo6 Company Registration No.. 06226749 (England and Wales) Registered Charity No- 1119372 UK MUSIC MASTERS LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021
Docusign knvelope10'. 4QAD&&46-84414705-fJA77-28EA02F2DTO UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees The trustees are also the statutory directors of the company for the purposes of company18w. The trustees who served during the period were.. Simon Freakley - Chairman V S H Robey OBE- Founder Director A Carrington J Nickson P Keller T Hull P Thomas E Vaizey S Buntin9 J Joseph M Kofokasumu - Treasurer S Berryman (appointed 23.10.2020) G Kanneh (appointed 22.03.2021) S Mason (appointed 22.03.2021) Key management Roz De Vile -chief Executive Officer Anne Flemin9 -Finance Director Will H8rriss -Development Director Dafydd Evans- Senior Le8rning Mana9er Charity number 1119372 Company number 06226749 Re9lStered off ice 125 Kennington Road London SE116SF Auditor Azets Audit Services Greytown House 221-227 High Street Orpington Kent, BR6 ONZ Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME1
Docusign Envelop810.' 40A04t>444l47o9-BA77-28EAL?22Iof> UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 AUGUST 2021 As we emerge from this challenging pandemic period, it is with pride and admiration that I reflect back on UK Music Masters Ltd (Music Masters.) year. Despite a difficult f inancial scenario and an uncert8in landscape in which to deliver our work, the team has never been stronger and more committed to its mission to give children, regardless of background or start in life. better chances through access to an outstanding music education. In September 2020, alongside a change of leadership 8s Roz De Vile stepped up as CEO, we unveiled our rebrand and name chan9e to UK Music Masters Ltd. Dropping'London' from our name refle¢ts our ambition to increase our impact across the UK. drawing from our experience and learnings over 13 years of workin9 Wlth schools in underserved London Communities to reach many more thousands of children who deserve the chance tothrive through an ex¢ellent music education. Our five London partner schools remain a crucial and central part of our work. Despite 8 period of school closure due to the impact of Covid-19, aeros$ 2020-21 we continued to teach 1.000 children each week. ensuring consistency of learnin9 for our young musicians. While restrictions prevented us f rom delivering all planned creative and performance opportunities we found new and innovative ways to host performances and bring musical inspiration to our classrooms. supported by our Ambassadors and Creative Partners. We also took the opportunity to learn from and promote the voices of our young musicians whenever we could, reflected in this quote f rom 18-ye8r old Music Masters 9raduate Emily in a discussion with peers around their own ambassadorial credentials: 'As an Ambassador now, I want to ensure th8t my professional career has a focus on reaching Out through outreach pro9rammes as Music Masters gave to me. because havin9 that experience f irst-hand has really made me want to give back and do the same., At a lime when musicians, livelihoods were being decimated by the impact of Covid-19. we took the decision to fully fund places for the second year of our PGCEI course in Group Instrument Learnin9 and switch to an online appr08ch. By removing the financial and geo9raphicAI barriers to accessing our course. we have been able to attract the most talented, committed teaching musicians workin9 across the UK. individuals cap8ble of helping us drive a transformation of national music teaching standards. All 22 student teachers not only passed with flying colours, but brought richness to our COLtrse through their own diverse experiences of teaching in communities around the UK. Last year. we supported 60 music sector or9anis8tions to participate in our diversity and inclusion audit tool I'M IN the Inclusive Music Index. Organisations represented the breadth of the music seetor, including orchestras, choirs, Music Education Hubs, record labels. venues, festivals, charities, publishers, schools, artist management agencies and more, serving a combined audience of over 1 million people across the UK ond beyond.
Uocusign Envek>pÈ Iu.. 40ADEE4644414709-8A77-211ÈADZF2D706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 AUGUST 2021 (continued) Over the past 12 months we have witnessed more elearly than 8ver before the power music has to comfort, connect and support. In unprecedented ¢ircumstances, Music Masters has further enhanced its well-established reputation for expertlS8 in delivering excellent, impactful and inclusive music education, provision of opportunity for youn9 people and its commitment to driving systemic Change. In this time, I have never appreciated more the support of our committed and resourceful teachers. loyal donors, creative and energetic office team, school leadership teams and our excellent Board of Trustees. Finally, my sincere thanks 90 to Victoria Robey OBE. whose extraordinary vision we feel we are now beginning to realise. DÈcy5*Opéby'. D3$22310A&F7 6 Simon Frea Chairman UK Music Masters Ltd.
Uocusigri Envelo ID. 4DADE4644147o&SAI/.28EAD2F2D706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The trustees, who are also the directors for the purposes of company law, present their report and the audited financial statements for the year ended 31 August 2021. The trustees have adopted the provisions of the Statement of Recommended Practice ISORP) "Accounting and Reportin9 by Charities" (FRS 1021 in preparing the annual report and financial statements of the charity. The f inancial statements have been prepared in accordan¢e with the ac¢ountin9 policies set out in notes to the accounts and comply with the eharity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to ¢harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2017 as amended by Bulletin 1. Objectives and activities Our objectives To advance education for the public benefit through the promotion, support and encouragement of the art of music in all its forms and in particular the promotion. encoura9ement and appreciation of the violin. Secondly to promote any other charitable object for the public benef it. In planning the activities of the charity, the trustees have given due regard to the Charity Commission's guidance on public benefit and, in particular, the specific guidance for fee charging charities. As mentioned above, the trustees believe that the activities of the charity in the year conf irm its ability to provide current and on-90in9 benef il to the public. Our activities Our work is focussed on lon9-term interventions that create systemic change. Throu9h 811 that we do, we aim to transform children's initial musical sparks into flames which burn brightly throu9hout their lives, wherever they go, and whatever they do. We do this through: Schools Programme Placin9 ourselves at the heart of state primary schools in underserved communities to deliver inspiring instrumental and musicianship te8chin9. whilst listening to and learning from the children, their families and school staff with whom we work to understand the important and multi-faceted role that music can play to improve lives. This is through our Schools Programme and, within it. our work with our Ambassadors and Creative Partners. Teacher Training Delivering and championing exceptional music teaching that reaches. inspires and motivates children from any and every background. This is through our teacher training focus which runs through our S¢hools Programme and our PGCEI in Group Instrument Learning. Diversity and Inclusion Challenging and supporting the music sector to understand and address areas for improvement in becoming more diverse and inclusive, enabling talented, diverse young musicians- just like those with whom we work every day- to pursue a future with music in their lives. Inclusion is a driver for all our work, but we support sector organisations through resources such as our Inclusive Music Index audit tool. I'M IN. Music Masters S¢hools Programme We believe that music belon9S to everyone in Society and that excellent music making should be at the heart of our local communities. Since 2008, our Schools ProgrAmme has brought musicianship, violin and cello teaching of the hi9hest quality into inner-London primary schools situated in areas
Oocusign knvelope ID.. 4oAu&&484414Io9-6A77-21sEAL)2F2D7UtY UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 (continued) of fin8nci81 deprivation. We work Closely with schools and families to understand the challenges faced within their communities and in education settings. Currenlly catering for hundreds of children across five schools, we work with every child in the school during their first three years at primary school, providing each one with their own instrument and up to three lessons a week in small groups and ensembles. As the children grow, our programme grows and changes with them in response to their potential. Over the years we have supported numerous children to gain music scholarships to music-focussed state and private secondary schools, and through our Pathways programme, which provides additional tuition ond opportunities to ambitious, promising children from backgrounds underrepresented in classical musi¢ created a route through which a professional career in the sector can be pursued. We know that an excellent music education requires more than great music lessons, and we work with our young people, teachers. sthools, creative partners and ambassadors to desi9n and deliver wide r8nge of creative workshop, ensemble and performance events and opportunities across art forms, genres and approaches. We actively commission new musical works from diverse ¢omposers to breathe new life into the learner repertoire. and are proud to have a strong collective of musical ambassadors whose partnership and support of our work shone particularly brightly in 2020-21. We remain committed to supporting emerging artists to become better musicians through providing opportunities to develop their artistry and reach new audiences through our school communities. and are delighted that these emerging artists now include some of our own 9raduates as they make their way into higher education to study music at eonservatoire level. Teacher Training Over the past 13 years, 8 hallmark of Music Masters, Schools Pro9ramme has been its high stand8rd of teachin9, driven by our stron9 focus on teacher training and leadership development for the teachers with whom we work. But bèyond our own Schools Programme we know that a Confidence crisis exists within music teaching on a national scale due to a lack of training Opportunities for music teachers, and the low value p18ced both on the music teaching profession and on music as a subje¢t in schools. This has resulted in a severe patchiness of provision across the UK, with so many children missing out on the chance to experience lif6-enhancing musical opportunity. In response to this issue. in 2019 we 18unched our PGCEI (international PGCE) course in Group Instrument Learning, through which we seek to f ind and train the most committed, promising and ambitious teaching musicians across the UK those who can make i real difference to the music education landscape. This course runs in partnership with Birmin9ham City University and is the first postgraduate-level qualification in the UK designed for musicians teaching groups. which is the most ¢ommonly-seen approach to instrumental teaching in state primary s¢hools. Diversity & Inclusion As part of our mission to keep children's musical flames alight, we address barriers to access and opportunity that could dampen these musical flames. Barriers to music are present in so many forms including (but not limited to) racial biases, physical disability and lack of financial means. Inclusion is at the heart of Music Masters, work, guiding all that we are and do. and as such we work hard with our teachers, partners and schools to ensure that our programmes are as accessible, relevant and inspiring as possible. We want youn9 musician5 from all backgrounds such as those our charity works with every day - to inherit a stronger, more cre8tive musical future, and for those who wish to pursue a career in music the opportunity to enter a sector th8t genuinely welcomes and nurtures diverse talent. I'M IN our Inclusive Music Index was created to support this and launched in trial form in July 2020, with significant progress this year, as you'll read in the Strategic Report section below.
DecuSl9n knvelope ID.. 40ADk&46.1544147DS_BA77.28EA02F2D706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 (continued) Objectives for FY 2020-21 The main objectives of the ch8rity are summarised in our Strategic Plan: 'Excellence for Everyone, (2018-2022}, and ¢ascade from the following aims: 1. Establishing our network of Partner Schools as the leading example of excellent. sustainable, integrated music education for state maintained primary schools 2. Creating the UK'S f irst national teacher training programme for 9roup instrumental tuition in primary schools 3. Building a cohort of leading artists as both advocates for music education and mentors for student musicians 4. Advocating for practical, systemi¢ ¢hange within the industry for Diversity & Inclusion and for music education S. Establishing new, long-term, predictable income streams for Music Masters We remain as committed as ever to a¢hievin9 our aims. In li9hi of the Covid-19 pandemic, we have carefully reviewed our strategy and in some instances. our short-term objectives have changed, 8S have the ways in which we achieve our strategic aims. To ensure we remained alert and agile to the ongoin9 imp8Ct of the pandemic, our f ull administrative team met every six weeks throughout 2020- 21 to review and refine objectives, using a coachin9 approach to gently challenge. support and motivate colle89ues to Consider the ongoing relevance of objectives and how realistic they were. This undoubtedly resulted in hi9her levels of motivation and 8ccomplishment. Strategic Report Achievements and Performance Partner Schools (strategic aim 1) September 2020 be9an successfully with è return to on-site delivery in all five of our schools, thanks to the support of our Partner Schools to ensure that teaching could be delivered safely and effectively. Over the year, despite the ongoing impact of Covid-19 on schools. closures and restrictions. our teachers delivered lessons to 1.000 children aeross our partner schools through a regular weekly schedule, switchin9 to our online music school (developed in early 20201 durin9 the period of school closure in spring 2021. and working to 8 hybrid approach of online and in-$chool for key worker children and when bubbles of ¢hildren were at home self-isolating. However, restrictions in schools did not allow us to run orchestras during the year as this would involve mixing bubbles, and we look forward to a return to orchestral and ensemble playing in 2021-22. In light of Covid-19 restrictions, we continued to adapt the delivery of creative projects in 2020- 2021. We launched a new Meet the Artists series in partnership with YCAT (the Young Classical Artists Trust), bringing excellent musicians into our classrooms through Zoom, inspirin9 our stijdents and challenging our artists on how to deliver in this way. We involved all 220 Year 4 students in clas5room-based and instrumental lesson workshops as part of a project with composer and Musi¢ Masters Ambassadors Daniel Kidane. irb partnership with the British Film Institute, resulting in a co-created musical work set to animated film, entitled At On¢e We Train, which was premiered during our Christmas 2020 Bi9 Give online campaign event, A Chrislmas Journey. While opportunities to perform to an audience were limited, we were delighted to bring our students and schools together to record our Winter and Summer concerts, with around 750 partiCiP8nts
L)ocuSign Envelo ID". 4OAUEE4t>-84414709-BA77-28EAD2F2UIOb UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 (Continued) garnering nearly 4,000 online views in tot81. In January, lockdown came into place and we resvmed our live-streamed musical series Friday Live! {ori9inally18un¢hed in 2019-20} as a series of creative online workshops run exclusively for our students and families via Zoom, led by our teaching team. And when schools re-opened in spring after lockdown, we reverted to live delivery to run Creative Composition Workshops for all 220 Year 3 students across our schools. These curriculum-inspired workshops encouraged our students to get creative with music, both on and off their instruments. and provide a bit of musical magic to the school environment. In 2021-22. five talented instrumentalists joined our Pathways programme and together with the rest of the Pathways ¢ohort from across our schools - joined Randall Goosby. our resident Robey Artist (in partnership with the Young Classical Artists Trust) for a brand-new online initiative called Randall Goosby's Studio Class, a 5-month long series of group and individual lessons. This culminated in a fantastic studio recital at Wigmore Hall in May, in which all Pathways students performed on stage, live-streamed to a remote audience of parents and families. The Schools Programme teaching team's training and development in 2020-21 fo¢ussed in on three core areas= Inclusive practices via Youth Voice, developing Diverse Repertoire in the classroom and Parent Engagement. September 2020 kicked off with teacher training in Youth Voice where teachers were able to workshop techniques to listen to and collaborate with their students, ideas, puttin9 these directly into practice with the planning of Winter Concerts. Teachers also developed parent engagement strategies in response to restrictions on parent attendan¢e at lessons, honing effective communications with parents through emails, video tutorials and zoom meetings in face of these challenges. We ran practical sessions on diversifying teachin9 repertoire and looking at the impa¢t of Class and inequality in musie education. resulting in signif icant steps forward. As a full administrative and teaching team we researched and compiled an online journal resource of black Composers. and our KS2 Musicianship programme piloted an Iranian music project called the Phoenix of Persia, developed in collaboration with City University for Year 4 and Year 6 children and their class teachers. In addition, two of our string teachers collaborated with Klezmer specialist Ilana Cravitz from January to develop new strin9 repertoire for Year S and Year 6 children. The teaching team also benefitted through observations from ESTA (European String Teachers Association) teaching mentor Helen Dromey. National Teacher Training Programme (strategic aim 2) 2020-21 marked the second year of rLtnning our PGCEI course in partnership with Birmingham City University. When the pandemic started, we took the decision to fully fund course places for 2020- 21 to ensure no barriers to access, particularly at a very challen9in9 time tor many music professionals, livelihoods. From a shortlist of 40, we recruited a cohort of 22 teaching musicians clearly dedicated to making a difference. from right across the UK including Scotland. Manchester and Liverpool, in partnership with the Royal Liverpool Philharmonic's community music programme, In Harmony Liverpool. Having trialled an online approach to delivery for our first cohort. we took the decision to plan for a fully-online year, with in-person observation and mentoring opportunities where possible. Despite some early concern around how an online-only approach would impact on course outcomes, we started and ended the year with all 22 sludents. Students from this year's cohort have recently taken up °Musician in Residen¢e' and leadership roles in Gloucestershire and Scotland, respectively. Across the year, lectures were delivered by Music Masters tutors on topics including Behaviour Management, Motivation, Planning, Creativity and Language, and respected Birmin9ham City
Docusign &nvelope 10.. 40ADkÈ46.IM41470Y.t3A77.211EAD2F2D706 UK MUSIC MASTERS LTD. {A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 (continued) University tutors Anthony Anderson, Louise Khalid and Gary Spruce on topics including Musical Learning and Knowledge, Progression Development and Curriculum, and Teaching Standards. Guest lecturers included Anna Bull and Helen Dromey on Class and Music Education. and Eleanor Ryan and MahAliah Edwards on Race and Music Education and Diversifying Repertoire, respectively. Steven Berryman (Director of Arts, Culture and Community for the Odyssey Trust for Education) and Emily Crowhurst (Head of 4-18 Music and Performing Arts, School 211 delivered lectures on Curriculum, including an oxploration of the new Model Music Curriculum, and Julie Johnson hosted sessions on Safeguarding and Wellbeing. Practical sessions were delivered by guest organisations includin9 Drake Music, Colourstrings U K, Awards for Young Musicians and Benedetti Foundation, and the cohort enjoyed an online twilight Q&A with our Teacher Training Ambassador. Nicola Benedetti. We also created an Advisory Group for the course from experts across the UK, including for the first time ever our own Champions (9raduatesl who have extremely credible experience of how teachin9 can impact young people's musical journeys. Across our 2019-20 and 2020-21 cohorts, the estimated number of young people rea¢hed through our student teachers is 1,800. Testimonials In December, the course received a highly positive appraisal from Birmingham City University. includin9 the following quotations: "Enga9ing and stimulating online sessions f8cilitated by enthusiastic tutors. Clear expectations set from the programme and reinforced by tutors in relation to engagement, contribution and professionalism. Tutors modelled good practice for online teaching with a range of resources and activities used for teaching and the checking of learning through effective questioning techniques, breakout room discussion, group feedback and mentimeter....As a whole all students commented extremely positively on their experience so far, which included induction and teaching sessions with one student statin9 that they've never received a better online learnin9 experience than what they've experienced to date with Music Masters. The students really enjoyed the online teaching sessions, whi¢h they felt were inter8Ctive and really supported their own practice throu9h modellin9 Below are reflections from our 2020-21 student teacher evaluation- '(The PGCEI) has made me realise that whilst l am teaching the violin, l am actually teaching the much wider subject of music. I don't think I realised the role I played within that before and was overly focussed on just learning how to play the instrument. 'Through this ¢ourse I've had the opportunity to deeply examine my valves as a teacher, gain inspiration f rom other experienced teachers, as well as a better overview of the UK music education sector. The course also hugely impacted my approach to planning and assessment of my students., 'It's been wonderfully refreshin9 to come together as a cohort and share ideas during a time where we might have otherwise felt isolated while teaching online. I feel I have been able to deliver more creative experiences for my learners in online lessons as a result of my learnin9, research and observations. Our students have faced many ¢hallenges and diff iculties this year. I feel that the
Docusign Envelope ID". 40ADE4S-844147O9.BAl7.28EAO2F207o6 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 lcontinued) course has helped me sensitively address and adapt to the needs of my learners while working online, but also upon resuming face to fa¢e lessons. Artists as Advocates and Mentors (strate9ic aim 3) This year saw us work closely with many of our artists and ambassadors. both within our Schools Programme and PGCEI as already described, but also through a dedicated focus on the power of artists as advocates and change-makers. This wa5 principally expressed through a livestream fundraising event in March entitled Ambassadors for Change. In this event we heard our ambassadors discussin9 the important role that music c8n play both in the lives of youn9 people and more widely, and featured exclusive performances from our ambassadors including Harlem Quartet, Benjamin Grosvenor and Hyeyoon Park, Sheku and Isata Kanneh-mason, Nicola Benedetti and an arrangement 8nd performance of Donald Grant's Bha la eile ann (There was a different day) by Tom Poster and Elena Urioste with fellow Music Masters ambassadors and students frorn our Schools Programme. Ambassadors for Change 98ve Music Masters its hi9hest-ever number of web visitors in a single month since the website launched. with 15,000 unique page views on the event P89e, and an increase in views across other pages of the website as new visitors explored the charity's work. The event was also hu9ely imp8Ctful on our social media platforms. resultin9 in a large number of new followers. More people viewed our tweets in March than in January, April and May combined. Benjamin Grosvenor was interviewed on Times Radio about Ambassadors for Change. which was 81so featured on The Times website. Advocating for Change (strategi¢ aim 41 In autumn 2020, with sponsorship from AlixPartners and support from Included, we launched a trial version of our Inclusive Music Index, 'I'M IN,, a unique diversity and inclusion audit tool for the music sector. Over 2020-21, we worked with over 60 organisations within the sector, including orchestras, music hubs, and schools, publishers, festivals. charities, professional bodies and higher education providers. including some of the UK'S most well-known classical music or9anisations, impacting on a combined audien¢e of more than 1 million people. This proves the tool's wide appeal in helping create positive change for the f uture. In an evaluation Completed by 35 participating organisations, immediate outputs and outcomes recorded included increased understanding of/confidence discussing D&1 (which presented consistently as a serious barrier to D&1 progres51, whole-team unconscious bias training. changes to recruitment processes, and commitments to diversify 9overnar)ce and audiences. Of the evaluation respondents, 75% felt that I'M IN had raised new, previously undiscussed issues in relation to D&1. Furthermore, many organisations felt that I'M IN had uniquely created a safe, unpressured opportunity to come together for challenging but energising discussions as a wide, organisationally representative group. I'M IN is just one way we support the music sector throu9h our passion for inclusion. In our drive to make change, we remain committed to challenging, conne¢ting and motivating our industry peers in all that we do, in¢luding throu9h the powerful voi¢es of our students. graduates and Ambassadors. More than ever before, 2020-21 showed us how essenti81 the voices of our own participants were in advocating for chan9e. This is apparent in a video in which a group of
Docuslgn nvelOpe ID." 40A4&I4l4[o9-8A7T-28EA02FZD7ufj UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 (continued) Champions (our S¢hools Programme graduates) came together to talk about the power of music, and their own self-assigned ambassadorial responsibilities. You can view this film, The Importance of Ambassadors - Music Masters Champions in Discussion. and other5 illustratin9 our work on our You Tube channel https.'/lwww.youtube.com/clmusicmastersl Our Senior and Teaching team spoke on panels and symposia, and supported a range of organisations includin9 exam boards. music education hubs and music services around the UK to Consider new approaches to Issues around music education and diversity and inclusion. Music Masters also appeared in the media several times across the year to advocate for this vital work, ineludin9 interviews with Music Masters staff te8¢hers Rachel Cooper and Rosanne Jacobs on BBC Radio 3 and BBC Radio London respectively to give tips to parents and carers about helping children learn music at home, and CEO Roz De Vile appearing on BBC Radio 3's In Tune programme with Sean Rafferty on how music could support youn9 people post-pandemic, a response which was also featured in articles in Music Teacher Magazine and The Strad. In Av9USt, the latter publication Iso featured Roz's response to the threats to A-Level Music take-up. Establishing New, Long-term Income Streams (strategic aim S} Aside f rom the financial challenges faced due to the pandemic. this is an aim that is continually under review 8nd we continue to seek ways to diversify our fundraised income as well as developing sustainable income streams f rom our charitable activity through contributions from our partner schools and parents. We are always mindful when ¢onsidering these income streams not to create financial barriers to participation from the under represented ¢ommunities we seek to serve. From the outset of the pandemic, we pivoted to delivering our fundraising activity mostly through online channels. We delivered an online Christmas event in December 2020,. a fundraiser 'Ambassadors for Change, in February 2021, and followed this with an online summer campaign 'Pathways: Empowering Potential,. This activity has enabled us to connect with new supporters across the country, and test new ways of engaging with new donors. Alongside this. we are grateful for the continued support of existing supporters, whose faith in our vision for the future and our potential to bring about change in music education, is inspiring to us. Financial Review The results for the year are set out on page 20 of these f inancial statements. The deficit for the year was £11,34512020: £96,273 surplus). as set out in the finan¢ial statements. This is comprised of a surplus of £6.721 arising from unrestricted funding and a deficit of £18.060 from restricted fundin9 (2020.. surplus of £15,769 related to activity f unded by restricted ineomel. The balance of restricted funds held, £11,842, will be utilised in the year to 31 August 2022. Total income was £1.078,729 (2020: £1.165,137) and total expenditure was £1,090.07412020: £1,068.864). Ongoing COVID-19 restrictions during the year had an impact on both fundraising activity and charitable activity particularly with respect to our Schools Pro9ramme where ensemble and other group work was not possible as these would have involved mixing of year 9roup bubbles. However, the majority of our planned activities did take plaee in person when possible and online when restrictions did not permit in person activity. No staff were furlou9hed during the pandemic. io
Decusign knv81ope10.' 40ADEE4ti-B4414709-BA77.28EAD2F207D6 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 (continued) Reserves Music Masters, reserves policy is as follows: The policy of the trustees IS to maintain a level of reserves that will provide a stable base f rom which to fund the charity's future activity whilst ensuring that excessive funds are not accumulated. Specifically, the trustees have set a target range for general reserves of £230.000 to £250,00012020.' £230,000-£250,000), which the trustees estimate is sufficient to meet the charity's legal commitments should it be required to shut down due to lack of available funds. The r8nge is also reviewed in the context of the following year's running costs. General reserves at 31 Au9USt 2021 totalled.. £245.560 (2020: £380,551). Having considered the financial stability of the or9anisation, the trustees Consider the level of reserves to be adequate. Desi9n8ted Funds The trustees reco9nise that the effectiveness of the Schools Pro9ramme is heavily reliant on uninterrupted music tuition and therefore view it to be prudent to maintain a designated fund the Learning Continuity Fund - to mitigate any f luctuations in funding. At 31 August 2021 the balance of this f und was £119,05012020 £136,919) and it is expected that this f und will be spent in its entirety in the year to 31 Au9USt 2022. The trustees resolved to create a new designated fund - the Fixed Asset Fund - which represents the value of reserves invested in both tan9ible and intangible fixed assets and programme related investments (musical instruments}. These assets are required for the use of the Charity and its beneficiaries and these reserves are therefore not 8vailable for other purposes. At 31, August 2021 the balance of this fund was £183,38312020- nil). which is made up of a transfer of funds of £159,581 and a gain on revaluation of £23,802. Funds held as Custodian Trustee on behalf of others There are no such funds held (2020.. nil). Permanent endowment invested on a total return basis There 8re no such investments12020: nil). Plans for Future Periods In the fourth and final year of its strategi¢ plan 'Excellence for Everyone, Music Masters intends to continue to make progress against the aims outlined on page 6. 2021-22 also involves a period of piloling, marketing research and an impact analysis of our pro9rammes, before bringing together stakeholders and beneficiaries from across our organisation to build our new strategy. Our objectives for the year include.. Building our PGCEI course with a greater emphasis on coaching and leadership skills, and opening up to a cohort of teachers of any instrument taught in a primary school context around the UK. Both of these developments are designed to ensure teachers from across UK communities can access the course, and have the leadership skills and drive to transform standards of music education. Creating partnerships with UK-wide organisations to widen our impact and use our expertise to support where we are most needed. includin9 With the Royal Welsh College of Music. li
L)OGu5ign Envtrbpe ID. 40ADtrE4b-84414709.LIA71.211ÈAD2F2D70(5 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 (continued) Growin9 our graduate network through developing our CPD and support offer. Piloting in-course placements through new school and music hub / service partnerships around the UK to increase on-the-ground learning for our student te8chers and understand the impact of the course on placement hosts (schools / hubs / services) and on PGCEI student pathways to impact on many more children around the UK. Strengthening and growing our schools programme throu9h an increased focus on Youth Voice, building and fosterin9 closer relationships with parents and carers f urther to work on this during the pandemic, and bringing together our senior leadership teams in Partner Schools to create an advocacy alliance to persuade and inspire schools across the UK to value music. Working closely with our ambassadors, including 8 new Robey Artist, Jordan Bak through our creative partnership with the Y04Jng Classical Artist Trust. Commissioning ten diverse composers as part of Many Voic8s.- Engemble -8 collection of new music for learner and professional groups, to be co-created with children within our partner schools. in partnership with NMC Recordin9S. Launching our Inclusive Music Index diversity & inclusion tool I'M IN in its full form, including in a free and paid-for version to support and challen9e music organisations to drive systemic ch8nge. STRUCTURE. GOVERNANCE AND MANAGEMENT Structure UK Music Masters Ltd 15 a company limited by guarantee not having a share capital which is governed by its Memorandum and Articles of Association. It is a reglstered ¢ompany number 6226749 and is also a registered charity in England and Wales. number 1119372. The charity was incorporated on 25 April 2007 as The London International Violin Competition. The Members resolved by special resolution dated 15 January 2008 to change the name of the charity to London Music Masters and this was effected on 21 January 2008. The Memorandum and Arti¢les of Association were f urther amended by special resolution on 21 May 2012, prim8rily in order to bring them up-to-date with current legislation and to raise the maximum number of trustees. The Members resolved by special resolution dated 13 August 2020 to chan9e the name of the eharity to UK Music Masters Ltd and this took effect from 1 September 2020. Governance The work of the organisation is overseen by the trustees who meet at regular intervals to provide strategic direction and to monitor and review the work of UK Music Masters. Potential trustees are considered by the Chairman and proposed to the other trustees before being elected by a simple majority of all the directors entitled to attend and vote at any meeting of the trustees. New trustees are given an induction by way of a on8-to-one meeting with the Chief Executive and members of the senior leadership team accompanied by a pack of information. including the most recent set of accounts. trustee meeting notes. development committee notes and other relevant supplementary documents describing the charity's recent activities. 12
Docusign envelopE ID.. 40AoeE46.84414709-eA77.28EAD2P2L1106 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2021 l¢ontinued) Fundraising Music Masters generates income from fundraising to support its work. It broadly focuses on three areas: Individu81 giving.. this includes giving schemes that comply with Gift Aid regulations as set out by HMRC. Trusts and Foundations.. Music Masters makes a range of applications to trusts and foundations in the UK and abroad. for both core lunrestrictedl and project {restricted) fundin9. Corporate sponsorship: Music Masters engages with a number of corporate partners, whose funding supports a range of initiatives across the organisation. The Trustees review f undraising activity at each Board meeting. Music Masters is registered with the Fundraising Re9ul8tor, and is bound by the Code of Fundraisin9 Practice. The Code sets out the key principles of behaviour expected of all charitable fundraising or98nisations in the UK. More information about the re9ul8tor. and their role in monitoring fundraising standards, Can be found on their website: www.fundraisin9regulator.org.uk. The charity did nol receive any fundraising Complaints in the year. Fundraising complaints should. in the first instance, be directed to the Chief Executive of Music Masters, Roz De Vile, either by letter (Music Masters, 125 Kennin9ton Road. London SE116SF) or by em8il (¢ontact@musiemasters.or9.ukl. All complaints will be acknowledged within five working days, with a full reply within 21 days. If this does not resolve the issue, then the Complaint can be escalated to the Fundr8ising Regulator for further action. Music Masters is committed to ensuring that ils f undroising activities protect the public, includin9 any vulnerable people it works with, from unreasonably intrusive fundraising approaches. It will never apply undue pressure to donate. Where an individual has requested not to receive fundraisin9 communications, this will be honoured, in line with the spirit of all relevant data protection legislation. Music Masters will also Comply with any requests from the Fundraising Preference Servi¢e for the removal of data subjects from its database. Management The day-to-day management of the charity is delegated to the Chief Executive Off icer who is supported by senior leaders on the staff team. The trustees are responsible for making Strategic decisions relating to the scope and aims of the charity's work. They are also responsible for agreeing the annual budget, which is then overseen by the Chief Executive Officer with quarterly mana9ement accounts being presented to the Trustees. Any material overspends must be authorised by the trustees. The eharityalso has a Development Committee, which does not have delegated governance powers but meets in an advisory cap8Clty to discuss and refine the ¢harity's fundraisin9 Strategy and progress. In 2018/19 an Advisory Council was established with the aim of further strengthening the charity's network and providin9 additional perspectives to the management team. Additionally in 2019120 a 13
Oocusign &nvelope ID." 40A4(1-B44I-47o9-[1AlT-2EAo22u7Ot> UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 l¢ontinued) PGCEI specific Advisory Group and a Wales Advisory Group were established to support the management team with further developing these areas of our work. Pay policy for senior staff Senior staff in the year comprised the Chief Executive Off icer. Development Director, Finance Director and Senior Learning Manager. The pay of senior staff is reviewed annually and normally increased in a¢¢ordance with inflation and average earnings for the sector. No trustee received remuneration in the year. Details of trustees, expenses and related party transactions are disclosed in note 16 to the accounts. Risk Management The trustees recognise their responsibility for the mana9ement of the risks faced by the charity. A risk register is updated quarterly and where there are material changes to perceived risks. reports are presented to the board and discussed in order to ensure that the trustees are made aware of any major risks the charity fa¢es and review the adequacy of controls. Together with the executive the trsjstees consider risk in the following areas.. finance, human resource, reputation, legal, Safeguarding. disaster planning and strategically significant projects. Trustees provide a critical challenge to the Chief Executive Officer on all these areas of risk, advising on mitigation strategies as appropriate. The signif i¢ant new risk to the charity is the on90in9 impact of Covid-19 which will continue to affect income (the short term effects on individual and institutional 9iving are still being understood, but we anticipate a challen9ing f undraising landscape} and operations (our work is mainly based in schools and public venues all of which remain at risk of short term closure in the event of further restrictions). Fundraising and operational plans have been reviewed and adapted where possible. The senior leadership team is extremely alert to this risk and is working closely with trustees to mitigate the effects. In addition, we m8inlain our awareness of pre-existing and emerging risks by maintaining a regular schedule of review for our risk registers at executive and trustee level. Going Concern The trustees recognise their responsibilities for assessing the charity's ability to continue as a going concern and have reviewed budgets, future plans, contingency plans for providing seNices to beneficiaries online in the event of Covid-19 restrictions imp8Cting planned delivery and taken into consideration confirmed f uture funding. Contingency plans have also been drawn up in the event of lower than expected income. The trustees have concluded that the charity is a goin9 con¢ern and there are no material uncertainties relating to its 90ing coneern status. 14
Docusign ¥nvtrlop8 ID.. 40AOEE4e-84414ru9-BA77-28EA02F20706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also directors of UK Music Masters Ltd forthe purposes of company lawl are responsible for preparing the Trustees, Annual Report {including the Strategic Report) and the *inancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kin9dom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the ¢haritable company and of the surplus or deficil of the Charity for that period. In preparing those financial statements. the trustees are required to: select suitable a¢¢ountin9 policies and then apply them consistenily. observe the methods and principles in the Charities SORP,. make judgments and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accountin9 records, which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the f inan¢ial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of f raud and irregularities. Statement as to Disclosure of Information to Auditors So far as the trustees are aware, there is no relevant 8udit information of which the charitable company's auditors are unaware, and each trustee has taken all the steps that he or she ought to have taken as a trustee to make himself or herself aware of any relevant audit information and to establish that the eharity's auditors are aware of that information. y order of the trustees DowSl9fiedby' 03ts223eDAEF746E Simon Freakley Chairman Date 9 December 2021 15
Docusign knv8lop8 ID. 40AOEE4t>84414709.BA77.2¥kAt)2F2D706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 Opinion We have audited the financial statements of UK Music Masters Ltd (the 'ch8ritable company'l for the year ended 31 Au9USt 2021 which comprise the Statement of Financial A¢tivities, the Balance Sheet, the Cash Flow Statement and noted to the accounts. includin9 significant accounting policies. The f inancial reporting f ramework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard appli¢able in the UK and Republic of Ireland (United Kingdom Generally Ae¢epted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state ol the charitable company's affairs as at 31 August 2021 and of its incoming resources and application of resources, for the year then ended. have been properly prep8red in a¢cordance with United Kingdom Generally Accepted Accountin9 Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. B8sis for opinion We Conducted our audit in accordance with International Standards on Auditing (UK) {ISAs {U Kl) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the f inaneial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the U K, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the 8udit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatin9 to 90ing Concern In 8uditin9 the f inan¢ial statements, we have concluded that the trustees. use of the going concern basis of accountin9 in the preparation of the f inancial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast Si9nificÈnt doubt on the charitable comp8ny's ability to continue as a going concern for a period of at least twelve months f rorn when the f inancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to 90ing concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the f inancial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statement5 does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance ¢onclusion thereon. Our responsibility is to read the other information and. in doing $0, consider whether the other information is materially inconsistent with the f inancial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. 16
Docusign EnvelOPP ID.. 40AOEE4b.84414rug.tIA71.2BeADZP2D706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (continued) We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report. which includes the direclors, report prepared for the purposes of company18w, for the financial year for which the f inancial statements are prepared is consistent with the financi81 statements. and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on whi¢h we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors. report included within the trustees, report. We have nothin9 to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- adequate 8ccounting records have not been kept, or returns adequate for our audit have not been received f rom branches not visited by us. or the f inancial statements are not in agreement with the accounting records and returns. or certain disclosures ol trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to prepare the financi81 statements in a¢¢ordance with the small companies regime and take adv8nta9e of the small companies, exemptions in preparing the trustees, report 8nd from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true ond fair view, and for such internal control as the trustees determine is necessary to enable the preparation of f inan¢ial statements that are free from material misstatement, whether due to f raud or error. In preparing the financial statements. the trustees are responsible for assessing the Charitable company's ability to ¢ontinue as a 90in9 concern, disclosing, as applicable. matters related to going concern and using the 90in9 concern basis of accountin9 unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free f rom material misst8tement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise f rom f raud or error and are considered 17
UoGuSun Envep& ID.. 4QADE4.e4414Io9.BA7T.28Au22705 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 (continued) material if, individltally or in the aggregate, they could reasonably be expected to influenea the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Exlent to which the audit was Considered capable of detecting irregularities. including f r8ud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reportin9 Council's website. to detect material misstatements in respect of irregularities, in¢luding fraud. We obtain and update our understanding of the entity, its activities, its control environmenl, and likely future developments, including in relation to the legal and regulatory f ramework applicable and how the entity is complying Wlth that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to f raud or error. design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficienl and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity ihat were contrary to applicable laws and regulations. includin9 f raud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: Enquiry of man8gement and those char9ed with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud. Reviewing minutes of meetin9s of those ch8rged with governance. Assessing the extent of compliance with the laws and regulations considered lo have a direct materi81 effect on the financial statements or the operations of the ch8rit8ble comp8ny through enquiry 8nd inspection. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws 8nd regulations. Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewin9 accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, includin9 those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that ¢ompliance with a law or re9ulation is removed f rom the events and transactions reflected in the f inancial statements. as we will be less likely to become aware of instances of non-compliance. The risk of not detectin9 a material misstatement resulting from fraud is hi9her than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 18
DocuSi9n Env8lope10.' 40AL)&&434474705-BA7T.28EA022OTl UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2021 Icontinuedl Use of our report This report is made solely to the charitable company's members. as 8 body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable ¢ompany's members those matters we are required to state to them in an auditor's report and for no other purpose. To the f ullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable ¢ompany's members as a body> for our audit work, for this report, or for the opinions we have formed. Michelle Wilkes (Senior Statutory Auditor} For and on behalf of Azets Audit Servi¢es Statutory Auditor Greytown House 221-227 High Street Orpington Kent BR6 ONZ Date: 21 December 2021 19
Docusign Envek>pè Iu.. 40ADEE46-¥441-4lU9-ESA7f-28A02F2D7Ot> UK MUSIC MASTERS LTD (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES lincluding Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2021 Unrestricted funds Restricted funds Total 2021 Total 2020 Notes In¢ome and endowments from: Donations and le9acies Charitable a¢tivities 640,110 235,504 203.000 843,110 235.504 934.638 229,951 Investments 115 115 548 Total income and endowments 875.729 203,000 1,078.729 1,165,137 Expenditure on: Raisin9 funds Charitable a¢tivities 231,177 637.831 231,177 858,897 236,469 832.395 221,066 Total expenditure Net Incomel(Expenditure) 869.008 221,066 1,090.074 1,068.864 6,721 (18.066) (11.345) 96,273 Gain on revaluation of Pro9ramme Related Investments 23,802 23,802 Net movement in funds Total funds brought forward 1 September 2020 30,523 (18.066) 12,457 96,273 517,470 29,908 547,378 451,105 Total funds carried forward 31 August 2021 547.993 11,842 559,835 547,378 The statement of financial activities includes a1198ins and losses reco9nised in the year. All income and expenditure derive f rom continuing activities. 20
L)ocuSign Envelope ID.. 40ADEE4¥.84414709_IIA T7_2tjAD2F27fj6 UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES lincluding Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2021 (¢ontinued) Comparative Information for the Statement of Financial Activities for year ended 31 August 2020 Notes Unrestricted funds Restricted funds Total 2020 Income and endowments from: Donations and legacies Charitable activities 595,183 229,951 339,455 934,638 229,951 Investments 548 548 Total income and endowments 825,682 339,455 1,165,137 Expenditure on: Raising f unds Charitable activities 236.469 508,279 236.469 832,395 323,686 Total expenditure 745,178 323,686 1,068,864 Net movement in funds Total funds brought forward 1 September 2019 80.504 15,769 96.273 436.966 14.139 451,105 Total f unds carried forward 31 August 2020 517,470 29,908 547,378 21
Uocusign envelope ID.. 40ADEE46.844147D9_BA77_28EAD2P2U106 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Notes Fixed assets Social investm@nts Tangible assets Intangible assets 177,923 3,771 1,689 183.383 130,550 4,893 2,956 138,399 Current assets Debtors Cash at bank and in hand 82,670 528,811 61,946 510,998 611,481 S72.944 Creditors- Amounts falling due within one ye8r 10 235.029 163.965 Net current assets 376,452 408,979 Total assels 559,835 547,378 Income funds General unrestricted funds 12 245,560 380,551 Designated f unds Restri¢ted funds 12 302,433 136,919 13 11,842 29.908 14 559,835 547,378 The notes on pages 24 to 34 form part of these financial statements. The financial statements were approved by the trustees on 9 December 2021 and signed on their behalf by. FYuL(4 8F7 Imon Preatley Chairman Company number 6226749 IEngland and Wales) 22
Docusign Envèlope ID. 4oADEk46-8441470ESA77-21I02F2DI UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Note Cash flow f rom operatin9 activities 17 39,766 123.035) Cash flow f rom investing activities Payments to acquire tangible f ixed assets Payments to acquire social investments Interest received 11,5361 120,532) 115 (5,139) (20,242) 548 Net cash flow from investing activities {21.953) (24,833) Net increase in cash and c8sh equivalents 17,813 147,868) Cash and cash equivalents at 1 September 510.998 558,866 Cash and cash equivalent5 at 31 August 528,811 510.998 Cash and cash equiv81ents consist of: Cash at bank and in hand Short term deposits 145,730 383,081 203,019 307.979 Cash and cash equivalents at 31 August 528,811 510,998 23
ocuSign enveioptr ID. 40A4-84414709-8A7l-28ADZF2D7o6 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies Basis of preparation UK Music Masters Ltd is a company limited by guarantee in the United Kingdom. In the evenl of the charitable company being wound up, the liability in respect to the guarantee is limited to £1 per member of the charitable company. The address of the reglstered offi¢e is given in the charity information on page 1 of these f inancial statements. The nature of the charitable company's operations and principal activities are set out on pages 4 and S. The charity constitutes a pvblic benefit as defined by FRS 102. The financial statements have been prepared in accordance with Ac¢ountirig and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account in accordance with Financial Reportin9 Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Charities Act 2011, the Companies A¢t 2006 and UK Generally Accepted Practice. The f inancial statements are prepared on a goin9 concern basis under the histofical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional Currency of the charity. The si9nificant a¢¢ounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Funds accountin9 Unrestricted general funds these 8re funds which can be used in accordanee with the charitable objects at the discretion of the trustees. Restricted funds - these represent the balance of funds donated for specific purposes which remain unspent at the balance sheet date. Designated funds these are unrestricted funds which have been set aside by the Trustees for future purposes. Incorne recognition All income is included in the Statement of Financial Activities (SOFA} when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will bo received. Voluntary income including donations and gifts is included in full in the SOFA when receivable. Income from charitable activities is matched to the timing of the activities. Investment income 15 recognised usin9 the effective interest method. Expenditure Recognition All expenditure is accounted for on an accruals basis and has been ¢lassified under headings that aggregate all costs related to the Category. Expenditure is reco9nised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is C8tegorised under the following headings: Costs of raisin9 f unds are those costs incurred in attracting voluntary income. Charitable expenditure comprises those ¢osts incurred by the charity in the 24
Docusign Envelope ID.. 40ADEE46-8441-4709-BA77-28EAD2F20706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (continued) delivery of its activities and services for its beneficiaries. It inclvdes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them. Programme related investments Programme related investments are soci81 investments made directly in pursuit of the charity's charitable purposes. Musical instruments held as part of Music Masters Learnin9 and loaned to pupils are held at the lower of replacement C05t or the charity's own valuation. Their condition is assessed annually and full provision is made for any repairs or maintenance required. Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreciation. The cost of minor addilions below £500 is not capitalised. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each 8sset over its expected useful life. as follows: Compuler equipment Fixtures. fittings & equipment 33Yo Straight line 33% strai9ht line Intangible f ixed assets Intan9ible fixed assets represent costs for the development database. Amortisation is provided at rates calculated to write off the cost less estimated residual value over their expected useful lives, as follows: Databases 20% straight line Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receiv8ble or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is therefore considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the def inition of a ¢haritable company for UK corporation tax services. 1.10 Accumulated funds Unrestricted funds are donations and other incomin9 resources receivable tor the objects of the charity without further specific use and are available as general funds. Restricted funds are subject to specific conditions by donors as to how they may be used. Expenditure which meets these criteria is charged to the relevant fund. 1.11 Going concern The trustees have considered the continuing impact of the COVID-19 virus on the future Vlability of the charitable comp8ny* the level of funds held and the expected level of in¢ome and expenditure for 12 months from authorisation of these financial statements. The budgeted income and expenditure is suff i¢ient with the level of resources for th8 charitable company to be able to continue as a going concern. 25
i)acuSign nvelOpe 11).. 40ADEE444l4709.6ATl.28EAu22D706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (¢ontinued} At the time of approvin9 the f inancial statements the trustees have a reasonable expectation that the charitable company has adequate resources lo continue in operational existence for the foreseeable future. Thus, the trustees ¢ontinue to adopt the goin9 concern basis of accounting in preparing the financial statements. 1.12 Judgements and key sour¢es of estimation uncertainty Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events thal are believed to be reasonable under the circumstances. The following judgements (apart f rom those involving estimates) have been made in the process of applyin9 the above accounting policies that have had the most significant effect on amounts recognised in the f inan¢ial statements: Bad debt provision bad debts are provided for specific debts when required and an estimate of unrecoverable debts may be made if deemed necessary Social investments valuation. social investments are included at the lower of replacement ¢ost or There are no other key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causin9 8 material adjustment to the carryin9 amounts of assets and liabilities within the next financial year. Voluntary income Unrestricted Funds Restricted Funds Total 2021 Total 2020 Donations and legacies Gift aid recoverable 611,639 28,471 190,500 12,500 802,139 40.971 887,879 46,759 640,110 203.000 843,110 934.638 Income from Charitable activities Schools Programme 235,504 235,504 229.951 26
t)ocuSign nvelOpe ID.. 40ADEÈ46.84414705_8A77.211AD2F2D10fj UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (continued) Expenditure Direct Costs Support Costs Total 2021 Total 2020 Charitable expenditure Raising funds Charitable activities 184,361 706.746 891,107 46,816 152,151 198,967 231.177 858,897 1,090,074 236.469 832,395 1,068,864 Direct Costs - Raising Funds Advertisin9 & marketing Event expenses Fundraising expenses Fundraising expenses 10.646 9,656 5,942 158,117 14.111 25,947 7,799 148,784 staff costs 184,361 196,641 Direct Costs Project costs Staff costs Charitable Activities 393,926 312.820 381,612 291,472 706.746 673,084 Support Costs Staff costs Rent and rates Trainin9 Off ice costs Insurance IT support Equipment maintenan¢e Accountancy and payroll services Travel expenses Bank charges Depreciation Amortisation Loss on sale of social investments Governance Costs -Legal fees Governance costs - Auditors, fee Governance costs - other 144,118 17,340 2,466 9.825 3,054 2,154 1,940 600 293 253 2,658 1.267 1,492 4,647 6.260 600 198,967 137,408 21,346 968 17.488 2,784 3,507 2,017 360 1,120 205 1,829 1,266 767 559 6.120 1,395 199,139 27
Docusign envelope10.' 40AOE&4b_84414709.6A77.28EAL)2F2706 UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Icontinued) Employees Number of employees The average monthly head count of employees lexcludin9 trustees) durin9 the year was 13.1 (2020: 12.3) and the average monthly number of full-time equivalent employees (including part-time staff) during the year were as follows.. 2021 Number 2020 Number Music Masters Learnin9 Development Governance and administration 13 13 Total 2021 Total 2020 Staff costs Wages and salarie$ Tax and social security costs Pension contributions 543,196 38,959 21,170 500,37S 49,387 19,570 603.325 569.332 Other staff costs 11.730 8,332 Total staff costs 615,055 577.664 No employees were paid more than £60,000 in the year12020.- none). None of the trustees lor any persons connected with them) received any remuneration or expenses durin9 the year12020.' none). Pension costs are allocated to activities in proportion to the related staffing costs incurred. The Charity trustees were not paid nor did they receive any other benefits from employment with the charity in the year (2020- none). The total remuneration paid to key management, including employers, nation81 insurance and pension eontributions was £203.093 (2020.. £197.5791. The charity considers its key management personnel to comprise those individuals listed on pa9e 1. 28
Docusign &nvèiope 10.. 4oADE4b-{j44147o9IIA77-28AO22D7ob UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (continued) Social Investments The charity loans instruments to pupils as part of Music Masters Learning activities. Total 2021 Total 2020 Value brought forward at 1 September 2020 Additions in the year at cost Disposals in the year at cost Revaluation Provision for Impairment Value carried forw8rd Èt 31 August 2021 130,550 20,532 (2.001) 23,802 5,040 177,923 116,325 20,242 {977) (5.040) 130,550 Tangible Fixed Assets Fixtures. Fittings & Equipment Computer Equipment Total Cost As 8t 1 September 2020 Additions At 31 Aljgust 2021 4.393 15,018 1,536 16,554 19.411 1,536 4.393 Depreciation As at 1 September 2020 Ch8rge for year At 31 August 2021 3,420 398 3,818 11,098 2,260 13.358 14.518 2,658 17,176 Net book value At 31 August 2021 575 3,196 3,771 At 31 August 2020 973 3,920 4,893 29
L)ocu51gn nVelope ID. 40AUEE46-84414709-8A 77-28EAD2F20706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (continued) Intangible Fixed Assets Development database Cost As at 1 September 2020 At 31 August 2021 6,334 6.334 Amortisation As at 1 September 2020 Charge for year At 31 Au9USt 2021 3,378 1.267 4,64S Net book value At 31 August 2021 1,689 At 31 August 2020 2,956 Debtors 2021 2020 Trade debtors Other debtors Prepayments A¢¢rued income 26,705 58 6.786 49,121 36.948 6,344 18,654 82,670 61,946 io Creditors 2021 2020 Amounts falling due within one year: Trade creditors Other creditors Accruals Deferred income (note 11) 9.540 18,235 59,754 147.500 28,302 55,547 50,116 30.000 235,029 163,965 30
Docusign Envelope ID.. 40ADEE4&114414TD9-BA77-28EAD2F2D706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (continued) li Deferred Income 2021 2020 Deferred income at 1 September Released from previous years Amounts deferred in the year 30,000 230,000 (30,000) 1230,000) 147,500 30,000 30,000 147.500 12 Unrestricted Funds At1 September 2020 Income Expenditure Transfers & Revaluations At31 August 2021 General Fund 380.551 875,729 869,008 (141,712) 245,560 Designated -Learning -Fixed Asset 136.919 117,8691 119,050 183,383 183.383 517,470 875,729 869,008 23,802 547.993 The desi9nated funds are described in further detail on page 11. 13 Restricted Funds At1 September 2020 Income Expenditure Transfers At31 August 2021 Fund: Learning 11.960 53,000 64,960 PGCEI 17.948 150,000 156,106 11,842 29,908 203.000 221,066 11,842 Music Masters Learning This comprises restrictions to teaching activities in our partner s¢hools' learning performances and tutor training. Incomin9 resources to the f und came f rom the following donors: 31
Dotsusign Envelts ID.. 40ADEÈ4b-6441-4709-IIA71-28eADZFZD7Vti UK MUSIC MASTERS LTD. {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2021 Icontinued) Bi9 Give, Buffini Chao Foundation, the Nugee Foundation and the Ashley Family Foundation Team Teach: PGCEI This includes f unding towards the cost of running and developing the PGCEI qualification for teachers. Incoming resources to this f und Came f rom the following donor5'. Karlsson Jatlvo Charitable Foundation- The Rachel Baker Memorial Charity and a major donor who wishes to remain anonymous. Restricted Funds comparative information At1 September 2019 Income Expenditure Transfers At31 August 2020 Fund: Learning PGCEI 6.347 119,455 113.842 11,960 7,792 220,000 209,844 17.948 14,139 339,455 323.686 29,908 Music Masters Learning This comprises restrictions to teaching activities in our p8rtner schools- learnin9 performances,. tutor training; evaluation 8nd feasibility work on the development of new income streams from expanding our existing activities. Incomin9 resources to the fund came from the following donors: Bi9 Give. Buffini Chao Foundation- Hyde Park Estates Charity. The Mercers, Company. Segelman Trust 8nd John Thaw Foundation. PGCEI This includes f unding towards the cost of establishing. validating and launching the PGCEI qualif ication for teachers. Incoming resources to this fund came f rom the following donors.. Emmanuel Kaye Foundation. Karlsson Jativa Charitable Foundation. The Rachel Baker Memorial Charity and The Linbury Trust as well as a major donor who wishes to rem8in anonymous. 32
Oocusign knv8lop8 Iu." 40A4e44l47OyA T7-28EAU2F20706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 (continued) 14 Analysis of net assets by funds Unrestricted Funds Designated Funds Restricted Funds Total 2021 Fund balances at 31 Au9USt 2021 are represented by- Social investments Tangible fixed assets Intan9ible fixed assets Current assets Creditors 177.923 3,771 1.689 119,050 177,923 3.7n 1,689 42,947 611,481 131,105) (235.029) 11.842 559.835 449,484 (203,9241 245,560 302,433 Analysis of net assets by funds ¢omparative information Unrestricted Funds Designated Funds Restricted Funds Total 2020 Fund balances at 31 August 2020 are represented by: Social investments Tangible fixed assets Intangible fixed assets Current assets Creditors 130,550 4,893 2.956 374,689 (132,537) 380,551 130.550 4,893 2,956 61,336 572,944 131,428) 1163,965) 29,908 547,378 136,919 136,919 15 Operatin9 leases At 31 Au9USt 2021. the charity had 8nnual commitments under non-¢ancellable leases as follows= 2021 2020 Land and Buildings: Not later than one year Later than 1 year and not18ter than five years 20,000 21,666 20,000 41,666 41,666 61,666 33
Docusign n¥*Trpe ID." 4OADEe46-84414709-BA77-28EAL)2P2D706 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Icontinuedl 16 Related party transactions During the year ended 31 August 2021 the charity received £282.712 (2020.. £338.725) in donations and incurred £nil (2020.. £nil) in costs reimbursed to trustees, close members of 8 trustee's family or organisations controlled by trustees. No trustee expenses were reimbursed during the year12020: £nil). No charity trustee received payments for professional or other services supplied to the ¢harity12020: nil). 17 Reconciliation of net income to net cash flow from operating activities 2021 2020 Net income/{expenditure) for the year Interest receivable Depreciation and impairment of tangible fixed assets Amortisation and impairment of intan9ible fixed assets Impairments on social investments Cost of investments disposed of in year (Increase)/decrèase in debtors Increase/ (decrease) in creditors {11.345} (1151 2,658 1,267 15.040) 2,001 (20,724) 71,064 96,273 15481 1,829 1,266 5.040 977 113.912) (113,960) Net cash flow from operating activities 39,766 123,035} 34