Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI Company Registration No: 06226749 (England and Wales) Registered Charity No: 1119372 UK MUSIC MASTERS LTD {A COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI CONTENTS PAGE Legal and Administrative Information Chairman's Report Trustees Report Auditors, Report 17 Statement of Financial Activities 21 Balance Sheet 23 Statement of Cash Flows 24 Notes to the Financial Statements 25 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI LEGALAND ADMINISTRATIVE INFORMATION Trustees The trustees are also the statutory directors of the company for the purposes of company law. The trustees who served during the period were.. S Freakley- Chairman V S H Robey OBE- Founder Director A Carrington J Nickson P Keller T Hull P Thomas E Vaizey Iresigned 04.02.20221 S Bunting J Joseph M Kofokasumu- Treasurer S Berryman G Kanneh S Mason C Swannell (Appointed 08.06.20221 Key management R De Vile -chief Executive Officer A Fleming -Finance Director W Harriss-Development Dirertor Iresigned 03.06.20221 K Damigos Head of Teacher Training Programmes and Musicians of Change Course Leader D Evans- Head of Schools and Creative Programmes N Stringer- Head of Marketing (appointed 16.05.20221 Charity number 1119372 Company number 06226749 Registered office 125 Kennington Road London SEII 65F Auditor Azets Audit Services Greytown House 221-227 High Street Orpington Kent, BR6 ONZ Bankers CAF Bank 25 Kings Hill Avenue King5 Hill West Malling Kent MEI Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 AUGUST 2022 In the turbulence of the current economic and social climate, the important link between the development of a child's creativity and their ability to achieve at the highest level could easily be overlooked. Yet there is considerable and compelling evidence that music-making has a profound and proven ability to develop a child's academic and language skills. as well as improve social confidence and emotional wellbeing. Evidence from recent Ipre-Lockdownl studie5, drawing on nationally available data, show5 that those young people playing an instrument achieved greater progress and better academic OLJtcomes than those who did not, but with costs rising for families and schools, music education - and the opportunity it affords- is fast becoming privilege, not a right. At Music Masters we are determined to change this. Throughout 2021-22 we have honed our vision, thannelling it into a clear plan for 2022-26 which focuses on bringinE the advantage of music to children who most need it. We will do this through addressing at their root the key issues that could prevent a child from thriving through music, focusing on increasing equitable access to musical learning, outstanding teaching, and progression pathways for all children. To date, through our Flagship Schools Programme we have embedded music into the lives and hearts of over 3,000 children, many of whom have continued to play and enjoy mu51t long after their primary school lives. This is demonstrated by our new Graduate Ambassadors who, having first stepped into a MLJSIC Masters lesson at the age of four, now continue their musical journeys as adults. Ana, Aseye, Betania, Harry and Emily are in great company. By becoming Ambassadors they join an inspirational team of role models that includes Sheku Kanneh-mason, Nicola Benedetti and Randall Goosby. As well as continuing to grow as thoughtfLJI musicians they will be living representatives of our hope for a future where all children have access to an excellent music education. As diverse and unique as these inspiring young musicians are, they all agree on one thing- the importance of outstanding music teachers in helping them to develop their personal and musical potential. This year we have celebrated the achievements of the third cohort of teachers on our year-long postgraduate training programme, 'Musicians of Change,, a name which reflects the aspiration and ability of these highly trained teachers to drive a transformation of music education in communities across the UK. With Musicians of Change graduates now teaching over 10,000 children between them, this transformation is well underway. As you read this report I hope that you feel inspired by the significant achievements of our beneficiaries and team, but also that you feel as confident as I do of Music Masters, position as an organisation the organisation- to achieve long-term change in music edLJcation on a national scale. I'd like to offer my sincere thanks to our inspirational Founder Director, Victoria Robey OBE, and my fellow trustees, for thei r dedicated support and guidance. Docu8b3Mdty. D362236DA6F746E Simon Freakley Chairman UK Music Masters Ltd. Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 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 2022. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "AccoLJnting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the charity. The financi31 statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK 2nd Republic of Ireland published on 16 July 2017 as amended by Bulletin l. Objectives and artivitie5 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, encouragement and appreciation of the violin. Secondly to promote any other charitable object for the public benefit. 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 confirm its ability to provide current and on-going benefit to the public. Our activities OLJr work is focussed on long-term interventions that create systemic change, particularly focusing on addressing at their root the key issues which could prevent a child from thriving through music. Through all that we do, we aim to transform children's initial musical sparks into flame5 which burn brightly throughout their lives, wherever they go, and whatever they do. We do this through.. Worklng wlth Schools: Our work begins with state primary schools, because working at a school level is the clearest way to reach children of all backgrounds. Through our strong school partnerships and highly trained teaching team we learn and model what high quality, inclusive and inspiring music education can look like. Through our Flagship Schoo15 Programme we place ourselves at the heart of state primary schools in underserved communities of Lambeth, Westminster and Islington our Flagship Schools to deliver inspiring instrumental and musicianship teaching, creative learning and performance opportunitie5 for all children. We work with a collective of inspiring artists and a range of Creative Partners to enrich the children's experiences. We listen to and learn 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 and tommunities. Training Teachers: Alongside offering bespoke training and development for individuals and organisations, our pioneering year-long Musiciansof Change IPGCEil programme focusses on excellence in inclusive group music teaching, having been inspired by the impact of our outstanding, highly trained teaching team on London school communities since 2008. Our thriving academic partnership with Birmingham City University provides participants with the latest developments in research and practice, powerfully combined with access to and engagement with Music Masters, Flagship Schools Programme and teaching team to support their learning. Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl Creatlng an open music sector: At Music Masters, we advocate powerfully for the rights of children and young people from all backgrounds to have a creative voice, and drive forgreater inclusion, diversity and equality in the music sector for the future5 of young musicians. We actively comrllission and create new music for and with our young mLJsicians to represent the diversity of modern Britain, from our Many Voices series which showcases the creative voices and approaches of a diverse range of renowned composers and creators, to the compositions written by our pupils, for our pupi15. We work with a collective of inspiring Ambassadors whose diversity brings something unique and brilliant to our school communities, alongside their united belief in the importance of music in young people's lives. But we don't think that getting inclusion right is easy. Through I'M IN Ilnclusive Music Index), our organisational equity, diversity and inclusion self-assessment tool, we have so far supported over 100 organisations working in and with music to better understand their areas of inequity, resulting in action that is already creating a more diverse, inclusive and inspirational music sector. Objectives for FY 2021-22 The main objectives of the Charity are summarised in our Strategic Plan.. 'Excellence for Everyone'12018-20221, and cascade from the following aims.. Establishing our network of Flagship School Iformerly referred to as Partner Schools) as the leading example of excellent, sustainable, integrated music education for state maintained primary schools Creating the UK'S first national teacher training programme for group instrumental tuition in primary schools Building a cohort of leading artists as both advocates for music education and mentors for student musicians Advocating for practical, systemic change within the industry for Diversity & Inclusion and for music education Establishing new, long-term, predictable income streams for Music Masters During 2021-22 we delivered a full programme of activity to support these aims, alongside which we undertook a full strategic review with our Board and beneficiaries ahead of launching our strategy for 2022- 26. Throughout the year we reviewed and reflerted upon the significantjourney we have travelled since 2018, and the impact we have made, which we hope is clear from the following section of this report. Strate icRe ort Achlevements and Perfomiance Flagship (formerly Partner) Schools (strategic aim l} We had a fantastic year in our Flagship Schools- renamed from 'Partner Schools, to reflect their commitment to placing music at their heart and to openly sharing the many resultinE benefits. It was a pleasure to welcome Chief HMI for Ofsted, Amanda Spielman, and Mark Philips, Senior HMI for Ofsted, into Ashmole Primary School in December 2021 for an informal experience of our work. Mr Philips commented on our programme- 'Your commitment to inclusion (wos cleor), not just in pupils, porticipotion but olso in the choice und use of repertoire... Teaching was grounded expert musical modelling and, os importontly, keen listerjing was praised, corrected and suggested, in equol meosure. Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl During the year, as Covid restrictions relaxed, we were able to welcome families and the community back through our Flagship Schools, gates to enjoy hearing and seeing the outcomes of the children's hard work. At the end of the year we celebrated the huge achievements of our Year 6 leavers, including a number of music scholarships achieved to schools including Alleyn's and Kingsdale Foundation, and impressive ABRSM & Trinitv exam results, including Pathways student Eric Park achieving a near perfect 981100 for his Grade 6 Trinity exam. Eric and fellow 2021-22 Pathways graduate Anna-Lea Gonzales Duba look forward to taking up their places atjunior conservatoire in September 2022, with Eric heading to Primary Academy at the Royal Academy of Music, and Anne-Lea starting at the Junior Royal College of Music. In 2021-22 our focus on diversifying repertoire continued, including through Many Voices lsee strategic aim 41 which saw a fantastic cohort of composers and creatives co-create new works with our children in Year 4 and 5. Alongside Many Voices, stLJdents have been writing their own works to be learnt and performed by their peers. This has led to the creation of composer sound walls across our schools - walls with small integrated speakers whose buttons can be pressed to play £hildren'5 self-composed pieces, whose framed scores are displayed alongside. Our young composers, photos are displayed on a world map alongside photos of diverse Composers from across the world whose music the children have listened to or learnt. This has had such an immensely beneficial impact on the pupils, self-esteem. They tell us that they are unbelievably proud to hear their peers learn and play their creations, and have a greater sense of ownership over their music making. While bringing inspirational leaders and musicians into our schools will always be important to us, this year we increased the number of teacher-led creative projects, including our Year 3 Creative Composition Workshops and our Year 2 Community Concerts. By doing this moving forward, and by promoting opportunities for our teachers to participate in a number of workshops and seminars on our Musicians of Change IPGCEil programme (see strategic aim 21, we aim to encourage the development of creative skills in our classrooms and workforce simultaneously. Our children enjoyed inspiring visits and workshops with our Artist Ambassadors (see strategic aim 31 as well as working with our Creative Partners, including participating in the London Philharmonic Orchestra's Bright Sparks workshops and performance at the Royal Festival Hall. We ran our annual Summer Orchestra Course in partnership with Southbank Sinfonia and In Harmony Lambeth, bringing together around 50 students aged 8-15 to work on a diverse programme of ensemble repertoire, and culminating in a fantastic showcase concert at St John's Smith Square. This was the first opportunity for many of our young musicians to play together in a large orchestra setting since before the pandemic, and was truly a celebration of the power of music as a collective force. This year, we were proud to develop an exciting new cultural partnership with the National Gallery, inspired by the ability of the arts and creativity to enhance lives. The children on our accelerated tuition programme, Pathways, developed their own musical responses to paintings over a six-month period, culminating in showcase performance at the National Gallery in June 2022 for friends, family and supporters. In August, the National Gallery featured these new works as part of their free festival of art, Summer on the Square, in Trafalgar Square as a sound installation for the publicto enjoy. We look forward to developing this partnership into the future. Our teaching team has also been busy expanding their skillsets. In addition to termly training days, our teachers had the opportunity to attend a broad range of additional sessions and workshops including on Wellbeing, Creative Leadership, Colourstrings, Race and Music Education, Diverse Programming (with Music Masters Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl Ambassador Randall Goosby see section 31 and an improvisation workshop with Christian Howes. Our Associate Teaching Mentor Helen Dromey observed and provided feedback for our teachers across our schools, and was particularly impressed with the team's attention to consistency and continuity with the children's transition from musicianship onto instrumental area, an area we have been developing over the last year. National Teacher Training Programme (strategic aim 21 'You hrjve chosen o career and o vocotion that changes the lives of children andyoung people. Thot soves their lives. Within the education system, ond within society, you deseNe the highest respect and you have the right to the utmost pride., Dr Kadiatu K3nneh-Mason, Musicirjns of Chonge IPGCEil Graduation speech, 8, JanLJary 2022 2021-22 marked the third year of running our PGCEI course in partnership with Birmingham City University. During thi5 year, we renamed the programme Musicians of Change IPGCEil to reflect the potential of sociallv- driven music educators to make real and sustained change in young people's lives, and focused on building the profile of the programme, sparking increased interest from teachers, music services and organisations and membership bodies such as Music Mark. For the second year running, Music Masters took the decision to fully fund all places on the programme in response to the ongoing impart of the pandemic on musicians, livelihoods. Reflecting the growing reputation of the programme, applications for the third cohort increased by 100%. For the first time since its launch, we opened Musicians of Change applications to teachers of any instrument taught in UK primary school settings to make the programme more accessible and relevant to different cultures and communities across the UK. Even in its first year, this chanEe had a notably positive impact on the depth and richness of discussions and learning across the programme. Session highlights included.. Youth and Child Voice (Daf Evans, Music Ma5ter5' Head of Schools and Creative Programmesl Identifying Musical Potential (Awards for Young Musicians) Accessibility in Music Teaching (Kris Halpinl Diversifying Teaching Repertoire Imahaliah Edwards, Music Masters Teacher) Effective Lesson Planning Imatt Hickman, Music Masters Staff Teacherl Motivation and Engagement (Rosanne Jacobs, Music Masters Staff Teacher) Inclusive Behaviour Management (Sarah Hill, Music Ma5ter5 Staff Teacher) Planning and Development (Gary Spruce, Music Masters/Birmingham City University Link Tutorl Curriculum in Music (Gary Spruce, Steven Berryman- Music Masters Trustee, Emily Crowhurst, School 211 Social justice in Music Education.. Understanding Race, Racism, Anti Racism IEleanor Ryanl Class and Inequality in Music Education IAnna Bull and Helen Dromeyl A refreshed evaluation framework saw participants understanding their development through the lens of inclusive practice and leadership. Our own team of dedicated Musicians of Chonge mentors developed their coaching skills and techniques with Beth Higham Edwards and Music Masters Trustee and qualified Coach, Philippa Thomas. Musiciuns of Change Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl graduates also had the opportunity to continue their coaching journey with Philippa Thomas, with one participant- Alkistis Stogianni reporting her learning as follows.. '1 huvefound the sessions absolutely stimulating! There's six of us attending at the moment, all of us part of the Musicians of Change alumni network, which makes the workshops within the troining superproductive us well os creoting on environment where there's thisfeeling of sofety and confidentiolity. The reason I signed up is that I desire to be able to enable myself and people oround me to make a difference in their own lives and have positive impoct in the lives of others... The six of us have set up our own coaching sessions this weekend ond are lookingfvrward to the next training day with Philippa. Spotlight on: Tameside Music Servlce We welcomed three members of Tameside Music Service's teaching and management team onto Musicians of Change in 2021-22, with a view to supporting their career development and leadership aspirations, whilst ensuring high quality teaching within a Service that serves a catchment of over 6000 children and young people. We asked Tameside's Head of Service, Kate Campbell Green, to provide her reflections on the programme. She said.. he PGCEI presents u unique opportunity to undertoke o recognised quulificotion with a programme of study specific to music teaching. The affordability and content of the course make it accessible to a wide range of music educators and they fJre able to contirjue in their role whilst completing the course. Music Mosters, together with their extended network and their portners, offer extensive leorning ond tr(yining opportunities with many of the leading lights in music education, such os Gary Spruce ond Jimmy Rotherham. The course content is extensive but marjageable, whilst much attention has been given to expected tOPlCS such 05 teoching standards ond pedagogicol opprooches, the teom at Music Masters have ensured that other important subject matter is given plenty of attention such as bias awareness, inclusion practices und an emphasis on enguging with youth voice. Underrtanding impart: Self-assessment scores taken at start of the year compared to those taken on completion of the course show an average: 24% increase in confidence teaching large groups 23% increase in confidence managing behaviour in a large group 14% increase in confidence with their employability 34% increase in confidence in meeting diverse needs of learners in the classroom 2021-22 studentfeedback on completing the programme: '1 am a far better teacher, and far better informed than a year ago. The course ha5 set me on a trajectory of what I foresee being lifelong learning and development. I could have kept improving at a steady pace but instead I'm going to flv. Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl External Examiner feedback: The course and content is well-constructed and coherent, introducing students to important pedagogical ideas and scholarship in a logical and developmental manner across the year. Opportunities to hear from well- known 5peaker5/teachers and recognised expert5 in their field are provided acr055 the year and are clearly valued by the students. Importantly, too module four provides a summative opportunity for students to reflect on their learning over the year to the impact on their practice, pedagogy and understanding of research and theory. The course attracts students from a wide area and the team have considered how virtual teaching can be integrated effectively for some of the teaching, to deliver a programme that supports students as they continue to work and experience professional practice across the country. The course is fulfilling a real need for instrumental teachers to develop their expertise and understanding of pedagogy and educational issues relevant to instrumental teaching, rather than as a general classroom music teacher., Lookin to the future As part of a period of testing around the further development of its work with educators, in September 2021 Music Masters began piloting four different types of 'placements' where music educators on Musicians of Change IPGCEil were either matched up with a new school to deliver group teaching with children in areas where there was little access to music education or student teachers already working with a county / borough Music Service or Music Education Hub were evaluated in partnership with their employer and Music Masters team to understand the impact of their training through Musicions of Change IPGCEil on their existing teaching in schools. We worked closely with the host schools and music educators across the year to understand the programme's impact on these placements, both in terms of the school's improved access to high quality music teaching and the student teacherfs ability to apply and implement their learning from the programme, developing in confidence and leadership skills. We observed that the music educators already working in schools, for example through Tameside Music Service, were noticeably able to improve relationship5 Wlth the schools and teams with whom they worked, as well as the quality of their work, resulting in signifi￿ntlY stronger outcomes for their pupils. Through the theoretical knowledge and improved confidence gained whilst on the course, these school contracts were not only retained but two further contracts with schools in the local area were secured for 2022-23. They have since as a team been able to lead on new projects such as a school staff CPD programme which will enhance their offer to schools next year. However, for music educators on the course who were placed in completely new teaching settings with little musical activity it was more challenging to embed themselves within the school's culture to fully implement and apply their learning from the course within the time frame of the placement. Whilst there were valuable learning experiences gained from these placements for the music educators involved, the scope for impart on the schools was much more limited. It was important therefore to develop a model where music educators could feel motivated and incentlV15ed to build on existing relationships within their 5choo15 to further enhance the school's music offer and in particular to include children who may otherwise not have been able to access the offer. In doing so we believe can sustainably ensure that Musicians of Change IPGCEil directly impacts children's music education and promotes a stronger culture of music within that school over the long term. As a result of our learning from this pilot, alongside further research and focus groups conducted with music educators and school leadership teams across the UK during 2021-22, our approach to placements shifted from placing students on the course into new settings to building partnerships which support the existing music education infrastructure. Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl In addition, during 2021-22 we continued to build our partnerships in Wales, including with the Royal Welsh College of Music and Drama. where a joint Masters programme combining Musicians of Change with the RWCMD'S Performance Masters Programme was recently validated for enrolment from 2023. This, together with supporting staff at Theatre Clwyd Music Service in Flintshire to undertake Musicians of Change, has helped us to forge new links Wlth the emerging National Music Hub in Wales. set up following the release of Wales, National Plan for MLJSIC in spring 2022. Artists as Advocates and Mentors (strategic aim 31 This year we welcomed a number of our incredible Artist Ambassadors into our Flagship Schools, including Sheku Kanneh-mason, who worked with every single cellist in Jessop Primary School, and took time to talk to BBC London 3bout his passion for inspiring the next generation of musicians. Jennifer Pike spent a day with our Year 6 pupils helping them to think about their musical futures, and Hyeyoon Park and Benjamin Grosvenor wowed the crowd at Music Masters, annual Graduation, sending our programme leavers into the summer land onto our Champions programmer) in style. It was an incredible honour to work closely with our new Robey Artist, Jordan Bak, a sensational violist, advocate and educator. The Robey Artist role was created in partnership with YCAT Ithe Young Classical Artist Trust) and launched in September 2018 with Randall Goosby as its inaugural three-year post-holder, who helped us shape the role into an integral part of our programme delivery in particular becoming integral to the experiences of our Pathways Students. Jordan spent time in all of our schools in November 2021, performing to over 1,000 children in assemblies and working with groups to explore children's musical responses to imagery. This inspired the design of the project that launched our aforementioned growing partnership with the National Gallery, as part of which Jordan worked closely with Pathways students on developing and refining their new compositions. He said.. 'It is always a joy and an honour to work with the young pupils of the Pathways programme - they have such brilliant and creative minds, working together to create. curate and explore music in so many different ways. And to see more young students from my demographic appreciating music and culture is a pathway itself too, of inclusion and breaking barriers. They are a living reminder that Pathways isn't just a small avenue in their musical education, but a crucial aspect of their lives as human beings and within their communities. We continue our strong relationship with former Robey Artist Randall Goosby who, as well as delivering creative workshops at jubilee Primary School, led a workshop with our teachers and Musician5 of Change IPGCEII students and graduates to explore programming and diversifying repertoire in the classroom. He also performed to the Jubilee school community with the help of the school's Year 2 violinists, and our Graduate Ambassador Betania Johnny in a very special evening concert for the community. Randall said of his two-day visit. I had a blast working with everyone, and was so inspired by the energy and dedication of everyone involved, and I can't wait to see what we come up with for next timel" Advocating for Change (strategic aim 41 At the start of the year, we worked with Music Masters, eldest Inow adult) graduates, asking them how we could best support young artists and together advocate for the change we want to see in music education and the sector. Together, we created the brand-new role of Graduate Ambassador, to which we appointed five committed young change-makers. All five Graduate Ambassadors are currently pursuing variou5 musical career pathways through studying at the Royal Academy and Royal College of Music, artively performing in orchestras including National Youth Orchestra and Chinekel and at festivals and venues including Verbier, BBC Proms, Royal Festival Hall and Wigmore Hall. To us, they embody music's potential to support and inspire from a child's earliest moments,. to create pathways that may otherwise have been unreachable. The determination of these remarkable musicians to give children the experiences and opportunities that they themselves received, and their passion for challenging the status quo and driving sectoral change to ensure this can happen makes them outstanding role models for an entire nation of young people. Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl In less than a year, our Graduate Ambassadors have become fully involved with Music Masters, activities alongside their own work and study in music, including coaching our Pathways students at their Pro Corda residential, performing and speaking at our National Gallery event, leading creative workshops with our Year 6 Champions and returning to their primary schools to inspire their younger peers. Graduate Ambassador Emily Harrison commented.. '1 obsolutely loved being surrounded by children who are beginning the same musicoljourney I began ulmostfourteen ondo holf years ago. l om thrilled to be able to contribute to the Music Mosters Team as a Graduate Ambassodor- continuing, in this new role, to shore and create an ethos where every child can have on excellent music educution ond the opportunity to develop a lifelong love of music., In October 2021 we launched our I'M IN Ilnclusive Music Indexl organisational diversity & inclusion audit tool in full, following its highly successful trial the previous year. Drawing on participant feedback from the trial and with support from The Cranfield Trust we designed a two-route approach which ensures best usage of the tool. The Independent Route provides free access to the tool and its written gLJidance for any organisation, and the Supported Route provides additional support from a Diversity & Inclusion consultant to help organisations turn discussion into action. I'M IN has now supported over 100 music organisations across the UK to better understand and act on their own areas of inequity. Music Masters is determined to improve the availability of inspiring, diverse learner repertoire and as such was delighted to receive Arts Council England funding to support the development of Many Voices.- Ensemble in 2022. This is the second in our Many Voices series of new works, following the release of Many VoAces- 10 pieces for violin and piano- in 2019. The second collection focuses on flexible ensemble works to celebrate the joy of coming together to play with others following the isolating effert of the pandemic. This time, the works are being co-created by diverse collective of composers and creators and Year 4 and 5 children laged 8- 101 on Music Masters, Flagship Schools ProEramme, supported by their teachers. In 2022, the participating tomposers and creators, who include Sir James Macmillan, Abel Selaocoe and Jasmin Kent-Rodgman, led workshops across all of our Flagship Schools, having been provided with training and support by Preetha Narayanan, Kris Halpin and Music Masters. Following its premiere at Wigmore Hall in March 2023 by Music Masters Ambassadors Tom Poster and Elena Urioste and their Kaleidoscope Collective, Mony Voices.. Ensemble will be released for free digital download to learner settings across the UK in 2023. Establishing New, Long-term Income Streams {strategic aim 51 We continue to seek ways to diversify ourfundraised income as well as developing sustainable income streams from our charitable activity through contributions from our Flagship Schools and parents / carers. However, we are always mindful when considering these income streams not to create financial barriers to pa rticipation from the under-resourced communities we seek to serve, particularly as costs of living rise. With a particular focus on the financial means of our parents / carers this is something we plan to review in 2022-23. We created two new income streams for Music Masters in 2022-23, including.. through Musicians of Change, whose employers or 'sponsors' were for the first time asked to support participating music educators working for their organisations through a contribution of up to £1,500, which is the subsidised cost of a place on the programme. through I'M IN lour Inclusive Music Index), whose 'Supported Route, is currently offered for modest fee of £750 which mainly covers the cost of the expertise and participation of the Diversity and Inclusion consultants- our 'l'M IN Advisors'_ who work with us on this programme. A small amount Ibetween £150-250 per participating organisationl supports our overheads. This cost of this programme is likely to be reviewed in 2022-23. io Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl Financial Review The results for the year are set out on page 21 of these financial statements. The deficit for the year (before unrealised gain on revaluation of £23,139) was £12,68212021- deficit of £11,345), as set out in the financial statements. This is comprised of a deficit of £840 arising from unrestricted funding and a deficit of £11,842 from restricted funding and which was funded by restricted funding carried forward as planned12021: surplus of £6,721 arising from unrestricted funding and a deficit of £18,060 from restricted funding activities). There were no further restricted fund5 held at the end of the year. Total income was £1,141,67212021.. £1,078,729) and total expenditure was £1,154,35412021'. £1,090,0741. The overall increase in income includes a 9% increase in fundraised income and we are, as ever, incredibly grateful to 311 of our donors and supporters who make our work possible. 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 from 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 £250,00012021.. £230,000-£250,0001, 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 range is also reviewed in the context of the following year's running costs. General reserves at 31 August 2022 totalled.. £245,560 12021.. £245,560). Having considered the financial stability of the organi5ation, the trustees consider the level of reserves to be adequate. Designated Funds The trustees recognise that the effectiveness of the Schools Programme 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 fluctuations in fLJnding. At 31 August 2022 the balance of this fund was £113,72912021 £119,050) and it is expected that this fund will be spent in the year to 31 August 2023. In the year to 31 August 2021 the trustees resolved to create a new designated fund - the Fixed Asset Fund which represents the value of reserves invested in both tangible 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 available for other purposes. At 31" August 2022 the balance of this fund was £211,00312021.. £183,383), and this reflects the net book value of tangible and intangible assets as well as the value of the Social Investments the musical instruments used by our students every day to learn and practice. Funds held as Custodian Trustee on behalf of others There are no such funds held12021.. nill. Permanent endowment invested on 3 total return basis There are no such investments12021: nill. li Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl Plans for Future Periods Our new four-year strategy12022-261 has the following aim.. 'By 2026 we aim to have widened access to high-quality music education from early years to young adulthood, focussing on UK communities facing systemic inequality or disadvantage. We will demonstrate how our organisation can best support and drive change in different settings and on a national scale, with a tried, tested and data-informed model for future growth., To achieve our aim we have the following four strategic goals: l.To row our work wlth state schools on a natlonal scale to reach more children and model hl h- inclusive ins and sustainable music education Over the course of our strategy, we will develop more state school partnerships through which to disseminate and apply our successful approaches to school-based music education. We will champion inclusive group teaching that widens pathways and possibility for young people. We will establish leading practice for transition from primary to secondary schools- a known musical drop-off point for young learners. We are committed to more effectively measuring and sharing the impact of high-quality music education. In all of this, we will build on our long-term experience of working in communities facing disadvantage. uallt In 2022-23 specifically we want to conduct research within our Flagship Schools amongst our teachers, school communities, senior leaders and children in how best our fifteen years of experience in schools in areas of deprivation and challenge can be distilled into a 'Music Masters Approach,. As well as using this refined approach to improve our ongoing programmes of attivity, beyond 2023 we would also use the learning to consider how we can test our Music Masters Approach in state schools outside of London which face different challenges, to learn if it is relevant to a wide range of communities and how it can help to create stronger and better music education programmes- particularly involving instrumental learning. 2. Cham societ Outstanding education needs outstanding educators. Alongside expanding our Musicians of Change IPGCEil programme over the course of our strategy. we will make available more paid teaching opportunities in our Flagship Schools, grow the impact of teachers working in underserved areas, enhance support for our ever- growing graduate network, and increase opportunities for performing musicians to develop artistry in working with children and communities. ion develo and connect music educators activatin their otential to make ositive chan ein In 2022-23 specifically we want to develop, pilot and refine a new approach to measuring and growing the impact of our work on Musiciarjs of Change IPGCEil participants, their pupils, teaching settings and wider communities,. Working with participants and their employers / schools in partnership, we want to develop and nurture participants, potential to lead, persuade and inspire in and beyond their teaching settings, and to feel confident addressing and encouraging organisational change that improves equitable access to music and embeds a more musical approach into schools, curricula and practice for the long-term. With a keen eye on the current music educator recruitment and staff retention issues emerging nationally, we will start to develop leadership training and opportunities for Musicians of Change IPGCEil graduates as well as exploring options and partnerships that enable us to grow our work in workforce development more 12 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl broadly, potentially including routes for early-stage educators or those who want to develop but cannot commit to a year-long course. 3.su ort and advocate for increased dNersit inclusion and e uitable access across the music indust Over the course of our strategy we will continue to drive systemic change to diversify the music sector on- stage and beyond, including audiences, production, backstage, and community support. We will evolve our Inclusive Music Index (I'M INI tool to amplify the organisational change it drives. We will improve pathways into music for children from backgrounds underrepresented in classical music, and partner with more world- class artists as active student mentors. We will increase diversity in nationally available learner repertoire, help diversify the music education workforce, and bring music into the lives of new audiences in communities across the UK. Specifically in 2022-23 we will pilot new teaching roles designed to support an urgent need to diversify the music education workforce and create access routes into the profession. We are keen for I'M IN to be recognised as a crucial tool for organisations at any stage of their ED&1 journey- and something that teams complete not just once but as a regular and integrated part of their organisational schedule. Next year we aim to increase capacity to run and develop the tool and to ensure the learning from the tool filters throughout the music sector, encouraging more organisations to become involved. We will also refine our I'M IN impact framework, working closely with ED&1 tonsultancy Included. so that we tan better understand how this tool is supporting change within the sector. The release of our Many Voices.. Ensemble collection in 2023 will inspire and inform the creation of a Co- Creation Toolkit to be publicly accessible to encourage creative5 and composers to bring creativity into school communities and develop their ability to co-create meaningfully with children and young people. 4. Become known asa reater voice of influence and a solution education and social chan e sectors. Our beneficiaries are our most influential voices for change, and over the course of our strategy we will empower them as role models and advocates. We are developing our evidence base and smarter approaches to assessing the impact of music education in our schools, enabling us to campaign for a stronger focus on music and the arts in the curriculum. We are committed to better showcasing our work both in person and online, and are adopting a new "external" focus to widen our impact, including building more strategic partnerships and creating resources and training for music organisations and practitioners UK-wide. rovider drivin chan e within music music Specifically in 2022-23 we will refine our core messaging to help us better communicate who we are and what we do, resulting in a new Brand & Engagement Framework. As we research and start to develop a wider SLJPPOrt offer for schools, teachers and the sector over the coming year, we will work on how best to communicate with the audiences we seek to engage. We will develop a plan to bring on board more community ambassadors and representatives to support our work at many levels, from on-the-ground voluntary programme support, fundraisinE, events, advocacy and governance. STRucfuRE, GOVERNANCE AND MANAGEMENT Structure UK Music Masters Ltd is a company limited by gu3r3ntee not having a share capital which is governed by its Memorandum and Articles of Association. It is a registered company number 6226749 and is also a registered charity in England and Wales, number 1119372. 13 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31AUGUST 2022 Icontinuedl The charity was incorporated on 25 April 2007 a5 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 Articles of Association were further amended by speci31 resolution on 21 May 2012, primarily 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 change the name of the charity to UK Music Masters Ltd and this took effect from I 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 one-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. Fundraising Music Masters generates income from fundraising to support its work. It broadly focuses on three areas.. Individual giving.. this includes giving schemes that comply with Gift Aid regulations as set out bv HMRC. Trusts and Foundations- Music Masters makes a range of applitations to trusts and foundations in the UK and abroad, for both core lunrestrictedl and project Irestrictedl funding. Corporate sponsorship.. Music Masters engages with a number of corporate partners, whose funding supports a range of initiatives across the organisation. The Trustees review fundraising activity at each Board meeting. Music Masters is registered with the Fundraising Regulator, and is bound by the Code of Fundraising Practice. The Code sets Out the key principles of behaviour expetted of all charitable fundraising organisations in the UK. More information about the regulator, and their role in monitoring fundraising standards, are available on their website.. www.fundrai5ingregulator.org.uk. The charity did not 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 Kennington Road, London SEII 6SFI or by email Icontact@musicmasters.org.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 Fundraising Regulator for further action. Music Masters is committed to ensuring that its fundraising activities protect the public, including 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 fundraising 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 Service for the removal of data subjects from its database. 14 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31AUGUST 2022 Icontinuedl Management The day-to-day management of the charity is delegated to the Chief Executive Officer 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 charit￿5 work. They are also responsible for agreeing the annual budget, which is then overseen by the Chief Executive Officer with quarterly management accounts being presented to the Trustees. Any material overspend5 must be authorised by the trustees. The charity also has a Development Committee, which does not have delegated governance powers but meets in an advisory capacity to discuss and refine the charitls fundraising strategy and progress. In 2018/19 an Advisory Council was established with the aim of further strengthening the charity's network and providing additional perspectives to the management team. Additionally in 2019120 a 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 Officer,. Development Directorlresigned 3 June 20221,. Finance Director, Head of Teacher Training Programmes and Musicians of Change Course Leader,. Senior Learning Manager and Head of Marketing. The pay of senior staff is reviewed annually and normally increased in accordance 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 accoLJnts. Risk Management The trustees recognise their responsibility for the management 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 faces and review the adequacy of controls. Together with the executive the trustees 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. Going Concern The trustees recognise their responsibilities for assessing the charity's ability to continue as a going concern and have reviewed budEets, future plans and have taken into consideration confirmed future 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 going concern and there are no material uncertainties relating to its going concern status. 15 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31AUGUST 2022 Icontinuedl STATEMENT OF TRU5TEES' RESPONSIBILITIES The trustees (who are also directors of UK Music Masters Ltd for the purposes of company lawl are responsible for preparing the Trustees, Annual Report lincluding the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Charity law reqLJires the trustees to prepare financi31 statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently,. 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 accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial 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 fraud and irregularities. Statement as to Disclosure of Information to Auditors So far as the trustees are aware, there is no relevant audit 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 charity's auditors are aware of that information. By order of the trustees Do¢uS&ra by.. D362236DA8F74eE . Simon Freakley Chairman Date 8 December 2022 16 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THETRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 Opinion We have audited the financial statements of UK Music Masters Ltd (the 'charitable company'l for the year ended 31 AuEust 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and noted to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prarticel. In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2022 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prartice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IU Kll and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable tompany in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial 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 significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other inform3tion comprises the information included in the annu31 report other than the financial 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 Statements 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 conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the tourse 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 tonclude that there is a material misstatement of this other information, we are required to report that fact. 17 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THETRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl We have nothing to report in this regard. Opinions on other matters prestribed 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 directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements- and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which 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 dirertors, report included within the trustees, report. We have nothing 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 accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of 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 financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responslbllltles 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 and fair view. and for such internal control as the trustees determine 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to tease operations, or have no realistic alternative but to do so. Auditorfs 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 from material misstatement, 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered 18 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THETRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl material if, individually or in the aggregate, they could reasonably be expected to influence 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. Extent to whlch the audlt was consldered capable of detectlng Irregularltles, Includlng fraud 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 Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud,. Reviewing minutes of meetings of those charged with governance,. Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the charitable company through enquiry and inspection- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and 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 transartions outside the normal course of business and reviewing 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, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgeryi intentional omissions, misrepresentations, or the override of internal Control. 19 Drtuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THETRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl Use of our report This report is made solely to the charitable company's members, as a bodyi 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 company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's member5 as a body, for ou r audit work, for this report, or for the opinions we have formed. Michelle Wilkes (Senior Statutory Auditor) For and on behalf of Azets Audit Services Statutory Auditor Greytown House 221-227 High Street Orpington Kent BR6 ONZ Date.. 31 January 2023 20 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted funds Restricted funds Total 2022 Total 2021 Notes Income and endowments from: Donations and legacies Charitable activities 691.760 219,883 229,790 921.550 219,883 843,110 235,504 Investments 239 239 115 Total income and endowments 911,882 229,790 1,141,672 1,078,729 Expenditure on: Raising fund5 Charitable activities 239,905 672,817 239,905 914,449 231,177 858,897 241,632 Total expenditure 912,722 241,632 1,154,354 1,090,074 Net IncomellExpenditurel 18401 {11,842} 112,6821 111,3451 Gain on revaluation of Programme Related Investments 23,139 23,139 23,802 Net movement In funds Total funds brought forward 1 September 2021 Total funds carried forward 31 August 2022 22,299 {11,842} 10,457 12.457 547,993 11.842 559.835 547,378 570,292 570,292 559,835 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing artivities. 21 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31AUGUST 2022 Icontinuedl Comparative Information for the Statement of Financial Activities for year ended 31 August 2021 Notes Unrestricted funds Restricted funds Total 2021 Income and endowments from: Donations and legacies Charitable activities 640,110 235,504 203,000 843,110 235,504 Investments 115 115 Total income and endowments 875,729 203,000 1,078,729 Expenditure on: Raising funds Charitable 3Ctivities 231,177 637,831 231,177 858,897 221,066 Total expenditure 869,008 221,066 1,090,074 Gain on Revaluation of Programme Related Investments 23,802 23,802 Net movement in funds Total funds brought forward I September 2020 30,523 118,0661 12,457 517,470 29,908 547,378 Total funds carried forward 31 August 2021 547,993 11,842 559,835 22 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI BALANCE SHE AS AT 31 AUGUST 2022 2022 2021 Notes Fixed assets Social investments Tangible assets Intangible assets 208,371 2.210 422 211,003 177,923 3,771 1,689 183,383 Current assets Debtors Cash at bank and in hand 121,927 377,775 82,670 528,811 499,702 611,481 Creditors: Arllounts falling due within one year io 140,413 235,029 Net current assets 359,289 376,452 Total assets 570,292 559,835 Income funds General unrestritted funds 12 245,560 245,560 Designated funds 12 324,732 302,433 Restricted funds 13 11,842 14 570,292 559,835 The notes on pages 25 to 35 form part of these financial statements. The financial statements were approved by the trustees on 8 December 2022 and signed on their behalf D362 Simonvreakr ey Chairman Company number 6226749 (England and Wales) 23 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31AUGUST 2022 2022 2021 Note Cash flow from operating artivities 17 1139,4681 39,766 Cash flow from investing activities Payments to acquire tangible fixed assets Payments to acquire social investments Interest received {6241 111,1831 239 11,5361 120,5321 115 Net cash flow from investing activities 111,5681 121,9531 Net decrease in cash and cash equivalents 1151.0361 117,8131 Cash and cash equivalents at I September 528,811 510,998 Cash and cash equivalents at 31 August 377,775 528.811 Cash and cash equlvalents conslst of: Cash at bank and in hand Short term deposits 94,479 283.296 145,730 383,081 Cash and cash equivalents at 31 August 377.775 528,811 24 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accounting policies Basis of preparation UK Music Masters Ltd is a company limited by guarantee in the United Kingdom. In the event of the charitable company being wound up, the liability in respect to the guarantee is limited to Él per member of the charitable company. The address of the registered office is given in the charity information on page l of these financial statements. The nature of the charitable company's operations and principal activities are set out on pages 3 and 4. The charity constitutes a public benefit as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The financial statements are prepared on a going concern basis under the historical 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 significant accounting 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 accounting Unrestrirted general funds - these are funds which can be used in accordance 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. Income recognition All income is included in the Statement of Financial Activities ISOFAI 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 be 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 artivities. Investment income is recognised using the effective interest method. Expenditure Recognition All expenditure is accounted for on an accruals basis and has been classified under headings that agEreEate all costs related to the category. Expenditure is recognised 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 categorised under the following headings- Costs of raising funds are those cost5 incurred in attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the 25 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to 5UPPOrt them. Programme related investments Programme related investments are social investments made directly in pursuit of the charity's charitable purposes. Musical instruments held as part of Music Masters Learning and loaned to pupils are held at the lower of replacement cost 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 additions below £500 is not capitalised. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, 35 follows.. Computer equipment Fixtures, fittings & equipment 33% straight line 33% straight line Intangible fixed assets Intangible 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 receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Cash at bank and in hand Cash and bank and in hand includes cash at hand, funds held in current accounts and deposits held at call with any financial institutions and all other short term liquid investments that are readily convertible to cash. Bank overdrafts lif any) are shown within current liabilities on the Balance Sheet. 1.10 Taxation The charity is an exempt charity within the meaning of schedule 3 of the Charities Art 2011 and is therefore considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax services. 1.11 Accumulated funds Unrestricted funds are donations and other incoming resources receivable for 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 fLJnd. 1.12 Going concern The trustees have considered the future viability of the charitable company, the level of funds held and the expected level of income and expenditure for 12 months from authorisation of these financial statements. The budgeted income and expenditure is sufficient with the level of resources for the charitable company to be able to continue as a going concern. At the time of approving the financial 26 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl statements the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.13 Judgements and key sources of estimation uncertainty Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements lapart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial 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- social investments are included at the lower of replacement cost or valuation. 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 causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Voluntary Income Unrestricted Funds Restrirted Funds Total 2022 Total 2021 Donations and legacies Gift aid recoverable 663,569 28,191 217.290 12,500 880.859 40,691 802,139 40,971 691,760 229,790 921,550 843,110 Income from Charitable artivities Schools Programme 213,878 213,878 235,504 I'M IN 6,005 6,005 219,883 219,883 235,504 27 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl Expenditure Direct Costs Support Costs Total 2022 Total 2021 Charitable expenditure Raising funds Charitable activities 187,805 742,583 930,388 52,100 171.866 223,966 239,905 914,449 1,154,354 231,177 858,897 1,090,074 Direct Costs- Raising Funds Advertising & marketing Event expenses Fundraising expenses Fundraising expenses- staff costs 16,785 43,017 4.001 124,002 10,646 9,656 5,942 158,117 187,805 184,361 Direct Costs- Charitable Activitie5 Project costs Staff costs 414,611 327.972 393,926 312,820 742,583 706,746 Support Costs Staff costs Rent and rates Training Office costs Insurance 158,095 21,984 4.228 17,944 3,142 2,779 2,891 350 1,291 289 2.185 1,267 12,6501 296 9,040 835 223,966 144,118 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 IT support Equipment maintenance Accountancy and payroll services Travel expenses Bank charges Depreciation Amortisation IGainl/Loss on sale of social investments Governance Costs -Leg31 fees Governance costs- Auditors, fee Governance costs- other 28 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl Employees Number of employees The average monthly head count of employees (excluding trustees) during the year was 12.4612021.. 13.11 and the average monthly number of full-time equivalent employees (including part-time staff) during the year were as follows: 2022 Number 2021 Number Music Masters Programmes Development Governance and administration 12 13 Total 2022 Total 2021 Staff costs Wages and salaries Tax and social security tosts Pension contributions 529.534 49.006 20,634 543,196 38,959 21,170 599,174 603,325 Other staff costs 10,895 11,730 Total staff costs 610,069 615,055 No employees were paid more than £60,0(X) in the year12021'. none). None of the trustees lor any persons connected with them) received any remuneration or expenses during the year12021'. 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 year12021: none). The total remuneration paid to key management, including employers, national insurance and pension contributions was £250,09912021'. £203,093). The charity considers its key management personnel to comprise those individuals listed on page l. 29 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl Social Investments The charity loans instruments to pupils as part of Music Masters Learning activities. Total 2022 Total 2021 Value brought forward at I September 2021 Additions in the year Disposals in the year Revaluation Provision for Impairment Value carried forward at 31 August 2022 177.923 11,183 13,8741 23,139 130,550 20,532 12,0011 23,802 5,040 208,371 177,923 Tangible Flxed Assets Fixture5, Fittings & Equipment Computer Equipment Total Cost As at I September 2021 Additions At 31 August 2022 4,393 16,554 624 17,178 20,947 624 21,571 4,393 Depreciation As at I September 2021 Charge for year At 31 August 2022 3,818 397 4,215 13,358 1,788 15,146 17,176 2,185 19,361 Net book value At 31 August 2022 178 2032 2,210 At 31 August 2021 575 3,196 3,771 30 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl Intangible Fixed Assets Development database Cost As at I September 2021 At 31 August 2022 6,334 6,334 Amortisation As at I September 2021 Charge for year At 31 August 2022 4,645 1,267 5,912 Net book value At 31 August 2022 422 At 31 August 2021 1,689 Debtors 2022 2021 Trade debtors Other debtors Prepayments Accrued income 20,531 26,705 58 6,786 49,121 9,599 91,797 121.927 82,670 io Creditors 2022 2021 Amounts falling due within one year: Trade creditors Other creditors Accruals Deferred income (note 111 21,115 15,318 72,980 31,000 9,540 18.235 59,754 147,500 140.413 235,029 31 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST2022 Icontinuedl li Deferred Income 2022 2021 Deferred income at I September Released from previous years Amounts deferred in the year 147,500 {147.5001 31,000 31,000 30,000 130,0001 147,500 147,500 12 Unrestricted Funds Atl September 2021 Income Expenditure Transfers & Revaluations At31 August 2022 General Fund 245,560 911,882 912,722 245,560 Designated funds.. -Learning continuity -Fixed Asset 119,050 183.383 15,321) 27.620 113,729 211.003 547,993 911,882 912,722 23,139 570,292 Unrestricted Funds Comparative Position: Atl September 2020 Income Expenditure Transfers & Revaluations At31 August 2021 General Fund 380,551 875,729 869,008 1141,7121 245.560 Designated funds.. -Learning continuity -Fixed Asset 136,919 117,8691 183,383 119,050 183,383 517,470 875,729 869,008 23,802 547.993 The designated funds are described in further detail on page 11. 32 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022lcontinuedl 13 Restricted Funds Atl September 2021 Income Expenditure Transfers At31 August 2022 Fund.. ProErammes 58,000 58,000 PGCEI 11,842 137.500 149.342 Many Voices 34,290 34,290 11,842 229,790 241,632 Music Masters Programmes This comprises restrictions to teaching activities in our partner schools; learning performances and tutor training. Incoming resources to the fund came from the following donors.. Big Give and Buffini Chao Foundation Musicians of Change: PGCEI This includes funding towards the cost of running and developing the PGCEI qualification for teachers. Incoming resources to this fund came from the following donors.. Karlsson Jativa Charitable Foundation,. The Linbury Trust and a major donor who wishes to remain anonymous. Many Volces This includes funding from Arts Council England and Scops Arts Trust towards the cost of Many Voices which is our project commissioning new musical works from a diverse range of composers who will also work with children on our Schools Programme as well as developing a toolkit which will be available across the sector. Restricted Funds comparative information Atl September 2020 Income Expenditure Transfers At31 August 2021 Fund.. Programmes 11,960 53,000 64,960 PGCEI 17,948 150,000 156,106 11,842 29,908 203,000 221,066 11,842 33 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022lcontinuedl Music Masters Programmes This comprises restrictions to teaching attivities in our partner schools,. learning performances and tutor training. Incoming resources to the fund came from the following donors.. Big Give, Buffini Chao Foundation, the Nugee Foundation and the Ashley Family Foundation Musicians of Change: PGCEI This includes funding towards the cost of running and developing the PGCEI qualification for teachers. Incoming resources to this fund came from the following donors.. Karlsson Jativa Charitable Foundation,. The Rachel Baker Memorial Charity and a major donor who W15he5 to remain anonymou5. 14 Analysis of net assets by funds Unrestricted Funds Designated Funds Restricted Funds Total 2022 Fund balances at 31 August 2022 are represented by.. Social investments Tangible fixed assets Intangible fixed assets Current assets Creditors 208,371 2,210 422 113,729 208.371 2,210 422 499.702 1140,4131 570,292 385,973 1140,4131 245,560 324,732 Analysis of net assets by funds- comparative information Unrestricted Funds Designated Funds Restricted Funds Total 2021 Fund balances at 31 August 2021 are represented by.. Social investments Tangible fixed assets Intangible fixed assets Current assets Creditors 177,923 3,771 1,689 119,050 177,923 3,771 1,689 611,481 {235,0291 559,835 449,484 1203,9241 245,560 42,947 131,1051 11,842 302,433 34 Docuslgn Envelope ID." A2F2Al7￿S9E64162-994E-A293EgDD48oA UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Icontinuedl 15 Operating leases At 31 August 2022, the charity had annual commitments under non-cancellable leases as follows.. 2022 2021 Land and Buildings.. Not later than one year Later than l year and not later than five years 20,LKIO 1,666 21.666 20,(X)O 21,666 41,666 16 Related party transactlons During the year ended 31 August 2022 the charity received £331,363 12021- £282,712) in donations and incurred £nil12021.. £nill in costs reimbursed to trustees, close members of a trustee's family or organisations controlled by trustees. No trustee expenses were reimbursed during the year12021: £nill. No charity trustee received payments for professional or other services supplied to the charity12021'. nill. 17 Reconciliation of net income to net cash flow from operating activities 2022 2021 Net expenditure for the year Interest receivable Depreciation and impairment of tangible fixed assets Amortisation and impairment of intangible fixed assets Impairments on social investments Cost of investments disposed of in year Increase in debtors IDecreasel/increase in creditors {12,6821 {2391 2,185 1,267 111,3451 11151 2,658 1,267 15,0401 2,001 120,7241 71,064 3,874 {39,2571 {94,6161 Net cash flow from operating activities {139.4681 39,766 35