Docusw Ènvebpe IL).. 04954bAI-OO&b482J4lOE-06L&frT)44E53 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) Company Reglstratlon No: 06226749 (England and Wales) Registered Charlty No: 1119372 UK MUSIC MASTERS LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Dowsign Env8bP• 10.. 049546A1-OOEb4823410E-06CkPD44E53P UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) CONTENTS PAGE Legal and Administrative Information Chairman's Report Trustees Report Auditors, Report 19 Statement of Financial Activities 23 Balance Sheet 25 Statement of Cash Flows 26 Note5 to the Financial Statements 27 Do¢uSwJn Envek)pJ ID.. 049546AI-OOE6-4823-810E-06CEF044E53F UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTrATIVE INFORMATION Trustees The trustees are also the statutory directors of the company for the purposes of company law. The trustees who seNed durin8 the perlod were: S Freakley- Chairman V S H Robey OBE- Founder Director A Carrin8ton IResigned 01.03.20231 J Nickson IResigned 01.03.20231 P Keller IResi8ned 24.01.20241 T Hull P Thomas S Buntin8 J Joseph M Kofokasumu- Treasurer S Berryman G Kanneh S Mason C Swannell E Chandra (Appolnted 24.01.20241 Key mana8ement R De Vile-chief Executive Officer A Fleming-Finance Director T Cook- Head of Fundraising IAppolnted 27. 10.20221 K Dami80s - Head of Teacher Training Programmes and Musicians of Change Course Leader D Evans- Head of Schools and Creatlve Programmes N Stringer- Head of Marketin8 Charity number 1119372 com￿nY number 06226749 Re8lstered offtce 125 Kennington Road London SEII 6SF Audltor Azets Audit Servlces First Floor River House l Maidstone Road Sldcup Kent, DA14 5RH Bankers CAF Bank 25 Kings Hlll Avenue Kings Hill West Mallin8 Kent MEI 4JQ Do¢uSKJn knvdope ILI." 049546A1-00È6-482J41UÈ-o6C￿Pl)44E$3 UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The question 'how have I not heard of Music Masters before?, has been posed many times since the charity launched in 2008. It isn't surprising. Just five years ago we were still officially recognised as a 'small charity, working on a local scale to bring musit to under-resourced London school communities with an unwavering fotus on quality, inclusivity, and creativity. These values remain at our core, yet today they support and inspire a wider and ever-growing range of programmes and initiatives that we believe have the potential to transform music education on a national scale. In another five years, we aim for Music Masters to be known as a voice of influence and solution provider not only in the music and music education sectors, but within social change more broadly. This is a core aim within our current strategic plan. launched in September 2022. It means that alongside demonstrating best practice 'on the ground, including within the models of musit education we deliver day- in, day-out with our London school communities, we ale committed to finding ways to improve access to musical learning and opportunity on a national scale. To support this, we'll empower music teachers around the UK to be inspiring, skilled role-models for their pupils, and influence increased diversity, inclusion and equitable atcess right across the music industry. This strategic period sees us explore and evaluate different approaches to growing our work, helping us to understand how we can achieve maximum impact. In 2022-23. despite facing rising costs and increased competition for financial support, we have made strong progress towards our strateEiC priorities. As part of a brilliant year in our five London Flagship Schools we successfully piloted a new, paid workforce development route for individuals who may otherwise face barriers into work as music educators and are thrilled that this programme- Emerging Educators- will expand in 2023- 24. Our young musicians performed in venues from Wigmore Hall to the National Gallery with inspiring artists including Sheku Kanneh-mason MBE, Jordan Bak and Love Ssega, and all four 11-year old Eraduates of our Pathways programme Iwhich specifically supports committed young musicians from backgrounds underrepresented in classical music) secured full scholarships to continue their musical learning at the Junior department of the Roy31 College of Music. As we seek to understand how we can support school music education on a wider scale we launched a pilot project in partnership with Voices Foundation and The Kemnal Academies Trust, a multi-aeademy trust of schools in the east and south-east of England, which has the potential to improve access to and the quality of music education for 10,000 primary school children. Our Impact and Evaluation framework, developed this year and piloted in various settings in England 2nd Wales, is already starting to reveal the impact of our year-long Musicians of Change IPGCEil te3cher training programme on the participants, pupils and wider school communities. and a new partnership with the Welsh National Music Service has seen us leading training for huridreds of Welsh music teachers to support the delivery of Wales, new National Plan for Music Education. These are just a few highliEhts from a busy and productive year of activity that I feel effectively illustrate Masters, ambition to reach and improve many thousands of live5 through music. I would like to take the opportunity to sincerely thank our dedicated administrative team, teachers, and advisors, and of course our partners both long-established as well as those newer to us. I'd like to extend mv sincere gratitude to Music Masters, board of trustees for their dedication, guidance and support. A particular thank you goes to our five Flagship School communities,. the long-term commitment of their staff teams and governing bodies to our partnership, and of families with whom we work. is so greatly appreciated. D362236DA8FII8É Simon Freakley Chairman, UK Music Masters Ltd. DoGuSw tnvdope IL). 04954bA1-IK)k6-482J-810È4>bLÈPD44k53P UK MUSIC MASTERS LTD. IACOMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 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 2023. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in notes to the actounts and comply with the charity's governing document, the Companies Act 2006, the Charities Act 2022 in force at the time of preparing these accounts and Accounting and ReportinB by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective l January 20191. Obiertlves and activities Our objertives On 27, June 2023 a Special Resolution was passed by the Board in their role as both trustees and directors, and subsequently filed with the Charity Commission, to change Music Masters, Charitable Objects to better reflect the charity'5 aims and activities. The Objects are now as follows.. For the public benefit to advance education in and through music in all its forms to improve the 16ves of children and young people In the UK, in particular but not exclusively by: 11 Increasing equitable access to and opportunity through a high quality music education for children in stste prirnary ￿h0o1$, With a focus on under-served communltles 21 Ralsln8 the standard irf musit education, in particular school-based group teaching* through championing and developing rnusi¢ educators 31 Championing and drlvln8 the creation of a more open, diverse and inclusive music sector, and pathways Into 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 confirm its ability to provide current and on-going benefit to the public. Our activities Our 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 spark5 into flames which burn brightly throughout their lives, wherever they go, and whatever they do. We do this throush.. Working with Schools: Our work begins with state primary schools, because working at 3 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 whèt high quality. inclusive and inspiring music education can look like. Through our Flagship Schools Programme we p13ce ourselves at the heart of state primary schools in underserved communities of Lambeth, Westminster and IslinEton our Flagship Schools - to deliver inspiring instrumental and musicianship teaching, creative le3rning and performance opportunities for all children. We work with a collective of inspiring artists and a range of Creative Partners to enrich the children's experiences. Docusign ￿nvelope IU" 04954bAI.OOE6.4t12J.81oÈ￿bc￿￿O44E5J UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE} TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl 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 communitie5. With this learning, we explore and create new opportunities, programmes and resources to improve music education in schools on a national level. Training and Empowerlng Teachers: Our pioneering year-long Musicians of 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 Londor) 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. Alongside Musicians of Change. Music Masters provides training and development opportunities for individuals and organisations around the UK. particularly focussing on enabling access to the workforte for those who may otherwise face barriers to training or career development. • Creating an open muslc 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 for greater inclusion, diversity and equality in the music sector for the futures of young musicians. We actively commission and create new music for and with our younE musicians to represent the diveisity of modern Britain, from our Mony 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 diverslty brings something unique and brilliant to our school communities, alongside their united belief in the importance of music in young people's lives. Through I'M IN Ilnclusive Music Index). our organisational equity, diversity and inclusion self-assessment tool, we have so far supported over 130 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. Objective5 for FY 2022-23 In September 2022 we launched our new four-year organisational strategy. Its aim is to have widened access to high-quality music education from early years to young adulthood, focussing on UK communities facing systemic inequèlity or disadvantage. In addition, we anticipate being able to demonstrate how Music Masters tan best support and drive change in different settings and on a national scale, with a tried. tested and data- informed model for future growth. Our reputation for inclusive excellence positions us as an effective force for change across the music and music education sectors. Our goals focus on.. IncreasinE inclusive musical excellence in UK state schools Championing and empowering music educators Improving opportunity in music through a more diverse and inclusive music sector Building our voice and influence to drive societal change Llocusign Envelope IL).. 04954bAI-UOk64112J4$10E-ObLkF(M4&53 UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST2023 Icontinuedl In full, our goals are as follows: SCHOOLS: Grow our work wlth state schools on a national scale to reach more children and model hi ualit inclusive in5 and sustainable music education 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 ihat widens pathways and possibility for young people. We will establish leading practice for transltion from primary to secondary schools- a known musical drop-off point for young learners. We are committed to more effectively measuring and 5harin8 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. EDUCATORS: Cham chan e in socie ion develo and connect music educators activatin their otentlal to make osltlve Outstanding education needs outstanding educators. Our highly practical Musicians of Change IPGCEil programme with Birmingham City University develops and empowers gold-standard music educators to improve sub-standard group instrumental teaching in UK state schools. Alongside expanding this programme, we will make available more paid teaching opportunities in our Flagship Schools, grow the impact of teacher5 working in underseryed areas, enhance support for our ever-growing graduate network, and increase opportunities for performing musicians to develop artistry in working with children and tommunities. OPPORTUNITY: Su music indust ort and advocate for increased diversi inclu51on and e uitable access acr055 the 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 irnprove 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 diverslty 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. INFLUENCE: Become known as a reater voice of influence and a solution music music education and social chan e sectors. rovider drlvln chan e wlthin Our beneficiaries are our most influential voices for change, and we will empower them as role models and advocates. We are developing our evidence base and smarter approaches to a55es5ing the impact of music education in our schools, enabling us to campaign for a stronger focus on music and the arts in ihe 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. L)ocuSign knv81ope ID.. O49546A1￿0e6482J-61O￿￿￿cÈFD44￿S3fr UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued) Strate IcRe ort Achievements and Performance against our strategic goals SCHOOLS: Grow our work wlth state schools on a national scale to reach more children and model hi alit inclusive ins irin and sustainable music education In 2022-23 we- delivered our Schools Programme in our five Flagship Schools in under-resourced London communities to over 1,000 pupils across all year groups, Wlth our 30-strong teaching team delivering group and individual lessons two or three times a week to beneficiaries, alongside creative workshops and performance opportunities ir)£luding at the National Gallery. Wigmore Hall, Plaisterer's Hall, the Royal Academy of Music and St john's Smith Square. enjoyed engagement with world-class artists and role models including Music Masters Ambassadors Sheku Kanneh-M3son, Nadine Benjamin. Plinio Fernandez and Tom Poster, and worked in partnership with YCAT (the Young Classical ArtlSts Trust) to bring jordan Bak, our jointly appointed 'Robey Artist, into all of our schools to inspire and collaborate with our young participants throughout the year. began a review of our Schools Programme, including consultation and exploration around how we can further improve oui teaching structure, the experience and needs of our pupils, and our support of school staff and parents. This has prompted a fuller and deeper review that will take place in 2023-24. also exploring how our tuition models and organisational expertise can inform resources and support for schoo15 across the UK. launched a pilot partnership with fellow charity Voices Foundation which sees us pooling our expertise to develop a musit curriculum framework with and foi 29 primary schools lover 10.000 children and voung people) within The Kemnal Academies TrLtst- a Multi-Academy Trust which spans the east and south-east of England. This IS just one way in which we are exploring building our support to benefit state-funded schools beyond our five Flagship Schools. completed a trial of our 'Music CW project with our Year 6 pupils in one of our Flagship Schools, Prior Weston Primary School, as part of an approach we are developing to better support young musicians with primary-secondary school transition. Ovei a series of workshops, children worked with their musit teachers to develop a self-curated record of their musical tastes and accomplishments that could help to inform their secondary schools and new music teachers of where they are in their musical journey, and how to help them continue to thrive. Thi5 work continues in 2023-24, with exploration beginning into how thi5 resource could extend beyond our Flagship School pupils. engaged with our Champions in a number of ways, notably through sign-up as our House Band for our festive fundraising concert and work experience opportunities. brought our Graduate Ambassadors closer to our work, benefitting from their support with a range of projects and events, includinE our 15, Anniversary Fundraising Gala in which they played a core role not only on the night but in planning the event, leading rehearsals, arranging repertoire. and supporting their younger peers. Uocubign Envelop8 IL).. 049546A1-OOkb4b23.810&-06LÈPL)44k58F UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 {continuedl Feedback from parents I carers of Year 6 Schools Programrne leaver5: 'Music Master5 hos been one of the highlights of the past six years. [SheJ (nome ononymised) hos ljodso mony incredible opportunities from playing in the most omozing venues to meeting incredible ambassadors. Opportunities that wefeel so fortunate that she hos had- and will neverforget. However, the most omazing thing obout Music M05ters ore the teachers. Rosonne, Matt ond Rochel hove been the most amazing influence on her. introducing her to fun. exciting woy5 to leorn music. Engogin9 Wlth us os porents and basicolly goino above ond beyond with their dedicotion and enthusi05m. We ct7nnot thank them cnd you enough I, 'He has done so many performonces in School ond outside and hos help his confidence ond his obility to ploy the violin. It gove him the opportunity to write und read o poem infront of so mony people. Music Masters has helped him a lot and he will olways be gmtefulfor this lifetime opportunity., eochers are extremely dedicated ond the music progrumme is omazing os the kids ut some stages have the possibility of composing. So extra pointsfor not only allowing kids to play but olso letting them try to go a little fvrther., 'Leorning the violin ond hoving thot continuous encouragement has mode [her} Inome ononymised) believe In herself. This confidence has been applied when approaching Maths ond English. These subjects may be hord ot time5, but like the violin. with proctice she con get better.. Feedback from Fla8shlp Schools: The work that you do is essential at this time. This is so much more than provision of enrichmentfor children who might Othe￿15e miss Out on acce55 and opportunity. B y taking thi5 form of music and these types of instruments into mony spaces. you ond your tutors ore preserving heritoge for fvture generotions...You ore right to note that schools ore under pressure ond budgets ore creoking due to the lock of support from the central government among otherfactor5. Despite these challenges we understand whot Music Masters 15 ond remain committed to muintuining our portnership which isfirmly welded into our schools identity... Thonk you on beholf of our school and communityfor oll you do.. Feedback from Otsted lin Ashmole Primary School'5 Ofsted report of June 2023): 'Allpupils leom to ploy musical instrumentsfrom G young age. Many go on to play these to o highly competent level...The school s exemplary music programme helps pupils build confidence, resilience cnd o sense olpride., EDUCATORS: Cham Chan e in societ ion develo and connert music educators artivatin their otential to make ositive In 2022-23 we.. delivered our year-long postgraduate teacher training course, Musicians of Change IPGCEil, to 17 participants, with 2 deferrals due to personal circumstances. Our cohort hailed from a wide range of areas of the UK including Wales, Scotland. West Midlands, Yorkshire, Leeds and Newcastle as well as London. We remained responsive to the mixed needs of the cohort by providing a 50150 approach to online and in person delivery in a mix of location5 Such as Manchester, Birmingham and Leeds. Oocusign Env8lop2 ID.. 049546A1-(M)eb411Z3-810&.IX5CEPD44ES3 UK MUSIC MASTERS LTO. IA COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnuedl thanks to multi-year funding secured from the Paul Hamlyn Foundation, developed and trialled a new Impact Evaluation Framework with support from a newly recruited Impact & Evaluation Manager. This aims to help us better understand the impact of Musicians of Change participants, learning through the course on their pupils and the wider school communities in which they work. delivered a range of events and workshops for Musicians of Change Braduates including with jazz violinist and educator Christian Howes 2nd Cuban jazz violinist Omar Puente, as well as providing workshop leading opportunities for graduates, enabling them to apply their learning on the course 'on the ground,. announced a new training programme to upskill educators as Musicians of Change mentors, with a particular aim to engage graduates of Musicians of Change as mentors to build the number and quality of mentors at a regional level. achieved 3 40% increase in applicants for our 2023-24 Musicians of Change cohort, and a doubling of our partnerships to attract under-￿pre5ented groups within the teaching workforce. launched a partnership with the National Music Service of Wales through which we delivered training in Aberystwyth and Bangor to over 100 music teachers, resulting from feedback from teachers including 'one of those days which confirm that you are in the job you have been called to dol, This work supports the delivery of the Welsh National Plan for Music Education120221 and in particular its 'First Experiences, programme that sees large group instrumental teaching being rolled out across primary schools in the countrv. commenced a Research and Development project as commissioned by the Welsh Local Government Association to explore long-term teacher training needs in Wales. Katrlna Damigos, our Head of Teacher Tralnln& on Muslclans of Change 2022-23: Thi5 year, we hove leornt u huge amount about the teaching contexts t7nd working conditions of our students, with mony juggling extremelyfull schedule5 t7nd heovy workload5 - 05 an exomple, one of our student s works acro55 17 different schoolsl With ever increosin9 finoncial pressures ond over-stretched teaching condition5, the course teom hos become increosingly owore ol the impoct on the students, wellbeing, their capocity for learning und challenge thon perhop5 ever before. We ore focussed on providAng opportunities to nurture community ond creJtivity through in person doys, soci015 ond work5hop5 a5 well as offering more one to one support ond flexibility to accommodote students with 055ignments and course requirements. It's important thot our course remoins o taring ond supportive spoce to sustoin the resilience of the Music Educotion workforce as much as It improve5 the quality of group teaching., Feedback from Musiclans of Change 2022-23 partlcipants: 'It is o life chonging experience, chollengin9 my beliefs in o sofe environment. it is moking me spin on my oxis and reflect on my practice, views, myself. At the scme time, l am learning a craft, 05 a teocher.. it 15 a deep and broud experience. An odventure., Docusvjn Ènvebpp IU.. 04954f>A1-oU￿￿￿4d2S4￿1oE-lknL￿Pl)44tS8fv UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST2023 Icontinuedl I reolly love the breadth ond depth of thinking that is behind it. I love that it osks the bi9 questions ond reolly Aocilitates o lifelong learning journey, not just a prescriptlve year. I love that itfeels very current and in step with our ever-changing worldl It provides a way to really grapple with the big questions and issues alongside community of learning. Itfeels veryforward-looking ond gives the opportunity to really explore and experience innovative und pioneering ways of working. It helps to shape one s world view- not only in terms of music educotion but in terms of the role of music in sotlety. I love the elements of sociol change/justice thot ore incorporated into the course. 'Thoroughly orgonised. Hugely interesting ond var￿d sessions. Sense of community spirit and o heolthy learnlng environment. 'It's challenging,. It chollenges you os an individual, und is modern in its views of music education, and having on oworeness of an evolving social landscope os afoundotionfor developin9 proctice.. lit hosj Inclusive practice ot the core, designedfor people with experience who wont to develop ond evolve their teaching proctice, 'Ifeel invested in ondfeel real improvement in myself as a proctitioner. I'm more present ot work and have lots of ideos to try out and reflect on. 'Hugely informotive, excellent resources, communication, honds-on, proactive course leaders, 'Ifound the sessions about gender equity ond disabilitiesfant05tic. Ifelt they were stretching me and chollenging me, in o Safe environment that really supported posltive change ond evolution in my thinking ond perceptions, hi5 course has mode mefeel invested in and invigorated my practice. It ho5 Shown me th¢7t what I do really does matter, where05 before it W05 sometimes e05y to slip into disillu5ionment due to lock of interestfrom mono9ers and schools. It hos reassured me tht7t my bosic instincts ond teaching techniques ore good, but shown me so many more ways thot I can expondfrom here., Feedback from Musicians of Change's External Examiner (Duncan Madrrill, University of Sussexl: 'With o course that recruits its students from ocr0s5 the country (7nd where they continue to work os instrumental teachers, it is o real chollen9e to creote o feeling of course identity, Particularly where students have very limited teaching face to face and who seldom meet together. However, the course leoders hove achieved this sense of identity ond community. This was supported by comments in my meeting with students where it Wos said.. 'Whot an incredibly supportive and helpful community has been created through the course. [The course leaders] ond oll the session providers hove beenfontastic oll yeor., It Isfurther exemplified through alumnifrom the course in previous year5 now becoming mentors them5elvesfor current Student5. I have been privileged to be the External Exafninerfor this coursefrom its start and a5 Wlth ony new course it tokes time5 to see whot works well ond identify refinements. This 15 made more complex wherj it 15 Q Colltsborative Provision course which is mainly delivered over a hundred miles owoy, and/or virtuolly with Studentsfrom ocross the country. Coupled with thot wos the impact of Covid ond lockdowns in itsfirst yeor but the team coped well with this ond adopted ossignments ond requirement5 to SUPPOrt students in their ochievement. The teoms both ot Music M05ters ond BCU ore to be congrt7tuloted. i)oeuSign Ènv8iope IL).. 049546Al￿oÈb4lI23-IIIO￿-obcEfrL)44&5JF UK MUSIC MASTERS LTO. IA COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnuedl Looking bock of the 4 yet7rs of my tenure os Externol Exominer, the team have been responsive. reflective ond collegiate, taking on a considerable number of developments to make this course even better. My recommendations eoch year have frequently been accepted in total, acted upon und implemented in a timely wuy ond it is t7 real success Story, os evidenced by the students themselves, some of whom are now mentors for the new cohort of students and encouraging others to opply. My meeting with o somple of students eoch year hos reinforced the view that students really volue this course ond the assignments within it...I see this course os a very good example of Colloborative Provision at its best t7nd l am confident thot it will continue to develop ond attrt7ct even more students in the comin9 years., OPPORTUNITY: Su music indust ort and athiocate for Increas iversi in nde uitable acce55 across the In 2022-23 we.. piloted our Emerging Educator programme, which offers paid teaching and training opportunities to provide passionate and diverse musicians Wlth access routes into a rewarding career in music education, supported by inspiring teachers and a nurturing environment. In its pilot year, three educators identifying as'emerging, took on these roles. including Tristan Ramjohn, who himself learnt the violin with Music Masters from the a8e of 4-11. 5UPPOrted 17 pupils from across our Flagship Schools to develop their musical learning and experiences through Pathways, an accelerated tuition route within our Schools Programme that specifically fosters the next generation of gifted young String players aged 7-11 whose backgrounds are underrepresented in the classical music sertor. celebrated the success of our Year 6 Pathways pupils, all four of whom, upon leaving primary school, will continue their musical journey at the Royal College of Music having been offered places on it5 'Associate' junior programme at no cost to pupils, families. delivered a range of learning and performance opportunities for Pathways pupils, including a solo recital at the Royal Academy of Music, world premieres from our Many Voices.. Ensemble antholoBy (see next pointl at Wigmore Hall, and a performance of new pop songs which they composed with musician and performance artist Love Ssega as part of their role as Musicians in Residen￿ at the National Gallery. completed the workshop and writing period for Many Voices.. Ensemble, our brand-new anthology of flexible ensemble works co-created by almost 200 of our Schools Programme pupils and ten of today's leading composer5. In March 2023 the world premiere of all ten pieces took place at Wigmore Hall performed by Music Masters pupils, teachers, Graduate Ambassadors and the incredible Kaleidoscope Chamber Collective, who also recorded the works for release on NMC Recordings later in 2023. secured 26 sign-ups to I'M IN, our Inclusive Music Index tool, proving its ongoing popularity as 3 change-making intervention for the sector including with music charities, publishers, festivals, national youth orchestras. universities, music service5 and councils. io Oocuswn Envdope ID.. 049546A1-OOEb4d28-tIlOE-Q6LEFD44E53F UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (continued) Feedback from Many Voice5 composers: "Working with young musicians on new music hos olwuys been o priorityfor me. It h05 been fascinating to be involved in this ongoing project with Music Mosters which is one of the most exciting ond imuginotive I've observed in action sofar." Sir James Macmillan CBE 'Being o part of this projert really hos been something special. When I was working with the children on this piece, you couldjust See how delighted they were to be thinking creotively, working colloborotively and hoving their ideos heord. It just shows how important music is in providing a well-rounded education. The workshop was honestly such a blost. To quote one of the kids, -1 wish we could do this every doyl", Aileen Sweeney 'f anything, this project hos tought me that young people ure not burdened byfeor of breoking convention insteod, led by genuine curiosity and imagination, they might venture into most unexpected areos in music and performonce. I wa5 trying tofollow that guidonce to my best, and I continue to do so even after the project is over., Ruta Vitkauskaité 'It s been an enormous privilege to work with these young performers, ond to see the eogerness they have to try unusual musical ideos. This projert hos Stretched me much further than l Grnticipoted os o composer. ond the creative reword5 have been greater as (J re5uIt.' Blasio Kavuma Feedback from I'M IN organisational participants: 'I'M IN (the Inclusive Music Index) has been key to our strotegic work to improve diversity ond inclusion. Riverfront Theatre & Arts Centre '[We] hove been working through the Music Masters I'M INproce5s over thepost8 months. Thefullstaff team, plus our ED&1 Leadon the Boardof Trustees ond One of our consultonts hove met online to discuss the questions for each topic and the conversation5 have been really rich ond exciting. It has taken u5 0 long time to complete the process not only because of other pressures on our time, but olso becouse eoch topic unearthed so many thoughts and ideos. It wos evident oftereoch topic we discussed however thot individual team members were considering the discussion and maklng changes to our approoch to our work. It wos also evident thot the questions we discussed were providing u5 Wlth opportunities to get to know eoch other ond build a stronger tet7m outlook ond consensu5 on ED&I. We completed the lost topic- procurement- os we storted 2023 ond are now looking to reflect on oll the topics agoin and create o planfor what else we will do- whot other octions we will take- this year., Music Mark- 3 UK Association for Music Education. INFLUENCE: Become known as reater voice of Influence and a solutlon music music education and 5(Kial chan e 5ertor5. rovider drivin chan e within Much of our progress within this goal sits within the design, delivery and reach of activity falling under the previously mentioned three goals, for example through creating new partnerships that help to increase our impact, or through better promotion of programmes such as I'M IN that establish Music Masters as an 'expert in the room,. However specific interventions that have supported progress under this goal include.. Refining and re-launching Music Masters, core proposition, messaging and brand persona to grow our appeal and bring consistency to our work. Developing our public communications, including delivering and analysing the performance of digital marketing campaigns, which has resulted in a significant growth in user engagement. Year on year figures measured in June 2023 show a 50.51% growth in users112.453 vs 82741, a 52.97% growth in new u5er5112,381 vs 80941 and a 26.36% growth in the nijmber of page views131,831 vs 25,1901. li Oocusign Envek>pe IU.. 04954bA1-O0￿64￿12J411￿k-Qt•L￿Fo44ksJF UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl Developing our audience engagement and stewardship plan to ensure our message and offers are reaching and bringing the right people closer to our work. Launching a website rebuild project with the aim to re-create our website in a way that better supports user experience and understanding of our work. Media coverage in the education press including artitles and interviews about Musicians of Change (Music Teacher Magazine), I'M IN (Ensemble Magazine) and sector responsibility in building up music education (Classical Music Magazine). Flnanclal Revlew The results for the year are set out on page 23 of these finantial statements. The surplus for the year (before unrealised gain on revaluation of £1.1231 was £57,44612022.. deficit of £12,6821, as set out in the financial statement5. The entirety of this surplus arose from unrestricted funding12022- deficit of £840 arising from unrestricted funding and a deficit of £11,842 from restricted funding attivities which was funded from restricted funding brought forward from the previous financial yearl. There were no further restritted funds held at the end of the year. Total intome increased by c16% to £1.320,266 12022.. £1,141,6721 and total expenditure increased by c9% to £1,262,82012022.. £1,154,354). The overall spend on our charitable activity increased by c12% to £1,025,69112022: £914,449). The overall increase in income includes a t19% increase in fundraised income and we are, as ever, incredibly grateful to all of our donors and supporters who make our work possible. Reserwes Music Masters, reserves policy is a5 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 £315,000 to £335,00012022.. £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 2023 totalled.. £315,000 12022: £245,560). Having considered the financial stability of the organisation, the trustees consider the level of reserves to be adequate. Designated Funds The trustees recognise that the effectivenes5 of the Schools Programrne 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 funding. At 31 August 2023 the balance of this fund was £106,38212022 £113,729) and it is expected that this fund will be spent in the year to 31 August 2024. The Fixed Asset Fund represents the value of reserves invested in both tangible and intangible fixed assets and programme related investments Imusical instruments). These assets are required for the use of the charity and its beneficiaries and these reserve5 are therefore not available for other purposes. At 31, August 2023 the balance of this fund was f 207,48012022.. £211,003), 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. 12 Docusign knvelOPÈ ID." 04954I>AI-OOk648zJ-111UÈ-OtsL￿PD44￿sj UK MUSIC MASTER5 LTD. {A COMPANY LIMITED BYGUARANTEEI TRUSTEE5' REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Itontinuedl Funds held as Custodian Trustee on behalf of others.. There are no such funds held12022- nill. Permanent endowment invested on a total return basis.. There are no such investments12022- nil). Plans for Future Periods, under our four strategic goal headings SCHOOLS: Grow our work wlth state schools on a national s ualit inclusive ins and sustainable music education let reach more children and model hi 2023-24 plans include: delivering our Schools Programme in our five Flagship Schools to over 1,000 pupils across all year groups, with several new additions to the programme as developed through our internal Schools Programme review in 2022-23. including.. Fresher's Week- a week-long event at the start of the autumn term, focussing on parent and carer engagement and ensuring a high-quality start to the year. Creative Week- a week of activity in spring 2024 to streamline and enhance creative opportunity for our pupils and for external stakeholders. including to raise awareness of and build Interest in our programmes including Musicians of Change and Emerging Educators, and to support fundraising. Family Ambassadors programme- building on the suctes5 of the Graduate Ambassadors programme, this new scheme develops additional support and communication channels between Music Masters and our schools and beneficiaries. conducting a deep, externally-led review of our Flagship Schools Programme that informs development of both our Flagship Schools (for the benefit of our pupils) and the programmes. support and resources we seek to develop to improve the musical learning experiences of young people in schools around the UK. developing our 'Music CV, Iprimary-secondary school transition project), growing its pilot from Prior Weston Primary School in 2022-23 to all five of our Flagship Schools in 2023-24. During the year we aim to establish possibilities around a wider pilot outside of Music Masters to help address the systemic issue of musical drop-off in the transition between primary and secondary school. moving into Phase 2 of our curriculum design project with Voices Foundation and The Kemnal Academies Trust ITKATI which sees the draft curriculum framework become integrated into the wider Trust's turriculurn. During this year we will continue to reflect on the feasibility and fit of this type of project as an approach for Music Masters to offer to schools and trusts more widelv. inviting our Champions Ischools Programme graduatesl to be involved with projerts that help the charity to fundraise, informed by consLTrltation undertaken with Champions in 2022-23. Plans for 2023- 24 focus on empowering Champion5 to meaningfully engage in two events each year that support our fundraising campaigns. alongside ongoing music-making opportunities, mentoring and work experience that enhance their experience. 13 L)ocuSwn Ènvelope IL).. 049546A1-OOÈb482J4110k-06CkPL)44È53 UK MUSIC MASTERS LTD. {A COMPANY LIMITED B Y GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 {continuedl developing our work with Graduate Ambassadors as important advocates of Mm's work and positive role models for our pupils, whilst supporting their ongoing career development. bringing our new Robey Artist, cellist Sterling Elliott, into all five Flagship Sthools to deliver inspiring performances and workshops whilst supporting his own development in working with children and young people. EDUCATORS.. Cham ion develo chan e in soci and connecl music educators artivatin thelr tential to make Ositive 2023-24 plans include: delivering our Musicians of Change IPGCEil teachertraining programme with 23 participants, including a Welsh 'sub-cohort' tomprising nine teachers working in Wales with whom we will pilot additional traininB sessions focu5sing on the Welsh National Curriculum and Additional Learning Needs in Wales. related to the above. continuing our research and development into the neetls and abilities of instrumental teachers in Wales for the National Music Service of Wales. finalising our approach to measuring and evaluating impact, following the pilot of our new impact and evaluation framework in 2022-23, helping us to understand the immediate impact and impact l+ years post-course on communities in which our Musicians of Change graduates are working. further developing our Musicians of Change mentoring programme, aiming to increase training opportunity for course graduate5 and increase the number of individuals trained as mentors for this course that can be called upon as regional mentors in the future. delivering a brand-new event or 'unconference' which brings together educators and young people from within and outside of our networks to engage in creative problem solving to address key access and progression issues in music education. Through this event we aim to widen our audiences, create additional engagement and networking opportunities for our existing stakeholders, grow our profile as a solution-provider I change-maker, and raise awareness of our programmes such as Musicians of Change and EmerEinE Educators. OPPORTUNITY: Su music inilust ort and advocate for increased diver5 inclusion and e uitable acce55 across the 2023-24 plans include: growing our Emerging Educators programme, increasing the number of roles from 3 to 4 and introducing additional engagement and development opportunities for individuals who identify as 'aspiring' or'emerging, educators. Supporting an increased number of Pathways pupils laiming for a 25Yo increase in participant numbersl to build more peer groups acr055 our Flagship Schools Programme. identified as a key factor in how motivated and supported Pathways participants feel during their time on the programme. 14 ocusign Ènv81ope ID." u49546A1-UOk(}4823￿7u￿-UtsUePlWES3 UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl Further developinE partnership opportunities to provide additional creative and performance opportunities for Pathways pupils. and build profile for the programme and charity. Continuing to drive conversations with conservatoires and ensembles on a national scale to improve and encourage better access and opportunity for diverse young musicians. Developing partnerships and awareness through marketing to increase I'M IN'S visibility and Use across the sector. Launching Many Voices.- Ensemble a5 a printed and recorded anthology and promoting the collection to encourage downloads and performantes of these works, particularly with groups involving young learners for which the resource is free. DesigninE and making digitally and freely available guidance from our Mony Voices.- Ensemble project evaluation to encourage and support musicians to connect with their communities through collaborative music making. INFLUENCE.. Become known as a reater ¥olce of influence and a solution music music education and social chan e 5ertors. rovider drivin chan e within As With 2022-23, progress within thi5 goal is channelled through the design, delivery and reach of activity falling under the previously mentioned three goals. In particular, readers will note the increase of externally- facing events and opportunities for music educator5 to engage with and an increasing range of programmes being purposefully developed with an eye on their potential for national support and influence. In addition to this, specific marketing and communications planas include continuing our website rebuild and redesign with focus on increasing options for vi51tors to interact with us through the site. STRucfuRE, GOVERNANCE AND MANAGEMENT Structure UK Musit Masters Ltd is a company limited by guarantee not having a share capital which is Boverned by its Memorandum and Articles of Association. It is a registered company nurnber 6226749 and is also a registered charity in England and Wales, number 1119372. The charity was incorporated on 25 April 2LX)7 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 Articles of Association were further amended by special 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 trustees entitled to attend and vote at any meeting of the trustees. New trustees are given an induction by way of a 15 Oocusrgn Envelope ID. 049541iA1-OOE64t12J-810t-06CEFD44E5JF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Itontinuedl 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. Fundraisin8 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 Alé 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 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 expected 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.fvndraisingregulator.org.uk. The charity did not receive any fundraising complaints in the year. Fundraising complaint5 should, in the first instance, be directed to the Chief Executive of Music Masters, Roz De Vile, either by letter Imusic Masters, 125 Kennington Road, London SEII 6SFI or by email Icontart@musicmasters.org.ukl. All complaints will be atknowledged 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 artion. 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 ha5 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. Management The day-to-day management of the charity is delegated to the Chief Executive Officer who is SUPPOrted by senior leader5 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 annu31 bud8et, which is then overseen by the Chief Executive Officer with quarterly management account5 being presented to the Trustees. Any material overspends must be authorised by the trustees. The charity also has a Development Committee, which does not have delegated governance power5 but meets in an advisory capacity to discuss and refine the charity's fundraisinE Strategy and progre5S. In 2018119 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 2019/20 a PGCEI specific 16 Docusw Ènvèlope IU" D4Y546A1-00È￿4U2J4l7o￿-o￿L￿￿￿44￿SJ UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI TRUSTEE5' REPORT FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnuedl Advisory Group and a Wales Advisory Group were established to SUPPOrt the management team with further developinB these areas of our work. Pay policy for senlor stsff Senior staff in the year comprised the Chief Executive Officer,. the Finance Director, the Head of Fundraising. the Head of Marketing. the Head of Schools & Creative Programmes,. and the Head of Teacher Training Programmes & Musicians of Change Course Leader. The pay of senior staff is reviewed annually and normally increased in accordance with inflation and average earnings for the sector. Mo 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 management of the risks faced by the charity. A risk register is updated quarterly and where there are material changes lo 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 Exetutive Officer on all these areas of risk, advising on mitigation strategies as appropriale. One of the key risks identified is the risk of not achieving the ambitious fundraising target which is necessary to deliver the work of the charity each year. Whilst the management team aim to identify project5 which could be scaled back or paused in the event of lower than required income levels. much of the expenditure supports long term ongoing work such as our Schools Programme. The management team report to the Board at every Board meeting on the income secured compared to the target and both the Development Committee and the Board monitor fundraising strateEies and approaches and the inherent risks. There 15 a focus on securing multi year funding to mitigate the risk in year as well as a diverse range of income streams and there are reserves in place to support the organisation should fundraised income fall short in the year. Golng Concern The trustees recognise their responsibilities for assessing the charity's ability to continue as a going concern and have reviewed budgets, 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 goinE concern and there are no material uncertainties relating to its going concern status. 17 Oocusign Envelope 10. 04954IiA1￿0e6.41I23.61o￿-05C￿Fu44eS3F UK MUSIC MASTERS LTD. {A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 {continuedl STATEMENT OF TRUSTEES. 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 Reportl and the financial statements in accordance with applicable law and United Kingdom Accounting Stèndards (United Kingdom Generally Accepted Accounting Practicel. 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 charitable company and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trLSStees are required to: select suitable accounting polities and then apply them consistentlv,. observe the meihod5 and principles in the Charities SORP,. make judgments and estimates that are reasonable and prudent- state whether applicable UK Accounting Standard5 have been followed, subject to any material departures disclosed and explained in the financial statementS,' prepare the financial statements on the going concern bas15 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 Informatlon 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 tharity's auditors ale aware of that information. y order of the trustees Do(U￿9nedty. D362238DA8P746E Simon Freakley Chairman Date 24 January 2024 18 DoGuSign Envèlop? IL). 049546Al￿E6482J4IlOt-0tsL￿Pl)44￿SjF UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) INDEPENOENT AUDITORS. REPORTTO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 Oplnlon We have audited the financial statements of UK Music Masters Ltd (the 'charitable comp2ny'l for the year ended 31 August 2023 which comprise the Statement of Financial Activitie5, 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 Iunited Kingdom Generally Accepted Accounting Practice). 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 2023 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 Practice,. and have been prepared in accordance with the requirements of the Companies Act 2(K)6. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, incl¥Jding 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. Conclusions relating to going 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 ider)tified any material uncertainties relating to event5 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 tr¥Jstees with respect to going 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 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 course of the audit, or otherwise appears to be materially misstated. If we identify suth material inconsistencies or apparent material misstatements, we are required to determine whether thi5 gives rise to a material mi55tatement 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. 19 DooJ5ign knvelope ID.. 04954bAI.OOEb.482J410E.0SLEFL)44E5JF UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORTTO THE TRusfEES FOR THE YEAR ENDED 31 AUGUST 2023 {continuedl 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 directors, report prepared for the purposes of tompany 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 obtsined in the course of the audit, we have not identified material misstatements in the directors, 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 disc105ures 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 finantial 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. 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 purpose5 of company lawl are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is 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 companws bility to continue as a Eoing 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 cease operations, or have no realistic alternative but to do so. Auditorfs responslblllties for the audit of the financial statements Our objective5 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 aLsditor's report that include5 our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered 20 Docu5yn Envelo￿ IL). 04Y54tsA1.00È64828-810E41(SCkPD44&5JF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 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 financialstatements. 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 which the audit was considered capable of detecting irregularities, including 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 irreg¥J13rities, 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 ènd 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 asse55 compliance with applicable law5 and regulations; Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjLtstments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicator5 of potential bias. Because of the inherent limitations of an audit, there 15 a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statement5 or non-compliBnce with regulation. This risk increases the more that compliance with a law or regulation 15 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 hiBher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 21 tlocusign Envelope ID,. O49s48A1￿0E64u2WlcE-o6CÈP￿44￿S3￿ UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORTTO THE TRUSTEE5 FOR THE YEAR ENDED 31 AUGUST 2023 (contlnued) Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we might state to the charitable ¢ompany's membèrs 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 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 Services Statutory Audltor First Floor River House l Maidstone Road Sidcup Kent DA14 5RH Date: 15 May 2024 22 LlocuSi9n ￿nvelope10.. 049546A14JOE64823410￿4l6L￿￿044Es3F UK MUSIC MASTERS ITD {A COMPANY IIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted funds Restricted fund5 Total 2023 Total 2022 Notes Income from: Donations and legacies Charitable activities 829,299 217,939 266.723 1,096,022 217,939 921,550 219,883 Investments 6.305 6,305 239 Total income 1,053,543 266.723 1,320,266 1,141,672 Expenditure on: Raising funds Charitable activities 237,IZ9 758.968 237,129 1,025,691 239,905 914.449 266,723 Total expendlture 996,097 266,723 1,262,820 1,154,354 Net Incomel{Expendlturel 57,446 57.446 112,6821 Gain on revaluation of Programme Related Investments 1,123 1,123 23,139 Net movement in funds Total funds brought forward I September 2022 Total funds carried forward 31 August 2023 58.569 58,569 10,457 570.292 570,292 559,835 628,861 628,861 570,292 The statement of financial activities includes all gains and105ses recognised in the year. All income and expenditure derive from continuing activities. 23 Docusw Envok)P610." 04954tsA1-OOkts482J4lOk-ObLEF044E53P UK MUSIC MASTERS LTD. (A COMPANY LIMITED 8Y GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES (In¢ludlng Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2023 Icontlnued} Comparatlve Informatlon for the Statement of Flnan¢lal Artlvltles for year ended 31 August 2022 Notes Unrestrlcted funds Restrtcted funds Total 2022 Income: Donations and legacies Charitable activities 691.760 219,883 229,790 921.550 219,883 Inve5tment5 239 239 Total Income 911,882 229.790 1,141,672 Expendlture on". Raising funds Charitable activities 239.905 672.817 239,905 914,449 241,632 Total expendlture 912,722 241.632 1,154,354 Gain on Revaluation of Programme Related Investments 23,139 23,139 Net m¢ivement In funds Total funds brought forward I September 2021 22,299 111,8421 10.457 547,993 11,842 559,835 Total funds ¢arrled forward 31 Au8USt 2022 570,292 570.292 24 Qocusgn En￿lope10.. U49Y6AI.WE6482J410EthObLEFD44E53 UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) BALANCE SHEEr AS AT 31 AUGUST 2023 2023 2022 Note5 F*xed assets Soclal investments Tangible assets Intangible assets 202,902 4,578 208,371 2,210 422 211,003 207,480 Current a$5ets Debtors Cash at bank and In hand 66,838 475,558 121,927 377.775 542,396 499,702 Creditois: Amounts falling due within one year io 121,015 140,413 Net Current assets 421,381 359,289 Total assets 628,861 570,292 Income funds General unrestricted funds li 315,000 245,560 Deslgnated funds Restricted funds li 313,861 324.732 12 13 628,861 570.292 The notes on pages 27 to 38 form part of these financial statements. The financial statements were approved by the trustees on 24 January 2024 and signed on their behalf D¢¢u$Wby' D3J2ZJJD*4FF41E. Simon Freakley Chairman Company number6226749 (England and Wales) 25 DocLtSyn Ènvdopa ID.. 049546AI-OO&W23410È-06CEFt144E53fr UK MV51C MASTERS LTD. IA COMPANY UMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Nots Cash flow from operatlni actlvltles 16 102,249 1139.4681 Cash flow from Investlng acllvltles Payments to acquire tangible fixed assets Payments to acquire social investments Interest received 15,040) (5,731) 6,305 16241 111,1831 239 Net ash Ilow trom Inveslln8 a¢tlvltles (4,466} 111,5681 Net Increaselldecreasel In cash and cash equlvalents 97,783 1151,0361 Cash and cash equlvalents at I September 377,775 528,811 Cash and ca$h equlvalents at 31 August 475,558 377,775 Cash and cash equlvalents consist of: Cash at bank and in hand Shortterm deposits 52,928 422,630 94,479 283,296 Cash and cash equlvalents at 31 August 475,558 377,775 26 Oocusign knvdope IL).. 049546A1-OOE64823-11IOE-06LEF044k5J UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Basi5 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 £1 per member of the charitable company. The address of the registered office is given in the charitv information on page l of these financial statements. The nature of the charitable company's operations and principal activities are set out on paEes 3 and 4. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Retommended Practice applicable to charities preparing their accounls in accordance with the 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 2022 in force at the time of preparing these accounts, 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 turrency 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. Fund5 accounting Unrestricted general funds these are funds which can be used in accordance with the charitable objects at the discretion of the trustee5. Restricted funds- these represent the balance of funds donated for specific purposes whith 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 reco8nitiOD 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 reliablv and it 15 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 activities. Investment income is retoEnised using the effective interest method. Expenditure Recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the cateBory. Expenditure is reco8nised 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 costs incurred in attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and seryices for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them 27 Oocusign Envelope ID." 04954tSA1.OOEb.4112J.810È-06CEFL)44ESJP UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 {continuedl 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, as 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% straiBht line Debtor5 and creditors receivable I 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 include5 cash at hand, fund5 held in current accounts and deposits held at all 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 Act 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 Actumulated fund5 Unrestricted funds are donations and other incoming resources receivable for the objects of the charity without further spetific 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. 1.12 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 resource5 for the charitable company to be able to continue as a goinE concern. At the time of approving the financial 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 basi5 of accounting in preparing the financial statements. 28 Docusign Envelope ID.. 049546AI-ODE6482J.81OE-06CEFD44E53F UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (contlnuedl 1.13 Jud8ement5 and key source5 of eslimation untertainty Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, includin8 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. Voluntsry Income Unrestrlcted Funds Restrlrted Funds Total 2023 Total 2022 Donations and lega¢ies Gift aid recoverable 794,528 34,771 254,223 12,500 1.048,751 47,271 880,859 40,691 829,299 266,723 1,096,022 921,550 Income from Charitable artlvities Schools Programme 202,949 202,949 213,878 Musicians of Change 13,565 13,565 I'M IN 1,425 1,425 6,C()5 217,939 217,939 219.883 29 DocuSKJn ￿n¥8￿10.. 049546A1-OOEb482&810E-ObGÈFD44E53F UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (contlnuedl Expenditure Direct Costs Support Costs Total 2023 Total 2022 Charitable expenditure Raising funds Charitable activities 165.273 778.689 943.962 71.856 247.002 318.858 237,129 1,025,691 1.262.820 239,905 914,449 1,154,354 Direct C05ts- Raising Funds Advertising & marketing Event expenses Fundraising expenses Fundraising expenses- staff costs 16,785 43,017 4,001 124,002 33,533 16.547 IIS.193 165,273 187.805 Dirert Costs- Charitable Activlties Project costs Staff costs 409,923 368,766 414,611 327,972 778.689 742,583 Support Costs Staff costs Advertising and Marketing Rent and rates Training Office costs Insurance 201.364 21,054 23.197 10.322 17,067 3,244 9,062 2,286 I,zoo 1.120 322 2,672 422 11,583 913 11,520 I,sio 318,858 158,095 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 IT support Equipment maintenance Accountancy and payroll services Travel expenses Bank charges Depreciation Amortisation IGainl/Loss on sale of social investments Governance Costs-Legal fees Governance cost5- Auditors, fee Governance tost5 - Other 30 L)ocuSign ￿nVe￿pe ILI". u49546AI-ra)È￿482841Qe_vbLEF044￿&j￿ UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2023 l¢ontinued) Employees Number of employees The average monthly head count of employees (excluding trustees) during the year was 14.1212022.. 12.461 and the average monthly number of full-time equivalent employees lincluding part-time staff) during the year were as follows.. 2023 Number 2022 Number Music Masters Programmes Development Governance and administration 14 12 Total 2023 Total 2022 Staff costs Wages and salaries Tax and social security costs Pension contributions 599,635 51,223 22.220 529,534 49,006 20,634 673,078 599,174 Other staff costs 12.245 10,895 Total staff costs 685,323 610,069 One employee had total remuneration between £f)O,OCK) and £70,OCN) in the year12022'. none). None of the trustees lor any persons connected with them) received any remuneration or expenses during the year12022'. 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 year12022: none). The total rernuneration paid to key management, including employers. national insurance and pension contributions was £287.82212022'. £250,0991. The charity considers its key management personnel to omprise those individuals listed on page l. 31 Docusign Envelope ID.. 049546Al￿OEw2J-8lQ&-Q6ckFt}44E53￿ UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 20231¢ontlnuedl So¢lal Investments The charity loans instruments to pupils as part of Music Masters Learning activities. Total 2023 Total 2022 Value brought forward at I September 2022 Additions in the year Dlsposals in the year Revaluation 208,371 5,731 (12,3231 1.123 177.923 11.183 13,8741 23,139 208,371 Value carried forward at 31 August 2023 202,902 Tan8ible Filed A55et5 Flxtures, Fittings & Equipment Computer Equlpment Totsl As at I September 2022 Additions At 31 August 2023 4,393 17,178 5,040 22,218 21.571 26.611 Depre¢latlon As at I September 2022 Charge for year At 31 August 2023 4.215 178 4,393 15.146 2,494 17,640 19,361 2,672 22,033 Net book va114e At 31 Au8USt 2025 4,578 4,578 At 31 Au8USt 2022 178 2,032 2,210 32 Docusw en￿￿pel0.. 04954bA1-00&0482J-810kthGEtrD44kSJ UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (¢ontlnued) Intanglble Fixed Assets Development database Cost As 3t I September 2022 At 31 August 2023 6.334 6,334 Amortlsation As at I September 2022 Charge for year At 31 Au8USt 2023 5.912 422 Net book value At 31 August 2023 At 31 August 2022 422 Debtors 2023 2022 Trade debtors Other debtors Prepayments Accrued income 19,120 56 10,820 36,842 20,531 9.599 91,797 66,838 121.927 io Credltors 2023 2022 Amounts falllng due within one year: Trade creditor5 Other creditors Accruals Deferred income (note lob) 23,251 19,690 29,457 48,617 21,115 15,318 72,980 31,000 121,015 140,413 lob D•ferred In¢ome 2023 2022 Deferred Income at I September Released from previous year5 Amount5 deferred in the year 31,000 131.000) 48,617 48,617 147,500 1147,5001 31,000 31,000 33 Docusign &nvekiw IL).. 049546A1￿￿64d2J4lo￿-06CEfru44E5Jfr UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued) li Unrestrl¢ted Funds Atl September 2022 Income Expenditure Transfers & Revaluations At31 Au8USt 2023 General Fund 245,560 1,053,543 996,097 11,994 315,000 Designated funds: .Learning continuity -Fixed Asset 113,729 211,003 (7,348} 106,381 (3,5231 207,480 570,292 1.053,543 996,097 1,123 628,861 Uniestri¢ted Funds Comparative P051tion: Atl September 2021 Income Expenditure Transfers & Revaluations At31 August 2022 General Fund 245.560 911,882 912,722 840 245,560 Designated funds.. -Learning continuitv -Fixed Asset 119.050 183,383 15.3211 27,620 113.729 211,003 547,993 911,882 912,722 23,139 570,292 The designated funds are described in further detsil on page 12. L)0suSign Ènv8iop8 IL).. 04954bAI-0Okt>482&¥1D&-OtiC￿fvLI44￿s￿ UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued} 12 Restricted Funds Atl September 2022 Income Expendlture Transfeis At31 August 2023 Fund.. Proerammes 40.000 40,000 Musicians of Change and PGCEI Many Voices 203,433 203,433 23,290 23,290 266,723 266.723 Muslc Masters Programmes This comprises restrictions to teaching activities in our partner schools; learning performances and tutor training as well as our Pathways proEramme. Incoming resources to the fund came from the following donors: Buffini Chao Foundation,. Mila Charitable Trust- LB Lambeth- Elevate Careers; the John Thaw Foundation and the Boris Karloff Charitable Trust Musicians of Change and PGCEI This includes funding towards the cost of running and developing the PGCEI qualification for teathers as well as developing our national impact including work in Wales. Incoming resources to this fund came from the following donors.. Karlsson lativa Charitable Foundation,. the Albert and Eugenie Frost Charitable Trust.. The Linbury Trust- The Paul Hamlyn Foundation, ABRSM (for work in Walesl and a major donor who wishes to remain anonymous. Many Voices This includes funding from Art5 Council England towards the cost of Many Voices which is our project tommissioning new musical works from a diverse range of composers who also worked with children on our Schools Programme as well as developing a toolkit which will be available across the sector. 35 Oof)JSign knv6l0￿ ID. 0411546AI-00&6482J-iIIO&-ObL&PL)44kS3 UK MUSIC MASTERS LTO. IA COMPANY LIMITED BY GUARAf+lTEEI NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Icontinuedl Restricted Funds comparatlve information Atl September 2021 Income Expenditure Transfers At31 August 2022 Fund.. Programmes 58,1KJO 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 teathing aetivities 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 Musitians 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 rnajor donor who wishe5 to remain anonymous. Manyvolces This includes funding from Art5 Council England and Scops Art5 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. 13 Anatysi5 of net assets by funds Unrestricted Funds DesiEnated Funds Restricted Funds Total 2023 Fund balances at 31 August 2023 are represented by.. Sotial investments Tangible fixed assets Intangible fixed assets Current assets Creditors 202,902 4,578 202.902 4.578 436,015 1121.0151 315,000 106,381 542,396 1121,015} 628,861 313,861 36 Docu&gn envek)pe I￿." o4954tSA14)O&b482J-810￿4JbLEFO44ES3 UK MUSIC MASTERS LTD. (A COMPANY LIMITED BYGUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (continued) Analysls of net assets by funds- comparative information 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 14 Operating leases At 31 August 2023, the charity had annual commitments under non-cancellable leases as follows- 2023 2022 Land and Buildings: Not later than one year Later than l year and not later than five years 1.666 20,OCM) 1,666 21,666 1.666 The charity renewed the office lease in September 2023 at a rate of £21,000 per annumwith a one year break clause. 15 Related party transartions During the year ended 31 August 2023 the charity received £412,448 12022: £331,363) in donations and incurred £nil12022.. £nill in costs reimbursed to trustees, tlose members of a trustee's family or organisations controlled by trustees. No trustee expenses were reimbursed durinE the year12022.. £nill. No charity trustee received payments for professional or other Services supplied to the charity12022'. nill. 37 Do¢uSwJn Envdopo ID.. 04954tsA1-00Èts4823-810È-06CÈPt144&53fr UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEei NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (contlnuedl 16 Reconcillation of net Income to net cash Ilow from operatln8 artl¥ltles 2023 2022 Net income/lexpenditurel 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 Decreaselllncreasel in debtors IDecreasel/increase in creditors 57,446 16,3051 2.672 422 112,6821 12391 2,185 1,267 12,323 55,089 119,398) 3,874 139,2571 194,6161 Net cash flow from operating activities 102,249 1139,4681 38