Docusign Envelo￿ ID.. A2D3E776-790b4760-9192-530F3CL177CF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) Company Registration No: 06226749 (England and Wales) Registered Charity No: 1119372 UK MUSIC MASTERS LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Docusign Envelope IL).. A203&77b.19Ub-47bL)-9192-530F3LL1 IICF UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) CONTENTS PAGE Legal and Administrative Information Outgoing/ Incoming Chairman's Reports Trustees, Report Auditors, Report 17 Statement of Financial Activities 21 Balance Sheet 23 statement of Cash Flows 24 Notes to the Financial Statements 25 Oocusign Envelope ID.. AZD3E716-790b416D-9192-530P3LL1 IILP UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees The trustees are also the statutory directors of the company for the purposes of company law. The trustees who served during the period were: S Mason- Chairman with effect from 16.10.2024 S Freakley (Resigned 16.10.20241 V S H Robey CBE- Founder Director P Keller {Resigned 24.01.20241 T Hull P Thomas S Bunting J Joseph M Kofokasumu- Treasurer S Berryman G Kanneh C Swannell E Chandra (Appointed 24.01.20241 Key management R De Vile -chief Executive Officer A Fleming -Finance Director T Cook- Head of Fundraising K Damigos- Head of Teacher Training Programmes and Musicians of Change Course Leader D Evans- Head of Schools and Creative Programmes N Stringer- Head of Marketing Charity number 1119372 Company number 06226749 Registered office 125 Kennington Road London SEII 6SF Auditor Azets Audit Services First Floor River House l Maidstone Road Sidcup Kent, DA14 5RH Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent MEI 4JQ DoGusign Envebpe ID.. A203E776-79O6476￿9192.S30F3CClTICF UK MUSIC MASTERS LTD. IA COMPANY UMITED BY GUARANTEE) OUTGOING CHAIRMAN'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024 This year, Music Masters has continued to take great strides to reach and support an ever-growing number of children and young people nationwide. More than ever our work has thrived through harnessing the power of connection and community. This was evident when bringing young people together with music sector professionals for a day of collaborative problem solving at our first ever open-invitation event, ChangeAthon. It was also clear as we celebrated our Flagship School Communities of children, teachers, parents and carers through our week-long festival of creativity, "M-FesV. In October 2023 we launched the recording of Many Voices.. Ensemble- an anthology of flexible ensemble music collaboratively written by renowned composers and 8-10 year olds. What was particularly special about this recording is that it featured not only the talents of Music Masters Ambassadors, Elena Urioste and Tom Poster, but the vocals of the next generation of musicians - our very own graduates. When I became Chair of Music Masters over a decade ago, we were gearing up to celebrate the 'graduation' of our first cohort of learners as they prepared to leave primary school. These children had started learning music with Music Masters at the tender age of four, thanks to their schools, belief in the importance of music education. With Music Masters, children benefitted from an unparalleled musical learning experience including bespoke, long-term teaching and support from outstanding teachers and inspiring artists. Sincethen, it has been an honour to witness the ongoing musical journeys of hundreds of graduates, some of whom are now becoming outstanding teachers and inspiring artists themselves. Our graduates have remained involved with almost every element of Music Masters, work from sUPPOrting their younger peers in school orchestras to passionately advocating online for music education. They have become a central and essential part of the Music Masters community and ecosystem, and truly embody the incredible impact of the charit￿5 long- standing, life-changing work. Throughout my tenure as Chair of Music Masters I have seen the huge potential for this impact to be felt on a significant scale. As such I'm delighted to celebrate five years of two of our now sector-renowned initiatives; teacher training programme Musicians of Change {PGCEi), through whose graduates we have now reached over 15,000 young people, and I'M IN, our Inclusive Music Index which hzs driven change in over 150 UK arts organisations to create a more diverse and inclusive music sector. I'm sincerely grateful to our passionate, committed community of supporters, without whom our work would be imp055ible. There is so much more still to be achieved at Music Masters, and with that in mind it is with great pleasure that I hand over the baton of Chaimian of Music Masters to Stuart Mason to lead the organisation in its next chapter. It has been a privilege and a pleasure to chair Music Masters for the last 12 years, I have enjoyed every minute of it. Roz Devile is an extraordinarily talented and inspiring leader and is sUPPOrted by a wonderful and hardworking team. The organisation is so fortunate to have them. The trustees are fully engaged in the Music Masters, mission and I would like to acknowledge and thank them for their Steadfast support. And finally, I would like to thank our founder, Victoria Robey, whose inspiration, guiding hand and very significant support, makes the work of Music Masters possible. The future is bright for Music Masters. Doeul*n•d by.. ImWKpp¥akl Outgoing Chairman, UK Music Masters Ltd. Oocusign Ènvèlop6 ID.. A2DJ&776-790ti476D-9192-530F3LL177LP UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) INCOMING CHAIRMAN'S REPORT YEAR ENDED 31 AUGUST 2024 Music fills our lives in almost everything we do- it boosts our emotional well-being, fosters social connections, sharpens cognitive functions and can even shape our cultural identity. With children music contributes to their personal growth and education - it is an invaluable part of their life experiences. We all believe that music should be part of every child's life and not the preserve of a few. Every child is creative and needs the chance to find and fulfil their creative ambition. This is the heart of what we at Music Masters are driving every day. l am so excited to have been handed the baton of Chair from Simon who has supported Victoria, Roz, the trustees and the Music Masters team brilliantly these last twelve years. I hope to now continue sUPPOrting this incredible Music Masters journey of providing children quality and imaginative teaching in our schools, giving teachers pathways to teach and ultimately being a voice for change. In order to take us to the next level it is so important that we really articulate the story, increase our visibility and create even more energy around our fundraising ambitions. I have been fortunate enough as a parent to have seen the huge impact support can have - from the teacher who taught our daughters Jeneba and Konya for free for 5 years, to the man who donated string instruments to our children when we could not afford it. If I can give a little back in supporting the wonderful mission of Music Masters, then I will be happy. Chairman. UK Music Masters Ltd. Uocusi9n Envelope ID.. A203E77&790b4760.9192-530F3LLI 77CF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 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 2024. The trustees have adopted the provisions of the Statement of Recommended Practice {SORP) "Accounting and Reporting by Charities" IFRS 102} 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 accounts and comply with the charit¢s governing document, the Companies Act 2006, the Charities Act 2022 in force at the time of preparing these accounts and Accounting and ReportinE 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 2019). Objectives and activities Our objectives th 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's aims and activitie5. The Objects are now as follows: Forthe public benefit to advance education in and through music in all its forms to improve the lives 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 state primary schools, with a focus on under-served communities 2) Raising the standard of music education, in particular school-based group teaching, through championing and developing music educators 3) Championing and driving 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 activitles 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 sparks into flames which burn brightly throughout their lives, wherever they go, and whatever they do. We do this through.. Working with Schools: Ourwork begins with state primary schools, because working at a school level is the clearest way to reach children of all backgrounds. Through our strong school partnerships and highly trained teaching team we learn and model what high quality, inclusive and inspiring music education can look like. Through our Flagship Schools Programme we place ourselves at the heart of state primary schools in underserved communities of Lambeth, Westminster and Islington - our Flagship Schools- to deliver inspiring instrumental and musicianship teaching, creative learning and performance opportunities for all children. We work with a collective of inspiring artists and a range of Creative Partners to enrich the children's experiences. DOcus￿n Envelope ID.. A203E776.79064760.9192.530F3CCI 77CF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued) We listen to and learn from the children, their families and school staff with whom we work to understand the important and muSti-faceted role that music can play to improve lives and communities. With this learning, we explore and create new opportunities, programmes and resources to improve music education in schools on a national level. Training and EmpoweringTeachers: Our pioneering year-long Musicians of Change IPGCEI) programme focusses on excellence in inclusive group music teaching, having been inspired by the impact of our outstanding, highly trained teaching team on London school communities since 2008. Our thriving academic partnership with Birmingham City University provides participants with the latest developments in research and practice. This academic rigour is 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 focussinE on enabling access to the workforce for those who may otherwise face barriers to training or career development. Creating an open music sector: At Music Masters, we advocate powerfully for the rights of children and young people from all backgrounds to have a creative voice, and drive 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 young musicians to represent the diversity 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 pupils. We work with a collective of inspiring Ambassadors whose diversity brings something unique and brilliant to our school communities, alongside their united belief in the importance of music in young people's lives. Through I'M IN Ilnclusive Music Index), our organisational equity, diversity and inclusion self-assessment tool, we have so far supported over 150 organisations working in, and with, music to better understand their areas of inequity, resulting in action that is already creating a more diverse, inclusive and inspirational music sector. Objectives for FY 2023-24 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 comrnunities facing systemic inequality or disadvantage. In addition, we anticipate being able to demonstrate how Music Masters can best support and drive change in different settings and on a national scale, with a tried, tested and data- informed model for future growth. Our reputation for inclusive excellence positions us as an effective force for change across the music and music education sectors. Our goals focus on: Increasing 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 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 uali inclusive ins 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 music teaching that widens pathways and possibility for young people. We will establish leading practice for transition from primary to Docusign Envelope ID-. A2D3E776-19064760.9192-530F3CLI 77Lfr UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued) secondary schools- a known musical drop-off point for young learners. We are committed to more effectively measuring and sharing the impact of high-quality music education. In all of this, we will build on our long-terffl experience of working in communities facing disadvantage. EDUCATORS: Cham chan e In societ lon develo and connect music educators activatin thelr otential to make ositive Outstanding education needs outstanding educators. Our highly practical Musicians of Change (PGCEI) 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 teachers working in underserved areas, enharice support for our ever-growing graduate network, and increase opportunities for performing musicians to develop artistry and skills in working with children and communities, OPPORTUNITY: Su music indust ort and advocate for Increased dlversl Inclusion and e uitable access across 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 IN) tool to amplify the organisational change it drives. We will improve pathways into music for children from backgrounds underrepresented in classical music, and partner with more world-class artists as active student mentors. We will increase diversity in nationally available learner repertoire, help diversify the music education workforce, and bring music into the lives of new audiences in communities across the UK. INFLUENCE: Become known as a reater voice of influence and a solution muslc muslc education and social chan e sectors. rovlder drivin chan e within 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 assessing the impact of music education in our schools, enabling us to campaign for a stronger focus on music and the arts in the curriculum. We are committed to better showcasing our work both in person and online, and are adopting a new "external" focus to widen our impact, including building more strategic partnerships and creating resources and training for music organisations and practitioners UK-wide. Strate icRe ort Achievements and Performance agalnst our strate8lc goals SCHOOLS: Grow our work with state schools on a national scale to reach more children and model hl h- uali inclusive ins and sustainable music education. In 2023-24 we: delivered our Schools Programme in our five Flagship Schools in under-resourced London communities to over 1,000 pupils across all year groups, With our 30-strong teaching team delivering group and individual lessons two or three times a week to beneficiaries, alongside creative workshops and performance opportunities including at the National Gallery, Plasterer's Hals, the Royal Academy of Music and London Scottish House. Do¢usign Envelope ID.. h2D3ET76-79gb476D-9192-530fr3CLI 17Cfr UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued} enjoyed engagement with world-class artists and role models including Music Masters Ambassadors Nadine Benjamin and Plinio Fernandez. Pianist and social media influencer Karim Kafflar led Year 6 pupils across all five Flagship Schools in a confidence-boosting busking project around London's public pianos, and we worked in partnership with YCAT (the Young Classical Artists Trust) to bring Sterling Elliott, our jointly appointed 'Robey Artist, into all of our schools to inspire and collaborate with our young participants throughout the year. commissioned an external review of our Schools Programme to further develop the aims and purpose of the programme, identify specific, practical and realistic changes or developments that may be made to improve the existing model, and optimise the positive impact of the Schools Programme on all the charit(s stakeholders and beneficiaries. This review took place in our school communities across two weeks, conducted by Mark Phillips of BEAMS (Education & Music Ltd.}, Music Education Consultant and former Senior HMI. Some feedback from this review is included in the following pages. launched two notable new initiatives to celebrate and engage the Music Masters school communities, highlighting the role that so many stakeholders play in our pupils, musical journeys. These include Fresherfs Week, a week-long event across all of our Flagship Schools which brought together teachers, children, parents and carers to ensure a high-quality start to the year, and M-Fest, a week of activity to streamline and enhance creative opportunity for our pupils and for external stakeholders (see 'Educators' section below). continued working with Voices Foundation to develop a music curriculum framework with and for 29 primary schools (over 10,000 children and young people) within The Kemnal Academies Trust Multi-Academy Trust which spans the east and south-east of England. broadened the pilot of our'music CV, primary-secondary transition project from one school12022-231 to all five, with positive partnerships with feeder secondary schools emerging. benefitted from the support of our Champions (graduates) and Graduate Ambassadors (adult graduates), through a range of projects and events, including fundraisers, M-Fest and as support musicians in our school orchestras. Feedback related to our work with Schools: he core ond dedication given to the primary schools vio the Music M(3sters educators was unlike anything I've ever witnessed. It was whot l imagine the pinnacle of music educotion to look like., Sterling Elliott, cellist 'The programme h05 been amazing, and obsolutely unique, providing incredible opportunities, support ond G lot of fun l The children hove performed in some great locations feg. St John's Smith Square and 8atterseo Power Station). All the teachers have been excellent, ond the energy they bring - as well as the involvement of the whole fomily in concert5 ond events - hos really mode music a joyous port of the school ond individual children's lives. We are so glad to hove been port of the programme, and will miss it hugelyl, Parent feedback, Music Masters graduate (summer 2024) '1 t71wGys say one of the best things thot hoppened to him was the violin finding him through Music Masters. Also getting the gifted old violin from one of your benefactors for getting o Distinction in hi5 Grade 5 exam when he wos 10. That violin remains onother limb and opened up so much obout him - singing, ukulele, guitor, piono, orchestros, choirs, jazz band (he LOVES jozzj etc, etc. The list is endless. He's just been offered a place to study music compositionfor screen at Leeds Conservatoire starting in September 2024....[ond] is currently busy working on the score for o friend's film so his music journey continues, oll thanks to MM I, Nankunda, mother of Itabaza, Music Masters Champlon (graduated summer 2015) DoGusign Envelope IO.. A2D3E716-790647tiD-9192-530P3LLI 71LF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued) Excerpts from Flagship Schools Programme Review, BEAMS (Education & Music Ltd.).. The instrumental programme has Strong. shored pedogogical values and practices. fhese strength5 are exemplary Gnd worthy of sharing wider., A distinctive feature of the Music Masters instrumental programme is thot parents Gre encouraged to attend lesson5 and be involved with their child's musical learning. The benefit5 of this were seen very cleorly in one les50n, attended by a father, where, as a non-musician, he was able to ask questions about bow-hold ond bowing patterns that would enoble him to support hi5 daughter with practice ot home. Another porent sold '1 never miss (attending) my son and daughter's lesson5. Music really brings us together as G family. I'm not a violin or cello player, so being at the lessons helps me to plan an active practice regimefor my kids,. Teachers of the instrumental programmes are, themselves. excellent performers. They use these skills very well to model ond instruct technical knowledge. While not slavishlyfollowing any one system, teoching draws knowledgobly on or reflects the principles of well-established (7nd respected opproaches such as Kodaly, Suzuki and Dalcroze. All this contribute5 to pupi15 typically developing secure musical responses and quickly building musicalfluency, with instrumentol techniques underpinned by developing aural awareness and discriminotion.. The diversity of Music Masters teoching stoff and, indeed, in the ronge of repertoire selected, commissioned, and used in the instrumental programme is an equally importont ospect of the programme's success - not least because both teochers ond repertoire are charocterised by their diversity ond their equol musical quality. Thi5 empho515 on equity gives important messages and strengthens Music Masters strategic vision. The strategy of training teachers from diverse backgrounds as Emerging Educators'further strengthens this emphosis., 'Overoll, working relationships observed between teachers and pupils were excellent- underpinned by adults characteristically talking with pupils 'on the level,, in an age-related woy and instructional manner but also with o collaborotive tone. In practice, when teoching technique, teacher ossessment behaviour is strong. Teuchers listen ond watch corefully, and then praise. suggest, ond correct as required, to ensure thot correct techniques are secured. There 15 no settling for error orfor giving up. New techniques are repeoted until they are accurate and musicol. This is con515tent and persistent - but. agoin, done with a colli7borotive tone., 'Conver50tions with School leaders suggested that Music Mosters leaders work very closely with schools to orgonise timetable5, to ensure thot equity of opportunity is at the heart of the instrumentol progromme, and to lioise with parents. It is also clear that the Music Masters centrol teom work exceptionolly hard to raise the externol funds thot allow the progrommes to run for 05 many pupils os possible, and to mointoin Music Mosters, profile and influence in the wider music education world.. EDUCATORS: Cham chan e in societ ion develo and connert music educators activatln their otential to make 51tive In 2023-24 we: delivered our year-long postgraduate teacher training course, Musicians of Change IPGCEil, to 24 participants - marking five years of this course and an estimated 15,000 children and young people reached through our highly trained graduate teachers. Our 2023-24 cohort stretched across the UK including from Powys, Flintshire. Pembrokeshire, Shropshire, Birmingham, Newcastle-upon-Tyne, Lincolnshire, as well as London. 60% of our cohort taught in areas that, according to the Index of Multiple Deprivation and Welsh Index of Multiple Deprivation, are within the top 30°h of areas for deprivation in the UK. Docusign Envelope ID: A203E77b-1906476LI.9192-5301-3CL177CF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 {continued} developed and successfully piloted our 2-day training programme 'Notes On Inclusion: Empowering Educators, in both North and South Wales in collaboration with Dr Beth Pickard and the National Music Service for Wales. Designed to support Welsh practitioners to work through music with children and young people with Additional Learning Needs, the programme was developed to respond to the training needs of Welsh teachers as gathered through consultancy as part of a research and development project that Music Masters completed for the National Music Service for Wales in 2023- 24. delivered our first-ever public facing event at London's Mansion House; an 'un-conference' that brought together young people who had faced barriers in their musical journeys with educators, managers and academics to discuss and address systemic issues that could prevent access to opportunities to progress in music. Titled ChangeAthon, this event was inspired by the idea of a Hackathon in the tech world which seeks to solve problems collaboratively. As such, attendees worked together to home in on key issues and design and prioritise potential creative solutions. A review of the day was written by Dr Sarah Whitfield, Research Lead for Music Mark, and can be accessed here., https://www.musicmark.org.uk/news/research-shorts-music-masters-changeathon/. teamed up with Live Music Now to deliver a programme in Music Masters Flagship School, Prior Weston Primary. in which aspiring educators from Music Masters and Live Music Now worked with a trainer from Live Music Now to support, develop and lead music sessions for the school's Additional Resource Provision participants, all of whom have special educational needs and / or disabilities. Feedback related to our work with Educators: '1 have gained lot5 of confidence in interacting with stakeholders which I didn't have before, which I have seen have a great impact on my teaching. Another key thing, 15 my ability to differentiote effectively and include more youth voice tofacilitote more creativity in the lessons (through composition and improvising, a5 well a5 listening tasks) I could go on forever, I have token so much awayfrom this course, it's been incredible I, Musicians of Change participant, 2023-24 cohort 'Greater awareness of the current landscape around music education for disabled people in Wales, Notes on IncluSFon participant.. 'Mrs. Parry WGS doing lessons with us, you could see he (o child in the class) could follow and that s something that he can do quite well compored to other things in the class. So we picked thot up, which then mode me ask, is it okayfor him to have one-to-one lessons ? Which hos, yeah, it s definitely improved him. His fine motor skills ore so much better. I've been working with him since he was in yeor two ond he's in yeor five, Gnd this is the m05t improvement we've seen ever., Teaching Assistant at Ysgol Gynradd Tregarth Primary in Tregarth Gwynedd, the Welsh school in which Musicians of Change participant Jane Parry has taught during 2023-24 OPPORTUNITY: Su muslc Indust ort and advocate for increased diverslt inclusion and e uitable access across the In 2023-24 we: embedded our Emerging Educator programme into our Flagship Schools. which offers paid teaching and training opportunities to provide passionate and diverse musicians with access routes into a rewarding career in music education, supported by inspiring teachers and a nurturing environment. Three educators self-identifying as'emerging, took on these roles, two of whom have been invited to teach at Music Masters Flagship Schools in 2024-25. Docusign Envelope ID.. A2D3&176-7906476D-9192.530FJCLI T7CF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 {continued) created additional experiences in education foryoung people aged 18-25- or'music Making Trainees, through our ChangeAthon (IS young people) and M Fest creative composition18 young people) events. supported 19 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 sector. Children received a range of learning and performance opportunities, including a solo recital at the Royal Academy of Music, a half-term chamber music project with Robey Artist Sterling Elliott supported by Graduate Ambassador Emily Harrison, fundraising performances including at the Victoria & Albert Museum, and an exciting project as part of our partnership with the National Gallery where our Pathways pupils are 'Musicians in Residence,. This project was a 'family tile, project, where Pathways students and their families regularly visited the National Gallery for workshops to create light box 'tiles' inspired by their culture, heritaEe and favourite elements of the National Gallery and contributed to 'Graphic Score Soundscapes,, representing these light box tiles musically. Their work was showcased in a performance to members of the public in the Gallery on Friday 28th June 2024. One parent commented that this project had helped her to understand her daughter better, seeing a creative, artistic side to her for the first time. This parent, a refugee from Ukraine, also highlighted how special it was that this project and its focus on culture and heritage had helped her daughter remember about her family home, which they left a long time ago. released 'ManyVoices: Ensemble, our co-created anthology of flexible music forgroup music-making, as sheet music and audio through NMC Recordings and Composers Edition. Crucially, the sheet music and recording is available for free and unlimited download to all schools and learner settings across the UK, removing any financial barrier and allowing educators and community music makers to enrich the repertoire their young musicians can access. Accompanying the sheet music is a free 'Co-Creation Toolkit, hosted on our website which was developed from the learnings of our composers during their work on this project. It is designed to inspire and support artists, musicians and educators to collaborate and co-create effectively and inclusively with children and young people. secured 18 sign-ups to I'M IN (our Inclusive Music Index) from a wide range of music sector organisations and schools who together estimate that their work directly impacts over 50,000 people a year. Through I'M IN we aim to drive challenging but hugely important discussion around equity, diversity and inclusion within their organisations and work that can lead to tangible and often incredibly impactful action. Feedback related to our work building equitable opportunity in the music sector: '1 loved when at the beginning of the year when the new students came and I got to know them because I made some really goodfriends in thut group., Pathways pupil '1 just want to thonk you for everything that you do for these kids. It's amazing. And Since she's in Pathways, I've seen a huge improvement on her. In muslc. the woy she is. the way she talks with people as well. So, thonk you.. Pathways parent She love5 her violin, won't put it down even when she's frustrated or having L7 meltdown, Even if she doesn't go on to be o violinist, learning how to deol with her emotions is 50 important for the rest of her life., Pathways parent 'Great resource...wefound the process incredibly helpful ond thought provoking., I'M IN user 10 Docusign Envelope ID.. A2D3È77&790t>4760_9192.530F3CLI 77CF UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued) We were looking for mixed-obility repertoire which could be performed by K53 pupils from ocross Essex. [Williams'] piece worked well os we were able to send the ports in advonce and it was possible to put the performance together across the course of an afternoon. We received some lovely comments about how refreshing it WOS to see new music represented in the performance and everyone thought it was such a delightful and jolly piece., Chris Bell from 8ritten Sinfonia, reflecting on choosing Roderick Williams, work from 'Many Voices: Ensemble, hello, hello, can you hear me? _ to perform side-by-side with young musicians at Essex Music Hub's October 2023 Inspiration Day. INFLUENCE.. Become known as a reater voice of influence and a solution music music education and social chan e sectors. 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 that establish Music Masters as an 'expert in the room,. However specific interventions that have supported progress under this goal include: a full Brand ID refresh and webslte redesign, giving us a bit more energy and movement in our communications. appearing at the Music & Drama Expo in January 2024, leading a presentation on Musicians of Change with two course graduates who shared their experiences of the course and its impact on their personal and professional lives in the preceding years. We successfully repeated this presentation as a webinar following the Expo, using it to inform and engage potential applicant5 to Musicians of Change. welcoming Sheku Kanneh-mason MBE as our Patron, following eight years as an advocate and Ambassador of Music Masters. As Patron, Sheku aims not only to help to raise the profile of the charity, he also helps to promote key initiatives that improve access to music in schools and the quality of teaching, and projects that are aimed at working with the sector to improve access to opportunity and diversity. Thi5 is a new role for Music Masters, created for Sheku following celebrations of the 15th anniversary of the charity in 2023. being featured within an interview in The Times with Kadiatu Kanneh-mason that took place at Flagship School Ashmole Primary School. One quote to highlight is "[Kadiatul and I have spent the afternoon watching 7 to 11-year-old string players performing with Music Masters teachers, showing remarkable dedication...Music Masters is undoubtedly transforming lives" Financial Review The results for the year are set out on page 21 of these financial statements. The surplu5 for the year (before unrealised gain on revaluation of £34,622) was £112,165 {2023: surplus of £57,446 before unrealised gain on revaluation of £1,123), as set out in the financial statements. Of this surplus £3,658 relates to restricted funding for an ongoing project at one of our schools which is due to be completed in 2024/25 and therefore this amount is held in restricted reserves at the year end {2023: entirety of surplus arose from unrestricted funding). Total income increased by 9% to £1,439,606 {2023.. £1,320,266) and total expenditure increased by c5% to £1,327,441 (2023: £1,262,820). The overall spend on our charitable activity increased by c7% to £1,095.47212023.. £1,025.691}. The overall increase in income includes a c9% increase in fundraised income and we are, as ever, incredibly grateful to all of our donors and supporters who make our work possible. li Docusign Envelope ID.. AZD3E176-7906476D-9192-530k3LL171CF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued) Reserves Music Masters, reserves policy is as follows: The policy of the trustees is to maintain a level of reserves that will provide a stable base 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 £345,000 (2023: £315,000-£345,0001, 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 2024 totalled: £345,00012023.. £315.0001. 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 effectiveness of the Schools Programme is heavily reliant on uninterrupted music tuition and therefore view it to be prudent to maintain a designated fund the Learning Continuity Fund - to mitigate any fluctuations in funding. At 31 August 2024 the balance of this fund was £168,10812023 £106,382}. The Fixed Asset Fund represents the value of reserves invested in both tangible and intangible fixed assets and programme related investments {musical instruments). These assets are required for the use of the charity and its beneficiaries and these reserves are therefore not available for other purposes. At 31, August 2024 the balance of this fund was £248,882 (2023: £207,480}, and this reflects the net book value of tangible and intangible assets as well as the value of the Social Investments- the musical instruments used by our students every day to learn and practice. Funds held as Custodian Trustee on behalf of others: There are no such funds held (2023,. nill. Permanent endowment invested on 2 total return basis: There are no such investments {2023: nill. Plans for Future Periods Overthe past two years, Music Masters has been on a journey of discovery which has seen it develop and pilot a range of approaches to increasing its impact on a national scale. This has not only included new activity with schools, teachers and the music sector, but profile and partnership-building work behind the scenes as we develop our organisational voice and influence. Over the next two years we continue to test new approaches to our work informed by reflection on our learning to date, firmly grounded within our Flagship Schools Programme. This will help us to hone and consolidate our areas of focus and future growth, supported by evaluation approaches that have been and continue to be reviewed and rebuilt over thi5 Strategic period. During this time we will make a conscious effort to move away from activity that no longer aligns with our direction of travel or delivers the impact we know we are capable of delivering. By the end of 2025-2026 we aim to have a tried and tested approach to our future delivery, supported by impact data. This will inform a multi-year plan that enables us to map out our future funding and resource needs to ensure Music Masters and its beneficiaries can thrive for years to come. Plans for 2024-25 Following on from our externally-conducted Schools Programme Review in spring 2024. we are looking forward to formalising our progression framework and resources that reflects our approach to music 12 Docusign Envelope ID.. AZD3EI76-7906476D-9192-53OP3LC117CP UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued) education within our Flagship Schools Programme and can also provide a tangible approach for Musicians of Change IPGCEI) graduates and other music educators to take into their own teaching environments. This is important as we plan to continue building our network of teachers trained through Music Masters and our Flagship Schools so that our approach to equitable learning and progression in music is represented throughout the UK, and teachers can benefit from a strong and vibrant community of practice and support. Building our resource and guidance offer for Musicians of Change graduates will help to further equip and inspire them to deliver exceptional and inclusive teaching where it is most needed. Alongside Musicians of Change, we will continue to develop shorter-term training and support programmes for our Musicians of Change graduates and to widen our engagement with teachers around the UK. Notably, we aim to build on Notes on Inclusion which was successfully developed and piloted last year in Wales and in collaboration with Welsh practitioners. We also plan to focus on developing valuable mentoring skills in teachers to encourage peer-to-peer support and to enable us to invite more Musicians of Change graduates to return to the course as mentors for incoming participants. In line with our strategy we also want to build our engagement with individuals and music organisations not currently involved with regular teaching as well as those who work in schools. Here, we want to improve perceptions around the value of, and need for, high quality, equitable music education, and support the development of skills and knowledge to ensure excellence and inclusion are at the heart of this work. These initiatives- their development, fundraising, piloting and delivery- span acr05S the next two years. Specifically: we want to increase website resources to help schools take steps to become more musically confident and to inspire and equip families to support children learning music. we want to work with performing and aspiring musicians to improve their confidence, knowledge, enthusiasm and therefore impact when working in schools and in community settings. In doing this we seek to improve the quality of work that is happening in schools. we want to increase the opportunities to support and encourage younger musicians considering a role in music education. We'll continue to develop and deliver our Emerging Educators programmes, making full use of our school communities, teachers and Musicians of Change graduates to help deliver and support these programmes, alongside offering a number of other opportunities to aspiring educators keen to gain experience within a Supportive school environment. Our developing programmes and resources will grow out of existing or recently piloted programmes or projects to ensure we are making the best use of resource whilst reaching and supporting more people. We intend for some programme5 to help develop new income streams for Music Masters. building our financial sustainability. The coming two years will see a growth in existing programmes that challenge underrepresentation within the music sector. This includes Pathways which in 2024-25 5UPPOrts its largest ever cohort of promising young musicians, with 25 accepting additional tuition and opportunities through the programme. Through Pathways and the people leading and teaching on this programme we also have the opportunity to influence musical pathways for gifted, diverse young musicians across the UK within the wider music industry. This period also sees us focus on a review and redesign of our internal processes and digital infrastructure; the software, platforms and other digital systems we use to collaborate, manage projects and programmes, collect data and communicate with one another and our wider community. As such we are looking forward to embedding a new role into the organisation, Operations & Systems Manager, to help us achieve better operational, administrative and digital support at this time in Music Masters, life and improve capacity to help us meet our strategic and financial aims. 13 Do¢usign Envelopè Iu-. A2D3E776-79U6416D-979Z-530F3CCI 17CP UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENOED 31 AUGUST 20241continued) STRucfuRE, GOVERNANCE AND MANAGEMENT Structure UK Music Masters Ltd is a company limited by guarantee not having a share capital which is governed by its Memorandum and Articles of Association. It is a registered company number 6226749 and is also a registered charity in England and Wales, number 1119372. The charity was incorporated on 25 April 2007 as The London International Violin Competition. The Members resolved by special resolution dated 15 January 2008 to change the name of the charity to London Music Masters and this was effected on 21 January 2008. The Memorandum and 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 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, Fundralslng Music Masters generates income from fundraising to 5UPPOrt its work. It broadly focuses on three areas., individual giving: this includes giving schemes that comply with Gift Aid regulations as set out by HMRC. trusts and Foundations- Music Masters makes a range of applications to trusts and foundations in the UK and abroad, for both core (unrestricted) and project (restricted) 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 organisation5 in the UK. More information about the regulator, and their role in monitoring fundraising standards, is available on their website: www.fundraisingregulator.org.uk. The charity did not receive any fundralsing complaints in the year. Fundraising complaints should, in the first instance, be directed to the Chief Executive of Music Masters, Roz De Vile, either by letter (Music Masters, 125 Kennington Road, London SEII 6SF) or by email Icontact@musicmasters.org.uk}. All complaint5 will be acknowledged within five working days, with 3 full reply within 21 days. If this does not resolve the issue, then the complaint can be escalated to the Fundraising Regulator for further action. Music Masters is committed to ensuring that its fundraising activities protect the public, including anv vulnerable people it works with, from unreasonably intrusive fundraising approaches. It will never apply undue 14 Docusign Envelope ID.. A2L)JEITt>-7906-476D-9192-5JOF3LL177Cfr UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 20241continued) pressure to donate. Where an individual has requested not to receive fundraising communications. this will be honoured, in line with the spirit of all relevant data protection legislation. Music Masters will also comply with any requests from the Fundraising Preference Service for the removal of data subjects from its database. Management The day-to-day management of the charity is delegated to the Chief Executive Officer who is supported by senior leaders on the staff team. The trustees are responsible for making strategic decisions relating to the scope and aims of the charity's work. They are also responsible for agreeing the annual budget, which is then overseen by the Chief Executive Officer with quarterly management accounts being presented to the Trustees. Any material overspends must be authorised by the trustees. The charity also has a Development Committee, which does not have delegated governance powers but meet5 in an advisory capacity to discuss and refine the charity's fundraising strategy and progress. In 2018119 an Advisory Panel 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 Advisory Group and a Wales Advisory Group were established to support the management team with further developing these areas of our work. In 23124 a Finance and General Purposes Committee was established to maintain oversight and understanding of the charity's financial situation. This Committee will also advise upon policies, procedures and controls to facilitate financial management. Pay policy for senior staff Senior staff in the year comprised the Chief Executive Officer; the Finance t)irector, 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. No trustee received remuneration in the year. Details of trustees, expenses and related party transactions are disclosed in note 15 to the accounts. Rlsk Management The trustees recognise their responsibility for the management of the risks faced by the charity. A risk register is updated quarterly and where there are material changes to perceived risks, reports are presented to the board and discussed in order to ensure that the trustees are made aware of any major risks the charity faces and review the adequacy of controls. Together with the executive the trustees consider risk in the following areas: finance, human resou rce, reputation, legal, safeguarding, disaster planning and strategically signif icant projects. Trustees provide a critical challenge to the Chief Executive Officer on all these areas of risk, advising on mitigation strategies 3s appropriate. 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. Whi15t the management team aim to identify projects 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 strategies and approaches and the inherent risks. 15 Docu8￿n Envelope ID.. A2D3E77&79)6476D.9192.530F3CC177GF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 (continued) There is a focus on securing multiyear 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 3150 been drawn up in the event of lower than expected income. The trustees have concluded that the charity is a going concern and there are no material uncertainties relating to its going concern status. STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (whoare also directors of UK Music Master5 Ltd for the purposes of company lawl are ￿sponsible for preparing the Trustees, Annual Report (including the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charity for that period. In preparing those financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; obserrfe the methods and principles in the Charities SORP,. make judgments and estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial 5tatement5 on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accourbting records, which disclose with reasonable accura at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and irregularities. Statement as to Disclosure of Information to Auditors So far as the trustees are aware, there is no relevant audit information of which the charitable company's auditors are unaware, and each trustee has taken all the steps that he or she ought to have taken as a trustee to make himself or herself aware of any relevant audit infomiation and to establish that the charitls auditors are aware of that information. By order of the trustees by., 8F60 Stuartry% ason Chairman Date 29 January 2025 C822439 16 Docusign Envelope ID.. A2L)3E17ti.790frTr41f>O-9192-530F3CC1 T7LP UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Opinion We have audited the financial statements of UK Music Masters Ltd {the 'charitable company'} for the year ended 31 AuEUSt 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the accounts, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting 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 2024 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 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs 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. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to 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 identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible forthe 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 such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 17 L)ocusign Envelope ID.. A203E77¥-79064T6D-9192-530F3CC177GF UK MUSIC MASTERS LTD. {A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 {continued) Opinlons on other matters prescribed bythe Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit- the information given in the trustees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements. and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matter5 on which we are required to report by exceptlon In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion". adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made," or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilitles of trustees As explained more fully in the trustee5' responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do 50. Auditor's responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered 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. 18 Docusjgn Envelope ID". A2L)3&176-79084160-9192-53OP3LL171CF UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued) 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.uvauditorsresponsibilities. This description forms part of our auditor's report. Extent to whlch the audit was considered capable of detecting irregularitles. 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 irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is suff icient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included: Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud,. Reviewing minutes of meetings of those charged with governance; Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the charitable company through enquiry and inspection,. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non- compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 19 Docusign Env8lope 10., A203È77b.790b476L).9192_530F3CCI 77LF UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 (continued) 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 Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Michelle Wilkes (Senior Statutory Auditorl For and on behalf of Azets Audit Services Statutory Auditor First Floor River House l Maidstone Road Sidcup Kent DA14 5RH Date.. 18 March 2025 20 Docusign &nvelop8 ID." A2D3E" 7T¥-T90t5416D-9192-530PJLL177CP UK MUSIC MASTERS LTD (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL AcfiviTIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestrirted funds Restrlcted funds Total 20Z4 Total 2023 Notes Income from; Donations and legacies Charitable activities 774,503 231,861 419,651 1,194,154 231,861 1,096,022 217,939 Investments 13,591 13,591 6,305 Total income 1,019,955 419,651 1,439,606 1,320,266 Expenditure on: Raising funds Charitable activities 231,969 679,479 231,969 1,095,472 237,129 1,025,691 415,993 Total expendlture 911,448 415,993 1,327,441 1,262,820 Net Income 108.507 3,658 112,165 57,446 Gain on revaluation of Programme Related Investments 24,622 24,622 1,123 Net movement in funds Total funds brought forward I September 2023 Total funds carried forward 31 August 2024 133,129 3,658 136,787 58,569 628,861 628,861 570,292 761,990 3,658 765,648 628,861 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activitie5. 21 Docusign Envelope IU.. A203E716-7906416D-9192-5JOF3CC171CF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE> STATEMENT OF FINANCIAL AcfiviTIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 20241continued) Comparative Information for the Statement of Financial Activities for year ended 31 AuEUSt 2023 Notes Unrestricted funds Restrirted funds Total 2023 Income: Donations and legacies Charitable activities 829,299 217,939 266,723 1,096,022 217,939 Investments 6,305 6,305 Total income 1,053,543 266,723 1,320,266 Expenditure on: Raising funds Charitable activities 237,129 758,968 237,129 1.025,691 266,723 Total expenditure 996.097 266,723 1,262,820 Gain on Revaluation of Programme Related Investments 1,123 1,123 Net movement in funds Total funds brought forward I September 2022 58,569 S8,569 570,292 570,292 Total funds carried forward 31 August 2023 628,861 628,861 22 Docusign Erwelope ID.. A203E776-79u6476D-9192-530F3CC177CF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEEI BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes Flxed assets Social investments TanEible assets Intangible assets 235.429 13.453 202,902 4,578 248,882 207,480 Current assets Debtors Cash at bank and in hand 92,455 575.295 66,838 475,558 667,750 542,396 Creditors: Amounts falling due within one year 10 150.984 121,015 Net current assets 516.766 421,381 Total assets 765.648 628,861 Income funds General unrestricted funds 11 345,000 315,000 Designated funds 11 416,990 313,861 Restricted funds 12 3.658 13 765.648 628,861 The notes on pages 25 to 36 form part of these financial statements. The financial statements were approved by the trustees on 29 January 2025 and signed on their behalf by: 5C822139 ason Chairman Company number 6226749 (England and Wale51 23 Docusign Envelope IU.. A203&776-79O￿41tID-9l92.530fr3cGl1[C￿ UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flow from operating activities 16 108,270 102,249 Cash flow from investing activities Payments to acquire tangible fixed assets Payments to acquire social investments Interest received (4,674) 117,450) 13,591 15,0401 15,73 11 6,305 Net cash flow from investing artivities (8,533) {4,4661 Net increase in cash and cash equivalents 99,737 97,783 Cash and cash equlvalents at I September 475.558 377,775 Cash and cash equivalents at 31 August 575.295 475,558 Cash and cash equivalents consist of: Cash at bank and in hand Short term deposits 29,409 545,886 52,928 422,630 Cash and cash equivalents at 31 August 575,295 475,558 24 L)ocusign Envelope ID". A2D8È" 176-1906476D-9192-530P3CC177LF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies Basis of preparation UK Music Masters Ltd is a company limited by guarantee in the United Kingdom. In the event of the charitable company being wound up, the liability in respect to the guarantee is limited to £1 per member of the charitable company. The address of the registered office is given in the charity information on page l of these financial statements. The nature of the charitable company's operations and principal activities are set out on pages 4 and 5. 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 Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102), 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 currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Funds actounting Unrestricted general funds these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Restricted funds- these represent the balance of funds donated for specific purposes which remain unspent at the balance sheet date. Designated funds- these are unrestricted funds which have been set aside by the Trustees for future purposes. Income recognition All income is included in the Statement of Financial Activities {SOFA} when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Voluntary income including donations and gifts is included in full in the SOFAwhen receivable. Income from charitable activities is matched to the timing of the activities, with income from beneficiary families in the Schools Programme recognised when received. Investment income is recognised using the effective interest method. Expenditure Recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payment5 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 services for its beneficiarie5. It includes both costs al located directly to such activities and those costs of an indirect nature necessary to support them 25 Docusign Envelope ID-. A2V3È" 17b.1gQb47tiL)-9192-530F3CL1 IICF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 20241continued) 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 and loaned to pupils are held at the lower of replacement cost or the charity's own valuation. Their condition is assessed annuallv 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 lirie Intangible fixed assets Intangible fixed assets represent costs for the development database. Amortisation is provided at rates calculated to write off the cost less estimated residual value over their expected useful lives, as follows: Databases 20% straight line Debtors and creditors recelvable / 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 recogni5ed in expenditure. Cash at bank and in hand Cash at bank and in hand includes cash at hand, funds held in current accounts and deposits held at call with any financial institutions and all other short term liquid investment5 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 Accumulated funds Unrestricted funds are donations and other incoming resources receivable for the objects of the charity without further Specific use and are available as general funds. Restricted funds are subject to specific conditions by donors as to how they may be used. Expenditure which meets these criteria is charged to the relevant 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 resources for the charitable company to be able to continue as a going 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 basis of accounting in preparing the financial statements. 26 Docusign knvelope IU.. A2D3E716-7906476D-9192-530F3CC177GF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 20241continued) 1.13 Judgements and key sources of estimation uncertalnty Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future event5 that are believed to be reasonable under the circumstances. The following judgements (apart from those involving estimatesl have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements: Bad debt provision bad debts are provided for specific debts when required and an estimate of unrecoverable debts may be made if deemed necessary Social investments- social investments are included at the lower of replacement Cost or valuation. There are no other key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Voluntary income Unrestricted Funds Restricted Funds Total 2024 Total 2023 Donations and legacies Gift aid recoverable 721,061 53,442 419.651 1,140,712 53,442 1,048,751 47,271 774,503 419,651 1,194,154 1,096,022 Donations and legacies includes gifts in kind to the value of £11,185 of which £3,585 w35 social investments (musical instrument5 for use in our programmes) and £7,600 was computer equipment. These are included in the cost of additions in notes 7 and 8. Income from Charitable artivities Schools Programme Musicians of Change I'M IN 198,206 198,206 202,949 32,860 32,860 13,565 795 795 1,425 231.861 231,861 217,939 27 D¢xusign Envelope ID: A2D3E77&7906416D-9192-530F3CC177CF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 20241continued) Expenditure Dirert Costs Support Costs Total 2024 Total 2023 Charitsble expendlture Raising funds Charitable activities 165,819 868.258 1.034.077 66,150 227,214 293.364 231,969 1,095,472 1,327,441 237,129 1,025,691 1,262,820 Direct Costs- Raising Funds Event expenses Fundraising expenses Fundraising expenses- staff costs 10,844 7,839 147,136 33,533 16,547 115,193 165,819 165,273 Direct Costs- Charitable Activities Project costs Staff costs 437,704 430,554 409,923 368,766 868,258 778,689 Support Costs Staff costs Recruitment Advertising and Marketing Rent and rates Training Office costs Insurance IT Support Equipment maintenance Accountancy and payroll services Travel expenses Bank charges Depreciation Amortisation IGain)/Loss on sale of social investments Governance Cost5 -Legal fees Governance c05ts- Auditors, fee Governance costs- other 173,733 1,889 31,671 21,672 6,248 14,247 4.129 6.899 3,044 201,364 21,054 23,197 10,322 17,067 3,244 9,062 2,286 1,200 1,120 322 2,672 422 11,583 913 11,520 1,510 318,858 560 507 3,398 12,225 18 12,600 524 293,364 28 Docusign Envelope ID.. A2D3E176-7906-476D-9192.530tr3CC1 IILF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued} Employees Number of employees The average monthly head count of employees (excluding trustees) during the year was 14.7812023: 14.121 and the average monthly number of full-time equivalent employees {including part-time staffl during the year were as follows: 2024 Number 2023 Number Music Masters Programmes Development Governance and administration 15 14 Total 2024 Total 2023 Staff costs Wages and salaries Tax and social security costs Pension contributions 664,187 53,965 25,054 599,635 51,223 22,220 743,206 673,078 Other staff costs ,217 12,245 Total staff costs 751,423 685,323 One employee had total remuneration between £60,000 and £70,000 in the year12023: one). None of the trustees {or any persons connected with them) received any remuneration or expenses during the year12023: 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 year12023: none). The total remuneration paid to key management, including employers, national insurance and pension contributions was £314,011 {2023- £287,822). The charity consider5 its key management personnel to comprise those individuals listed on page l. 29 Qocusign Envelope ID.. A2LIJÈ176-7906416D-9192-530P3LL177G UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Icontlnued) Social Investments The charity loans instruments to pupils as part of Music Masters Learning activities. Total 2024 Total 2023 Value brought forward at I September 2023 Additions in the year Disposals in the year Revaluation 202,902 21,035 113,130) 24,622 208,371 5,731 (12,323} 1,123 Value carried forward at 31 August 2024 235,429 202,902 Tangible Fixed Assets Fixtures, Fittings & Equipment Computer Equipment Total Cost As at I September 2023 Additions At 31 August 2024 4,393 22,218 12,273 34.491 26,611 12,273 38,884 4,393 Depreciation As at I September 2023 Charge for year At 31 August 2024 4,393 17,640 3,398 21.038 22,033 3,398 25,431 4,393 Net book value At 31 August 2024 13,453 13,453 At 31 August 2023 4578 4578 30 Docusign Envelope IU.. A2D3E176-79Ll6-416D_9192_530F3CL177CF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 20241continued} Intangible Fixed Assets Development database Cost As at I September 2023 At 31 August 2024 6,334 6,334 Amortisation As at I September 2023 Charge for year At 31 August 2024 6.334 6,334 Net book value At 31 August 2023 At 31 August 2022 Debtors 2024 2023 Trade debtors Other debtors Prepayments Accrued income 33,858 19,120 56 10.820 36,842 20,597 38,000 92,455 66,838 10 Creditors 2024 2023 Amounts falling due within one year: Trade cred itors Other creditors Accruals Deferred income {note lob) 50,768 16,651 29,355 54,210 23.251 19,690 29,457 48,617 150.984 121,015 lob Deferred Income 2024 2023 Deferred income at I September Released from previous years Amounts deferred in the year 48617 (48,617) 54,210 54,210 31,000 {31,000) 48,617 48.617 31 Docusign Ènvelope IU.. A2D3E176-T90b4160-9192-530PJLLI T7LP UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 20241continued) li Unrestricted Fund5 Atl September 2023 At31 August 2024 Income Expenditure Transfers & Revaluations General Fund 315,000 1,019,955 911.448 178,507) 345,000 Designated funds: -Learning continuity -Fixed Asset 106,381 207,480 61,727 41,402 168,108 248,882 628,861 1,019,955 911,448 24.622 761,990 Unrestricted income includes grants from the Garfield Weston Foundation and the Steele Charitable Trust. Unrestricted Funds Comparative Position: Atl September 2022 Income Expenditure Transfers & Revaluations At31 August 2023 General Fund 245,560 1.053.543 996,097 11,994 315,000 Designated funds: -Learning continuity -Fixed Asset 113.729 211,003 (7,3481 {3,5231 106,381 207,480 570,292 1,053.543 996,097 1,123 628,861 The designated funds are described in further detail on page 12. 32 Docusign Envelope ID". A203È 176-790e*4160-Y192-530F3LL117LF UK MUSIC MASTERS LTD. IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 l¢ontinued) 12 Restricted Funds Atl September 2023 Income Expenditure Transfers At31 August 2024 Fund: Programmes 234,802 231,144 3.658 Musicians of Change and PGCEI 178,349 178,349 Many Voices 6,500 6,500 419,651 415,993 3,658 Music Masters Programmes This comprises restrictions to teaching activities in our partner schools; learning performances and tutor training as well as our Pathways programme and work with our Champions and Graduate Ambassadors. Incoming resources to the fund came from the following donors.. Buffini Chao Foundation; The Mila Charitable Organisation,. The Lucille Graham Trust. The Schroder Charity Trust; The Maria Bjornson Memorial Fund,. Q Charitable Trust,. The Golsoncott Foundation; Scops Arts Trust; The Aspinwall Educational Trust; The Vernon Ellis Foundation; The Radcliffe Trust,. D'oyly Carte Charitable Trust; The Morris Charitable Trust: The Belacqua Charitable Trust; The Vintners, Foundation; Universal Music- Taskforce for Meaningful Change; The Gosling Foundation; The Childhood Trust and The Keller Family Trust. Musicians of Change and PGCEI This includes funding towards the cost of running and developing the PGCEI qualification for teachers as well as developing our national impact including work in Wales. Incoming resources to this fund came from the following donors: The Karlsson Jativa Charitable Foundation; the Albert and Eugenie Frost Music Trust,. The Linbury Trust,. The Paul Hamlyn Foundation, ABRSM {for work in Wales) and The Thriplow Charitable Trust. Many Voices This includes funding from Arts Council England and an individual donor (who wishes to remain anonymous) towards the cost of Many Voices which is our project commissioning 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. 33 Oocusign Envelope IU- A203ETTb-790t*47bD-9192-5JOPJLL1 IILF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUSf 2024 Icontinued) Restricted Funds comparative Informatlon Atl September 2022 Income Expenditure Transfers At31 August 2023 Fund: Prograrnmes 40,000 40,000 PGCEI 203,433 203,433 Many Voices 23,290 23,290 266,723 266,723 Music Masters Programmes This comprises restrictions to teaching activities in our partner schools,. learning performances and tutor training as well as our Pathways programme. Incoming resources to the fund came from the following donors.. Buff ini Chao Foundation; The Mila Charitable Organisation,. LB Lambeth - Elevate Careers; the John Thaw Foundation and the Boris Karloff Charitable Trust. Musicians of Change: PGCEI This includes funding towards the cost of running and developing the PGCEI qualification for teachers as well as developing our national impact including work in Wales. Incoming resources to this fund came from the following donors: The Karlsson Jativa Charitable Foundation; the Albert and Eugenie Frost Music Trust; The Linbury Trust,. The Paul Hamlyn Foundation, ABRSM {for work in Wales} and a major donor who wishes to remain anonymous. Many Voices This includes funding from Arts Council England towards the cost of Many Voices which is our project commissioning 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. 13 Analysis of net assets by funds Unrestricted Funds Designated Funds Restricted Funds Total 2024 Fund balances at 31 August 2024 are represented by: Social investments Tangible fixed assets Intangible f ixed assets Current assets Creditors 235.429 13,453 235,429 13.453 495,984 1150,9841 345,000 168,108 3,658 667,750 1150,984) 765,648 416,990 3,658 34 Oocusign Envelope ID.. A2D3&176.79064760.9192.SJOPJGLI 77LF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 20241continued) Analy515 of net assets by funds - comparative information Unrestricted Funds Designated Funds Restricted Funds Total 2023 Fund balances at 31 August 2023 are represented by.. Social 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 (121,015) 628,861 313,861 14 Operating leases At 31 August 2024, the charity had annual commitments under non-cancellable leases as follows: 2024 2023 Land and Buildings: Not later than one year Later than I year and not later than five years 12,250 1.666 12,250 1,666 The charity renewed the office lease in September 2023 at a rate of £21,000 per annum and with effect from September 2024 can exercise a break clause and terminate the lease by giving 6 months notice 15 Related party transactions During the year ended 31 August 2024 the charity received £395,240 (2023: £412,448) in donation5 and incurred £nil12023.. £nil) in costs reimbursed to trustees, close members of a trustee's family or organisations controlled by trustees. This includes gifts in kind valued at £7,600 {2023:nill No trustee expenses were reimbursed during the year12024: £nil}. No charity trustee received payments for professional or other services supplied to the charity {2023: nil}. 35 Docusign Envelope IV." A2DJÈ776-190Ei-416U-9192-530P3LC17TLF UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUSf 20241¢ontlnued) 16 Reconciliation of net income to net cash flow from operating activities 2024 2023 Net income/{expenditure) for the year Interest receivable Depreciation and impairment of tangible fixed assets Amortisation and impairment of intangible fixed assets Gifts in kind Impairments on social investments Cost of assets disposed of in year Decreaselllncreasel in debtors (Decreasel/increase in creditors 112,165 (13,591) 3,398 57,446 16,3051 2,672 422 {11,185) 13,130 (25.616) 29,969 12,323 55,089 {19,3981 Net cash flow from operating activities 108.270 102,249 36