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← UK Music Masters Ltd.

2025-08-31-accounts

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

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 2025

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

CONTENTS PAGE
Legal and Administrative Information 1
Chairman’s Report 2
Trustees’ Report 3
Auditors’ Report 15
Statement of Financial Activities 19
Balance Sheet 21
Statement of Cash Flows 22
Notes to the Financial Statements 23

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

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 16.10.2024)
V S H Robey CBE – Founder Director
T Hull (Resigned 12.09.25)
P Thomas
S Bunting
J Joseph
M Kofokasumu – Treasurer
S Berryman
G Kanneh
C Swannell
E Chandra
V Colomar (Appointed 27.11.2025)
Key management R De Vile -Chief Executive Officer
A Fleming -Finance Director
P Johnson – Development Director (from 3 April 2025)
T Cook – Head of Fundraising (left 10 April 2025)
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 First Floor, 10-11 Bishops Terrace
London SE11 4UE
Auditor Azets Audit Services
First Floor
River House
1 Maidstone Road
Sidcup
Kent, DA14 5RH
Bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent ME1 4JQ

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UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

CHAIRMAN’S REPORT FOR THE YEAR ENDED 31 AUGUST 2025

Reflecting on my first year as Chair of Music Masters, I am filled with pride. It is a great privilege to be Chair of an organisation that takes its mission seriously. The steady decline of music education available to all children of primary age and beyond makes our continued existence necessary and pertinent. We stand as a model of what good music education could and should be, and our wonderful team, our skilled and brilliant music teachers, our facilitators and the staff we work with and alongside, are constantly developing methods and training that will ensure the future of music learning.

The energetic and conscientious leadership of Roz De Vile and her outstanding team make the job of Chair a very enjoyable and highly supported position, and Lady Robey’s inspirational guidance continues to make Music Masters a dynamic administration. I also extend my sincere thanks to our Board of committed and valued Trustees. Music Masters is deeply indebted to each of you.

It is difficult for me to cherry-pick the highlights of this year as there have been so many. One that comes to mind is my afternoon with the impressive team in one of our partner (“Flagship”) schools, Ashmole Primary, in the company of Alexander Armstrong. Seeing him visibly moved by the young performers and their response to the music they were learning and performing reminded me of why Music Masters is so significant. One of the lessons he observed involved Stella, a ten-year-old cellist, who went on to achieve Distinction in her grade 6 cello exam just one week later- an achievement we made sure to pass on to Alexander!

We have continued to raise the bar in our core objectives and our team is building on the ongoing excellence of our initiatives. Notable this year has been the continued success of our teacher training programme Musicians of Change (PGCEi), the significance of our Diversity & Inclusion organisational audit programme, ‘I'M IN’, and our all-important work in schools. We go from strength to strength.

Fundraising is a key part of our success as a charity, and our focus on this has yielded some dramatic results. Our spring fundraising event "Rooted in Impact” was particularly special for me on a personal level as it felt like the formal passing of the baton from former Chair, Simon Freakley, who is a tough act to follow! On this evening, thanks to the work of Roz and the team, we raised over £150,000another chapter in our amazing story.

In conclusion, our future looks very bright. We need to continue to spread the word on how vital music is in giving children the opportunities to become the best versions of themselves. Music enables our young people to be creative, to dream and to achieve whatever they choose and in any path of life.

Thank you all for your support in this quest.

Ca

Stuart Mason Chairman, UK Music Masters Ltd.

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UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

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 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 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 charity’s governing document, the Companies Act 2006, the Charities Act 2022 in force at the time of preparing these accounts and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2019).

Objectives and activities

Our objectives

On 27[th] 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 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 lives of children and young people in the UK, in particular but not exclusively by:

1) 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

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 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 sparks into flames which burn brightly throughout their lives, wherever they go, and whatever they do. We do this through:

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UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

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 communities. With this learning, we explore and create new opportunities, programmes and resources to improve music education in schools on a national level.

Objectives for FY 2024-25

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 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:

In full, our goals are as follows:

SCHOOLS: Grow our work with state schools on a national scale to reach more children and - model high quality, inclusive, inspiring and sustainable music education.

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

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 secondary schools – a known musical drop-off point for young learners. We are committed to more effectively measuring and sharing the impact of high-quality music education. In all of this, we will build on our long-term experience of working in communities facing disadvantage.

EDUCATORS: Champion, develop and connect music educators, activating their potential to make positive change in society.

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, enhance support for our evergrowing graduate network, and increase opportunities for performing musicians to develop artistry and skills in working with children and communities.

OPPORTUNITY: Support and advocate for increased diversity, inclusion and equitable access across the music industry.

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 greater voice of influence and a solution provider driving change within music, music education and social change sectors.

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 grow interest in our offers, support for our work, and 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 in digital spaces, and are adopting a dynamic public focus to widen our impact, including building more strategic partnerships and creating resources and training for music organisations and practitioners UK-wide.

Strategic Report

Achievements and Performance against our strategic goals

SCHOOLS: Grow our work with state schools on a national scale to reach more children and - model high quality, inclusive, inspiring and sustainable music education.

In 2024–25 our Schools Programme continued to flourish across our five Flagship Schools in underresourced London communities, reaching over 900 pupils. Our 30-strong teaching team provided both group and individual lessons two to three times a week, as well as ensemble, ensuring children had

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

consistent and high-quality access to music education. We were proud and delighted that our Flagship Schools Programme received the Outstanding Musical Initiative Award from the 2025 Music & Drama Education Awards.

The year was marked by a vibrant calendar of musical events. Highlights included Young Strings, Big Dreams at Jubilee Primary with Sheku Kanneh-Mason, collaborative projects with the Andover School choir and orchestra from Massachusetts, and joyful public performances such as busking at St Pancras station with Karim Kamar and a concert at the Garden Museum with Isata Kanneh-Mason.

We also strengthened our partnership with YCAT (Young Classical Artists Trust), welcoming our jointly appointed Robey Artist, Sterling Elliott, into all our schools. He was joined by other inspiring performers such as Hana Chang, Aisha Syed-D’Oleo, Njioma Grievous and Amiri Harewood, who shared their artistry with our pupils through performances and workshops.

Our annual calendar of school-based events also grew. Winter and summer concerts, community performances and a refreshed Freshers’ Week brought families and communities together. M-Fest expanded in scope and scale, with 218 families and 314 students signed up in advance and more on the day, as well as 49 teachers, musicians, office members and graduates getting involved, helping to foster a sense of musical community across all five schools. Family engagement strengthened further, with 15 new family ambassadors recruited during the year.

At the heart of this work was the implementation of our new Curriculum and Assessment Framework, developed following an intensive review in 2023–24. Rolled out across all Flagship Schools in 2024– 25, it is already improving teaching, learning and planning for both instrumental and musicianship programmes, as well as supporting school staff to play their part in these programmes through INSET training and resources. A new online resource hub has been created for Music Masters teachers, accompanied by detailed guidance and staff training. Early analysis of assessment data is beginning to shape our understanding of student progress, highlighting trends such as the importance of embedding composition and improvisation, tailoring teaching to diverse needs, and identifying student potential for progression into programmes like Pathways. Alongside this, we launched a new theory of change and evaluation process to capture the wider impact of the Flagship Schools Programme.

Our work has also been enriched by the contributions of Music Masters graduates. Champions and Graduate Ambassadors supported a range of projects and events, from performing as our “house band” at London Scottish House at Christmas to playing alongside pupils in school orchestras. These graduate connections not only raise standards but also provide powerful role models for current students.

Notably, three of our Graduate Ambassadors (who joined our Schools Programme aged 4) graduated from the Royal Academy and Royal College of Music this summer after completing four-year Bachelor of Music degrees, and we are delighted to celebrate their next steps with them: Betania Johnny heads to the US to complete a Masters at the Manhattan School of Music, Emily Harrison’s string quartet was awarded a Learning & Participation fellowship at the Wigmore Hall, and Harry Nim joins our 202526 Musicians of Change (PGCEi) cohort, developing his inclusive teaching practice.

We also began the early stages of developing a wider schools offer, ensuring that the lessons and resources from our Flagship Schools can benefit a broader range of communities in the future.

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

EDUCATORS: Champion, develop and connect music educators, activating their potential to make positive change in society.

This year marked five years of Musicians of Change (PGCEi), our postgraduate teacher training course with Birmingham City University. In 2024–25 we trained a further cohort of participants drawn from across the UK, adding to a growing network of highly skilled educators who together have now reached an estimated 28,000 children and young people. The programme’s quality and impact were formally recognised through BCU’s institutional re-approval process, which highlighted the clear synergy of ethos between our two organisations, the high quality of teaching, and the evident value placed on the course by its alumni and school partners. Musicians of Change has also a significant impact on its mentors – many of whom are graduates of the course – as the following quote shows:

“Having completed two years of mentoring, I’ve noticed an increase in my confidence across various aspects of my life. I’ve become more self-assured in my communication and decision-making. Professionally, I feel more capable when guiding others, providing constructive feedback, and taking initiative in collaborative settings. The experience has pushed me out of my comfort zone, allowing me to grow not only as a mentor but also as a more resilient and adaptable individual.”

Alongside this key programme, we conducted significant market research and consultation and designed and launched pilots for new short course initiatives designed to strengthen and diversify the wider music education workforce. These include an introductory group teaching course, a course to upskill and boost the confidence of performing musicians working in school settings, and a mentoring programme for experienced educators keen to support peers working in education

Our commitment to inclusion was further demonstrated through two Notes on Inclusion forums held in Wales in November and March, drawing on a pilot training course of the same name which we delivered in partnership with Dr Beth Pickard the previous year. The course was developed in response to aspects of inclusion, equality and diversity discussed in the National Plan for Music Education (Wales), specifically around children with additional learning needs, and supported Welsh educators training through our Musicians of Change (PGCEi) programme. While external funding changes prevent us from further developing this work into 2025–26, the sessions provided valuable insights as well as engagement and connection opportunities for educators.

OPPORTUNITY: Support and advocate for increased diversity, inclusion and equitable access across the music industry.

Our Pathways programme continued to thrive, supporting the largest cohort in its history. In 2024–25, 24 pupils across our Flagship Schools benefitted from accelerated tuition and a rich range of musical experiences. Highlights included a solo recital at the Royal Academy of Music, chamber music projects with our Robey Artist (in partnership with YCAT) Sterling Elliott at the Victoria & Albert Museum, and a family project as part of the pupils’ residency at the National Gallery, in which parents and extended families became co-creators, making the experience deeply inclusive and communityoriented. Encouragingly, two of our Year 6 pupils were offered places at the junior departments of the Royal College of Music and Trinity Laban.

Alongside Pathways, we continued to embed our Emerging Educators programme into our Flagship Schools, offering three musicians self-identifying as “emerging” the chance to gain paid teaching experience within a supportive environment. Additional opportunities for young people were created through M-Fest. Together, these initiatives strengthened entry routes into music education and creative practice for young people from diverse backgrounds.

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

We also undertook a comprehensive strategic review of our I’M IN (Inclusive Music Index) programme, working with AlixPartners on a pro bono basis to refine I’M IN’s direction and future. Plans are now in place for a programme relaunch in 2026, including a platform rebuild that will enhance functionality and deliver more value to users.

INFLUENCE: Become known as a greater voice of influence and a solution provider driving change within music, music education and social change sectors.

Our progress in this area has often been delivered through the design, delivery and visibility of programmes across schools, educator development and opportunity creation. These activities have not only deepened our impact but also established Music Masters as a trusted “expert in the room” for sector conversations.

This year has seen a real focus on how we raise awareness of and promote the work of Music Masters, with the aim to broaden our audience, reaching those that could most benefit from our growing national offer. We have developed greater understanding of how to attract these priority audiences to us, resulting in an increase of 47% in new users to our website and 41% in organic web searches. We’ve continued to work on consistency of brand presence across internal and external output, making Music Masters a clearly recognisable brand.

A significant milestone was the publication of our first internally produced impact report in many years, focusing on the outcomes of the first five years of Musicians of Change (PGCEi). This document provided a clear demonstration of the programme’s effectiveness and offered evidence to inform future advocacy work. It was received extremely positively and received considerable engagement from across the music sector, including from Music Education Hubs, academics, members of parliament and policy makers. The report revealed that of graduates from the first five years of Musicians of Change (PGCEi):

In addition, having appointed an Operations & Systems Manager and a Digital Consultant, we began a thorough Digital Review to strengthen the organisation’s systems and communications, starting with a full audit of current platforms, processes and needs across the organisation and developing into an exploration of improvement options to be decided upon in the autumn of 2025.

Summer 2025 saw us successfully complete an office move, bringing all employees together on one floor and providing a stronger base from which to serve our beneficiaries both locally in London and UK-wide.

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

Financial Review

The results for the year are set out on page 19 of these financial statements. The surplus for the year (before unrealised gain on revaluation of £11,512) was £48,674 (2024: surplus of £112,165 before unrealised gain on revaluation of £34,622), as set out in the financial statements. Of this surplus £32,283 relates to restricted funding for ongoing projects due to be completed in 2025/26 and therefore this amount is held in restricted reserves at the year end (2024: surplus on restricted funding of £3,658 which was expended in the 24/25 year). Total income increased by 4.5% to £1,504,715 (2024: £1,439,606) and total expenditure increased by c9% to £1,456,041 (2024: £1,327,441). The overall spend on our charitable activity increased by c7% to £1,172,025 (2024: £1,095,472).

The overall increase in income includes a c5% increase in fundraised income and we are, as ever, incredibly grateful to all of our donors and supporters who make our work possible.

Reserves

Music Masters’ reserves policy is as follows:

Designated Funds

The trustees recognise that the effectiveness of the Schools Programme and the PGCEi course are heavily reliant on uninterrupted 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 2025 the balance of this fund was £135,345 (2024 £168,108). This fund is considered to be an essential part of mitigating risk as the fundraising landscape is increasingly challenging and the annual fundraising target is ambitious reflecting the ambition of the charity to deliver its plans.

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[st] August 2025 the balance of this fund was £273,206 (2023: £248,882), 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.

Plans for Future Periods

2025–26 marks the final year of Music Masters’ current strategic plan. It is a pivotal moment in which we will consolidate the many strands of work piloted and refined over the past three years, while laying the groundwork for our next multi-year strategy. Rooted in our Flagship Schools Programme and

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

informed by robust impact data, our focus will be on embedding learning, expanding reach, and building financial sustainability to ensure that Music Masters and the communities we serve can thrive for years to come.

Over the past three years, our investment in curriculum development, educator training, and sector partnerships has strengthened the foundations of our work. The coming year will therefore be one of consolidation and reflection: embedding the insights gained from our pilot programmes, extending those which have shown strong potential, and shaping the next strategic phase based on what we have learned. At the same time, we will be expanding our influence and reach by sharing our learning more widely with schools, educators, cultural partners and policy-makers across the UK. Parallel to this, we will continue to explore new income-generating opportunities to support the long-term sustainability of the charity as well as integrate engagement and advertising plans across programmes and campaigns We will be looking for opportunities to grow awareness and promote our brand with key audiences to underpin both service and income-generating efforts.

Within our schools and creative programmes, the Curriculum and Assessment Framework introduced in 2024–25 is already facilitating improvements in teaching, learning and planning across our five Flagship Schools. Early analysis of assessment data is highlighting trends that will allow us to refine our approach further, whether by placing greater emphasis on composition and improvisation, providing clearer insights into student potential for progression routes such as Pathways, or tailoring teaching more flexibly to student needs. In 2025–26 we will expand this work to strengthen provision for pupils with special educational needs and disabilities, in partnership with Live Music Now.

Supporting children at key transition points in their musical journeys remains a priority. We will review and refine our processes between Years 2 and 3 and between Years 6 and 7, helping students move forward with confidence and ensuring that the legacy of their music education is clear and demonstrable. The Pathways programme continues to grow, supporting 28 children across our Flagship Schools, including 16 new participants this year. Thanks to recently secured funding, we will also explore the potential for national expansion, enabling more young people from underrepresented backgrounds to accelerate their progression in music.

Enrichment opportunities, creative projects and performances will continue to evolve, with our Emerging Educators programme continuing to provide a greater number of young and diverse musicians with meaningful experiences both inside and outside school. This programme not only develops the skills of aspiring educators but also contributes directly to the vibrancy of our school communities.

Our work with schools increasingly looks beyond our Flagship Schools network. We plan to expand online resources for schools and families, inspiring and equipping them to support children’s musical learning. In addition, the frameworks and tools we have developed in curriculum, assessment and quality assurance are being shaped into products and services designed for use beyond our Flagship Schools. We are now in conversation with prospective partners to trial a new support service to help schools assess their music provision, identify their motivation to improve it, and plan their next steps. Research and development of this service is planned to begin in Autumn 2025.

Educator development will remain central to our mission. Musicians of Change (PGCEi) will continue to equip teachers with the skills and confidence to deliver inclusive, high-quality music education, supported by bursaries to ensure access and with a focus on diversifying the workforce geographically, socio-economically and demographically. Alongside this, we will pilot new initiatives designed to upskill the broader workforce, including a short course to engage musicians with little or

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TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

no school-based experience to deliver engaging and inspiring education work, a mentoring programme - “Mentors of Change” – to develop peer leadership skills in music educators (with the pilot specifically focusing on Welsh educators), and a training course for early-career educators, through which we aim to create a pathway into Musicians of Change.

Our commitment to sector leadership continues through I’M IN. Following a thorough review in 2024– 25, we are preparing for the redevelopment and relaunch of the platform as I’M IN 2.0 in spring 2026.

This will include additional functionality and enhanced value for users, while maintaining a lean operational model with carefully targeted investment in staffing, platform costs and promotion.

Our digital review will be instrumental in increasing team efficiency and building the internal capacity needed to deliver our work at a national scale. By streamlining systems and using the right tools we aim to cut down on time-consuming repetitive tasks by automating what we can. This will free up more staff time to focus on impact and will provide the organisational infrastructure to ensure we can grow in a way that is sustainable as we expand our reach further across the UK.

Taken together, these plans represent a crucial bridge between Music Masters’ current strategy and its next chapter. By consolidating our progress, sharing our learning, and focusing on sustainability, we will ensure that the organisation remains a powerful advocate and enabler of equitable, highquality music education, creating opportunities for children, educators and musicians to flourish across the UK.

STRUCTURE, 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 1 September 2020.

Governance

The work of the organisation is overseen by the trustees who meet at regular intervals to provide strategic direction and to monitor and review the work of UK Music Masters. Potential trustees are considered by the Chairman and proposed to the other trustees before being elected by a simple majority of all the 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.

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

Fundraising

Music Masters generates income from fundraising to support its work. It broadly focuses on three areas:

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, is available on their website: www.fundraisingregulator.org.uk.

The charity did not receive any fundraising complaints in the year.

Fundraising complaints should, in the first instance, be directed to the Chief Executive of Music Masters, Roz De Vile, either by letter (Music Masters, First Floor, 10-11 Bishops Terrace, London SE11 4UE) or by email (contact@musicmasters.org.uk). All complaints will be acknowledged within five working days, with a full reply within 21 days.

If this does not resolve the issue, then the complaint can be escalated to the Fundraising Regulator for further action. Music Masters is committed to ensuring that its fundraising activities protect the public, including any vulnerable people it works with, from unreasonably intrusive fundraising approaches. It will never apply undue pressure to donate. Where an individual has requested not to receive fundraising communications, this will be honoured, in line with the spirit of all relevant data protection legislation. Music Masters will also comply with any requests from the Fundraising Preference Service for the removal of data subjects from its database.

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 management accounts being presented to the Trustees at every meeting. Any material overspends must be authorised by the trustees.

The charity also has a Development Committee, which does not have delegated governance powers but meets in an advisory capacity to discuss and refine the charity’s fundraising strategy and progress.

In 2018/19 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 23/24 a Finance and General Purposes Committee was established to maintain oversight and understanding of the charity’s financial situation. This Committee also advises upon policies,

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(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

procedures and controls to facilitate financial management and aims to meet in advance of each Board meeting.

Pay policy for senior staff

Senior staff in the year comprised the Chief Executive Officer; the Finance Director, the Development Director (from 3 April 2025), the Head of Fundraising (up to 10 April 2025); 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.

Risk Management

The trustees recognise their responsibility for the management of the risks faced by the charity. A risk register is updated quarterly and where there are material changes to perceived risks, reports are presented to the board and discussed in order to ensure that the trustees are made aware of any major risks the charity faces and review the adequacy of controls. Together with the executive the trustees consider risk in the following areas: finance, human resource, reputation, legal, safeguarding, disaster planning and strategically significant projects. Trustees provide a critical challenge to the Chief Executive Officer on all these areas of risk, advising on mitigation strategies as appropriate.

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 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 Flagship 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. 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.

Going Concern

The trustees recognise their responsibilities for assessing the charity’s ability to continue as a going concern and have reviewed budgets, future plans and have taken into consideration confirmed future funding. Contingency plans have also been drawn up in the event of lower than expected income. The trustees have concluded that the charity is a going concern and there are no material uncertainties relating to its going concern status.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of UK Music Masters Ltd for the purposes of company law) are responsible 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:

13

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and irregularities.

Statement as to Disclosure of Information to Auditors

So far as the trustees are aware, there is no relevant audit information of which the charitable company’s auditors are unaware, and each trustee has taken all the steps that he or she ought to have taken as a trustee to make himself or herself aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

By order of the trustees

Ca8F60A8D5C822439... Stuart Mason Chairman Date 20 January 2026

14

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD.

(A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of UK Music Masters Ltd (the 'charitable company') for the year ended 31 August 2025 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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.

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 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 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 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.

15

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company 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 so.

16

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (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 financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to 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 irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

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.

17

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025 (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 Auditor) For and on behalf of Azets Audit Services Statutory Auditor First Floor River House 1 Maidstone Road Sidcup Kent DA14 5RH

Date: 3 March 2026

18

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2025

Notes
Income from:
Donations, grants and
legacies
2
Income from trading
activity
2
Charitable activities
3
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
4
Net Income
Gain on revaluation of
Programme Related
Investments
6
Net movement in funds
Total funds brought
forward 1 September
2024
Total funds carried
forward 31 August
2025		 Unrestricted
funds

£
679,892
61,401
234,784
14,121
990,198
284,016
686,133
970,149
20,049
11,512
133,129
761,990
793,551		 Restricted
funds
£
514,517

-

-

-

514,517

-

485,892

485,892

28,625

-
28,625

3,658
32,283
 Total
2025
£
1,194,409
61,401
234,784
14,121
1,504,715
284,016
1,172,025
1,456,041
48,674
11,512
60,186
765,648

825,834		 Total
2024
£
1,194,154
-
231,861
13,591
1,439,606
231,969
1,095,472
1,327,441
112,165
24,622
136,787
628,861
765,648

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

19

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD.

(A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (including Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

Comparative Information for the Statement of Financial Activities for year ended 31 August 2024

Notes
Income:
Donations, grants and
legacies
2
Charitable activities
3
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
4
Gain on Revaluation of
Programme Related
Investments
6
Net movement in funds
Total funds brought forward
1 September 2023
Total funds carried
forward 31 August 2024		 Unrestricted
funds
£
774,503
231,861
13,591
1,019,955
231,969
679,479
911,448
24,622
133,129
628,861
761,990		 Restricted
funds
£
419,651
-
-
419,651

-

415,993


266,723

-

3,658
-
3,658		 Total
2024
£
1,194,154
231,861
13,591
1,439,606
231,969
1,095,472
1,327,441
24,622
136,787
628,861
765,648

20

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

BALANCE SHEET AS AT 31 AUGUST 2025

2025 2024
Notes £ £ £ £
Fixed assets
Social investments 6 238,679 235,429
Tangible assets 7 34,527 13,453
Intangible assets 8 - -
273,206 248,882
Current assets
Debtors 9 116,391 92,455
Cash at bank and in hand 651,484 575,295
767,875 667,750
Creditors:
Amounts falling due within
one year 10 215,247 150,984
Net current assets
552,628		 516,766
Total assets 825,834 765,648
Income funds
General unrestricted funds 11 385,000 345,000
Designated funds 11 408,551 416,990
Restricted funds 12 32,283 3,658
13 825,834 765,648

The notes on pages 23 to 34 form part of these financial statements.

The financial statements were approved by the trustees on 20 January 2026 and signed on their behalf

C. Signed8F60A8D5C8224339... by: Stuart Mason Chairman

Company number 6226749 (England and Wales)

21

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Note
Cash flow from operating activities
16
Cash flow from investing activities
Payments to acquire tangible fixed assets
Payments to acquire social investments
Interest received
Net cash flow from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 September
Cash and cash equivalents at 31 August
Cash and cash equivalents consist of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31 August		 2025
£
102,319
(29,639)
(10,611)
14,120
(26,130)
76,189
575,295
651,484
33,277
618,207
651,484		 2024
£
108,270
(4,674)
(17,450)
13,591
(8,533)
99,737
475,558
575,295
29,409
545,886
575,295

22

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

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 1 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 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 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.

Income recognition

1.4

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 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:

23

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD.

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

1.5 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 annually and full provision is made for any repairs or maintenance required.

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 - 33% straight line Fixtures, fittings & equipment - 33% straight line

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 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 includes cash at hand, funds held in current accounts and deposits held at call with any financial institutions and all other short term liquid investments that are readily convertible to cash. Bank overdrafts (if 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 1 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.

24

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

1.13 Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following judgements (apart 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.

2 Voluntary and trading income

Voluntary Income
Donations and legacies
Grants
Gift aid recoverable		 Unrestricted
Funds
£
523,360
119,046
37,486
679,892		 Restricted
Funds
£
130,469
384,048
-

514,517		 Total
2025
£
653,829
503,094
37,486
1,194,409		 Total
2024
£
712,098
428,614
53,442
1,194,154

Donations and legacies includes gifts in kind to the value of £2,868 (2024: £11,185) of which £2,868 (2024: £3,585) was social investments (musical instruments for use in our programmes) and £0 (2024: £7,600) was computer equipment. These are included in the cost of additions in note 6.

Trading Income
Income from Fundraising event		 Unrestricted
Funds
£
61,401
61,401		 Restricted
Funds
£
-
-		 Total
2025
£
61,401
61,401		 Total
2024
£
-
-

25

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

Schools Programme
Unrestricted
Funds
£
209,257
Musicians of Change
25,527
I’M IN
-
234,784
4
Expenditure
Direct
Costs
£
Charitable expenditure
Raising funds
200,551
Charitable activities
879,861
1,080,412
Direct Costs – Raising Funds
Event expenses
Fundraising expenses
Fundraising expenses – staff costs
Direct Costs – Charitable Activities
Project costs
Staff costs
Support Costs
Staff costs
Recruitment
Advertising and Marketing
Rent and rates
Training
Office costs
Insurance
IT support
Equipment maintenance
Travel expenses
Bank charges
Depreciation
(Gain)/Loss on sale/disposal of social investments
Governance Costs -Legal fees
Governance costs – Auditors’ fee
Governance costs - other		 Unrestricted
Funds
£
209,257
25,527
-		 Restricted
Funds
£
-
Total
2025
£
209,257
-
25,527
-
-
-
234,784
Support
Costs
Total
2025
£
£
83,465
284,016

292,164
1,172,025

375,629
1,456,041


35,032
9,932
155,587
200,551
450,713
429,148
879,861
238,333
2,884
16,344
24,824
9.851
17,400
4,485
13,804
2,691
1,189
1,153
8,202
20,901
46
12,600
922


Total
2024
£
198,206
32,860
795
231,861
Total
2024
£
231,969
1,095,472
1,327,441
10,844
7,839
147,136
165,819
437,704
430,554
868,258
173,733
1,889
31,671
21,672
6,248
14,247
4,129
6,899
3,044
560
507
3,398
12,225
18
12,600
524
234,784 -
Support
Costs
£
83,465
292,164
375,629

26

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

375,629

293,364

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

5 Employees

Number of employees

The average monthly head count of employees (excluding trustees) during the year was 17.21 (2024: 14.78) and the average monthly number of full-time equivalent employees (including part-time staff) during the year were as follows:

Music Masters Programmes
Development
Governance and administration
Staff costs
Wages and salaries
Tax and social security costs
Pension contributions
Other staff costs
Total staff costs		 2025
Number
9
4
4
17
Total
2025
£
724,841
59,831
28,324
812,996
10,073
823,068		 2024
Number
8
4
3
15
Total
2024
£
664,187
53,965
25,054
743,206
8,217
751,423

One employee had total remuneration between £70,000 and £80,000 in the year (2024: one).

None of the trustees (or any persons connected with them) received any remuneration or expenses during the year (2024: none). Pension costs are allocated to activities in proportion to the related staffing costs incurred.

The charity trustees were not paid nor did they receive any other benefits from employment with the charity in the year (2024: none).

The total remuneration paid to key management, including employers’ national insurance and pension contributions was £315,959 (2024: £314,011). The charity considers its key management personnel to comprise those individuals listed on page 1.

27

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD.

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

6 Social Investments

The charity loans instruments to pupils as part of Music Masters Learning activities.

Value brought forward at 1 September 2024
Additions in the year
Disposals in the year
Revaluation
Value carried forward at 31 August 2025		 Total
2025
£
235,429
13,479
(21,741)
11,512
238,679		 Total
2024
£
202,902
21,035
(13,130)
24,622
235,429
7
Tangible Fixed Assets
Cost
As at 1 September 2024
Additions
Disposals
At 31 August 2025
Depreciation
As at 1 September 2024
Charge for year
Accumulated Depreciation- Disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Fixtures,
Fittings &
Equipment
£
4,393
29,639
(4,393)
29,639
4,393
2,402
(4,393)
2,402
27,237
-		 Computer
Equipment
£
34,491
-
(13,703)
20,788
21,038
5,802
(13,342)
13,498
7,290
13,453		 Total

£
38,884
29,639
(18,096)
50,427
25,431

8,204

(17,735)
15,900
34,527
13,453

28

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

8
Intangible Fixed Assets
Cost
As at 1 September 2024
At 31 August 2025
Amortisation
As at 1 September 2024

Charge for year
At 31 August 2025
Net book value
At 31 August 2025

At 31 August 2024
9
Debtors
Trade debtors
Other debtors
Prepayments
Accrued income
10
Creditors
Amounts falling due within one year:
Trade creditors
Other creditors
Accruals
Deferred income (note 10b)
10b
Deferred Income
Deferred income at 1 September
Released from previous years
Amounts deferred in the year		 Development
database
£
6,334
6,334
6,334
-
6,334

-
-
2025
2024
£
£

24,624
33,858
141
-
12,820
20,597
78,806
38,000
116,391
92,455
2025
2024
£
£
18,421
50,768
22,431
16,651
61,300
29,355
113,095
54,210
215,247
150,984
2025
2024
£
£
54,210
48,617
(54,210)
(48,617)
113,095
54,210
54,210
54,210		 Development
database
£
6,334
6,334
6,334
-
6,334

-
-
2025
2024
£
£

24,624
33,858
141
-
12,820
20,597
78,806
38,000
116,391
92,455
2025
2024
£
£
18,421
50,768
22,431
16,651
61,300
29,355
113,095
54,210
215,247
150,984
2025
2024
£
£
54,210
48,617
(54,210)
(48,617)
113,095
54,210
54,210
54,210
2024
£
33,858
-
20,597
38,000
92,455
2024
£
50,768
16,651
29,355
54,210
150,984
2024
£
48,617
(48,617)
54,210
54,210

29

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

11 Unrestricted Funds

At 1
September		 Income Expenditure Transfers &
Revaluations		 At 31
August
2024 2025
£ £ £ £ £
General Fund
345,000		 990,198 970,149 19,951 385,000
Designated
-Learning
168,108		 - - (32,763) 135,345
-Fixed Asset
248,882		 - - 24,324 273,206
761,990 990,198 970,149 11,512 793,551
Unrestricted Funds Comparative Position:
At 1
September		 Income
Expenditure
Transfers &
Revaluations		 At 31
August
2023 2024
£ £
£
£		 £
General Fund
315,000		 1,019,955
911,448
(78,507)		 345,000
Designated
-Learning
106,381		 -
-
61,727		 168,108
-Fixed Asset
207,480		 -
-
41,402		 248,882
628,861 1,019,955
911,448
24,622		 761,990

The designated funds are described in further detail on page 12.

30

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

12 Restricted Funds

Fund:
Programmes
A
Musicians of
Change and
PGCEi
B
Systems
Manager and
digital review
C		 At 1
September
2024
Income Expenditure Transfers
At 31
August
2025
£
£
£
£
3,658
243,369
247,027
-
-
-
197,648
184,496
-
13,152
-
73,500
54,369
-
19,131
3,658
514,517
485,892
-
32,283

A Music Masters Programmes

This comprises funding restricted 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:

Alchemy Foundation; Alan Rivers; Boris Karloff Charitable Trust; The Backstage Trust; Buffini Chao Foundation; Chartered Secretaries and Administrators; Clayton Dubilier Rice; Enterprise Trust; Eyre Family Foundation; Irving Memorial Trust; Lady Moore Charitable Trust; Lord Barnsby Foundation; The Childhood Trust; The Hobson Charity; The John Thaw Foundation; The Lucille Graham Trust; The Maria Björnson Memorial Fund; The Noel Coward Foundation; Patricia Routledge Foundation; Samuel Gardner Memorial Trust; Q Charitable Trust; The Golsoncott Foundation; The Radcliffe Trust; Universal Music – Taskforce for Meaningful Change; and Victoria Wood Foundation.

B 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:

Britford Bridges Trust; The Karlsson Játiva 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.

C Systems Manager and Digital Review

This comprises funding specifically to employ a Systems and Operations Manager and to engage an eternal consultation to review our digital and tech systems and processes and recommend and support implementation of improved systems.

31

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD.

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 (continued)

Restricted Funds comparative information

Fund:
Programmes
A
PGCEi
B
Many Voices
C		 At 1
September
2023
Income Expenditure Transfers
At 31
August
2024
£
£
£
£
-
234,802
234,144
-
3,658
-
178,349
178,349
-
-
-
6,500
6,500
-
--
~~0~~
-
419,651
415,993
-
3,658

A 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 Björnson 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.

B 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 Játiva 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.

C 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.

32

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD. (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

13
Analysis of net assets by funds
Unrestricted
Funds
Designated
Funds
£
£
Fund balances at 31 August
2025 are represented by:
Social investments
-
238,679
Tangible fixed assets
-
34,527
Intangible fixed assets

-
Current assets
600,247
135,345
Creditors
(215,247)
-
385,000
408,551
Analysis of net assets by funds – comparative information
Unrestricted
Funds
Designated
Funds
£
£
Fund balances at 31 August
2023 are represented by:
Social investments
-
235,429
Tangible fixed assets
-
13,453
Intangible fixed assets
-
-
Current assets
495,984
168,108
Creditors
(150,984)
-
345,000
416,990		 Restricted
Funds

£
-
-
-
32,283
-

32,283
Restricted
Funds
£
-
-
-
3,658
-
3,658		 Total 2025
£
238,679
34,527
-
767,875
(215,247)
825,834
Total
2024
£

235,429

13,453

-

667,750
(150,984)
765,648

14 Operating leases

At 31 August 2025, the charity had annual commitments under non-cancellable leases as follows:

Land and Buildings:
Not later than one year
Later than 1 year and not later than five
years		 2025
£
25,000
-
25,000		 2024
£
12,250
-
12,250

The charity has an operating lease for its office which expires on 30 April 2030 but which has a break clause which can be exercised by giving six months notice on or after 1 March 2026.

33

Docusign Envelope ID: 3E5020D9-4B86-4059-A41F-19FF4CB88C93

UK MUSIC MASTERS LTD.

(A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 (continued)

15 Related party transactions

During the year ended 31 August 2025 the charity received £350,410 (2024: £395,240) in donations and incurred £nil (2024: £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 £nil (2024: £7,600)

No trustee expenses were reimbursed during the year (2024: £nil). No charity trustee received payments for professional or other services supplied to the charity (2024: nil).

16 Reconciliation of net income to net cash flow from operating activities

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
Decrease/(Increase) in debtors
(Decrease)/increase in creditors
Net cash flow from operating activities		 2025
£
48,674
(14,120)
8,202
-
(2,868)
-
22,104
(23,936)
64,263
102,319		 2024
£
112,165
(13,591)
3,398
-
(11,185)
-
13,130
(25,616)
29,969
108,270

34