2021-08-31-accounts

Registered number.. 1673689 Charity number: 284555 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} CONTENTS Page Reference and administrativo details of the company. its Trustoes and advisers Trustees. report 3-13 Independent auditor's report on the financial statements 14-17 Statement of financial activities 18 Balance sheet 19 Statement of cash flows 20 Notss to the financial ststsmgnts 21-47

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Trustees R Belshaw {appointed 22 September 20201 C Bowring Irelired 8 May 20211 A Butler lappointed 22 September 20201 J Carroll (appointed 22 September 20201 P Gitlings (retired 8 May 20211 D Harris (appointed 22 September 20201 C Hyde A Jackson A Knight (appointed 15 December 20201 J Manwaring (resigned 15 March 20211 A Menzies Iresigned 24 November 20201 A Pollard, Chairman J Quinn (resigned 27 April 2021 } C Robinson R Roscoe M Rouco lappointed 22 September 20201 G Sehringer (resigned 24 November 20201 The trustees who retire by rotation are.. A Jackson, A Pollard, C Robinson and R Roscoe., wtth A Jackson, A Pollard and C Robinson being eligible, offering themselves for re-election. Company registered number 1673689 Charity registered number 284555 Registered office Stoneham Court, 100 Cockney Hill, Reading, Berkshire, RG30 4EZ Chief executive officer Dawn Wren Independent auditor James Cowper Kreston, 2 Communications Road, Greenham Business Park, Greenham, Newbury, Berkshire, RG19 6AB Bankers Barclays Bank Plc, Business Cenlre, PO Box 6193, Basingstoke, Hampshire, RG21 3RX CAF Bank Limited, 25 Kings Hill Avenue, Kings Hill, Wesl Malling, Kent, ME19 4JQ Page 1

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Solicitors Field Seymour Parkes Solicitors, The Old Coroner's Court, 1 London Street, PO Box 174, Reading, Berkshire, RG1 4QW A¢tuarig$ Hymans Robertson, One London Wall, London, EC2Y SEA Page 2

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The trustees, who are all directors of the company, present their annual report together with the audited financial statements for the year ended 31 August 2021. The Iruslees confirm that the accounts comply with the Companies Act 2006 and the Charities Act 2011, have been prepared in accordan￿ with the revised Slalement of Recommended Practi￿ 'Accounling and Reporting by Charities, IFRS 10212019 and comply with the companls Memorandum and Articles of Association, which is the charitls governing document. The Berkshire Young Musicians Trust I'Berkshire Maestros'l is a Registered Charitable Company limited by guarantee and incorporated as a company registered under the name the Berkshire Young Musicians Trust. On 25 August 1982 the Trust was established Ljnder a Memorandum of Association which established the objects and powers of the charitable company and is governed under ils Articles of Association. ExgCUtiVg Summary 2020-2021 Continued to be a year of change and challenge with the ongoing effects of the global pandemic. Throughout this period Berkshire Maestros has striven to keep delivering high quality musical opportunities for young people The academic year started positively with schools reopening. However, there followed a year of flLJidily between faCe-tO-fa￿ activities and online activities dependant on government guidance. This obvioLJsly impacted both student numbers for lessons and ensembles and limited what we were able to deliver into schools. However, we were supported throLJgh this lime by two grants from the Department for Culture Media and Sport IDCMSI, Culture Recovery Fund ICRFI, as well as using the Coronavirus Job Retention Scheme to fill the income gap produced by reduced student numbers. Where possible and safe to do so we maintained activities and towards the end of the year were able lo run promotions to increase numbers again ready for the 21-22 academic year. This has enabled us lo maintain and end the year in a solid financial position from which to continue the growth in student numbers and continue offering a range of musical opportunities to young people and adults across Berkshire. None of this would have been possible without the hard work and dedication of our staff - the leaching staff who continued lo provide lessons, ensembles and school activities through a variety of formats as well as the support teams, who keep everything running in the background and support our customers and PLJpiIs. Ob'eclives and activities Berkshire Maestros exists lo provide a high qLJality, comprehensive musical experience lo the widest group of pupils, regardless of their background or ability. We work with schools and a wide range of professional and voluntary sector partners lo provide an innovative range of creative and performance opportunities for our students. On behalf of Arts Council England IACEI, Berkshire Maestros leads the Berkshire Music Hub and is responsible for the delivery of the National Plan for Music Education INPMEI across Berkshire. Our objectives are delivered through individual and group tuition in voice and a variety of instruments in schools and in four large music cenlres in Bracknell, Newbury, Reading and Windsor as well as three smaller satellite enlres in Caversham, Emmbrook and Bulmershe. Wokingham Borough students attend the MLJSIC ￿ntreS in Bracknell and Reading as well as the two Wokingham satellite cenlres above. Tuition is supplemented by a wide range of ensembles and other extension activities at all levels. Services are Contracted directly to parents and arers of students, to schools and to Arts Council England who are responsible for the distribution and management of the Music Education Grant provided by the Department for Education IDfEI. Page 3

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 Public Benefit The trustees review Berkshire Maestros, Public Benefit commitments annually. The services provided: music education and promotion of the arts, are both defined within the Charities Act 2006 as charitable aclivilies. The Trust has comprehensive anti-discriminalory policies that are regularly reviewed to ensure compliance. These policies cover all discrimination including financial hardship for which a number of restricted funds have been created to assist students from such backgrounds. Provision of financial assistance is not limited to students of families who qualify for assistance from 'Pupil Premium,. The trustees recognise that students from families whose income is only a lrttle above the level to qualify for 'Pupil Premium, bul contend with the high cost of living in Berkshire, may also ￿qUIre support and these applications are looked upon favourably. We operate a 'Sponsor a Child, fund to assist children and young people in this category. Our vision - Teachin Music Chan in Lives Belief". We believe in the power of music to change lives Vision Statement". All children and young people in Berkshire will experience an inspirational, high-quality musical education and the joy of making music with others Mission Slalement.. Berkshire Maestros is the lead organisalion of the Berkshire Music Education Hub. Through our passion for music making, creativity, expertise and excellence, we aim lo deliver the highest quality musical education lo meet the aspirations and needs of every child, young musician, school and music leader in Berkshire. We aim lo inspire and empower our young musicians and create life-enhancing, enjoyable and sustainable musical opportunities through providing first access and coherent, progressive pathways and enable our community lo achieve their polenlial, develop and celebrate through music. We will consislenlly fulfil our promise of 'Teaching Music, Changing Lives, through delivering outstanding value, continuous innovation and exceptional quality- we will bring the best to everyone we reach. Core Values.. Ambition and access for every child and young person Excellence in practice Commitment lo our partnerships and community working Respect, professionalism, and investment in our colleagues Effective and evolving communication Positive and proactive approach Determination to drive continuous improvement and embrace change Strate ic aims 2018-2022 We will become the preferred provider of musical services across Berkshire, known and respected for our passion for high standards, the high quality of our leaching and our commitment lo create exceptional and accessible musical opportunities for all children and young people regardless of circumstance We will provide an unrivalled breadth of choice, diversity and range of opportunities enabling our young musicians to achieve their potential whilst ensuring that all musical activities are rewarding, inspiring and sustainable We will give all children a first access to instrumental learning and clear, sustainable progression routes, co-ordinating and assuring a high quality of instrumental and vocal tuition, ensemble provision and other music-making activities We will be at the leading edge of music education, doing what others cannot do, embracing and driving change and challenging what is possible through crealivily and innovation We will be a credit to the community we serve by developing and sustaining inspirational partnerships with local and professional music providers, contributing to raising musical standards in schools and the wider community Page 4

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 We will listen to our customers and key stakeholders to enable us to continually improve, embracing the notion that Maestros is al their service, meeting or exceeding our customers, expectations whilst providing excellent value for money We will ensure that our customer service and communication is second-lo -none so that our staff, students, schools and partners can depend on us lo deliver a consislenl high quality service supporting them lo achieve the best possible outcomes for our pupils, their families and the community We will attract, develop and relain a high qualified and talented workforce committed to our ethos and core values, creating and sustaining opportunities for professional growih Achievements erformance and KPIS As lead organisation for Berkshire Maestros Music Education Hub, we continue to fully implement the NPME, including all core and extension roles. In the annual feedback letter from Arts Council England, our particular strengths have been cited as.. Maintained engagement with schools, CPD and young people during lockdown. Stats show that engagement levels remain high and above national average for this period Continued communication with schools and stakeholders allowed for adaptive engagement Developed a flexible and adaptive business plan wrth a blended offer, of different (more Covid-safel instruments (such as body percussion), outdoor and online working Established a new inclusion strategy lo develop training, partnerships and setting out new KPIS for the future. Through this work, the Hub has managed to overcome the following challenges.. Schools being closed or with limited access for several months. 'Digital fatigue, faced by young musicians who were having to carry out school learning online Families facing loss of income Data shows that Hubs nationally have experienced downturns in engagement due to the Covid-19 Pandemic. Berkshire Maestros shows to be above the national average for engagement in core roles, WCET and singing strategies, demonslraling how they adapted delivery in response lo the Covid-19 pandemic. Berkshire Maestros were also able lo make significant developments in leadership and governance over the last year". Carrying out a staffing review to support leadership and to bring in new roles. Establishment of a youth committee lo work with trustees Skills audit and recruitment of new Trustees Induction of a new Chair of Trustees ACE has assessed the level of risk attached to the DfE funding as moderate risk mainly due to the financial repercussions of the global pandemic. This adds an increased level of support from ACE including coaching and peer support which the CEO has benefitted from. Ead Years Our Early Years provision has been more severely affected by the pandemic than other activities due to the difficulty in engaging very young children in an online capacity. We restarted sessions as soon as we safely could, albeit with reduced numbers and with gaps in between sessions. Focus remains on establishing an Early Years Network so that we can support staff delivering in early years settings with their music provision as well as rebuilding numbers after Covid and promoting the benefits of starting music from an eady age. Page 5

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 First Access First Access Igovernmenl funded whole class instrumental programme) continued to be well received in schools and our free lermly programme reached 500/0 of primary schools across the county which was 8 90/0 increase from the previous year. Where schools or teachers were reluctant lo use particularly woodwind or brass instruments or didn't have enough space to follow our risk assessment, we provided alternative resources so that students were still receiving a weekly music session. These were in the shape of weekly resource sheets which included a link lo videos we prerecorded making use of body percussion, singing and other activities lo leach basic musicianship which could then be transferred onlo instruments in the future. We also supported the icollege in Wesl Berkshi￿ for the first time laltemalive provision for leamers unable lo access mainstream education) with a band project using guilarslkeysldrums and including song-writing and recording. We continued to run a successful whole-class continuation programme which saw 17 schools continue. We spent time this year analysing the programme, ensuring we can run il in a more financially viable way as well as supporting teachers with reSoUr￿S for each programme moving forward. Instrumental & Vocal Tuition in Schools & Music Cenlres Student numbers stayed fairfy stable for the year al around 700/0 of pre-covid numbers. Students received a mixture of online and face lo face sessions dependent on where their lessons normally took place. We had the benefit of our own building for Reading Music Centre students, but our other music cenlres were heavily reliant on the schools in which they are based, some of whom did not allow any face-to-face activity in the year. We spent the year developing a revised Teaching & Learning Policy and revised observation criteria and reflection form which will be rolled out from September 2021. The CRF grant enabled us lo offer half price lessons for new students during the Summer term, so numbers increased to just under 800/0 of pre-covid numbers during this lime. Ensembles & Count Grou Our ensembles were also hugely impacted by the pandemic. We moved lo online rehearsals from September, however these were difficult to maintain online and numbers dropped by 420/0 across the year. Due to these numbers, we had lo make difficult bul necessary decisions lo cut some groups we had been running moving from 144 ensembles across the County to only 86. Where possible we amalgamated ensembles, but we also used this as an opportunity to try something different and string players in the East of the County benefitted from attending different weekly drop-in sessions based around sighl-reading, improvisation, repertoire and scales. These proved very popular and enabled our students lo access something musically valuable in these online sessions. Where possible we worked creatively to ensure our County Groups could still rehearse and perform together including outdoor rehearsals in a car park or socially distanced recordings in a large well-ventilated venue. Instrument Hire Scheme We continued to run a successful instrument hire scheme which helped children and young people access a range of inslrumenls. Despite raising the price of our instrument hire scheme (to better reflect the costs incurred), we continued to hire out over 8,000 instruments in 2020-2021. Our resources team worked hard lo deliver instruments across the County to facilitate children starting lessons wherever possible. Su ort for Schools We increased our support and Continued Professional Development ICPDI for schools using Zoom lo facilitate and ensure greater accessibility to training for school staff. We developed new partnerships with Beat Goes On and Music First to be able lo offer a wider variety of high quality support to schools by increasing the training and resources schools can access. We send school newslellers out twice a term lo communicate our offer lo schools clearly and lo help open up those conversations with schools," and we have recently appointed our first Music Mark school. Our two School Development Managers continue to build relationships with schools and discuss ways in which music can be further embedded in their schools. Page 6

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 Sin Strate The singing strategy continues lo be implemented and updated according lo local need. The two Singing Development Coordinators have established themselves successfully amongst schools in their are8 and continue to support schools and colleagues to enable high quality singing from a young age. The Junior Music Festivals are normally key highlights of the year, however we had to cancel these bul replaced them with Singing Picnics in the Summer term 2021 to encourage schools lo sing again after the pandemic. We ran an initial live webinar leaching school staff some singing games and songs and then schools were invited lo download the recordings and song sheets from our website and use them to hold a singing picnic in their own school. 57 schools took part in this activity and more were able to download the resources and videos after the event. Partnershi We have sought lo embed our relationships with current partners and repair relationships with previous partners that had broken down. This enabled us to start work again with Readipop in particular lo plan the delivery of a project with young carers as well as projects in alternative provisions in the County. The projects themselves will be delivered in 2021-2022 but we have worked closely with Readipop in the lead up lo Ihe18unch of these. We continued to work with Soundabout lo deliver our projects in Special Educational Needs and Disabilities ISENDI schools, even moving a project al a specialist Autism school online and working creatively with technology lo maintain the aims of the project. This project has been a particular highlight as il has enabled us lo work with 101 students, reach 66 school staff, deliver 13 CPD sessions and deliver 116 music sessions across four SEND schools. We have built a new relationship with Berkshire Vision who work with blind and partially-sighled children and young people. A particular highlight of this was enabling their students to come and try out instruments in a safe environment so they could hear and explore the vibrations of each inslrumenl. Other new partners include.. Aldworth Philharmonic - a local orchestra, Make Sense Theatre - a theat￿ company for the neurodiverse," and Berkshire Youth who help with the transition from childhood lo young adulthood, supporting young people lo reach their full polenlial. We continued lo work in partnership with the Windsor Festival and ran a successful event there last year - Berkshire Young Musician of the Year for Strings. We also continued to work with the Royal Philharmonic Orchestra IRPOI - the usual 'noisy kids, concert had to be postponed however we took the opportunity to plan a project to inspire more students lo take GCSE music through composition workshops. Examinations Where il was possible, we continued lo run Trinity and ABRSM exam sessions for our students and in fact there was an increase in the number of students taking exams from 379 last year lo 745 exam entries in 2020-2021. Of these, 940/0 passed in total with 380/0 gaining a merit and 160/0 gaining a distinction. 9.40/0 of the total number of entries were Grade 8, this is an increase of 52 entries compared lo last year. 360/0 of the Grade 8 entries achieved a dislinclion, 340/0 achieved a merit and 290/0 passed. 20/0 of the total number of entries were for ARSMIAdvanced CertificalelDiploma level, this was an increase of 13 entries compared lo last year. 330/0 of the ARSMICertifi'cale entries achieved a distinction and 530/0 of them achieved a merit. We also continue to run Trinity Rock and Pop exams and Rock School exams. Fundin We successfully bid for the following funding during the year.. £783,746 Culture Recovery Fund grant from DCMS (First round) £1,905 from the Eadey Charity Covid-19 Support Fund for PPE £500 from Wokingham Without Parish for our Mini Maestros in the Community classes £16,761 from our Double Match Day event with the Greenham Trust £375,240 Culture Recovery Fund from DCMS (Second roundl £30,000 from the Foyle Foundation for digital equipment We are planning lo build on this next year stsrting with a fundraising strategy that will enable us to strategically plan a more robust approach to external fundraising. Page 7

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 Technolo Thanks lo a grant from the Foyle Foundation, we purchased 30 iPads lo support us lo deliver music projects using Garage Band. These are being used as part of our inclusion strategy and to deliver First Access projects. Through the hub's continued partnership with Charanga, lake up of the hub's digital learning support for core and extension roles continues to grow. Charanga is a multi-hub online learning platform through which schools, instrumental teachers, and children and young people access a variety of online musical digrtal technology support programmes, as well as training and CPD. In 2020-2021, 156 schools were provided with access to the Charanga Musical School programme where its musical digital technology was used in 20,794 hours of teaching. We continue lo use Microsoft {MS) and Office 365 to support us in a new hybrid way of working and we have utilised further capability such as MS Teams, MS Planner and a hot desk booking system lo support our return lo the office. Meetings with stakeholders, trustees, staff and other partners have continued to be online or hybrid and remain an advantageous way to have meetings. More use of digital resources has moved us away from paper-based systems and we invested in two add-ons lo our financial software that will enhance this further and lake away the need lo print invoiceslpurchase order's etc. We are now ulilising a sign-in app to tighten up safeguarding of our staff and students al music centres. These were trialled in the summer term in one centre and will be rolled out to our remaining cenlres during 2021-2022. Events Events were hugely reduced due to Covid. However, working within the Covid parameters we organised an 11 hour live streamed fundraising and celebration event in December 2020, celebrating what had been achieved despite the pandemic and with performances from schools, staff, ensembles, individual students, partners and county groups. Raising an incredible £16,000, it was a wonderful event that really showcased our motto for the year that we would 'keep the music playing,. We then ended the academic year with a two4ay outdoor summer festival showcasing all ensembles from across the County. Again, this was a real celebration of what had been achieved despite the setbacks of the year and was a wonderful opportunity for staff, parents and students to retum face to face to music making. act of Covid We were hopeful that things would return lo normal in September 2020 but we faced another two temis of lockdowns which meant that our music centres couldn't fully reopen, ensembles needed lo be online and some 801ivily in schools still could not take place. Utilising our Business Stsbilisalion Plan, we were able lo navigate the challenges fairly easily as we had the infrastructure in place to move activities online al very short notice. Financially however, this meant that our student numbers remained around the 70_750/0 mark of pre-covid numbers and ensemble numbers plummeted even further due lo Zoom-fatigue setting in. We were able lo secure use of the Coronavirus Job Retention Scheme to cover staff costs where demand fell short of conlraclual obligations. We were also able to make use of CRF Isecond roundl grant lo run some marketing and promotion 8clivilies in the Summer term lo bolster numbers, offering half-price lessons and free ensemble membership. Our core business staff started the year back in the office, bul we soon returned to working from home as directed by the government guidance. We took this opportunity to survey staff to find out what they would like lo return to, whether fully working from home, a hybrid or returning lo the office and discovered that most wanted a hybrid. This gave us an opportunity lo adapt our office space and reduce the footprint of the office to enable more rooms lo be ulilised for leaching andlor storage of inslrumenls. Core office staff retumed to a new hot- desking system at the end of August, ready for the new academic year. Moving forward there are huge opportunities that will come from learnings during the pandemic, particularly in the area of technology and allernativelhybrid delivery options. This will impact how we deliver our activity in the future lo enable cost savings, ease environmental pressures and create beller workllife balan￿ for staff. Page 8

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 E ualit Diversit & Inclusion We spent the year working with a musical inclusion specialist lo develop an inclusion strategy in order that we can increase the scope of children and young people that we work with. We are looking lo diversify our offer and ensure we are accessible lo all, including children in challenging circumstances. The inclusion strategy spans 4 years and is supported by an action plan and workforce development plan. Flnanclal revlew The financial results are set out in the Statement of Financial Activities and demonstrate a surplus for the year of £766,23812020. deficit of £439,891 }. In order lo comply wth accounting standards and, in particular FRS 102 Post-Employment Benefits, resources expended include a charge of £243,000 12020.. £185,000) for pension costs relating to the Defined Benefit Pension Scheme for administrative staff. This accounting standard requires that the pensions liability is recognised as the benefi'ts are eamed, not when they are due to be paid, and accordingly an estimate of the liabilities accrued for the period is provided by the scheme's actuary (for full details see note 25}. This adjustment is calculated al the year-end and is not monitored throughout the year when reviewing operating finances of the organisalion. The total value of the pension scheme liability al 31 August 2021 is £3,468,00012020." £2,910,000) as shown in the balance sheet. For operational purposes, the Iruslees use the 'Operaling surplusl{deficitl" of the unrestricted funds as a more meaningful perf0mlan￿ measure. The unrestricted operating surplus for the period was £308k as shown below.. 2021 Unrestricted £'ooo 2,974 (2,6661 308 12431 71 136 2020 Unrestricted £'ooo 3,478 {3,756} 12781 11851 29 14341 Restricted £'ooo 2,365 11,7341 631 Restricted £'ooo 1,186 (1,1921 161 Income Expenditure Operating surplus I Ideficitl FRS 102 adjustment Unrealised investment gain Nel income I lexpendilurel 631 161 Operational results of the year have continued lo be subslanlially affected by the Covid-19 pandemic as the national lockdown and restrictions on face-to-face teaching were put in pla￿. Government funding from the ACE was unaffected, bul the number of students tsking lessons fell during the period from pre-pandemic levels as leaching moved online and a reduced number of school projects were delivered. 11 has not been possible to raise additional income from subletting rooms al Sloneham Court or the usual level of fundraising al live performances due to redU￿d Occurren￿ of events. This will have a knock-on impact on the value of income raised through gift aid and orchestra tax. Action has continued to be taken throughout this pandemic lo seek additional funding and lo reduce costs wherever possible. Teaching has continued lo be reallocated lo Contracted staff in order lo reduce variable fees paid lo self-employed teachers. We have ulilised the new option lo part furlough staff and this has seen our use of the Job Retention Scheme increase lo £163k 12020.. £20kl. Although some savings have been made on running costs, ovetheads were largely unaffected, with Music Centre premises costs remaining payable under the contractual terms. We successfully applied lo the DCMS for the Cutture Recovery Fund and received two grants that have helped purchase the required PPE equipment to enable lessons lo resume face to face, fInan￿d our projected shortfall due to lower student numbers, and it has helped to rebuild our reserves. Page 9

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 In accordance with the SORP 5.8, all of the reslricled income relating lo CRF has been recognised in the year ending 31st August 2021. It is important lo note that some of the associated expenditure will take place after this dale, as shown by the carry forward balance of CRF in note 19. This increases restricted operating profil in these financial statements by increasing restricted income and il decreases restricted operating profiuincreases reslricled operating loss in the next sel of financial statements due lo increasing reslricled expenditure. We have also successfully applied for a grant to help us purchase the digital equipment required to switch lo remotely accessed live events. Income Overall total income increased year on year lo £5,339k12020'. £4,664kl.' Fees from parent paid and school lessons and ensembles showed a reduction at £2,590k12020'. £3,133kl, as a result of reduced activity levels during the pandemic. Government funding was increased lo £1,158k12020". £1,152kl. These are reslricled funds provided specifically to support delivery of the National Plan for Music Education through first access programmes and music hub activities together with funding from the Department of Education lo support the Teachers Pension Scheme. Other income raised through music related activities such as examinations, concerts, instrument hire was lower at £182k12020. £287kl. The fudough scheme saw increased income at £163k {2020.' £20kl. Culture Recovery Fund income was £1,159k. Ex enditure Total expenditure showed a reduction lo £4,643k12020'. £5,133k): Contracted staff costs were lower al £3,409k12020: £3,656k) as a result of reduced recruitment. Fees paid to self-employed staff were lower at £222k {2020". £286kl due lo the reallocation of teaching activities lo contracted staff. Event costs were substantially lower al £17k {2020". £69kl reflecting the cancellation of events due lo Covid. Governance costs were lower al £25k {2020'. £31 kl. Cashflow There was a net inflow of cash during the year with cash balances of £1,134k {2020". £396kl al year end. This includes the CRF funding and income received prior to year end for Autumn 2021 aclivilies. Restricted funds The total value of reslricled funds held at the year-end is £328k 12020.. £42kl. The funding received from ACE was used lo directly support our activities as leader of the Berkshire Music Hub, with no balance carried forward. Other restricted funds relate to donations specifically provided by individuals or organisalions to provide financial support for students in the form of fee assistance or donated inslrumenls. The Covid-19 hardship fund has been continued, specifically supporting children whose families are suffering financial hardship as a resuh of the pandemic. Princi al risks and uncertainties The trustees have a risk management strategy which comprises an annual review of the risks Berkshire Maestros may face and establishes systems and procedures to mitigate those risks identified. Page 10

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 The trustees consider the major risks facing Berkshire Maestros are: Arts Council England funding continues to be confim)ed on a one-year cycle, currently confirmed until March 2023, giving limited forward certainty on this portion of our funding. On-going impact of Covid-19 and the Inecessaryl reslriclions- national lockdown andlor higher tier rules have a significant impact on our ability to offer the full range of services and experiences, leading lo a drop in pupil numbers. Underfunding of the two defined benefit pension schemes, the Teachers Pension Scheme ITPSI and the Local Government Pension Scheme ILGPSI. This could result in additional provisions in the accounts andlor an increase in costs. Uncertainly created by the current economic climate and the impact of Brexit, music lessons being an eady victim of any downturn in the economy. Reserves olic The trustees reviewed their reserves policy during the year in light of the Covid-19 pandemic. 11 was agreed lo maintain the existing threshold of reserves Ilhree limes the average regular monthly expenditure) as being adequate against costs and that the funds invested with Ruffer should only be divested as a last resort and that if necessary, emergency coronavirus loan schemes would be used to help get through the short-term impacts of the crisis. Structure, governance and management Constitution The Berkshire Young Musicians Trust (operating as Berkshire Maestros) is registered as a Charitable Company limited by guarantee and was sel up by a Memorandum of Association. Trustee Board The Trust is managed by a Iruslee board. It has been the practice to dale that a number of the seats on the board of trustees have been reserved Ifor Parent Associations and School represenlativesl with other appointments at the discretion of the board. We will be reviewing the role of reserved seals as part of concluding our on-going governan￿. The board is ultimately responsible for the activities and perfomiance of the Trust. However, day to day management is delegated to the Chief Executive supported by a Senior Leadership Team. Reserved seats are currently filled as follows.. Parent associations- A Pollard INewburyl School representatives." A Butler (Primary Headl, Maria Rouco ISENDI During the course of the year, participating unitary authorities.. P Gittings IReadingl and C Bowring Iwokinghaml were moved to Local Authority represenlalives without Iruslee powers in-line with G Bernard (Bracknell Forestl and C Del Campo {Royal Borough of Windsor & Maidenheadl. Three representatives from Berkshire Maestros Staff Association and the Chair of the Berkshire Maestros Youth Advisory Board also attend Board meetings {these representatives do not have trustee powers). Eight seats on the board are currently occupied by other persons who have been invited to stand as trustees by the full board to provide relevant experien￿ and skills. Election and a oinlmenl of trustees Nominations for appointments for any of the Reserved Seals are made by their sponsoring organisalions. The trustee board then considers and approves such nominations. Page11

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 Upon the resignation or retirement of trustees from any of the seats reserved for external bodies, the board will consider nominations made by those bodies and decide on their suitability. The board has an expectation that should any trustee cease lo be a member or cease to have close and ac￿ptable connections with their nominating body, then the trustee will immediately vacate the position. The Articles of Association require that each year one third of the board retire and, if eligible, seek re-election at the Annual General Meeting. New trustees appointed within the year are required lo sland for re-election at the first Annual General Meeting following their appointment. Each trustee undertakes induction training which consists of a briefing by the Chief Executive and Chair of trustees on their roles and responsibilities. They are furnished with 8 range of infomialion and literature for future reference. Emphasis is placed on the legal status and responsibilities of a Iruslee. An annual update on Iruslees, obligations and requirements together with issues facing charities has been introduced from 2012. Governance The full board meets at least six limes a year to consider overall performance and future direction and strategy. Committees comprising trustees, the CEO and other appropriate senior managers, support the board by considering matters in greater depth and maintaining a closer link with the Trust's executive management. These committees generally have 'non-execulive" roles, except where financial and operational control procedures require trustee level authorisation. Currently, there is one Committee Finance and Property, with ils areas of responsibility involving monitoring and reviewing operational and financial performance together with ensuring appropriate financial controls are in operation. Additionally, il has responsibility for risk management, governance and statutory audit. As part of the governance review that has been carried out through the calendar year 2021. we have actively considered what additional Committees should be estsblished moving forward. Pa for ke mana emenl ersonnel Key management are considered to be the Chief Executive and members on the Senior Leadership Team {SLTI. Their salaries are reviewed each year by the trustees and any increase is usually at the same rate as other staff. Health & Safet and Child Protection The health and safety of staff and students together with child protection are primary concems to the trustees. All key staff undertake both first aid and fire marshal training and all staff are made aware of their own duties and responsibilities for health and safety issues. Particular attention is paid to risks to staff and students from prolonged exposure to high volume instruments. Additional risk assessments for operating in a Covid-19-secure manner were created and kept under regular review lo enable activities lo lake place (when and as allowed under government regulations and guidelines) as safely as possible for both staff and students. Berkshire Maestros adopts the current requirements of the Home Office and Department of Education IDfEI to arrange the registration and Enhanced DBS checks for all new staff. All staff are required lo complete a "Declaration of Disqualification" and undergo Prevent training. We hold on file and verify all personnel, right lo work, medical and disqualification checks in line with OFSTED including home address and Nl number- with July 2015 DfE Guidan￿ - Keeping children safe in education. DBSS are regulady re-checked for all staff and a regular cycle of safeguarding training in place. Page 12

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 Statement of trustees, res onsibililies The Iruslees (who are also the directors of the company for the purposes of company lawl are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Praclicel. Company law requires the Iruslees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required lo: select suitable accounting policies and then apply them consistently observe the methods and principles of the Charities SORP IFRS 1021 make judgements and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial stalemenls., prepare the fi'nancial statements on the going con￿rn basis unless it is inappropriate to presume that the company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the companls transactions and disclose with reasonable accuracy al any time the financial posrtion of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information lo auditor Each of the persons who are trustees at the time when this Trustees, report is approved has confirmed that.. so far as that trustee is aware, there is no relevant audit information of which the charills auditor is unaware", and that trustee has taken 811 the steps that ought to have been taken as a trustee in order to be aware of any relevant audit infomialion and lo establish that the charills auditor is aware of that information. Auditor The auditor, James Cowper Kreslon, has indicated his willingness to continue in office. The designated trustees will propose a motion reappointing the auditor at a meeting of the trustees. Approved by order of the members of the board of trustees and signed on their behalf by.. A Pollard Chairman of Trustees Dale.. 151212022 Page 13

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) Opinion We have audited the financial slatemenls of The Berkshire Young Musicians Trust (operating as Berkshire Maestros) (the 'charilable company) for the year ended 31 August 2021 which comprise the Statement of Financial Aclivilies, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. {Uniled Kingdom Generally A¢￿pted Accounting Practi￿}. In our opinion the financial statements.. give a true and fair view of the slate of the charitable companls affairs as at 31 August 2021 and of ils incoming reSou￿e$ and application of resour￿$, including ils income and expenditure 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 requ1￿mentS of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS {UKI} 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 lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 concem 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 companls ability lo continue as a going concern for a period of at least Iwelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concem are described in the relevant sections of this report. Page 14

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BERKSHIRE YOUNG MUSICIANS TRUST IOPERATING AS BERKSHIRE MAESTROS) ICONTINUEDI Other information The other information comprises the information included in the Annual report other than the financial statements and our Audilorfs report Ihereon. The trustees are responsible for the other information wntained within the Annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assuran￿ 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 kno￿edge obtained in the course of the aLJdil, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo 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 lo report in this regard. Opinion on othgr mattors prgscribod by thg Companios Act 2006 In our opinion, based on the work undertaken in the course of the audit= the infomialion given in the Trustees. Report for the financial year for which the financial statements are prepared is consislenl with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which are required to report by exception In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstalemenls in the Trustees. Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us lo report lo 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 trLJslees' remLJneralion 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 lo prepare the financial statements in accordan￿ with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financi81 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 rnaleri81 misstatement, whether due to fraud or etror. 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, rnallers 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 bul to do so. Page 15

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BERKSHIRE YOUNG MUSICIANS TRUST IOPERATING AS BERKSHIRE MAESTROS) ICONTINUEDI Auditorfs responsibilities for tho audit of the financial ststgmgnts Our objectives are lo obtain reasonable assurance about whether the financial slatemenls as a whole are free from material misstatement, whether due to fraud or error, and to issue an Audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instan￿8 of non-compliance with laws and regulations. We design prO￿dureS in line with our responsibilities, outlined above, lo delecl material misslatemenls in respect of irregularities, including fraud. The extent lo which our prO￿dureS are capable of delecling irregularities, including fraud is detailed below.. Enquiry of management, those charged with governance and the enliws solicitors around actual and potential litigation and claims., Enquiry of entity staff in lax and compliance functions lo identify any instances of non-complian￿ with laws and regulations., Reviewing minutes of meetings of those charged with governance., Reviewing financial statement disclosures and testing lo supporting documentation lo assess compliance with applicable laws and regulations. Performing audit work over the risk of management override of controls, including lesling of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading lo a material misstalemenl 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 slalements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditor's report. Usg of our rgport This report is made solely lo the charitable companls 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 slate to the charitable ompanls members those matters we are required to slate lo them in an Audilorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. Page 16

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BERKSHIRE YOUNG MUSICIANS TRUST IOPERATING AS BERKSHIRE MAESTROS) ICONTINUEDI Michael Fa￿ell MA DChA (Senior statutory auditor) for and on behalf of James Cowper Kreston Chartered Accounlanls and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Dale.. 2510212022 Page 17

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021 Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Note Income from: Donations and grants Charitable activities.. Fees Government funding Other music related activities 1,206,761 181,306 1,388,067 71,067 2,590.067 2,590.067 1.158.121 182,278 3,132,885 1,151,588 286,996 211 1.158.121 182,278 Investments other income 20.656 20.656 21,178 Total income 2,364,882 2,974,314 5,339,196 4,663,925 Expenditure on: Raising funds Charitable activities 58.689 2.850.447 58.689 4.584.800 65,678 5,067,124 1.734.353 Total expenditure 1,734,353 2,909,136 4,643,489 5,132,802 Net incomel{expenditure) before net gains on investments Nel gains on investments 630.529 65.178 70,531 695.707 70,531 1468,8771 28,986 Net incomel{expenditure} Transfers between funds 630.529 {344.1501 135.709 344.150 766.238 1439,8911 19 Net movement in funds before other recognised gainslllossesl 286,379 479,859 766,238 1439,8911 Other recognised gainsl{lossesl-. Actuarial Ilossesllgains on defined benefit pension schemes 25 {315,0001 {315,0001 1368,0001 Net movement in funds 286,379 164,859 451,238 1807,8911 Reconciliation of funds.. Total funds brought forward Nel movement in funds 41,561 286,379 {955.9801 164,859 {914.4191 451,238 1106,5281 1807,8911 Total funds carried forward 327.940 {791.1211 {463.1811 1914,4191 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 21 to 47 fomi part of these financial statements. Page 18

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} REGISTERED NUMBER: 1673689 BALANCE SHEET AS AT 31 AUGUST 2021 2021 2020 Note Fixed assets Tangible assets Investments 14 1,597,632 100 1,602,404 100 15 1,597.732 1,602,504 Current assets Debtors Investments Cash at bank and in hand 16 17 969.948 612,832 1.134.175 707,604 542,301 395,817 2,716,955 1,645,722 Creditors.. amounts falling due within one year 18 {1.309,8681 11,252,645) Net current assets 1.407.087 393,077 Defined benefit pension scheme liability 25 13,468.0001 12,910,000) Total net assets {463.1811 1914,4191 Charity funds Restricted funds Unreslricled funds 19 327.940 41,561 Unreslricled funds excluding pension asset Pension reserve 19 2.676,879 (3,468,000) 1,954,020 12,910,000) 19 Total unrestricted funds 19 {791.1211 1955,9801 Totsl funds {463.1811 1914,4191 The trustees acknowledge their responsibilities for complwng with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. The financ al stateme ere approved and authorised for issue by the trustees and signed on their behalf by-. A Pollard Chairman of Trustees Dale.. 151212022 The notes on pages 21 to 47 form part of these financial statements. Page 19

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Notg Cash flows from operating activities Nel cash provided byllused inl operating activities 22 799,790 47,331 Cash flov￿ from investing activities Interest from investments Purchase of tangible fixed assets 211 134,4491 {61,4391 Net cash used in investing activities 161.4321 134.2381 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 738,358 13,093 395.817 382,724 Cash and cash equlvalents at the end ofthe year 23 1.134,175 395,817 The notes on pages 21 to 47 fomi part of these financial statements Page 20

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 General information The Berkshire Young Musicians Trust is an incorporated charity. It is registered in England and Wales with charity registered number 284555 and company number 1673689. The principal address of the Charity is 100 Cockney Hill, Stoneham Court, Reading, Berkshire, RG30 4EZ. A￿OUntIng policios 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 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 IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Berkshire Young Musicians Trust (operating as Berkshire Maeslrosl meets the definition of 8 public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern As at 31 August 2021 the balance sheet shows net liabilities of £463,181, compared lo £914,419 8t 31 August 2020. The reduction in liability reflects the current year operating sutplus but is offset by an increase in the pension scheme liability on the Local Government Defined Benefit Pension Scheme to £3,468,000. During the year, £1,159k of funding has been received from the Culture Recovery Fund which h8S enabled the organisalion lo rebuild reserves and invest in a programme of activity to allracl and retain new students following a period of reduced activity as a result of Covid. The Iruslees believe that no significant payments in respect of the pension deficit will be required in the foreseeable future. Accordingly the trustees continue to adopt the going concem basis in preparing the financi81 statements. Page 21

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies Icontinugdl 2.3 Income FgOS Fees represent amounts charged for lessons and ensembles and are accounted for on an accruals basis. Assistan￿ with gross fees and fee remissions is included in expenditure as Charitable Support. Voluntsry incom Voluntary income comprises legacies and other donations which are made available for the general purposes of the Charity. They are recognised when the amounts are received unless there is sufficient evidence to provide the necessary certainty that the legacy or donation will be re￿iVed and that the value of the incoming resources can be measured with sufficient reliability. Donations and grants Donations made for other specific purposes are Irealed as reslricled funds. Culture Recovery Fund grants are recognised when the charity is entitled lo the income. Government funding Payments re￿iVed under contracts from Arts Council England and any of the Unitary Authorities of Berkshire to SLJbsidise the provision of music tuition servi￿$ are recognised in the Statement of Financial Activities in the period to which they apply. The Covid-19 Job Retention Scheme grant income is recognised in the period to which it relates. Events, courses, concgrts and tours Income from events, courses, con￿rtS and tours represents monies charged for tours, re￿iptS from concerts and other fundraising. These monies are accounted for on an accruals basis and matched with the associated expenditure incurred. 2.4 Expgnditurg Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measLJred reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resoLJrces. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising fLJnds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs. 2.5 Interest recoivablo Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company,. this is normally Ljpon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 22

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies Icontinugdl 2.6 Tangible fixod assets and depreciation Assets that individually cost less than £250 are not capilalised. The cost is written off to the Slalement of Financial Activities in full when purchased. Assets that have been donated are capilalised al their full market valLJe at the lime of donation and depreciated. The valLJe of the donation is treated as income in the Statement of Financial Activities as a restricted fund. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cosl. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straighl-line method. Depreciation is provided on the following bases.. Freehold property Motor vehicles Fixtures and fittings Computer equipment Other fixed assets At 2 /0 and 5 10 of cost At 20,/0 of cost At 20,/0 of Cost At 33,/0 of Cost At 20,/0 of cost 2.7 Investmgnts Investments are slated at the market value indicated by the Report of the Investment Managers lo the trLJslees at the Balan￿ Sheet date. Any resulting unrealised gain or loss is taken to the Slalement of Financial Activities. The Berkshire Young Musicians Trust has a fully owned subsidiary called Maestros Enterprises Limited, company number 11609495. Group accounts have not been prepared as the subsidiary is not material to the group. The results of the subsidiary are disclosed in note 27. Investments in subsidiaries are valued al cost less provision for impairment. 2.8 Debtors Trade and other debtors are recognised al the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of a¢quisilion or opening of the deposit or similar account. 2.10 Liabilitigs Liabilities are rewgnised when there is an obligation al the balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to sellle the debt or the amount il has received as advanced payments for the goods or services it musl provide. Page 23

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies Icontinugdl 2.11 Financial in$twmgnts The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measLJred al their settlement value. 2.12 Operating lgasos Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term. 2.13 Pension$ Teaching staff employed by The Berkshire Young Musicians Trust are eligible for membership of the Teachers. Pension Scheme, which is a national, slatulory, conlribulory, unfunded defined benefit scheme administered by the Teachers Pension Agency, an executive agency of the Department for Education. Pension costs are assessed in accordance with the advice of the Government Actuary. As this is a multi-employer scheme whose assets and liabilities are not separately identifiable, under Financial Reporting Standard 102 "Posl-employment Benefits" it is Irealed as a defined conlribLJtion scheme with a charge lo the a¢counls for the contributions paid and relevant disclosures about the scheme as a whole provided in note 22. The Berkshire Young Musicians Trust has a funded defined benefit scheme for those members of staff who are not eligible lo join the Teachers. Pension Scheme. The assets of this scheme are administered by the Royal CoLJnly of Berkshire Pension Scheme. This is also a mulli-employer scheme, but the assets and liabilities relating lo The Berkshire Young Musicians Trust are separately identifiable and are accounted for as belonging lo The Berkshire Young Musicians Trust. The financial statements lake acwunt of the annual valuation of the defined benefit scheme undertaken by the pension fund's actuaries. Actuarial gains and losses arising from updating the latest actuarial valuation lo reflect conditions at the balance sheet date are recognised in the gains and losses section of the Statement of Financial Activities. More details are included in note 22. 2.14 Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtheran￿ of the general objectives of the Charity. Designated funds comprise unreslricled funds that have been set aside by the trustees for particular purposes. The aim and use of the designated funds is sel out in note 19 to the financial statements. Reslricled funds are those funds where monies have been re￿iVed for a specific purpose and are matched against the expenditure as incurred. Page 24

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Critical accounting estimat9$ and argas of judgement Eslimales 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. Critical accounting estimates and assumptions.. The company makes estimates and assumptions Con￿rning the future. The resulting accounting eslimales and assumptions will, by definition, seldom equal the related actual resLJlts. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amoLJnls of assets and liabilities within the next financial year are discussed below. Critical areas of judgement.. Tangibla fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Bad dgbts Using information available at the balance sheet dale, the Charity makes judgemenl based on experience regarding the level of provision required to account for potentially uncollectible debtors. Pensions The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are delermind on an actuarial basis using a variety of assumptions. The assumptions Ljsed in determining the nel cost lin¢omel for pensions inclLJde the discoLJnt rate. Any change in these assumptions, which are disclosed in note 22, will impact the carrwng amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed al 31 March 2019 has been used by the actuary in valuing the pensions liability al 31 August 2021. Any dIfferen￿S between the figures derived from the roll fonmard approach and a full actuarial valuation would impact on the Carrying amount of the pension liability- Incomg from donations and grants R&strict8d Unrgstrictod funds funds 2021 2021 Total funds 2021 Total funds 2020 Donations Grants Covid-19 Job Retention Scheme grant Culture Recovery Fund grants 47,775 17,658 500 163,148 65,433 500 163.148 1,158,986 37,541 13,708 19,818 1,158,986 1,206,761 181,306 1.388,067 71,067 Total 2020 34,122 36,945 71,067 Page 25

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Invgslment income Unrestricted funds 2021 Totsl funds 2021 Total funds 2020 Bank interest received 211 Total 2020 211 211 Income from charitable activities Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Fees (see note 7} Government funding Other music related activities (see note 81 2,590,067 2,590,067 1.158,121 182.278 3,132,885 1,151,588 286,996 1,158,121 182,278 1,158,121 2,772,345 3,930,466 4,571,469 Total 2020 1,151,588 3,419,881 4,571,469 Fees 2021 2020 Lessons and ensembles Gift Aid 2,567,567 22,500 3,056,469 76,416 2.590.067 3,132,885 Page 26

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Othor music relatgd income 2021 2020 Examination fees Instrument income Tours Concerts 43,070 106.054 18,1231 16,112 25.165 45,383 145,120 25,468 55,443 15,582 Courses and workshops 182.278 286,996 Analysis of charitsble expenditure by activities Activities undertaken directly 2021 Grant funding of activities 2021 Support costs 2021 Total funds 2021 Total funds 2020 Marketing costs Charitable financial support Teaching costs Music related costs 20,231 20,231 153,809 3.642.213 484,158 26,109 137,965 4,292,111 325,438 153,809 2,911,685 384,540 730,528 99,618 Events, courses, concerts and tours 16,852 16,852 243,000 24.537 69,378 185,000 31,123 Pension adjustment Governance costs 243,000 24,537 3,333,308 153,809 1,097,683 4,584,800 5,067,124 Total 2020 3,875,861 137,965 1,053,298 5,067,124 Page 27

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysis ofsupport costs 2021 2020 Staff costs Depreciation Travel costs IT costs 578,488 55.621 3.502 109,645 1,210 21.471 32,470 358 415,971 56,006 3,942 53,440 869 Postage Telecommunications Staff training Recruitment 21,504 32,171 17,284 L 11 Insuran Bad debts Bank charges Repairs and maintenance Premises costs Legal and professional Auditor's remuneration Pension adjustment 23,046 {76.0591 17,973 18,442 43,979 12.537 12,000 243,000 25,433 108,578 28,334 17,978 55,665 19,713 11,410 185,000 1.097,683 1,053,298 Support and adminislralion costs are split between teaching costs and music related costs in the ratio of 880/0 and 120/0 respectively. The total allocated is.. leaching costs £730,528 {2020.' £736,714) and music related costs £99,61812020.' £100,461). 10. Governance costs 2021 2020 Auditor's remuneration Other profession81 fees 12.000 12,537 11,410 19,713 24,537 31,123 Page 28

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Unrgali$ed gain on invostmgnt 2021 2020 Gains on investment assets 70.531 28,986 In 2017 surplus funds of £500,000 were originally invested in an absolute return fund. During the year to 31 August 2020 the funds were transferred lo the LF Ruffer Total Retum Fund. For the year ending 31 August 2021 the fund value resulted in an unrealised gain of £70,531 12020.. gain of £28,986). 12. Net Incomel{expenditure) This is staled after charging.. 2021 2020 Depreciation of tangible fixed assets Auditor's remuneration 66,211 12,000 71,329 11,410 During the year, no Iruslees re￿iVed any remuneration12020 - £NILI. During the year, no Iruslees re￿iVed any benefits in kind12020 - £NILI. During the year, no Iruslees re￿iVed any reimbursement of expenses12020- £NIL}. Page 29

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Stsff costs 2021 2020 Wages and salaries National Insuran￿ costs other pension costs 2,615,262 225.311 568.287 2,790,689 251,972 613,154 3.408,860 3,655,815 The average number of persons employed by the company during the year was as follows.. 2021 No. 2020 No. Management and administration Full time teachers 27 30 57 Part time teachers 41 116 121 No employee received remuneration amounting to more than £60,000 in 2021 12020.. no employees). During the year remuneration paid lo key management personnel, including national insurance contributions, totalled £132,70612020'. £154,318). Page 30

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. Tangible fixgd assgts Flxtures Computer Land and Motor and and office Muslcal buildings vehicles flttlngs equipment Instruments Total Cost or valuation At 1 September 2020 Additions 1.707.729 18.345 73.459 5,092 35,390 217,437 18,839 498.135 2,118 2,51 S,105 61,439 At 31 August 2021 1.712.821 18.345 108.849 236,276 500.253 2.576.544 Depreciation At 1 September 2020 Charge for the year 161.143 15,899 58.771 31.859 6.106 192,290 17,654 484.598 8.146 912.701 66,211 At 31 August 2021 193,002 18,345 64,877 209,944 492,744 978,912 Net book value At 31 August 2021 1.519.819 43.972 26,332 7.509 1.597,632 At 31 August 2020 1,546,586 2,446 14,688 25,147 13,537 1,602,404 Page 31

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 14. Tangible fixgd assgts Icontinuedl Included in land and buildings is freehold land at valuation of £346,74712020'. £346,747) which is not depreciated. The cost or valuation at 31 August 2021 is as follows.. 2021 At Valuation Land and building at original cost Revaluation in 2014 891,953 508.047 Land and bulldlng valuatlon At Cost 1,400,000 2015 additions 2016 additions 146,747 3,606 53.749 91.757 11,870 5,092 2017 additions 2019 additions 2020 additions 2021 additions Total 1.712.821 The freehold property was revalued on 31 Augusl 2014 by Thameside Surveying Ltd, Chartered Surveyors on a full vacant possession basis. The Charity has applied the Iransilional provisions of the Charities SORP {FRS 1021 and the valuation of freehold property has not been updated Sin￿ the last valuation in 2014. If the land and buildings had not been included at valuation they would have been included under the historical cost wnvenlion as follows.. 2021 2020 Cost 1.204,774 1490.9101 1,199,682 1459,0511 Accumulated Depreciation Net book value 713,864 740,631 Page 32

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Fixed assgt invg$lments Investments subsidiary companies Cost or valuation At 1 September 2020 100 At 31 August 2021 100 Net book value At 31 August 2021 100 At 31 August 2020 100 See note 27 for further information. 16. Debtors 2021 2020 Due within one year Amounts due in relation lo tuition fees Amounts owed by group undertakings Other debtors 557.183 40,057 141,338 231,370 426,539 47,223 203,678 30,164 Prepayments and accrued income 969.948 707,604 17. Current asset investments 2021 2020 LF Ruffer total return fund 612,832 542,301 Page 33

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Crgditors: Amounts falling dug within one year 2021 2020 Trade creditors Other taxation and social security Other creditors 84,024 56.385 38,833 61,375 67,263 1,085,174 Accruals and deferred income 1.169.459 1,309,868 1,252,645 2021 Deferred income Deferred income at 1 September 2020 ReSoUr￿S deferred during the year Amounts released from previous periods 1,057,850 1,155,551 11.057.850) 1.155.551 Page 34

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ststgmgnt of funds ststomont offunds - curront ygar Balance at 1 Septembor 2020 Balance at Gainsl 31 August (Losses) 2021 Transfers inlout Incom& Exponditure Unrestrlcted funds Designatgd fund$ Building maintenance IT development fund 59,982 59.982 74,000 21.131 74,000 21.131 Tour funds 155.113 155,113 General funds General Funds - all funds 1.798,907 {2.910.0001 2.974.314 {2.668.0411 1243.0001 344.150 70,531 2,519.861 1315.0001 13,468.0001 Pension reserve Unallocaled amounts 1,905 1,905 {1.111,0931 2.974.314 12.909,1361 344.150 1244,4691 {946.2341 Totsl Unrestrlcted funds 1955,9801 2.974.314 12.909,1361 344.150 1244,4691 {791.1211 Restricted funds ACE fLJnding Sponsor a child UA disadvantaged funds Greenh8m Trust Donated instruments 1,009,053 49 (1,009,053) 13,4511 7,121 3.719 23.340 11.412} 15,8211 21.928 5,821 7,539 7,539 Covid-19 hardship fund Teachers, Pension fund 3,561 10.000 {10.7841 2.777 149.068 1149.0681 Page 35

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ststgmgnt of funds Icontinuedl ststomont of funds - current year {¢ontinuedl Balance at 1 Septembor 2020 Balance at Gainsl 31 August (Losses) 2021 Transfers inlout Incom& Exponditure Foyle Foundation Culture Recovery Fund Earley Charity 30.000 (28.3471 1.653 1.158.986 1,905 1524.5121 11,9051 {344.1501 290.324 41,561 2.364.882 (1.734,3531 {344.1501 327.940 Totsl offunds 1914,4191 5.339.196 {4.643,4891 1244,4691 {463.1811 Page 36

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ststgmgnt of funds Icontinuedl Sponsor a child Amounts donated by individuals to provide children from disadvantaged backgrounds with the opportunity lo learn a musical inslrumenl. The support can be short or long term and is provided at the Trust's discretion. UA disadvantsged fund The Unitary Authority Disadvantaged fund is money previously re￿iVed from Wokingham Borough Council lo support specific disadvantaged children within the Wokingham district in musical education. Arts Council England {ACE} Funding Berkshire Maestros is in re￿Ipl of funding to 31 Ma￿h 2022 allocated by Central Government via Arts Council England to support the Berkshire Music Hub deliver the National Music Plan. Berkshire Maestros is leader of the Berkshire Music Hub. Grggnham Trust Greenham Trust has donated monies to the Trust to support children just above the FSM level with lessons and instruments in the area supported by Greenham Trust. Donatgd in$trumont$ Represents instruments bought for the Trust by friends and other organisalions. This fund is amortised over the life of the instrument. Covid-19 hardship fund We fundraised for and set-up a hardship fund in April 2020 in order to support families to continue their music-making activities for their children and young people during the pandemic. If parents had been rinancially impacted whether through jotFloss or by being furloughed, we offered them 85'/o reduction in their fees. We got an initial £5,000 from the Berkshire Community Foundation and have also received individual donations lo enable us lo keep this fundraising pot going for as long as possible. Foyle Foundation We applied for a grant lo cover the cost of digital equipment required to support online lessons., webcams, laptops, microphones etc. We also were able to purchase iPads to enable music projects in alternative provisions thanks to this grant. Culture Recovery Fund We applied lo the first two rounds of the DCMS, Culture Recovery Fund and were awarded the full rinancial SLJPPOrt that we requested. The first round was mainly lo cover the loss of income and lo support staff salaries as well as the hire of venues and PPE. The second round was more aboLJt re-growing after the pandemic and so was lo support promotional activities and key activity for vulnerable children and adults. Earley Charity We applied for a grant lo support the face lo fa￿ delivery of ensembles and singing as these were particularly difficult to run safely during the start of the pandemic. We purchased roll-up banners lo use as barriers between teachers and students when delivering music aclivilies. Page 37

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ststgmgnt of funds Icontinuedl ststomont of funds - prior year Balan￿ al 1 September 2019 Balance at 31 August 2020 Transfers inlout Gainsl (Losses) Income Expenditure Unrestrlcted funds Designatgd fund$ Building maintenance IT development fund 59,982 59,982 74,000 21,131 74,000 21,131 Tour funds 155,113 155,113 General funds General Funds - all funds 2,049,348 12,357,000) 3,478,215 13,756,050) 1185,000) 11,5921 28,986 1,798,907 1368,000) 12,910,000) Pension reserve 1307,6521 3,478,215 13,941,050) 11,5921 1339,0141 11,111,093) Total Unrestricted funds 1152,5391 3,478,215 13,941,050) 11,5921 1339,0141 1955,9801 Restricted funds Robina Dallmeyer memorial fund ACE fLJnding Sponsor a child UA disadvantaged funds 66 11,0001 11,151,588) 19,2061 934 1,151,588 2,598 13,729 7,121 18,803 14581 5,783 19,880 11,2461 120,0801 23,340 Greenh8m Trust Donated instruments 658 13,871 16,3321 7,539 Covid-19 hardship fund 5,861 12,3001 3,561 Page 38

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ststgmgnt of funds Icontinuedl ststomont of funds - prior ygar Icontinugdl Balan￿ al 1 September 2019 Balance at 31 August 2020 Transfers inlout Gainsl (Losses) Income Expenditure 46,011 1,185,710 11,191,752) 1,592 41,561 Totsl offunds 1106,528) 4,663,925 15,132,802) 1339,014) 1914,4191 Page 39

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 20. Summary offunds Summary offunds - curront year Balance at 1 Septembor 2020 Balance at Gainsl 31 August (Losses) 2021 Transfers inlout Incom& Exponditure Designated funds General funds Restricted funds 155.113 {1,111,0931 41,561 155.113 1244,4691 {946,2341 327.940 2,974,314 {2,909,1361 344,150 2.364.882 (1.734,3531 {344.1501 1914.4191 5,339,196 14.643,4891 1244,4691 {463.1811 Summary offunds - prior year Balan￿ al 1 September 2019 Balance at 31 August 2020 Transfers inloLJt Gainsl (Losses) Income ExpendilLJre Designated funds 155,113 1307,6521 3,478,215 46,011 1,185,710 155,113 11,5921 1339,014) 11,111,093) 1,592 41,561 Gener81 funds 13,941,050) 11,191,752) Restricted funds 1106,5281 4,663,925 15,132,802) 1339,0141 1914,4191 21. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Provisions for liabilities and charges 7,539 1,590,093 1,597,632 100 100 2,396,554 2.716.955 11,309,868) 11,309.8681 13,468,000) 13,468,000) 320,401 Total 327,940 1791,1211 {463.1811 Page 40

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21. Analysis of ngt a$$gt$ betwegn funds lcontinuedl Analysis of net assgts betwggn funds - prior ygar Restricted Unrestricled funds funds 2020 2020 Total funds 2020 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Provisions for liabilities and charges 7,539 1,594,865 1,602,404 100 100 1,611,700 1,645,722 11,252,645) 11,252,645) 12,910,000> 12,910,000) 34,022 Total 41,561 1955,980) 1914,4191 22. Reconciliation of net movement in funds to net cash flow from operating activities 2021 2020 Nel incomelexpenditure for the year las per Statement of Financial Acliviliesl 766,238 1439,8911 Adjustments for- Depreciation charges Unrealised gains on investments Interest from investments 66,211 {70.5311 171 1260,7841 55,663 243,000 71,329 128,9861 12111 1464,3081 724,398 185,000 Increase in debtors Increase in creditors FRS 102 pension adjustment Net cash provided by operating activities 799.790 47,331 23. Analysis ofcash and cash equivalents 2021 2020 Cash in hand 1.134.175 395,817 Total cash and cash equlvalents 1.134.175 395,817 Page 41

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 24. Analysis of Changes in ngt debt At1 September At31 2020 Cash flows August 2021 Cash at bank and in hand 395,817 167.2631 542.301 738,358 67,263 70.531 1,134,175 Debt due within 1 year Liquid investments 612.832 870,855 876,152 1,747,007 25. Pension commitments The companys employees belong to principal pension schemes.. the Teachers. Pension Scheme England and Wales ITPSI for academic and related staff,. and the Local Government Pension Scheme {LGPSI for non-teaching staff, which is managed by Royal County of Berkshire Pension Scheme. Both are mulli*mployer defined benefit schemes. The lalesl actuarial valuation of the TPS related to the period ended 31 March 2016 and of the LGPS 31 March 2019. Contributions amounting to £nil were payable to the schemes at 31 August 2021 12020.. £67,263) and are included within creditors. Teachers. Pension Scheme The Teachers. Pension Scheme ITPSI is a slatulory, contributory, defined benefit scheme, governed by the Teachers. Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies. All teachers have the option lo opt-oul of the TPS following enrolment. The TPS is an unfunded scheme lo which both the member and employer makes conlribulions, as a percentage of salary - these contributions are credited lo the nominal ledger. Retirement and other pension benefits are paid by public funds provided by Parliament. The Government Actuary, using normal actuarial principles, conducts a fomial actuarial review of the TPS in accordan￿ with the Public SeNi¢e Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The lalesl actuarial valuation of the TPS was carried out as al 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent wnsultalion are.. employer contribution rates sel al 23.68 10 of pensionable pay (including a 0.089/0 administration levyl lolal scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective dale of £218,100 million and notional assets leslimaled future contributions together with the notional investments held al the valuation dale) of £196,100 million, giving a notional past seNice deficit of £22,000 million Page 42

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 25. Pension commitmgnts Icontinugdl the SCAPE rate, set by HMT, is used lo detemiine the notional investment return. The current SCAPE rate is 2.4'/0 above the rate of CPI, assumed real rate of relLJrn is 2.4 10 in excess of prices and 2,/0 in excess of earnings. The rate of real earnings growth is assumed to be 2.2 10. The assumed nominal rale of return including earnings growth is 4.45'/0. The next valuation result is due lo be implemented from 1 April 2023. The employer's pension costs paid lo TPS in the year amounted to £468k {2020'. £482kl. A copy of the valuation report and supporting documentation is on the Teachers, Pensions website Ihtlps'.IhNw.tea¢herspensions.co.uklnewslemployers12019104rteachers-pensions-valualion-report.aspxl. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The Charity has accounted for ils contributions lo the scheme as if il were a defined contribution scheme. The Charity has set out above the information available on the scheme. Local Govornmgnt Pension Schomo The LGPS is a funded defined benefit pension scheme, wth the assets held in separate tnjstee administered funds. The total contribution made for the year ended 31 August 2020 was £169k 12020.. £169kl, of which employerfs contributions tolalled £126k {2020.. £132kl and employees, contributions lotslled £39k12020.' £37kl. The agreed contribution rates for future years are 16.3 per cent for employers and 5.5-12.5 per ￿nt for employees. Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages).. At 31 Al 31 August August 2021 2020 Discount rate 1.65 1.60 Future salary increases Future pension increases Inflation RPI Inflation CPI 3.90 3.30 2.90 2.30 3.20 3.30 2.90 2.30 At 31 Al 31 August August 2021 2020 Years Years Mortality rates lin years) - for a male aged 65 now al 65 for a male aged 45 now for a fem81e aged 65 now al 65 for a female aged 45 now 21.3 24.0 21.5 24.1 22.6 22.9 25.4 25.5 Page 43

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 25. Pension commitmgnts Icontinugdl The compan￿$ share of the assets in the scheme was.. At 31 Al 31 August August 2021 2020 Equities Other bonds 1.754,000 512,000 339,000 59,000 125.000 1,423,000 319,000 346,000 231,000 75,000 9,000 178,000 1144,0001 Property Cash and other liquid assets Target return portfolio Commodities Infrastructure Longevity insuran 246,000 1162.0001 Total falr value of assets 2.873,000 2,437,000 The actual return on scheme assets was £300,00012020- £93,000). The amounts recognised in the Statement of Financial Activities are as follows.. 2021 2020 Current service cost Interest income Interest cost 321.000 {40,0001 86,000 2,000 1126,0001 272,000 140,0001 83,000 2,000 1132,0001 Administrative expenses Contributions by employer Total amount recognised in the Statement of Financial Activities 243,000 185,000 Movements in the present value of the defined benefit obligation were as follows.. 2021 Opening defined benefit obligation Current service cost 5,347,000 321,000 86.000 756,000 167,0001 {114,0001 127.0001 39.000 Interest cost Change in financial assumptions Change in demographic assumptions Experience gain on defined benefit obligation Benefits paid Employee contributions Closing defined benefit obligation 6,341,000 Page 44

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 25. Pension commitmgnts Icontinugdl Movements in the fair value of the companls share of scheme assets were as follows.. 2021 Opening fair value of scheme assets Interest on assets 2,437,000 40,000 260,000 12.0001 126,000 39,000 127.0001 Return on assets less interest Adminislralion expenses Contributions by employer Employee contributions Benefits paid Closing fair value of scheme assets 2.873.000 26. Operating lease Commitments At 31 August 2021 the company had commitments to make future minimum lease payments under non- cancellable operatsng leases as follows.. 2021 2020 Not later than 1 year Later than 1 year and not later than 5 years 35,877 3.264 57,357 8,888 39,141 66,245 27. Indemnity insurance Funds of the Charity amounting to £1,231 12020.. £1,231) have been used in the purchase of insurance to protect the Charity from loss arising out of neglect or defaults of ils directors or officers and to indemnify its directors or offi￿rS against the consequences of any neglect or default on their part. Page 45

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 28. Relatgd party transactions The following trustees entered into related party transactions with the company during the year.. 2021 2020 C Hyde J Quinn A Pollard J Manwaring R Belshaw J Carroll A Knight 1.293 50 1,918 1,387 68 2,587 820 1.650 1.878 2.845 9,634 4,862 The above transactions are for music lessons, ensemble and other related activities paid for by these trustees. These activities are all invol￿d al normal fee tariff rates and on an arm's length basis. Page 46

THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) IA company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 29. Guaranteg$ The liability of the company is limited by guarantee. In the event of the company being wound up, each member lor members who have ceased to be members for less than one yearl, undertakes to contribute lo the assets of the company such amount as may be required, not exceeding £1. 30. Principal $ubsidiarie$ The following was a subsidiary undertaking of the company.. Namo Company numbgr Registered office or principal Principal activity place of business Maestros Enterprises Limited 11609495 Stoneham Court Cockney Hill, Tilehurst, Reading, United Kingdom, RG30 4EX Sales of software Class of shares Holding Included in consolidation Ordinary 100/0 No The financial results of the subsidiary for the year were.. Namo Incomo Expgndituro Profitl{Los$l for the year Net as$gt$ Maestros Enterprises Limited 38.972 135.991) 2.981 100 Page 47