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