2022-08-31-accounts

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P 1148 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 2022

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P2148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) CONTENTS Page Roference and administralive details of tho company. its Trustees and advisers Trustaes. report 3-13 Independent auditor's Teport on the financial slatsrnents 14-17 Statement of financial activities 18 Balance sheet 19 Statement of cash flows 20 Notes to the financial statements 21-46

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 PW48 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Trustees R Belshaw A Butler J Carroll D Harris C Hyde {resigned 12 March 20221 A Jackson A Knight R May (appointed 24 January 2023) A Pollard, Chaimian C Robinson {resigned 16 March 20221 R Roscoe {resigned 12 March 20221 M Rouco {resigned 3 October 20221 L Williams (appointed 24 January 20231 S Williams lappoinled 24 January 20231 The trustees retiring by rotation and putting themselves forward for reelection are A Knight. J Carroll and R Belshaw. Company registered number 1673689 Charity ragistered number 284555 Registered office Stoneham Court, 100 Cockney Hill, Reading, Berkshire, RG30 4EZ Chief executive officer Dawn Wren Indepondent auditor James Cowper Kreston Audit. 2 Communications Road. Greenham Business Park. Greenham. Newbury. Berkshire. RG19 6A8 Bankots Barclays Bank Plc, Business Centre. PO Box 6193, Basingstoke, Hampshire, RG213RX CAF 8ank Limited, 25 lth.ngs Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Page 1

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P4148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Solicitors Field Seymour Parkes Solicitors. The Old Coronerfs Court. 1 London Street. PO Box 174, Reading, Berkshire. RGI 4QW Actuaries Hymans Robertson. One London Wall. London. EC2Y SEA Page 2

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P&48 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Iruslees, who are all directors of the company, yesent their annual report together with the audited financial statements for the year ended 31 August 2022. The trustees confirm that the accounts comply with the Companies Act 2006 and the Charities Act 2011. have been prepared in accordance Mrith the revised Statement of Reo)mmended Practice 'Aceounting and Reporting by Charities, IFRS 102) 2019 and comply with the company's Memorandum and Articles of Association, which is the company's goveming document. The Berkshire Young Mus1¢ians Trust {'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 Augu51 1982 the company Mras established under a Memorandum of A550ciation whith established the objects and power5 of the charitable company and is govemed under its Articles of Association. Executive Summary 2021-2022 was a year of wrowth followng the impact of the global pandemic on the previous years. Throughout this period Betkshire Maestros has striven to keep delivering high quality musical opportunities for young people. The academic year started positively wlh schools reopening however we still faced an Autumn with an increase in Covid cases which meant we had to prepare flexibly for some events. Student numbers steadily increased throughout the year and this has enabled us to maintain and end the year in a solid financial position from Mthich to continue the growth in student numbers and continue offering a range of musical opportunities to young people and adults across Betl(shire. None of this would have been possible wthout the hard work and dedication of ryjr staff - the teaching staff who continued to 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 pupils. 'ectives and activitie Berkshire Maestros exists lo provide a high quality, comprehensive musical experience to the wdest group of pupils, regardless of their background or ability. We work with schools and a wide range of professional and vol¥Jntary sector partners to provide an innovative range of creative and perfomiance opportunities for our students. On behalf of Arts Counryl England IACEI. Berkshire Maestros leads the Berkshire Music Educab'on Hub and is responsible for the delivery of the National Plan for Music Education INPME} across Bethshire. Our objectives are delivered through individual and group tuition in voice and a variety of instruments in schools and in four large music centres in Bracknell, Newbury. Reading and Windsor as well as three smaller satellite cenlres in Caversham. Emmbrook and Bulmershe. Wokingham Borough students attend the music cenlres in Bracknell and Reading as well as the two Wokingham satellite centres above. Tuition is supplemented by a wde range of en5emble5 and other exlension activities at all levels. Services are contracted diredy to parents and carers of Students, to schools and to Arts Counul England who are responsible for the distribution and management of the Music Education Grant provided by the Department for Education IDfEI. Page 3

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P&48 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Public Benefit The trustees review Berkshire Maestros. Public Benefft commitments annualw. The services provided.. music education and promotion of the arts, are both defined within the Charities Act 2006 as charitable aclivitses. The company has comprehensive anli-discriminatory PDlicies that are regularly rewewed to ensure complian￿. These poli￿eS 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 little above the level lo qualify for 'Pupil Premium, bul contend wth the high cost of living in Bed(shire, may also require support and these applications are looked upon favourably. We operate a 'Sponsor a Child, fund lo assist children and young people in this category. Belief." We believe in the power of music to change lives. Vision Statement." Al children and young people in Berkshire will experience an inspirational. high-quality musical education and the joy of making music wth others. Mission Statement= Berkshire Maestros is the lead organisation of the Berkshire Music Education Hub. Through our passion for music making, creativity, expertise and excellence, we aim to deliver the highest quality musical education to meet the aspirations and needs of every child, young musiuan, school and music leader in Berkshire. We aim to inspire and empower our young musicians and create lif￿nhanCing, enjoyable and sustainable musical opportunities through providing first access and coherent, progressive pathways and enable our community to achieve their potential, develop and celebrate through music. We will consislentEy fulfil our promise of 'Teaching Music, Changing Lives, through delivering outstanding value, continuous innovation and exceptional quality - we wll bring the best lo everyone we reach. Ambition and access for every child and young person Excellence in practice Commitment to our partnerships and commL¢nity working Respect, professionalism, and investment in OLFr colleagues Effective and evolving communication Positive and proactive approach Determination to drive continuous improvement and embra￿ change strat ic aims 2018-2022 We will become the preferred provider of MuS￿al services across Berkshire, known and respected for our passion for high standards, the high quality of our teaching and our commitment to create exceptional and accessible musical opporttjnilies for all children and young people regardless of circumstsnce We will provide an unrivalled breadth of choice, diversity and range of opportunities enabling our young musicians lo achieve their potential whilst ensuring that all musical activities are rewarding, inspiring and sustainable Give all children a first access to instrumental leaming and clear. sustainable progression routes, c ordinating and assuring a high quality of instrumental and vocal bjition. ensemble provision and other mu5iC-making activities We will be al the leading edge of music education, doing what others cannot do, embracing and driving change and challenging what IS POS5ible through creativty and innovation We wll 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 wder community Page 4

VrbJJkgunurvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P7148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 We wll listen to our customers and key stakeholders to enable us to continually improve, embracing the notion that Maestros is at 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-ltrnone so that our staff, students, schools and partners can depend on us to deliver a consislenl high quality service supporbng them to achieve the best possible outcomes for our pupils, their families and the community We wll attract, develop and retain a high qualilied and talented workforce committed to our ethos and core values, creating and sustaining opportunities for professional growth The strategy from 2023 onwards has been developed throughout 2022 with input from all stakeholders. This new strategy is designed to move the company forward in a post-pandemic world with a clear focus on inclusion and innovation. A5 lead organi5ation 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.. The Hub was able to demonstrate the outcomes from its new inclusion programme and fvIIy-Staffed pathership team. This has seen re-activated partnership working supporting the engagement of young people in places previously not reached by the hub- e_g. Readipop's delivery in Pupil Referral Units, work with Berkshire Youth and the establishment of a music centre in a youth cenlre in West Berf(shire. This shows a positive focus on diversityng delivery. which is very relevant post covid. Berkshire Music Education Hub has a strong track record in engagemenl with Core Roles. This year, the Hub reported 100% engagement wth schools, which is well above national average of 86°A. WCET {Whole Class Ensemble Tuition) was lower thar the Hub's historically high figures. With total schools engaged at 36%, lower than national average of 43Qk. This may be due lo challenges returning to schools after covid and the Hub needing to adcl a small charge to schools. Despite this 10.55% of pupils engaged in WCET compared to 5.20kn National Average, which shows that schools that did engage were strongly committed. The Hub reported delivering 359 ensembles. which is a significant increase but there is a long way to go to reach pre-covid figures of over 1,000. However, the Hub had maintained engagement with young people during I￿kdOWn is well placed to retum to delivery. The Hub now has full-51affing capacity and benefit5 such as School engagement are apparent. The audit of the Hub's govemance group was well carried out with a comprehensive review of the skills and representation of the Hub and clear priorities for future recruitment. It demonstrates that the Hub has a clear idea of the value of inclusion and how to measure representation. ACE has assessed the level of risk attached to the DfE fijnding as minor risk compared to a moderate risk in the last financial year. Our Eaty Years worf( is retuming from being significantly impacted by the pandemic and we worked hard to build back again lo pre-covid numbers across the year. There is no denying that financial concems for families are having an impact on this sort of activty however we are continuing to champion the benefits of music at an eady age. We launched the Berkshire Earfy Years Music Ne￿0th IBEYMN} aimed at anyone working in Berkshire with under 5's. Membership to this includes triannual e-bulletins, access to the BEYMN Facebook page lo share ideas and resources and regular CPD 5e5sions. Page 5

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 PW48 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 First Access First Access Igovemment funded whole dass instrumental programmel continued to be well received in schools despite the fact that we had to introduce a small charge in September 2021 to ensure we were still able to provide the service cosl-effectively. 114 schools signed up Mthich was a 13Qk decrease from the previous year, however there was an increase in the number of children participating as schools signed up more classes {an increase of 11QA from 5,970 children lo 6,630 children). Nots"ceably, there were 10 new schools signed-up for 2021-2022 and 25 retuming schools who didn't have First Access in 2019-2020. Due lo 24 schools taking up the fijll three term offer, the progression from First Access increased. We continued to support the icollege in West Berkshire lallemative provision for leamers unable lo access mainstream education) with a band project using guilarslkeysldrums and including song-writing and recording. We continued to provide a Mde range of opportunities to children and young people including instrumental and vocal lessons. Our Student numbers increased steadily over the year however we would like to have seen greater growth here. The majority of our teachers were observed a new Teaching & Leaming Policy in place. We supplemented our weekly provision with a variety of holKlay courses a5 well as music theory lessons for Grade S and Grades 6-8. We fomied a new partnership wth Berkshire Youth, in particular in hiring a space as part of their Youth and Community Centre in Newbury. We equipped the Space with a range of contemporary instruments and music technology equipment with a view to opening a contemporary music centre and safe space for young people to make, create and perform music. We undertook some trial courses in the Spring and Summer tems and gathered feedback from young people as to what activity they would like to see. Regular sessions wtll stsrt in this space from September 2022. September 2021 saw a return lo regular ensemble rehearsals apart from the very start of tenm with some large wind and brass groups maintaining outdoor rehearsals. We were able to resume concerts with live audiences in indoor spaces, which was incredibly special having not been able to do thal for some time. We were particularfy pleased that the c￿nty Choir and Orchestra were able to tour lo Scotland in August having not been able to tour since 2018. We were able to resume our 'Have a Go, events which enable young people from all over the County to come and try out several instruments before making a decision about which one they would like lo learn. We also held three competitions.. Berkshire Young Singer, Young Guitarist and Young Pianist of the year, in partnership with the Windsor Festival. Our Soundstage rock and pop bands perfomied at the Readipop Festival for the first time and we started regular youth music nights championing young singerlsongwrilerslmusicians and giving them a platfomi to perfonn. We held concerts in wonderful venues both in Berkshire and outside of Berkshire, from The Hexagon to Dorchester Abby. We also worked with professional artists such as Bob Chilcott, Brindiey Sherratt and John Traill. We continued to run a successful instrument hire scheme which helped children and young people access a range of instruments. We continued to hire out over 7.000 instruments in 2021-2022, this was a decrease of 10% on last year due to the lower number of children leaming an instrument. Page 6

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P9148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Su rt for Schools We offered Continuing Professional Development {CPD) for schools both online and face to face in order to maximise accessibility for staff working in schools. Topics covered included the new Model Music Curriculum Scheme of Work, Sampling, Drill & Grime Production, Composition and Improvisation and Singing Games for EYFS & KS1_ We send school newsletters out bNice a temi to communicate our offer to schools clearly and to help open up those conversations wrth schools. Through the Hub's partnership wrth Charanga, supporting schools with CPD and Training has benefited 62 teachers from 49 schools. Our School Development Managers continue lo build relationships Mqth schools and discuss ways in which the Music Hub can further support music in schools. The singing strategy continues to be implemented and updaled according to local need. The trwo Singing Development Coordinators have established thernselves successfully amongst schools in their area and continue to support schools and colleagues to enable high quality singing from a young age. The Junior Music Festivals retumed with over 1,000 children parbcipating across three event5 through the year. These were all hugely Suc￿ssfiJl with incredibly positive feedback Irom parents and teachers alike 'Just wanted to say a huge thank you for all your hard work with the Junior Music Festival last Thursday. It was amazing! So much thought had gone into the whoFe produth.on - loved the junk band and also the way the orchestra introduced each instrument to the children. So much leaming going on there! Our children had a brilliant lime and thoroughly enjoyed themselves., We conb.nue to have a strong focus on partnerships as demonslraled by our Senior Leader role (Partnerships, Progression & Development) as well as our Middle Leader role of Partnerships & Inclusion Development Manager. Both colleagues have worf(ed on maintaining current partners as well as seeking out new partners where the need arises. We have found that there have been an increase in organisalions seeking to collaborate with us as news of our new indusive approach has been broadcast. We have fully embedded our relationships with Readipop and Culture Mix. large cultural organisalions that share the same values and aims as us in working with young people. We have wot1(ed closely with both partners this year, both delivering alongside them as well as commissioning them to deliver on our behalf. New partners include.. Aspire2 la local charity that aims for all children in all areas of Reading to have an equal oppy)rtunty to access enrichment activities), Bradfield College (independent School in Bradfieldl, Norden Farm Icentre for the arts in Maidenhead) and Brighter Futures for Children (delivering children's social care, early help ar￿ prevention and educational service5 in Reading}. We continue to work in partnership wth Berkshire Youth most notably in running bi-monthly youth music nights for young people lo have a safe space to share and practice their singing1song-writin￿P1a￿Trg and performing. We continue to prowde tailored music activibes with Berkshire Vision to ensure appropriate activities for their young people. We continued to run Trinity and ABRSM exam sessions for our students wth a slight decrease in total enlTies from 745 last year to 634 exam entries in 2021-2022. Of these 40% passed, 39TrA gained a merit and 16% gained a distinction. 9.40h of the total number of entries were Grade 8, this is an increase of 52 entries compared to last year. 35% of the Grade 8 entries achieved a distinction, 55Yo achieved a merit and 10% passed. 1.4% of the total number of entries were for ARSMIAdvanced CertificatelDiploma level, this was an increase of 5 entries compared to last year. 440A of the ARSMICertificate entnes achieved a distinction and 56% of them achieved a merit Page 7

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P 10148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Fundin We successfulty bid for the followng funding during the year= £500 from the GolsoTrcott Foundation for a GCSE music composrtion project £5.000 from Music Mark for a GCSE music composition project £4,967 from the Greenham Trust & West Berks for Singing Cafes £252 from Bracknell Branch Parkinsons UK for Singing Cafes £250 from Thalcham Town Coun￿1 for Singing Cafes Through the Hub's continued partnership wtth Charanga, take up of the Hub's digital leaming support for core and extension roles continues to grow. Charanga is a multi-hub online leaming plaffomi through which schools. instrumental teachers. and children and young people access a variety of online musical digital technology support programmes. a5 well a5 training and CPD. In 2021-2022. 164 schools were provided wth access lo the Charanga Musical School programme where rts musical digital technology was used in 33,116 hours of teaching. We have continued to make large strides in our use of digital technology in order to improve processes and systems Mqthin our Business Operations team. We continue to use Microsoft and Office 365 to support us in hybrid way of working including MS Teams, MS Planner, MS Forms and SharePoint. More use of digital resources has moved us away from paper-based systems and we invested in add-ons to our financial softrNare that wll enhance this further and take away the need to print invoiceslPO's etc. Meetings with stakeholders, tnjstees. staff and other partners have continued to be online or hybrid and Temain an advantageous way lo have meetings. We are now utilising a sign-in app and tablet to tighten up safeguarding our staff and students at music cenlres. These have now been rolled out to all our music cenlres. With a purchase of iPads trNO years ago thanks to some funding. as well as some training on accessible musi making, we have been using the iPads more to support some of the inclusion worf( that we do. One of our tutors uses them at 'Swngs and Smiles. which is a setting for disabled children and their families here they have been using 'Thumb Jam, and 'Keezy' to make music. act of Covid The Autumn Temi saw some cautiousness on the retum of some of our larger activities due lo Covid waves {ensembles and our Junior Music Feslivall however we were welkversed to offer altemative solutions with ensembles rehearsing outdoors and live streamed festivals. All activities were back to nomial by the start of the Spring Term however we continued lo make use of online deliverylactivities when teachers were seif-isolating. The finanaal impact continued to be felt as our student numbers increased very slowly throughout the year. iv We successfully implemented Year 1 of our 4 year inclusion strategy with 72Ok of actions completed and a fvrther 280kn of actions in prcNJress. A lot of the focus in Year 1 was on staff training and awareness, however we also delivered 8 separate inclusion projecls in different settings ranging from SEND settings to Akemative Provisions. Further work on staff training will lake place in 22-23 and we wll be seeking funding in order to able to deliver more of this vital work across Berkshire. Page 8

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P 11148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Financial review The financial results are set out in the Statement of Financial Activrties and demonstrate a defiat for the year of £490,217 {2021= surplus of £766,238). In order to comply with accounting standards and. in particular FRS 102 Post-Employment Beneffts, resources expended include a charge of £311,000 12021.. £243,000) for pension costs relating to the Defined Benefit Pension Scheme for administrative staff. This accounting standard requires that the pensions liabilty is recognised as the benefits are eamed, not Mthen they are due tr) be paid, and accordingly an estimate of the liabilities accrued for the period is provided by the scheme's actuary (for fvll details see note 251. This adjustment is calculated at the yearend and is not monitored throughout the year Ml)en reviewing operaling finances of the company. The totsl value of the pension scheme liability at 31 August 2022 is £443.000 12021= £3,468,000) as shown in the balance sheet. For operational purposes, the trustees use the °Operating surpluslldefithll" of the unrestricted funds as a more meaningful perf0mlan￿ measure. The unrestricted operating 105s for the period was £98k 12021." surplus £308kl a5 shown below: 2022 2021 Unreslricted Rostricted Unrestricted Restrictod £'ooo 3,422 13,520) 198) {3111 £'ooo 1,179 11,2671 188) £'ooo 2,974 {2.6661 308 £'ooo 2,365 (1.7341 631 Income Expenditure Operating surplus I Ideficit) FRS 102 adjuslmenl Unrealised investment gain Net income I lexpendrturel 1243) 71 1402) 1881 136 631 Operational results have continued lo refiect a year of challenge. Govemment funding from ACE was unaffected, but the Culture Recovery Fund ICRFI grants from the DCMS (Department for Digital, Culture, Media and Sporti came to an end in the financial year 2020-21. There was no income received from CRF grants in the year ending 31st August 2022 12021.. £1,158,986) Mthich affected our financial results in terms of the Testricled income in 2022. In accordance Mith the SORP Section 5.8, all of the restricted income relating to CRF has been recognised in the last financial year ending 31st August 2021, 1)owever some of the asswated restricted operating expend1ture1£2￿,324} was incurred in the year ending 31st August 2022 as shown in note 19. Student numbets steadily increased throughout the year and thi5 ha5 enabled us to maintain and end the year in solid financial position from which to corblinue the growth in student numbers and continue offering a range of mu51cal opportunitses to young people and adults acros5 Berkshire. As a result, our fees from lessons and ensembles including their Gift Aid claims contributed £3,055,36812021= £2.590,0671 to unrestricted income. It has not been possible to raise additional income from subletting rooms at Stoneham Court or to raise the usual level of fiJndraising al live performances due lo redl￿1 occurrence of events. This wll have a knock-on impact on the value of inccffte raised through Orchestra Tax. Action has continued to be tsken throughout this post pandemic period to seek addit￿nal funding and lo reduce costs wherever possible. Some staff opted lo reduce their o)ntracted hours which has also resulted in salaries and wages decreasing while offsetting the effect of discontinuation of funding from the Covid-19 Job Retention Scheme grant {2021.' £163kl. though some savings have been made on running costs. overheads were largely unaffected. wth Music Centre premises ¢051s remaining payable under the eontractual terms. Page 9

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P 12148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Income Overall total income decreased year on year to £4,601 k {2021= £5,339k)= Fees from parent paid and school lessoTrs and ensembles showed an increase at £3,055k12021: £2,590kl, as a result of resumed activty levels. Government fvnding increased to £1,165k12021.' £1,158kl. These are restricted funds provided specrfically lo support delivery of the National Plan for Music Education through first access programmes and music hub activities together with funding trom the Department for Education lo support the Teachers Pension Scheme. Other income raised through music related activities such as examinations. concerts, instrument hire was increased to £315k12021= £182kl. No furlough scheme income was received12021'. £163k) No Culture Recovery Fund income was received12021-. £1.159kl nditure Total expenditure showed an increase to £5.099k12021.. £4.643k)= Contracted staff costs were lower at £3,324k12021.' £3,409k} as a result of reduced recruitment. Fees paid lo self-employed staff were increased to £337k12021'. £222kl due to the resumption of nomial leaching aclivitses_ Event costs were increased to £131 k12021'. £17kl thanks to the resumption of some concerts with live audiences. Governance costs were increased to £28k12021: £25k) Cashfiow There was a net inflow of cash during the year wth cash balances of £1.227k (2021.. £1.134k) at year end. The total value of restricted funds held al the year-end is £40k 12021= £328k). The funding received from ACE was used to direcuy support our activities as leader of the Berkshire Music Education Hub, with no balance carried fopNard. Other reslricled funds relate to donations specAfically provided by individuals or organi5ations to provide financial support for Students in the fomi of fee assistance or donated instruments. The Covid-19 hardship fund has been continued and carried forward lo the next year, specifically supporting children whose families are suffering firlancial hardship as a resum ofthe pandemic as shown in note 19. Defined benefit ension scheme Atharies used finanaal assumpts'ons for determining the defined benefit obligation for accounting which were linked to high quality corporate bond yields and the rate of future inflation as the dtscounted rate. As of 31st August 2022, the bond weld rale was higher at all temis14.25Qknl than at 31 August 2021 (ranging from 1.50kn to 1.650kn1. A higher discount rale will result in a lower value being placed on the defined benefft obligation and an improvement in the overall position. as a result il recorded an actuarial gain of £3.34m during the year {2021= loss of £315kl. The trustee5 have a risk management strategy which comprises an annual review of the risks Berkshire Maestros may fa￿ and establishes systems and procedures to mitigate those risks identified. Page 10

VrbJJkgunurvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P 13148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 The trustees consider the major risks facing Berkshire Maestros are= Arts Coun￿1 England fvnding continues to be confimied on a on&year cycle, cu￿en￿Y confim7ed until March 2024, giving limited forward certainty on this portion of our funding. Underfunding of the bNO defined benefit pension schemes, the Teachers Pension Scheme ITPSI and the LC￿al Government Pension Scheme ILGPS}- This could result in additional promsions in the accounts andlor an increase in costs. Uncertainty created by the Cufrenl economic dimale and the impact of Brexit, music lessons being an early victim of any downturn in the economy. Rises in in)lalion and increased living costs affecting abilty lo pay staff adequately and potentially limiting increasing our fees. The trustees reviewed their reserves policy during thè last financial year in light of the Covid-19 pandemic. It was agreed to maintain the existing threshold of reserve5 (three 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 re50rt. The level of expendable reserves at 31 August 2022 is the unrestricted funds of £2,785,677 less tangible fixed assets £1,575,493, a total of £1,210,184, far better Ihan our target reserve £1.1 million approximately 3 months, expenditure. Structure. govemance and management Constitution The Berkshire Young Musicians Trust {operating as Berkshire Maestros) is registered as a Charitable Company limited by guarantee and was set up by a Memorandum of Associati(￿. The company is managed by a trustee board. The board is ultimately reswnsible for the activities and performance of the company. However. day to day management is delegated to the Chief Executive supported by a Senior Leadership Team. The board seeks lo have a range of trustees with relevant skills and experience. In June 2022. an audtt of the board skills and experience was undertaken to assess the current breadth of experience and skills, identfy any gaps and to enable the recruitment of new trustees relevant skills and experience. This process wll be undertaken annually by the nominations committee as part of a planned trustee recruitment cyde. In addition to the trustees there are also representatives from the Local Authorities.. P Gittings (Reading), S Kerr Iwokinghaml, G Bemard {Bra¢knell Forestl and L Walters (Royal Borough of Windsor & Maidenheadl. West Befkshire Council did not have a representative during this year. Three representatives from Berkshire Maestros Staff Association and the Chair of the Berkshire Maestros Youth Advisory Board are also invited to attend Board meeb'ngs (these representatives do not have trustee powers). The Articles of Association require that each year one third of the board retire and. if eligible. seek relection at the Annual General Meeting. New trustees appointed wqthin the year are required lo sland for re-election at the first Annual General Meeting followng their appointment. Each trustee undertakes induction training which consists of a briefing by the Chief Executive and Chair of trustees on their roles and responsibilib"es. They are furnished with a range of infomiab.on and literature for future reference_ Emphasis is placed on the legal status and responsibilities of a trustee_ An annual update on trustees. obligats'ons and requirements tcgether with issues fa¢ing charities has been introduced from 2012. Page 11

VrbJJkgunurvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P 14148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Governance The full board meets at least six times a year to consider overall perf0mlan￿, future direction and strategy. Committees comprising trustees, the CEO and cther approprÈate senior managers, support the board by considering matters in greater depth and maintainirg a closer link wth the companys executwe management. These committees generally have "nonxecutive" roles, except where financial and operational control procedures require trustee level authorisation. Currently, there are Committees 111 Finance and Property. with its areas of responsibility involmng monitoring and remewqng operalional and finanaal performance together wth ensuring appropriate financial controls are in operation. Additionally, il has Tesponsibility for risk management, governan￿ and slatulory audit. {2) Nominations committee, who will annually review the board skills and experience. identfy gaps and rf necessary. advertise and inleNiew new trustees. rson 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 usualty at the same rate as other staff. Health & S and Child Protection The health and safety of staff and students together Mth child protection are primary concems to the tsvstees. 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 lo high volume instruments. Additional Tisk assessments for operating in a Cowd-19-secure manner were created and kept under regular review to enable activities to take place (when and as allowed under govemment regulations and guidelines) as safely as wssible for both staff and students. Berkshire Maestros adcf)ts the current requirements of the Home Office and Department for Education IDfEI to arrange the registration and Enhanced DBS checks for all new staff. All staff are required to complete a "Declaration of Disqualification" and undergo Prevent training. We hold on file and verify all personnel, right to work. medical and disqualification checks in line wqth OFSTED induding home address and Nl number- in line with OFSTED and DfE Guidan￿ - Keeping Children Safe in Education. DBS checks are regulady re-checked for all staff and a regular cycle of safeguarding training is in place. Page 12

VkiuaBunatLnTrarffjxlvM Ref. 4K7￿¥*4y￿MBD 27 Feb 2023 17..04..36 GMT (UTC +OID 2n P 15148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) (A company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 The trustees (who are also the directors of the corysany for the purposes of company lawl are responsible for preparing the trustees, report and the finan￿al statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees lo prepare financial statements for each financial year. Under company law the trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the company and of ils ino)ming resources and application of resources, including its income and expenditure, for that peric<l. In preparing these financial ststements, the trustees are required to.. select suttable accounting policies and then apply them consislentty obseNe the methods and principles of the Charitses SORP {FRS 1021 make judgements and accounting estimates that are reasonable and prudent- slate whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial statements", prepare the financial statement5 on the going concem basis unless it is inappropriate to presume that the company will continue in busine55. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the compan15 transactions and disclose wth reasonable accuracy at any time the financial position of the company and enable them lo ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taknng reasonable steps for the prevention and detection of fraud and other irregularitses. Disclosure of information to auditor Each of the persons who are trustees at the time when this Trustees. report is approved has confimied that.. so far as that trustee is aware, there is relevant audit inft)miation of which the Companys auditor is unaware., and that trustee has taken all the steps that ought lo have been taken as a trustee in order to be aware of any relevant audit information and to establish that the companls auditor is aware of that infomialion. The auditor, James Cowper Kreslon Audit. has indicated their wllingness 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= 27 February 2023 Page 13

VrbJJkgunurvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P 16148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A 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 statements of The Berkshire Ycyjng Musicians Trust {operating as Berkshire Maestr051 (the 'charitable companrf) for the year ended 31 August 2022 which comprise the Statement of Financial AGtivitie5, the Balanit 5heel, the Statetnent of Gash flows and the related note5, InGluding a Summary of signfficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, {United ￿ngdorn Generally Accepled Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the charitable companys affairs as at 31 August 2022 and of its incoming resources and application of resources, including its 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 accordan￿ with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordan￿ with IntemaliDnal Standards on Audits'ng {UKI IISAS IUKI) and applicable law. Our responsibiltties under those 5tandard5 are fiJrther described in the Auditols re5ponsibililies for the audit of the financial statements section of our report. We are independent of the charitable company in accordance wrth the ethical requirements that are relevant to our audit of the financial statements in the United kn"ngdom, including the Financial Reporting Counal's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wqth these requirements. We believe that the audit eviden￿ we have obtained is SUffi￿ent and appropriate lo provide a ba%s for our cpinion. Conclusions rolating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concem ba￿S of accounting in the preparation of the ffinan￿al statements is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's abilty to continue as a going concem for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevan sections of this report. Page 14

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P 17148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BERKSHIRE YOUNG MUSICIANS TRUST {OPERATING AS BERKSHIRE MAESTROS) ICONTINUEDI Other information The other infomiation comwises the infomation included in the Annual report other than the financial statements and OUT Auditor's report thereon. The trustees are responsible for the other information contained within the Annual report. Our opinion on the finanGial 5tatenients does nol Gover the other infortnation and. except to the extent othetwse explicilly slated in our report. we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be malerrally misstated. If we identrfy such material inconsistencies or apparent material misstatements. we are required to detemiine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we condude that there is a material misstatement of this other informats"on, we are required lo report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the wort undertaken in the course of the audit.. the infomiation given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Tru5tee5' Rewrt has been PTepared in ac(L)rdance with applicable legal requiTernents. Matters on which we are required to report by exception In the light of our kno￿edge and understanding of the charitable company and its environment obtained in the COUTse of the audit. we have not identified material misstatements in the Trustees. Report. We have nothing to report in respect of the following matters in relation lo which Companies Act 2006 requires us lo report to you if. in our opinion- adequate accounting records have not been kept, or retLtrns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement wth the accounting records and retums" or certain disclosures of trustees, remuneration speafied by law are not made,. or we have not received all the information and explanations we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance wth the small companies regime and take advantage of the small cornpanies. exemptions in preparing the Trustees. Report and from the requirement to prepare a Strategic Report. Responsibilities of trustee5 As explained more fully in the trustees, responsibilities statement. the trustees Iwho are also the directors of the charitable company for the Purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statemenls, Ihe trustees are responsible for assessing Ihe charitable compan￿5 ability to continue as a going concem. disclosing, as applicable. matters related lo going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations. or have no realistic alternative but to do so. Page 15

VrbJJkgunurvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P 1W48 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BERKSHIRE YOUNG MUSICIANS TRUST {OPERATING AS BERKSHIRE MAESTROS) ICONTINUEDI Auditor's rosponsibilities for the audit of tha financial ststem6nis Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Auditorfs report that includes our opinion. Rea50nable assuran￿ is a high level of a55uranGe, but 15 not a guarantee Ihat an audit conduGted in accordance ISAS {UK) will apways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually OT in Ihe aggregate, they could reasonably expected to influence the economic decisions of users taken on the basis of these financial 5ts1ements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wth our responsibilib"es, outlined above, to detect material misstatements in respect of irregularib"es, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management, those charged with govemance around actual and potential liligalion and daims- Enquiry of management to identify any instan￿S of non-compliance with laws and regulations- Reviewing minutes of meetings of those chargd with govemance., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nornial wurse of biisine5s and revieing accwnting estimates for bias. Because of the inherent limitations of an audit, there is a risk that we wll not detect all irregularities. induding those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the mole that compliance wqth a law of regulation is removed from the events and transactions reflected in the financial statements, as we Mqll be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than e￿Or, 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 at.. wwN.f -uklaudilorsres nsibilities. This description fom)s part of our Auditorfs report. Use of our report This report is made solely to the charitable companls members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Ad 2006. Our audit work has been undertaken so that we might slate to the charitsble compan15 members those matters we are required lo state to them in an Auditorf5 report and for no other purpose. To the fijllest extent permitted by law. we do not accept or assume responsibiltty to anyone other than the charitable company and its member5. a5 a body. for our audit work, for this report. or for the opinions we have fomied. Page 16

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P 19148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BERKSHIRE YOUNG MUSICIANS TRUST {OPERATING AS BERKSHIRE MAESTROS) ICONTINUEDI Fiona Hawkins Msc FCA (Senior statutory auditor) for and on behalf of James Cowper Kreston Audit Chartered Accountants and Statutory Auditor 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Dale= 0810312023 Page 17

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P20148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Note Income from: Donations and grants Charitable activities= 14.198 24.036 1,388,067 Fees Govemmenl funding Other music related activities 3,055,368 3,055,368 1,165,049 314,848 19,275 2,590,067 1.158,121 182.278 1.165.049 314.848 19.275 Orchestra tax relief Investments other income 8.664 20.656 Total income 1.179,247 3,422,191 4,601,438 5,339,196 Expenditur8 on: Raising funds Charltable acuvltles 59.864 3,T72.006 59,864 5.039,268 58.689 4.584,800 1.2fjT.262 Total oxpenditure 1.267.262 3,831.870 5.099,132 4,643.489 Net (expenditurellincorne before net gains on investments Net gains on investments 188,0151 (409.679) 7.477 1497,6941 7,477 695,707 70.531 Net {expenditurellincome Transfers betsveen funds 188.0151 1200.0001 (402,202) 200.000 1490,21n 766.238 19 Net movement in funds before other recognised gainsl{losses) 1288,0151 (202,202) 1490,2171 766,238 Other recognised gainslllosses): Atharial {lossesllgains on defined benefit pension schemes 25 3,336.000 3.336,000 1315,000) Net rnovement in funds 1288.0151 3,133,798 2,845,783 451,238 Reconciliation of funds: Total funds brought forward Net movement in funds 327,940 1288,0151 (791.121) 3,133,798 1463,181) 2,845,783 1914,419) 451,238 Total funds carried forward 39.925 2,342,677 2,382,602 1463,181) The Statement of Finanryal Activities indudes all gains and losses recognised in the year. The notes on pages 21 to 46 fom part of these finan￿al statements. Page 18

VkiuaBunatLnTrarffjxlvM Ref. 4K7￿¥*4y￿MBD 27 Feb 2023 17..04..36 GMT (UTC +OID 2n P21148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) (A company limited by guarantee) REGISTERED NUMBER.. 1673689 BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Note Fixed assets Tangible assets Investments 14 15 1,575.493 100 1.597,632 100 1,575,593 1,597,732 Current assets Debtors 16 604,975 620,309 1,226,762 969.948 612,832 1,134,175 Investments 17 Cash at bank and in hand 2,452,046 2,716.955 Creditors.. amounts falling due within one year 18 (1,202,037) 11,309.8681 Net current assets 1,250.009 1.407,087 Oefined benefit pension scheme liability 25 (443,0001 {3.468.0001 Total net assats 2,382.602 1463,181) Charity funds Reslricled funds 19 39.925 327,940 Unrestricted funds Unrestricted funds excluding pension asset Pension reserve 19 2,785,677 {443.0001 2,676,879 13.468,0001 19 Total unrestricted funds 19 2,342.677 1791,121) Total funds 2,382,602 1463,181) The Iruslees acknowledge their responsibilities for complying with the requirements of the Act wth respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance wth the provision5 applicable to entilies Subject to the small companie5 regime. cial statements were approved and authorised for issue by the trustees and signed on their behalf by." A Pollard Chairman of Tru5tee5 Dale= 27 February 2023 The note5 on pages 21 to 46 fomi part of these financial statements. Page 19

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 PL148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENOED 31 AUGUST 2022 2022 2021 Noi8 Cash flows from operating activitios Nel cash provided byllused inl operating actiwties 22 132,587 799,790 Cash flows from investing activities Interest from investments Purchase of tangible fixed assets 140,000) 161,439) Net cash used in investing activities 140,000) 161,4321 Change in cash and cash equivalants in the yaar 92.587 738.358 Cash and cash equivalents at the beginning of the year 1.134.175 395.817 Cash and cash equivalents at the end of the year 23 1,226,762 1,134,175 The nole5 on pages 2110 46 form part of these financial statement5 Page 20

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P￿48 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Gan8ral infomiation The Ber1(shire Young Musicians Trust is an incorporaled 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. Accounting polieies 2.1 Basis of preparation of financial statements The financial slatements have been prepared in accordance with the Charities SORP {FRS 1021 Accounting and Reporting by Charities" Statement of Recommended Practi￿ applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019}, the Finanaal Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. The Berkshire Young Musicians Trust loperating as Berkshire Maeslrosl meets the definition of public benefit entity under FRS 102. Ass2ts and liabilities are initially recc4Jnised al historical Cost or transaction value unless otherNise slated in the relevant accounting policy. 2.2 Going concern As at 31 August 2022 the balance sheet sh￿S net assets of £2.382.802, compared to £403,181 (net liabilities) at 31 August 2021. The increase in assets reflects the current year operating deficit and the decrease in the pension scheme liability on the Local Govemment Defined Benefrt Pension Scheme to £443,000. Taking this into account and together wlh a strong nel current asset position, the Trustees have a reasonable expectstion that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly. the Trustees ￿ntinue to adopt the going concem basis in prep￿ing the financial statements. Page 21

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P24148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Accounting polieies {continuodl 2.3 Income Feès Fees represent amounts charged for lessons and ensembles and are accounled for ¢)n an accruals basis. Assistance with gross fees and fee remissions is induded in eX￿ndItUre as Charitable Support. Voluntary incorne Voluntary income comprises legacies and other donations which are made available for the general purposes of the company. They are recognised when the amounts are received unless there is su￿1Clent evidence to provide the necessary ￿rtaInty that the legacy or donatson will be received and that the value of the incoming resources can be measured with suffiaenl reliability. Donations and grants Donations made for other specific purposes are treated as restricted funds. Culture Recovery Fund grants are recognised when the company is entitled to Ihe income. Government funding Payments received under contracts from Arts Counal England and any of the Unitary Authorities of Berkshire lo subsidise the provision of music tuition services 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. concerts and tours Income from events. courses. concerts and tours represent5 monies charged for tours. receipts from concerts and other fundraising. These nKJnies are accounted for on an accruals basis and matched with the associated expendrture incurred. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefft to a third party, it is probable that a transfer of economic beneffts will be required in setuement and the amounl of the obligation can be measured reliably. Expenditure is classified by activity. 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 activty are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs whid) are not attributable to a single activity are apportioned between those acttvities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charge5 allocated on the portion of the asset's use. Expendrture on raising funds includes all expenditure incurred by the company to raise funds for its charitable purposes and includes costs ol all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities further the companys objectives, as well as any associated support costs. Support and administration costs are split across activities on an basis of estimated lime spent. 2.5 Interest roceivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company." thi5 is nomially upon notificatton of the interest paid or payable by the institution with whom the funds are deposited. Page 22

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P25148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Accounting polieies {continuodl 2.6 Taxaiion The company is considered to pass the lesls Sel out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a Gharitable Gotnpany for UK Gorporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categorie5 covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gain5 Act 1992. to the extent that such income or gains are applied exdusively to charitable purposes. 2.7 Tangible fixed assets and depreciation Assets that individually cost less than £250 are not capilalised. The cost is written off to the Statement of Financial Activities in fvll when purchased. Assets that have been donated are capitslised at their full market value at the time of donation and depreaated. The value of the donation is treated as income in the Statement of Financial Activities as a restricted fund. Tangible fixed assets are initially rec¢>Jnised al cosl. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of c05t. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight4ine method. Depreciation is provided on the following bases-. Freehold property Motor vehicles Fixtures and fittÉngs Computer equipment crther fixed assets - At 2% and 5% ofc05t At 200A of cost At 200/0 of cost At 33Q/o of cost At 20Wa of cost 2.8 Investments Investments are stated al the market value indicated by the Report of the Investment Managers to the trustees al the Balance Sheet date. Any resulting unrealised gain or loss is taken lo the Statement of Financial Activities. The Berkshire Young Musicians Trust has a fijlly 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 resutt5 of the Subsidiary are disclosed in note 30. Investments in subsidiaries are valued at cost less provision for impaimient. 2.9 Debtors Trade and other debtors are recognised at the settlemenl amount after any trade discount offered. Prepayrnents are valued al the amount prepaid nel of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand indudes cash and SI￿rt-tem1 highty liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the dekY)Sit or similar account. Page 23

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P26148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Accounting polieies {continuodl 2.11 Liabilitias Liabilities are recognised when there is an obligation at the balance Sheet date as a result of a past evenl, it 15 probable that a Iransfer of eGonomiG benefit will be required in settlement, and the atnounl of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company antiopale5 it will pay to sethe the debt or the amount it has received as advanced payments for the goods or services It must provide. 2.12 Financial instrurnents The company onty has financial assets and financial liabilrties of a kind that qualrfy as basic financial instruments_ Basic financial instruments are initially reccgnised al transaction value and subsequenlty measured at their settlement value. 2.13 Operating leases Rentals paid under operaling leases are charged to Ihe Statement of financial aclmlies on a slraight line basis over the lease lemi. 2.14 Pensions Teaching staff employed by The Berkshire Young Musicians Trust are eligible for membership of the Teachers. Pension Scheme, which is a national, statutory, contributory, unfunded defined benefit scheme administered by the Teachers Pension Agency, an executive agency of the Department for Education. Pension costs are as5es5ed in accordance with the advice of the Govemment Actuary. As this is a multi-employer scheme whose assets and liabilitie5 are not separately identifiable. under Financial Reporting Standard 102 "Post-employment Benefits" it is treated as a defined contrtbution scheme with a charge to the accounts for the contributions paHd and relevant disclosures abc4Jt the scheme as a whole provided in note 25. The Berkshire Young MusI￿anS Trust has a funded defined benefft scheme for those mem￿erS of staff are not eligible to join the Teachers. Pension Scheme. The assets of this scheme are administered by the Royal County ol BerkshiTe Pension Scheme. This is also a mutti-employer eme, but the assets and liabilities relating to The Berkshire Young Musicians Trust are separately identifiable and are accounted for as belonging to The Berkshire Young Musicians Trust. The financial statements take account of the annual valuation of the defined benefrt scheme undertaken by the pension fund's actuaries. Actuarial gain5 and losses arising from updating the latest actuarial valuation to refiect 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 25. 2.15 Fund accounting Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the company. Designated funds comprise unrestricted ￿ndS that have been set aside by the trustees for particular purposes. The aim and use of the designated funds is set out in note 19 to the finan￿al statements. Restricted funds are those fvnds where monies have been received for a specific purpose and are matched against the expenditure as incurred. Page 24

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P27148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on hiSt￿lca1 experience and other factors. including expectstions of future events that are believed to be reasonable under the Circumstances. Critical accounting estimates and assumptions.. The company makes eslirnates and assumpts'ons concerning the future. The resulting accounting estimates and assumptions will. by definrtion. seldom equal the related actual re5uIt5. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrwng amounts of assets and liabilities wqthin the next financial year are discussed below. Critical areas of judgement= Tangible 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 debts Using information available at the balance sheet date, the company make5 a judgement based on experience regarding the level of provision required to accnunt for potentially uncollectible debtors. Pensions The present value of the Local Govemment Penston Scheme defined benefrt liability depends on a number of factors that are determined on an actuarial basi5 using a variety of assumptions. The assumptions used in determining the net C05t (income) for pensions include the discount rate. Any change in these assumptions, which are disclosed in r￿te 25, will impact the carrwng amount of the pension liability. Furthemiore a roll forward approach which projects results from the latest fijll actuarial valuation perfomied at 31 March 2019 has been used by the actuary in valuing the pensions liability at 31 August 2022. Any drfferences bebNeen the figures derived from the roll forward approach and a fvll actuarial valuab'on would impact on the ca￿￿l￿g amount of the Fension liability. Income from donations and gTants Rastricted Unrestricied funds funds 2022 2022 Total funds 2022 Total funds 2021 Donations Grant5 14.198 3,224 20.812 17,422 20.812 65,433 500 Covid-19 Job Retention Scheme grant Culture Recovery Fund grants 163.148 1.158.986 14,198 24,036 38,234 1,388,067 Total 2021 1,206,761 181,306 1,388,067 Page 25

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P2W48 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Investmenl income Unrestricied funds 2022 Total funds 2022 Total funds 2021 Bank interest received Total 2021 Ineoma from charitable activities Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Fees (see note 7) Government funding Other music related activities {see note 8) Orchestra tax relief 3.055,368 3.055.368 1,165.049 314.848 19.275 2,590.067 1.158.121 182.278 1,165,049 314,848 19,275 1,165,049 3,389,491 4,554,540 3.930,466 Total 2021 1,158,121 2,772,345 3.930.466 Fees 2022 2021 Lessons and ensembles 3.026.947 28,421 2.567.567 22,500 Gift Aid 3,055,368 2,590,067 Page 26

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P29148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Other music relatad incom8 2022 2021 Examination fèes 45.021 120.582 99.504 36,502 13,239 43.070 106.054 18,123) 16,112 25,165 Instrument income Tours Concerts Courses and workshops 314,848 182,278 Analysis of charitable expenditure by activities Activities undertaken directly 2022 Grant funding of activities 2022 Support Costs 2022 Total funds 2022 Total funds 2021 Marketing costs Charitable finan￿al support Teaching costs Music related costs 29.550 29.550 188.379 3,859,897 491,646 20.231 153,809 3,642,213 484,158 188,379 2,959,345 368,843 900,552 122,803 Events. cosJrse5, concerts and tours 130.656 130.656 311.000 28.140 16.852 243,000 24.537 Pension adjustment Governance costs 311,000 28.140 3.488,394 188,379 1,362,495 5,039.268 4,584,800 Total 2021 3,333,308 153,809 1,097,683 4,584,800 Page 27

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P30148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Analysis of support costs 2022 2021 Staff Costs 590.839 58.469 4.335 76,615 1,200 28,374 24.770 4.421 22.269 93.430 26.987 25,775 65.871 15.290 12.850 311,000 578.488 55.621 3,502 109,645 1,210 21,471 32.470 358 Depreciation Travel costs IT costs Postage Telecommunications Staff training Recruitment Insurance Bad debts Bank charges Repairs and maintenance Premises costs Legal and professional Auditorfs remuneration Pension adjustment 23.046 176,059) 17,973 18,442 43.979 12.537 12,000 243,000 1.362.495 1,097,683 Suppjrt and administration costs are split bebNeen teaching costs and music related costs in the ratio of 88Vh and 12% respectively. The total allocated is= teaching costs £900,552 (2021.. £730.5281 and music related costs £122,80312021.' £99,618). 10. Governanc8 Costs 2022 2021 Audttorfs remuneration Other professional fee5 12,850 15.290 12,000 12.537 28.140 24,537 Page 28

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P31148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 11. Unrealised gain on investmant 2022 2021 Gains on investmènt assets 7.477 70.531 In 2017 surplus funds of £500,000 were originally invested in an absolute retLEm fund. During the year to 31 August 2020 the funds were transferred lo the LF Ruffer Total Return Fund. For the year ending 31 August 2022 the )lJnd value resulted in an unrealised gain of £7,47712021.' gain of £70,531 }. 12. Net Incomellexpenditure) This is stated after d)arging'. 2022 2021 Depreciation of tsngible ffixed assets Auditorfs remuneration 62.139 12.850 66.211 12,000 During the year, no trustees received any remuneration {2021- £NILI. During the year, no trustees received any benefits in kind12021- £NIL}. During the year, no trustees received any reimbursemenl of expenses {2021- £NIL). Page 29

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P32148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 13. Staff costs 2022 2021 Wages and salaries National insurance costs Other pension costs 2,537,374 230.384 555.877 2,615,262 225.311 568.287 3.323.635 3,408.860 The average number of persons employed by the company during the year was as follows". 2022 No. 2021 No. Management and administration Full time teachers 30 27 50 48 Part time teachers 35 41 115 116 The number of employees employee benefits {excluding employer Fension costs} exceeded £60.000 was.. 2022 No. 2021 No. In the band £60,W1- £70,000 During the year remuneration paid to key management personnel, including national insurance contributions. totslled £140.41912021'. £132.7061. Page 30

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P￿48 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 14. Tangible fixod assets Fixtures Computer Land and Motor and and office Musical buildings vehicle$ fittings equipment instruments Total Cost or valuation At 1 September 2021 Additions 1,712.821 18,345 108,849 6.506 18,565 236.276 14929 500.253 2.576,544 40,000 At 31 August 2022 1,719.327 18,345 127,414 251,205 500.253 2.616,544 Depreciation At 1 September 2021 Charge for the year 193.002 18.345 64,877 32,369 14,358 209.944 11,743 492.744 3,669 978,912 62,139 At 31 August 2022 225,371 18,345 79,235 221,687 496,413 1,041,051 Net book valu8 At 31 August 2022 1,493.956 48,179 29.518 3.840 1.575,493 At 31 August 2021 1,519,819 43,972 26,332 7.509 1,597.632 Page 31

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P34148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 14. Tangible fixod assets {conlinued} Included in land and buildings is freehold land at valuation of £346,747 12021.. £346.7471 which is not depreciated. The cost or valuation at 31 August 2022 is as follows: 2022 Ai Valuation Land and buildiThJ at original cost Revaluation in 2014 891,953 508,047 Land and building valuation Ai Cost 1.400,000 2015 additions 2016 additions 146,747 3,606 53.749 91.757 11.870 5,092 6.506 2017 additions 2019 additions 2020 additions 2021 additions 2022 additions Total 1.719.327 The freehold propety was revalued on 31 August 2014 by Thameside Survewng Ltd, Chartered Surveyors on a full vacant possession basis. The company has applied the transitional provisions of the Charities SORP IFRS 1021 and the valuation of freehold pro￿ty has not been updated sin¢e 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 convention as follows.. 2022 2021 Cost 1.211.280 (523.279} 1,204,774 1490.910) Accumulated Depreciation Not book valu8 688.001 713,864 Page 32

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P35148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 15. Fixed asset investments Investments in subsidiary companles Cost or valuation At 1 September 2021 100 At 31 Augus12022 100 Net book value At 31 August 2022 100 At 31 August 2021 100 See note 30 for further information. 16. Debtors 2022 2021 Due within on8 year Amounts due in relation to tuition fees Amounts owed by group undertakings other debtors 438.985 5.758 131,688 28,544 557.183 40.057 141,338 231,370 Prepayments and accrued income 604,975 969,948 17. Cu￿ent assel investments 2022 2021 LF Ruffer total retum fijnd 620,309 612,832 Page 33

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P36148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 18. Craditors: Amounts falling due wilhin one year 2022 2021 Trade creditors Other taxation and social security Accruals and deferred income 13,602 85.242 1.103.193 84,024 56.385 1.169.459 1.202.037 1,309.868 2022 Deferred Tncome Deferred income at 1 September 2021 Resources deferred during the year Amounts released from Previous periods 1.155.551 1.097.532 {1.155.5511 1.097,532 Page 34

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P37148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 19. stsiemeni of funds Staiement of funds - Current year Balance at 1 Seplemb6r 2021 Balance at Gainsl 31 August (Losses) 2022 Transfers inlout Income Expendtture Unrestricted funds Designated funds 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 Pension reserve 2,521.766 13,468.000) 3.422.191 13,520,870) {311,0001 200,000 7.477 3.336.000 2.630.564 1443.0001 (946.234) 3.422.191 (3.831,870) 200.000 3.343.477 2.187.564 Total Unrestricted funds (791.121) 3.422.191 13,831,870) 200,000 3.343.477 2.342.677 Restricted funds ACE funding Sponsor a child UA disadvantaged fiJnds 1.015.981 7.271 (1.015.981) 12.503) 3.719 8,487 21.928 (8151 15.4191 21,113 Greenham Trust 5,419 Donated instruments Covid-19 hardship fiJnd Teachers, Pension fund 7,539 7,539 2,777 1,084 12,7641 1,097 149,068 {149,0681 Fo￿e Foundation 1.653 1,653 Page 35

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P3W48 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 19. stsiemeni of funds {continuad) Staiemeni of funds - Current year (continued) Balance at 1 Seplemb6r 2021 Balance at Gainsl 31 August (Losses) 2022 Transfers inlout Income Expendtture Cutture Recovery Fund Ringfen￿d 290,324 (90,3241 (200,000) (3881 424 36 327.940 1.179.247 (1.267,262) (200,000) 39.925 Total of funds (463,181) 4.601,438 15,099,132) 3.343.477 2,382.602 Page 36

VrbJJkgunurvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P39148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 19. stsiemeni of funds {continuad) Sponsor a child Amounts donated by individuals to provide children from disadvantaged backgrounds with the opportunity to leam a musical instrument. The support can be Short or long term and is prowded at the company's discretion. UA disadvantaged fund The Unitary Authority Disadvantaged fund 15 money previously received from Wokingham Borough Council to support specific disadvantaged children wthin the Wokingham district in musical edLEcatÉon. Arts Council England (ACE) Funding Berkshire Maestros is in receipt of fijnding to 31 March 2022 allocated by Central Govefnment via Arts Counul England to support the Berkshire Mugc Hub deliver the National Music Plan. Berkshire Maestros is leajer of the Berkshire Music Hub. Greenham Trust Greenham Trust has donated monies to the Company to support children just above the FSM level le550ns and instruments in the area supported by Greenham Trust. Donated instruments Represents instruments bought for the company by friends and other organisations. This fund is amort15ed over the life of the instrument. Covid-19 hardship fund We fundraised for and set4Jp 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 financially impacted whether through job-loss or by being furloughed, we offered them 85% reduction in their fees. We got an initial £5,000 from the Berkshire Community Foundation and have also received individual donations to enable us to keep this Jndraising pot going for as long as possible. Foyl8 Foundation We applied for a grant to cover the cost of digital equipment required to support online lessons-. webcam5, laptops. microphones etc. We a150 were able lo purchase iPads to enable music projects in altemative provisions thank5 to this grant. Culture Recovery Fund We applied lo the first rounds of the WMS, Culture Recovery Fund arKI were awarded the full financial support that we requested. The first round was mainly to cover the loss of income and to support staff salaries as well as the hire of venues and PPE. The second round was more about re%rowing after the pandemic and so was to support promotional activities and key actimty for vulnerable children and adulls. During the year, we transferred £200k from Culture Recovery Fund lo General ReSe￿e in accordan with the funding agreement for covering the loss of income during Covid-19. Page 37

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P40148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 19. stsiemeni of funds {continuad) Staiement of funds - prior year Balance at 1 September 2020 Balance at 31 August 2021 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds 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 Pension reserve 1,798.907 12,910.0001 2.974.314 12,666.136} 1243,000) 344,150 70.531 2,521.766 1315.0001 {3,468.000) 11,111.0931 2.974,314 12,909,136} 344,150 1244,4691 1946.234) Total Unrestricted funds {955.9801 2.974.314 12,909,136} 344,150 1244.4691 1791.121) Restricted funds ACE funding Sponsor a child UA disadvantaged funds 1.009.053 11,009,053} 49 13,451 } 7.121 3.719 23.340 11.412} 15.821 } 21.928 Greenham Trust Donated instruments 5.821 7.539 7.539 Covid-19 hardship fund Teachers. Pension fund 3.561 10.Tr)0 (10,784} 2.777 149,068 1149,068} Page 38

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P41148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 19. stsiemeni of funds {continuad) Staiemeni of funds - prior year {continuedl Balance at 1 September 2020 Balance at 31 August 2021 Transfers inlout Gainsl (Losses) Income Expenditure Fo￿e Foundation 30,(X)O 128,347) 1,653 Cutture Recovery Fund The Eadey Charity 1.158.986 1524,512) (344.1501 290,324 1.￿5 11,905} 41.561 2.364.882 11,734.353} {3H,1501 327.940 Total of funds 1914,4191 5,339,196 14,643,489) 1244,4691 1463,1811 Page 39

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P42148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 20. Summary of funds Summary of funds - current year Balance at 1 Seplemb6r 2021 Balance at Gainsl 31 August (Losses) 2022 Transfers inlout Income Expendtture Designated fvnds General fvnds Restricted funds 155.113 (946.234) 3.422.191 13,831,870) 327.940 1.179,247 11,267,262) 155.113 2.187,564 39,925 200.000 (200,000) 3.343.477 (463,181) 4.601,438 15,099,132) 3.343.477 2,382.602 Summary of funds - prior year Balance at 1 September 2020 Balance at 31 August 2021 Transfers inlout Gainsl (Losses) Income Expenditure Designated funds 155.113 11,111.0931 2.974,314 12,909,136} 41.561 2.364.882 11,734.353} 155.113 1946,234) 327.940 General funds 344,150 (344,1501 1244.4691 Restricted funds (914,4191 5.339,196 14,643,489} 1244,4691 1463,181) 21. Analysis of nei assets betwean ￿ndS Analysis of net assets between funds- current year Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets 7,539 1,567,954 1.575,493 100 100 2,419.660 2.452,046 11.202.037) {1.202.0371 (443.0001 1443.0001 32.386 Creditors due wtthin one year Provisions for liabilrties and charges Total 39,925 2,342,677 2.382.602 Page 40

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P￿48 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 21. Analysis of nei assets between ￿ndS Iconiinued) Analysis of net assats betwaan fun(ts - prior year Restricted Unreslricted fund5 funds 2021 2021 Total funds 2021 Tangible fixed assets Fixed asset investments 7.539 1,590.093 100 1.597,632 100 Current assets Creditors due ￿thin one year Provisions for liabililies and charges 320,401 2,396.554 2.716.955 11,309,868) {1.309.868) 13,468,000) {3.468,000) Total 327,940 1791,1211 1463,1811 Reconciliation of not movement in funds to net cash flow from operating activities 2022 2021 Nel incomelexpenditure for the year las per Statement of Financial Activits'esl (490.217) 766,238 Adjustments for: Depreciab'on charges Unrealised gains on investments Interest from investments 62.139 (7.477) 66.211 170,531) 17) 1260.784) 55,663 243,000 Decreasel{increasel in debt Increaselldecreasel in creditors FRS 102 pension adjustment 364.973 (107,831) 311,000 Net cash provided by operating activities 132,587 799,790 23. Analysis of cash and cash equivalents 2022 2021 Cash in hand 1.226,762 1,134,175 Total cash and cash equivalents 1,226,762 1,134,175 Page 41

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P44148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 24. Analysis of changes in net debt Changos in markot valu• and At1 exchange Soptomber rate At31 2021 Cash flows movements August 2022 Cash at bank and in hand 1.134,175 612,832 92.58T 1.226.762 620,309 LiqLEid investments 7,477 1,747,007 92,587 7.477 1,847.071 25. Pension commitments The compan¥s employees belong to prinapal pension schemes.. the Teachers. Pension Scheme England and Wales ITPS) for academic and related staff., and the Local Govemmenl Pension Scheme {LGPSI for non-teaching staff. which is managed by Tho Royal County of Borkshiro Ponsion Schomo. Both are multi-employer defined benefit schernes. The latest actuarial valuats'on of the TPS related to the period ended 31 March 2016 and of the LGPS 31 March 2019. Contributions amounting lo £nil were payable to the schemes at 31 August 2022 12021.. £nill and are included within creditors. Teacher5. Pension Scheme The Teachers, Pension Scheme {TPS} is a statutory. contributory, defined benefft scheme, govemed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies. Ml teachers have the option to opl-out of the TPS following enrolment. The TPS is an unfijnded scheme lo which ￿)th the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefrts are paid by public fvnds provided by Parliamenl. Valuation of tho Toachors. Ponsion Sch•m• The Government Actuary, using nonnal actuarial principles, conducls a formal actuarial review of the TPS in accordance with the Public Setvice Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of fLrture contributions. Actuarial scheme valuations are dependent on as5umplion5 about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out a5 at 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 consultation are= employer contribution rates set at 23.68DA of pensionable pay {including a 0.08% administration levyl total scheme liabilities {pensions cuffenlly in payment and the estimated cosl of future benefits) for service to the effective date of £218.100 million and notional assets {eslimated future contributions together with the notional investments held at the valuation date) of £196,100 million, giving a notional past service deficit of £22.000 million Page 42

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P45148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 25. Pension commitments (eontinuadl the SCAPE rate. sel by HMT. is used to detennine the notional investment retum. The current SCAPE rale is 2.4% above the rate of CPI. assumed real rale of return is 2.40kn in excess of prices and 2% in excess of eamings. The rate of real eamings growth is assumed lo be 2.2%. The assumed nominal rate of Tetum induding earnings growth is 4.450kn. The next valuation result is due to be implemented from 1 April 2023. The employerfs pension costs paid to TPS in the year amounted to £430k {2021= £468kl. copy of the valuation report and supporbng documentation is on the Teachers, Pensions website {htty)S:l￿.teacherspenSiOnS.co.UkAnewSlemPloyersl2Ol9/04IteaChers-penSiOnS-VaIuatson-report.asPx). Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme_ The company has accounted for its contributions lo the scheme as if it were a defined contribution scheme. The company has set out above the information available on the scheme. Local Government Ponsion Scheme The LGPS is a funded defined benefit pension scheme, wth the assets held in separate Iruslee administered funds. The total contribLrtion made for Ihe year ended 31 August 2022 wa5 £163k 12021- £165kl, of which employer's contributions totalled £125k 12021.. £126kl and employees, contributions totalled £36k12021.. £39kl. The agreed contribution rates for future years are 21.6 per Gent for employers and 5.5-12.5 per cent for employees. Principal actuarial assumptions at the Balance sheet date (expressed as weighted averages).. At 31 At 31 August August 2022 2021 Discount rate 4.25 1.65 FU￿re salary increases Future pension increases Inflation CPI 3.95 3.90 2.95 2.90 2.95 2.90 At 31 At 31 August August 2022 2021 Years Years Mortalty rates lin years) - for a male aged 65 now - at 65 for a male aged 45 now - for a female aged 65 now - at 65 for a female aged 45 now 21.0 21.3 23.8 24.0 25.3 25.4 Page 43

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P46148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 25. Pension commitments (eontinuadl The companls share of the assets in the scheme was- At 31 At 31 August Auoust 2022 2021 Equities other bonds 1.946,000 481,000 417,000 52,000 5.000 338.000 (126.000) 1.754,000 512,000 339,000 59,000 125.000 246.000 1162.000) Propety Cash and other liquid asset5 Target retum portfolio Infrastructure Longevity insurance Total fair value of assets 3.113.000 2,873,000 The actual retum on scheme assets was £190,000 {2021- £300,000). The amounts recognised in the Statement of Financial Activities are as follows- 2022 2021 Current service cost Interest income 377.000 148,000) 104.000 3.000 (125.000} 321,000 140,000) 86.000 2.000 1126,000) Interest cost Administrative expenses Conlributions by employer Total amount recognised the Statement of Financial Activities 311.000 243,000 Movements in the present value of the defined benefit obligation were as follows.. 2022 Openlng deflned bene)It obllgatton Cu￿ent service cost 6.341,000 377,000 104.000 {3.135.0001 170,0001 11.000 1110,0001 38,000 Interest cost Change in finanaal assumptions Change in demographic assumptions Experience gain on defined benefit obligation Benefits paid Employee contributions Closing defined benefit obligation 3,556,000 Page 44

VrbJJkgunurvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P47148 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 25. Pension commitments (eontinuadl Movements in the fair value of the compan￿$ share of scheme assets were as follows- 2022 Opening fair value of scheme assets Interest on assets 2.873,000 48,000 142,000 13,0001 125.000 38.000 1110,0001 Return on a55ets less interest Administration experbses Contributsons by employer Employee contributions Benefits paid Closing fair value of scheme assets 3.113,000 Operatingloase commFtments At 31 August 2022 the company had commitments to make future minimum lease payments under non- ancellable operating lea5e5 a5 follow5." 2022 2021 Not later than 1 year Later than 1 year and not later than 5 years 68,595 14,875 35,877 3,264 83,470 39,141 27. Indemnity insurance Funds of the company amounting to £1.23312021= £1,231) have been used in the purchase of insuran to protect the company from loss arising out of neglect or defaults of ils directors or officers and to indemnty its directors or officers against the consequences of any neglect or defaul on their part 28. Related party transactions During the year, 4 Truslees 12021: 6 Trusleesl paid £7.658 12021: £9,634) to the company for music lessons, ensemble and other related activities paid for by these trustees. These activities are all invoiced at nomal fee tariff rates and on an am's length basis. Page 45

VrbJJkgun*urvTrarwoCbc￿ Ref. 4￿7￿7NYWmBD 27 Feb 2023 17Q4..%Gkff (UTC +0) D ¥3 P4W48 THE BERKSHIRE YOUNG MUSICIANS TRUST (OPERATING AS BERKSHIRE MAESTROS) {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 Guarantees The liability of the company is limited by guamntee. 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 to the assets of the company such amount as may be required. not exceeding £1. Principal subsidiaries The followng was a Subsidiary undertaking of the company. Name Company number Registered office or principal Principal activity place of business Maestros Enterprises Limited 11609495 stoneham Court Cockney Hill, filehurst, Reading, United Kingdom, RG30 4EX Sales of soffvffire Class of shares Holding Included in consolidation Ordinary The finanaal results of the subsidiary for the year were= Name Incorne Expenditure Profitl{Lossl for ihe year Net assets Maestros Enterprises Limited 20,988 111,og9) 9.889 100 Page 46