2020-08-31-accounts

The Yehudi Menuhin School Limited IA Company Llmlled by Guarantee) Incorporated in England and Wales No. 00818389 Registered Charity No. 312010 GOVERNORS, REPORT AND FINANCIAL STATEMENTS For the year ended 31 August 2020

The Yehudi Menuhin School Limited CONTENTS for the ear ended 31 Au ust 2020 Pag& Go¥errK>rs' Re Auditors, Report 13 Slalemenl of Finanual Actlvltl&$ 16 Balance Sheet 17 Cash Flow Statèment 18 Notes to thÈ Flronaal Statements 19

The Yehudi Menuhin School Limited REPORTOF THE GOVERNORS for the year ended 31 August 2020 GOVERNORS AND DIRECTORS Current Governors CTr1 the School who are Trustees of the Charily and Dlrectors of the Company and who served during the year and up to th8 date Df this r8POrt were as follows.. David Buckley (Chairman) Geoffrey Richards (Vice Chairman) Dciminic Banthall Lord Blackwell Kat8 Costeloe Jonathan Deskln John Everelt Andrew Hunter Johnston Anna Josèph Irèslgnèd 1 December 202DI Sluart Mitchell Irosignod 17 October 20191 John Pag811a Alice Phillips Vanèssa Richards Baron6ss Fleet CBE Jonathan Wlll¢o¢ks hhembers ol Ihe Finance and General Purposes Commltle? Governors seive for 8 term ol four yea15 and rnay be re-elected for a futher Iwo teitns. REGISTERED OFFICE Cobham Road Stoke D'Abernon Cobhatn Surrey KT113QQ 01932 864739 [e-mail] www.moiiuhiiisLhool.¢o.uk COMPANY NUMBER 00818389 CHARITY NUMBER 312010 PRESIDENT EMERITUS Daniel Baienboitn KBE O-PRESIDENT Tasmin Littl& OBE VICE PRESIDENTS arbara R D Fisher OBE The Hon. Mrs Zatlllra Menuhln Benthall GOVERNORS EMERITUS Daniel Hodson Anne Simor MUSICAL PATRONS steven Isserlis CBE Slr Andras Schlff ADVISORS Osc(Ir Lewisvhn stu8rt Mitch811 Rlchard Morrls Page 1

The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS ftsr the year ended 31 August 2020 HEAD Bonjamin Gudg8on (Appointed 1 April 20201 Richard Tanner MA linteiiml (Resigned 30 June 20201 DIRECTOR OF MUSIC Ashley Was5 IAppointed 1 April 20201 Oscar Colomina l Bosoh PhD Mmus 8Mus (Rèslgned 31 Mareh 2020} BURSAR Shelley Twitchin Mmus PGDlp FCCA Imalemlty Lèave from 22 July 20191 Jacquollne Whitlingharn BScEcon MScFin Ilnt8ritn from 22 July 20191 DIRECTOR OF STUDIES David Bruco DEVELOPMENT DIRECTOR Alix de Mauny HEAD OF PASTORAL CARE Joanne Field AUDITORS Moore Kingston Stnilh LLP Devonshire House 60 Goswell Road London EC1M 7AD BANKERS Lloyds Bank pl¢ 39 Thr8adn8ed18 Street London EC2R 8AU INSURANCE BROKERS Marsh Capital Hou5ts -5 P8rrymount Road Haswards HeBth Wesl Sussex RH163SY Aston Lark ￿[nited Ibex House 42-47 Minorie5 London EC3N 7DY INVESTMENT MANAGERS S8r8sin & Partners LLP Juxon House 100 Sl Paul's Churchyard London EC4M 8BU Page 2

The Yehudl Menuhln School Limited REPORT OF THE GOVERNORS for th8 year ended 31 August 2020 GOVERNORS. REPORT (INCORPORATING A STRATEGIC REPORTI The Governors pre$er)I Iheir annual report and financial siatemenls for th& yèar ended 31 August 2020, The Govemors ol the School are also Trustees ol the Ch8rity Directors ol the wmpany have pleasure in presenting their strategic report and financial slalemenls lor the year ended 31 August 2020. The lin3nci31 statements comply with currgnt statutory rgquirgmgnts, the Memorandum and Articles ol Asso¢i8lion and the SlatemEnt ol Recommended Practice applicable to charities preparing their accounts in accoidanc8 with the Finan¢ial Reporting Standard appli¢able in the UK and Republic of Ireland Ilhe FRS 102 Ch8rS1iès SORPI. REFERENCE AND ADMINISTRATIVE INFORMATION The Yehudi M&nuhiTr School was originally found8d In 1963 by ¢elebrated violinist Yehudi Nlenuhin as a charitable trust. The Yehudl Mènuhln School Ltd. a company lirnited by guarantee (company numbBr 008183891 and a registered ¢h8rily Icharity number 3120101 was incorporated in September 1964. The liability of Its Membèrs In th8 eV8nt of the Company being WOLJnd up is limitod to a sum or £1 each. The School is governed by Its Memorandum and Articles olAssocialion, updated in 2015. GROUP STRUCTUREAND RELATIONSHIPS The accounts include the results of The FriendsDfThe Yehudi Menuhin School Ireglstered charllynumber 312010- 21. It raised lunds from its mèmbers ttr donal6 to the school, anij Is governed by its Board, A wholly ownèd non-tharllablè subsldiary. YMS Enterprises Llmlled, wa8 esl8bli8hed and incorporated on 17 Decetnber 2008 as a cornpany Ilmiled by guarantee Icotnpany nutnber 067757271. The comp8ny overs995 tho Schcx)1'8 trading activities, and is governed by its Bo8￿, A further non-charitable subsidlary, YMS China Llmiled was established in Decembpr 2018 to protnote the principles and ethos oFthe Yehudi Menuhin School in Chln8 by providlng advisory servlces and granting rights. It oversees the School's aetlvltl&% In China. and is gov8rn8d by ils Board. The subsldiarie8 resu5ts are not consolidat8d with the Sthool's financi81 statements as they are immaterial to the group. The results lor the yoar are shown in note 23 h the flnandal st8t8rn6nts. STRUCTURE, GOVERNANCE AND MANAGEMENT GOVERhllNG BODY Responslbility lor tha overall management and Organisa￿On of thè School ￿$1S wlih Ihp Governor5, who meet al least a tgrmly b8SI8. Th9y are supportèd in carrwng out their responsibilities by several Committees and sub- ommittees. The Developmenl Commlltee and the Finan¢tr and General Purpose5 IF&GPI CDrnmiltee meeta 16W weeks b&tor8 e8¢h ol th& Igrmly meglings of thtt Council ol Governors, The F&GP Committee is supported by sub-comtnittees responsible for the Over￿eW of Risk Management, Investfflents. Audit and Remyneratiori, The Education Commitlee meets twi￿ yearly, and a Nominations Commlttee meets to ove¥see thè sdection and appointment ol new Govemors when req￿Ired. Thg task of running the School on a day lo day basis is the responsibility of the Head and he is fully supported by tho mèmbers ofth6 Lead6rshlp T&am. R8fflun6ratlon orthe Lèadetshlp TèAm Is set according to mark8t rat8S. th818v81 of sktlls and 8xp8ri8nc8 required to delivw the roles. and affordability. The Remuneralion Committee reviews the salaries for the L6adèrshlp Team and Head. RECRUITMENT AND TRAINING OF GOVERNORS Governors are appointed at Council Meetings or by writt8n iesolutlon on the basis ol advl¢e from the Ntsminatlons ommitieo. A skills reglster tsl all Governors is maintainèd and r8gularly revi8wgd to 8nsur8 that the Cotjncil has IhB necessary bre(Idlh, scope and experlis& to support the school. New Guvorntsrs are provided with induction ma18ri&l. and all Govsrnors aro infornied of relevant training (x>ur8e8 Offered by various professional bodies IAGBIS, ISBA etc.) and etKouraged to attend. Pagg 3

The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2020 LEADERSHIP There were further changes to the Leadership Team thi8 year. Richard Tanner. who had served the School as Interim Ho8d since June 2019, handed over to Ben Gudgeon as Headmaster on April 7 2020. Ashley Wass also Join￿$ tho school on Aprll 12020 as Director ol Music. suoce8ding Oscar Colomina l Bosch. Jacquig Whiltingh8m was appointed as Inl&rirn Bur58r lo provide maternity cover frorn July 2019. OBJECTS. AIMS, OBJECTIVES AND ACTIVITIES PRINCIPAL ACTIVITY The Schoc>l pxovides a speclalisl education to boys and girls ag&d 8 to 19 years with a specih'c and 8XC8Ptional lalenl for rllu5ic and facility on a strlnged instrument Iprincipal study.. violin. viola. ￿1kn, doubl8 bass, guitar) or piano. The School ac¢epls both boarding and day pupils, although the majority of p(fpils ar8 boardèrs. S616clion lor a place at the School is based on mu$i¢al pol@ntlal and fit with the School's ethtss and educatlonal model, as 8S5essed duTing the SchoDI's rigDfou5 audillon process. The School aims lo offer places regardless of the finanaal rcumstances ol the appllcanl. It is inevitable that the provision of worfd~class education and training in muslc is Costly given the high t&ach8r.' pupil ratio. with tnany lessons being one lo one 01 even wilh two teachers working with one pupll. The Governors ￿e09n￿Se the great efforts made by many parents in mgeling thesg costs and th6 vital importance of lunding by the UK Govornment's Music and Dance Scheme and donors to the School. PUBLIC BENEFIT The Govemors eonfirm that they hgve complied with the duty in Section 17 of the Charili&s Act 2011 to have due regard lo th8 g8n8ral and sub-s8clorguidanc8 issued by the Charlty CommSsslon on public ben&lil. The charitable purposè of the School ithin the meaning of the Act 18 er>shrin8d withir) its Objgcts. a8 $tated belcw. Th8 Governors onsure that thls charitable purwse is carried out for the public benelil by working to make sur0 Whe￿Ver possible that such spe¢lalisl edu¢alion and Iraintng is available to many of those who are suffi￿entlY ta18nt8d and would benefit from thè actlvitles ol the School, irrespective of financial Cdrcumslances. Sn shaping our objeLIivElb lor Ihe year and planning our activities, t￿78 trustees hav8 COn8id8r8d tho Charity Commisslon's guidance on public b8nefit. including th8 guidanee 'publSc benèh't". runnlng a charity IPB21'. Public benefit is not just proiided to the pupils at the Sthocil, The s9dion In thls Rèport headed 'Communtty 8ngag9ment outreach, summafises tnany olhpr projects and evenls carried out within the lo¢al community, nallonally and Internationally, in acwrdance with the Obj&¢ts ol the School, e.g, opportunltles for chlldrèn to learn and p8rform music, pupils, concerts at ￿[e and nut5ing home5, assistance lo local musi¢ tea¢hers and opportunllles for amateur musiuans of all ages to pgrform in the S¢hool's Menuhin Hall. From Stptember untll March 2020. around 300 prifflary school pupils, whose access to rnusic education 15 litnited, beneliled from the Schtx)I's outreach activllles. Thls was a redudion on previous years due to the Coronavirus pandemic. CHARITABLE OBJECTS The Objects of the charity ar8 to piovid8 and advanc8 8 g8n6ral atKJ sp8clalised educatlon and tralnlng of the highest order In music and the performing arts by Means of a boarding and day school In the ijniled Kingdom, whère chIld￿n from any parl ol Ihe world with 8xceptional musical talent may b8 8ducat8d. The Obj8cls Include gen8rally fostoring muslc and the arts and general edu¢alion of children by the provision of courses al the School throughout the year. Page 4

The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS lor Ihe year endgd 31 Augusl 2020 OWECTIVES The Sthool's objectlves for 2019- 2020 w8rg= To provlde E world-cla8S tnusicBI Bducation To provlde E solid 811-round academic. artlsll¢. tthysical and moral education To provide an environment where oach pupil ¢an develop musically, acadèmlcally and sorially, so that (hey are confident and Abl& to folltsw Ihgir thosen path when they leave school To &ncourag8 pupi18 to contribute to school life and to the widef cornmunity. thmugh vr￿UnIO8rIng and outr88ch To provide first-class staff To provid8 excellent facilities lor musi¢ and geiieral educatlon and for pupils. pastoral care and welfare To pro￿de access to the s¢hool Éo talenled pupils through the Department lor Education's Music and Dancg S¢h&me, which covers school fees on a means-tested basis To provide bursaries to support those unable lo pky th8 full f8es who are ineligible for MDS lundlng tsr fDr whom no place is available due tci the overall Ilmll on MDS places To provide additional financial support through Ihe 5Bhool's Student Hardship Fund, on a means-tesled basis, to allow puplls lo lake advantage of addltionBI opportunitlos such as Masterc￿$Se5, summer cour8e8 and competitions To raise funds through phll8nthroplc donations and sp¢)rhsorship and from aLllvilles undertaken by th schoDI's trading subsldlary, YMS Enlerprlses Limited, in support of our charitable objects To inv8sI in the long-term lulure of Ihe school. The School's achievement of ils objtrcllv¢s is evldenced by pupil performance and learlling outcomes. The School's commitment lo accèss for ialgntsd pupils ol all backgrounds is evIden￿d by consistent, ongoing. means tested fi'nancial support lo 90 /a of puplls via MDS 01 school burS&￿e8. The SchocA's financial performance Is evidenced by pèrformane@ against budget, as well as perTrntage inc¥eases Sn decreases in both revenues and )sts. These m@2sures are shown In the Financial Remew section of this report. ACHIEVEMENTS AND PERFORMANCE 'A first-class all-round 8ducatlon, with muslc al its heart. The Governors are delighted to report that the School wntinued to parfom at th8 hlgh8St18vel in every ar8a over the last year. MUSICAL HIGHLIGHTS D8SPit8 th8 impacts of Covi(P19. the S¢hool maintalned a hlgh level of muslcal acllvity and has rgrllain8d engaged with the wider community. Although publio eonc&rts werg ranc8118d or postpon8d for murh rjf 2020, the School contlnued to p[￿UCe virtU81 content which was sharEd wlth each extemal promoter who h8d Intended lo host pupils lor performan￿$. Examp18s of this w8re the Tour of thè North in April 2020, the Wigtnore Flall Leaver's Concert in Jung. ar)d the festivals ol Thaxled and Gower. FDr each of thesp events, all pupils who had been thosen lo participate w6re asked to record pieces of music which were edited together to form cohesive concert5 and then publi8h8d online. A nolable collaboration took place with Grange Park Opera in Jun8, when a number of students vislled GPO to record performanc85 for th& Found Sgason. This received considerable national publlclty and was broadcast on the GPO website as part ol a highly prestlglous serles ol events. Coco Totllita, on8 of the participants in this event, has rgcenlly ielurngd lo GPO for further performances, including Tchaikovsky's Violln Conc6rt0. Atthough the closure ol the scho￿ meant we wgre unable to hold our regular Showc85è conc8rt8. archive footage from pr8vious years was s8rit out on a w88￿Y basss to friends and supporters ol the School. Th8 annual Sutntn&r F8sIIv21 was a gr&at success. despite ¥unning as a ￿rtUal festlval in 2020. Much gxpanded in concept from re￿nt years. it featured daily inlerwews with renowned industry figures, Irom which the students 18amed a great Ileal, performances from staff and alumnl, th& pres6nl8tlon of two dgnilirant collaborative Page 5

The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2020 compositions prol8cls, Soni¢ Postcards and Around Ihe Wortd ffF 80 Minules, and evening ShowLass-slyle contsrts, which were p￿-recOrded and broadcast 85 if live on the School's YouTube channel. A Virtual Exhibition Space, shtwcasing work from all areas of the School, complimented the musical events, while 8cademic slafl rind stud8nts wère encouraged to create their own 8upplem8ntary content throughout the w8ek. Oth8r notablè évènts, prior lo lockdown, included a successful conc8rts at Phyllis Court in HBnley, the Soane Museum, the Atheneum Club, Painshill Park and th8 Wirnbledon Fastlv81. A number of artists havg visilgd thg School to giv8 rna8t8rd88s85. Indudlng slumni Colin Carr and Alexander Ch8ushian, and th8 guitarlst TSlman Hoppstod(. Once agaln, there were a number of ￿tabl8 conipatition suceesses. Coco Tomita wor) the Strings s8Ction of the BBC Young Muslcl8n of thè Year and was subsequ¥nlly signad lo an exclusive recording contract by OrchKI Classic5. Duiu EidDgan was the winnor nf the Young Pi8nist of the North CDmpetllion, Viv*ane Plelkolkhine won the China-UK Internation81 Music Competition and Caterlna Isaia won the Jan Vychtil C8IIcF Cornpatition. BOARDING PROVISION The sthool'8 boarding community and pastoral care support our puplls, musical, acaderlli¢ and social development. The School has two separate i)oarding houses. accommodating up to 34 boys. and up tok 37 glrls. W8 offer full or weekly boarding and presently 17 of our 85 pupils aTe day puplls. Each house has a live-ln Housemistress and Asslstant Houseparent working full tirn8, solely de(fleated lo the boarding rlile, and 4 olher staff live on 8rt8, 8UPPOrting the tèam and undertaking one or two evening shifts per week. There is always & 06slgnAted Safeguarding Lead or a deputy on sile and a member of th8 Leadèrshlp team is available lor any ng¢essary support, including out of hours and at weekends. The houses cultivate a famlly feel and thè pupils often refer to school as thelr'othar home,. Younger pupils look up lo the older ones 88 they would siblings, and older pupils frequently voice that they tak8 pleasur8 in guiding th6 younger pupils both musically and morally, The community 8Xtends 8cross thè houses,. there is no great divide between boys and girls. One ol the Most important aspe¢ls of boardlng is to ensure that there Is enouqh 'down lim8, and thgt th8 pupils havg protected titne in which Ihey can prO￿￿Y resl. Their days ar8 long and physically tiring, and so time away fiotll Ih8ir Instruments is vital. Weekend8 provide 3 good opportunity to ielax and lake Pdrt in exlracurricular aclivitios, if they would like to. Thls could be anything frnm baking or a craft activity, to playing football, walking in lo(xl areas of outslandlng beauty, gardening and helping lo olgar and iejuvenate the pond and create a wooded path, visits lo Museurns or local aieas of interest. bowling or blad(berry picking and crurnbl8 making, to nam6 just a few. Th888 trip5 and actlvllies are Iree to attend and opgn to 811 ages, and a goDd m¥x ol pupils regularly attend. The boardirEg 8nvironment16nds ttsèlf to staff being able to observe and support social developrnenl amongsl Ihe pupils. Thèy learn the Importan￿ of listening to otheis, whilst belng able to challenge 8nd discuss differing oplnlon$. Thèy learn how to harnnoniously share living Spa￿ and they are encouraged lo be ktnd and tolerant of each other's diff6r6ncès. The houses promo￿ an all-in¢lusivg idoology where 8v8ryone has equal worth And has the opportunlty lo speak their mind. without f8ar ol f@proach orludgement. As the pupi15 mov& through the school, they are gNon mor6 reswnsibilily and opportunilles lo dev91op as responsibl8 young adults. They may mentor a younger pupll, or hglp lo host a Friends, reception, whèrè they meet Ilonors and visitor5 to the school. They are @xpec18d to speak with confidenctr at these events, and il forms an important part of their training In s6lf-promotion and presence. cw¢ial lor lulura success at Cons8rvat0118 OT th& stago. LEAVERS, DESTINATIONS Graduating pupils left to continue thelr sludles at the con%pr4atoires and univBf51ties ol thelr Choi￿.. The Royal Co118g8 of Musio121, Guildhall SchocA of Music & Drama, the Roy&l Acadetny ol Musi¢, Ihe Universitat der Kunst8 In Vienna, the Trosslngen musikh0ch￿huI￿. thtr Hochsthule fur Muslk Hanns EisleT (Bgrlinl, and Cons8rval(>rl Sup8rior d8 klusica del Llcèu (Spainl. Page 6

The Yehudi Menuhin School Limited REPORTOF THE GOVERNORS for the year ended 31 Augusl 2020 ACADEMIC ACHIEVEMENTS On the acadernic Ironl, puplls contlnued to perform exceplionallywell. In Juno 2020. pupils achioved a record 501. A. qrades at A level12019 43 lul, with 81% A'.A, 92Pkn A'_C and 100% A"_E. AI GCSE, pupils srhleved 44% 819 IA'j12019 40°hl, 65Y& 9-7 IA'_A and 100% ￿ IA'.CI. EXTRA-CLIRRICULAR ACTIVITIES In the UK Maths Challenge. PUF¥ls We￿ award¢d SilvÈr and Bronze cerbficat88. The Duke ol Edinlxjrgh Award Schème continued to be popular. with pupils signed up lor Silver and Bronze categorfes. The￿ were a number ol expeditign$ to various parts ol Ihe UK iriGluding IhÈ Soulh Downs, th8 Surrey Hills and the N&w Forest. The BrackenburyArt Show wa5 presented iri a Virtual Learning Space and attracted a la¥ge online audieno during Ihe Virtual Summer Festival. 11 was judged by Martin B¥ackenbury, son ol Ihe first Hpadmasler of the School, and 18 aw8rds were madc. A number of trips we¥e organlsed lo enrlch the History. Englisli, Science and Mglhs curricula, but unfortunately the end ol year'activilies day, w08 cancelled due to the Coronaviius Pandemic. COMMUNITY ENGAGEMENT AND OUTREACH Outreach Is centrol io trur ethos. and we are con8lanlly dev8loping our cornrnvnity engage￿en1 programme lo ensu￿ that the School serves th& broader communlly to Ihe besl ol its abilities. To support Ihe oxpansion ol th& School's outreach aclivilies we appoint dynamic arKI enthusiastic individuals to lead Oulreach projects and dTrve lo￿ard the profil& of initiative, div6rsifying our engagement, nurturing new contacts and placing Ouir6a¢h al the h8arl ol school life. Although wo were unable to vssil Ictal schools during the Iwkdown poriod, we have conlinu&d to 8clively pursue outieach projecls over Ihe past few months. To honour our Schools Concert, all 14 YMS sludenl pianists collaborat8d to record Poulenc's 88bèr Ihe Elephant and the n3rralion was provided by Chris Jatvis, a populai piesenl2r on Ihe television channel, CBBC. This perforrnance was not only shared with local schooL8, il was also bioadcast on the nallonal child￿n,$ radio $18lion, Little Radio. For the firsttime evei, all five UK-based 5pecialsst music schools Collaborated to ¢realo a virtual or¢he5tra of nearly 1(X) Ghlldren, performing a specially commissioned work by thp classical l ja7z cornposer, Gwilym Simcock. The video Of this performance has been shared w￿elY online and will shortly bo broadcast on BBC Radits 3. We visil&d several prim8ly s(knools, 18a¢hlnu tsver 700 local school children, with a number of Ouf younger $l￿dentS p8rforming in eoncèrts presenled by YMS slalf. Qur composition workshops also travelled around the ¢ounly and providèd an invaluabl& introduction lo and initial 8xploiatbri ol the arl ol composing, OLfr large-scala oulreach project for 2019-20 was Dragons, a ¢ant8ta lor primary school pupils written by former YMS Director of Music, Malcolm Singer. A concert was organisgd which involved approximately 250 pupils from prifflary sehools around Horsham, a¢compani8d by an orchestra drawn from the Wesl Sussex String Acad6my with sectlon leaders from YMS. We attended Iwo workshop sessions in which 9 of our pup*ls helped younger players learn Iheir parts, and there was an or¢h2slral rehearsal al YMS lor the complete ord)Èslra, with a lurther 20 YMS pupils taking part. The con¢ert performance look Pla￿ in Horsham on 21 November 2019 wilh a lolal orchestra of 60.. additionally some of our students were asked lo play ￿th Ihe WSSA lor one further orcheslial PI8ce. The concert was sold-oul. SECURING FUNDING OF PUPILS, FEES FROM THE DEPARTMENT FOR EDUCATION The school Seeks to tsller a significant nuEnber ol placès each yèar Ihrough thé Dgpartm&nl for Education's MusiG and Dance Scheme IVIDSI. which supports pupils who could not otherwise alford the lee5. In 2019-20. Ihe Scliool secured 61 places12018-19'. 61 places) from MOS, which were ulilised lo Ihe lu11e$t exlenl possible during the acad8￿￿ year. The MDS funding rosulteij in 3 lolal 01 £2,260,26012018-19 £2,108,734) b&ing paid dire¢lly lo the School from ￿V￿rA[￿ent. PPIILANTHROPIC SUPPORT- PROVIDING TALENTED YOUNG MUSICIANS WITH THE OPPORTUNITY OF A LIFETIME The School deeply grateful lo those individuals and Instilulions whose frnanclal supporl has b8&n vital in allowing YMS to luifil its choritable objective5 and ¢ontinu9 lo deliver our founder's vislon 8nd mission. Page 7

The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS lor the year ended 31 August 2020 BURSARIES,. ENSURING ACCESS FORALL In keeping with the School's mission of 'enabling childr&n with polenllally oulslanding musical talgnt lo allerid thè Srhool, irièspeclivo of Ih8ir income. background. cr&ed or country ol origin,, the School offer5 addi1Sonal 1lnanr.lal support lo stuctenls who fall oulside Ihg resid8ncy cri1èri8 for MDS, or lor whom there is no place available. Arter pplyiry uniform means-l&sling, the School looks lo ils vilal bursaries io makg UP the shortfall in fees, allowSng promisiro students from all backgrounds to acc8S5 th8 School'8 world-cla5s music and academlc education. With the supporl ol iwo generous k)Gal donors, we ran a malch-lunding campaign that raised over £300,000 for bursaries in 2019120, the larqesl amount raised lo dale from this kind of campalgn. Many Indlvlduals. l¥usls and loundallons conlributed, 8nd we wtsh to recognise in particular the Holder Family Scholarshtps. The Willow Charilable Trust, the Henri Moerel FOundat￿n and a number of other8 whose contributions wore signlflcant, and who w15h to remaln anonymous. STUDENT HARDSHIP FUND Every year we raise lunds lo provide addillonal linanclal assistan￿ lo pupils to enable them lo ac¢9s9 additional opporiunilie5, such as ma51er¢lasses and summer coursÈs, which will enhance their musical or academic education and which they would not otherwise be in 8 Position lo altend. Sinc6 gOQ/fj of our pupils require some level tsl financial assistan￿ lo altend YMS, the demand lor lund5 from our Student Hardship Fund is correspondingly high, We are grateful lo th? Humphrey Richardson Taylor Charitable Tru81, and another loundatiori who wlshes lo remain anonymou8, lor Ihelr ganerous support to this Fund. COVID HARDSHIP FUND A number ol our p8renls werè adversely affected by the financial and econornic fallout of th8 Covid-19 pandemic and were slrugoling lo pay school f88s In lh8 2019120 Summer Term. Our supptsrlèrs, and in particular the Friends of Yehudi Menuhin School, responded wlh great ge￿rosItY lo our appeal on behalf of struggling parents. which helped u5 to ensure that no pupil lost out on their 8ducation d￿& to th8 pandt3mic. INSTRUMENT FUND We were do1ighted lo recewg a Significant grant from h long-stsnding supporterol the School, The Wallace Curzon Ch2rilable Trust, which allowed us l(> repl8e8 our ageing concert grand with a magnilicenl n9w Sleinway, ond purchose iwts additional pra¢lice pianos. We were also 9ilted a Bos8ndorf8r Grand by a privat8 individu81. THE MENUHIN CIRCLE.. SUPPOFITING OUR ANNUAL FUND Membership ol the Menuhln Circl? grew ovgr the year and we wer8 delighted to host our first annual party and concetl al the Sir John Soan8's Mu8&um in London. Members of the Cirde commit lo supporting tho School's Annual Fund lor a rninimurn ol three yeats, which provides us wilh Invaluable SUPPDrt for our core costs. FRIENDS OF YEHUDI MENUHIN SCHOOL Th8 School has a linked charily. The Frlends of Yehudi Menuhin School, who undert8k8 Ihéir own fundraSsing adiviliès for the School. and who generouslydonated £40.00012018-19.. £40,000) in 2019-20, towards our Sursaiy Fu￿1 and our COVID Hardship Fund. Our Friend5 also provide our pupils wlth a hlghly supporllve audience at Th8 Menuhin Hall and are a de8pIy 8ppr8ciat8d part ol th$ YMS 'lamily'. FUTURE FUNDRAISING PRIORITIES The angoino global pandetnic wlll inevltably make lundralsing &ven more of a ch811enge, as individuals, trusts and cornpani65 reassess Iheir ability to give. The School's noE>d for philanthropic sUPPOrt will only Continu& to grow. however, to help us bridge lh8 gap b81wèen parental lee inc0rn9 and Ihe true operational costs of provmling our uniquely tailored and exc¢ptic>nal holisti¢ gducation. Thoso costs h8ve ri58n significantly in rècent years, primarily due lo the cost of mainl8ining a large and hgeing estate. as w811 as ensuring incr88singly complex regulatory compliancè. The S¢hool has beon iJ8llboralely small sinc8 il'5 founding. offering a bespoke education lor each pupil. While this has obvious benefi15 lor pupils, il resulis in an inabl1￿¢Y Io exploit economies of sc81&. We recognise thal our lees arè already l)igh. and fLJrther increas8s ¥isk tsducing access. Sinc6 more than 90,￿ of our pupils require financial assistance lo atl6nd the school, even a substantial increase in lees lor the stnall numb&r ol par8nis who pay most or all ol the le&s would not bFidg8 th8 Gsp. WhI16 raising money lor the provlsion of Bursarles will Page 8

The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS lor the year ended 31 Augusl 2020 remain 8 prlorlty, we therefore also noed to secure 51gnilip.finl xdrtitional support for the School's Coro cosls, if we are lo continue lo delivor an oxceplional edLJcalion31 experience in a fitting and safe eiivironment. An investment In the School is u1tirnat6ly an Investment in the next generation of rnusiclans, to g(ve them the skills, knowledgg and (x)nlidenc& to share Ihg joy of live M￿SiC with audlences lor decades lo (x)me. OUR APPROACH TO FUNDRAISING: The School bg116vgS that lundralsing should b8 an open, honest and ¥espe¢iful proces5. We aim lo build and aintain solid partnerships with our SUPPDrters and donors. ba$od on mLrtua1 understanding and shared values. In developino our approach to lundralsing we have taken account of the Code ol Fundraising Practice i55ued by the Fundraising Regulator. and hav? voluntarily paid the Fundmising Levy. Wo abide by the Fundraising Promi$9, as tlined In the Code ol Practi￿, and have internal procedures in plac8 to protect vulnerdbl8 people snd olher members of the publicfrom behavlourwhirh is an unrBasonable intrusion on a porson's prwacy or Is unreasonably persislont. or places undLlè pressure on a person to give tnDney vr tsthor property. Thè School operates wilh an internal fundraising tgam and did not outsourcè any of its fvndralslng activities to gxlernal parties during the financial y8ar. The School's Privacy Policy. publlshad on our websilfj, cleaily stal25 what personal data th6 School will hold in retalion to supporters and how this data will b8 used. The School's Fundraising Cofflplalnts Procedure. publish8d on our website, outlines how to mak8 8 Lx>mplalnt about our fundralsing activities. The Schoo5 has r8ceiv8d nts complaints about its fundralslng actwities either during the financlal year or subsequently. PLANS FORFUTURE PERIODS Th8 Goveinois and Leadership Tearll hav6 Idèntified a number of ar8as to devèlop within the School to rnaintain its rèputatlon as a world leader in music educ(Ilion, providing the hlghest quality of inslrum8nt81 training COTnblned with 8 fir51 class 8cad6mlc ourriculum und8r one roof. This encompass8s continuing to Improve the ¢urrÉ¢ulum and standard of edu(alion off8red lo ensure pupils are well-8quipped for a Changing worfd and musicEI landscape., widening a¢￿$S to the School's expertise among the local communlty and on int8rnational fronts, and acros8 an incr@8sed age range.. improvemenl5 to teaching, learning and living facilities lor current and luturo pupils as well as lor staff,. and ensuriDg that rin8ncial support is availablg for gifted pupils to attend th8 School. To achieve th¢K8e ond8, the SchoDS has identified e riged forstrong International relationships.. high-quality, modern lacililies for its stud&ntS, 6du¢ators and staff,. investment in technology lor teaching, l&arning, and business., and a diverse range ol income ar)d funding sources. capilalising on current assets and inlernalional brand 18pulation. These strategic goals will b8 phased over the next 3 - 5 years, wilh 2021 being a year of consolidation and planning. In August 2019. th6 School announ¢ed the setting up ol its first intemational music school, lo be locatÈd in QiThJdao. ChlTra. YMS will work with the Qingdao Urban Construction Group to bring its unique model for music education to the Far East. The openlng Is p13nr)ed for 2022-23. YMS will contrlbute The Yehudi Menuhln School name and expertise in s8ttlng EJP and running a sp&cialist music S¢￿01 within & holistic acadtrmlc pnvironment. Key appointments, including the 14ead, Dlrector of Music and Bursar, wlll be Gontrolled by YMS to ensure Ihat Yehudi Menuhin's vision and ethos will run through every area ol the new institution. Th8re will be opportunllies for teacher and pupil exchange, which will benefit both current and lulur8 pupils. arKI UK staff will visit regularfyto carryout in5p¢¢lions to make c8rtain thatthe new school is adherir5g to tha ideals of Its British pargnl School. A city of 10 million peopl8. Qingdao is Ideally located belwg@n Beillng and Shanghai, just acioss th8 water from both South Koréa and Japan, thus enabling Th8 Y8hudi MenuhFn S¢hool China to attract thè hlghest level ol talent from the region. It has a flourishing economy both as a port city and a8 a tourist deslin(Ition and is fast d8V8loping its cultural aclivilles, with robust support from government departtnents al￿ major private institutions such as the Qlngdao Urban Construction Group IQUCGI. QUCG'S long-standing Chairman, Kong Shaowu. is a form8r niu5ician and archile¢l_ The School also sees a need 10 8xpand Its music teaching and pr8ctI￿ facllltles., to provide 8dditional, upgraded accofnmodation for fernalg boardèrs., and to Incrgas8 Its cap8clty for admlnistralive and support staff. The School has aspir8llons to develop ils oxisling site to rn6et these needs, by repurposino its buildlngs lor future use. Page 9

The Yehudi Menuhin School Limited REPORT OF THE GOVE.RNORS for the year ended 31 August 202Q FINANCIAL REVIEW AND RESULTS FOR THE YEAR INCOME AND EXPENDITURE The School saw 8nother significant Incr8as8 in donatio￿S and legacy income in year, from £1,244,338 in 2018-19 10 £2,032,391. This includes £947,500 of legacies rec8ivable in tho yeai, £697,500 of which were restrlcted to bursaries. The surplus lor the year b&fore net gains on Investment5 tsf £924,65412018-19." Los5 £411,598). The total income increassd by 16.3Q/o 12018-19.. 13.9Vol to £5,451,75712018-19.' £4,684,923) as a result ol the increaso in dDnation8 and legacies. The Governors are grateful for the f51,428 froffl Irading actlvlliès in YMS Enterprises Limlted12018-1g.. £34,647), and tlie £60,711 from activities In YMS China Limitod that is paid to Thè Yehudi Menuhin School Limited in the form of a Gift Aid donation. Total expenditu￿ decreased by 11.4%1201 19.. 24.1Qk incT88sel lo £4,527,10312018-19.. £5,096,521). Total balanc6 sh88t funds of £23.870,564 are describ8d in detail in note 17 to th8 accounts. The majority of th¢s8 funds are for the building8 of the School itsell, the Instruments that are requlred for teaching 2nd learnlng the bursary funds to support pupils to attend th8 School. Endowment funds amounting lo £7.626,692 are ¢apital in nature snd th8 income is used both for core exp8ndtlure and to lund buisarias. A further £1,655,564 are restriclgd funds which ¢an only be used for the specific purposes d8t8rfflined by Ilie donors. Of thls amounl £1.322,463 Ss lor the purposes of providing bur8arie5 to suptx)rt pupils who would othe￿iS& be unable to attend the Schocil. FIXED ASSETS- INVESTMENTS Tho Investments are gov8m8d by Ihg Mgmorandum anij Artlctes which permit the funds lo be Invested in any security. olhsr investment or property situated anywheTe in the worfd. The Governors d818gat&d Iht3 anagemenl of the Investm8nts to Sarasln & Partners LLP. The aim of the Governors is to malnlain real capital gmwth while producing an income of 3.4°h per annum or more frorn a portfolio of investments, both 8quities and fixèd interest 5ecurillg8, property fund and trash deposits. At year etKI the School helij Inv88tm8nts valued at £8,804,97212019 £8,327,475). The fund valuation indudgs an unrealised galn in th8 year 01 £451.22312019 £256.2621. PENSIONS Tho Schocil employeps are m8mb8rs of one ol two penslorb schernes.. Th9 Teachers. Pensltsn S¢heme and The People's Pension. RESERVES POLICY AND GOING CONCERN The School holds £2,034,534 in Perrnanent Endowments and £5,592,149 in Expendable Endowments. The Govern015 ar8 r8quired to hold the capital in th8 perrnanenl endowtnent 8nd therefore are unable to convert it to ineornfj, Hriwever, Income from the fund is included in Restrlcted Funds (Not• 171 and used for bursaries. Governtsrs have th& aulhorily to convert the èxpendable endowmeiit into incom8 lo support School 80ttvllles. Th8 income arising from this tund is induded In the General R088rv8. Details can bè found in Note 1710 the accounts. The Restrlct8d Fund arnounts to £1,655,56412018-19'. £843.7771 Detalls sr8 in Note 1710 these Accwnts. In line with Charlty Commission gUIdan￿ that a Charity should maintain 8dequate feserv8s lo 8nsure ils ab11￿Y to deliver ils (*arilable oblecliv6S, th8 School holds unreslricled reserv88 for a number of purpos8s which ar8 set out in Note 17 to th8 financial statements. Unrestricted r6servos are thosefunds available to provide adequate working capital for the School to 8nsurè it can meet its operational exp8nditure obligations as they fall du@. The S¢hool's General R8S8rve Policy Is lo aitn lo hold approximately four mnlhs, expenditure ¢xEluding dèpreciation, which amounts lo an 8stini8t8 of £1.222,000 as free res8rves in a (ash or liquid form. Th9 General Reserves fluctuate during the School year and are at their Iow88t at the school yaar and, 31 August. At 31 August 2020 the general reserve wa5 £1,057,26712018-19', £433,191). Page 10

The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS l(Y the year ended 31 August 2020 PRINCIPAL RISKS AND UNCERTAINTIES The Governors eontinue to keep th8 School's activities under review and fflor)itor perforrnan￿, with part1￿11ar r8g8rd to any major risks which may arise. The Governors. Risk Managetnent SutFComwilte8 assesses and calegoris8s th6 rlsks which th8 School is, or May be¢ome, exposed lo in order to ensure that there a￿ satisfactory Systems establlshed to rnanage those risks. A review of risks and the risk register is a routine itgrn on the agenda ol all Cotnmitteè and Council meetings In order to ensure that the pro￿$$ is regulady reviewed and updaled. The main risks to th9 fulure of th8 School are the reduction or wllhdrawal of the funding for th& places supported bythe Departm8ntfor Education uniler tho UK Government MusiG and Dance Scheme IMOSI, thè Impact of Brexit on Europ&an pupll study In the UK 2nd the wlder arts landscape, and Ihe impact to th8 School of Ihe Covid-19 pandemic. The School k6eps the risk of the withdrawal or reduction ol MDS fundiiig under constant review. The implication8 to the school ol the Covid-19 pandèmio indud8, inter alia.. Iosg of revenuo r6sulling from th8 inability of th8 $chool to support UK or ovgrseas pupib with th8ii muslcal or acadefflio studies., 1059 ol revenu8 rBsutting from the closure of the Menuhin Hall lo public 8vènts', bss ol philanthTOPiC income.. ¢losure or part closuw ol the school, or a rt7duction in ltsteaching capa¢ily rosulting eilher from an unplanned outbreak olthe virusorthe inability of slaff who are sell- isolating to teach., and changès in gc>vernment regulation5 resulting In outcomes lor the school that are difficult lo predict. To manage these risks, the Governors ar8 I8gul8dy updated on th& st8tU5 of the School In respact of Covid-19, its risk management. and relat8d mattèrs. AUDITORS Moore lfj'ng5ton Smith LLP has èxpressed their willingness to continu8 as audltors for the next financial year. GOVERNORS, RESPONSIBILITIES STATEMENT Th& Govein015 Iwho are 8lso dir8Ctors ofthe charitable cornpEnylorthe purposgs of company lawl ai8 responslble for preparlng the Annual Raport and the finan￿81 statements in ac¢ordance with applicable law and regulations. Company law requlros thè dlrectors to prepare flnancial statements for each finanrial year. Under that law the Governors havo elected lo prp.p2r8 lh8 financial slatemonts in accordance with United Kingdom Generally Accepted Accounting Pra¢lio8 (Uniled Kinqdom Accounting Standards and applicablB lawl- Und8r company law the directors rnusl not approve the Ilnancial stat6ments unless they a18 sa￿$fied that they glve a true and lalr view ol the stal& of affalrs ol the charilablo company and of th8 profit or bss of the charitable company lor that poriod. In preparing these linan¢ial statements. the diredors are requlred lo.. Select 5U11able accounting policies and th8n apply them consistently Make judgement5 and accounting @stlmates that are r8asonable and prudent.. stal&whetherapplicabl8 UKAeLounting Standards have been lollow8d, subjoct to anymalerial departures disclDsed and Èxplain8d in the finanoal staternents." and Preparo the financial sl8temenls on the golng concern basis un16SS It is inapprr)priate to p￿SUm￿ that the mmpany will continug in bu5ine5S. The Governors are respon81ble lor keeping adoquat8 accountlng records that are suffielent to show and explain the charitsble Companls Iransactlons and disclose with ￿)$()￿able accuracy at any tim9 Ihe financial position ol Ihe charllabl@ company and enatTrle th8m to ensure that the financlal statements comply with the Companie8 Act 2006. They are also r$sponsibl8 for safeguarding the assels ol the charitab16 company arKI hence for laklng reasonable stops lor tha prèvention and detection of fraud and other irregularities. P8ge11

The Yehudi Menuhin School Limited REPORT OF THE GOVERNORS for the year ende($ 31 Augusl 2020 STATEMENTOF DISCLOSURE TO AUDITORS So far as each person who w88 a Governor at th8 date olapprovlng this report is aware, there is no r819vant audit infoimation of which the wrnpany's 2udilors are unawaro. Additionally, the Goverftors individually hav6 taken 811 lh8 necessary steps that they ought l(} hav8 18ken as Govemor5 in order to make Ihèms8lves awar8 ol all relevant audit information and to establish that lh& company's avditors are aware of that informalion. Thi5 rEJ￿rt was approved by th8 Councll ol Gtsverntsrs at its meellng o signed on tls b IsfrJ¢Le 2020 and Davld Buckley Chairman of Governors Page 12

The Yehudi Menuhin School Limited INDEPENDENT AUDITOR'S REPORT for the y&8T ended 31 August 2020 INDEPENDENT AUDITOR'S REPORTTQ THE MEMBERS OFTHE YEHUDI MENUHIN SCHOOLLIMITED Oplnion We have aud11￿ the financial slatemonts of Yehudi Menuhln Schwl I'the cornpany'l forth8 year end&d 31 August 2020 which wmprise lh9 Statern8nt ol Finanlaal Activities, the Bal8nc8 Sheet, the C8sh Flow Slalement and notes to the Iinancial statements. including a sutTrmary ol 8ignifieanl accounting poliues. The financial reporting framework that has been applif)d in their preparation is appIl￿ble law and Unlted Kingdom Accountlng Standards, including FRS 102'The Finaneial Reporting Standarrl Applicable In the UK and118land' Iunited Kingdom G&nerally A￿opt@d Accounting PractiGel. In our opinion the financial st8temenls'. glve a true and fair vlew of th8 state of the ¢h8rii3ble Company 5 affairs as al 31 ALigust 2020 and of its incomlng resources and application ol resou￿98, Including ils income and exponditure. lor the y8ar then ended., have been propèrly prepared in accordance with Unked Kingdom Generally Ac¢opted Accounting Pr&tice' and have b8en prepared in a¢wrdanco wllh the rgqulremenis of th8 Companies Act 2006 8asls for oplnlon We conducted Dur audit In aceordancg with International Standards on Auditing IUKI IISA$lUKII and applicable law. Our respon$ibililles under those Standards are furthei desttibed in the Auditor's Responslblltties for the Eludit of financial statements section of our report. We are Indepersdent ol the char*lable company in accoidance with the ethical requirerngnls that are relevant to our audit of the financlal stataffl8nts in th8 VK, indLidlng the FRC'S Ethlcal Standard, and we have fulfilled our other 8thical responsibilit18s in accordance with these requirements. We belseve th81 the audit evidence wa hav8 obtalned is sufficienl and appropri81è to providg 8 basis lorouTopiniofl. Con¢luslons relatlng to golng concern W6 hBve nothing to rèpc)rt in re8p8d of the following matters in relation to whlch the ISAS IUKI requlr8 US to repcbrt to you wh8ra'. thè Irustges, use of the going concèrn basis of a(￿ount1ng in the prèparatlon of th8 finÈn¢ial statements 15 not appmpriale., or the trustees have not disclosed in thg finanoal statements any Identlft'ed material uncertainllas that rnay cast slgnilicanl doubt about the companls ability to contlnue to adopt the going ¢oncerrE basis of accounting lor a P8riod ol at least twèlve months Irom the date when the finan¢lal stalerllgnts are authorised for issue. othor informatlon The other inform8tlon comprises the information Incl￿ded in the annual ￿POrt, othor than the financial statements and aur8uditorfs report IhereDn. The truste$s are responsibleforttie othe¥ information. Ouropinion on the linan¢ial statements do85 not eover the other information and, except lo the extent otherwisg 6xplicllly stated in our report, we do nol Oxpress any form of assuran¢8 eondusion th8180n. In ¢onn8Ction wilh our audit of the linanoal statem&nls. our r8sponslbility 18 to read the oth8r information and, in doing so, cons1der whether the other infotmalion is fflalèiially inconsistent wlth the financial statements or our knowltrdge oblained in the audit or Cbtherwi88 appears to be rnatèrially misstated. If we identify such malerial inwnsistencies or apparent material mis5talements, we are required to determine whelhei there is a rnaterlal misstat&mont in the Iinancial slatement5 or a material misStalem8nt of thè olher information. 11, based on the work we h8ve performed. we condude that thgre is a material mlsstatemenl of thts oth6r Information, we are requir8d lo ￿pOrt that lacl. P8g6 13

The Yehudi Menuhin School Limited INDEPENDENT AUDITOR'S REPORT for the year trnded 31 August 2020 We have nothlng lo report In this regard. Oplnlons On other matters prescribed by thè Companle$ Act 2006 In our opinion, based the work undertak8n in the ¢ourse ol Ihfj audit.. the inlormats.on giv8n in the ttUsle8s' annual report for the financial y¢arfor whlch the financlal statemtrnts are prepared is consi81enl wllh the fin8ncial statements., and the trustaes, annual report have been prepared in accordance with applicable legal requlrem&nts_ Matters on whlch we are requir8d to report by èx¢eptlon In the light of the know18dg8 and understanding of the cotnpany and its envlronmenl obtained in the course or th8 audit. we have not identified matèri81 misstatements in the trustees, annual ¥eport. We have nothing lo report in respect ol th? follo￿Trg matters wh8re the Companies Act 2006 r¢quires us to report lo you il, In our opinion.. adequ•l8 accountlng records have not bgen kept. or returns adequate for our audit have not begn received from braneh88 not vislled by us,, or Ihe flnancl81 statgrnents are not in agreement wlth the accounting rè(x)rds and r61um8: or certain disdosures of trusl8ès' remuneration specified by law are not mad8.' or we have not re￿iVed all th6 information and explanations we require for our audlt. or the trustees were not entitted to piepare the financlal statemenis in accordan￿ with th8 small companies r8gime and takè advantage ol the small ¢ompanies 6X8mption In preparing the Trustees, Annual Report and from prèpariTrJ a Strategic R8POrt. Responslbllitles of trustees As 8xp18ined mor6 fully in the truslegs, re8ponsibllllies stat8ment set out P8ge Ixl, the tiuste88 (who Sre al80 th8 director5 of th8 charitable eornpany for Ihp purposgs of company lawl are responsible lor the p￿ParatIOn of the finar)cial statements and for belng satisfied that they giv8 8 (rue and t&ir view, and lor such internal control as the trustees deterrnine is n6c8ssary to enable th9 preparation trf financial statements that are frèe from material mi8Statement, wh8lher due lo fraud or error. In preparfng th8 fin2ncial statèmgnls. the trustaes ar8 responsible for assesslng the tharilable compahls ability to continue as a golng concèrn, dlsc105ing. as applicable. rnatters related to going concern and using the golng ctsn￿rn basi5 of ac(L)unting unlgS8 the trust688 either intend to liquidate the charitabkg Company or to c8ase opergllons, or hav9 no realistic alternative bul lo do so. Audltor'$ responsibilitles fDr the aLEdlt ol the flnanclal 8tatèmontS Our objectives are to oblaln reasonable assuranca about whelhei the financial statem8nts as a whole aro free from mat8rial misstatement, whelherdue tofraud or error, and to issue an auditorfs report that includ8s ouropinlon. Reasonable assurance is a hwh level of assurance, but is not a guaraniefy Ihat an audlt conducted in accordance with ISAS IUKI wlll always del8cl A mattsrial rnisslatèment when it exists. Misstalemgnts can arise from freud or error and ar8 considered material il, Individually or in aggregate, they ¢ould reasonably b8 éxptrctpd to inlluence the econorni¢ docSsit)ns ol users taken on the basis of these fin8nGial slatem8nt8. As part ol an audit in a¢cordanc8 ￿th ISAS IUKI we exercls8 professional judgement anij maintsin profes5iDnal sceplic15m throughout the audit. W9 also.. Idonlily and as5e8S the rlsks of malerial misstatemont of tho financlal statements, wh8lh8r due to fraud rx error. deslgn and perform audit procedures respollsive to those risks. and oblaln audit evidence that Is Page 14

The Yehudi Menuhin School Limited INDEPENDENT AUDITOR'S REPORT lor the year ended 31 AugLisI 2020 5ufficfent and approprlate tr) provlde a basis for our oplnion. The risk of not detecting a material misstatement r88ulling from fraud 1$ hlgh8r than for one resulting from Èrror, as fraud may involve colluyon. forgèiy. inlenlional ornisslons, misrepres&nlalion5, or the ove¥iide of internal control. Obtain an understanding of internal control relevant lo th8 audit in order to desigri audlt pmcedures that are appropriate in the cSrcumstances, but not for the purposgs of 8xpr88sing an opinion on thFJ effeclivEness of the charllable comp8nls internal control. Evaluate the appropriat8n858 of accounting ty)li¢i88 used and the reasonablen&ss of accounting estitnates and related disdosures made by the truste88. Con¢lude on tlie dppropriateness of the trustees, use ol the going concern basis of a￿OUntIng and. based on the audit gvidence obtained. whether 2 rnaterial un￿rtainlY exists relaled lo events or ¢ondltions that may cast signilicanl doubt on the charitable companVs ability to continue a5 a golng concern.11 we conclude that a materlal uncertainty exist5. we are required to draw atlenllon in our auditorf5 reportto the related disdosures in the finanual stalem&nts 01, if such dlsclosures ar8 inadèquate, to modify our opinion. Our conclusions are based on th8 audll. Evidence obtalned up to the date ol our audllor's réport. Howèver, future events or conditions may caus8 th6 charitable companyto cease to continue 85 a golng conc9m. Evaluate the ov8rall pr6s6ntation. structure and content ol the fi'nancial Statements, Including the disclosures, and whether the Ilnancial staterllents rewesent Ihg underlying transactions and gvents in a manner that achieves fair presentation. Use of our report Thls report is made solely to the ¢haritable compan5ls members. as a body, In accordanc8 w(th Chapter 3 of Part 16 01 the Companies Act 2006. Our audit work has been underlaken so that we might state lo lh8 company's efflbprs thrjse m8tl6rs we are required lo state to them In an auditor's report and lur no olher purpose. To th8 fullest exlant pertnilled by law, w8 do not A¢￿pt or assume re5ponslbillty to any party other Ihan the charitabl& cornpany and charitabl8 company's members 88 a body. for oui audit work, loi this rwt)rt, or for Ihg opinlons we have formed. W8 eommunicalg wlth those tharged with gov8rllan￿ regarding, among other matters, the plann6d scope and liming of the audit and significant audit findlngs, Including any signlficant defi¢i8noi8s in intemal control Ihat W8 id8Eltify during our audit. J_A LLP Dale 4 February 2021 Neil Finlayson IS8nior Statuttsiy AuditCFrl for and on behalf of Moore Kingston Smith LLP, Statutory Auditor Devonshir8 HoLise 60 Goswell Road London EC1NI 7AD Page 15

The Yehudi Menuhin School Limited STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the ear ended 31 Au ust 2020 Unrestrictèd / Designated funds RestrS¢l&d Endowment funds fund Total 2020 Total 2019 Notes INCOME FROM., Charitable Actlvltles Schonl fees other Income Other trading income other activitles Investments Investment IncoTlle Voluntary sources Grants, donations and legacies 3,065,980 3,065,980 2,951,728 76,316 14,553 76,316 14,553 141,295 90.481 175,126 87,391 262,517 257,083 538.526 1,483,865 70,000 2,032,391 1.244.338 Tot?1 Income and endowments 3.870.501 1,571,256 10,000 5.451.757 4,684,923 EXPENDITURE ON: Cost5 of ralslng funds Fundralsino and development Other trsdlng costs Other expendilurè 204,096 186,761 4,638 4.500 6.302 208,596 193,063 4,638 182,360 187,183 54,447 Charltable acllvltlès Education 3,997,334 123,472 4,120,806 4,672.531 Total expendlture 4,392,829 134,274 4,527.103 5,096,521 Net operatlng incomellexpendlturel IS22,3281 1,436,982 10,000 924,654 1411,598} Net gains on Inv8stmenl8 378,106 451,223 256.262 N8t Incomollexpendlturel 10 1449,2111 1,436,982 388.106 1,375,877 1155,336) Transfar b8tween funds 625,195 Nst movement In fund$ 175,984 811,787 388,106 1,375,877 1155,3361 Fund balances brought fon￿ard 14,412.324 843,777 7.238,586 22,494,687 22,650.Q123 Fltnd balances carried fonward 17 14,588,308 1,655,564 7.626,692 23.870,564 22.494.687 The st8tèmonl of financial aclivitios includes all gains and losses in th9 yts8r and therefore a statement of total r8cognised gains and losses has nol been prepaTed. All of thè above amounts relate lo continuing activities. The accompanying notes form part ol these Ilnan¢lal stalemenl5. Page 16

The Yehudi Menuhin School Limited BALANCE SHEET asat31Au ust 2020 Notes 2020 2019 FIXED ASSETS Tangible assets Investments 11 12 13,473,115 8,804.972 13,873,076 8,327,475 22,278,OBT 22.200.551 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 13 14 3.685 1,128,623 1,509.826 3,120 283.026 582,367 2,642,134 868,513 CREDITORS.. Amounts falling due wllhln one year 15 1557,9901 1574.3771 NET CURRENT LIABILITIES 2.084,144 294,136 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS.. Amounts falllng due after moTe than one year 24.362,231 1491,6671 22,494,687 16 NET ASSETS 23.870,564 22,494.£87 FUNDS Restricted funds Unrestricted funds- general Unrèstricted funds- designated Fixed asset fund Endowment fund 17 17 17 17 17 1,655,564 1.057,267 57.924 13.473,117 7.626,692 843,777 433,191 106,056 13,873,077 7,238,586 23,870,564 22,494,687 Approved a behalf by- authoTised ltsr Issue by the Board of Governors on Davi Chalrman ol the Board of Governors Tho a¢companying notes form part of thesg financia1 slalemenls. Company Number= Q0818389 Page 17

The Yehudi Menuhin School Limited CASHFLOW STATEMENT for the ear ended 31 Au ust 2020 CASH FLOW STATEMENT NDles 2020 2019 Net cash inflowl loutllow) from oper8tlng activities 24 270.357 1192.289) Cash flc)ws from Investing activities.. Divldgnds recelved Payments to acquir9 Iix8d assets Payments to acquire investments 262,517 79,143} 121.6011 257,081 1332,799) 136,0001 Net cash inflow Iloulllowl from investing activities 161 773 111,718 Financing.. Loans receN8d 500.000 N8t cash inllow from firiancing aolivilies soo 000 IncTeasel(de¢r0ase) in cash 932,130 1304,0071 Cash and cash bèginnlnu of the reporting period 587.754 891,164 Cash and cash end of the reportlng perlod Cash al bank and on hand Inves(ments 1,$09,826 1 Ll,056 1,519,882 582,367 5,387 587,754 Page 18

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for Ihe ear ended 31 Au ust 2020 1 ACCOUNTING POLICIES The Yehudl MenLihin School LlmSted is a chaTilablé company limited by guarantee with registèred numbeT 00818389, registered in England and Wales. Its reglslered office Ss MIIIReld. Cobham Road, Stoke D'Abernon, Cobham. Surrey, KT11 3QQ. BASIS OF PREPARATION The financial slalements have bèen prepared In ac¢ordanc& with the Financial Reporting Standard applicablè in the UK and R6public of Ireland IFRS 1021. The School and Its SLSbsidiaries are a public benefit entlty for the purposes of FRS 102 and therefore tho Sohotsl also prepared ts linancial slalemènis in accordance with the Slal8mènt of Recommendad Pracllce applicable to charities preparing thelr accounfs In aecordance with the Financial RppDrting Standard applicable in the UK and R9publie of Ireland (The FRS 102 Charities SORPI, the Companies Act 2006 and the Charlties Act 2011. Thè financial statements are prepared in slgrllng, which is thé functional currency of the Schwl. Monètary amounts in these financial slalemenls are rounded Ic> tho nearest pound. The school has two wholly owned subsidiaries, YMS Enterprlses and YMS Chlna Limited. The school has taken advantage oif th6 oxemptlons provided by section 405 01 the Companies A¢1 2006 and has not prepared group flnancial slalemenls as tlie subsidiary undertakings arg consideted to be not m8tèrial to the group.. therefore the financial statements present information about the individual charilable company and not of its group. The results of YMS Enlerprises and YMS China Limited and the nel assgls pgsltlon at the balancé sheet date are $81 out in note 23. Thèsè financial statements are prepared ot) the going con¢em basls, unijer the historical CDSI convonlion as modified by thè revaluation of Investm&nls and in a¢cordance with the Companies Act 2006 and applicab18 accounllng standards in the Unltsd Klngdom. Thg princlpal accounting poliGlgS, which have been applied consislenlly throughout the year, are sel out below. bl GOING CONCERN The Governors have assèssed whether the use of the going concern basis is approprfate and have con51dered possible evgNls or conditions that might cast significant doubl on thè ability of the Sohool to continue as a going concern. Thg Governors have made this assessmgDI for a period of atloasl one year from the date of approval of the rinancial slal8ments. In particulsr th& Govemor8 have considered the S¢hc>ols' forecasts and projections and have taken account of prEssures on incom6, particularly in the Ilght of the imp8¢t of the COVID-19 pandémic. Aller making 6nquiries the Governors have ￿nCluded that theTe is a reasonable èxpe¢talion that the School has adequalg resources to continue In operational existence for th8 foreseeable future. Tho S¢hool Iherefor8 ¢tkntlnLJes to adopt tho going concern basis In preparing ils financial slalemenls. FEES RECEIVABLE AND SIMILAR INCOME Fees tÈcèivable comprise lulllon fees pald by parents, grants towards fees from the Departrnent foT Education through the Music and Dance Scheme and the pargnlal contributions. d} GOVERNMENT GRANTS RECEIVABLE Government grants received in respect of puplls. fÉès and other grants are included wllhln income in the y8ar lo which they r81atè. BURSARY FUNDS The School r6eeives som& ol ils Sncome prlmarlly lor the provision ol scholarshlps, bursa¥les and priz8s. These amounts aff held within restricted funds. DONATIONS AND LEGACIES Donations raeeivable for the general Fiurpose of the Cha¥ity ar8 credited to 'unreslri¢ted funds,. Donatlons for purposes rastricted by the wshes of the donor aro tsken to 'resliiclÉd funds, where Ihesfj wishes arelggally binding on the gov6rnors. Donations reqijired to be relalnod as capltal in accordance with the donorfs wlshes aye acwunted Legacies ar8 r8eognised when there Is adequate certainty and reliability of receipt and Ihelr valu? can be accuratèly measured. Page 19

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2020 gl RESOURCES EXPENDED Expendilura Is classified utbder the two principal categories of Raising Funds and Charitable Aclivit16s rather (han the type of expense, in order to provide more useful information lo ustsrs of the Ilnancial slalemenls. xpenoiture on tr<aising ￿￿n￿S Inciuaes the cosis InGurre(s In g8neraiing voluntary Income, lor example, aonaiions and lègacies. Charilabla Activities comprise direct expen(5iluré including dirocl st8ff cosis allrlbutablo lo the activity. Where Gosls cannot ba dlréclly attributed, they have been allocated lo activities on a basis conslstenl with use of the resources. Governance costs include the Costs now being apportioned lo charitable activitiès Incurred for compllance with ￿nStItUtIonal and slalutory requirements. h) VALUE ADDED TAX The School Is not reglslered for Valtje AddÉd Tax. All gxpendilure is Iher6forè included under the trxpensè hèadings to which il relates inclusive of any Value Added Tax. TAXATION The Schotsl is a registered Charity and is exempt from taxation on income arfsing from and expended on ils charitablè activilies. PENSION COSTS The School conlribules io tho Tgachers, Penslon Defined Benefits Scheme at rale8 sel by the Scheme Actuary and advised to the Board by the Schemè Adminislrator. The scheme is a multi employer pension scheme and It is not possiblè ta identify thB ass918 and liabilillès of the scheme which are attrlbulable to the School. In accordance with FRS102, thergloTe. the scheme is accountad for as a defined ¢onlribution scheme. All non-leaching staff are entitled lo loin a group parsonal pension sch6me. The currenl scheme for the purpose of auto enrolment Is The Peoples Ponsion a monay pur¢hase scheme. k) TANGIBLE FIXED ASSETS AND DEPRECIATION Freehtsld buildings are e2rried in the balan¢& sheet al their cost less depreciation ss the GovernDrs consider it Is fttsl appropriate lo apply a current value lo such property. The ¢osl of new buildings is added lo lixod assets as 11 is incurred. Only purchasas of assets over £5,000 are included a3 lixgd assets. String instruments are recognised In the accounis al &ilh8r their origln81 cost where this Information is known, al an eslimaled valuation in 2002 whèr8 they were donated prior to 2002, or al an &stim8ted valualion al the date of donation11 this is after 2002. Slritw instruments are not depreciated Xs the quality of Ihe Instruments hèld is such that thelr likely useful lifo is irk exc6ss of SO years. Depreciation Is providèd on Ihg cost or valuation of assèts, over the estlmaled useful life of the assets. The r8t85 of depreclation are as follows.. Assets under construction Freehold Buildings Furniturè Equlpmenl Motor Vehicles Inslrum@nls- Pianos and Keyb02rds IT Software Assets held undor finance Ipase 2QA on cost 25°k on cost 25 /0 reduclng balance over ten yèars over threè yèars over the tèrrn ol the lease Land Is not depreclaled and freehold bulldings are only depre¢laled once brought into use. Page 20

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2020 EMPLOYEE BENEFITS The costs gf short-term employee benefits are r&¢ognised as a liability and an expensè. Termination beneflls are recognised iEnmedialely as an expensE when the Charfly is demonstrably commSlted lo terminate the Bmploymenl of 8n employ8@ or lo provid6 termination ben6fits. ml INVESTMENTS Investments are included in the financial slalomenls al falr value, with any surplus or deficit on revaluation belng shown as unrealised g2ins or lossos on the lace ol the Slalemenl of Financial Activities. Investment property is Included in the flnan¢ial slalem8nts al fair value, wilh any surplus or deficit on r6valuation Included as an unrealised gain or loss. n) STOCKS Stocks are valued at the lower of Cost and nel realisablè value al the balanoè sheet date. o) TRANSLATION OF FOREIGN CURRENCIES Transactions in forelgn currències are converted into sterling al the rates ruling on the dales of the transactions. Assets and liabililios at the y8ar end which ar8 denominated In foreign currency art3 Iianslaled al the rates rullng al the balance sheet date. pl LEASES Rentals payable under operatlng l@a5es are Charged lo the Slal8menl of FlnancSal A¢lNltlas as incurred. ql FUNDS Permananl Endowm2nl - These are fund5 where th8 Governors are required lo hold capital, as represented by the inveslmenls. and are not enlltlèd to spend il. Income arising from these funds is included wlthln reslrictod funds irk accordan￿ with the donors, wlshas. Expendable Endowmènl- These are capil81 funds wher8 Iha Governors are enli118d lo disburse the capital as well as incotllg ¢irlsing from the invested funds. Restricted these are monies which have 18gal reslrlclions on thèir us8 whore donors have specifigd the funds can only be spent on certain of the School's activities. Unrestricted General funds are av8112ble for use at the dlscretion of th9 Governors In furtheran¢e of the School's general objecllves. Deslgnated fundg are set aside out of genèral funds by the Governors, fDr parbcular purpose5. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDCEMENT In preparing flnancial sla18m8nts il is necessary to make certain judgements, ostimales and assumptions that affact the amounts ieoognised in the financial slatements. The following judgements and eslirnate are considered by the Govéinors to have the most significant effect on amounts recognisèd in the fin¥nGlal slalem6nts. l. Instrumènt valuatlon String inslrumÉnts are included in thè accounts al orlginal cost or an estimatad val¥Je if donated prlor to 20L)2 or an gstimaled valu6 at date ol donation after 2002. Thè values are sensitiv9 to the condition of th8 Instrumgnl and fjxlernal mark8t factors. 11. Depreciatlon The annual depreciation oharge lor property, plant and equipment Is senslllvo lo changg in useful economlc life And resldual values of assets. Thase are reassessed annually. iii. Valuatlon of investment Tho value of illvèstmenls rgllects the movement of thÈ stock and other markets and can therefore decrease as well as increase. Thè value of the investment property is dependent on factors affecting house prices in the Unrfted Kingdom, local market Iluctuallons and the impact ol thè CoronaviTUS pandemic. Page 21

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS forlhe ear ended 31 Au ust 2020 FINANCIAL INSTRUMENTS l. Cash and cash equivalents Cash and cash equivalents include cash al banks and in hand and short term d8posils wth 8 malurlly dalo of three months or16ss. 11. Baslc flnanclal InstrumÈnts The charily only holds basic Ilnancial instrumsnls as dtrfined by FRS 102. Basic financlal Instrumanls are initially recognised al transaction value and subs4uonlly m6asured al their seltlèmenl value wlth the èxception of bank loans whioh are subsequently measured 8t amortised cost using th9 ellecliva interest m¢lhod. Z FEE INCOME The School's acti¥41ies are carri8d out wlthin the UK. rhe school's fea income comprised.. Gross fees Less.. Covid fea rebates Less.. Scholarshlp5 and bursarlès 2020 2C119 3,712,177 148,2181 {59Y,9791 3,666.550 1714,8241 3,065,980 3 OTHER INCOME 2,951.726 2020 2019 Trading Income- Unrestrioled funds 90.869 231,776 90,869 231,776 4 INVESTMENT INCOME 2020 2019 Unrestrlcted funds Interest re¢eived Dividend incomè Restrlcted funds Interest received Dividend Income 896 174,230 2.073 170,830 87.391 84,180 262.517 257.083 5 DONATIONS. GRANTS AND LEGACIES 2020 2019 UnreslrictÈd funds Reslrict6d funds Endow8d funds 538,526 1,483,865 10,000 745.508 488.830 10,000 2,032,391 1,244,338 Included within resIrlct￿ funds is £104.461 12019.. £nill relating lo govarnrnenl grants ft)r furlough payments. Page 22

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS forthe ear ended 31 Au ust 2020 6 EXPENDITURE lal CoBts of Ralslng Funds staff coslg (note 71 Total 2020 othar Depreciation Dir8ct fundraising costs Direct Irading exppnditure costs Other expenditure 173,475 111,802 35,121 81,261 4.638 208,596 193.063 4.638 Total Costs of Raising Funds 285.277 121,020 406.297 Charitable expendlture Staff costs {notè 71 Total 2020 Oth6¥ DepTecialion Teaching Welfare Premises and Est8t8s Adminislralion Govern8n¢e 1,852.340 302,818 118,501 426,971 77,528 126,573 353,718 361,858 21,397 67,853 1.525 409.724 1,997.721 430,916 881,943 788,829 21,397 Total Charitable Expendlture 2,700,630 941,074 479,102 4 120,806 Total Expended 2,985,907 1.062,094 479,102 4 527,103 2019 Costs of Ralslng Funds Staff costs (note 71 Total 2019 Other Dèpreaatlon Dirèct fundraising costs Direct trading expenditure Costs 144,856 84,010 37,504 103.173 182,360 187.183 Total Costs of Ralslng Funds 228,866 14CI,677 369,543 Charitable exp6ndltLEre Staff costs Inole 71 Total 2D19 Other Dèpreciatlon Teaching Welfarè Premisès and Eslales Adminlslralion Finance GoveTnan¢& 1.882,229 212,272 76,965 361.968 234,241 206.265 S58.540 628.621 54.447 42.425 67,853 1.525 399.627 2.184,323 420,062 1,035,132 990,589 54,447 42,425 Total Charitabl• Expendlturè 2,533,434 1,724.539 469,005 4,726,978 Total Expended 2,762,300 1.885,216 469.005 5,096.521 P8ge 23

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2020 Ibl Othèr Govemance Cost5 includè.. 2020 2019 Auditors. remunerallon Audit Fees 21,397 18.500 7 STAFF COSTS 2020 2019 Wages and salariès Social securily costs Other penslon costs Sell-employed and agency slaff 1,982,221 212,948 336,391 454,347 1,855.380 173.239 247,956 485,725 2 985 907 2 762 300 Tha av8rage monthly number of employegs during Éhe year was as follows.. 2020 No. 21 28 2019 Tèaching Non-leachino stsll 22 22 49 44 Thè number of employees £60,000 in the year was as follows.. 2020 No. 2019 No. £60,000- £70.000 £70,001- £80.000 £160,001- £170,000 Penslon contributions for the year amounted lo £34,65412019.. £33,398) for the above emplc>ye68. 8 GOVERNORS REMUNERATION AND BENEFITS No Governors received renum6rallon for the year ended 31 August 2020 nor for tho year ended 31 August 2019. No Govèrnor12019.. foo govenorl was reimburs8d travel exponses lolalling £nil12019.' £nill. Trustees. Indemnity insur8nce cost £14012019.. £1401. Donations were also received from 13 Governors during th6 year totalling 920,015 12019- £54,402 from 9 Governors). Key management peisonnel include the Gov6nors (who are not romunerated) and the Leadershlp team. The total remunOr¥l￿n including pension contributions, èmploygrs National Insurance 8nd benefits tolalled £606,92112019- £595,842}. Page 24

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2020 9 PENSIONS Th6 School participates In the Teachers, Pension Scheme I'lhe TPS'I for ils lea¢hing staff. The penslon charge for thè y&ar includes contributions payable to the TPS of £206,34612019'. £147,463> and at the year end £C>12019.' £01 was acorltèd in ¥especl of Gontribulions lo this scheme. Th8 TPS is an unlunded mul1i-emplo￿r defined benefits penslon scheme gov8rned by The Tea¢hèrs' Pensions R8gulalions 2010 las amended) and Th6 Teachers. Pension Scheme Regulations 2014 las arllendèdl. Members contribule on a'pay as you go" basis wlth contributions from members and the employer being creditèd to the Exch8qu6r. Retirement and other pension benefils are paid by publlc funds providod by Pdrliamgnl. The employer conliibutlon rate is sel by Ihe Secretary of State followng scheme valuatlons undertaken by the Gtsvomment Acluatys Départment. The tnOs1 recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation R8POrt. which was published in Mar¢h 2019, confirmed Ihal the employer contribution rate lor the TPS would Increase from 16.40h to 23.6tsA from 1 September 2019. Employers are al80 requlred lo pay a scheme adminislralion levy ol 0.08D/o giving a lolal emplo>￿[ oontrlbutlon rale of 23.68°1¢. The 31 March 2016 Valuation Repc>rt was prepared in a¢oord8nce Mfjlh the bonefils set out in the sch¢me regulations and under the approach specified in Ihe Direullons, as they èpplied at 5 March 2019. However, th8 assumptions weTe considered and set by tho Department lor Education prior to the ruling in the'McCloudlSargeant case.. Thls case has required tho courts lo consider cases regarding IhB implementation of the 2015 reforms lo Public Servi¢a Ponslons including the T&achers' Penslons. On 27 June 2Q19 the Supreme Court d8nSèd the government p8tmSsslon to appeal the Court of Appeal's ludgrnenl that Iranslfjonal provisions Intrc>duced to the rèformed pension schemes in 2015 g8vé rise to unlawful age discriminatlon. The govemment is respeGling the Court's d8￿SiOn and has said il wlll angage fully with the Employment Tribunal as well as employer and member represenlal(ves to agree how the discriminations will b6 remediod. A Consultation wa5 launched by thé government on 16 July 2020. and closéd to responses on 11 October 2020. ThB TPS is subject to a cost cap mochanism which was pul In place lo protect tsxpayers against unforeseen changès in scheme costs. Thè Chief Secretary to the Treasury, having In 2018 announcad Ihat there would be a review ol this cost oap mechanism, In January 2019 announced a pause lo the cost cap meohanlsm following the Court ofAppeo1'g ruling in the Mccloudlsargeant case and untll there is cèrtainty aboul the valu8 of pensions lo employees from April 2015 onwards. The paugè was lifted in July 2020 and the govornmenl is prgparlng to comp18tg th8 c051 conlrol element ol the 2016 valuations. which is expected lo be compl&l¢d In 2021. In view ol thè above rullngs and decisions tha assumptions used in th6 31 March 2C116 Actuarial Valuation may become inappropriate. In this scenario, a valuation pr&pared in ac¢ordance with revised benefits and suitably revised assL¢mptions would weld dillgrenl results than those contained in thè Acluarial Valu81ion. Until the consu51allon and the cost cap mechanism review are completed it Is not posslbl& to concludè on any financlal lrnpacl or future ¢hang&s lo tha contribution iales of the TPS. Accordingly no provision for any additional past ben6flt pension Cosls Is includgd in these financial slalembnts. The People's Penslon The company operÈt6s a definod ¢ontribulion tEnsion scheme for all quallfylng ernploy6és. The assels of Iho s¢heme are hold separately from Iht>se of the company in an independgntly administerpd fund. The charge lo th8 slalèmenl of financial a¢tSvitles in respect of the defined contribution schemg was £13D,04512019: £100,493). Pag6 25

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au usl 2020 10 NET INCOME FOR THE YEAR 2020 2019 Net income 18 Staled after charging= Deprgciatlon of tangible flxèd assets 479 103 467,481 11 TANGIBLE FIXED ASSETS Fixtures Furnlture and Academic Equipment Fr99hold Muslcal Property Instruments Motor Vehicles Fittlngs Total Cost.. Al 1 September 2019 Addiutsns Dlsposals 15,367.389 2,003,418 17,500 327,865 7,104 848,398 54,539 45.950 18.593,020 79,143 118.0291 {18.0291 Al 31 Augusl 2020 15,367,389 2,020,918 334,969 902,g37 27.921 18,654.134 Depreciation: Al 1 September 2019 Charge for year Disposals 3.118,351 302,563 641,428 67,853 108.854 66,994 808,412 40.168 42,900 1,525 118,0291 4,719,945 479,103 118,0291 At 31 August 2020 3,420,914 709.281 175,848 848,580 26,396 5 181,019 Ngt book value.. Al 31 August 2020 11.946,475 1,311,637 159,121 54,357 1,525 13,473,115 Al 1 Soplember 2019 12,249.Q38 1,361,991 219011 39,986 3.050 13.873.076 Page 26

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2020 12 INVESTMENTS Inveslmenl Listed Properly Investments 2020 2019 Vsl(J2tion Al 1 Septetllbèr 2019 Additions Disposals Gains/lLossesl arising from movements In valuatlons 350,000 7.982,145 21,601 8,332,145 21,601 8.035,213 36,000 72.854 378,372 451,226 256,262 Valuation Al 31 August 2020 422 854 8382 118 8 804 972 8 327 475 Hisloric co81 at 31 AugLisI 2020 5,547,623 5,547,623 5.526.023 UK eqult16S Prop9rty Cash 8.372.062 8,372.062 422.854 10,056 7,972,088 350.000 5,387 422.854 10,056 422,854 8382118 8 804.972 8 327 475 Investment properties wera valued as al 31 August 2020 on the basis of market value. This is the Governors, b8St estimate of the markel value. 13 STOCK 2020 2019 General Stock 3,685 14 DEBTORS 2020 2019 Fee debtors other debtors Prep8ymEnts and accruèd inc0rn8 Amount due from subsldlaries 118.527 9.867 885,911 114,318 107,909 138.594 36.523 1,128 623 283 026 In¢luded in Prepaymonls and accruad income in 2020 Is £737,500 of accrued legaoie$12019- £nill. In additlon lo legacles received and accrued in thé year, the charity is a residual benèficiary of s8veToI legèeies. Th8 estimated value is in the reglon ol £900,000. Thls has not been included in the Flnancial Stal8menls ¥s11 cannot be moa5ured reliably. Page 27

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2020 15 CREDITORS Amount5 falling due within one year= 2020 2019 Loans Trade creditors Taxation and social security costs Fee D6posIIs Deferred Incomè and Foos in advance Olhor ¢redilors A¢¢¥uals 8.333 160,65B 52.679 52,708 139,710 30,946 112,956 86,800 $0.559 57,520 131,113 37,107 211,278 557 990 574 377 Deleried income.. 2020 2019 Deferred fge income at 1 S6plernber 2019 Fees released lo th8 Income slatemgnl Deferred feg incorne Ic>r Autumn Term 2020 Deferred income ticket s8lÈs Deferred income dDnaÉ8d 131,113 1131,1131 109.710 179,044 1179,0441 83,139 47,974 Deferred fè8 In¢om8 al 31 August 2Q20 139,710 131.113 16 CREDITORS DUE AFTER ONE YEAR 2020 2019 Amounts lalllng dua aftèr more than one year.. Bank loan 491,667 491,667 2020 2019 Movement Dn loans In one year or l&ss Between one and two years Between Iwo and fr￿e years After five y6ars 8,333 100,000 300,000 91,667 500,000 The bank loan provided by Ihe Charity by Lloyds Bank PIC is secured by first legal charge over the freehold land & building al Millièld Lodge. The loan is a CBIL for £500.000 wtth a slx year tarm with an Snteresl rale of 1.41°A whlch Is paid by the govérnmgnl in the first year. Page 28

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for Ihe earended 31 Au USI 2020 17 STATEMENT OF FUNDS 2020 A11 SBplember 2019 Transfer Betwèen Funds Gainsl Ilossesl At 31 August 2020 In￿m9 Expendilure Unreslri¢ted funds.. General resetv 433,191 3,870,501 13,913.2761 594,003 72.848 1,057,267 Deslgnated fund.. White House Art Fund W8llaee Curzon D8slgnated Bursary Fund 776 5.000 100,280 1776} 14501 4.550 53,374 14T,175} 269 Total designated 106,056 145DI 147,9511 269 57,924 Flxed A8S&t Funds 13,873,077 {479,1031 79,143 13,473,117 Restricted funds.. Btsrsary Funds Other Reslrlctèd Funds 7QO,976 142,801 1,165,672 405,584 1544,1851 181,0101 1,322,463 333,101 (134.2741 Total restriGled 843,777 1.571,256 {134,2741 1625,1951 1.655,564 Endowment funds,. Permanent Endowmants Expendable Endowments 1,898,309 5,340,277 10.000 126,234 251,872 2,034,543 5,592,149 Totsl endowment 7,238,586 10,000 378.106 7,626,692 Total funds 22 494 687 5 451 757 4 527 103 451223 23 870 564 Page 29

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2020 17 STATEMENT OF FUNDS ICONTINUEDI 2019 Transfèr Betwèèn Funds Sèptember 2018 Gainsl Ilossesl At 31 August 2019 Income Expendlture Unrestricted funds.. General r8serve DesSonated fund.. White Hous8 Art Fund W8118ce Curzon Thè Instrument Fund D6slgnated Bursary Fund Student Aid 360,341 3,999,453 15,014,453) 1.087,850 433,191 776 2,500 220,000 776 5,000 2,500 1220,0001 99,960 320 100.280 44.171 144,171) Total deslgnatèd 267,447 102,460 {264.1711 320 106,056 Flxèd Asset Funds 14,009,283 1136,2061 13.873,077 R&strlcted funds: Bursary Funds other Reslrtctad Funds 911,843 128,465 5C13.957 89.053 1714,824} 27,351 700,976 142,801 182,0681 Total restricted 1,040,308 573,010 182,0681 1687,4731 843.777 Endowment funds.. Permansnlly Endowments Expendable Endowments 1,802,780 5,169,864 10,000 85,529 170.413 1,898,309 5,340,277 Total endowment 6,972,644 10,000 255,942 7,238.586 Total funds 22,650,023 4.684,923 15,096,521) 256,262 22,494,687 DoslgnatÈd Funds.. White House Art Fun(S'. This includes monies eaTmarked by the GDvBrnors for buwng works of Art foT displawng In the While Housè. Wallace Curson.. Thèse funds are usually glvèn lo students in their final year whon they leave the S¢hool. Deslgnalecl Bursary Fund.. This rèpresents legacy incorng received. This is to ba uged for bursaries as and when the need 8ri89S. Fixed asset Funds.. The fixed assel funds rapresgrils money held Sn tangible fixed assets used by Ihg School. Restrlct8d Funds: Reslricled Bursary Funds.. These lunds aris9 from legacies, grants and donations made for the specific purpose of providing bursaries lo students.. the recipients and amounts of bursarles are determined by the Head and Governors. other Restricted Funds.. These funds arise from grants and donations rnade for specific purposes other than bursarios. Transfer of Funds., The Iransler ol funds from rgslricled Bursary Funds to the unreslricled Gènoral Reserve represents thè bursaries provided lo the students In the year. Transf8r of funds from oth9f roslricted funds to unrestrictèd gèneral reserve represents amount spent on speclflc t8slrioled funds In prgvlous years now allocaled correctly against the relevant reslrScled fund. Page 30

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au usl 2020 Endowment Funds: Pèrmanent Endowment Funds ar& those where Govemors are required lo hold thè capital and are not enlilled lo convert it lo income. Income aiising Irorn IhBse funds is included within reslrietèd funds and is spent in line with the wlsh6s of the donor. Expendable Endowment Funds arp those where Ihe Governors have thè power to convert the fund lo parl thereof lo income. 18 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2020 Unrèslricted Restrleted Permanent Expèndable funds Funds Endowment Endowment 2020 Total Tangiblè fixad 8ss&Is Inveslm8nts Net Current Assets Long term liabilities 13,473,115 553,317 1,053,543 1491,6671 13.473,115 8.804,972 2,084,144 1491,6671 624.963 1,030,601 2.034,543 5,592,149 Total nel assels 14 588 308 1,655.564 2 034 543 5 592.149 23 870 564 2019 Unrestrlcted Restrlcted Permanent Expendable funds Funds Endowment Endowment 2019 Total Tangible flxed assets Investments Net Curtsnt Assgls 13,873.D76 387.913 151,335 13.873,076 8.327,475 294,136 700,976 142,801 1,898,309 5,340.277 Total net assets 14412 324 843 777 1898 309 5 340 277 22 494 687 19 COMMITMENTS UNDER OPERATING LEASES Al 31 August 2020, th8 Company had oulslandlng commitments for fuluie mlnimum lease pay7nenls under nori- ¢anGellabl2 operating leases, which fall duÈ as follows.. 2020 2019 Due within one year Due between two and yoars 9,546 10,307 9,546 14,401 23,947 20 RELATED PARTIES DLJring the year, YMS Enterwi5es had transactions tolalling £145.19812019', £189,638) with Ihg School. At 31 August 2020, £39.99212019.' £20,131) owed by YMS Enterprises. Dt5rlng the year. YMS China Limited had Iransa¢llons totalling £147,44412019.' £nill Mlh the School. At 31 August 2020, £74.32612019.' £16.3921 was owed by YMS China Llmit6d. Page 31

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2020 21 SHARE CAPITAL Th9 company does not hava any share capital and Is Ilmlled by guarantee. The Ilabllily of the 14 members is limiled 10 £1.00 each. 22 CAPITAL COMMITMENTS Capltal expendllure contracted at 31 August 2020 amounted lo £144,000 {2019'. £nill. 23 SLtBSIDIARY UNDERTAKINGS YI4iS ENTERPRISES YMS Enterprises (company registration nurnber 06775727.. reglstèr8d address Yehudi Menuhin School, Millfield. Stok8 D'Abernon. Cobham, KT113QQl is a wholly owned subsldlary undgrtaking reglstgred in England and Walès, whleh was incorporated as a ￿MpanY limited by guarantee tsn 17 December 2008. Thg principal aclwilies of the company are to offer public and private concerts. summer schools and associated servSces and general mèrchandising. The lolal nel profit is gifted lo th& School. A summary of Ihe results of the subsldiary is shown b81ow. The lin2nc(al slalernenls of YMS Enterprtses for the year lo 31 August 2020 which are nol cun501idateof with the School's fln¥ncial slalements, showed the ft)Ilowing position.. 31 Auuusl 2020 31 August 2019 BALANCE SHEET Current Assets Cash al bank and in hand Debtors Creditors.. amounts falling due within one year TOTAL NET ASSETS 36,647 12,612 49.259 53.226 22,811 42,240 33,797 RESERVES Profil and10s5 account 33.797 PROFIT AND LOSS ACCOUNT Tu¥nover Operating costs Tl,810 46,319 183,066 117,0 GROSS PROFIT Adtllinislralive expenses Prtsfil in yeai 31,491 13.860 17,631 65,976 32,179 33.797 Rètain8d profil brought forward Amount distributed lo YMS under Gift Aid RETAINED PROFIT 33,797 {51.4281 34.647 134.6471 33,797 Page 32

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the ear ended 31 Au ust 2020 23 SUBSIDIARY UNDERTAKINGS (CONTINUED} YMS CHINA YMS China Limitèd (company registration number 11712861.. registered address Yehudi Menuhln School, Miiifield, Stoke D'Abernon, Cobham, KT11 3QQ) is a wholly owned subsidiary undertaklng regi51ered In England and Walos, whid) was IneorpoTSted as a company limited by guarantee on S December 2018. The prinGipal activities of the mp8ny is lo offer cultural education on the elhos and methodology principles of Yohudi Monuhin in running educational gslablishmenls. The total net profit is gifted to the SEhool. A summary of tho results of the subsidiary is The financial stslemenls of YMS China Limited lor thè yèar to 31 August 2020 which are not consolidated with the School's financial statements, showed the following po%lllon'. 31 August 2020 31 August 2019 BALANCE SHEET Current Assets Cash al bank and in hand Debtors Creditors.. amounts falling due within ona y6ar TOTAL NET ASSETS 335,200 335,200 16,392 16,392 RESERVES Profit and Ioss aCCOLtnl 16.392 PROFIT AND LOSS ACCOUNT Turnovèi Opèratlng costs 250,000 50,000 66,392 GROSS PROFIT Adrninistralive expenses PrDfttt{loss} In year 177,182 100,079 77,103 116,3921 116,392) Retalned Ilossl brought lotward Amounl distributed lo YMS under Gift Aid RETAtNED PROFITIILOSS} If 6,392) 60,711 16.392 Page 33

The Yehudi Menuhin School Limited NOTES TO THE FINANCIAL STATEMENTS for the earended 31 Au ust 2020 24 NOTES TO THE CASHFLOW STATEMENT 2020 2Q19 Re¢c>n¢lllallon of operating result lo nel cash inflow from opetaling activities Nel movement In lunds Gains on inv&stmonts Depr6elatlon Divldsnds and Inler8sI received IncrogsdlDecréasel in oredilors Ilnoreaselloecrease in debtors IlncreasellDecrease in slocks 1,375,877 1451,2231 479,102 1262,5171 124,7201 {845,597 15651 1155,3351 {256,2621 469,005 1257,0831 88,935 181.4651 184 270 357 192289 Analysls of Chang•$ In net debt At1 September 2019 Cashftows Other non- Al 31 August cash chanoes 2020 Cash and cash equlvalents Cash- in hand -inveslmenls 582.367 5.387 587,754 927,459 4,669 g32,128 1.509,826 10.056 1.519.882 Borrowlng5 Debt dus within one year Debt due over one year Total 18,3331 8.333 18,3331 491,667 1.019882 500,000 432.128 587.754 Page 34