Registered number: 02868675
Charity numb¢r: 1034374
DRAKE MUSIC
(A Company Limited by Guarantee)
ATrtNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024

DRAKE MUSIC
Legal & Administrative Details
Chaimlan
J Stodd
Trustees
C de Swiet (resigned 22 January 2024)
J A Bickerton (resigned I l December 2023)
A Gowan-webster (resigned 18 January 2024)
E Salmon
J Stodd
S Kattekop (appointed 13 September 2023)
D Watts (appointed 25 November 2024)
C Wang (appointed 25 November ?024)
Chief executive (Interim)
S Currie, FCCA
Founder
A Drake, FRSA
Company registered number
02868675
Charity registered number
1034374
Registered office
Ricl)mix
35-47 Bethnal Green Road
London
EI 6LA
Independent Examiner
Slmpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London SEI 8 6SS
Bankers
CAF Bank Limited
Kings Hill
West Malling
Kent.
ME194TA
Solicitors
Russell-cooke LLP
2 Putney Hill
London
SW15 6A

DRAKE MUSIC
Contsnts
Trustee's report
Independcnt eKqminers' rep)rt
Accounts comprising.
io
Statement of financia] a¢livities
Balance sheel
12
Slatement of cashflows
13-23
Notes to the accounts

DRAKE MUSIC
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their
report with the fllMicial statements of the charity for the year ended 31 March 2024. The trustees have
adopted the provisions of Accounting and Rewrting by Charities: Statement of Recommended Practice
applicable to charities preparing their accounts in accordance with the FinanciaI Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102).
The charity is a public benefit entity.
OBJEcfIvES AI¥D ACTIVITIES
Drake Music's object is 'the advancement of the education of Disabled people of all ages in the Arts, and
in particular the art of music,.
Our powers are to:
• Provide Disabled people of any age with progression pathTh'ays into music. through the innovative and
imaginative use of technology and other creative ways.
Widen access to music. engendering genuine musical development and increasing the number of
confident Disabled musicians at every level;
Empower Disabled m￿1ClauS and develop their capabilitie5 to pas5 skills on to others, thereby
encouraging equality of participation and collaboration in music-making. between Disabled and non-
Disabled artists.
. Explore. research and develop new ways of working, musi¢-makin& use of iechnology and develop and
share good practice.
Our mission and vision:
Drake Music (DM) are leaders in music, disability and technology. We are a national organisation, making
innovative and imaginative use of technology to remove disabling barriers to music-making. We are
innovators, educators, makers, curators and adv(Kates. We believe everyone has the right to express
themselves creatively through rn￿81¢,
Our vision is a world where Disabled people have the same range of opportunities as non-Disabled people,
and a culture of music-making where Disabled and non-Disabled musicians of all ages participate,
collaborate, create and perform as equals. and where equalily, access and inclusion are the nonn. We put
quality music-making at the heart of everything we do, connecting people locally, nationally and
internationally.
We explore, develop and test different ways of working at the intersection of music, disability and
technology, breaking new ground in ternis of artistic and participatory practice. Our work is underpinned
and shaped by the Social Model of Disability-
Our office is at Rich Mix Cultural Foundation in East London. Our programmes and projects are delivered
across the country by a team of staff and associates, often in partnership with local and regional
organisations. We support a thriving volunteer community of instrument makers, coders and Disabled
musicians in Manchester, Bristol and London.
SUMMARY OF THE ￿41N ACTIVITIES
2023-24 was the f￿st year of Drake Music's three-year core funding agreement. continuing our role &s part
of Arts Council England's (ACE) National Portfolio. The year proved particularly challenging &8 Drake
Music negotiated changes in our executive leadership and our board of trustees. Despite the core fundin&
Drake Music faced an overall contraction in funding income &8 previous multiyear arrangements ended and
subsequent funding bids were of limited success.
Remaining trustees ensured that the charity's obKigations to the Charity Commission to report the serious
governance and leadership challenges we faced and plans to resolve these, including interim executive
leadership arrangements.
The trustees are deeply grateful to Arts Council England for the positive engagement and continuing

DRAKE MUSIC
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
support over this difficult periLXI.
To bring expenditure in line with forecast income, it was necessary to undertake a staffing restructure
including a redundancy consultation. This restructure completed in March 2024.
Despite these major challenges, Drake Music deliver¢d an exciting programme of activities and ended the
year with refreshed and refocused employed workforce, and a renewed commitment to further support and
dev¢lop our tea￿.
In March 2024. the trustees wnfirnied the appointment of a new Interim CEO, from April 2024, who will
lead the charity inio a new chaptcr of innovation and engagement. Sally Currie is an accountant qualified
with th¢ A550ciation of Chartered Certified Accountants and is also a partially deaf multi-instrumentalist
based in Kingston-Upon-Hull. She take5 up her position at Drakc Music after scveral years working in
finance. governance and business management for arts organisations such as Freedom Festival Arts Trust,
Jazz Nort14 The New Adelphi Club CIC and The Old Market. Sh¢ 15 ￿s0 an alumni of Drake Music's
emergent programmes.
The main activities of the charity carried out in 2023124 that gave rise to public benefit were as follows:
Arts & Collaboratio
o Drake Musir Collective Emerging and Resident Artists Programme
Emerging Artists Collaboration in partnership with Irene Taylor Trust
Research & Development
DMLab London and Manchester
Accessible Musical Instrument Collection {AMIC)
o Research project with Bimingham University
Supervision of Phd Student at the Royal Northern College of Music
Learning & Participation
Or¢hlab in partnership with the London Philharmonic Orchestra
Electric Storni Ensemble and Plarfomi projects
Think 22
o Tiny Techies
Future Leaders
o Dada and Young Dada projects
We also continued to dcliver training and consultancy services to other organisations, and continued our
international Work in Japan. a British Council supported collaboration between Drake Music, Tokyo
Symphony Orchestra and young Disabl¢d musicians in Kawasaki.
Public Benefit
In shaping our objectives for th¢ year and planning our activities, the trustees have considered th¢ Charity
Commission's guidance on public bell¢fiL including the guidance on public benefit and fee charging. The
Charity relies on grants and the income from fees and charges to cover its operating costs.
The trustees have r￿leWed the current activities of the charitable company and confmed that they are in
line with its objectives. The trustees a]so confiTm that the organisation's aims and objectives fall within the
"descriptions of purposcs" in the Charities Act 2011 and are recogniscd &s charitable and are carried out
for the public benefit.
ACHIEVEMENTS AIYD PERFORMANC
Strategic Objectives
Our overall direction, practice and programmes are underpinned by the following strategic objectives:
l. Disabled musicians, learners, producers, managers, makers and curators are al the heart of our researc

DRAKE MUSIC
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
artistic, training & participatory practice.
2. Be at the forefront of and lead on artistic, participatory and technological developments and innovation
within our field, sharing our practice nationally and internationally.
3. F￿llitate, champion and advocate for equality, access, authenticity and inclusioffj across the workforce,
our progrdmmcs and practice
4. To be a r¢sili¢nt, sustainabl¢ and flexible business, relevanl and responsive to the communities we serve.
To deliver our strategic objectives. our approach includes partnership-working with a broad range of
individuals and organisations including schools, universities, arts organisalions. local authorities, music
services, software and hardware developers as well as musicians. technologists, composers and artists from
other disciplines. Our aim is to share our knowledge and expertise widcly to advocate for equality and
diversity, and to improve acccss to music-tnaking aLfoss the board.
Over the last year the competitive funding environmcnt has been particularly challcnging for Drake Music.
We saw sevcral large multi-year grants for some of our k¢y projects came to an end, which have proved
difficult to replace.
Despite this we have continued to deliver a range of activities to support Disabled people in music,
including those new to music alongside emerging and professional artists.
Arts and Collaborations
Last year through our Drake Music Collective (DMC) project we worked with 14 Disabled artists
(including our alumni artists) providing them with professional development support and opy>rtunities to
further their creative practice.
Our feedback from the artists we worked with last year was continually positive:
'Being chosen by DMC ￿ an EmergentArtisi has helped me in so many wtrys. Notjust through ihefi4nthng
to support the recording of my debut conceptual EP. bt4t also in giving me a huge Co￿denCe boost to
continue along ihepath lam layingfor myself '
Rivkal4 2023 Emergent Artist 2023
'Disabled musicians can oflen find themselves working in isolation. interacting with an industy thai
doe&n't up￿erstand how to engage with w. DMC hoy provided me wlth an invaluable opporttmlty to
connect with oiher disabled artlNls across ihe cotmtry, to buildcommwiity, and with space and supporl to
develop pny crealrvepractice in a wuy ihat hasfelt indy accessible. '
Daisy Higman. 2023 Resident Artist
Our Drake m￿SiC artist showcase event took place at LSO St Luk¢'s in January. This wa8 attended by 120
music industry profcssionals and the public. providing a great opwrtunity for all of the artists involved.
Th¢ event also provided an opportunity to collabordte with the venue's technical team on how to run an
effective accessible event includlng with live BSL interpretatiory live captioning and audio description.
In advance of the 2024 Brit Awards. a number of our DMC artists and alumni were also announced as this
year's 'M&st¢rcaTd Trailblazers, for 'driviDg positive change in the music industy across teclm01o￿.
diversity and inclusion..
Alongside our DMC programme, another key project continued with the Irene Taylor Trust (ITD who
deliver music projects with prisoners, ex-offenders, and those at risk of offending. We worked closely with
the charity to deliver training in inclusive technology and the social model of Disability for six artists and
rive arts professionals. We also facilitated a conference together exploring Disability and the criminal
justice systsm.

DRAKE MUSIC
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
Research and Developmenl
Our Research and Development work continued to go from strength to strength through our DMLab
programmes running in London and Manchester. We also supported major research projects at Birniingham
University exploring accessible Djing and the Royal Northern College of Music on a project exploring
comp)sition with accessible instruments and scores.
We ran six Dmtab events in London at Rich Mix and Graeae Theatre, reaching 197 attendees (115 in
person, 82 online). including Disabled musicians. makers, and accessible instrument developers. Highlights
included workshops and presentations from Disabled musicians like Andre Louis using Ablcton Note with
screen reader tecl John Kelly with his Kellyc&steT instrumcnt, ￿ Nicola Woodham's textile instruments.
Academics Asha Ward and Jon Pigrem explored accessible music-making, while manufacturers like Digit
Music demonstra*d their CMPSR controller. We also held an online event with pioneering instrument
developer Roger Linn, whose instrnments have featured on countless hit records including Prince,
Madonn4 and Michael Jackson, among many others. He shared an inspiring story of how he made his
Lit]nDrum instrument more accessible after working with Stcvie Wondcr.
We received lots of wsitive feedback from the events. 75Yo of people reported back feeling 'inspired and
more confident to explore different musical tools ond irnstruments., 90¥0 saidthatthey had learnt something
that could help to develop their skills and knowledge in music. 731/10 Stated they 'felt more knowledgeable
of diff¢rent a￿esSIble in8trutnents that are available., 88Yo of people rated the accessibility of the events
as 4 out of 5 or above. Participant feedback included:
'Reallygratefvl to see the diverse range ofmxyici¢7nJ andiechnolo&v thatyou are supporting. So important
to remember thth everyone should1￿¢ access to making mwic. '
In Manchester we held seven DMLab events which also included collaborative events wilh Omnimusic in
Stockport, and a special Expo with the School of Digital Arts at Manchester Metropolitan University. The
Expo showcased the instrument development work from the DMLab NW sessions, while a]so bringing
together a number of major music technology companies including Roland, Focusrite, Ableton, Audio
M￿ellIng, and Softube to talk about accessibility in music technology.
The event w&8 a great success and demonstrated th¢ progress we have made in ensuring that manufacturers
of audio equipment are taking Disabled musicians and considerations for accessibility more seriously. 105
people attended the event online and in-person.
Learnfing and Partieipation
We continued to deliver a range of projects to enable Disabled peopl¢ to engage in music n￿ing
opportunities.
In the South West, our Electric StOTm Ensemble project saw us working with a group of around 10
individuals at a time at St. fvfjchael's Lcollard Cheshire residential rare home. Participants made grcat
creative progress, producing four n¢w songs. and exploring new technology to enhance their musical
experience. A key &8pect of Electric Storni Ensemble is providing training and support for Ca￿ home staff
to manage music making sessions. Unfortunately. Leonard Cheshir¢ announced the sudden closure of St.
mic1￿e1'S in June 2023. Through a new partnership with thc Brandon Trust. who run a number of
residential homes for Disabled adults in Brislol. wc continued to deliver the projcct.
36 PLATFORM music sessions for 15 Disabled adults were also run in partnership with Bristol Beacon.
These took place at Bristol Beacon's music c¢ntrc in Southmead, giving adults with Compl￿ needs the
chance to explore music and creativity using both traditional and non-traditional instrumcnts. The feedback
from everyone that participated including the staff was really positive.
In the North West, the final year of our access research project, Tiny Techies saw 30 Disabled children
aged 4-8 taking part in w¢¢kly music sessions at Newlands School a specialist primary school for children

DRAKE MUSIC
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
with additional educational needs and Disabilities in Rwhdale.
This partnership project delivered with Live M￿81C Now successfully enhanced the Children's creative,
musical, and communication skills. The pmject used the Sounds of Intent framework to assess progress,
and results showed that 57% of children mad¢ significant progress in at least one domai￿ while 23 %
demonstrated good progress.
The young Dada project saw weekly group music sessions for emerging young musicians continued
throughout the year in Liverpool.
In London, our continued partnership with the London Philharn]onic Orchestra on the OrchLab project saw
us running 28 workshops with 19 Disabled adults at Oak View and Bradbury Court residential homes. The
project engages Disabled adults in classical music using accessible lools and newly cre<ited instrurncnts.
This year work began on a new accessible string instnllnent for participants to try out and provide feedback
on.
For our capacity building work, our national Youth Music funded project with music hubs and educatOTS,
'Think 22, came to an end. Learning resources have been developed and translated into a range of
accessible forniats as a legacy of this four-year project. After securing new funding from Youth Music
work began on a new prO￿amMe. 'Future Leaders, which aim5 to support greater representation of
Disabled people in the music education workforce. This is involving young Disabled people inform the
music education system, as well as providing training and development to support the next generation of
music leaders.
Consultancy and Training
We continued to support the education sector by delivering training on inclusive practices to Music
Education Hubs and also direct to educators, in partnership with Sound Connections.
We were invited again to Japan by British Council Japan, who supported an annual collaboration between
Drake Music, Tokyo Symphony Orchestra and young Disabled musicians in Kawasaki.
FINANCIAL REVIEW
The accounts for the year endcd 31 March 2024 show a deficit on restricted funds of £91,264 (2023: surplus
ot £90,496) and a deficit on unrestricted funds of £177.570 (2023: £22,931), resulting in an overall deficit
for the ycar of £268,833 (2023: surplus £67,566). Unrestricted tunds at year end were £134,301 (2023:
£311,870). Restricted funds were £120,891 (2023: £212,155). The charity does not hav¢ any designated
funds.
C&8h decreased to £240,061 (2023.. £477,016).
For the year ended 31 March 2024, total income decreased by over 400/0 to £416,237 (2023: £717,101).
During th¢ same period, totsl expenditure increased to £685,070 (2023: £649,535).
Reserves Policy
Drake Music will ensure that the charity maintains reserves that meets the risks and contingencies as
follows:
To enable basic operating activities to be maintained in the event of funding delays;
To cover any cash flow gaps in the delivery of project funded activity supported by grants paid in
The provision for an orderly winding down of operations in the event of a significant adverse event
that is outside the wntrol of the company.

DRAKE MUSIC
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
Our reserves policy agreed in January 2023 stands at 3 to 6 months operating costs plus projected
r￿Undan¢Y costs. As at 31° March 2024 Drake Music held approximately 5 months operating costs plus
projected redundancy costs. The Board will review this policy on an annual basis.
Gofing Concern
The charity's forecasts and projections for the next twelve months show that the ch￿lty should be able to
continue in operational existence for that period. This also considers available measures to assist in
miligating the impact of reduced income during the year on the charity's reserves. The charity has positive
cash balances and is forecasting for this to continue to be the case. The trustees have &ssessed the financial
risks relating to the Organisatio￿ and remain confident of the company's ability to ¢ontinue as a going
concern.
Principal source8 of funds
DurAng 2023124. Drnke Music's principal funder was Council England.
Drake Music is an Arts Council National Portfolio Organisation (NPO). This funding (secured until March
2027, subject to su¢¢¢ssful extension funding) contributes to the organisation's core costs. Drake Music
was also awarded unrestricted funds from Cayetana Hope Chest and th¢ CAF Keystone fund. Drake Music
received restricted funding from other trusts and foundations including:
Arts & Collaborations- DMC - PRS Foundation and D'oyly Carte Charitable Tn￿t
Learning & Participation - Electric Storni En￿mble and Plarforni - Joyce Fletcher Charitable
TrusL John James Foundation, Quartet Community Foundation
Research & Development- DMLab London- City Bridge T￿￿t
I)rake Music received earned income, primarily from the London Philharnionic Orchestra to
deliver its part of the Orchlab partnership.
Drake Music also continues to receive other individual donation& principally via JustGiving.
Principal Risks
Rlsk Management
The major risks to which the chaTity is exposed, as identified by the trustees, are Teviewed and systems
have been established to mitigate those risks includirlg the maintenance and review of a comprehensive
risk register. The trust¢es ensure that the management of risk is ongoing and embedded in management and
operational procedures.
This process has identified several key risks, which have unfortunately materialised throughout 2023124
end the steps that were taken to mitigate them.
Governance
The departure of several truste¢s, including key roles such as the Chair and Treasurer left Drnke
Music with the minimum number of trustees to operate the charity. The Interim CEO has
recruited two new trustees in October 2024 and the recruitment drive will b¢ ongoing into
2025. Th¢ charity remains Disabled-led.
There was still a high level of staff turnovcr as per previous years leading to severe
vulnerabilities in the leadership and strategic direction of the charity. From January - March
2024 two Interim Executive Leads were appointed to find a solution to both the ongoing
leadership of the organisation and to manage escalating staff Costs. This w&$ resolved by April
2024.
Financial
Drake Music had sufficient reserves to weather the financial challenges during the year, with
5 months reserves remaining in unrestricted funds.

DRAKE MUSIC
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
A prudent budget was prepared for 2024125 which reflects both reduced income generation
and aims to protect the level of unrestricted reserves in that year.
o A flexible reserves policy of holding 3-6 months operating costs plus projected redundancy
costs is in place however the longer term strategy 15 to return to holding 6 month5.
The Interim CEO refreshed the financial reporting to the trustees and principa] funders, and
there is fr¢qu¢nt tnonitoring of budgets. funds and cashflow.
o A business plan is being dcveloped in 2024 which will outline the strategy to rebuild income
and res￿VeS levels on a medium t¢rni basis.
Funder Relationships- Particular attention has been made to managing relationships with the principal
funders of Drake Music by way of:
Keeping them informed on changing developments at the charity in particular updates to the
key risks outlined above as appmpriate
o Ensuring funder reporting deadlines are agreed and adhered to
o Monitoring and agreeing the delivery of funded activities. including reductions in activities
where necessary
Plans for tbe Future
Drake Music, despite the challenges that it h&8 faced over Ihe past few years has a bright futwe. Many of
the staff currently on the payroll have had an association with the charity for many years either as freelancer,
artist or alumni. There is a dedicated community of people supporting Drake Music and the charity
continues to be held in high regard. A new board of Trustees will continue to be recruited with a particular
focus on ensuring that the charity r¢mains Disabled led but is also intersectional and has a broad range of
skills to effectively drive the charity forwards.
Moving forwards provides an opportunity for steering Drake Music back to stability. The work is underway
for the Interim CEO and the team to formulate a strong and cohesive business strategy that clearly
articulates the activities of Drake Music and enables it to advance towards its charitable objectives in new
and exciting ways.
The finances continue to be monitored regularly, and activities reviewed against funding requirements.
Meetings of the Board of Trustees Continue to take place starting with monthly and reducing to every 6
weeks. It is expected for them to return to a quarterly basis in 2025 as the organisation stabilises.
Extra rosource has been div¢rt¢d into fundraising for various el¢ments of the programme. Drake Music
continues to hold relationships with forn]er funders and in some cases have b¢en invited to apply for
funding once the organisalion has stabili%d. The landscape is still challenging however with many bids
being rejected. Alongside this, there is a focus on investigating expenditure and resourc¢ allocatio
ensuring that the charities existing operations are pmviding value for money.
However. we are looking forward to continuing our relationship with our delivery partners and existing
funders and with the appointment of the Interim CEO, tap into networks new to Drake Music.
The challenge will be ensuring that Drake Music can tak¢ advantsge of and invest in the opporthnities to
network and fundraise to sustain the organisation moving forwards. This will also involve opportunities to
diversify Drake Music's incomc portfolio with corporate sponsorship, social investment schemes and new
grant funders.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Drake Music is a registered charity and a Company limited by guarantee. Our governing document is the
Memorandum and Articles of Association, last amended on 10th November 2008.
DM is governed by a Disabled-led board of Trustees, whose members are non<xecutive and unpaid. They

DRAKE MUSIC
TRUSTEES REPORT FOR THE YEAR ENDED 31 MARCH 2024
are directors of the company under the Companies Act and trustees under charity law. The Board of Drake
Music gives strategic and rK)licy direction for the charity. The charity employs a Chief Executive Officer
who is responsible for the day-to-day direction and leads a skilled team of staff and associates.
The board held a total of 8 meetings in the period.
Staff remunerntion
All senior personnel appointments, including setting pay and remuneration. are ratified by the Board of
Trnst¢¢s. Drak¢ Music looks to other Gharitie5 for benchmarking to see what they pay for equal posltions
at ml¢ creation.
Appointment and induction of Tru5tee5
Our aim is to have nine Board membcrs in plac¢. However, we are currently recrniting for new trustees.
TnJst¢¢ posts ar¢ advertised in the usual way, using Drake M￿sIc'S recruitinart guide]ines for diverse
advertisin& 8nd Cncouraging applicants from under-represented groups. New board manbers receive some
governance training & induction. They also receive an induction pack, which includes policie5 relevant to
board members and current best practice documents such as Good Governance: a code for the voluntary
and community sector. We also encourage on-going training for Trustecs such as an introduction to fjnance.
Statement of the Board of Trustees Re$pon$ibilitie5
The members of the Board of Trustees are responsible for preparing the Annual Report and the Financial
Statements in accordance with applicable law and regulations. Company law requires the members of the
Board of Truskes to prepare financial statements for each financial year. Under that law, the members of
the Board of Trustees have elected to prepare the financial statement in accordance with United Kingdom
Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Th¢
financial statements are required by law to give a true and fair view of the state of affairs of the company
and of the surplus or deficit of the company for that period.
In preparing these financial statements the members of the Board of Trustees are required to:.
select suitable accounting policies and apply them consistently
make judgement and estimates that are reasonable and prudent
prepare the fll]ancial stalements on the going concern basis unless it is inappropriate to presume that the
Association will continue its activitics.
The members of the Board of Truslees are responsiblc for the management of the Association's activities
in accordanc¢ wilh its Memorandurn and Articles of Association and thc kceping of proper accounting
records which di5clos¢ with rcasonable accuracy at any time the financial position of the Association, to
enable them to ensure that th¢ fingncial statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of th¢ Association and hence for taking reasonable steps for the
prevention and detection of fraud and other irrcgulariti¢s.
The trustees bave complied with their duty in section 17 of the Charitl¢s Act 2011 to have du¢ r¢gard to
the public benefit guidance published by the Charity Commission.
This report has be¢n prepared in accordance with the small companies regime under the Companies Act
2006.
Signed on behalf of the board of Trustees on 12 December 2024.
Julian Stodd
Chainnan and Tn￿e

INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES
OF DRAKE MUSIC FOR THE YEAR ENDED 31 MARCH 2024
I report to the charity tnL8tees of the company for the year ended 31 March 2024, which are set out on pages
11 to24.
Responsibiithes and b￿lS of report
As the charity's trustses of th¢ Company (and also its directors for the purposes of company law) you are
responsible for the preparation of the accounts in accordance with the requirements of the Companies Act
2006 ('the 2006 Act.).
Having satisfied myself that the accounts of the company arc not required to be audited under Part 16 of
the 2(X)6 Act and are eligible for independent examination, I report in respect of my examination of your
chaTity'S a¢¢ounts &s Carried out under section 145 of the Charities Act 2011 (the '2011 Act,). In carrying
out my examination I have followed the Directions given by the Charity Commission under section
145(5)(b) of the 2011 Act.
Independent uamlner's report
Since the CoMp￿Y'S gross income exceeded £250,000 your examiner must be a m¢mber of a body listed
in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a
member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with
the examination giving me cause to believe..
(l ) accounting records were not kept in respect of the company as requircd by section 386 of the 2006
(2) the accounts do not accord with those accounting records. or
(3) the accounts do not comply with the accounting requirements of swtion 396 of the 2006 Act other
than any requirement that the accounts give a'true and fair, view which is not a ll￿tter considered as
part of an independent examination; or
(4) the accounts have not been prepared in accordance with the methods and principles of the Statement
of Recommended practice for accounting and reporting by ¢hariti¢s applicable to charities preparing
their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic
of Ireland (FRS 102).
I have no concerns and have come across no other matters in conne¢tion with the examination to which
attention should be drawn in this report in order to enable a proper understanding of the accounts to be
reached.
Kate Taylor FCA
For and beha]f of Simpson Wreford LLP, Chartered Accountants
Institute of Chartered Accounts in England and Wales
Wellesley House
Duke of Wellington Avenue
London, SEI 8 6SS
Dated:

DRAKE MUSIC
STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024
Unrestrieted Restricted
Funds
Funds Totsl fimdj Totsl funds
2024
2023
INCOME
Donations and le￿￿S
Charitabk actsvitses
Investment iacome
Other income
TOTAL INCOME
276209
56,718
59,400
335,609
5A718
637,940
77,052
2,109
16.670
356,837
IA670
416237
59,4
717.101
EXPEI¥DrruRE ON:
Raising fimds
Ckwitabk aclivitses
TOTAL LXPEIYDITURE
20211
514.195
534,4(
20211
664,859
685,070
18588
630,947
649,535
150,664
150.664
NET INCOMEI(EXPEIYDrruRE)
(177570)
(91264) (268,833)
67,566
Transfers ￿tween fill
NET MOVEMENT IN FUNDS
(177570)
(91264) {268,833)
67,566
RECONCILJATION OF FUNDS
Total fiM]dq bmught forward
Total hnds Carried forwajd
311.870
134JOI
212,155
120,891
524.IY26
255,193
456,460
524.026
The Statement of Financial Activities includes all gains and losses in the year. All income and expenditure
derive from Continuing activities.
The notes on pages 13 to 23 forn] part of these fmancial statements.
10

DRAKE MUSIC
BALANCE SHEET AS AT 31 MARCH 2024
Notes
2024
2023
Flxed Assets
Tangbk assets
Current Assets
Debtors
Cash at bank and in hand
6,691
A029
31885
240,061
271946
70J
477,016
547J16
Credltors
Atnounts falling withTI aje year
(24.444)
29J19
Net current assets
248501
517997
Totgl net assets
524 026
The Fundj of the Charity
unreStr￿ted Fut
Restricted Fund8
12
134JOI
120.891
255,193
311*70
211155
524,026
For the year ending 31 March 2024 the company was entitled to ex¢mption from audit under section 477
of the Cotnpanies Act 2006 relating to small companies.
The directors acknowledge their responsibiliti¢s for complying with the requirements of the Act with
respect to accounting records and the preparation of financial statements.
The trustees have not required the company to obtain an audit of its financial statements for the year in
question in accordance with section 476
These financial statements have been prepared in accordance with the provisions applicable to companies
subject to th¢ small companies, regime.
The financial statements on pages 10 to 23 were approved by the Trustees on 12 December 2024 and
signed on their behalf by
Julian Stodd
Chairn)an and Trustee
Company Number: 02868675 {EngIand & Wales)
11

DRAKE MUSIC
STATEMENT OF CASHFLOWS
FOR THE YEAR ENDED 31 MARCH 2024
Notes
2024
2023
Cash used in operating activities
Net cash (used ll]ywovKled by q)cratll￿ aCtivA￿S
16
(236,422)
47,579
Cwh fi7)m Anvestlng a¢llvltl¢s
2,109
Purch￿ of tangble fLKed assets
(7.773)
Cash pyovlded byl (used) in investlng activities
(533)
1109
(Decrea8eyincrease n casb and cash equivakn n the year
(236954)
49,688
Cash arnl cash equwaknts at the lx81nnll￿ oFihe year
477￿16
427328
T(rtal cash and cash equlvaknts at the end of the year
240,061
477,016
12

DRAKE MUSIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2024
l. Accounting Policies
l. l Accounting convenlion
The financial statements have been prepared in accordance with Accounting and Reporting by Charities:
Statement of Recommended PractiLe applicable to charities prcparing their accounts in accordance with
the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the
Financial Reporting Standard applicablc in the ljnited Kingdom and Republic of Ireland (FRS 102), the
Charities Act 2011. the Companies Act 2006 and UK Generally Accepted Accounting Practice.
Drake Music meets the dcfinition of a public benefit entity under FRS 102. Assets and liabiliti¢s arc initially
recognised at historical cost or transaction valu¢ unlcss otherwis¢ stated in the relevant accounting policy
note5. The Trustees consider there are no material uncertainties about the Charity's ability to wntinuc as a
going concern.
1.2 Charity infonnalion
Drake Music is a register¢d charity, registration number 1034374 and in consequence is exempt from
taxation on income arising from and expended on its charitable aclivilies.
The charity is a company lirnited by guarantee, incorporated in England and Wales. The regislered office
is Richniix, 35-47 Bethnal Green Road, London, El 6LA.
The financial statements are prepared in sterlin& which is the functional currency of the charity. Mone
amounts in these financial statements are rounded to the nearest £.
During the year, the affairs of the Association were managed by the Committee of Management who
constitute Directors for the purposes of the Companies Act 2006. In the event of the charity being wound
UP) the liability in respect of the guarantee is limited to £1 per Trustee of the charity.
The financial statements are prepared under historical cosl convention. The principal accounting policies,
all of which have been applied consistently throughout the year.
J.3 Going Concern
The financial staten]ents have been prepared on a going concern basis.
The trustees assess wh¢ther the use of going concern is appropriate i.e. whether there aT¢ any material
uncertainties related to evcnts or conditions that may cast significant doubt on the ability of the charity to
continue as a going concern. The trustees make this assessment in respect of a period of onc year from the
date of approvaI of the financial statements. In particular, the trustees have considered the charttable
Company's forecasts and projections and have taken account of pressures on fee income in the li￿t of
coronavirus pandemic. The trnstees have concluded that there is a re&sonablc cxpectation that the charitable
company has adequate resources to continue in operational existence for the foreseeable future and for at
least 12 months from the date of approval of these fitw)cial statements. The charitable company therefore
conlinues to adopt the going concern basis in preparing its financial stat¢ments.
FiKedAssels
Individual fixed assetscosting £500 or more are initially recorded at cost, less any subsequent
accumulated depreciation and subsequent accumulated impairnlent losses.
13

DRAKE MUSIC
NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2024
Depreciation apdamorftsation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated
residual value, over their expected useful economic life as follows:
Asset clays
Computer & Officc Equipm¢nt
Project Equipment
Accessible Musical Instrument Collection
Depreciation method rale
three years straight line
tbree years straight line
three years straight line
1.5 Income and epdowments
All income is rccognised oncc the charity has entitlement to the income. it is probable that the income will
be received and the amount of the income receivabl¢ can be M￿sUred reliably.
Donations andlegacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement
date. In the event that a donation is subject to conditions that require a level of perfomance by the charity
before the charity is entitled to the funds, the income is deferred and not recognised until either those
conditions are fully met, or the fulfjlment of those conditions is wholly within the control of the charity
and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are reCO￿lSed when the charity has an entitlement to the funds and any conditions linked to the
grants have been met. Where perforniance conditions are attached to the grant and are yet to be met, the
income is recO￿lsed as a liability and included on the balance sheet as deferred income to be rele&8ed.
Deferred income
Deferred income represents amounts re£eived for future periods and is released to incoming resources in
the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods" or
- The donor has imposed Conditions which must be met before the charity has unconditional entitlement.
Investment income
Dividends are recognised once thc divid¢nd has been declarcd and notification has been received of the
dlvidend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is
probable settlement Ès required and the amount can be measured reliably. All costs are allocated to the
applicable expenditure heading that aggr¢gate similar costs to that category. Where costs cannot be directly
attributed to particular headings they have been allocated on a basis consistent with the use of resources,
with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the
portion of the asset's use. Other support costs are allocated based on the spread of staff costs.
Raisingfvnds
These ate ¢osts incurred in attracting voluntary income, the management of investments and those incurred
in trading activities that raise funds.
14

DRAKE MUSIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2024
Charilable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and
services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those
costs of an indirect nature necessary to support th¢m.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis
consistent with the use of resources, for example, allocating property costs by floor areas, or per capit
staff cosls by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity's Compliance with constitutional and statutory
r4uirements, including audit, strategic management and trustees, meetings and reimbursed expenses.
Governmen¢ grants
Government grants are recognised b&8ed on the accrual model and ar¢ measured at the fair value of the
asset received or receivable. Grants are classified &$ relating either to revenue or to assets. Grants relating
to revenue are recognised in income over the period in which the related costs are recognised. Grants
relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to
an asset is deferred, it is recognised as deferred income.
Debtors and credilors receivable/payable wiihin oneyear
Trade debtors are amounts due from customers for merchandise sold or scrvices perfornled in the ordinary
course of busin¢ss.
TTade debtors are recognised initially at the transaction price. They are subsequently measured at amortised
cost using the effective interest metho(L less provision for impairnient. A provision for the impairnient of
trade debtors is established when there is objective evidence that the charity will not be able to collect all
amounts due according to the original temis of the receivables.
CLuk and cayh equivalents
C&gh and cash equivalents comprise cash on hand and call deposits, and other short-terni highly liquid
investments that are Teadily convertible to a known amount of cash and are subject to an insignifi¢aDt risk
of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been aCqUi￿d in the ordinary course
of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have
an unconditional righL at the end of the reporting period, to defer settlement of the creditor for at least
twelve months after the reporting date. If there is an unconditional right to defer settlement for at least
twelve months after the rewirting date, they are presented as non-currenl liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised
cost using the effective interest method.
2.3 Charitablefunds
Unrestricted income funds are general funds that are available for us¢ at the trustees, discretion in
furtherance of the obje¢tiv¢s of the charity.
15

DRAKE I￿USIc
NOTES TO THE FFNANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2024
Restricted income funds are those donated for use in a particular area or for specific purpose% the use of
which is restricted to that area or purpose.
2.4 Ifzrepurchase andfinance leages
Leases in which substantially all the risks and rcwards of Owne￿ip ar¢ retained by the Icssor are cl&ssified
&s op¢rating le&%es. Renta15 P&tyable under operatin¥ le￿eS are chargeAJ in the Statement of Financial
Activities on a straight linc b&sis over thc lcase tcnn.
2.5 PensiopLY and oiherpost retirement obligations
The charity contributes to defined contribution pcrsonal pcnsion schemes of staff atth¢ rate of 30/0 of annual
salary. The cost of providing pensions for employees is charged to the Statement of FiDancial Activities in
the year in which the contributions are due.
2.6 FinLincial ipAYlruments
Cl¢7ssificalion
Financial assets and financia] liabilities are recognised when the charity becomes a party to the contractual
provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered iTrto. An equity instrument is any contract that evidences a residual interest in the
assets of the charity after deducting all of its liabilities.
Recognition and me￿￿rement
All financial wets and liabilities are initially measured at transaction price (including transaction costs),
except for those financial assets classified as at fair value through profit or loss, which are initially measured
at fair value (which is nornially the transaction price excluding transaction costs). unless the ￿Tangernent
constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset
or financial liability is measured at the present value of the future payments discounted at a market rate of
interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial p051tion Whe￿ and only when
there exists a legally enforccable right to set off the recognised amounts and th¢ charity intends either to
s¢ttle on a net b&sis. or to realise the &%set and scttle the liability simultaneously.
Financial asscts are derecognised whcn and only when a) the contractual rights to th¢ cash flows from the
financial asset expir¢ or Settle￿ b) the charity transfers to another paty substantially all of the risks and
rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all.
significant risks and rewards of ownership, has transfeTred control of th¢ asset to another party.
Financial liabilities a[¢ derecogniKd only when the obligation specified in the contract is discharged,
cancelled or expires.
16

DRAKE MUSIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2024
Critical accounting estimates and judgements
Preparation of the financial statements requires man&￿ement to make judgements, estimates and
&%sumptions about the carrying arnount of assets and liabilities that are not readily apparent from other
Sources. The estimates and associated assumptions arc cascd on historical exp¢ri¢ncc and other factors that
aT¢ considered to be relevant. Actual results my differ from these estimates.
The estimates and underlying assumptions are reviewed on an on-going basis. Revision to accounting
estimates are recognised in the period in which the estimate is revised, if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods.
Judgements
Management have not made any individwal critical accounting judgements that are material to the ch￿lty.
Key sources ofeslipnalion w2cerlainty
Key sources of estimation uncertainty are those which present a significant risk of potential material
adjustments to carrying amounts of &%s¢ts or liabilities within the next financial year. Th¢s¢ are outlined
below:
Tang1blef￿edUsSelS
The annual depreciation charge for prop¢rty, plant and equipment is sensitive to changes in the estimat¢d
useful economic lives and residual values of the assets. The useful economic lives and residual va]ues are
re-assessed annually. They are amended when neccssary to r¢fl¢ct current estimates, based on technological
advancemenL future investments, economic utilisation and the physical condition of the assets. See
accounting policies for the useful economic lives for each class of asset. The carrying amount is £6,691
(2023-£6,029).
17

DRAKE MUSIC
NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2024
3.1 Income frnm donations and legacies
Unrestricled Reshctsd
2024 Total
2023 Tolal
Donation
31,644
31,644
2,846
Grqnt income
Arts Councl Engknd . accessR)k MUSK insirument co]kction
Arts Counca Engknd . NPO
224.565
PRS Fo￿K)n
Access to Work
Edward Gost]ing FOundat￿ll
Cty Br* Tn
A&H Plknlgton
Keyston¢ Fund
Youth Music
Joyce Fletcher Charitabk Trust
Masonic Charitabk Trust
Ragdoll FoundatM)n
The Harold Hyam Win8ate Foundation
Esmee Fairbaim Foundation
Youth Music Catatyser
Natu)nal Lottery Community Fund
Foyle Foundation
D'oyty Carte CT
John James FoundatK)n
Quartet Con]munty Foundation
89.655
197.615
13.400
21,560
8.000
9,000
3,000
224,565
13,400
13,400
27.000
27,000
20.000
20,000
122,960
5,000
19.400
4.000
6,000
50,822
59.850
9,832
15,000
5.000
5.000
4.000
5.000
5.000
59,400
4,000
5.000
5,(KiO
335,609
276,209
637,940
3.2 Income from charitable activities
Unrutrlcted Restricted
2024 Total
2823 Tolal
50,582
1.223
(1,175)
6.088
50,582
56,185
5.000
10,000
5,867
Thll￿2
R¢search and devek)pment
Arts and collaborat*)ns
(1,175)
6.088
56,718
56,718
77.052
18

DRAKE MUSIC
NOTES TO THE FFNANCIAL STATEmE1￿s FOR THE YEAR
ENDED 31 MARCH 2024
4. Income by activity
Arts 4nd P4Trtldpathi R¢Jearch and
ThrRk22
17,400
4,345
1.743
1S.0(Y)
27,000
274.565
333.965
4.345
52.373
23,910
Ean)¢d In¢om¢- Int¢tnational
Earne4 Jncome- UK
50.582
(1,175)
1,223
23.910
23.488
1,223
3(￿.119
416.237
5. Total expenditure
2024 Tirtal 2023 Tolal
5.1 Charitable Ydctivities
Project costs
Direct costs
Premises costs
Pub]icty and promotion
DeFreciatioo amorti8ation and otheT sllnkn costs
Staff costs
s￿pOrt costs
12,739
142,955
43,569
6,562
7,111
327,904
124,019
664,859
23.786
209277
40,838
1,945
11,743
234279
109,079
630,947
Support costs
Stafftraillll￿ and recruitn]ent
Office expenses
Travel and subsistence
Governance costs
Inde￿ndent examination
Ccnsultancy and trainll
Legal and professional fees
Bank charges
5,692
9,558
23,816
32,578
6,381
155
1192
26,625
35,925
220
2,5CK)
30,175
52,084
193
124,019
109,080
19

DRAKE MUSIC
NOTES TO THE F￿ANCIAL STATEMENfs FOR THE YEAR
ENDED 31 MARCH 2024
6. Staff costs
Staff ￿$ts for the year w¢re as follows:
2024
2023
Sa]aries and wages
Redundancy payment
Social Secwity costs
Staff pensKm costs
302.763
198,350
23,937
7.506
4.486
234.279
18.345
6,796
327.904
The avera￿ number of staff empbyed during the year. was as follows:
2024
2023
Charitable activitses
Ther number of employees whose emoluments fell withn] the following bands was:
2024
2023
£60,001- £70,000
7. Tangible Assets
Pmject
Office
Accessible
F4llipment Equipment Instruments
Total
Cost
At l April 2023
Additions
At 31 March 2024
84.254
14.464
34,968
133.686
141459
Depreciation
At l April 2023
Chargr for year
At 31 March 2024
84,254
14,028
29,376
127,658
Net Book Value
At 31 March 2024
At 31 March 2023
20

DRAKE MUSIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2024
8. Debtors
2024
2023
Trade debtors
A¢¢rued income
Other debtors
8,852
13.524
10.509
32.885
l4,729
45,062
10.509
9. Creditors
2024
2023
Trade Creditors
Accruab
Dcfeffed incomc
Other creditors
ial secwity and other tax
12,187
2.400
18,840
4,977
1368
2,847
1287
29319
8,415
10. Taxation status
The charitable company is exempt from corporation tax as all its income is charitable and is applied
for charitable purposes.
11. Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any r¢munerntion from the
charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during
the year.
21

DRAKE MUSIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2024
12. Reconeiliation of funds
As at l April
2023
As4t31
Traasferj March 2024
Restrkt¢dfMnds
Income Erpendllwe
Learnll¥ and training
Research and devebpjknt
Ats and colla1xrdtu￿s
17,611
40829
17.120
30,114
46.631
59850
212,155
15,(KKI
27,(KK)
17.4(K)
(13,454)
(45913)
(34520)
(26,973)
{19,999)
(9,805)
(15Q664)
19,157
21916
3,141
26,632
50,045
120891
Youth Muqic Catatyser
59.4(KJ
GeneralFund$
311,870
356I37
{534,40
134?01
r￿alI￿ndS
524,026
416237
685,070
255,193
13 R￿trIcted funds
The specific purposes for which the funds are to be applied are as follows:
Learning, participation & training - work in this progrdmme received support from the Masonic
Charitable Trust and Ragdoll Foundation.
Research & Development: project receiv¢d support from the City Bridge Trust, National Lottery
Community Fund and the Edward Gostling Foundation.
Arts & Collaborations: National programme support w&s received from the PRS Foundation, A&H
Pilkington, Foyle Foundation, Harold Hyam Wingate Foundation and The Esmee Fairbairn
Foundation.
Think 22 is nationally supported by Youth Music Strat¢gic Fund C.
The Youth Musi¢ Catalyser fund is for the pury)ose of delivering the Future Leaders programme.
14. Operating lease commitments
At 31 March 2024 the company was committed to making the following paym¢nts under non-
cancellable operating leases:
2024
2023
Payments due
16,315
35.893
22

DRAKE MUSIC
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2024
15. Deferred income
Income of £Nil (2023: £1,368) has been deferred to match the period to which the renlal income
belongs:
2023
Rent r¢ceiv¢d - £1,368
Income of £1,368 was released in the current period.
16. Reconciliation of net ineomel(expenditure) to net cash flow from operating activities
2024
2023
Net movements lli fim
(268,833)
67.566
Add back: Deprecydt
7,111
11.743
Deduct: Intsrest show in investing actiVit￿S
(7W)
(2,109)
Decreasel(rKrease) rl debtors
37,415
(14,(
(Dccrea5cyincrease n credtors
(4.875)
(15,614)
(236,422
47,579
23