COMPANY REGISTRATION NUIIJ8ER: 09580141 CHARrrY REGISTRATION NUM8ER: 1164114 Drake Calleja Trust Company Limited by Guarantee Unaudited Financial Statements 31 May 2022 A03 07mV2023 ¢PANIEs HOUSE
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LEAPMAN WEISS Chartered Accountants Building 6, 30 Friern Park London United lQ'ngdom N12 9DA
Drake Calloja Trust Company Limited by Guarantse Financlal Statements Year ended 31 May 2022 Pag• Trustees. annual report (incorparating the directorfs report) Independent examinerfs report to the trustees Statement of financial activities (including incoff* and expenditure account) Statement of finanaal position Notes to the financial statements 10
Drake Calleja Trust Company Llmlted by Guarantse Trugtses, Annual Report (Incorporat5ng the Directofs Roport) Y•ar endod 31 May 2022 Tho trust•e8. who are dso the dire¢torn lor the wrposes of company law. prnsent their repcrfl and Ihe unaudited finan31 statements 0ftr charity for the year ded 31 May 2022. R•f•rnnc• and admlnlstrntlv• d•lal R•gl•t•r•d Gharfty nam• Drake CaNeja Trt Charfty r•ghtrntlon nnbor 1164114 Company r•glstratkn numb•r 09580141 Prfnclpal offic• and rnglstsr•d Building 6 30 Friem Park offic• London N12 9DA Un1j lfjngdom Th• trust• Mr J &P Drake (Seryed from 7 May 2015 to 19 December 2022) (Appointed 1 PAar¢h 2022) (Appointed 7 July 2022) Or A D'Ang04 Mr B Evans Lord Moynihan Indèp•nd•nt •xmln•r Mr Henry J Leapman FCA Structurni gov•manu afbd manag•m•nt The charity is constituted a$ • company limited by guarantee. Ils goveming document is its memorandum and artide$ of a$sociatKJn. trustees are recruited based on their knowWge and expertise and are nominated for appointment by the agre•ment of the exisling truytee$. ObJ•cllv•s •nd acllvlti Th8 atms of the Trust W8.. To provKle $cholarship$ for those w7th exceptional musical talent. parbwl¥ly those from $waUy or ecormICallY disadvantaged backgrounds studying in higher edu¢atson ac¥oss the UK To provide perfomiance typnItIeS and support throughoul tho year for rlarshiP holders. The Tfusl$ actiwties prowde ethJc8tional arml perf0mnCe ¢)pportunities lo excepttonal musicians studying in the UK. These acbvits are p]anned according to the strengths, needs and artistic aspirations of the Trusfs $cIar$ and aim to have a meanin9fv1 impact on the classical music scene and the ider MUCal cujral scene. To deliver a varied and trgh-qUal1ty programme of Performan ar learning activities. the Tnjst aims to collaborate ryth other uganIsatio ¥Athin music and the art8.
Drake Calleja Trust Company Limfted by Guaranteo Trusttts, Annual Report (Incorporatlng the Dlrectofs Report) (cMthu•41 Year ended 31 May 2022 Achlav0m•nts •nd p•rforni•nc• This year we re able lo Win lo retum to nom)a] apleaOn and alI110n procodure$. We opened ¢)ur appIltiOnS ore from January-IAarch 2021. We w¢ked ith our selÈdh)n and shortlisting process from tyjr oTrline applcatvJn5 and made inwtatK)ns to live •Jditlon8 to around 100 musidan8. We hekl live audthons in London and Manchester in May 2021. As we were unable to travel Glasgow. we held a mix of live auditions and onthline auditiong lor those unable to attend in per. We made 25 awards to mCIanS acrossthe county, 21 SeniorScfv)larships and 4 Junlorscholarshlps. to help their skndies for the academic year 2021-22. Our scholar select#M was based on financial needs, achl8vemenl. and arthsttc potenlial. The value of the Trusf$ SCAa¢shIPS has been strongty appreciated by al recipients. There are no restrictions on what students can use the award lor. and our s(thIahps have undoubtedly help•d these young MUSI$. Adlvlllos •nd Ev•nts 2021-22 Due lo the cancellation of al evenls in 2020 and the lack of perfomiance opportLmibes experienced by all our young musicians, put on t1) concerts al The Corinlhia Hotel in the autumn of 2021. The first concert on Friday 8th October wa$ for our 2020-21 Scholars had missed out on perlorming in any concerts for the DCT. The second. on 27th November was for our new ksl of 2021-22 SchOT5. Both conrts were hugely SLttessful and appreuated by audience and perlormern alike. As with all our public perfomances. v hod the corKerts filmed. giving the Scholars vuable recordings ofthemselves perfoming live. 1¢h they are able to Use for their ovm promotional material. They are also all available to vlew on our YouTube Channel. Conlonuing our previous collaborntion, the Trryt teamed up ith Help Mu¥iuans, giv¥ig talks and advke about fvnding and fvnding applicati¢)n#. To9ether ¥ gave presentations to all the music ¢olkges in the UK, offering general advi¢e about making successful appliations. budgets, and audonIng. This 1$ not only useful to young musKians bLrt also false$ awarer&ss of the Trust. lfistead of indThidual talks for each college, this year Help MusKians and the DCT hosted the Zoom sessions. These vmre a¥ailabl• for sludents from any ¢ollege to ggn up to and join. We saw lewer students 01r this year and wll addr different opb"¢)n$ for greater m the lubJr•. Followng our usual cycle. appkatsons for auditrons for the acadeffl year 2022-23 open from January- March 2022. 18th March 2022. Scholars, Concert in the Purtell Room at the Southbank. We finalty managed to perfomi in the Purcell Room, having cancelled ¢on¢erts in 2020 and 2021. We had a good 8udien¢e of Ivited and pawng 9Sts. Our scholar8 prowded interestrKJ. mixed and vaned Fwramme. For a second year. we offered onevlollone mentoriry to all our Seniur Scholars. This gave all the musicians we support a unique opw1unty to explwe and di5CUSS thr artistic devebpmenl and career progression. These individual sessiN prove lo be very PfUl and is not something thal Ihgy afe offered elsevthere durir4J the* slud$.
Drake Calleja Trust Company Limitsd by Guaranteo Tru8tee¥' Annual Report Ilncorporatlng the Dlrectof8 Report) (eon Year ended 31 May 2022 Aehlo¥•m•nts and p•rfonn•n¢• (Mfil Having received applications on4ine. we continued the sebaction process. ueatlng our shortllgt. In May 2022. held S day5 of live aUd'On$ in London and ona day in Manchester. We inviled shortlisted musicians from C8rdilf to aartIon INe in London. Unfortunately, due to the k8t-minule cancellation of tyJrllights. we were una& lo audibon in Glasgjw. so held oTrline auditb)n5 for mu5iuans at the Royal Conseryalon of ScollaThJ as well as any othets vAK tAre unable to atend INe auditions. We invited around 100 to audi1 live. From these auditKns we made rdS to 24 Senior Schola and 4 Junior Scholars. Dwing th• yew. we appointed ne Tntslees. bfing a rallh of kn0vIge and expertyse to the DCT: Btyan Evans M8E- 1st March 2022 Lord Colin Moynihan - 7th July 2022 At the time of lling. Armand D'Angour has retired a$ a Trustee. We Ihank him for his commitment. 5UPP¢)rt arrfl woth for the Trust over Ihe years. RatIon$hIP wlth P•tron The Drake Calleja Trust is hrured to have Joseph Caifeia. the Mallese lenor, as ts Patron. Joseph Calleja is regularly kept infornied of developments by the Head of Scholarships & Artistic Planning. Together they share and discuss ideas and plans related to the TN$f5 8CtNitie5 and scholars. Joseph Calleja is aetNely and )nSisteIty involved in the promotKn of tr Trusl by means of hi$ social media accounts. writing and sharing posts. He assists the Trust in obtaining media coverage, attracling an audience base, and idents"fyiTrJ possib donors. Sm411 company prov151ons This report has l)een prepared li accorfance wilh the provisio applicable to compan5 entitled to the smau companies. exemption. OryanlsAtlonal Dwolown•nt We continue to focLL8 on raising awarenes5 arml Profi of the Tnjst Our website Fs regularly updated, and fft continue our us• of Twitter, Facebook ¥wJ Instsgram to promote our 8¢holars a$ V11 a$ the wrrk V•t do. We also post films of all our Concert performance$ on our YouTube channel. As a resuh. our social media footprint continues to grow in traffic and user engagemenl and we continue to see increased interest and greater awarenes5 of the Trust, resulting in larger number of applints for each r¢AXKI of scholarshps and o)nsi8tsnUy growng audience attendance at our events. We have rogular commilte• m•etiry5 (Tnths, the Head of Scholarships & Artistic Planning and olher individuals acting as a30r$I as wel as one-tO&¢)ne meetirs. to ensure that Ihe day-laY managomenl of Ihe Trust is run as smoothly a5 po$&ble. lo dtscuss current and future plan$. to identify tho need for addrtional areas of dèveknpment arKI to rnise any concems.
Drake Calleja Trust Company Llmlted by Guaranto• Trustees. Annual Report (Incorporating the Directorfs Report) Year ended 31 May 2022 Achlovoms and Porf0nnan[¢tythrn Pay Pollcy The Trustees are responsible for defining Ihe Trusys pay policy and decithng on the salaries of paid Staff. The Drake Cal'a Trust currenlly Its one paKI staff member. ts Head of Schol8r¥hip3 & Artistic Planning. who hires in additional fr8elarKe help as needed. The Trustees evaluate the perfornance of paid staff once a year and decide on any changes. Th TnJstees recognise the importance of a¢¢ounlats'lity and transparency. and Iheir principles are to pay stsff a fair salary and one that is bs Ipetiti've ryihin the music charity sector. From these pr*Kipl8s. the pay policy 1$.. To meet all national pay standards To pay all slaff a INing vage Ensure that pay refiects the Tiusfs obieeti"¥es EnsLKe that Pay feffiects staff perfomian¢e Flnandal r•vi•w Th8 Trust'¥ V•Drk enbrety rnliant on donation5 from berctors. The ccKnp8ny recei¥•d donations of £187,917 during the year ended 31 May 2022 and made grant payments and payments to 5cholar5 of £217.040 during the same period. The chantys funds at 31 May 2022 amounted lo £22.482 which are all unrestrthd funds. Twstees consthr that the 1$ company as a going conGem as there are sufficient funds to meet ongoing expenditure commilments and pa1Thts to holarS ate maintsined at level that can be supported by donatK•ns recei1. Plan¥ for futur• p•riod¥ The Drake Caleia Trt continues to devthp and evolve, placing bt as one of the18adiTr3 W91$atiOnS supporting exceptional mLtsKal talent in the UK Our obiectsves for fthire evolve around performanGe. education and sustsinability and accessibility to our funding. P•¥t and Fuiurn Ev•nts Events from May 2022 to the end irf the ye¥ 2023. May 2022.. Scholarship aud0Th5. Lr4e wjdiiions in Lonojn & M•nth¢ster, oTrlirie assessmènt of shortlisted musioans from Glasgow and those unable to attend live auth"b"on$. June 2022.. New &holarships for 2022-23 AnrnEed October 7th 2022: ScfvJlars' Concert. CinthIa Hotel. Lor#lon. November 19th 2022.. Scholars. Con¢erL Corirtho Hotel, London. January- February 2023: Cdlege fvndin9 tslks (oTrlne & in person) January 30th, 2023". applrations open January 30th. 2023". applKats'ons open March 15th 2023". Stholar5' Conrt Purc&1 Room. LoThJon. May 2023.. SchoLarship auditions. London, Manchestw and Gla June 2023.. New Scholars Announced November 4th 2023.. S¢holar8' ConcerL Corintho Hotel. London
Drake Calleja Trust Company Llmltod by Guarantso Trustees. Annual Report (Incorporatlng the Diroctorfs Report) Yoar ondod 31 May 2022 Th• Drak• YolanDa Award The Drake YolanDa Award Lg a grant founded in 2019 by James JP Orake and YolanDa Brovm. 11 Is allorm for emetging. non-dassical artists to both shovKase their tslent and gain the means for tsking the next steps to launc their career. The grant 1$ intended for supporting their artisb¢ developmert touring, re¢ording n8w music. music wdeos. marketing. braftd1 and purchasing new Oquipmenl. Celebrating the rich and diverse UK music scene, The Drake YolanDa Avmrtt koMa$ applurts ag8d 16- 30 from all genres. rnngirvj from pop to indie. jau to S1, fap. folk and so on. In 2019 with overthree hLmdred applicants. Ihe ten winners oftr grant V•we aarded È3000 each. bmlh the ten remaining $hortli$ted artots CeIng a grant of £500 each towards their projecL The 2020 rd couhj not p ahead dw lo the gknba pandemK and subsequent lockthr4ns. Tl combination of Covjd 19 and BwTt has created signtficant damage to the gig economy for emerging artists. Their inrne has been affected due lo live music venues being closed. the Mmplexilies of tOUTirwJ in Europe post 8xIt and many other complKalions. ft is wilh this reSponslty to Contin swbng emergm9 arbsts. Ihat the Drake YolanDa Award pressed on 1h urgency lor the 2021 avrarf. Over six hUrfed artists applied for th8 avrdrd and il was a challenge for the panel to sekct the ten winners and ten runnef ups. We celebrate again another mind-blowng collective of ecle¢tic tslen( pushing the boundarw within their indmdual genres and ready byilding momentum Wblh their Careers in musk. 2022 sawthe award gfowfrom Strength to Strength, anOthertnty thstg based all auosg the UK and playing the most deli¢i¢)us music supported by the Drake YoLinDa Award. The ten winners of the 2022 award wore selected from over four hundred and fttty entn"e$ by an industy panel including Amy Lame (May¢r of London'$ Nigm Tsar l BBC RadK 6 Presenter). Ben Lev•iS (CEO Young Voices). Joel Borquaye (Senior Editor Spotsfy London), Joe Stilgo• (Singer, Song%wteT, Mu3iuanl and cttaid by YolanDa Brovm. A total Sum ot £35,000 was awarded to ten emergirYJ artists workiig a¢fOSS mu5 genreg ranging from hip hop to funk. folk, county, jau and IThd, recein9 £3,000 each. one runner up rwiving £1000 and a further nne runnws up also rec•iving £500 each. Plans for th• Fulurv Propos•d Dat•s for 2023 Appllcants 1 gt October 2022- Applications Open 4th Septembw 2023- Applicab"on$ Ctose 111h September 2023- Fxe to Face Interv$ 25th Sopl•mber 2023- Atfvmrd Delpnry I Celebration Small company provlslon• This reFQrt has been prep¥ed in aco)rdan¢e vAth the provisions opprKab to companies entiued to the small companies exempb'on.
Draka Calleja Trust Cornpany Limited by Guarantso Trusto•s' Annual Report (Incorporating the Directorfs Report) {conthMdJ Year ended 31 May 2022 The trustees. annual rewt Thas approved on 25 January 2023 and signed cm behaw of the board ol trtIeS by. (, Mr J J-P Drak8 Trustee
Drake Calleja Trust Company Limited by Guarantee Indapend•nt Examinofs Report to the Truste85 of Drake Calloia TnrJt Year ended 31 May 2022 I reportto thetrustees on my examir4tion of the financial stalemerts of Drnke Calleja Tru5t('Ihe charty'l for the year ended 31 May 2022. R•8ponslbllltlM and bash of rnwl Tho trnstees are al direclorn of company lorthe pPose$ of company law are rwiongible lor the pr•paration of finanrAal sLitements. The Inlee9 ¢on$Kler that an audit is not required for this year under seclion 144{2) of the Charits"es Act 2011 {th• 2011 Act) and that an independent examination has been requested by the trustees. l am qualif+ed to undertake the examnation by being a qualified member of Institute of Chartered Accountants in Engnd and Wales. Indopond•nt •xamln•rf •tat•m•nt I have completed my exomination. I confimi that IK) matters haT come to my attention in connection th the examination giwng me cause to belve: accounting rtcords re not kept wi respect of the chty •¥ requyeil by sectN 386 of the 2006 Act: or the finanaal statem•nts do not ac ith r•ecKds: or the financial statements do not comptyith the xcountwvj requr•ments rfsectton 396 ofthe 2006 Act other than any requirement that the a¢¢ount$ gNe a Irue ar¥J farf View Mthi¢h 1$ not a matter considered a$ part of an independenl examination" or the financial statements have not been prepared in a¢¢ordan¢e fjth the methods and principles of the Statement ol Recommended Practice for accounting and pOrting by charity.es applicable to charilies prep•rirvJ their accounts in accordance wth the Flnancial Reporting Standard applicable in the UK and Repubk of Irend IFRS 1021. I have no concems and have come •uoss no othtt mattern in conneclion ith Ihe examlnaiion to vthid) attention should be dravm in this report in.orderlo enable a proper underslarKling of the accounts lo b reached. MTHenryJL apman FCA Ind•yndent Examiner Leapman Wei55 Building 6 30 Friem P*k London N129DA 25 January 2023
Drake Calleja Trust Company Limitod by Guarantse Stat•ment of Financial Actlvities (includlng income and expanditurn account) Year ondgd 31 May 2022 2022 2021 funds Total funds Total fund$ In¢offl• and •ndowmonts Donations and legacies Inve51meni Irne 187.917 62 187.917 62 112.700 265 Tolal In¢om• 187.979 187,979 112,965 EXndItIJfv Expenditure on ¢haritable athitles Totsl •xp•ndltur• 7M 223.522 223,522 223,522 223.522 128.371 128.371 Not •xp•ndltur• and rb•t mov•m•nt In fundB {35.5431 {35.543) 115.406) R•con¢lllatiDn ol funds TO1 fvnds brought forward Tolal fvnd• carrhd lorward 58.025 22,482 58,025 73.431 S8,025 22,482 The statement of financial includes am gans and losses recognised in the ye¥. All income and expendituro dori from continuing acliwtw. Th• nolo• pag•• 10 to 16 fonn part of flnancl•l •14t•mw.
Drake Calleja Trust Company Limited by Guaranteo Statsment of Financlal Position 31 May 2022 2022 2021 Currgnt a•B•ts Debtors Cash at bank and n hand 13 5.550 34,317 39.867 23.121 58,918 82.039 Cr•dltorn: amounts falllng du• wlthin on• ymr Nol curr•nt a••ts 14 17,385 22.482 24.014 58,025 Total a¥80ts l•M currnnt Ilablllll•s 22,482 22,482 $8.025 58,025 Fund$ of th• chatlty Unrestricted funds 22,482 58,025 Total charlty fund 16 22,482 58.025 For Ihe year ending 31 May 2022 the chafty was enbll•d to exemption from audit mIer uclion 477 of the Companies Act 2006 relating to Small compani. Directors, rpOnsibIlIes.' The membefs have not required Ihe company to obtain an audit of ils financial statements for th yaar in question in accordarte with section 476.. The dlrectors acknovledge their resptsnsibilitS forcomptyrng wlth b)e requirements ofthe Actwth respect lo accounting COrdS and thè preparation of financial statements. These finanual statements have been prepared in 8¢cothnce with the prowstons applicabl8 tr> companie$ suty'ect to tl Small comparmes, reglme. These finarrtial Statements were approved by the board of trugtees arKI authorised for iMue on 25 January 2023, and signed on befrAlf of the board by: le Mr J J-P Drake TNslee Th• not•• on po0• 10 to 16 form prt tsfth• flnan¢l•l•tstemBnts.
Drake Calleja Trust Company Llmlted by Guarantso Notes to the Flnanclal Ststements Year ended 31 May 2022 Gon•ral Inlorniallon The charity 1$ a public benefft entty and a private company limited by guararrtee, registered In England and Wales and a regislered charity li England and Wales. The address of th• registered offlce bs Buildmig 6 30 Friern Park. Londm. N12 9D& Unrted Tr9dOM. I stst•m•nt of Gompllanc• These financial statements have been prepared in complkgrte with FRS" 102, The Financral Reporting Standard appCable in the UK and the Republic of Ireland.. the Statement of ReCommded Practice awicable to charities proparing their accounts in accordance Mth the Financial Reporting Standard applicable in the UK and RepiC of Ireland IFRS 102) (Chaiities SORP {FRS 10211 and the Companies Act 2006. Accountlng pojlcl•s Basls of prnparntlon The financial statemenls have been prePad on the hislorKal cost basis. a5 modifd by the revalualion of certain finanaal assets and liabilili83 and investment properties measured al fair value Itmugh Inrte or expendthre. The financial ststemerts are prepared in sbrling. wl¥ch is functional Gurrgncy of the entity. Golng conc•m There are no material uncerlainth.es aboul the tharity$ abilty to ¢iMrtinue. No cash fk)w ststemenl has been presented for the eompaiy. Judg•m•nts and k•y souru• of Ktlmallon unc•rtalnty The preparation of the finanGial statements requires management lo make ludgements, esllmates and assumptions that affect the amounts reported. These estrmates and judgements are continually revlewed and are based on experience and other factors, inckmling expectations ol fvlure events thal are believed to be rea)ftable under the circumstan¢e5. Fund accountlng Unreslithd funds are available for use at discrnlion of the tn to further ¥ny of the charty's purpose$. Designated lunds are restrted funds eamked by the trustees ftx partioJlar fulur• project or commitment. Restricted funds are subptted to restrKlions on Iheir expenditure declared by the donororthrough the tenn$ of an appeal, and fam into one of two Suld•S$8$. restrA*ed ncome funds or endo¥•Thent funds. 10
Drake Calleja Trust Company Llmltgd by Guarantee Notes to the Financlal Statoments Year ended 31 May 2022 A¢untIng policim {¢tyw•oJ Incoffllng roSOU hjl incomNig resrmjrces are Induded in the statement of ffinartial actyvitses entitlement has pagged lo the charity., it is probable that the economic benefits associated with the transaction wll flow to the charity and the amount can be rnlabty measwed. lo11j specfft policies are applied to Partular calagories of income: vKofflo from donations or ¥Thts is recogni5ed when there is ewd8n¢e of anlrtlement to the glft, receipt is probable and its amounl can be measured relkibly. gacy irKome k8 recognlsed tthen receipt is prob>le and thttiuèment is established. rKome from donated wds 15 measwed at the fair value of the goods unless this 1$ Ynpractical to measure reliably. in whth case tho va• is derived from th8 cost lo the donor or the estimated resak value. Donated faclities and s•Thices ar• r•co9nised in the accounts when received if the vdue can be reliably measured. No amounts are induded for the con1ributi of pner ¥olunleers. ncome Irom contracts for the wppty of seryices is recognised Twith the delivery of the contrted seNice. Thi8 i classffied as unreSIr1ed furKl$ unless there is a contractual requirement for it to be spent on a particular purpose and retwned rf unspent, in which ¢a$e t may be regarded as restrlcted. RMourc• •xp•ml•d Expenditure Is recognised on an accru ba515 a5 a Ikibilty i% incurred. Expenditure includes any VAT which cannot be fully recovered. and is classifd under heading5 of the slatement offinancial activities to Y•thich r( relates: expenditure on raising funds indudes the o)sts of all fundraising activities. events. non charitable trading activities. and th8 Sa of donated goods. expenditure on charrtalAe activiti.es includes al costs incurred by a ¢h¥ity in undertaking ath"vilwd that further Tis charrtats aims for the benefft of rts beneficiaries. induding thos0 $upport ¢osts and costs r•lating to the governance of the charty apportioned to tharitable otherexpfjnditure irlUdeS all expendiiure that is nehOr relakd to raising funds forth• charity rtor part of its expenditure on charilable aclivities. AJI costs are aNocaled lo eXpendmU categoTie5 refiectNry the use of the resource. Direcl costs allributable to a $ingle activity are albocaled direcdy lo that activty. Shared costs are apportioned betr*een the xtivibes they conlribLrte to on a rèasorthlè. ju511rle ar consistent basi$. 11
Drake Calleja Trust Company Limited by Guarantse Notes to th• Financlal Statements (t Year ended 31 May 2022 Accountlng pollcl•s FInalI1 In•tnknonts A financial asset or a fmanrial IHbilty is recognised only then the becomes a paty to th• contractual provisbjns of the instrumerrt. Basi¢ financial instruments arg inrtialfy recwised at the amount receivable OT paabl? Including any refaled transaction costs, unless the arrangement cgnstitutes a financing transaction, where it is re¢ognised at the present Va of the future payments th$Cnted at a mket rate of interest for a similar Jebt instrumenL Current assets and cixrert Irabilities arn SubseW measured at the ¢a¥h orother constderation expected lo be paid or received and not discounted. Debt instruments are subsequ•ntly measured al nortised Mst Vllwe investrnent5 in shares or preferee shares are publK4y traded or their falr value can otheTh¥ise be measured refiably. investment i8 subsequentty measured al fair value with changes in faK vdue recognised in income and expendrture. All other such investments aro subsequentty measured at costless Knpa¥mert Other financial instruments are initlIV recognised at fair value, 1?¥5 payment for an asset 1$ deferred beyorKI nornial business terms or financed at a rate of interest that i8 not 8 market rate. in which tsse the as5el is measured at the present value of the fLrtwe payments discounted at a mathet rate of interest for a %milar debt instrumenL Otherfinancial iislruments are subsequentty Measur at fair value, wilh any change5 recogr4$ed in profrt or loss, the exception of hedging instrumerts in a designated hedging retiOnshiP (see hedge accounting polw). Financlal assets that arè m&isured at Cost or amixtd cosi are reNiewed for objective ewderce of ¥npairnient at the end of each repthng date. If there is objedive evidence of impairnerrt, an impaim)enl10s5 is reCogned underthe appropriate heading in the statement of ffinancial actiwbes in wthtch the inthl gain rewintsed. For all equrty irthments regardless of significar. and otherfManci assets thal are individually signfficanl. thes• are assessed indNiduaily for impaimer)L Other ffinancial assets are either aSseSd indNidualty or grouped on the basis of similar credit risk characteristics. reveTsaL8 of impaimienl are recognised imme(*atefy. to the extent thal the reversal doe$ not result in a carrwng amount of the finan¢ral asset that exceeds the carrying amount woukl have been had th• impaimient not previousty been r¢cognhs•d. D•lln•d conlrfbulion plans Contrfbu1ns to defined contrtsjtion plans are recogni5ed as an expense in ts pertod in whith the related service is provided. Prepaid contributions are recognised a5 an asset to Ihe exlent trwt the prepayment wll lead to a reduclion in future payments or a wh refund. 12
Drake Calleja Trust Company Limited by Guarantee Not•8 to th• Financial Statsm•nts (É•bthu•¢ Year ended 31 May 2022 A¢countlng poll¢l•s D•fln•d contrlbudon plam When ntribL]onS are not expected to be setmed Wr vthhi 12 months of the end of the rgportlng date in the employees render the related semce. the liabilrty is measured on discounted present value basis. Th• WnIng of th• thscount is recowised as an expense in the pedod in vthich it ariges. Limlt•d ty guar•nts• The 0b71 ity of the membery is fimited to a sum not exceethng £10. being the amoLtnt that each member undertake3 to Contribute lo the assets of the charity in the event of its being Yund up while he. she or Ft is a member or ithin one year after he. she or rt ceases to be a member. Donatlom and l•gaci•8 Unre51rKled Tolal Funds UnrestiiLed Total Funds Funds 2022 Fund5 2021 Donatlon¥ Donations 187.917 187.917 112.700 112,700 Inv•gtm•rt Incom• Vnre$trKled Total FundB Unrestiided Total Funds Funds 2022 Funds 2021 Other irrternst re¢wvab 62 265 Expondlturn on charitabl• activili•s by lund typ• UnrestriLed Totsl Fund Unrestricied Total Funds Funds 2022 Funds 2021 Classical musical schdarstr4PS Support costs 217,040 6,482 223.$22 217,040 6,482 223.522 121.948 6.423 128.371 121,948 6.423 128,371 Exp•ndlture on charilabh acli¥ill•¥ by actlvity typ• urthrtaken direclly Support costs Total funds 2022 Tolal fund 2021 Classical musKal stholarshi Go¥emance costs 217.040 2.521 3.961 6.482 219,561 3.981 124.112 4,259 217.040 223.$22 128,371 13
Drake Calleja Trust Company Limited by Guarantso Notes to the Flnancial Statements (¢onthu• Year ended 31 May 2022 AThakn of•upport coBts Musicat scholarnhips Total 2022 Total 2021 Human resources Insurance 956 1.565 956 1,565 2,521 1,056 1,108 2,164 2.521 10. Ind•p•rMl•nt •x•mlnalk•n l• 2022 2021 Fees payablg to independent examiner for.. Independent examination of the financial statements 1.400 1.350 11. Staff Costs The total staff costs and emthee benefits forthe reportirwJ ped are anatysed as follow&'. 2022 2021 Wages and salar*s Social se¢unty sts Employer contribubons lo penston pla 17,389 1,189 635 18.101 600 19.213 18.701 The average head 1n1 of ernoYeeS during the year wa$ 112021.. NII). The average number of fuMe e1Valent employees duriTr4 thg year is ¥otysed as follM: 2022 2021 No. Nurnr of staff . A¢knviistrative No employee recel¥td empknyee beneffts of more than £60.0(Kl during the year (2021: NII). 12. TNsts• r•mun•Trtlon and •xp•ns•s No remuneration or other benefA¥ from emplOent with the Gharity or • related entity were received ty the trustees. 13. D•btorn 2022 2021 Prepayments and accnjed ¥Kome Other debtors 5,550 22,512 23.121 5.550 14
Drake Calleja Trust Company Llmited by Guarantee Noto8 to the Financial Statèments Ygar ended 31 May 2022 14. Cr•ditorn: amounts falllng du• *lthln on• yur 2022 2021 Accruds and deferred rKome Social security and othertaxes Other uedrtors 3.900 1.666 11.819 16,682 743 6.589 17,3B5 24.014 15. P•nslon8 and oth•r post VOtlTrm•nt b•n•fits D•fin•d contrlbullon plub• The amount reCognid in income or oxpenditin as an expense in relation to defIr Conlributton plans was £635 (2021: £6001. 16. Analysis of eharltabl• lunttj At Income Exwditure 31 May 2022 1 June 2021 General funds 58.025 187,979 (223,522) 22,482 1 June 2020 Income &pendttiJre 31 May 2021 Genera lunds 73.431 112.965 {128,371) 58,025 17. Anatysis of n•t a•••ts b•twM•n fundj Unrestiicted Total Funds FurKIs 2022 Current agsets cdItOrS less than 1 year Mot a•¥•ts 39,867 (17,385) 22,482 39.867 (17.385) 22,482 Unrestricted Total Funds Funds 2021 Current aysets Creditots less than 1 year N•t a•ts 82.039 (24,0141 58.025 82.039 (24.014) 58,02S 18. R•l•t•d Party Trrncllons The lotsl of donalons reVed durirg the ye¥ ended 31 May 2022 from one ofthe charitYs trustees. Mr. J J-P Drake. was £187,500 (2021.. £112.500).