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
#163
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 finan￿31 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 Tr￿t
Charfty r•ghtrntlon n￿nbor
1164114
Company r•glstratkn numb•r 09580141
Prfnclpal offic• and rnglstsr•d Building 6 30 Friem Park
offic•
London
N12 9DA
Un1￿j 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 •x*mln•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 $waUy or
ecor￿mICallY disadvantaged backgrounds studying in higher edu¢atson ac¥oss the UK
To provide perfomiance typ￿nItIeS and support throughoul tho year for ￿r￿larshiP holders.
The Tfusl$ actiwties prowde ethJc8tional arml perf0m￿nCe ¢)pportunities lo excepttonal musicians
studying in the UK. These acbvit*s are p]anned according to the strengths, needs and artistic
aspirations of the Trusfs $c*￿Iar$ and aim to have a meanin9fv1 impact on the classical music scene
and the *ider MU￿Cal cu￿jral scene. To deliver a varied and tr￿gh-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] ap￿lea￿On and a￿lI110n procodure$. We opened
¢)ur appIl￿tiOnS or￿￿e from January-IAarch 2021. We w¢*ked *ith our selÈdh)n and shortlisting
process from tyjr oTrline applcatvJn5 and made inwtatK)ns to live •Jditlon8 to around 100 musidan8.
We hekl live audthons in London and Manchester in May 2021. As we were unable to travel Glasgow.
we held a mix of live auditions and onthline auditiong lor those unable to attend in per￿.
We made 25 awards to m￿CIanS acrossthe county, 21 SeniorScfv)larships and 4 Junlorscholarshlps.
to help their skndies for the academic year 2021-22.
Our scholar select#M was based on financial needs, achl8vemenl. and arthsttc potenlial. The
value of the Trusf$ SCA￿a¢shIPS has been strongty appreciated by al recipients. There are no
restrictions on what students can use the* award lor. and our s(thIa￿hps have undoubtedly help•d
these young MUSI￿*￿$.
Adlvlllos •nd Ev•nts 2021-22
Due lo the cancellation of al evenls in 2020 and the lack of perfomiance opportLmibes experienced by
all our young musicians, put on t*1) concerts al The Corinlhia Hotel in the autumn of 2021. The first
concert on Friday 8th October wa$ 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 SchO￿T5. Both
con￿rts were hugely SLttessful and appreuated by audience and perlormern alike. As with all our
public perfomances. v* hod the corKerts filmed. giving the Scholars v*uable 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 Tr￿ryt 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 aud￿onIng. 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 01￿￿r* 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 9￿Sts. 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 th￿r 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 a￿artIon 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* tA*re unable to atend INe auditions.
We invited around 100 to audi1￿ live. From these auditK*ns we made ￿rdS to 24 Senior Schola
and 4 Junior Scholars.
Dwing th• yew. we appointed ne* Tntslees. bfing a *rallh of kn0vI￿ge 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.
R￿atIon$hIP wlth P•tron*
The Drake Calleja Trust is h￿r￿ured to have Joseph Caifeia. the Mallese lenor, as ts Patron. Joseph
Calleja is regularly kept infornied of developments by the Head of Scholarships & Artistic Planning.
Together they share and discuss ideas and plans related to the TN$f5 8CtNitie5 and scholars. Joseph
Calleja is aetNely and ￿)nSiste￿Ity involved in the promotK*n 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 compan￿5 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$ V￿11 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 appli￿nts 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 a￿￿30r$I as wel as one-tO&¢)ne meetir￿s. to ensure that Ihe day-l￿aY
managomenl of Ihe Trust is run as smoothly a5 po$&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
Achlovom￿s 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 I￿ts 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$..
To meet all national pay standards
To pay all slaff a INing vage
Ensure that pay refiects the Tiusfs obieeti"¥es
EnsLKe that Pay feffiects staff perfomian¢e
Flnandal r•vi•w
Th8 Trust'¥ V•Drk enbrety rnliant on donation5 from ber￿ctors. The ccKnp8ny recei¥•d donations of
£187,917 during the year ended 31 May 2022 and made grant payments and payments to 5cholar5 of
£217.040 during the same period. The chantys funds at 31 May 2022 amounted lo £22.482 which are
all unrestrthd funds. Twstees consthr that the 1$ company as a going conGem as there are
sufficient funds to meet ongoing expenditure commilments and pa1Th￿ts to ￿holarS ate maintsined at
level that can be supported by donatK•ns recei￿1.
Plan¥ for futur• p•riod¥
The Drake Caleia Tr￿t continues to devthp and evolve, placing bt as one of the18adiTr3 W9￿1$atiOnS
supporting exceptional mLtsKal talent in the UK Our obiectsves for fthire evolve around
performanGe. education and sustsinability and accessibility to our funding.
P•¥t and Fuiurn Ev•nts
Events from May 2022 to the end irf the ye¥ 2023.
May 2022.. Scholarship aud￿0Th5. Lr4e wjdiiions in Lonojn & M•nth¢ster, oTrlirie assessmènt
of shortlisted musioans from Glasgow and those unable to attend live auth"b"on$.
June 2022.. New &holarships for 2022-23 Anr￿￿nEed
October 7th 2022: ScfvJlars' Concert. C￿inthIa 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' Con￿rt 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 S￿1, fap. folk and so on.
In 2019 with overthree hLmdred applicants. Ihe ten winners oftr* grant V•we a￿arded È3000 each. bmlh
the ten remaining $hortli$ted artots ￿Ce￿Ing a grant of £500 each towards their projecL
The 2020 ￿rd couhj not p ahead dw lo the gknba pandemK and subsequent lockthr*4ns. Tl
combination of Covjd 19 and BwTt has created signtficant damage to the gig economy for emerging
artists. Their in￿rne has been affected due lo live music venues being closed. the Mmplexilies of
tOUTirwJ in Europe post 8￿xIt and many other complKalions.
ft is wilh this reSpons￿l￿ty to Contin￿ swbng emergm9 arbsts. Ihat the Drake YolanDa Award
pressed on ￿￿1h urgency lor the 2021 avrarf. Over six hUr￿fed 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, anOthert￿nty 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 cttai￿d 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￿, recei￿n9 £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
tr￿tIeS 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 p￿Pose$ of company law are rwiongible lor
the pr•paration of finanrAal sLitements. The In￿lee9 ¢on$Kler that an audit is not required for this
year under seclion 144{2) of the Charits"es Act 2011 {th• 2011 Act) and that an independent examination
has been requested by the trustees. l am qualif+ed to undertake the examnation by being a qualified
member of Institute of Chartered Accountants in Eng￿nd and Wales.
Indopond•nt •xamln•rf* •tat•m•nt
I have completed my exomination. I confimi that IK) matters haT** come to my attention in connection
th the examination giwng me cause to bel*ve:
accounting rtcords **re not kept wi respect of the ch￿ty •¥ requyeil by sectN￿ 386 of the
2006 Act: or
the finanaal statem•nts do not ac￿ *ith r•ecKds: or
the financial statements do not compty*ith the xcountwvj requr•ments rfsectton 396 ofthe
2006 Act other than any requirement that the a¢¢ount$ 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 Ire￿nd 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 I￿rne
187.917
62
187.917
62
112.700
265
Tolal In¢om•
187.979
187,979
112,965
EX￿ndItIJfv
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, r￿pOnsibIlI￿es.'
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 resptsnsibilit￿S 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 p*o0• 10 to 16 form p*rt 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 app￿Cable in the UK and the Republic of Ireland.. the Statement of
ReComm￿ded Practice awicable to charities proparing their accounts in accordance Mth the
Financial Reporting Standard applicable in the UK and Rep￿iC of Ireland IFRS 102) (Chaiities
SORP {FRS 10211 and the Companies Act 2006.
Accountlng pojlcl•s
Basls of prnparntlon
The financial statemenls have been prePa￿d on the hislorKal cost basis. a5 modif*d by the
revalualion of certain finanaal assets and liabilili83 and investment properties measured al fair
value Itmugh In￿rte 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$.
Designated lunds are ￿restr￿ted funds eam*ked by the trustees ftx partioJlar fulur• project or
commitment.
Restricted funds are subptted to restrKlions on Iheir expenditure declared by the donororthrough
the tenn$ of an appeal, and fam into one of two Sul￿d•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 {¢ty*w•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. lo1￿1￿j specfft policies are
applied to Part￿ular 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 t*then 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
contr*ted seNice. Thi8 i* classffied as unreSIr￿1ed 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 classif*d 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 ir￿lUdeS all expendiiure that is ne￿hOr 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 $ingle activity are albocaled direcdy lo that activty. Shared costs are apportioned
betr*een the xtivibes they conlribLrte to on a rèasorthlè. ju511r￿le ar￿ consistent basi$.
11

Drake Calleja Trust
Company Limited by Guarantse
Notes to th• Financlal Statements (t
Year ended 31 May 2022
Accountlng pollcl•s
FIna￿lI1 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 cg*nstitutes a financing transaction, where it
is re¢ognised at the present Va￿ of the future payments th$C￿nted at a m*ket rate of interest
for a similar *Jebt instrumenL
Current assets and cixrert Irabilities arn SubseW￿ measured at the ¢a¥h orother constderation
expected lo be paid or received and not discounted.
Debt instruments are subsequ•ntly measured al *nortised Mst
Vllwe investrnent5 in shares or prefere￿e shares are publK4y traded or their falr value can
otheTh¥ise be measured refiably. investment i8 subsequentty measured al fair value with
changes in faK vdue recognised in income and expendrture. All other such investments aro
subsequentty measured at costless Knpa¥mert
Other financial instruments are init￿lIV recognised at fair value, ￿1?¥5 payment for an asset 1$
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$ed
in profrt or loss, the exception of hedging instrumerts in a designated hedging re￿tiOnshiP
(see hedge accounting polw).
Financlal assets that arè m&isured at Cost or amixt￿d cosi are reNiewed for objective ewder*ce
of ¥npairnient at the end of each repthng date. If there is objedive evidence of impairnerrt, an
impaim)enl10s5 is reCogn￿ed underthe appropriate heading in the statement of ffinancial actiwbes
in wthtch the inthl gain rewintsed.
For all equrty irthments regardless of significar￿. and otherfManci￿ assets thal are individually
signfficanl. thes• are assessed indNiduaily for impaimer)L Other ffinancial assets are either
aSseS￿d indNidualty or grouped on the basis of similar credit risk characteristics.
reveTsaL8 of impaimienl are recognised imme(*atefy. to the extent thal the reversal doe$ 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
Contrfbu1￿ns 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• W￿nI￿ng 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 Y￿und 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 UnrestiiL*ed 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•
UnrestriL*ed 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
ATha￿kn 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 pe￿d 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 ern￿oYeeS during the year wa$ 112021.. NII). The average number of
fu￿￿Me e￿1Valent employees duriTr4 thg year is ¥otysed as follM:
2022
2021
No.
Nurn￿r 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 emplO￿ent 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 reCogni￿d 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
c￿dItOrS 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 re￿Ved durirg the ye¥ ended 31 May 2022 from one ofthe charitYs
trustees. Mr. J J-P Drake. was £187,500 (2021.. £112.500).