COMPANY REGISTRATION MUMBER: 09680141 CHARITY REGISTRATION NUMBER: 1164114 Drake Calleja Trust Company Limited by Guarantee Unaudited Financial Statements 31 May 2025 LEAPMAN WEISS Chartered Accountants Building 6, 30 Friern Park London United Kingdom N12 9DA
Drake Calleja Trust Company Limited by Guarantsg Flnancial SLitements Year ended 31 May 2025 Page Trust8es' annual rèport (incorporating the directors. report) Indep8ndent examinerfs report to the trustees Statement of financial activities {induding income and expenditure account) Slatement of financial position Notés lo the financial statements
Drake Calleja Trust Company Limited by Guarantse Trusteos. Annual Report Ilncorporatlng thè Dlrfrctors. Roport) Year ended 31 May 2025 The trustees. who are aL80 directors for the pury)o$ès of oynpany Law. present their rert and the unaudrted financial slatemef)ts of the th8rrty for the year ended 31 May 2025. Refvrènc• and odmlnSstrativ¢ d•tall¥ R•glst•red Charity nam• Charity registrntion number Company r•glstratSon number 09580141 Prlnclpal offi¢0 and rngister•d Building 6. 30 Friem Park offi¢ London N129DA United Kingdom Drake Call8ja Tnjsl 1164114 The trusteos Mrj &P Drake Mr B Evans Lord Moynihan Independènt •xamSner Mr Henry J L&apman FCA Structure. gov•mance and managem•nt Th• charity is ns'tUted as a company limited by guafantee. Its govwning d0ment is its memorandum and articles of assoaabon. New trustees are recrurted based on their kno%dge and expertise and are nominaled for appointment by thè agreement of the existsng trustees. Oble¢ti¥•s and aclivitl The aims of the Trusl are". To provide s¢hoLarships for those with exceptKinal musical talent. partladY those from swalty or economically disadvantaged backgrounds studyin9 in the UK. To proMdè perform¥rKe OpptUne$ and suppcl throughout the ar for stholarship holdèrs. The Trust's activities prowde educational and perforrnance opporbjnities lo exceptK)nal music¢ans studying in the UK. These activit$ are planneij according lo the strengths. needs and artistic aspirations ol the Trust's scholars and aim to have 8 meaningful imp8¢t on the dassical music scene nd the wder Musi1 and 1ural scene. To deliver a v8ried and hh-qUaIr{Y programme of perfomance and leaming aclivities. the Trust aims to Lyllborate wrth other organisations wthin music and the arts.
Drake Calleja Trust Company Limited by Guarant•e Trustees. Annual Report (Incorporating tho Directors, Report) (¢onthu Year ended 31 May 2025 Achl•vements and perf0mnCe We opened our appltIonS OrlIne fv(Mn January- Maich 2024. We work6(I through our selection and shortlisting process from cwr on-line applutions and made invitab.ons io INe auditk)ns lo around 1 Musin$. We hehl live audrtions in London and Manchester in May 2024. We also hgld on-line audition$ for those unable to attend in person. We made 22 awards lo mUslan$ sludying across the county. lo help wlh their studies for the academic year 202&25. Our scholar s81ècl was based on and arti potential. musical achievemgnt. arJ financial need and thera are no resirictions on what students can use their award for. Our scholarships have undoubtedly helped these young musan$. The cost of courses at Conservatoires and Colleges c4Jnb"nues to rise and students are finding it evèr harder to supKK)rt their studies, especially lor those coming frc¥n overseas. We aim to be as accessible as possible, allowing entries from all nationalities as knng as they are Studying in the U
Drake Calleja Trust Company Llmlted by Guaranto0 Trustoes. Annual Report (Incorporating tho Dlrectors, Report) {conthuqO Year ended 31 May 2025 Achl•v•m•nts and p•rfomianc• I¢oniinu•¢ Aetlvltle• And Ev•nts 2024-25 Ourfng the Autumn we presented our scholars C(Cert at our usual venue, The Corinthia Hotel on Saturday 9th November. This is one ol the highlights of our y8ar. and gives our scholars an invalu8blg opportunity lo perforn live. The concart was hugety successful 8nd appreaated by aUdnCe and perfofrners alike. As with all our publK performanc$, we had the ¢>)ncerls filmed, giving the Scholars valuable recordings ol Ihèmselves pèrf01n9 live, which they can u$8 lor thtrir own promotK)nal m8l&rial. The concerts are all available to view on our YouTvbè Channel. We algo had a pholographer prèsent, taking hoadshols of ihe scholars and rehearsal photos. A8 w911 as bging mada availatAe for the holars usè, the Trust use5 these lor promoknonal material. Continuing our pr•vious collaborallon. thg TN8t leam•d up wth Hdp MusK?an$ in January 2025, giving talks and adwce about funding and funding applications This year we were also joined by The Countèss of Munslef Musical Trust. Together we gave preyentalions to all tha music u)Ilege5 in the UK, offering general adwcè about how to prepafe and submit successful funding applicalions. preparè budg¥ts, and lips on avdrtionin9. This is not only usefvl lo young Musi8nS t)ui also raises awareness ol the Trusts. In January 2025 we adjusted our appliCtn op9ning WdoW, lo fft Ihe other rnajor fiJndgr$, Help Musicians and The Count888 of Munsler Tru81. We optrnod on January 6th 2025 for 8IK weeks. ¢losing on 10th February. On the 22nd Marth 2025 wè presented our spring cort•rt, rètuming lo th• slunning Surroundings of L6ighlon Hovse. A5 8hvay$, our scholafs provided an interesting, mix•d and varied programme and performed lo a packed hall. We offered one-twe monloiing again lo all our Scholars. ThL8 98ve all the mu$ldan6 we $upport a unique opportunity lo explore and dis¢ws$ Iheir artistic developm&nt and r••r progression. Thèse individual sessions have Prowd lo bo h8lpful arrfl 18 $om•thing that Ihey arè not offered elsewhere during their slud¢eB. Having Teceived our appli¢alions on-lim. our 88$•8sing p8rb•l c4)mplet•d the 601g¢b'on process, creating a shortli$l ol musiuans lo inwte lo perform live at aUdrtfi. In May 2025, we held 4 days ol Ilve auditions in London and 1 day in Manchester. We also offered 8n on-line option lor those who were unable to 8ttgnd live auditions. We invited ju81 over 1CQ musicians lo audition liv•. From tht60 auditKJns we made award$ to 27 Sthdors for th• 202&2026 Academ Y•ar. R•ltlon•hlp wlth P•trofi• Th8 Drake Calbja Trust is hOrured to have Joseph Ca1la, Ihe Manese tenor. 3$ ils Patron. Joseph Calleja is regularly kepl inlofrned of developmenls by Ihe Head of Scholarships & Artistic Planning. Together they share and discuss ideas and plans rdal¢d to the Twsi's actiwties and scholars. Joseph Calleja is actively irbvolved in th& promotn ol Ihe Trust by means of his social media acctsunls, wr(ting and sharing posts.
Drake Calleja Trust Company Limited by Guarantse Trustees. Annual Roport (Incorporatlng tho Dlr•ctors' Report) Ictsnllnu•¥ Year ended 31 May 2025 Achl•vem&nts and p•rfomwnc• (conthv•dl Small Company provl¥lon This report has been prepared in accoidance wrfh tho proMsk)ns appluble lo companies 8nlitl8d lo the small companies. exèmption. Oryanlitlon•l Dev•lopment We continue lo focus on raising awareness and profile ol the Trust. Our website Is regularly updated. and we r)Jntinue our us& of X. Faceb(M)k and Inslagram lo promote our scholais and Ihg work we do. We post fikns ol all our concert perfornanc¢s on ouf YouTube anng1. Our social media footprinl continues to 9row in tra and user engagement and we Contin lo see incraased int&r¥sl and greater awareness of the Trust, rosy"n9 in a heatthy number ol applications for ¢ach round of $CharshipS and 8xcelltnl and enlhusiaslic 8udN?n¢e attendan¢e al our gvenls. We have rèwlar meebngs with Trustees, the Head of Stholarships & Arti$lic Planning and othor advisors. lo ensure that thé day-lfydiy managemgnl of ihe Tr(tsl is run $m¢xJthly, addressing current ond futur• plans. M18ntsfying thg neèd lor additional areas ol dev&lopm8nl or false any concoms. y Pollcy Thg Tnjslees are responsibltr for (Jefining Ihe Trust's pay policy and deudlng on thg salaries ol pald Staff. The Dfake Calleia Trust currenlly has one paid staff member. Ihe Head of Scholarships & Artt'stic Planning, who hirgs in addil)nal Ireelance help as needed. The Trustees evaluate the perfornance of paid staff On a yoar and dgode on any chan9e$. The Trnslees recognis8 the importancg of accounlabilrty and Iranspar&ncy. and Ih&iT principles are lo pay staff a lair Salary and one that is is tsjmwitivg within the fflusic carity sector. Frtyn these wlwpl8s. the pay policy 18.. To meet all national pay $t¥ndards To pay all staff a living wage Ensure that pay renect$ tho TrusV$ object1$ Ensure that pay rtnacts staff wform8nc• Fln•n¢lal r•vl•w The Tru$l's work 18 relianl on donaliong frn benefaclofs. The company received donatn5 of £175.000 during the y•ar ended 31 May 2025 and made grant payments to Iha musi&ans it supported of £64,[). The charrtls funds on 31 May 2025 were in surplus lo tt)e extent 01 £19.358, which are all unr8slricl¥d in nature. The TnJstee8 ConsOr Ihat the wnpany 1$ a going concern on th& grounds that Current and future $OUfces of fvnding or suFwt from the director 11 continued to bo ceived.
Drake Calleja Trust Company Limited by Guarantse Trustees. Annual Roport (Incorporatlng the Dlroctors. Roport) Iconflnv Year onded 31 May 2025 Plans for fuiure wrfods The Drake Calleia TTUSI continues to develop and ev0, pla19 it as one of the leading organisalions supporting excepb'onal musical talent in the UK. Our objecti¥e$ for the ftjttjre revolve around performance, èducation. SLtstainabilty and ac¢essibilty lo our funding. Past and Futur• Events Evtrnts from May 2024 to thè end of year 2026. May 2024.. Scholarship audstions. Live audthons irh London. Manchèster. Ort-line assessment of 5hordisted musicians for those unable lo attend live auditions. June 2024." New S¢holafS lor 2024-25 announ¢8d November 9th 2024.. Scholars, CorKerL Corinlhia Hotel. Lortd. November 2024- February 21Y25.' College funding talks on4ine & in person January 6th 2025.. appIltIonS open February 10th 2025.. appli110n$ dose March 22nd 2025: Scholars, Concert. Lebjhton House. London. May 2025.. Scholarship auditions. London. Manchester. June 2025." New Scholars Announced Novernber 8th 2025." Scholars. Corrt. Corinthia Hotel. London J8nuary 2026." on-line applications Marth 51h 2026. Scholars. Concert. The National Liberal Club May 2026. Scholarship audrtions. London, Manchester. June 2026.. New Scholars AnnouncÉd November 14th 2026." Scholars. Concert. Corinthia Hold. London Small Company provbsSon• This report has been prepare<J in accordance wiéh the provisions app1K*b to o)mpaniès entitled to the small companies exemption. The trustees, annual reFQrt lincorpoTating the directors. report) wa5 approved on 16 February 2026 and signed on behalf of the board of tnjstees by.. Mr J J-P Drake Trustee
Drake Calleja Trust Company Limltad by Guaranteo Independent Examiner's Report to the Trustses of Drake Callgja Trust Year ended 31 May 2025 I report to the trust$ on my examination of the financ¥al slalements of Drake Calleja Tru$l I'lhe Charit for the y&ar ended 31 May 2025. R••pon•Sblllll•• and #1 of rnport Thè trustees are also the dirgcaors of the company lor the purposes of company law are rgsponsible lor the preparation ol the finanoal stalemenls. Th& Iwslees wn3ider that an audit is not required for this year under seclK)n 144121 of the Charities Ad 2011 Ith¢ 2011 Aai and that an independent examination has bgen requ&$led by thg Irustees. l am qualiffftl lo und$rtake Ihe &xamination by being a qualified member of Instrtule ol Chartered Aco)untants in England and W&$. Ind•p•nd•nt •xomln•rf• •ttem•nt I have ctsrnplgled my examinal¥)n. I confirm that no matters have come to my attention in ¢onno¢tlon with Ihe examinatKJn grying me cause to beli&ve'. ac¢ounting rec¢rds were nol kgpt in rèsp8cI of tho charity as roquwed by $•ctlon 386 of Ihts 20C6 Act., or the finandal statwnenls do not ¥c(yJrd wilh Ihoso recordB,' or thè finandal statements do not comply with Ihe ac)n11n9 requirem&nls of soction of th¥ 2C(6 Acl other than any requifement that the accounts givg a 'lrue and fai¢ view which rd not a matter consthed as part of an independgnl e¥arninalion.' 01 th• financial slalemonts havo not bagn preparod in accwdan¢e with th• mgthTrJs and prlrriplgs of the Stslèm•nl of Recommendod PractKe for arLounling and reporting by charities applicable lo charilies pr&pallng their accounts w) accor¢Jan¢e wilh Ihe Financial Rgporling Slandard appluble in the UK aNJ Republ of Ireland IFRS 1021. I have no concems antj have come acro$$ no othgr matters in conneCt)n wilh th& examinatson to whi¢h alt•nlion shoupj be drawn in thki reFQrt in order to •nable a propw undgistanding of the accounts lo be reached. Mr Henry J Lfjapman FCA Independent Examiner L&apman Wei Building 8 30 Friern Pa London N12 9DA 16 February 2026
Drake Calleja Trust Company Limlted by Guarantse Statement of Financial Activfties (including income and expenditure account) Year ended 31 May 2025 2025 Unreslricted funds Totsl funds Toi81 funds 2024 Incomè and endowments Donations and legaaes Investment income 175,C(rf) 175,fXrf) 279.074 713 Total income 175.C#JJ 175,000 279.787 Expendlture E¥penditure on charrtable actiwti8S Tolal exp•ndltu 154.617 154,617 178.984 154,617 154,617 178.984 Not incom? and net movem?nt In fund* 20,383 20,383 1CKI.803 Re¢onciliation of funds Tota1 fund$ brought forward Total fund8 carried forward (1.02n 19.356 11.02TJ 19,356 1101,830) (1.02n The statement of finanaal actiwiiès indutjes all gains and bsses r&>)gnised irt the year. All income and expenditure defive from continLbing activities. Tho nots8 on p8g88 9 to 15 ft>nn part ol tTr•#8 flnan¢lal slatom•nls.
Drake Calleja Trust Company Limited by Guarantsa Statemont of Financial Posltion 31 May 2025 2025 2024 Not• cunt •••ts Debtofs Cash at bank and in hand 13 82.625 19,683 46.625 7,654 102.308 54.279 Crndltorn.. amounts falllng du• wlthln on• •1 N•t eurrgnt aS8•ts 14 82,952 55,306 19.356 11,02n {1,02n 11.02n Totsl a•uts less curY•nt IlabllStl•• 19.356 19,356 Fund8 of th• charlty Unrèstricted lunds Totsl ch•rlty fund• 19.356 11,02T) {1.02n 19.356 For Ihe y88r &nding 31 May 2025 the ch¥rity was entitled lo exemption frcrfn aLKlil und•r section 477 of the Companie5 Act 20 relating to $maN rnpan$. Dir•ctor5' rgsponsibililw.. Th• membef8 not requwod the cMpanY lo obtain an audit of its fingn¢ial slal•ment8 for the y•ar in question in a¢danc4 th section 476., The dire013 acknowl¥dg6 Iheir rg$ponsit)iliii8$ for MplyIng wilh tha r8quiremenl$ of the Acl with res¢ lo *crunlIn9 records and th• preparalion of fin•n(¥al $talem•nts. Th860 finanaal statem&nls have been preIed in accordance with the pro¥ision$ applicable lo companies Subject to th8 $maN cornpanigs, regime. These finanaal statements were approv•d by the board of trustees and authorised for is$ on 18 Fetrfuary 2026, and ar8 wgned on behalf of the board by.. J J-P Drake Trustee T noth• on pmgos 9 ¢0 15 oltl•M IIMrKlal •tat•m•nts.
Drake Calleja Trust Company Limited by Guarants• Notes to the Financlal Statements Year onded 31 May 2025 G•n•rnl Inforniatlon The charity is a benefft enlty and a piivate company limrted by guarantee, registered in England and Wales and a registere11 tthanty in England and Wales. The address of the registered office is Building 6. 30 Friem Park. London, N12 9DA, United Kingdom. Statement of compliane• These financial slalements have been prepared in cunplian( with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic ol Irelanij,. the Statement of Recommended Plae applicable to Charits prepanng their aAl$ in acrdanCe with the Financial Reporting Standard appltsble in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 102)) and Ihe Companies Act 26. Accounting pollcles Ba•ls of preprntlon The financial slatements have been prepared on the historical cost basis, as modrfied by the fevalualK•n of certain finanual assets and liabilsties and investment properties measured al lair value through income or exnditure. The financaal Statements are ppared in sterling. wh ts the frJn¢b"onal currency of the entity. Gohng eoncern There aTe no material UrtainlieS atout the dwrrtrfs ability lo continue. Dlsclosurn •xemptlon• No cash flow statement has been prewiled for the cfjmpany. Judg•ments and key sour¢os of 8stim•tion uncertsinty The preparation of the finanrial statements rUlre$ management io make judgements, estimales and aSSumptS that affe(a the amounts reported. Thèse estimates and judgements ar8 continually rewewed and are based on experien¢e and other factors, induding expe¢tions of future events Ihat are believed to be reasonable undèr the circumstances. Fund accountlng unreStrted lunds are available for use al the dIs¢yetn of the twstees lo further any of the charrtys purposes. Designaled fvnd$ are unrestn.cted funds e8marked by th¢ trustees for partKular ftjlurè project or commitment. Restricted funds are subjecte(I to $trKl0$ on their 8xpenditure dedared by thè donor or through the tems of an appeal, and fall into one of M subasseS." Stricted income funds or endowment funds.
Drake Calleja Trust Company Limited by Guarantèe Notes to tho Financial Statemonts (¢on¥n4wl Yoar ended 31 May 2025 Accountlng policF•s Incomlng rgsources All incoming iesour¢e5 are induded in the statement of financAal activities when èntitlemènt has passed to the charity.. it is probab thal the econorn benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following spe<ific policies arè applied lo particular categories ol income.. ino)me tr£ donations of grants is f8cognis9d when there is 9derIcO of entitlemenl lo the grft, receipt is probabte and its amount can be measured relkably. legacy infxjme 1$ recognised wthen receipt is probable and enteMl is established. in¢me IrLYn donated goods is measured at the fair Val of Ihe goods unless this is iMpractal to measure relbly, in which case the value is denved from the cost to the donor or the estimated resale value_ Donated faalrfie5 and services a recognised in the accounts wh&n receiveil rf the value can be relkabty meastsd. No amounts a includad for the contribution ol gentrral volunieers. ino)me from contracts for the supply of semces is recognised with the delivery of the contracted seNce. This is dassrfied as unrestricted fund$ unless there is a contractual requirement for it to be spent on a parti(yJlar purpose and retumed rf unspent. in which case rt may be regar¢Jed as resth"cted. Resources •xp•nded Expenditure is recognised on an ¥al$ basis as a liability 1$ incurr9d. Expendrtuie indudes any VAT which cannot be fully recovered, and 15 dassifd urKler headings of the statement of finanual activrties lo which il lateS.. expendrture on raising funds includes the StS of all fundraising aL*vities, events. non-¢haTitable trading actiwtie$, ansj the sale of donated goc¥Js. expenditure on charitsbfe actiwlies all costs Incur by a chafity in undertaking actiwties that further its charrtable aims for the benefit of rt5 beneflanes, including those support ojsts and costs relatsng to the gov&mance of the charity apportioned to charitable activrties. othér expendrture indudes 1 expendilufè that is nèrthei related to raising funds for the charrty nor part of its expendiiura on charitable actMti"e8. All tX)sts are allocated lo expendrtuie categories flectir1g the use of the resource. Direct $18 attributable lo a single adivity are allocated direfAly to that activity. Shared costs are apportioned between the activit$ they contribute to on a reasonable, justifiable and (xjnsistenl basis. 10
Drake Calleja Trust Company Limltod by Guarante• Not•s to the Flnanclal Statements Ic•nthr• Year ended 31 May 2025 Accounting pollcb•¥ (GonVnu•dl Flnanelal In•trum•nts A finandal a5sel or a finanaal liabilrty rec¢¥nised onty when the entity beo)ffltss a party to the ts)ntTactual prow$ions ol Ihe inslwment. Basic finanual inslrumenls 8re initially fecognised at the amount rec9ivable or payable including any related transaclion Costs. unless th& arrangement conslitvtes a financing Iransath'on, where fl is recognised at the Pfesenl value of the future payThents discounted al a market fate of intw&st lor a similar debt inslrumenl. Current assets and currenl liab11tt are subsequenlty measurfjd al thé Cash Of olhgr considet8tion expected lo be paid or received and not di5ts)unt&d. Debt instruments are subwueniiy m8asurod at amortised o)$t. Where inveslmenls in shafes or prelgrenco shares ore publdy trad or thèir lalr valu• can otherwise be rneasured reliably, Ihe investmenl is subsequently m8asur8d al fAir value wrth changes in lair value re¢ognised in income and oxpgndrture. All other 8uch inveslmgnl¥ are subsequ&ntly measured al cost le$$ impairfflgnl. Other finanual instrument8 afe initially r•cognisgd al l•ir value, unles8 p8ym8nl for an a6$•t is delerred beyond normal busin8SS temi$ or financed at a rato ol Int8fe6l Ihal is not a market rate, in which ¢asa the a$$8t is measured at the presgnt valu8 ol the future payments di$counled at markel ralè ol inleresl for i similar debl Instrum¢. Other ffinancial in$truments are $ubsequ•nlly measured at fair v8lu8. Wrth any changes r8cogni$ed in profrt or k)S$, Wrth Ihe excoplion ol h•dginy in$trumènl$ n 8 do$ignated hedgin9 relationship l$ee hedge accounting poIY). Financi81 assets that are mgasured at eosl w amorli$ed ¢081 arg revlewed for objective &Mdence of impaimgni al the and ol eath reporting dale. If there is objgciive &vidence ol impaifment, an impairmenl loss is recognised under Ihe appropriate heading in the Statement ol financial a¢tivilie$ In whK4) th8 initio19ain wa$ recognised. For 811 Èquity instruments r&9ardl85$ of wnffjicance. and olher finan¢io1 as5els Ihal aro individually 51gnrficanl. Ihestr afe assessed indiMdually for impairmènt Other financial a85els are •rther ¥$sessed indiwdu8lly or grouped on th8 basis of similar cl11 risk char>ct•ristiCS. Any reversals ol impaimerf are recognffjed immedialety. lo Ihg extent that the rev8r5al dogs not result in a ¢arrying amount of tho financial a$s&t that trxceed8 whol thè carrying amount would have be8n had the impairment not preO$1Y been recogni$ad. D•flnod contrlbutlon pl•n• Contribution$ to defingd conlributwjn p&ns af• recognised as an expens• in the pariod in which the related serwce 1$ provided. PrepaiJ Contributions •ro r8cognisd as an 4sset io the exienl that the prèpayment will lead to a redtIOn in fuluf8 payrn•nts or 8 ¢ash refund.
Drake Calleja Trust Company Llmited by Guarantee Notos to the Flnancial Statsments (¢Mlthu•d) Year onded 31 May 2025 Accounting pols¢iu (¢onthu Defined contribution plans (¢onJnu•47 When contributions are nol exp8¢ted to be settled wholty within 12 rnonths of the end of Ihe reporting date in which the employees render the related strrw. the liability 15 measured on a discounted present value basis. The unwinding of the discount iecognisèd a$ an expens& in the period in which rt arises. Llmlted by guarnnlee The Ikgbility of the members is Iwnited to a sum not exc8811ing £10, being U)e arnount that each member undertakes to coniributè lo the assets of the charity in the event ol its being wound up while he. she or rt is a membei or thin one year aftw he, She or it Se8 to be a member. Donatlons and legacS•4 Uniestricted Totsl Fund* Unrestricted Total Funds Funds 2025 Funds 2024 Donatlons Donations Ticket sales 175.LX 175.C 278,950 124 278,950 124 175,(KK) 175.L 279.074 279,074 I¥tMont Incom• Unreslricted Total Fund• Unresthcled Total Funds Funds 2025 Funds 2024 Othar interest recervab 713 713 Exponditurg on ¢harilabl• •¢livilies by fund type Unrestre Total Fund¥ Unre$tn"¢ted Total Funds Funds 2025 Funds 2024 CLH5sical musical scholaiships Support costs 143.255 11.362 143.255 11,382 173.022 5.962 173.022 5.962 154,617 154,617 178.984 178.984 12
Drake Callèja Trust Company Limited by Guarant•0 Notes to the Financlal Statemonts l¢wthu•dJ Year ended 31 May 2025 Exp•nd1r• on ¢h•rhabl• actlvlll•• by actlvtty typ• Acli¥it undertaken directly Support tsjsts Total fund¥ Total funds 2025 2024 Classical musical stholar$hips Governancè costs 143,255 6,318 149.573 174.860 4,124 143.255 11.362 154,617 178,984 Anal1$ ol •upport ¢osts Mu8ical ¥tholarship8 Totsl 202S Tolèl 2024 Human resources Govemat)ce ¢tI Insurance 4,812 4,812 5,044 1,506 4,124 1,478 1.506 11.362 11,362 5.962 10. Ind•p•nd•nt •x•mln•tlon l••• 2025 2024 Fegs payable lo the independènt examiner for.. Independent examination ol the financial stalemanl8 1,500 11. St*ff co•ts The total staff ¢o$ts gnd empk)yeo bonèfit8 for repNkng poriod are an01&d as follows." 2025 2024 Wage$ and salaries Empbyer ojntribulions to pensKJn pkqns 21,858 481 18,177 652 22.339 1B.829 The average head cg)unl ol empkjytes duriThJ the year wa# 1 12024.. 11. The average nurnbttr ol fiJlFlime equivalenl employees ¢Juring Ihe year 1$ analysed as lolows.. 2025 2024 No. No. Number of staff - Adminislr8tfv No employee receiv¢d ernOyee t4neffts ol more than te0.( JUn9 the y94r12024'. NII}. 13
Drake Calleja Trust Company Limit by Guarantao Notes to the Finan¢lal Slatgments Year onded 31 May 2025 12. TnMl•• rnmunorntton and •xpen• No remunèral)n oi other benefrts from gmpknymenl with tharity or a related fjnllly were re¢eNed by the Iruslees. 13. D•btorn 2025 2024 Pr8payment$ and acGwed i1me Olher debtors 17,625 65.000 16,825 30,000 82.625 46.825 14. Credltor•: mount¥ falllng du• wlthln on• 2026 2024 Trade c4•drtor8 Ac¢rL*als and deferrèd income Soa'al se¢unty and othw la¥es Net wages conlrd aolt Olher creditors 21,364 7.570 2,212 1.212 50,594 82,952 21,982 6,626 1,953 23,594 55,3C6 1S. P•n•lon• and oth•r po•t r•#r•m•nt b•n•fll¥ D•fln•d ¢ontrlbutlon plan• The amount reCognd in income or expwndllurt as 8xwn80 in relation to defined conlribulion plans waB £48112024.. £652}. 16. Analy•l• ol ¢h•rltabl• fvnd• Unrn•trlct•d fund• At 1 Jung 2024 At Irrt))me Expenditure 31 May 2025 General lund8 11.027) 175,CQO {154,6171 19,356 Al In(x)me Expendttur¥ 31 May 2024 279,787 178,9841 1 June 2023 General lund5 1101,8301 11,0271 14
Drake Calleja Trust Company Limltod by Guarantee Notos to the Financial Statements (conithu•tQ Yoar onded 31 May 2025 17. Analysls of n¥t assets b•twe¢n fvnds Unrèstricted Totsl Funds Funds 2025 Current assets Creditors less than 1 ye#r 1ffk,308 182,9521 19.356 102,308 {82.9521 19,356 N•t a¥••ts Unreslitted Totsl Funds Funds 2024 Current assets Creditors less than 1 year 54.279 155,3061 11,027) 54,279 {55.3081 {1.027) Net a$$•ts 18. Rèlated partles During the year the tharity enler8d into tha following tran5aclK)ns wlh related parties." Bpjance owed byl{owed Transactlon ¥•lu• tol 2025 2024 2025 2024 James Drake Bryan Ewans The Drake FoundatKJn 175.fAMJ 5,461 278. 5.393 {46.594} {3,9281 14.CKJOI 13.7751 {4.5001 Thè total ofdonations reeei¥ed during the year ended 31 May 2025 lated lo unrestricled private donations from one of thè ¢harity's trustees. Mr. J J-P Drake. was £175.000 (2024.. £278,9CXII. Mr. Bryan Evans. who is a trustee of thè charity. received £5.461 during the year ended 31 May 2025 in SpeCt of 8udiiioning and piano 8txompanist work on an ami's length basis at concerts for musicians seCte£l for scholarships award*1 by the Charity. At 31 May 2025, Ihe charity owed £4,(th 12024.. £4.SCQ) to The Drake Foundation. a private cLNnpany limrted by guarantee wrthout share Capital. The Drake Foundation is controlled by Mr. J J-P Drake, a trustee of the charity. This amount is induded within creditors and relales to the charitls music81 Scholarship costs. 16