Company Registration No. 09182698 (England and Wales)
The Drake Foundation
Unaudited accounts
for the year ended 31 August 2024
The Drake Foundation
Unaudited accounts
Contents
The Drake Foundation
Company Information
for the year ended 31 August 2024
Director
Mr James Jean-Pierre Drake
Company Number
09182698 (England and Wales)
Registered Office
Suite One
Third Floor Sovereign House
1 Albert Place
London
N3 1QB
United Kingdom
The Drake Foundation
Statement of financial position
as at 31 August 2024
Cash at bank and in hand
4,638
3,351
Creditors: amounts falling due within one year
(2,547,754)
(2,506,837)
Net current liabilities
(2,543,116)
(2,497,486)
Net liabilities
(2,543,116)
(2,497,486)
Profit and loss account
(2,543,116)
(2,497,486)
Members' funds
(2,543,116)
(2,497,486)
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 April 2025 and were signed on its behalf by
Mr James Jean-Pierre Drake
Director
Company Registration No. 09182698
The Drake Foundation
Notes to the Accounts
for the year ended 31 August 2024
The Drake Foundation is a private company, limited by guarantee, registered in England and Wales, registration number 09182698. The registered office is Suite One, Third Floor Sovereign House, 1 Albert Place, London, N3 1QB, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research expenditure is written off in the year in which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
• It is technically feasible to complete the intangible asset so that it will be available for use or sale;
• There is the intention to complete the intangible asset and use or sell it;
• There is the ability to use or sell the intangible asset;
• The use or sale of the intangible asset will generate probable future economic benefits;
• There are adequate technical, financial and other resources available to complete the development
and to use or sell the intangible asset; and
• The expenditure attributable to the intangible asset during its development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.
The accounts have been prepared on the going concern basis that assumes the director, Mr J J-P Drake will continue to provide financial support in the form of a long term director's loan.
The Drake Foundation
Notes to the Accounts
for the year ended 31 August 2024
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the
transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt
instrument.
Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an
impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed
individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Amounts falling due within one year
Accrued income and prepayments
-
6,000
5
Creditors: amounts falling due within one year
2024
2023
Amounts owed to group undertakings and other participating interests
31,653
64,619
Taxes and social security
-
1,011
Loans from directors
2,514,928
2,426,842
6
Company limited by guarantee
The company is limited by guarantee and is not-for-profit with no share capital. The director, Mr James Jean-Pierre Drake, has given a guarantee, as member and subscriber to the Memorandum and Articles of Association, in the sum of £1.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Mr James Jean-Pierre Drake
Directors loan
(2,426,842)
(88,086)
-
(2,514,928)
(2,426,842)
(88,086)
-
(2,514,928)
8
Transactions with related parties
At the year end the company owed £31,653.2 to the companies under the common control of the director (2023: £64,619 was owed by companies under common control).
The Drake Foundation
Notes to the Accounts
for the year ended 31 August 2024
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).