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Company Registration No. 09182698 (England and Wales)
The Drake Foundation Unaudited accounts for the year ended 31 August 2025
The Drake Foundation Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
- 2 -
The Drake Foundation Company Information for the year ended 31 August 2025
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
- 3 -
The Drake Foundation Statement of financial position as at 31 August 2025
2025
2024
Notes
£
£
Current assets
Debtors
4
290
-
Cash at bank and in hand
2,307
4,638
2,597
4,638
Creditors: amounts falling due within one year
5
(2,554,321)
(2,547,754)
Net current liabilities
(2,551,724)
(2,543,116)
Net liabilities
(2,551,724)
(2,543,116)
Reserves
6
Profit and loss account
(2,551,724)
(2,543,116)
Members' funds
(2,551,724)
(2,543,116)
For the year ending 31 August 2025 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 13 February 2026 and were signed on its behalf by
Mr James Jean-Pierre Drake Director Company Registration No. 09182698
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The Drake Foundation Notes to the Accounts for the year ended 31 August 2025
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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 and development
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.
Going concern
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.
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The Drake Foundation Notes to the Accounts for the year ended 31 August 2025
Financial instruments
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.
4
Debtors
2025
2024
£
£
Amounts falling due within one year
VAT
290
-
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
-
240
Amounts owed to group undertakings and other participating interests
34,453
31,653
Loans from directors
2,518,928
2,514,928
Accruals
940
933
2,554,321
2,547,754
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.
7
Loans to directors
Brought Forward
Advance/ credit
Repaid
Carried Forward
£
£
£
£
Mr James Jean-Pierre Drake
Directors loan
(2,514,928)
-
4,000
(2,518,928)
(2,514,928)
-
4,000
(2,518,928)
8
Transactions with related parties
At the year end the company owed £34,453 to the companies under the common control of the director (2024: £31,653 was owed by companies under common control).
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The Drake Foundation Notes to the Accounts for the year ended 31 August 2025
9
Average number of employees
During the year the average number of employees was 1 (2024: 1).
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