Cha r ity R egist r ation No . 1170647
ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
ANNUAL R EPO R T AN D UNAU D ITE D FINANCIAL STATE M ENTS
FO R THE YEA R EN D E D 30 NOVE M BE R 2020
ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
LEGAL AN D A DM INIST R ATIVE INFO RM ATION
T r ustees
Olufunke Ajayi A dekoya John Ludden Tinashe Makoni Howard Barrie Timothy Taylor
Cha r ity numbe r 1170647 Company numbe r 09085440 R egiste r e d ofce First Floor, Sentinel House Sentinel Square London NW4 2EP In d epen d ent examine r Jacky C Lax FCA Jacob Charles & Co Sentinel House, Sentinel Square London NW4 2EP
ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
CONTENTS
Independent examiner's report 5
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
T R USTEES' R EPO R T (CONTINUE D ) FO R THE YEA R EN D E D 30 NOVE M BE R 2020
The t rustees p resent their report and accounts for the year ended 30 November 2020.
The accounts have been p repared in accordance with the accounting policies set out in note 1 to the accounts and comply with ILFA’s constitution, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended rP actice applicable to charities p reparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I reland (FRS 102)” (as amended for accounting periods commencing f rom 1 January 2016)
St r uctu r e, gove r nance an d management
Governing document
ILFA is a company limited by Guarantee and ris egistered as a Charity.
The t rustees who served during the year were:
John Ludden
Tinashe Makoni
Howard Barrie
| Kem Uzoma Ihenacho | r ( |
d esigne |
r r 5 Feb ua y 2021) |
|
|---|---|---|---|---|
| M r elissa Butle |
r ( |
d esigne |
r r 5 Feb ua y 2021) |
|
| r Geeta Kheha |
r ( |
d esigne |
r r 5 Feb ua y 2021) |
|
| d Vivian Osayan e |
r ( |
d esigne |
M r 31 a ch 2020) |
|
| r Aboubace Fall |
r ( |
d esigne |
r r 5 Feb ua y 2021) |
|
| Olumagbemiga Oyebo | d e |
r ( |
d esigne |
r r 5 Feb ua y 2021) |
On 5 February 2021 Olufunke Ajayi dA ekoya and Timothy Taylor were appointed as dda itional d ri ectors.
The governance of the Company is the responsibility of the Board (the members of which ra e also the rt ustees of the charity), which is elected by ILFA’s members at an Annual General Meeting. The Board members serve a maximum period of a three-year term before retiring at the next AGM. Each Board member is eligible to stand for re-election, once, thereby serving two consecutive three years terms.
None of the t rustees has any benefcial interest in the company. All of the t rustees a re members of the company and guarantee to contribute £1 in the event of a winding up.
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
T R USTEES' R EPO R T (CONTINUE D )
FO R THE YEA R EN D E D 30 NOVE M BE R 2020
The Board is responsible for the general control and management of ILFA.
The Board meets regularly throughout the year and there a re sub-committees and rg oups, which report to the Board. All signifcant operational decisions ra e made by the Board, with certain key decisions approved by the members in open meeting.
Following appointment, new rT ustees ra e introduced to their role and given copies of the Memorandum & rA ticles of Association and a guide to the policies and rp ocedures da opted by the Company. A number of publications rf om the Charity Commission are also provided including guidance on charities and public beneft and on the da vancement of religion for public beneft. This ensures the new d ri ectors ra e aware of the scope of their responsibilities under the Charities Act.
Objectives an d activities
ILFA’s objectives a re for the public beneft to facilitate the a dvancement of post-graduate level legal e ducation and the study of law by individuals f rom the continent of Africa.
The t rustees have paid due regard to guidance issued by the Charity Commission in deciding which activities the charity should undertake.
In common with many similar charities, ILFA is reliant on subscriptions and participatory support of UK legal f rms.
Achievements an d people
Under the d ri ection of our Chief Executive ofcer ILFA p rovides e ducational services, including its Flagship P rogramme under which African lawyers of p romise a re selected to attend a 3 month programme and to work with sponsoring legal f rms in the UK.
Cynthia Lareine ILFA’s Chief Executive Ofcer resigned on 31 March 2020 and Fateema Benjamin was appointed as P roject Manager in March 2021.
ILFA’s plans for the year were g reatly afected by the Covid-19 pandemic, which has caused the postponement of the Flagship P rogramme for the year and the cancellation of our annual fundraising Gala Dinner. However, before the Pandemic took efect ILFA was able to hold a successful Elevate Legal Excellence Academy in Nairobi, Kenya in February 2020.
Futu r e Plans
The T rustees will continue to achieve the stated objectives by p roviding an annual e ducational programme, and related activities. Now that in the UK social distancing regulation and rt avel restrictions a re starting to be lifted ILFA is hopeful that its plans to hold a Legal Excellence Academy online in a digital format in September 2021 will go ahead. We recognise that countries outside the UK will take signifcantly longer to recover rf om the Pandemic and that travel restrictions may continue for some time. We a re however planning to hold our Flagship Programme based in London and Dubai in Spring 2022.
Public Beneft
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
T R USTEES' R EPO R T (CONTINUE D )
FO R THE YEA R EN D E D 30 NOVE M BE R 2020
The t rustees have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the guidelines published by the Charities Commission.
Financial r eview
The accounts for 2020 a re p resented within this report. The t rustees a re a dvised, by their accountants that no audit is required this year. The t rustees confrm that the accounts and the related notes comply with current statutory requirements, the requirements of ILFA’s constitution, and the requirements of the Statement of Recommended rP actice applicable to charities p reparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I reland (FRS102). As at 30 November 2020 ILFA held unrestricted general funds of £26,858 (2019 : £37,429). It held no unrestricted designated, o r restricted funds. The Board believes the fnancial position remains stable and will continue to monitor costs carefully throughout this difcult economic period.
It is the policy of the Board that unrestricted funds which have not been designated for a specifc use should be maintained at a level equivalent to between three- and six-month’s expenditure. The t rustees consider that reserves at this level will ensure that, in the event of a signifcant drop in funding, they will be able to continue ILFA’s current activities while consideration is given to ways in which a dditional funds may be raised. This level of reserves has been maintained throughout the year.
The t rustees have assessed the major risks to which ILFA is exposed and ra e satisfed that systems a re in place to mitigate exposure to the major risks.
The t rustees' report was approved by the T rustees and signed on behalf of the T rustees by
……………………………… Howard Barrie Dated: 9 July 2021
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
STATE M ENT OF R T USTEES' R ESPONSIBILITIES FO R THE YEA R EN D E D 30 NOVE M BE R 2020
The t rustees, who a re also the d ri ectors of ILFA, a re responsible for rp eparing the T rustees' Report and the fnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting P ractice).
The law applicable to charities in England and Wales requires the t rustees to p repare fnancial statements for each fnancial year which give a t rue and fair view of the state of afairs of ILFA and of the incoming resources and application of resources for that year.
In p reparing these accounts, the t rustees a re required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and rp inciples in the Charities SORP;
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make judgements and estimates that a re reasonable and rp udent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to p resume that the charity will continue in operation.
The t rustees a re responsible for keeping sufcient accounting records that disclose with reasonable accuracy at any time the fnancial position of ILFA and enable them to ensure that the accounts comply with the Companies Act 2006. They a re also responsible for safeguarding the assets of ILFA and hence for taking reasonable steps for the p revention and detection of fraud and other rri egularities.
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
IN D EPEN D ENT EXA M INE R 'S R EPO R T
TO THE R T USTEES OF ILFA
_____________
I report to the rt ustees on my examination of the fnancial statements of ILFA (the charity) for the year ended 30 November 2020.
R esponsibilities an d basis of r epo r t
As the rt ustees of the charity (and also its d ri ectors for the purposes of company law) you a re responsible for the p reparation of the fnancial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfed myself that the fnancial statements of the charity ra e not required to be audited under Part 16 of the 2006 Act and ra e eligible for independent examination, I report in respect of my examination of the charity's fnancial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable D ri ections given by the Charity Commission under section 145(5)(b) of the 2011 Act.
In d epen d ent examine r 's statement
I have completed my examination. I confrm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; ro
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2 the fnancial statements do not accord with those records; o r
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3 the fnancial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; o r
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4 the fnancial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I reland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in rdo er to enable a proper understanding of the fnancial statements to be reached.
………………………………
Jacky C Lax FCA
Member of the Institute of Chartered Accountants in England and Wales
Jacob Charles & Co
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
IN D EPEN D ENT EXA M INE R 'S R EPO R T
TO THE R T USTEES OF ILFA
_____________
Sentinel House, Sentinel Square London NW4 2EP
Dated: 9 July 2021
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
STATE M ENT OF FINANCIAL ACTIVITIES INCLU D ING INCO M E AN D EXPEN D ITU R E ACCOUNT
FO R THE YEA R EN D E D 30 NOVE M BE R 2020
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The statement of fnancial activities includes all gains and losses recognised in the year.
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
BALANCE SHEET AS AT 30 NOVE M BE R 2020
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
BALANCE SHEET AS AT 30 NOVE M BE R 2020
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
NOTES TO THE FINANCIAL STATE M ENTS
FO R THE YEA R EN D E D 30 NOVE M BE R 2020
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Sche d ule 1Accounting policies
Cha r ity info r mation
ILFA constitutes a public beneft entity as defned by F RS 102.
Sche d ule 2Accounting convention
The accounts have been p repared in accordance with ILFA’s governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended rP actice applicable to charities p reparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of I reland (FRS 102)” (as amended for accounting periods commencing f rom 1 January 2016).
ILFA has taken a dvantage of the p rovisions in the SORP for charities applying F RS 102 Update Bulletin 1 not to p repare a Statement of Cash Flows.
The accounts have departed rf om the Charities (Accounts and Reports) Regulations 2008 only to the extent required to p rovide a t rue and fair view. This departure has involved following the Statement of Recommended rP actice for charities applying F RS 102 rather than the version of the Statement of Recommended rP actice which is referred to in the Regulations but which has since been withdrawn.
The accounts a re p repared in sterling, which is the functional currency of ILFA. Monetary amounts in these fnancial statements a re rounded to the nearest £ .
The accounts have been p repared under the historical cost convention, modifed to include the revaluation of f reehold rp operties and to include investment p roperties and certain fnancial instruments at fair value. The p rincipal accounting policies a dopted ra e set out below.
Sche d ule 3Going conce r n
At the time of approving the accounts, the t rustees have a reasonable expectation that ILFA has a dequate resources to continue in operational existence for the foreseeable future. Thus the t rustees continue to a dopt the going concern basis of accounting in preparing the accounts.
Sche d ule 4Cha r itable fun d s
Unrestricted funds a re available for use at the discretion of the t rustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Restricted funds a re subject to specifc conditions by donors as to how they may be used. The purposes and uses of the restricted funds a re set out in the notes to the accounts.
Designed funds comprise unrestricted funds that have been set aside by the T rustees for particular purposes. The aim and use of each designed fund is set out in the notes to the fnancial statements.
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
NOTES TO THE FINANCIAL STATE M ENTS FO R THE YEA R EN D E D 30 NOVE M BE R 2020
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Sche d ule 5Incoming r esou r ces
Income is recognised when ILFA is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is p robable that income will be received.
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
NOTES TO THE FINANCIAL STATE M ENTS (CONTINUE D ) FO R THE YEA R EN D E D 30 NOVE M BE R 2020
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Cash donations a re recognised on receipt. Other donations a re recognised once ILFA has been notifed of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid r do eeds of covenant is recognised at the time of the donation.
1
Accounting policies (continue d )
Turnover represents the value of invoiced sales.
Grants and donations a re recognised for accounting purposes upon receipt.
Sche d ule 6 R esou r ces expen d e d
Charitable expenditure comprises all expenditure d ri ectly relating to the objectives of the a dministration cost of operating the Charity.
Governance costs include audit costs, and legal a dvice for the t rustees and any other costs associated with constitutional and statutory requirements.
Support costs - the amounts disclosed under each of the above categories comprise those costs which a re d ri ectly attributable to that category together with an apportionment of support costs. Support costs a re those costs that a re not d ri ectly attributable to a single activity but p rovide the necessary o rganisational support for all the charity's activities. The support costs have been allocated to the charity's activities to which they relate.
Consoli d ation
ILFA is a parent company subject to the small companies’ regime. ILFA and its subsidiary comprise a small g roup, and ILFA is therefore not required to and has chosen not to p repare g roup accounts.
Sche d ule 7Cash an d cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with o riginal maturities of three months o r less, and bank overdrafts. Bank overdrafts a re shown within borrowings in current liabilities.
Sche d ule 8Financial inst r uments
ILFA has elected to apply the p rovisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of F RS 102 to all of its fnancial instruments.
Financial instruments a re recognised in ILFA's balance sheet when ILFA becomes party to the contractual p rovisions of the instrument.
Financial assets and liabilities a re ofset, with the net amounts p resented in the fnancial statements, when there is a legally enforceable right to set of the recognised amounts and there is an intention to settle on a net basis o r to realise the asset and settle the liability simultaneously.
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
NOTES TO THE FINANCIAL STATE M ENTS (CONTINUE D ) FO R THE YEA R EN D E D 30 NOVE M BE R 2020
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Basic fnancial assets
Basic fnancial assets, which include debtors and cash and bank balances, a re initially measured at t ransaction p rice including t ransaction costs and ra e subsequently carried at amortised cost using the efective interest method unless the a rrangement constitutes a fnancing t ransaction, where the t ransaction is measured at the p resent value of the future receipts discounted at a market rate of interest. Financial assets classifed as receivable within one year ra e not amortised.
Basic fnancial liabilities
Basic fnancial liabilities, including c reditors and bank loans a re initially recognised at transaction p rice unless the a rrangement constitutes a fnancing t ransaction, where the debt instrument is measured at the p resent value of the future payments discounted at a market rate of interest. Financial liabilities classifed as payable within one year ra e not amortised.
Debt instruments a re subsequently carried at amortised cost, using the efective interest rate method.
Trade c reditors a re obligations to pay for goods o r services that have been acquired in the o rdinary course of operations f rom suppliers. Amounts payable a re classifed as current liabilities if payment is due within one year r o less. If not, they a re p resented as non-current liabilities. rT ade c reditors a re recognised initially at t ransaction p rice and subsequently measured at amortised cost using the efective interest method.
D e r ecognition of fnancial liabilities
Financial liabilities a re derecognised when ILFA’s contractual obligations expire o r ra e discharged r o cancelled.
Sche d ule 9Cash Flow Statement
The charity has taken a dvantage of the exemption available in paragraph 7 1B of F . RS 102 and has not p repared a cash fow statement.
Sche d ule 10 R egist r ation as a Cha r itable Company
On 19 December 2016 IlFA was registered as a Charity with the Registration number 1170647.
Sche d ule 11C r itical accounting estimates an d ju d gements
In the application of ILFA’s accounting policies, the t rustees a re required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that a re not readily apparent f rom other sources. The estimates and associated assumptions a re based on historical experience and other factors that a re considered to be relevant. Actual results may difer rf om these estimates.
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
NOTES TO THE FINANCIAL STATE M ENTS (CONTINUE D ) FO R THE YEA R EN D E D 30 NOVE M BE R 2020
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The estimates and underlying assumptions a re reviewed on an ongoing basis. Revisions to accounting estimates a re recognised in the period in which the estimate is revised where the revision afects only that period, o r in the period of the revision and future periods where the revision afects both current and future periods.
Sche d ule 12Income
| r Subsc iptions r d eceive M r embe s’ r cont ibutions Events r G ants Donations d r r d Gala inne eceive M iscellaneous income |
r r Un est icte d d fun s £ - - 47,416 - 16,301 1,114 - 64,831 |
R r est ict d d e fun s £ - - - - - - - - |
Total 2020 £ - - 47,416 - 16,301 1,114 - 64,831 |
Total 2019 £ 33,500 72,680 68,266 8,000 15,500 41,856 8,477 |
|---|---|---|---|---|
| 248,279 |
Sche d ule 13Investment income
| r r Inte est eceivable le 14D r i ect costs Event costs r F eelance staf costs d Accommo ation costs d r Gala inne costs |
r r Un est icte d d fun s £ 11 |
R r est ict d d e fun s £ - |
Total 2019 £ 11 2020 £ 5,050 37,175 - 1,794 44,019 |
Total 2018 £ 24 |
|---|---|---|---|---|
| 2019 £ 31,174 14,710 53,502 31,078 |
||||
| 130,464 |
Sche d ule 14 D i r ect costs
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
NOTES TO THE FINANCIAL STATE M ENTS (CONTINUE D ) FO R THE YEA R EN D E D 30 NOVE M BE R 2020
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Sche d ule 15Cha r itable activities
| M anagement costs Financial management r Ofce ent d d Website esign an hosting d r d r A ve tising an p omotion r Inte n costs r T avel costs Telephone r d r Post, p inting an statione y Accountancy dr Sun y expenses r Bank cha ges r r Sha e of suppo t costs r r Sha e of gove nance costs (see note 7) d Analysis by fun r r d d r Un est icte fun s - gene al R r d d est icte fun s |
2020 £ 25,000 - - 3,401 70 250 - 1,250 268 750 - 405 31,394 30,644 750 31,394 31,394 - 31,394 |
2019 £ 85,000 - - 3,209 - - - 2,576 344 750 - 70 91,94 9 |
|---|---|---|
| 91,199 750 |
||
| 91,949 | ||
Sche d ule 16Suppo r t costs
Governance costs includes payments to the independent accountant of £750 (2019£750).
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
NOTES TO THE FINANCIAL STATE M ENTS (CONTINUE D ) FO R THE YEA R EN D E D 30 NOVE M BE R 2020
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Sche d ule 17T r ustees
None of the t rustees (or any persons connected with them) received any remuneration, benefts o r reimbursement of expenses during the year.
Sche d ule 18Employees
Numbe r of employees
The company has no employees (2019 – Nil)
Sche d ule 19Investment
The Company owns 10 O rdinary shares of £0 01 each in ILFA Lea. rning & Development Limited, representing 100% of that company's issued share capital. The p rincipal activity of the subsidiary company is The development for resale of legal p rofessional training p rogrammes in a digital format. For the year ended 30 November 2020 ILFA Learning and Development Limited made a p roft after taxation of £2,924 (2019 : £2,924).
Sche d ule 20 D ebto r s
| d Amounts falling ue within one r yea : r d d r T a e ebto s r P epayments d Sche ule 21 r d r d r C e ito s: amounts falling ue within one yea |
2020 £ 348 5,531 5,879 |
2019 £ 3,185 5,531 |
|---|---|---|
| 8,716 | ||
| r d r d r T a e c e ito s M r r d d embe ’s subsc iption pai in a vance dr r d r d r Sun y c e ito s an acc uals |
2020 £ 20,747 2,500 2,148 25,395 |
2019 £ 44,772 - 12,799 |
|---|---|---|
| 57,571 |
Sche d ule 22Contingent liabilities
There were no related contingent liabilities that require disclosure, during the year (2019- none).
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ILFA A CO M PANY LI M ITE D BY GUA R ANTEE
NOTES TO THE FINANCIAL STATE M ENTS (CONTINUE D ) FO R THE YEA R EN D E D 30 NOVE M BE R 2020
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Sche d ule 23 R elate d pa r ty r t ansactions
The Company paid management fees of £25,000 (2019 : £85,000) to ILFA Learning and Development Limited.
Sche d ule 24Post balance sheet events
The coronavirus COVID-19 pandemic is ongoing and it is not yet known the full efect this will have on fnancial markets and the global economy. If the overall economy is impacted for an extended period, afecting international t ravel, this could have an impact on ILFA’s donations and other income, such as f rom fundraising events.
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