Charlty Rogistratlon No. 1170647 ILFA A COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2022
ILFA A COMPANY LIMITED BY GUARANTEE LEGAL AND ADMINISTRATIVE INFORpaATION Trustges Olutvnke A'ayi Adekoya Timothy Taylor Daw"d Ziyamly Daniel Mutisya Susan Crnughan Charlty number 1170647 Company numbgr Registered offica First Fkne¢, Sentinel H(xtse Sentind Square London NW4 2EP Ind8p8ndent examin•r Jath C Lax FCA Jacob Chales & Co senb.nd House, Sentinel Swa Londm NIN4 2EP
ILFA A COMPANY LIMITED BY GUARANTEE CONTENTS Trustees, pOrt Statement of Trustees. responsikn"lities Independent examinerfs report Staternt of financial lltS Balan sheet Notes to Ihe 8¢eounts 8-13
ILFA A COMPANY LIMITED BY GUARANTEE TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEM8ER 2022 The trustees present r rem and 1)ts for Ihe year eThJed 30 November 2022. The accounts have been prepared in accordance with the acxounting Policies set tyjt in note 1 to the accounts and comply wth ILFA'S consbtLrtion, the Cthmpafties Act 2006 and"Ac£ounting and Reprrfting by Charits'es.. Statement of Recommended Prath' applicable lo charities preparing their Unts in a¢cor¢Jance with tts Finanrial Reporting siarKlard apph.cabk in UK and Re1C of Ireland {FRS 102)- (effective from 1 Januwy 2019) Structure. go¥ernanc• and m•n•g?mgnt ILFA is a company limited by Guarantee and is registered as a Charity, and on 27 September 2021 adopted Now Articles of Asxtithn that updated a(h)pted in Dewnber 2015 vthen ILFA was first registered 88 8 Charity. The tswstees, who are also threLors forthe purFx)5es of Company Iww, served durir¥J the year re.. Olufunke Adekoya Howard Barrie Timothy Taytor David Ziy8mbi Daniel Mutisya Susan Craugha (appointed 21 January 2022) The govemance of the Company isthe resrK)nsiknlity of the Board (the members ofwhich are alsothe trustees of the charityl, which is apwnted by ILFA'S members. The Board members serve a maximtjm period of a thre&year lem before retiring at the next AGM. Each Board member is eligible105tsnd for re-election. once, thereby serving two consecLrtive three yeats temis. wjd for a third term subject to a Board Resolutson approved by all the other direCkn. None of the tN$tees has any benefiu81 interest in the cc¥npary. All of $[aeS are members of the company and guarantee lo corrtritxrte £1 in the event of a winding up. The Board is responsible forthe generaf control and man4wnent of ILFA. The Board meets r9gularly through(xrt the year.. AJI ggnrfKanl operabonal decisions are made by the Boar(l. Followsng appoinbnent, nèw Trustees each of are for the tsme tmng qualified IeTS. are introduced lo their role and given access to the Memorandum & Arte5 of Asscciation and a gUe to the policies and procedure5 adopted by the Company. Each ofthem are tnade awareof the Company'$ status as a registered harity and consequonly the scope of their responsikylilies under Ihe ChaniÈes Act ObJectfv85 and acll¥Sties ILFA'S objectives are for the public berth to fwlitate tr thancement of F4)5t-gr*luate level legal educats.on and the study of law by individuals froTll the ¥onb"nenl of Afn"eA. The trustee5 have paid due regard to guidan issued the Charity Commission in deciding which activities the charity should Lmdertake. In common wth many %milar charities. ILFA is reliant cffi subscxiptirmis and P1¢1patory support of many UK law firms.
ILFA A COMPANY LIMITED BY GUARANTEE TRUSTEES. REPORT (CONTINUED} FOR fHE YEAR ENDED 30 NOVEMBER 2022 Achk¥wneTts and people h the in¥ofverrwrtoftt8 F4eenw BejarThn. ILFA PTowdes uCat)naI SGe&, ITludIng its Fwhip PIOwam Afrun ofprorThse are sds¢ied lo attend è 3 mnth programffE and to th wilh kns UK In the aftenYAth oftP Covh19 pKIen ILFA srSSfi renj its Flyhip PrOamMe 2022, hekl Ihree Wl EX¢ele Acatsemy CLEAI C[e$ in a dKJtia &Jmwt an amual dknrtsr FUre Plans TIE Trustees wll Gontnue to adieve ctydNes by provI(Ir annua erjuoboI wogrnrnme. and rdd &Sivihes. Buik8ing on the ofts dgrfal Legal ExcdlartèA¢adhy ILFA is pla)ng to hold at least 2 LEA dIla1 ¢l>UT¥es ty1 2023. wilh the (XKwbon the Nallonal BarAssociOtioFw. in East Afrka and WestA[n. wilh 8rn1 rtytcaklTh ofa mt<ture Of Inlwnatit)nal rm6. The t¥ustee8 have compl wfth UH"r duty i) sed)n 17 OF1 Ctr•itw Act2011 to tsve due to the gtsidelines wblishod ty Ihe Charrties CorruTh. Flnanclal reviv The accounts for 2022 are we5errted Ihis rerrfjrt. Trtru51ee5 this•Y. by thpir accourtants that no audtt 1$ quired IIw5 year. The t[189S Ihal the arx¥)untB the rdat&J Th)tes complywith PAJrrent 8tstLrtory requirements, Ihe reqturernents d ILFA'S t)JrtsbtUt. arKI the reqLllrents ofthe State[1 tsf ReG¢JllwrRThJed Pa]ct ap[4 to wepatwN th•r a¢(ounts in a(Eordance with tho Financdal ReptrY4 sta[d in the UK arnl Repth of Ireland (FRS102). A$ at 30 Novemtjer 22 ILFA h8kl ufftsts¥ Itwvts offfi5.654 (3Y21 . £49.447). It had no ¥11 continue to mor¥torc#)sts rUllY 1hr thts drff#%li ec(mmic wod. It is Ihe lcY ofYE Bod tlot rtrIc fvTrls vAith IHve Tr)t teen desigrted knr 8 ¥wafic LEe should be maintwed at a I1 tIN8nt to trÈfv4èen Ihr aFl slx-rnonth's expxliturè. Tr tnjstees cor1{1e1 that rese5 at trlls levd VAI 5{e Ihal. in 11 ebent of a 5wyfiGant (kDp kn fijndlro, they will be 8ble to wntsnue ILFA's CUfrÈniactivtties wlile CiNwdat is gNen to ways in wh¢h addittond fund8 may T1 trustee5 havo assessed the m4or risks to wh1 ILFA rs extK*ed are sai5fied that Sys$ in ThE trustees. byts Truststs sIgj ot1h& Trust by Howard Ba Dated. 20 Juty 2(T23
ILFA A COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 30 NOVEMBER 2022 The tnlee$, who are also the direclors of ILFA. are responSie for preparing Ihe Trustoes, Report and the financial statements in accordance with applicable law arKI United Kingdom Acunting Standards (United lQ'ngdom Generally A¢Kepte(l Accounting Price). The law applicable to chariti in England Wales Tequires the trustees to prepare financial statemerrts for each finanaal year which give a true and fairview of the st of affairs of ILFA and ofthe incoming resources and awication of regrCeS that year. In preparing these accourrts, the trustees a required to" lect Suitab )Lting polKies and Ilw appty them Ccstenty.' observè the meth&Ys ar¥J prinoÈSes in Chaiities SORP" make judgements aTrJ estimates Ihat are reasonth and prudent state whelher applicable accouMing StsardS ha¥e been fdk)wed, subject to any material departures disdosed and ewained in the a[Onts. a1 prepare the coUnts on the going corw basis Un it is inapKKopTtate to presume that the charity vthll corrtinue in operatt"on. The trustees are responsible for keeping sufficiefrt acccyJnting records that disclose wth reasonabte èccuracy at any time the financial pjsition of ILFA and enthe them to ensure that the a{Unts comply Ih the Companies Act 2006. They are also respKrf)sible for safeguarding the assets of ILFA and hence for taking reasonable steps for the Prevention arKI detection of fraud and other irtegularibes.
ILFA A COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ILFA I report to the trustees on my examination of the finawal statements of ILFA Ilhe charity) for the year ended 30 November 2022. ResponsSbllltles and basls of report As the trustees ol the charity land 8150 its directors for the pijrposes of company law) you are resF)onsible for the preparation of the financial statemelrts in aGcordance with VTre requirements of the Companies Act 2006 Ithe 201% Act). Havillg satisfied myself thatthe finanal ststements ofthe charity are not required to be audited under Pari 16 of the 2006 Act and are eligible for independent examination I report in respect of my examin81ion of the chartys Iinanaal statements camed out under section 145 of the Charities Act 2C111 Ithe 2011 Act). In carying out my examination I have fdlowed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent •xamin•rf$ statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examin*J"on giving me cause to believe that in any Materi respèct. accounting records were not Kept In respecl of the charity as required by SbOn 386 of the 2006 Act, or thè financial ststements do not xcord with those records." or Ihe financlal slalemenls do not comply with the a¢counts"ng requirement5 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- or the financial stgtemÈnts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practs. for accounbng and reporting by charities applic8ble lo charities preparing thwr accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Irdand IFRS 1021. I have no concems and have corne acr¢)ss no other matters in wnnection with the examination to which attention should be drawn in this report in order to enable a propeT understanding of the finanual slalemenls lo be reached. Ja¢ky C Lax Member of the Institute ofchartered Ac£oLty)kn in England and Wales Jacob Chades & Co Sentinel House, Sentinel Square London NW4 2EP Dated.. 20 Juty 2023
ILFA A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE Accoumr FOR THE YEAR ENDED 30 NOVEMBER 2022 Unrestricted Rostricted fvnds Totsl 2022 Totsl 2021 Income from: subscripb.orts Membe, Contributions LEA Events Grants Donaions G8la dinner Other Income 32.100 40,600 18.983 32.100 40,6(KI 18.983 27,500 25,500 14.900 14.900 12.490 Total Income 106,583 106,583 65,490 Ex endlture on-. Direct event costs (43.2251 {43,2251 {5,8C61 Charitable activrties {45,1fj0) (45,1601 137,1351 Total resourcu expended {88.3851 (88.3851 {42.941} Net (outgoing) l incomlng resource 18,198 18.198 22,549 Other recogn15ed galns and losses Interest received 40 Net MoveMt in funds Taxation 18.207 18.207 22,589 18.207 49.447 18.207 49.447 22,589 26.858 Fund balance 1 December 2021 Fund balance 30 November 2022 67,654 67,654 49,447 The Statement of financial activilies includes all gains and losses rwnised in the year. All income and expen¢Jrture darive from continuing act}tieS. The ststement of finanual ¥tivib"es also complies ryth Ihe requIrn* for an iTne and 8xpendiiure account ur¥d8r The Companies Act 2006.
ILFA A COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS A T 30 NOVEMBER 2022 2022 2021 Fixed assets Investrnenl in subsi¢"ary 10 Current assets Debtors Cash al bank and in h 13,102 76.392 5,879 46,373 89.494 52,252 Creditors." amcrtrnts falling within one year 12 {21.8401 125.395} Net current assets 67,654 26,857 Total assets less current liabdibes 67.654 26,858 Income funds Restricted funds Unrestricleil fvnds Designated funds General unreslrictsd funds 67,654 26,858 67.654 26,8S8 67.654 26,858 The compary is enlit1 to exempticn from the audrt requirement contained in 110 477 of the Companies Act 2006. for the yè8r ended 30 November 2022. The directors aekncAvledge their resFrt)nsibilittes for $rirJ th81 the d7anty keeps accountiny ¢¢d$ which omply section 386 of the Act and fcf preparing finanual stalernents which give a true an¢J fair Mew of the stale ot affaits of the company as at the end of the financBI year and of rts incoming res¢)urces and application of resources, induding its iro)me and expeThlilure, for the financtal year in accordancR with the requirgmerrts of sectsons 394 395 OtheTh compty V•ith Ihe reqi¥rements of the Companies Act 2008 rdatsng to finarrial statements, so ts as applicthe to the (ajmpany. The members have not rewired company to obtain an alIt of its ffirAncial StateMer for th8 year in question in accordance Wth Section 476. Thesè financi81 staternents tvve pre[kAr1 in aC£Ordar the pro¥isions applicable to compar)ie$ subjectto the small MpnIeS regim&,
ILFA A COMPANY UMITED BY GUARANTEE BALANCE SHEEr AS Af30 NOVEMBER 2022 Sign¢d by H ¢)n h911 of the Trustees
ILFA A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 Accounting policies Charfty inlomiation ILFA consttfules a public entity as defird by FRS 102. Accountlng convenlion The accounts have been EKepared in aCcOrdar ILFA'S goveming document, the Charities Aet 2011 and"Aceountirtg aNJ Reporb'ng by Charities: Siatemenl of RecLKnmended Practice applicable to charibes preparing their accounts in accordance wth Fina[21 Reporting Standard applicate in the UK and ReI1C of Irnd IFRS 1021° (effective 1 January 2019). ILFA is a Public Benefft Enth"ty as defined ty FRS102. ILFA has taken advantage ofthe provisic% in the SORP fc tharities not lo prepare a Stslement of Cash Flows. The accounts are prepared in stthirKJ, which is the fundi1 ojrrency of ILFA Monetary amounts in these finanrAal slatements a rou to Ihe nearest £. The accounts have been Fwared underfv hislorical cost convention. princtpal accounting Folicues a(kJpled are set out below. Golng ¢on¢ern At the lime of approving the accounts. the trustees have a reasonable expectatton that ILFA has adequate resources lo continue in operatKJnal existen for the eSee8bIe fvture. Trus the trustees contirKE to Ihe going Conc basis of aco)untirKJ in mring Ihe financial ststements. Charttable funds unrestn.cted fvnds are available for use at the dwetion of the trustees in furtherance of I1r thantatAe objeth.ves unless the fUS have been dewnated for otl)er wrtoses. Restricted fijnds are subJ"ect to specific condib.ons by dorK>rs as lo how they may be wd. The purposes and uses of the restriGled funds are set ojt in notes lo the account5. Designed fvnds comprise unrestn.cted funds that have been set aside by the Tnjstees for part'cular purposes. The aim and use of each (lesigned fvnd sel out n the noi&8 to the finantial stalemenls. Incoming resourc8s Inceme is reeognised vthen ILFA is le9alty enltued lo it after any perf¢man¢6 ¢onditions have been met, the amounts can be measured rdiably. and rt 15 probabte that irthme will iE received. Cash dc(tations are recognised on rPiPE. Othtr fh)n3tions are recx)gThsed once ILFA h8$ been notified of the donalron, unless Perf0mr9 conortnS require deferral of the aMOuT Income tax
ILFA A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEAIBER 2022 recOverae in relation to dcthtsons r¢(1 urKter Gfft Aid or deeds of covenant is recogniSl at the time of donatron. A¢countiry polici8s (continued Tumov8r represents the val of invowl sales. Grants aTrJ donations are recogThsed for alxounling upon rPt. Resources expeftdgd Charitsble expenditure comprises all expendiiure th"recty relating to the obpcb.vas of the administrab'on cost of ¢¥erating the Charity. Govemance costs ilUde audit costs. and legal thice for the trustees and any other costs assouated wlh ccstilUl10nal and stalutory requirements. Support costs . the amwnts disdosed under e*h of the above Categories comprise those costs which are directty attriixrtatle to that category togetherwith an apporh"onment of support costs. Support costs are those costs that are not diredy attributable to a sing]e activty but provide Ihe ece5sary organisa150nal support for all the ch8riVs 8clivities. The support costs have been allocated lo the (thrity's activiti.es to which W relate. Consolidatlon ILFA is a parent company subjectto the Sm1 companies. regime. ILFA and its subsidiary comprise a small group, and ILFA is therefore mt requred to and has clK•sen not to prepare group accounis. Cash and ¢ash equlvalents Cash and cash equN8lents indude cash in hand. deposrts held al c811 wtyth banks, other short.term liquid investments th original maturth.es of three months cf les$. and banK overdrafts. Bank overdrafts are shown ¥thin borrIng5 in oJrrent lith"litie& Financlal Instruments ILFA has electeil lo appty the provi5i(xL% of secti 11 'Basic Financial Inslruments, and Se(aion 12 '0thei Finanoal Instruments Is6. of FRS 102 to all of ils instfum8nts. Financial instrumwits are recogntsed in ILFA'S artt SIet wn ILFA becomes party ID the contracbjal provisions of the insiTumenL Financial assets and liabilfaes are offset. Wbth the net amounts presented in tho finanoal statements. when ttEre is a legally enforceaL4e right to set off the recognised amounts and there is an intention to settte on a net basis or to realise the ass8t arKI setUe the liabilty simultaneously.
ILFA A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 Bas1¢ financial a55ets Basic finanual assets, whth indude debtors cash aThJ bank ba[e5. are initially measured * transath.on prits induding transaction costs and a subsequently eanied at amorbsed $t U51ng the effecbve interest method unless the arrangement constleS a financing transaclion. where the tsnsacb.on is measured at Ihe presert value of the future receipts discounted al 8 market rate of interest Finanaal assets clasSrfd as receNable wilhin one year are not amorts'sed. Baslc 1Snanclal Ilabllltles Basic finanoal li011e$. ILling creditors an(1 bank loans are In'allY recogrHsed at transaction price unless the arrangemenl constitutes a ffinanctng transaction, vA)ere the debt instrument is measured al the present value of the ftJttAre payments discounted at a market rale of interest. Finanoal liatiilths dassifigj as payable Within year are ncrt amortisad. Debt instnFments are 5ubseq• carried at amrAtised OA using interest rate metPts)d. Trade credstors are obligations to pay fur goots OT Servi Ihat have been ac¢wI in Ihe ortlinary COUTse of operations from $Iplier$. Amwnts payable are classffied as current liabilits rf payment is due wthin one year or less. If not. they are present as non-cuffent liabilrties. Trade credrtors are re¢ognised InallY at 1sansacon FI and subsequenuy measwed at amorbsod Cost using the effective interest melhod. Derecognltion of financial liabllities Final liabilibes are derecc&rdsed kn ILFA'S cA)ligabons expre or ar8 dischargèd or eancelled. Cash Flow Slatement The charity has taken advaritage of the exempl]on availth in paragraph 7.1B of FRS 102 and has not prepared a cash Ilow statement. Critical accountln9 esthnatss and juil9emnts In the application of ILFA'5 QutIng trustees are required to make judgements. est'mates and assumpti1x about the carryirKJ amount of assets and liatAlIt that are not readily apparent fft)m other sources. The eslimates and asgxiated assumptsons based on hisloricgj experien ant1 oihw faciors are CL51de[ to be relevant. Actual rexlts may differ from th8s8 &stimates. The estimates ertYing assumptiN6 are rev on an ongoing ba&s. Revisions to accounting estimates are recognised in the period in whith the esb"m*e is revised where the revision affects onty that period, or in the perKyJ ol the reviston and fLrte perS where the revision affeca8 both currènt and future penod& io-
ILFA A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 InGome Totsl 2022 Total 2021 funds fund5 Subscripliorts CeIVed Members, contributions LEA- events Gala Ixinner receipts 32.100 40.600 18,983 14,900 32.100 40,600 18.983 14.900 27,500 25,500 12,490 1Cfj.583 1C6,583 6S.490 Inv•stmtnt inco Tol21 2022 Totsl 2021 nds funds Interest re¢eivable 40 Dlrect costs 2022 2021 Event costs LEA ¢0 Gala dinner 15 34,125 5,806 9,100 43,225 5,806
ILFA A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 Charltable acdvtties 2022 2021 Management $ts Website design and hosting A¢Jverb'sing and promotson Project man&Jer lees Intem costs Telephone POSL prints.ng arKt statior AccOuntcY Provision for doLTrbthl debts Legal and professiwol Bank charges 2.500 245 720 40.743 30,760 1.200 63 1.320 817 1,173 1.320 498 217 297 45.160 37.135 Share of support costs Share of govemance costs (see re 71 43,840 1.320 35,815 1.320 45,160 Anatysls by fund Unrestricled funds- gene Restricted lunds 45.160 45,160 Support costs Go¥eman costs indJe$ paywts to the Ind¥jerK arAJiuntarrt of£1.32012021- £1,320). None of tho tnjstgas (or any perso Cnected wth them) reeaved any remuneration, benefits or r*tnburserrtenl of during the year. 12-
ILFA A COMPANY LIMITED BY GUARAKfEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 30 NOVEMBER 2022 Efflployee8 Number of •mploy¢¢s The company has emoYeeS{2O21- Nil) 10 Investment The Company owns 10 Ordinary shares of£O.01 each in ILFA Leaming & Development Limited, represent"tTrg 100% of that company's isswl share capital. The principal acb.vity of the subsidiary company is The developmeN for resate of legal WofeSs)rl training pr¢¥rammes in a th"gilal ft)rmat. For the year ended 30 November 2022 ILFA LearThtNJ and Development Limited made a profit after taxation of £Nil {2021 . £1,13n. Debto 2022 2021 Amounts falllng duè within one year. Trle debtors Amount due lo subsi(fiary 4.787 8.315 8,315 13.102 8.315 12 Credttors: amounts falllng due wilhln onè y•ar 2022 2021 Trade credrtors Sundry credttOTS and ualS 18,000 3,840 18,000 1,320 21,840 19,320 13 Continggnt liabllities There were no rdated ccrti'rwt liatx"lÉbes Ihat WU1 discjosure. durirwJ th& year {2021- none). 14. Events after th? reportong (late The Trustees remain vigilanl regardi the Cowd pandemic and also maintsin their reasonable expectation that the Chanty has adeguatè rexJttAs lo o)nb"nue in operation for the foresee88 future from the date od approval ofthese fin8rKi ststernents. 15 Related party transactions The Company pa management fees Of£.1 {2021 .. £2.5) to ILFA Leanwng and Development "miterj. 13-