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 Statern￿t of financial *ll￿t*S 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 Re￿￿1C 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 threL*ors 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 I￿eTS. are introduced lo their role and given access to the Memorandum & Art￿e5 of Asscciation and a gU￿e 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 P￿1¢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 S￿￿Ge&, IT￿ludIng its Fwhip PIOwam￿ Afrun ofprorThse are sds¢ied lo attend è 3 mnth programffE and to th wilh kns UK In the aftenYAth oftP* Covh*19 p*KIen￿ ILFA s￿r￿SSfi* re￿￿n￿j its Flyhip PrO￿amMe 2022, hekl Ihree Wl EX¢ele￿ Acatsemy CLEAI C￿[￿e$ in a dKJtia &Jmwt an amual dknrtsr FU￿re Plans TIE Trustees wll Gontnue to adieve ctydNes by provI(Ir￿ ￿ annua erjuobo￿I wogrnrnme. and rd*d &Sivihes. Buik8ing on the ofts dgrfal Legal ExcdlartèA¢ad*hy ILFA is pla)n￿g to hold at least 2 LEA dI￿la1 ¢l>UT¥es ty1 2023. wilh the (XKwbon the Nallonal BarAssociOtioFw. in East Afrka and WestA[n.￿ wilh 8rn1 rtytcak*lTh ofa mtrs 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 r￿PiPE. Othtr fh)n3tions are recx)gThsed once ILFA h8$ been notified of the donalron, unless Perf0m￿r￿9 conort￿nS 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 recOvera￿e in relation to dcthtsons r￿¢(1 urKter Gfft Aid or deeds of covenant is recogniS￿l at the time of donatron. A¢countiry polici8s (continued Tumov8r represents the val￿ of invowl sales. Grants aTrJ donations are recogThsed for alxounling upon r￿Pt. 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 i￿lUde audit costs. and legal thice for the trustees and any other costs assouated wlh cc￿stilUl10nal 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 Sm￿1 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$. and banK overdrafts. Bank overdrafts are shown ¥￿thin borr￿Ing5 in oJrrent lith"litie& Financlal Instruments ILFA has electeil lo appty the provi5i(xL% of secti￿ 11 'Basic Financial Inslruments, and Se(aion 12 '0thei Finanoal Instruments Is6￿. of FRS 102 to all of ils instfum8nts. Financial instrumwits are recogntsed in ILFA'S ￿artt SI￿et w￿n ILFA becomes party ID the contracbjal provisions of the insiTumenL Financial assets and liabilfaes are offset. Wbth the net amounts presented in tho finanoal statements. when ttEre is a legally enforceaL4e right to set off the recognised amounts and there is an intention to settte on a net basis or to realise the ass8t arKI setUe the liabilty simultaneously. ILFA A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2022 Bas1¢ financial a55ets Basic finanual assets, whth indude debtors cash aThJ bank b￿a[￿e5. are initially measured * transath.on prits induding transaction costs and a￿ subsequently eanied at amorbsed ￿$t U51ng the effecbve interest method unless the arrangement const￿leS 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 clasSrf￿d as receNable wilhin one year are not amorts'sed. Baslc 1Snanclal Ilabllltles Basic finanoal li0￿11*e$. I￿L￿ling 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 liabilit*s rf payment is due wthin one year or less. If not. they are present￿ as non-cuffent liabilrties. Trade credrtors are re¢ognised In￿allY at 1sansac*on FI￿ and subsequenuy measwed at amorbsod Cost using the effective interest melhod. Derecognltion of financial liabllities Fin￿al 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 ￿Qu￿tIng 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 CL￿51de[￿ 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 fLrt￿e per￿S 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 ￿$ts Website design and hosting A¢Jverb'sing and promotson Project man&Jer lees Intem costs Telephone POSL prints.ng arKt statior AccOunt￿cY Provision for doLTrbthl debts Legal and professiwol Bank charges 2.500 245 720 40.743 30,760 1.200 63 1.320 817 1,173 1.320 498 217 297 45.160 37.135 Share of support costs Share of govemance costs (see r￿e 71 43,840 1.320 35,815 1.320 45,160 Anatysls by fund Unrestricled funds- gene Restricted lunds 45.160 45,160 Support costs Go¥eman￿ costs ind￿Je$ paywts to the Ind¥jerK￿ arAJiuntarrt of£1.32012021- £1,320). None of tho tnjstgas (or any perso￿ C￿nected 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 em￿oYeeS{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￿)r￿l 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. Tr￿le 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 re*xJttAs lo o)nb"nue in operation for the foresee8￿8 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-