Notes to the Financial Statements ...continued For the year ended 31 December 2021
8. Members’ Liability The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9. Operating Lease Commitments At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021 £
2020 £
3,240
6,714
10. Related Party Transactions Remuneration of key management personnel The Directors are considered the key management personnel, their remuneration was as follows:
2021 £
2020 £
Aggregate compensation
305,996
296,076
During the year 3 (2020: 3) directors had retirement benefits accruing.
Transactions with related parties No guarantees have been given or received.
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bifa.org | BIFA Annual Report & Accounts 2021
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