Notes to the Financial Statements ...continued For the year ended 31 December 2022
Notes to the Financial Statements ...continued For the year ended 31 December 2022
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.
5. Fixed Asset Investments
2022 £
2021 £
Shares in group undertakings and participating interests
2
2
Fixed asset investments not carried at market value The investment in the dormant subsidiary company, the Institute of Freight Forwarders, is valued at cost.
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:
6. Debtors
2022 £
2021 £
2022 £
2021 £
12,034
3,240
Amounts falling due within one year: Trade Debtors
71,812
127,940 122,086 250,026
144,319 216,131
Other debtors
10. Related Party Transactions Remuneration of key management personnel The Directors are considered the key management personnel, their remuneration was as follows:
2022 £
2021 £
7. Creditors
2022 £
2021 £
Aggregate compensation
395,749
305,996
Amounts falling due within one year: Trade creditors
71,259 137,872
123,368 148,042
Corporation tax
Other taxation and social security
61,014
54,391
Other creditors
267,873 538,018
220,094 545,895
24
25
BIFA Annual Report & Accounts 2022 | bifa.org
bifa.org | BIFA Annual Report & Accounts 2022
Made with FlippingBook Annual report maker