Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-3182008315038294636844195527896141257693054809612023-01-01false882023-12-310906058900false 09060589 2023-01-01 2023-12-31 09060589 2 2023-01-01 2023-12-31 09060589 2022-01-01 2022-12-31 09060589 2 2022-01-01 2022-12-31 09060589 2023-12-31 09060589 2022-12-31 09060589 2022-01-01 09060589 d:CompanySecretary1 2023-01-01 2023-12-31 09060589 d:Director7 2023-01-01 2023-12-31 09060589 d:Director8 2023-01-01 2023-12-31 09060589 d:Director9 2023-01-01 2023-12-31 09060589 d:Director9 2023-12-31 09060589 d:Director10 2023-01-01 2023-12-31 09060589 d:Director11 2023-01-01 2023-12-31 09060589 d:Director12 2023-01-01 2023-12-31 09060589 d:Director12 2023-12-31 09060589 d:RegisteredOffice 2023-01-01 2023-12-31 09060589 e:OfficeEquipment 2023-01-01 2023-12-31 09060589 e:OfficeEquipment 2022-01-01 2022-12-31 09060589 e:OfficeEquipment 2023-12-31 09060589 e:OfficeEquipment 2022-12-31 09060589 e:OfficeEquipment 2022-01-01 09060589 e:CurrentFinancialInstruments 2023-12-31 09060589 e:CurrentFinancialInstruments 2022-12-31 09060589 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 09060589 f:RestEuropeOutsideUK 2022-01-01 2022-12-31 09060589 f:RestWorldOutsideUK 2023-01-01 2023-12-31 09060589 f:RestWorldOutsideUK 2022-01-01 2022-12-31 09060589 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 09060589 e:OtherMiscellaneousReserve 2023-12-31 09060589 e:OtherMiscellaneousReserve 2022-01-01 2022-12-31 09060589 e:OtherMiscellaneousReserve 2022-12-31 09060589 e:OtherMiscellaneousReserve 2022-01-01 09060589 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 09060589 e:RetainedEarningsAccumulatedLosses 2023-12-31 09060589 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 09060589 e:RetainedEarningsAccumulatedLosses 2022-12-31 09060589 d:FullIFRS 2023-01-01 2023-12-31 09060589 d:Audited 2023-01-01 2023-12-31 09060589 d:FullAccounts 2023-01-01 2023-12-31 09060589 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09060589 e:ContinuingOperations 2023-01-01 2023-12-31 09060589 e:ContinuingOperations 2022-01-01 2022-12-31 09060589 e:CurrentFinancialInstruments e:FairValue 2023-12-31 09060589 e:CurrentFinancialInstruments e:FairValue 2022-12-31 09060589 e:PointInTime 2023-01-01 2023-12-31 09060589 e:PointInTime 2022-01-01 2022-12-31 09060589 e:WithinOneYear e:ContractualUndiscountedValue 2023-12-31 09060589 e:WithinOneYear e:ContractualUndiscountedValue 2022-12-31 09060589 e:CurrentFinancialInstruments e:ValueBeforeAllowanceForImpairmentLoss 2023-12-31 09060589 e:CurrentFinancialInstruments e:ValueBeforeAllowanceForImpairmentLoss 2022-12-31 09060589 e:CurrentFinancialInstruments e:ValueBeforeAllowanceForImpairmentLoss e:FairValue 2023-12-31 09060589 e:CurrentFinancialInstruments e:ValueBeforeAllowanceForImpairmentLoss e:FairValue 2022-12-31 09060589 g:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 09060589









IFSWF LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
IFSWF LIMITED
 
 
 
COMPANY INFORMATION

 
Directors
Obaid Amrane 
Isabelle Bebear 
Marcus Frampton 
Ju Weimin 
Ai Chat Wong (appointed 1 June 2023)




Company secretary
Duncan Bonfield



Registered number
09060589



Registered office
27 Clement's Lane

London

England

EC4N 7AE




Independent auditors
PricewaterhouseCoopers LLP

1 Embankment Place

London

WC2N 6RH




Accountants
Benriches
Priory House

45-51 High Street

Reigate

Surrey

RH2 9AE





 
IFSWF LIMITED
 
 
 
CONTENTS


Page(s)
Directors' report
1 - 3
Independent Auditors' report
4 - 6
Statement of comprehensive income
7
Statement of other comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19

 
IFSWF LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the audited financial statements for the year ended 31 December 2023.

Statement of directors' responsibilities in respect of the financial statements


The directors are responsible for preparing the Directors' report and the financial statements, in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with UK-adopted international accounting standards

Under company law, directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

select suitable accounting policies and then apply them consistently;

state whether applicable UK-adopted international accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

make judgements and accounting estimates that are reasonable and prudent; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.



Directors confirmations

In the case of each director in office at the date of the Directors' Report is approved: 

so far as the director is aware,there is no relevant audit information of which the Company's auditors are unaware; and
 
they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Principal activities

The principal activity of International Forum of Sovereign Wealth Funds (IFSWF Limited) during the year ended 31 December 2023 was to encourage appropriate governance, accountability arrangements and sound prudent conduct of investment practices of all IFSWF members.

Page 1

 
IFSWF LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
Results

The profit for the year, after taxation, amounted to £41,004 (2022 - £157,519).

The Company had net assets at 31 December 2023 of £1,867,991 (2022: £1,826,987).      

Directors

The directors of the Company who were in office during the year and up to the date of signing the financial statements were:  

Obaid Amrane 
Isabelle Bebear 
Kevin Bong (resigned 1 June 2023)
Marcus Frampton 
Ju Weimin 
Ai Chat Wong (appointed 1 June 2023)

 
Outlook

The directors do not anticipate any significant changes in the activities of the Company.

Limited liability agreement with the company's auditors

The directors have agreed with the company's auditors that the auditor's liability to damages for breach of duty in relation to the audit of the company's financial statements for the year to 31 December 2023 should be limited to the greater of £1,000,000 or 3 times the auditor's fees, and that in any event the auditor's liability for damages should be limited to that part of any loss suffered by the company as is just and equitable having regard to the extent to which the auditor, the company and any third parties are responsible for the loss in question. The shareholders approved this limited liability agreement, as required by the Companies Act 2006, by a resolution dated 11 March 2024.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Small companies' exemption note

This report has been prepared in accordance with the special provisions relating to small companies within Part 15  of the Companies Act 2006.

Independent Auditors

The independent auditorsPricewaterhouseCoopers LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

 
IFSWF LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board on 10 September 2024 and signed.
 



Obaid Amrane
Director
Page 3

 
IFSWF LIMITED
 
 
 
Independent auditors’ report to the members of IFSWF Limited

Report on the audit of the financial statements

Opinion

In our opinion, IFSWF Limited’s financial statements:
give a true and fair view of the state of the company’s affairs as at 31 December 2023 and of its profit and cash flows for the year then ended;
have been properly prepared in accordance with UK-adopted international accounting standards; and
have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Financial Statements (the “Annual Report”), which comprise: the Statement of Financial Position as at 31 December 2023; the Statement of Comprehensive Income, the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended; and the notes to the financial statements, comprising material accounting policy information and other explanatory information..

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
.
Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.
Page 4

 
IFSWF LIMITED
 
 
 

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.


Directors' Report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' Report for the year ended 31 December 2023 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors' Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of directors' responsibilities in respect of the financial statements, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and the applicable UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting, specifically the posting of inappropriate journal entries to manipulate financial results. Audit procedures performed by the engagement team included:

Enquiry of management in regard to actual and potential fraud and non-compliance with laws and regulations;
Reviewing of board meeting minutes throughout the year to identify any significant or unusual transactions and known or suspected instances of fraud or non-compliance with laws and regulations;
Identifying and testing the validity of journal entries that met our pre-determined risk criteria and could potentially be used for profit-smoothing; and
Testing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.




Page 5

 
IFSWF LIMITED
 
 
 

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:
we have not obtained all the information and explanations we require for our audit; or
adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or
certain disclosures of directors’ remuneration specified by law are not made; or
the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: prepare financial statements in accordance with the small companies regime; and take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.

 
Nicola Bass (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London



10 September 2024

Page 6

 
IFSWF LIMITED
 
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Revenue
 6 
941,000
918,000

Gross profit
  
941,000
918,000

  

Administrative expenses
  
(899,996)
(760,481)

Profit from operations
  
41,004
157,519

  

Profit before tax
  
41,004
157,519

  

Profit for the year
  
41,004
157,519

The notes on pages 12 to 19 form part of these financial statements.

Page 7

 
IFSWF LIMITED
 
 
 
STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Profit for the year
  
41,004
157,519

Total comprehensive income
  
41,004
157,519
The notes on pages 12 to 19 form part of these financial statements.

Page 8

 
IFSWF LIMITED
REGISTERED NUMBER: 09060589
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Assets

Non-current assets
  

Property, plant and equipment
 11 
1,524
583

Current assets
  

Trade and other receivables
 12 
169,584
174,640

Cash and cash equivalents
  
1,752,112
1,697,894

  

Total assets

  

1,923,220
1,873,117

Liabilities

Non-current liabilities
  

Current liabilities
  

Trade and other payables
 13 
55,229
46,130

  

  

  

NET ASSETS
  
1,867,991
1,826,987


Issued capital and reserves
  

Capital introduced
  
1,473,184
1,473,184

Retained earnings
  
394,807
353,803

TOTAL EQUITY
  
1,867,991
1,826,987

The financial statements on pages 7 to 19 were approved and authorised for issue by the board of directors on 10 September 2024 and were signed on its behalf by:





Obaid Amrane
Director

The notes on pages 12 to 19 form part of these financial statements.

Page 9

 
IFSWF LIMITED

 
 
FOR THE YEAR ENDED 31 DECEMBER 2023


Capital introduced
Retained earnings
Total equity


£
£
£

At 1 January 2022
1,473,184
196,284
1,669,468

Profit for the year

Profit for the year
-
157,519
157,519

Total comprehensive income for the year
-
157,519
157,519

-
-
-

At 31 December 2022
1,473,184
353,803
1,826,987

At 1 January 2023
1,473,184
353,803
1,826,987

Profit for the year
-
41,004
41,004

Total comprehensive income for the year
-
41,004
41,004

At 31 December 2023
1,473,184
394,807
1,867,991

The notes on pages 12 to 19 form part of these financial statements.

Page 10

 
IFSWF LIMITED

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

Cash flows from operating activities
  

Profit for the year
  
41,004
157,519

Adjustments for
  

Depreciation of property, plant and equipment
 11 
908
653

  
41,912
158,172

Movements in working capital:
  

Decrease/(increase) in trade and other receivables
  
5,056
(9,706)

Increase/(decrease) in trade and other payables
  
9,099
(6,057)

Cash generated from operations
  
56,067
142,409

  

Net cash from operating activities

  
56,067
142,409

Cash flows from investing activities
  

Purchases of property, plant and equipment
  
(1,849)
(874)

Net cash used in financing activities
  
(1,849)
(874)

Net increase in cash and cash equivalents
  
54,218
141,535

  

Cash and cash equivalents at the beginning of year
  
1,697,894
1,556,359

Cash and cash equivalents at the end of the year
  
1,752,112
1,697,894

The notes on pages 12 to 19 form part of these financial statements.

Page 11

 
IFSWF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


Reporting entity

IFSWF Limited (the 'Company') is a private limited company limited by guarantee incorporated and domiciled in the United Kingdom. The Company is registered in England and Wales.The Company's registered office is at 27 Clement's Lane, London, England, EC4N 7AE. The Company's principal activity is the encouragement of appropriate governance and accountability arrangements, sound prudent conduct of investment practices of all IFSWF members.


2.


Basis of preparation

The financial statements have been prepared under the historical cost convention in accordance with UK-adopted International Financial Reporting Standards, International Accounting Standards and Interpretations as adopted by the UK (collectively IFRSs) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The accounts have been prepared using sterling as a currency.They were authorised for issue by the Company's board of directors on 10 September 2024.

Details of the Company's accounting policies, including changes during the year, are included in note 5.The accounting policies have been applied consistently, other than where new policies have been adopted.

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 3 .


2.1 Changes in accounting policies

i) New standards, interpretations and amendments effective from 1 January 2023
 
IFRS 17 Insurance contracts
IAS 1 Disclosure of accounting policies
IAS 8 Definition of accounting estimates 
IAS 12 Deferred tax relating to assets and liabilities

There are no new standards, interpretations or amendments that affect the Company's financial statements.

Page 12

 
IFSWF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Critical estimates

In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The only critical accounting judgement and significant estimate relates to the expected credit loss in relation to trade and other receivables. The judgement being which customers should be provided for and the associated estimate of how much. The assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. A provision is also made based on an assessment of recoverability of aged receivables where sufficient evidence of recoverability is not evident.



4.


Going concern

The directors have considered the financial resources available along with the future plans for the Company when considering the going concern of the Company. After making enquiries, the directors have a reasonable expectation that the Company will have access to adequate resources to continue in operational existence for a period of at least 12 months from the approval of the financial statements. Accordingly they continue to adopt the going concern basis in the preparation of the financial statements.


5.Material accounting policies

 
5.1

Revenue

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over services to a customer.The revenue generated by the company consists of membership fees charged on a calendar basis and recognised over the calendar year.

The Company does not expect to have any contracts where the period between the transfer of the  services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.

 
5.2

Taxation

No tax charge has arisen due to the Company's activities being outside the scope of corporation tax.


Page 13

 
IFSWF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.Material accounting policies (continued)

 
5.3

Property, plant and equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.

If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.

Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:

Office equipment
33%
Straight line

 
5.4

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

 
5.5

Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.


Impairment of financial assets

The Company always recognises lifetime expected credit losses for trade receivables. The expected credit losses are estimated  based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.

Lifetime expected credit losses represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12 months expected credit losses represents the portion of lifetime expected credit losses that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

Page 14

 
IFSWF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Revenue


The following is an analysis of the Company's revenue for the year from continuing operations:


2023
2022
£
£


Fees receivable
941,000
918,000


Analysis of revenue by country of destination:

2023
2022
£
£


Europe
121,000
121,000

Rest of the world
820,000
797,000

941,000
918,000

Timing of revenue recognition:

2023
2022
£
£

Services transferred over time
941,000
918,000




7.


Operating profit

2023
2022
£
£

The operating profit is stated after charging:


Audit fees
14,920
13,560

Operating lease payments
45,660
44,700

Difference on foreign exchange
1,445
-

Depreciation
908
653


8.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the 's auditors for the audit of the Company's financial statements
14,920
13,560
Page 15

 
IFSWF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Employees

2023
2022
£
£

Employee benefit expenses (including directors) comprise:

Wages and salaries
524,425
485,701

Social security costs
63,605
61,644

588,030
547,345

The average number of employees as a monthly average, including directors, during the year was 8 (2022: 8). The directors received no remuneration from the Company for services during the year (2022: £nil). No pension contributions were incurred during the year for either employees or directors (2022: £nil).


The monthly average number of persons was:


2023
2022
No.
No.

Directors
5
5

Operational staff
3
3

8
8


10.


Taxation

No tax charge has arisen due to the Company's activities being outside the scope of corporation tax (2022: £nil).

11.


Property, plant and equipment





Office equipment

£



Cost or valuation



At 1 January 2022
1,086


Additions
874



At 31 December 2022
1,960


Additions
1,849



At 31 December 2023
3,809

Page 16

 
IFSWF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.Property, plant and equipment (continued)


Office equipment

£



Accumulated depreciation and impairment



At 1 January 2022
724


Charge owned for the year
653



At 31 December 2022
1,377


Charge owned for the year
908



At 31 December 2023
2,285



Net book value


At 1 January 2022
362


At 31 December 2022
583


At 31 December 2023
1,524


12.


Trade and other receivables


Book value
Fair value
Book value
Fair value
2023
2023
2022
2022
£
£
£
£


Trade receivables
145,555
145,555
153,000
153,000

Prepayments and accrued income
7,924
7,924
6,584
6,584

Other receivables and VAT
16,105
16,105
15,056
15,056

Total current trade and other receivables
169,584
169,584
174,640
174,640

The carrying value of trade and other receivables classified as loans and receivables approximates fair value.During the year debtors of £nil were written off (2022: £32,000). As at the year end there was £51,000 provision on debtors (2022:£nil).

The company does not hold any collateral as security (2022: no security held).











Page 17

 
IFSWF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Trade and other payables


Book value
Fair value
Book value
Fair value
2023
2023
2022
2022
£
£
£
£


Trade payables
8,673
8,673
50
50

Accruals
22,083
22,083
29,294
29,294

Tax and social security payments
24,473
24,473
16,786
16,786

Total current trade and other payables
55,229
55,229
46,130
46,130


14.


Leases




(i) Leases as a lessee



Lease commitments in respect of Company's office for which the lease expires on 31 March 2024.


Lease liabilities are due as follows:

2023
2022
£
£

Contractual undiscounted cash flows due

Not later than one year
11,625
22,140




15.


Related party transactions

During the year the Company entered into no transactions (2022: None) with related parties except for the membership fees from members. None of the directors were remunerated for their services to the Company during the year (2022: None). 


16.


Members' liability and voting rights

IFSWF Limited is a private company, limited by guarantee and has no share capital.                                                Every member of the Company undertakes to contribute to the assets of the Company, in the event of a winding up, such amount as may be required not exceeding £1.


17.


Capital management

The company operates without the recourse to external capital or debt.

The company's capital structure consists of equity and no debt.

The Company is not subject to any externally imposed capital requirements.

Page 18

 
IFSWF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.Capital management (continued)

The gearing ratios at 31 December 2023 and 31 December 2022 were as follows:

2023
2022
£
£

Net cash
1,752,112
1,697,894

Total equity
1,867,991
1,826,987

Net cash to total equity ratio
94% 
93% 





18.


Ultimate controlling party

The Company is under the control of all IFSWF members.

Page 19