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REGISTERED NUMBER: 02765744 (England and Wales)












THE EMPLOYMENT LAWYERS ASSOCIATION

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






THE EMPLOYMENT LAWYERS ASSOCIATION (REGISTERED NUMBER: 02765744)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2


THE EMPLOYMENT LAWYERS ASSOCIATION (REGISTERED NUMBER: 02765744)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 4 16,378 32,230
Tangible assets 5 2,905 1,554
19,283 33,784

CURRENT ASSETS
Debtors 6 265,652 190,061
Investments 7 153,012 148,935
Cash at bank 753,570 900,769
1,172,234 1,239,765
CREDITORS
Amounts falling due within one year 8 (623,757 ) (556,278 )
NET CURRENT ASSETS 548,477 683,487
TOTAL ASSETS LESS CURRENT
LIABILITIES

567,760

717,271

RESERVES
Emergency fund 9 500,000 350,000
Income and expenditure account 9 67,760 367,271
567,760 717,271

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2025 and were signed on its behalf by:





R T Scrase - Director


THE EMPLOYMENT LAWYERS ASSOCIATION (REGISTERED NUMBER: 02765744)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

The Employment Lawyers Association is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02765744

Registered office: Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.

The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Critical accounting judgements and key sources of estimation uncertainty
Impairment of debtors
The Association makes an estimate of the recoverable value of trade and other debtors by considering factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The Association will (unless there is good reason to do otherwise) usually exclude from any provision any debt less than 30 days overdue or which is in respect of membership subscription for a subsequent year or an event that has not yet taken place. See note 6 for the net carrying amount of the debtors and associated impairment provision.

THE EMPLOYMENT LAWYERS ASSOCIATION (REGISTERED NUMBER: 02765744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Association and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide membership services and events is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of
the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Association will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

What this means for ELA, is that we recognise revenue arising from subscription income in the period to which that subscription relates and we recognise income from events in the period in which the event takes place. ELA's usual practice is to issue renewal invoices for subscriptions in advance of the year to which that subscription relates and the value of these invoices is treated as Deferred Income (Note 8). Similarly, any expenses incurred in the period but which relate to events or the running of the Association in the subsequent year are treated as Prepayments (Note 6).ents (Note 6).

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over the estimated useful life of 3 years.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment - 20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.


THE EMPLOYMENT LAWYERS ASSOCIATION (REGISTERED NUMBER: 02765744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

THE EMPLOYMENT LAWYERS ASSOCIATION (REGISTERED NUMBER: 02765744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£
COST
At 1 January 2024
and 31 December 2024 48,993
AMORTISATION
At 1 January 2024 16,763
Charge for year 15,852
At 31 December 2024 32,615
NET BOOK VALUE
At 31 December 2024 16,378
At 31 December 2023 32,230

5. TANGIBLE FIXED ASSETS
Office
equipment
£
COST
At 1 January 2024 11,990
Additions 2,499
At 31 December 2024 14,489
DEPRECIATION
At 1 January 2024 10,436
Charge for year 1,148
At 31 December 2024 11,584
NET BOOK VALUE
At 31 December 2024 2,905
At 31 December 2023 1,554

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 127,686 132,608
VAT 16,777 -
Prepayments and accrued income 121,189 57,453
265,652 190,061

THE EMPLOYMENT LAWYERS ASSOCIATION (REGISTERED NUMBER: 02765744)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


7. CURRENT ASSET INVESTMENTS
2024 2023
£ £
Term deposit accounts 153,012 148,935

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 58,406 19,628
Tax 4,402 4,446
Social security and other taxes 3 -
VAT - 4,143
Other creditors 49,501 53,919
Accruals and deferred income 511,445 474,142
623,757 556,278

9. RESERVES

Emergency fund
The emergency fund is held as a contingency against the occurrence of a significant event that would lead to a significant loss of income. It is there to ensure the continuance of the Association and ensure that the Association has sufficient funds to meet its obligations to its members and third parties. The management committee monitor the level of funds held and have to sanction any increase in the fund or use of funds in the event of them being needed.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Michaela Johns (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited

11. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the Association had future contractual commitments relating to the provision of administration services of £20,829 (2023: £41,659).

12. RELATED PARTY DISCLOSURES

From time to time the Association benefits from room hire and speakers from various member firms that may be at a figure lower than the market rate. The benefit derived from these hires and speaker expenses, is not considered to be material to either party.

13. COMPANY STATUS

The Association is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Association in the event of liquidation. The number of members during the year was 6,244 (2023: 6,162).