Could anyone tell me if I have exceeded the allowed number of IF statements
in the formula below?

It seems to stop working correctly at the second formula below - is there a
work around?

=IF(Masters!K1="London",(IF(AND(AA10<18),'JLC
Rates'!D$14,(IF(AND(AA12<1,AA10=18),'JLC
Rates'!D$10,(IF(AND(AA121,AA10<19,AA10=18),'JLC
Rates'!D$10,IF(AND(AA121,AA10=19),'JLC
Rates'!D$12,""))))))),(IF(AND(AA10<18),'JLC
Rates'!G$14,(IF(AND(AA12<1,L10=18),'JLC
Rates'!G$10,(IF(AND(AA121,AA10<19,AA10=18),'JLC
Rates'!G$10,IF(AND(AA121,AA10=19),'JLC Rates'!G$12,""))))))))

Part of above

(IF(AND(AA10<18),'JLC Rates'!G$14,(IF(AND(AA12<1,L10=18),'JLC
Rates'!G$10,(IF(AND(AA121,AA10<19,AA10=18),'JLC
Rates'!G$10,IF(AND(AA121,AA10=19),'JLC Rates'!G$12,""))))))))