Company registration number." 2813337 Charity re84Str3tts number.. J039039 Africa 95 IA cornpany limited by8uaranteel Annual Report and Financlal Statements for the Year Ended 30 September 2020 Field Sullivan Limited 70 Royal Hill Gieenwith London SEIO 8RF *AAF4RFAPI' A52 30109r2021 COMPANIES FIIXJSE
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Afrio 95 Contents Reference arKI Administrative Detsils Trustees, Report 2to7 Statement of Trustee5' Re5ponsibilityes Independent Exarniner's Report Statement of Financial Artivities io Balan Sheet li Notes to the Financial Statements 121022
Afrio 95 Reference and Administrative Details Trustees Alicia Adams Frank Laurente Cockroft John Niepokl Alastair Niven LVO. 08E Nii Awkwti Parke5 Fiammetta Roeco Geetha Tharmaratnam Ellah Wakatama ANfrey 08E Can Meuanine Building 7-14 Great Dover Street london SEI 4YR Prin(•pal Offtce Neptune House 70 Royal Hill Greench London SEIO 8RF Company Re8lstratlon Number 2813337 Charlty ReEistratlon Number 1039J39 Sollcilors Bales Wells and Oraithwaite 10 Queen Street Place London EC3P 3AR Bankers Natwest I Princess Street PO Box 12258 London EC2R 8BP Independenl Examlner Field Sullivan limited 70 Royal Hill Greenwith London SEIO 8RF
Africa 95 Trustees. Report The trustees. who are direaors for the purposes of company law. present the annual report tO8ether with the financial statements of the tharitable tompany for the yèar ènded 30 Septernber 2020. Trustees Ali¢ia Adams Frank Laurerte Cotkroft John Niepold Alastair Niven LVO, OBE Nii Ayikwei Parkes Fiammetta Rotco Geetha Tharmaratnam (appointed 18 May 20201 Ellah Wakatama Allfrey OBE, Ichairl Adam Freudenheim Iresigned 31 December 20191 Objertlves and artlvltles Ots¢ts andoiffls The thariws objerti¥e Is to advancè the education of the public in the United Kingdom or o¥erseas in all matters relating to thÈ Af¥ican arts in oll their forms, indudin8 but not limited to theatre, dancÈ, musit. cinema, architerture. literaiure and the visual arts. The AKO Caine Prize for African Writina has been awarded annually Sin 20C¥). and the work of the charity throughout the year focused on fundraising events and the administration of the award. Publk beneft The charity believes that their polities and continue to provide publbc benefit. The AKO Caine Prize Award Oinners are attompanied by programmes in London for the short-listed writers which include public 3dln8s and discussions at venues such as the School of Oriental and African Studwds. the Bfitish bbrary, the Royal Overseas League. John Harvard Library. and independent bookshops. This ser¥es to enhance public untlerstanding and apprethation of the quality and charatter of African writing in Enlsh and thereby enriches the cultural experience of a wider readership bn this country. The trusiees confirm that they have complied wtth the reqU1MentS of seuion 17 of ihe Charities Act 2011 to have due regard to the public benefit 8uidance putAished by the Charity Comrnission for England and Wales. 2020prtse Durin8 the year. the charity's activities were adversely affected by thè outbrèak of COVID 19. Staff and voluntèer5 were able to work from home and rnaintain rn05t of Africa 95's services. In the light of the coronavirus pandemic and continuing 8o¥ernment restrictions, the AKO Caine Prize celebrated the shortli5t and announced the winner through a documentary film rather than hosting a Iwe public event. Page 2
Africa 95 Tntheu. Report The wlnner:"GrKe Jor N¥erian-Briti5h writer Irenosen Okojie has been awarded the 2020 AKO Caine Prize for Afritan Writing for her short story'Grace Jones.. from Pludibronch, putdished by DialoBue Books120191. The Chair of the AKO Caine Prize judging panel, direaor of the Africa Centre, Kenneth Olurnuyiwa Tharp CBE. announced the winner of ihe £I0.c priie in a documentary fdm feleased on Monday 27 July. 'Grace Jones. telts the siory of Sidra. B woman whose life 15 consumed with Buih. In a devastatin8 tra8edy. thirteen-year-old Sidra 105e5 her entire farnily to a ffire that de5troy5 their flat. Years later. Sidra finds herself Working as an impersonator of the famous Jamaican singer. model and attress Grace Jones. In this heart-wrenthing account of 195$. frartured identity and bereavernent. Okojie deftly layers the psychological trauma of the daily experience of a 81ack woman in contemporary British society and of the specific tragedy that befalls 5idra. The shortlist The shortli5t was selerted from a fecord 222 submissKJns from 28 ctyJntries acmss the Continent. It cornprised Erlca 5ugo Anyadike (Tanzanial for 'How to Marry An African PrÈsidÈnt' published in oddo.. Commonweolrh Stories120191.. Chikodili Emelumadu (Nleeria & UK) for What to do when your chtld brin85 horne a Mami Wata. pub14shed in The Shodow Boorh.. Vol_2120181.. Jty•thor Ile INi8erial for 'Fishemian's Stthrf. published in The Sewanee Review(20191.. Rémy Ngamiie (Rwanda & Namibial for The Neighboufhood Watch.. published in The Johonnesburg Rgview OA 8ooksl20191 and In0$en Okorie IN*erla & VKI for 'GraTr Jones, from Nudibronch, published by Hochette12019). The ludglng pafflel The 2020 judging panel was chaired by leadin8 dance artlsl Kenneth Olumuyinwa Tharp CBE, who was joined by Audrey Brown. a South African bcoadcast journalist.. Gabriel Gbadmosi. an Irish-Niqerian poet and playwrrght.. Ebissé Wakjira-Rouw. an Ethiopian-bom non-ffidion editor.. and Jamès Murua. a Kenya-based blo88er. journalist and editor. nner< tour Irenosen Okolie spoke at The Afrlta Centre in Odober 2020. Fdlwng her win of the 2020 AKO Caine Prize for African WritinL Iren05en Okojie was inwtetl io lake part in a virtual reading and conve¥sation at the Lannan Center for Poetics and Social Prattice. Georgetown. USA. This event will be h05ted by Prof. Lahia Smilh. Director of African Studies Program. on Tuesday, 20 April 2021 at I2..00pM EST. She will also be speaking at the 2tst Berlin Iniernational Literature Festlval 8erlln runnln8 from B to 18 Septembèr 2021. for which the Prize will cover all travel and atcomrnodation expenses. Entrlts and sh(Ylli5t anatysls 'If lock(lown has decimated your attention Span, look to the AKO Calne prlze for the best short Slofies from writers of African herita8e.' Alice KemTrHabib. The Times. Jufy 2020 In 2020. the AKO Caine Prize recei¥ed a record-breaking total of 222 5ubmi55ions from 28 African countries. Pa8e 3
Africa 95 Trustee5' Report To date. 22 èountries in Africa have been represented on the AKO Caine Priie shortli5t, with Erica Sygo-Anyadike's shortlisting adding Tanzania and Rwandan-bom NarnTrbian writer Rémy Ngamije's shortlisting addine Rwanda and Namibia onto the list in 2020. In addition to An8lophone writers. the Priie has shortlisted author5 in translation from six countries.. Benin. Congo-Brazzawlle. Djibouti. Mozambique. Sudan and Tunisia. Stnce the Prtze was founded in 1999. we have reIved eligible subrnis5ion5 from over 1.800 writers from 41 African countrie5'. Algeria. Angola. Benin. Botswana. Cameroon. Comores. Congo. DRC. Djibouti, Egypt. Eqvatorial Guinea, Eritrea, Ethiopia, Gambia. Ghana. Ivory Coasi. Kenya. Lesotho. Liberia. Libya, Madagascar, Malawi, Mali. Mauntius. Morocco. Mozambique. Namibia. Niger. Nigeria. Rwanda. Senegal. Sierra Leone. Somalia. Somaliland, South Afrtca, Svdan, TannIa. Tunisia. Uganda, Zambia. Jmbabwe. Workshops The Prize did not host anyworkshops in 2020 due to the CoronaluS pandemi Several hundred copies of the 2020 Anthologywere pn.nted and are being stored ai the AKO Caine Prize offi. Publk events The documentary film replacing the annual award rernony was promoted on soual media and premiered on Monday 27 July on the Prize's YouTube channel and on the Priie's website. An exdusive feature on filmmaker Joseph A. Adesunloye's work and SIon for the 2020 AKO Caine Prize was repNted in Brittle Ptrper and published ahead of the release. This yearfs new award journey for writefs meant that event5 normalty taking place in London were replaced bv live events on social media. and dè facto accessible globally. Instagram live conversatlOn5 between the nominees and the host of PRIM BLACK Book Club were held two weeks ahead of the winner announcement. In the week leading up to the winner announcement. a webinar set up with the Africa Write5 Festival and the Royal African Society look place INe online. Host Ifeanyi Awachie took questions from the public. in what turned out to be a hU1V 5ucces5fvl event. Finally, a round iable conversation with the writers was broadcast in ihe morning of the announcement on Monday 27 july by the award-winning Colourful Radio. whith is the largèst Afritan-caribbean owned carnmercial radto neNvork in the UK speciali5in8 in cultural pro8ramme> This was largely advertised on Linkedln by the brgadca5ter. reaching an excess of I.3c users. The Prize secured extènsive rnedia covwa8e for the shortlist throughout 2020, with interview5 and thorough conversations taking place online. over the phone or through Zoorn calls. connecting nominees and Journaltsts sometlmes between Al8eria an¢Y Namibia. the United States, Ihe UK, South Africa or Kenya. Intervlews and conversations were published in Okay Africa. Africa in Dialoeue. Afrita in Word5 and African Arguments, while Afrlca in Words cornrnissioned special re&¥$ for eath ¢f the five selerted short storie5. Page 4
Africa 95 Tru5tee5' Report Bringing the collaboration wÈth the BBC to new hi8hs, the BBC Rarfio 4.5 flagship zrts proBramme Front Row intetviewed Irenosen Okojie live JU hours after she was crowned the 2020 AKO Caine Prize winner. Front Row remains at the forefront of art5 journalism wth 2.2 million weekly on-air listeners and has charted the hangin8 landscape of the arts since tts launch in 1998. A further inteNew with Irenosen was secured for the BBC Wofld Service Focus on Afri(3 programme, whith reaches a Blobal audien of 75 million pegple. The announcement wa5 published on the BBC News Website tmrnediatety upon publit ielease. and appealing to another audience entirely. the World Service Breakfast Show Newsday programme spoke live to Irenosen ihe day after the announcernent. reaching to an audience gf 97 million globally. Reathing out to a Nigerian audien thrertly. Irenosen Okojie 5wke Itve on Nigerian radio for the SmoDth Book Review Show SmoothFM Lagos. Ni8eria, about her story -Grace Jones" her previous literary works and her future projects. The sh¢)w fotuses on African Literature and Writws. and serves as a plafforni for African storiès and storytelling. They last guest before Iren05en Okojie had been Mr Innocènt Chizaram Ilo. after he was awarded the Cornmonweallh Short Story Prize for AfrKa. Addilionally, an interview with 2020 AKO Caine Prize winner Irenosen Okojie wa5 secured with the 6uurdi4 and featured at the top of the Cultural pages on the Guordlan website. which is estimaled to reach 35.204.OCKI readers per month. Tharnks to 3 newly-developed relationship. the award news was also reported by the 1rf5h Time5. who published the winnin8 Story'Grace Jones. in lull on their website. Building on existing relationships with the Priie. outlets such as O•yAfrxa. Brftt Poper and the 8ookseller also reported on the win and their rtides were wbliused on social media. DIla4 engagement . Social media followirv4 Increased and reglslar èngagÈrnent on social media proved to be a great sutcÈss. wth ihe Pfize's Twitter account gaining more than 1.1x followers between April and September 2020. 8rowing from 12.9K to 14_3K. The Prize's Insta&¥am followin8 rose from 1,420 to 1,751 and Facebook followers increased from 8,758 to 9,370. The winner announcement on FatÈbotsk reathed 4.2( users. and. followire the announcement, the Prize's Twitter account was Vislted 6,270 times, gained 466 followers with tweets reaching a total ex$9 of 440,000 user5. Podtasts and new partnership5 Further adjustments to the situation imposed by the pandernic meant that the shortlist tCk part in more online activitie5. and the Prize's team set LSP the recordin8 of podcasts. building on eMlIent relations with host Georgina Godwin and the Books & Rhymes platform. while creating a new partnership with tsterory Hub Radio. who made a special audio-5erie5 celebratin8 the AKO Caine Priie nominee5. All episodes were shared on Twittèr in the fortnight precedin8 the winner announcement. and remain available on the AKO Caine Prize's website'ln the News. section. • Online Editin8 Pro8ramme The AKO Caine Priie lauThched a new pilot programme in Sepiember 2020 to enable three selected writers to receive an e%lIent and comprehensive rewew of their work by an experienced editor, M5 Virnbai Shire to brin8 them to a standard which can be published_ Pa8e 5
Africa 95 Trustees, Report The scheme, called 'Online with Virnbai.. wa5 de¥eloped by former Chair of the PrizÈ Dr DÈlia Jarrètt-macauley and is led by Ms Virnbai Shife. editor and founder of the cornpany Beyond Whrte Space Ltd. Shire's company provides trainin& editorial and design expertise and projea management lo publishers, businesses. institutions and individuals. intludin8 the African Writr5' Trust. Canongate Books and Kwoni? amongst others. The new AKO Caine Prize mentoring and fKtion coaching prograrnrne launthed in September 2020 enabled eath writef to receive up to 24 hours of one-to-one e(Siiorial support and guidance online. set oul within a five tQ seven week framework_ This involved a professional assessment of each shon story, a discussion around the marketing directton for each piete. and regular feeflbath between author and editor leading to a final review of the work. Publlcatlons and Pri2es by AKO Caine Pri auth(xs Nana Nkweti. an AKO Caine Prize finalist in 2019. 15 working on her first book. a llectIOn of short stories called Wolking on Cowrie Shelts. due to be released in 2021. 2020 shortllsted author Rémy Ngafflijè's debut novel. The EternolAudnte of One. is forthcoming In summer 2021. Erica Sugo Anyadike. finalist in 2020, 15 workin8 on her debut novel, All the Reol Girts. Namwali Serpell won the Arthur C Clarke award for her no The Old l)nft She was also awarded Yale UniversltV'5 Windham-campbell Prize for Fi10Th 2020. F5nand•l revlew The AKO Caine Prize financtal year runs from i October to 30 September to cover the annual cycle of the Prize. The Prize and its assotiated programme5 came in weFI under this year in of the reduced activity due to the worldwide coronavtrus pandemic The charity received giants and donations totalling £190.641. After costs of generating that intorne of £19.136. the charity inturred other expenditsjre dirertly related to charitsble aciivities of £65.722, brin8 the total expenditure to £84.858. The £11.159 surplus for ihe year added to reserves brouBht forward of £84,860, left unrestricted funds carried forward at 30 September 2020 of £112.086. to be applied to awarding the AKO Caine Prize for African Wrtfine in futurè years. and to meeting the continuing operational expenses of thè charity. This level of re5erve5 15 in line with the Compan7ts stated reserves policy. At the end of the period, the charity had £78,933 in iestrided funds. The Trustees have determined that. in line with best practice. reserves a maintatned at a level which will ensvre that z minimum of ihree months operating costs can be met. As indicated by the balance sheet. the Charity held reserves of £112.086 at 30 September 2020. whith the trustee5 consider to be rnore than adequate when comparèd to the Comparfs planned forward eXpendire. Prfnclpolfvftdlftgsoufces The prinupal supporters of the 2020 Prize were the AKO Foundation, the Oppenheimer Memorial Trust, the Carnegie Foundation. the SiÈrid RausingTrusi, and Adam and Vittoria Freudenheim. Page 6
Africa 95 Tru5tees' Report structufe• governan and rnanagement NOre oAgovemiftg d¢xument The governing documents of the company are its Memorandurn and Articles of Association. Re¢Thitment oftdappointmentof trystees Trustees. who are also all director5 of the company. are appointed for an initial three year term and retire by rotation in accordance with the Artides of Association. Applications for trusteeship are soughi by inwtation. In coming to a decision on appoinirneni the exisiin8 board considers eligibility. personal competence and relevant skills. Following appointment the Chairperson indutts new trustees and explains the company's policies and YodUres. OryonisotlonalstnKtu In the cOue of the year it was agreed by the Trustees that they wished io up8rade the Adrninistratorfs p05t to that of a Director and that the cufrent Administrat¢y should be asked to resign which occurred in 2020121. The associated costs fall into ihat year. Moior risks ondmonlwment oAtlw rts The tfustees ackrsowled8e thwr responsibility for Klentifyin8 the areas of risk - in partitular the operarional and financial risks - to which the charity is exposed, and for deth"yn8 Systems to mrtigate the charrtls risk exposure. The solÈ present and foreseeable activity of Africa .95 is The Caine Prize for AfrKan Writing. The main risk to the Caine Priie is that its fvndin8 mi8ht be Insuffioeni to cover its Costs. But, since major expenditure 15 not committed 14) advance. this represents an operating risk rather Ihan a financial risk - activity would sirnplv cease unless and until funding again became available. There is also an unquantffj¢able risk in temis of the Prize's reputation and inteBrity if it were somehow awarded to an unsuitable persoTh le& someone not eli8ible. or a pla8tari5tl. Ensuring aBainst ihat is a matter of trigilance. Otherwise. the Caine Prlze runs the same financial risks as any small charity and has appropriate controls in place to safeguard against them. Systems of internal control are in place and are subjert to review and improvement. . Cash transactions fom a very low proportion of expendtture. Payments or cheques for sums in excess of £l.CLYI require the approval or signature ol nottfied gnatories. . No cheque rnay be signed by ils beneficiary. Re8ular authorisaiion and reconciliation procedures are in place. * Thefè are regular budgeting and mana8ement femews conducted by the Finance Committee, made up of trustees and members of the Caine Prize Advisory Council. Small companles Provi0 statement Thls report has beèn prepared in accordance with the small companies regime under the Companie5 Act 21Th. Page 7
Afrka 95 Statement ol Truxees, Rw51bilhies The trustees Iwho are also the d1Ct of Afri¢a 95 for purpos05 of compaoy I? are re5POA5ible fol prepaOn8the trusthes. Trport and ihe finicial stètements In with the United KIOrn Accounting Standards (United Kw¥dom Geral Ac£tpted AccryJntm8Pfacticel applica• law •rtd fKulatiDrts. Company laWquIreS the trustees to prepare fiThanoal staiemerts foreach financial year. Under company law Ihe trust¢es must not apswove th flnancial ststemerfs they aresat(sfied thèt a true and lair vlew of the state of aft# of Ehe charltable company of its ID¢tsmiryg resources and applicatlorb of resources. Includ8 It5 inccrn and ryètyditurt. for that period. Its preporiTh8 these fiTranrial ststemnts, the trUStees are requFred to". sefect Yjiiable aCcountHypKIes and OPtheM (&te. obseNe the ryth¢>ds and princis Ch"arities SOAP: make judgements èftd estimates that are teasonaiAe and pvuderrt: srate whether awicable UK kcoufttinR Siandards have been fdlowed. sUbjr ro any matial departwes rth5dosed and explained in thef1n3ffi Sterne prepare the fanCIal Sta)ents on the lo¢ ctsrfern basis it 15 inapproprhite to pregme that the ¢hatit•ble Company will £Triiinue ift bjsinets. .The twstees a respon4b for keeplry adeque x(iyJDtiD8 re(on15 that are yJffi¢itnt to show and expl? the tharitable company's tramsactrins afid disdose wlth rea•ble ar(urw •t aThytiN the finc¢al posrtlon ol the charitable tompany and efi•bte Irn ts eD5ure thai the financial ststements cthmply wr¢h the CoMnI0$ Att 21>J6. They art atso resw>nsible for safeeuardin¥ the assets of the tharitabl¢ cor¢yany"and hence for takin8reasr#uble steps for the we¥entKm and detettion of fraud and other wre8ularitsE Approved thE tnjsteesol the thartyon 18September 1021 and on its bEhats. Eljah Wakitami ANfrtyOBE Yrustee
Afrlca 95 Independent Examiner's Report to the trustees of Africa 95 I report to the charity trustee5 on my e¥amination of the accounts of the tharity for the year ended 30 September 2020 which are set out on page5 10 to 22. Respective responslbilltles of tru4ees I• exarnlnv As the chariws trustees of Afrita 95 land 31s0 its dirtttots for the pury)oses of company lawl you are responsible foi the preparation of the accounts in K¢ordan with the requirements of the Companies Act 20061'the 2006 ACVI. HanE satisfied mysèlf that the accounts of Africa 95 are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinaiion, I report in respect of my examinaiion of your charity's accounts a5 carried out under se10n 145 of the Charities Atl 2011 I'the 2011 ACVI. In carrying out my examination I have followed the Dirertions 8i¥en by the Charity Comrnission under sertTron 1451Sllbl of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters havè cowre to rny attention in conne10n with the exarnTrnation giving me tause to believe.. l. accountin8 records were not kept in respect of Africa 95 a5 required by Section 386 of the 2006 Act.. or 2. the accounts do not accord with those retords.. or 3. the atcounts do not cornply with the accouniirg requirements of sectKin 396 of the 20 Art other than any requirement that the accounts g5ve a 'true and fair view, whh is not a matter considered as part of an independent examinaiion.. or 4. the accounts have not been prepared in accordan with the methods and principles of the Statement of Recommended Practi for accounting and reporting by tharitie5 lapplicable to charities preparing their accounts in accordance with the Finanoal Reporting Siandard applicable in ihe UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the attounts to be reached. rim SullNan FCA Field Sullivan Mited 70 Royal Hill Greenwich London SEIO 8RF Pa8e 9
Afrit¥ (Indudi IncomÈnd ExpendltureA((wrt andstatemqrt olTatal Re(wsedfjaIth$a L055esl T¢iLI1 lncorno1r End0ttrorn.. OoThationsand 1gBac Othei tr•Jin8a¢tMts In¥estmont incomé IS3.25D 37.381 tyX64l IOL491 181,ni 193 61 61 37.3BI 19L017 ).351 LOL.492 181.843 Ewthuroon.. Rai1uMds (kritable a¢tNities {1%1361 IS&g881 119.1361 Ill4731 144.3431 151.2ri 195.S491 TDlalexpenditure 184A581 156J161 151.2rhi 1108.0221 Nei M(veMein funds 77.512 2&617 IC.IS9 23.535 73.8EI TutalfuodsbiLWtlotward 34574 11.039 TOtalfvnds¢athedfowd 71.933 19L019 34.574 84.860 lolihetharity'sactThilsoeIrfOt<IiJryopttI1VMSW1theWjP Th¢fuTKlstrfeakdtywnfor 2019tsstro*ninnote is.
Afrfca 95 (Reiistratlon number: 28133371 Balance Sheet as at 30 September 2020 2019 Nbxe Tang1b assets Curren1455¢ts DebtOT5 Cash at bank andin hanl 2A32 192.409 2.850 89.777 194.841 92.627 14.4121 7671 190.415 Netorent a5ts 191.019 78.933 50,286 Unr•51rfctrd Income futhls Unrexrkted fund5 34.57¢ Tiialfvnds 15 19L019 84.86C¢ F¢f the Ilnand41 year enthin8 30 September 102Q the tharity was entilled ty exemptN from dIt under serttiin 477 of the CompaAie&Act 2fl)6 TelatitV4xosmal urpnie& The membefs hab fFOt requlred the th•ty to obtain an wdit of Its for the ye•r ID questlon aEcordan¢e w?th sectk•n 476: and . The directors a£knovAed8e thÈit resptydityes lty cir¥ wlth tt rwwirèmerbts ol the Aa wth iespertwarcouftiHyrtrrwdsAnd theeIl00 OfaC( These aff¢unts boen wepared In a(cwd•v w6th the appJxaL4e ro ¢£ThpaTr subjea to the small ¢ompaNt5 WiEr. IlnarKial Slatements on pages 10 to 22 weTr 4pw)bd by the trustees. * avthodsed for issue on 18 September 2021 arvj s{ed ththeir behaw bw. Ellah Wakatama Altrfey 06E Chalr and Trusi oll
Africa 95 Notes to the Finanaal Statements for the Year Ended 30 September 2020 I CharltystatUS The tharity ts limited by guarantee. intorporated in. and consequentty does not have share capital. Each of the Iruslees 15 liable to contribute an amount not eMdIng £1 towards the assets of the charrly in the event of liquidatton. The address of its regtered offKe Is: Neptune House 70 Royal Hill Greenwich London SEIO 8RF The principal place of business is.. Can Mezzanine Buildir 7-14 G¥eat Dover Street London SE14YR 2 Accountlng pollcles Summary of slgnlfiont accountlng pojkies and key a¢Unn$ estimates The pnncipal accounting policies applied in the preparation of these financial statements are Set out below. These policies have been consistently applied to all the years presented, unless otherwise ststed. Statèmènt of compliance The financial statements h3¥e been prepared in accordance with Accounting and Reporting by tharities.. Statement of Recommended Prartice applicable to charities preparing iheir accounts in accordance wilh the Financial Reportin8 Standard applicable ifi thè UK and Republic of Ireland IFAS 1021 leffective l January 20151. Icharifies SORP IFRS 10211. the Financial Reportin8 Standard applicable in the UK and Republic of Ireland IFRS 1021. They also cornply wilh the Companies Act 2CQ6 and charit5 Act 2011. 8asis of preparatbn Africa 95 meets Ihè definition ol a pumc benefN entity under FRS 102. Assets and IlabS1ilies are Inltlallv recognised at historical cost or transaetion value unless othevi5e stated in the relevant atcounting polity notes. Goln8 Concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a 80in8 concein nor any significant area5 of uncertainly ihat affect the carryingdlue of a55ets held by the thafity. Exemption from preparlng a cash flow ststemeni The charity opted to early adopt Bulletin I publthed on 2 February 2016 and have therefore not Included a cash flow statemènt in these financial statements. Page 12
Afrl(a 95 Notes to the Financial Statements for the Year Ended 30 September 2020 Inct)me and endowments All income is reeognlsed once the charity ha5 entitlement to the income, it is probable that the income will be received and the amLwnt of the income reteivable Can be measured reliabfy. L)tsnatlgns and legvdes Donalions are recognised when the charity has been notified in writin8 of both the amount and settlement date. In the event that a donation is subject to tonditions that qUIre a level of performance by the chaftty before the chairty is entitled to the funds. the incorne is deferred and not recogni5ed until Èithèr those conditions are fully met, or the fulfilment of those conditions is wholly within the Control of the charity and it is prgbable that these conditions will be fulfilled in the repurting period. Grunts recelvoble Grants are reco8nised when the charrty has an entitlement to the funds and any conditions linked to the grants have been mei. Where perfoimanee conditions are attached to the 8fant and are yet to be met. the ineome is recognised as a liability and included on the balancesheet as deferred income to be released. Itment lftcoffle Dividends are recognised on¢e the dividend has been declared and notification has been r1Ve of the dividènd due. ExnditUre All expenditure is recognised once there s a legal or tonstrutllve obligation to ihat expenditure. it is probable settlement is required and the amount can be mea5vred reliably. All costs are allocated to the applicable expenditure headin8 ihat aggregate similar costs to that category. Where costs cannot be directly attributed t particular heading5 they have been allocated on a basis consisient wth the use of resources, with central staff costs allocatèd on the basis oftime speni. and depieciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff c05t Rol-singfvnds These are costs incurred in attrartinK voluntary income. the management of investments and those incurred in Ifading Ktivities that raise funds. Choritoble ortivitles Charitable expenditure c¢)mprises those cosis incurred by the charity in the delivery of its activities and serwce5 for its benefioaries. It intludes both costs that can be albcated directly to such aaiviiies and those costs of an indirect nature necessary to support them. Taxatlon The charity Is considered to pass the tests set out in Paragraph I Sche(lule 6 of the Finance Act 2010 and therefore it meets the definition of a tharitable company for UK corporatbon tax purpo. Atcordingly. the charity is potentially exempt from taxation in re5pert of inwrne or capital gains received within cate8ories covered by thapter 3 Part 11 of the Corporation Tax Act 2010 or Section 2S6 of the Taxation of Chargeable Gains Aci 1992. to the extent that such income or gains are applied exclusi to charitable purpose5. Page 13
Africa 95 Notes to the Finanaal Statements for the Year Ended 30 September 2020 ranllble rd assets Indwidual fixed assets C05ting £500.DJ or more are inilialty recorded at cost. less any Subsequent accumulated depreciation and subsequent accurnulated impairment losses. Deprnciation and amort•sation Depreciation is provided on tangible fixed assets $0 as to write off the tost or valuation. less any estimated residual value. over their experted useful economic life as follows= Depredailon method and rale 33.3% strai8hi line basis OffKe equiprnent Tradè debtors Trade debtor5 are amounts due from customers tor merchandise sold or Ser¥1 perforrned in the ordinary ourse of business. Trade debtors are retognised initialty at the tran5athon price. They are subsequently measured ai amortised cost using the effertive interest method, less prowsion for Impairment. A ptovision for the impa¢rment of trade debtors is established when there s objective evidence that the tharity will not be able to collect all amounts due according to the original terrn5 of the receivab5. Cash and ush equIents Cash and cash equivalents cornprise cash on hand and call deposits. and other short-term highly liquid investments thai are readity convertible to a known amount of wh #nd are Subject lo an insignificant risk of change In value. Trade creditors Trade creditors are obligations io pay for goods or servKe5 that have been acquired in the ordinary eourse ol business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an untonditional righL at the end of the reporti period. io defer settlement of the creditor for ai leasi twelve months after ihe reporting date. If there is an unconditional right to defer settlement for at le35t twelve months after the rèporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the tran5artion price and subsequentty rnea5ured at amortosed cost using the effective interest method. Page 14
Afrlta 95 Notes to the Finanaal Statements for the Year Ended 30 September 2020 Foreign exthan8e Trartsartions in forei8n currencie5 are recorded at the rate of exChae at the date of the transaction. Monetary assets and liabilities denominated in foreen turrencies at the balance sheet date are reported at the rates of exchange prevailinB at that date. The results of overseas opernttons are translated at the average rate5 of exthange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising On translation of the openin8 net assets results of oversea5 operations are reported in other cornprehensNe income ènd atcumulaied in equity lattiibuied to non-controlling interests as appropriatel. Other exd)ange differentes art recognt5ed in the Statement of Finantial Artivities in the period in which thev a1i5e except for.. 11 exchange differences on transathons entered into to hedge certain fo¥eign currency risks Isee abovel- 21 exchange differen5 arigng on gains or losses on non-monetary items which are recognised in other comprehensive income; and 31 in the case of the consolidated financial statements, exchan8e differen on monetary item5 receivable from or payable to a foreign operation For which settlement is neither planned nor likety to occur Itherefore lormin8 part ol the net investment in the foreEn operation). which are recognised in othef comprehensive income and reported under equity. Pa8e 15
Africa 95 Notes to the Finanual Statements for the Year Ended 30 September 2020 3 Income from donatlons and legades UnreSderf funds estricted lunds Total Trfal 2019 General Donations and legacies" AKO Foundation 150.(D) 150.1XM) Booker Foundatirjn 15,000 80,290 Appeals and donations Gift aid reclaimed Gfants. includlng capit& 8rant5- Sigrid Rausing Trust Oppenheimer Memorial Trust Carnegie Corporation of New York 5.IIKI 11.8401 5,10) 11,8401 lo.c 25.449 1,932 io.c 25.449 1,932 10,000 29.367 47.125 153.260 37.381 190,641 181.782 The C8rne4ie Corporation of New York awarded a grant fi* the Caine Priie and workshops that support African writers, duiation of the grant being Septèrnber 2019 lo August 2021. 4 Inc¢%ne from other trading artlvltles Lknrestrlcted fvnds Tal 2020 General Trading income- Book sales 183 183 183 183 5 Imiestmenl In¢om• Total 2020 Total 2019 General Interest receivable and similar i17come- Inteiest receivable on bank deposrts 193 193 61 Pa8e 16
Africa 95 Note5 to the Finanual Statements for the Year Ended 30 September 2020 6 Expenditure on ralslnglunds al Costs of qeneratlni donatlons and legacies Total 2020 Total 2019 Publicity and artwork Other lundraising costs Entertainment 19.136 12.273 S8 142 19.136 12.473 7 Expenditure on tharitable activitie5 Total 2020 Total 2019 Pii2ewinners award 12,C 16.021 3.449 919 12,000 49,680 3.333 779 Event expenses Rent Telephone and fax Office expenses Computer software bnd(leS 1.252 1.560 131 1,060 82 Travel and subsistence 191 417 Independerst examination Bookkeeping Legal and profe55ional Bad debts written off Bank charges Foreign currency18ainslllosses Depreciation of office equipmeni staff costs 1.560 816 1,560 1.200 2.401 434 517 773 510 5.304 365 20.929 21,728 65.722 95.549 £56,98812019- £44.3431 of the above expenditure was attributable to unrestricted fvnds and £8,73412019 - £51.2061 to restricted funds. Page 17
Africa 95 Notes to the Finandal Statements for the Year Ended 30 September 2020 8 Trustees remuneratlon and experfjes No trustees. nly any persons connerted with them. have recei1 any rernuntration from the charity during the year. No trustees have received any rwmbursed expense5 or any other benefits from the tharity during the year. 9 Staff costs The a8gregate payroll cosis were as folW$. 2020 2019 Staff ¢osts duringthe year wèrè: Wages and salarie5 Pension costs 20.SC 429 21.333 395 20.929 21,728 The monthly avera8e numbef of persons lindudin8 senior managemeni team) employed by the charity during the year expressed as full time equivalents was as follm: Z020 No 2019 No Charitable activitie5 112019- 11 of the above employees participated in the Defined ContTibutK)n Pension Schemes. No employee received emoluments of mre than £60.[ dufing the year. 10 Taxation The charity is a re8lStered charity and 15 therefore exempt from taxation. page 18
Afrio 95 Notes to the Finanoal Statements for the Year Ended 30 September 2020 11 Tan8Sble fixed assets Fumlture and equipment Total At l October 2019 1.690 1.690 Addilion5 At 30 September 2020 2,590 2,590 Depwlatlon At l October 2019 1.690 300 1,690 300 Char8e for the year At 30 September 2020 Net book value At 30 September 2020 At 30 September 2019 12 tiebtors 2020 2019 Piepayments Accrued income 210 1.932 5CKI 300 2,340 Other debtors 2,432 2.850 13 Creditors: amount5 fall1r duewittmn oneyear J20 2019 Bank overdrafts 899 Trade creditors 420 1.403 785 Other taxation and s131 security Other creditors I.S02 84 A¢uuals 2.5¢J) 4.S96 4.422 7.767 Page 19
Africa 95 Notes to the Financial Statements for the Year Ended 30 September 20ZO 14 Pen51on and otherxheme5 Defintd contribution pension scheme The Charity operates a defined contribulion pension scheme. The pension cost charge for the year represents contributtons payable by the tharity to the scheme and amounled io £42912019- £3951. IS Fund5 Current period Balance at 30 September 2020 Balance at I October 1019 Incomlng Resources expended Unrestrirted funds fjeneml General Funds 34.574 IS3.636 176.1241 112,086 Rèstricted funds Oppenheirntr Memorial Trust Carne8ie Corporation Sigrid Rausing Trust 25.449 1.932 io.cts) 25.449 49.057 4,427 47.125 3.161 18,7341 50.286 37.381 18.7341 78,933 Total funds 84.860 191.017 184.8581 191.019 Page 20
Africa 95 Notes to the Finanaal Statements for the Year Ended 30 September ZQZO Pre¥i¢)ws period 8alant* at 30 September 2019 Balan¢e at i In<omlng expended Unrestrkted funds General General Funds 11.039 80.351 156.8161 34.574 Restrlrted funds 8ooker Foundation I15,OCl 129.3671 Oppenheimer Memorial Trust Carnegie Corporation Sri Rausin8 Trusi 29.367 47.125 iO.(XM) 47,125 3.161 16.8391 101.492 151.2061 50,286 Total fvnd5 11.039 181.843 1108,0221 84.860 The specific purposes for which the funds are to be applied are as follows- Booker Foundation - funds tts facilitate the jud8in8 of the Caine Prize, the presence of the shortlist and their shortlist award and a proportion of core fundin8 priie. Oppenheimer Memorial Trust. funds to 5UPPOrt the Caine PrFze. the annual workshops and related activities. Carnegie Corporation - funds for the Caine pri and workshops that support African writers over September 2019 to August 2021 period. Si8rid Ravsing Trust- lunds to supwt digitsl acliwty of the tharity- Page 21
Africa 95 Notes to the Financial statements for the Year Ended 30 September 2020 16 Analysls of net assets bets¥een funds Current period Unrestrirt¢d funds Restrl¢ted fvnds Gentral Total lunds Tangible fixed assets Current assets 600 115. 14.4221 78,933 194.841 14.4221 Current liabilities Total net assets 112.086 78.933 191,019 Pre¥ious period fund5 Re5trkled funds Gener•1 Total fvnds Current assets 42.341 17.7671 $0.286 92.627 17.7671 Current liabilitie5 Total net assets 34.574 50.286 84.860 17 Covid- 19 During the year the (harlty's activities have been adversely affected by the outbreak of COVIO 19. Staff and volunteers were able to work from home and maintain most of the Africa 95's servic. In the light of the coronavirus pandemic and continuin8 eovernment restriciions, the AKO Caine Prize celebrated ihe shortlisted and announced the winner ihrough a documeniary film rather than h05ting a faee to face event. Page 22