Comp3ny registration number.. 02813337 Charity registration number.. 1039039 Africa 95 IA company lirnited by guarantee) Annual Report and Financial Statements for the Year Ended 30 Septernber 2025 9 Hare & Biller Road 81ackhezth SE3 ORB
Africa 95 Contents Reference and Adrnin15trative Det3115 Trustees Report 2tolO Independent Examiner's Report Ilto 12 Statement ol Financiil Activities 13 Balance Sheet 14 Notes to the Financial Stotements 1Sto24
Africa 95 Reference and Administrative Details Trustees Alicia Adams Olubukola Akinyemi Ellah Wakat8m8 OBE. Hon. FRSL, (Chairl Profe5$0r Fareda Banda Nii Ayikwei Parkes SiMi50 Velempini Charity Reglstration Number 1039039 Company Registration Numbey 02813337 The charity is incorporated In EnEland and Wales. 9 Hère & Billet Road Blackheath SE3 OR8 Registered Office IndepeTrdent Examiner 9 Hare & Billet Road Blackheath SE3 ORB Solicitors.. Bate5 Wells and BraithwBitÈ 10 Queen Street Place London EC3P 3AR Bankers Natwest I Princes Street London EC2R 88P Pase I
Af rica 95 Trustees Report The trustees, who are dire<iors lor the company under the Comp3nie5 Act 2006. subrnit their report and the financial statements of Africa 95 lor the year ended 30 September 2025 which have bÈen prepared in cornpliance with current Statutory requirements. The Companies Act 1985, the Charities SORP IFRS 1021 applicable to charities preparin8 their aEcounts in accordance with the Financial Reporting Stand3rd appli¢3ble in the UK and Republic of IrelBnd ond the Charitie5 Act 2011,. and with ihe charity'5 governing document, its Memorandum and ArticlÈs of Association. ObjectSves and activities Object5 ond oims The ch3rity'S obiecrive Is to advance the education of the public in the Umited Kin8dom or over5eos In all matters relating to the African art5 In all their forms. including but not limited to theatre, dance, rNu51C, cinerna, èrchitecture, literature and the visual arts. The Caine Prize for African Wriring h35 been awarded annually since 2000, and the work of the charity throughout the year focused on lundrai51ng events and the administration ol the award. Public Benefit The Caine Prize'5 publlc benefii is grounded in its commitment to nurturing, celebrating, and disseminatin8 African literbture, ensuring that reader5, writÈrs, and cultur31 communities worldwide gain access to the richness and diversity of Afritan storytelling. Over the past year. thÈ Prize deepened lis impact by delivering acce55ible, high-qublity literary programming that direttl¥ addressed gaps in editorial tr2ininE, mentorship, and PLJblic-f3cing literary evenrs acros5 Africa and the diaspora. The charity'5 work benefitted the public In several key ways.. Expanding access to Alrican writing.. Through a le5tival, oTrline event5, di8ltal content. and Intern3tional p3rtnership5, the Pri2e brought African stories to new 3udience5 3cros5 ctsntinents. Supporting talent.. Free and intensive editorial pro8rarnme5 provided pathways foi writers who lack access to professional mentorship, strengthening the future of African literature. Encouraging cultural dialogue: Events held In the UK and Zimbabwe fostered conversation5 about African storytelling. history, identityj and craft. Building sustainable Ilterary ecosystems.. By st3rting the development of p3rtnership5 and exploring opportunities with literary magazinÈs, publishers and festlV315, the PriEe contributed to long-term infrastructure lor African literature. Through lis prograrnrnes and partnerships. the Caine Prize delivered exception21 public benefit by centring African voltes, broadening tultural repre5entètion, and creèting meaningful opportunities for learning, eng38ement, and tr&8fiv& development. Achievements and Performance A Milestone Year tor the Prize The 2024-25 year rnarked a pivotal moment for the Caine Prize as it celebrated it5 25th anniversary with celebratory programming, engaged partners, 3nd renewed global visibiliiy. With an emphasis on su5tainabilitv, talent developrnÈnt, 8nd internatioTral collaboration, the Prize deepened Its inlluEnce acr055 literory landscapes while continuing to champion bold, original African storytelling. The previous year closed with awarding Nadia Davids the Pri2e from 3 5hortlist of five exceptional writers. And the new year opened with renewed energy lor celebrating the Prize's 25th Anniversary. Pa8è 2
Africa 95 Trustees Report Celebrating the gest of Caine As part ol its onniversary activities, the Prize launched the Best of Caine Award, spotlighting the most Influent131 storie5 in the Prize's history. The judging panel, chaired by Nobel Laureate Abdulra2ak Gurnah. unanimously selected Noviolet Bulawayo for Hitting 8udope5t, a Story chosen for its Èmotional clarity, vivid voice, and enduring resonance. The annountement at the Words Acr055 Waters Afro Lit Festival UK drew 518nific3ni global attentlon, Surpassing en83gemÈnt figure5 from previous years and aff Irmin£ the Prize's cultural relevance. Writer Development.. Deepening Impact and Access The Prize Significantly expanded its training 8nd mentorship offerin85'. The Online Mentorship Programme delivered an intensive, personali5ed editorial experience for four emerging writers, culminating in publication-re3dy stories that will anchor the 2026 anthology. The Online Editing Programme received 119 submi5sion5 demonstrating the strong demand for editorial training 3crDs5 the continÈnt 3nd supported eight emerging writers through a rigorous 12-week developmenral process. Participants reported transformative learning outcomes. citing incrÈ8sed confidence, improved editorial skill5, and deeper understanding of narrative craft ind self-editing principals. StiengtheninK Global Partnership5 This year, the Prize worked closely with key or£anisations io deliver events. convers?tions, and collaborative content". Word5 Atrfjss Waters Afro Lit Festival delivered two high-impact public events and hosted the Best of CainÈ Award. UC Berkeley 5howtased Caine Prize author5 in both live reading5 and library exhibitions. The Llbrary ol Congress scheduled a landmark viriual conversation with leading African writers deferred to 2026 Afri£a Cenire New York We beEan conver53tions with the centre ro explore opportunities for expanded U5 based outreach. These partnerships not only raised the Prize's profile but also 5UPPOrted cultur31 exchange, audience development, and deeper engagement with global liter3ry communities. Publitations and Literary Legacy Woik progressed on two major upcoming publication5'. The 25th Anniversary AntholoEY, celebrating the Prize's legacy and future direction. The Spring 2026 AntholoEY. featuring stories developed throu8h the Pri2e's online editorial programme5 a tan8ible demonstration of the Prize'5 Investment in shaping the next generation of Alric3n writers. Page 3
Africa 95 Trustees Report Expanding Visibility and Cultural Influence Media ioverÈge and online engagement reèched unprecedented levels, driven by the Best of Caine Award Ènd festival progr3FTrming. Partner5 3cr055 Africa, the UK. 2nd the US amplified the Pri2e'5 3nnouncement5, interviews, 3nd storie5, extending its reach to new audiences and reinforcing its standing as a global litÈr3ry Strategic Momentum The Prize made progress on long-terrn goals, including diversifying Inco* stream5, Strengthening the 8lurnni network, building editorial capacity on the continent, and expanding Internbtional partnerships. These developments provide a Strong foundation lor the Prize's next phase, ensurin8 that it continues to support African writers and enrich global literature for year5 to come. Flnanclal Overview Africa 95, the charity thar operates the Caine Prize lor Afritan Writing, Continues to ftscus on deliverin8 Its core mission of 5UPPOfting, promoting, and celebratlne African literature while ensuring the organisation remains The ch3rity'5 income Is primarily derived from grant5 from trusts and foundation5, phi13nthropic support, and project-ba5ed funding. This funding enables the organisation to delivef Its 3nnual literary prize, writer dpvelopment initiatlVÈS, 8nd partnerships that expand the reach of Afrlcan wrltlng on rhe African tonyinent and beyond. DurinE the year, the charity continued to operate within a challenging funding environment for aris and cultural organisations. Tru5tee5 and m3n3gemÈnt therefore prioritised financ131 stability 2ncS careful cost managernent while celebrating the 25th Anniversary Wlth an honorèry Prize. Policy on Reserves The Trustees recognise the importance of maintaining adequate financi81 re5erve5 to ensure the stability and continuity of the charity's oper2tion5. In line with Charity Cornmission guidance and sector best practice, the Trustees airr to rebuild unrestricted reserves equivalent to a minimum ol three months ol core operating costs Holding reserves at thi5 12vel allows the charity to M3nage fluctuations In income and cash flow,. Meet 5hort-term operational commitrnent5," Protect Ihe conlinuity ol key progr3mrne5 and partnerships,. and Provide financial resilience In periods of uncertainty. Current PositioTh Thi5 year the charity focused on delivering its core activities, meeting commiiment5 ènd celebratin8 the 25th Anniversary of the Prize with two key programfflES an honorary award and an online digital editing programme. A5 at 30th September 2025, Ihe charity carried fonvard a totèl of E73,323 Relevant donors were informed of ihe carry over. Recognising the importance ol restoring financial resilience, the Trustee5 have taken è number of steps to Page 4
Africa 95 Trustees Report Acliorts Taken Key actions implemented during the ye3r include.. Reducing core opÈr2ting costs, with quarterly c05t5 reduced from approximately £22,000 to £15,000, achieved through streamlining stall capacity, and deferring senior appointrnents,. Prioritising fundraising efforts toward unrestricted income and fundin8 ihat contributes to Core operaiional costs., Developing a plèn to gradually rebuild unrestricted reserves over the coffling fin3nciBI periods-, and Strengthening relationships wirh existing and prospective donors to SUPPOrt a more stable and diversified fundin£ base. Current and Pr05peclive FndIng During the period, the chèriry secured renewed grant support from several valued funders, including.. Hawthornden Found3tion- £32,868 SiErid Rausing Trust- EL5,000 Oppenheimer Memorial fru5t- £30,324 Adrian Swire £10,000 These figures reflecl the value of grants at the time of award and m3y vary 51i8htly dÈpending on exchange rates at the time funds are received. Financlal Sustainability and Risk Management The Trustee5 retogni5e that the charity'5 reliance on grant funding presents inherent financial risks, particularly In a iornpetitive funding environment. A5 a result, strengthening the org3nisation's long-terrn finantial sustainability rernains a priority. To address thi5, the or£anisation is 3ctively workin8 to.. Diversify its funding base through new partnerships with philanthropic foundaiion5, corporate partner5, and individual donors,. Develop longer-term funding relationships that support both programme delivery and tore or8an15ational costs,. StrÈngthen internètional p3rtner5hips that extend the reach and imp3Ct of the Caine Prize and it5 a5SOClated programmes.. and Maintain careful financi31 management and oversight to ensure re50urce9 3re used effectively in Support of the charity'5 mission. P3ge S
Africa 95 Trustees Report Future Outlook The coming vear rÈpre5ents an irnportant period lor the organisation 35 It coniinue5 to strengthen its financial position while exp3ndin£ the reach and vi51bility of African litei3ture. Key priorities for the year ahead Include.. Developing new partnership5 and funding opportunities that support the charity's long-ter Delivering programme5 and events that celebrate and promote African writing globally-. and Expanding the organi93tion's network of supporters and collaborator5 across thÈ literary, cultural, and phi13nthropic 5ectors'. Strengthen the organisations financial resilience. ThÈ Trustees remain confident that, with c3reful financial stew3rd5hip and continued support from its partnÈrs and lunders, the Caine Prize for Afric8n Writing through Africa 95. will continue to play a vital role in supporting African writers 8nd championing African storytelling on the global 5t38e. Plan to Rebulld Unrestricted Reserves Afr¢ca 95 1 The Caine Prize for Afrlcan Writing PuYp05e The Tru5tee5 01 Africa 95 recognise the importènce of rebuilding unrestricted reserves to strefjgthen the charity's financial resilience and ènsure continuity of its activities. In line with the organisation's Reserves Policy, the Trustee5 aim to restorÈ unrestricted reseNts to a minirmum ol three months, core oper3ting costs. B25ed on the charity's current opÈr3ting structure, this equates to approximately £15,000. Th15 plan 5et5 Out the practical 5tep5 thé org8nis3tion will take to rebuild reserves over the cominÉ financial periods. StratÈBic Approach The charity will rebuild unrÈsrricted re5erve5 thrtsugh a combination of. Intre3sing unrestricted incorne Recovering core cogts through programme funding Maintaining careful c05t management These ffle35ures will be implemented gradually to ensure the organisation remains financially stable while Page 6
Afrita 95 Trustees Report InereasinB Unrestricted Income Where possible, the charity will prioritise funding opporiunitie5 that provide flexible or core organi53tional support. This will include.. Seeking unrestricted or partially unrestriited funding from exi5tin8 philanthropic supporters ènd foundztlOnS,' Exploririg new p3rtner5hips with trusis, foundations, and donor5 that recognise the ITnportance ol funding core organi$3tion31 costs,. Developing opportunitie5 for individua1 giving and philanthropic Support connected to the Caine Prize's global network of writers, reader5, and partners. Recovering Core Costs Through Project Funding Where grants are aw3rded for specific programmes or event5, the or83nisation will continue to include appropriate contributions toward core operational costs, where perfllitted by funder5. Thi5 may include-. Allocation of st3ff time to programme delivery.. Organisational overhead contributions,. Administrative and operational support COSt5. This appro3ch ensures that programme funding contributes to the long-term 5UStain3bilit¥ of the or8anisation. Cost Management The Trustees have alreody taken step5 to reduce core operating C05ts Ihrough organisational restructuring and careful financial management. The Pri2e operate5 Wlth 2 part time staff. The organ15atlDn will continue to operate with a lean cost structure, ensuring that expenditure remain5 proportionate to available resources whilÈ protecting the delivery of core activities. Timeline for Rebuilding Reserves The Trustees èntitipate rebuilding unrestricted reserves gradu311y over the next 24-36 months, depending on inctsme levels and fundraising succes5. Indicative milestones include.. Yeèr I". Begin rebuilding reserves ihrough core funding and overhead recovery. Year 2.. Continue rebuilding re5erve5 through core funding and overhead recovery Year 3.. AthiÈve the target level of unrestricted reserves equivalent to three month5, oper3tin8 costs. Progress toward this target will depend on the succe55 of ongoing fundraising efforts znd the charit¥'S ability to secure sustainable funding partnerships. Page 7
Africa 95 Trustees Report Monitoring and Review Progre5S towards income success will be monitored through.. ReÉular financial reporting to the B03rd of Trustee5,' Annual financial planning and budger review,. and Ongoing oversight ol lundrai51ng activity and organisational eKpenditure. The Tru5tee5 will review Ihi5 plan annually in October and adjust the approach as necess3ry to ensure the or83nisation continue5 to move toward the target income level. Long lead fundraising will also start to come to fruition. This include5 the establishment of 8 HNWI Giving Cirtle, securing funds from new Trusts and Foundations as well as 5eekin8 5uppDrt from the wider publishing Industry. TrustEÈS 8cknowledge there is still work to be done however, anticipate reaching annual target by the end of the next financial year. Trustees and offiters The trustees and officers serving during the yÈar and since the year end were as follows= Tru5tees'. Alicia Adam5 Olubukolè Akinyemi Ellah W3k8tafn3 OBE. Hon. FRSL, (Chairl Professor F3reda Banda Mbia Kalinda (resigned 24 lune 20251 Alastair Niven LVO, OBE (resigned 24 January 20251 Nii Ayikwei Parke5 Geeth3 Thèrrnaratnam Ire5igned 4 M3y 20261 Sitni50 Velempini Strurture, governance 3nd management Noture oAgoverning document The governing documents of the company are its Mernorandum and Article5 of Association. Recruitment (7Adoppointment ol trustees Tru5tee5, who are a150 all directors of the company, are appointed for an initial five year term and retire by rotation or may be re8ppointed in 3Ctordance with the Articles ol Association. Applications for trusteeship are sought by invitation. In comin8 to a decision on appointment the ex15ting board considers eligibility, personal competence and relevant 5ki115. Following appointmÈnt the Chair Inducts new trustees and explain5 the company's policies and procedures. Paee 8
Africa 95 Trustees Report Mujgr n5k5 ondmonugemgnt of those risks The trts5tees aiknowlÈdge their responsibility for identifying the area5 of risk in particular the operational to which the charity is exposed, 2nd lor devising systems to mitlEate the charity'5 risk exposure. The sole present and lore5eeèble activity ol Africa '95 is The Caine PrizÈ for African Writing The m3in risk to the Caine Prize Is rhat its funding might be insullicient to cover it5 Costs But, since major eKpenditure is not committed in advance, this repre5Ènts an operaiing risk rather than 3 financial risk activity would 5implv cease unles$ and until funding aglin became avèilèble. There is a150 an unquantifiable risk in terms of the Prize's reputation and integrity If it were 50mÈhow awarded to an un51Jitable person leg. someone not eligible, or 3 plagiaristl. Ensuring against that is a matter of vigi12nce. Otherwise, the Caine Prize runs the same financial risk5 35 3llY 5m311 ch3rity and has 3ppropriotÈ contro15 in plate to safeguard against them. Systems of internal conrrol are in place and are subject to review and improvement Cash transactions form a very low proporiion of expenditure. Payment5 or cheques for sum5 in excess of £1,000 rèquire the approval or si£n8ture ol two notified No cheque m3y be signed by it5 beneficiary. Re8u13r author153tion and reconciliatiori procedures are in p13ce. There are regular budgeting and rnanagement reviews conducted by the Fin3nce CDmmitt@e, made up of trustees and Tllember5 01 the Caine Prize Advisory Council. Statomont of irustee5' responsibilities The trustees (who are also the directors of Afric3 95 lor ihe purposes of company lawl are respon51ble for preparing the trustee5' report and the financial statements in actordance with applicable law and United Kingdorn Actounting Standèrd5 (United Kingdom Generally Accepted AttountinE Practice), including FAS 102 'The Financi31 Reporting Standard 3pplicable in the UK and Republic of Ireland" Company law require5 the tru5tee5 to prepare financial starement5 for each financial year. Under company law the trustees must not èpprove the financial statements unless they are 53t15fied that they give a true and fair view of the State of Bffair5 of the charitable company and of the incoming re50urcès and 3pplication of resources, Including ir5 incorne and expenditure, of the charitable cornpany for th3t period In preparin8 these finanCal staternents, the trustees are required to.. select suitable accounting policies and apply them consistently,. observe the methods and principle5 In the Charitie5 SORP,. make judeements and estimate5 that are reasonable and prudent.. StatÈ whether applicable attounting standards, comprising FRS 102 h3ve been followed, subject to any m3teriÈl departures disclosed and explained the financial statements,. and prepare the financial statÈment5 on the going concern ba515 unless it 15 inappropriate to presume that the charitable company will continue in busines5. The trustee5 are responsible for keeping proper accounting records that can disc105e with reasonable accuracv at any time the financi21 position of the ch3ritèble company and enable them to en5vrE that the financiBI statement5 c(>mply with the CompBnie5 Art 2006. They are also responsible for safeguarding the 3SSÉts of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud anrj oiher Page 9
Africa 95 Trustee5 Report The trustees are responsible for the maintenance and integrity of the corporate and financial Information Included on the charitable company'5 web51te. Legislation governing the preparaiion and di55ernination of financial starement5 may differ from legislation in other jurisdiction5. Small companie5 provision statement This repori has been prepared in atcordance with the small companie5 regime under the CompaniÈs Act 2006. The annual report was approved by the trustee5 of the charity on 19 June 2026 and signed on Its behalf by.. Ellah Wak8tam3 OBE, Hon. FRSL Chair of Tru5tee5 Page 10
Africa 95 Independenl Examiner's Report to the trustees of Africa 95 {'the Company'l I report to the charity trustees Iwho are also Direciors lor the purp05È of company lawl on my examination of thÈ accounts ol the Africa 95 I'the charitable cowpany'l for the year ended 30 September 2025 which compr15e the statement ol Financial Activities. the Balance Sheet ènd relared notes. 13 24 This report is made 501ely to the ch3rity s trustee5, as a body, in accordance with section 145 01 the Charities Act 2011. My work has been undertakpn so that I might State lo Ihe charity's trustees those matters l am required to state to them in this report and lor no other purpose. To the fullest extent permitted by law, I do not accept or B55urne responsibility to anyone other than the charity and the charity's trustees as a bodyi for my work, for this report, or for the opinions I have formed. Respon5Ibilitle$ and basis of report As the charity's tru5tee5 of Afri13 95 YOU are respon51ble for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act'l. Having sat151ied my5e11 that the accounts of Africa 95 arÈ not required to be 3udited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect ol my examination of your charity'5 account5 a5 carried out under section 145 of the Charitie5 Act 2011 1'thÈ 2011 Act'l. carrying out mv Èxamination I have followed the Directions given by the Charity Commi55ion under section 14515llbl of the 2011 Art. An independent examination does not involve gathering all the evideD£e that would be required in 2n audit and consequently does not cover all the tnatters thai an auditor considers in giving their opinion on the financièl st3tements, The planning 2nd conduct ol an audit goes beyond the limited a55ur8nce that an Independent examination can provide, Consequently l express no opinion a5 to whether the financ81 statements preseni a 'lrue and fairf view and my report 15 limited to those specific rnatter5 Set out in the independent examinerfs statement. Emphasis of matter We draw your attention to the going concern policy of note 2 01 rhe financial statement>, that explain5 why the g(>ing concern basis is apprckpriate lor the preparation ol the accounts. Our opinion is not modified In respect of this fflatter. Independent examinerfs statement I have completed my examination. I confirm that no matter5 have come to my attention in connection with the examination giving me cause to believe.. l. accounting rÈcords were not kept In respert of Africa 95 a5 required by seciion 386 of the 2006 Act, or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accountinE requirements o15ection 396 of the 2006 Act other than any requirernent that the accounts give a 'true and fair view, which Is not a matter ¢onsidered as part of an independÈnt ex3mination", or 4. the account5 have not been prepared In accordance with the methods and principles of the Statement of Recommended Praitite ftrr accounting and reporting by ch3ritie5 Bpplicable to charities prepaiiris their accounts in accordance with thÈ Financial Reporting Standard applicable in the UK and Republic of Irelond IFRS 1021. Page 11
Africa 95 Independent Examiner's Report to the trustees of Africa 951'the Company'l I have no concerns and have come 3crass no other matter5 connection with the examination to which atlention should be drawn in this report in order to Ènable a proper under5t3nding of the account5 to be reached. Tim Sullivan FCA 9 Hare & Billet Road B13ckheath 5E30RB 23 June 2026 Page 12
Afrlia 95 Statement pf Finantial Activititsforthe Year Ended 305eptember 2025 {In¢ltsding Income ExpenditurÈAccouTrt hnd Stslement of Totèl Reco8nised Gain5 and L(Jssesl um¢ÈsthLtÈd Rest¢ 2015 RÈstilci*d 2024 Note Income Éndowmentsfrrrtn.. 89.254 Iestment M<ome 539 16I,l89 IlQ5.8N', 158,60P,' 56,424 36.022 32,087 14.028 19
Africa 95 {Registration number.. 028133371 Balance Sheet as at 30 September 2025 2025 2024 Note Currènt assets Debtors 13 4,028 21,883 Cash at bank and in hand 75,658 75,658 25,911 Creditors.. Arnounts falling due within one year 14 13,3351 13,2491 Net assets 72,323 22,662 Funds of the charity.. Restricted income fund5 Restricted funds 31,200 37,963 Llnre51ricted income funds Unrestricted funds 41,123 115,3011 Total funds 15 72,323 22,662 For the financial year ending 30 September 2025 the charity was entitled to exemption frorn audit under section 477 of the Companies Act 2006 relating to sm311 companies. The members have not required the charity to obtain an audir ol its account5 for the year in question in 8ccord3nce with SEttion 476., and The directors acknowledge their responsibilitie5 for complying with the requirement5 of the Act with respect to accouniing record5 and the preparation ol account5. The financial Statements on pages 13 to 24 were approved by the trustees, and authori5ed lor issue on 19 lune 2026 and signed on their beh311 by.. Ellah W2katam3 OBE, Hon. FRSL Chair of Trustees The notes on pages 15 to 24 form an inre8r31 pzrt of the5È financial statement5. Page 14
Africa 95 Notes to the Financial Statements for the Year Ended 30 September 2025 I Charity Status The charity Is limited by guarèntee, Incorporated In England 3nd Walès, and consequently does not have share capital. Each of the trustees Is liable to contribute an amount not exceedin8 £1 toward5 the asset5 of the tharity in the event ol liquidation. Th& addre55 of its registered ollice 15.. 9 Hare & Billet Road Blackheath SE3 ORB These financial statements were authorised lor issue by the trustees on 19 June 2026. 2 A£countin8 policies Summary of signifitani accounting policip5 and key accountinE estimates The principal accounting policies applied in the preparation ol these financial statetnentl 3re set out below. These policie5 have been tonsistently applied to 311 the years presented, unless otherwise 5t3ted. Statèment ol compliance The financi31 statewents have been prepared in accordance with Accounting and Reporting by Ch3ritie5'. Statement of Recommended Practice applicable to charities preparing their accounts In accord3nce with the Financia1 RepDrting Standard 8pplicablÈ in the UK and Republic of Ireland IFRS 1021 lelfective l January 20191 Icharities 50RP IFRS 1021- Second edition October 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. They 8150 comply with ihe Companies Act 2006 and Charities Act 2011. Basis of PTep3ration Africa 95 rTieets the definition ol a public bÈnefit @ntity under FRS 102. Assets and liabilities are initially recogni5ed at hisrorital c05t or transaction value unless otherwise stated in the relevant accountillg policy notes. Exemptlon from preparing a cash flow Statement The charify opted to early adopi Bulleiin I published on 2 February 2016 and have therefore not included a Cash flow statement in these financial staiements. Page 15
Africa 95 Note5 to the Finantial Statements for the Year Ended 30 September 2025 Judgements and key sour£es of estifftatlon uncertalnty In the applicètion of the charity's accounting policie5. the dirÈctos are required tc> make judgements, estimates and a55umptions about the carrying amount of èsseis and li3bilitiÈs that are not readily apparerit Irotn other source5. The estimates and a550ciated agSUmPtions are b3sed on historical experience and other f3Ctor5 thÈt are considered to be relevant. Actual results MB y differ from these estimate5. The estimate5 and underlying assumptions are reviewed on 3n ongoing basis. Revisions to accounting estim8tes are reco8ni5ed in the period5 in which the estimate is revised where revisions èffects only that period, or in the period ol the revision and future periods where the revisions affect5 both current and future periods. Income and endowmen15 All Income is recogni5ed oncÈ the charity has entitlement to the Income, it 15 probable that the income will be received 3nd Ihe amount of the intomÈ receivable Can be measured reliably. Donotlons ond legoctie5 Donhtions are recogn15ed when the charity ha5 been notified in vdriting of both the amount and settlÈment date In the event that ) donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds. the Income is deferred and not recogni5ed until either those condition5 are fully met, or the fulfilrnent ol those conditions is who11y within the control of the charity and it is probable that these conditions will be lullilled In Ihe reportins period. Gmnts receivGble Grants are reco8ni5ed when Ihe charity hès an eniitlement to the funds and any conditions linked to the grants have been met Where performance condition5 are at13ched to the grant and are yet to be met, the incom* is recogni5ed a5 a liability and included on the balance sheei as deferred income to be releosed. Investment Income Dividends are recpgnised once the dividend ha5 been declared and nDtific3tion hès been received ol the dividend due. Expenditure All expenditure is retognised once there is a legal or tonstructive obligation io that eKpenditure, it is probable settlement is required and the amount can be me3sured reliably. All costs are allocated to the applicable expenditure heading that aggregate Similar c05tS to rhat category. Where cost5 cannot be directly attributed to particular headings they h3ve been allocated on 3 ba51s consistent with the use ol resources, Wlth central Staff costs allocated on the basis of time spent, and depreciation ch3rge5 allocated on the portion of the asset's use. Other support Costs are allocated based on the 5pre3d of stall costs. Roi5ingfunds These are tosts incurred in attracting voluntary Incotne, the management of investments and those incurrÈd in Page 16
Africa 95 Notes to the Financial Statements for the Year Ended 30 September 2025 Churitoble octivities Charitable expenditure compr19es those cost5 incurred by the charity in the delivery of Its activities and services lor It5 benefic13ries. It Ineludes both tosts that can be allocated directly to such activities and those costs of an indirect nature necessary ttr support them. Support costs Support costs include central functions and have been allocated to activity cost caiegories on a basis consistent with the use of resource5, for example, allocating property C05t5 by floor areas, or per capita, Staff costs by the time Spent and other costs by their usage. Govern3nce costs These Include the cost5 attributable to the charity's compliance with con5titution21 and st2tutory requirements, Including audit, strategic management and trustees meetings and reirnbursed expenses. Taxation The charity 15 considered to pass the tests set out in Paragr3ph I Schedule 6 of the Finance Act 2010 and thÈrefore it meet5 the definition ol 3 charitable company lor UK CDrporation t3x purposes. Accordinglyp the charity is PDtÈntially exempt from taxètion in respect of income or capital gains received wiihin categorieg covered by Chapter 3 Part 11 ol the Corporation Tax Act 20LO or Section 256 af thÈ Taxation of Chargeable Gaing Act 1992, 10 the extent thai such income or gains are applied exclusively to charit3ble purposes. Tangible fixed assets Individua1 fixed assets costing £5(K).00 or more are inilially recorded at cost. les5 any Subsequent 8ccurnulated depreciation and Subsequent accumulated impairment105ses. Depreciation and amortlsation Depreciation 15 provided on t3n8ible fixed assets so ès to write off the cost or valuation, less any estimated residual value. over their expetied useful economit life as follows.. Ast cla55 Office equipment Depreciation method and rate 33.3% straight line ba515 Trade debtors Tr3de debtnr5 are omounts due from tustomers for merchandise 501d or services performed in the ordinary course of bu5ine55. Trade debtors arÈ rÈcogni5ed initially at the tr3n5action price. They are subsequently measured at amorti5ed 05t using the elleitive interest method, les5 provision for impairment. A provision for Lhe impairmEni of trade debtor5 15 established when there Is objective evidence that the charity will not be able to collect 311 arnounts due according tD the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents Compflse tash on hand and call deposit5, and other short-term highly liquid investments that Bre readily convertible to a known amount of cash and 3re subjeci to an insignificant risk ol change In value. Page 17
Africa 95 Notes to the Financial Statements for the Year Ended 30 September 2025 Trade tredltois Trade crÈditors are obli83tions to pay for goods or 5Èrvices that have been acquired in the ordinary coursÈ of busine55 from 5uppliÈrs. Accounts PB yable are cl35511ied as turr@nt liabilities If the charity does not have 3n unconditional right, at thÈ end of the reporting period, to defer sÈttlÈment of the creditor lor at least twelve month5 after the reportin8 datÈ. If there 15 an uncondition81 right to defer settlernent for 3t least twelve months alter the reporting date, thÈy arÈ presented as non-current liabilitie5. Trade creditors are recognised initially at the transaction price and 5ub5equently measured al amortised cost using the effective Interest method. Forelgn exchange Transactions in foreign curreniie5 are recorded at thÈ rate of exchangp at the date ol the tr3nsaction. MonÈtary assets and lièbililies denominated In foreign currencies at the balance Sheet date are reportÈd at the rates ol eKchanEÈ prevailing at thai dale. The results ol oversea5 operations are translated at the average rates ol e%changÈ during the period and their b31ance sheets at the rates ruling at the ba13ritÈ sheei date. Exchange differences 3risin8 on translation of the opÈning net 35sets and results ol overseas operations are reported in other comprehensive IncomÈ and accufflulaied in equity (attributed to non-controlling inrerests as appropriatel. Other Èxchange differences are recognised in thé Staternent ol Financial Activities in thè period in whith thev arise except for-. 11 exchange difference5 on transattions entered into to hedge certain foreign currency risks Isee abovÈl,- 21 exchange differences arising on gains or 1055es on non-monetary Items which are recognised in other cornprehensive incorne,. and 31 in the case of the consolidated financial statements, exchange dillerencÈs on monetary item5 receivable from or payable to a foreign operation for which settlement is neiiher planned nor likely to occur (Lherefore forming part of ihe net investment in the foreign operation), whith are r&cogn15ed in other comprehensive income and reporled under equity. Page 18
Africa 95 Notes to the Flnancial Statements for the Year Ended 30 September 2025 3 Infome Irom donations and legacies Llnrestricted Total 2025 Totsl 2024 General Oonatitsns and legacie5,' Appeals and donations The Random House Group Ltd Bloomsbury Publishin8 Ltd Charitie5 Aid Foundation 20.839 9.000 5.000 4.525 20,839 5,000 5,000 4.525 43,663 Grants, including capital grants,. Oppenh@imer Memorial Trust Hawthornden Foundation 30.324 32.868 Is.000 30,324 32,868 15,000 25,086 27,316 SiErid Rausing frust CarnÈgie Corporation of New York Foundation Scotland The British Council 31,852 5,000 3,000 113,556 IL3.556 135,917 4 Invesiment income Unrest¥icted funds General Total 2025 Totsl 2024 Interest receivable and similar income., Interest receivable on b8nk deposlts 294 294 539 5 Expendlture on rai5in8 fund5 al Costs of generating donations and legaiies Total 2025 Totsl 2024 Publicity and artwork Other fundraising c05t5 261 511 22,505 261 23,016 Pase 19
Africa 95 Notes to the Financial Statements for the Year Ended 30 September 2025 6 Expenditure on charilable activities Total 2025 Total 2024 Note Pri2e winner awards Event expenses Anthologies Foreign currency Ig3in5111055e5 Free13nte costs 12,000 6,747 5,935 2,125 46,165 128 50,851 3,661 11,441 39,978 Staff costs Support cr)sts Workshop èxpenses 6,703 3,000 63,928 124,806 In èddilion to the expenditure analy5ed above, thÈre are a150 5UPPOrt costs c>f £6,70312024 - £11,441) which relate directly to charitable activities. See note 7 lor further details. 7 Analysis of 5UPPOrt Costs Support Costs Total 2025 Total 2024 Rent 2,003 5.493 316 Telephone and fax Office expenses Sundries 1.394 1,714 154 Independent @xamination BookkeepinÈ Bank ch3r£es 2,496 683 127 2,400 1,119 245 6.703 11,441 8 Trustees remuneration and expenses ND trustees, nor any persons connected with them, hive received any remuneration from the charity durin8 the year. No tru5tee5 h3ve rec&ived any reimbursed expenses or any other benefits from the charity during the year. Page 20
Africa 95 Notes to the Financial Statements for the Year Ended 30 September 2025 9 Statt costs The aggregate payroll costs were as follows.. 2024 Staff costs during the year were.. Wages and salaries Pension c05t5 3,600 61 3,661 The monthly aver3ee number of persons (including senior management / leadership leaml employed by the charity during the year expressed a5 full time equivalents was as follows-. 2025 No 2024 12024- 11 of the above employee5 participated in the Defined Contribution Pension Schemes. No employee received emoluments ol more than £60,000 during the year 10 Taxation The chèrity 15 a registered charity and is therefore exempt from taxation 11 Related party transactions There were no related party tran5action5 in the year. Page 21
Africa 95 Notes to the Financial Statements for the Year Ended 30 September 2025 12 7angible fixed assets Furniture and equipment Total Cost At l October 2024 2.590 12,5901 2,590 12.5901 Disposa15 At 30 September 2025 DeprecSation At l October 2024 2,590 12.5901 2,590 12.5901 Eliminated on disp05als At 30 September 2025 Net book value At 30 September 2025 At 30 September 2024 13 Debtors 2025 2024 Other debtors 4,028 14 Credilors.. amounts falling due within one year 2025 2024 Trade creditors 838 795 Other t3x3tion )nd social security Accr(Jals 53 2,497 2,401 3,335 3,249 P3ge 22
Africa 95 Notes to the Financial Statements for the Year Ended 30 September 2025 15 Funds Current perlod Balance at 30 September 2025 Balance at I October 2024 Incoming resources Resources expended Tiansfers Unrestrlcted Generul General Funds 115.3011 IL3,850 164,1891 6,762 41,123 Restrlcted Workshop Fund Carnegie Corpor3tion 7.555 30,408 17,5551 792 31,200 37.963 16,7631 31,2DO Total funds 22,662 113.850 164,1891 72.323 Previous period Balante ai 30 September 2024 Balance at I October 2023 Incoming resource5 Re50urce5 expended Transfers Unrestricted Generol GÈneral Fund5 32,087 47,202 1105,8041 11,214 115,301) Reslricted Workshop Fund Opperiheimer Memorial Trusi 32,316 113,5471 111,2141 7,555 25,086 31,852 125,0861 13.3851 Carnegie Corporation 1.941 30,408 1,941 89,254 42,0181 111,214 37.963 Total funds 34.028 136,456 1147,8221 22,662 The specific purpose5 lor whith the funds are to be applied are as follows.. Oppenheimer Memorial Trust funds to support the Caine Prize, the annual workshops ènd related activities. Carnegie Corpor3tion lund5 lor the Caine Prize and workshops that 5UPPOrt African writer5. Page 23
Africa 95 Notes to the Financial Statements lor the Year Ended 30 September 2025 It Wa5 agreed thèt the unspent amount ol £19,0071$25,1101 from Hawthorden Foundation could bÈ relloacted and spent on core costs and online workshop. 16 Analysis of net assets between tund5 Current period Unrestricted funds General Total funds at 30 September 2025 Re5tritted funds Current a55ets 44.458 13,3351 31,200 75,658 13,3351 Total net asset5 41,123 31,200 72,323 Previous period Unrestricted lunds General Total funds ai 30 September 2024 Restricted fvnds Current assets 112,0521 13,2491 37,963 25,911 13.2491 Total nÈt assets 115,3011 37,963 22,662 Page 24