OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 Charity Registration No. 1061622 Company registration No. 03341342 (England and Wales) THE BRITISH INSTITUTE IN EASTERN AFRICA REPORT OF THE GOVERNING COUNCIL AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company" Limited by Guarantee not having a Share Capital) Contents Reference and Administrative Information Report of the Governing Council Independent Auditors Report Consolidated Statement of Financial Activities Consolidated Balance Sheet 10 Charitable Company Balance Sheet Consolidated Statement of Cash Flows 12 Notes lo ihe A¢counts 13-29

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITLITE IN EASTERN AFRICA (A Comparty l.imit¢d by Cuar#nt¢¢ rtot h#ving 4 Sh#r¢ C.#pital) REPORT OF THE GOVERNING COUNCIL FOR THE YEAR ENDED 31 MARCH 2021 Company R¢gist¢r¢d Number: 03341342 ChArity Registered Number 1061622 (Registered in England and Wales) Principal Address Registered Offiee 10 Carlton House Terrace London SWIY SAH B4nk¢r$ CAF Bank 25 Kings Hill Avenue Kings Hill West Malling KenL ME19 4JQ Auditot WMT Chartered Accountants erulam Point Station Way St Albans, Herts, ALI SHE Members of the Governing CouncillDire¢tors Profcssor Justin Willis (President) Daime Professor Henrietta Moore DBE. FBA, FACSS Professor Peter Mitchell FSA (Hon Secretsry) MT Robert Tench (Hon Treasurer) Dr Mpalive-Hangson Msiska Dr Iwaleso Omosalewa Salami DT Pedrani Rowhani RT Hon Mark Jonathon Mortlock Simmonds DT Micliael Jenning5 Professor Paul Lane Dr Gabrielle Lynch Dr Stephaiiie Wynne-Jones Dr Ceri Ashley Professor Victor MuTinde Dr Reginald Cline-cole DT Matthew Davies Sir Jeffrey James KBE, CMG DT Adam Branch Professor Emma Hunter Dr George Haandishe Karekwaivanane Professor Ainbreena Manji Dr Lynne Muthoni Wanyeki Appointed 3 Nov 2021 R¢signed 3 Nov 2021 Director Dr Jane Hutnphris Web5jte vw.biea.ac.uk

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITLITE IN EASTERN AFRICA (A Comparty l.imit¢d by Cuar#nt¢¢ rtot h#ving 4 Sh#r¢ C.#pital) REPORT OF THE GOVERNING COUNCIL FOR THE YEAR ENDED 31 MARCH 2021 The Members of Council, who are also directors of the company for the purposes of the Companies Act, present their Teport togetherwith the auditcd financial 5tateillent5 of the coillpaiiy for the year ended 31 March 2021. The finaiicial statements have been prepared in accordance ￿'ith the accountiiig policies as set out in the notes to the financial statenieiits, the C.ompaiiies Act 2006 and AccountingFand Reportiiig by ChaTltie5'. Stat¢mentof Recoinmended Practice applicable to charities preparing their accounts in accordance ￿'￿th the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (S￿ond Edition) aiid coinply with the governing docurntnt. This repon is a dir¢ciors' ￿pOrt as required by the Companies A¢t 2006. STRLICTURE, GOVERNANCE AND MANAGEMENT The Brit15h Ii)stitutt in EasteTn Africa is a conipany liinited by guarantee aiid not havingF a Share capitsl, ii)corpoTated in England and Wales under Registration No 03341342. The Institute is also a charity registered in England and Wales, Registration No 1061622. The Tnsiitute's resear¢h ¢entre and libratw is located irt Nairobi, managed and staffed the￿ by our subsidiary organi5ation BIEA Kenya which is constituted as a Kenyan Non-Govemineiital OTganisation {NGOI. The Institute is governed by its Memoranduin ai)d Articles of Asso¢iation, as last amended 01) 25 Noven)ber 2003. Mtmbern of Coutheil and their interest$ The members of the Governin8 Council are listed on page l. The membeTS of Council do not hai'e any intere5t5 i¥hich are required to be disclosed undeT the Companies Act 2006. No commercial material contracts subsisted during the period in which any member of Council had an interest. Under the terms of the Memorandum and Articles of Association, the Council shall consist of Honorary OITicers (the Presidei)t, the N'i¢e-Presid¢iiL the Honorary Treasurer and the Hoi)oiary Secretary), up to fifteen other persoi)s elected by the Institute's members and up to three other pcrsons co-opted by the Council. All hold the role of 'Director' under C.oiMpanies House ai)d Charity Cominission detinitions but are also referred to as Trustees and 'The Governing Council, in the Memorandum and Articles of Association. All the Honorarv OtTicer5 aiid elected members of c.ouncil shall retire from office at each annual general meeting following their appointment, but proi'ided they have indicated tlieir willingll¢s5 to act and th¢ Institute lia5 not filled th¢ vacancy. tliey are deemed to liave beell reappointed uii1¢5s a resolution for the reappointment is put to the Annual General Nfeeting and lost. Member5 of Council are selected as being knowledgeable in some field of study, or holding some expertise, relevant to the Institiite's work. On joining the Council, new members receive an infomation paLk whi¢h incliides the Institute's Memorandum and Articles of Association, and the Loiidon Secretary circulates relevant inforjnation produced by the Charities. Commission regarding the responsibilities of charity Trustees. The Council has final authority over all decisions in the Institute, the financial asrects of which are exercised through Ihe approval and monitoring of the annual budgei. On o¢casion, owing to the ¢y¢le ot. meetings, actiort outside the budget may need to be taken in advance of formal approval. Where circumstances require rapid action, the Officers may appr()ve su¢h action: thi4 musi be reported to Colln¢il ai the first ()pw)rtunity. The Director, in ¢ollaboraiion with either the freasurer or one of the Vice Presidents has authority to make purchases or enter into contracts outside the biidget to a value not exceeding two thousand pollnds and to einploy temporary and ancillary staff. Larger payments outside the budget and permanent employment of staff must receive prior approval from Council. The Council has introduced a formal risk nianagement proces5 to as5e5s bu5ines5 risk5 and implement risk management strategies. This involves identifyin8 the rypes of risk the Institute faces, prioritising them in tenns of poiert¢ial impact and likelihood of 0¢cU￿rt¢e, and identifyiiig means of rtlltigatiiig ihe risks. As part of this process the Council reviews the adequacy of the Institute's internal controls. The principal risks identified from thi5 process. iogeiher with iheir plannd mitigaiions are..

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITLITE IN EASTERN AFRICA (A Company l.imit¢d by Gu#T•llt¢¢ not h#ving a Sh#r¢ C.#pital) REPORT OF THE GOVERNING COUNCIL FOR THE YEAR ENDED 31 MARCH 2021 ExChu￿gÉ rtsié.17ts¢luL71iort.¥ h&M.ée￿ Ihg Ke￿).￿￿.￿h1ll1ng￿1tdI￿é POEIAd.gierli￿g. All expenditure is monitored on a Inoiithly basis. In the event of sigFnificant adverse exchaiigFe rate IMoN'ements. Kenyaii budgFets will be adjusted and variable costs cut so that they are accommcNlated within the net sterling funding available to us. Terrorism eveKls, crinie otherphjtrsiculsecurity thi'eats ￿.￿lI0b1. We have already put in place a high level of security measures including guard5, f¢nciiig and tar¥eted staff training. We keep the 51tuation under constant review and have c105e coinillunication5 Wlth both the Kenyaii authoritie5 and the British High C.omini5sion con¢erning ongoing politi¢al developments, and are ready to lake further emergen¢y measures as ￿QuI￿d. Covid-19 & Bré¥il. Covid resulted in home working just before the previous year-end and ¢ontinues to be a 5igFnificant factor going forward. There ha5 beeii a con5iderablt105s of revenue from third parties 5iiice this tinie. This is not expected to change until the resumption of international travel to more nom)al levels. It is not expected that B￿xit will Impact the Iiistitute, except if 1¢ constrains the government funding in the longer term. The C.oun¢il is pleased to rewrt thai the Trtsiitute's internal financial ¢ontrols in particular ¢onfomi With guidelines Issued by the Charity Commission. The Director ai)d Kenyan Director coinprise the key Inai)agement teain wl)o manage the Ii)stitute on behalf of the Trnstees. The Director is a mid-career academic formerly at University C.olle8e London directly employed by the Ii)stitute. The Kenyan Director Is a Kenyai) academic re¢ruited as a direct employee ot'the Tnstitute. Her ren)ui)eration level was set through our review of the market remuneration rates for comparable academic roles in Nairobi at the time of her recruitinent. 0￿ECTIVEs AND ACTIVITIES The TH￿titute PTomotes research in the humanities ai)d so¢ial s¢ien¢es across eastern Afri¢< to¥¢theT Wlth the dissemination of knowledge in these fields. The Council has identified four aims which are integral to this role.. (l) direct research and the facilitation of research,. (2) the building of the research Community. (l) the development and facilitation of research ¢ollaborations; and141 dissemination of the results of research and public engagemeiit. The Institute issued two calls foT proposals for thtmatic se¢d-rorn gratLt5 iii the following areas= Rettlling the Past: Knowing Environments,. Citizens and Science,. Technologies of Politics,. Urban Lives,. Epidemics, pandemics and epizovtics. Graiit proposals are ion5idered by a comiMittt¢ L01I515ting of two In¢mbers of the Ttsearch coiniiiittet, the Director, A5SiStant Director and one or more research fellows, on behalf of the Governing Council. Several other types of r¢s¢ar¢h grants were also awarded throughoiii the y¢ar, in¢luding ad ho¢ ￿Search supporr. ACHIEVEMENTS AND PERFORMANCE Working in collaboration with colleagues from eastern Africa and with scholars from around the world. the Institute supported and carried out innovative research across the wider region and disseminated the results of research into a wide range of iopics including laiid ownership, archaeology, law, politics and agricultural developnient. The Institute assisted visiting researchers by providin8 advice on research projects and by providing appropriate equipment. A gr()wing number of researchers used our library and were assisted by the Institute's graduaie atiachee8 during Iheir fjeldwork. In addition, research projects run by academics from the UK and elsei¥here were affiliated to and supported by the Instiiuie during the year. A busy programme of disseinination events took place at the Nairobi base this year, including public lectures, workshops and book launches. Our activities aiid outcomes are measured in a fijll set of key Pcrformance Indicators, which are agreed with our principal sponsors the British Academy and the UK Department for Bu5ine55. EntTgy and Industrial Strategy. These includt the numbers of research piDjects alld paper5. research events such as conference and seminars, numbers of scholars assisted, usage of our library and key measures of cost effectiwertess. Full details of the Institute's a¢tlVllies during the year are provided in our separaiely published Annual Review.

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITLITE IN EASTERN AFRICA (A Company l.imit¢d by Gu#T•llt¢¢ not h#ving a Sh#r¢ C.#pital) REPORT OF THE GOVERNING COUNCIL FOR THE YEAR ENDED 31 MARCH 2021 FINANCIAL REVIEIV The Institute's principal source of funds reniains the British Academy. via its BTltish International Research Insiitutes IBTR T) grani. We received the ¢ore grant totaling £421,447 plus a £23,000 ¢ontingen¢y grant and a further Strategic Developnieiit Grant of £93,690. Total gross incotnings resourc¢5 aniounted to £794,854 coinpared to £633,346 in the previou5 year. Thi5 included specific restricted 8rant monies (note-161 totalin8 £144,921 compared to £nil in the prior year. The Institute's other income, excluding the British Acadeiny and other restricted grant5, amounted to £8i,139 compared with £103.939 in the previous year. Resources expended durin8 the year totaled £689,303 compared with £626,818 in the previous year. The surplus for the year before investment gains was £105,551 and we made a gain on investments of £73,779, together resulting in a net increase in funds o1£179,730. Our Net Assets at the end olthe vear were £817,311, ali iiicrease of 280/0 over the previous year. These were represented by £12? 095 of Unrestricted General Funds, £686,197 of Unrestricted Designated Funds and £9,019 of Restricted Funds. The BIEA Council keeps under review the level of general reserves which the Instiiiite needs to continue to operate within its enviroiinient. At 31 March 2021 total reserves aniounted to £817.311 including £9.019 restricted funds. Total fiinds also include £686,197 which is a designated flind for the general use of the harity. The niajority of our resetVe5 are invested iii the broadly diversified Sarasin & Partners Alpha Common Investment Fund for Endowments, whose investment policies we share. PLANS FOR FUTURE PERIODS The BIEA has committed itseifto our longer-term ambition to ensure that we fully realize BIEA'S potential asthe oiily UK-funded centrt for Te5tarch iii huniaiiities and social science5 iii Africa to support research across the continent. Over the last ten years it has broadcncd its disciplinary reach across the social scicnccs and humanities, and it has done so through a deliberately taTgFeted Strategy in ttllns of it5 theniatic research gyTant5. Its attachnient schtme, and its fellowship schemes, as well as the research ei'ents, workshops and conferences that it facilitates and, equally importantly, its publications portfolio and strategy. The establishmeni of the Journal of Eastern African Studies {JEAS) is a particular 5ucces5, complementing the BIEA'5 flagFship east African monograph Series aiid the well-established journal A2ania.' Archaeological Research in Africa. JEAS continues to grow from strength to strength, demonstrating how the BIEA has convincingl), and credibly Spread its interdisciplinary reach across the social Sciences and humanities O￿tr the last decade. Over the next ten years, the BIEA'S priorities are to continue forging new productive liiik5, 1)eti¥orks and partner5hip5 acr05S the coiitineiit a5 a whole, beyond the wider ea5ttm Afiicaii region in w'hich it is already very well established. It is a very appropriate time to take on this challenge becau5ethe shape of international research partnerships, agendas and priorities 1rt.4frican Studies are ¢hanging, both with the growing Iiifluen¢e ofBRIC countries, and their growing interest in Africa, and as .4fricaii scholars increasinfTIy seek to forge new line5 of collaboration across the continent first, and with BRIC countries second, ahead of older country-specifjc linkages with European and North American partner5. The BIEA'5 location at one of the continent'5 key regional hubs. aiid with its widely recognised and respected history at the heart of scholarship on Africa, means it is uniquely placed to promote the continued development olUK Tesearch ii) and on Africa for luture decades. EVENTS SINCE THE YEAR END Other than the continuing impacts of Covid-19 (see Ri5k5 above). no event5 have occurred since the balance Sheet date which, in the opinion of the Goven)ing Council, need to be drawn to the attention of the members. PLIBLIC BLNETr-IT The1115titute h&5 Pdid due regard to the guidance produced by the Charity Con)missitsn in relation to the public benefit requirejnent.

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITLITE IN EASTERN AFRICA (A Company l.imit¢d by Gu#T•llt¢¢ not h#ving a Sh#r¢ C.#pital) REPORT OF THE GOVERNING COUNCIL FOR THE YEAR ENDED 31 MARCH 2021 STATEMENT OF GOVERNING COUNCIL'S RESPONSIBILITIES The c.ouncil meet5 on a regulaT basi5 to mallagFe the affaiTS of the charity.. The meinber5 of Council {￿'hO aTe also director5 of The BTltish Institute in Eastern Africa foT the purposes of company lawl are responsible for preparing the Annual Report and the financial ststements in accordance with applicable law aiid United Kingdom Arcoutlting Standard5 (United Kingdom Geiierally Accepted Accountiiig Practic¢). C.()mpanw law requires the member% af Colln¢il io prepare financial 8tatem¢nts for each financial year which give a true and fair view of the State of affair5 of the charitable compan). and of the iiicoiniiig5 re50urce5 and application of resollrees, including the irtcome and expenditure, of the charitable ¢ompany forthai period. In preparing these financial statenients, the trustees are required to.. Select suitable accounting policies and then applied thein consistently., Observe the methods and principles in the Charities SORP., Makejudgements and a¢counting estimates that are ￿8$Onable and prudent; State wl)ether applicable UK AccountiiigF Standard5 have been followed. subject to any mateTial departures disclosed and explained in the financial statcmcnts; and Prepared the financial statements on the going ¢oncem basis unless it is inappropriate to presume that the haritable compally will continue iii operation. The Inembers of c.ouncil are responsible for keeping adequate accounting record5 that disclose with reasonable accuracy at any time the financial position of thc charitablc company and cnable them to ensure that the financial statenients coniply with the Compaiiies Act ?006. Thev are a150 responsible for safeguaTding the assets of the charitable company and hence for tsking reasonable steps for the prevention and dctcciion of fraud and other The Inembers of Council ¢onfimi that, so far as they are aware, there is no relevant audit information of which the charity's auditors are unaware. They hai'e tsken all the 5teP5 that they ought to have taken as members of Council in order ¢0 make ihemselves aware of aiiy relevani audit Informaiion aiid to esiablish that the ¢hariry's audiiors are aware of that infonnation. Advai)tage has been taken of the exemptions available to small companies in the preparatitsn of this report. DTJ7gC8U137I81... Robert Tench Honorary Treasurer Justin Willis President Dated: 21 December 2021

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF

THE BRITISH INSTITUTE IN EASTERN AFRICA

(A Company Limited by Guarantee not having a Share Capital)

YEAR ENDED 31 MARCH 2021

Opinion

We have audited the financial statements of The British Institute in Eastern Africa (the parent ‘charitable company’) for the year ended 31 March 2021 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

6

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF

THE BRITISH INSTITUTE IN EASTERN AFRICA

(A Company Limited by Guarantee not having a Share Capital)

YEAR ENDED 31 MARCH 2021

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion :

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 5 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and noncompliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

7

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF

THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not having a Share Capital)

YEAR ENDED 31 MARCH 2021

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Opinion on other matter as required by British Academy grant letter

In our opinion, in all material aspects, the grant payments from the British Academy have been applied in accordance with, and for the purposes set out in, the Agreement.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Elizabeth Irvine (Senior Statutory Auditor) For and on behalf of WMT 22 December 2021 …………….

Chartered Accountants and Statutory Auditors

Verulam Point Station Way St Albans Hertfordshire AL1 5HE

8

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not having a Share Capital) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING AN INCOME AND EXPENDITURE ACCOUNT YEAR EP4DED 31 MARCH 2021 Total Funds 2021 Total Funds 2020 Notes Unrestricted Funds Designat¢d Funds Restricl¢d Funds Infome and endowments from. Donations and lega¢ies'. Grant5 Subscriptions Charitable activities.. Publications Guest house income Other trnding activities.. Rent Vehicle income Investment income.. It]tere5t on bank Investment inconie Other income: Miscellaneous 26,657 4,747 683,058 709.715 4,747 529,407 6,721 17,075 588 17.075 588 11,350 9,151 45,926 900 45,926 900 53,106 3,708 3b 184 184 12,619 12,619 12,312 3.100 99,177 3.100 794,854 7,414 63i,i46 TotAI 12,619 683,058 Expenditure on. Raising fuiids Charitable activities 15,829 63,078 78,907 7,759 600.051 607.810 23,588 665.715 689,J03 20,745 606,073 626,818 2.586 2.586 Total Realised gainslllosses) on investnients Uiireali5ed gain￿{1055esI on inve5tinent5 73,779 73,779 117,796) Iyet income l(expendi¢ure) 20,270 83,812 75,248 179.330 (11,268) Transfers between funds 69,877 (69,877} Total movement in funds 90.147 83,812 5.371 179.330 (11,268) Total funds brought forward 31,948 602,385 3,648 637,981 649,249 Total funds carried forward 122,095 686,197 9,019 817,311 637,981

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Compunv Limited by Guarantee not having a Share Capital) CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021 Notes 2021 2020 FIXED ASSETS Tangible fixed assets Investments 299,452 4i5,519 7J4,971 237,269 349,131 586,400 10 CURRENT ASSETS Debtors Cash at bank and in hand 122,266 374,294 496,560 38,033 391,112 429,145 Creditors: amounts falling due within one year NET CURRENT ASSETS 12 (303,042) 1281.409) 193,518 147,736 TOTAL ASSETS LESS CURRENT LIABILITIES 928,489 734,136 PROVISIONS FOR LIABILITIES 13 (96,155) NET ASSETS 817,311 637,981 FUNDS Unrestricted Geiieral fund Unrestricted Designated funds Restricted funds 122,095 686,197 9,019 31,948 602,385 3,648 16 TOTAL FUNDS 817.311 637,981 Under Companies Act 2006: s454, on a voluntary basis, the trustees can amend these financial statements if they subsequently prove to be defeciive. These accounts have been prepgred in accordance with the provisions applicable to small companies subject to the small compaiiies regitne and in accordaiice with FRSI 02 SORP. 21 December 2021 Approved by die Governing Council on and siglled on its behalf by DfaTgc8C313T491.. Robert Tench Hon Tre(15urer Justin Willis President Company registration no. 03341342 Charity re2lStration no. 1061622 10

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Compunv Limited by Guarantee not having a Share Capital) CHARITABLE COMPANY BALANCE SHEET AS AT 31 MARCH 2021 Notes 2021 2020 FIXED ASSETS Tangible fixed assets Investments 284.523 435.519 720,042 222,133 349,131 571,264 10 CURRENT ASSETS Debtors Cash at bank and in hand 81,533 317,241 398,774 4,739 284.985 289.724 Creditors: amounts falling due within one year NET CURRENT ASSETS 12 (245,328) (176,139) 153,446 113,585 TOTAL ASSETS LESS CURRENT LIABILITIES 873.488 684,849 PROVISIONS FOR LIABILITIES 13 (26,353) {46.208) NET ASSETS 847,135 638,641 FUNDS Unrestricted Geiieral fund Unrestricted Designated funds Restricted funds 151.919 686,197 9.019 32,608 602,385 3,648 16 TOTAL FUNDS 847,135 638.641 Under Companies Act 2006: s454, on a voluntary basis, the trustees can amend these financial statements if they subsequently prove to be defeciive. These accounts have been prepgred in accordance with the provisions applicable to small companies subject to the small compaiiies regitne and in accordaiice with FRSI 02 SORP. 21 December 2021 Approved by the Governing Council on and siglled on its behalf by DocU8￿￿•d by.. 0727￿3137481.. Robert TenLh Hon Tre(15urer Justin Willis President Company registration no. 03341342 Charity re2lStration no. 1061622

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Compunv Limited by Guarantee not having a Share Capital) CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2021 2021 2020 Cash flows from operating activiti Net lexpenditurell income for the year Adjustments for.. Depreciaiion on equipment Investnient income (Gainslllosses on investments (Increase)Ireduction iii debtors Increasel(reduction) in creditors Increase('(reduction) in provisions Net cash providedl (used) in operating activities 179,330 (11,268) 22,361 (12,619) (73.779) (84,233) 21,634 15,0?3 67,717 21,477 (12,312) 17,703 (3,740) 89,353 2,369 98,844 Cash flows from investing aetiwitie$ Purchase of investments Sale of investments Purchase of tangible fixed assets Investinent income (22,210) (5,797) (84,544) 12.619 (21,306) 12,312 Net cash providedl (used in) investing activities (94.1 J5) (14,791) Net increase l (decrease} in cash and cash equivalenis (26,418) 84,053 C&sh and cash equivalents at the beginning of the year 400,712 316,659 Cash and cash equiwalent5 at the end of the year 374.294 400,712 Cash and cash equivalent5 is made up of the followiiig.. Cash at bank and in hand Cash held as part of investments Total 374,294 391,112 9.600 374,294 400,71? At 1.4.20 Analysis of changes in net debt Cash flows Non cash Changes At 31.3.21 Cash ai bank and in hand 400,712 {26,418) 374,294 12

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Companv Limited b) Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR EP4DED 31 MARCH 2021 ACCOUNTIIYG POLICIES a) Basis of accounting The Institute meeis the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention as modified b) the revaluation of certgin fixed assets, in accordance with the Statement of Recommeiided Practice.. Accounting and Reponing by Charities preparing their accounts in accordaiice ￿1th the Finaiicial Rcporting Standard applicable in the United Kingdom aiid thc Rcpublic of Ircland (FRS 1021 (Second Edition) aiid thc Financial Kcporting Stgndgrd gpplicable in the Unitcd Kingdom and Rcpublic of Ireland IFRS 102} and the Conipanies Act 2006. Assets and liabilities are initially recogni5ed at historical cost or transaction value unless Othe￿Ise ststed in the relevaiit accountiiig policy notel5). AdvaiitagFe has been taken of the exemption in paragraph 1.12 of FRS102 not to prepare a parent coinpaiiy cash flow stateTneiit. The preparatioii of fiiiancial Statements iii conipliance with SORP 2015 requires the use of certain critical accoui)ting estimates. It also requiies management to exercise judgmei)t in applying the accounting policies (see note 2). The followii)g principal accout)ting policies have beei) applied.. b) Incoming resources All income is recognised once the Institute has entitleinent to the income, it is probable that it will be received and the atnount receivable can be n)easured reliably. All incoine is gross without deduction for Telated expenditure. Investment income is recognised when receivable based on i)otification from the investment managers. Giants for general support, research. stholarships or fixed assets are recognised on a receivable basis and are deferred only when the donor has in)posed pre-conditions on tl)e use of the grant. All legacies and donations are allocated between unrestricted. restricted and endowment funds, depending on condiiions imposed by the donors. e) Resourees expended Expenditure is recogFiiised on an accrua15 basi5 as liabilitie5 are iiicutTed. Expenditure include5 any VA T which cannot be fully recovered. and is reported as part ol'the expenditure to Mhich it related. Cost of generating funds comprise of the costs associated with attrdcting voluntary income. Charitable expenditure toinprised those costs incurred by the cl)arity in the deliwerv ol. its activities and services for its beneliciaries. It includes both costs that can be allocated directly to such activities and those costs ol. an indirect nature necessary. to support Ihem. Support costs have been allocated to activities on a basis consistent with the use of the resources. Grants payable io students are recognised at Ihe earlier of the date of payment or the date when an unconditional contractual obligation is entered into. Grants are derem)ined by the relevant commitiees in line with the grant making policy of the Institute. Governance Costs include those costs associated with meeting the constitutional and statutory requirements of the Institute and include the audit fees and costs linked to the strategic management of the Institute. 13

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Companv Limited b) Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR EP4DED 31 MARCH 2021 I ACCOUNTIIYG POLICIES (continued) d) Tangible fixed assets Tangible fixed assets. other than heritage assets, are stated at historical cost less accumulated depreciation and any accumulated impainnent losses. Historical cost includes expenditure that is directly attribiitable 10 bringing the asset to the location and condition necessary for it to be capable of operating in the maniier intended by management. Depreciation is charged so as to allo¢ate the cost of assets less their residual value over their estimated use￿1 lives. Depreciation is provided on Ihe following basis.. Leasehold land and buildings Motor vehicles CoTnputer equipinent, fIx￿re5 and fitting5 Over the period of the lease 33.33 0/0 25 010 The library is considered to be a heritage asset; held and maintained principally for its contribution to knowledge ai)d culture. and as such is not valued in the balance sl)eet as there is not ieliable historical ii)fonnation on its cost ai)d a conventional valuation would be overl>. onerous to eonduct and given the nature ai)d uniquei)ess of some of the items l)eld migl)t well prove to be arbitrarv. The cost of books purchased during the year are capitalised if their individual cost is above the capitalisation limit. All other book purchases are charged to the income statement. Furthei details are given in note 9. e) Fixed asset investments Investment5 are Ca￿led at maA(et value with any unrealised gains and losses being included in the Statetnent of Financial Activities and allocated betweeii funds. The cost of manageinent of the investments has been charged to the Statement of Financial Aetivities. D Debtors Shon term debtors are measured at transaction price, less any impairment losses. g) Cash and cash equivalents Cash and cash equivalents comprise cash at banL and in hand and demand deposits with banks. b) Short term creditor5 Short term creditor5 are measured at the transaction price. 14

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Companv Limited b) Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR EP4DED 31 MARCH 2021 I ACCOUNTIIYG POLICIES (continued) i) Provision for liabilities Provi%ion% are made ￿'here an event has taken place that gives the Illsti￿te a legal or constructive obligation that probgbly reqiiires settlement by a transfer of economi¢ benefit, and a reliable estimate can be mad¢ of the amount of the obligation. Provisions are Lharged a5 an expense to tlie SOFA in the vear that the institute beLornes aware of the obligiltioii, and are n]easured at the best estimate at die Balance Sheet date of the expenditure Tequired to settle the obligation: tak'ing into account relevgnt risks and uncertainties. When payments are eventually made. they are charged to the provision carried in the Balance Sheet. j) Pensions Staff on UK-ba5ed contracts are offered tnenibership of the Uiiiver5lties Superaiinuation Schetne (USS}. The assets of the scheme are held in a separate trustee-administered fund. Because ol. the mutual nature of the scheme. the assets are not attributed io individual institutions and a schen)e-wide coi)tribuiion rate is set. The institutioi) is therelore exposed to actuarial risks associated with other institutions. employees and is unable to ideniily its share ol. the underlying assets ai)d liabiliiies of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102"EmpIo￿ee beiiefiis" the institution therelore accounts lor the scheme as if it were a defined contribution scheme. As a result. the amouni charged to the profit and loss account represents the contributions payable to the scheme. Since the institution has entered into an agreement (the Recovery Plan) that deterniines how each emplover ￿'1th1n the scheme will fund the overall deficit, the instituiion recognises a liabiliiy for the contributions payable that arise from the agreement (to the extsnt that they relate to the deficit) with related expenses being recognised through the profit and ILISS account. k) Financial instruments The Institute only enters into basic financial instruments transactions thai result in the recognition of financial assets and liabilities such as debtors and creditors. Financial instruments are initially me&sured at transaction value. They are assessed at the end of each reporting period for objective evidence of impaimlent. If objective evidence of impaimieni is fL)und, an impaimlent loss is recognised in the SOFA. l) Foreign currency translatio The financial ststements are presented in Sterling, which is also the functional currency of the Institute. The Institute has income and expenditure in sterling and non-sierling currencies and consequently maintains bank accounts in various currencies to facilithie this. The Trustees. policy is to exchange sterling currei)cy onl5J when Ihe income is certain and the expenditure is foreseeable. Foreign currencv trai)sactions are translaied into the functional currei)cy using the exchange rate at the date of the tran&4ction. At each period end loreign currency moneiary items are translaied using the closing rate. 15

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Companv Limited b) Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR EP4DED 31 MARCH 2021 ACCOUNTIIYG POLICIES (continued) Foreign exchange gains and losses resulting from the seiilement of transaciions and from the translation at period- end exchange rates of moneiary asseis and liabilities denominated in foreign currencies are recognised in the SOFA. Foreign exchange gains and losses that relate to monetsry assets and liabilities are presented separately on the face of the SOFA within income or expeiiditure. m) Funds Unrestricted funds are funds which the tsusiees are free to use for any purpose in furtherance of the charities objectives. Unrestricted funds include designated funds which the trustees have. ai Iheir discretion, set aside for specific purw)ses. Resiricied funds are funds which are to be used in accordance with specific restrictions imposed by the donor. n) Going concern The trustees are not aware of material uncertainties regarding going concem. o) Basis of eons01idation The financial statements consolidate the results of the UK chariiable company and its subsidiary organisarion BIEA Kenya on a line by line basis. JUDGEMENTS Ir4 APPLYIIYG ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATIOiY UNCERTAINTY The preparation of th¢ finan¢ial stat¢m¢nts requires management to make jiidgments, estimates and assumptions that affect the amounts reported for assets aiid liabilities as at the balance sheet date and the aniounts reponed for reveiiues and expenses during the year. The nature of estimation means th¢ actual outcomes could differ from those estimates. The key Source of estiTnation uncertainty that could have an impact 01) the finaiicial ststemeiits relates to the decision to Iiot capitslise the heritagTe asset. Note Id) above gives the explaiiatioii for this while iiote 9 provides more infoTmatioii about the asset itself. FRS 102 niakes tl)e distinction betweeii a group plan and a Inulti-eniplo)'er scheme. A group plaii consist5 of a collection of entities under con)mon coi)trol typically with a spoi)soring en)ployer. A multi-employer scl)en)e is a scheme lor entities not under comn)on control and represei)ts (typically) an industrv-wide stheine sueh as Universities Superannuation Scheme. The accounting for a multi-en)ployer gtheine where the en)plo)ier has ei)tered into ai) agreen)ent with the scheme that determii)es l)ow the employer will I'und a deficit results in the recogt)itioi) of a liability for the contributions pa)iable that arise from the atsreement (to the extent that they relate to the deficit) and the resulting expense in prolit tsr loss in accordance with section 28 01. FRS 102. The trustees are satisfied that Universities Superannuaiion Scheme meets the definition of a multi-employer scheme and has Iherefore recognised the discounted fair value of Ihe contractual contributions under the reclivery plan in existence ai the date of approving the financial statements. 16

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Companv Limited b) Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR EP4DED 31 MARCH 2021 INCOMIIYG RESOURCES 2021 Unrestricted 2021 Unrestricted (Designated) 2021 Restricted 2021 Total 2020 Total ) Grants and donations British Academy grants Other grgnts aiid donations 538,137 144,921 683,058 538,137 171,578 709,715 467,467 61,940 529,407 26,657 26,657 b) Ini'estment Income Bank interest Income from investments 184 184 12,312 12,429 184 12,619 12.80i Incoming resources are substantiallv generated within the UK. 17

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Companv Limited b) Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR EP4DED 31 MARCH 2021 EXPENDITURE ALYALYSIS Unrestricted eneral Fund Unrestricted Designated Funds Restricted Funds 2021 Total 2020 Total Cost of raising funds: Publicaiion costs Website upgrade 15.829 3.159 4,600 7,759 18,988 4,600 23,588 18,309 2.436 20,745 15,829 Charitable #ctivities: Direct ¢ost$: Conference and workshop Fieldwork and research costs Studentship & fellliwship grants Salaries and allowances LibratTr expenses Aliph project expenses 29,678 52,639 9,657 29,678 55,619 9,657 32,719 54.253 17,422 2,980 11,593 259.296 270,889 305.395 3,090 139,550 139,550 Support eosts: Rent and uiilities Repairs and maintenai)te General expenses Transpon and travel Depreciation Se¢urit}' Provident funds Flireign exchange (gain) I loss Other costs 1,268 7,867 41.245 2,113 8.629 47,438 6,892 22,361 13,937 33,949 (438) li,917 9.469 49.141 9,714 21,477 15,208 11,342 (4,2571 20.8(M) 762 6.193 6,892 6,358 5,575 22,067 (4381 2,586 13,417 8,362 11,882 Governance costs: Staff costs Audit and accouniancy fees Trustee expenses Legal fees 225 226 24,924 451 24,924 6,005 3.260 5,895 26 40 66 63,078 2,586 600,051 665.715 606,073 Included within fieldworklresearch costs are grants awarded to 30 12020 . 32) individuals for specific periods. Tlie amounts shown within studentships and fello￿shIpS related to grants awarded to 14 (202Q.. 7) individuals during the year. 18

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Companv Limited b) Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR EP4DED 31 MARCH 2021 STAFF COSTS 2021 2020 Salaries and allowances 272.485 292,661 Naiional insurance 4,322 6.104 Pension contribution (5,466) 12.634 Provident lund for local Kenya staff 33,949 11.342 305,289 322,741 Number of staff - GrLIUP Number of staff - UK No employees ¢arn¢d a salary over £60,000 per annum in this or th¢ prior year. Th¢ Director and Kenyan Director manage the institution on behalf of the council gnd represent key management. The total remuiieration includiiig all salaries, pension contribution5. allowances and other costs was £78,157 12Q20.. £89,792). GOVERNING COUNCIL AND RELATED PARTY TRANSACTIONS The member5 of the Governing Council received no remuneration in respect of their duties. One (2020.. 11) were reimbursed expenses totallin¥ £168 during the year (2020.. £3,260) in relation to tiavel and aLcominodation. No donations from members of Govetniiig Council (?020.. No￿e). Oiie reseaich giant for £ 1,000 (2020 ..£nil) w'as given tts a niember of tl)e council. The Institute's research centre and library is located in Nairobi, n)anaged and staffed there by our subsidiary organisation BIEA Kenya which is constituted as a Kenj'an Non-Governmental Organisation (NGO). During the year the UK transferred 40million Kenyan Shillings (2020.. 43million Kctryan Shillinxts} 10 BIEA Kenya io fund operaiions. There were no other related party transaction in the period (2020.. Nong). AUDITORS AND ACCOUNTAIYTS, REMUNERATION The auditors charged £24,924 1?020.. £24, 751} in respect of the audit of which £5,119 12020.. £'10,893) related to the audit of the branch in Nairobi. Accounting charges paid to the UK auditors amounied 10 £6.000 12U20. £6,OUO) during the year. In addition. they w'ere paid £492 (2UIg." £480) in relation to payroll services. GROUP FINANCIAL STATEMENTS Th¢ financial statements consolidate the results of the Instityte and its subsidiary BIEA Kenya. A separate Ststem¢nt of Fiiiancial Activities and Statement of Cash Flows is not presented for the UK charitable company because the charity has taken advantage of the exemption in S408 of the Companies Act 2006. The chgritable company's net inovem¢nt in funds for the year amounted to a surplus of £208,494 (2020 deficit of £10,608). 19

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not hal'ing a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 TANGIBLE FIXED ASSETS Computer Equipnient, Fixtures Fittings & Equipni¢nt L&a$ehold Land and Buildings Motor Vehicles Total Group Cost Balance brought forward AdditiOl15 335,494 69,933 405.427 137,793 14,611 152.404 114,359 587,646 84,544 672,190 Ai 31 March 2021 114,359 Depreciation Balance brought forward Charge for year At 31 March ?021 115.041 10.923 125,964 120.977 11.4)8 132,415 114,359 350,377 22,361 37? 587 114,359 et book value At 31 March 2021 279.46? 19,989 299,452 At 31 March 2020 220,453 16,816 237,269 Company Cost Balance brought forward Trai)sfers Additions At 31 March 2021 335,494 10,992 346,486 69.933 405,427 5.356 16,348 75,289 421,775 Depreeiation Balance brought forward rra115fer5 Charge for year Ai 31 March 2021 115,041 9,312 124,353 10,923 125,964 1,977 11.288 12,900 137,252 Net book value At 31 March 2021 279,463 5,060 284,523 At 31 March 2020 220,4)3 1,680 222,133 Durii)(T the year ended 31 March 2000 the Haycock Memorial Fund admii)istered by the Institute acquired a 46-year leasehold ii)terest {expirii)g on 31 Jul> 2046} ii) the property occupied by the Institute. 20

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not hal'ing a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 TANGIBLE FIXED ASSETS (Continued) During March 2010 the properN in Nairobi was valued by Knight Frank using the Investment method of valuation. The market value at the date of valuation was £75 million Kenyan Shillings which ￿a$ approximately £640,000. This valuation is nL)t incorporaied into these accounts. Th¢ Institute holds a library of books in Nairobi which are considered to b¢ a heritage asset. No professional valuation of the library has been made and Governing Council consider it is not cost effective to obtaiii such a valuation. As a result, no value for the library has been iiicluded in these accounts. The costs borne by the Institute in forniing the library of books in Nairobi are written off annually as they arise unless ther¢ are material acquisitions. Tlie Institute maintain5 at its Nairobi base a research aiid reference library, unparalleled in the region, with holdings of books, jOUTnals, off-priiits, theses, and 'gFrey" literature covering African land especially eastern African) history, archaeology. ethiiog5raphy and related subjects. The Library CU￿entlY Iiolds approximately 5,000 books, alongF with complete or near-complete runs of soine 80 specialist jOUTnals totalling over 3.860 iiidividual voluTnes. Additional n)aterial includes some 6,500 off-prints, c. 75 uiipiiblished dis5ertationsltheses and an extensive collection of Tnap5 of the region. The librdry is open to all n)embers wishii)g to use it. All asgets are used in the direct charitable activities of the company. io INVESTMENTS 2021 2021 2020 Group and Company C05t 306,286 22,210 Valuatio 339,530 22,210 Valuation 351,436 5,797 Balance brought forward Additions Disposals Realised gainslllosses) Unrealised gainsl{Iosses) 73,779 {17,703) Balance at 31 March 2021 listed investments 328,286 435,519 339,530 Consisting of: LIs￿d investments 435,519 339,530 Invesiment c&sh 9,600 i49.130 4J5,519 2021 2020 Details of material investments held at the end of the financial year are as follows.. Sarasin Class A Income 435.519 339.530 The investments belong to the designated Haycock Memorial Fund. All investments fall within the narrow range investments as defined by the Trnstees Investment A¢t 1961 and are held in accordance with the pom'er5 of the Trustees of the conipany.

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not hal'ing a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 DEBTORS Group 2021 Company 2021 Group 2020 Cornpanv 202 Prepayments & sundry debtors 122,266 81,533 i8,033 4,739 12 CREDITORS Group 2021 Compk)ny 2021 Group 2020 Comparty 2020 Other credirlirs and accruals 303,042 ?45,328 281,409 176,139 13 PROVISION FOR LIABILITIES Group 2021 Company 2021 Group 2020 Company 2020 Provident Fund Balance brought fO￿ard Transfers Movement for the y'ear Balaiice at 31 Marcl) 2021 49,947 52,431 52,431 {52,431) 84,825 49,947 Provision for USS Deficit Balance broiight fon¥ard Movement for tlie year Balance at 31 March 2021 46,208 19,S55 26,353 46,208 19,855 26,35) 46,093 46,093 46,208 46,208 Total provisions caffied forward 26,353 96,155 46,208 14 PENSIOIY COMMITMENTS Provident Fund The provident fund has been set lip to provide g ￿nd for Kenyan local employees to be paid on their retirement a sum based on their reniuneration and Icngth of service. An amount is charged / (cr¢ditedl to the SOFA annuall), to ensure the fund is sufficient for the emplo}'ccs employed ai the year-end. 22

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not hal'ing a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 14 PENSIOIY COMMITMENTS (continued) Universities Superannuation Scheme The tlltal cost charged to the profit and loss accouni is shown in note 13. Deficit recovery contributions due within one year for the institution are £2:580 (202Q.. £3.098). The latest available completed ac￿arial valuation of the Retirement Income Builder is at 31 March 2018 (the valuation date), which was carried out using the projected iinit method. A valuation as at 31 March 2020 is undenvay but not vet complete. Since the ii)5titution cai)not identify it5 Share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilitie5 as a whole. The 2018 valuation was the fifth valuation for the schenie under the schenie-specific funding rebFiine introduced by the Pensions Act 2004. which requires scl)en)es to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date. the value of the assets ol. the scheme w'as £63.7 billion and the value of the scheme's technical provisions was £67.3 billion indicating a shortlall of £3.6 billion ai)d a funding ratio of 95 1.. The key financial assumptions used in the 2018 valuation are described below. More detail is set out in the Statement of Funding Principles. Pension increases (CPI) Temi dependent rates in line with the difference between the Fixed Interest and Index Linked yield curves. less 1.3010 p.a. Discount rate (forward rates) Years l-l O.. CPI + 0.14 /0 reducing linearly to CPI- 0.73 % Years 11-20.. cpl + 2.520/0 reducing linearly 10 CPI + 1.550/0 by year 21 Years 21 +.. CPI + 1.55 /0 The main demographic assumption used relates to the mortality, assumptions. These assumptions are based on analysis of the scheme's experience carried oui as parr of the 2018 actuarial valuation. The mortality assumptions used in these figures are as follows.. 2018 valuation Mortalit), base tsble Pre-retirement.. 710/0 of AMCOO (duration O) for males and 1120/0 of AFCOO (duration O) for females Post-retirement.. 97.6Q/o of SAPS SINMA"light" for rnales and 102.7010 of RFVOO for females Future improvements to mortality CMI 2017 with a smoothin¥ paraineter of 8.5 and a long tetyn iinprovement rate of 1.8Q/o pa for males and 1.6Q/o pa for females. 23

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not hal'ing a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 14 PENSIOIY COMMITMENTS (continued) The current life expectancies on retirement at age 65 are.. 2021 2020 Males currently aged 65 (years) Females currently aged 651}'ears) Males currently aged 45 (years) Feinales currently aged 45 (years) 24.6 26.1 26.6 27.9 24.4 25.9 26.3 27.7 A new delicit recovery plan ivas put in place as part of the 2018 valuation. which requires payinent of 2 10 of salaries over the period l October 2019 to 30 Sepien)ber 2021 at which point the rate will increase to 6/. Tl)e ?021 deficit reLowery liability retlectg this plan. The liability figures have been produced using the following assumptions.. 2021 2020 Distount rate Pensionable salary growth 1.75°/0 3.00°/0 1.75/0 3.00/0 24

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not hal'ing a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 15 UNRESTRICTED DESIGIYATED FUNDS Haycock Memorial Fund The Haycock Memorial Fund is to be used for the general purposes of the Institute. The wishes of the Haycocks were Ihat it should be used in the advancemeni of studies (including in particular linguistic studies} of the Ancient Meroitic Stale of Nubia as far as possible, glthough no specific trust was created this respect. Haycock Memorial Fund 2021 Total 2020 Total Incoming re50urce5 Imvesiment income 12,619 12,619 12,312 Resourees expended Depreciation 2,586 2,586 2,586 Net incomingl (outgoing) resources before transfers 10,003 10,003 9,726 Net Incolnin￿ {outgoing) resources after transfers Gaind losses on investments 10,003 10,003 9,726 73,779 73.779 117.7961 Net movement in year 83,812 83,812 {8,0701 Balance brought forward 602,385 602,385 610,455 Fund balance as at 31 March 2021 686,197 686,197 602,385 Represented by.. - Tangible fixed assets Fixed asset investments Current Assets 63,501 435,519 187,177 686.197 63,501 435,519 187,177 686.197 66,087 349,130 187.168 602,J85 25

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not hal'ing a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 16 RESTRICTED FUP4DS Nairobi Report Grant Aur¢lius Trust Grant Aliph Project Grant Academy Grants Tot81 Balance at l April 2019 648 3,000 3,648 Incoming resources Grants and donations 467,467 467,467 Resource5 expended {458,030} 1458,030) Transfers be￿.c£￿ funds 19,437} (9,437) Balance at l April 2020 648 3.000 3.648 Incoming resources Granis and donations Resliurces expended 538,137 144.921 683,058 {468.260} (139,550) 1607.810) Transfers between funds (69,877) (69.877) Balance at 31 Mareh 2021 fv18 ?,000 5.371 9,019 The value of these funds is held within current assets. The Institute has received spe¢ifi¢ ￿ndIng in relation to the following proj¢rts'. British Academy Grants- this includes three elem¢nts'. BIRI this is to suppon the core objectives of advancing research excellcnce in Eastern Afric strengthening policy making, enga£ing with the public, pronioting internationalism and continiied devclopmeiit of enabling mechanisms. b. Busii)ess Development- thi5 IS to support tnaximi5ation of commercial operations, research funding and to assist lonu_tertn efficiencie5. Contingency- this is an additional grant linked to BIRI and follows the saTne spend goals. 2. Nairobi Report Graiit- fundingF totalliiig £25,000 was received in 2011 which wa5 in part Used to fund a conference held in Nairobi. The balance of the fund is being used to iinprove the BIEA webslte. Aurelius Trust Grant- awarded to Professor John Harrington and others to allow them to archive the papers of the constitution of Kenya Review Con)mission. 4. Aliph Project Grai)t - funding awarded for the implemei)tation ol. pieventative and en)ergency protection programs for culiural property in danger of destruction. damage or looting on account of arnied conflicL and to contribute to the rehabilitaiion of such property. 26

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not hal'ing a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 17 TRANSFERS BETWEEN FUNDS During the year £nil was Iransferred to the General Fund from the HaycLKk Memorial Fund (201Y.. £nil). During the year £69.877 (2020.. £9,437) was transferred to the General Fund from the British Academy Grants for aniounts spent on fixed assets. 18 CONTROLLING PARTY Th¢re is no Controlling party in this or the prior yegr. 19 FINANCIAL INSTRUMENTS 2021 2020 Financial agset5 At fair valuc through profit or loss 435,519 339.530 Financial liabilitie5 At amortised cosi 7,071 10.435 Finaiicial assets at fair value through prolit or loss comprise listed investments. Financial liabilities measured at amortised cost comprise Lither creditors. 20 LEASE COMMITMENTS The Institute leases premises in Kenya under an operating lease- the future lease payments due are as follows.. 2021 Shs 2020 Shs Falling due within one year Falling due between one and five years 70,000 2,030.700 70,000 2,030,700 27

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not hal'ing a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 21 COMPARATIVE SOFA & NOTES Total Funds 2020 Unrestricted Funds Designated Funds Restricted Funds Incorne aThd endowmeNt5 from. Donations and legacies". Grants Subscriptions Charitsble activities.. Publications Guest house incts￿¢ Other trading activitie5'. Rent Vehicle income Jnvestment income.. Interest on bank Investsnent income Other income.. Miscellaneous 61.940 6,721 467.467 529,407 6,721 11,350 9,151 11,350 9,151 53,106 3,768 53.106 3,768 3b 12,312 12.312 7,414 153,567 7,414 633,i46 Total 12.312 467,467 Expenditure on. Raising funds Charitable activities 14,160 152.042 166,202 6.)85 451,445 458.030 20.745 606,073 626.818 2.586 Total Realised gains l {Ios5es) on investment5 Unreali5ed gains l (losses) on investment5 (17,796) (17.796) Net income l(expenditure) (12,635) (8,070) 9.437 111,268) Transfers between lunds 9,437 (9,437) Total movement in funds (3,198) (8.070) 111.268) Total funds brougl)t forward 35,146 610,455 3.648 649,249 Total fund5 carried forward 31.948 602.J85 3,648 637,981 28

DoGuSvJn Envelope ID". 8DC25F55-02924D49-9EFB.72A6513790F2 THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2021 21 COMPARATIVE SOFA & NOTES (continued) Vnr¢stricted General Fund Unrestricted Designated Funds Restricted Funds 2020 Total Cost ofraising funds: Publication cosis Website upgrade 14.160 4,149 2,436 6,585 18,309 2,436 20,745 14,160 Charitable activities: Direct costs: ConferenLe and workshop FieldM."ork and research costs 32,719 54,253 17,422 211,368 3,090 32,719 54,253 17,422 305.395 3,090 Stud¢ntship & fellom'ship grants Salaries and allowances Library expenses 94.027 Support costs: Rent and iitilities Repair5 and n)aintenance Geiieral expeiises Transport and travel DepTeciation Security Provideni funds (Piofitllloss on exchange Other costs 5,567 2,427 9,155 5,714 6,005 6,083 7,372 (4,257) 8,350 7,042 39,986 4,000 12,886 9,125 3,970 13,917 9,469 49,141 9,714 21,477 15,208 11.342 (4,257) 20,800 2,586 20,800 Governanee costs: Staff costs Audit and 3c¢ountancy fees Trustee expeiises Interest 3.303 12,489 1,799 2,358 152,042 2.702 18,734 1,461 3,537 451,445 6,005 31,223 3,260 5,895 606,073 2,586 29