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|CONTENTS|||
|---|---|---|
|||PAGE|
|Reference and Administrative|Information||
|Repoit ofthe Governing
Council||2-5|
|Independent
Auditors
Report||6-9|
|Consolidated
Statement ofFinancial Activities||10|
|Consolidated
Balance Sheet|||
|Charitable
Compnay Balance|sheet|12|
|Consolidated
Statement ofCash Flows||13|
|Notes to the Accounts||14-30|
||||||||THLr BRITISIIINSTITUTE|THLr BRITISIIINSTITUTE|THLr BRITISIIINSTITUTE|THLr BRITISIIINSTITUTE|THLr BRITISIIINSTITUTE||IN EASTERN AFRICA|IN EASTERN AFRICA|IN EASTERN AFRICA|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||(A|Conipany||Llnibed by Gunrautee||||not having||a Sharc Cnpltsl)|||
||||||||REPORT OFTllg GOVERNING|||||||COUNCIL||||
|||||||||FOR THE YEAR ENDED 31EIARCH|||||||2023|||
|Company|Registcrcd Number:||||||03341342|||||||||||
|ChArity Rcgistcrcd||Nuiubcic|||||1061622|(Registered|||m England|and Wales)||||||
|Pitncipal|address and Registered||Omce:||||10Carlton||klouse Tenace London||||SWIY|3AH||||
|Danke is|||||||CAF Bank|||||||||||
||||||||23 Kmgs|Hill||Avenue|Kmgs Hill|||||||
||||||||West Mnllrng|||Kent,||||||||
||||||||ME194JQ|||||||||||
|Audi toiu|||||||KLSA LLP||PKF|||||||||
||||||||11 Coklbath|||Square||||||||
||||||||London|||||||||||
||||||||EC1R SHL|||||||||||
|Members|ofthc Govcoiing Council/Directors|||||||||||||||||
|Professor Juslin Willis (President)||||||||||||||||||
|Mr Robert|Terich (Hon Treasurer)|||||||||||||||Resigned|on 23 Mar 2023|
|RT Hon Mark Jonathon Morllock Sinmionds|||||(Vice President||||for External Relations||||and Development)|||||
|Professor Gabrielle Lynch (Vice President||||for||Research)||||||||||||
|Dr Ceri Ashley||||||||||||||||||
|Professor Victor Murinde||||||||||||||||Resigned|on 24 May 2023|
|SirJetfrey|James KBE,CMG|||||||||||||||||
|Professor Enuna Hunter (Hon Secretary)||||||||||||||||Appointed|on 9Nov 2022|
|Professor Ambreena||Manji||||||||||||||||
|Mr Vinod|Mandavia|(Hon Treasurer|and Company||||Sccrclary)|||||||||Appointed|on 3Mar 2023|
|Dr Sharath|Srinivasan|||||||||||||||Appomted|on 14Dec 2022|
|Professor Wale Adebannn||||||||||||||||Appointed|on 14Dec 2022|
|Dr Sade Mue||||||||||||||||Appointed|on 14Dec 2022|
|Dr Cedric Dames||||||||||||||||Appomted|on 22 Nov 2023|
|Director||||||Dr Jane Humphns||||||||||||
|Webnlte||||||www. titnn.||no.||uk||||||||
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|Vinod Mandavia|Justin Willis|
|---|---|
|Honorary
Treasurer|President|
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||||||||Total|Total|
|---|---|---|---|---|---|---|---|---|
|||||Unrestricted|Designated|Resh1cted|Funds|Funds|
||||Notes|Funds|Funds|Funds|2023|2022|
|Incoiue and cndowmeut||funds from:|||||||
|Donations
and legacies:|||||||||
||Grants||3a|48,706||639,307|688,013|1,107,408|
||Subscriptions|||9,303|||9,303|6,267|
|Charitable
activities:|||||||||
||Publications|||29,228|||29,228|12,610|
||Guest house income||||||||
||Seniinar room hire|||4,653|||4,653|1,268|
|Other|trading activities.||||||||
||Rent|||65,063|||65,063|56,798|
||Vehicle income|||10,181|||10,181|5,293|
|Investment
inconie:|||3b||||||
||Interest on bank|||199|||199||
||Investment
income||||12,052||12,052|12,001|
|Other|income;||||||||
||Miscellaneous|||10,467|||10,467|2,637|
||Gain on disposal|||29489|||29,489||
|Total||||207,290|12,052|639,307|858,649|1 204,282|
|Expenditure
on:|||||||||
|Raisuig finds|||4|4,586||19,371|23,957|15,778|
||Charitable
activities||4|247,949|2,585|578,468|829,002|1,206,879|
||Charitable
activities|exceptional|4|||||94,736|
|Total||||252,535|2 585|597 840|8529611|I 317,393|
|Unrealised
gains on investments|||10||(27,335)||(27,335)|9,401|
|Net income/(expenditure)||||(45,245)|(17,868)|41,468|(21,645)|(103,710)|
|Tmnsfer between
funds||||25,837||(25,837)|||
|Total|movement
in funds|||~19.408|~17 868|55,631|~21,645|~103710|
|Total|funds brought
forwmd|||(1,135)|702,013|12,723|713,601|817,311|
|Total|funds carried forward|||~20,543|684,145|28,354|691,956|713601|
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|||||Notes||2023||2022|
|---|---|---|---|---|---|---|---|---|
||||||f|||f|
|FIXEDASSETS|||||||||
|Tangible fixed assets||||9||331,990||318,665|
|Investments||||10||441,638||456,921|
|||||||773,628||775,586|
|CURRENT ASSETS|||||||||
|Debtors||||11|63,443||213,066||
|Cash at bank in hand|||||212,659||261,187||
||||||276,101||474,253||
|Creditors: amounts|falling due within||one year|12|~236637||~373,976||
|NKT CURRENT ASSETS||||||39,485||98,283|
|TOTAL ASSETSLESSCURRENT|||LIABILITIES|||813 113||873,869|
|PROVISIONS FOR|LIABILITIES|||13||121,156||160,268|
|NET ASSETS||||||691,956||713,601|
|FUNDS|||||||||
|Unrestricted
General|Fund|||||(20,543)||(1,135)|
|Unrestricted
Designated||Fund||15||684,145||702,013|
|Restricted
funds||||16||28,354||12,723|
|||||||691,956||713,601|
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|||||Notes||2023||2022|
|---|---|---|---|---|---|---|---|---|
|FIXEDASSETS|||||||||
|Tangible fixed assets||||9||309,263||298,149|
|Investments||||10||441,636||456,921|
|||||||750,899||755,070|
|CURRENT ASSETS|||||||||
|Debtors||||11|16,383||154,354||
|Cash at bank
in hand|||||5,481||251,593||
|Creditors:
amouuts|falling due within||one year|12|21,864
~46.122||405,947
~295 923||
|NET CURRENT ASSETS||||||~24,258||110,924|
|TOTAL ASSETS LESSCURRENT|||LIABILITIES|||726,641||865,994|
|PROVISIONS FOR|LIABILITIES|||13||64,038||66,234|
|NET ASSETS||||||662,603||799,760|
|FUNDS|||||||||
|Unrestricted
General|Fund|||||(49,895)||85,024|
|Unrestricted
Designated||Fund||15||684,144||702,013|
|Restricted
funds||||16||~28 354||12,723|
|||||||662,603||799 7613|
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|||||||2023|2022|
|---|---|---|---|---|---|---|---|
||||||||f.|
|Cash flows from operating
activities||||||||
|Net (expenditure)/
income|for the|year||||(21,645)|(103,710)|
|Adjustments
for:||||||||
|Depreciation
on equipment||||||26,576|25,610|
|Investment
income||||||(12,251)|(12,001)|
|(Gains)/losses
on investments||||||27,335|(9,401)|
|(Increase)/reduction
in debtors
Increase/(reduction)
ut creditors
Increase/(reduction)
in provsions
Net cash from/(used
in) operating||activities||||149,623
(139353)
~39,112
~8,828|(90,800)
72,928
49,090
~68,284|
|Cash flows from investing|activities|||||||
|Purchase ofinvestments|||||||(11,999)|
|Purchase oftangible fixed|assets|||||(40,884)|(44,823)|
|Investment
income
Net cash provided/(used|in) investing||activities|||12,251
~28,633|12,001
~44, 823|
|Net htcrease/(decrease)
in|cash and cash||equivalents|||(37,461)|(113,105)|
|Cash and cash equivalents|at the beginning|||ofthe year||261,189|374,294|
|Cash and cash equivalents|at end|ofthe|year|||223,728|261189|
|Cash and cash equivalents|is made up ofthe|||following:||||
|Cash at bank and in hand||||||212,659|261,187|
|Cash held as part ofinvestments||||||2|2|
|Total||||||212,661|261,189|
||||||At 01.04.22|Non Cash changes|At3(.03.23|
|Analysis ofchange
in net|debt|||||||
|Cash at bank and in hand|||26U89||~37.4633|(11,067)|212,661|
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||||Unrmtricted|Unrestricted|Rcstrlctcd|2023|2022|
|---|---|---|---|---|---|---|---|
||||General|Dcslgoated|Funds|Total|Total|
||||Fund|Fund||||
|Cost ofraising funds:||||||||
|Publicauon
costs|||4,586||17,400|21,986|12,921|
|Website upgrade|||||I 971
19,371|I 971
23,957|2,857
~15778|
|Charitabl
activities:||||||||
|DII'act Sosts:||||||||
|Conference
aud workshop|||||9,361|9,361|5,383|
|Fieldwork
and research|costs||||8t,791|81,791|94,320|
|Studentslup
Bcfellowship||grants|||17,876|17,876|11,536|
|Salaries and alloivances|||86,944||304,082|391,026|375,426|
|Alipli project expenses|||||||371,709|
|Green Heritage project expenses
Exceptional
iten&|||||||143,053
94,736|
|Supl)ol'I costs:||||||||
|Rent and utilities|||||11,615|11,615|5,722|
|Repaus and niaintenancc|||422||5,609|6,031|19,510|
|General expeiises|||127,881||38,848|166,729|81,113|
|Transport
aud travel|||8,711|||8,711|5,759|
|Depreciaiion|||23,991|2,585||26,576|25,630|
|Security|||||15,325|15,325|13,627|
|Provident
funds|||||21,443|21,443|15,474|
|Foreign cxchauge
(gain)/loss|||||9,689|9,689|320|
|Governance
costs:||||||||
|Staffcosts||||||||
|Audit and accountancy|fees||||27,052|27,052|30,624|
|Legal fees|||247 949|2585|35779
578468|35 779
829002|7675
~1301615|
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|||2023|2022|
|---|---|---|---|
|||E||
|Salaries|and allowances|377,204|316,252|
|National|insurance|1,3 1 1|5,608|
|Pension|contribution|12,511|53,565|
|Provident|fund for local Kenyan staff|21,443|15,474|
|||432,469|399 999|
|Number|ofstaff - Group|20|17|
|Nuinber|ofstaff- UK|2|2|
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|TANGIBLE|F|IXEDASSETS|||||||
|---|---|---|---|---|---|---|---|---|
||||Leasehold|Coinputer|Equipment,||||
||||Land and|Furniture||fittings|Motor||
||||Buildings|and equipment|||vehicles|Total|
|Group|||||||||
|Cost|||||||||
|Balance brought||forward|433,686|||160,524|114,359|708,569|
|Disposal||||||(1,960)|(114,359)|(116,319)|
|Additions|||25,837|||15,047||~0 884|
|Atend ofyear|||459,523|||173611||633,134|
|Accumulated|depreciation||||||||
|Balance brought||fonvard|138,621|||136,924|114,359|389,904|
|Disposal||||||(977)|(114,359)|(115,336)|
|Charge for the|year||13,953|||12623||26,576|
|At end ofperiod|||152 574|||148,570||301,144|
|Net book value||st end ofyear 2023|306,950|||25 041||331,990|
|Net book value||at end ofyear 2022|295,065|||23,600||318665|
|Company|||||||||
|Cost|||||||||
|Balance brought||fonvard|433,686|||7,903||441,588|
|Disposal|||||||||
|Additions|||25,837|||||25 1137|
|At end ofyear|||459,523|||7,903||467,425|
|Accumulated|depreciation||||||||
|Balance brought||forward|138,620|||4,819||143,438|
|Disposal|||||||||
|Charge for the|year||13,953|||771||14,724|
|At end ofperiod|||152,573|||5,590||158,162|
|Net book value||at end ofyear 2023|3116951|||2,313||309,263|
|Net book value||st eud ofyear 2022|295,066|||3 084||298 150|
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|||||2023|2023|2022|
|---|---|---|---|---|---|---|
|Group and company|||||g||
|||||Cost|Valuation|Valuation|
|Balance brought|forward|||340,285|456,921|435,521|
|Additions||||||11,999|
|Dividend
income||received|||12,050||
|Unreal ised gains/(losses)|||||27,335|9,401|
|Balance at 31 March 2023 - listed investments||||340,285|441,636|456,921|
|Consisting
of:|||||||
|Listed investments|||||441,636|456,919|
|Investment
cash|||||2|2|
||||||441,638|456,921|
||||||2023|2022|
|Details ofmaterial||investments|held at the end of|the financial year are as follows:|||
|Samsin Class||A Income|||441,636|456,919|
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|11|DEBTORS|||||||
|---|---|---|---|---|---|---|---|
|||||Group|Company|Group|Company|
|||||2023|2023|2022|2022|
||Group|||f|f.|||
||Prepayments k|sundry|debtors|63,443|16,383|213,066|154,354|
|12|CREDITORS|||||||
|||||Group|Company|Group|Company|
||Group|||2023f|2023f|2022|2022f|
||Other creditors and accmals|||236,617|46,122|375,970|295,023|
|13|PROVISIONS|FOR LIABILITIES||||||
|||||Group|Company|Group|Company|
||Provident
Fund|||2023|2023f|2022
f.|2022|
||Balance brought|foisvard||94,034||84,825||
||Transfers|||||||
||Movement
for the year|||||9,209||
||Balance at 31March 2023|||57,118||94,034||
||Provision for USSDeficit|||||||
||Balance brought
foivtard
Movement
for the year|||66,234
~96|66,234
2 196|26,353
39881|26,353
39881|
||Balance at 31 March 2023|||64,038|64,038|66,234|66,234|
||Total provisions|carried forsvard|||64038|60, 6|6»4|
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||2023|2022|
|---|---|---|
|Males currently
aged 65 (yeais)|23.9|23.9|
|Females currently
aged 65 (years)|25.5|25.5|
|Males currently
aged 45 (years)|25.9|25.9|
|Females currently
aged 45 (years)|27.3|27.3|
|||2023|2022|
|---|---|---|---|
|Discount Rate||3.00%|3.00%|
|Pensionable|salary growth|3.00%|3.00%|
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|studies) ofthe Ancient
in this respect.|Meroitic State ofNubia as far|as possible, although|no specific trust|was created|
|---|---|---|---|---|
|||Hnycock|||
|||Memorial|2023|2022|
|||Funds|Total|Total|
|||f||f.|
|Iocomiug resources|||||
|Investment
income||12,tl3tl|12030|12.0tl 1|
|Resources expeuded|||||
|General expense||||3,000|
|Depreciation||2,585|2,585|2,586|
|||2,585|2,585|5,586|
|Transfer|||||
|Net incoming/(outgoing)|resources before transfers|9,465|9,465|6,415|
|Net incoming/(outgoing)|resources before transfem|9,465|9,465|6,415|
|Gains/losses
on invesunents||(27,335)|(27,335)|9,401|
|Net movemeut
in year||~17.870|~17,87tl|18.016|
|Balance brought
fonvard||702,013|702 013|686,197|
|Fund balance as at 31|March 2023|684,144|684,144|702,013|
|Represented
by:|||||
|Tangible fixed assets||58,330|58,330|60,915|
|Fixed asset investments||441,636|441,636|456,921|
|Culvent assets||184,170|184178|184.177|
|||684,144|684,144|702.013|
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|ICi|RESTRICTED FUNDS|||||||
|---|---|---|---|---|---|---|---|
|||||||Green||
|||BI'I t Isll|Nairobi|Aurelius|Aliph|Hcritagc||
|||Academy|Report|Trust|Project|I'rojcct||
|||Grant
f.|Grant
f|Grant
f.|Grantf|Grant|Totalf|
||Balance at I April 2021||648|3,000|5,371||9,019|
||Incooiing resources|||||||
||Grants and donations|524,156|||369,114|153,000|1,046,270|
||Resources expended|(496,330)|(648)|(3,000)|(371,709)|(143,053)|(1,014,740)|
||Tiansfer between funds|(27,826)|||||(27,826)|
||Balance at I April 2022||||2,776|9,947|12,723|
||Incoming
resources|||||||
||Giants and donations|639,307|||||639,307|
||Resources expended|(597,840)|||||(597,840)|
||Transfer behveen
funds|(25,837)|||||(25,837)|
||Fund balance as at31March 2023|15631|||2 776|9947|28 354|
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||||2023|2022|
|---|---|---|---|---|
|Financial|assets||||
|At fair value tlrrough||profit or loss|441636|466 931|
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|2023|2022|
|---|---|
|Shs|Shs|
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|21|COMP|ARA|TIVE
SOFA &NOTES|||||||
|---|---|---|---|---|---|---|---|---|---|
||||||||||Total|
||||||Unrestricted|Designated||Restricted|Fends|
||||||Funds|Funds||Funds|2022|
||||||||f.|f.||
|Income snd endoivment|||funds from:|||||||
|Donations
and legacies:||||||||||
||Grants|||3a|61,138|||1,046,270|1,107,408|
||Subscriptions||||6,267||||6,267|
|Charitable
activities:||||||||||
||Publications||||12,610||||12,610|
||Guest house income|||||||||
||Seminar room hire||||1,268||||1,268|
|Other|trading activities:|||||||||
||Rent||||56,797||||56,797|
||Vehicle income||||5,293||||5,293|
|Investment
income:||||3b||||||
||Interest on bank|||||||||
||investment
income|||||12,001|||12,001|
|Other|income:|||||||||
||Miscellaneous||||6»||||2 637|
|Total|||||146,010|12,001||1,046,270|1,204,281|
|Expenditure
on:||||||||||
||Raising finds|||4|7,123|||8,655|15,778|
||Charitable
activities|||4|195,207|5,586||1,006,085|1,206,878|
||Charitable
activities||exceptional|4|94 36||||94736|
|Total|||||97,066|.|6|1,014,740|1,317,392|
|Unrealised
gains on||investments||10||9,401|||9,401|
|Net income/(expenditure)|||||(151,056)|15,816||31,530|(103,710)|
|Transfer between
funds|||||27,826|||(27,826)||
|Total|movement
in|funds|||30|816||3 704|103,710|
|Total|funds brought|forward|||122,095|686,197||9,019|817,311|
|Total|funds carried|forward||||||,7|713.60|
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||||Unrestricted|Unrestricted|Restricted|2022|
|---|---|---|---|---|---|---|
||||General|Designated|Funds|Total|
||||Funds|Funds|||
|Cost ofraising funds:|||||||
|Publication
costs|||7,081||5,841|12,921|
|Website upgrade|||43||2,815|2 857|
||||7,124||8,656|15,778|
|Charitable
activities:|||||||
|Direct costs:|||||||
|Conference
and workshop|||20||5,362|5,383|
|Fieldwork
and research|costs||||94,320|94,320|
|Studentship
86 fellowship||grants|427||11,109|11,536|
|Salaries and allowances|||132,355||243,071|375,426|
|Aliph project expenses|||||371,709|371,709|
|Green Heritage project|expenses||||143,053|143,053|
|Exceptional
item|||94,736|||94,736|
|Suppot4 costs:|||||||
|Rent and utilities|||994||4,728|5,722|
|Repairs and maintenance|||1,065||18,446|19,510|
|General expenses|||9,088|3,000|69,024|81,112|
|Transpon
and travel|||5,759|||5,759|
|Depreciation|||19,093|2,586|3,951|25,630|
|Security|||3,466||10,161|13,627|
|Provident
funds|||5,107||10,367|15,474|
|Foreign exchange (gain) /||loss|320|||320|
|Govetstance
costs:|||||||
|Staff costs|||||||
|Audit and accountancy|fees||9,838||20,785|30,624|
|Legal fees|||7,675|||7,675|
||||289943|5586|1006086|1301,614|