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 2024
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Gugralltee not baving a Share Capital) CONTENTS PAGE Refei'ence and Admiiiistrative Infoi-iiiation Report of the Governiiig Council Indepeiident exaininer's Report Coiisolidated Statement of Financial Activities Coiisolidated Balance Sheet 10 Cliai'itable Coiiipaiiy Bcilance sheet 11 Coiisolidated Statement of Casli Flows 12 Notes to tlie Accounts 13-29
THE JIRI'I'ISII I$T[TIlTE Ili Tr.ASTF.RN,IFRIC.'. (A COpan). l.iiniltd by Guiraolte not liaving a Shalt Capiiall REPORTOF TIIE GOIIERNtNG COIIP4CIL FUR THL YEAR F.NDF.D Jl hlAIiCII 2024 Coiiipany Rt%isttied Nuinbey: 03341342 Ch4Ylty Regiqtered Nunibei.: I¢1022 {Regisl¢red in EThgland and Wal) Pi'lnoli)Al Hddi'esi And Regl$ter¢d orrite: 10 Carlton House Terrn¢ London SWIY SAH Bar12 Bank PIC I Churihill lJlac¢, Loiidon E14 5HP Inilependeiil txaiiilnei. KLSA LLP 11 Coldbalh Squar6 London EC1R 5HL leiiibeiy of the Governlng Coiiii¢lVDS1'eelovs Pri)fe4%oT Justin Willis {Presidenl) Rl. I loii Mark Junailivii Moril¢Jck Slinmld$ Ivice PSIdent for Exiemal ReLqli0rns and Developmeffl) l)r 8liiTrrllili.8rinivusan IVic¢ l)re5idcnt lor R¢sear¢lil M¥ Viiiod Maiidiivia IFloii-freosur¢r 01 Conipthiiy Secretary) Prufebsor l."1111114 IlutJler11 lon Secrilllry) Prole%sor (y&biiell¢ Lyn¥h Ivice l)re5ideni for Researclil prolls)r Ai)IbTCLila Mnnji Prol¢s¥or Wale Adebanwi Dr Ceil A%hley Dr L¢driL ljnrnes DT Suda Nlire Sir JLffrLy Jani¢8 KBE. CMG Piofcssor Victor Miirind¥ Resi8iied 24 Jiily 2024 Resigiied 22 Novcinb¢r 2023 Re$iwied 24 Mlly 2023 Dlrector Dr JoDe Humphris Webslte vA•M.blea.ac.uk P&3
I'HE BRITISH INSTITUTE IN EASTERN AFRICA (A ConipAny Limited by Guaranlee not having a ShAre CapitAI) REPORT OF THE GOVERNING COUNCIL FOR THE YEAR ENDED JI MARCH 2024 TIIL Iiieinberb of the Governing Council of tile Brilisli Insliliile in Eas"lem Africa {Ihe BIEA), Ivlio hre also direLIOPi loi. tlic purpi)%es of Ilie Coinpaiiies Act. prcscnt tlicir repi)rt iviil) Ihe a¢Lounts die charit>. foi. Ilie )'eJr ended 31 Maicli 2024. 1.1)¥ accoiiiits IiJi'¢ bcen indepLndenil)' LXIIIIIIIILd in a¢¢ordancL Ii'iili thc Cliarilieb Acl. Tliis iepoi'l is a Direcli)rs fLPOrt Ils I'equired by IIIL Coi))paiiies Aci ?0(16. 'ri)e 1111.'A is eilJbli.%liLd f()r tlie i)ublic bL'IILfii and ils aclivili¢s specifically r¢slricled lo undertakin& promoling and ¢ncc)ui'aging at1i, Iiuiiianilies diid sucial SLILIICLS reieurcli in aiid 011 Africa. Slrvcture, Governance, *nd Management 'riiL BifA is a Loii)pai))' lii))iled by guthranl¥c and nol liaviiig a ilimre Lapilal. iii¢orporaled iii r.iiglJiid aiid WalL% linder R¥gislrati()n Nu 03341342. TIIL Inslilulc 1> also a charily regislLrcd in Eiiglond aiid Wal¢& RegislrJiion No 1061622. I'1)e cliaril}' opcratcs in complillnce iviih ils Arti¢l¢s of Associlllion. iyhicli were last ainended on 14 Deceillber 2022, and IliL coiiiiLil lakes Ineasures 10 Li)su. proper i)ver.%iglit and risk i))anag¢inenl procLdurLS arL' in plaee. l-lie BIF.A's I'ele¢i ¢enlrL. Iviil? ils librai), and arLliive. IN localLd in Nairohi. Jiid ii)andged and staffed there by BILA Keny& ivl)ich is ¢onslilukd &5 8 Keiiytsn Non-Gov¥min¢nlal OrgJnisaiion IN(iO). Menibers of Coui)ell ftnd thelr liileresls Tl)e meinl)ers c)f Ihe Gov¥niing Council are listed beloiy. Pi'ofLssoi' JLis1ii) Willis IPr¢iidenl) R'l. I li)n Mark J()Iiailion Moi'ilo¢k Siininoiids (Vice President for Ixlernal R¢lalioiis and Development) l)r Sliaruili Sriiiiv41.sllii IVILL Pr¢sidLnl for Researclil Mi. Viiii)d Mdiidavia IHon I'reasurer and Compan), Secretary) PIDlebSOI' Eiiii))A I liinter (I l()n Seci¢laryl Proli%sor tiabriLlle Lyi)Lli {VicL Prcsid¢nt for Research) ProlLbsor Aiiibreena Manji Prolessor Wale Adebaiiwi Dr Cei'l Abl)l¥y Dr cedriu13w.iies Tli¢ Inci))hLI'% ofcoiincil do nol have uny interests irfiich are r¢qiiired io be disclosed under the C.oinpanies Act 2006. No ¢oi))iiiei'cial InJl¢rial ¢onlrllcls siibsistLd dLiriiig lh¢ period iii M,hich an). Ineniber ol'council liad inier¢bl. Under Ille l¢rins of the Articles o1"Associalion. Ili¢ Council shall consist ofHonoi'ary Officers lilie PresidcnL arid oiheis ivlii) Inay be appointed #5 Council delenninesl and oili¢i' IrLisl¢cs up to Inaxiiiiuni ofiivelve pcrsons elected by il)L Iiislilute's i)ILinbers. All hold the role of'Director' under Loiiipanitys l-louse and Cllarily Cominission defiiiitions bill Jre also referi'ed li) as Trusl¢LS and 'Thc Governing Coui)cil' in the ArticlLs ofAssociation. Wilh ihe execption of Ilie Presidei)l. all Irustees serve for a period of Iliree years. and may be reelected once for further three years. lThe Pi'esidenl serves for a period of five year& and may nol be re-elected at the end ol.that lemi. Menibcrs ot Council are selected as being knoii'ledgeable in somc field of sludy, or lioldii)g soine cxperli%e, relevanl lo tlic Inslilule's ivorL. On joiiiing the Couii¢il. neiv niembers receive an infomiatioi? pack ii'liich includes tlle InslilLile's Articles of Association and ar¢ ¢ir¢ulated ivitli rclevanl informalion produced l)y the Charilics, Commi&%ion reg&rding tlie responsibilities ot ¥lharity Trustees. Tlie CoLineil has tiiial 8Uthorily over all decisions in the Institute. the financial aspe of ivhich are exercised through tlie api)roval and monitoi'ing of Ilie annual budget. On occasion, oiving to the c5'cIL of MCctin aclioii outside thL budg¢l Inay iieed lo be takei) in advance of formal appmval. Where circunistaiices require rapid aclion. the Offieers niay approve sucl) action. diis Inust bc retK>rted to Council at the first opportunity. Page 4
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Conipany Liniited by Guaraiitee not having a Share Capital) REPORT OF THE GOVERNING COUNCIL FOR THE I'EAR ENDED 31 MARCH 2024 Tlie Dii'ector and Kenyaii Director coniprise the key manageiiient teaiii who manage the Institute on behalf of tlie Trustees. Tlie Director is a UK-b&sed niid-career academic directly employed by tlie Insiilute on a 0.8 FTE. Tlie Keiiyai) Director is a Keiiyai) aeadeniic reci'uiled as a direci ei)Iployee of BIEA Kenya. His reiiiuiieratioi) level was sel tlirough our review of the n)ai'ket reinuiiei'atioii rates for comparable acadeniic I'oles iii Nairobi ai the tiiile of liis recruitnieiil. Tlle Director, iii Collaboratioii ivith either the Treasurer or one of the Vice Pre5ideiits has autliority to make purchases or eiitei. into coiitracts outside the budget to a valiie not exceeding thvo tliousaiid pounds aild to employ len1p0r.Y ai)d ancillaiy staff. Larger payiiieiits outside the budget aild pernianent eniployiiient of staff niust receive prior approval froin Council. Tlie Coiiiicil has inli'(Kluced a fomial risk managenient process to assess busiiiess risks and iniplenleiil risk nianagenient strategies. Tliis iiivolves identifying the types of risk the Institute faces, prioritising Iliein in lerins of poleiitial impact aiid likeliliood ofoccuri'eilce. aiid ideiilifyiiig nieans of miligating the risks. As part of Iliis process tlie Couiicil reviews Ille adeqiiacy of the Institute's internal coi)trols. The principal risks ideiitified fron) this process, togeilier willi their planned iiiiiigyalioi)s are., ExcliAtige rate fluctiiatlons betiveen the Kenyan Sliilling and Ihe Pound Sterling All expenditure is monitored on a Inontlily basis. In the event of Significant adverse excliange rate Inoveiiients, Keiiyan biidgets iyill be adjusted and variable costs Cut so that they are accommodaled wiiliin ihe iiet stei'ling fuiiding available to us. Terroi'isn) eveiits, ci'liiie aiid other physical se¢urily Ilireats in Naii'obl We have alirady put in place a high level of security measures including guards, fencing and targeted staff Iraiiliiig. We keep tl)e sitiialioii uiidei. coiislai)t review ai)d have close coi))niunications with both ihe Kei)yaii avihorities aiid Ilie Britisl) High Coiiii?iissioii concerniiig oiigoiiig political developiiieiits. wid are ready lo take furtlier eiiiergency iiieasuies as requii'ed. The Couiicil is pleased to report that tlie Iiistitute's intemal financial conirols coiiform witli 8uidelines issued by the Charity Coniiiiission. Acliievei)ientS Aiid Pei'foi'niaiiee Tlie Couiicil lias idei)tified four aiiiis ii) the pursuit of its cliaritable objectives. These are (l) dii'ect researcl) and tlie facilitation of research; (2) tlie building of il)e researcli comniunity. {3) Ihe development and facilitation of reseairh collaboratioiis. aiid (4) disseiiiinalion of tlie results of research and public engagenienL Working in collaboration ivlth colleagues froni eastern Africa and with scholars froin around the world, tl)e BIEA supported and cai'ried out innovative I'esearch across Ihe ivider region and disseminated Ihe results of researcli into a wide range of topics. Particularly noleworihy partnersliips in 2023-24 Iiave been that with the project led by Caiiibridge Uiiiversity. 'Mappiiig Afi'ica's Eiidangered Archaeological Sites aiid Moiiunients. and tlie 'Refugee-Led Research Hub. Ivith tlie Uiiiveisity of Oxford's Rege¢ Studies Centre. The BIEA supported early-career re5earcliers based in tlie UK, Fraiice, Kenya and Tanzaiiian tl)rough seven awards under the Iheinatic grants programnie totalliiig £7.900' and supported two early- cai'eer researcliers based in tlie UK and Germany witli disseininalion gt711ts. Tlie BIEA assisted visiting iesearclieis by providing advice on research projects and by providing appropriate equipment. A busy programine of dissemination events look place at the Nairobi base tliis yvar- in the UK. BIEA'S 2023 annual lecliire was given by Professor Ayoiia Datla, of Univeisity College Londoti, on Ihe topic of 'Tiniiiig the state. relating lo her ongoing research project, Regioiial Futures, iii ivliicl) Ihe BIEA is a partnei.. In November 2023, the BIEA hosted in Nairobi a major iiitemational coiifereiice, 'Tlie World of li'oii,, Ivhich broiight together re5earcliers working on the archaeology, liistory and science of metal-working. Page 5
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Liniited by Guai'antee not having a Share C2pitg1) REPORT OF THE GOVERNIIYG COUNCIL FOR THE YEAR ENDED 31 MARCH 2024 Tlie Council is satisfied witli the charity's perforn)ance in acliieving its goals and extends its gratittide to all paitnei's, tunderb, aiid voluiileei's. Financial Review Total iiicome foi. the year was £863,246, with expenditlllts ai)iounling to £764,180. A delailed bi'eakdown of fiiiaiicial activities cai) b¢ fouiid in tlie allaclied accounls.Council keeps uiider review the level of genei'al reserves wliicli tlie Institiile iieeds to continue to operate wiihiii its enviroiinient. At 31 Marcli 2024 tolal rcs¢i'ves aniounled to £821,119 inclLidii)g £77,643 I-esli'icted funds. Total funds also iiiclude £726.304 which is a desigjiated fund foi. Ilie geiiei'al use of Ilie cliarily, Tlie iiiajoi'ity of tli¢ Bl EA'S rescives arc currcnlly invested in the broadly diversified Sarasiii & Partners Alpha Coiiii)ioii Iiiveslineiit Fund for Endowments. Tlie Couiicil has reviewed the charity's funding posilion wid concluded that it reinains fiiiaiicially sustainable for tlie foi'eseeable fiilui'e. allowing it to meet its coiiimitinents and continue planned a¢livities. Plans foi. the Future The BIEA aiiiis to coiitiiiue foi'gii)g new pi'odiiclive links. iietwoi'ks and paitnersl)ips. Tlie BIEA'S location at oiie of tlie coi)tiiiei)t's key I'eLYiOI)al hubs, and with its widely recogiiised aiid respecl¢d Iiistoiy al tlie li¢art of seliolarsliip oil AfriLa, means it is iiiiiquely placed lo promole tlie coiitinued developiiieiit of UK I'eseai'ch in and on Africa for fiitui'e decades. Page 6
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Conipany Limited by Guarantee not having a Share Capital) REPORT OF THE GOVERNING COUNCIL FOR THE YEAR ENDED 31 MARCH 2024 Statemellt of Governance Couneil's Responsibilities Tlie Council Ineels on a r¢gulai' basis to manag¢ ilie affairs of tlle charity. Tlie nieiiibei's of Council (who are also directors of The Brilisli Institute in Easterj) Africa for the pui-poses of conipany law) are respotisible for preparing the Aniiual Report and the finwicial stalemeiits in accordaiice will) applicable law and Uiiited KiIigdoin Accounling Standards (Uiiited KAI)gdom Generally Accepted Accouiiting Practice). Coinpany laiv requii'es the meiiibers of Council to prepaie fiiiaiicial slaleineiits for each financial year ivliich give a ti'ue and fail. vieiv of Ilie slate of affaii's of tlie cliai'ilable company aiid of Ihe inconiiiig I'esoui'ces aiid application of I'esoLlI'ces, includiI)g tlie incoiiie and expenditui'e. ot the charilc1ble coinpai)y for tliai pei'iod. Iii pi'epai'iiig Iliese fiiiancial stateii)ents, tlie Ii'ustees al'e required to: • Select suitable accoiinting policies and then applied tlieni consislently; Obsei've tlie iiieihods aiid principles in ihe Charities SORP; Make.judgenients and accouiiting esliiiiates ihat are reasonable and prudent; Slate wliethei. applicable UK Accountii)g Stand<1rds have been followed, subject to aiiy iiiaterial departures disclosed and explained iii the financial stateiiienls; and Pi'epai'ed the financial stalenienls on the going concern basis unless it is inappi'opriate to pitsunie that tlie cliai'itable conipaiiy will coiilijiue in operation. The iiieiiibers of Council are responsible for keeping adequate a¢coui)ting records that disclose witli I'easonable accui'acy at aiiy time the financial position of the charitable compai)y aiid enable tliem to eiisuiE ihat ilie financial slateiiients coiiiply ivith the Coiiipaiiies Act ?006. Tliey ale also responsible foi. safeguai'diiig tl)e assels of tlie cliai'ilable company and hence for taking reasonable steps for tlie pi'evei)tioii aiid deteclion ot. fraud and otlier ii'i'egularities. Advaiitage has beei) laken of the exemptioiis available to small companies in tlie prepai?tion of tliis report. Vinod Mandavia Hoiioi'ary Treasurer Justiii Willis Presideiit Dated.. 29 November 2024 Page 7
INDCI PENDENT EXAMINER'S REPORT TO THE MEMBERS OF THE BRITISH INSTITUTF. IN F.ASTIRN AfRICA {A Coini)aiiy Liiiiitcd by Guai'Aiitee iiot liavijig a Sliare Capital) FOR THE I'EAR ENDED 31 MARCH 2023 I'epot'l to tlie triislees on niy exaniiiialioii of the finaiictal stateinenls of The Bi'itisli Inslilule in Easlerii Afi'ica (a coi)IpaiiJ, liiliited bs, gLiaraiilee noi liaviiig a sliait capital) foi. tlic Jiear cilded 31 Mai'cli ?0?4. Responslbllltles and basis of report As Il)c Ii'LlStees ot. Ilie cliarity (and a150 ils directors loi. 11)e purposes of coi)Ipaiiy laiv) you al-e i-esponsible foi- (lie pi'epai'alion of Ilie fiiiaiicial slaleiiiciils iii accoi-daiice wilh the I'equii'eiiieiils of Ihe Coiiipaiiies Act 2006 (11)e 2006 Act). Havii)g satisfied iiiyself Iliat Ilie fiiiancial slalemeiits of the cllarity are iiol reqiiiied to be Audiied Liiider Pail 16 of tlie 2006 Act aiid air eligible for independent exaii)iiiatioii. I report in respecl of my exaniiiiatioii of tlie cl)ai'ity's rii)aiicial slaleiiieiils cai'i'ied oiit undei. sectioii 145 ()f11)e Cliarities Aci 2011 (Il)e 2011 Act). Iii cai'i'yii)g out Iny exai)lillc11ioii I liave folloived all tlie applicable Diieclioijs given by tlie Cllai'ity Coiiiimissioii Liiidei. seciioil 145(5)(b) ot'llie 201 l Act. Independent examlnees statement I have coiiii)leled iiiy exaiiiiiiatioii. I coiifirm thal no malters have conle lo Jiiy atlei)tioi) iii coiinectioii with Ilie cxaiiiii)alioii bi iviiigy iiie caiise lo l)elievc tliat iii aiiji iiialei'ial respect: acc()unling iecords were Iiot k-ept iii respecl of Ihe charity as required by seclioii 386 of Ilie 2006 Act; oi. Ilie fiii<ll)cial slaten)eiils do nol accoi-d ii'iili Iliose I'ecords. or tlie Iinaiicial slalei)ienls do i)ol coii)i)ly with 111¢ accoiiiiling Irqiiiiriiienls of sectioii 396 of tlie 2006 Act other Ilian aiiy I'eqLliI'eiiieiil tlial tlie accoiii)Is give a Irue and fair view ivliicli is iiot a iiiaiier coiisideied as pai'l of ali iiidepeiideii¢ exaininatioii. or Il)e finaii¢ial slaleiiienls l)ave iioi been prepared in accordance witli the iiieiliods aiid princii)les of tlie Slateinei)l of Recoiiiiiieiided Practice foi- accouiitiiig and I'eporliiig l)y charities applicable lo chai'ilies piepai'iiig Illeir acc(iunls iii accordaiice willi Ihe Fii)ancial Reporling Siandai'd applicable in ilie UK and Repiiblic of li'eland (FRS 102). I liave iic) coiiceiiis ai)d liave coiiie across iio otlier malteiB in conneclioii will) Ilie exainiiialion to wliicli atteiition sl)ould be di'aivii iii tliis Itport in ordei. to enable a proper uiiderslaiidiiig of Ilie fii)ancial stateijients to be I'eaclled. Hai'slieel Dodhia Iiidcpeii(lent Exaniinei" KLSA LLP Kalamu House 11 Coldbalh Square London EC1R 5HL Dated.. 29 November 2024 Page 8
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Compaiiy Limited by Guarantee not liavilig a Share Capital) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Total Fuuds 2024 Total Fullds 2023 Unrestricted Desigiisted Resti'icled Notes Funds Fuiids Fuiids Income eiidowmeiit funds froni: Doi)ations aiid legacies: Gi'aiits SLibsci'iptions Cli£l1'it<1ble activities: Piibliccltioiis Giiest lioiise iiicoine Seiniiiar l'oom Iiii'e Otlier ti'adiiig aclivities: Relit Veliicle incoiiie liivestiiient incoiiie: Inlei'esl 01) baiik liive8ti)ient incoiiie Oiliei. iiicoii)e: Miscellaiieoiis Gaiii on disposal Total 31,847 5.981 657,631 689,478 5,981 688,013 9,303 38.161 38,161 29.228 6,355 6,355 4,653 59,132 59,132 65,063 10,181 3b 476 476 14,647 199 12,052 14,647 49.017 49,016 10.467 29,489 858,649 190,969 14,647 6£7,631 863,246 * xpeiiditure on: Raisiiig finds Clicl1-it<1bl¢ activities Charitable activities exceplioiial Total 14,985 138,269 28,449 579.893 43,434 720,746 23,957 829,002 2,585 153.254 2,585 608,341 764,180 8S2,960 Unrealised gains oli investnients 10 30,097 30,097 (27.335) Net income/(expeiiditure) 37.715 42.159 49,289 129,163 (21,645) Transfer betweei) funds Total inovemellt Ill funds 37,715 42.159 49.289 129.163 21,645 Total funds brouglit fonvai'd (20,543) 684,145 28,354 691,956 713,601 Total funds carried fonvard 17,172 726,304 77,643 821,119 691,956 Page 9
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Conipany Liniiled by Guarglltee llot having a Share Capital) CONSOLIDATED BALANCE SHEET AS AT31 MARCH 2024 Notes 2024 2023 FIXED ASSETS Taiigible fixed assets Iiivesliiieiits 315,125 486,383 801,508 331,990 441,638 773.628 10 CURRENT ASSETS Debtors Casli at bank iii hand 59,543 251,178 310,721 290.579 63,443 212,659 276,101 236.617 Creditors.. ainouiits falling due within one year NEI T CURREI NT ASSETS 39,485 TOTAL ASSETS LESS CURRENT LIABILITIES 821.650 813,113 PROVISIONS FOR LIABILITIES 13 531 121 156 NET ASSETS 821,119 691.956 FUNDS Uiiresli'icted Geiiei'al Fund Uiii'esti'icted Designated Fund Restricted fiinds 17.172 726.304 77,643 (20,543) 684,145 28,354 15 16 821,119 691.956 Uiider Compaiiies Act 2006, s454, on a voluiitary basis. tlle trustees can aiiiend Iliese fiiiancial stateiiieiits if tliey siibsequenily prove to be defective. Tllese accounts have been prepared in accordaiice ivitli Ihe provisiojis applicable lo sniall coii)pai)ies siibjecl to tlie siiiall compaiiies regime and in accordance ivitl) FRS102 SORP. Appi'oved by the Governing Coiincil on 29 November 2024 and signed on its belialf by Viiiod Mandavia Honorary TYe&surer Justin Willis President Compaiiy i'egistration no. 03341342 Charity registratioll llo. 1061622 Page 10
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not baving a Share Capital) CHAIUTABLE COMPANY BALANCE SHEET AS AT31 MARCH 2024 Notes 2024 2023 FIXED ASSETS Taii&Fible fixed assets Investiiiei)Is 294,730 486,381 309,?63 441,636 750,899 10 CURRENT ASSETS Debioi's Casli at bank in hand 16,399 172.865 189.264 18.392 16,383 5,481 21,864 46.122 Creditors: amounts falliiig due ivithin one year NET CURRENT ASSETS 12 170,872 24,258 TOTALASSETS LESS CURRENT LIABILITIES 951,982 726,641 PROVISIONS FOR LIABILITIES 13 NET ASSETS 951.982 ()62,603 FUNDS Uiiiesti'icled General Flind Uiiiesti'icled Designated Fund Resti'icled funds 148,035 726,304 (49,895) 684.144 28,354 15 16 951,982 662,603 Undei. Companies Act 2006, s454, on a voliinlary basis, the trustees can aniend tliese fiiiancial statenients if they siibseqiieiitly pi'ove to be defective. Tliese accounls have been prepared in accordance with tlie provisioiis applicable to small conipanies subject lo tl)e si)iall companies regime and in accordance witli FRS102 SORP. Appi'oved by the Goveriiing Council on 29 November 2024 and signed on its belialf by Viiiod M]davIa Honorary Ti'easurer Justin Willis President Conipany registration no. 03341342 Cbai'ity registration no. 1061622 Page 11
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Compatty Limited by Guai?ntee not having a Share Capit21) CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows fi'oin opei'atlng activities Net (expei)ditLire)/ ii)come foi. tlie year AdjiislJiieiit.s foi.: Depi'eciatioii oil equipiiieiit Investnient ii)come (Gains)Ilosses oil ijivestiiienls (Inci'ease)/i'educlioi) in debtoi's Inci'easel{I'eductioii) iii credilors Inci'ease/(I'edLiclioi)) iii provsioiis Net casli fi'oiiil(uscd in) opei-atiiig activities 129,163 (21,645) 21,328 {15,123) (30,097) 3,900 53,962 120,625 42,508 26,576 (12,251) 27.335 149.623 (139,353) 39,113 8,828 Cash flows fi'oiii investing activities Purcliase of iiivestnients Piirchllse ot" taiigible tixed assets Investment income (8,123) 15,123 (40,884) 12,251 Net casli i)rovidedl (used in) investing activities 7,000 28,633 Net liicrease/(decrease) in casli and casli equivalents 49,508 (37,461) Casli aiid casli equivalents at the begiiining of the year 223.728 261,189 Cash aiid casli equivalenls at end of tlie year 273,236 223 728 Cash and cash eqiiivaleiits is made up of tl)e following: Cash at bank cind in liand Casli lield as part of iiivesti)ients Total 251,178 212,659 251,180 212.661 At 01.04.23 Non Cash changes At 31.03.24 Analysis of change iii net debt Casli at baiik and in hand 212,661 49.508 (10,989) 251,180 Page 12
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Conipaiiy Liniited by Guarantee not having a Shal'e Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 Accounliiig policies Charity Allfoi'mAtion Bi'itisli Institute in Easterii Af rica is a J)oii-pi'ofAI. cliaritable noii-govcrJiiiiei)tal oi'gaiiisatioii i-egistei'ed in Kei)ya iiiidei. tl)e Noii-govei'iiniental Oi'gai)isalion Co-ordination Act 1990. The addi'ess of it% prii)cii)al place of business is Laikipia Road. Kililesliiva. Tlie pi'iiicipal activity of tlie iiislitute is to iiiidei-lake, pi'oiiiote and eiicoui'age acadeii)ic I'esearcl) iJ)lo tlie l)istory aiid arcliaeology of Eastern Africa in all its aspecls and pei'iods. 1.1 Basis of accountiiig The Iiistitule nieels tlie definition of a public benefit entity under FRS 102. Tl)e fiiiaiicial stateIiients liave beeli pi'epared under tlie l)istorical cost coiivention as modified by the revaliiatioii of certaiii fixed assets, in accoi'daiice with tlie Sialeliieiit of RecoiiiiiieJ)ded Pi'aclice: Accouiitiiig by pi'epai'iiig tlieii. accoLlI)Is in accoi'daiice witl) tl)e fliiaiicial Cliarilies Repoiting Siaiidard api)licable iii ilie Uniled Iciiigdoiii and tlie Republic of Ii'elaiid (fRS 102) aiid ilie Coiiipaiiies Act 2006. Assels and liabilities are initially recognised at histoi'ical cost or Iratisactioii value iiiiless otlierivise state in tl)e I'elevant accoiiiitiiig policy note(s). Advaiitage has been taken ot. tlie exeiiiption in pai'agraph l .12 of FRSIO? nol to pi'epare a parejit conipany cash flow stateineijt. The pi'epai'alion of fiiiaiicial staleiiieiils in coiiipliaiice ivith SORP 2015 requii'es tlie use of cei'laiii ci'itical accounliiig estiniates. It also i'equires iiianagenienl to exeitise judgii)ei)t iii applying tl)e accouiiting policies (see iiote 2). The finaiicial statenients cojisolidate tlie resiilts of the UK cliaritable coiiipai)y aiid its subsidiaiy oi'ganisation BIEA Keiiya oli a line by lijje basis. The following principal accountiiig policies liave been applied: 1.2 Goiiig conceR'n At tlie tiii)e of 1L pproving tlie ttnaiicial statements, tlie Trustees liaiie a reasonable expectalioii tliat tl)e Bi-ilisli Itistitiite in Eastei'ii Afi-ica lias adequate resources to contiiiue in operatioiial existeiice foi. the foi'eseeable futui'e. Tliiis the Ti'ustees Coiitiniie to adopt tlie going cojicerii basis of accoiiiitiiig) in pi'epai'iiig tlie financial statcnients. 1.3 Chai'it#ble fuRids Unrestricted fiiiids are available foi- use at tlie dlscrelion of the Tiwstees in furtlie1.]Ce of tlieii. cliaritable objectives. Resti'icted funds al'e subject to specific coiiditions by grants as to how they iiiay be used. Tl)e purposes and uses of tlie resti'icled funds are set out iii tlie notes to thc fiA)an¢ial statements. 1.4 Incoming resources All income is recogniscd once the Institute l)as entitlement to tlie incoiiie. it is pi'obable tliat it will be received and tlie amoui)t receivable can be iiieasured reliably. All income is gross Ivitliout deduction for related expenditure. Page 13
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Coinpany Limited by Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 Invesln)ei)l incoine is recognised when receivable based on iiotification from the inveslnient managers. Grants for geiieral support, researcli, scholarships or fixed assets are recogi)ised oil a receivable basis aiid are deferi'ed only when the doiior has iiiiposed pre-coiiditions on the use of the grant, All legacies aild doilalioiis are allocated between unrestricled, restricted aiid endowment funds, depeiidiiig on conditions iinposed by ilie donors. 1.5 Resources Expended Expenditure is recognised on an accruals basis as liabililies are iiicurred. Expeiidilure ii)cludes any VA T wliicli cai)iiot be fully recovered, and is reported as part of the expeiiditure lo which it related. Cost of generatiiig fuilds coiiiprise of tl)e costs associated witli attractiiig volunlary incoiiie Cl)ai'iiable expeiiditiire conipi'ised Iliose costs iiieurred by the cl)arity iji the delivery of ils activities ai)d sei'vi¢es foi. ils beiieficiaries. It includes both costs that cali be allocated directly to sucl) activities aiid tliose cosls of an iiidirect i)atui'e necessary lo siipport tliem. Suppoit costs hav¢ b¢¢ii allocated to activilies on a basis consistent witl) tlie iise orth¢ I'esources. Giants payable to students are recognised al tlie earlier of tl)e date of paynent or the dale when ali uncoi)dilioi)al coi)Ii'acliial obligation is eiitered iiito. Grants are deterniined by Ilie relevant con)iiiiltees in lii)e Iviili Ilie graiit iiiakiiig policy of Ilie Institute. Governance costs iiicliide those costs associaled with nieeting the constilulional aiid statutory requirenients audil fees aiid costs linked to the strategic iiiai)a8eiiient of tl)e Ii)stilule. 1.6 Tanglble fixed assets Tangible fi.xed assels, Otlier tlian heritage assets, are stated at liistorical cost less accumulated depreciatioi) aiid any accuiiiulated inipairn)ent losses. Historical cost includes expendilure tliat is dii'ectly alti'ibulable to briiigi118 Ilie asset to tlie locatioii and condition necessary for il to be capable of opertttiiig iii the niaiiner iiiteiided by maiiagement. Depreciatioii is cliarged so as to allocafr the cost of assets less their residual value ovei. their estiinated usefLII lives. Depi'eciation is provided on the following basis: Leasehold lai)d and buildings Motor vehicles Coinpulei. equipinent, fixttires and fittings Over the period of the lease 33.33% Rediicing Balance Method 25% Reduciiig Balance Melliod The libi'ary is considered to be a heritage asset- lield aiid maintained priiicipally for its coiiti'ibution to knowledge and cultui'e, and as such is not valued in the balance slieet as Iliere is not reliable hisloi-ical inforination on ils cost and a conventional valuation would be ovei'ly onerous lo conduct and given the nattire and uniqiieness of some of the Items Iield might ivell prove to be arbitrary. The cost of books piirchased during the yew. are capitalised if their individual cost is above the capitalxsation limit. All other book purchases are charged to the income statement. Further details are given in note 9. 1.7 Fixe<l asset investments Investnieiits are caii-ied at market value witli any unrealised gains and losses being included iii the Stateiiient of Financial Activities and allocated betweeii funds. The cost of nianagenient of tlie investhieiits has been charged lo tlie Statemeiit of Flliancial Activilies. Page 14
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Conipany Liniited by Guarantee not having a Shgre C8pital) F40TES TO THE ACCOUNTS YEAR ENDED31 MARCH 2024 1.8 InipAii'ment of fixed assets At eacli reporting end date, the charity irviews tlie carrying ainoiiiits of ils taiigible assets lo detei'iiiine wlletlier tl)er¢ is ally iiidicalion that 11105e assets have suffered ali iiiipaii-iiieiit loss. If any sucli iiidication exists, Ilie recovei'able ainoui)t of the assel is estiniated in order to delerii)ine the exleiit of Ilie iiiipairn)eJit loss (if any). Recoverable aniounl is the liiglier of fair value less cosls coiiipared to sell and value in use. Iii assessiiig vallie in use, tlie esliniated futui'e casli flows are discounted lo Ilieii. presenl value usiiig a pi'e-tax discoiiiit rate Ilial reflects current iiiarket assessn)¢iils of die liiiie value of iiioi)ey aild tlie i'isks specific to tlie assel foi. Ivliicli tlie estimates of fLlture casli flows have nol been adjusled. If th¢ I'ecovei'able amount ot.an asset is estiniated to bc less than its carrying aIiiounl, Ilie cari'yiiig amount of the asset is I'educed to its recoverable aiiiouiil. Ali inipairnient105s is recogTiiised iininedialely iii ii)coinel(expendilure) loi. tlie yeai., Iiiiless tlie ielevaiit assel is carried at a revalued aiiiount, iii wl)ich case tlie iiiipaii'rtieiit loss is treated as a I'evaluation d¢cr¢as¢. Recogi)ised inipairment losses are reversed if, aiid only if, tlie reasons for the inipairni¢nt loss liave ceased to apply. Wliere ali inipairnieiit loss subscqueiitly reverses, tl)e cairying amoiint ot" Ilie asset is iiicreased to ili¢ I'evised esliii)ate of its I'ecoverable ainoiiiit, but so tliat tlie ii)ci'eased carryiiiL) aiiiouiit does i)ol exceed tlie carrying aiiiouiit tliai would l)ave been deteriiiined liad no inipairmei)t loss beeii recognised foi. the asset tn pi'ioi. years. A revers81 of ai) iiiipairi)ient loss is recognised iiiiiiiediately, unless the r¢levaTIt asset is cari'ied in at a ievalued aniount, in wliich case the reversal of tlie iinpairinei)t loss is treated as a revaluation increase. 1.9 Cash gnd cash equli'alents Casl) ai)d casl) equivaleiils iiiclude c&8h in hand. deposits lield at call witli banks, otl)er short-terin liquid investi)ieiits witli oi'iginal iiiatui'ities of three monilis or less. and bank ovei'di'afis. Bank ovei'di?fts are sliown within boiTowings in current liabilities. i. io rt inancinl instrunients Tlie Britisli Iiislitiite in Easlern Africa has eleeted to apply the piDvisions of Section I I 'Basic Financial II)sti'uni¢nls' and Section 12 '0ther Fiiiancial Instrunieiiis Issues, of FRS I O? to all of its fiiiaiicial inslrui)ienls. Fiiiancial instruments are i'ecognised in the Brilish Iiistitute in Eastern Africa's balance sli¢eÈ wlieji tlie Bi-itish Iiistitute in Easlern Africa becon)es party to the cojitractual pmvisions of tlie instruiiieiit. Financial assets and liabilities are offseL with tlie net amounts presented in the financial stat¢iiieiits, wlieii tlieie is a legally ¢nforceable riglit to set off the recognis¢d amounts and there is an intentioii to settle on a iiet basis or to realise th¢ &sset and settle the liability simultaneously. Buslcfiiioiicial assels Basicfiiiaiicial assels, Ivlilcli iiicliide deblors aiid cosli aiid baiik balances, are initially iiieasured at transaction price including transaction costs aiid al'e subsequently an'ied at ainortised cost using the effective interest method unless thc arrangeiiient constitutes a financing traiisaction, wliere the transaclion is measured at tlie present value of the future receipts discounted at a mai'ket rate of interest. Financial assets classified as receivable within one year ar¢ not ainortised. Page 15
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Conipany Liniited by Guargntee not having a Share Capital) NOTES TO THE ACCOUNTS I'EAR ENDED 31 MARCH 2024 Ba.sicfiiiciiiciul liubililies Basic fiiiai)cial liabililies. iiicludiiig creditors and bank loaiis are iiiitially I'ecognised at tt'aiisaction price unless tlie ai'rai)geiiieiil constiliites a financing traiisaclion. wlieie Ilie debi insti'iiiiieiil is iii¢asuied ai the preseiil value ot. tlie fiiliir payi)ienLs discoiiiiled at a iiiai'ket rate of interest. Finaiicial liabililies classified as payable witliiii one )ieai' al'e iiot aniorlised. Debt instruiiienls are siibseqiiently carried at aiiiortised eosl, using tlie effective iiiterest rate niethod. Trade ci'editors ale obligations to pay for goods or services tliat liave been acquired in the ordinary cours¢ of opei',Ilioiis fi'oii) suppliers. Aiiiouiils payable ar¢ classified as current liabilities if payiiiejit is diie witliin oiie year oi. les Ir i)ot, tliey are pi'es¢nl¢d as noii-current liabilities. Trad¢ cirditors are recognised ijiitially at Ii?iisaclion price ai)d siibsequeiitly iiieasured at aiiiortised cost usiiig the effective inlerest method. Derecognitlon of finllnclxl Ilablllties Fiiiaiicial liabilities al'e dei'ecogiiis¢d when the British Ii)slilute in Easlem Africa's contractual obligalioiis expiie oi. al'e discharged oi. cancelled. 1.1 l Govei'nment Grgnts Gov¢rnniei)I byraiils al'e recognised at th¢ fair value of the asset received or receivable wlieii there is I'easonable assurance that Ilie grai)t conditions will be Inet and the grants will be received. A gi'ant tliat specifies perforiiiance conditions is recognised in incoiiie wheii tlie perforiiiance coiiditions al'e n)et. Wliei'e a 81.anl does iiot specify perfoimiance coiiditioiis it is I'ecogiiised iii income wlieii the pi'oceeds al'e i'eceived oi. I'eceivable. A grant received before tlie recognilion criteria are satisfied is i'ccogiiised as a liabilily. 1.12 Pensions Staft'oii UK-based conlracls are offered membership of tlie Universities Siiperaniiualion Scheiiie (USS). Tlie assels of the sclien)e air hcld in a separdte triislee-adniinistered fund. Because of the niutual iiatuir of the sclieme, the assets are Iiol atti-ibiiled lo iiidividual ii)stitutions and a sclienie-wide coiili'ibutioii l'ate is sel. Tlie institutioii is tlierefoie exposed to actuarial risks &8sociated with other inslilutioiis. employees and is unable lo identi fy its sliai'e of the underlyiiig assets aiid liabilities of Ihc seheine 01) a consisleiit and reasojiable basis. As requii'ed by Section 28 of FRS102 "Employee benefits" the institution therefore accounts for the sclieiiie as if it were a defined coiilributioii scli¢nie. As a result, tlie amount charged to the pi'ofit aiid loss accoiiiit represeiits tlie coiili'ibutions payable to tlie sclieiiie. Siii¢e tl)e iiistitution has entered into an agitement (tlie Recovery Plaii) tl)at detei'niiiies l)ow eacli einployer witliiii tlie scli¢nie will fund tlie ovei'all deficit, th¢ institution recognises a liability foi. the contributions payable tliat a froiii tlie agreenient (to the extent that they relate to the deficit) with related expenses being Itcogiiised tliroLigh the profit atid loss account. .13 Foreign cui'i'eiicy ti"anslation Tlie financial stateiiients are pirscnt¢d in Sterlin& which is also the functional currency of ilie Institute, The liistitute has inconie and expenditure in sterling and non-sterling currencies ld consequently maintaiiis bank accounts in various CUiTeAicies to facilitate this. The Trustees, policy is to excliaiige sterling CUiTeiicy only wheii die income is certain and tlie expenditure is foreseeable. Foreign currency transactions are traiislated Tiito the functional ciii'rency using the exchange rate at the date of the transaction. At each period end foreign currency tnoiietai'y items are ti'anslated using the closing rate. Foreign exchange gains and losses resulting fron) th¢ settlement of transactions and from tl)e traiislation al pei'iod- end exchange rates of nionetary assets and liabillties denominated in foreign currencies ar¢ i'ecogiiised in the SOFA. Page 16
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 IYOTII S (CONTINUED) Foieign excliang¢ gains aiid losses tl)at I'elate to Inoneiary assets and liabilities are presented separately on tlie face of the SOFA withiii iIicoiiie or expeiidilurc. 2 Crltical accounting estim*tes and judgements Tlie piepai'ation of the financial statements requires nianageinent to iiiake judgineiits. estiniates aiid assuiiiptioiis tl)al affecl Ilie ainouiits Irported for assets and liabilities as al 11)e balance sheei dale aiid tlie aiiiounls iepoi1ed foi. I'eveniies and expeiises dui'ing Ilie year. Tlie nalure of esliiiialioi) nieans Ilie actual outcoi)ies could diffei. fi'oin Ilios¢ estiinales. Tlie key souice of estimation uiicertainty ihat could have an iinpa¢l on the financial stalemenls relates to the decision to not ¢apitalise ilie heritage asset. Note 1.6) above gives Ihe eXpl1allOn for this wliile note 9 pi'ovides Inoi'e infoi'malioii abolit the asset itself. FRS 102 makes Ihe dislinctton betiveeii a group plan and a niulii-employer scheme. A group plan consists of a colleclion of entities under coiiimon conti'ol typically iviih a sponsoi'ing eniployei.. A multi-eiiiployei. sclienie is a schenie foi. entities not undei. conimon conli'ol and represents (typically) an ii)dustry-Ivide scheme such as Universities Supei'annuation Scheme. The accounting foi. a n)ulii-employer sclien)e ivliere the eiijployer lias enlei'ed into an agi'eement ivitli Ihe scheme that delei'inines how the employer will flind a deficit iesults in the recobyiiition of a liability for the coiiti'ibutions payable ihal arise froim Ilie agreenienl (lo 11)e exlenl Iliat tliey i'elale lo the deficit) ]d tlie I'esLilting e.xpeiise in pi'ofit or loss in accordance witli seclioii 28 of FRS 102. Tlie ti'ustees are satisfied Iliat Uiiivei'sities Supei'aiinualion Scl)eme meets the defiiiitioii of a niulii-einployei. sclieiiie aiid lias Ilieiefoi'e I'ecognised tlie discoiiiited fail. valiie of the coiiti?ctual conli'ibulioiis uiider tlie iecovery plan iii existence at tlie date of appi'oving tlie financial slalen)ents. Ineomliig Resources 2024 2024 Unreslricted deslgiiated 2024 2024 2023 Unrestrieted Restricted Total Total ) Ci'ants and donations Bi'itisli Academy Grants Othei. grants and donations 657,631 657,631 31,847 639.307 48.706 31,847 31,847 657,631 689,478 688,013 b) Investllient Income Bank interest Inconie froiii Anvestnients 476 476 14,647 15,123 199 12,052 12,251 14,647 14,647 476 Incoming resources are substanlially generated wiihin the UK. Page 17
THE BRITISH INSTITUTE IN EASTKRN AFRICA (A Company Limited by Guarantee noi having a ShAre Capital) NOTES TO THE ACCOUNTS YEAR ENDED31 hlARCII 2024 EXPENDITURE ANALI'SIS Unre51ricltd Gtnernl Unresti'icted Desigiiated Fuiid Restricled Funds 2024 Tollll 2023 Total Cost of ralslng funds: Pul)li¢Jlioi) costs W¢bsitC Lipgrade 14.985 26.449 2.000 28,449 41.434 2.000 43,434 21.986 1.971 23.957 14.985 Clifirltable Aetivi¢i¢s: Dli'tel eosl.%: CoiilLI'enLe aiid ivorksliop riL1d1ork ai)d iY.%earcl) costs SiiidLiII.%l)ii) & l¢lloivship grants Salari¥S and alloivaiiees 69.276 76,280 27.786 266.599 69,276 76.280 27,78() 365.143 9,361 81.791 17,876 391.026 98,544 Supiltsi'l eo$ts'. 12.847 19,120 4&830 12.847 19.120 44,015 2,353 21.3211 12.340 10,797 1,373 Rei)aiis and Inaiiilenonre (ieiicral e¥penscs 'I'rJii8rx)rl and irnyel Deprccialioii SLciiriLy Pri)videnl luiids roi'Ligii e¥Ll1)g¢ (gaiii) I loss Wi'ilL oly ().031 106,729 X.711 2().576 15,325 21,443 9.089 (2.815) 2.353 18.743 2.585 12,340 10.797 11.373 Govei'iiRiice ¢o$is: Siail'costs Audil ai)d accouiilaiicy lees Lcgul fee5 .1 &¥ Expenses {LITI 15,359 11.284 15,359 1,284 27.052 35.779 21.443 138.2()9 2.585 579.893 7?11.746 82() 002 Incliided iviiliii) fieldiv(Irklresearch costs are graiils aii'arded to 11 (2n23 . 33J iiidividuals for spccifi¢ i)¢i'iods. TIIL aJiioLiiili slioivn iviihiii sludentsllips and l¥lloivJliips rL.lat¢d to grnnts aivarded 10 12 12023.. J8) iiidividuals during Ilic >'eai'. Page 18
THE BRITISH INSTITUTE tN EASTERN AFRICA (A Company Limited by Guarantee not having a Share Capital) NOTESTO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 STAFF COSTS 2024 2023 Salaries and allowances National insiirance Pension conlribiition Pi'ovid¢iil t.und foi. local Kenyan staff 364,469 675 377,204 12.511 21.443 412,469 10,797 375941 NLiinber of staff - Group 24 20 Number of staff - UK No employees earned a salary over £60,000 per annum in ihis or the prior year. The Director and Kenyan Director manage the institution on behalf of the couiicil and I'epi'esent key nianagement. Tlie total remuneration iiicluding all salaries, pension contribulions, allowances and othei. costs was £119,193 (2023: £108,539). GOVERNING COUNCIL AND RELATED PARTY TRANSACTIONS The n)enibe13 of tlie Governiiig Council received no iemiinei'aiioii in iespect of ilieir duties. Reimbui'sed expenses totalliiig £2,853 during Ihe year (2023: £3,505) in relation to travel aiid accoiiiiiiodation. Donations for a total of £Nil (2023: £Nil) were reeeived froni menibers ofthe council. The Institiite's research centre and library is located in Naii'obi. managed and staffed tlieie by our subsidiary orgaiiisc1tion BIEA Kenya which is constiliited as a Kenyan Non-Governnieiital Oi'gaiiisation (NGO). DLiring the yeai. the UK transferred 48 1)iillion Kenyan Sliillings (2023: 86 niillion Kenyan Sliillings) to BIEA Kenya to fuiid operations. There were Aio other related party transaction in the period (2023: None). AUDITORS AND ACCOUNTAIYTS, REMUNERATION The iiidependent examiner charged £1 0,-571 (Aiidiloi's 2023.-£J5,000) in respect of tlie audit of whicli £4,788 (2023: £5,937) related to tlie audit of the braiicli in Naii-obi. GROUP FINANCIAL STATEMENTS The finaiicial statements consolidate tlie results of the Institute and its subsidiai'y BIEA Kenya. A sepai'ate Stateiiient of Financial Activities and Staten)ent of Cash Flows is ftiot pi'esented for tlie UK cliai'itable coiiipany because tlie cliarity lias taken advantage of the exemption in S408 of tlie Companies Acl 2006. The cliaritable cotnpany's net nioven)ent in funds for die year amouiited to a £289,382 (2023- £137,157). Page 19
THE BRITISH INSTITUTE IN EAsfERN AFRICA (A Company Liniited by Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 9 TANGIBLE FIXED ASSETS Leaseliold Computer Equii)ment, LAnd and Furnitui'e fjllings Buildings and equipnient Motoi. veliicles Tot81 Group C05t Balalice brought foi'ward Excliange diffei'ence Disposal Additions At end of year 459.523 173,611 (37,535) 633,134 (37,515) 8,123 603,722 459 523 144.199 Accuiiiulated depreclAtlon Balaiice broiighi forward Disposal Excl)ange difference Cl)arge foi. Ilie year At end of pei'iod 152,574 148,570 301,144 (33,878) (33,878) 21,332 288 598 13.953 166,527 122,071 Net book value at end of year 2024 292.997 22,128 315 125 Ntt booli value at end of year 2023 306,949 25,041 331990 Coiiipany Cost Balaiice brought forward Disposal Additions At end ofyear 459,523 7.903 467,425 459,523 7.903 467 425 Accuniulaled depreelatlon Balance bi'oiiglit forward Disposal Cliai'ge foi, the year At eiid of period 152,574 5,590 158,164 578 14,531 172,695 166 5?7 ]Yet book value gt eiid of year 2024 292,997 ,735 294,730 Net book value gt end of year 2023 i06.949 2,313 309,263 Duriiig the year ended 31 March 2000 the Haycock Meniorial Fund adn)inistered by the Iiistitute acquired a 46-year leaseliold interest (expiring on i l July ?046) in tlie property occupied by tlie Institute. Page 20
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Conipany Liniited by Guarantee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 9 TANGIBLE FIXED ASSETS Diii'ing Marcli 201 O tlie property in Nairobi Ivas valued by Kniglii Frank using ilie Investiiieiit nietliod of V<?luation. Tlle iiiai'ket value at the dale of valuatioii was £75 1)Jillion Kei)yan Shil lings which was approxiiiiately £640,000. Tliis valuation is not incorporated iiito iliese accoui)ts. Tlie Institiite holds a library of books in Nairobi wliich are considered to be a herilage asset. No professional valuation of the libraiy has beeli niade and Goveri)iiig Council consider it is not cost effeclive to obthin such a valiiation. As a result, iio value foi. the library has been included in these accounts. The costs boi'iie by tlle Iiislitute iii foi'miiig ilie libi'ary of books iii Nairobi are written otTannually as tliey ai'ise unless il)ei'e al'e material acquisitions. The liistilute Inaintains at its Nairobi base a researcli and reference libi'ary, unparalleled in tlie region, Ivith holdiiigs ot" books, journals, oft. prints, tlieses. and 'gity" litei'alure covering Afi'ican (and especial ly easlern Afi'ican) liistoiy, aicl)aeology, ethnography and related subjects. Tlie Library currently liolds appi'oxiinalely 5,000 books, along witl) coiiiplete or near-complete I'Lttis ot-soine 80 specialist journals totsliiig ovei. 3,860 ii)dividual volumes. Additioiial material includes some 6,500 0ft".prints, c. 75 unpublislied dissei'Éalions/theses and ali extensive collection of maps of tlie region. Tlie library is open to all i)iembers wisliing to use it. All assets are used in the direct charilable aclivities of tl)e conipany. 10 INVESTMENTS 2024 2024 2023 Group ¢oinpany Cost 340,285 Vgluation 441,636 Valuation 456,921 Balance brouglit forward Additions Dividend income received Unrealised gainsl(losses) Balance al 31 Marcli 2024 - listed investments 14,648 30.097 486,381 12,050 27,335 441,636 340,285 Coiisisting of: Listed investments Investmeiit casli 486,381 441,636 486,383 441,638 2024 2022 Details of matei'ial investments held at the end of the financial year are as follows: Sai'asin Class A Income 486,381 441,636 The Investments beloiig to the designated Haycock Memorial Fund. All iiivestments fall within the narrow rdnge investments as defined by tl)e Trustees Investmeiit Act 1961 and are held in accordance with the powers of the Trustees of the company. Page 21
THE BRITISH INSTITUTE tN EASTERN AFRICA (A Conipany Limited by Guarantee not liaving 8 Share Capital) NOTES TOTHE ACCOUNTS YEAR ENDED 31 MARC.H 2024 I I DEBTORS Croup 2024 Compony 2024 Group 2023 Compglly 20223 Gj'oup Piepayiiieiils & sundry debtors 59,543 16,399 63.443 16,383 12 CREDITORS Group 2024 Conipydny 2024 Group 2023 Compaiiy 2023 Croup Oiher creditors and accruals 290,579 18,392 236,617 46,122 13 PROVISIONS FOR LIABILITIES Group 2024 Conipany 2024 Gi'oup 2023 Conipany 2023 Provideiit Fund Balai)ce brouglit forward Ti'ansfei's Moveii)ent for the year Balaii¢e at 31 Mai'cli 2024 57,118 94,034 36,916 57,118 531 Provlslon foi. USS Deficit Balaiice brouglit forwai'd Moveiiiei)I foi. tlie year Balaiice at 31 March 2024 64,038 64,038 64.038 64,038 66,234 2,196 64,038 66,?34 2,196 64,038 Total provlslons carried forward 531 1?1 156 64,038 Page 22
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Liniited by Guarajitee not having a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 14 PENSION COMMITMENTS Provident Fuiid The provident fund lias been sel up to provide a fund for Kenyan local eniployees to be paid on Ilieii. I'etirenient a suiii based on tlieii. reiiiuiieration and lenh of service. Ali aniouiit is cliai'ged l (credited) to tlie SOFA ani)ually to ensure tl)e t'und is sufficieni for the einployees eniployed at tlie yeai'_end. Ullivei'sities Superaiinuatioii Scheme The total cost cliarged to tlie profit aiid loss account is sliowii iii note 13. Deticit I'ecovery coiitribiitioiis due within one year for the inslilutioj) are £2,386 (2023: £2,196). Tlie latest c1vailable conipleted actiiarial valuatioii of tlie Retireiiieiit Incoiiie Builder is at 3 Mairli 2020 (tlie valiiation date), wliicli was carried out usiiig tlie pi'ojecled uiiit ii)etliod. Siiice tlie institution cai)not identi fy its sliare of USS Retireiiient Iiicoiiie Bui Idei. (detii)ed benetit) assets and liabilities, tl)e followiiig disclosiires refleci iliose relevant for tl)ose assets aiid liabil ities as a whole. Tlie 2020 valuatioii ivas the sixtli valiialioii for the sclieiiie ui)der the sclieiiie-specific fiiiiding I'egiiiie inti'odLiced by tlie PeiisioIis Act ?004, wliicli reqiiii'es sclieiiies to adopt a statlltory fLlI)ding objective, wliicli is to liave sufficieiit aiid appropriate assets to cover tlieii. teclii)ical pi'ovisioi)s, At the valLiation date. Ihe valiie of the assels of ilie s¢l)eiiie was £66.5 bil lioii aiid the valiie ot" tlie sclieiiie's teclinic1c I pi'ovisioiis ivas £80.6 billioii indicatii)g a sliortfall of £14.1 bil lion and a fundiiig ratio of 83 %. The key financial assuiiiptions iised in the 2020 valiiation are described below. More delail is set oiit iii tlie Stateii)ent of Fundiiig Principles. CPI assiimptTon Term dependent i?tes in line witli tlie difference between tlie Fixed Interest and Index Liiiked yield curves less: l. l 0/0 pa lo 2030, I-educing lineai'ly by O. l % to a long tei'Iii diffei'eiice of O. l % froni 2040. Pensioii increases (subject to a floor of OO/o)- CPI assumption plus 0.05 % Discoiint rate (for¥vard i?tes) Fixed interest gilt yield curve plus: Pre-t'etireiiieiil .' 2.750/0 pa Post i'etirement: 1.00 % pa The iiiain demograpl)ic assumption used relates to the iiiortality assumptions. These assuiiiptions are based oli analysis of die scheme's experience carried out as part of tlie 2020 actuarial valuation. The mortality assumptions used in tliese figures are as follows: Page 23
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Company Limited by Guarantee llot having a Share Capital) NOTES TO THE ACCOUNTS YEAR ENDED 31 MARCH 2024 14 PENSION COMMJTMENTS (Colltinued) 2020 valuation Mortality b£1se table 101 /0 of S2PMA 'liglil" for males and 950/0 of S3PFA foi- feiiiales Futui'e iiiipi'oveiijents to n)ortality CMI 2019 witli a smoothing paranieter of 7.5, ali initial addition of 0.5 /opa and a long term iniprovenient rale of1.80/0 pa foi. Inales aiid 1.60/0 for females The CLirrent life expectai)cies on retirement at age 65 are: 2024 2023 Males currently <iged 65 (years) Feniales curreiitly aged 65 (years) Males currently c1ged 45 (years) Feniales cui'reiitly aged 45 (years) 23.9 25.5 25.9 27.3 23.9 25.5 25.9 27.3 A iiew deficit Ircovery plan was put in place as part ot" the 2020 valuation. Ivhich requires payineiit of 6.2 % of salaries over tlie period l April 2022 uiitil 31 Marcli 2024 al which point ilie rate will inci'ease to 6.3 %. The 2022 deticit recovery liability reflects tliis plan. The liabil ity figures have been produced using the following assuiiiplions: 2024 2023 Discount Rate Pensioiiable salary growth 3.000/0 3.000/0 Page 24
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Compaiiy Limited by Guarantee not haviijg a Share Capital) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Is UNREI STRICTED DESIGNATED FUNDS Haycock Memori21 Fund Tlie Haycock Memorial Fund is lo be used for il)e general purposes of tlie Institute. Tlie wislies of tlie Haycocks were tliat it sliould be used iii tlie advanceiiieiit of slud les (iiicluding ii) pai'ticular liii&Jiiistic studies) of tlie Aiicieiil Meroitic State ofNubia as far as posslble, altliougli no specific Ii'usl was created in tliis respect. Haycock Memoi'ial Funds 2024 Total 2023 Total Iiicomiiig resources li)vestiiieiit incoiiie 14,648 14,648 12,050 Resources expeiided Geiieral expense Depreciation 2,585 2,585 2,585 2,585 2,585 2,585 Traiisfer Net iiicoiiiingl(outgoiiig) iOUle£S befoiE traiisfers 12,063 12,063 9,465 Net incoiiiiiig/(outgoiiig) resourees before transfers 12,063 12,063 9,465 Gains/losses 01) iiivestnienls 30,097 30,097 (27,335) Net niovement in year 42,160 42,160 17,870 Balance brought foiivard 684 144 684,144 702013 Fuiid balance as #t 31 Marcli 2024 726,304 726,304 684,144 Represeiited by: T)gible fixed assets Fixed asset investments Ciii'rent assets 55,745 486,381 184,178 726,304 55,745 486,381 184,178 726,304 58,330 441,636 184,178 684,144 Page 25
THE BRITISH INSTITUTE IN EASTERN AFRICA (A Conii)aJiy Limited by Cui'antee nol having A Shal'e Cai)ital) CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTILS INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR TIIE I"EAR LNIJLD 31 M.4RCH 2024 16 RESTRICTED FUNDS Gree H¢ritAge Projeet Grgn¢ IYlrobl Acxdenby Report Grant Grant Aurelius Trust Ciynt Allph PJ'oj¢et TolAI BalRuc¢ at A Ai)1'112022 2,776 9,947 12,723 Incoining resnui'ces (il'an15 and donalions 639.307 639,307 Resources expended (597,840) (597,840) Traii¥f¢r betiveeii lunds {25,837) 125,837) Fuiid bAlance 05 at JI M*rch 2023 9.947 211,354 Incomiiig re50urc¢s Grants and doiiations 657,631 657,631 Resources expended {608,341) (608.3411 Trnnsfei. beliveen funds Fuiid bAIRnce as at 31 Mareh 2024 77 ()43 The value of these fuilds is held within ¢urreni assels. Page 26
THE BRrrisH INSTITUTE IN EASTER]Y AFRICA (A Company Liniited by Guarantee not having a Share Capit91) NOTES TO THE ACCOUNTS YEAR ENDED JI MARCH 2024 17 TRANSFERS BETWEEN FUNDS Diiring Ilie year, no ti?nsfers were made to the General Fund froni the Haycock Meinorial Fund (2023.. lnil). Dui'ii)g die year £Nil (2023: £25,837) was tralferred to tli¢ General Fund froni tl)e British AcadeIiiy Grants foi. amounls spent on fJx¢d assets. 18 CONTROLLING PARTY There is no coiitrolling party in this or the prior year. 19 FINANCIAL INSTRUMENTS 2024 2023 Finanei&l Assets At tail. value tlirough profit or loss 486.381 441.636 Financial assets at fair value tlirough pi'ofit or loss ¢oinprise listed investmeiits 20 LEASE COMMITMENTS There are no lease cominitnienls in the current or comparalive year for the barncli or Ilie coiiipaiiy. Page 27
THE BRITISH INSTITUTE tN EASTERN AFRICA (A Company Limlted by Guarantee not having a Sh4re CapStAI) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR'fHE I'F..4R ENDED 3] MAIICH 2024 21 COMPARATIVE SOFA & NOTES TotRI Fiinds 2023 Unreslric¢ed Funds DeslgnAted Funds Resli'icted Funds Incon)¢ and tndoivment funds fron): Doiiatioiis uiid legacies: Gi'aiils Subscriplions Cliarilable activities: Piil)licalioiis Gliesl house iiicome Seiniiiar rooiii liire oil)ei' Iradiiig activities: Reiil Velii¢le iiicome Ii)vesln)eiil incoiiie.. Iiiteresl oil bank Iiivesli)ieiil iiiconie Ollier iiicoiiie: Miscellai)eotl8 Gaiii on disposal TotAI 48,706 9,303 639.307 688,013 9,303 29.228 29,228 4,653 4,653 65.063 10.181 65.063 10,181 3b 199 12,052 12,052 10,467 10,467 207,289 12,052 639,307 858,649 Kxpendltllre on: Raisiiig tiiids ClIMril8ble activities Cliarilllble aclivilies exc¢plional Total 4,586 247,949 19.371 578,468 23,957 829,002 2.585 252,535 2,585 597.840 852 960 Unrealised gains ort irtvestiiients 10 (27.335) (27,335) Net liieomel(expendlture) {45,246) (17.868) 41,468 (21,646) Traiisfer between fuiids 25,837 (25,837) Total movemeiit lii funds 19.409 15,631 21,646 Total funds brouglit forward (1.135) 702,013 12,723 713,601 Totxl funds cari'ied forwai'd 20.544) 684,145 28,354 691,955 Page 28
THE BRITISH INSTITUTE IN EASTERN AFRICA {A Conipally Limited by Guarantee iiot having a Share Capital) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES CLUDING INCOME AND EXPEINDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 21 COMPARATIVE SOFA & NOTES (continued) Unrestricted Unreslricted Geiieral Desigiiated Funds Funds Restricted Fuiids 2023 Total Cost of i'#ising funds: Piiblication costs Website upgrade 4,586 17,400 1,971 19,371 21,986 1.971 23.957 4,586 Chai'itable actlvliies: Dlrect costs: Coiifei'ence atid workshop Fieldwork aiid reseai'ch costs Stiideiitsliip & t'elloivsliip graiils Salai'ies aiid allowances Alipli pi'ojcct expeiises Greeii Hei'itage pi'oject expeiises Excepiioiial iteiii 9,361 81,791 17.876 304,082 9.361 81,791 17,876 391,026 86,944 Support costs: Rent aiid uti lities Repaii's aiid Inaintenaiice Genei'al e,Ypeiises Ti'aiisport and travel Depi'ecialion Seciii'ity Provident fiinds Foi'eign excliaiige (gain) I loss 11,615 5,609 38,848 11,615 6,031 166,729 8,711 26,576 15,325 21,443 9,689 422 127,881 8,711 23,991 2,585 15,325 21,443 9,689 Goverllallce costs: Stat7. costs Aiidit aiid accoiintancy fees Legal fees 27,052 35,779 578,468 27,052 35,779 829.002 247,949 2,585 Page 29