THE ROYAL AFRICAN SOCIETY Royal Charter No. RCIMM)440 Charity No. l(kn2764 Report and fiDancial statements For the year ended 31 De¢ember 2020 THE ROYAL AFIUCAN SOCIETY Charity Number: I1￿2764 Roval Ch#rter l¥umbtr. RC(K10440 CONTENTS Page Trustees, annual report 2-13 Independent Auditors, report 14-16 Sialetnent of financial activities 17 Balance sheet 18 Statement of e4sb Ilows 19 Notes to the fillanci41 statements 20-31 THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 ROYAI Chvdrter Number: RCIIIMM40 TRUSTEES, ANNUAL REPORT Th¢ truslces pres¢ni ih¢ir rcport and financial statements for the )'ear ended 31 De¢ember 2020. The tnjsiees ronfirni ihat the financial staiements have been prepared in accordance with the accounting policies s out in Not¢ I to the financial statements (pages ?0 - ??) and compl). with the Society s Roval Charter and Bye La￿5. the Charities Aci ?01 l and ihe Charities SORP (FRS 1021= Siaiement of Recommended Practice Accounting and Reporting by Charities= Statement of Recommended Practice applicable lo charilies preparing their accounts in accordance with the Financial Rew)rting Stsndard applicabl¢ in the UK and R¢public of Ireland {FRS 1021 (effective l Januar). ?019)- OWECTIVES AND ACTIVITIES Purposes and aims The principal objectives of the Royal African Society. as quoted in its Royal Charter: are 'to promote within the Ilnited Kingdom of Great Britain and Northern Ireland. as ￿¢11 as other countries, the spread and increase of knowledge of the peoples and countries of Africa- to foster ond strengthen the relationships existing between our said United Kingdom and the various countries and peoples of Africa= and to encourage thc growth of interest in Africa among the people of our said United Kingdom and among the people of other countries When reviewing the So¢iety' s aims and objectives and in planning future activities. the trnste¢s confimi thai they have referred to the guidance contained in the Charity Commission s g¢n¢ral guidance on th¢ public benefit requirement (PB I ). and the duties set out in Section 17{5) of the Chariiies Act ?01 l. including the guidan¢¢ "Public Benetit.. Running a Charity {PB?). The publi¢ benefit creatrd b). the charity's activities, many. of which. includiiig access to the Society. s websites and attendance ai eertain events and meetings, are available free of charge to members of the public. arises from the following.. l. the spread and increase of knowledge and understanding of the peoples and countries of Africa in the UK; 2. the fostering of mulually kneficial relationships lknveen people in Afrkca. the UK and the wider world. In 2020, the Society was guided b). its 2019-2021 strntegic plan and the accompanying four objectives or pillars. as listed below.. l. CoNnecl.' to connect the w'idest possible netm'ork of Afri¢ans. Afri¢anists and public in the UK, bringing people together io meei. nets4ork, learn and exchange ideas about Africa today. 2. Learn." to expand the knowledge and under5tAnding of Contem￿rary Africa in the UK at all levels. 3. Debale.. to promote public debate on African affairs and topical issues, amplifying African voices in the spheres of academia, business. wlitics. arts and education. 4. Celebrate.. to celebrdte and mainstream African aTts and culture in the IJK by showcasing the best cunlcmporary African literalure and cinema to i'oung and diN'erse British audienccs. Though each of the Society s programmes or actii'ities were allocated under one of the above strategic objectives. most of the Society's programmes are designed to meet two or more of them. Progress on the slral¢gi¢ plan was reviewed monthly at stsff meetin8s and quarterly at meetings of the Coun¢il and Ihe Executive ComJnittce. In March 2020. management condudcd a 'Covid-19 Financial Impact Review, in response to th¢ pandemic, which proved the Society. could continue its operations for the rest of the )'ear withoul compromising its minimutn rcscrves policy nor needing to la)'-off an). staff. THE ROYAL AFIUCAN SOCIETY Ch•rih' Number: 11162764 Royal Charter Number: RCI)00440 TRUSTEES, ANNUAL REPORT .....eontinued Main aetivities undertakeD to achieve the ch*ritv'$ gims And objeetives The Society, s charitable activities are grou[￿ under each of the main four s￿alegi¢ pillars. as follo￿S- CONNECT: as a membership organisation. the Society. delivers a wide-raging ei.'ents prograTnTne aimed at our corpordte. individual and student members. Ihe African diasp)rn and the wider Briiish public. Our public events programme is our core offering to our members and the means b). ￿.hich we engage new audiences. The Society. also I￿OrkS in partnership with other organisaiions lo delii'er joint events. as it is our policv to w'ork collaboratiwel). lo facilitate the achIe￿¢ment of cowntnon objectives. Furthermore. the Soci¢ty promot¢s and supwrts ¢v¢nts and conf¢rcnc¢s d¢liv¢red by other similar organisalions. LEARN: Thc Socicty's flagship journal. African Affairs. published quarterli, by Oxford Universilj Press. is the toprated acadeTnic journal for African Studies. disseminating the latesi research in academic institutions around the w'orld. Our Education & Outreaeh Programme fosters a better understanding of Africa through CEtltural education in UK sch(M)Is. engaging ehildren. }"oung people. teachers and fainilies through Africa Wriles.. Youiig Voices and Film Afrieu.- Young Audiences and other projects and aclivities. Through our sister orgattisation. African Studies Asswiation of the UK (ASAUK}. li itl) li lii)ni lie l)Iild -joint ¥ncinbership. ile manage a neti%i)rk of .41rican Siudtes C¢iitrcs in ilic UK. sliarinil jlltomation atrK)IIt paAiietsliips li iih AfriLdn uniier%ÉtlL'S and lobbi ine to sustain AfriLan stiidi¢s in th¢ LIK. DEBATE.. th¢ S(*i¢tY di55cminatcs insight and instigates publi¢ debaic ihrough its news and analjsis ebsite. Africun Argt4nTen15, and its adN"ocac!' and p)licJ' work, which 15 primaril￿. conducted for and on behalf of the All-Partv Parliamentary. Group for Africa in the form of inquiry reports and polic!. bricfings, togcther with round_table discussions and meeting5. parliamentary questions. motions and other relei'ant debates. CELEBIi4TE: The Society'5 tK)pular biennial culturnl fcstivals. Africu Wriles and Filni Africu. continue to celebrate ihe best African cinema and literature. attrn¢ling young and dive￿ audiences in the thousands. The SocieN' is grateful for th¢ effort of its volunteers who are involved in the events, festivals and other actii'ities. and also thankfully recognis¢s the expcrience and expertise il gains from the interns who volunteer their timc in assistin8 liiih the da)'_to-da!' running of its charitable acti￿1(1¢$. It is estimated that 98 iolunleer hours wcr provided during the year. If il is conservatively valued at £8.91 per hour, the volunteer effort amounts to £873.18. ACHIEvEmE￿rS AND PERFORNIANCE I. CONNEcr Membership of the RoJ"al A￿Can Society is open to all and includes individua15. Students. friends and corporaie subscriptions. In ?O•O. inLoine from indii idual Tn¢Enbership subscriplioiis amoiii)Icd to £18.¥.)7 and income trom corw)rat¢ subscripiions li a5 £J5.600- dccrease of ?IO/D for indii.'idiial memhersliip and l ?0 f(br corporate memb¢rship in comparison lo ?019 fi?urcs l£?4.li.3 aiid £40.CI113 respe¢liNL.l% ). Our individual memb¢tship totalled 390 members. consisiing of ?93 individuals (including 8 'Fri¢nds of the S(Kietv"1. 31 studen1& 9 ASAUK Ass(Kiales, 39 Honorary. Life Members and one l.ifetiTne Member - a new membership offer intr(Kluced in 2019. In 2020, the Society. had a total of 24 corporate members. including 8 small corporntes - a legacy corwTrrat¢ memkrship tier for stnall io medium sized businesses. NGOS and social enterprises. In 2020. the s(￿1¢￿. welcomed a lotal of 8.212 allendees across 99 online and physical eN'ents (including corporaie and festival events. or those organised b}, the APPG for Africa and other programmesl. The Socier>' hosted 62? in-person attendees before the onset of the pandeTnic in March. and a furth¢r 7..590 online and ph}'sical attendees during the rest of the N'¢ar. KeN' eN'ents included our flagship annual panel. 'Africa in ?O?O.. Art & Activism delii'cred in partnership w'ith ihe British Council and 'African Solutions. Global Challenges: The Role of the Diaswrn in partnership M'ith th¢ IE Africa C¢ntcr in Madrid. As M'e pivoted to online. our public events featured an increasing numb¢r of s￿¢rS and audienc¢s from African THE ROTr'AL AFRICAN SOCIETY Charih. Number: 1062761 Royal Charter Number: RCI)(M)440 TRUSTEES. ANNUAL REPORT .....coDtinued Countries. All our publi¢ events were livestreamed. and audio and video recordings were made available via our Mixcloud and Fa¢etNy)k channels. In Decemb¢r ?020. Johnnie Carson. one of the US""s most distinguished diplomats, delivered the Society's and ils first online - Annual L*cture. Ep71iiled -"Africa and ihe Ug.. past, present aNdfviure the lecture provided a histori¢al perspective on relations b￿￿..een the US and African countries. as well as looking ahead to the future. The lecture was follo￿¢d by an interdctive audience Q&A moderated by the Society s Chair Zeinab Badawi. In 2020. the So¢i¢ty's partner organisation, th¢ Afriean Studies Asso¢ia¢ion of the UK (ASAUK) - the national academic asso¢iaiion Ambassador facilitating scholarly links IKtween Afric& and the UK - held its AGM and biennial awards cer¢mon)' as virtual events. which resulted in higher attendan¢¢ numbers. including academics from all oTr'cr the ￿"or1d. The dislinguishcd Africanist Award went to Etncritus Professor Alfred Babatunde Zack Williams and io publishcr Bibi Bakare-Yusuf- the 20?0 Fage and Oliver Pri7.e winncr was The ,Vun Who Rilled Aptsrilieid.- The Life of Dimilri Tsafeiida.¥ Harris Dousemetzis: and the Audrev Richards Best Thesis Prize ii'eni io Jacinta Muinde for her dissertation 'An Fcoiiomv of IDis)Affeclion.' Women-Headed Ho&sehold.s. Cush Transfer5 and Malrilineal RL,luiions in Keiiva's Souih L oasl" While the proposed ￿'rIting w.orkshops scheduled to take place ov¢r the SUTllTner ￿ere cancelled due to the pandeTlliC, some panel and workshop organisers w'¢r¢ abl¢ to crcatc alieniative online writin and reading groups. and at least 3 of these n¢ti¥orks led 10 S￿¢1&1 issues of journals. In 2020 ihe Society's Busin￿% Progrnmme continued to deliver high_level events as part of our corporate membership offer. proN'iding a platforni for in-depth and solutions-oriented debate with key decision- makers. experts and thought leaders from the W'orlds of business. go￿.emMenL Civil society, and academia. We launched the j'ear with an exclusii'e business briefing with Presid¢nl HE Alassane Ouattara of Cote d'li'oire. linking to the UK-Afri¢a Inv¢stm¢ni SuTllmit. FroJn March. we turned our focus to the impact of COVID-19 on African ¢conomies, including sessions with Namibia's Minister of Finance. Ipumbu Shiimi, and Malawi s Healih Minister. Khumbize Kandodo Chiponda. Our corporatc mcmbers also attended litical briefings on key elections in Tanzania. Cote d'lvoire. Malawi. Ghana and Niger. Through its various websites, neTrsletters and ￿￿1#1 media ch*llneb. the Society. continued to disseminate kno￿ledge and insighi and eipand its online reach. Despiie its man>. challenges. the pandeinic presented an opportunity for the Societj. io welcome ne￿ audiences from across the UK and the world. In 20?0. digital reach quadrupled e reached 5.4 million people globall).. Man). of these were visitors to African Arguments. ￿.hICh published hIgh￿Uallts. and timel) Coverage on th¢ dei.elopmeni of COVID-19 in Africa. The Society. s s(Kial media folloM."ing ￿rOsS Twitter. FaCeb￿k ond Instagram in¢r¢as¢d io 18•.2K (up from 158.9K in 2019). 2. LEARN African Aflairs maintained ils position as th¢ M'orld's top-ranked African Studies journal. Its lat¢st Impact Factor (?019) is 2.145 and the journal is currentl)" rank¢d 50 out of 181 Political Science journals Ivorldwide. Under the editorship of academics Peace Medie. Ricardo Soar¢s de Oli￿el￿a and Ambreena Manji, in 2020 thc journal ¢ontinued to publish cuttin¥-edge reseor¢h on man). of the important 15SUCS affecting Africa i(NJa). Blessing-miles Tendi s article 'The niolii'atii)ii.s uiid dw'nuniics of ZinibabK'e S 2017 iliian coiip. {?O?O Vol. 119, Issue 474) ￿"aS the most cited article in the year: and Tefera Negash Gebregziabher s article "Ideologv and power in TPLF s Eihiopiu.- A hi.sioric reversal the niuking., ?019, Vol. 118, Issue 472) had the MO￿ full-text N'iews onlitke in 2020. The article with the tnost citations in •O?O was 'Africa in ihe Ii'orld.. A hi.slc)n of exirffl'er5ion b>. Ba)'art JF ( I W8. Vol. 99 Issue 395)- The journal awarded two prizes in 2020 - the African Auihor Prize. awarded to Ngala Chotne for his article 'Fri)ni Jslaniic Reform 10 .Iluslipn Acln'isin.. TIFe E￿01￿110￿ of an Isl(Jniisi Ideologp in Kep7ya , and the .Sttphen Ellis Prize awarded to Fred N)'ongesa Ikanda for his article '.goiiiuli refvgees iii Kenva and.gocial RL'.siliL'nce.' Re5e¢ilemrTht I￿1￿gInIng5 and ih¢. Loiigingfor .tlinnesola Both articles are noiv open access_ The Co-Editors expanded the Countr%. and Thematic Reading Lists. which ￿ere introdu¢¢d in ?019 to assisi r¢aders in navigaling the breadth of research published in the journal, as well as to cover lopics that THE ROYAL AFRICAN SOCIETY Chants Number: 1062764 Roval Charter Number: RC(K10440 TRUSTEES. ANNUAL REPORT .....continued infonn d¢bat¢ and advance scholarship on contemw)rary Africa. The 13 Country R¢8ding Lists now include the tkmocratic Republic of Congo. South Sudan and RH'anda. The I l Thematic lists include.. Health. Education, Neopatrimonialism and Political Scttlcmcnts. Rcligion and Politics. It7 20?0. the s￿Iety's Education & Outreaeh Prngramme continued lo thrive and grow. fostering a better understanding of Africa in children. young r*ople. their teachers and families. After securing funding from ihe Paul Hamll'n Foundaiion and the Miles Morland Foundation we recruited an Education PrograFnme Manager in September 20?0 io oversee a new Poeiry in PrimatTr Classroom proj¢ci. Deliv¢red in partncrship w'iih thc Ccntr¢ for Lil¢rae%' and Primary. Edueation {CLPE}. this new projed running oNer the course of ?0? I will support Year 4 and 5 teachers to work ￿1th African and diaspora poett!. in the primary classr(K)m, equipping ihem w.ith the tools io diversify their cU￿1cula and embed artistic practice in Iheir teaching. In 2020 we worked closelv with the lead trainers at CLPE to plan and design the training and teaching resources. 3. DEBATE Ill 2020 African Arguments. the S￿Iety's pan-African p12tfomi for new5 analysi& comment and opinion. received 5.12 million page views and 3 million unique visitors. This Thas an increase of 21 00/0 and 1850/0 respectivel￿ on the previous l'ear. Readership in Africa accounied for 580/0 of the ￿ebsite s global audience. followed ihe Americas on I￿/tr and Europe on 140/0. The huge incwse in readership was largelv due io African Arguments extensive coverdge of the COVID-19 pandemic. We published around 70 timel). articles authored bN' leading experts and journalists on the impact of the Coronavirus. lliese covered a wide rdnge of angles from epidetniolo8ical analysis. to the political repercussions of Ilie pandemic, to the effe¢ts of lockdo￿￿5 on mental health. the econom￿. and cultural sectors. We also launched the first track¢r of COVID-19 ca5¢5 in Afric& which featured dailN' updates and an intera¢ll￿e map. While r¢sponding lo the pandemic. Africffli Argunieiiis mainthined its coverdge of elections, protest& social issucs. culturdl developmenis and more. publishing upwards of 200 articles overall. In October. ￿¢ launched a Sp￿la[ series on ihe #EndSARS protests in Nigeri& publishing a series of13 in-depth articles on the movement ai A time w.hcn domestic coverage il'as resiricted and international coverage ￿.&5 litnited. In March ?020. African Arguments launched a 'Debating Ideas sub-section. Run independentlv of tlie ain site b) the Internaiional African Ittstitute (IAI) and supported b}, the World Pea¢e Foundation (WPFI. this new sub-section offers debates and engagements flowing from the African Arguments book series. It published nearly l 00 articles in . ?O?O and accounted for 40/y of African Argumenls overall readership. The All Partv P•rliamentar* Group (APPG) for Afrie8. w'hich the socie￿ administers. deTnonstrated its polic! itnpact in ?O?O. coniribuling to changes in UK Golernment polic)". Follow"iiig its rew)rt 01) "Visa Probletn8 for African Visitors io th¢ UK. (2019). UKVI implemented some of the recommendations. such as cutting ¢ontact fees. increasing as'ailabilits, of digital applications. and changiiig guidelines for l'isa otTicers and applicants. In January ?O!O. thc APPG for Africa published a -mental Healtli in Africa poliLy briefing. w.hich rccommend¢d that DFID implemeni a ThcoTr of Change for mental healih, and a plan ￿"8S then publishcd in August by ihe ncwlv fomied FCt)O. The APPG held a landmark ¢￿en( in January. 20?0 looking at the future of UK-Afri¢a trade. in partnership with Oxford Br(K)kes Universitv. attended b), parliamentarians and over 170 e.Kiernal guesis. In December 2020, a polic), rep)rt drawing on the findings of the sytnposium was subtnitted to ihe UK Government for a reswnse. As with other progra]nmes. the move io virtual APPG for Africa meetings allowed parlIa￿entarianS to cngage with a ￿'ider diversity. of voices. 2020 highlights include meetings with the WHO Special Envo)'s for COVID-19. with mala￿.1 s Health Minister. on fod insecurity. in East Africa conflict in the Sahel. the violence in Tigray. on ihe #EndSARs movement. and a webinar iniroducing human rights legislation for UK supply chains. Closer to Westminster. the group hosted the Minister for Afric& the Independent Commissioners for Aid Impact and public ￿"eb]nar ¢xploring th¢ disproportionaie impact of Covid-19 on UK BAMI communities. tlie findings of whi¢h infornied the APPG for Afrt￿ s submission to the Wotnen and Equalities Coinmittee on the samc topic. THE ROYAL AFRICAN SOCIETY Charitv Nutnber: 1062764 Royal Cbarter l%umber: RCOI)(H40 TRUSTEES, ANNUAL REPORT .....eoDtinued 4. CELEBRATE Following the strategic decision to move to a ne￿, biennial timeline for its two cultural festivals in 2019. the Society. held the ninth and first biennial edition of Film Afrio which took place from Friday 30 Octi)ber to Sunday 8 November ?O?O. showcasing 45 titles from 14 different African countries. including 26 premieres, and attracting 4,146 attendees. Film Africa 2020 consisied of a h￿.brid programme of socially distanced screenings at the Rich Mix and Bri Southbank and an online offering of ¢ighi fiction and d(xum¢nthry features. which were ai'ailable on the BFI PlaN'er throughout the 10 da)'s of the festival a rnn i1.hich was extended until the end of Novcmber for 6 tiiles. This new online access enabled audiences across the UK to enjoy Film Africa for the first time and the festival"s online events were free and open to people around the world, reaching over 36.000 views up to thc cnd of November. Film Africa ?020 hosted a totsl of 30 filmmakers and guest contribulors who broughi the progrdmme to life: and as part of our ongoing commitment to make the festival more aecessible. our opening and closing galas featured BSL interpreted Dir¢¢ior Q&As. To mark Bla¢k Flistor) Month in October 2020. Film Africa joined forces with the ￿$t of the UK-based African film re￿]Val5. collectively knO￿n as 'Tano ("five in Sw"ahili). to hosl "'WE ARE TANO" a free curated season of l O of the best ¢ont¢mporapJ' African features from the previous decade. which attra¢t¢d 1,142 online attendees. Film Africa continucd to rttognise and support African filmmakiiig talcnt through ils Iwo festival awards. The jut?'_selecied Baobab AMard for Best Short Film (longlisied itt partnership with National Film and Television School) ￿ent to HENET WARD by Egyptian debut filmmaker Morad Mostafa: and thc Audience Aw'ard for Besi Narratii'e Feaiurc wcnt to FOR MARIA EBUN PATAKI, an emotivc debut feature from Nigerian wriier4lir¢cior Damilola Orimogunje. In 2020. Africa Wriles had its first fallom )'ear. w.hich the festival team spent researching and developing partnerships across different parts of the UK. ￿hlIst offering an online eN'ents progrdmme in respons¢ to COVID-19 to share new Mriting and ideas w.ith the festival community. With the supwrt of Arts Coun¢il England. the research and deielopment work la). the foundation for future festival programming. building links in Sm'indon. Leeds 8nd Bim)ingham. As part of ihe ?O?O online events offer, the festival hosted the rinalists for ihe ?O?O AKO Caine Prize for African Writin& Paul Mendez and Yomi S(Ml¢ in conversation. family stojyelling in Somali and G& and a S￿'m￿>siUM on writing Yoruba with the British l.ibrary. These free online e￿entS ￿'ere attended by. manN" new audiences from across the IJK. Europe. Africa and the Caribbean. In partnership with Arvon. we also held a ￿ritIng workshop masterclass facilithted by Minna Salami. and based on her debui book .$8n.¥uolls KiioHledge_- A Bl(Jck F8niEllI.Tl Approach Jor Everyone. Black British wriiers were encouraged io attend and concessions ￿.'¢re provided as pan of our effons to improve access. We also supported the Africa Wriies Exeter Bookclub series, ￿,hICh offered writing workshops for ThTiters based in Nairobi and Devon and public book talks. FINANCIAL REVIEW Review of the Year In a N'ear doTninatcd b). the consequences of the Coi'id-19 pandemic. charitable acti￿7¢1¢$. as anticipated. were much reduced in comparison with lh¢ nyo previous financial years. Totsl incowne at £520.458 was 260/0 lower than in 2019 {£70? 601) and total ¢i￿ndIt￿re reduced b). 140/0 to £563.95? (2019.. £653.228). The resultant net expendiiure was partl). mitigatcd b)" an unrealis¢d gain from the revaluation of investments. leaving the S(Kiety's total funds on 31 December 20?0 £?7.337 lower than at the beginning of the N"ear. The total funds of £428,373 ?019.. £455,710) include £37.439 restrioied funds receii'ed to fund ihe completion of ?O?O programme5 in ?021- the balance of £390.934 is unresiricied. A further £85.09* of restricted funding ￿8S received during 20?0 in ad￿ance of activities planned for ?0? l. At 31 Decemixr ?O?O this income has been deferred and will be included in the Statement of Financial A¢ti%'ities when the actii'ities cotllTnence. Investment policy and objectives Th¢ Trustees have the w)wer to invest in such assets as they see fit. The charity's investm¢nl rK)licies are.. THE ROYAL AFRICAN SOCIETY Charitt. Yutnber: 1062764 Royal Charter Number: RCOI)0440 TRUSTEES. ANNUAL REPORT .....¢ontinued lo seek investmetit fibnds where the managers provide ethtcal and socially responsible investments to charities: to ensure that funds are not put at undue risk ilihil¢. as far a5 is pfd¢tical. maintaining and enhancing thcir value. At a value of £278:165. inveslments represent 71Q/r• of the charity"s unrestricted generdl funds and the portfolio is reviewed annually. Reserves policy The Trustees have established a poli¢v to maintain a minimum 0￿ratiOnal reserwe of £210,000. which they ¢onsid¢r ad¢quai¢ to m¢¢i the charity. s financial obligations in a six month future period. The operdtional reserve is defined as unrestricted funds excluding fixed assets, but including investments which. although intend¢d to bc held for the longer terni. could be reali%d in a peri￿￿ less than six monihs. At J I December ?O*O the available operational reseTh'e is £390.934. Going eoncern The Trust¢¢s ar¢ of the opinioll that the assets and reserves of th¢ Society.. in thc light of its committed in¢om¢. expenditures and cash flows. are adequate to suptrf)rt iis on-going charitable activities and obligations. After the outbreak of the Coronavirus pandemic. and as explained in the ?019 Trustees Annual ReporL the Society conducted a 'f OVID-19 Financial Impa¢i Rei'iew" in March 2020 to consider ho￿ robust the charity would be lo ithstand a significant loss of income and reduction of activity, during the pandemic. With relalivel), reliable income streams each year from African Affairs and from the membetship and major donor bases. togeiher I￿1th a surplus, currently £ 180.000. over the minimum operational rcscrve, it con¢lud¢d that the Society remained resilient not onlJ' in 20?0 but also for the two subsequent financial pcri(Kls. The trustees consider ihe impact of the Covid-19 pandemic to be short term rather than affe¢iing the charil)"'s ability. to ¢ontinue as a going concern. Prineipal risks and uncertainties Financial sustxinability - as an organisati(m with no endowment fundin& which is reliant uw)n support from its members. funders, SPK)nsors and donors. none of which is contractuallj. cotnmitted in the long term. the Trustees Strategic rei'iew Conlinues to identifl" medium to long-temi financial 5UStainability as the tnajor risk. There is a risk that some of our major funding partners and progrdmme supporters tnay drop out ai short notice. In addition. the reienue frown the Society, s journal, African Affaiu. is liable to show a secular decline in coming ycars from the Sp￿ad of Open Access rM)licies. Reputational and legal risk - this arises from three potential causes.. criminal activity b￿. a member of staff (theft. fraud, contra&'ention of diversit!.. gender or safeguarding legislation etc): w>litical controi'ersy relating to the $￿Iety"s athivities or publication5: and legal challenge to something the SocietN' has published in one of its outlets. Cvber-attack and IT failure - the Trusiees rccognise thaL likc all organisations with an online presence, the Societ% has to be vigilani in the area of digital securitv and robustness. A signifi¢anl part of the Society s public ¢ngagcmenl takes placc online and our digital infTastructure is vulnerable to cTrbererime and 11- failure. This risk is miligated by th¢ prolections put in place bi. SOAS ￿h0 provide and mainrxin our IT system. Staffin% - the s￿1¢￿. is currenily economi¢ally staffed. The 8 permanent emplovees are supplemented where ne¢¢ssary b). paid consultants and freelancers and unpaid interns. This creaies a degree of overstretcli and leaves a number of gaps ihat hamper the organisation s abilit), to deliiier on some of lis Strategic objectives. There 18 also tlie Possibility that key staff may Icave at short notice. an(Vor ihai ihe Society. is unable lo recruit ne￿ staff of adequate skills with the pa￿ we can offer. In either case. remaining staff M'ould become further burdened with ￿'Ork. and action would be needed to avoid oven¥ork 3ndlor underperfornianc¢ THE ROYAL AFTUCAN SOCIETY Chants. Number: 1062764 Royal Charter Number: RCOIMH40 TRUSTEES. ANNUAL REPORT .....continued Aceommodation - the Society remains dep¢nd¢ni on the good will of SOAS- University of London lo provide very affordablc office space in ihe heart of London. We anticipate this will continue for now, but the university is in a period of flux and therc 15 a chance the situation may changc in the near future Plans & stralegies for maDaging the risk¥ The Trustees have a risk managemeni strntcgy, which comprises: An annual review of the principal risks and uncertainties facing the s￿iety. The creaiion and impletnentation of wlicies and priKedures io mitigate the risks identified in the review. managing and minimising an). ￿tentIal impacl on the So¢iety- In 9020. the Trustees emplo>'ed th¢ following stratrgies for managing the principal risks facing the S￿Iety.. Increasing fundraising capaeit). _ the Society. eontinu¢d io pursue the fundraising straleg!. approved iii ?019. but faced iieiv constraints due to the Covid pandemic. The Fundraising Manager neverthcless continued scoping and securing additional funding from public funding b￿les. trusts and foundations. Further steps are needed to increase individual membership through an enhanced meM￿rS offering and greater publicity.. With support from the Trustees. th¢ Direcior and Deput%. Director worked io retain existing corwrate donations and partnerships, and identify. and secure new. ones. within the criteria set out in the new Ethical Fundraising policy. Expenditure control - in 20?0. the Societ). COT]tinued to implement strict financial controls to avoid any potential oi'erspend. New activities were onlN' undertaken on a full_cost reco￿ery basis and the number of eveiits was therefore slightly reduced. The new Finance and Audit Committee took an active role in helping the Director prepare the bUdg￿S and the Council monitor spending Building orgallisational ￿pacity - The Society. managed the whole of 2020 without a Communications Manag¢r. bul r¢cruil¢d on¢ at the ¢nd of th¢ >"¢ar to help w.ith the l ?O' Anniversary events and publi¢ity in ?021. Apart from that and a change of the part tiTne Education Manager. Staff continuity. has ken achieved, and brief periods of furlough were agreed for two staff for family reasons. and one tnember of staff had to take extended sick leave, but has now returned to work her nornial hours. The two main strdtegies embraced by management to build organisational capacity of existing stafT are: a) facilitating professional de￿elopment opportunities to suslain motivation. perfomance and upskill existing staff- and b) ensuring that any new. projccts are accompanied bj sufficieni resource to take on extrd Staff to deliver the worL in order to avoid burdening the core ieam and subtracting from the Society. s main business. Reputation.. the senior tnanagement and Council m¢mb¢rs Continue to monitor closely the Society's public profile and engagement to minimize the risk of reputation-damaging stories. Staff are well-attuned to reputational risk and provid¢ earl). w'aming if risk). issues arise on their patch. Factors affecting the financial performallce In common with many UK organisations and charithes, the kniety's financial perfomlance in 2020 was signifiLanily affect¢d by the restrictions imTxtrsed b). the Covid-19 relatcd control measures. During a challenging 'ear, events and some oiher ¢haritable activities had io be postponed. held rctnotcl J.. or. during the short periods pemiitted. under strici social distancing requirements. Consequentli.. incotne to run the various programmes fell to £168,000 which was just a lirtle over half the £319.000 ai'ailable in ?019. Unrestricted donations fell back to an hislorically nonnal lei'el follo￿l￿g an uplift in 2019. The Societ). coniinues to be sustained bj. income from African Afjciir5 and from the membership base tK)th of ￿hICh ￿ere marginally. below the previous year.s levels. However. ¢¥￿Et¢d in¢reases in member sub5rriptions did not matcrialise following the cancellation of the ASAUK confercnce and the reduced spending b). corporates during the pandemi¢. The pandemic relaied constraints resulted in an £86.000 fall in eipendilure on charithble aclivili¢5 compared wilh 2019 as Ic55 was bpent on production and ouiside consultancy services io run events and on travel and accommodation for gu¢st participants. THE ROYAL AFRICAN SOCIETY Charitv Number: 1062764 Roval Cbarter Number. RC(IOIM40 TRUSTEES. ANNUAL REPORT ....Aontinued PIAns for the futur¢ The Society. s new strategi¢ plan runs from •019 to 2021 the year that will mark the charity's l?Oih anniversary. Th¢ S(Kiety'5 plans UP utttil 2021. as categoris¢d under the new four strdtegic obj¢cliv¢s. include: I. CONNECT - the Society will work to increase ils corpornte and individual membership base in order to expand its n¢twork and influcnce and rdise its core revenue. The meetings and evenis programme will continu¢ to fo¢us on topical debates featuring high-profile speakers to attrdct ne￿ and existing audiences. and the Society will deliver one major special e￿.ent per lear in partnership with other institutions. The occasion of the Societ) s 120, anniversan. in ?021 will be leverdged to raise funds and ihe socie￿'s publi¢ profile through a series of key evenls and an overarchin8 marketing campaign. LEARN - building on ils excellent track record. th¢ Society" will sustain the success of African Affair.5 by increasing awareness of the research it promotes through links on the AfricaiT Arguiiiepiis and Rolal African Society. websii¢s: invol%'ing the CIFEditors in ihe Society"s panel di5CUSSiOtts and by de￿elOping further links and presence at the ASA. ASAUK and ECAS conferences. The Societs, ￿]11 also work ii'ith the publishers OUP to cxpand the joumal"s onlinc access to members and revamp th¢ journal's brandiiig and logo b). 2021. The Education and Outreach Progrnmme has become an integrdl part of the SocietN s offering and we plan lo secure additional funding froTll Trusts and Foundations to develop it further. extending the prograTnTne's reach through new progrdmme partnerships with key. educational bodies. and subject-led partnerships in the areas of Histon" and Geogrdph),. BN, 2021. we hope to have deN'eloped a digital learning offer that will be shared freel% on the Societ¥. s ivebsite. 3. DEBATE - the Society will continue to promote free and open debate about current African issues social, ￿)litICal. economic and ¢ultural - boih in the UK and in Africa. The 2-Jear grnni of $65.000 fr(Im the Open So¢ith. Foundations awarded to African ArguTrienls will help create eitra capacity that will go towards publishing and fundraising further to ensure the websiie s fuiur¢ su5tainability'. The ohjectives for the APPG for Africa are to focus ils att¢nlion on major is5ucs affeciing UK-Africa relations and to influence government policy accordingl>" secure additional funding to contribute io its core running costs. and to enable incre&sed contacts beiween the Society""s members and partners and parliamentarians. 4. CELEBRATE - the So¢iety""s culturdl festivals, Africa Wriies and Film Africa, have become leading platfornis cclebrating th¢ best African literdiure and cinema in the UK and we will work to grow their reacli and reputhble TX)Sitions. Following a Strategic rei'ieTh. the Societs" took the decision to move to a bienilial model in order to ensure the festiN'als future sustsinabilitv and allow us to better manage them as a small ¢haritable organisation. using the fallow years to explore new partnership5 and different ways of working. STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational strn¢ture The Ro}al African Solicty is incorpora*d b￿. Ro)'al Charter and is also re8iStered with the Charity Commission in England and Wales. The s￿Iety s governance structure is as follows.. Constitution - Ihe Society is governed by its B)'e-laws, the most recent amendments to ￿h1¢h were approved bv The Pri￿ Council on 10 November ?010. Ro 'al Patrona Januar), 2017. the Society. s Royal Patron is H.R.H. The Duke of Cambridge. who succeeded The Queen in Council M¢mbers Trustccs the gol'erning bodv of the SoeietN' is its Council. which is the ultimate authoritv controlling "the atrairs and propeth. of ihe Societv. Thc Council consists of the Chair of the Societk. the Honorar). T￿aSurer. up to fifteen elecied Council member& the Co-Edilors of the Society s Journal. Afrieaii Affairs. and up to four ¢o-opted members. The Socith s mcmbers eleci the Chair of the s(￿1￿,, the Honorary. Treasurer and th¢ other 15 Council members. The So¢ieiN"'s 3 Vi¢e-Chairs. four co-opted members. the Co•Editors of Africuii Affaii'.% are chosen and appointed b). the Council itself. All Council metnbers, except the Co-Editors and an). others who are remunerated by the Society,. act ex officio as Trustees of the Society. A term of Council membership runs for three THE ROYAL AFRICAN SOCIETY Charih. Number: 11)62764 Royal Charter Yumber: RCI)(N)440 TRUSTEES. ANNUAL REPORT ....￿ontInued years. so one third of elected memlKrs retire or stand for re. Council and onsists of Ihe Chair, Vice-chairs. Honordf). Treasurer. and up to three other members appointed by the Council. It currenily meets twicc a j'ear - in January and Jul). and all Council Members are in￿lled io attend. Three Exco members are a quorum. Exco has passed responsibiliTh" for aehiel'ing the charitv's Objecti￿e5 and exercising day-to- day control to the Director and partially. in turn. to the Deputy. Director. Sub-committees - following a 'Covernance Review session held in July 2019 facilitated by the Foundation for Social Iwnprovement. the following three su￿0MmItte¢s were fortned: Finance & Audit SulFCommitt¢e, chaired by the Society""s Honorary Treasurer Innes Meek, and tasked iih examining and approving the proposed annual budget. recommending sign off of the Trustees Annual Report and SORP Accounts, overs¢¢ing stsff remunerniion, and investigating any specific financial issues referred to it. Fundraisin &Co rale En ement Sub-committee. chaired Vice-chair 'Jide Olanrewaju. and tasked with overseeing the organisation s fundraising strdtegy and corwyrdte engagement, leading on plans for the Society s l ?O' Anniversar). celebrations in 20?]. Governance & Nominations sUi￿cOMmIttee. chaired bN Elected Council Member Andre￿ Skipper, and tasked w'ith oi'erseeing the Society"'s goi'ernance and HR Matte￿ including future Patron and Council Member nominations and recruitment. induction of ne￿ Council Members. ensuring all memb¢rs meet their statutory. obligations as trnstees. senior management staff ap￿intmeftts- and any legal issues that may arise relating to staff and trustees. Thcsc sub-¢ommiltees meei in advance of each Council and E¥ccutiv¢ Committee mecting lo s¢ttl¢ matters relating to thcir specific remits. which are then put forw'ard to the ￿"hOle Council for discussion or decision. Trustee induction and trnlDiDg Ne￿ Council Members l Trustees ￿.111 be provided w'ith an enhanced induction docuTnent. which will sei out in more detail their roles and responsibilities in respect of the objectives. activities, policies and pr(Kedures of the %ociets'. after ￿.hICh the) Can b¢ further briefed bl. senior staff and mentored b>, the existing Trustees. Related parties and relationships Thith other or2aDisa¢ions The Society" works in ¢10s¢ collatrrfyrdtion with the follo￿]ng charities.. African Studies Association of the UK (ASAUK). with whom the Charity share facilities and staff. There is also a reciprocal tnewnkrship agreement between ASAUK and the RAS. The ASAUK'S incumbent President is also a Truste¢ of the Charity". Mar>. Kin8sleN' 7.rthonis Lecture Trust Fund. ￿hICh was established io sponsor a lecture series in conjunciion with the Royal African Societ).. The Trusi's affairs are adMinis￿red by the Royal African Further delails are provid¢d in note 14 of the Financial Ststements (see page 28). Remuneration poli¢v for key managemenl personnel The Finance & Audit sut￿ComMittee Ol'ersa￿ the continued impl¢menlation of its remuneration wlicy for both ke). management personnel and the rest of the stsff team w.hich was satisfaciorn. over the )"ear. The ideiltified ritcria for remun¢ration takc into account thc follo￿ing= levcl of skill and qualifications, level of r¢sponsibility. individual cOm￿enC1eS and perfonnance. remunerdtion levels at similar charities, reiention. and affordability. Theqe criteria are not exclusive and any decision will inevithbly include an element of discretion. io THE ROYAL AFRICAN SOCIETY Charih. Number: l(kn2764 Royal Charter Number. RCOOIH40 TRUSTEES, ANNUAL REPORT .....¢on¢inued REFERENCE AND ADMINISTRATtVE Couneil Members Trustees: Zeinab Badawi Innes Meek Phillip Aliker Tililola Banjoko Profcssor Christopher Crnmer 'Jide Olanrewaju (Chair) (Honorary Tffa$U￿r} (Vice Chair)- resigned I l June .20 (Vice Chair- appointed 29 (ktober -?0) (Vice Chair) (Vice Chair) O¢her elecled C'ouncil Members Mohamed Amersi Susana Edjang Afua Hirsch Boko Ini'undo Obi James Nike Jonah Razia Khan (resigned 13 February .20) (resigned 13 February .20) {Executive Commillee ) Joel Kibazo Gregory. Kronsten Anne Mccormick Sotonye ON'e-Somefun AndreNN Skipper Geetha Thamiarainam {ap￿tnted 16 July '?0} (appointed I l June .20) Co-opted Council Members Baroness Northover Chi Onwurah MP (E¥ (Yicioj Ola Uduku (Er C)fficioi Myles Wicks￿ad (resigned 13 Febnjary '?0} (appointed I l Febn]ary -? l ) Editon: Peace Medie Ambreena Manji Ricardo Soares de Oliveird Lind5av Whirfield (resigned 31 March S?0) Secretsry: Sheila Ruiz (resigned l April "21) Direetor: Nicholas Westcott li THE ROYAL AFRICAN SOCIETY Chariti. Number: 10627 Royal Charter liumber: RCOOO TRUSTEES, ANNUAL REPORT .....¢onlioued REFERENCE AND ADMINISTRATIVE DETAILS .....continued Royal Charter number RC000440 Charity Dumber 1062764 Registered oifice and operations address: SOAS. University of IA>ndon l O Thornhaugh Street London WCIHOXG Auditors: Charioi House LiMi￿d 44 Grand Parnde Brighton East Sussex BN2 9QA Barclays Bank PLC 2 Victoria Stre London SWIH OND Banker5 CCLA Investment M3nagemeni Limitsj COIF Charity. Funds Senator House 85 Queen Victoria Street London EC4V 4ET Solicitors TLT Solicitors 20 Grcsham Street London EC2V 7JE Auditors Chariot House Limited was re-appointed as the auditors of the Royal African S￿iety at the Annual General Meeting h¢ld via Zoom in June 2020. Chariot Hou% Limit¢d hLs exptEssed their willingness to continu¢ in that ¢apa¢ity. 12 THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Nutnber: RCII(M)440 TRUSTEES. ANNUAL REPORT .....¢ontinued OTHER STATEMELYfs OF THE TRUSTEES Statement of responsibilities of the trnstees The trustees are responsible for preparing the Trustees, Re￿>rt and the finan¢ial statements in accordance with applieabl¢ law and United Kingdom Accounting Standards (Unit¢d Kingdom Generally Accepted A¢¢ouniin¥ Practi¢e). The law applicable io charities in England & Wales requires ihe Iru5tce5 to prepare financial statements for each financial year, which giY¢ a true and fair i'iew of the slate of affairs of thc charity. and of the inioming resources and application of resou￿¢$ of the charity for that period. In preparing these financial statements. the trUS￿e$ are required to: select suilable accouniing wlicies and then appl￿. them consistently-. observe the methods and principles in the Charities SORP. make judgments and e%limales that are reasonable and prudeni. state whether appli¢able United Kingdom ac¢ounling slandards hav¢ been followed. subjea to any material departures disclosed and explained in the financial statement& prepare the financial stat¢ment5 OTI the going con¢¢rn basis unless it is inappropriate to presume that the harity will coniinu¢ in bu5incsS. The trustees are reswnsible for keeping proper accounling records that di￿lOse ￿'1th reasonable accuracv at anv time ihe financial position of the chariti. and enable them io ensure that the financial statements Cotnply with the Charities Act 2011. th¢ Charity (Accounts and Rep)rfsl Regulations 2008 and th¢ provisions of the Royal Charter and B>elaws. For the )'ear ended 31 tkeember 20?0. the financi81 statements hav¢ dcparted from the Charitie5 (Account$ and ReFx)rts) Regulations ?008 onl). to the cxtent required to proi'ide a 'irue and fair Niew . l-his departure is explained in note l (a) to the financial sthtement (Basis of preparation) on page ?0. The irustees are also r¢spon5ible for safeguarding thc assets of the ¢harity and henc¢ for taking reasonable steps for Ihe prevention and delection of fraud and other irregularities. The trustees are responsible for th¢ maintenance and integrity. of the chariti, and financial inforniation included on the charity s website. Legislation in the United Kingdom governing the prepardtion and dissemination of financial stalements may differ from l¢gislation in other jurisdtctions. Statement as ¢0 disclosure lo our auditors In so far as the tnJst¢¢s are aware.. There is no relevant audit infonnation of which the charity's auditors are unaware; aT]d The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforniation and to establish that the auditors are awa￿ of that infomiation. The Irustees, annual report has been approved b). the irustees on 29 April 20? l and signed on their behalf by: Zeinab B*dawi Chair 13 THE ROYAL AFRICAN SOCIETY Cbarity N'umber: 1062764 Royal Ch2rter Number: RCOIM1440 REPORT OF THE INDEPENDENT ALDITORS TO THE TRUSTEES OF THE ROYAL AFRICAN SOCIETY Opinion We have audited the financial statements of The Ros'al African Society {th¢ "charity,) for the year ended 31 December ?O?O ￿.hICh comprise the Statement of Financial Activities. the Balance Sheet. Cash Flow Statement and Notes to the Cash Flow Siatetnent and notes to the financial stAtements. including a summary of si8nifi¢ant accounting px)licies. The financial re￿rtIng framework that has applied in their prcpardtion is applicable law. and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stat¢m¢nts: give a mie and fair view of ihe stale of the charits, s affairs as at 31 December 2020 and of its incoming resources and application of ￿sOUrceS for the s'ear then ended; have been properlv prepared in accordance with United Kingdom G¢nerally Accepted Accounting Practice: and have been prepared in accordance with the requirwnents of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISA5 (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor s reswnsibilities for the audit of thc finallcial statemettts seclion of our rewrt. We are indep¢ndent of the ci)mpany in accordance with the ethical requirements that are relevant to our audii of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical reS￿nsIbIlitieS in 8¢¢ordance wilh these requirements. We believe that the audil evidence we have obiained is sufficieni and appropri&e to provide a basis for our opinion. Conclusion5 relating to going concern In auditing the financial 5taicttkents. w'e haTr'e concluded that the trustees, use of the going concern basis of accountin8 in the preparation of the financial ststements is appropriate. B&s¢d on th¢ work we have perfonned. we have not identified any material uncertainties relating to events or conditions that. ind]￿'1dUal]). or co11ccli￿¢E)'. ma). cast significant doubt on the charity s abilit). lo coiitinuc as a going concern for a period of at least tsN'¢lN'e months from ￿hen the financial stsiements are autliorised for issue. Our responsibilities and the responsibililie5 of ihe tyusiees with respect io going concern are des¢ribed in the r¢l¢Yant s¢¢lions of this re￿rt. Other Inforniation Thc Irusl¢es are responsible for the other inforniation. The other inforn)ation comprises the infonnation included in the annual report other Ihan the finarkcial statements and our auditor s rewrt th¢reon. Our opinion on the financial siatements does nol cover the other inf0m1￿10n and. except lo the extent otherwise explicitly slated in our rewrt. we do not express an￿ forni of &ssurdnce conclusion ther¢on. In Connection with our audit of the financial statements. our reswnsibility is to read the other inforn)ation and. in doing so. consider whether the oiher Inforni￿]0￿ is materiall)" inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to detertnin¢ whether this gives rise to a material misstatemeni in the financial statements ihemselves. If. based on ihe ￿ork we have pcrfom)¢d, we concludc that ihcre is a material misstatement of this other information. ￿¢ required to reFX)rt that fact. We have noihing to report in this regard. 14 THE ROYAL AFRICAN SOCIETY Chants. Number: 1062764 Royal Charter Number: RCOIMJ440 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ROYAL AFIUCAN SOCIETY.....continued Matters on which we are required to report by exception We have nothing to rewrt in respect of the following matters where the Charities Act 2011 requires us to report lo you if, in our opinion.. thc inforniation given in thc Trustees re￿)rt is inconsistent in any mat¢rial resp¢cl with th¢ financial statements; or adequate accounting records have not been kept: or the financial statem¢nts ar¢ not in agre¢m¢nl with th¢ acwunting records and returns: or certain disclosures of directors" remuneration $￿CIfIed bv la￿ are not made- or we have nol r¢¢eived all the infomiation and explanations The require for our audit. Responsibilities oftrnstees As explained tnore fully in the trustees responsibilities sthiemenL the trustees are responsible for the preparation of the financial statements and for being satisfied ihai they give a true and fair view, and for such internal control as the trusiees detemiine is necessarv to enable ihe preparaiion of financial statements that are free from material misstatement, ￿h¢ther due io fraud or error. In preparing the financial statemenis, the trustees are responsible for assessing the charitv's ability to continue as a going concern. disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the trustees eiiher intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so. Auditor's Responsibilities for the audil of the financial statemeDts Our objectives are to obtain reasonable a5sufdnce about whether the financial statements as a whole are free from material misstatemeni, wheiher due to fraud or error. and to issue an auditor s report that includes our opinion. Reasonable assurance is a high level of assurance bui is not a guarantee that an audit conducted in accordance ￿ ith ISAS {UK) will always detect a material misstatement wh¢n it ¢xists. Misstatcwncnts can arise from frdud or error and are considered malerial if. individuall). or in the aggrcgate. they could reasonably be expected to influence the economic decisions of users laken on the basis of these financial statements. Irregularities. including fraud. are instane¢s of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of intgularilies, including fraud. The ¢xtent to which our procedures a￿ capable of detecting irregularitie& includin8 fraud is detailed below: We gained an understanding of ihe legal and regul&ory fram¢work applicable to the charity and the sector in which it op¢ral¢s, and considered the risk of acts by the charity that wet¢ contrary to applicable laws and regulations. in¢luding fraud. W¢ designed audit pllKedure5 to restrt)nd to the risk. recognising that the risk of not detecting a material misstalement due to fraud is higher than the risk of noi detecting one resulting from error, as frdud may ini'olve delib¢rat¢ concealment by. for ¢.%ample. forg¢r)" or intentional wnisrepresentations. or through collusion. 15 THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RCIKM)440 REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF THE ROYAL AFRICAN SOCIETY.....conlinued Auditor's Responsibilities for the audit of tbe fillanci￿ statements . . continued W¢ focussed on laws and regulatiofks which ¢ould give rise to a material misstat¢meni in the financial statcments. including, bul not limited to. the Charities Act 2011 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlN'ing supporting documentation. enquiries with management and cnquiries of legal counsel when considered necessaTr'. There atr inherent limitations in thc audit procedures described above and. the further removed non-compliance with laws and regulations is from the events and transactions refle¢ied in the financial statement& th¢ less likely we would become aware of ii. We did not identify any key audit matters rclating to irregularities. including fraud. As in all our audits. we also add￿Ssed the risk of management override of internal conirols, including testing journals and ¢N'aluating M,hether there was evidence of manag¢m¢nt bias by th¢ dircctors ihat represented a risk of wnatcrial misststement due to fraud. A further description of our responsibilities is available on the Financial Reporting Council's website at.. vw.1rc.org.uklaudi￿rSreS￿jnSIbIIiljes. This description fomis part of our auditor s report. Use of our report This report is made solely to the charity's tTUStees. as a body. in accordance with section 144 of the Charities Aci 201 l and regulations madc under section l 54 of that Act. Our audit work has t*en undertaken 50 that we mi￿1 state to the charity"'s trustees those matters we are required to state to thetn in an auditor's report and for no other purpose. To the fullest extent pertnitted bv law. we do not accept or assume responsibility to any'one other than the ¢harity and the charity's trusiees as a bod>', for our audit work, for this report, or for the opinions we have fomed. Chariot House Limited Eligible to a¢t as an audilor in trmis of wtion 121 of the Companies Act 2006 Chartered Accountants 44 (irand Parade Brighton Easi Sussex BN2 9QA Date.. 16 THE ROYAL AFRICAN SOCIETY Charitv Number: 10627fA Roval Ch#rter Number: RCQI)(b STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 2020 Total 2019 Total Uthrestrided Restricted Income from: Donations and l¢gaci¢s Charitable a¢tivilies- Connect Learn D¢bate Celebrate Other trading activilies In￿¢$IMent in¢ome 43.768 43,768 72,221 56.198 239,383 12,638 17.595 11,667 8.23? 19.486 27,)61 30.971 52.959 75.684 266,944 43.609 70354 11.667 8232 169.190 267,018 95.36? 8?.958 7.598 8.254 Total income 389,481 130,977 520,458 702.601 Expenditure on: Raising funds Charitable acti￿111¢$. Connect Learn Debate Celebrate 34.154 34,154 36,746 153.326 68,768 120.952 65.765 22.486 9.165 36.229 53,107 175J12 77.933 157,181 118072 236.369 103,2?3 166.881 110.016 Tot741 expenditu 442,965 120,987 563,952 653.228 Net income l (expenditure) before net gains l (10&ses} on inTres¢ments (53.484) 9,990 (43,494) 49.373 Nel gains l (losses) on investments 16,157 16.157 37,350 Net income l (expenditure) for the year 12 (37J27) (27J37) 86.723 Transfers between funds (7500) Net movement ill fuDd5 (290827) 2,490 {27J37) Reconciliation of funds: Total funds brought forward 420,761 34,949 455,710 368.987 Totsl fullds carried forward 390,934 37,439 428J73 455.710 All of the above results are derived from continuing activities. There were no other recognised gains or losses oiher than ihose ststed above. The detailed 2019 comparative statement of financi31 activities is re￿rted in note 2. Th¢ note5 on pages 20 to 31 forni part of these financial statements 17 THE ROYAL AFIUCAN SOCIETY Charity Number: 10627(A Royal Cbarter Number: RCOI)0440 BALANCE SHEET AT 31 DECEMBER 2020 2020 2020 2019 2019 Nole Fixed gsset$: Investments 16 27&165 262,008 27&165 262,008 Current assets: D¢btors Cash at bank and in hand 17 32.711 236,681 39,260 221,198 269J92 260.458 Liabilities: Creditors: amounts falling due within one year Net Current assets 18 119,184 66.756 150208 193,702 Total Assets less current liabilities 428J73 455.710 Total net assets 21 428J73 455.710 Funds Restrictcd funds Unrestricted fiJnds- (ieneral funds 20 37.439 34.949 20 31X),934 420.761 Total unrestricted funds 390,934 4?0.761 Total funds 428J73 455,710 Approved by ihe trustees on 29 April 2021 and signed on their behalf by= Zeinab Badawi Chair IDnes Meek Trtssurer The notes on pages 20 to 31 fomi part of these financial ststements 18 THE ROYAL AFRICAN SOCIETY ChAritv Number: 11)62764 ROY￿ Charter Number: RCIMM)440 STATEMF.liT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Net casb provided by l (used in) opernting *e¢ivities 7251 (19,253) Cash provided by investing activities Interest and income from investments 8232 8,254 Change in casb And cash equivalents ill ihe year 15,483 (10.999) Cash and cash equival¢nts at thc ￿ginnIng of the year (analysed below) 221,198 232.197 Cash and cash equivalents ai the eDd of the year (analysed below) 236,681 221.198 Reconciliation of net income l (expenditure) to nel flow from operating actiYitie5 2020 2019 Net in¢ome / (expenditure) for the ￿portIng period (as per Ibe Ststement ofFinaneial Activitie5) adjusted for: Intcrest and income from investments Gainsllosses on investments (Increase)/ decrease in debtors Increasel (decrease) in cffditors (27J37) 86.723 (8232) {16,157) 6549 52,428 (8.•54) (37.350) 43.088 103.460 et Cgsh prnvided by l (used ill) operating activtties 19.253 An2ly$i$ of cash and equivalents Cash flows At31 December 2020 January 2020 Bank Cu￿ent account and cash in hand Deposits (less ihan three months, notice) Total and cAyh equivalents 155.990 65,?08 7,251 8.?32 163241 73,440 ?21.198 15.483 236,681 19 THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Tr4umber: RC(N)0440 NOTES TO THE FIliANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTtNG POLICIES a) Blsis of preparation The financial statements have been prepared in accordance Thith ihe Stsiement of Recommended Practice.. Accouniing and Reporting b). Charities preparing their a¢¢ounts in accordance with the Financial Re]x)rting Siandard applicable in the UK and Republic of Ireland (FRS I O?) (effective l January ?019) {Charities SORP (FRS 102)). w'iih the Financial Rewjrting Standard applicable in the United Kin8dom and Republic of Ireland (FRS I O?). wilh the Charities Act 201 l. and Th'ith UK Generally Accepted Practice. The financial giatements have been prepared to gtve a "true and fair, view and hAv¢ d¢parted from th¢ Charities {Accounts and ReFKlrts) Regulalions ?(M)8 only to the extent required to proi'ide a 'true and fair view, This departure has involved following Charities SORP (FRS 102) rathcr than Charities SORP 2005- Accounting and Reporting by Charities.. Statement of Recommended Prnctice effective from l April 2005 which has sin¢¢ been ￿'ithdraWn. The ¢harity' meets ihe definition of a public benefit enttty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction i'alue unless otheNise staled in the relevant accounting policy or note. b) Going concern The account5 are prepared on a going wncern basis after wnsideration by the truslees that there are no material uncenainiies aboui ihe ¢hariry' s abilii)" ￿ continue as a going concern. Such consideration includes a revi¢M' of Committd income and expenditure& cash llows and reserves. The trustees do not consider that there are any sourcc5 of estimation uncertainty" at the rew)rting date that have a significant risk of causing a material adjustment to the carr)'ing amounts of assets and liabilities within th¢ next reporting period nor which affect the Current year s financial statements. Specifically the trustees consider that the Covid-19 pandemic will not have a significant impact on the charity s core funding. regarding any impact to be short tem) rather than aff￿ling the ¢harity's ability to continue as a 80in8 concern. c) Income Income is recognised when the charity has entitlement to the funds. any perforniance conditions attached to the income haNe been meL it is probable that the income ￿.111 be received and thal the amount can be measured reliably. Grants. donations and SUPFXlrt from 5pon50rs are re¢ognis¢d as income in the year in which the donor states the funds should be expended. Where no such statcfftcni is made the income is recognised in the year in which it is receivable. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met. Journal in¢ome is recognised on an a¢¢ruals basis under a publishing agreement. The right to iftcome is recognised on r¢ceipt of an agreed Profit and Loss account from the publisher. Members, subseriptions, received io further charitable activilie& recognised in the membership year the)" are recei￿able. Invesunent income is recognised when receivablc and the amount Can be mcasured reliably by the charity. 20 THE ROYAL AFRICAN SOCIETY Charitv Number: IlJ627fv1 Royal Charter Number: RC(1011440 NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES ... ¢oDtiDued d} Donations of gifts, services and faeilities Donaied professional services and donated facilities are recognised as income when the charity, has control over the item or has received the s¢rvi¢e. ani, conditions associated with the dotkation have been mel. the receipt of ¢¢onomi¢ ben¢fit from the use b! the charity of the item is probable and that economic benefit can be measured r¢liabl￿. Voluni¢¢r time is not r￿Qgnised as income. On receipL donated gifts, professional services and donated facilities are ￿OgnISed on the basis of the value of the gift lo the charity. which is the amount the charity, would have been willing to pay to obtain services or facilities of equivalent ¢copomic knefit on the open market. a ¢orreswndin8 amount is then r¢¢ognis¢d in expenditur¢ Èn the pcriod of receipt. e} Fund aecounting Unr¢slri¢led fund5 arc available to sp￿d on activities that further an! of the purposes of the charity. Designated funds are unrcstricted funds of the ¢hariiN". which the trustees have decided 21 iheir discretion to set aside ro use for a specific purrK>se. Restricted fund5 are funds which the donor has specified are lo be used solelN' for particular areas of the charit￿ s work or for specific projects being undertaken b). the charity.. Where insutTici¢nt ￿Stricted funds are re¢eived io finance a specific charitsble activits. in full. the trustees have the dIsCr￿10n to permit the use of unrestrl￿ed funds to cover any shortfall. Expenditure Expenditure is recognised once ther¢ is a legal or constructive obligation to make a payment to a third party. it is probable that settlement will b¢ r¢quir¢d and the amount of the obligation can be measured reliably. Expenditure is classificd under the follo￿ing activity. headings= Costs of raising funds comprise the cos1% including all(Kated sUp￿rt costs, incurred in seeking voluntary income in the forni of donations and legacies. Expenditure on ¢haritablc activities ¢omprise5 the cost% including allocated support costs and the Costs of seeking funding. of producing and distributing the Journal and other publications: organising various cultural eyenls. atKI undenaking other educaiional activilies to advance knowledge in line with the charity, s objects. Costs. which are attributsble to a specific activit%'. are ¢harged directl), to thal acti￿ ity.. Costs. which are shared between a number of specifi¢ activities. are charged directly io those activities bascd on the aTnounl of time or usage incurred in undertaking each of the specific activities. g) Allocalion of 8UPPOrt and governance costs Support and governance costs are incurred to further the work of th¢ charÈty. bul are not incurred directlj for raising funds or ¢arrying oui charitable acti￿llIes. These costs. which are analwsed in the noies to the Financial Stat¢ment5. are allocatcd be￿¢¢n ihe cost of raising funds and expendilure on charitable activities based on the weighted average amount of time undemaken by" the charity" as a whole on those categories of expenditure. h) T¥ngible fixed Assets deprecigtio Depreciation is provided at ratrs ealculated to write off the cost les5 residual value of each asset over its ¢.¥pected useful life, as follows.. Fixtures, fittings and equipment_ 330/0 slraight line. Computer equipment 330/0 strdight line. Individual fix¢d assets costing below £l.000 are noi capitslised. 21 THE ROYAL AFRICLN SOCLETY Charity l¥umber: I[￿2764 Royal Charter Number: RC000440 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES ... continued i) Intsugible Although such assets provide economic benefit to the charity over several financial periods the ¢osts of purchasing, intrrnally generdting or developing items such as brdnds, logos. websites and computer databases or other support sl'stems are not capitalised as intangible assets but are charged as expenditure in Ihe statement of financial activities as incurred. j) Fixed asset investments Investtnents which will not mature withtn 12 months of the Balance she￿ date are initially recognised at their trdnsa¢lion lalue and subsequently measured at their fair value as at the balance sheet date using the closing quot¢d pricc. Any change in fail valuc is recognised in the statrment of financial activities. k) Debtors Trade debtors are stated in the Balance Sheet al the invoiced amount (including V AT) after recognising any Pro￿ isions for doubrful debts whi¢h are judged on a case by" case basis. Accrued income is r¢cogniscd i1.here funds in reSp￿t of th¢ financial peri(xl being reported hav¢ bee11 r¢c¢iv¢d or invoiced after ihe Balance Sheet date. Prepa%'ments are recognised where payments, in respect of future financial periods hav¢ been made prior to the Balance Sheet date l) Current asset investments Cash on dctx)sil and cash equivalents with a maturity of less than one year but more than three month5 which are held for investtnent purrKises rnther than to meel short-temi cash commitments are recognised as current asset investments. iniiiall). ai their transaction value atbd subsequently" Tneasured at their fair value as ai the Balance Sheet date. m) CA$h at bank and in hgnd Cash at bank and cash in hand includes cash and short term highly liquid investments with a maturity of three tnonths or less from the date of acquisilion or O￿ning of the deposit or similar account. n) Creditors Creditors and provisions are recognised at their invoiced amount including VAT. Accruals are based on agreed costs {e.xcluding VAT) for services rcccived prior to thc Balanc¢ Shcd dat¢ but not invoiced b¢forc that dale- where an expense has noi been agre&l and esiimaie of the final seulemeni amount (excluding VAT) is made. Deferred income representing grdntk donations and S￿￿$0r$htP support tyceived in advance of the financial period for which 8 donor has stated the funds should bc cxpended is ￿cognIsed at the settlement value received. o) Financial instruments The charity only has financial awts and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initiallJ' rccognis¢d at transaciion value and subscqucntly measured at their settletneni value ￿1th the exception of bank loans ￿,hICh are subsequently measured at amortised cost using the effeciive interesl meth(xl. p) Pensions Employees are "auto enrolled" into a defined contribution pension scheme from which they may opt out. The Charity's only. liability. is the monthly contribution calculated as a proponion of the employee's qualifying eamings during the period of employment at the Lharits,. The cost of such c()ntributions is rccognised as a staff losi and chargcd dircctly vr allocatcd to th¢ cosi of raisin8 funds or ¢x￿nditure on charitable activities in linc with the policies described in no￿$ l{f) and l(g) above. 22 THE ROYAL AFRICAN SOCIETY Charity Number: l(1627fA Royal Chgrter Number: RC(MKb440 LYOTES TO THE FINANCIAL sTATEME￿Ts FOR THE YEAR ENDED 31 DECEMBER 2020 2 Detailed comparatives for tbe st*temeDt of fiDxDcial acti￿￿tIeS 2019 Unrestrieted 2019 Restricted 2019 TotAI Income from: Donalions and legacies Chariiabl¢ a¢iiviti¢b- Connect Learn Debate Celebrate Other trading activities Investmeni income Total in¢omt 72221 84.306 234.692 3.675 10,035 7.598 8.254 410.781 84,884 32.326 91.687 169.190 ?67.0 18 95.362 82.958 7,598 8.?54 702,601 281.820 Expenditure on: Raising funds Charitable a¢livities: Conneci Learn tkbate Celebrate 36,746 36.746 161.978 72.913 91,579 43,141 406.357 74.384 236.362 103.2?3 166.881 110.016 75,302 66.875 Total expellditure I¥et income l {expenditure) before net g4iD$ l {losses) on iDvestments 246.871 653 ??8 14,424 34.949 49.373 Nel gains / (losses) on investments 37.350 37.350 Net Income l (expenditsre) for tbe year Transfers betw'een funds 51,774 34.949 86.723 Net tnovement ID funds 51,774 34,949 86.723 Reeoneilia¢ion of funds: Total funds brought forward 368,987 368,987 Total funds carried fonvard 420,761 34.949 455.710 23 THE ROYAL AFIUCAN SOCIETY Chants. Number: 11)62764 Royal Charter Yumber: RCI)(M)440 NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31 DECEMBER 2020 3 lllcome from donations and legacies 2020 Tolal Unrestrieted Restricted Total Donations Brenthurst Foundalion Garfi¢ld Weston Foundation Miles Morland Foundation Shell International Standard Chartcred Bank Unilever NV Coronavirus Job Retention Scheme grdnt Individua15 (including Gift Aid) 10.000 10,000 40,000 2.500 7.(M)O 12.500 4.000 5.983 1,785 2,500 7,000 12500 4,000 5,983 1,785 7.000 12.500 7,000 5,721 43,768 43.768 72,221 4 Income from charilable acliTrities 2020 Total ?019 Total Unrestricted Restricted CONNECT Members, Subscriptions Large Corporate Small Corporate Individual Granls and donalions Support from sponsors Admission charges to eients Sales income and fees Tolal Connecl 32.0(H) 3.600 18,837 946 32,(H)O 3,600 18,837 12,446 7.986 815 34,083 6.600 24,153 73.342 20.495 11.500 7.986 815 ?44 169.190 56,198 19,486 75.684 LEARN Subscriptions from the Journal Secondary rights and other Journal income Grants and donations Support from sponsors Admission charges to events Sales income & fees Totsl Le*rn 196.985 21.798 196.985 21,798 25224 7a37 200.648 20.224 7,337 29.676 2,650 15.600 239J83 15.600 266,944 11.725 267.018 27J61 DEBATE Grants and donations Support from s]x)nsors Admission Charges to events Sales income and fees Total Learn 5.751 27.888 33,639 52.532 2.762 530 39.538 95.362 190 9,780 43ffj09 6.697 12.638 3.083 30.971 CELEBRATE Grants and donations Support from SPK)nsors Admission charges to events Sal¢s income and fees Total Celebrate 13.338 50.000 2.959 63J38 2,959 1,407 215 70,554 70,850 2.073 8.000 2.035 82.958 1.407 17595 52,959 Totsl ineome from ¢hxril*ble aetivities 325814 130,977 456,791 614.528 2019 33?.708 •81,8?0 614.528 24 THE ROYAL AFIUCAN SOCIETY Charity Number: 1062764 Royal CbArter Ilumber: RC000440 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 S Income from other trading activities 2020 Tolal 2019 Total £1 Unrestrided Restricted Fee from ASAUK for administrative supEx)rt Sale of surplus olTice furniture 11,667 11,667 6,667 931 11,667 11,667 7,598 6 Income from iDvestments 2020 Total 2019 Total Uknrestricted Reslrieted Bank interesi Investment income 175 8.057 175 8,057 344 7.910 Total lllcome from investments 8232 8232 8.254 7 Expenditure on cost of rnising fullds 2020 Tot¥1 ?019 Total Unrestricted Restricted Staff costs Consultancy & communication Support ¢osts {see not¢ I l ) Governance costs (see note I l ) 25.775 1,607 4.761 2.011 25,775 1,607 4,761 2,011 29.016 1,300 4,71? 1,718 Tot41 expettditure on cost ofrgising funds 8 Expenditure oa chydritsble aetivities 34,154 34,154 36.746 2020 Total ?019 Total Unrestrided Restricted All activili Staff costs Publishing expenses Editorial expen%¢s Consultancy Events & meetings production Grants paid Marketing & public relations Travcl and accomrnodation Siipport costs (see note I l ) Governan¢e costs (se¢ note I l ) 237.215 17.865 25.611 19,079 11,569 6,605 20,000 55,579 20,342 248,784 24,470 45,611 74,658 21J46 244.859 31,050 36.398 90.9?7 40.551 21.600 11.374 42.888 70.965 ?5,870 9.746 1.302 68.035 ?8.954 .833 4.558 501 IlJ79 68.536 28,954 Total Expendithre on Charitsble Aetivilies Expenditure by charitable activity 408,811 120,987 529,798 616.481 CONNECT LEARN DEBATE CELEBRATE 153.326 68.768 120.952 65.765 175,812 77,933 157,J81 118372 ?36.369 103,213 166.881 110,016 9.165 36.2!9 53,107 Total Expellditure on Charitsble ActiTrryties 40&811 120.987 529,798 616.482 2019 369,61 246,871 616.48? 25 THE ROYAL AFIUCAN SOCIETY Cb*rity liumber: 1062764 Royal Chkirter Nutllber: RCI)(M1440 NOTES TO THE FI￿￿NCIAL STATF.MF.iYrs FOR THE YEAR ENDED 31 DECEMBER 2020 9 Detailed Expenditure by tharitable activities 2020 Totsl 2019 Total Unrestricted Restricted CONNECT Staff costs Publishing expenses Consultancy Evenls & meetings produciion Marketing & public relations Travel and accommodation Support costs (see note I l ) Governance costs {scc note I l ) 103.613 6.365 109,978 123,539 1,750 21,213 27,818 3,773 17.550 29.841 10,878 9.580 120 150 17 28.012 11.834 3,600 7,181 898 4.442 13,180 7JOI 1,048 4,459 28,012 Total Expenditure on Connect activities LEARN 153J26 22.486 175812 236,362 Staff ¢osts Publishing expenses Editorial expenses Consulianc Events & meetings production Marketing & public relations Travel and accommodaiion Support ¢osis {s¢e note I l ) Governance costs (see note I l ) Total Expenditure ￿arn activities DEBATE 17,349 12.941 15.61 3.959 453 17349 12.941 25,611 13,131 446 12.041 17.132 24.731 33.037 1,577 100 3,417 8,199 2.989 9,172 (7) 5,944 2.511 5,944 2.511 6&768 9,165 77,933 103,223 Siaff costs Publishing expenses Editorial expenses Consultancy Events & m¢¢tings production Marketing & publi¢ relations Travel and a¢commodation Support costs (see note I l ) Governance costs (see note I l) Total Expenditure on Debate 8¢tivities CELEBRATE 84.398 4.9?4 5,204 6.605 20.000 1,875 993 935 89.602 IlJ29 20,0(MI 1075 993 lJ88 116 22370 9,408 84.457 11.667 618 440 13.785 22,449 8,184 453 501 9.408 120,952 36329 157,181 166.881 Staff costs Consultancy Evenls & meetings production Grants Markeling & public relations Travel and accommodation Support costs (see note I l ) Governancc costs (see note I l) Total Expenditure Celebrate acttvities 31.855 5.540 431 31,855 46,472 12,606 24.822 23,564 10,538 21,600 7,061 8.136 10,476 3,819 40.932 12.175 9.143 9,143 1285 12JlO 5201 5.?01 65,765 53,107 118.872 110,016 Totsl Expenditure on Charitable Activities 408*11 120.987 529,798 616,482 26 THE ROYAL AFIUCAN SOCIETY Charitv Number: 1062764 Royal Charter Number: RCI)(M)440 NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 DECEMBER 2020 10 Summary of illcomt and expenditure of cbaritable aetivities 2020 2020 Expend- ilure 2020 Net incomel (expend- iture) 2019 Net incom¢/ (expend- Ilure Ineome (nots 4) (Dole 9) Aetlvity CONNECT LEARN DEBATE CELEBRATE 75,684 266,944 175,812 77,933 157,181 118172 {100,128) 189,011 (113572) 48J18 (67.172) 163.795 (71.519) ?7.058) 70554 Total All aetivities 45&791 529,798 (73,007) (1.954) 11 Support and Governan¢e Costs Support costs Governance Costs 2020 Total 2019 Total Stsff costs Accouniancy fees AGM, Coun¢il and Truste¢ ¢xpcnses Audit fee Director's expenses Employee related expenses Office costs Website costs Sundry expenses Support costs allocated to governance activities Total Support and Governance Costs 41.939 11,328 14.440 8.090 96? 4,250 56J79 19,418 962 4250 324 1323 IlJ54 10,424 28 53.26? 16.399 3.312 324 1.223 11,254 10.4?4 28 1,938 4.301 6,799 8.933 4,071 73297 30,965 104,262 103.265 2019 75,677 27.588 103.?65 All Costs (including shared staff costs assigned on an assessment of employee time). which can k identified as hal'ing been incurred for a spccific activity. are repx)rted as a direct cost of that activity. Remaining support and governance cosis arc allocatcd ltheen the charity's activities on the basis of the weight¢d average staff lime spent on Cach activity. as follows Allocation of Support Governanee Costs Support costs Governaoce Costs 2020 Total ?019 Total Cost of raising funds Chariiable aciivities Connect Learn tkbate Celebrate 4,761 28.012 5,944 2,011 11.834 2,51 9,408 5,20 6,772 39846 8,455 31,678 17511 40,719 I i.lx 30,633 14.29) 12,310 Total Support and Governance Costs 73297 30,965 104262 103.265 27 THE ROYAL AFIUCAN SOCIETY Chants. Number: 10627(A Royal Charter l%umber: RC(M)(M40 NOTES TO THE FINANCIAL STATF.MEiYrs FOR THE YEAR ENDED 31 DECEMBER 2020 12 Net ittcome l (ex￿ndituTe) for the ye4r This is stated after charging 1 (Crediting): 2020 ?019 Auditofs remunerdtion= audit fee 4250 4,250 13 Analysis of 5tsff costs, truslee remunerntion and expense& and the cost of key m8nggemenl per￿n￿e] Staff costs were as follows= 2020 2019 Salaries and wages Naiional Insurance contributions Contributions to defined contribution pension %h¢mes 297J26 26,160 6,952 293.489 26.865 6,783 330,938 327.137 The following number of emplovtts received employee benefits (excluding employer pension contributions) during the )'ear between: 2020 L¥0. ?019 No. £60.000 _ £69.999 The total employee benefits. including rKnsion contributions of th¢ k¢y management personnel. were £133,338(2019- £131,150). The trustees were not paid or received any other benefits from emplovmeni with the charity in the year (2019.. £nil). neither were they reiTnbursed expenses during the )'ear {2019.. £nil). No charity. trustee ￿e7Ved payment for professional or other seTriccs suppli¢d io the ¢hority" (?019= £nil). Stsff numbers The average monthly headcount of staff employ￿ was 8.0 (2019: 8.0) and the averdgc nutnbcr of full time equivalent employe¢s during ihe year was as follows- 2020 2019 No. Raising funds Charitabl¢ activities Support and governance 14 Related Parti There is a reciprocal arrangement between the Ro)'al African Societ). and the African Studies Association of th¢ UK (ASAUK) wh¢reb)'. in collecting members. subscription& a proportion 15 r¢¢¢ived b). each organisation as a subscripiion on IKhalf of the other. In 2020 ihe charity received £5,017 (2019-. £5,8001 on behalf of ASAUK ￿￿0 received £6.374 (2019: £7.469) on behalf of the charity. The Charity also received £11,667 (2019-. £6.667) for providing administrative support io ASAUK. 28 THE ROYAL AFIUCAN SOCIETY Charili Number: I1￿2764 Royal Charter Number: RC(MMM40 NOTES TO THE FIN.41%CIAL STATEMENTS FOR THE YEAR ELYDED 31 DECEMBER 2020 15 Taxation Th¢ charity is exempt from tax on its charitable activities. 16 Investment$ 2020 2019 Investment$ ai fair value: COIF Charities income units fixed interest fund invesimeni fund 20,450 257,715 19.784 ?4? ??4 278,165 262.008 2020 Movements Market ￿a]u¢ at l January Net gain / (loss) on rcvaluation Market value at 31 December 262,008 224.658 37.350 278,165 26? 008 17 Debtors 2020 2019 Trad¢ debtors ASAUK Prepa)'ments Accrned income 12,18 1,984 1.600 16,947 23.715 3.166 9.867 32,711 39,?60 18 Creditors: amounts falling due Jl'ithin one year 2020 2019 Deferred income Trnde creditors Accrnals Taxation and National Insurdftce ¢ontributions Value Added Tax her ¢reditor5 85,092 15.604 18.611 9.811 7,536 15,194 21.669 10,165 527 1,731 119,184 66,756 19 Deferred income 2020 2019 Balanc¢ at l January Amouni released to income in the year Amount deferred in the year Balance at 31 tkcember 1 •5,000 (125.000} 85,092 85,1192 Def¢rred incom¢ at 31 tkccmber ?O?O comprised grdnts from organisaiions which had given funds in ?O?O for in ?0?1. £40.000 has been restricted to supw>rt the Education progrdmme and £45,092 lias be¢n restricted for a planned Public Evcnt conference. 29 THE ROYAL AFRiCAN SOCIETY Cbarity Number: l1kn2764 Roval Charter Number. RC(KM)440 NOTES TO THE FINANCIAL STATEMEliTS FOR THE YEAR ENDED 31 DECEMBER 2020 20 Movements ID fund5 At I JaT]uary 2020 Income Expend_ iture Transfer Other net gains At31 December 2020 Restricted funds: CONNF.CT Corporate Events Public Events Mental Health Event 7,500 {7.500) 19,486 19.486 3,000 22,486 3,000 10,500 19,486 7,500 LEARN Education Progrdmm¢ 27.561 27,561 9.165 9,165 20,412 20,412 2.016 DEBATE African Argumenls Africa APPG* FCO** Project 13.160 ?.050 1,175 16.385 23.188 4,700 3.083 30.971 25.221 6.750 4.?58 36.229 11,127 11,127 CELEBRATE Afriea Writes Film Africa 15.000 37.959 52,959 15.000 38.107 53,107 6.(148 6.048 5.900 5.900 Total reslricied funds 34,949 130,977 120,987 37,439 Unrestricted funds: Gelleral fund$ 420,761 389,481 442,965 16,157 390,934 Total funds 455,710 520,458 563,952 16,157 428J73 •AII.P3m Padign￿ Gruw> for Africa •*Foreign and ComMon￿￿th Offjce Purpose8 of unrestrieted funds Unrestricfrd funds are expendable * the di%retion of the Truslees in fiwtherance of the Society's objects. Purposes of restricted funds: CONNECT Corporate Events: In 2019 CDC Group provided £15,000 to suptK)rt two high-level dinner5. one of which was postponed uniil ?020. Because of the Covid-19 pandetnic it w&s not wjssible to hold the event and CDC Group generously all0￿"ed the charity. to retain the £7.iOO funds provided and use them for other charitable acliTr'itie5 at the discretion of the Tn￿l¢es. The funds ￿ere therefore transferred to General Funds. Public Events: Thc British Council pro￿lded a £IO.000 grdnt to SUPTM)rt the flagship annual evenl Africo in 2020.. Prospecls alld Forecasts. This and a Role of ihe Diaspora eveni to which Fondacion IE contributed £7.986 t(K)k place before the introduciion of Covid restrictions in Spring 20?0. A virtual mulli project event took place in Autumn ?O?O in Colla￿ration with African Arguinell15 and the Africa APPG: £3.500 from the Nigerian Leadership Initialive financed the evenL of which £1,500 was recognised as in¢om¢ of Public Ei'ents Mental Health in Afriea Conference: £3.000 of income received for the 2010 Menlal Healih in Africa.- Innovaiion & Investment conference was withheld until 2020 when it ￿'aS used to fund [￿1 event public relations and communications. 30 THE ROYAL AFRICAII SOCIETY Charih. Number: 1062764 Royal Charter Number: RCIMM)440 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 20 Movements in funds . . continued Purposes of restricted funds: LEARN Education Programme An 18 month programme. Poelry in the Primary Clagsroom, was laun¢hed in mid 2020 wilh £60,000 funding from the Paul HamlTrn Foundation. £20.000. representing the planned aclivities for the fir￿ 6 months. was recognised as income in ?020 together ￿1th £3.438 froTn participating schools. The Covid reslri¢tions have caused dela)s to the project and £16.298 retnained unused at the end of 2020 which ￿,111 added to the £40.000 in¢om¢ d¢f¢rr¢d for use in 2021 when it is planned to complete th¢ programme. Activities financed bl" Arts Council in England {£2?3) and Arts and Humanilies Research Council (£3.900) income in 2020 were also partl}, delas'ed b). the Covid restrictions. leaving unused funds available for 2021 of £4.184, which includes some Arts Council funds brought forward from 2019. Purposes of restricted fullds: DEBATE Africon Arguments In ?019 ihe Open Society Foundations awarded the S(Kiety a 2 year grant (total value USD 65.000) to expand the reach and impaci of the progrdmme ihrough ihe appointment of a new deputy editor. The second tranche. USD 30.000 (£22.688) was received in 2020 to cover the deput). editor s Costs tEP to end May 20?1. Cons¢quentl)'. £9.453 remained unspent at December ?O?O The ￿mal￿der of thc unused balance at the end of ?020 compris¢5 £?50 (out of £500 income) for articles to be publish¢d for the Nigerian Leadership ¢venl plus £1.4?4 for cditorial trdvel brought forward from the Miles Morland Foundation S 2019 grant which due lo Covid travel r¢stri¢tions could not be used in 2020. All-P4rty Parliamentary Group for Afriea £1,500 of ihe Nigerian Leadership Initiatives funds (see Public Events. aknve) was recognised as income b). the APPG for Africa for its ¢ontribution to the event. Additionallv. £3.?00 was ￿e1ved from Oxford Brookes Uniiersity. to ¢nable a 5%.m[￿LUM on UK-Africa trade post Brexit to take place and a repo published. FCO project The Foreign and Commonwealth OtTice commissioned the S(Kiety to undertake a research project on its behalf. which was completed in January. 2020 Purposes of restricted funds: CELEBRATE Africa Writes: There was no festival in 2020 but the Arts Council in England provided a grant of £15,000 for research inio developments at future festivals. Film Arri￿. Income comprises principally £30.IJ)O froTn the British FilTll Institule Audience Fund and £?.959 from various other ¢Ontributors to finance the 2020 Film Africa festii'al. A further £S.000 is 2019 income from the British Council against which provision was made in the 2019 financial statements in the expectation it would have to be repaid as the Film Africa Traiyel Grdnls scheme was being ￿OUnd up. Thc Brilish Council has g¢nerousl)' alloThed the charity to retain these funds. ￿.hich. together with other unused funds from 2019 are being carried forward to 2021 to finance development of the Film Africa website. 21 Analysis of nel a&8ets befveen funds Unrestricted Funds Restricted Funds Total funds Investments Cash at bank and in hand Other Current assets Current liabilities 278.165 122 ?96 278,165 236,681 32,711 119,184 428073 114.385 9.450 86.396 Total net Assets 31 December 2020 390,934 37,439 31