THE ROYAL AFRIC SOCIETY Roval Charter No. RCI)IM1440 Charity *0. 1062764 Report and financial statements For the vear ended 31 De¢ember 2021
THE ROYAL AFluCA SOCIETY Charitv )'umber: 1062764 Ro)'al Charter ryumber: RC000440 CONTENTS Page Trustees, annual report 2-12 Independent auditor5, report 13-15 Statement of activities 16 Balance sbeet 17 ststement ofcash floiv$ Notes ¢0 the financial statemellts 19-30
THE ROYAL AFlUC SOCIETY Chariry Number: 10627fr1 Roy41 Charter Number: RCiNK1440 TRUSTEES, .4IThUAL REPORT Thc trustecs present their rqx)rt and financial sthiemcnts for the year ended 31 December 2021. Thc Irustccs confirm that the financial siaiements hai'c been prepared in accordance wilh the accounting policies set out in Note I to the financial 5ta(cmenis (pages 19 - 21) and comply '1th thc Society's Royal Charter Bye Laws, the Charities Aot 2011 and the Charitie5 SORP (FRS 1021.. Statement of Recommended Practice Accounting and Reporting by Charities-. Statement of Recommcrkded Practice applicable to charities preparing their accounts in accordancc with the Finan¢ial Rcporting Stsndard applicabl¢ in thc UK and Rcpublie of Iieland (FRS 1021 (effective l January 20191. OWECTIVES ND AcrtvrrIES Purposes and alms The principal objectives of the Royal African kni¢ry, as Iwotcd in its Royal Charter. are 'to promote within the Unitcd kn"ngdom of Great Britain atml Northern Ireland as well as other countries, the spread and in¢r¢ase of knowledge of th¢ p¢oples and counlrie5 of Africa" to foster and strengthen the relationsbips exi51ing between our said United Kingdom and the various Countries and peoples of Afric4 and to encourage the growth of interest in Africa among the people of our said United Kingdom and amoDg th¢ p¢opl¢ of oth¢r ¢ountri¢s'. When reviewing the Society's aims and objectives and in planning future activities. the trustees confirm that they have referred to the guidance contained in the Cbarity Conllnission's general guidance on the public bcnefit requiremeni IPBI), and the duties set oui in Section 17(5) of the Charities Act 2011. including the guidallce"Public Benefit= Running a Charity" (PB2). The public IKn¢fii created by the charity's activities. many of which. including access to the Society's websites and attendance ai certain events and meetings. are available free of charge to members of the public. arises from the following: l. the spread and incrvdse of knowledge and understanding of th¢ p¢¢)ples and countries of Africa in th¢ UK. 2. the fostcring of mutually beneficial relatioLships between people iti Afric the UK and the wider world. In 2021. the Society was guid¢d by its 2019-2021 strate¢ plan and th¢ &¢companying four objectives or pillars, as listed below.. l. Connecl." 10 ¢onne¢t the widest tM)S5iblc nctsvotk of Africans. Africanisls and public in the UK. bringing people together to meet. netwotL leam and exchange ideas about Africa t(wJay. 2. Learn.. to expand the knowledge and und¢rst8nding of contemporw Afrlca in the UL at all levels. 3. Debate.. to PTomote public debate on African affairs and topical ]ueS. amplifying African voices In the spheres of academi& business, )lIticS, art5 and education. 4. Celebrnte.. to celebrate a] mait)stream African aTts and culture in th¢ UK by showcasing the best cont¢mpordry African litcralur¢ and citiema to young and diverse British audiences. Thougb ¢h of the Society's progrdmmes or activities wtte allocaied UDdcr one of the above strategic obj¢ctiVCS, most of the Society's PTogrammes are designed to meet two or more of them. Progress on the strntrgic plan was reTricwed moothly at Staff me¢ungs and quarterly ai meetings of the Council and the Execulive Con]mittee. Maln activities undertaken to achieve ¢be charity's aims and objectives The So¢iety's charit8bl¢ activities arc grouped undcr wh of the main four strat¢gi¢ pillars, as follows:
THE ROYAL AFRICth SOCIETY Cbarits. Number: 1062764 ROYAI Charter Number: RC000440 TRLTSTEES, ANNUAL REPORT .....¢ontinued
COI¥NECT.' as a membetship organisation. the Society delivers a wide-ranging events programme aimed at our corporate, individual and sDJdent members. the African diasp)rd and Ihe wider British public. Our public events programme is our eore offering to our members And the meAns by whÉeh we eng2Be new audiences. The Society a150 works in partlleT5hip other organi5ation5 to deliver joint events, a5 It is our policy to work collaboratively lo facilitsle the achiei'ement of common objectives. Furthermore, the ' Society promotes and suprtS events and conferences delivered by other similar organisatiolls. LEAR. The Society's flagship journal. African Affairs. published quarterly by Oxford Lniv¢rsity Press, 15 the t0p-ted acadetnic journal for Afrtcan Studies, disseminating the latest research in academic insiitutions around the world. Our Eth]cation & Outreach Programme fosters a bctt¢r understanding of Afri¢a through ¢uliural education in UK sLhools, ¢ngaging children. young people, teachers and families through Africa Writes.. Young Voices and Film Africa.. Young Audiences and other projeets and actIltieS. Through our sister orEanisation. Ath"can Studics Association of the UK {ASAUK). with whom we hold joint membership. we manage a network of African Studies Centres in the UL sharing inforn]ation about partnerships with African universiiies and lobbying io sustain African sdIeS in the UK. DEBATE.. the Society disseminates insight and Tnstigate5 public debaie through lis news and analysis wcbsitc: African Arguments. and lis adi'ocacy and policy work. which is primarily conducted for xnd on behalf of the All-Partv Parliamenw Group for Africa in thc form of inquiry reports and policy bricfings, togcther with round-table discussions and m¢ctillgs, parliamentsry questions. motions atKi other releant debates. CELEBRATE: The Society's popular biennial Cultural festivals. Afvca WrEtes and Film Africa. continue lo celebrate the best African cin¢ma and lileratu, attracting young and divcrse audiences in the thousands. The Society is grdtefiEI for the effort of its volunteers who are involved in the events, festiva19 and other activities, and also thankllY recognis¢s the experience and expertise it gains from the interns who volunleer their lime in assisting with the day-tIHJay running of its charittble activities. It is estimated that 410 volunteer bours were provided during the year. If it is conservatively valued at £9.50 per hour, the volunteer effort amounts to £3,895. ACHIEVEMENfs AND PERFOILlfANCE I. CONNECT Membership of the Royal African Socicty is operÈ to all and illcludes individuals. Students. friends and corporate subscriptions. In 2021, income from individual memb¢rship subscriptions amounted to £25,907 and income from corpornte subscriptions was £33,IK>O, down from £35.600 in 2020. 2021 w¢ had a total of 446 members, including 312 Individual, 19 Friend. 35 Studen(6 Associate, 4 Lifetime, 27 Arts and Culture and 43 Honorary Life M¢mbers. In 2021 wc encouragd members to upgrnde their membership and for longstsnding memkrs to join as Lifetim¢ membeTS. In 2021, the So¢tety Tan 20 main events without counting the entiff morEth of programllllng that Africa Writes entsiled. With Africa Writes and our ClimAte Conference51)oth drawin8 in well over lo audience mcmbers, onlinc an(Vor in person, and a sold out event for Zdmbia.. The Nexi Five years with PtC5idcnt Hichil¢ma. we estimaie that we reached least 5.000 audience members for our events worldwide. All our public events were livestreamed, and oudio and video rccordings were made aN'ailable via our Mixcloud and Facebook channels. In November 2021, the Soci¢ty's Annual Lectsre WLS delivered by Amina J. Mohamtned, UN Deputy Secretary General. Enlitled "Africa in a j¢ lrnnsition - inkysiing a suylairtuble recovery," the lecture cxpanded on discussions hcld in fjlasgow for COP 26. The Iecfte was followed by an interacts'v¢ audience Q&A modcrated by the Society's Cbalrperson ADJnma Oteh. The Society also awarded Lifetim¢ Achi¢v¢m¢nt honour5 to Zcinab Badawi. Milcs mollan Micere Mugo and Gwa Ma¢hel.
THE ROI'AL AFRICAN SOCIETY Cb*rits,.lumber: 1062764 Royal Charter Number: RC000440 TRUSTEES, ANNUAL REPORT.....continlled
After ihc Col'id-rclated cancellation of the African Sthdies.4550ciation of tbe UK (ASAUK)'$ ?020 confer¢nc¢, 'C look lotward to a hybrid physical-kirtual conference in 2022. ASAUK ig the.£ociety'g partner organisation and the national academic association .4mbassador facilitaiing scholarly IiTtk8 between Africa and th¢ UK. Our Events Programme. including thosc that are part of the Society's Business Progrgmme, continued to deliver high-level events as part of our corporaie membership offer. providing a platfom) for in-depth and solutions-oricnt¢d dcbaie w'ith kcy decision-makcrs. expens and thought l¢ad¢rs from th¢ worlds of business, gov¢rntnenL civil socicty and academia. Key events in¢ludcd our flagship annual panel, 'Africa in 2021: Covi(L Climatc and Demo¢racy. delii'ered in patthcrship wilh the British Council and the Centre for African Studies. University of Edinburgh. to discus5 and debate what 2021 held in store for the continent. We organised events on Reforn) and the Rulc of Law in EthiopiL Elections and Covid in Africa, Britain and the Benin Brun7Cs and 'Ratn does not fall on one roof alone,: Covid vaccination choi¢¢s. We hosted a book launch for one of Africa's loremost economists, K.Y. Amoako. head of the African Centre for Economic TTansforn]ation IACED for his book Know the Beginning lyell. Through its various website& newsletters and social media ehaunels. the Society contiuu¢d to disseminate knowledge and insight and expand its online reach. In 2021, African ATguments received 1.5 million page views and 945,000 unique visitors. The Society's 11 mcdia following incr¢2s¢d across all platforn to 190.7K (up from 182.2K totsl in 2020}. Twitt¢r= 132L Faceb(M)k = 47.2K Instagram = IOL Linkedln= 1.5K. 2. LEARN Afncon Affoirs maintained its positiim as the world's top-ranked African Studies journ81. Its latest Impact Factor (2021) is 3.203. The Co-Editors are George Bob-milliar. Ambrlla Manji. PeAee Medie and Ricardo Soares de Oliveira. In 2021, the Society's Education & Outrea¢h Progr4mme excellsl fostering a better understanding of Africa in children, young people, their tea¢heTS and faTnilies. The Poety in the Primary Classroom programme, held in partnership with the Centre for Literdcy in Primary Education (CLPE) alld supported by the Paul Hamlyn FouDdation Test and Explore Fun rdn from September 2020 to December 2021. 11 Primary school teachers were enrolled iti a Continuing Pmfessional Development and Learning (CPDL) programme to enhance thcir cnjoyment of alld prdcttce from Afn"ca and the diaspord. 3. DEBATE W¢ celebrated our 121)th y¢ar with a s¢rics of events that drew big audiences, particulatly the major internatKonal conference on Climale. Conflicl and Demographj, in Afrtco, made p)ssible with a £45,0(K) grant from The 01 siety Foundation. Co-hosted with the International Crisis Group and Afn"ca Confidential, and headlined by the Vice President of Nigeri4 Ycmi Osinbajo, it delivered its ¢onclusions to th¢ COP 26 Glasgow Summit. In June, the month of our anniversary, we celebrated with ¢v¢nts such as Brilain OpA}rIea.. The Long View and Africa and Brilain." J20 Years of Change. In 2021 African Arguments. the SIety's pan-African plarforni for news analysis. comment and opinion, received 1.5 million page Tr'iews and 945,(XK) wiique %.isirs. Our readership in Africa ac¢ounted for 44/0 of our global audience. The ten cittcs with the biggest audiences were. in ord¢r. Nairobi, Lagos, London, Addis Ababa. Lusaki Hardre. Kampala. Accrd. Dar e5 Salaam and Sandton. We published around 200 articles. ApprOxiTnalY 841/Jfj were by writers of African dcsc¢nt. Alut 47 /0 were by fcmale author5. Coverage and Special Series African Argumellts Co¢red a wide spectnlln of i55ucs in 2021. We featsed stories about vaccine inequity and widespread fights for ju5ti¢¢. We examined political shifts from Chad to Zambia and investigat¢d conflicts from caMern to Ethiopia. We hosted discussions around kink, culture, and African mediA ¢oN'erdge. and much more. Onc of our centrdl focuses was climat¢ ¢hange at and around COP26. and African Argwnents won an award at Malawi's Green Media Award5. We ran two special s¢ri¢s. "Radical Acti.is in Afri¢3" was c0-gueStlIed by Lgandan activist and academic Stella Nyanzi and featured a range of ¢ssays by leading wtiler5 and a¢iivisis across ihe contincnL An online pallel discussion in collaboration with Africa Writes allowed for further exploralion of th¢ themes raised.
THE ROYAL AFRIC% SOCIETY Charity Number: 10627(A Royal Charter )umber: RCIJOI)440 TRUSTEES, ANNUAL REPORT .....eontinued
The A]1 Party Pxrlfiamelltary Group (APPG) for Afri¢4. which the Society administers, continu¢s to driv¢ policy discussions on Africa in Wesrminsi¢r. Building on our report on Visa Problems for African Visitors to the UK of which UKVI b&s implem¢nt¢d some of the recommendaiions. such os cutting contact f¢es, increasing availability of digitsl applications and changing guidclillcs for visa officers and applicallts. in 2021 the APPG for Africa has coniinued io bri¢f MPS and lead discussions on the negative impacts of travel bans and rcd lists due to Covid. which bav¢ disproportionately affected African countries. The APPG . for Africa has a150 raised Oral Question5 in the House of Common5 asking that th¢ UK do more to fa¢iliiate the production of Coyid 'aCcIneS in Africa 50 that African5 can vaccinat¢ Africans. and we will continue to raise this issue as th¢ pandemic continues. In (ktober, w¢ sUcc¢ssl]Y applied for an urgent debatc in th¢ House of Cornmons following the coup in Sudan and APPG for Africa Chair Chi Onwurah led a robust debate on the coup and the UK'S policy in the lead up to the coup. The Society SUPPOrted the APPG for AfriLa by working with the spokcspcople frotn the main parties aDd conlributing to th¢ r¢s¢ar¢h and spccchcs in th¢ rhamber. As pan of our 120th Annivew this year, in partnership with thc APPG for Africa and Justice to History, the S(Ki¢ty undert(K*k a policy inquiry into Africa and its Diaspora in UK School Curricula. The parliamentary committ¢c of inquiry includes a Thumber of experts in the fLeld and is led by Lord Paul Boateng. The inquiry has gathercd a wd¢ and diverse range of InforntIon and lii'ed experience via the inquiry sur%'ey to which we received over 230 responses, and also via the 33 written submissions and two oral cvid¢nc¢ s¢&sions. The evidence sessions are available to view via the RAS Facebook Page. It has drawn up policy r¢cornmendations and is in the process of discussing them with the S¢rrdary of State for Education. The report was r¢l¢as¢d to th¢ public in March 2022. 4. CELEBRATE Africa Writes took place in October 2021 as a hybrid eN'cnL Virtually and in person at The British Library. Despite the challenges of generdl farigue of online consumption and a colnpetitive online space scrambling for people's attention we are pleascd to report that alynost 1,000 peoplc attended Africa Writes 2021 in- person or online and our festival potentially reached more than 7 million people through media. social media and partner collabordtlODS. Our cvcnts at thc British Library (including the earlier online Caine Prize . online ¢vent} attra¢ted 538 people which is comparable with our 2017 - 2019 Africa Writes audiences at thc British LibTary. As in past y¢ars, w¢ aTm¢d to a(h n¢w audicnc¢s with a srkcific focus on people from North Africa and its diaspora as wcll as dcaf and Dcurodivcrgcnt audiences. Our headliner Mona Elraha was an cxccllcnt assct for attracting North African audieDCeS and we also parniered with Saqi Books to reach this demographic. Our online programme helped u5 reach international audiences for the first time as well, wilh 3(Y/• of our online panel discussion auth"en¢¢s roming from Afric4 150/0 from the United States and 23010 from Europe. In 2021, Film Afri¢¢ h8d its first fallow year, which the feStI.a1 team spent r¢searching and developing partn¢rships across different parts of the LK and Afrio whilst offering an onlinc events programme to k¢¢p audi¢nc¢s ¢ngagcd with interview with film directors such a5 Philippe Lacote (Nighi of the Kings, 2021) and Cliv¢ Pattcr50n, Sorious Samura. and Charlie Haffii¢r of Sing Freetown. (2021J FANCIAL REvw Re)iew Df the Year Despite a year dominated by the continued consequences of the Covid pandemic. activity levels in 2021 rose year on year with total income at £651,471 being 250/ts aknve that in 2020 (£520,458) and total ¢XPCDditure of £676,567 being 20D/o higher (2020.. £563:952). The resultant net ¢xpenditure on activities for 2021 fell to £25,096 from the £43,494 recorded in 2020. For the third sue¢¢ssii"e year the Society kncfited from att unrealised gain on the revaluation of its investments. The 12.6% increase in value yielded a gain of £35,212, converting th¢ 2021 net ¢xpenditure on activities to a total annual net income of £IO.116 for the Soci¢ty (vs a 2020 net exp¢nditure of £27,337). The total fimds unus¢d at ihe end of 2021 of £438,489 {2020.- £428,373) included £7.666 r¢stri¢tcd and £5.379 designated funds received ITh 2021 to cOPIct¢ spccific pro[¢5 in 2022. th¢ balance of £425,444 is unr¢stricted.
THE ROI'AL AFlUC SOCIETY Charih. Number: 1062764 Roy*l Charter.%umber: RC000440 TRUSTEES, ANYUAL REPORT .....contillued In%'estment policy and objectives Thc TNst¢¢s havc the Wer io ini"¢st in such a&scts Ls ih¢y scc fit. Thc charity's ini'&Elm¢nt policies are..
to s¢¢k investment fimds wh¢re the managers pr()i'idc ethical and wcially resw>nsible invesunents to chari(ies: to ensure thai funds are not put at undue risk hlIe, as far &$ is practical. maintaining and enhancing their valu¢. At a value of £313.377. investments represent 74Q/o of the clwity's UnStricd gencrnl fimds and ihe portfolio is revi¢w¢d annually. Reserves policy The Tn]stees have established a policy to maintain a minimum operational Teserye of £210,01. which they consider adequate to meet the ¢harity'S financial obligations in a six month future period. The operaiional reserve 1$ defined as unrestricted funds excluding fixed &8sets, but ineluding investments which, although intended to be held for the longer term, could be realised in a period less than six months. At 31 Dcccmber 2021 the available operdtional res¢N¢ is £425.444. Going eoneern The Trustees ore of the opinion that the assets and res¢rYes of the Society, in the light of lis committed income. expenditures and cash flows. are adequaie lo SUprt its on-going cbaritable activitics and obligations. With relatively reliable income streams each year from Afftcan Affairs and from the membership and tnajor donor bases, together a sury)lus, ¢urrently £215,OIXI over the mitiimum operational reserve, the Society remains resilient for the next two financial periods. Prltt¢lpal rl$ks and uneertainties Flnancial sUStainability- as an orgdnisation with no cndowment fundin& which is reliant upon support from its members, fi]nders, sponsors and donor5. none of 1¢h is ¢ontractually Committ in the long tcrni, thè Tnte¢s. strategic review continues to identify medium to long-terni financial sustainability as the Major risk. There is a risk that some of our major funding partners and progrdmme supporters may drop oui ai shon notice. In addition, the revenue from the Soctety's journal, Afi7can Affairs. is liable io show a secular de¢lin¢ in coming years from the spread of Open Access policies. Reputatlouai and legal rfisk- this arises from thrcc pDt¢ntial causes.. criminal activity by a member of stsff (thcft, fraud. contravention of diversity, gender or safeguarding legislition etc)- political controversy relating to the Society's activities or publication5- aTKI legal challenge to something the kniety h&s published in one of its outlets. Cyber-attack and IT f8ilure the Trustees recognise that. like all organisations with an online presence, Èhe Society has io be vigilant in the area of digital security and robustness. A significant part of the Society's public engagement tak¢s place online and out digital I]fftasffttUre is vulnerable to cybercrim¢ and IT failure. This risk is mitigated by the prot¢¢tions put in place by SOAS who provide and maintsin our IT system. Statring - th¢ Society is currently ¢¢onomically staffc(L The 9 pernmnent employees are supplemented wh¢r¢ necessary by paid consultants and freelanceT5 and unpaid interns. This ¢reates a degr¢¢ of ovcrstretch and leave5 a number of gaps that haMr the organisatson's abiliry to deliver on some of its stratcgic objeciiv¢s. There is also ihe possibiliry that key staff may leave at short noti¢e, andlor that thc sIety is unable to rccruit new staff of adcqua skills with the pay we ¢8n offer. In either case, remaining staff would become further burdened with work, and action would be lle¢d¢d to avoid overwork an(Vor undcrtKrfornJance. Council agre¢d the need for a P¢rnYdnent communicats.ons Manager and an appointment was made in February 2022.
THE ROYAL AFRIC SOCIETY Cbaritv Thumber: 1062764 Royal Cbarter Number: RC000440 TRUSTEES, ANNUAL REPORT .....¢ontinued Ac¢ommodatlon - the Society remains dcpcndcnl on thc good will of SOAS - Univcrsity of London to provide very affordable office space in the heart of London. W¢ anticipatc this will continuc for now, but th¢ univcrsity 15 in a p¢riod of flux and there is a Chance the situation may change in ihe near fiTture. Plans & strategies for mAnAgiDg the risks The Trustees have a risk management strategy, whicb comprises:
A review of the Risk Register. quarterly at each Council meeting. The creation and implementation of policies and pr(edUreS to mitigate the risks identified in the quarterly reviews, mat]xging and minimising any poiential iM¢t on the Society. In 2021, the Tnte¢S employed the following straiegies for managing the principal risks facing the So¢iery'. IDcreg5ing fundraising capacity - the Society continued to pursue the fUnd"sIng strdtegy approved in 2019, but faeed new congtraints duc to thc Covid pandcmic. The Fundraising Manager neverthcless continued 0ping and se¢uring additional funding from public funding FM)dies. trusts and foundations. Further steps are needed to increase individual membership through an enhanced members, offering and greater publicity. With support from the Trusiees, the D]reor and Deputy Director worked to retsin existing corporaie donations and partnerghips, and identify and secure new ones. within lh¢ ¢rii¢ria set out in the Ethical Fundraising policy. Expenditure control - in 2021. the Swiety ¢oniinued io implcment strict financial controls to avoid any potential ovcrsperkd. New activities were only undcrtakcn on a full-cost recovery basis. and the number of events was therefore slightly duc¢d. Th¢ Finance and Audti Committee took an actii'e role tn helping thc DirCOr prepare the budgets and the Council llkonitor spending. Building organisational eapatity - 2021 saw substsntial staff turnover with two pernlanent members of staff moving on to otber employment. They were successfully replaced in May alld S¢pt¢mber. Having identifi¢d th¢ need for Commutiications personnel. the Society recruited fr¢elance Communications Managers, for the majority of 2021. until a pemjancnt appointment was made in 2022. The two main slegi¢S embraced by managcmcnt to build organi5ational capaclty of existing staff are.. a) facilitating professional developm¢nt opportunities to sustsin motivation, perfomance and upskill existing stsff. and b) ensuring that any new projects arc accompanied by sufficlent resource to takc on extra stsff to d¢liv¢r the WOTk. iti order lo avoid burdening the core team and subtracting from the Society's nIll busin¢s5. Reputatioll.. Ihc senior managemcnl and Council members rontinuc to closely monitor tbe Society's public profile and engagement to minitnise ihe risk of reputation-damaging siott¢s. Sthff are well-attuncd to reputational risk and provide early warning if risky i55u¢s arisc on their patch. Factors affectlng the financial performance In ¢ommon with UK orgallisations and charitie5. the SIety's financial perfonnance in 2021 was still affected by thc restrictions Iposed by Covid r¢lated control measure5. During a year of continued challenges, events and some other charitabl¢ activities wer¢ hcld rcmotely although towards the end of the year a few took place ill pcrson or on a hybrid basis. Consequently. despite income given directly to accomplish the various programmes increasing in 2021 to £245.000 12020.. £168,000) it was still below the comparable amount of £3]9,( aTrailable bcfore the pandemic ill 2019. Noncthcless the improvemeni of this PTogrdmme income in 2021 and the continued robustness of revenue from African Affairs and from the memb¢rship base enabled funds for the siety's charitr&ble activities to increase 160/D to £527,821 (2020-. £456,791). However. the most sKgnificant change in income in 2021 was the rige in donations to £103,860 from £43,768 in 2020- thus enabling all uplift in the amount expended on charitable activiti¢s to £638,781 (2020.. £529,798) which aclually ¢x¢eeded the equivaleni pre-pandemic expendihjrc in 2019.
THE ROI"AL AFRIC} SOCIETY Chariti. Number: 1062764 Royal Charter Number: RC000440 TRUSTEES. ANNbAL REPORT .....contiDued Plans for the future Unfortunatcly, Covid prevent¢d us friMI using the 120th Annivcrsary as a major fund-rdising opportunity. This was Ihe last year of our current 2019-21 Strategy. A new one is being prepared for next five Ye period12022- 2026). Hoping to emerge frown Covid coping. the new Strategy will prioritise progTrmme5 that will help in the following arca5.' a) Platfortns.. providing plaifotms for African OIces. and particularly alicrnatil'e Noices, on political, social and economic issu¢s, ¢nabling us to promote und¢rstanding and encourdge social chang¢, through our events programmes. Africam Arguments and the APPG foT Afn"ca. b) Alternative voices: the RAS is incrcasingly representing people of Afri¢an Origi not just spreading inforniation about Afric flected in our growing engagement in campaigtjs that support the African eommunity in this country. c) Afn'¢an arts and culture, making them accessibl¢ and more widely kDOWn through our Film Africa and Africa Writes festivals, expanding whete feasible into music. theatre and the visual arts. d) Education. through activities that enable the better understsnding and appreciation of all aspects of Afrie4 both in schools through th¢ promotion of African literature and p)ety and curriculum reforni, and in univer5iti¢s through the promotion and sustaiTJment of African studies through the ASAUK and African Affairs. We also support the educational Work of COTtx)rate partner5. e) Understanding of African eountrieg, including for businesses. thmugh encouraging Contact, facilitsting travel and providing platforms for African people and countrie& and ihTough addressing historical l¢ga¢y issues that impede rclations. fj Gender equality by ensuring that the recognition of gender dynamics are at the heart of all our activities. g) National impact. by expanding our connects05 and activit1¢5 thrgughout the UK beyond London, to ensure that communiues in all parts of the country and at all leve15 feel ablc to bcncfit from the Society's work. STRucfuRE, GOVEILNAL¥CE AND MYAGEMEYT Organisational structure The Royal Afri¢an Society Is incoiporated by Royal Charter and is also registera with the Charity Commission in England and Walcs. The Socidy's governance SIntUre is as follows: Constitulion - thc Soci¢ty is governed by its Bye-laws. the most recent amendments to whi¢b were approved by Th¢ pri Council on 10 November 2010. Ro al Patrona January 2017. - the Sociw's Royal Patron is H.ILH. The Duke of CambTidge. who succeeded The Queen in Council Members Trustees the governing body of the S(Kiery is its Council, whi¢h is the ultimatc authority controlling 'the affairs 2nd property of the Society.. The Council consists ofthe Chair of the Society, the Honordry Treasurer, up to fifteen elected Council members, the Co-Editors of the Society's Journal. Africdrt Affairs, and up to four co-opted m¢mbers. The Soci¢ty'S members elect the Chair of the Socicty. the Honorary Treasurer and the oth¢r 15 Council mcmkrs. The Sociery'5 three Vice-chairs. four co-opted members, the Co-Editors of Afi'Ecan Affairs are ¢hosen and appointrd by the Council its¢lf. All Council membeTS, except the Co-Editots and any others who are rcmuncrdted by the Socicty, act officio as Trustees of the Soci¢ry. A tenn of Council membership ruDs for three years. so one third of elected mcmbers retire OT Stand for re•election every year al the Society's AGM. Thc Council currently m¢¢ts twice a y- in April (usually followed by the AGM) and ocber. Five members are a quon]m.
THE ROYAL AFRICILJ SOCIETY Charitv Number: 10627(A Royal Cbarter l%vmber: RC000440 TRUSTEES. ANYUAL REPORT .....eontlllued The Executive Committee xco the Executive Committee acls under power5 delegated to it by Council and consists of the Chair. Vi¢¢-ChaiT%, Honordry Treasurer. and up to three other members appointed by the Coun¢il. It currently meets 'iCe a year - in January and July - and all Council Members are invited to attend. Three Exco ¢Jnbets are a quorum. Exco has passed responsibih'ty for achieving the c]wity's objeciives and exercising day-tQ- day control to the DIrtOr and partially, in turn, to the Ikputy Direetor. Sub-committees - following a 'Governce Review" session held in July 2019 facilitated by the Foundation for Social Improyement, the following three Su1cOMmittees were fornied.. Finance & Audit Suwommittee chaired by the Society's Honorary Treasurer Gregory Kronsten, and tasked with examining and approi'ing the proposed xnnual budgeL recommending sign off of the Trustees. Annllal Report and SORP Accounts, overseeing 5tsff remuneratio and ini'.estigatin8 any spccific financial issues referred lo it. Fundraisin &Co rate En ment Sub£ommittee chaired by Vice£hair'Jide Olanrewaju, and tssked with oTrerseeing the organisati¢)n's fundraising strategy and corpordt¢ cngagemeni, leading on plans for th¢ Society's gala in 2022. Governance & Nominations su1comMittee chaired by Elected Council Member Andrew Skipper, and tasked with overseeing the Societ). s governance and HR matters. includiT]g future Patron and Council Member nomination5 and rccruitment" induction of n¢w Council Members, w]SUtiDg all members meet thcir statutory obligations Is ttyst¢¢5; scnior managemeDi stsff appointmcnts,. and any legal issues Ihat may arise relating to staff and trustees. These sub-committees meet in advance of each Coun¢il and Exccutive Committ¢¢ meeting to settle matters relating to their specific remits, which are then put foAM*d to the whole Council for discussion or decision. Trnstee induction and tr4ining New Council Members / Trustees will be provided with an enhanced induction document, which will set out in more deiail their roles and responsibilitics in respe¢1 of the objcctives, aciltties. policies and pedre5 of the Society, after which ihcy can be fih¢r briefcd by scnior staff and mcntored by the existing Trustees. Related parties 4nd relationships with other orgalltsation5 The Society work5 in close collaboration with the following ¢lwi"ties:
Africall Studies Association of the UK (ASAUK). whom the Charity shares facilities attd staff. There is also a reciprocal meTnbership agreement IKtween ASAUK and the RAS. The ASAUK'S incumbeni President is Also a TnLStee of the Charity. Mary Kingsley Zochonis Le¢nwe Trust Fun¢ which was established 10 sponsor a lecture 5ertes in conjun¢tion with the RAS. The TrLLSt's affairs are administ¢[ by the Royal African So¢i¢ty. Further d¢tai15 are provtded in note 14 of the Financial Sthtements (see pge 27). Remuneration policy for key management personnel The Finan¢e & Audit Sub-committee oversaw the Continued impl¢tnentation of its remunerdtion policy for both key manag¢ment personnel and the $t of the stsff t¢am. The id¢ntified criietia for remunerdtion take into account thc following.. level of skill and qualifications, level of responsibility, indii'idual competeucies and perfonnance, remuneration levels ai similar charities. retention, and affordabib'Ly. Th¢se criteria arc not exclusive and any decision will inevitably include an element of discretion.
THE ROI'.4L AFRICAN SOCIETY Charits. Jumber: 11)627&4 Royal Charter Number: RCOOI)440 TRUSTEES, ANNUAL REPORT .....¢ontinued REFEREYCE AI%D ADMIYISTIL4TtVE Council Member5 Trustees: Arnnma Oteh Z¢inab Badawi Gregory Kronst¢n Innes Meek Titilola Banjoko Professor Christopher Crdm¢r 'Jide Olanr¢waJu (Chair- appointed July '21) (Chair- resigned July .21) (Honordry Treasurer- appointed June '21) (Honordry Tr¢a5ur¢r- rcsigncd June '21) (Vice Cbairl (Vice Chair- rc5igned June '21) (Vice Chair) Other elected Council Members Phil Clark Susana Edjang Adatn Habib Boko Inyundo Obi James Nike Jorlah Razia K])an Joel Kibazo Anne Mccorniick Andrew Skipper Geetha Tham)arntnam (appointed June .21) (appoint¢d Junc .21) C&opted Council MembeTS Baroness Northover Chi Onwurdh MP (Ex (W10 Ola Uduku (EY ffjcio) Solonye Oye-somefi Myles WiCead (appointed F¢bnwy '21) Editors: George BolTrMilliar Peace Medie Ambr¢¢na Manji Ricardo Soarcs (k Oliveira (appointcd Jwie .21) Secretary: Dc5ta Hail¢ Sh¢ila Ruiz (appointcd May '21) (resigned April .21) Director: Nicholas Wc51rott io
THE ROYAL AFRICA SOCIETY Charltv Number: 1062764 Royal Charter Number: RC000440 TRUSTEES, kNNUAL REPORT ....>tinued REFERENCE AND ADMINISTRATIVE DETAILS ...-eontinued Ro).41 Ch4rter number RC000440 Charity Dumber 1062764 Regi$tered otriee and operations address: SOAS, Lniversity of London 10 Thornhaugb Street London WCIH OXG Auditors: Clwiot House Litnited 44 Grand Paradc Brighton Easi Suss BN2 9QA BaTclays Bank PLC 2 Victoria Street London SWIHOND Bgnkers CCLA Inveslment Management Limited COIF Charity Funds Senator Housc 85 Queen Victoria Street London EC4V 4ET Soli¢itor5 TLT Solicitors 20 Gresham Stre London EC2V 7JE Auditors Chariot House Limited was Te-aplnted as the auditors of the Royal African S(Kiety at the Annual General M¢¢ting held via Zoom in June 2021. Chariot House Limitcd has expre55cd iheir willingncss to continue in that capacity. li
THE ROI",iL AFIUCILN SOCIETY Chariti. Number: 10627fA Ro)'al Charter Number: RCO0044 OTHER STATEMENTS OF THE TRUSTEES Slatement of responsibilities of the trustees The trnst¢¢s arc rcsponsiblc for prcparing the Trtlet$, Report alld the financial statements in accordynce with applicable law and United Kingdom Accounting sndards (United KiEL8dom GeneIlY Accepted Accountin8 Practice). The law applicable to charities in England & Wales requires the tnjstees to prepare financial statements for each financial year. which give a tTue and falr i'le. of the stste of affairs of the charity and of the incoming resources and application of resources of the Charity for thai peri(Ml. In prepanng these financial statements. the tsustees are required to.. s¢l¢¢i suitable ac¢ounting poli¢i¢s and th¢n apply them consistently. obs¢r¥¢ th¢ m¢thods and principles in the Clwities SORP. make judgments #nd estiTnates that 8re reasotLqble and prudent: state whether applicable United KiDgdom ac¢ounting standards have been followed subj¢¢t to any mateTial departures disclosed and explatned in the financial stat¢m¢nts' prepare the financial statements on th¢ going concern b&sis unless it is inappropriate to presume that the clwity will continue in business. The trusiees are responsible for keeping proper accowiting reconls that disclose wilh rcasonable accuracy at any time the financial position of the charity and enablc them lo ensure that the financial statements comply with the Chariti¢5 Act 2011. the Charity (A¢counts and Rerts) Regulation5 2008 and the provisions of the Royal Charter and Byelau's. For th¢ year ended 31 December 2021, the financial ststemenls have departed from the Charities (Accounts and Reports) Rcgulations 2008 only to thc extent requir¢d to provide a 'true and fair view,. This departurc is explained in note Ila) to thc fiTb2ncial statement (Basis of prwavation} on page 19. The trustees are also responsible for safedIng the assets of the charity and hencc for king reasonable steps for th¢ prevention and detection of fraud and other irregularities. The trustees are restrf)Dsiblc for th¢ ma1Thtenat and integrity of the clwity and financial information included on th¢ charity's websitc. Lcgislation in the United Kingdom governing the prepardtion and dissemination of financial statements may differ from lewslatson in other jurisdictions. Statement As to disclosure to our #udlto In so far as th¢ trustees are aware.. •There is no relevant audit inforn]ation of which the charity's audito are unaware. and •The trustCC5 have taken all st¢ps that they ought to bave taken to make themselves aware of any relevant audit infomiaiion and to establish thai the auditOT5 are awaTe of that inforniation. The tsvstees, annual report has been approved by the trustees on 28 ApTiI 2022 and signed on their b¢half by" L A/5 Arunma Oteb Gregory Kronstell Chair Treasurer 12
THE ROY AL AFRICAf SOCIETY Chritv.Yumber: 1062764 Royal Charter Number: RCI)004411 REPORT OF THE INDEPEI%DE)T AUDITORS TO THE TRLSTEES OF THE ROYAL AFRICAN SOCIETY Opinion We have audited the finan¢ial tht¢ments of Thc Royal African Society (the 'charityy for ihe year ended 31" December 2021 wM"ch comprise the Statemeni of Financial Activities. the Balance Sheet, the Cash Flow Statement and notes to the financial statemenls, including a summary of significant accounting poliei¢s. The financial reporting framcwork that has been applied in their pr¢pdrntion is applicable law and Unitcd Kingdom Accouniing Standards {United Kingdom Generally Accepted Accounting Practice). In our opinion the firtancial statrments.. give a tNe and fair view of thc state of the charity's affair5 &5 at 31" December 2021 and of its incoming resources and appli¢ation of rourCeS, for the year thcn cndcd; have been prop¢rly prepared in accordance with Unita Kingdom G¢n¢rnlly Accepted AountIng Prdctice" and have b¢¢n prepared in accordan¢¢ with the requirements of th¢ Charities Act 2011. Basis for opinion We conducied our audit in accordance with knternationol Standards on Auditing ILXI IISAS (UK)) and applicable law. Our responsibilitics under those standards are further described in the Auditors, responsibilities for the audit of th¢ financial statements stIOn of our rc[. W¢ are indepcDdent of the charity in accordance with the ethical r¢quir¢ments that are relevant to our audit of th¢ financial ststements in the UK including the FRC'S Ethical Standard, and we bav¢ fidfilled our other ¢thicaI responsibilities itt accordan¢¢ with these requir¢m¢nts. We believe that the audit ¢vidence we have Obtain 15 sufficient alld appropriatc to proYid¢ a basis for our opinion. Conclusions relating to going coneern In auditing the financial ststements, we have concluded that the trustees. use of the going concern basis of accounting in th¢ preparation of the financial ststements 15 appropriate. Based on the work we have perforni¢d, we have not id¢ntified any mat¢rial UDcettiitTrties rclating to events or conditions that, individually or collectii'cly. may cast significant doubt on the charity's abiliry to continue as a going concern for a period of at least tw¢lve months from when the fll)ancial statements are authoris¢d for issue. (hw responsibilities and the responsibililies of the tswlces with r¢sw to going concern are described in the relevaffi section5 of this re)rt. Other information Thc trustees are Tesponsible for tbe other InfOrntIoD. The other inforn]ation Comprises th¢ InfOrntioo included in the Annual Report, other thall the financial statements and our Report of th¢ Illdetthdent Auditors ther¢on. Our opinion on the financial statemenis does not cover the other inforniati(m an& except to the extent otherwise expliciily stat¢d irt our rert, we do not ¢xpres5 any forn) of assurdnce conclusion thereon. In conn¢¢tion with our audit of the financial stai¢ments, our rcsponsibility is to read thc other inforn)ation and. in doing so, consider whher the other inforniatiOD is materially inconsistcnt Mryth the financial statements or our knowledg¢ obtained in the audit or otherwise appears to be materiatly misststed. If we identify such material inconsist¢n¢ies or apparent material misstatements, we are required to detern)inc whether this gives risc to material misstatement in the financial statements themselv¢s. If. based on the work we havc perforn)ed, we conclude that th¢rc is a matcrial misstatemeni of this other 1nfi)Tmatio we are required to report that fa. We have nothing to rq)ort ill thi.s r¢gard. 13
THE ROI"AL AFRtCAN SOCIETY Chgritt. lumber: 1062764 Royal Charter Number: RCO00440 REPORT OF THE I.NDEPE,DENT AI DITORS TO THE TRIISTEES OF THE ROI'.4L AFRIC.4N SOCIETY.....¢ontiDued latters on Thhich we are required to report b!. eT¢eptio We haN'¢ noihing to rcpon in rc5pecI of thc follou'ing matlcrs -here the Chariiies (Accounts and Reports) Regulations 78 requires us to report to you if, in OUT opinion= the informaiion gi¢ in thc Report of the Trusiees is inconsistent in 2ny material respect the financial statements: or suffici¢nt accounting records hav¢ not bceD kepi. or the financial statements are not in agrccment with the accouniing records and returns. we have not received all the inforniation and explanations we require for our audit. Responsibilitie$ of trustees As cxplained more fully in the Statement of Tntees, Resp)nsibilities, the tsuStS ar¢ T¢sponsible for the preparation of the finan¢ial statcmcnts which give a tNe and fair view, and for such internal control as the tswstees deterniine is necessary to enable the prewaration of financxal statements thai are free from material misstatement, whether duc to fraud or error. In preparing the financial statements, the tsvsiees are resFthsible for assessing the charitys ability to continue as a 80in8 con¢¢rn. disclosing, a5 applicable. matters related to going concern and using the going Concern basis of accountlDg unless the trnstees eitber intend to liquidate thc Charity or to ce operations, or have no realistic alternative bui 10 do so. Our responsibilities for the audit of the fijbancial 5t4tements We have been app)inted as auditors under Seciion 144 of the Chariiies Act 2011 and report in accordance with the Act and relevant regulaiions made or having effect thereunder. Our objectives are to obtain reasonable assurdnce about whether the financial ststements as a whole are free frot material misstatement, whether due to fraud or error, and to i&sue a Report of the Independent Auditor5 that includes our opinion. Reasonable assurdn¢e is a high l¢vel of assurance, but is not a guarantee th an audit ¢ondu¢ted in accordance with ISAS (UK) will always detecl a material misstatement when it exists. Misstat¢m¢nts can arisc from fraud or crror and are considered material if, indi11th1]Y or in the aggrcg&te. they could reasonably be cxrK¢tcd to influ¢nr¢ thc ¢¢onomic decisions of users taken on the basis of theK financial 5tat¢m¢nts. ITregulariti¢s. including frau(L are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined alM)ve. to dctcct material misstatements in respect of irregularities. including fraud. The exteni to which our procedures are Cdpable of detecting irregularities, including fraud is detsiled klow.. A further descriptlOD of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.ukl8uditorsrespoLsibilities. This description forn)s part of our R¢port of the Independent Auditors. W¢ gained an understanding of th¢ l¢gal and regulatory framework applicable to the charity and the industry in which it operatcs and considered thc risk of acts by the charity ihai were contrary to applicable laws and regulations, including fraud. We identified that the following laws and regulations are central to th¢ charity.. Chariti¢s Act 2011 Charities SORP 2019 Health & safety r¢gUlatio$ W¢ did not find any instances of non4ompliance or breaches of the legislation framework applicable lo the ¢h2ritsble company. 14
THE ROYAL AFRICLN SOCIETY Charity Number: 1062764 Royal Charter l%umb¢r: RCOOIM40 REPORT OF THE INDEPENDE ALIITTORS TO THE TRLFSTEES OF THE ROYAL AFRICLY SOCIETY.....continued Our Responsibilities for the audit of the fittneI ststemellts ...... contlnued W¢ d¢sign¢d audil procedures to resw)nd to lh¢ risK r¢cognising that th¢ risk of not det¢¢ting a material missiatement du¢ to frdud is higher than the risk of not dctccting onc rr5ulting from crror. as fraud may involve deliberate concealtncnt by. for ¢xample, forgery or intentional misrepresentations, or through collusion. We identified that the following areas w¢rc of higb risk: Cotnpldeness of income. We perfortned various audit tests to ensure that income was not materially understated in the financial statements. Managcmcnl ov¢rridc of controls. We performed vlouS audit tests to ensure there was no material management override of Controls We focussed on laws and regulations which could give rise to a material misslatemenl in the financial statements, including, bui not limited to, the Charitie5 Art 2011 and UK tax legislation. Our tesLs Includ ag¢ing the financial statement dis¢losures io underlying supporting docutnentation. enquiries with manageTnent and enquiries of legal ¢owisel when Considered necessary. There are irtherent limitaiions in the audit procedures described above and, the fiffther removed non-coTnplian¢e with laws and regulations is from th¢ events and trdnsactions r¢fl¢¢t¢d in the financial stat¢m¢nts, thc less likely we wou]d become aware of it. We did noi ideniify any kcy audit matters relating to irregularities, including frdud. As in all our audits. we also addressed the risk of managemet]t override of internal controls, including lesting journals and evaluating whether there was eviden¢¢ of management bias by th dir¢¢tors that rePrted a risk of material misststem¢nt thi¢ to fraud. A further description of our r¢sponsibilities is available on the Financial Reporting Council's website at: www.frc.org.uklauditorsrc5ponsibilities. This descrtpiion forn part of our auditor's rcport. Use of our report This report is mad¢ solely to the chariws tnte¢s. as a body. in accordan¢¢ with Part 4 of the Ch&riti¢s {Accounts and Rcports) Regulations 2IK18. Our audit work h&5 been undertakcn so that we mighi state to the charity's trustees those matters we are required to slat¢ lo them in an auditors. r¢w)rt and for no othcr purpose. To the fullest extent perniitted by law, we do not accept or assum¢ r¢5ponsibility to anyon¢ other than the charity and the charity's tTusleei as a body for our audit work, for thi5 re[. or for thc opinions we hav¢ fotmed. Chariot House Limited Eligible to act as an auditor ID ternis of section 1212 of the Companies Act 2006 Chartered Accountants 44 Grand Parad¢ Brighton East Sussex BN2 9QA Dat¢.. 15
THE ROI'AL AFlUCl SOCIETY ChgriN' )umber: 10627 Roval Charter Nutnber: RCOOD440 STATEIIEXT OF FI%.4NCI.4L .4crIv'iTIES FOR THE YE.4R EYDED 31 DECEIIBER 2021 2021 Tolal 2020 Total Lnrestrieted Restricted -Note Income from: Donations and legacie5 Charitablc actii-itics.. Connect Learn D¢bat¢ Celebrate Othcr trading actiNities tllvesttneDt income 103,860 103060 43.768 60.911 223,426 14.889 13,974 11,667 8.123 16,791 40,900 90,604 66.326 77,702 264a26 105,493 80.300 11,667 8,123 75,684 266,944 43.609 70,554 11,667 8.232 Total income 43Q850 214,621 651,471 520,458 Expenditure on: Raising fvnds Charitable activities- Connect L¢arn Debate Celebrnte 37,786 37,786 34.154 143.441 61,321 131,580 58.045 16,791 57.128 98,249 72,226 1611232 118,449 229,829 130.271 175,812 77,933 157.181 118,872 Total expenditure 432,173 244J94 676567 563.952 Net Income l (expendlture} befor¢ net gains / Oo$se$) on investjnents 4ffi77 (29.773) (25,1196) (43,494) N¢t gains l (lo&ses) on inv¢stm¢Dts 35212 35312 16,157 Net income l (expeDdlture) for the year 12 39,889 {29,773) 10,116 (27,337) Trdnsfers bctw¢cu fimds Net movement ID funds 39,889 (29,773) 10,116 (27,337) Reconcillatlon of fund5: Total funds brought fotward 3911,934 37 428J73 455,710 Total funds carried fo4rd 430023 438,489 428.373 All of th¢ above results are deriNed from continuing activities. There were no other recognised gains or losses other than those above. The d¢tailed 2020 comparative si&iement of financial activili¢s is report in notc 2. The no on page5 19 to 30 forni part of thes¢ financial statements 16
THE ROYAL AFRICLN SOCIETY Charltv Number: 1062764 Royal Ch*rter Number: RC000440 BALNCE SHEET AT 31 DECEIIBER 2021 2021 2021 2020 2020 Note Fixed assets: Inv¢stmellts 16 313J77 278,165 313J77 278,165 Current assets: Debtors Cash at bank and in hand 17 77,81 134,708 32,711 236,681 212.568 269,392 Llabllitles: Creditors: amounts falling due within one year Net iurrent As$et$ 18 87856 119,184 125,112 150,208 Tot41 Assets less current 1Sabllitie5 43&489 428,373 TotAI net assets 21 438.489 428.373 Funds Restricted ndS Unrestticied fuDds: Designated fvnds Gen¢ral fimds 20 37,439 20 20 5J79 425,444 390,934 TotaE unr¢strictcd fun(ts 430.823 390,934 Tolal funds 438,489 428.373 Approv¢d by the ttiJst¢es on 28 April 2022 and signed on their behalf by: -L Arunma O¢eh Chair Gregory Kroll5ten Treasurer The notes on pages 19 to 30 forn) part of these financial slatements 17
THE ROI'AL AFRICLN SOCIETY Charit%'.lumber: 1062764 Ro)'sl Charter Number: RCOOIM40 ST ATENIENT OF CASH FLOWS FOR TIIF. YEAR ENDED 31 DECEMBER 2021 2021 202n Net eash provided by l (used ill) operating activities {110,096) 7,251 Cash provided bi. investing activitles Interest and income from inv¢5tm¢nt5 8,123 8.232 Chgnge In caskn alld ea5b equlv4lellts in the sear (101,973) 15,483 Cash and cash equivalents at the beginning of the year (analysed b¢low) 236,681 221.198 Casb aod ush equivalents at th¢ end of the year (analysed below) 134,708 236,681 RecoDciiiatioD of net income l {expellditsre) to net csh flow from opertiDg activities 2021 2020 Net income l (expendlture) for the year (as per the St4tement of Wmancial Activities) adjusted for= Interest and income from investhients Gainsllosses on investments (Increasey decreasc in dcbtors Increase/ (decrease) in creditors Net cash provlded by l (used ity) operathig activitie5 10,116 (27,337) (8,123) (35,212) (45,149) 31,728 (8.232) {16.157) 6,549 52.428 (lio 7,251 An#ly$i$ of cash and cash equivalents Atl January 2021 CLsb flows At31 December 2021 Bank current account and cash in hand Deposits Ile5s rhan three month5. nolice) Total casb #Dd ¢ash equivalents 163.241 73,440 {40,096) 61,877 J23,145 101.973 13 236 681 708 18
THE ROYAL AFlUC SOCIETY Ch4rits' NumbeT: 10627(A Royal Charter Nurnber: RC000440 NOTES TO THE FINANCIAL STATF.IIEITS FOR THE YEAR ENDED 31 DECEMBER 2011 ACCOUNTING POLICIES a) Basls of preparation The financial statements bave been prepaTed in accordance with the Statemcnt of Recommended Practice.. Accounting and Reporting by ChaTities preparing their ac¢ounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (cffective l January 2019) - Icharities SORP (FRS 102)), with the Financial Rertillg Stsndard applicablc in ihe United Kingdom and Republic of Ireland {FRS 102). with th¢ Charities Aci 2011, and with UK Gcnerally Ac¢¢pted Practice. The financial stat¢m¢nts have been prepared to give a 'true and fair, view and have departed from the Chariii¢s {A¢¢ounis and Reports) Rcgulations 21X)8 only io th¢ ext¢nt rcquired to provide a 'irue and fair view,. This deparne has involved following Chariiics SORP (FRS 102) rath¢r than Charities SORP 2005- Accounting and Reporting by Chariites: Ststcmenl of Rccommended Practicc cffcctive from l April 2005 which has since beeo withdrnwn. The charity meets the definiiion of a public benefit enlity under FRS 102. Assets and liabilities are initially recognised at historical c05t or trdnsaction value unless otheN'ise ststed in the relevant accounting policy or note. b) Going concern The accounts are prcpared on a going cone¢m basis after consideration by the tnjstees that there are no material uncertainties aknut the charity's ability to continue as a going concetn. Such consideration in¢ludc5 a review of committed inromc and expenditures, cash flows and reserves. The trustees do not cousider that there are any Sources of estimation uncertainty at the reporting dale that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reponing pcriod nor which aff¢¢t the current yeat's financial sthiements. Specifically the teeS consider that the Covid pandemic will not have a significant iTnpacl on the char]"ty's core funding. regarding any impact lo be short t¢rn) rather lhan affecting the charity's ability io continue as a going conccrn. ¢) Income Income is recognised when the charity has entitlement to th¢ funds. any p¢rfornMnce condittons attached to the income have been meL it is probablc that the in¢om¢ will be rec¢iNed and that th¢ amount ¢an be measured r¢liably. Grants, donations and suppon from sponsors are recols¢d as income in the year in which the donor states the funds should be expendell Where no surh 5tatemeni is made the income is tecognised in the ycar in which il is rcceivable. tncome receiv¢d in advance for the Provision of specified setNryce is defred until the criteria for income recognition are met. Journal incom¢ is recogniscd on an accn]a15 basis under a publishing agreement. The right to income is recognis¢d on receipt of an Profit and Loss account from the publisher. Member5. subscriptions. received to further ¢haritsble adiviiies, are recognised in the membership year they are rcceivable. Investment income is T¢¢OEnised when receivable and the amount can bc measured reliably by the charity. 19
THE ROIAL AFlUCl SOCIETI. Cbarits. J'umber: l(162764 Ro)'al Charter Number: RC00I1440 fOTES TO THE FIN'.IS'CI.4L ST.4TF.IIEN'TS FOR THE 'E,IR ENDED 31 DECENIBER 2021 ACCOUNTING POLICIES ... eontinued d) Donation5 of gift5, seryices and faeilities Donaied professional qm'icets and donated facilities are recognised as income when the charity has Control ovcr thc itcm or has rcceii'ed the sen'ice, any conditions associated with the donation have been met. the receipt of economic benefit from the use by the charity of ihe item is probable and that economic b¢nefit Can be measured reliably. Volunieer lime is noi recognised as income. On receipt. donated gifts, pmfessional s¢rvices and donated facilities are recognised on thc basis of thc N'alue of the gift to the charity, which 15 th¢ alnount th¢ oharity would hav¢ bc¢n willing to pay to obtsin scrviccs or facilities of equivalent economic benefit on the open market. a corresponding amount is then reCOlised in expenditure ID the period of receipL e) Fund aeeountlng Unr¢5trict¢d funds ar¢ availabl¢ to Snd on activities that further any of the purposes of the charity. Designated fimds are unrestricted funds of the charity. which the trustees have d¢¢Id at their discretion to set aside to use for a specific purpose. Restricted fvnds funds which th¢ donor has specified are to be used solely for particular areas of the clwiry's work or for specific projects bcing wJdcrtak¢n by th¢ charity. Wherc insufficicnt r¢strict¢d funds are rec¢ived io finance a specific charitable activity in 11. the trustccs have the discretion to perniit the use of unrestricted fimds to cover any shortfall. D Expendlture Expcnditur¢ is r¢cognis¢d once there is a legal or constructiN'e obligation to make a paymcnt to a third paty, it is probablc that s¢ttletnent will required and the amount of the obligation ¢on be measured reliably. Expenditure is classified under the following activity headings: Costs of raising fun(ts comprise the costs. includlng allo¢at¢d support costs, incurred in seekn'ng voluntary incomc in thc forni of donaiions and legacies. Expendittwe on ¢haritable activities compriscs the costs, in¢luding allocated support costs and the osts of seeking funding, of producing and distributing the Journal alld other publications, organising vatious cultural events, and undenaking oth¢r cdu¢ational activaties to advance knowlcdg¢ in lin¢ with ihe ¢hariry's objects. Costs, whi¢h are attributable to a specifi¢ activity. are chargd directly to that activity. Costs, which are shared betsv¢en a number of specific activitie5, are charged directly to those activities based on the amount of time or usage InCu¢d iti undertaking each of the speeific activiues. Allocation Df sUPPOrt and governance costs Support and goi'ernance costs arc incuTr¢d io furtber the wotk of the c])arity. but not incurred directly for rnising funds or carrying oui charitabl¢ artiviti¢s. These costs, whi¢h are analysed in the notes lo the Financial Sthtements. arc allorated between thc c05t of raising funds and ¢xp¢nditure on charitable activities based oll the weigbted avcrdgc amount of time und¢rtakets by the charity as a whole OD those categories of expcnditurc. b) Tangible fixed •$$ets and depreci*tion Depreciation is proN'id¢d at rdtes calculated io lte off th¢ ¢ost less residual value of Lsset over its expected uscful lif¢, as follows: Fixtures, fitting5 and equipment- 33 /0 Straight lin¢. Computer equipmcnt - 33Yo Straight line. Individual fixed Lssets costing below £l,(KKJ are capitaliseiL 20
THE ROYAL AFRICth' SOCIETY Cbarih. Sumber: 1062764 Royal Charter Nujnber: RCOIM1440 NOTES TO THE FTh AP*CIAL STATENIENTS FOR THE IT.AR F.NDED 31 DECEIIBER 2021 ACCOUL%TING POLICIES ... continued i) Intangible a55ets Although such assets proTride economic benefit to the cbarity over wcrnl financial periods the ¢05ts of purchasing, internally generating or developing items such as brdnd5, logos, websites and eomput¢r databases or other support systems are noi capiialis¢d as intangibl¢ assets but are c]wg¢d as expenditure in the ststement of financial activiti¢5 &5 incurr j) Fixed asset investments Invcstmcnts which will not matur¢ within 12 months of the Balance Shecl datc are initially re¢ognised at their trdnsaction value and subsequently measured at their fair value as at th¢ balance sheei date using th¢ closing quoted price. Any change in fair value is recognised in the stAiement of financial activities. k) Debtor$ Trade debtors are stated in the Balan¢e Sheet at the invoiced amount (including VAT) after recognising any provisions for doubtful d¢bts which are Judged on a w¢ by case basis. Accnjed income 15 wogniscd where funds in re5P¢Ct of the fuLti&l pcriod being report¢d have been received or invoiced after the Balance Sheet date. Pra)nents are recognised where paymfflts, in respect of bjre financial p¢riods have been made prior to the Balance Sheet datc l) Current asset Investments Cash OD deposit and cash equiv4l¢nts with a maturity of1¢5s than one year but more than threc months which are held for inv¢stment putposes rather than to meet short-terni (ash comminn¢nts are recognised as Currcnt asset investtnents, initially at their transaction value and subs¢quently me&surcd at their fair value as at the Balance Sheet date. m) CA8h At bAnk and in hand Cash at bank and Cash in hand includes ¢&sh and short terni highly liquid investmcnts wilh a maturity of the months or less from the date of acqui51tion or opening of the deposit or similar account. ) Creditors Creditors and provisions ar¢ recognised at their inyoiced amount including VAT. Accruals are based on agreed costs lexcludÈng VAT) for seTvic¢5 received prior to the Balance Shcet date but not invoiced before that date. where an expense has not been agreed and estimate of the final s¢ttlcment amount {excluding IIAT) is made. Deferred income rePrentIllg grallts. donations and sp)nsorship support rcceii'¢d in advance of the financial period for which A donor has ststd the should be expendcd is recognised at the s¢ttlement valu¢ received. o) Flnancial Instruments The charity only has financial assets and fllwlcial liabilittes of a kind that qualify as basic financial instnjments. Basic finoncial instrum¢nts are initially recognised at transaction value and subsequently measured at their settlement value the exception of bank loans which arc subsequently measur¢d at amortised cost using the effective interest method. p) Penslons Employee5 are-auto enrolled" into a defined contribution pension s¢heme from which they may opt out. The cbarity's only liability is the monthly colltribuuon calculaied as a prOrtIon of the employcc's qualifying earnings during th¢ p¢riod of employment at the chariiy. The wsi of such contributions is recognised as a staff cost and charged directly or allttt to the cgsl of raising funds or eXnditre on clwitabl¢ activities in line with the policies des¢riEed in not¢s l(fj aDd l(g) abov¢. 21
THE ROI".4L AFIUCLN SOCIETY Charits. Jumber: 1062764 Royl Charter Number: RC000440 IIOTES TO THE FI.IAI%CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIBER 2021 2 Detailed eomparallves for the statemeut of fiDancial actiiities 2020 2020 Restricted 2020 Total Uttrestricted Income from: Donations and legacies Charitable activities: co[e¢t Learn Debate Cclcbratc Other trading activities Investment income Total ittcome 43.768 43.768 56,198 239.383 12,638 17.595 11.667 19,486 27,561 30,971 52,959 75,684 266,944 43,609 70,554 11.667 8,232 520,458 389,481 130,977 Expenditure on: Raising funds Charitable activities: 34.154 34,154 153,326 68,768 120.952 65.765 22,486 9,165 36.229 53,107 175.812 77.933 157,181 118,872 Learn D¢bat¢ Ccl¢brate Total expendlture Net income l (expenditure) before net gitis l Oosses) Oll investments 442.965 120.987 563,952 (53,484) 9,990 (43,494) Net gains l (losses) on investh]ents 16.157 16,157 Net lllcome l (expenditure) for the ye*r (37,327) (27.337) Tr&nsfcr5 b¢1¢ fimds 7,5(K) (7.5) Net movement in funds (29.827) 2,490 (27.337) ReconciliatioD of funds: Ttst brought forward 420,761 455,710 Total funds eArried fonvard 390.934 37.439 428,373 22
THE ROYAL AFIUCAN SOCIETY Charit%. flumber: 1062764 Royal Charter Nurnber: RCIMIIM40 NOTES TO THE FtNthClAL STATEMENTS FOR THE YEAR ENDED 31 DECEIIBER 2021 3 1ncDme from donation5 and legades 2021 Total 2020 Total Unrestricied Restricted Donotlons Brenthurst Foundaiion Dr Nicholas Westcott Garfield Weston Foundation (note 20} Mil¢s Morland Foundation (notc 20) Shell International Stand8rd Chartcr¢d Bank Trafigura PTE Ltd Unilcver NV Individuals (including Gift Aid) Coronavirus Job Rdeniion Scheme grdnt io,( 9250 41.750 io.( 10,000 9.250 41,750 10,000 7,000 12.500 5,000 10,000 2.500 7,000 12,500 12,5(Kl 4,000 1,785 5.983 43.768 5,360 5.300 4 ltt¢ome from charitable #etie5 2021 Total 2020 Total Unrestricted Restricted CONNECT Members, Subs¢riptions Larg¢ Corporate SM[ Corwrdte Individual Grants and donations Support from sponsors Admission charges to events Sal¢s income and fees Totsl CoDDect 30.0(MI 30,000 3,000 25,907 17J81 1,414 32.000 3,600 1 8.837 12.446 7,986 815 25.907 15,377 1,414 60,911 16,791 77,702 75,684 LEARN Subscriptions from the Journal Secondary rights attd othcr Journal income Grants and donations Support from spotLsors . Admi55ion charges to events Salcs income & fees Tot41 Learn 185.715 24.IIE 18S,715 24,111 40,000 900 196,985 21.798 25.224 7.337 13.611) 223,426 13,600 264J26 15.600 266,944 DEBATE Grants and donaitons Support from sponsors Adtnission charges to evenLS Sales income and fees Total Debate 13.5(N) 87,355 3,249 100,855 3,249 33,639 190 9,780 43,609 1,389 14,889 lJ89 105,493 CELEBRATE Grants and donaiions Suppon from sponsors Admissiou charges to events Sales income and fees Total Celebrale 10,921 66.326 77,247 63,338 2,959 1.407 2,850 70,554 2263 790 13,974 2263 790 80JOO 66J26 Total income from charitable Ictivities 3133IM 214 621 527,821 456791 2020 325.814 130.977 456 791 23
THE ROI'AL AFRIC% SOCIETY Cbarih. Number: 1062764 Roval Charter Number: RC000440 NOTES TO THE FIjAClAL ST.4TEIIENYS FOR THE YE.4R ENDED 31 DECE%IBF.R 2021 5 Income from other irding Actii'ities 2021 Total 2020 Total UDrestrieted Restricted Fee from ASAUK for administrative 5UPPOrt 11.667 11.667 11,667 11,667 11,667 6 ltteome frotn investments 2021 Total 2020 Totsl Unrestricted Restricted Bank interest Investtncnt income 175 8.057 8.114 Total Income from Investments 8.123 8.123 8,232 7 Expenditure on cost of raising funds 2021 Total 2020 Total UDrestrirted Restrirted Staff costs Consultancy & Communication Support costs (see note I l } Gov¢rnance costs (see note I l) 22,926 6.356 6.368 2,136 22,926 6J56 6J68 25.775 1,607 4,761 Total expenditure oll cost of raising fuDd5 37.786 37,786 8 Expenditure on charitable etivities 2021 Totsl 2020 Total Unrestrieted Restricted All gctivitie5 Staff costs Publishing expenses Editorial expenses Consuliancy Events & m¢¢tings production Grants paid Marketing & public relations Travel and accommodation Support cosis (see note I l) Governance costs {s¢¢ note I l) 205.235 16,647 25.948 33,068 7.784 28.459 4.119 20.700 100.581 55.070 540 15,632 8.952 7.743 233,694 20,766 46,048 133,649 62.854 540 17,722 J 1,125 83.701 28,082 248,784 24,470 45,611 74.658 21.346 2.090 2.173 75.958 25.484 11,579 5,860 68,536 Total Expendithre on Cbaritgble Aetlvities Expenditure by charitable activity 394 244 87 94 638 781 529 798 CONNECT LEARN DEBATE CELEBRATE 143.441 61,321 131,580 58.045 16.791 57,128 98,249 72,226 160,232 118,449 229.829 130 271 175,812 77.933 157.181 118,872 Total EJp¢ndithre on Charitable Aetlvitles 394 87 94 638 781 529 798 2020 120,987 529,798 24
THE ROYAL AFRICA SOCIETY Cbxrih. Ilumber: 1062764 Royal Charter Number: RC000440 NOTES TO THE FtNAliCIAL STATEMEiYrs FOR THE YEAR ENDED 31 DECEMBER 2021 9 Detailed Expenditure by charitsble 8ctivitie5 2021 Total 2020 Total Unrestricted Restricted Staff costs Publishing expenses Consulian¢y Events & meetings production Marketing & publi¢ relations Travel and accommodation Suppon costs (see note I l) Governance costs (see nole I l) Total ExpenditUTe on Connect gctivities LEAILN 84,840 6.456 91396 109.978 18.456 49 1.025 18,456 9.827 1,075 507 29,256 9815 13,180 7,301 1.048 4,459 28,012 11,834 9,778 50 507 9,815 143,441 16,791 160232 175,812 Staff ¢osts Publishing expenses Editorial expens¢s Consultancy Events & meetings producuon Marketing & public rclations Trdvel and accommodaiion Support costs (see note I l) Governance rosts (see note I l) Total Expendlture oll Learn aetivitles DEBATE 16.284 11,647 25.948 6.274 22.558 11,647 25,948 21,983 11,910 10,611 27 IOJ07 3,458 17,349 12,941 25,611 13,lJl 446 21.983 11.760 10.611 27 4.847 ,626 150 5,460 1.832 5,944 2,511 77.933 61J21 57,128 118.449 Staff costs Publishing expenses Editorial expenses Consultancy Ev¢nts & mcctings production Grants Mark¢ting & public r¢lations Travel and accommodation Support costs {sec note I l) Gov¢manc¢ costs {see note I l) Total Expenditure on Debate activltles CELEBRATE 80.924 15.729 4,119 20,7(M) 44.815 6.337 540 556 1.585 2.896 972 96,653 9,119 20,700 51,500 6J37 540 556 2,110 31,684 10.630 89,602 11,529 20,000 1,875 993 6.685 1,388 116 22,270 9,408 525 28,788 9.658 131,580 98,249 229,829 157.181 Staff costs Consultancy Ev¢nts & meetings production Grdnts Marketing & public rclations Travel and accommodation Support costs {s¢c note I l) Governan¢e costs (see note I l) Total Exp¢ndlture on celebte activities 23.187 7.927 7.585 23.187 41,710 34,780 31.855 46,472 12,606 33,783 27.195 1.065 1.648 12.454 4.179 4,415 6,833 5,480 &481 12,454 4.179 9,143 1,285 12,310 5.201 58.045 72,226 130,271 118,872 Total Expenditure on Charitable Aetivities 394J87 244J94 638,781 529.798 25
THE ROI"AL AFRICLN SOCIETY Charih. Number: 1062761 Ro)'al Charter Nulnber: RC000440 YOTES TO THE FI}ACIAL STATENIENTS FOR THE YE.4R EYDED 31 DECEIIBER 2021 10 SllmmaTV of incomt and expelldlknre of charitable actilities 2021 Ineome 21121 Expend- iture 2021 Net incomel (expend- iture) 2020 Net incomci {exp¢nd- iture (note 4) (note 9) A¢tivlty CONNECT LEARN DEBATE CELEBRATE 77,702 264J26 105.493 80JOD 160332 118,449 229J29 130 71 {82,530) 145,877 {124J36) (1,128) 189,01 (113,572} Total AJI activities 527021 638,781 (110,960) (73,7) 11 Support and Governance Costs Support Costs Govern#nee Costs 2021 TotAI 2020 Total Stsff costs Accountancy fees AGM, Council and Trustee expenses Audit fee Consultaney Director's expenses Employee related expcnscs Office costs Website costs Sundry expenses Support Costs allot¢d to gov¢maDce activiti&s Total Support and Governance Costs 48.056 9204 13,699 6.739 1.500 4.6(Xl 61,755 15,943 1,500 4.600 3,000 902 1,665 19,589 IIJ02 31 56.379 19,418 962 4,250 902 1.665 19.589 11,302 31 3,680 90.069 324 1,223 11.254 10.424 28 120 287 2020 73.297 104.262 All costs {including shared staff costs assigned on an assessmeni of employee time). which Can identified as having been incurred for a specific activity. are rep)rted As a direct cost of that a¢iivity. Remaining support and governancc Costs are allocated between th¢ charlS activitie5 on th¢ basis of the weighted average staff time spent on each activity. as follows Allocation of Support and Governance Costs Support costs Governance Costs 2021 Total 2020 Total Cost of rai5in8 fimds Charitsble activities Connect 6.368 29,256 10,307 31,684 2.136 9,815 3.458 10,630 8,504 39,071 13,765 42J14 6,772 39,846 8,455 31,678 Deba Celebrate Total Support and Govern¥uce Costs 90.069 30.218 1211.287 104,262 26
THE ROYAL AFRIC SOCIETY Chariti. llumber: 1062764 Royal Charter liumber: RC000440 NOTES TO THE FINANCIAL STATEMEYrs FOR THE YEAR ENDED 31 DECEMBER 2021 12 Net Income l (eIpenditure) for the )ear This is stsled after charging I l¢rediting): 2021 2020 Auditofs remuDerdtion: audit fee 4,250 13 Analy5l5 of stsff costy trustee remuneradoll and expenses and the c05t of key management personnel Stsff ¢osts w¢r¢ as follows: 2021 2020 Salaries and wages 'aiional Insuranc¢ contributio% Contributions to dCred contribution p¢nsion schctnes 285,995 25,768 6.612 297.826 26,160 0.952 318J75 330,938 The following number of employees received employee benefits (¢xcluding employer pensiot) contributions) during the year between: 2021 2020 £60,0(K>- £69,999 The totaI employee benefits. including pension contributioThs of the key management personnel, were £129,670 (2020.. £133,338). The tSteeS were paid or reccivcd any other benefits from employment with the charity in the year (2020.. £nil), ncithcr were they reimbut5¢d ¢xpenses during the year {2020.. £nil). No clwity trustee received payment for professional or othet scrvices supplied to the charity (2020= £nil). Staff numbers The av¢ragc tllODthly head¢ount of 5tsff employed was 7.8 {2020.. 8.0} and the average number of 1 time equivalent employees during the year was as follows= 2021 2020 No. Raising fvnds Charitabl¢ activities Support and governance OA 14 Related Parties There is a reciprocal arrdng¢ment between the Royal African S(Kiety and the African Studies Association of the UK {ASAUK) whereby, in ¢oll¢cting m¢mb¢rs' subscriptiODS. a proportion is receied by each organisation as a subscription on behalf of the oth¢r. In 2021 thc charity received £7.302 (2020= £5,017) on b¢half of ASAUK who rec¢ived £6.610 {2020.. £6.3741 on behalf of th¢ charity. The charity also r¢ceived £11,667 {2020.. £11,667) for providing administrative support to ASAUK. During the year the Society's director donated £9.250 and 'Jide Olanrewajw a Vice Chaw, supported the Anllual LKture throu1 u £5,(M)O donation. 27
THE ROIAL AFRICLN SOCIETY Charih. Number: 1062764 Ro)'al Charter N¥mber: RC0110440 I%OTES TO THE FINANCIAL ST.4TEIIEIryS FOR THE YE.4R ENDED 31 DECE%IBER 2021 1 S Taxation The charity is exempi from tsx on its ¢harithblc actiN'ities. 16 Investments 2021 2020 Investment5 at fair value: COIF Charities income units fixed interest fund - invcstmcni fund 19,103 294,274 313377 20,450 257,715 278,165 2021 2020 Movements Markel value ai l January Net gain / (loss) on revaluation Market value ai 31 December 278,165 35212 262,008 16.157 313J77 278,165 17 Debtors 2021 2020 Trade debtors Accrued income ASAUK Prepawients Other debtors 61,185 14,866 12.180 16.947 1.984 1,600 1.200 609 77.860 32,711 18 Creditor5: amounts falllng due within one year 2021 2020 Deferred income Accn]ais ASAUK 2&075 43,155 443 8,428 5,111 2,244 85,092 21,669 TatiOn and Naiional Insurance contributions Value Added Tax Other cr110[5 10,165 527 1,731 119 184 19 Deferred lucome 2021 2020 Balance at l January AoUnt released to income in the year Amount defetted in the year Balance at 31 D¢¢ember 85,092 (85,092) 28,075 85.092 Deferred income at 31 December 2021 comprised gr8Dts from organisations whi¢h had given fimd5 in 2021 for use in 2022. £18,075 has been restrictcd to fimd a rcsearch project with a strdtegic parnier and £lO.O has been restrict¢d for a planned ¢orp)ratr event. 28
THE ROYAL AFIUCLY SOCIETY Chants. Number: 1062764 Royal Charter Number: RCOOI)440 rOTES TO THE FINAPICIAL STATEMENTS FOR THE YEAR LYDED 31 DECEIIBER 2021 20 Movements ID funds Atl January 2021 Illcomc Expcnd- Transfer Oiher net gains At31 December 2021 Restrl¢ted funds: coEcT Public Evenis 16,791 16,791 16,791 16,791 LEARN Education Progrdmn 40.9(M) 40.900 57,128 57.1?8 4,184 4,184 20,412 DEBATE Africon Argz4meThts APPG for Afri¢a Climate Changc Evcnt 11,127 23,514 31.159 19,998 19.998 47,092 47,092 98 90.604 49 3,482 CELEBRATE Afri¢a Writes Film Africa 66,326 66.326 5.9IK 72.226 5,9 5,900 66.326 Totsl restrlrted funds 37,439 214.621 244J94 7,666 Unrestricted funds: Designated funds General funds 23,250 413,6(K) 17,871 5J79 425,444 390.934 414.302 35212 Total unrestrf¢ted fund5 390.934 436,850 432 173 430,82J Total funds 428J73 676 651.471 7 438,489 AII.Party P4rtiarr*nwGw) forthra Puryose5 of unrestricted fullds Unrestricted funds are expendablc ai ihe discretion of the Trnstccs in furth¢rance of th¢ Society's obje¢tS. Lkwing th¢ year £15,0(Kl (of a total £25.000} and £8,250 (of a lotal £50,IM)O) of unrestricted donations r¢¢eiv¢d from Miles Moreland Foundation and Garficld west Foundation rcspectively were designated to support specifi¢ ¢haritable actii'ilics within the APPG for Africa. African Argumenis and Africa Wriies programmes. £5,379 of the Miles Moreland Fowidaiion donation designated for African Ai¥umenls has been carried fon¥ard for use in ?0•2. The balanG¢s of the donations {Mil¢s Moreland Foundation.. £1 0,000 attd Garfield W¢ston FoundatioD.' £41.750) have been reportcd as unrestricled donatiolls (see Noie 3) Purposes of restricted funds: CONNEcr Public Events: Suppon was received from a numkr of organi5ations to fund events of specific interest or rclcvance to th¢Tn, including £5.0(KJ from NHS England. £2,OW from Anglo American plc and £1.414 from thc South African Tourist Service Association. The Univ¢r5ity of Edinburgh financed .0 cross programme (with APPG for Africa and African AuMentS) activities of which £3,0 was provKded for Public Ev¢nts. The Annual Lecture was supported by a £5,0 donation from 'Jid¢ Olanr¢waju. a tSlee of the Society. 29
THE ROYAL AFRICLN SOCIETY Charih..Number: 1062764 Royal Chxrter Number: RCOOlb440 NOTES TO THE FtTr4ANCIAL STATEMEYrs FOR THE YEAR ENDED 31 DECEMBER 2021 20 Movements ID funds ... eontittued Purposes of restricted funds: LEAR Education Programme The 18 month progrdmme, Poelry in the Primary C/srOOm. launched in mid 2020 with £60.000 funding from the Paul Hamlyn Foundation, was compleied in 2021 using £40,000 income defetTed from 2020 iogether £16228 unused fimds brought forn'ard from 2020; the £16,228 was available because th¢ Covid pandemic had delayed the progrdrnme in 2020. A further £900 was received in 2021 from the British Museum to support a joint sch(N)Is' research project. Activities finan¢¢d by Arts Council in England and Atts and Humaniti¢s Research Council ])ad been partly delayed by th¢ Covid restrictions in 2020- it has not been possible to complete these activities in 2021 and lh¢ £4.184 unused the end of 2020 will carried forward for use in 2022. Purposes of restricted funds: DEBATE African Arguments The various unused fimds bmught foTward from 2020 were expended in 2020. most sigmificantly the £9,453 from the Open S(*iety Foundation availablc to fund the ork of the Deputy Editor until May 2021. In the same month £16.903 was received from Africa No Filter to continue the funding of the Deputy Editor. This was ihe first {7(Y/&) tranche of a USS35,(m one year grdnt and £3,482 was unused at the end of 2021. The unused funds plus the outstanding 3/0 of the grnil will provide fimds for the Deputy Editor and Fellowship programme until May 2022. Other income received in 2021 included £4,025 for a pmjeet in partnership with Oxfam and £2.(M4 from the cross progrdmme activities with the Universiry of Edinburgh. All-Party Parliamentary Group for Africa The most significant income in 2021 was a £14.841 (USS20.000} grant from Facelxbok to flmd a policy inquirv into Africa and its Diasporn in UK School Currtcula. Additional income (£3.2) was provided by the London School of Economics to support an African trade research proje and the share from the cross progrdmrne activtties with the University of Edinburgh was £ 1250. Purposes of restrieted funds: CELEBRATE Afrfiea Wrltes: The festival tlM)k place in October 2021 and was principally financed by grants froJn th¢ Arts Council of Englalld1£24.950). British Council {£19.7), Amazon Litcrary Partn¢TsM"p (£15,000). Random House (£5.000) and British Library (£],5). Film Africa: There was no festival in 2021 but work continued on developing the Film Africa website using the unused fimds brought forward from 2020. 21 Analysls of net assets between fuDds Unrestricted Funds Restricted Full(Ls Total funds Investments Cash at bank and in band Other current assets Current liabililies 313.377 112.373 38,105 33.032 313J77 134,708 77060 22,335 39.755 54,424 Total net assets at 31 December 2021 430J23 438,489 30