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 sup￿rtS 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 actI￿ltieS.
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 s￿dIeS 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 rele￿ant
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 thank￿llY 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 Iecft￿e 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 ￿1￿1 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. Ambr￿lla 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 0￿1 s￿iety 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 Op￿A}rIea.. The Long View and Africa and Brilain." J20 Years of Change.
In 2021 African Arguments. the S￿Iety's pan-African plarforni for news analysis. comment and opinion,
received 1.5 million page Tr'iews and 945,(XK) wiique %.isi￿rs. 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. ApprOxiTna￿lY 841/Jfj were by writers of African dcsc¢nt. Al￿ut 47 /0 were by fcmale author5.
Coverage and Special Series African Argumellts Co￿¢red a wide spectnlln of i55ucs in 2021. We feats￿ed
stories about vaccine inequity and widespread fights for ju5ti¢¢. We examined political shifts from Chad to
Zambia and investigat¢d conflicts from caMer￿n 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-gueSt￿lIed 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¢ss￿l]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 Inforn￿tIon 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
F￿ANCIAL REv￿w
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 cO￿PIct¢ 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 Un￿Stric￿d 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 £210,0￿1. 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 SUp￿rt 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 Tn￿te¢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]fftasfft￿tUre 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 haM￿r 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 s￿Iety 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 Tn￿te¢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]re￿or 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 DirC￿Or 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 s￿legi¢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 n￿Ill 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 S￿Iety's financial perfonnance in 2021 was still
affected by thc restrictions I￿posed 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 s￿iety'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 connects0￿5 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 SIn￿tUre 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 oc￿ber. 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 DIr￿tOr and partially, in turn, to the Ikputy Direetor.
Sub-committees - following a 'Govern￿ce Review" session held in July 2019 facilitated by the Foundation for
Social Improyement, the following three Su1￿cOMmittees 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 su1￿comMittee 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, acil￿tties. policies and p￿ed￿re5 of the
Society, after which ihcy can be fi￿h¢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 (W￿10
Ola Uduku (EY ffjcio)
Solonye Oye-somefi
Myles WiC￿ead
(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-ap￿lnted 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 Trt￿let$, Report alld the financial statements in accordynce with
applicable law and United Kingdom Accounting s￿ndards (United KiEL8dom Gene￿IlY 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 Re￿rts) 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 safe￿dIng 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
Ch*ritv.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 r￿ourCeS, for the year thcn cndcd;
have been prop¢rly prepared in accordance with Unita Kingdom G¢n¢rnlly Accepted A￿ountIng 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 s￿tIOn 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 InfOrn￿tIoD. The other inforn]ation Comprises th¢ InfOrn￿tioo 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 re￿rt, 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 wh￿her 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 7￿8 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 Tn￿tees, Resp)nsibilities, the tsuSt￿S 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 c￿e 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, indi11th￿1]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 fitt*neI￿ 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 v￿louS 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 rePr￿￿ted 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 tn￿te¢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 AFlUC￿l 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 fo￿4rd
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
BAL￿NCE 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 c*sh flow from oper*tiDg 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 Re￿rtillg 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 deparn￿e 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 reco￿ls¢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 def￿red 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 AFlUC￿l SOCIETI.
Cbarits. J'umber: l(162764
Ro)'al Charter Number: RC00I1440
f*OTES 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 reCO￿lised
in expenditure ID the period of receipL
e) Fund aeeountlng
Unr¢5trict¢d funds ar¢ availabl¢ to S￿nd 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 fuL￿ti&l pcriod being report¢d have been
received or invoiced after the Balance Sheet date. Pr￿a)￿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
th￿e 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 rePr￿entIllg 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 prO￿rtIon 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 all￿ttt￿ to the cgsl of raising funds or eX￿ndit￿re 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
Roy*l 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 g*itis 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 #eti￿￿e5
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 FIjA￿ClAL ST.4TEIIENYS
FOR THE YE.4R ENDED 31 DECE%IBF.R 2021
5 Income from other ir*ding 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 celeb￿te 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}A￿CIAL 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 allo￿t¢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¢ charl￿S 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 dCr￿ed 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 t￿SteeS 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 recei￿ed 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 throu￿1 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
T￿atiOn and Naiional Insurance contributions
Value Added Tax
Other cr￿110[5
10,165
527
1,731
119 184
19 Deferred lucome
2021
2020
Balance at l January
A￿oUnt 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
r*OTES 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:
co￿EcT
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 A￿uMentS) 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 t￿Slee 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