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2022-12-31-accounts

THE ROYAL AFRICAN SOCIETY

Royal Charter No. RC000440 Charity No. 1062764

Report and financial statements For the year ended 31 December 2022

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

CONTENTS

Page
Trustees’ annual report 2 - 11
Independent auditors' report 12 -14
Statement of financial activities 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 29

1

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

TRUSTEES’ ANNUAL REPORT

The trustees present their report and financial statements for the year ended 31 December 2022.

The trustees confirm that the financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements (pages 19 - 21) and comply with the Society’s Royal Charter and Bye Laws, the Charities Act 2011 and the Charities SORP (FRS 102): Statement of Recommended Practice - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Purposes and aims

The principal objectives of the Royal African Society, as quoted in its Royal Charter, are ‘to promote within the United Kingdom of Great Britain and Northern Ireland, as well as other countries, the spread and increase of knowledge of the peoples and countries of Africa; to foster and strengthen the relationships existing between our said United Kingdom and the various countries and peoples of Africa; and to encourage the growth of interest in Africa among the people of our said United Kingdom and among the people of other countries’.

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 Charity Commission’s general guidance on the public benefit requirement (PB1), and the duties set out in Section 17(5) of the Charities Act 2011, including the guidance “Public Benefit: Running a Charity” (PB2). The public benefit created by the charity’s activities, many of which, including access to the Society’s websites and attendance at certain events and meetings, are available free of charge to members of the public, arises from the following:

  1. the spread and increase of knowledge and understanding of the peoples and countries of Africa in the UK;

  2. the fostering of mutually beneficial relationships between people in Africa, the UK and the wider world.

In 2022, the Society extended its 2019-2021 strategic plan and maintained the accompanying four objectives or pillars, as listed below:

  1. Connect: to connect the widest possible network of Africans, Africanists and public in the UK, bringing people together to meet, network, learn and exchange ideas about Africa today.

  2. Learn: to expand the knowledge and understanding of contemporary Africa in the UK, at all levels.

  3. Debate: to promote public debate on African affairs and topical issues, amplifying African voices in the spheres of academia, business, politics, arts and education.

  4. Celebrate: to celebrate and mainstream African arts and culture in the UK by showcasing the best contemporary African art, fashion, music, literature and cinema to young and diverse British audiences.

Though each of the Society’s programmes or activities were allocated under one of the above strategic objectives, most of the Society’s programmes are designed to meet two or more of them.

Progress on the strategic plan was reviewed monthly at staff meetings and quarterly at meetings of the Council and the Executive Committee.

Main activities undertaken to achieve the charity’s aims and objectives

The Society’s charitable activities are grouped under each of the main four strategic pillars, as follows:

2

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

TRUSTEES’ ANNUAL REPORT …..continued

The Society is grateful for the effort of its volunteers who are involved in the events, festivals and other activities, and also thankfully recognises the experience and expertise it gains from the interns who volunteer their time in assisting with the day-to-day running of its charitable activities. It is estimated that 350 volunteer hours were provided during the year. If it is conservatively valued at £11.95 per hour, the volunteer effort amounts to £4,183.

ACHIEVEMENTS AND PERFORMANCE

In 2022, we hosted over 60 events and welcomed over 6,000 participants in person and online. With several Africa Writes regional events, the 10th edition of Film Africa, and our Anniversary Gala it was an especially eventful year with much to offer in terms of opportunities for people to connect, debate, learn, and celebrate with ample opportunity for overlap. All our public events were livestreamed, and audio and video recordings were made available via our Youtube platform.

1. CONNECT

3

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

TRUSTEES’ ANNUAL REPORT …..continued

The Society’s social media following increased across all platforms to 192.5K (up from 189.229K total in 2021). Twitter = 127K, Facebook = 48.4K, Instagram = 15K, LinkedIn = 2.1K)

2. LEARN

3. DEBATE

We hosted the Tutu Fellows, for Debating the Future of Africa, and discussed How Africa should Respond to the Ukraine Crisis. We invited exchanges on Sudan’s Unfinished Democracy, Tanzanian President Samia Suluhu Hassan’s first year in office, and hosted a book launch on Mugabe’s legacy

4

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

TRUSTEES’ ANNUAL REPORT …..continued

With support of the Commonwealth Parliamentary Association-UK Challenge Fund the APPG arranged a UK parliamentary delegation to the Commonwealth Heads of Government Meeting in Kigali, Rwanda in June. They participated in the Commonwealth Women’s Forum and engaged on issues including Women’s Economic Empowerment, LGBT rights and migration. An illuminating visit to Hope House Hostel, where the UK Government intends to house deported migrants allowed members insight into the controversial policy. The delegation also met with opposition leader Victoire Ingabire.

4. CELEBRATE

FINANCIAL REVIEW

Review of the Year

In the post Covid-19 environment of 2022 activity levels rose markedly and total income reached £1,037,032, being £385,561 (59%) higher than in 2021; this was driven primarily by the success of the Film Africa and 120[th] Anniversary “Creative Africa” events and augmented by increases of 40% in donations and 33% in membership subscriptions. Total expenditure in the year rose 27% to £860,984 as result of the increased “Celebrate” activities and net income was further reduced by the £36,611 fall in value of the Society’s investments. Nonetheless total net income was positive such that Funds increased £139,437 to £577,926, all of which are unrestricted.

Investment policy and objectives

The Trustees have the power to invest in such assets as they see fit. The charity’s investment policies are:

At a value of £276,766, investments represent 50% of the charity’s unrestricted general funds and the portfolio is reviewed annually.

Reserves policy

The Trustees have established a policy to maintain a minimum operational reserve adequate to meet the charity’s financial obligations in a six month future period. Based on the 2023 Budget this is estimated to be £330,000.

The operational reserve is defined as unrestricted undesignated funds excluding fixed assets, but including investments which, although intended to be held for the longer term, could be realised in a period less than six months. At 31 December 2022 the available operational reserve is £550,676.

Going concern

The Trustees are of the opinion that the assets and reserves of the Society, in the light of its committed income, expenditures and cash flows, are adequate to support its on-going charitable activities and obligations. With relatively reliable income streams each year from African Affairs and from the membership and major donor bases, together with a surplus, currently £220,000, over the minimum operational reserve, the Society remains resilient for the next two financial periods.

5

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

TRUSTEES’ ANNUAL REPORT …..continued

Principal risks and uncertainties

The most critical of these risks and challenges are, according to our latest Risk Assessment:

The Society drifting apart from its target audience and membership falling by failing to address the issues that concern them.

This is a serious risk, as the society is reliant on our members and audience for our success. With such a small staff catering to several eclectic audiences, we need to find ways to listen and respond to all of our audiences, in these challenging times. We need to make sure that we do not over-promise, but that we deliver enough to serve the needs and interests of our communities.

A persistent or sudden shortfall in financial resources available to the Society

The Society has done well to raise adequate funds this year, to protect against future risk. However, we still do not have much multiyear support and still need to make applications annually to ensure our financially stability, especially in regards to festival funding.

Failure to adapt to the digital future.

The Trustees recognise that, like all organisations with an online presence, the Society has to be vigilant in the area of digital security and robustness. A significant part of the Society’s public engagement takes place online and our digital infrastructure is vulnerable to cybercrime and IT failure. This risk is mitigated by the protections put in place by SOAS who provide and maintain our IT system. We have also switched our Digital Providers, from Studio 14 to Kemoso, who give us monthly reports on the health and wellbeing of our websites.

Unplanned or rapid staff turnover.

It is currently quite a good time to look for work in London, and the Society’s salaries are not particularly competitive. The Society is currently economically staffed. The nine permanent employees are supplemented where necessary by paid consultants and freelancers and unpaid interns. This creates a degree of overstretch and leaves several gaps that hamper the organisation’s ability to deliver on some of its strategic objectives. There is also the possibility that key staff may leave at short notice, and/or that the Society is unable to recruit new staff of adequate skills with the pay we can offer. In either case, remaining staff would become further burdened with work, and action would be needed to avoid overwork and/or underperformance. The Society hired a permanent Communications Manager in February 2022, has recently engaged more Communications support via Hudson-Sandler agency in March 2023.

Plans & strategies for managing the risks

The Trustees have a risk management strategy, which comprises:

In 2022, the Trustees employed the following strategies for managing the principal risks facing the Society:

Relevance to Members & Audience

Our Events Manager, Natacha Mendes, also took on Membership Engagement work in order to make sure we are speaking directly to our audience and meeting their needs. With our former Events Manager now focused solely on Corporate Affairs, we will strengthen our business programme and welcome more members. Our successful Gala in November 2022 brought together all our of key audiences and members, showing the potential for growth is great.

Expenditure control

Although 2022 was a good year for the Society’s finances, we are still very mindful of our spending. The spending that has gone up is mainly on staff salaries, which we believe to be an excellent investment, especially in the current climate of increased living costs.

6

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

TRUSTEES’ ANNUAL REPORT …..continued

Failure to adapt to the digital future.

Now that we have both a new Digital Provider in Kemoso, and this new Communications Agency in HudsonSandler, we do feel better prepared to take part in the new digital spaces. Our partnerships with young and tech-savvy organisations such as New Comma are also ensuring that we stay informed on exciting new developments in AI, NFTs, and the like. Our Events and Membership Engagement Manager is looking into the development of a membership app as well.

Unplanned or rapid staff turnover. The Society is fortunate to have a very wide network in which to look for new staff, and has been able to count on pro bono assistance from recruiters in the past. We aim to maintain these beneficial relationships, and make sure that current staff feel satisfied enough with their jobs to stay for longer periods.

Factors affecting the financial performance

Following two years of activities restricted by the limitations imposed by the Covid-19 pandemic, 2022 saw a return to, or increase of, the levels of charitable activities in earlier years across all of the Society’s programmes. All sectors ( Connect, Learn, Debate and Celebrate ) recorded year-on-year improved financial performance. This was achieved not only through the success of the key-note 120[th] Anniversary and other specific events but also through an increased investment in, and improved focus of, staff resources leading to greater engagement with corporate partners, sponsors and members and to enhanced relationships with donors which increased the level of income from fees, subscriptions and donations.

Plans for the future

The Society is excited to make plans for the future, building on the foundation of such a successful year. We proved that we can put together a world-class gala that unites all of our many different audiences, members, partners and supporters. Our Chairperson Arunma Oteh went above and beyond to connect us to her own network and business contacts. We welcomed new Council members, who will be able to further expand our work in different directions. Our Director, Dr. Nicholas Westcott CMG will be stepping down, so we have started the recruitment process. Therefore our most immedaite future priorities are:

Besides these three key prioirites, we will keep striving to be the organisation that people look to for:

7

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

TRUSTEES’ ANNUAL REPORT …..continued

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The Royal African Society is incorporated by Royal Charter and is also registered with the Charity Commission in England and Wales. The Society’s governance structure is as follows:

Constitution - the Society is governed by its Bye-laws, the most recent amendments to which were approved by The Privy Council on 10 November 2010.

Royal Patronage – the Society’s Royal Patron is H.R.H. The Duke of Cambridge, who succeeded The Queen in January 2017.

Council Members (Trustees) - the governing body of the Society is its Council, which is the ultimate authority controlling ‘the affairs and property of the Society’. The Council consists of the Chair of the Society, the Honorary Treasurer, up to fifteen elected Council members, the Co-Editors of the Society’s Journal, African Affairs, and up to four co-opted members. The Society’s members elect the Chair of the Society, the Honorary Treasurer and the other 15 Council members. The Society’s 3 Vice-Chairs, four co-opted members, the Co-Editors of African Affairs are chosen and appointed by the Council itself. All Council members, except the Co-Editors and any others who are remunerated by the Society, act ex officio as Trustees of the Society. A term of Council membership runs for three years, so one third of elected members retire or stand for re-election every year at the Society’s AGM. The Council currently meets twice a year - in April (usually followed by the AGM) and October. Five members are a quorum.

The Executive Committee (Exco) – the Executive Committee acts under powers delegated to it by Council and consists of the Chair, Vice-Chairs, Honorary Treasurer, and up to three other members appointed by the Council. It currently meets twice a year - in January and July - and all Council Members are invited to attend. Three Exco members are a quorum. Exco has passed responsibility for achieving the charity’s objectives and exercising day-today control to the Director and partially, in turn, to the Deputy Director.

Sub-Committees – following a “Governance Review” session held in July 2019 facilitated by the Foundation for Social Improvement, the following three Sub-Committees were formed:

These sub-committees meet in advance of each Council and Executive Committee meeting to settle matters relating to their specific remits, which are then put forward to the whole Council for discussion or decision.

Trustee induction and training

New Council Members / Trustees will be provided with an enhanced induction document, which will set out in more detail their roles and responsibilities in respect of the objectives, activities, policies and procedures of the Society, after which they can be further briefed by senior staff and mentored by the existing Trustees.

8

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

TRUSTEES’ ANNUAL REPORT …..continued

Related parties and relationships with other organisations

The Society works in close collaboration with the following charities:

Further details are provided in note 14 of the Financial Statements (see page 26).

Remuneration policy for key management personnel

The Finance & Audit Sub-Committee oversaw the continued implementation of its remuneration policy for both key management personnel and the rest of the staff team which was satisfactory over the year. The identified criteria for remuneration take into account the following: level of skill and qualifications, level of responsibility, individual competencies and performance, remuneration levels at similar charities, retention, and affordability. These criteria are not exclusive and any decision will inevitably include an element of discretion.

REFERENCE AND ADMINISTRATIVE

Council Members

Trustees: Arunma Oteh (Chair)
Gregory Kronsten (Honorary Treasurer)
Titilola Banjoko (Vice Chair)
’Jide Olanrewaju (Vice Chair)
Other elected Council Members
Phil Clark
Susana Edjang resigned June 2022
Adam Habib
Boko Inyundo resigned June 2022
Obi James
Nike Jonah
Razia Khan
Joel Kibazo resigned June 2022
Anne McCormick
Sotonye Oye-Somefun
Andrew Skipper
Geetha Tharmaratnam
Co-opted Council Members
Baroness Northover
Chi Onwurah MP_(Ex Officio)_ resigned June 2022
Ola Uduku_(Ex Officio)_
Myles Wickstead resigned June 2022
Editors: George Bob-Milliar
Peace Medie resigned June 2022
Ambreena Manji
Ricardo Soares de Oliveira
Scot Straus appointed April 2022
Secretary: Desta Haile
Director: Nicholas Westcott

9

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

TRUSTEES’ ANNUAL REPORT …..continued

REFERENCE AND ADMINISTRATIVE DETAILS …..continued

Royal Charter number RC000440
Charity number 1062764
Registered office and SOAS, University of London
operations address: 10 Thornhaugh Street
London
WC1H 0XG
Auditors: Chariot House Limited
44 Grand Parade
Brighton
East Sussex
BN2 9QA
Bankers Barclays Bank PLC
2 Victoria Street
London
SW1H 0ND
CCLA Investment Management Limited
COIF Charity Funds
Senator House
85 Queen Victoria Street
London
EC4V 4ET
Solicitors TLT Solicitors
20 Gresham Street
London
EC2V 7JE

Auditors

Chariot House Limited was re-appointed as the auditors of the Royal African Society at the Annual General Meeting held in person and by Zoom on 13 June 2022. Chariot House Limited has expressed their willingness to continue in that capacity.

10

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

TRUSTEES’ ANNUAL REPORT …..continued

OTHER STATEMENTS OF THE TRUSTEES

Statement of responsibilities of the trustees

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Royal Charter and Byelaws. For the year ended 31 December 2022, the financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure is explained in note 1(a) to the financial statement (Basis of preparation) on page 18.

The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

In so far as the trustees are aware:

The trustees’ annual report has been approved by the trustees on 20[th] April 2023 and signed on their behalf by;

Arunma Oteh Chair

11

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE ROYAL AFRICAN SOCIETY

Opinion

We have audited the financial statements of The Royal African Society (the 'charity') for the year ended 31[st] December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial reporting Standard applicable in the UK and Republic of Ireland’.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

12

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

REPORT OF THE INDEPENDENT AUDITORS

TO THE TRUSTEES OF THE ROYAL AFRICAN SOCIETY…. Continued

the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Capability of the audit in detecting irregularities, including fraud – our procedures

Based on our understanding of the charity and its activities, and through discussion with the trustees and management, we identified the principal risks of material misstatement both at the financial statement level and at the assertion level.

We considered these risks in the light of various factors including the level of complexity, subjectivity, uncertainty, potential management bias, fraud, materiality and any other relevant factors. We considered the extent to which these would have a material impact on the financial statements and designed our audit work accordingly.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

13

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

REPORT OF THE INDEPENDENT AUDITORS

TO THE TRUSTEES OF THE ROYAL AFRICAN SOCIETY…. Continued

  - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

  - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

  - The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

We also

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Chariot House Limited Eligible to act as an auditor in terms of section 121 of the Companies Act 2006 Chartered Accountants 44 Grand Parade Brighton East Sussex BN2 9QA

Date: .............................................

14

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Note
Income from:
Donations and legacies
3
Charitable activities:
4
Connect
Learn
Debate
Celebrate
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities:
8
Connect
9
Learn
9
Debate
9
Celebrate
9
Total expenditure
Net income / (expenditure) before net
gains / (losses) on investments
Net gains / (losses) on investments
Net income / (expenditure) for the year
12
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
£
145,603
78,645
291,940
10,237
276,046
11,667
8,410
822,548
45,466
111,173
79,767
120,133
282,295
638,834
183,714
(36,611)
147,103
-
147,103
430,823
577,926		 Restricted
£
-
18,910
-
38,624
156,950
-
-
214,484
-
18,910
4,184
42,106
156,950
222,150

(7,666)
-
(7,666)
-
(7,666)
7,666
-		 2022
Total
£
145,603
97,555
291,940
48,861
432,996
11,667
8,410
1,037,032

45,466
130,083
83,951
162,239
439,245
860,984

176,048
(36,611)
139,437
-
139,437
438,489
577,926		 2021
Total
£
103,860
77,702
264,326
105,493
80,300
11,667
8,123
651,471
37,786
160,232
118,449
229,829
130,271
676,567
(25,096)
35,212
10,116
-
10,116
428,373
438,489

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

The detailed 2021 comparative statement of financial activities is reported in note 2.

The notes on pages 18 to 29 form part of these financial statements

15

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

BALANCE SHEET AT 31 DECEMBER 2022

Note
Fixed assets:
Investments
16
Current assets:
Debtors
17
Cash at bank and in hand
Liabilities:
Creditors: amounts falling due within one year
18
Net current assets
Total assets less current liabilities
Creditors: amounts falling due in more than
one year
19
Total net assets
22
Funds
Restricted funds
21
Unrestricted funds:
Designated funds
21
General funds
21
Total unrestricted funds
Total funds		 2022
£
102,828
426,878
529,706
166,685
27,250
550,676		 2022
£
276,766
276,766
363,021
639,787
61,861
577,926
-
577,926
577,926		 2021
£
77,860
134,708
212,568
87,456

5,379
425,444		 2021
£
313,377
313,377
125,112
438,489
-
438,489
7,666

430,823
438,489

Approved by the trustees on 20 April 2023 and signed on their behalf by:

Arunma Oteh Chair

Gregory Kronsten Treasurer

The notes on pages 18 to 29 form part of these financial statements

16

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

2022
£
Net cash provided by / (used in) operating activities
283,760
Cash provided by investing activities
Interest and income from investments
8,410
Change in cash and cash equivalents in the year
292,170

Cash and cash equivalents at the beginning of the year (analysed below)
134,708
Cash and cash equivalents at the end of the year (analysed below)
426,878
Reconciliation of net income / (expenditure) to net cash flow from operating activities
2022
£
Net income / (expenditure) for the year
139,437
(as per the Statement of Financial Activities)
adjusted for:
Interest and income from investments
(8,410)
(Gains)/losses on investments
36,611
(Increase)/ decrease in debtors
(24,968)
Increase/ (decrease) in creditors
141,090
Net cash provided by / (used in) operating activities
283,760
Analysis of cash and cash equivalents
At 1
January
2022
Cash
flows
£
£
Bank current account and cash in hand
123,145
283,760
Deposits (less than three months’ notice)
11,563
8,410
Total cash and cash equivalents
134,708
292,170		 2021
£
(110,096)
8,123
(101,973)
236,681
134,708
2021
£
10,116
(8,123)
(35,212)
(45,149)
(31,728)
(110,096)
At 31
December
2022
£
406,905
19,973
426,878

17

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), with the Charities Act 2011, and with UK Generally Accepted Practice.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Charities SORP (FRS 102) rather than Charities SORP 2005Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Going concern

The accounts are prepared on a going concern basis after consideration by the trustees that there are no material uncertainties about the charity’s ability to continue as a going concern. Such consideration includes a review of committed income and expenditures, cash flows and reserves. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period nor which affect the current year’s financial statements.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Grants, donations and support from sponsors are recognised as income in the year in which the donor states the funds should be expended. Where no such statement is made the income is recognised in the year in which it is receivable.

Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met.

Journal income is recognised on an accruals basis under a publishing agreement. The right to income is recognised on receipt of an agreed Profit and Loss account from the publisher.

Members’ subscriptions, received to further charitable activities, are recognised in the membership year they are receivable.

Investment income is recognised when receivable and the amount can be measured reliably by the charity.

18

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 ACCOUNTING POLICIES … continued

d) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or has received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. Volunteer time is not recognised as income.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity, which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity, which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are funds which the donor has specified are to be used solely for particular areas of the charity’s work or for specific projects being undertaken by the charity. Where insufficient restricted funds are received to finance a specific charitable activity in full, the trustees have the discretion to permit the use of unrestricted funds to cover any shortfall.

f) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs, which are attributable to a specific activity, are charged directly to that activity. Costs, which are shared between a number of specific activities, are charged directly to those activities based on the amount of time or usage incurred in undertaking each of the specific activities.

g) Allocation of support and governance costs

Support and governance costs are incurred to further the work of the charity but are not incurred directly for raising funds or carrying out charitable activities. These costs, which are analysed in the notes to the Financial Statements, are allocated between the cost of raising funds and expenditure on charitable activities based on the weighted average amount of time undertaken by the charity as a whole on those categories of expenditure.

h) Tangible fixed assets and depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Fixtures, fittings and equipment – 33% straight line. Computer equipment – 33% straight line.

Individual fixed assets costing below £1,000 are not capitalised.

19

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 ACCOUNTING POLICIES … continued

i) Intangible assets

Although such assets provide economic benefit to the charity over several financial periods the costs of purchasing, internally generating or developing items such as brands, logos, websites and computer databases or other support systems are not capitalised as intangible assets but are charged as expenditure in the statement of financial activities as incurred.

j) Fixed asset investments

Investments which will not mature within 12 months of the Balance Sheet date are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted price. Any change in fair value is recognised in the statement of financial activities.

k) Debtors

Trade debtors are stated in the Balance Sheet at the invoiced amount (including VAT) after recognising any provisions for doubtful debts which are judged on a case by case basis.

Accrued income is recognised where funds in respect of the financial period being reported have been received or invoiced after the Balance Sheet date. Prepayments are recognised where payments, in respect of future financial periods have been made prior to the Balance Sheet date

l) Current asset investments

Cash on deposit and cash equivalents with a maturity of less than one year but more than three months which are held for investment purposes rather than to meet short-term cash commitments are recognised as current asset investments, initially at their transaction value and subsequently measured at their fair value as at the Balance Sheet date.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors

Creditors and provisions are recognised at their invoiced amount including VAT. Accruals are based on agreed costs (excluding VAT) for services received prior to the Balance Sheet date but not invoiced before that date; where an expense has not been agreed and estimate of the final settlement amount (excluding VAT) is made.

Deferred income representing grants, donations and sponsorship support received in advance of the financial period for which a donor has stated the funds should be expended is recognised at the settlement value received.

o) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

p) Pensions

Employees are “auto enrolled” into a defined contribution pension scheme from which they may opt out. The charity’s only liability is the monthly contribution calculated as a proportion of the employee’s qualifying earnings during the period of employment at the charity. The cost of such contributions is recognised as a staff cost and charged directly or allocated to the cost of raising funds or expenditure on charitable activities in line with the policies described in notes 1(f) and 1(g) above.

20

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2 Detailed comparatives for the statement of financial activities

Income from:
Donations and legacies
Charitable activities:
Connect
Learn
Debate
Celebrate

Other trading activities
Investment income
Total income
Expenditure on:
Raising funds
Charitable activities:
Connect
Learn
Debate
Celebrate
Total expenditure
Net income / (expenditure) before net gains / (losses) on
investments
Net gains / (losses) on investments
Net income / (expenditure) for the year
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2021
Unrestricted
£
103,860
60,911
223,426
14,889
13,974
11,667
8,123
436,850
37,786
143,441
61,321
131,580
58,045
432,173
4,677
35,212
39,889
-
39,889
390,934
430,823		 2021
Restricted
£
-
16,791
40,900
90,604
66,326
-
-
214,621
-
16,791
57,128
98,249
72,226
244,394
(29,773)
-
(29,773)
-
(29,773)
37,439
7,666		 2021
Total
£
103,860
77,702
264,326
105,493
80,300
11,667
8,123
651,471
37,786
160,232
118,449
229,829
130,271
676,567
(25,096)
35,212
10,116
-
10,116
428,373
438,489

21

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

3 Income from donations and legacies
Donations
Brenthurst Foundation
Garfield Weston Foundation (note 20)
Miles Morland Foundation (note 20)
Open Society Foundation (note 20)
Shell International
Standard Chartered Bank
Smaller corporate donations
Individuals (including Gift Aid)
Dr Nicholas Westcott
4 Income from charitable activities
CONNECT
Members' Subscriptions
Large Corporate
Small Corporate
Individual
Grants and donations
Support from sponsors
Total Connect
LEARN
Subscriptions from the Journal
Secondary rights and other Journal income
Grants and donations
Support from sponsors
Sales income & fees
Total Learn
DEBATE
Grants and donations
Support from sponsors
Admission charges to events
Sales income and fees
Total Debate
CELEBRATE
Grants and donations
Support from sponsors
Admission charges to events
Sales income and fees
Total Celebrate
Total income from charitable activities
2021		 Unrestricted
£
10,000
40,000
20,000
41,861
7,000
12,500
8,500
5,742
-
145,603
Unrestricted

£
51,000
2,422
24,910
313
-
78,645
181,178
37,798
-
-
72,964
291,940
9,287
-
-
950
10,237
53,250
150,755
34,069
37,972
276,046
656,868
313,200		 Restricted
£
-
-
-
-
-
-
-
-

-
-
Restricted

£
-
-
-
10,000
8,910
18,910
-
-
-
-
-
-
8,675
29,949
-

-
38,624
77,950
79,000
-
-
156,950
214,484
214,621		 2022
Total
£

10,000
40,000
20,000
41,861
7,000
12,500
8,500
5,742
-
145,603
2022
Total
£
51,000
2,422
24,910
10,313
8,910
97,555
181,178
37,798
-
-
72,964
291,940
17,962
29,949
-
950
48,861
131,200
229,755
34,069
37,972
432,996
871,352
527,821		 2021
Total
£
10,000
41,750
10,000
-
7,000
12,500
8,000
5,360
9,250
103,860
2021
Total
£
30,000
3,000
25,907
17,381
1,414
77,702
185,715
24,111
40,000
900
13,600
264,326
100,855
3,249
-
1,389
105,493
77,247
-
2,263
790
80,300
527,821

22

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

5 Income from other trading activities

Unrestricted
£
Fee from ASAUK for administrative support
11,667
11,667
6
Income from investments
Unrestricted
£
Bank interest
160
Investment income
8,250
Total Income from investments
8,410
7 Expenditure on cost of raising funds
Unrestricted
£
Staff costs
32,180
Consultancy & communication
5,475
Support costs (see note 11)
5,788
Governance costs (see note 11)
2,023
Total expenditure on cost of raising funds
45,466
8 Expenditure on charitable activities
Unrestricted
All activities
£
Staff costs
301,781
Publishing expenses
18,169
Editorial expenses
30,265
Consultancy
41,764
Events & meetings production
74,854
Grants paid
-
Marketing & public relations
396
Travel and accommodation
11,027
Support costs (see note 11)
84,962
Governance costs (see note 11)
30,150
Total Expenditure on Charitable Activities
593,368
Expenditure by charitable activity
£
CONNECT
111,173
LEARN
79,767
DEBATE
120,133
CELEBRATE
282,295
Total Expenditure on Charitable Activities
593,368
2021
394,387		 Restricted
£
-
-
Restricted
£
-
-
-
Restricted
£
-
-
-
-
-
Restricted
£
23,736
4,699
9,343
69,247
61,195
15,000
21,408
16,212
1,310
-
222,150
£
18,910
4,184
42,106
156,950
222,150
244,394		 2022
Total
£
11,667
11,667
2022
Total
£
160
8,250
8,410
2022
Total
£
32,180
5,475
5,788
2,023
45,466
2022
Total
£
325,517
22,868
39,608
111,011
136,049

15,000
21,804
27,239
86,272
30,150
815,518
£
130,083
83,951
162,239
439,245
815,518
638,781		 2021
Total
£
11,667
11,667
2021
Total
£
9
8,114
8,123
2021
Total
£
22,926
6,356
6,368
2,136



37,786
2021
Total
£
233,694
20,766
46,648
133,649
62,854
540
17,722
11,125
83,701
28,082
638,781
£
160,232
118,449
229,829
130,271
638,781

23

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

9 Detailed Expenditure by charitable activities

Unrestricted
CONNECT
£
Staff costs
76,683
Publishing expenses
-
Consultancy
7,707
Events & meetings production
679
Marketing & public relations
-
Travel and accommodation
29
Support costs (see note 11)
18,983
Governance costs (see note 11)
7,092
Total Expenditure on Connect activities
111,173
LEARN
Staff costs
22,677
Publishing expenses
12,622
Editorial expenses
30,265
Consultancy
6,816
Events & meetings production
83
Marketing & public relations
-
Travel and accommodation
1,753
Support costs (see note 11)
4,114
Governance costs (see note 11)
1,437
Total Expenditure on Learn activities
79,767
DEBATE
Staff costs
69,968
Publishing expenses
5,547
Editorial expenses
-
Consultancy
12,960
Events & meetings production
-
Grants
-
Marketing & public relations
396
Travel and accommodation
-
Support costs (see note 11)
23,166
Governance costs (see note 11)
8,096
Total Expenditure on Debate activities
120,133
CELEBRATE
Staff costs
132,453
Consultancy
14,281
Events & meetings production
74,092
Grants
-
Marketing & public relations
-
Travel and accommodation
9,245
Support costs (see note 11)
38,699
Governance costs (see note 11)
13,525
Total Expenditure on Celebrate activities
282,295
Total Expenditure on Charitable Activities
593,368		 Restricted
£
13,404
-
600
3,585
-
11
1,310
-
18,910
-
-
-
4,184
-
-
-
-
-
4,184
2,585
4,699
9,343
-
88
15,000
5
10,386
-
-
42,106
7,747
64,463
57,522
-
21,403
5,815
-
-
156,950
222,150		 2022
Total
£
90,087
-
8,307
4,264
-
40
20,293
7,092
130,083
22,677
12,622
30,265
11,000
83
-
1,753
4,114
1,437
83,951
72,553
10,246
9,343
12,960
88
15,000
401
10,386
23,166
8,096
162,239
140,200
78,744
131,614
-
21,403
15,060
38,699
13,525
439,245
815,518		 2021
Total
£
91,296
-
18,456
9,827
1,075
507
29,256
9,815
160,232
22,558
11,647
25,948
21,983
11,910
10,611
27
10,307
3,458
118,449
96,653
9,119
20,700
51,500
6,337
540
556
2,110
31,684
10,630
229,829
23,187
41,710
34,780
-
5,480
8,481
12,454
4,179
130,271
638,781

24

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10 Summary of income and expenditure of charitable activities
2022
Income
(note 4)
£
Activity
CONNECT
97,555
LEARN
291,940
DEBATE
48,861
CELEBRATE
432,996
Total All activities
871,352
11 Support and Governance Costs

Support
costs
£
Staff costs
41,973
Accountancy fees
11,777
AGM, Council and Trustee expenses
-
Audit fee
-
Consultancy
11,700
Director’s expenses
1,543
Employee related expenses
6,856
Office costs
11,988
Website costs
9,293
Sundry expenses
-
Support costs allocated to governance activities
(3,070)
Total Support and Governance Costs
92,060
2021
90,069		 2022
Expend-
iture
(note 9)
£
130,083
83,951
162,239
439,245
815,518
Governance
Costs
£
13,255
7,980
1,268
5,300

1,300
-
-
-
-
-
3,070
32,173
30,218		 2022
Net
income/
(expend-
iture)
£

(32,528)
207,989
(113,378)
(6,249)
55,834
2022
Total
£
55,228
19,757
1,268
5,300
13,000
1,543
6,856
11,988
9,293
-
-
124,233
120,287		 2021
Net
income/
(expend-
iture
£
(82,530)
145,877
(124,336)
(49,971)
(110,960)
2021
Total
£
61,755
15,943
1,500
4,600
3,000
902
1,665
19,589
11,302
31
-
120,287

All costs (including shared staff costs assigned on an assessment of employee time), which can be identified as having been incurred for a specific activity, are reported as a direct cost of that activity. Remaining support and governance costs are allocated between the charity's activities on the basis of the weighted average staff time spent on each activity, as follows

Allocation of Support and Governance
Costs
Cost of raising funds
Charitable activities Connect
Learn
Debate
Celebrate
Total Support and Governance Costs		 Support
costs
£
5,788
20,293
4,114
23,166
38,699
92,060		 Governance
Costs
£
2,023
7,092
1,437
8,096
13,525
32,173		 2022
Total
£
7,811
27,385
5,551
31,262
52,224
124,233		 2021
Total
£
8,504
39,071
13,765
42,314
16,633
120,287

25

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

12 Net income / (expenditure) for the year

This is stated after charging / (crediting):
Auditor's remuneration: audit fee		 2022
£
5,300		 2021
£
4,600

13 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:
Salaries and wages
National Insurance contributions
Contributions to defined contribution pension schemes		 2022
£
367,406
35,525
9,994
412,925		 2021
£
285,995
25,768
6,612
318,375

The following number of employees received employee benefits (excluding employer pension contributions) during the year between:

2022 2021
No. No.
£70,000 - £79,999 1 -
£60,000 - £69,999 - 1

The total employee benefits, including pension contributions, of the key management personnel, being the Director and Deputy Director, were £144,264 (2021: £129,670).

The trustees were not paid or received any other benefits from employment with the charity in the year (2021: £nil), neither were they reimbursed expenses during the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil).

Staff numbers

The average monthly headcount of staff employed was 9.4 (2021: 7.8) and the average number of full time equivalent employees during the year was as follows:

Raising funds
Charitable activities
Support and governance		 2022
No.
0.6
6.9
1.3
8.8		 2021
No.
0.4
5.4
1.4
7.2

14 Related Parties

There is a reciprocal arrangement between the Royal African Society and the African Studies Association of the UK (ASAUK) whereby, in collecting members’ subscriptions, a proportion is received by each organisation as a subscription on behalf of the other. In 2022 the charity received £6,646 (2021: £7,302) on behalf of ASAUK who received £6,863 (2021: £6,610) on behalf of the charity. Additionally the charity also received £11,667 (2021: £11,667) from ASAUK for providing administrative support to it and gave it a £15,000 grant to support its biennial conference. During the year the Trustees in aggregate donated £3,110 to the charity.

15 Taxation

The charity is exempt from tax on its charitable activities.

26

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

16 Investments

16 Investments
Investments at fair value:
COIF Charities income units
- fixed interest fund
- investment fund
Movements
Market value at 1 January
Net gain / (loss) on revaluation
Market value at 31 December
17 Debtors
Trade debtors
Accrued income
Prepayments
Other debtors
18 Creditors: amounts falling due within one year
Deferred income
Trade creditors
Accruals
ASAUK
Taxation and National Insurance contributions
Value Added Tax
Other creditors
19 Creditors: amounts falling due after more than one year
Deferred income
20 Deferred income
Balance at 1 January
Amount released to income in the year
Amount deferred in the year
Balance at 31 December		 2022
£
16,711
260,055
276,766
2022
£
313,377
(36,611)
276,766
2022
£
55,319
47,125
-
384
102,828
2022
£
112,672
3,538
21,816
2,137
10,880
9,582
6,060
166,685
2022
£
61,861
2022
£
28,075
(28,075)
174,533
174,533		 2021
£
19,103
294,274
313,377
2021
£
278,165
35,212
313,377
2021
£
61,185
14,866
1,200
609
77,860
2021
£
28,075
-
43,155
443
8,428
5,111
2,244
87,456
2021
£
-
2021
£
85,092
(85,092)
28,075
28,075

Deferred income at 31 December 2022 comprised grants from organisations which had given funds in 2022 for use in later years. £43,011 is restricted to African Arguments and of the remainder which is unrestricted £69,661 is to be recognised as income in 2023 and £61,861 in 2024.

27

THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21 Movements in funds
Restricted funds:
CONNECT
Corporate Events
Public Events
LEARN
Education Programme
DEBATE
African Arguments
Africa APPG
ASAUK conference
CELEBRATE
Africa Writes
Film Africa
120thAnniversary Gala
Total restricted funds
Unrestricted funds:
Designated funds
General funds
Total unrestricted funds
Total funds*		 At 1
January
2022
£
-
-
-
4,184
4,184
3,482
-
-
3,482
-
-
-
-
7,666
5,379
425,444
430,823
438,489		 Income
£
18,710
200
18,910
-
-
9,348
14,276
15,000
38,624
28,950
77,750
50,250
156,950
214,484
62,250
760,298
822,548
**1,037,032 **		 Expend-
iture
£
18,710
200
18,910
4,184
4,184
12,830
14,276
15,000
42,106
28,950
77,750
50,250
156,950
222,150
40,379
598,455
638,834
**860,984 **		 Other net
gains
£
-
-
-
-		 At 31
December
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(36,611)
(36,611)
(36,611)		 -
-
-
-
-
-
-
-
-
-
27,250
550,676
577,926
577,926

*All-Party Parliamentary Group for Africa

Purposes of unrestricted funds

Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the Society’s objects. During the year £20,000 (of a total £61,861), £10,000 (of a total £50,000) and £5,000 (of a total £25,000) of unrestricted donations received from Open Society Foundation, Garfield Weston Foundation and Miles Morland Foundation respectively were designated to support specific charitable activities within the African Argument s and Film Africa programmes. The balances of these donations have been reported as unrestricted donations (see Note 3). A £27,250 bequest received during the year from Corniche Trust has been designated to the Africa Writes programme and has been carried forward to support the 2023 festival.

Purposes of restricted funds: CONNECT

Corporate and Public Events:

Support for events in respect of African energy and sustainability was received from Trafigura Group (£10,000) and Standard Chartered Bank (£8,710); the latter being the inaugural RAS CEO Lecture by Bill Winters, CEO of Standard Chartered. Small contributions, £200 in total, were received from International African Institute towards the cost of book launch events.

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THE ROYAL AFRICAN SOCIETY Charity Number: 1062764 Royal Charter Number: RC000440

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

21 Movements in funds … continued

Purposes of restricted funds: LEARN

Education Programme

No income was received for the programme during the year; consultancy expenditure was incurred to complete programmes brought forward from 2021 and to review funding opportunities for 2023.

Purposes of restricted funds: DEBATE

African Arguments

In 2021 the first (70%) tranche of a US$35,000 one year grant was received from Africa No Filter of which £3,482 was unused at the end of the year. The remaining 30% (£8,675) has been recognised as income in 2022. The aggregated £12,157 has funded the Deputy Editor and the Fellowship programme until May 2022. Other supporters made small contributions (£673 in total) for various specific initiatives.

All-Party Parliamentary Group for Africa

Much of the expenditure (and the income to support it) for the Education Policy Report into how Africa and its Diaspora is represented in UK School Curricula had been recognised in 2021 but there were costs associated with the launch in March 2022; £5,000 of this was provided by British International Investment. A further £3,832 was received from FSD Africa to support future sustainability initiatives by the Group. The remaining £5,444 restricted income received in the year, principally from the Commonwealth Parliamentary Association-UK, enabled the Group to arrange a UK parliamentary delegation to the Commonwealth Heads of Government Meeting in Rwanda.

ASAUK Conference

As part of the partnership arrangement with Flutterwave £15,000 was received by the Society to provide ASAUK support for its 2022 Conference.

Purposes of restricted funds: CELEBRATE

From a newly formed partnership in 2022, £100,000 was received from Flutterwave; £15,000 was restricted to the ASAUK grant and a further £10,000 for a 5 year membership subscription. The remaining £75,000 was restricted to income for CELEBRATE events, with £2,000 for Africa Writes, £22,750 for Film Africa and £50,250 for the 120[th] Anniversary Gala.

Africa Writes:

In addition to the Flutterwave funding, £24,950 was provided by Arts Council England, £1,500 by the British Library and £500 by Leeds University which enabled small events to take place in Leeds, Swindon, Exeter and Birmingham.

Film Africa:

Income received and restricted for Film Africa was the £22,750 from Flutterwave plus £38,000 from the British Film Institute, £15,000 from the Amazon Literary Partnership and £2,000 from Ebony Life Group. 120[th] Anniversary Gala

The only restricted funding for the Gala was £50,250 from Flutterwave which was provided to ensure resources were available to produce an event which celebrated and expanded

the Society’s role and achievements in African culture and to increase awareness of its activities within the context of Africa and its own charitable objects.

22 Analysis of net assets between funds

Investments
Cash at bank and in hand
Other current assets
Current liabilities
Longer term liabilities
Total net assets at 31 December 2022		 Unrestricted
Funds
£
276,766
412,319
69,011
(118,309)
(61,861)
577,926		 Restricted
Funds
£
-
14,559
33,817
(48,376)
-

-		 Total
funds
£
276,766
426,878
102,828
(166,685)
(61,861)
577,926

29