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2023-12-31-accounts

REGISTERED COMPANY NUMBER: RC000440 (England and Wales) REGISTERED CHARITY NUMBER: 1062764

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

ROYAL AFRICAN SOCIETY

Chariot House Limited Chartered Accountants and Statutory Auditor 44 Grand Parade Brighton BN2 9QA

ROYAL AFRICAN SOCIETY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

Page
Report of the Trustees 1 to 11
Report of the Independent Auditors 12 to 15
Statement of Financial Activities 16
Balance Sheet 17 to 18
Cash Flow Statement 19
Notes to the Cash Flow Statement 20
Notes to the Financial Statements 21 to 32
Detailed Statement of Financial Activities 33 to 34

ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2023. The trustees have adopted the provisions of 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).

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ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives for which the Royal African Society is established and incorporated by its Royal Charter (Article 2) are: "to promote within Our United Kingdom of Great Britain and Northern Ireland, as well as in 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."

The Charter further stipulates in Article 3, the activities which the Society may undertake for the attainment of these objects, including (but not only): holding meetings, conferences and courses for the study and discussion of subjects relating to Africa; producing and publishing books, journals, pamphlets, and other documents, and maintaining information services; providing lectures and prizes for the purpose of encouraging the study of all aspects of life and environment in African countries; acquiring and disseminating information likely to encourage the development of agriculture, trade and industry in Africa, and the expansion of commerce between Africa and the rest of the world; undertaking scientific enquiries and conduct or finance research; encouraging interest in Africa among young people; and making awards in recognition of service to Africa.

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 public benefit (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 Society's activities, some 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 of and interest in the peoples and countries of Africa in the UK, as well as in other countries; and

  2. the fostering and strengthening of relationships between the UK and the various countries and peoples of Africa;

In 2023, the Society again (though for the final time) 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.

Each of the Society's programmes or activities contributed to the attainment of one or more of these four pillars.

Progress on the strategic plan was regularly reviewed by staff and Council throughout the year.

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ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

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

In 2023, the Society continued to undertake activities under these four pillars, as follows:

CONNECT : the Society delivered a wide-ranging events programme aimed at its corporate, individual and student members, the African diaspora and the wider British public.

The Society's business programme grew steadily throughout 2023 offering an exceptional network and prestigious platform for its corporate members. Three new corporate members joined the Society and the corporate membership continued to be actively engaged. The Society continued to deliver high-level events as part of its corporate membership offer, providing a platform for in-depth debate around contemporary trends, such as impact investment, climate and sustainable development, and business prospects. The 'Economies to Watch' series offered corporate partners valuable insight, networking opportunities, brand visibility and privileged access to African and British decision-makers, including an exclusive business breakfast briefing with Tanzanian Finance Minister, Dr Mwigulu Nchemba; a high-level panel led by Deputy Governor of the Bank of Uganda, Dr Michael Atingo-Ego; and an in-depth breakfast briefing on new Commonwealth member Togo. A CEO lunch hosted by Sotheby's afforded our corporate members the opportunity to discuss current business trends while viewing a showcase of the finest of African creativity, featuring a diverse selection of highly sought-after and culturally significant works from across the continent. The Society maintained its focus on UK Government policy, hosting Andrew Mitchell MP, as Minister of State for Development and Africa, who delivered a thought-provoking lecture on UK Government Policy towards Africa, encompassing cooperation, investment, climate change, conflict, and Africa's global role. In conversation with , Mr Mitchell discussed prospects for enhancing UK's relations and investments in Africa, cooperation with African nations on climate change and conflict response, and Africa's participation in global institutions.

LEARN: The Society's flagship journal, African Affairs, published quarterly by Oxford University Press, remains the top-rated academic journal for African Studies, disseminating the latest research in academic institutions around the world. The Education & Outreach Programme aims to foster a better understanding of Africa through cultural education in UK schools, engaging children, young people, teachers and families through Africa Writes - Young Voices, Film Africa - Young Audiences and other projects and activities. The Society continued its partnership arrangement with the African Studies Association of the UK (ASAUK), which enables joint membership, sharing information about partnerships with African universities and lobbying to sustain African studies in the UK. The Society hosted four book launches, including Reclaiming the Jewel of Africa, the latest offering by Olusegun Aganga, Former Finance Minister of Nigeria; Peacemaking & Peacebuilding in South Africa: The National Peace Accord 1991-1994, by Prof Liz Carmichael; Bushmeat, by Dr Theodore Trefon; and Small by Small by Dr Ike Anya.

DEBATE: the Society disseminates insight and instigates public debate through its news and analysis website, African Arguments, and its advocacy and policy work, which is primarily conducted for and on behalf of the All-Party Parliamentary Group for Africa in the form of inquiry reports and policy briefings, together with round-table discussions and meetings, parliamentary questions, motions and other relevant debates.

In 2023, the Society's pan-African news platform, African Arguments, significantly enhanced its coverage of climate-related issues, partnering with journalists, scientists, think tanks, and advocacy groups focused on climate issues in Africa and publishing over 100 articles covering energy, climate justice, adaptation and resilience. Delving deeply into topics including the operations of major conservation organisations, UK climate policies and funding, and a green hydrogen project in Namibia, this coverage represents a significant new departure for the Society which will form the basis for a strengthened future programme covering the nexus of socio-economic/climate/conflict issues.

The African Arguments Debating Ideas platform continued to offer concise and accessible scholarly analysis and to promote thoughtful discourse on key developments across the African sociopolitical and economic landscape, ranging from COVID 19 to conflict in the Horn of Africa. As well as topical analysis, there were two concurrent series during 2023: one focusing on the evolution of the African feminist agenda; the other on post-war Sudan.

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ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

In the climate policy space, the Society supported (as secretariat) the All-Party Parliamentary Group on Africa enquiry on Just Energy Transition in Africa. The enquiry sought to widen the knowledge base about the complexity of energy transition and the role played by the Just Energy Transition Partnerships (JET-P) initiative introduced by the UK and other partners at COP26, with particular focus on the South Africa JET-P. The enquiry puts a premium on evidence from countries in Africa, ranging from governments, to the African Union and implementing and funding partners, investors and private sector, as well as grass roots and civil society organisations. This enquiry will continue into 2024 and will conclude with a report and policy recommendations.

CELEBRATE : The Society celebrates many diverse aspects of African culture including art, fashion, music, theatre and, most regularly, literature and cinema through its popular biennial cultural festivals, Africa Writes and Film Africa, attracting young and diverse audiences in the thousands.

The Royal African Society's membership programme remains inclusive and influential, providing a platform for individuals from diverse backgrounds to engage in discussions pertaining to arts, culture, politics, and business related to the African continent. The Arts and Culture membership provides a membership option for those who prefer to focus on this portfolio of events and festivals.

In 2023, the major cultural offering was the Africa Writes festival which, in its 10th anniversary year, centred round the theme of "Intangible Heritage", exploring how African identities and cultures manifest themselves through narrative and imagination. The festival was launched with an evening of music by Bongeziwe Mabandla, a multiple award-winning artist and an enigmatic spirit of African Soul, and for the first time the festival introduced a series of regional partnerships, co-curating satellite events in Leeds, Swindon and Birmingham. Headlined by Blitz Bazawule ("the Ambassador"), acclaimed writer and director of The Colour Purple 2023 remake, the festival also featured in-depth conversations with literary giants Irenosen Okojie, Kelechi Okafor, Kwame Dawes, and Claudia Rankine.

The Society is grateful for the effort of its volunteers who were involved in the events, festivals and other activities. It is estimated that 263 volunteer hours were provided during the year in support of the Africa Writes festival. If conservatively valued at £13.15 per hour (London Living Wage 2023-24), the volunteer effort amounts to £3,452, gratefully recognised as an in-kind contribution to the Society.

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ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

STRATEGIC REPORT

Financial position

Although it weathered the years of the pandemic, like many charities the Royal African Society's income has since been unstable in the ensuing years. As a member organisation, the Society delivers activities and events primarily for its membership. The Society receives baseload income from membership fees, its academic journal, African Affairs, and its investments; as well as income which varies year on year from partnerships with corporate members and grant-making bodies, and donations. The operating environment for charities and membership organisations is increasingly challenging with rising inflation-related costs and reducing donation activity.

During 2023, income from the Journal saw a slight drop (£204,000 in 2023 from £219,000 in 2022), membership income dropped from £78,000 to £40,000, and the Society saw a reduction in income from donations and legacies in 2023 to roughly 55% of the 2022 level (£79,961 as against £145,604), with costs in 2023 (£821,509) remaining similar to those in 2022 (£860,984). The major activities (eg Africa Writes 2023) covered their production costs, but did not make a net surplus. Furthermore there was no anniversary gala in 2023 (which in 2022 brought in a net surplus of £180,000 as a one-off event). Overall, as a result of rising costs and reduced income, the Society ended 2023 with a deficit for the year before investment gains of £222,013. Total funds carried forward into 2024 stood at £383,737 down from £577,926 at the start of 2023. At the end of 2023, the Society's investments stood at £301,544, up from an opening 2023 balance of £260,055.

2023 was the start of a transition, with a change in Director/CEO mid year, as well as other significant changes including the retirement of the long-standing accountant and on boarding of a new accountant in late October. Responding to changes in the wider environment, the Society intends to focus on multi-year programmatic approach to its members and its core mandate, with results-focused partnerships and a diversified income spectrum; market conditions in the charity sector mean that there is a significant risk in establishing certainty about future revenue.

Investment policy and objectives

The Trustees have the power to invest in such assets as they see fit. The charity's investment policies are: - to seek investment funds where the managers provide ethical and socially responsible investments to charities; - to ensure that funds are not put at undue risk while, as far as is practical, maintaining and enhancing their value.

At a value of £301,544, investments represented 79% of the charity's unrestricted general funds (£383,737) at the end of 2023. The portfolio is reviewed annually.

Reserves policy

The Trustees have established a policy guideline to maintain a minimum operational reserve adequate to meet the charity's non-programme financial obligations in a six-month future period. The trustees can confirm that this guideline was met in 2023. 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. As of 31 December 2023 the available operational reserve is £356,487.

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, albeit that the Society faces challenges in raising income which may impact its operations in 2024.

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ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

STRATEGIC REPORT

Principal risks and uncertainties

As a member organisation, the Society delivers activities and events primarily for its membership (and many activities are open to the general public, fulfilling requirements of an organisation registered with the Charity Commission). For this purpose it relies on baseload income from membership fees, its academic journal, African Affairs, and its investments; as well as variable income from partnerships with corporate members and grant-making bodies, and donations. Our counterpart organisations are feeling the same headwinds.

The principal risks the Society faces are: first, that the wider economic environment continues to be increasingly challenging for membership organisations and charities; and second, managing operating costs and staff transitions including at the Director and Deputy Director levels. Other principal risks include ensuring that it can innovate to remain relevant, engage members and respond to greater competition.

Plans & strategies for managing the risks

The Trustees have recognised each of these risks and have taken steps to address them. First, it is shifting the Society towards a multi-year programmatic approach similar to what many other societies and charities are currently doing. This entails co-creating a series of multi-year impact-focused programmes with a wide and diverse group of partnerships including grant-giving organisations, philanthropy, high net worth individuals and corporate partners in countries in Africa as well as in the UK. In addition (in addressing the second principal risk), the Society has recruited a new Director and CEO, a new Head of Fundraising and Operations, a High Level Events Programming Officer, a new accountant and a new external HR service provider to support the transition. These are additional costs for the Society, which adds to the pressure to boost revenue.

To support membership, and address further the identified risks, the Society is in the process of upgrading the website and Customer Relations Management system and is hiring a new Membership Development Officer (replacing the incumbent who left in 2023). As noted, the Events Programme for 2024 will again include a large Film Africa festival and a Benefit Gala. The Lead Curator for Film Africa is a well-known, high-level and long-experienced festival curator who is taking an approach to excellence that should put Film Africa on a firm basis to return to being an annual festival. The creative industries have the potential to be a massive employer in Africa as elsewhere driven by the digital viewing revolution and the Society's Creative Africa workstreams are an excellent platform for future partnership programmes and growth.

Finally in addressing the third identified risk, the Society has already taken steps to ensure that the content of its offer, including via reporting and articles on African Arguments, through supporting the work of the All-Party Parliamentary Group on Africa, and in its briefing and lectures, remains up to date and connected to wider global and regional agendas. The nexus between climate solutions, resilient socio-economic growth, and human security is closely intertwined in the countries of Africa creating demand for accurate information, informed speakers and curated engagement.

The combination of measures taken, and the concomitant investments made, as described are appropriate in the view of the Trustees to address the principal risks, albeit that they cannot control the wider economy. Vigilance is required in this challenging environment.

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ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

STRATEGIC REPORT

Future plans

The Society to educate and inform about Africa will keep its team busy in the year ahead. 2024 will be a year of elections with more than 20 elections scheduled across Africa. With so many new governments we see heightened demand for information, analysis and curated engagement. The global system is getting set for the last third (five years) of the Sustainable Development Agenda 2030 which was agreed in 2015, along with the Paris Climate Agenda. 2024 brings the global Summit for the Future which will bring these two agendas together.

These global agendas are vitally important to governments and peoples in Africa. The need for constructive inter-generational dialogue has never been greater. The same is true of opportunities for investment partnerships and sharing of research and development, technology, AI solutions between countries in Africa and the rest of the world. The Society is very well placed to step up to the challenge whether for policy makers, businesses, investors, or the general public.

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ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Royal African Society is incorporated by Royal Charter and is also registered with the Charity Commission in England and Wales.

Organisational structure

The Society's governance structure is as follows:

Constitution - the Society is governed by its Charter and Bye-laws, the most recent amendments to which were approved by The Privy Council on 10 November 2010. A review and refresh of the Bye-laws is scheduled.

Royal Patronage - the Society's Royal Patron is HRH The Prince of Wales, who succeeded Her Late Majesty Queen Elizabeth II 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 Bye-laws describe the operations of the Council in extensive detail.

The Executive Committee (ExCo) - the Executive Committee acts under powers delegated to it by Council and its operations are described in detail in the Bye-laws. The Executive Committee was reconstituted in December 2023.

Sub-Committees - the Society operates three sub-committees:

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

Induction and training of new trustees

New Council Members / Trustees are provided with an induction document, which sets out their roles and responsibilities in respect of the objectives, activities, policies and procedures of the Society, after which they may be further briefed by senior staff and mentored by the existing Trustees. The induction pack will be reviewed annually.

Key management remuneration

The Finance & Audit Sub-Committee oversaw the continued implementation of the remuneration policy for both key management personnel and the rest of the staff team. The identified criteria for remuneration considers 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.

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ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties

The Society works in close collaboration with the following charities:

Further details are provided in note 18 (Related Party Disclosures) of the Financial Statements.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

RC000440 (England and Wales)

Registered Charity number

1062764

Registered office

SOAS, University of London 10 Thornhaugh Street London WC1H 0XG

Trustees

J Olanrewaju R Khan Dr T Banjoko G L Kronsten Ms N Jonah Ms O N F James Ms G Tharmaratnam A D Skipper A M Habib Professor P J Clark Lord J Oates (appointed 15/5/2023) Ms H O'Leary (appointed 15/6/2023) B Ka (appointed 15/6/2023) E Marlow (appointed 15/6/2023) Ms Z G D Kariuki (appointed 15/6/2023) Dr C Coetzee (appointed 15/6/2023) Dr A S Manji (appointed 15/6/2023) Ms A Oteh

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ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST DECEMBER 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors

Chariot House Limited Chartered Accountants and Statutory Auditor 44 Grand Parade Brighton BN2 9QA

Solicitors

TLT Solicitors 20 Gresham Street London EC2V 7JE

Bankers

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

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Royal African Society for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

In so far as the trustees are aware:

AUDITORS

The auditors, Chariot House Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, 14 April 2025 on ............................................. and signed on the board's behalf by:

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

Opinion

We have audited the financial statements of Royal African Society (the 'charitable company') for the year ended 31st December 2023 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).

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 charitable company 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.

Material uncertainty 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.

However, as noted in the trustee report the economic circumstances throughout the following year ended 31 December 2024 and thereafter were difficult for many charities and the Society faced similar challenges during that year. As a result the unaudited outturn for 2024 indicates a significant deficit in excess of £240,000 which will substantially reduce the reserves which were held at 31 December 2023. The Trustees have taken steps to restructure the model to address the reduction in income and anticipate a return to a stable financial position in 2025. However, in view of the increasing impact of issues affecting the charity sector, there remains a material uncertainty as to whether these plans will be achieved. 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:

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

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

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We identified that the following laws and regulations are central to the charitable company:

We did not find any instances of non-compliance or breaches of the legislation framework applicable to the charitable company.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We identified that the following areas were of high risk:

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation, Charities Act 2011 and Charities SORP 2019. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel when considered necessary. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of management bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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

Use of our report

This report is made solely to the charitable company'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 charitable company'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 charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Chariot House Limited Chartered Accountants and Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 44 Grand Parade Brighton BN2 9QA Date: .............................................

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ROYAL AFRICAN SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Connect
Learn
Debate
Celebrate
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Connect
Learn
Debate
Celebrate
Other - to reallocate
Other
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
79,960
79,155
218,622
10,000
39,999
9,225
-
436,961
66,014
263,757
78,850
141,949
107,206
-
1,198
658,974
27,824
(194,189)
577,926
383,737		 Restricted
funds
£
3
6,907
-
97,683
57,944
(2)
-
162,535
-
6,910
-
97,682
57,943
-
-
162,535
-
-
-
-		 2023
Total
funds
£
79,963
86,062
218,622
107,683
97,943
9,223
-
599,496
66,014
270,667
78,850
239,631
165,149
-
1,198
821,509
27,824
(194,189)
577,926
383,737		 2022
Total
funds
£
145,603
97,554
291,940
48,861
432,996
8,411
11,667
1,037,032
45,466
130,083
83,950
162,239
439,246
-
-
860,984
(36,611)
139,437
438,489
577,926

The notes form part of these financial statements

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ROYAL AFRICAN SOCIETY

BALANCE SHEET

31ST DECEMBER 2023

Unrestricted
funds
Notes
£
FIXED ASSETS
Investments
13
301,544
CURRENT ASSETS
Debtors
14
66,657
Cash at bank and in hand
135,862
202,519
CREDITORS
Amounts falling due within one year
15
(120,326)
NET CURRENT ASSETS
82,193
TOTAL ASSETS LESS CURRENT
LIABILITIES
383,737
CREDITORS
Amounts falling due after more than one year
16
-
NET ASSETS
383,737
FUNDS
17
Unrestricted funds
TOTAL FUNDS		 Restricted
funds
£
-
-
-
-
-
-
-
-
-		 2023
Total
funds
£
301,544
66,657
135,862
202,519
(120,326)
82,193
383,737
-
383,737
383,737
383,737		 2022
Total
funds
£
276,766
102,828
426,878
529,706
(166,685)
363,021
639,787
(61,861)
577,926
577,926
577,926

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

continued...

Page 17

ROYAL AFRICAN SOCIETY

BALANCE SHEET - continued 31ST DECEMBER 2023

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

A Oteh - Trustee

G L Kronsten - Trustee

The notes form part of these financial statements

Page 18

ROYAL AFRICAN SOCIETY

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST DECEMBER 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Interest received
Dividends received
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 2023
£
(300,239)
(300,239)
1,032
8,191
9,223
(291,016)
426,878
135,862		 2022
£
283,759
283,759
160
8,251
8,411
292,170
134,708
426,878

The notes form part of these financial statements

Page 19

ROYAL AFRICAN SOCIETY

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST DECEMBER 2023

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2023 2022
£ £
Net (expenditure)/income for the reporting period (as per the Statement
of Financial Activities) (194,189) 139,437
Adjustments for:
(Gain)/losses on investments (24,778) 36,611
Interest received (1,032) (160)
Dividends received (8,191) (8,251)
Decrease/(increase) in debtors 36,171 (24,968)
(Decrease)/increase in creditors (108,220) 141,090
Net cash (used in)/provided by operations (300,239) 283,759
ANALYSIS OF CHANGES IN NET FUNDS
At 1/1/23 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank and in hand 426,878 (291,016) 135,862
426,878 (291,016) 135,862
Total 426,878 (291,016) 135,862

2. ANALYSIS OF CHANGES IN NET FUNDS

The notes form part of these financial statements

Page 20

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and on that basis the charity is considered to be a going concern.

The financial statements are prepared in sterling which is the functional currency of the entity, and are rounded to the nearest £1.

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.

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.

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:

continued...

Page 21

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

1. ACCOUNTING POLICIES - continued

Expenditure

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.

Allocation and apportionment of 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.

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

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.

Tangible fixed assets

Recognition and measurement

Fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

All assets costing more than £1,000 and with an expected useful life exceeding one year are capitalised and are stated at cost less depreciation.

Depreciation

All tangible fixed assets, are depreciated on the straight-line method over their estimated useful lives as follows:

All assets - 3 years.

continued...

Page 22

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

1. ACCOUNTING POLICIES - continued

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.

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

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.

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.

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.

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.

Judgements and Key Sources of Estimation Uncertainty

In the application of the charity's accounting policies, the charity is required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both the current and future periods.

There are no estimates and assumptions that are considered to have a significant risk of causing a material adjustments to the financial statements in a future period.

continued...

Page 23

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2. DONATIONS AND LEGACIES

Donations
3.
INVESTMENT INCOME
Dividend income
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Members Subscriptions
Grants and donations
Support from Sponsors
Subscriptions from the Journal
Secondary rights and other Journal income
Sales income & fees
Admission charges to events
Members Subscriptions
Grants and donations
Support from Sponsors
Subscriptions from the Journal
Secondary rights and other Journal income
Sales income & fees
Admission charges to events		 Connect
£
39,923
12,976
32,662
-
-
501
-
86,062
Celebrate
£
-
81,096
11,667
-
-
5,180
-
97,943		 2023
£
79,963
2023
£
8,191
1,032
9,223
Learn
£
-
15,001
-
175,065
28,556
-
-
218,622
2023
Total
activities
£
39,923
179,999
79,273
175,065
28,556
7,494
-
510,310		 2022
£
145,603
2022
£
8,251
160
8,411
Debate
£
-
70,926
34,944
-
-
1,813
-
107,683
2022
Total
activities
£
78,331
159,475
268,614
181,178
37,798
111,886
34,069
871,351

continued...

Page 24

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

5. RAISING FUNDS

Raising donations and legacies

Staff costs
Consultancy & communication
Support costs
Governance costs
CHARITABLE ACTIVITIES COSTS
Connect
Learn
Debate
Celebrate
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Publishing expenses
Editorial expenses
Consultancy
Events & meeting production
Grants paid
Marketing & public relations
Travel and accommodation
Other expenses		 Direct
Costs (see
note 7)
£
176,180
69,664
161,984
139,340
547,168		 2023
£
42,829
-
7,204
15,981
66,014
Support
costs (see
note 8)
£
94,487
9,186
77,647
25,809
207,129
2023
£
331,557
15,434
35,273
76,649
65,670
-
4,186
17,716
683
547,168		 2022
£
32,180
5,475
5,788
2,023
45,466
Totals
£
270,667
78,850
239,631
165,149
754,297
2022
£
325,517
22,868
39,605
111,011
136,047
15,000
21,804
27,244
-
699,096

6. CHARITABLE ACTIVITIES COSTS

7. DIRECT COSTS OF CHARITABLE ACTIVITIES

continued...

Page 25

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

8. SUPPORT COSTS

SUPPORT COSTS
Management
£
Other resources expended 1,198
Connect 94,487
Learn 9,186
Debate 77,647
Celebrate 25,809
208,327

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):
2023 2022
£ £
Auditor's remuneration: audit fee 6,500 5,300

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2023 nor for the year ended 31st December 2022.

11. STAFF COSTS

Staff costs for the year were as follows:

Salaries and Wages
Employers National Insurance
Employers Pension Contributions		 2023
£
429,984
35,595
11,774
477,353		 2022
£
367,406
35,525
9,994

412,925

The total employee benefits, including employers' National Insurance and pension contributions, of the key management personnel, being the Trustees, the Director and Deputy Director, were £125,649 (2022: £144,264).

continued...

Page 26

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

11. STAFF COSTS - continued

The average monthly number of employees during the year was as follows:

Raising funds
Charitable activities
Support and governance		 2023
1
7
2
10		 2022
1
7
1
9

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

£70,001 - £80,000
12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
145,603
Charitable activities
Connect
78,644
Learn
291,940
Debate
10,237
Celebrate
276,046
Investment income
8,411
Other income
11,667
Total
822,548
EXPENDITURE ON
Raising funds
45,466
Charitable activities
Connect
111,173
Learn
79,766
Debate
120,133
Celebrate
282,296
Other - to reallocate
-
Total
638,834
Net gains/(losses) on investments
(36,611)		 2023
-
Restricted
funds
£
-
18,910
-
38,624
156,950
-
-
214,484
-
18,910
4,184
42,106
156,950
-
222,150
-

continued...

Page 27

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
funds
funds
£
£
NET INCOME/(EXPENDITURE)
147,103
(7,666)
RECONCILIATION OF FUNDS
Total funds brought forward
430,823
7,666
TOTAL FUNDS CARRIED FORWARD
577,926
-
13.
FIXED ASSET INVESTMENTS
Cash and
Listed
settlements
investments
pending
£
£
MARKET VALUE
At 1st January 2023
260,055
16,711
Revaluations
23,896
882
At 31st December 2023
283,951
17,593
NET BOOK VALUE
At 31st December 2023
283,951
17,593
At 31st December 2022
260,055
16,711
There were no investment assets outside the UK.
Cost or valuation at 31st December 2023 is represented by:
Cash and
Listed
settlements
investments
pending
£
£
Valuation in 2023
283,951
17,593		 Total
funds
£
139,437
438,489
577,926
Totals
£
276,766
24,778
301,544
301,544
276,766
Totals
£
301,544

continued...

Page 28

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
VAT
Prepayments and accrued income
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
Accrued expenses
Deferred Income
Balance at 1st January 2023
Amounts released to Income in the year
Amount deferred in the year
Balance at 31st December 2023		 2023
£
37,584
-
8,021
21,052
66,657
2023
£
20,287
12,369
-
8,270
66,950
12,450
120,326
2023
£
174,533
(112,672)
5,089
66,950		 2022
£
55,319
384
-
47,125
102,828
2022
£
3,538
10,880
9,582
8,197
112,672
21,816
166,685
2022
£
28,075
(28,075)
174,533
174,533

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.

continued...

Page 29

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Accruals and deferred income
17.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Designated funds
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
Restricted funds
Public Events
African Arguments
Africa APPG
Africa Writes
Film Africa
TOTAL FUNDS		 At 1/1/23
£
550,676
27,250
577,926
577,926
follows:
Incoming
resources
£
436,961
6,910
62,738
34,944
57,843
100
162,535
599,496		 Net
movement
in funds
£
(194,189)
-
(194,189)
(194,189)
Resources
expended
£
(658,974)
(6,910)
(62,738)
(34,944)
(57,843)
(100)
(162,535)
(821,509)		 2023
2022
£
£
-
61,861
Transfers
between
At
funds
31/12/23
£
£
27,250
383,737
(27,250)
-
-
383,737
-
383,737
Gains and
Movement
losses
in funds
£
£
27,824
(194,189)
-
-
-
-
-
-
-
-
-
-
-
-
27,824
(194,189)

continued...

Page 30

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated funds
Restricted funds
Education Programme
African Arguments
TOTAL FUNDS		 At 1/1/22
£
425,444
5,379
430,823
4,184
3,482
7,666
438,489		 Net
movement
in funds
£
125,232
21,871
147,103
(4,184)
(3,482)
(7,666)
139,437		 At
31/12/22
£
550,676
27,250
577,926
-
-
-
577,926

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Designated funds
Restricted funds
Corporate Events
Public Events
Education Programme
African Arguments
Africa APPG
ASAUK conference
Africa Writes
Film Africa
120th Anniversary Gala
TOTAL FUNDS		 Incoming
resources
£
760,298
62,250
822,548
18,710
200
-
9,348
14,276
15,000
28,950
77,750
50,250
214,484
1,037,032		 Resources
expended
£
(598,455)
(40,379)
(638,834)
(18,710)
(200)
(4,184)
(12,830)
(14,276)
(15,000)
(28,950)
(77,750)
(50,250)
(222,150)
(860,984)		 Gains and
losses
£
(36,611)
-
(36,611)
-
-
-
-
-
-
-
-
-
-
(36,611)		 Movement
in funds
£
125,232
21,871
147,103
-
-
(4,184)
(3,482)
-
-
-
-
-
(7,666)
139,437

continued...

Page 31

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2023

17. MOVEMENT IN FUNDS - continued

Purposes of unrestricted funds

Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the Society's objects. During 2023, the Society received a total of £436,961 in general unrestricted funds. Core costs (salaries and overheads) as well as some allocations to programme activities (eg £10,000 unrestricted fund from Garfield Weston Foundation and £25,000 Miles Moreland Foundation) absorbed the unrestricted funds as well as the surplus generated in 2022.

Purposes of restricted funds:

All Restricted Funds received in 2023 were dedicated to the activities for which the funding had been sought according to the reporting requirements of the grant makers. These activities in 2023 came under the headings Public Events (payments for book launches and public round tables); running and commissioning costs for African Arguments news website (grants from Open Societies Foundation (£18,000), Africa No Filter (£8,339), Rockefeller Foundation Energy Transition Fund (£43,000)); to support the Society's Secretariat function for the All Party Parliamentary Group on Africa's Enquiry on Just Energy Transitions in Africa ((AfrExImBank (£17,550), Africa No Filter (£20,000), Bristol University (£6,000)); to support the 2023 Africa Writes festival in partnership with the British Library (Arts Council England (£30,000), AfrExImBank (£10,000), in event donations (£550), ticket income share (via the British Library - £4300)); and a minor allocation (£100) under the Film Africa workstream to cover incidentals in the fallow year between festivals.

18. RELATED PARTY DISCLOSURES

There is a reciprocal arrangement between the Royal African Society and the African Studies Association of the UK (ASAUK) under which in collecting members' subscriptions a proportion is received by each organisation as a subscription on behalf of the other. In 2023 the Society received £11,011.51 (2022: £6,646) on behalf of ASAUK who received £5,495.00 (2022: £6,863) on behalf of the Society. The balance in 2023 was in favour of ASAUK from the Society in the amount of £5,516.51.

During 2023 the Trustees in aggregate donated £5,640 to the Society.

Page 32

ROYAL AFRICAN SOCIETY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Dividend income
Deposit account interest
Charitable activities
Members Subscriptions
Grants and donations
Support from Sponsors
Subscriptions from the Journal
Secondary rights and other Journal income
Sales income & fees
Admission charges to events
Other income
Fee from ASAUK for administrative support
Total incoming resources
EXPENDITURE
Raising donations and legacies
Staff costs
Consultancy & communication
Support costs
Governance costs
Charitable activities
Staff costs
Publishing expenses
Editorial expenses
Carried forward		 2023
£
79,963
8,191
1,032
9,223
39,923
179,999
79,273
175,065
28,556
7,494
-
510,310
-
599,496
42,829
-
7,204
15,981
66,014
331,557
15,434
35,273
382,264		 2022
£
145,603
8,251
160
8,411
78,331
159,475
268,614
181,178
37,798
111,886
34,069
871,351
11,667
1,037,032
32,180
5,475
5,788
2,023
45,466
325,517
22,868
39,605
387,990

This page does not form part of the statutory financial statements

Page 33

ROYAL AFRICAN SOCIETY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2023

Charitable activities
Brought forward
Consultancy
Events & meeting production
Grants paid
Marketing & public relations
Travel and accommodation
Other expenses
Support costs
Management
Staff costs
Accountancy fees
AGM, Council & Trustee expenses
Audit fee
Consultancy
Directors expenses
Employee related expenses
Office costs
Website costs
Other expenses
Total resources expended
Net (expenditure)/income before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net (expenditure)/income		 2023
£
382,264
76,649
65,670
-
4,186
17,716
683
547,168
48,379
18,765
11,171
6,500
78,990
1,284
-
25,834
15,948
1,456
208,327
821,509
(222,013)
27,824
(194,189)		 2022
£
387,990
111,011
136,047
15,000
21,804
27,244
-
699,096
47,430
19,758
1,268
5,300
13,000
1,543
6,827
11,988
9,308
-
116,422
860,984
176,048
(36,611)
139,437

This page does not form part of the statutory financial statements

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