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← The Royal African Society

2024-12-31-accounts

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL CHARTER NO: RC000440 (England and Wales) REGISTERED CHARITY NUMBER: 1062764

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ROYAL AFRICAN SOCIETY

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

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 25
Detailed Statement of Financial Activities 26 to 27

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. 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

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 Society 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 Society" (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

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

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

OBJECTIVES AND ACTIVITIES Significant activities

Our strategy during 2024 remained focused on progressing our Mission under 4 pillars and developing long term relationships with core funders and partners such that we would amplify our input through co-creation of events and building on the core assets the Society has historically held, including its major event and festival programmes.

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

The year started with our two Prospects and Forecasts forward looks for 2024 (in London and Edinburgh) and culminated in the Film Africa 2024 festival, our Annual Lecture by Professor Oramah of Afrexim Bank, and our Annual Benefit Gala. These events were highly engaging and gave the Society extensive engagement in the UK and across the continent. They complemented the top quality informative work the Society does through its African Affairs Journal which all Members receive, its work as secretariat to the All Party Parliamentary Group for Africa (chaired by Chi Onwurah MP with RAS Council Member Lord Oates as co-chair); African Arguments; and a range of other engaging activities at SOAS and with our impact partners, including a seminar and debate with HE John Mahama (Ghana’s former president), the UK launch of Afrobarometer's Unveiling African Insights Report 2024 and our support of the UK-Francophone West & Central Africa Trade & Investment Conference. These all contributed to keeping the Society in the public eye, and achieving its charitable objectives and mission as previously outlined.

The Society is grateful for the effort of its volunteers who were involved in the events, festivals and other activities, and 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 97.5 volunteer hours were provided during the year. If it is conservatively valued at £13.15 per hour, the volunteer effort amounts to £1,282.13 in-kind contribution to the Society.

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

Financial position and Going Concern

During 2024, the economic and operating environment for all charities noted in the previous Annual Report continued to deteriorate significantly, and this hard environment is persisting into 2025.

Income in 2024 increased roughly 127.7% compared to 2023 (£765,160 against £599,496), with costs in 2024 increasing by approximately 136.3% to £1,119,251 (2023: £821,509). As a consequence, 2024 saw a net loss of £347,642 (versus net loss of £194,189 in 2023). Total funds carried forward from 2024 stood at £36,095, significantly reduced from £383,737 at the start of 2024. At the end of 2024, the Society's investments stood at £8,827 reduced from an opening 2024 balance of £301,544.

For the Society specifically, 2024 was intended to be the continuation of a transition, building on the arrival of a new CEO/Director, to a more solid foundation of long-term funding relationships and co-creation with partners, all designed to deliver better engagement with stakeholders to enhance the impact of the Society's work. This included making several strategic hires which were designed by management to build the Society's capacity to raise funds and to hold high level key events, including the Film Africa Festival and the Annual Gala.

These were also intended to support and amplify the impact of the Society, and its ability to generate income, and help underpin the long term health of our core assets including the African Affairs Journal (which has historically provided and continues to provide the key foundation for the finances of the Society), our support for the All Party Parliamentary Group for Africa and other activities.

With the advent of the hires, supported by the existing team, management believed that revenues from core events would be significantly improved, and that the Society would be able to make substantial surpluses from its flagship events which were held at the end of 2024, principally the Film Africa festival, the Annual Lecture and the Annual Gala. The Society continued to operate during the year based on these expectations.

The programmes held at the end of the calendar year whilst artistically successful, failed to deliver the expected surplus and overall made a loss. This, together with several internal challenges generated by the transition and which took up material amounts of Trustees, management and staff time, created material and immediate challenges to the finances of the Society. These were promptly addressed by the Trustees.

In particular, once the financial results of the Programme were clear, the Trustees took action to review the position to stabilise the Society. This included the appointment of an interim Director. These actions commenced at the end of the calendar year and have continued during 2025. Action has included stringently reviewing and then substantially reducing costs, including headcount, focusing on core activities generating a new programme and building back stakeholder relationships to generate income.

The Trustees are confident that the position has now been stabilised for the future, both in terms of its finances and delivering on its mission.

Investment policy and objectives

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

The investments and reserves of the Society are currently at a very low level as a result of the issues reported above and the Trustees have put in place steps to increase and maintain reserves in line with the agreed policy agreed by Council.

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

Reserves policy

The Trustees have established a policy guideline to maintain a minimum operational reserve adequate to meet the Society's financial obligations over a five-month future period. During the course of this year, and for reasons set out elsewhere in this report, this guideline was not met. The expectation is that reserves would be replenished following the end of the Programme.

Going concern

The Trustees are of the opinion that with the active steps now being taken to reduce and control costs and enhance income through a new programme and better engagement with Members, the assets and reserves of the Society, in the light of its current committed income, expenditures and cash flows, are adequate to support its on-going charitable activities and obligations.

FUTURE PLANS

The plans are clear. The Society is proud of its history and its place at the forefront of academic debate through its journal and its promotion of culture and trade regarding Africa and the UK. It understands the need to do this to the best of its ability and will stabilise its finances through engaging with members and stakeholders and developing and promoting a programme based on its mission. It will seek to work with others to ensure effective delivery at the right cost.

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 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 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.

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Decision making The Executive Committee was reconstituted in December 2023.

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

Obligations as Trustees; senior management staff appointments; and any legal issues that may arise relating to staff and Trustees.

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.

All these committees have been rigorously reviewed and refreshed following the financial outturn of 2024 by the Interim Director and Trustees

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 is reviewed on an annual basis.

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.

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

Royal Charter Number

RC000440 (England and Wales)

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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 Ms H O'Leary B Ka E Marlow Ms Z G D Kariuki Dr C Coetzee Dr A S Manji Ms A Oteh

Auditors

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

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees 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).

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 Society and of the incoming resources and application of resources, including the income and expenditure, of the Society for that period. In preparing those financial statements, the trustees are required to;

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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 2024, 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 the notes to the financial statements (Basis of preparation).

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.

In so far as the trustees are aware:

AUDITORS

The auditors, Chariot House Limited, were proposed and accepted for re-appointment at the Annual General Meeting in June 2025.

29 October 2025

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ G L Kronsten

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

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

Opinion

We have audited the financial statements of Royal African Society (the Society) for the year ended 31 December 2024 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).

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 Society 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 Society'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:

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

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 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 Society'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 Society 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 145 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 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 non-compliance with laws and regulations, our procedures included the following:

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates were indicative of a potential bias and tested significant transactions that were unusual or those outside the normal course of business.

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. The risk 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 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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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Use of our report

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

Chariot House Limited

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 29 October 2025 Date: .............................................

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
4
Connect
Learn
Debate
Celebrate
Investment income
3
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Connect
Learn
Debate
Celebrate
Other
Other
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
15
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
197,740
89,038
199,637
20,000
84,915
9,583
600,913
60,580
230,574
58,408
81,353
325,453
35,079
-
791,447
6,449
(184,085)
(171,629)
(355,714)
383,737
28,023		 Restricted
funds
£
-
4,851
61
26,121
133,214
-
164,247
25,413
102
-
192,434
109,855
-
-
327,804
-
(163,557)
171,629
8,072
-
8,072		 2024
Total
funds
£
197,740
93,889
199,698
46,121
218,129
9,583
765,160
85,993
230,676
58,408
273,787
435,308
35,079
-
1,119,251
6,449
(347,642)
-
(347,642)
383,737
36,095		 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)
-
(194,189)
577,926
383,737

The notes form part of these financial statements

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

BALANCE SHEET 31 DECEMBER 2024

2024 2023
Unrestricted Restricted Total Total
funds funds funds funds funds
Notes £ £ £ £
FIXED ASSETS
Investments 12 8,827 - 8,827 301,544
CURRENT ASSETS
Debtors 13 84,959 8,012 92,971 66,657
Cash at bank 40,930 58 40,988 135,862
125,889 8,070 133,959 202,519
CREDITORS
Amounts falling due within one year 14 (106,691) - (106,691) (120,326)
NET CURRENT ASSETS 19,198 8,070 27,268 82,193
TOTAL ASSETS LESS CURRENT
LIABILITIES 28,025 8,070 36,095 383,737
NET ASSETS 28,025 8,070 36,095 383,737
FUNDS 15
Unrestricted funds 28,025 383,737
Restricted funds 8,070 -
TOTAL FUNDS 36,095 383,737

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

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 29 October 2025

.............................................

G L Kronsten

The notes form part of these financial statements

continued...

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash used in operating activities
Cash flows from investing activities
Sale of fixed asset investments
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		 2024
£
(403,623)
(403,623)
299,166
-
9,583
308,749
(94,874)
135,862
40,988		 2023
£
(300,239)
(300,239)
-
1,032
8,191
9,223
(291,016)
426,878
135,862

The notes form part of these financial statements

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Gain on investments
Interest received
Dividends received
(Increase)/decrease in debtors
Decrease in creditors
Net cash used in operations		 2024
£
(347,642)
(6,449)
-
(9,583)
(26,314)
(13,635)
(403,623)		 2023
£
(194,189)
(24,778)
(1,032)
(8,191)
36,171
(108,220)
(300,239)

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24 Cash flow At 31/12/24 At 31/12/24
£ £ £
Net cash
Cash at bank and in hand 135,862 (94,874) 40,988
135,862 (94,874) 40,988
Total 135,862 (94,874) 40,988

The notes form part of these financial statements

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Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the Society, 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 Charities Act 2011. 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.

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 2005- Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn

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.

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

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Costs of raising funds comprise the costs, including allocated support costs, incurred in seeking voluntary income in the form of donations and legacies.

continued...

Page 15

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

Expenditure

Expenditure on charitable activities comprises the costs, including allocated support costs and the costs of seeking funding, of producing and distributing the Journal and other publications, organising various cultural events, and undertaking other educational activities to advance knowledge in line with the charity's objects.

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.

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010. Accordingly the Charity is 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 can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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.

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

continued...

Page 16

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits

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

continued...

Page 17

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

2. DONATIONS AND LEGACIES

Donations
3.
INVESTMENT INCOME
Dividend income
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Members Subscriptions
Connect
Grants and donations
Connect
Support from Sponsors
Connect
Sales income & fees
Connect
Grants and donations
Learn
Subscriptions from the
Journal
Learn
Secondary rights and other
Journal income
Learn
Sales income & fees
Learn
Grants and donations
Debate
Support from Sponsors
Debate
Sales income & fees
Debate
Grants and donations
Celebrate
Support from Sponsors
Celebrate
Sales income & fees
Celebrate		 2024
£
197,740
2024
£
9,583
-
9,583
2024
£
49,488
39,550
-
4,851
-
199,637
-
61
24,707
-
21,414
126,551
56,427
35,151
557,837		 2023
£
79,963
2023
£
8,191
1,032
9,223
2023
£
39,923
12,976
32,662
501
15,001
175,065
28,556
-
70,926
34,944
1,813
81,096
11,667
5,180
510,310

continued...

Page 18

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

5. RAISING FUNDS

Raising donations and legacies

Staff costs
Consultancy & communication
Support costs
Governance costs		 2024
£
43,044
3,196
15,402
24,351
85,993		 2023
£
42,829
-
7,204
15,981
66,014

6. CHARITABLE ACTIVITIES COSTS

Connect
Learn
Debate
Celebrate
Other		 Direct
Costs
£
115,159
56,070
166,922
343,984
19,200
701,335		 Support
costs (see
note 7)
£
115,517
2,338
106,865
91,324
15,879
331,923		 Totals
£
230,676
58,408
273,787
435,308
35,079
1,033,258

7. SUPPORT COSTS

SUPPORT COSTS
Management
£
Connect 115,517
Learn 2,338
Debate 106,865
Celebrate 91,324
Other 15,879
331,923

The cost of accommodation included above of £7,200 per annum is due to a highly subsidised rental agreement with SOAS.

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£ £
Auditor's remuneration: audit fee (net of vat) 7,500 6,500

continued...

Page 19

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

10. STAFF COSTS

Staff costs for the year were as follows;

2024 2023
£ £
Salaries and Wages 421,755 399,292
Employers National Insurance 39,693 34,899
Employers Pension Contributions 11,581 11,760
----------- -----------
473,029 445.951
======= =======

The total employee benefits, including employers' National Insurance and pension contributions, of the key management personnel, being the Trustees, and the Director were £100,462 (2023: £125,649).

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

Raising funds
Charitable activities
Support and governance		 2024
1
7
2
10		 2023
1
7
2
10

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

2024 2023
£70,001 - £80,000 - 1
£80,001 - £90,000 1 -

continued...

Page 20

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
79,960
Charitable activities
Connect
79,155
Learn
218,622
Debate
10,000
Celebrate
39,999
Investment income
9,225
Total
436,961
EXPENDITURE ON
Raising funds
66,014
Charitable activities
Connect
263,757
Learn
78,850
Debate
141,949
Celebrate
107,206
Other
-
Other
1,198
Total
658,974
Net gains on investments
27,824
NET INCOME/(EXPENDITURE)
(194,189)
RECONCILIATION OF FUNDS
Total funds brought forward
577,926
TOTAL FUNDS CARRIED FORWARD
383,737		 Restricted
funds
£
3
6,907
-
97,683
57,944
(2)
162,535
-
6,910
-
97,682
57,943
-
-
162,535
-
-
-
-		 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

continued...

Page 21

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

12. FIXED ASSET INVESTMENTS

Listed
investments
£
MARKET VALUE
At 1 January 2024
283,951
Disposals
(275,739)
At 31 December 2024
8,212
NET BOOK VALUE
At 31 December 2024
8,212
At 31 December 2023
283,951
There were no investment assets outside the UK.		 Cash and
settlements
pending
£
17,593
(16,978)
615
615
17,593		 Totals
£
301,544
(292,717)
8,827
8,827
301,544

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
VAT
Prepayments and accrued income
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
Accrued expenses

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

continued...

Page 22

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Public Events
Education Programme
African Arguments
Africa APPG
Africa Writes
Film Africa
SOAS
Gala Sponsorship
TOTAL FUNDS
Net movement in funds, included in the above a
Unrestricted funds
General fund
Restricted funds
Public Events
Education Programme
African Arguments
Africa APPG
Africa Writes
Film Africa
SOAS
Gala Sponsorship
TOTAL FUNDS		 re At 1/1/24
£
383,737
-
-
-
-
-
-
-
-
-
383,737
as follows:
Incoming
resources
£
600,914
4,851
61
11,134
8,837
31,378
76,365
6,149
25,471
164,246
765,160

continued...

Page 23

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated funds
TOTAL FUNDS		 At 1/1/23
£
550,676
27,250
577,926
577,926		 Net
movement
in funds
£
(194,189)
-
(194,189)
(194,189)		 Transfers
between
funds
£
27,250
(27,250)
-
-		 At
31/12/23
£
383,737
-
383,737
383,737

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

Unrestricted funds
General fund
Restricted funds
Public Events
African Arguments
Africa APPG
Africa Writes
Film Africa
TOTAL FUNDS		 Incoming
resources
£
436,961
6,910
62,738
34,944
57,843
100
162,535
599,496		 Resources
expended
£
(658,974)
(6,910)
(62,738)
(34,944)
(57,843)
(100)
(162,535)
(821,509)		 Gains and
Movement
losses
in funds
£
£
27,824
(194,189)
-
-
-
-
-
-
-
-
-
-
-
-
27,824
(194,189)

Purposes of unrestricted funds

Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the Society's objects. In general unrestricted funds covered core costs (salaries and overheads) as well as some allocations to programme activities.

Purposes of restricted funds:

All Restricted Funds received in 2024 were dedicated to the activities for which the funding had been sought according to the reporting requirements of the grant makers.

continued...

Page 24

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024

16. 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 2024 the Society received £14,379 (2023: £11,011) on behalf of ASAUK who received £4,562 (2023: £5.495) on behalf of the Society. The balance in 2024 was in favour of ASAUK from the Society in the amount of £9,817.

During the year one trustee donated £1,200, one trustee paid £250 for an auction lot at the benefit gala and one trustee's firm donated £5,777.25 to the charity.

Page 25

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

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
Total incoming resources
EXPENDITURE
Raising donations and legacies
Staff costs
Consultancy & communication
Support costs
Governance costs
Charitable activities
Staff costs
Publishing expenses
Editorial expenses
Consultancy
Events & meeting production
Marketing & public relations
Travel and accommodation
Other expenses
Write off of debt		 2024
£
197,740
9,583
-
9,583
49,488
190,808
56,427
199,637
-
61,477
557,837
765,160
43,044
3,196
15,402
24,351
85,993
293,453
13,861
32,338
143,433
138,242
21,602
32,486
6,720
19,200
701,335		 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
76,649
65,670
4,186
17,716
683
-
547,168

Support costs

This page does not form part of the statutory financial statements

Page 26

Docusign Envelope ID: 56455B9F-8499-4B9C-890E-61FC89E723EA

ROYAL AFRICAN SOCIETY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Support costs
Management
Staff costs
Accountancy fees
AGM, Council & Trustee expenses
Audit fee
Consultancy
Trustee expenses
Office costs
Website costs
Other expenses
Total resources expended
Net expenditure before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net expenditure		 2024
£
96,779
20,799
61
9,691
114,336
10
55,409
18,114
16,724
331,923
1,119,251
(354,091)
6,449
(347,642)		 2023
£
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)

This page does not form part of the statutory financial statements

Page 27