Registered number: 4133841 Charity number: 1084798
INTERNATIONAL AFRICAN INSTITUTE (A company limited by guarantee)
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
INTERNATIONAL AFRICAN INSTITUTE
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 6 |
| Independent Examiner’s report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 17 |
INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees, who are also directors of the Charity for the purposes of the Companies Act, submit their annual report and the financial statements of International African Institute (the Charity) for the year ended 31 March 2021. The Trustees confirm that the annual report and financial statements of the Charity comply with current statutory requirements, the requirements of the Charity's governing document and the provisions of the 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).
OBJECTIVES AND ACTIVITIES
Objectives
The Charity’s main purpose, as set out in the objects contained in its governing document, is to advance public education worldwide concerning the study of Africa and its languages and cultures.
Activities
To meet these objects the Charity publishes, in print and digital format, scholarly works on Africa through:
Africa : our journal Africa is edited by a team of three, currently Maxim Bolt, Julie Archambault and Asonzeh Ukah; the latter two having taken over their roles during the year from Wale Adebanwi and Benjamin Soares respectively. Raga Makawi is the social media editor. The entire archive from 1928 (Volume 1) is available digitally. It remains the flagship of the Institute and is currently published by Cambridge University Press (CUP) from whom royalties are received and who also pays an annual fee to support the editors and the editorial office.
Africa Bibliography : published since 1984, a large and authoritative annual guide to African Studies works published in English as well as a number of other languages is edited by Richard Bartholomew The digitisation of all back volumes gives more than 175,000 interactive records online.
Journal of African Cultural Studies: in January 2019 the rights to this journal were acquired. Published since 1988, presently by Taylor & Francis who also contribute to the editorial costs, it is edited by Carli Coetzee.
International African Library: a monograph series edited by Leslie Bank, Harri Englund, Adeline Masquelier, Benjamin Soares and Deborah James which is published by CUP. The Institute aims to publish 2 to 3 titles each year and to date over 60 titles have been published in the series.
African Arguments : a book series published until April 2020 by Zed Books, is now published by Hurst Publishers in association with the Institute. Its editors are Alex de Waal, Adam Branch, Alcinda Honwana, Carlos Oya, Ebenezer Obadare and Nicolas Westcott. The Royal African Society (RAS) hosts the associated website and helps arrange a launch of most new books. Thirty-four titles have been published to date and 2 to 3 new titles are added annually. African Arguments – Debating Ideas , a blogsite established in 2020 to support discussion around the book series is edited by Raga Makawi and sponsored by World Peace Foundation at Tufts University . Politics and Development in Contemporary Africa : edited by Jon Schubert and Elliot Green and Eyob Gebremariam was published by Zed Books until April 2020 and is now published as IAI-Hurst monographs in association with the African Arguments series.
Readings In African Studies : collections of articles/chapters published by Indiana University Press and edited by Jocelyn Alexander and David Pratten. Boydell and Brewer also continues to sell titles published before 2016.
Backlist reissues with Routledge : published by Routledge/Taylor & Francis, keep hard-to-find backlist titles, now totalling 167, in print. They are offered at low/free cost via developing country access schemes to make them more widely available to researchers.
Other series: Classics in African Anthropology : book reprints, edited by Murray Last and published by LIT Verlag Monographs from International African Institute : a series of monographs published by LIT Verlag International African Seminars : edited volumes of Institute-organised seminars in different African countries.
In addition to the publications series the Institute has established two research websites providing freely available information on African Digital Research Repositories and a Database of African Publishers , the latter developed in association with the African Books Collective.
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
Public Benefit
When reviewing the Institute’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, and the duties set out in Section 17(5) of the Charities Act 2011, including the guidance “Public Benefit: Running a Charity (PB2).” A number of the Institute’s activities, such as book launches and access to certain digital records, are free of charge or at low cost. Additionally, the Institute, supported by Book Aid International and the Institute’s publishers, supplies books and journals free of charge or at significant discounts to university libraries and other institutions in Africa, which are available to the general public. The rich store of information held in various digital repositories has been documented and listed in the African Digital Research Repositories website and a Database of African Publishers has been established; both websites are freely available.
ACHIEVEMENTS AND PERFORMANCE
Achievements and performance of each of the publication series are as follows:
Africa. During the calendar year 2020 five issues of Volume 90 of the journal were published, comprising 42 articles over 992 pages (prior year: Volume 89, 45 articles, 779 pages). Africa's published 5 year Impact Factor is 0.881 and it is a highly ranked Africanist journal in the Area Studies category. The Twitter account @Africa_IAI now has c.5,000 followers. The income from the Journal represents the Institute’s main source of revenue, with combined royalties from CUP and EUP amounting to £91,943 (2020: £93,371). While subscriptions and income from the digital archive were slightly lower than in 2019, higher Open Access processing charges and lower manufacturing costs mitigated the level of the year on year shortfall.
Because of the Covid -19 pandemic no external events took place during the year at which the Journal could be represented although the editors look forward to resuming such activities as soon as circumstances allow.
While the Trustees greatly appreciate the Editorial Advisory Board (EAB) members’ contributions to the editorial process and general development of Africa it was not possible to hold the annual EAB meeting during the year because of the pandemic.
Africa Bibliography. The Bibliography for 2019 was published in print and online formats in December 2020.
Journal of African Cultural Studies (JACS) . During the calendar year 2020 three issues of Volume 32 of the journal were published, comprising 29 articles. Because of the Covid-19 pandemic the Editor and Deputy Editor could not attend any conferences in person but did participate in certain events, workshops and roundtable discussions online, including the African Literature Association conference.
International African Library . Two new titles were published in 2020/21, bringing the series total to 63. Four further titles are in production for publication in 2021/22.
African Arguments . Following the publication of one final title by Zed Books in 2020/21 there are now thirty-four books in this series. No titles were published by Hurst Publishers in the period under review but seven are planned for 2021/22. The blogsite africanarguments.org/category/debating-ideas supports discussion flowing from the book series through which over 100 articles have been published.
Politics and Development in Contemporary Africa. There were no publications in 2020/21 but the first two with Hurst Publishers are planned for 2021/22.
Other Charitable Activities.
200 copies of each International African Library ( IAL) series book and 75 copies of each African Arguments title are donated to institutions, publishers, libraries and scholars in Africa. Such organisations and individuals in Southern and Eastern Africa benefit in a similar manner in respect of various selected titles thanks to financial support and cost free publishing licences given to certain publishers and also thanks to other arrangements which allow publications to be available at lower prices. During the year the Covid-19 pandemic resulted in no external conferences taking place and therefore it was not possible to offer the usual direct support to African scholars to attend such events.
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
PLANS FOR THE FUTURE
Africa Bibliography : The Institute has agreed with SCOLMA, UK Archives and Libraries Group on Africa to merge its Africa Bibliography with SCOLMA’s African Research & Documentation journal. The newly merged journal, to be named Africa Bibliography, Research and Documentation will be managed by the Institute and published by CUP from 2022.
Urban Africa Book Series: It is planned to launch this new series in 2022 with the objective of providing critical, in-depth analysis of key contemporary issues affecting urban environments across the continent. This will be achieved through the work of Africa based scholars in publications which will be widely accessible to African students and researchers. Publishing contract arrangements are being finalised.
FINANCIAL REVIEW
Financial position
Compared with the previous year there was an 8% reduction in income to £145,552 (2020:£158,541) as royalties from the books series were depressed and there was no repetition of a one-off 2020 donation. Thanks to the acquisition of JACS the income remains at a level 20% higher than two years ago. The Covid-19 pandemic reduced activities so expenditure at £141,556 was 10% below that of 2020; principally, no Editor outreach activity nor any support of African Scholars attending conferences was possible. Conversely, more was invested in the new African Arguments Book Debate and the Database of African Publishers websites.
At March 2021 unrestricted funds were £392,543 and total restricted funds were £15,490. No fund was in deficit. £284,391 of the funds are held in bank deposit accounts, all of which are realisable in a period of no more than 12 months. Excluding the deposit accounts the net current asset position, at £123,642, remains healthy and is sufficient to cover over 10 months of annual expenditure.
Reserves Policy
The Trustees are of the opinion that the free reserves, being unrestricted funds excluding fixed assets, should be between £300,000 and £350,000. This represents the cost of over two years’ charitable activities. The actual level of unrestricted funds, excluding fixed assets, at 31 March 2021 was £392,543 (2020: £388,547).
Going concern
The Covid-19 pandemic has not had a long term impact on the Institute and the Trustees are of the opinion that the assets and reserves of the Institute are adequate to support its on-going activities and obligations.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document and Constitution
The Charity was established under a Memorandum of Association dated 30 May 2000 which defined its objects and powers, and it is governed under its Articles of Association which were last amended by the Members on 30 March 2018. It is constituted as a charitable company limited by guarantee which was incorporated on 29 December 2000 and is registered as a charity.
The activities and net assets of International African Institute, an unincorporated association founded in 1923, were transferred to the charitable company on 1[st] April 2001.
The members of the company, known collectively as the Council, are named on page 5. In the event of the Charity being wound up, the liability of each member in respect of the guarantee is limited to £1.
Organisational Structure
Following the change to the Articles of Association in 2018 the Council meets biennially and is responsible for strategic and policy decisions. The Trustees are accountable for the management of the Charity and have delegated day-to-day operational responsibility to the Honorary Director and various committees, most significantly, the Publications Committee. The Board of Trustees met 3 times during the year to 31 March 2021.
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT cont’d
Method of Appointment and Induction of Trustees
Trustees are elected and co-opted under the terms of the Articles of Association.
The existing Trustees would look to appoint someone who was already familiar with the work of the Charity and/or active in the field of African Studies and its languages and cultures. Once appointed, the Trustees would encourage the new Trustee to attend Trustee meetings regularly where possible and to familiarise themselves with the objectives of the Charity and the duties of a Trustee.
Related Parties
There have been no related party transactions during the period under review.
REFERENCE AND ADMINISTRATIVE DETAILS
| Trustees | Richard Fardon | Chair of Trustee Board |
|---|---|---|
| Philip Burnham | Honorary Director and Secretary | |
| Karin Barber | ||
| Ken Barlow | ||
| Katherine Homewood | ||
| Deborah James | ||
| Mary Jay | ||
| Murray Last | ||
| Company registered number | 4133841 | |
| Charity registered number | 1084798 | |
| Registered office and | School of Oriental and African Studies, | |
| operational address | Thornhaugh Street, | |
| Russell Square | ||
| London WC1H OXG | ||
| Website address | www.internationalafricaninstitute.org | |
| Honorary Editors ofAfrica | Wale Adebanwi | until 30 September 2020 |
| Julie Archambault | from 1 July 2020 | |
| Maxim Bolt | ||
| Benjamin Soares | until 31 December 2020 | |
| Asonzeh Ukah | from 1 January 2021 | |
| Editor ofJournal of African | ||
| Cultural Studies | Carli Coetzee | |
| Independent Examiner | Anthony Epton | |
| Goldwins Limited | ||
| 75 Maygrove Road | ||
| West Hampstead | ||
| London NW6 2EG | ||
| Bankers | CAF Bank Ltd, | |
| 25 Kings Hill Avenue, | ||
| West Malling, Kent | ME19 4JQ | |
| Solicitors | Bates, Wells & Braithwaite, | |
| 10 Queen St. Place | ||
| London EC4R 1BE |
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
REFERENCE AND ADMINISTRATIVE DETAILS cont’d
COUNCIL
Professor Alcinda Honwana Chair Professor Odile Goerg Vice-Chair Professor Murray Last Life member
London School of Economics and Political Science Université Paris Diderot - Paris 7 University College London
Elected members Professor Fred Ahwireng-Obeng University of Witwatersrand, South Africa Professor Richard Banégas Sciences Po, Paris, France Professor Leslie Bank Professor Filip De Boeck KU Leuven, Belgium Professor Armando Cutolo University of Siena, Italy Professor Mamadou Diawara Goethe University, Frankfurt, Germany Professor Andreas Eckert Humboldt University, Berlin, Germany Professor Peter Geschiere University of Amsterdam, Netherlands Professor Jan-Bart Gewald Leiden University, Netherlands Professor Nancy Rose Hunt University of Florida, Gainesville, USA Professor Adam T Jones Leipzig University, Germany Professor Ousmane Kane Harvard University, USA Professor Michael Lambek University of Toronto, Canada Professor Elísio Macamo University of Basel, Switzerland Professor Birgit Meyer Utrecht University, Netherlands Professor Mauro Nobili University of Illinois, USA Professor Michael Ọmọlẹwa University of Ibadan, Nigeria Professor Susan Reynolds Whyte University of Copenhagen, Denmark Professor Benjamin Soares University of Florida, Gainesville, USA Professor Zachary Wright Northwestern University, Qatar The Trustees and the Honorary Editors of Africa are also ex officio Members of Council
University of Witwatersrand, South Africa Sciences Po, Paris, France Human Sciences Research Council, South Africa KU Leuven, Belgium University of Siena, Italy Goethe University, Frankfurt, Germany Humboldt University, Berlin, Germany University of Amsterdam, Netherlands Leiden University, Netherlands University of Florida, Gainesville, USA Leipzig University, Germany Harvard University, USA University of Toronto, Canada University of Basel, Switzerland Utrecht University, Netherlands University of Illinois, USA University of Ibadan, Nigeria University of Copenhagen, Denmark University of Florida, Gainesville, USA Northwestern University, Qatar
PUBLICATIONS COMMITTEE
Stephanie Kitchen Chair Professor Jocelyn Alexander Dr Julie Archambault Professor Tim Allen Professor Leslie Bank Professor Maxim Bolt Dr Adam Branch Professor Philip Burnham Dr Carli Coetzee Professor Harri Englund Dr Eyob Gebremariam Professor Peter Geschiere Dr Elliot Green Dr Lotte Hughes Dr. Elizabeth Hull Professor Deborah James Professor Murray Last Professor Adeline Masquelier Dr. Hélène Neveu-Kringelbach Professor David Pratten Professor Jennifer Robinson Dr Jon Schubert Professor Benjamin Soares Professor Asonzeh Ukah
International African Institute Queen Elizabeth House, Oxford Concordia University, Canada Dept of International Development, LSE Human Sciences Research Council (South Africa) University of Oxford University of Cambridge Dept of Anthropology, UCL International African Institute University of Cambridge Dept of International Development, LSE University of Amsterdam Dept of International Development, LSE The Open University Dept of Anthropology, SOAS Dept of Anthropology, LSE Dept of Anthropology, UCL Tulane University, Louisiana Dept of African Studies, UCL University of Oxford Dept of Geography, UCL Brunel University, London University of Florida, Gainesville University of Cape Town
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also directors of International African Institute for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity 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 these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently
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observe the methods and principles in the Charities SORP
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make judgments and estimates that are reasonable and prudent
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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.
This report has been prepared in accordance with the 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) and with the provisions of the Companies Act 2006 and of FRS 102.
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.
This report was approved by the Trustees on 9 November 2021 and signed on their behalf, by:
Professor P C Burnham – Trustee
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES FOR THE YEAR ENDED 31[ST] MARCH 2021
I report on the accounts of International African Institute for the year ended 31 March 2021, which are set out on pages 8 to 17.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’, which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (Charities SORP (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Anthony Epton BA, FCA, CTA, FCIE Goldwins
Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG
Date: 11/11/2021
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2021
| Note INCOME FROM: Charitable activities: Africa_and_Africa Bibliography 3 Other publications 3 Donations Investment income Total income EXPENDITURE ON: Charitable activities: Africa_and_Africa Bibliography 4 Other publications 4 Donations, grants and other support 4 Total expenditure NET INCOME / (EXPENDITURE) FOR THE YEAR & NET MOVEMENT IN FUNDS 6 RECONCILIATION OF FUNDS: Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Funds £ 107,602 34,534 70 3,346 145,552 67,568 72,655 1,333 141.556 3,996 388,547 392,543 |
Restricted Funds £ - - - - - - - - - - 15,490 15,490 |
2021 Total £ 107,602 34,534 70 3,346 145,552 67,568 72,655 1,333 141.556 3,996 404,037 408,033 |
2020 Total £ 108,861 40,737 4,852 4,091 |
|---|---|---|---|---|
| 158,541 | ||||
| 80,829 66,853 9,435 |
||||
| 157,117 | ||||
| 1,424 402,613 |
||||
| 404,037 |
All of the above results are derived from continuing activities. The Statement of Financial Activities includes all recognised gains and losses in the year.
The detailed 2020 comparative Statement of Financial Activities is reported in note 2.
The notes on pages 10 to 17 form part of these financial statements.
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
BALANCE SHEET AS AT 31 MARCH 2021 Company Number: 4133841
| Note FIXED ASSETS Tangible fixed assets 9 CURRENT ASSETS Debtors 10 Current asset investments 11 Cash at bank and in hand TOTAL CURRENT ASSETS CREDITORS:amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES & TOTAL NET ASSETS FUNDS Unrestricted Funds 13 Restricted Funds 13 TOTAL FUNDS |
£ 53,950 284,391 100,494 |
2021 £ - 408,033 |
£ 70,109 283,781 79,350 |
2020 £ - 404,037 |
|---|---|---|---|---|
| 438,835 30,802 |
433,240 29,203 |
|||
| 408,033 | 404,037 | |||
| 392,543 15,490 |
388,547 15,490 |
|||
| 408,033 | 404,037 |
The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2021 and of its profit or loss for the year then ended in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the company.
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within part 15 of the Companies Act 2006.
The financial statements were approved by the Trustees on 9 November 2021 and signed on their behalf by:
Professor P C Burnham – Trustee
The notes on pages 10 to 17 form part of these financial statements.
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting Policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity has taken advantage of the special provisions relating to small companies as set out in the Companies Act 2006 and those relating to smaller entities in Charities SORP FRS 102
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
1.2 Going concern
The accounts are prepared on a going concern basis after consideration by the trustees that there are no material uncertainties about the charity’s ability to continue as a going concern. Such consideration includes a review of committed income and expenditures, cash flows and reserves. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
1.3 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. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.4 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.
Accounts relating to royalty contracts with publishers are prepared on a calendar year basis. Income is recognised by the Charity for the calendar year ending during its financial year.
Investment income is recognised when receivable and the amount can be measured reliably by the charity.
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020
1. Accounting Policies cont’d
1.5 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:
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Costs of raising funds comprise the costs, including allocated support costs, incurred in seeking both voluntary income in the form of donations and also funding to support charitable activities.
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Expenditure on charitable activities comprises the costs, including allocated support costs, of producing and distributing the Journals, Bibliography and other publications, and the costs of providing donations, grants and other support to individuals and organisations undertaking activities which meet the Institute’s charitable objects.
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.
1.6 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 each charitable activity based on the weighted average amount of time undertaken by the charity as a whole on those categories of expenditure.
1.7 Taxation
No provision is made for Corporation Tax as the company, being a charity, is exempt.
1.8 Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the Net Income/(Expenditure) for the year.
1.9 Cash Flow
The accounts do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under the provision Financial Reporting Standard 102 (as amended with effect from 1 January 2016).
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020
1. Accounting Policies (continued)
1.10 Tangible fixed assets and depreciation
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Computer and office equipment – 33% on written down value
Individual fixed assets costing below £1,000 are not capitalised.
1.11 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
1.12 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.
1.13 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.
1.14 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 an 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.
1.15 Pensions
All eligible employees are enrolled into a defined contribution pension scheme under auto-enrolment arrangements. Other non-eligible or entitled employees may join or opt in to the same scheme. The charity’s only liability is the monthly contribution calculated as a proportion of the employee’s qualifying earnings during the period of employment at the charity. The cost of such contributions is recognised as a staff cost and charged directly or allocated to the cost of raising funds or expenditure on charitable activities in line with the policies described in notes 1.5 and 1.6 above.
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2 Detailed comparatives for the statement of financial activities
| 2 Detailed comparatives for the statement of financial activities |
||
|---|---|---|
| 2020 Unrestricted £ Income from: Charitable activities: Africa_and_Africa Bibliography 108,861 Other publications 40,737 Donations 4,852 Investment income 4,091 Total income 158,541 Expenditure on: Charitable activities: Africa_and_Africa Bibliography 80,829 Other publications 66,853 Donations, grants and other support 9,435 Total expenditure 157,117 Net income / (expenditure) for the year & Net movement in funds 1,424 Reconciliation of funds: Total funds brought forward 387,123 Total funds carried forward 388,547 3 Income from Charitable Activities Africa andAfrica Bibliography Royalties received Fees to support editorial activities Total income fromAfrica andAfrica Bibliography Other publications Journal of African Cultural Studies: Royalties received Fees to support editorial activities Royalties received on other works Sales and other fees Total income from other publications Total Income from Charitable Activities |
2020 Restricted £ - - - - - - - - - - 15,490 15,490 2021 Total £ 91,943 15,659 107,602 9,586 15,338 9,552 58 34,534 142,136 |
2020 Total £ 108,861 40,737 4,852 4,091 |
| 158,541 | ||
| 80,829 66,853 9,435 |
||
| 157,117 | ||
| 1,424 402,613 |
||
| 404,037 | ||
| 2020 Total £ 93,371 15,490 |
||
| 108,861 | ||
| 8,072 15,204 15,826 1,635 |
||
| 40,737 | ||
| 149,598 |
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
All income in 2021 and 2020 was unrestricted
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
4 Expenditure on Charitable Activities
| Staff costs Journal editorial expenses Other editorial expenses Royalties paid Grants & other support Books for African Libraries Support & governance costs Total Expenditure on Charitable Activities 2020 |
Africa and Africa Bibliography Other publications Donations, grants and other support 2021 Total £ £ £ £ 32,626 49,857 - 82,483 23,611 1,712 - 25,323 - 3,880 - 3,880 - 2,828 - 2,828 - - 72 72 - - 757 757 11,331 14,378 504 26,213 67,568 72,655 1,333 141,556 80,829 66,853 9,435 157,117 |
2020 Total £ 70,661 35,593 3,309 5,374 5,588 2,250 34,342 |
|---|---|---|
| 157,117 | ||
All expenditure in 2021 and 2020 was from unrestricted funds
5 Support and Governance Costs
| Staff costs Accountancy fees Office rent Other office costs Council meeting Independent Examination fee Board Meeting expenses Support costs allocated to governance Total Support and Governance Costs 2020 |
Support costs Governance Costs 2021 Total £ £ £ 7,955 - 7,955 11,101 - 11,101 4,500 - 4,500 1,691 - 1,691 - - - - 900 900 - 66 66 (10,298) 10, 298 - 14,949 11,264 26,213 16,858 17,484 34,342 |
2020 Total £ 8,559 11,084 4,500 3,253 5,835 900 211 - |
|---|---|---|
| 34,342 | ||
All costs (including shared staff costs assigned on an assessment of employee time) which can be identified as having been incurred for a specific activity are reported as a direct cost of that activity. Remaining support and governance costs are allocated between the charity's activities on the basis of the weighted average staff time spent on each activity, as follows
| Allocation of Support and Governance | Support | Governance | 2021 | 2020 |
|---|---|---|---|---|
| Costs | costs | Costs | Total | Total |
| £ | £ | £ | £ | |
| Charitable activities | ||||
| Africa_and_Africa Bibliography | 5,839 | 5,492 | 11,331 | 15,951 |
| Other publications | 8,687 | 5,691 | 14,378 | 16,794 |
| Donations, grants and other support | 423 | 81 | 504 | 1,597 |
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
Total Support and Governance Costs 14,949 11,264 26,213 34,342 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. Net incoming/(outgoing) resources
| This is stated after charging: | 2021 |
2020 |
|---|---|---|
| £ | £ | |
| Independent Examination fee: | 900 | 900 |
7. Analysis of staff costs and trustee remuneration and expenses
Staff costs were as follows:
| Staff costs were as follows: | ||
|---|---|---|
| Wages and salaries Social security costs Pension costs |
2021 £ 85,217 2,491 2,730 90,438 |
2020 £ 75,090 2,079 2,051 |
| 79,220 |
No employee received remuneration amounting to more than £60,000 in either year.
The trustees were not paid nor received any other benefits from employment with the charity in the year (2020: £nil) neither did any trustee receive payment for professional or other services supplied to the charity (2020: £nil). Trustees are re-imbursed expenses which would otherwise have been paid by the Institute; in total, such expenses amounted to £nil in the year (2020: £2,357).
Staff Numbers
The average monthly number of staff during the year was as follows:
| 2021 | 2020 | |||
|---|---|---|---|---|
| Total | FTE* | Total | FTE* | |
| Charitable Activities | 4.00 | 1.86 | 4.00 | 1.66 |
| Support Costs | 0.92 |
0.18 | 1.00 |
0.20 |
*FTE = Full time equivalent
8. Taxation
The charity is exempt from corporation tax on its charitable activities.
9. Tangible Fixed Assets
| Tangible Fixed Assets | |||
|---|---|---|---|
| Cost | Depreciation | Net Book | |
| Value | |||
| Computer & Office Equipment | |||
| £ | £ | £ | |
| At 1 April 2020 | 2,452 | 2,452 |
- |
| _less_Disposals during year | 2,452 | 2,452 | - |
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
At 31 March 2021
-
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
10. Debtors
| Trade debtors Accrued royalties Other debtors Prepayments |
2021 £ - 49,925 4,025 - 53,950 |
2020 £ 13,593 52,001 3,814 701 |
|---|---|---|
| 70,109 |
11. Current Asset Investments
Current asset investments comprise cash on deposit at banks with a maturity of less than one year but more than three months
12. Creditors:
Amounts falling due within one year
| Accruals Other creditors Value Added Tax Other taxation and social security costs Funds Unrestricted Funds General Funds Restricted Funds Healing Social Wounds of War Journals Handbook Settlement South Africa African Journals Evaluation University Library Review Sundry Projects Total Restricted Funds Total Funds |
2021 £ 18,048 3,722 7,176 1,856 30,802 2021 £ 392,543 4,680 4,412 2,376 821 286 2,915 15,490 408,033 |
2020 £ 18,213 3,365 5,524 2,101 |
|---|---|---|
| 29,203 | ||
| 2020 £ 388,547 |
||
| 4,680 4,412 2,376 821 286 2,915 |
||
| 15,490 | ||
| 404,037 |
13. Funds
The restricted funds all represent residual balances on projects which have now been completed. A
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INTERNATIONAL AFRICAN INSTITUTE
(A Company Limited by Guarantee)
review has been undertaken to decide how to deal with these funds which have been dormant for several years. Permission from the Charity Commission to transfer these Restricted Funds to General Funds will be sought.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 14. Summary Of Fund Movements Brought Forward £ Unrestricted Funds General Funds 388,547 Total Unrestricted Funds 388,547 Restricted Funds Healing Social Wounds of War 4,680 Journals Handbook 4,412 Settlement South Africa 2,376 African Journals Evaluation 821 University Library Review 286 Sundry Projects 2,915 Total Restricted Funds 15,490 Total Funds 404,037 15. Analysis Of Net Assets Between Funds Unrestricted Funds £ Tangible fixed assets - Debtors 53,950 Current asset investments 268,901 Cash at bank and in hand 100,494 Creditors due within one year (30,802) 392,543 |
Incoming Resources £ 145,552 145,552 - - - - - - - 145,552 Restricted Funds £ - - 15,490 - - 15,490 |
Resources Expended £ (141.556) (141.556) - - - - - - - (141.556) 2021 Total £ - 53,950 284,391 100,494 (30,802) 408,033 |
Carried Forward £ 392,543 |
|---|---|---|---|
| 392,543 | |||
| 4,680 4,412 2,376 821 286 2,915 |
|||
| 15,490 | |||
| 408,033 | |||
| 2020 Total £ - 70,109 283,781 79,350 (29,203) |
|||
| 404,037 |
16. Related Party Transactions
There have been no related party transactions during the year (2020: nil).
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