OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

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 2024

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 - 16

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

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 2024. 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 : the Institute’s (IAI) flagship journal Africa is edited by a team of three, currently Julie Archambault, Asonzeh Ukah and Joost Fontein. Joseph Mujere is the book reviews editor and Raga Makawi the social media editor. It is currently published by Cambridge University Press (CUP) from whom royalties are received and who also support the editorial office financially. The entire archive from 1928 (Vol.1) is available digitally.

Africa Bibliography, Research and Documentation : Africa Bibliography , a large and authoritative annual guide to African Studies works, had been published since 1984. In 2021 it merged with SCOLMA’s (the UK Libraries and Archives Group on Africa) African Research & Documentation journal. The new journal, entitled Africa Bibliography, Research and Documentation , was first published by the IAI and CUP in 2022. It is edited by Terry Barringer and compiled by Richard Bartholomew. The bibliography database, including all back volumes giving more than 250,000 interactive records, is now published online only. IAI supports SCOLMA’s activities, in particular the annual conference which is a key source of papers for the journal of which there will be two issues published each year from 2025.

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, published by CUP with over 70 titles to date, is edited by Leslie Bank, Harri Englund, Deborah James, Adeline Masquelier, Helene Neveu-Kringelbach and David Pratten.

African Arguments : a book series published until April 2020 by Zed Books (now part of Bloomsbury Publishing), is published by Hurst Publishers with co-publishing provided by Oxford University Press in the USA. Its editors are Adam Branch, Eyob Gebremariam, Nanjala Nyabola, Ebenezer Obadare, Portia Roelofs, Jon Schubert and Nicolas Westcott. Almost 50 titles have been published to date. African Arguments – Debating Ideas , a blogsite supporting discussion around the book series, is edited by Raga Makawi and Stephanie Kitchen. Over 350 articles have been published since the site’s inception in 2020.

Urban Africa Book Series: published by UCL Press and IAI from 2023, to provide the study of issues affecting African urban environments. Fully Open Access, it is edited by Jennifer Robinson and Jeffrey Paller.

Other series:

Readings In African Studies : collections of articles published by Indiana University Press. Routledge Revivals : published by Routledge/Taylor & Francis, keeping hard-to-find backlist titles, now totalling 167, in print.

Classics in African Anthropology : book reprints 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 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.

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

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 and websites, are free of charge or at low cost while Open Access Publishing also provides a public benefit. Accessibility of the websites has been enhanced by the translation of several pages into French and Portuguese. 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

During a year when the publication contracts for Africa and the Journal of African Cultural Studies were renegotiated and renewed, the achievements and performance of each of the publication series are as follows:

Africa. During the calendar year 2023 five issues of Volume 93 of the journal were published, comprising 32 articles over 708 pages (prior year: Volume 92, 43 articles, 892 pages). In 2023 Africa's published 2-year Impact Factor was 1.2. The Twitter account @Africa_IAI now has over 7,500 followers. The income from the Journal represents the Institute’s main source of revenue, with combined royalties from CUP and EUP amounting to £104,518 (2022: £88,711). The journal is available to some 23,500 institutions worldwide.

Journal representation at external events increased during the year with the participation of two editors at the African Studies Association’s (ASA) annual meeting in San Francisco as well as attendance at the European Conference on African Studies (ECAS) in Cologne by three editors and a number of Council members.

The annual Editorial Advisory Board (EAB) meeting in 2023 was held during the ECAS conference in June 2023 and an additional meeting was held at the ASA in December 2023.

Africa Bibliography, Research and Documentation (ABRD). The 2[nd] volume was published October 2023 consisting of an editorial, seven articles and three book reviews; the annual update of the online Africa Bibliography (the database) was made available at the same time. The annual conference was held in June.

Journal of African Cultural Studies (JACS) . During the calendar year 2023 4 issues of Volume 35 of the journal were published, comprising 38 articles. The Editor participated at the African Literature Association and the Eastern African Literary and Cultural Studies conferences as well as in other workshops and discussions to support the development of a younger generation of authors and journal workers in Africa.

International African Library . Two new titles were published in 2023/24, bringing the series total to 71. Three further titles have been published since the end of the financial year

African Arguments . Three titles were published by Hurst Publishers in 2023/24, bringing the series total to 48; two more have been planned for publication in the current financial year. The blogsite supporting discussion flowing from the book series, africanarguments.org/category/debating-ideas, published 88 articles in the year.

Urban Africa Book Series. The first title under this fully Open Access based series was published in March 2024; a second is contracted for publication and several other projects are under review.

Other Charitable Activities.

150 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. Furthermore, the editors organise writing workshops for early career scholars and the Institute provides financial support to Africa based researchers to attend international conferences, thereby enabling wider and longer term contributions to the charity’s objectives.

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

PLANS FOR THE FUTURE

The immediate plans are to mitigate the financial risks faced by the Institute from the uncertainties created by the movement to Open Access (OA) publishing and from the pressures of inflation. While the Institute is broadly supportive of the philosophy behind OA publishing, there remain several challenges in its practical implementation, in particular the impact on royalty income and the expenditure of processing costs. The Institute continues to be closely involved in OA policy discussions in various institutional and international contexts. Despite the rate of inflation recently falling, the cost base remains higher than it was two years ago. The Trustees are determined to ensure the reserves policy is maintained and, further, have begun investing the reserves in ethical funds to improve returns and attempt to maintain value without incurring unacceptable market or other risks.

FINANCIAL REVIEW

Financial position

The Institute has recorded annual net income (£23,288) for an 8th consecutive year, with all income categories, achieving improvements over the previous year. Total income was 18% higher than in 2022-23. Expenditure increased 10%, mainly as a consequence of inflation but, additionally, more resources were invested in editor outreach activities and in supporting overseas scholars.

Unrestricted funds at March 2024 therefore rose to £448,272, of which £19,009 are designated, as explained in note 14 of the Financial Statements, and £429,263 are general funds. Net current assets are £417,068, and all but £85,000, a 12 month term loan deposit, is immediately realisable. The Institute has increased its investment in ethical funds to £31,204 during the financial year; although they are intended to be held for the longer term, these funds could be realised at short notice, if required. The financial position is therefore healthy and there are sufficient funds and assets to cover more than 2 years of anticipated annual expenditure.

Reserves Policy

The Trustees are of the opinion that the free reserves, being unrestricted funds excluding fixed assets, should be at least equal to one year’s expected future expenditure. This is currently assessed as £185,000. The actual level of unrestricted funds, excluding fixed assets, at 31 March 2024 was £417,068 (2023: £415,250).

Going concern

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 Council’s last meeting was in May 2023. 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, chaired by the Managing Editor. The Board of Trustees met 3 times during the year to 31 March 2024.

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

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
Murray Last
Company registered number 4133841
Charity registered number 1084798
Registered office and SOAS, University of London,
operational address Thornhaugh Street,
Russell Square
London WC1H OXG
Website address www.internationalafricaninstitute.org
Honorary Editors ofAfrica Julie Archambault
Joost Fontein
Asonzeh Ukah
Managing Editor Stephanie Kitchen
Editor ofJACS Carli Coetzee
Independent Examiner Anthony Epton
Goldwins Limited
75 Maygrove Road
London NW6 2EG
Bankers CAF Bank Ltd,
25 Kings Hill Avenue,
West Malling, Kent ME19 4JQ
Fund Managers CCLA Fund Managers Ltd
1 Angel Lane
London EC4R 3AB
Solicitors Bates, Wells & Braithwaite,
10 Queen St. Place
London EC4R 1BE

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

REFERENCE AND ADMINISTRATIVE DETAILS cont’d

COUNCIL

Professor Odile Goerg ActingChair Université Paris Diderot - Paris 7 Professor Murray Last Life member University College London

Elected members Professor Fred Ahwireng-Obeng University of Witwatersrand, South Africa Professor Leslie Bank Human Sciences Research Council, South Africa Professor Armando Cutolo University of Siena, Italy Professor Filip De Boeck KU Leuven, Belgium 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 Dina Ligaga University of the Witwatersrand, South Africa Professor Lotte Meinert Aarhus University, Denmark Professor Birgit Meyer Utrecht University, Netherlands Professor Mauro Nobili University of Illinois, USA Professor Michael Ọmọlẹwa University of Ibadan, Nigeria 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

PUBLICATIONS COMMITTEE

Stephanie Kitchen Chair Managing Editor, International African Institute Professor Tim Allen Dept of International Development, LSE Dr Julie Archambault Concordia University, Canada Dr Adam Branch University of Cambridge Professor Philip Burnham Dept of Anthropology, UCL Dr Carli Coetzee International African Institute Professor Harri Englund University of Cambridge Professor Joost Fontein University of Johannesburg Dr Eyob Gebremariam University of Bristol Professor Peter Geschiere University of Amsterdam Professor Deborah James Dept of Anthropology, LSE Professor Murray Last Dept of Anthropology, UCL Professor Adeline Masquelier Tulane University, Louisiana Dr. Hélène Neveu-Kringelbach Dept of African Studies, UCL Professor David Pratten University of Oxford Professor Jennifer Robinson Dept of Geography, UCL Dr Jon Schubert University of Basel Professor Asonzeh Ukah University of Cape Town Dr Keren Weitzberg Queen Mary, University of London Dr Joseph Mujere Dept of History, University of York

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

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:

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 7 October 2024 and signed on their behalf, by:

Professor P C Burnham – Trustee

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES FOR THE YEAR ENDED 31[ST] MARCH 2024

I report on the accounts of International African Institute for the year ended 31 March 2024, which are set out on pages 8 to 16.

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

----- Start of picture text -----
A
----- End of picture text -----

Anthony Epton BA, FCA, CTA, FCIE Goldwins

Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

Date: 14 October 2024

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (incorporating income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2024

Note
INCOME FROM:
Charitable activities:
Journals
3
Books and other publications
3
Donations
Investment income
Total income
EXPENDITURE ON:
Charitable activities:
Journals
4
Books and other publications
4
Donations, grants and other support
4
Total expenditure
NET INCOME BEFORE NET GAINS /
(LOSSES) ON INVESTMENTS
6
Net gains / (losses) on investments
NET INCOME FOR THE YEAR & NET
MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
155,483
20,857
142
15,046
191,528
104,961
54,903
9,846
169,710
21,818
1,470
23,288
424,984
448,272		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2024
Total
£
155,483
20,857
142
15,046
191,528
104,961
54,903
9,846
169,710
21,818
1,470
23,288
424,984
448,272		 2023
Total
£
139,437
16,211
101
6,658
162,407
92,071
57,196
4,499
153,766
8,641
(266)
8,375
416,609
424,984

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 2023 comparative Statement of Financial Activities is reported in note 2.

The notes on pages 10 to 16 form part of these financial statements.

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

BALANCE SHEET AS AT 31 MARCH 2024 Company Number: 4133841

2024 2023
Note £ £ £ £
FIXED ASSETS
Investments 10 31,204 9,734
31,204 9,734
CURRENT ASSETS
Debtors 11 70,042 53,434
Current asset investments 12 245,463 258,504
Cash at bank and in hand 126,476 128,424
TOTAL CURRENT ASSETS 441,981 440,362
CREDITORS:amounts falling due within
one year 13 24,913 25,112
NET CURRENT ASSETS 417,068 415,250
TOTAL ASSETS LESS CURRENT LIABILITIES &
TOTAL NET ASSETS 448,272 424,984
FUNDS
Unrestricted Funds 14
Designated Funds 19,009 14,286
General Funds 429,263 410,698
Total Unrestricted Fund 448,272 424,984
TOTAL FUNDS 448,272 424,984

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 2024 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 7 October 2024 and signed on their behalf by:

Professor P C Burnham – Trustee

The notes on pages 10 to 16 form part of these financial statements.

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

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

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.

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

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

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:

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).

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

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

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.

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

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

2 Detailed comparatives for the statement of financial activities

2023
Unrestricted
£
Income from:
Charitable activities:
Journals
139,437
Books and other publications
16,211
Donations
101
Investment income
6,658
Total income
162,407
Expenditure on:
Charitable activities:
Journals
92,071
Books and other publications
57,196
Donations, grants and other support
4,499
Total expenditure
153,766
Net gains / (losses) on investments
(266)
Net income / (expenditure) for the year &
net movement in funds
8,375
Reconciliation of funds:
Total funds brought forward
416,609
Total funds carried forward
424,984
3 Income from Charitable Activities
Journals
Royalties received
Africa_and_Africa Bibliography
Journal of African Cultural Studies
Fees to support editorial activities
Total income from Journals
Books and other publications
Royalties received
Sales and other fees
Total income from books and other publications
Total Income from Charitable Activities
All income in 2024 and 2023 was unrestricted		 2023
Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-
2024
Total
£
104,517
11,681
39,285
155,483
13,060
7,797
20,857
176,340		 2023
Total
£
139,437
16,211
101
6,658
162,407
92,071
57,196
4,499
153,766
(266)
8,375
416,609
424,984
2023
Total
£
88,711
14,152
36,574
139,437
11,966
4,245
16,211
155,648

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

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

4 Expenditure on Charitable Activities

Staff costs
Editorial expenses
Editors’ outreach
Royalties paid
Grants & other support
Books for African Libraries
Support & governance costs
Total Expenditure on
Charitable Activities
2023		 Journals
Books &
other
publications
Donations,
grants and
other support
2024
Total
£
£
£
£
43,962
34,859
-
78,821
35,621
1,960
-
37,581
7,729
-
-
7,729
-
5,215
-
5,215
-
1,079
5,542
6,621
-
-
3,000
3,000

17,649
11,790
1,304
30,743
104,961
54,903
9,846
169,710
92,071
57,196
4,499
153,766		 2023
Total
£
79,004
31,868
4,168
3,138
5,345
3,717
26,526
153,766

All expenditure in 2024 and 2023 was from unrestricted funds

5 Support and Governance Costs

Staff costs
Accountancy fees
Office rent
Other office costs
Council meeting
Independent Examination fee
Support costs allocated to governance
Total Support and Governance Costs
2023		 Support
costs
Governance
Costs
2024
Total
£
£
£
7,714
-
7,714
12,666
-
12,666
4,500
-
4,500
2,330
-
2,330
-
2,433
2,433
-
1,100
1,100
(9,896)
9,896
-
17,314
13,429
30,743
15,710
10,816
26,526		 2023
Total
£
7,038
11,847
4,500
2,191
-
950
-
26,526

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

Allocation of Support and Governance
Costs
Charitable activities
Journals
Books and other publications
Donations, grants and other support
Total Support and Governance Costs		 Support
costs
Governance
Costs
2024
Total
£
£
£
9,212
8,437
17,649
7,624
4,166
11,790
478
826
1,304
17,314
13,429
30,743		 2023
Total
£
15,134
10,610
782
26,526

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

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

6. Net incoming/(outgoing) resources

This is stated after charging:
Independent Examination fee:
Analysis of staff costs and trustee remuneration and expenses
Staff costs were as follows:
Wages and salaries
Social security costs
Pension costs		 2024

£
1,100
2024

£
82,502
1,325
2,708
86,535		 2023
£
950
2023
£
82,012
1,401
2,629
86,042

7. Analysis of staff costs and trustee remuneration and expenses

No employee received remuneration amounting to more than £60,000 in either year. The total employee benefits including employer national insurance and pension contributions of the key management personnel were £48,349 (2023: £49,408).

The trustees were not paid nor received any other benefits from employment with the charity in the year (2023: £nil) neither did any trustee receive payment for professional or other services supplied to the charity (2023: £nil). Trustees are re-imbursed expenses which would otherwise have been paid by the Institute; in total, such expenses amounted to £268 in the year (2023: £nil).

Staff Numbers

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

2024 2023
Total FTE* Total FTE*
Charitable Activities 4.00 1.64 4.00 1.74
Support Costs 1.00
 0.20 1.00
 0.20

*FTE = Full time equivalent

8. Taxation

The charity is exempt from corporation tax on its charitable activities.

9. Related Party Transactions

There have been no related party transactions during the year (2023: nil).

10. Investments

COIF Charities Ethical Investment Fund Accumulation Units
Market value at beginning of financial year
Acquisitions at cost
Net gain / (loss) on revaluation
Market value at end of financial year		 2024
£
9,734
20,000
1,470
31,204		 2023
£
-
10,000
(266)
9,734

INTERNATIONAL AFRICAN INSTITUTE

(A Company Limited by Guarantee)

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

11. Debtors

Debtors
Trade debtors
Accrued royalties
Other debtors
Prepayments		 2024

£
40
66,213
2,868
921
70,042		 2023
£
165
47,961
3,547
1,761
53,434

12. Current Asset Investments

Current asset investments comprise cash on deposit at banks with a maturity of less than one year

13. Creditors: Amounts falling due within one year

Accruals
Other creditors
Value Added Tax
Other taxation and social security costs		 2024

£
7,625
6,771
8.887
1,630
24,913
 2023
£
9,398
4,634
9,332
1,748
25,112

14. Funds

The Charity had six restricted funds received for projects completed almost 20 years ago but with an aggregate £15,490 unused remaining balance. As it had not been possible to source or contact the original individual donors after the funds had been dormant for so many years the trustees decided in 2022 to consolidate and designate the funds and to use them, in line with the intentions of the original grants, to support African publishers, authors and workshops. During the year £6,000 of income was designated for two specific publishing activities.

Summary of Fund Movements

Unrestricted Funds
General Funds
Designated Funds
Total Unrestricted Funds
Total Funds		 Brought
Forward
£
410,698
14,286
424,984
424,984		 Incoming
Resources
£

185,528

6,000

191,528

191,528		 Resources
Expended
£

(168,433)

(1,277)

(169,710)

(169,710)		 Other
gains/
(losses)
£

1,470

-

1,470

1,470		 Carried
Forward
£

429,263

19,009

448,272

448,272

Analysis of Net Assets Between Funds

All assets and liabilities are unrestricted