Charity Regi8tratlon No. 1118470
AFRICA RESEARCH INSTITUTE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

AFRICA RESEARCH INSTITUTE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
MrRELSmilh
Miss S F Smith
Lord Flight of Worcester
Charlty number
1118470
Princlpal address
Stre81 Court
Kingsland
Leominster
Herefordshire
United Kingdom
HR6 9SG
Independent examlner
Katherine Parkin FCA
A2els Audit Services
Pillar House
113-115 Bath Road
Cheltenham
Gloucestershire
United Kingdom
GL53 7LS
Bankers
Lloyds TSB Bank PIC
49-51 Dean Street
Marlow
Buckinghamshire
United Kingdom
SL7 3BP
Solicitors
Harrison Clark Rickerbys LLP
clo Harrison Clark Rickerbys Limited
Ellenborough House
Wellington Street
Chellenham
Gloucestershire
United Kingdom
GL50 1YD

AFRICA RESEARCH INSTITUTE
CONTENTS
Page
Trustees, report
Independent examiner's report
ststement of financial activities
Balance sheet
Notes to the financial 51alemenls
6-12

AFRICA RESEARCH INSTITUTE
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2021
The Iruslees present their report and financial ststemenls for the year ended 31 March 2021.
The financial slalemenls have been prepared in accordance with the accounting policies sel out in note I to
the financial 51alemenls and comply with the charity's governing document, the Charities Act 2011 and
"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 IFRS 1021 (effective 1 January 20191"
Objectives and activitles
The objects of the charity are lo advance the education of the general public in the UK, Africa elsewhere
in the subjects of good governance, health, gender issues, trade, rural development, international aid, human
welfare and poverty relief relating lo countries and societies in Africa and lo educate the public about Africa
generally and the challenges it fa￿$.. and lo promote research into the above subject areas for the benefit of
the public and to disseminate the useful results of such research.
ivities
The objectives of the charity are lo encourage debate, question orthodoxy and challenge "received wisdom" in
and about Africa. The charity seeks to promote an informed, nuanced and representstsve understanding of the
continent.
The work of the charity draws allenlion lo good Practi￿ and innovation, while also identifying where new
approaches might be needed. Examples of Pfathcal achievement are of particular interest lo us.
The charity's research is distributed widely within AfrKa and elsewhere lo decision-makers, institutions and
individuals with a keen interest in the conlinenl's future. The charity also holds regular interactive events with
expert speakers in London and Africa.
The trustees have paid due regard lo guidance issued by the Chanty Commission in deciding what aetivilies
the charity should undertake.
Achigvoments and performance
There have been no significant developments or changes to the activities of the charity during the last year
however an employed director was appointed in the prior year to further progress ils aims and objectives.
Financlal review
in
osition
Al the balance sheet dale, "free reserves" being unrestricted funds other than fixed assets. amounted lo
£89,C)2412020.' £3,0651
The charity aims lo retain free reserves sufficient lo provide adequate working capital to fund ils charitable
activities.
Cash ￿SeThe$ at the year end (including amounts herd on short tem deposill were £93,374 (2020.. £8,351).
vi
Following the start of the Covid-19 pandemic in March 2020, all travel lo Africa has been postponed
indefinitely, however work continues In the UK lo further the objects of the charity.
The trustees have assessed the major risks to which Ihe ¢harity is exposed, and are satisfied that systems are
in place lo mitigate exposure lo the major risks.

AFRICA RESEARCH INSTITUTE
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Structure* governance and mana9emgnt
vernin
docum
The charity is governed by ils Trust Deed dated 21 March 2007. 11 is independentty funded and strictly non-
partisan.
The trustees who served during the year and up to the dale of signature of the financial statements were..
MrRELSmith
Miss S F Smith
Lord Flighl of Vvorcester
Re
ruilmenl nd
f trustees
The power of appointing new Iruslees is vested in the trustees.
anisalional st
The truslees are responsible for formulating the strategies and policies of the charity ir￿lUding the exercising
of financial controls.
The trustees, report was approved by the Board of Trustees.
MrRELSmith
Trustee
Dated. 22liolL021

AFRICA RESEARCH INSTITUTE
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF AFRICA RESEARCH INSTITUTE
I report lo the trustees on my examination of the financial statements of Africa Research Institute {Ihe
charity) for the year ended 31 March 2021.
Responsibilities and basls of report
As the trustees of the charity you are responsible for the preparation of the financial slalemenls in
accordance with the requirements of the Charities Act 2011 Ilhe 2011 Acti.
I report in respect of my examination of the charity's financial stslements carried out under section 145 01
the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the
Charity Commission under section 14515llbl of the 2011 Act.
Independent examine￿$ statement
I have completed my examination. l confirm that no matters have come to my attention in connection with
the examination giving me cause to believe that in any material respect..
accounting records were not kept in respecl of the chaiily as required by section 130 of the 2011 Act.,
or
the financial statements do not accord with those records,. or
the financial statements do not comply with the applicable requirements concerning the fonn and
conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any
Tequiremenl that the accounts give a true and fair view which is not a matter considered as part of an
independent examination.
I have no concerns and have come across no other matters in connection with the examination to whrh
attention should be drawn in this report in order to enable a proper understanding of the financial statements
to be reached.
Katherine Parkin FCA
2els Audit SeNices
Pillar House
113-115 Bath Road
Chellenham
Gloucestershire
GL53 7LS
United Kingdom

AFRICA RESEARCH INSTITUTE
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITUREACCOUNT
FOR THE YEAR ENDED 31 MARCH 2021
Unrestricted Unrestricted
funds
funds
2021
2020
Notes
endowm
Donations and legacies
Investment income
Other income
nt
180.000
37
60,000
183
1,025
Total Income
180,037
61,208
Charitable activities
94.078
95,210
Net In¢omg1{expenditurel for tho yearl
Net movement in funds
8S,9S9
134,0021
Fund balances at 1 April 2020
3,065
37,067
Fund balances at 31 March 2021
89,024
3,065
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from conlinuino activities

AFRICA RESEARCH INSTITUTE
BALANCE SHEET
ASAT31 MARCH 2021
2021
2020
Not•s
Current assets
Debtors
Cash at bank and in hand
56
93,374
8,351
93,430
8,351
Crgditovs: arnount$ falling due within
on• year
10
14,4061
15,2861
Net current assets
89,024
3,065
In¢¢mg funds
Unrestricted funds
89.024
3,OSS
89,024
3,085
The financial slalemenls were approved by Ihe Trustees orl ..111.ia.l.ioii
MrRELS
Trust*•

AFRICA RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Accountlng policios
Charity Information
Africa Research Institute is an unincorporated charity and is registered with the Charity Commission under
number 1118470. The address of the principal office can be found on the legal and administrative
information page.
1.1 Accountlng convention
The financial statements have been prepared in aceordance with the charity's governing document, the
Charities Act 2011 and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice
applicable lo eharilies p￿parIng their accounts in accordance with the Finanei81 Reporting Standard
applicable in the UK and Republic of Ireland IFRS 102} leffeclive 1 January 2019}" The charity is a Publi
Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions In the SORP for smaller charities not to prepare a
Statement of Cash Flows.
The financial slalements have departed from the Charities {Accounls and Reports) Regulab"ons 2008 only
to the extent required to provide a true and fair view. This departure has involved following the Slalemenl ol
Recommended Practice for charities applying FRS 102 rather than the version of the Ststement of
Recommended Practice which is referred lo in the Regulations bul which has since been withdrawn.
The financial slalemenls are prepared in sterling, which is the functional currency of the charity. Monetary
amounts in these financial statements are rovnded lo the nearest £.
The financial statements have been prepared under the historical cost convention, modified lo include the
revaluation of freehold properties and lo include investment properties and certain financial instruments at
fair value. The principal accounting policies adopted are sel out below.
1.2 Going Concem
Al the time of approving the financial st8tements, the Iruslees have a reasonable expectation that the
charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the
Iruslees continue lo adopt the going con￿rn basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discrebon of the Iruslees in furtherance of their charitable
objectives.
Restricted funds are subject lo specific conditions by donors as to how they may L)e used. The purposes
and uses of the restricted funds are set out in the notes to the financial slalemenls.
1.4 Income
Income is recognised when the charity is legally entitled lo rt after any performance conditions have been
mel, the amounts can be measured reliably, and il is probable that income will be received.
Cash donalions are recognised on receipt. Other donations are ￿COgnised once the charity has been
notified of the donation, unless performance condrtions require deferral of the amount. Income lax
recoverable in relation lo donations received under Gift Aitj or deeds of covenant is recognised al the lime
of the donation.
Legacies are recognised on ￿CeIpt or otherwise if the charity has been notified of an impending
dislribulion. the amount is known, and receipt is expected. If the afnounl is not kni)wn, the legacy is treated
as a contingent asset.

AFRICA RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Accounting pollcles
(Continued)
Interest on funds held on deposit is included when receivable & the amount can be measured reliably by
the charity.. this is normally upon notification of the interest paid or payable by the bank.
The charity receives donated resources Irom the HR Smith Group of companies in the fomi of provision of
office space bul as the value of these resources cannot be quantrfied the income and expenditure has not
been recognised in the slalement of financial aclivilies.
1.5 Expendlture
Liabilities are recognised as expenditure as soon as there is a legal or conslruclive oblig31ion committing
the charity lo that expenditure, Il 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 (m an
accruals basis and has been classified under headings that aggregate all cost related lo the category.
Where costs eannol be directly attributed lo particular headings they have been allocated lo activities on
basis consistent with the use of resources.
Support costs are those functions that assist the work of the charity but do not diredly undertake charitable
activities. Support costs include office costs, finance. personnel, payroll and governan￿ costs which
5UPPOrt the charity's programmes and 8clivities. These costs have been allocated between cost of raising
funds and expenditure on charitable aclivilies. The bases on which support costs have been allocated are
sel out in the notes lo the financial slatemenls.
Grants are recognised in full in the year in which they are approved with future paymen15 being included as
liabilities. Grants offered subject lo conditions which have nol been met al the year end dale are noted as a
commitment bul not accrued as expenditure.
1.6 Cash and cash equivalonts
Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-lerm liquid
investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are
shown within borrowings in current liabilitie5.
1.7 Financial instruments
Financi81 instruments are recognised in the charity's balance sheet when the eharity becomes party lo the
contractual provisions of the instrument.
Financial assets and liabilities are offset, with the nel amounts presented in the financial ststements, when
there is a legally enforceable right lo sel off the recognised amounts and there Is an intention lo settle on a
net basis or lo realise the 8ssel and settle the liability simultaneously.
Basic financlal assets
Basic financial assets, wt)ich include debtors and cash and bank balances, are initially measured at
transaction Pri￿ including transaction Costs and are subsequently carried at amortised cost using the
effective interest method unless the arrangement conslilule5 8 financing transaction, Whe￿ the transaction
is measured al the present value of the future receipts discounted al a market rate of interest. Financial
assets classified as re￿1Vable within one year are not amortised.
Dergcognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire
or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of
ownership to another entity, or if some significant risks and rewards of ownership are retained bul control of
the asset has transferred lo another party that is able lo sell the asset in ils entirety lo an unrelated third
party.

AFRICA RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Accounting poll¢ie$
Icontlnuod)
Basic financial liabilitles
Basic financial liabilities, including creditors and bank loans are initialty i8￿gnISed al transaction price
unless the arrangement constitutes a financing transaction. where the debt instrument is measu¥ed al the
present value of the future payments discounted at a mafket rale of interest. Financial liabilities classified
as payable within one year are not amortised.
Debt instruments are subsequently carried al amortised cost, using the effective interest rale melhod.
Trade creditors are oblig81ions lo pay for goods or services that have been acquired in the ordinary course
of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within
one year or less. If not. they are presented as non-currenl liabilities. Trade creditors are recognised inslially
al transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's conlraclual obligations expl￿ or are discharged or
cancelled.
1.8 Employee benefits
The costs of short-lerm employee benefits are recognised as a liability and an expense, unless those costs
are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entillemenl is recognised in the period in which the employee's services
are received.
Temination benefits are recognised immediately as an expense when the charity is demonstrab
Committed lo terminate the employment of an employee or lo provide termination benefits.
1.9 Taxatlon
The charity is exempt from corporation lax on incorne and gains falling within section 505 of the Taxes Act
1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo
the charitable objects.
1.10 Provisions
Provisions are recognised when the charity has a legal or constructive present obligation as a result of
past event, il is probable that the charity will be reqijired lo settle that obligation and a reliable estimate can
be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration [equi￿d lo settle the
present obligation al the reporting end dale, tsking into account the risks and uncertainties surrounding the
obligation. Where the effect of the time value of money is material. the amount expected to be required lo
settle the obligation is recognised at present value. Vvhen a provision is measured al present value, the
unwinding of the discount is recognised as a finance cost in nel incomellexpendilurel In the period in which
(( arises.

AFRICA RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED
FOR THE YEAR ENDED 31 MARCH 2021
Donatlons and logacles
Unrestricted Unrestricted
funds
funds
2021
2020
Donations and gifts
180,000
60,000
Investment 5ncome
Unre8trlcted Unrestricted
funds
funds
2021
2020
Investment income
37
183
Other Income
Total
Totsl
2021
2020
Royalties
1,025
Charitable activltl•8
Direct costs Direct costs
2021
2020
Staff costs
Travel
Consultancy
85.289
85,647
1,250
5(k8
85.289
87,403
Share of support costs (see note 61
Share of governan￿ costs (see note 61
7,707
1.082
6,195
1,612
94,078
95,210

AFRICA RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Support costs
Support Governance
Costs
costs
2021
Support Governance
costs
costs
2020
Bank charges
Other support costs
Rates
132
1,462
6.113
132
1,462
6,113
143
962
5.090
143
962
5,090
Independent Examiners
fee
Accountancy
540
542
540
542
540
1,072
540
1,072
7.707
1,082
8,789
6,195
1,612
7,807
Analysed bets￿een
Charitable activit￿S
7,707
1,082
8,789
6,195
1,612
7,807
Governance costs include amounts payable to the independent examiner of £540 12020.. £5401 for
Independent Examination and £542 12020.. £1,072) payable to the Independent Examiner for other
accountancy services provided.
Trustees
None of the trustees Iof any persons connected with theml received any remuneration, benefits or
reimbursed expenses from the charity during the year.
Employeos
The average monthly number of employees during the year wa$..
2021
Numb$r
2020
Number
Employment cost$
2021
2020
Wages and salaries
Soaal security costs
79,523
5,766
78,944
6,703
85,289
85,647
10-

AFRICA RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
Employees
(Contlnuedl
The number of employees whose annual remuneration was £60,000 or
more were".
2021
Numbor
2020
Number
£70,000- £80,000
Debtors
2021
2020
Amounts falling due within one year:
Prepayments and accrued income
56
10 Credltors.. amounts falling du• wlthln ong year
2021
2020
Trade ¢￿ditorS
Other creditors
Accruals 8nd deferred Income
540
2,762
1,104
1,410
2,774
1,102
4,406
5,286
11 Unr•stri¢tod funds
These are unrestricted funds which are material to the charity's activities rnade up as follows..
Movement In fund$
In¢omlng
Resource5
Balance ai
expended l April 2020
Movement in fund$
Incomln9
Re$ources
Balance at
resources
*xpgnded 31 March 2021
B8lance at
1 April 2019
Unrestricted
funds
37,067
61,208
{95,210)
3,065
180,037
(94.0781
89,024

AFRICA RESEARCH INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED
FOR THE YEAR ENDED 31 MARCH 2021
12 Related party transactions
Transactions with related partles
During the year the charity entered into the following transactions with related parties-
Donatlons received
2021
2020
H R Smith GroLtp Limrted
180,000
60,000
180,000
60,000
Mr Richard Smith and Miss Susan Smith are Trustees of the charity and also directors and shareholders of
H R Smith Group LirTlited. The charity received donations wilhoul conditions as detailed above.
12-

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