Charity Charity registration registration number: number: 1118470 1118470 

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## Africa Africa Research Research Institute Institute 

> Annual Annual Report Report and and Financial Financial Statements Statements for for[the] the Year Year Ended Ended[31] 31 March March 2025 2025 



| 

## Africa Africa Research Research Institute Institute 

## Contents Contents (continued)[(continued)] 

|Reference and Administrative Details<br>Reference and Administrative Details|1<br>1|
|---|---|
|Trustees' Report<br>Trustees' Report|2to3|
|Statement of Trustees' Responsibilities<br>Statement ofTrustees' Responsibilities|4<br>4|
|Independent Examiner's Report<br>Independent Examiner's Report|5<br>5|
|Balance Sheet<br>Balance Sheet|7<br>7|
|Notes to the Financial Statements<br>NotestotheFinancialStatements|8 to 14<br>8to14|





> Africa Africa Research Research Institute Institute 

## Reference Reference[and] and Administrative Administrative Details[Details] 

Trustees Trustees Mr MrREL R[E][L] Smith Smith Miss Miss S S F F Smith Smith Charity Charity Registration Registration Number Number 1118470 1118470 Principal Principal Office Office Street Street[[Court]] Court 

Principal Principal Office Office Street Street[[Court]] Court Kingsland Kingsland Leominster Leominster Herefordshire Herefordshire HR6 HR6 9QA 9QA Independent Examiner Independent Examiner Hazlewoods Hazlewoods LLP LLP Staverton Staverton Court Court Staverton Staverton Cheltenham Cheltenham GL51 GL51 OUX OIJX Solicitors Solicitors Harrison Harrison Clark[Clark] Rickerbys Rickerbys LLP LLP Ellenborough Ellenborough House House Wellington Wellington Street Street Cheltenham Cheltenham Gloucestershire Gloucestershire GL50 GL50 IYD 1YD Bankers Bankers Lloyds Lloyds TSB TSB Bank Bank[Plc] Plc 49-51 49-51 Dean Dean Street Street Marlow Marlow Buckinghamshire Buckinghamshire SL7 SL7 3BP 3BP 

> Solicitors Solicitors 

> Bankers Bankers 

Page Page[1] 1 



> Africa Africa Research Research Institute Institute 

## Trustees' Trustees’[Report] Report 

> The The trustees trustees present present[the] the annual annual[report] report together together[with] with[the] the financial financial statements statements of[of][the] the charity charity for for the the year year 

> ended ended 31[31] March March[2025.] 2025. 

> The The financial financial statements statements have have been been prepared prepared in in accordance accordance with with the the accounting accounting policies policies set set out out in in 

> note note 1[1] to to[the] the financial financial statements statements and and comply comply with with the the charity's charity's governing governing document, document,[the] the[Charities] Charities Act Act 2011 2011 and and "Accounting "Accounting and and Reporting Reporting by by Charities:[Charities:] Statement Statement[of] of Recommended Recommended Practice Practice applicable applicable to to charities charities preparing preparing their their accounts accounts in in accordance accordance with with the the Financial Financial Reporting Reporting Standard Standard applicable applicable in in 

> the the I-JK UK and and Republic Republic of of Ireland Ireland (FRS (FRS 102) 102) (effective (effective[1] 1 January January 2019)". 2019)”. 

## Objectives Objectives and[and][activities] activities 

## Objects Objects and and aims aims 

The The objects objects of[of] the[the] charity charity are are to to advance advance[the] the education education[of] of[the] the general general[public] public[in] in the the UK, I-JK, Africa Africa and and elsewhere elsewhere in in the the subjects subjects of of good good governance, governance, health, health, gender gender issues, issues, trade, trade, rural rural development,[development,] international international[aid,] aid, human human welfare welfare and and poverty poverty relief relief relating relating[to] to countries countries and and societies[societies][in] in[Africa] Africa and and to to educate educate[the] the[public] public about about[Africa] Africa generally generally and and[the] the challenges challenges it it faces; faces; and and to to promote promote research research into into the the above above subject subject areas areas for for the the benefit benefit of of the the public public and and to to disseminate disseminate the the useful useful results results of of such such research. research. 

## Objectives, Objectives,[strategies] strategies and and activities[activities] 

> The The objectives objectives of[of] the[the] charity charity are are[to] to encourage encourage debate, debate, question question orthodoxy[orthodoxy] and and challenge challenge "received "received 

> wisdom" wisdom" in[in] and and about about Africa. Africa. The The charity charity seeks seeks[to] to promote promote an an informed, informed, nuanced nuanced and and representative representative understanding understanding[of] of the the continent.[continent.] 

> The The work work of[of] the[the] charity charity draws draws[attention] attention to to good good[practice] practice and[and][innovation,] innovation, while while also also identifying identifying where where 

> new new[approaches] approaches[might] might[be] be[needed.] needed.[Examples] Examples of[of][practical] practical achievement[achievement] are are[of] of particular[particular][interest] interest[to] to us.[us.] 

The The charity's charity's research research is is distributed distributed widely widely within within Africa Africa and and elsewhere elsewhere to to decision-makers, decision-makers, institutions institutions and and individuals individuals[with] with a a keen keen interest interest[in] in[the] the[continent's] continent's future. future. The The charity charity[also] also holds holds regular[regular] interactive interactive events events[with] with expert expert speakers speakers in[in][London] London and and Africa. Africa. The The trustees trustees have have[paid] paid due due regard regard[to] to guidance guidance issued issued[by] by[the] the Charity Charity Commission Commission in[in] deciding deciding what what activities activities[the] the charity charity should should undertake. undertake. 

> Achievements Achievements and and performance performance 

> There There have have been been no no significant significant developments developments or or changes changes to to[the] the activities activities of[of] the the charity charity during during[the] the last last year year however[however][an] an employed[employed][director] director has[has] remained[remained] in[in][post] post[to] to[further] further progress progress[its] its aims[aims] and[and][objectives.] objectives. 

Financial Financial[review] review At At the[the] balance balance sheet sheet date,[date,] "free "free[reserves",] reserves", being being[unrestricted] unrestricted[funds] funds other other[than] than[fixed] fixed assets, assets, amounted amounted to to El 18,202 £118,202 (2024: (2024: El £108,567). 08,567). 

## Policy Policy on on reserves reserves 

> The The charity charity aims aims[to] to retain retain[free] free reserves reserves sufficient sufficient[to] to provide provide adequate adequate working working capital capital to to fund fund its its charitable charitable activities. activities. 

Cash Cash reserves reserves[at] at[the] the year year[end] end[(including] (including amounts amounts[held] held on on[short] short[term] term deposit) deposit) were were[E] £122,269[ 122,269] (2024:[(2024:] E112,639). £112,639). 

Risk Risk The The trustees trustees have have assessed assessed[the] the major major risks risks to to which which the the charity charity is is exposed, exposed, and and are are satisfied satisfied that that systems systems are are[in] in place place[to] to[mitigate] mitigate exposure exposure[to] to the the major major risks risks 

Page Page[2] 2 



> The The annual annual[report] report was was approved approved by by the the trustees trustees of of the the charity charity on on .................... . 26/01/2026 and and signed signed on on[its] its 



> Approved Approved by[by] the the[tru] trustees tees[of] of the[the] charity charity on on . .................... 26/01/2026 and and signed signed on on its[its] behalf behalf by:[by:] 



WalGosisencicavaveusaieetetannnies Date:................ 26/01/2026 



> Africa Africa Research Research Institute Institute 

Statement Statement of of Financial[Financial][Activities] Activities by by fund fund[for] for the the Year Year Ended Ended 31[31] March March 2025 2025 

||Unrestricted <br>Unrestricted|Unrestricted<br> Unrestricted|
|---|---|---|
||Funds<br>Funds|Funds<br>Funds|
||2025<br>2025|2024<br>2024|
||£|£|
|Income from:<br>Income from:|||
|Donations and legacies<br>Donations and legacies|100,000<br>100,000|130,000<br>130,000|
|Expenditureon:<br>Expenditure on:|||
|Charitable activities<br>Charitable activities|90,365<br>90,365|89,562<br>89,562|
|Net income for the year/net movement infunds<br>Net income for the year/net movement in funds|9,635<br>9,635|40,438<br>40,438|
|Total funds brought forward<br>Total funds brought forward|108,567<br>108,567|68,129<br>68,129|
|Total funds carried forward<br>Totalfundscarriedforward|118,202<br>118,202|108,567<br>108,567|



> The The notes notes on on pages pages8[8] to to[14] 14[form] form an an integral integral[part] part[of] of these these financial financial statements. statements. 

> Page Page[6] 6 



setsstsestseesseeeee 26/01/2026 



> Africa Africa Research Research Institute Institute 

## Notes Notes[to] to the the[Financial] Financial Statements Statements[for] for the the Year Year Ended Ended 31[31] March March 2025 2025 

## 1 1 Accounting Accounting policies policies 

> Statement Statement of of compliance compliance 

> The The financial financial statements statements have have been been[prepared] prepared in in accordance accordance with with the the second second edition edition of of the the Charities Charities 

> Statement Statement of[of] Recommended Recommended Practice Practice issued issued in in October October 2019, 2019, the the Financial Financial Reporting Reporting Standard Standard 

> applicable applicable in[in][the] the United United Kingdom Kingdom and and Republic Republic[of] of Ireland Ireland (FRS (FRS[102)] 102) and and[the] the[Charities] Charities Act Act 2011. 2011. 

> Charity Charity information information Africa Africa Research Research Institute[Institute][is] is an an unincorporated unincorporated charity charity and and[is] is registered registered[with] with[the] the Charity Charity Commission Commission 

> under under number number 1118470. 1118470. The The address address of of the the principal principal office office can can be be found found on on the the legal legal and and administrative administrative information information page. page. 

Basis Basis of of preparation[preparation] The The financial financial statements statements have have been been prepared[prepared] in in accordance accordance with with the the charity's charity's governing governing document, document, the the Charities Charities Act Act 2011 2011 and and "Accounting “Accounting and and Reporting Reporting by by Charities: Charities: Statement Statement of of Recommended Recommended Practice Practice applicable applicable[to] to charities charities preparing preparing their their accounts accounts[in] in accordance accordance with[with] the the Financial Financial Reporting Reporting Standard Standard applicable applicable in in the the UK I-JK and and Republic Republic of of Ireland Ireland (FRS (FRS 102) 102) (effective (effective 1 1 January January 2019)". 2019)". The The charity charity is[is] a a Public Public Benefit Benefit Entity Entity as as defined defined[by] by FRS FRS 102. 102. The The charity charity has has[taken] taken advantage advantage of[of] the the provisions provisions in in the the SORP SORP for for smaller smaller charities charities not not to to prepare prepare a a Statement Statement[of] of Cash Cash Flows. Flows. The The financial financial statements statements have have departed departed from from[the] the[Charities] Charities (Accounts (Accounts and and Reports) Reports) Regulations Regulations 2008 2008 only only to to[the] the extent extent required required[to] to provide provide a a[true] true and[and] fair fair view.[view.] This This departure departure has has involved involved following[following][the] the Statement Statement[of] of Recommended Recommended Practice Practice for for charities charities applying applying FRS FRS[102] 102[rather] rather than[than] the the version version of of the the Statement Statement[of] of Recommended Recommended Practice Practice which which[is] is[referred] referred[to] to[in] in[the] the Regulations Regulations but[but] which which has has since since been been withdrawn. withdrawn. 

> The The financial financial statements statements are are prepared prepared in in sterling, sterling, which which is is the the functional functional currency currency of of the the charity. charity. 

> Monetary Monetary amounts amounts[in] in these these[financial] financial[statements] statements are are rounded rounded to[to][the] the nearest nearest £.[E.] 

> The The financial financial statements statements have have been been prepared prepared under under[the] the historical historical cost cost convention. convention. The The principal principal 

> accounting accounting policies policies adopted adopted are are[set] set[out] out below. below. 

## Going Going concern concern 

At At[the] the time time[of] of approving approving[the] the financial financial statements, statements,[the] the trustees trustees have have a a reasonable reasonable expectation expectation that that[the] the charity charity has has adequate adequate resources resources[to] to continue continue[in] in operational operational existence existence for for[the] the foreseeable foreseeable future. future. Thus Thus the the trustees trustees continue continue to to adopt adopt the the going going concern concern basis basis of of accounting accounting in in preparing preparing the the financial financial statements. statements. 

> Page Page[8] 8 



> Africa Africa Research Research Institute Institute 

Notes Notes to[to] the the Financial[Financial] Statements Statements[for] for the the Year Year Ended Ended[31] 31 March March 2025 2025 (continued) (continued) 

> 1 1 Accounting Accounting policies policies[(continued)] (continued) 

## Judgements Judgements 

## Critical Critical accounting accounting judgements judgements[and] and[key] key sources sources of of estimation[estimation] uncertainty[uncertainty] 

> The The trustees trustees are are required required[to] to make make judgements, judgements, estimates estimates[and] and assumptions assumptions about about[the] the[carrying] carrying value value 

> of of assets assets and and liabilities liabilities based based on on their their experience experience and and professional professional advice advice received. received. Inevitably, Inevitably, the the 

> actual actual outcome outcome may may differ differ from from predictions. predictions. Estimates Estimates and and underlying underlying assumptions assumptions are are reviewed reviewed on on 

> an an ongoing[ongoing] basis[basis] to[to] ensure ensure[that] that they[they] remain[remain][relevant.] relevant. 

Income Income and[and] endowments endowments Income Income is[is] recognised recognised when when[the] the charity charity[is] is legally legally entitled entitled[to] to[it] it after after any any performance performance conditions conditions have have been been met,[met,] the the amounts amounts can can[be] be[measured] measured[reliably,] reliably, and and[it] it is[is] probable probable[that] that[income] income[will] will[be] be[received.] received. Cash Cash donations[donations] are are recognised[recognised][on] on[receipt.] receipt. Other[Other] donations[donations] are are[recognised] recognised once once[the] the[charity] charity[has] has been[been] notified notified[of] of the the donation, donation, unless unless performance performance conditions conditions require require deferral deferral of[of][the] the amount. amount. Income Income[tax] tax recoverable recoverable[in] in relation relation to to donations donations received received under under Gift Gift Aid Aid or or deeds deeds[of] of covenant covenant is[is] recognised recognised at at[the] the time time[of] of[the] the donation. donation. Legacies Legacies are are recognised recognised on on[receipt] receipt or or otherwise otherwise[if] if[the] the charity charity has has been been notified notified[of] of an an impending impending distribution, distribution, the the amount amount is is known, known, and and receipt receipt is is expected. expected. If If the the amount amount is is not not known, known, the the legacy legacy is is treated treated as as a a contingent contingent asset. asset. Interest Interest on on[funds] funds held[held] on on deposit deposit[is] is included included when when receivable receivable & &[the] the amount amount can can be be measured measured reliably reliably by by the[the] charity; charity; this this is is normally normally upon upon notification notification[of] of[the] the interest interest[paid] paid or or payable payable by by the[the] bank. bank. The The charity charity receives receives donated donated resources resources[from] from[the] the HR HR Smith Smith Group Group of of companies companies in in the the form form of of provision provision of[of] office office space space[but] but as as[the] the[value] value[of] of[these] these resources resources cannot cannot be be[quantified] quantified[the] the[income] income and and expenditure expenditure has[has][not] not been been[recognised] recognised in[in] the[the] statement statement[of] of financial financial[activities.] activities. Expenditure Expenditure Liabilities Liabilities are are recognised recognised as as expenditure expenditure as as soon soon as as there there is is a a legal legal or or constructive constructive obligation obligation committing committing the[the] charity charity to to that that expenditure, expenditure, it it is is probable probable that that a a transfer transfer of of economic economic benefits benefits will will be be required required[in] in settlement settlement and and[the] the amount amount[of] of[the] the obligation obligation can can be be measured measured reliably. reliably. Expenditure Expenditure is is accounted accounted for for on on an an accruals accruals basis basis and and has has been been classified classified under under headings headings that that aggregate aggregate all all cost cost related related to to the the category. category. Where Where costs costs cannot cannot be be directly directly attributed attributed to to particular particular headings headings they they have have been been allocated allocated to to activities activities on on a a basis basis consistent consistent[with] with the the use use of of resources. resources. Irrecoverable Irrecoverable VAT VAT is is charged charged against against[the] the category category of[of] resources resources expended expended for for which which[it] it is[is] incurred. incurred. Support Support costs costs are are those those functions functions that that[assist] assist[the] the work work[of] of[the] the charity charity[but] but do do not not directly directly undertake undertake charitable charitable activities. activities. Support Support costs costs include include office office costs, costs, finance, finance, personnel, personnel, payroll payroll and and governance governance costs costs which which support support the[the] charity's charity's programmes programmes and and activities. activities. These These costs costs have have been been allocated allocated between between cost cost[of] of raising raising[funds] funds and and expenditure expenditure on on[charitable] charitable activities. activities. The The bases bases on on which which support support costs costs have have been been allocated allocated are are[set] set out[out][in] in[the] the notes notes to[to][the] the financial financial statements. statements. Grants Grants are are recognised recognised in in full full in in the the year year in in which which they they are are approved approved with with future future payments payments being being included included as as liabilities. liabilities.[Grants] Grants offered offered subject subject[to] to conditions conditions[which] which have have[not] not been been met met[at] at[the] the year year end end date date are are[noted] noted as as a a commitment commitment but[but][not] not accrued accrued as as expenditure expenditure 

Taxation Taxation The The charity charity is[is] exempt exempt[from] from corporation corporation[tax] tax on on income income and and gains gains falling falling within[within] section section 505 505 of[of] the[the] Taxes Taxes Act Act 1988 1988 or or section section 256 256 of of the the Taxation Taxation[of] of Chargeable Chargeable Gains Gains Act Act 1992 1992 to to the the extent extent that that these these are are applied applied[to] to[the] the charitable charitable objects. objects. Page Page[9] 9 



> Africa Africa Research Research Institute Institute 

# Notes Notes[to] to the the Financial[Financial] Statements Statements[for] for the the Year Year Ended Ended[31] 31 March March 2025 2025 (continued) (continued) 

## 1 1 Accounting Accounting policies policies (continued)[(continued)] 

> Cash Cash and and cash cash equivalents equivalents Cash Cash and and cash cash equivalents equivalents include include cash cash[in] in[hand,] hand, deposits deposits held held at at[call] call[with] with banks, banks, other other short-term short-term 

> liquid liquid investments investments with with original original maturities maturities of of three three months months or or less, less, and and bank bank overdrafts. overdrafts. Bank Bank overdrafts overdrafts are are shown shown[within] within borrowings[borrowings][in] in current current liabilities. liabilities. 

Fund Fund structure structure Unrestricted Unrestricted income income[funds] funds are are general general funds[funds] that that are are available available for for use use at[at][the] the trustees trustees discretion[discretion] in[in] furtherance furtherance[of] of the[the] objectives objectives of[of][the] the charity. charity. 

Financial Financial instruments instruments Classification Classification Financial Financial assets assets and and financial financial liabilities liabilities are are recognised recognised when when the[the] charity charity becomes becomes a a party party to to the[the] contractual contractual provisions provisions of[of] the[the] instrument. instrument. Financial Financial liabilities liabilities and and equity equity instruments instruments are are classified classified according according to to the[the] substance substance of[of][the] the contractual contractual arrangements arrangements entered entered[into.] into. An[An] equity equity instrument instrument[is] is any any contract contract that that evidences[evidences] a a residual[residual] interest interest in[in] the the assets assets of of the the charity charity after after deducting deducting all all of of its its liabilities. liabilities. 

## Recognition Recognition and measurement[and] measurement 

> Basic Basic financial financial assets, assets, which which include include debtors debtors and and cash cash and and bank bank balances, balances, are are initially initially measured measured at at transaction transaction[price] price[including] including transaction transaction costs costs and and are are[subsequently] subsequently carried[carried] at[at] amortised[amortised] cost cost using using the[the] effective effective interest interest method method unless unless[the] the arrangement arrangement constitutes constitutes a a financing financing[transaction,] transaction, where where the the transaction transaction is[is] measured measured[at] at[the] the present present value value[of] of the the[future] future receipts receipts discounted discounted at at a a market market rate rate[of] of interest. interest. Financial[Financial] assets assets classified classified as as[receivable] receivable[within] within one one year year are are[not] not amortised. amortised. 

> Derecognition Derecognition[of] of financial financial assets assets 

> Financial Financial assets assets are are derecognised derecognised only only when when[the] the contractual contractual rights rights to to the[the] cash cash flows flows from from[the] the asset asset expire expire or or are are settled, settled, or or when when the[the] charity charity[transfers] transfers[the] the financial financial asset asset and and substantially substantially all all the[the] risks risks 

> and and[rewards] rewards[of] of[ownership] ownership[to] to another another entity,[entity,] or or[if] if some some significant significant risks risks and and[rewards] rewards of[of] ownership ownership are are retained retained but[but] control[control][of] of the[the] asset asset has has transferred transferred[to] to another another[party] party that that is[is] able able[to] to[sell] sell[the] the asset asset in[in] its its entirety entirety[to] to an an unrelated unrelated[third] third[party.] party. 

> Page Page 10[10] 



> Africa Africa Research Research Institute Institute 

Notes Notes[to] to the the[Financial] Financial Statements Statements for for the the Year Year Ended Ended 31[31] March March 2025[2025] (continued) (continued) 

## 1 1 Accounting Accounting policies policies (continued)[(continued)] Debt Debt instruments instruments 

Basic Basic financial financial liabilities,[liabilities,] including including creditors creditors and and bank bank loans loans are are initially initially recognised recognised at at transaction transaction price price unless unless[the] the arrangement arrangement[constitutes] constitutes a a financing financing[transaction,] transaction, where where the[the] debt debt instrument instrument[is] is measured measured at at the the present present value value of of the the future future payments payments discounted discounted at at a a market market rate rate of of interest. interest. Financial Financial liabilities liabilities classified classified as as payable payable within[within] one one year year are are not[not] amortised. amortised. Debt Debt instruments instruments are are subsequently[subsequently][carried] carried[at] at amortised amortised[cost,] cost, using using the[the] effective effective interest interest[rate] rate method. method. Trade Trade creditors[creditors] are are[obligations] obligations[to] to pay pay for for goods goods or or services services that[that] have have been been acquired acquired[in] in the[the] ordinary ordinary course course of[of][operations] operations from[from][suppliers.] suppliers. Amounts Amounts payable payable are are classified classified as as current current liabilities liabilities[if] if payment payment[is] is due due within[within] one one year year or or[less.] less. If If not, not, they they are are presented presented as as non-current non-current liabilities. liabilities. Trade Trade creditors creditors are are recognised recognised initially initially at at transaction transaction price price and and subsequently subsequently measured measured at at amortised amortised cost cost using using the the effective effective interest interest method. method. Derecognition Derecognition[of] of financial financial liabilities liabilities Financial Financial liabilities liabilities are are derecognised derecognised when when the the charity's charity's contractual contractual obligations obligations expire expire or or are are discharged discharged or or cancelled. cancelled. Employee Employee benefits benefits The The costs costs of[of] short-term short-term employee employee benefits[benefits] are are recognised recognised as asa a liability liability and and an an expense, expense, unless unless those those costs costs are are required required[to] to[be] be recognised[recognised] as as part[part][of] of[the] the cost cost[of] of stock stock or or fixed[fixed] assets. assets. The The cost cost of[of] any any unused unused holiday holiday entitlement entitlement[is] is recognised recognised in[in] the the period period in in which which the the employee's employee’s services services are are[received.] received. Termination Termination[benefits] benefits are are recognised recognised immediately immediately as as an an expense expense when when[the] the charity charity is is demonstrably demonstrably committed committed to[to] terminate terminate the[the] employment employment[of] of an an employee employee or or[to] to provide provide termination termination benefits. benefits. Provisions Provisions Provisions Provisions are are[recognised] recognised when when[the] the charity charity has has a a legal legal or or constructive constructive present present obligation[obligation] as as a a result result of of a a past past[event,] event, it it is is probable probable that that the the charity charity will will be be required required to to settle settle that that obligation obligation and and a a reliable reliable estimate estimate can can be be made made[of] of[the] the amount amount of[of] the[the] obligation. obligation. The The amount amount recognised recognised as as a a provision provision is is the[the] best best estimate estimate of of the[the] consideration consideration required required to to[settle] settle the the present present obligation obligation at at the the reporting reporting end end date, date, taking taking into into account account the the risks risks and and uncertainties uncertainties surrounding surrounding the the obligation. obligation. Where Where the the effect effect of of the the time time value value of of money money is is material, material, the the amount amount expected expected to to be be required required to to settle settle[the] the[obligation] obligation[is] is recognised recognised at at present present value.[value.] When When a a provision provision is is measured measured at at present present[value,] value, the the unwinding unwinding of of the the discount discount is is recognised recognised as as a a finance finance cost cost in in net net income/(expenditure) income/(expenditure)[in] in[the] the period[period] in in which which it it arises. arises. 2 2 Income Income from from donations donations and and and legacies legacies Unrestricted Unrestricted Unrestricted Unrestricted funds funds funds funds 2025 2025 2024 2024 £ £ Donations Donations from from companies, companies, trusts trusts and and similar similar proceeds proceeds 100,000 100,000 130,000 130,000 100,000 100,000 130,000 130,000 

## 2 2 Income Income from from donations donations and and and legacies legacies 

> Page Page 11[11] 



## Africa Africa Research Research Institute Institute 

## Notes Notes to[to] the the[Financial] Financial Statements Statements for[for] the the Year Year Ended Ended[31] 31 March March 2025[2025] (continued) (continued) 

> 3 3 Expenditure Expenditure on on charitable charitable activities[activities] 


**----- Start of picture text -----**<br>
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|Direct|Direct|costs|costs|Direct|Direct|costs|costs|
|2025|2025|2024|2024|
|Note|Note|£|£|
|Staff|Staff|costs|costs|84,913|84,913|84,912|84,912|
|Allocated|Allocated|support|support|costs|costs|4|4|3,462|3,462|2,908|2,908|
|Governance|Governance|costs|costs|4|4|1,990|1|,990|1,742|1,742|
|90,365|90,365|89,562|89,562|

**----- End of picture text -----**<br>



**----- Start of picture text -----**<br>
|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|4|4|Analysis|Analysis|of|of|governance|governance|and|[and]|support|support costs|costs|
|Support|Support|Governance|Governance|2025|2025|2024|2024|
|costs|costs|costs|costs|
|£|£|£|£|
|Rates|Rates|1,480|1|,|480|-|1|1,480|,480|1,319|1,319|
|Insurance|Insurance|542|542|=|542|542|ws|
|Other|Other|support|support costs|costs|1|1,249|,249|-|1,249|1 ,249|1,375|1,375|
|Accountancy|Accountancy|-|1,340|1 ,340|1,340|1 ,340|871|871|
|Independent|Independent|Examiners|Examiners|fee|fee|=|650|650|650|650|871|871|
|Bank|Bank|charges|charges|191|191|-|191|191|214|214|
|Analysed|Analysed|Charitable|Charitablebetween|betweenactivities|activities|3,462|3,462|1|1,990|,990|5,452|5,452|4,650|4,650|
|Governance|Governance costs|costs|
|Unrestricted|Unrestricted|
|funds|funds|Total|Total|Total|Total|
|General|General|2025|2025|2024|2024|
|£|£|£|
|Independent|Independent|examiner|examiner|fees|fees|
|Examination|Examination|of|of|the|the|financial|financial|statements|statements|650|650|650|650|871|871|
|Other|Other|fees|fees|[paid]|paid|to|to|examiners|examiners|1|1,340|,340|1|1,340|,340|871|871|
|1|1,990|,990|1|1,990|,990|1,742|1,742|

**----- End of picture text -----**<br>


> 5 5 Trustees Trustees remuneration remuneration[and] and expenses expenses 

> No No[trustees,] trustees, nor nor any any persons persons connected connected[with] with[them,] them, have have received received any any remuneration remuneration[from] from[the] the charity charity during during[the] the year year (2024:[(2024:] Nil).[Nil).] 

> Page Page[12] 12 



## Africa Africa Research Research Institute Institute Notes Notes[to] to the the[Financial] Financial Statements Statements for for the the Year Year Ended Ended 31[31] March March 2025 2025 (continued) (continued) 

## 6 6 Staff Staff costs costs 

> The The monthly monthly average average number number[of] of persons persons (including (including senior senior management management /[/] leadership leadership team) team) employed employed 

> by by the the charity charity during during the the year year expressed expressed as as full full time time equivalents equivalents was was as as follows: follows: 

||2025<br>2025|2024<br>2024|
|---|---|---|
||No<br>No|No<br>No|
|Research<br>Research|1<br>1|1<br>1|
|The aggregate payroll costs were as follows:<br>The aggregate payroll costs were as follows:|||
||2025<br>2025|2024<br>2024|
||£|£|
|Staffcosts during the year were:<br>Staff costs during the year were:|||
|Wages and salaries<br>Wages and salaries|80,113<br>80,113|80,112<br>80,112|
|Social security costs<br>Social security costs|4,800<br>4,800|4,800<br>4,800|
||84,913<br>84,913|84,912<br>84,912|
|The number of employees whose emoluments fell within the following bands was:<br>The number ofemployees whose emoluments fell within the following bands was:|||
||2025<br>2025|2024<br>2024|
||No<br>No|No<br>No|
|280,001<br>- 290,000<br>£80,001 -£90,000|1<br>1|1<br>4|
|7<br>Taxation<br>7<br>Taxation|||



> The The charity charity is[is] exempt exempt from from[tax] tax on on income income and and gains gains falling falling[within] within section section 505 505 of[of] the the Taxes Taxes Act Act 1988 1988 

> or or section section 252 252[of] of[the] the Taxation Taxation[of] of Chargeable Chargeable Gains Gains[Act] Act 1992 1992[to] to[the] the extent extent that that[these] these are are applied applied[to] to[its] its 

> charitable charitable objects. objects. 

8 8 Creditors: Creditors: amounts amounts falling falling due due within within one one year year 

||||2025<br>2025|2024<br>2024|
|---|---|---|---|---|
||||£|£|
|Other creditors<br>Other creditors|||2,617<br>2,617|2,680<br>2,680|
|Accruals<br>Accruals|||1 ,450<br>1,450|1 ,392<br>1,392|
||||4,067|4,072<br>acre|
|9<br>Funds<br>9<br>Funds|||||
||Balance at 1<br>Balance at 1|Incoming<br>Incoming|Resources<br>Resources|Balance at 31<br>Balance at 31|
||April 2024<br>April 2024|resources<br>resources|expended<br>expended|March 2025<br>March 2025|
||E|£|£|£|
|Unrestricted funds<br>Unrestricted funds|||||
|General<br>General|108,567<br>108,567|100,000<br>100,000|(90,365)<br>(90,365)|118,202<br>118,202|



> Page Page 13 13 



> Africa Africa Research Research Institute Institute 

## Notes Notes[to] to the the[Financial] Financial Statements Statements[for] for the the Year Year Ended Ended 31[31] March March[2025] 2025 (continued) (continued) 

9 9 Funds Funds (continued)[(continued)] 


**----- Start of picture text -----**<br>
|||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Balance|Balance|[at]|at|1|[1]|Incoming|Incoming|Resources|Resources|Balance|Balance|[at]|at|[31]|31|
|April|April|2023|2023|resources|resources|expended|expended|March|March|2024|2024|
|z.|<|£|£|
|Unrestricted|Unrestricted|funds|funds|
|General|General|68,129|68,129|130,000|130,000|(89,562)|108,567|108,567|
|10|IO|Related|Related|party|party|transactions|transactions|
|Donations|Donations|Donations|Donations|Recharges|Recharges|Recharges|Recharges|
|2025|2025|2024|2024|2025|2025|2024|2024|
|£|£|£|£|
|HR|Smith|Smith|Technical|Technical|199|195|
|Developments|Developments|Limtied|Limtied|-|=|199|195|
|HR|HR|Smith|Smith|Group|Group|Limited|Limited|100,000|100,000|130,000|130,000|“|2|
|Specmat|Specmat|Limited|Limited|s|B|Z|4148|148|
|100,000|100,000|130,000|130,000|199|343|343|

**----- End of picture text -----**<br>


> Mr Mr R REL[E][L] Smith Smith and and[Miss] Miss[S] S[F] F Smith Smith are are[Trustees] Trustees[of] of the the charity charity and and also[also] directors[directors][of] of HR HR Smith Smith Group Group 

> Limited, Limited, HR HR Smith Smith (Technical (Technical Developments) Developments) Limited, Limited, Specmat Specmat Limited Limited and and Techtest Techtest Limited. Limited. The The charity charity received received donations donations without without conditions conditions and and was was[recharged] recharged for for[IT] IT and and[life] life insurance insurance[related] related costs costs as as detailed[detailed] above. above. 

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