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Trustee Report and Financial Statements Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Year Ending 31[st] March 2022

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees

Professor Oba Nsugbe KC, SAN, Chair Ms. Audrey Mpunzwana (Appointed 5 November 2021) Mr. David Tunde Davis Ms. Ethel Ngaatendwe Tambudzai (Appointed 25 November 2021) Mr John Mensah (Appointed 18 January 2022) Mr Julian Boaitey (Appointed 2 November 2021) Ms Kerryn Greenberg Mr. Oliver Andrews (Resigned 15 June 2021) Mr. Stephen Cameron Professor Paul Andrew Goodwin Mr. Titus Anurike Edjua (Resigned 5 November 2021) Mr. Mark Thomas Ms. Malgorzata Swierczewska (Appointed 2 November 2021) Ms. Muriel Lamin Mr. Nzube Ufodike Ms. Pumela Salela (Resigned 15 June 2021)

Company registered number

00683989

Charity registered number

313510

Registered office

66-68 Great Suffolk Street, London, SE1 0BL

Company secretary

Mrs. Sarah Clark

Independent auditors

Hillier Hopkins LLP, Radius House, 51 Clarendon Road, Watford, Hertfordshire, WD17 1HP

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report together with the audited financial statements of the Africa Centre Limited for the year 1 April 2021 to 31 March 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Objectives

The objects of the Charity are to promote education in matters concerning Africa and its peoples. The Africa Centre is a space to educate about, connect to and advocate for Africa and its diaspora. Our aim is to raise awareness in the UK, and beyond, about African and diaspora affairs.

As a charity we have evolved into a forward-thinking Centre for the 21st Century dedicated to promoting and supporting contemporary Africa and its diaspora through innovation, arts and culture, thought leadership and education. Our mission is to:

Harness the power of young people and create opportunities for them to determine their futures and contribute to global development.
Promote positive conversations and help shift narratives by amplifying voices that champion the cause for Africa and its diaspora.
Provide a safe space to socialise, learn and boldly speak about structural and systemic issues that hinder the progress of people from African and diasporic communities.
Bridge the gap between Africa and its diaspora through collaboration and strategic partnerships that advance African art, culture, education, innovation and entrepreneurship and thought leadership
Recognise the talents of people of Africa heritage and celebrate their achievements and contributions to the development of humanity.
Encourage intra-Africa dialogue and trade and tap into the power of the global African diaspora to bring investment, coverage and connections back to the continent.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Objectives and activities (continued)

b. Strategies for achieving objectives

In setting out the objectives of The Africa Centre the Trustees have complied with the duty in section 4 of the Charities Act 2006, to have regard to the public benefit guidance published by the Charity Commission.

The principle aim of this year has been to adopt strategies that enable the charity to positively deliver on its core objectives. This year continued to be a year of development as we moved towards the opening of our new site in Southwark. These activities included:

A robust trustee recruitment process which resulted in the appointment of five new trustees to the board. These trustees come from varied backgrounds, including two Young Trustees in line with the commitment to this within our articles.
A continual development of our governance policies and procedure with a review of committee memberships and terms of reference. Our aim was for the extensive experience of knowledge of the trustees to be fully integrated into the governance of the charity.
A review of the operational structure in line with our plans to open the new site in Southwark. A review that resulted in the recruitment of a Programmes Manager to ensure the delivery of a relevant and engaging activity plan for our audiences.
Developing and maintaining collaborative relationships with external partners and funders, such as the Greater London Authority (GLA), Arts Council England, Colourful Radio, The African Concert Series, The University of Warwick, University of Arts London, Africa No Filer, The AG Leventis Foundation, The African Arts Trust, Nando’s UK, Arts Council England, Goldman Sachs, Philanthropy Company, The Old Vic, London Metropolitan Archives, Southwark Council and Better Bankside. These relationships support the Centre in developing and delivering a sustainable future for the charity.
Continuing to deliver and innovative digital programme of events and activities to continue raising awareness of and engagement with The Africa Centre, enabling the charity to build an active audience database for the opening of its new site in 2022.
Engaging with the community in our physical space through activities such as the markets and panel discussions, remaining mindful of the ongoing concerns around the COVID pandemic.
Engaging with the community and creating space for existing and potential supporters to feedback on proposed activities and potential partnerships.
Maintaining a strict timetable of financial and risk management review through the production of regular financial reports, both in terms of performance against budget and cash flow and expected outcomes, forecast and risk management. This included the board decision to lease Arch 29 to a tenant from January 2022 for a period of 3.5 years. This decision was made to reduce the rental liabilities of the charity, in the short term, whilst it concentrated its efforts into building a presence in its new site and maintaining Arch 28.

The Africa Centre employs a team of experienced paid staff who are responsible for delivering the aims and objectives of the charity. In addition, The Africa Centre relies on and is grateful for the support work volunteered by the Board of Trustees of the charity and external volunteers who support us.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

i) DEVELOPMENT AND BUILDING A SUSTAINABLE FUTURE

With the development of the new site in Southwark progressing it was vital that the charity had a strong governance base on which to deliver on its objectives, a base that would offer the community confidence in The Africa Centre delivering on its mission.

In June 2021, the Centre began a recruitment process for new trustees including the appointment of Young Trustees in line with its articles. This process included the advertising of our trustee roles through our social channels but also across sites dedicated to trustee recruitment. We were delighted with the response we received to our call out and arranged trustee open evenings to offer potential and existing trustees to meet and exchange knowledge and experiences and to meet individually. This evening also offered an overview of the charity and its plans for the future.

This robust process resulted in the recruitment of five new trustees who all came with a range of experiences and a desire to contribute to the success and continued development of the Charity.

This exercise has further enabled the Centre to strengthen its governance activities through the additional development of and additions to its internal committee structure.

Throughout the year we have developed relationships with external partners complementing the skills and experience of the team and providing flexibility around investment of resources. This has included the ongoing relationship with Philanthropy Company who during this year supported the Centre with its fundraising strategy and the development of resources to encourage the support of the charity. These materials and a refreshed confidence in our fundraising have led to support from new funding partners such as The African Arts Trust and Nando’s UK. We have also been able to reestablish relationships with previous supporters, such as the LG Leventis Foundation.

ii) CAPITAL PROJECT – GUNPOWDER HOUSE

“This is a great example of a project which aims to give Londoners of all backgrounds the opportunity to be actively involved in shaping how their city develops.

The Mayor and I are committed to supporting ‘good growth’ by building a city where all Londoners have access to the same opportunities, and I look forward to seeing the positive impact this project has in the future.”

Deputy Mayor for Planning, Regeneration and Skills, Jules Pipe

In December 2018 the charity succeeded in securing a Good Growth Fund grant of £1.6 million to help transform its fourstory building known as Gunpowder House, into a new home for The Africa Centre. Planning permission for the development of Gunpowder House had already been granted and in August 2017. Arts Council England contributed £1.6 million towards the original purchase of Gunpowder House in 2015.

Despite the challenges presented by COVID-19 in terms of fundraising and income generation we are proud that after robust considerations around risk and with the support of the Greater London Authority’s Good Growth fund, worked started on our new site in November 2020 with a renewed opening date of June 2022. This was a later opening than previously reported due to unforeseen works onsite and a desire to create a site that was true to the aims and objectives of the charity.

Due to fundraising restrictions presented by the pandemic the capital project continues to be delivered in two phases.

The first phase will see 70% of the site open and we have worked with expert partners to ensure that we use this space creatively to meet the aims and objectives of the entire project which, as well as arts and culture programming, includes employment, training and volunteering opportunities for London residents.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Objectives and activities (continued)

Phase 1 of The Africa Centre’s development project will deliver:

 Ground floor – restaurant and welcome space

The ground floor will, along with offering a Pan-African restaurant, offer a substantial welcome area where visitors can meet a member of the TAC team and learn more about our work. We are actively considering a small bookshop for this area and/ or spotlight displays. The restaurant will offer employment and training opportunities to the local community.

 First floor – Lounge Bar & Events Space

The first floor will be a creative bar and events space, a place for people to meet where we will host a curated programme of activities celebrating the unique arts, culture, heritage and innovation of the continent and its diaspora. It will be space for debate and discussion, performance and learning or simply somewhere for the community to network and connect.

 Second floor – Gallery and Events space

The second floor will be an engaging Gallery and Exhibition space for emerging and established artists from the UK and the continent, showcasing their work to a new audience. When not in use for exhibitions this will be another space to run community programmes and events. It will also lend itself to small conferences, performances and for partners to run support and advice surgeries.

 Third floor – Events space

The board has made the decision to extend the development of the Centre to include the third floor. This will be a space for us to deliver programme but will also be an income generating exercise for the charity, making the space available not only to community but to private hires.

Once funding is secured Phase 2 of the development project will look to further deliver flexible space enabling the delivery of education, research and business innovation and connections between the UK and the continent.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Objectives and activities (continued)

Activities that took place during this year to ensure the delivery and success of the project included:

The Africa Centre building committee, trustees and staff team working closely with the Project Manager, Cambridge CM, architects Freehaus, QS Metric and the wider design team to hold weekly regular internal design and full cost and budget reviews, promoting transparent governance of the project.
Working closely with the GLA and the Good Growth Fund which included monthly project reviews updating on all aspects of the project from build to branding and design.
After a robust tender process, the main works contractor, QOB interiors, was appointed and once the enabling works completed, we commenced the full refurbishment of Great Suffolk Street, putting the heart back into the building.
The successful application to become a licensed premises, enabling the Centre to deliver on its wide range of activities.
We continued to review the design process for internal fixtures and fittings which led to the appointment of Tola Ojuolape Studios to support the development of a consistent and unmistakably African design for the building. This approach, to identify and celebrate the absolute best in Africa and diasporic design led to a procurement process where we worked with producers across the continent. Whilst a logistical challenge this approach will leave us with a site that expresses the intent of The Africa Centre, to educate about, advocate for and connect to Africa and its diaspora.
We continued to work with Art Consultant Walker Art who have been instrumental in supporting not only the acquisition of donated artworks for the building from the following celebrated artists, representing a range of styles and techniques:

Leilah Babirye Kudzanai Chiurai Gerald Chukwuma Salah Elmur Hassan Hajjaj William Kentridge Cinthia Sifia Mulanga Serge Alain Nitegeka Thenjiwe Niki Nkosi Owanto Tariku Shiferaw Barthélémy Toguo Rufai Zakari

We thank them all for their support of The Africa Centre and for enabling us to share their works with our audiences.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022 The Bird and Its Watcher – William Kentridge

Objectives and activities (continued)

This activity and all that is to come will deliver a wide range of innovative and engaging activities over 5 floors of a redeveloped 1960’s office block building. Breathing new life into the site we will offer spaces for people to meet, engage, network and learn. Our aim is to promote the aspirations of Africa and its Diaspora by creating opportunities that champion and highlight the continent’s innovation, ambition, and progress.

This will complement the existing use of one railway arch, with Arch 28 serving as The Africa Centre offices and work/ event space.

i) PARTNERSHIP DEVELOPMENT

The Africa Centre continues to develop existing and explore collaborative partnerships to help us deliver innovative and engaging programme. During the past year The Africa Centre has developed or continued to develop partnerships with:

The Africa Concert Series

The Africa Centre continued to work with The Africa Concert Series as a host for concerts available to the public but to also involve them in the Centre’s educational programme.

Goldman Sachs

Working with Goldman Sachs and Baxter Story we delivered an Experience in Hospitality Programme in October 2021 that offered opportunity for seven food and beverage professionals, (employees or entrepreneurs) the opportunity to experience a range of work areas across the varied and fast paced hospitality environment managed by BaxterStorey within Goldman Sachs International’s London headquarters.

The Old Vic

We were pleased to work with The Old Vic and their Front Line Lambeth project where we were able to offer work placements for young people looking to build skills in the creative sector. This took place in October 2021.

University of the Arts London/ London College of Communication

The Africa Centre was delighted to welcome Maureen Salmon MA, FRSA, a Senior Lecturer at University of Arts London and Design School, London College of Communication to the Centre on secondment. During her time with the charity Maureen was not only able to support the strategic development of the charity through offering the benefit of her extensive experiences but we also delivered a student engagement piece. This was an online panel discussion “Changing the Shape of the Cultural and Creative Industries” and offered the opportunity for young people to connect with creative professionals. This event considered what artistic, creative, ethical, and moral interventions can young people make that will help define the ethos and practices of the arts, design, and media, and disrupt outdated hierarchies?

University of Warwick

The Africa Centre was contacted by University of Warwick to become a project partner for its research project “Imperial Afterlives” in that it will deliver a one-day conference, on the theme of “Reimagining and Remembering: Colonial History and the Built Environment.” The purpose of this one-day workshop is to bring together individuals, groups, and projects seeking to challenge the heritage of empire in the built environment. It is to be an event to share and reflect upon initiatives already in action across Europe and Africa, so that participants can learn from one another, think collectively, and ultimately put new ideas into practice. In February 2022 we were informed that the University of Warwick’s grant application was successful and this one-day conference will be delivered in April 2024.

London Metropolitan Archives

As part of The Africa Centre’s commitment to bringing its vast and rich archives to its audiences The Africa Centre worked with its archives partner, the London Metropolitan Archives on a funding application to enable the first step to achieving this aim, the cataloguing of the archives. In August 2021 The National Archives and the Archives Revealed fund announced we were successful in our application and work commenced in April 2022, it will be an 18-month project that will then enable people to engage with the Africa Centre enabling them to explore and disseminate the archives with wider audiences, develop interactive displays, remove barriers to access, and collaborate with educational, academic, arts, culture and heritage partners.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Achievements and performance

During this year we have been able to produce original, compelling, sharable and high-quality content and have optimised all our platforms for maximum engagement and improved user experiences. Over this past year digital content has been key to the success of our delivery strategy and this will be integrated into our offering post COVID-19 restrictions, to ensure we connect with audiences beyond our physical site. Where restrictions have allowed, we have welcomed audiences to The Africa Centre site.

Engaging with our audience through social media and The Africa Centre website has been an important way for The Africa Centre to share its news and important developments over the year. It has also provided an open channel for The Africa Centre audience to speak to us and share feedback on what we’re doing, what we plan to do and to also discuss the issues important to them. We have also made more use of online platforms such as Zoom to deliver and participate in engaging events. Over the past year The Africa Centre grew its online audience, and we now have over 7,500 followers on Instagram and 11,000 on Twitter. We are seeing increased use of our website with it now receiving 3,000 unique visitors per month. An increase of 1,000 per month in the past year. Our newsletter is shared with a database of 9,000 individuals.

The following reviews Africa Centre events developed either independently or through collaboration with new and existing partners. Digital delivery was key due to COVID-19 but where restrictions allowed, we engaged in physical events with our community.

Sustainable Entrepreneurship in Africa

Developed in partnership with Learning Connected this online seminar series looked at sustainable entrepreneurship in Africa. It explored the development challenges, considered practical solutions and case studies as well as discussing emerging trends and opportunities through interactive presentations and discussions. These conversations included eighteen leading entrepreneurs across 12 African countries. (April 2021)

Surveying the African Culinary Landscape in the UK

Held over three online sessions, these events looked at today’s African and diasporic culinary landscapes and featured panel discussions, cooking demonstrations and cultural performance from a board line-up of guests and speakers. This was one of The Africa Centre’s first events with food and beverage operator Tatale and their founder, Akwasi Brenya-Mensa and featured guests such as Lorraine Copes, Julian George and Matthew Bridgeman. Over these sessions we interacted with an audience of 148 individual attendees. (May 2021)

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Achievements and performance (continued)

New Africa: Leaders of the New School

To celebrate Africa Day in 2021 the Centre held an event to consider topics that are important to today’s generation, such as how do we leverage digital and fintech to solve African problems, what role can the Union continue to play and what do more recent institutions such as the African Continental Free Trade Area (AfCFTA) have to offer. This conversation was led by Eddie Kandi (May 2021)

Heritage Culture and Idenity in Early Learning

With 119 online attendees this event traced the history of Black communities' efforts to support children through supplementary/Saturday schools. We heard from individuals and groups that have created their own platforms to ensure that Black children have access to accurate, relatable and fun educational resources. This event also considered how The Africa Centre can provide additional support to children’s education. Speakers included Louisa Olafuyi, Patrick Adom, Lesley Ohenedjan and Robin Walker. (June 2021)

Unbury our Dead with Song

Unbury our Dead With Song is a novel about four talented Ethiopian musicians – The Diva, The Corporal, the Taliban Man, and Miriam, who are competing to see who can sing the best Tizita (popularly referred to as Ethiopian blues). This was a virtual conversation with award-winning Kenyan writer, Mükoma Wa Ngügï plus a live performance of live Ethiopian Tizita music. The event was developed in partnership with Cassava Republic and was hosted by Desta Haile. British-Eritrean writer, educator, and vocalist. Desta Haile is the Deputy Director of the Royal African Society. (October 2021)

Africa Centre Markets

After more than a year of COVID restrictions these were one of the first physical events held at The Africa Centre, all with visitor safety in mind. Created with Open The Gate the market welcomed a range of vendors to the site and the opportunity to connect with Centre audiences. The Centre has a long history of providing a platform to small business and as well as providing a physical space for them this event was also supported through a virtual market via Instagram. (July and December 2021)

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Achievements and performance (continued)

Is Pan-Africanism Dead?

This discussion sought to unpack the state of the Pan-African movement in 2021 and beyond, specifically from a diaspora perspective. Are the founding principles still relevant to the current generation, does it need to be redefined and who are the leaders of the new school? The aim was to explore key actions that are necessary to ensure that not only does Pan-Africanism live on, but that it also continues to serve a meaningful purpose. Speakers included Nigel Stewart from Centre of Pan-African Thought and Farai Muvuti from The Southern African Times

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Financial Review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Financial overview

Income

This year The Africa Centre saw its income end at £1,321,375 an increase of on the previous year’s income figure of £667,663 (2021) and both restricted and unrestricted income was received:

Restricted Income - £ 1,160,405

Unrestricted Income - £ 160,970

The restricted grant income received from the GLA is a capital grant towards the refurbishment and development of Great Suffolk Street and will be held and released into unrestricted funds in line with the funding agreement. The total received from the GLA was £ 992,867 and is seen as the principal reason for the increase in income in these financial statements. Expenditure related to the GLA funding received has been capitalised in line with The Africa Centre’s fixed asset policy.

The Africa Centre was also able to apply for support from Southwark Council, receiving £4,357 in business support grants in response to the impact of COVID-19 on the charity’s ability to generate income.

As in the previous year 2021, unrestricted income was investments, so return from rentals and investments, £141,620 against £105,490 in 2021.

Expenditure

This year The Africa Centre expended £ 716,178 and increase of 14% against the previous year’s expenditure of £630,252 (2021). This increase was largely due to expenditure related to maintaining engagement between the charity and its audience and raising its profile through innovative and engaging digital events and an increased presence on site.

The charity has made efforts to reduce operational expenditure in response to COVID-19 and the Centre board made a decision to lease Arch 29 to reduce rent liability and create the best opportunities for return on any property held. Working with a local agent, who was familiar with the local rental markets the charity was able to secure a tenant for a period of 3.5 years and they were in place from January 2022. The charity was also able, after negotiations with its landlord to reduce the proposed rent increase and introduce a break clause to its lease agreement where none existed. This gives the charity the option to move out of the property after a period of ten years.

Investment performance saw reduced gain compared to the previous year of £64,975 against £417,298 in 2021.

The total funds carried forward at the end of the financial year are £ 9,407,488 (2021: £8,737,316) with unrestricted funds at £ 1,593,189 (2021: £2,109,572).

The Centre’s current home, Gunpowder House, has not been revalued since acquisition and the property market has continued to grow, especially in this part of London. The Africa Centre retains freehold ownership of our original home, 38 King Street. The Centre granted a 125-year lease which, under the agreement, produces an income of 5% of the rental value.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Financial Review (continued)

c. Reserves policy

The Trustees have reviewed the charity’s needs for reserves in line with guidance issued by the Charity Commission and aim to maintain the free reserves in unrestricted funds at a level equating to approximately six months of unrestricted charitable expenditure. It considers that this level of reserves is needed to meet the working capital requirements of the charity. This policy will be reviewed yearly to ascertain whether the reserves set aside will meet the prevailing conditions.

d. Material investments policy

The Centre is permitted by its Memorandum and Articles of Association to make investments, so its fixed asset investments with Citibank will be reviewed regularly to assess their performance. The Trustees’ investment policy is to keep market risk to a minimum but also achieve at least £50,000 of income per annum and grow the underlying capital fund (minus operational funds) for the long-term future of the Africa Centre. The Trustees believe that the performance of the investments is in line with the objectives.

e. Principal risks and uncertainties

The Trustees take an active role in assessing the risks associated with the operations of the charity together with financial risks associated with the running of the charity and investments made. Action is taken to minimise risks with appropriate training of staff members and internal policies and procedures.

The redevelopment of 66 Great Suffolk Street has been identified as a risk to the charity. The risk is twofold; ensuring that the work is complete within programme deadlines and ensuring that charity reserves are at a level to fund any additional finance requirements. This risk has been managed through the appointment of a qualified project manager and team of experienced consultants and contractors to deliver the project. Internal monitoring and financial management systems will ensure that the trustees have full oversight of the redevelopment work and can mitigate risk. After extensive operational and financial risk analysis, has continued with the decision to split the development of Gunpowder House into two phases. This decision was made in partnership with the Greater London Authority Good Growth Fund, and it was agreed that the £1.6m grant towards the development is to be used towards the first phase of development (basement, ground, 1[st] and 2[nd] floors). However, since 2020, The Africa Centre has seen the opportunity to bring the third floor into use as an events and programmes space and this will be a light refurbishment included in phase 1, with full development to be carried out once funding has been identified.

The charity continues to develop the business planning document for the development demonstrating awareness of the need for operational planning and financial modelling. This has been done with the view of creating long term financial self-sustainability for the charity. This exercise has also included bringing through an external fundraising consultancy to reduce the risk to the charity’s fundraising capability.

The Trustees continue to hold the view that maintaining the profile of The Africa Centre in the wider community is vital to widening the stakeholder group and audience ahead of the opening of the new building.

f. Fundraising at The Africa Centre

Grants

In this year, the charity was fortunate to receive grant support from the following organisations:

The Cockayne Foundation has awarded the charity £50,000 towards the refurbishment of its Gallery space and the development of its art programme, specifically in relation to the support of young and emerging artists. £25,000 was received in this reporting period and was invested into the capital project and the Gallery space.
The African Arts Trust awarded the charity £5,000 towards its Malangatana restoration and installation project, including the opening programme events.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Financial Review (continued)

We received £137,000 from Arts Council England to support the operations of the charity and the development and delivery of programmed activities. This support was vital in enabling us to continue to connect with our audiences during COVID recovery.
We received £1,000 from the Arnold Clark Community Fund to support core operational costs.
Southwark Council supported the charity with a final COVID relief payment in March 2022 of £4,357.
£5,100 was received from Rockefeller for the development of a project with Africa No Filter, “New Narratives in Afrobeats”.

In December 2018, The Africa Centre was awarded £1.6m by the London Mayor’s office Good Growth Fund and the development work started in June 2019. In this year, The Africa Centre recognised £ 991,442 from the Great London Authority which is recorded as restricted income and will be transferred into unrestricted funds in line with the funding agreement.

In an increasingly challenging funding landscape, the Centre is incredibly grateful for this support received, it demonstrates faith in our ability to deliver on our aims and objective and to continue to be a welcoming “home from home” or its community.

Donations

This year The Africa Centre saw an increase in donations to the charity, with a total of £12,500 from business and individual donations.

In October we were able to deliver an Experience in Hospitality programme due to the support of Goldman Sachs and Baxter Storey.

We are extremely grateful to all individuals who choose to donate their money to The Africa Centre and its work.

Other fundraising activities

Unlike the previous reporting period, The Africa Centre was able to hold both a Summer and Christmas market where we invited community into our space to support small business an entrepreneurship. This brought in a small amount of income to the charity, £2,000, but more importantly gave us the opportunity to engage with audiences more closely and speak to them about our funding requirements moving forward.

The Africa Centre has also joined fundraising platform Benevity, a match funding programme for employers and their employees and this will sit alongside other donation opportunities such as through the Africa Centre website and other platforms such as Just Giving. Amazon Smile and Easyfundraising.

Development

As highlighted earlier in this report in January 2021 we appointed a fundraising consultant, Philanthropy Company, who in partnership with The Africa Centre developed the following during this year:

A feasibility study to understand the current strengths and weaknesses of The Africa Centre’s fundraising capabilities.
A full strategy report for the charity, highlighting priority areas and plans for achieving these
A suite of Case for Support documents which supported the refinement of our messaging to a range of audiences from individuals to larger corporations.
High value funding proposals, where we have been invited to apply in second stage applications in the current financial year

This work is underpinned by an Income Generation Group consisting of trustees, senior management, staff and invited guests, exploring initiatives to create a self-sustainable future for the charity and in turn create innovative programmes for the community. Charitable aims and objectives are balanced with opportunities to introduce fundraising and income

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Financial Review (continued)

generating opportunities, never losing sight of core objectives and commitment to our audience.

Structure, governance and management

a. Constitution

Africa Centre Limited is registered as a charitable company limited by guarantee and was set up by a Trust deed on 21 February 1961 and has a registered charity number 313510. It articles were last updated and approved by the Board in September 2020.

The principal object of the company is to promote education in matters about Africa and African affairs in the UK.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. Changes during the year are indicated by the appointment or resignation dates on page 1.

c. Organisational structure and decision-making policies

The Africa Centre has Articles of association which state that unless otherwise determined by a general meeting there shall be at least seven and not more than twenty-five Trustees. there must be at least seven but not more than 25 Trustees. These new articles have also established two categories of Trustees: Ordinary Trustees and Friend Trustees.

The Annual Trustees Meeting shall be the annual the meeting of the Trustees at which the accounts of the Company are adopted. At any Board Meeting except for an Annual Trustees Meeting, the Board may co-opt a person to serve as an Ordinary Trustee, in which case such person shall serve as a Trustee until the next Annual Trustees Meeting, at which meeting such Trustee shall retire and may be eligible for appointment

To create an increasingly open and transparent organisation there are two categories of Friend Trustees: Corporate Friend Trustees and Individual Friend Trustees. Individual Friend Trustees shall be of two types: Ordinary Friend Trustees and Young Friend Trustees. The Board shall determine the number of Corporate Friend Trustee vacancies and Individual Friend Trustee vacancies to be filled at any Annual Friends Meeting.

The Trustees are also the Directors for the purposes of company law and are shown on page one. This also shows any appointments and resignations during the year.

The Africa Centre has also formed committees and working groups to further the aims and objectives of the charity. Committee groups include trustees, staff and volunteers.

Finance & Operations Committee

Responsible for reviewing finance & operations review, including budget planning and requests for major project spend and additional spends for recommendation to the board.

Building Committee

Responsible for the overseeing the redevelopment of Gunpowder House and other Africa Centre sites; working closely with chosen contractors and making recommendations to the finance committee and board on developments.

Outreach & Programming Committee

Responsible for the oversight and development of Africa Centre programme and activities including the development of collaborative partnerships.

Trustee Appointments Committee

Responsible for selecting and nominating new trustees from the advertising process in line with the recruitment process. This committee consists of no less than 3 but no more than five trustees.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Structure, governance and management (continued)

Arts Committee

Responsible for the oversight and development of the Africa Centre’s arts programme and activities including the development of collaborative partnerships with galleries, artists and curators.

Governance Committee

The role of this committee is to oversee the development of robust policy for the charity including oversight of processes such as the development of and subsequent approval of risk register and business continuity planning.

d. Policies adopted for the induction and training of Trustees

The Africa Centre runs open recruitment processes for trustees which includes advertising widely for any roles which are accompanied by full role descriptions which include a clear description of trustee responsibilities. The recruitment process includes an open event where interested parties are invited to meet and talk with existing trustees and learn more about the charity and its work.

Once a trustee is on board, they are provided with an induction pack which again refers to roles and responsibilities of trustees but also an outline of what they can be involved in from events/ programme to committee groups. It is expected that Trustees will be involved in at least one committee outside the board.

There is an annual appraisal process for Trustees where they complete a review form reflecting on their activity over the past year. This process is completed by a meeting with a Trustee and member of the Senior Management Team and 1-1 conversation with the Chair. The purpose of this meeting is to identify key tasks for the year ahead but also to identify Trustee development requirements across the organisation which can then be addressed through relevant training opportunities.

e. Future plans

The main drive for the next year will be the completion of and successful delivery of its new site in Southwark. The building in Great Suffolk Street has an opening date of June 2022. The charity plans to hold a series of events during an opening weekend which will include:

An opening celebration day inviting supporters and community to the formal opening of the new site
A weekend of public programming including art and music workshops, pan-African cuisine and live performances.
A celebration of Malangatana’s Mural including an appearance
The opening on of our first exhibition at the new Africa Centre featuring emerging artist Sungi Mlengeya, working in partnership with her Gallery representative Afriart.
A market featuring independent businesses and supporting new ideas and innovation.

Following on from this initial celebration the Charity will then be open to the public 6 days/ week and will develop and deliver a range of programmed activity which will include:

A series of exhibitions in our new Gallery space:
School of African Studies (SOAS) and an exhibition featuring poster from the Mozambique Revolution, https://alutacontinua.art/
English Heritage and an exhibition featuring the six paintings from their “Painting our Past” project. https://www.english-heritage.org.uk/learn/painting-our-past/
Supporting early career Curators by sourcing funding to deliver projects. In November 2022, an exhibition will be delivered, curated by Haja Fanta featuring four emerging artists, Antoinette Oni, Chioma Inca, Mihayo Kallaye and Ngadi Smart. Funded by the Cockayne’s Foundation grant towards a young artist programme.
Development of a programme of activities across a range of interest areas:

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Structure, governance and management (continued)

Continuing with our Education in Culture where Activities will include interactive music, dance, art, and drama workshops delivered via our network of partners who specialise in both traditional and contemporary forms of cultural expression.
Music Masterclass series in partnership with Femme Africa which will feature educational and networking events for women working in or looking to work in the music industry
Africa Lecture Series A lecture series which provokes critical thought about some of Africa’s most pressing and impactful issues with an emphasis on African solutions for African problems, maintaining agency and disrupting false narratives about the continent. The series will seek to bring together some of the most audacious and thought-provoking practitioners, doers, thinkers and learning in areas of importance (and even ignorance) with the aim of educating, provoking and enlightening ourselves
Community Outreach where we will launch with mornings for different groups in the community, offering opportunity for social interaction and learning.
ICONS of The Africa Centre, a programme to celebrate individuals who have been instrumental in the Centre’s rich 60-year history. This will include people such as Malangatana who created the mural in King Street that will live in our new Southwark home and Jazzie B and the celebrations of his legendary Friday Night 80’s sessions.
Working closely with Food and Beverage partner Tatale, www.tataleandco.com to ensure not only the success of the restaurant but to deliver cultural programming.

Whilst the charity is fortunate to have unrestricted reserves it does not take the view that these can or should be used to sustain the charity’s operations on a long-term basis. Building and implementing a robust fundraising strategy and robust business models for future periods will be key to ensuring future self-sustainability. This process has commenced with the creation of a 3-year forecast for the charity which considers its activities and operations from the point of view of individual activity areas.

The Africa Centre is fortunate to have spaces that can be used for trading purposes in the form of external hires. As the country moves out of restrictions The Africa Centre will again be pro-active in sharing the availability of these spaces with the aim of raising additional income for the charity and its charitable activities.

In this next year, the Centre also plans to reopen its co-workspace and is building partnerships with organisations such as Trampoline CIC to deliver not only a space but also support to anyone consider or actively starting a new small business.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company 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 law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditors

The auditors, Hillier Hopkins LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Professor Oba Nsugbe KC, SAN

Date: 21[st] December 2022

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Independent Auditors' Report to The Members Of Africa Centre Limited

Opinion

We have audited the financial statements of Africa Centre Limited (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Independent Auditors' Report to The Members Of Africa Centre Limited (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the nature of the industry and sector, control environment and performance including the remuneration incentives and pressures of key management;
the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Independent Auditors' Report to The Members Of Africa Centre Limited (continued)

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, the Charities Act 2011 and relevant tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Hillier Hopkins LLP

Chartered Accountants Statutory Auditor Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP

Date:

Hillier Hopkins LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Statement Of Financial Activities (Incorporating Income and Expenditure Account) For The Year Ended 31 March 2022

Designated funds 2022 £ - - - - -	Restricted funds 2022 £ 1,160,405 - - - -	Unrestricted funds 2022 £ 17,358 - 1,992 141,620 -	Total funds 2022 £ 1,177,763 - 1,992 141,620 -	Total funds 2021 £ 543,480 1,000 55 105,491 17,637
-	1,160,405	160,970	1,321,375	667,663
- 6,312	- 167,538	32,680 509,648	32,680 683,498	36,621 593,631
6,312	167,538	542,328	716,178	630,252
(6,312) -	992,867 -	(381,358) 64,975	605,197 64,975	37,411 417,298
(6,312) 200,000	992,867 -	(316,383) (200,000)	670,172 -	454,709 -
193,688	992,867	(516,383)	670,172	454,709
4,296,361 193,688	2,331,383 992,867	2,109,572 (516,383)	8,737,316 670,172	8,282,607 454,709
4,490,049	3,324,250	1,593,189	9,407,488	8,737,316

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 28 to 46 form part of these financial statements.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Balance Sheet

As At 31 March 2022

192,873 310,418	2022 £ 7,155,514 7,500 1,751,964 340,000	445,034 316,566	2021 £ 5,222,912 7,500 2,817,023 340,000
	9,254,978 152,510		8,387,435 349,881
503,291 (350,781)		761,600 (411,719)

	9,407,488		8,737,316
	9,407,488		8,737,316
	4,490,049 3,324,250 1,593,189		4,296,361 2,331,383 2,109,572
	9,407,488		8,737,316

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Professor Oba Nsugbe KC, SAN

Date: 21[st] December 2022

The notes on pages 28 to 46 form part of these financial statements.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Statement Of Cash Flows For The Year Ended 31 March 2022

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 28 to 46 form part of these financial statements	2022 £ 832,649	2021 £ (2,831)
	(1,938,915) 1,334,896 (234,778)	(382,410) 566,825 (37,406)
	(838,797)	147,009
	(6,148) 316,566	144,178 172,388
	310,418	316,566

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

1. General information

The Africa Centre is limited by guarantee and is registered in England and Wales. The registered office is disclosed on the information page. The principal activity of the charity is that of promoting and educating on African arts, culture and innovation.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued in October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Africa Centre Limited 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.

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.3 Expenditure

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

2. Accounting policies (continued)

2.5 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of financial activities.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

Fixtures and fittings - 10% straight line Computer equipment - 20% straight line

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

2. Accounting policies (continued)

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.11 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight-line basis over the lease term.

2.13 Pensions

The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements

For The Year Ended 31 March 2022

3. Income from donations and legacies

Donations Grants Similar Incoming Resources Total 2021	Restricted Funds 2022 £ Unrestricted Funds 2022 £ Total Funds 2022 £ Total Funds 2021 £ 12,564 12,564 54,892 1,160,405 - 1,160,405 488,242 4,794 4,794 346
	1,160,405 17,358 1,177,763 543,480
	538,242 5,238 543,480

4. Income from charitable activities

Unrestricted funds 2022 £ -	Total funds 2022 £ -	Total funds 2021 £ 1,000
		Total funds 2021 £ 51,837 53,654
1,000	1,000
Unrestricted funds 2022 £ 90,156 51,464	Total funds 2022 £ 90,156 51,464
141,620	141,620	105,491

105,491	105,491

5. Investment income

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

6. Other incoming resources

Coronavirus Job Retention Scheme Total 2021 7. Investment management costs Investment management fees Total 2021 8. Analysis of expenditure on charitable activities Summary by fund type Designated funds 2022 Restricted funds 2022 £ £ Promoting and Educating on African arts, culture and innovation 6,312 167,538 Total 2021 6,445 51,000	Coronavirus Job Retention Scheme Total 2021 7. Investment management costs Investment management fees Total 2021 8. Analysis of expenditure on charitable activities Summary by fund type Designated funds 2022 Restricted funds 2022 £ £ Promoting and Educating on African arts, culture and innovation 6,312 167,538 Total 2021 6,445 51,000	Unrestricted funds 2022 £ -	Total funds 2022 £ -	Total funds 2021 £ 17,637 Total funds 2021 £ 36,621

		17,637	17,637
		Unrestricted funds 2022 £ 32,680	Total funds 2022 £ 32,680
				Total 2021 £ 593,631
		36,621	36,621
		Unrestricted funds 2022 £ 509,648	Total 2022 £ 683,498

6,445	51,000	536,186	593,631

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To The Financial Statements

For The Year Ended 31 March 2022

9. Analysis of expenditure by activities

Activities undertaken directly 2022 £ 88,459	Support costs 2022 £ 595,039	Total funds 2022 £ 683,498

35,164	558,467	593,631
Total 2021	Promoting and Educating on African arts, culture and innovation 2022 £ 56,367 16,826 15,266	Total funds 2022 £ 56,367 16,826 15,266
	88,459	88,459

	35,164	35,164

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Promoting and Educating on African arts, culture and innovation 2022 £ 188,346 6,312 6,884 13,993 41,010 201 13,192 21,757 8,505 18,118 213,117 44,630 1,226 1,428 152 15,594 574	Total funds 2022 £ 188,346 6,312 6,884 13,993 41,010 201 13,192 21,757 8,505 18,118 213,117 44,630 1,226 1,428 152 15,594 574	Total funds 2021 £ 260,782 6,445 3,640 7,335 30,340 223 3,633 16,188 21,377 39,136 140,860 8,683 2,349 5,446 - 11,647 383
595,039	595,039	558,467

558,467	558,467

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

10. Auditors' remuneration

- The auditors' remuneration amounts to an auditor fee of £7,250 (2021 £7,000) , and book-keeping payroll and other services of £3,760 ( 2021 - £1,310 ).

11. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2022 £ 171,105 14,355 2,886	2021 £ 234,730 21,461 4,591
	188,346	260,782

The average number of persons employed by the Company during the year was as follows:

Employees	2022 No. 5	2021 No. 5

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

	2022	2021
	No.	No.
In the band £70,001 - £80,000	-	1
During the year key management personnel received a total of £45,558 (2021 : £82,000).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL-) .

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL) .

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

13. Tangible fixed assets

Freehold property £ 5,148,040 1,933,674	Long-term leasehold property £ 81,094 -	Fixtures and fittings £ 106,007 5,241	Total £ 5,335,141 1,938,915
7,081,714	81,094	111,248	7,274,056
- -	15,676 3,213	96,553 3,100	112,229 6,313
-	18,889	99,653	118,542
7,081,714	62,205	11,595	7,155,514
5,148,040	65,418	9,454	5,222,912

The freehold property is currently undergoing refurbishment and depreciation will be provided when it is complete.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

14. Investment property

	Freehold
	investment
	property
	£
Valuation
At 1 April 2021	340,000
At 31 March 2022	340,000
The 2022 valuations were made by trustees, on	an open market value for existing use basis.

The Africa Centre retains freehold ownership of 38 King Street, having granted a 125-year lease which under the agreement produces an income of 5% of rental value.

15. Heritage assets

Assets recognised at cost

Carrying value at 1 April 2021	Heritage asset 2022 £ 7,500 7,500

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

16. Fixed asset investments

Cost or valuation At 1 April 2021 Additions Disposals Revaluations At 31 March 2022 17. Debtors Due within one year Trade debtors Other debtors Prepayments and accrued income	2022 £ 1,376 104,818 86,679	Listed investments £ 2,817,023 234,778 (1,191,551) (108,286)
		1,751,964
		2021 £ 292,436 74,902 77,696 445,034
	192,873

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements

For The Year Ended 31 March 2022

18. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income	2022 £ 199,642 7,249 8,951 134,939	2021 £ 171,402 6,496 - 233,821
	350,781	411,719

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements

For The Year Ended 31 March 2022

19. Statement of funds

Statement of funds - current year

Balance at 1 April 2021 £ 2,109,572	Income £ 160,970	Expenditure £ (542,328)	Transfers in/out £ (200,000)	Gains/ (Losses) £ 64,975	Balance at 31 March 2022 £ 1,593,189
2,109,572	160,970	(542,328)	(200,000)	64,975	1,593,189
2,996,361 1,300,000	- -	(6,312) -	- 200,000	- -	2,990,049 1,500,000
4,296,361	-	(6,312)	200,000	-	4,490,049
1,654,250 10,000 10,000 607,133 50,000 - -	- - - 992,867 - 131,823 4,357	- - - - - (131,823) (4,357)	- - - - - - -	- - - - - - -	1,654,250 10,000 10,000 1,600,000 50,000 - -

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

19. Statement of Funds (continued)

Statement of funds – current year (continued)

Arnold Clark Community Fund Cockayne - Young African Artists Other restricted funds	Balance at Income Expenditure Transfers 1 April 2021 In/out £ £ £ £ - 1,000 (1,000) - - 25,000 (25,000) - - 5,358 (5,358) - 2,331,383 1,160,405 (167,538) -	Balance at Income Expenditure Transfers 1 April 2021 In/out £ £ £ £ - 1,000 (1,000) - - 25,000 (25,000) - - 5,358 (5,358) - 2,331,383 1,160,405 (167,538) -	Balance at Income Expenditure Transfers 1 April 2021 In/out £ £ £ £ - 1,000 (1,000) - - 25,000 (25,000) - - 5,358 (5,358) - 2,331,383 1,160,405 (167,538) -	Balance at Income Expenditure Transfers 1 April 2021 In/out £ £ £ £ - 1,000 (1,000) - - 25,000 (25,000) - - 5,358 (5,358) - 2,331,383 1,160,405 (167,538) -	Gains/ (Losses) £ - - -	Balance 31 March 22 £ - - - 3,324,250
	2,331,383	1,160,405	(167,538)	-	-

Designated Funds

The Fixed Asset Fund represents the net amount of the tangible fixed assets, after taking into account the restricted funds. The designated funds also represent the funds The Africa Centre have designated to be invested into the development of its new site in Southwark.

The Capital project fund represents the commitment that The Africa Centre is making to the capital project.

Restricted Funds

The Property fund was originally a grant from the Arts Council of England to carry out the essential refurbishment of the building of the Centre at King Street to allow a programme of cultural and artistic events to occur in the premises. The Arts Council later agreed to its use for the finance of the purchase of Gunpowder House.

The Morel Trust fund is an interest free loan. It was repayable when the Centre ceases to own and operate from 38 King Street, London, WC2E 8JT; it is now held over Gunpowder House.

The Development Fund was received from the Botswana Government and is to help with the capital redevelopment of the Centre.

The Greater London Authority fund is part of a £1.6m grant from the London Mayor’s office Good Growth Fund to help transform its four-storey building known as Gunpowder House, into a new home for The Africa Centre. The development work started in June 2019 and was completed in June 2022.

The Education and Learning Centre grant represents funds in respect of the refurbishment at Gunpowder House.

The Arts Council Emergency Response Fund is a grant in response to the Coronavirus pandemic.

The Southwark Covid-19 Business Hardship Fund is a grant in response to the Coronavirus pandemic.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

19. Statement of Funds (continued)

Statement of funds - prior year

Balance at 1 April 2020 £ 3,435,660	Income £ 129,421	Expenditure £ (572,807)	Transfers in/out £ (1,300,000)	Gains/ (Losses) £ 417,298	Balance at 31 March 2021 £ 2,109,572
3,002,806 -	- -	(6,445) -	- 1,300,000	- -	2,996,361 1,300,000
3,002,806	-	(6,445)	1,300,000	-	4,296,361
1,654,250 10,000 10,000 169,891 - - -	- - - 437,242 50,000 35,000 16,000	- - - - - (35,000) (16,000)	- - - - - - -	- - - - - - -	1,654,250 10,000 10,000 607,133 50,000 - -
1,844,141	538,242	(51,000)	-	-	2,331,383

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

20. Summary of Funds

Summary of funds - current year

Balance at 1 April 2021 £ 2,109,572 4,296,361 2,331,383	Income £ 160,970 - 1,160,405	Expenditure £ (542,328) (6,312) (167,538)	Transfers in/out £ (200,000) 200,000 -	Gains/ (Losses) £ 64,975 - -	Balance at 31 March 2022 £ 1,593,189 4,490,049 3,324,250
8,737,316	1,321,375	(716,178)	-	64,975	9,407,488
	Income £ 129,421 - 538,242	Expenditure £ (572,807) (6,445) (51,000)	Transfers in/out £ (1,300,000) 1,300,000 -	Gains/ (Losses) £ 417,298 - -	Balance at 31 March 2021 £ 2,109,572 4,296,361 2,331,383
8,282,607	667,663	(630,252)	-	417,298	8,737,316

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Designated funds 2022 £ 3,831,264 658,785 - - - -	Restricted funds 2022 £ 3,324,250 - - - - -	Unrestricted funds 2022 £ - 1,093,179 340,000 7,500 503,291 (350,781)	Total funds 2022 £ 7,155,514 1,751,964 340,000 7,500 503,291 (350,781)
4,490,049	3,324,250	1,593,189	9,407,488
	Restricted funds 2021 £ 2,281,383 - - - 50,000 -	Unrestricted funds 2021 £ - 1,517,023 340,000 7,500 656,768 (411,719)	Total funds 2021 £ 5,222,912 2,817,023 340,000 7,500 761,600 (411,719)
4,296,361	2,331,383	2,109,572	8,737,316

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Losses on investments Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities 23. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 24. Analysis of changes in net debt		2022 £ 670,172		2021 £ 454,709
		6,313 (64,975) 282,077 (60,938)		6,445 (417,298) (315,268) 268,581
		832,649		(2,831)
		2022 £ 310,418		2021 £ 316,566 316,566
		310,418

Cash at bank and in hand	At 1 April 2021 £ 316,566	Cash flows £ (6,148)	At 31 March 2022 £ 310,418 310,418
	316,566	(6,148)

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

Notes To the Financial Statements For The Year Ended 31 March 2022

25. Capital commitments

Contracted for but not provided in these financial statements Acquisition of tangible fixed assets	2022 £ 961,852	2021 £ -

26. Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,886 (2021: £4,591).

27. Operating lease commitments

At 31 March 2022 the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years Operating lease rentals Changes in lease payments arising from COVID-19 related rent concessions	2022 2021 £ £ 173,316 71,890 612,541 -	2022 2021 £ £ 173,316 71,890 612,541 -
	785,857 71,890
	2022 £ 160,426 -	2021 £ 95,853 47,927

28. Controlling party

The trustees believe that there is no ultimate controlling party.

Trustee Report and Financial Statements – Year Ending 31[st] March 2022

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2022-03-31-accounts

Trustee Report and Financial Statements Trustee Report and Financial Statements – Year Ending 31[st] March 2022

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees

Company registered number

Charity registered number

Registered office

Company secretary

Independent auditors

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

Objectives and activities

a. Objectives

Objectives and activities (continued)

b. Strategies for achieving objectives

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

i) DEVELOPMENT AND BUILDING A SUSTAINABLE FUTURE

ii) CAPITAL PROJECT – GUNPOWDER HOUSE

Objectives and activities (continued)

 Ground floor – restaurant and welcome space

 First floor – Lounge Bar & Events Space

 Second floor – Gallery and Events space

 Third floor – Events space

Objectives and activities (continued)

Objectives and activities (continued)

i) PARTNERSHIP DEVELOPMENT

The Africa Concert Series

Goldman Sachs

The Old Vic

University of the Arts London/ London College of Communication

University of Warwick

London Metropolitan Archives

Achievements and performance

Sustainable Entrepreneurship in Africa

Surveying the African Culinary Landscape in the UK

Achievements and performance (continued)

New Africa: Leaders of the New School

Heritage Culture and Idenity in Early Learning

Unbury our Dead with Song

Africa Centre Markets

Achievements and performance (continued)

Is Pan-Africanism Dead?

Financial Review

a. Going concern

b. Financial overview

Income

Restricted Income - £ 1,160,405

Unrestricted Income - £ 160,970

Expenditure

Financial Review (continued)

c. Reserves policy

d. Material investments policy

e. Principal risks and uncertainties

f. Fundraising at The Africa Centre

Grants

Financial Review (continued)

Donations

Other fundraising activities

Development

Financial Review (continued)

Structure, governance and management

a. Constitution

b. Methods of appointment or election of Trustees

c. Organisational structure and decision-making policies

Finance & Operations Committee

Building Committee

Outreach & Programming Committee

Trustee Appointments Committee

Structure, governance and management (continued)

Arts Committee

Governance Committee

d. Policies adopted for the induction and training of Trustees

e. Future plans

Structure, governance and management (continued)

Statement of Trustees' responsibilities

Disclosure of information to auditors

Auditors

Professor Oba Nsugbe KC, SAN

Independent Auditors' Report to The Members Of Africa Centre Limited

Opinion