2nd June 2011

The Trustees (also known as the Council of Management), as the properly constituted body of the Africa Centre, have collectively taken the decision to sell a 125 year lease for 38 King Street. The Africa Centre is proposing to sell the leasehold only. The Charity will continue to own the freehold and will continue to derive an income from the building.
 
This decision was not taken lightly but followed exhaustive reflection and almost a aecade of searching for a solution to the Charity's long-term financing needs. The combination of uncertain revenues and the cost of maintaining the fabric of the Grade II listed building, which was no longer fit for purpose, led the Trustees to the unavoidable conclusion that without a major capital injection, the charity itself may need to cease its operations within two years.
 
During all negotiations, the Trustees have taken advice from legal and property experts specialising in Charities Law, in order to ensure full compliance with the relevant laws and regulations.
 
The Trustees of the Africa Centre have called an Extraordinary General Meeting (EGM) of the Members (open only to Members of the Association) for 20th June. This meeting will be used to inform Members of the details of the agreement and also to discuss the opportunities now open to the Charity to, effectively, relaunch itself as an organisation relevant to the 21st Century and reflecting the best in contemporary Africa. The Trustees have no requirement for members to ratify or approve their decision to sign the agreement.
 
With the prospect of our finances being placed on a secure footing, we will be reaching out to the supporters of the Africa Centre and a new generation of potential supporters. Plans underway include the search for a new home in Central London, major new programmes that reflect the best of 21st Century Africa - from arts and culture to business and politics as well as a much stronger online community. This will be made possible by a new endowment fund using the proceeds from the sale of the lease.
 
Trustees recognise the historic importance of 38 King Street and the Africa Centre is planning a number of steps to mark the importance of the building. This will include an Africa Day in Covent Garden each year. Other initiatives will be announced over the coming months.
 
For further information, please email us at: info@africacentre.org.uk

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