A 60-year-old heritage charity is considering whether to sell its cultural centre after the building was forced to shut temporarily.
The Africa Centre this week announced that it has been mulling an outright sale of its building in Southwark, south London, alongside alternative options such as shared ownership or sale-and-leaseback.
Trustees have determined that a “fundamental transformation” of the charity’s operating model is required, after a review of its financial position.
This comes after the centre was forced to close last week due to circumstances the charity said were beyond its control.
In its most recent accounts for the year to March 2025, filed 59 days late, the Africa Centre stated that it had not met income projections, which put short-term liquidity under pressure.
“At the balance sheet date, the charity had current liabilities that exceeded its available unrestricted cash resources,” the charity added.
In regard to its current challenges, the Africa Centre said on Tuesday that the “significant” cost of maintaining a large cultural building was a key problem.
The charity stated that some of the centre’s income has been spent on building maintenance rather than investing in people, programmes and public impact.
It also cited rising operating costs, declining unrestricted income, and inflation as other drains on its ability to sustainably function.
Total expenditure in 2024-25 of £1.19m was almost double the charity’s income of £643,000, while it reported having £8.86m of own-use assets.
The charity – created to foster relations between an independent Africa and Britain – opened in a former tomato warehouse in King Street, Covent Garden in 1964, before moving to Southwark in June 2022.
Fresh income sources sought
Oba Nsugbe, the Africa Centre chair, said its plans came amid “financial struggles” and that trustees would continue to engage with members, supporters, partners and stakeholders as plans develop.
Nsugbe’s charity announced a national campaign seeking financial support of between £50,000 and £2.5m to keep the centre going.
“We invite individuals, businesses, philanthropists, foundations, and public institutions to stand with us at this pivotal moment,” Nsugbe said.
“Whether you contribute through a donation, a strategic partnership, or by sharing your ideas, you will help secure one of Britain's most important cultural institutions for future generations.”
