Governance The Africa Research Excellence Fund is a UK registered charity (number 1138223-21) and was established by the Medical Research Foundation. The Foundation is the corporate trustee of AREF and two of its trustees serve on AREF's Board. The Foundation is responsible for the governance of AREF, and all of AREF’s finances are managed by the Foundation. Funding strategy and policy, fundraising and assuring progress are the responsibility of AREF. If you would like to know more about the funds that we receive and use, and how we look after our funds, you can do so by reading the Medical Research Foundation’s trustee reports and financial statements.