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2020-12-31-accounts

ASIA HOUSE

Company Limited by Guarantee

CONSOLIDATED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Company Number 03312073 Charity Number 1072696

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ASIA HOUSE CONSOLIDATED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

CONTENTS Page
Reference and administrative information 2
Trustees’ Report 3-14
Auditors’ Report 15-18
Consolidated Statement of Financial Activities 19
Balance Sheets 20
Cash Flow Statements 21
Notes to the Financial Statements 22-32

1

ASIA HOUSE REFERENCE AND ADMINISTRATIVE INFORMATION

TRUSTEES

Lord Green of Hurstpierpoint - CHAIRMAN Ann Almeida Stephen Ball Matt Cavanagh, Prudential plc Victor Chu, First Eastern Investment Group Sir Sherard Cowper-Coles KCMG LVO, HSBC Martin Dewhurst, McKinsey & Company Albert Ellis Anne Ruth Herkes Gregory Hodkinson, Arup Tanuj Kapilashrami -Appointed 4[th] March 2020 Naina Lal Kidwai Edward Knapp Dr Deborah Swallow, The Courtauld Institute of Art Wendy Wang, HSBC

KEY MANAGEMENT PERSONNEL

Chief Executive Director of Corporate Affairs Head of Operations and Events Communications Manager

Michael Lawrence Charlie Humphreys Philip Woodford-Smith Luke Foddy

CHARITY REGISTRATION NUMBER

1072696

COMPANY REGISTRATION NUMBER 3312073

REGISTERED OFFICE

63 New Cavendish Street London W1G 7LP

INDEPENDENT AUDITORS

Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE

BANKERS

HSBC 89 Buckingham Palace Road London SW1W 0QL

INVESTMENT MANAGERS

RATHBONES 28 St Andrew Square Edinburgh EH2 1AF

SOLICITORS

RadcliffesLeBrasseur 5 Great College Street London SW1P 3SS

2

ASIA HOUSE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees of Asia House present their report and financial statements for the year ended 31 December 2020, which have been prepared in accordance with the Companies Act 2006, in accordance with Charities Act 2011 and Charities SORP (second edition)

CONSTITUTION

The company was incorporated on 29 January 1997 and was registered as a charity with the Charity Commission on 2 December 1998.

On 30 June 2000, Asia House purchased as a going concern all of the undertakings, assets, liabilities and obligations of Asia House Trust, a registered charity which had substantially the same objects as Asia House.

OBJECTS OF THE CHARITY

Asia House was founded to establish and maintain, for the public benefit, an Asia focused institution to further the appreciation and understanding of Asian countries, their cultures, religions and economies and to foster closer communication between the peoples of Europe and Asia through a programme of exhibitions, lectures, conferences and meetings.

TRUSTEES AND GOVERNANCE

The trustees who served during the year are named on page 2. Following the Government’s implementation of the Charities Act 2011, the Trustees are cognisant of their responsibilities in demonstrating public benefit and have regard to the Charity Commission’s guidance in this area.

The Finance, Audit and Risk Committee, on behalf of the Board, reviews the audit and finances of Asia House and maintains an overview of the risk management and governance processes ensuring that the system of internal control is satisfactory.

The Remuneration Committee sets and reviews the policies for remuneration of the CEO and for performance related pay and bonuses.

The Investment Committee oversees and reviews the performance of Asia House’s investment fund.

The Nominations Committee considers trustee nominations and makes recommendations for the composition of the Board of Trustees to a meeting of the Trustees.

Following appointment, new trustees receive an induction briefing from the Chairman and CEO during a visit to Asia House.

PRINCIPAL ACTIVITIES

Asia House achieves its objectives through Cultural and Corporate Programmes.

The Cultural (Arts and Learning) Programme delivers a wide range of activities that highlight the culture, beliefs, political and economic current affairs of the countries of Asia. The pan-Asian nature of the programme is crucial in delivering our objectives and ensuring the expansion and diversity of our audiences.

The Corporate (Business and Policy) Programme is designed to stimulate debate and intellectual leadership on key current issues by bringing together leading Asian politicians and diplomats, businesspeople and decision makers together with CEOs and executives from UK and Asian based companies.

3

ASIA HOUSE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

INVESTMENT POLICY AND PERFORMANCE

The Asia House Investment Fund was established in January 2017 from the proceeds of the sale of the rear of 63 New Cavendish Street and 34 Weymouth Mews with the objective of maximising long-term total return, subject to not exceeding an agreed level of risk.

Asia House can invest those funds without regard to whether the investment return is in the form of capital appreciation or income and with discretion to apply any part of the total investment return as income for spending each year. If the capital value of the portfolio were to fall during the year, the trustees would still have discretion to use funds from the portfolio as they see fit.

The core Asia House investment strategy remains: to manage the portfolio to deliver long-term absolute returns without specific regard to income generation to diversify the portfolio across multiple asset classes. While ethical, social, and environmental considerations are taken into account when investments are made, there are no formal restrictions in place to preclude investment in specific companies, sectors, or countries.

REMUNERATION POLICY

The governing principles of the Charity’s remuneration policy are as follows:

The pay of the senior staff is reviewed annually. The remuneration benchmark is the mid-point of the range paid for similar roles adjusted for a weighting for any additional responsibilities. If recruitment has proven difficult in the recent past, a market addition is also paid.

RISK MANAGEMENT

The trustees have a risk management strategy, which comprises:

This work has identified that financial sustainability is the major financial risk for both the charity and its subsidiary. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, regular liaison with the bank, and active management of trade debtors and creditors balances to ensure sufficient working capital by the Trust and its subsidiary company. Attention has also been focussed on non-financial risks arising from fire, health and safety of artists and audience, management of performing rights and food hygiene. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place and regular awareness training for staff working in these operational areas.

4

ASIA HOUSE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Systems of internal control, designed to provide reasonable assurance against material misstatement and loss, include:

Trustees review the Charity’s risk register annually. The register identifies the types of risks the charity faces, prioritises them in terms of potential impact and likelihood, and identifies means of mitigating each risk. The day-to-day responsibility for managing the risks is delegated by the Trustees to the Chief Executive and Senior Management.

PRINCIPAL RISK AND UNCERTAINTIES

The impact of COVID-19 has been considered on the charity’s future plans and budgeting processes and the effect of the outbreak had a significant risk into the December 2020 year end.

The Board of Trustees was presented with a revised forecast considering the impact of COVID-19. It showed an expected loss of £540k for year-end 2020. The Board was satisfied with the plans to mitigate the expected losses and £750k funds were drawn from the investment portfolio during the year to relieve any potential cashflow problems.

5

ASIA HOUSE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Business and Policy Programme 2020 Review

Despite the major disruptions during the course of 2020, Asia House was able to continue to inform and educate audiences on key economic and policy developments in Asia. Asia House helped to foster closer relations during a period which saw political tensions rising between some of the world’s major economies very significant economic and social challenges, especially among the developing economies in Asia. Asia House was able to forge critical connections and help promote informed understanding of the key issues faced by Asian countries and societies at a time of international crisis. While Asia House expanded its content covering global cooperation on health and life sciences, it remained focused on its core competency of increasing knowledge of the latest developments in international trade and investment, with an additional focus in 2020 on economic recovery following the devastating impacts of the Covid-19 pandemic.

The biggest challenge that Asia House faced in 2020 in implementing the Business and Policy Programme was navigating the profound impact of the pandemic on our own operations, but also on the external business environment. Despite these challenges, Asia House was able to maintain much of its regular programme of activities. Although Asia House was able to hold one major international conference – in Riyadh, Saudi Arabia – before the pandemic began, most of the international events, were not possible due to the restrictions on international travel. The annual Global Trade Dialogue conference usually held in Singapore was held as a webinar and most of the Asia House events which took place in 2020 were either fully digital – hosted by Asia House but with participants joining remotely via video link, or were delivered via a ‘hybrid’ model, which saw some live discussions joined by a contingent of participants remotely. Moving to digital programming enabled Asia House to reach a wider audience across Europe, Asia and the Middle East. Total audience numbers were, on average, 42 per cent higher per programme than in the previous year.

Beyond the events and publications, Asia House developed the following new initiatives, some of which addressed the issues caused by the pandemic:

Asia House Advisory

Asia House undertook a major project in 2020 to produce a comprehensive report on the Future of Trade for a corporate member based in the Middle East. This 170-page publication was a detailed overview of the key issues likely to impact global trade and investment dynamics over the next decade, including new technologies, geopolitics, shifting economic demand, demographics, the evolution of the multilateral rules-based system, the future of jobs and work and the growth in economic prosperity across Asia.

6

ASIA HOUSE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Asia House completed a number of interviews and focus groups across with business practitioners based in the US, Europe, Africa and Asia – including the Middle East. Along with research conducted by Asia House and econometric data produced by a third party specifically for the project, the findings from these focus groups was incorporated into clear chapters analysing current views from the business and policy community and identifying key challenges and opportunities in related sectors and markets.

Corporate Membership

During the course of 2020, we were able to retain the majority of our corporate members and even recruit additional corporate members, despite the very challenging economic environment in which to secure new sources of revenue. This has helped to underpin the work of Asia House as an institution and further increase our impact by expanding our business and policy network.

Programme Themes

COVID-19: updates from on the ground

Throughout the coronavirus outbreak, government ministers and senior officials across the globe joined Asia House’s platform virtually to provide updates from on the ground on the management of the pandemic and the immediate impact on politics and the economy.

Specific countries:

Global/regional perspectives:

Key countries of interest: political and economic developments

As part of our ongoing efforts to ensure our members receive up-to-date information, Asia House hosted experts, government ministers and senior officials to discuss ongoing political and economic developments in the UK and key markets of interest:

7

ASIA HOUSE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Asia House Middle East Programme

Asia House continued our series of briefings aiming to help organisations better understand the Middle East region and its role in global trade:

8

ASIA HOUSE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Global Trade

Building on the successes of previous Global Trade Dialogue, Asia House produced the first virtual iteration of this event in December. The Dialogue focused on the role of technology in transforming trade and economy in the post-COVID world, as well as recent developments including the election of Joe Biden as US President. It featured leading global figures: leading AI pioneer Dr Kai-Fu Lee, Chief Economist of the WTO Bob Koopman, Dean and Professor of the China Institute for WTO Studies Tu Xinquan, and Google APAC President Scott Beaumont.

Throughout the year, we also brought in former US officials and experts to share insights on US-China relations against the backdrop of the 2020 presidential elections and global pandemic.

Developments and key trends in China

The UK’s trade and investment agenda

Asia House has hosted UK Ministers and senior officials on the future of Global Britain in Asia, including the prospects of various trade deals and joining the CPTPP, as well as the UK’s strategy for increasing FDI and portfolio investment into the UK.

9

ASIA HOUSE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

UK-China relations

Following a rise in tensions over the introduction of the national security law in Hong Kong, the rejection of Huawei by Britain marked a new low in bilateral relations. The establishment of the China Research Group further indicated the shifting attitudes in Britain towards China. Asia House has provided a platform for corporates to hear from key stakeholders on these critical issues, including:

Climate change

Infrastructure

10

ASIA HOUSE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Diversity & inclusion

Other themes

Arts and Learning Programme 2020 Review

Overview

This year saw unprecedented challenges to the Arts and Learning Programme, with the pandemic disrupting the activities planned for 2020. However, the team adapted quickly to the challenge, and transitioned seamlessly to a digital offering that retained audiences and kept our commitments to funders.

Arts in Isolation series (Converging Paths)

The Converging Paths programme, funded by the Barakat Trust, was initially planned as a series of physical events exploring the Islamic World. However, with COVID-19 rendering physical events impossible, we proactively worked with the Barakat Trust to find alternative programming. This resulted in a podcast series (Arts in Isolation) which proved very successful.

Arts in Isolation:

Total downloads: 10,502 Average listens per podcast: 388

This work ensured we were able to retain the Barakat Trust funding of £10,000 originally intended for physical events.

One Voice

Originally planned as an events series exploring the diversity of Asian music, the One Voice project (funded by the Fenton Trust) was also adapted into a digital content offering. The team created a 25 minute film which delves into the themes originally intended for the events. This has been extremely well received, with a second episode in development. We are extremely proud of this piece of work, which adheres to excellent production values and is likely to remain a flagship piece of Asia House Arts and Learning content.

11

ASIA HOUSE TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Episode One:

Total views: 6,144

This work ensured we were able to retain the funding of £5000 from the Fenton Trust.

Literature Festival

Due to the COVID-19 pandemic, the decision was taken not to host a Literature Festival in 2020.

Arts and Learning subscribers

Our email subscriber list has grown to 10,229 subscribers and remains a key marketing tool.

Funding

Despite the challenges of 2020, we were able to secure and retain £20,000 in external funding.

Barak Trust: £10,000 Fenton Arts Trust: £5,000 Al Tajir Trust: £5,000

12

ASIA HOUSE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL REVIEW

In the year to 31 December 2020, Asia House delivered an Operating deficit of £472k before depreciation and investment gains, and deficit of 96k after depreciation and investment gains.

(2019: Operating Surplus of £42k before depreciation and investment gains/losses, and a surplus of £424k after depreciation and investment gains)

Asia House Enterprises Ltd, a wholly owned subsidiary of Asia House continued to trade well.

The concerted effort to recruit a broader base of Corporate Partners continues. The Founding Stakeholders, HSBC, Prudential and Standard Chartered continue to support this effort. During the year, the following new corporate members were recruited:

RESERVES POLICY AND GOING CONCERN

To safeguard the need for sufficient funds to cover on-going management and administration and support costs, the reserve policy set by the Board is to maintain free reserves at a level that equals three months’ operating and charitable expenditure anticipated in 2021.

At 31[st] December 2020 the charity’s free reserve was £493k. This is above the target of £336k required.

ASIA HOUSE ENTERPRISES

Asia House Enterprises Ltd is a trading subsidiary of Asia House, operating the corporate membership programme and commercial letting of the function rooms at 63 New Cavendish Street.

Net income generated by Asia House Enterprises was £20k (£728k in 2019).

FUNDRAISING

Asia House does not actively engage in any significant fundraising as described in guidance from the Charity Commission “Charity fundraising: a guide to trustee duties (CC20)”, and so has not engaged a professional fundraiser or commercial participator to carry out any fundraising activities, and has therefore not subscribed to any fundraising standards or scheme of fundraising regulation. No complaints have been recorded about any fundraising activity and the Charity does not conduct any fundraising behaviour that could be expected to unreasonably intrude or place undue pressure on vulnerable people and other members of the public to give money or other property to the Charity.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees (who are also directors of Asia House 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 required trustees to prepare financial statements for each financial year, which give a true and fair view of the state of the affairs of the charitable company and of its income, and expenditure for that period.

13

ASIA HOUSE

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

AUDITORS

Saffery Champness LLP have indicated their willingness to continue in office and are deemed to be reappointed in accordance with section 487(2) of the Companies Act 2006.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.

By order of the Board of Trustees.

…………………………………

Lord Green of Hurstpierpoint, Chairman

22 June 2021

14

ASIA HOUSE

INDEPENDENT AUDITORS’ CONSOLIDATED REPORT TO THE MEMBERS & TRUSTEES OF ASIA HOUSE

Opinion

We have audited the financial statements of Asia House (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2020 which comprise Consolidated Statement of Financial Activities, Consolidated Summary Income and Expenditure Account, Parent Charitable Company Balance Sheet, the Cash Flow Statements and notes to the financial statements, 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:

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group or the parent 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.

15

ASIA HOUSE

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS &TRUSTEES OF ASIA HOUSE

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 13, the trustees (who are also the directors of the parent 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 the financial statements that are free from material misstatement, whether due to fraud or error.

16

ASIA HOUSE

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS &TRUSTEES OF ASIA HOUSE

In preparing the financial statements, the trustees are responsible for assessing the group and the parent 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 group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sector in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

17

ASIA HOUSE

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS &TRUSTEES OF ASIA HOUSE

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s 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 parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Wills (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP

Chartered Accountants 71 Queen Victoria Street Statutory Auditors London Date: 23 June 2021 EC4V 4BE

Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

18

ASIA HOUSE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
INCOME FROM:
Donations and Legacies
Income from trading
Subsidiary
4
Charitable activities
Other income
Total income
3
EXPENDITURE ON:
Venue Hire &
Business & Policy
Charitable Activities
Total expenditure
5
NET INCOME/(EXPENDITURE)
FOR THE YEAR
Other recognised gains:
Realised (Unrealised) Gain
NET MOVEMENT IN
FUNDS
TOTAL FUNDS BROUGHT
FORWARD
TOTAL FUNDS CARRIED
FORWARD
16		 Unrestricted
Funds
2020
Restricted
Funds
2020
Total
Funds
2020
£’000
£’000
£’000
145
21
166
794
-
794
86
-
86
125
-
125
1,150
21
1,171
1,520
-
1,520
229
21
250
1,749
21
1,770
(599)
-
(599)
503
503
(96)
-
(96)
9,420
10
9,430
9,324
10
9,334		 Unrestricted
Funds
2019
Restricted
Funds
2019
Total
Funds
2019
£’000
£’000
£’000
155
-
155
1,874
-
1,874
61
-
61
166
-
166
2,256
-
2,256
1,909
-
1,909
428
-
428
2,337
-
2,337
(81)
-
(81)
505
505
424
-
424
8,996
10
9,006
9,420
10
9,430

All of the charitable company’s activities are derived from continuing activities.

All recognised gains and losses are included in the Statement of Financial Activities.

The notes on the accompanying pages form a part of these Financial Statements.

19

ASIA HOUSE

BALANCE SHEETS AT 31 DECEMBER 2020

Notes
FIXED ASSETS
Tangible Assets
9
Intangible Assets
10
Investments
11
CURRENT ASSETS
Stock
Debtors
12
Cash at bank and in hand
CREDITORS: amounts falling
due within one year
13
NET CURRENT ASSETS/
(LIABILITIES)
TOTAL ASSETS LESS
CURRENT (LIABILITIES)
CREDITORS: amounts falling
due after more than one year
13
TOTAL NET ASSETS
FUNDS & RESERVES
Unrestricted – General Fund
16
Revaluation Reserve
16
Restricted Fund
15		 Group
2020
2019
£’000
£’000
9,739
9,839
1
4
3,381
3,651
13,121
13,494
1
3
129
303
1,009
348
1,139
654
(646)
(438)
493
216
13,614
13,710
(4,280)
(4,280)
9,334
9,430
3,201
3,297
6,123
6,123
10
10
9,334
9,430		 Charity
2020
2019
£’000
£’000
9,739
9,839
1
4
3,381
3,651
13,121
13,494
-
-
105
40
800
106
905
146
(432)
(658)
473
(512)
13,594
12,982
(4,280)
(4,280)
9,314
8,702
3,181
2,569
6,123
6,123
10
10
9,314
8,702		 Charity
2020
2019
£’000
£’000
9,739
9,839
1
4
3,381
3,651
13,121
13,494
-
-
105
40
800
106
905
146
(432)
(658)
473
(512)
13,594
12,982
(4,280)
(4,280)
9,314
8,702
3,181
2,569
6,123
6,123
10
10
9,314
8,702
13,494
-
40
106
146
(658)
(512)
12,982
(4,280)
8,702
2,569
6,123
10
8,702

As permitted by Section 408 Companies Act 2006 the parent charity has not presented its own SOFA. The charity’s surplus for the year was £611k (2019:£277k)The financial statements on pages 3 to 32 to have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. The notes on the accompanying pages form a part of these Financial Statements. Company Number: 03312073

Approved and authorised for issue by the Board of Trustees on 22 June 2021 and signed on its behalf by:

……………………………………………… Lord Green of Hurstpierpoint, Chairman

20

ASIA HOUSE

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Notes
Net cash inflow from operating
activities
22
Investing activities:
Write off of fixed assets
11
Purchase of tangible fixed assets
10
Purchase of Investments
12
Sale of Investments
12
Income from Investments
Net cash generated/(used) in
investing activities:
Net cash generated
Cash and cash equivalents at the
beginning of the year
Total cash and cash
equivalents at year end		 Group
2020
2019
£’000
£’000
(88)
77
(67)
-
(23)
(58)
(446)
(820)
1,200
660
85
83
661
(48)
661
(48)
348
396
1,009
348		 Charity
2020
2019
£’000
£’000
(55)
33
(67)
-
(23)
(58)
(446)
(820)
1,200
660
85
93
694
(92)
694
(92)
106
198
800
106		 Charity
2020
2019
£’000
£’000
(55)
33
(67)
-
(23)
(58)
(446)
(820)
1,200
660
85
93
694
(92)
694
(92)
106
198
800
106
(92)
(92)
198
106

21

ASIA HOUSE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. ACCOUNTING POLICIES

a. Basis of accounting

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company and its subsidiaries are a public benefit group for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the 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 (The FRS Charities SORP (second edition), the Companies Act 2006 and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410), and the Charities Act 2011. The functional currency is GBP. The Financial Statements are prepared under the historical cost convention with the exception of investments and leasehold property which have been included at fair value.

b. Preparation of the accounts on a going concern basis

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable group to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the trustees have considered the charitable group’s forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concluded that there is a reasonable expectation that the charitable group has adequate resources to continue in operational existence for the foreseeable future. The charitable group therefore continues to adopt the going concern basis in preparing its financial statements.

c. Basis of consolidation

Group financial statements consolidate the financial statements of Asia House and its wholly owned subsidiary undertakings, Asia House Enterprises Limited and Sixty Three New Cavendish Limited, for the year ended 31 December 2020. In accordance with Section 408 of the Companies Act 2006, no separate statement of financial activities is presented for Asia House.

d. Fund accounting

The general fund comprises those monies, which may be used towards meeting the charitable objectives of the charity at the discretion of the trustees.

The restricted fund comprises monies raised for, and their use restricted to, a specific purpose, or donations subject to donor-imposed conditions.

The non-charitable trading fund consists of the retained profits of activities conducted through noncharitable trading subsidiaries.

e. Incoming resources

Corporate subscriptions and advisory income is credited to the statement of financial activities in the year they fall due. Charitable donations and voluntary income is credited in the year in which they are received. Rental income and hire venue income is recognised on accruals basis.

f. Resources expended

Charitable expenditure comprises direct expenses incurred on the defined charitable purposes of the charity and includes direct staff costs attributable to the activity and an allocation of the general management and overhead costs.

Fundraising costs comprise expenditure incurred by the charity in inducing others to contribute to it.

Support costs are allocated across expenditure categories, based on average staff activity during the year.

22

ASIA HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

g. Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and Governance costs, which support the Trusts artistic programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 4.

h. Fixed assets

Fixed assets are stated at cost (with the exception of leasehold property which is held at open market value), and depreciated over their estimated useful lives as follows:

Tangible fixed assets:

Intangible fixed assets:

The Charity capitalises assets above £500.

Leasehold property included in the balance sheet at open market value as permitted by regulations made under the Companies Act 2006 and in accordance with financial reporting standard 15 accounting for fixed assets.

i. Investments

Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the realised gains and losses on acquisitions and disposals as well as the unrealised gains and losses throughout the year. The unrealised gains or losses represent the difference between the market value and the book value on the annual accounting date, namely 31 December. Unrealised gains or losses are transferred to the accumulated fund. The actual gain or loss will depend upon the prices ruling at the time of sale. The figure for unrealised gains is therefore only an indication of the position

j. Stock

Stock comprises beverages for venue hire and is stated at the lower of cost and net realisable value.

k. Uses of Estimates and Judgements

In preparing financial statements, it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements . The Leasehold Property was valued in 2016 at £10m by Savills. Leasehold property included in the balance sheet at open market value as permitted by regulations made under the Companies Act 2006 and in accordance with FRS 102. The Trustees have reviewed the carrying value of the property at 31 December 2020 and consider the value to remain appropriate

23

ASIA HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

l. Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

l. Financial Instruments

a. Cash and cash equivalents

Cash and cash equivalents include cash at banks and in hand and short-term deposits with a maturity date of three months or less.

b. Debtors and creditors

Debtors and creditors receivable or payable within one year of the reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest, are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

2. INCOMING RESOURCES


Donations
Cultural Events
Friends and patrons
Corporate
Grants
Government grants
Sponsorship
Other Income		 Charitable
Trading
2020
£’000
£’000
£’000
166
-
166
2
-
2
-
-
-
-
525
525
5
-
5
79
-
79
-
37
37
125
232
357
377
794
1,171		 Charitable Trading
2019
£’000
£’000
£’000
155
-
159
25
-
25
1
-
1
-
775
775
32
-
32
3
220
223
166
879
1,045
382
1,874
2.256

Included in 2020 donations and grants is £21k restricted income

3. RESULTS OF TRADING SUBSIDIARY

Asia House has two wholly owned trading subsidiaries, which are incorporated in England and Wales.

Asia House Enterprises Limited
Income
Expenditure
Profit
Retained profit brought forward
Distribution to Asia House
Retained profit carried forward		 2020
£’000
794
(774)
20
729
(729)
20		 2019
£’000
1,874
(1,145)
729
581
(581)
729

24

ASIA HOUSE

The principal activity of Asia House Enterprises Limited (Company number: 03242229) is the operation of a corporate membership programme for Asia House and the commercial letting of its function rooms. The Company distributes its profits to Asia House under gift aid.

Sixty Three New Cavendish Limited did not trade during the year or the prior year.

4. ANALYSIS OF RESOURCES EXPENDED

Fundraising
Venue Hire & Business & Policy
Cultural Programme
Total		 Direct
Costs
Support
Costs
2020
£’000
£’000
£’000
-
-
-
774
746
1,520
64
186
250
838
932
1,770		 Direct
Costs
Support
Costs
2019
£’000
£’000 £’000
-
-
-
1,145
764
1,909
203
225
428
1,348
989
2,337

£21k costs in relation on to restricted expenditure are included within the cultural programme costs

Analysis of Support Costs of
Charitable Activities:
Basis of Allocation
Staff Costs
CEO, Finance & Digital staff
Office Running Costs
Divisional headcount
Legal & Professional Fees
Divisional headcount
Governance
Time spent
Depreciation & Amortisation
Divisional headcount		 2020
£’000
465
253
65
22
127
932
 2019
£’000
434
375
45
13
122
989

5. NET MOVEMENT IN FUNDS

This is stated after charging:
Current Auditor’s remuneration
Previous Auditor’s remuneration
Auditors in respect of non- audit services
Depreciation
Amortisation
Board Expenses
6. STAFF COSTS AND NUMBERS - CHARITY AND GROUP
Staff costs during the year were:
Salaries & wages
Social security costs
Pension costs
Consultants & Temporary Staff
Other Staff Costs		 2020
£’000
11
8
3
124
3
1
2020
£’000
901
95
31
1,027
22
32
1,081		 2019
£’000
-
10
3
115
7
1
2019
£’000
934
102
27
1,063
21
40
1,124

25

ASIA HOUSE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

6. STAFF COSTS AND NUMBERS - CHARITY AND GROUP (continued)

The key management personnel of the group comprise those of the Charity and the key Management personnel of its wholly owned subsidiary Asia House Enterprises Ltd. The key management personnel are the Chief Executive, Director of Business and Policy, Head of Arts and Learning, Head of Finance, Head of Operations, and Communications Manager. Remuneration and benefits of key management personnel for the group were £420,800 (2019: £434,704).

Number of employees whose emoluments exceeded £60,000:

£60,000 - £70,000
£70,000 - £80,000
£180,001- £200,000
£200,001-£250,000		 2020
1
1
-
1		 2019
1
-
1
-

Employers pension contributions in respect of the above employees were £12,453 (2019: £18,024) Redundancy costs £2,500 (2019: £4,725). Average number of employees during the year was 23 (2019: 21)

7. TRUSTEES’ REMUNERATION AND REIMBURSED EXPENSES

The charity trustees were not paid or received any other benefits from employment with the Trust or its subsidiary in the year (2019: nil). No Trustees were reimbursed during the year (2019: £1200). No charity trustee received payment for professional or other services to the charity (2019: nil). As per normal sector commercial practices, and the normal arrangement for speakers, the Charity paid £6,496 for accommodation and travel for one Trustee who was a speaker at the overseas conferences (this was reimbursed by the trustee in the following year (2021)).

8. TANGIBLE FIXED ASSETS – GROUP & CHARITY

COST OR VALUATION
At 1 January 2020
Additions
Disposals
At 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for the year
Eliminated on disposals
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Leasehold
Property
£’000
10,000
-
-
10,000
261
76
-
337
9,663
9,739		 Office, Plant
& Machinery
£’000
219
23
(46)
196
119
47

(46)
120
76
100		 Total
£’000
10,219
23
(46)
10,196
380
124
(47)
457
9,739
9,839

The Leasehold Property was valued in 2016 at £10m by Savills. Leasehold property included in the balance sheet at open market value as permitted by regulations made under the Companies Act 2006 and

26

ASIA HOUSE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. TANGIBLE FIXED ASSETS – GROUP & CHARITY (continued)

in accordance with FRS 102. The Trustees have reviewed the carrying value of the property at 31 December 2020 and consider the value to remain appropriate.

HSBC Bank Plc holds Fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, capital buildings fixtures fixed plant and machinery.

9. INTANGIBLE ASSETS

COST
At 1 January 2020
Additions
Disposals
At 31 December 2020
AMORTISATION
At 1 January 2020
Charge for the year
Eliminated
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019
10. INVESTMENTS
Investments at market value
Cash held within investment portfolio
Market value at 1/1/20
Additions at cost
Disposals at carrying value
Unrealised gain/(loss)
Realised gain
Market value at 31/12/20
Historical cost at 31/12/20		 Database
£’000
21
-
(21)
-
21
-
(21)
-
-
-		 Website
£’000
14
-
-
14
10
3
13
1
4
2020
£’000
3,309
72
3,381
3,563
445
(1,201)
468
34
3,309
2,471		 Website
£’000
14
-
-
14
10
3
13
1
4
2020
£’000
3,309
72
3,381
3,563
445
(1,201)
468
34
3,309
2,471		 Total
£’000
35
-
(21)
14
31
3
(21)
13
1
4
2019
£’000
3,563
88
3,381 3,651
3,563
445
(1,201)
468
34		 2,985
821
(660)
495
10
3,309 3,561
2,471 3,127

27

ASIA HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. INVESTMENTS –Continued

Individual investments which are considered significant in relation to total values are:

SCOTTISH MORTGAGE INV TRUST 5p Ordinary Shares
BAILLIE GIFFORD US TRUST 1p Ordinary Shares
MONKS INVESTMENT TRUST 5p Ordinary Shares
EDINBURGH WORLDWIDE INV TRUST 1p Ordinary Shares
LINK FUND SOLUTIONS Trojan Fund S Inc
ALLIANZ TECHNOLOGY TRUST PLC 25p Ordinary Shares
AMAZON COME INC USD 0.01 Common Stock
IMPAX ENVIRONMENTAL MKTS PLC 10p Ordinary shares
ISHARES PLC Physical Gold ETC (GBP)
PAYDEN GLOBAL FUNDS Gbl Infl Linked Bond Hgd Dist
BAILLIE GIFFORD & CO LTD Corporate Bond B Inc
Investment in subsidiary
Asia House Enterprises Limited
Sixty Three New Cavendish Limited		 2020
%
5.03
4.85
4.02
3.39
3.3
2.86
2.82
2.81
2.72
2.52
2.5
2020
£
2
1
3		 2019
%
-
-
-
-
2.9
-
-
-
-
-
2.8
2019
£
2
1
3

Asia House owns all of the issued share capital of Asia House Enterprises Limited and Sixty Three New Cavendish Limited. The reserves of both subsidiaries at 31 December 2020 were £nil (2019: £nil)

11. DEBTORS

1. DEBTORS
Trade debtors
Intercompany debtor
Prepayments and accrued income		 Group
2020
2019
£’000
£’000
84
264
-
-
45
39
129
303		 Charity
2020
2019
£’000
£’000
-
2
60
-
45
38
105
40
40

28

ASIA HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. CREDITORS

Amounts falling due within
one year:
Deferred income (note 13)
Trade creditors and accruals
Other taxes and social security
Amounts falling due after
More than one year:
Bank loans repayable:
Over 5 years		 Group
2020
2019
£’000
£’000
322
234
165
152
159
52
646
438
Group
2020
2019
£’000
£’000
4,280
4,280
4,280
4,280		 Charity
2020
2019
£’000
£’000
158
150
115
456
159
52
432
658
Charity
2020
2019
£’000
£’000
4,280
4,280
4,280
4,280		 Charity
2020
2019
£’000
£’000
158
150
115
456
159
52
432
658
Charity
2020
2019
£’000
£’000
4,280
4,280
4,280
4,280
4,280

The Bank loans total of £4,280,000 (2019: £4,280,000) are public benefit entity concessionary loans as the interest is below the prevailing market rate, repayable on 29[th] July 2028. The loans are interest free and were given to the charity to help further the purposes of its objects.

13. DEFERRED INCOME

3. DEFERRED INCOME
Deferred income b/fwd
Transferred to deferred income
Deferred income in year		 Group
2020
2019
£’000
£’000
234
268
(234)
(268)
322
234
322
**234 **		 Charity
2020
2019
£’000
£’000
150
157
(150)
(157)
159
150
159
150
150

14. RESTRICTED FUNDS

The funds of the Charity include restricted funds comprising the following unexpended balances of donations held on trust to be applied for specific purposes:

Studio Garden
Converging paths and One		 At
1/1/2020
£’000
10
-
10		 Incoming
Resources
£’000
-
21
21		 Resources
Expended
£’000
-
21
21		 At
31/12/2020
£’000
10
-
10

29

ASIA HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. RESTRICTED FUNDS (continued)

At
1/1/2019
Incoming
Resources
£’000
£’000
Studio Garden
10
-
10
-
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Fund
Restricted
Fund
£’000
£’000
Fund balances at 31 December 2020
are represented by:
Fixed Assets
3,617
-
Investments
3,381
-
Current Assets
1,129
10
Creditors: within one year
(646)
-
Creditors: after one year
(4,280)
-
Total net assets
3,201
10
Unrestricted
Fund
Restricted
Fund
£’000
£’000
Fund balances at 31 December 2019
are represented by:
Fixed Assets
3,720
-
Investments
3,651
-
Current Assets
644
10
Creditors: within one year
(438)
-
Creditors: after one year
(4,280)
-
Total net assets
3,297
10		 Resources
Expended
£’000
-
-
Revaluation
Reserve
£’000
6,123
-

-
-
-
6,123
Revaluation
Reserve
£’000
6,123
-

-
-
-
6,123		 At
31/12/2019
£’000
10
10
Total At
31/12/2020
£’000

9,740
3,381
1,139
(646)
(4,280)
**9,334 **
Total At
31/12/2019
£’000

9,843
3,651
654
(438)
(4,280)
9,430

16. TAXATION

Asia House is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

17. LIABILITY OF MEMBERS

Asia House is constituted as a company limited by guarantee. In the event of the charity being wound up, members are required to contribute an amount not exceeding £1. At year-end date, the charity had one member (2019:1)

30

ASIA HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18. OPERATING LEASES

At 31 December 2020, the charity had annual commitments under non-cancellable operating leases for plant and equipment as set out below:

Within one year
Between 1 and 5 years
Total		 2020
£’000
4
3
7		 2019
£’000
5
3
8

19. RELATED PARTY TRANSACTIONS

The following amounts were received in donations, sponsorship, or other commercial transactions from Trustees’ related parties:

HSBC (Sherard Cowper-Coles & Wendy Wang)
Prudential (Matt Cavanagh)
Standard Chartered (Tanuj Kapilashrami)
KPMG (Stephen Ball)
Arup (Gregory Hodkinson)
Bagri Foundation (The Honourable Apurv Bagri)
Harvey Nash (Albert Ellis)
McKinsey & Co (Martin Dewhurst)		 2020
£’000
75
60
60
0
50
0
10
25
280		 2019
£’000
98
60
60
25
50
30
25
38
386

20. RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATING ACTIVITIES

PERATING ACTIVITIES
Net incoming/(outgoing) resources
Depreciation charges
Amortisation charges
Investment gains
Decrease/(increase) in stock
Decrease/(increase) debtors
Increase/(decrease) in creditors
Net cash generated for operating activities		 Group
2020
2019
£’000
£’000
(96)
424
124
115
3
7
(503)
(505)
3
-
173
50
208
(14)
(88)
77
 Charity
2020
2019
£’000
£’000
611
277
124
115
3
7
(503)
(505)
-
-
(64)
57
(226)
82
(55)
33
77
 33

31

ASIA HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

21. ANALYSIS OF CHANGES IN DEBT

`
Cash
Overdraft facility repayable on demand
Loans falling due after one year
TOTAL
 At
start
of
year
£’000
347
(50)
(4,280
(3,983)		 Cash-
flows

£’000
661
-
-
661		 At
end
of
year
£’000
1,008
(50)
(4,280)
(3,322)

32