Asia House Company Llmited by Guarantee Tntslees. ReFQrt and Financial Ststements Year Ended 31 Oecember 2021 Company Number 03312073 Charty Number 10726 'A8D16kJNS' COMPANIES HOIJSE
Asia House Report and fin•n¢ial statements forthe year •nded 31 December 2021 Contents Pago: Reference and admintstratNe detads Trustees, report 13 Independ1 auditols report 17 Consolh**ed slalemenl of finanttal actNth5 19 Statement of Financial Posrt 20 Statement ol cash Ih)w5 22 Notes forming part of the financd statements
Asia House Reference and administrative detsils for th& year onded 31 December 2021 Trustees Lord Green of HuTStpiefK*Jnt . CF141RMAN Stephen Ball Alan Belf1 Matt Cavanagh Victor Chu Sir Sherard Cowper-coles Martin Dewhursl Albert Ellis Anne Ruth Hethes Tanuj Kaplashrami Naina Lal KithAai Eaard Knapp Or Deborah Swallow Wendy Wang Koy management peysonnel Chief Executive Director of Cofporate Affairs Head of Events and OperatK)n5 Head of Communutions Manager, Chaimian and CEO office Mha Lawrence CharlE Humphreys Philip Wo(Kllord-Smrth Luke F(MYdy Evie Cranb Charity rnglstration numb•r 1072696 Company registvation number 3312073 Registered office 63 New Cavendish Street Lonthjn. W1G 7LP Independ•nt auditor5 Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE Ac¢ountaThts BI)0 LLP 55 Baker Street London W1U 7EU Investment manage RATHBONES 28 St ArKlrew Square Edinbur9h EH2 1AF
Asia House Trustee5' report for the year ended 31 December 2021 The Trustees (who tre directors for the purpose of cLryany Liw) of Asia House present their report. including the directors, report, and financial statements for the year ended 31 December 2021 which have been prepared in accordance with the C(%npanies Act 21XE. in accordance Charrties Act 2011 and charrts SORP Ise(x)nd edition}, effectwe January 2019. CONSTITUTION The company was incorp)raled on 29 janUY 1997 and was registered a5 a thaiity with the Charity Commission on 2 December 1998. On 30 June 2000. Ask3 House purchased a5 a wng colern all of the undertaking5, a5sels, liabilities ar c41igatK)ns of Asia House Trusl. a lStered charity whth had substantialty the same 0eCts as Asia House. OBJECTS OF THE CHARI Asia House was founded to esta1$ and maintsm. for the benefft, Asia fc¢used instituts.on to further the appreciation and understanding of Asian countries. 1r cullures. religions and economies and lo foster closer communication betsween the peoplesof Europe and Ask? IhfOLMJh a programme of exhibitkjns. kntures. cOnferenS and meetings. TRUSTEES AND GOVERNANCE Th• trust$ (including tho ¢ompani•s th¢y'r• associat wilh) who s¢N¢d durlng the y•ar w•re: L¢)rd Green of HurstpTpolnt- CHAIRMAN Stephen Ball Alan Belfield (Arupl lappoinled 22 June 2021) Matt Cavanagh (Prudential cl VOr Chu (First Eastem Investrnenl Groupl SIT Sherard Cowpef-coles {KCMG LVO. HSBC) Martin Dewhurst IMcKinsey & cPanY} Albert Ellis {Slaffiinel Anne Ruth Herkes Tanuj Kapilashrami (Stondord Chartered) Naina Lal Kidwai Edward Knapp Dr Detrxjrah Swallcm (The Courtauld Institute ofArt) Wendy Wang IHSBC) Bella Ann Almeida {re5igned 7 Decernber 20211 Gregory Hodgkinson {Arupi (resigned 22 June 20211 Following the Govemment's iMerrtatK1n of the CharitEs Act 2011, the Trustee$ are wnisant of their responsibilities in demonstrating public benefft and have ward lo the Charity Commission's guKlance in this area. The Finan. Audit and Risk Ccrfnmittee. on behalF ofthe Board, re¥S the audrt and finaeS ofAsia House and maintains an overview of the risk managerrth K1 governan prcrEsses ensuring that the system of inlemal control is satisfactory. The Remuneration Committee sets aTrJ reviews the FI)kS for rernuneratn of the CEO and for perf0rrnar related pay and bonLTrses. The Investrnenl Corrwnittee oversees and reviews the Performan ofAsw House's invesknent fund. The Nominations Committee considers Iruslee nc¥ninatK)ns and makes recornmendations for the c0mwsitn of the Board of Trustees to a meeting of the Trustees. Foll0vn9 apwntrnent. ne4Y trustees receive an IrthCtk briefirg from the Chairman and CEO during a visit to Asia House.
Asia House Trustees report forth• year ended 31 De¢¢mbor 2021 (continued) PRINCIPAL ACllVITIES Asia House achieves its ct¥"ectNes thrOh arKI Co[Frate and CulturaVEducalicfflal Programmes. The Corporate IBusiness and Poly) Prc¥Jramme is (sb3ned lo stimulate detklte and intellectual leadership on key current tssues by bringing together leading A&an polrtKaan$ and dipkjmals. businesspecple and decision makers together wrth CEOS and executives from UK a1 Asn based cornpanie5. The Cultural and Edu¢abon Programme deh¥ers a range of that highlight the culture, beliets. polital and economic cutrenl affairs of the countries of Asia. In 2021 Asia Hse launched a feltowship programme which aims to further global understanding on key trends and topics across Asia and the Middle East and support earty career researchers in these ar&is. INVESTME1 POLICY AIK) PERFORPIJANCE The Asia House Investment Fund was e$&IShed in January 2017 from the proceeds of the Sa of the rear of 63 New Cavendish Street and 34 Weyrnouth M4VS wilh the obiertive of maximising long-tem total return, subjecl to not exceeding an agreed level of risk. Asia House can invest those funds without regard to %thelher the invesbnenl retum is in the form of capital appreaalion or income and wrth discretjon to appty any part of the totsl investment retum as income for spending each year. If the capitsl value of the portfolTr) were lo fall duftng yw. the trustees woufd still have discrelK)n lo use funds fr(ym the ptt0110 as they see fft. The core Asia House investment strategy remains.. to manage the portfolti to delNer bng-lemi absolute returns without specific regard lo income generaln lo dIvety the portfol across muttipk asset classe5. Whije ethral. social, and environmental conshrations are taken into account when invesknenls are made, there are no fomial restrictn5 in place to preclude investment in specrft companies. Sect$, or ¢OLtnlries. REMUNERATION POLICY The governing principles of the Charity's remunerat polry are as folkh¥s'. To ensure delivery of the Charity's oty'eclives To attract and relain a motwated workforce with the skifs and expertise necessary for organisatK)nal effectNeness That remuneration should be equitab and ¢oherenl across Ihe organisatn To take £OUnt of the purp$, aims and values of Chafity To ensure that pay levels and pay incwases are appryte i) the conlext of the interests of our benefKiaries The pay of the Sen)r staff is annualty. The remuner*KJn benchmark is the mk&point of the range paKI foi similar roles adjusted for a weighting for any aJdrtKJnal OnsibIlitIes. If recruthienl has proven diff11 in the recenl past, a market addrtion is also paid. RISK MANAGEMENT The tnMtees have a tsk management strategy, whth compri5e5". regular rewew of the pnncipal risks Uneertainl that the charity its subsKliary Asia House Enterpri5e5 Ltd". the estsblishment of pJlries, systems and proce¢ to mrtwe those risk$ KIentI in the annual revw., and the implementstion of pr(edureS dwned lo minimise or manage any Wential impxt the charity shwtd those risks materialise.
Asia House Trte¢S report for the year ended 31 De¢emb¢r 2021 (¢ontinu8d) This wort has idenlrfRd that the three key risks are financk81. Operatal and reputional for both the charity and ils subsidiary_ Risks are monrtored ck)sety arKI miligaled as per the nsk register. A key elemenl in the management cl finanoal risk is a regular Vie4¥ of availabfe IiquKI fvrKls to settle debts as they fall due, iegular liaison wrth the bank, and active management of te debtors and creditors b8nCeS to ensure sufficient working capital by the Trust and its subsidvary company. Systems of intemal ltr, dened to pmhje reasonable assuran against material misstalanenl and loss, include.. regular reports to the Trustees by the Chkgf Executive regular briefing of Chairman by the Chief ExeculNe an annual bUdt approved by the Tw51ees regular ¢onsideratK>n by Trustees of the fir?la1 resuts, varIare from budgets and rn-finanCIal erformance indicators Trustees revw the Charity's wisk register annualy. The regter K1entffjS the types of risks the charity fas. ioritises them in terms of potenlkal impact and likelihood, and NjentifS means of milaling each risk. The day- tdaY reSFonsIlity for managing the rtsks 15 delegated by the Truslees lo the Chief Executive and Senr Management. PRINCIPAL RISK AND UNCERTAINTIES The impact of COVID-19 has continued to te consKJered on the tharrty's fulure plans budgeting processes d the effect of the outbreak had a snleanI risk into the December 2021 year end. In addition. the trustees and CEO have and will continue to conskr risks F¥)sed by Ihe conflbct in Ukraine and the impact of infialKJn wessures on the charity. BUSINESS AND POLItrI PROGRAPAME 2021 REVIEW Having suc¢essfulW overcome the major opèratKJnal ChaInge$ assockAted with the impact of the COVID-19 P8ndemic. Asia House was able to build on its achievements and expand its range of actsvilies in 2021 to rneel the increased demand for knowledge. bftshts. conne¢tion$ and etyjagements befvdeen Asia. the MdIe East and Europe. Events. meetings, conferences and discussions remained mostty on dlta1 platlorns and, as a result, Asia House was able to $19nrfKant enhaTr the range and drversty ofengagement. This fed lo greater impact through wider reach of publicly distributed infomb"on. and more meaningful disCussn5 among business and policy leaders. Wrth the backdrop of very signrficanl turmoil in global markets dL lo the ongoiNJ global pandern. there were tsvo Malorfactorswhh infftased the demand forthe vw)rk of Asia House in 2021. International travel remained heavily curtailed. meaning that the work of the organisatK)n to form connectM)ns and enhance understanding of key issues befv4een lerntorEs was partlarty valuable. The seco1 was the continued rise in geopolitical tensions eeen major e¢onomie5, and the ongoing tn of ¢ountries' retreat from globaltsation- Causing very significant concerns for businesses operating in Mutt1p markets. Asia House has been abk to meet the Increasing need for insight and understanding of the ow)ing chaThJes in internatnal trade atvj irwestment as a result of these global trends. While mosl of the events arKI actiwt*s organised by Asw House in 2021 vme fulty digital in their fonnat. by the end of the year improvement$ in the pandemic meant that the tn$ for Inr$On meetings. events and discussions expanded. Asia House started to delrver act1w15 very suessfUllY in what wa5 becoming the new standard-'hybnd' events - with partiupants ioining bolh via dwJtsJ pJatform5 from internationaj IcKalions alongsjde group of partipanlsjoining in person al Asia House. The most Snlcan1 develcynent for AS House in 2021 wa5 the establishment of a research programme to increase the value of the inslrtulion's offering to a range of stskehoklers and the publ. Asia House produced and published artdes, papers and major on key issues impacting gknbal trade investment.
Asia House TruBtees r•port for the year ended 31 Decembw 2021 (continued) The AS House research prcgrarrfne is desvJned lo IreaSe understan(Ing of lh8 ctslxle$ to Ifade and investment and to faalilale solutK)ns. potleS and practices to resofve them. The research seeks to promote sustsinable trade and investment and is based the missKJn ot Asia House to drive ccmmerck41 and political engagement betsveen Asia, the MkJle East and EuroFe. Corporate Membw¥hlp Despite the very chalknging economic bad(drop of the glcthl pandeffi, CorForate Membership of Asia House remained stable in 2021. Not onty did Asia House retsin the vast majorFty of ts corwrale members, bul their engagement n prts3r8mmes was aso signrftant. Prngramme Themes stsinable business and climate Asia House continued lo f(xus heaty on tssues reting to intemational trade and inVeStrw in 2021, but a major additKJn lo the range of subiecl$ covered was the area of sustainable business. climate change and national and rnullilaleral policy related to environmental protection. Alihwh this is an area which Asia House had covered previously, this iSSLte became a much buger fealure in mainstrearn business and policy aGtivty. Asra House aligned its programmes. research and other actwities with the ongoing COP26 xtNilies chaired by the UK. Asia Hwse produced a nge of publK events, private discussions and research output to highlight the key challenges and opportunities associated wrth murtilaleral erwJagement around climate dwnge, particukrty focusing on views and perspectives frcffl AS and the Middle East. ActNrties under this theme induded.. CEO Rwndlablewrth Indonesia's Pr•sklentJokoWidodo and cabinet ministers (held in the sijelines ofCOP1. Cabinet members in attendance induded.. Luhul Pandjailan, Coordinating Minisler for Maribme arJ Investrnent Airlangga Hartarto. Coordinating Minister for Econom Affairs Sri Mulyafii Indrawati. Minister of Finan Relno Marsuth", FOren Minister Srti Nurbaya Bakar, Environment and Forestry mInter Elid( Thohir, SlateqNmed Enterprises Minister Basuki Hadimuljono. PL)lic Work5 and publ Htyjsing Mini51er Research Report.. Asia's Green Revolution.. A look at SAIE finan¢¢ Briefing". Alue Llohong. Indonesia's DeputyAlinisterfor the Environment and Fornstry Digrtal Conference, hekl in partnership wth Stand¥d Chartered Bank.. Th• Role of Green Financ• in Ddivering South•astAsia's Sust¥nability Gths. Sers induded.. Bill Wnters. Group Chief Executive, Stsndard Chartered Bank Sri Mulyani Indrawali. Minister of Finance. Indonesia Ingrid van Wees. VKe President f(x Finance and Risk ManeMen( Ason Devebpment Bank Research Rewt: China's Lkcart)oni$ation.' Assessing UK-China Opportunities Briefing.. Wang Ya4 Dirn¢lor Genv* ofintemauonal Insiitirte of Grnen Finan¢e. China
Asia House Trustees report for the year ended 31 December 2021 (continue Oigital Conference. in partnership ALcenture". Levwaging DrfJital Innovation to Achie Net Zem in Asla. Speakers.. Mauro Petriccione, European Ccrfnmission's "reor General for Cli)e Action Peter Lacy. Chief ResF¢nsikn"lty OffThr and Global sustaina"1 Services Lead Ampy Aswin. Head of Suppty Chain and Logth"cs Industry Sc4utth5 APAC. Goog Cbud DavKI Wallerstein, CXO and SEVP. Tencent Research Report". GCC de¢artx•nis•tion." n•v t8¢hnologie¥ ¢oukl spurregional transllion BrEfing'. Ken O'Flaherty, UK Govemments COP26 R•gionalAmlJassadorto AsiPa¢ific and South Asia Brpfing.. Christln• Loh. fornJerHong Kong SAR Under-Se¢iYtsry for the Envlrnnmt 8riefing." Prnety Bh•ndari. Chlel of Climate Chge and Disaster Risk Alanagement. Asian Development Bank 8rrefing.' John Murton. UK COP26 Envoy BrIng." Janet Rogan. UK'$ COP26 Regional Ambassadorfor Ihe Allddle East and North Afiica Briefing.. KS Wong* Hong Kong SAR Envin>nmentS¢¢relary
The New Gl(Jal Trade Order A focus on gkjbal trade pY ramained central lo muth of the of Asia House in 2021, with a partÉcular focus on the role of the major Asian econ¢$ in the fomiaton of muliikteral rules international economi¢ aclivrties. This included trade in goods and services. bul also inlemational caprtal flow management and the handling of shocks, such as th( caused by suppty Chain drp1K)n as a result of Ihe COVID-19 pandemic. Through ty)th contenl Iresearchl and engagement leventsl. Asia Housefocused on identifying practicable solulions to the biggest challenges in global trade poly. Given the major trade deals tsking place wrthin Ihe Ask8-Pacrfic regn and the Middle East, SLKh as RCEP and CPTPP. Asia House nerated si9nlfant in$KJhls throughout Ihe course of 2021 on the impact of regional developments, in addrtion lo the organisation's fuS on the global trade policy environment. Actiwties under this theme irbcluded". 8riefing'. kn2 Trus4 {then) UK Secretary of State ftsrlntemational Trade Brfin9'. Muhammad Lulfi, Ministar of Trade, Indon•'a Annual Flagship Conference". Global Trade Dialogue 2021. Speakers". Anne-marie Trevefyan. UK Secretary of State for Intemabonal Trade Kono Taro, Formec Fn Minister (A Japan Angela Ellard, Deputy DiTector-General, Workl Trade OrganizatKJn Tu Xinquan, Executive Dean and Professor of the China Instrtute of Studies, University of International Business and Economics. Beijing Scott Beaumont. President of Google Asia-Pxifi¢ Amanda Murphy, Head of Commercial Banking sCh & Siyjtheasl Asia. HSBC Ziad Haider, Head of GecpcArtic81 Risk. McKinsey & CnY Vincenl Cheng, Climate * Sustainabilty SeThKes Lealer. East Asw. Arup
Asia House Tru$to•s report for the year end•d 31 Dwmber 2021 (continued) Briefing.. Satvinder Singh. D4¥uty S•ciary Genernl forASEAN Economi¢ Community Research Report.. Japan41K Relalions After8lL. Lookng ¢owarfs a ¢losere¢onomic partnwship Digital Conference, in partnership wtth the Govemment of Jwi" TheAwa House uKaPan Dialogue." Looking rowards a CloserEeonomic Partnership. Speakers.. Hajime Hayashi, Japan's Ambassador to the UK Lord Grimstone. Minister of Stste for Investmenc UK Yoshiwri Katayama. President of the Japanese Chamber of Commerce & Industry in the UK Stephen GcThersall, Athiser to the CEO. Hith1 Eurcpe Minako Morita-Jaeger, Felh)w. UK Tfade Polry ObseThat Gerard Lyons, Senhx Fellow. PolKy Exchange Lord Green of Hurstpierwint. Chaiman. A5 HOL Takehiko Na, FomRr MinL8ter for Finance wrfj Intemational Aff8its. Japan Briefing.. Helena KOnig 13epity Director General ol the Directorth General for Trade in the Eumpean Commissi¢ Briefing.. Dakwn Shackleford. Assistant USTR for Southoast Asia and the Pacific Briefing.. Crawfonl Fal¢oner, Second pernt Se¢ivtary and Chirf Trnde Negotiation Advixr, UK Department ftirlntemational Trnle Research Report.. Inta and the importance of Its trading rnlationsthps Brfing." Tlmothy Strnfftiml. fornwAlS1It US Trnle Representatlvo for China Affalrs 8rYefing." NOrt4ertR(ittg. Chaimmn of Ihe FoAeign Aff• Committee of the Gernn Bundestag BrfIng.. Lord PeterRi¢k•tt4 rom UK National Se¢u•ytyAth7ser
Di Another major ea which AS House conlinwj to fc¢us on in 2021 was the dwJital revolUtn which is causing signrficanl disTupIK)n in intemalKJnal markets and natK)nal economs. BriThJing not only signrficant opportunities. bul also chaIngeS. the digitalisatn of eCormi¢ actNty. and the Increasing range of digital products and services availab in gkjbal marketplace. has been a m4or interest for bolh policymakers and business leaders. Asia House explored a range of phenomena associated wrth these developments, particuL4rty those evKJenl in markets in Asia and the Middle East. This includes the devetcynent of privately maintsined and central bank-issued digital currencies. the digitalisation of trade processes and the nw pclitical e¢cCleS asscciated with th'gital transitions. Actwilies urKler this theme induded Research Report." The Digital Rwmlnbl and Its Economic Paumiays Briefing.. SirJon Cunlrfle. Deputy Gov•rnorof Ihe Bank of Engl•¥d Research Report: Asia's Douljle A¢t.' Alana9ing Eneryy Twsieion and Digital Innovalion Rese8r¢h Report". USJapan CORE Partnership- a bld fo rebalan¢8 tech in Iha Indowacific
Asia House Trustees report forthe year end 31 DeceMr 2021 (continued)
Count FLKUS Asia House has also ¢orrtinued to fu$ on individual countries and markets, partwlarfy the major economies in Asia and the Middle East which are either going through major reform programmes. such as Indonesia and Saudi Arabia. as well as Ih05e which have a influence on the regional and glc&al econom, such as China and Japan. By delivering inSh1$. connections. anatysi$ and enwment opportunities relating to specrfrc countries and markets, Ask4 Ht)use SUFV)rted txjsiness continuty and econorn xtivrty throughout a very Challenging period for cA)mpanies and govemments. ActNitses under this theme inclLvJed." Br1n9'. Arthtwn Tamlpittayapaisith, Minister of nanCe. Thailand Br1ng.. Kono Tam. Allnisterof Administrative Refonn. Japan BrTIng.. MahathirAlohamad. FornRrfvime Mini$terof Malaa Blfing.. Cartos Oom•ngue2 111. Se¢rn¢ary of Flnanc¢ the PliPPIneS Briefing.. Paul Chan, nanCIal Secretary. Hong Kong SAR BTfiftg.' Zheng Zeguang. Chln•'$ Ambassats to th• UK Briefing.. Krishnamurthi Subramanian. Economic Al$er to the Govemment of Indla Research Report.. Indonesia'$ inv•stm•nt •nvirnnmwrt.' a shiftin •)pma¢h Briefing.. Desra Percaya. Indonesia's An**asSrt0 the UK Research Rew)rt". Wi¢tnam's inv•stm•nt shift could IMK>st its rnsilience Briefing.. 14guyen Hoang Long. Weenam'$ Ambassarfor to the UK Briefing." Xlang Bing. Foundlng Dgan. Prnfessorof China and Globalizalion. Cheung Kong Grnduato School of Business, China Briefing". Kery Bmwn, £¥raetorof the Lau China Inslitute at King's College London. UK Briefing.. Wang Huiy40. Founder and Pmsid•rt Cent•r for Chlna and Globalization and Counsellor to the State Council. China BrTIng.. Jon Lambe, UK Ambass•dtsr to Ihe Assticialion of SoutheastAsian Nations (ASEAN) BrfIng.. Alex Ellis. UK Hlgh Commlsslonerfo Indla Bnefing.. Brian Davidson, UK Consul General to Kong & IAa¢ao Briefing". Jenny 8ate4 IndfyP4 Dlre¢ttYG¢nerdl. UK Forngn. Commonwealth and DevelopMt Offl¢e
Asia House Trustees report forthe year ended 31 December 2021 {continuedJ
Middle East p ramme Given its unK4ue characteristics as well as major changes takwy place in Ihe reg, Asia House has rnainlained specrfic fwus on the MKJdle East. During 2021. the level of interest in the region. particularty the members of the Gulf Cocyeration Council IGCCI. InCaSed sunfficanty from t>oth Weslem and Asian slakehoklef5. As a result, Asia House continued to explore the organisathin's estsblished theme of the MdIe East Plvol lo Asia, vthich examines the grong connections betsveen the economies in the midd East and those in Asia. More broadly. Asia House provided insights, anatysis and cOnnectn$ econcthic and Sla1 refomi prograrnmes tsking place across the region. ACtNi1 urKler this theme inded.. Research report.. Th• Aliddl• EastPivot to A• This was 8 major publication which trncked the slrengtrnK)g and FoJiti¢al linkages beW the fv40 regions. It showed that trade between the Guff slales and emerging Aso had accelerated signrficantty over the prewous de¢ade. The reF sh(pwed that rf undetying growth in bilateral trade and investment behveen the ions were to continue along the SaTr Iraiectory. ergIng Asia would become the biggest trading partner for the GCC by 2030. outstripping the GCC'S trJ8 Wrth advanced economies. pointing to a profound Hnpact on world trade. Researd) RepKJrt". Saudi Arabia s Envimnment•l Sustainabllity Sfrat•gy Briefing". HRH Prin¢e l(baledts'n Bandar. Sullan Abdulaziz Al Saud, Saudi Aratsa Ambassadorto tho UK Research Report: Economic and social refomi in Ihe UAE.. a bld lo boostgrvwth and investment Brtefing.. MansoorAbulhoul. UAE Ambassador to the UK
Asia House Trustees report forthe year ended 31 Decernber 2021 (condnu) Asia House Fellowship Programrne In 2021, Asia House faunched a new Felkihship Prwamme aimed at fund early Career researchers to condL research projecls that fvrther global understsnding on key IndS and topics across Asia and the Middle East. Fellows will receive rrnlorship suptxyl and teadership training as part of the Fellowships, which last 12 monihs. Their research will then be published as part of the Asia House Research programme. Asia House will be funding each of the felb)vo arKI each a stipend of £24k. The Fellowship Programme recrtment exercise as Launched in October 2021 and attracted rnore than 3.650 visits to the Fellowship webpage on asthuse.org. There were neady 400 alcatIOns. of which 72 were of exceptional stsndard. AppliCatS came frc¥n across Asia. Eurcfe. North Arnerica. Australo and the Middle East. Successful candidates will begin the Fello¥&Shp Pr(3ramme in 2022. Arts and Laarnlng Programffle The impact of the pandemK corttin to shape the Arts and Leaming PrcN3ramme in 2021. wrth a fully digital offering that retained audtences and kept our commitments to fvTrJers. Arts In Isolatlon ¥rlos (Conv•rylng Paths) The Converging Paths prcrfJramme, fund&J by the Barakal Trust. was initially planned as a series of physical events in 2020 expkjring the Islam Wortd. However, yth COVID-19 ndering physical events impossible. we proactive worked wrth the Barakat Trust to find altematsve prCjrrning. This resulted in a podcast series {Arts in IsolatKJnl which proved very successful and was continued into 2021. The Barakal Trust pmpjed £10.000 in for the woie¢t in 2021. Onè Vole8 Originally planned as an events series expbring the diversty of Asian music, the One Voice prciect (funded by the Fenton Trusl) was also adapted into a digrtal content offering. The team created a 25 minute film which delves into the themes OTlnal intended for the events. This has been extremety well received. with a second episode published in 2021. We are exlremety Proud ofthis 'ece of work, which adheres to excelnt produth.on values and is likety lo remain a flagship pl of AS House Arts Lewning conlenl. Episode Tv•D (published in June 20211". 1.151 views Fundlng Despite the challenges of 2021. we We able to Secu and retan £10.0(X) in extemal funding from the Barat Trust. 10
Asia House Trustees report for th• year eThd 31 D•¢emb•r 2021 {¢ontlnuedJ FINANCIAL REVIEYI In the year to 31 December 2021. Asrd House delNered an OFerating deficit of £165k 12(r20 - £472kl before depreciation and investment gains. and sulUS cl £460k {2020 - £%kl after deprecialK)n and investment gains. The operating deficrt of £165k bears the Mnpact of the xounting •'ustrnents outlined in note 25 2021 rooo 2020 £'ooo Adjusted deft¢6t for the year DePreClI0n Amortisalion Investment gains Gains on revaluabon of woperty 11651 1110} (1} 273 463 14711 11241 131 502 Deficit for the year as in the Statement of Financial Activitie5 1961 Asia House Enterprise5 Ltd. a wtKIlty owned subSY of Asia House continued lo trade wel. The concerted effort lo recrurt a broajer base of ¢orForale funding conbnues, IludIng from research and advisory business. The Founding Slakehdders. HSBC. Prudential and Stsndard Chartered continue to support this effort. GOING CONCERN The trustees have assessed whetherthe w ofthe wirvJ corKwn basis 15 apKwopri and have considwed p)sgble events or condrtions that msght cast ygnrfrant doubt the ability of the charrtabk group to ntinUe as a going concefn. The trustees have this assessment f( a peric4J of at least one year frcffl the date of approval of the finwcol statwments. In partrular. the tnJsts have considered the charitatle grcmjp's fcfecasts and PTqections and have ten a0t of pressures on ¢S)nab'on and investment inccffie. After rn*ing enqune5 the trustees have concluded Ihat there is a reasonable expeC1atK that the charrtable group has adequate resources lo Continue in operats.onal existence for the fL¥eSeeab lulu. The clIab groy) therefcye ¢rmtsnues lo adopt the going contwn basi5 in prepariNJ its finanGo1 st8teftts. RESERVES POLICY To safeguard the need for suent fun¢Js to cover on-going man&Jemenl and administration and SUFVOrt costs, the reserve policy sel by the Board is lo maintain free reserve$ al a level that equals three months, operatsng and Charitab expenditure anliupaled in 2021. whth is currently estimated al £413k. At 31 December 2021 the group hehj restrKted feseNes of £10k12020 - £10k). a revaluatKJn reserve 01 £6,586k {2020 - £6,123k) and general reserves 01 £3.249k12020- £3.252k). At 31 Decembèr 2021 the group's free reserve Ilhe un$trted funds held in net current assets) was £290k12020 - £493kl. This i% loW the target of £413k required lo meet the 3 months (perating expenditure largel The board consider the defici( to be a lempyary pr¢)bM caused by the pandemic and expect that performance and cash reserves will improve in the year ¢0 31 t)eeember 2022. Addrtalty. fun¢ts can te drawn fr the Rathbones inveslrnenl fund5 rf required. 11
Asia House Trustses report for th• year ended 31 December 2021 (conrfnued) ASIA HOUSE ETrERPRISES Asia House EnleTprises Ltd is a trading subsidkgry Htyjse. owatnig the corFrt)rate membership proJramme and commercial letting ol the furKttK)n rooms at 63 New Cavendish Street. Net income generated by Asia Fbuse Enwses was £I[k (£20k in 2020). FUNDRAISING Asia House does not activety engage in any $3nt¢ant fvndraising as ¢Jebed in guidan frn the Charity Commission "Charty fundraising". a guide to trustee d1$ ICC20}". and so has not engaged a professional fun¢Jraiser or MMerCial parti¢pator lo carry out any fundraising actNItS. and has therefore r1 subscribed lo any fundrabsing standards or scheme of furKlrdssing reguklKJn. No complaint5 have been recorded about any fundraising activty and the Charity doe5 not conduct any fundraising behaviour that could be expected to unreasonabty intrude or place undue wessure on vulnerable and other members of the public to give money or other property to the Charity. 12
Asia House Trust$ roport for the year ended 31 Do¢•mber 2021 (continued) STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees are responsible for preparing the Annual ReFQrt and the financial slalements in accordance with plicable Lw4 and regulations. ComF)a)y law reques the Trustees to Fffepare ffinancial statements for each financial year in accordarKe WTth United Kingd¢yn Generally Accepted ACunting praCte {Unrted Kingdom AccL)unting Standards and applicable lawl. Under company law the Trustees musl not approve the financial stalements unless they are satisfied that they give a true and fair of the slate of affairs of the group and charity and of the incoming resources and applration of resources. induding the ino)me al expenditure, of the group for that perK#l. In preparing these finanal statements. the Trustees are wuired lo.. select surtable accountirvJ policies and then appty them conststenthy" me judgements and accounting estimates that are reasonable and prudent: state whether applicable UK Aco)untirvJ Stsndards have been fdltywed. subject to any material departures disclosed and exptained in the finanaal slalementS,' prepare the finanaal S&*ements on the going Ccrtem basis UTh it is InapprOprle to presume that the. charity will Continue in business. The Trustee5 are responwble for keeping adequate xcountiry recAyds that are Sufflent to show and exptain the charity's IransaclKJns and disctC>se with reasonable at any time the financkal pOtIon of the charity and enable them lo ensure that the financial statements compjy with the CompanEs Act 2006. They are also responsib for safeguarding the assets of the charity and hence kn taking reasonab step5 forthe prevention and detection of fraud and other irregulantie5. In so far as the truslees a ••vare". there is no reant audit InfOrMatrt of whh the charrfable company's audf(or ts unaware.. and the Iruslees have taken all steps that they ought to have tsken to make theMSee5 aware ol any rel8nt aLKlit infomialion and lo estsblish that the auditor is aware of that infomation. The trustees a reSpOne for the maintenance and integrty d the cate and financkgl infomation induded on the charitabk company's websrte. LegiSlatn in the Unrted Kingdom goveming the preparntion and dissemination of financial statements may drfer from IVJIatn in other jurisdtclK)nS. AUDITORS Saffery Champness LLP have indicated their willir¥Jness lo continue in office and we deemed lo b8 reappointed in accordan with section 487121 of the Companies Act 20(. This report has been prepared in accordance wrth the pro¥isKins aFWuble to CompleS entild to the small companies, exemption. By order of the Board cl TTU$tees. Lord Grwn of Huis¢pierpoin( Chairnmn Dale /5 3 13
Asia House Independent auditorfs wrt INDEPENDENT AUDrroRE REPOFff TO MEMBERS AND TRIJSTEES OF ASIA HOUSE Opinion We have audrted the financial slaternents of Asra House {the'went ¢harrtable ccmpany'} and its subsidiaries (the 'group'i for the year ended 31 Dewnber 2021 which comprise Group Slaternent of Financial Activitie5, the Group Summary Incne and Expenditure Accounl. the Gr(yJpand Parent Chartsble Company Balance Sheets, the Group Cash Flow Statement notes to the financial statements, includKw a summary of swntfitsnt a¢¢ounting policies. The financial reporttng fram6work thal has teen aled in their preparath)n is applicable law and United Kingdom Accounting Standards, including Financial ReIng Slandard 102, the Financral Reporting Standard applicable in the UK and Republtc of Ireland (Unrted lQngdcffi Generaly Acwted Accounting PraXKe). In our opinion the financial statements.. give a true and fair View of the state of the affaits of the group and the PaAl charitable company as at 31 DeCemr 2021 and d the group's incoming resources and appkation of resources, induding its in¢¢¢ and expendrture, for the year then ended: have been properFy prepared n acCCYdan wrth United Kingdom Generally Accepted Accounting Practice". an have been prepared in accordance with the requiremerts of the Ctjnpanies Act 20C6. Basi8 for opinion We condu¢led our aL#Jrt in accordance with Intemational Standards on Audrting {UKI {ISAs IUKII and applicable law. Our resp)nsitrMlrties under those standards are further described in the Auditorfs responsibilrties for the audit of financial statements Secti of our report. We are indyndent of the group and parent Charitable company in accordance s¢h the eth1 requirements that a relevant to our audit d the financial statements in Ihe UK, including the FRC'S Eth1 Standard, and we e fu111ed our other ethul responsibilit in accordance with these requirements. We telieve that the audit evuJen we have obtained is sufficÈnl and appropriate lo provK8e a basi5 for our opinion. C¢n¢lusion8 rnlatlng lo golng ¢oThcom In auditing the fironeol statements. have condude<l that the trustees, use of Ihe going ¢oncem basis of counting in the preparatwjn of the financial stements is approprkite. Based on the WO we have perft)m, we have rLot identffjd any material uncertainlS relating to evenls or eondrtion5 th31, indivKlualty or colwwety. may cast signrficant doubl on the group or the parent charitable company'$ abilty to continue as a going con¢em for a perh)d of at least Iwefve months from when the financial statements are authorised for issue. Our responsibl1f(S and the responsibilrtw of the trLtstees wrth respect to Ing concem are described in the felevant sections of this rekyyt. Other infonnation The tfustees afe responsib for the other informatK)n. The other inlormatton comprises the informatKJn included in the annual rep)rt, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not ¢over the other infomiation and. except to the extent otherwise etlY stated in our report. we do nol express any form of assurance conclusion thereon. Our sponSi.ty is to read the other infom7 a)d. in doing so, con$kler vknether the other infonnation 1$ materially inconsistent with the finanoal statements or our knthvledge obtained in the course of the audrt or otheise appears to be materialty misstated. If we Klenlrfy su¢h material inconsistencies or appant material misslatemenls, we are required lo delemine whether this gNes rtse to a material misststement in Ihe financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other informat*)n", we are required to repjrt that fxt. We have nothing to report in this regard. 14
Asia House Independent auditorfs report (continued) Other mattern prescribed by the Companies Act 2006 In our ¢)pinion. based on the work undwtsken in tr cwrse of the a11". the infOrMatn given in the Trustees, knnual Retth wluch inclu¢Jes the Directors, ReFh)rt for the financial year for whi¢h the finanual statements are prepared is consistent with the financial slalement5', and the Trustees, Annual Report which NKludes the rect(S, ReFKJrt has been prepared in accordance with applicable legal requirements. Mattern on whi¢h arn r¢quir•d lo report by u¢oplion In the light of the knowledge and understanding of the group arHJ the parent charrtable cL)mpany and their environment obtained in the course of the audit. we have not identified material misslalements in the Trustees, Annual Report. We have nothing lo report in respect of the frAbwing matters where the compan Act 2CMA require u5 to rewt to you rf, in our 4xnion- adewate accounting records have not been kept by ts pant charrtable company, or retums adequate for our audit have not been leVed from Iyanches not Visited by u5" or the parent charItae company finanual statements are not in agrnent with the accounting recdS and lums., or certain disdosures of trustees, remuneration spectfied bylaw are not made". or we have not received all the informalKJn and expLwalions we require for our audit. Responsibilities of truslees As explained more fulty in the Statement of Trustees, Res[n$11S sel out on page 13, the trustees (who a also the directors of the parent Charrtable company for the purFrf)ses of company lawl are pOnSIble for the preparation of the financial StatentS aNJ for being satisfied that they ve a true and fair view. and lor such intemal control as the truslees detemiine is necessary to enae the preparation of the financial statements that are tree frcfn material misstatement. whether due to frwjd or errt. In preparing the financial statements. the truslees are resFonsible for assessing the group and the parent charitable company's ability to continue as a wng concern. disclosing. as applKabk. matters related 10 90ing concern and using the going concern basis of accounting unless the twstees either intend to Iute the group or the parent charitable company or to cease operatnS. or have no realistic aAernatrve but to do 50. Auditoes re¥ponsibilities for the audit of the financial $tatsm•nts We have apwJÈnled as aKlitors un(r the Compants Act 2006 and reFort in ardance wrth wulalicffjs made under that Act. Our objectives are to obtain reasonable assurance about whetheT the 9p and parent financial statements as whole are free from material misslatemenl. whether due lo fraud or error, and lo is5 an auditor's report that includes our opinion. ReaSonae assurance is a hKJh level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will aVayS detect a material misstatement when rt exists. Mrsslatements can arise from fraud or error and are considered material rf. indrvidualty or In the aggregate. they could a$ablY be expected lo Influen the wiomK deusK)ns d uw5 tsken on the basis of these fnCial slalements. Irregularit$. including fraud, are instsnces of non-Ccthplnce with L¥S and regulations. We design procedures in Iinewilh our resw)nsits'lities. oullined above. to detecl material misstatements in respect of irregularities, including fraud. The Specif procedures for this engwjement and the exlent to whth these are Capable ol detecting irregularitses. induding fraud are detaikd beirpw. 15
Asia House Independ•nt auditorfs repr•rt (Mntinued) Identifying and assessing risks related lo irregularities.. We asses$ed the SuSpIlbilty of the group and parent charitable Company's financial statements to materia misstatement and how fraud rnht occur. including through discussn$ with the trustees, discussions wrthin our audit team planning meeting, upd8ts.ng wr record of intemal controls and ensuring these controls operated as intended. We evaluated wssIb innte$ and opFKJrtunilies for fraUdunt manipulab.on of the financial slatemenls. We iden1ffj laws and regulations that are of Signrfl¢an in the context of the group and parent charitable company by discussKJns wrth trustees and updating our undending of the secior in which the group and parent charrtable cnpanY operate. Laws and reguLations of direct signrficance in the context of the gwoup and parent charitsbk company indude The C¢Jnpanies Act 20(6 and guidanee issued by the Charity Cc¥nmissK)n for Engnd and Wakn. Audit response to risks identrfd'. We eonsidered the extent of comph.ance th these la and regulations as part of our audit pred$ on the related financial statement items including a ieview of financ3al statement disclosures. We reviewed the parent charitable company'5 record5 of breaches of laws and regulations, rninutes of meetings and coThespondence with rglevant aulhoribes to idenlrfy wtenlial material Milatemeftts ari&ng. We di5CU5sed the paAl charitable company's policies and prccedufes fc¥ compliance with laws and regulations with members of management sponsible for compliance. During the planning meeting with the audit team. the engagemenl partner drew altenlh?n lo the key areas whtch might involve non-compliance wrth laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-complrance wth laws and wulations or knowledge of any actual, suspected or alleged fraud. We addressed Ihe risk of fraud through management overrKle of controks by lesling the approprrateness of journal entrEs 8nd ¢dentfying any significant tiansactions that were unusual OT Outside the nomal course of business. We assessed whether judaements made In makThJ accounting e5timale5 gave nse lo possible indication of management bias. Al the c(¥npletion stage of the audit, the engagement partner's review cluded ensuring that Ihe team W aprwoached their ¥¥ork wth appropriate pfe$s)nal pticIsM and thus the capacity to idenlrfy non-complian wrth laws and regUlatS and fraud. There are lAhent limitations in the audit prctedures described abjve and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the finan¢ial statements. the less likely we woukl become are of it. Also, the risk of nol detecling a material misststemenl due to Iraud is higher than the risk of not detecling one resuliing frcffn error. as fraud may invofve deliberate concealment by. for example, forgery or intentional misrepresentalKJns. or through collus)n. A further description of our responsIlit is available on the Financol Reporting Council's website at". ww.frc.o .uklaudrtorsre nsikn"lrts. This descrw fOS part d our audrtc¢$ reporL Use of our report This report is made solety to the parent charitable ccffnpany'$ members. as a W. in accordance with Chapter 3 of Part 16 of the Companies Ad 20L%. Our audit work has tttn undertaken so that we might state to the parent charitable cnpanY'S members those matters we are required lo slate to them in an audrtor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume reswnsibilty to anyone other than the parent Charitab company and the parent Charrtab company's members as a body. for our audit work. for this report, Of for the opinions we have f¢)rmed. Claire Wills ISnlor Statulory Auditor} for and on behaw of Saffery Charnpness LLP Chartered Aceounlanls Statutory Auditors D*e'. 23 September 2022 Saffery Champness LLP is e1vJ1e to acl as an audrtor in terms of s&ai¢)n 1212 of the Companies Act 201 16 710ueen Vthria Street London EC4V 4BE
Asia House Consolidated statement of financial activities (incory)oring an income and expenditure account) for the year ended 31 December 2021 fund¥ Totsi Tol•l 2020 £'ooo Irestatedl 2021 2021 tooo 2021 £'ooo Income from DOnalan5 Income from trading subsrdiary Charitable aclivilies Other income 162 941 162 794 81 81 125 Totsl in¢om• 1.184 1,171 Expenditurn on: Venue hire and Business poli Charitable activities 1.206 254 1,520 250 254 Total expenditure 1.770 10 1276) {2761 {5991 Realised and unrealised gains 15 273 503 Net incomel{expenditurel for the year before other gains 10 (31 {31 Surplus on revaluatKJn of property 14 N¢1 movement in funds 1961 Funds brought forward as previous 518led 9.375 10 9.385 9.430 PrKJr year adjuslment 25 51 Funds broughl forward as rnstat•d 9.375 10 9,385 9.481 N81 movements in funds - Total funds carried forwanl 20 9.835 10 9,385 For details of the prr year restatwbent. &aSe see ncrte 25. All of the charitable company's aCtivrt5 a deiived from contsnuing mtS. All recognised gains and losses are wKluded in the Stslemenl of Financid Actwities. The note5 on pages 22 to 40 fomi part of th financial stalemenl& 17
Asia House Consolidated ststemont of financial activitles (in¢orporting an income and exp•nditure aceount) for the year ended 31 t)ecember 2020 funds Total 2020 2020 £00 £'ooo (r#statsdl {r•stat8d) 2020 £'ooo (reststedl Incom from Donatv)ns Income from trading subsKliary Chaiilable acts'¥ities Olher InMe 145 794 21 125 125 Total in¢om• 1.150 21 1,171 Expenditure on: Venue hire and Business Fdicy Chafilable activities 1,520 229 1,520 250 21 Totsl •xponditur• 1.749 21 1,770 Net expenditure for th¢ year 10 15991 (5991 Realised and unrealised gains 15 503 503 Net in¢omel{expenditurv) forthe year before other gains 10 {*) Surplu5 on revaluatK)n of woperty 14 Net mov•m•n¢ in funds Reconciliation of funds Funds brought foard as pieviousty stated 9.420 10 9,430 Prior year a4'Lthenl 25 51 51 Funds brought foThvard as reslat•d 9,471 10 9,481 Net movements in funds Total funds carried forward 9.375 10 9,385 For details of the prior year restatement, please see r 25. l ol the charitable company's adivibes a derwed from ¢ontinuiNJ actNTrtse$. All recognised gains and losses afe included in the Statement of Financial Activits. The notes on pages 22 to 40 fom part oflhese fina81 statement& 18
Asia House Statement of Finan¢ial Position at 31 December 2021 Company registration numbor. 03312073 Group 2021 Group 2020 tooo Charity 2021 rooo Charity 2020 £'ooo lrnstatedl FfjX assets Intangible assets Tangibke assets Investments 13 14 15 10,106 3,719 9,739 3.432 10.106 3.719 9,739 3,432 13.825 13.172 13.825 13.772 Current ass•ts Stocks Debtofs Cash at bank and in hand 16 176 $93 129 1.C(19 81 105 800 770 1.139 429 905 Creditorn: amounts falling due within one year 17 (470) {6461 IS34) (432} Net current assotsl(liabilities) 493 1105) 473 Total assets less curront liabilities 14.125 13.665 13.720 13,645 Creditors: amounts falling du• after more than one year 18 14.280 {4,280) 14.280) 14,2801 Total nrt assets 21 9.845 9,385 9,365 Funds and reserves Unre51rKled- General fund Unreslrrted- Revaluat reSee Reslricled fund 20 20 20 3.249 6.586 10 3,252 6.123 10 2.844 6,586 10 3.232 6,123 10 9,385 9.365 details of the pnor year restatwrent. p*se see note 25. As pemitted by SeclK)n 408 Compan$ Act 20C6 the parent chanty has not presented its own Statement of Financial Aclivities. The charty's surplus forthe year was t75k (2020- £611k 5urplusl The financial 51alements on P8ges 2 to 40 to have been prepared in accordan with Ihe provisions applb lo companies subje¢l lo the small companies. regime. Approved and aulhorised for issue by the Board of TteeS on is and s&ned on rts beha by: Lord Grn8n of Hui%¢plerpoirt Chairrnan The notes on pages 22 to 40 form part of these finarKo1 statement& 19
Asia House Consolidated $tatem?nt of ¢ash flows for the year end 31 December 2021 Note Group 2021 £'ooo Group 2020 £'ooo (restated) R•con¢iliation of n•t incoffling resources to net cash Inllow from operating actlvities Net incomellexpendrture} Deprectalion charges Amortisation charges Unrealised gains C invesbmenls Investment income Decrease in stock Ilncreaselldecrease in debtors IDe¢reasellincrease in creditors 13) 110 (961 124 14 13 1S 1209) (39) 15031 1831 16 17 14n {176} 174 Nel Cash gener*tsd foroperating activilies (3631 11701 Investing xtivlll¢s" Purchase of tangible fixed assets Purchase of investments Proceeds on disposal of investments Income from investments 10 12 12 {231 14461 1.200 85 (3001 315 Net ch generated from investing a¢tiviti¢s 818 Net &h lusedllgenerated Cash and cash e(wNalents at the teginnirMJ of the year 1323) 1.132 646 Total cash and cash equivalents at y•ar •nd 1,132 Cash and cash equNalents Gompnse." Note Group 2021 £'ooo Group 2020 £'ocKJ Istated} Cash al bank Cash held wrthin inveslments S93 216 1,009 123 12 Total cash and cash equivaknts at year end 1,321 20
Asia House Consolidated statement of cash flov Icontinued) for the year •nd¢d 31 Decemb•r 2021 Statement of net debt At start of of year £'ooo {restated) At end of year £'ooo Cash flows Cash Loans falling due after one year 1.009 14.280) (416) 593 {4,2801 Total 13,271) {416} {3.6871 For details of Ihe prior year restalfftnl. pSe see re 25. The notes on pages 22 to 40 fomi part ofthese financial sL*ement 21
Asia House Notss forn)ing part of the financial statements for the year ended 31 December 2021 General informknn Asia House is a charitable company limited by guarantee and gistered in the United Kingdom under the Companies Act 21x6 and the Charities Act 2011 Ictynpany no. 03312073. charity rto. 10726961. The Ydress of the regislefed is gNen within the reference and adminL8trative details page. The directors are the members of the charitae company. In the event of the wnpany Ixing wtsund up. the liability in respect of the guarantee is limrted lo £1 r memter of tl company. The nature of the company's operations and rts principal activrts are set out in the Trustees. Repr)rt on page 2. A¢¢ounting policies 2. 1. Basis olpfftparntK)n finaalthIeffterf$ The financAI s&ements have been FwHreJJ in Ac£ounting and Rep)rting by Charrts'. Statement of RKommended Pr&tKe 4)pl¢atAe to charrt$ Kxeparing their accounts in a¢cordatKe with the Financial Report19 Stsndard appli¢Jle in the UK and Republic d IreLand IFRS 1021 {effectNe 1 January 20191- ICharitEs SORP 2nd ediiion {FRS 10211. the Financial Reporting Standard applicable in the UK and Republ of Ireland IFRS 1021, the Cmipans Act and the Charrts A¢t 2011. Asia House meets the definilion ofa berfft entity under FRS 102. The financkal slatements wesented stediry IGBP). ting the ftSl0nab cuThency of the 9foLP, and are rounded to Ihe nearest thousand urKIS. Asset5 and liabilTrties are initialty Inis9 al histo1 cosl value unles$ Othee stated in the levant Jling polry. The preparation of financ4al slatwnents in conpliarKe with FRS 102 requires the use crf certain critical ac(x)untirg estimates. 11 abo requires manaTrt to exercBe juOJwnent in aFptyiThJ the Charity's accounlirKJ pol¢ie& These e ¢letaded in note 3. The fdlowing ntyn9 FleS have been appkth. 2.2. 8asis tjf consolKl8lx)n Group finar1 statemerts consolthe the finarla1 Statements of Asia House and its wholly owned subsid1Y unthrtakings. ASH House Entefwises Limited and Sixty Three New Cavendtsh Limrted, for the year ended 31 Denber 2021. In wsrdance th Secb'on 408 of the Companies Act 2006, no separate stslement crf ffinancaal Triities is present forAs0 House. 2.3. ExeMplS quafrfy*u entItS underFRS 102 The Ccrfnpany has taken athantthje d the fdl(w"ng dre eXp.OnS.. frrxn preparing a statement (rf cash flcNts the basis Ihat il t5 a qualifying entty and the group cash ststement ir£1led N¥ithin these firla1 statements. include the company's cash knts., and from thefinancia irtstruments dKktsures, requiTed under FRS 102 para 11.40to 11.48A and para 12.26 10 12.29. as the Inf0Fmat is wovidgd in the GfCWP financial dis£ioswes.
Asia House Notes fomilng part of the fin•n¢ial statements for tho y•ar end 31 Decembor 2021 (continued) Accounting policies (continued) 2.4. Gng concem The trustees have asses8ed wthetsr IIE use of the goir@ cown basis is apprcpriate and have o)ngdered possible events ¢ condi(ions that rnvJht cast SnlAt (k>ubt on the abilty of the tharitable group to contnue as a ping ¢£Inm. The truslees have made th assessment for a penod of at least one year frcrfn the date ol apwoval of the finan¢k41 ststerrtnts. In particuL3r. the Iru$le have SIdered the Charitale group's fc(ecasts and projeCtKJr and have taken nt of pressure5 on donatK)n and invesbment inc(yne. After making enquiries the Iruslees have condudwj that thwe is a reasonab e¥pe(at¢on that the charitable group has adequate resour$ to conlinL in opera11ral eXtere for the ftyeSee3e future The charitable group therefore contin$ to •JoO the An9 cAY¢em basis in Kxeparing ils ffinanoal statements. 2.5 FunLI a(UntIr Generalfunds e UnreStrted fund5 ¥ew4ailabf0r use atthe distretiC41 of thetru#ees in furtheran of the general ots"ectrrfes of Ihe cljrparry and he not been other pury)ses. The revaluaticm) reserve isthe &cumuled surplon revaluat clthe wopty hekj intan91bfiXed assets. Restricted funts are <knnaticffls recewed. tr ie artsing Uwe from. vthich are for the purF¥)se set out by the thinor. The cct cl akninisteriNJ sh funds we dwrged against sFeCff fund. 2.6. Incoming Trsources All incc4me is recognised ore the ccffipary ha5 entttbernènt to tr irtome. * is prcl)th that the incLNne will be received and the noLt of YKorne Nable can te measured relity. Irccme from th)naths ts ile when there 6 WtJlJemenL wobabilty of receipt and amount can be rneasu with SLrficient rel'ty. tkntions for partular pu ate included in ir(ne as restricted funds. Trading vicm. compri%rtg wen hir8. * reccmjned on an xuuaLs ba¥1$ in the pericJ whicth the event takes pe or the subscriFthn falls due. lrtome from tharrtable adrtS comwising grants 15 included when thwe És entiuement. probabilty of receipt and the arrK)unt can be measured 7Mth suffictenl reliabilty. A grant that specrfles performar conditions ts cOgnised in income when the perf0mlan conditions are met. Where a grant does not $pecfy performan Condtt•nS il is recognised in income when the eedS are received or rer£ivable. A grant received before the OgnIt)n criteria are satisf1 is recognised as a liability. Government grants are Tecogrbised at the fair value d the asset receNed or receNable when there is reasonable assurance thal Ihe grnnl ThIrt10n$ will be met and the grants will be recewed. Rental and Th18s1mtt inc¢yne is reccwEed w the accruals basis in Ihe year that rt falls due. 2.7. Rese$ expended charitab expendrture C4)rr(Jrr direct expenses incurred on the defned charitable wry)ses of the charty and indudes direct 5tsff cOS attrt1Utab to ihe and an alkKaln cl the weral management and overhe•J costs. Supp)rt costs are those ftinCtnS that as5151 the work of the charity bul do not direclty undertake Gharilable activities. Support costs include back Off Cts. finar. personnel. payroll and Governance costs, which support the Trusts artistie programmes and activities. These costs have been allocated be1wn cost of raising funds and expendrture on Charit*1 Xt1vrt. The bases on which supwt costs have been allocated are Set out in note 9. 23
Asia House Notes forniing part of the financial sLernents for the y•ar ended 31 De¢ember 2021 (confinued) A¢¢ountlng policies (confinued) 2.8. Resourw expended (contKNMdJ Governa costs (included in supF4)rt costs) •rlUde th)se Irffed in the vernal of the charity and its assets are wimarity asSccted with constitub.ond statutory requirements. Tring exFenditure relates to venue hire. ne$s. arKI rekqtes lothe expenthture ofthe fully owned subsidiary. Asia House EnterFwtses. 2.9. PeTrSs Defird contritxrtK)n peftS plan The charty operales a defined contrtjuticn plan for ts ernOYees. A defined clIribution pPan a pension plan under vthich the Group pay5 fed rA)ntritMJtKJns into a sepaTrte entity. Once Ihe contrbulions have been paid the Grcw has no further payffenl cl)IwJatk)ns. The Contrlbthio are rwni88J as an eynse in profft k)5s when they fall d. Amounts not paka are shown in CrUal$ as a liabilty in the Statunenl of Financml Position. The assets of the plan e held Separate fr(Th the charty in independently adminL8teTaJ funds. 2. 10. Tangibk Ted assels All assets cost9 mcye than £5C(l are capitaltsed. Tangib fixed assets undw the cc61 model we slated at hislml st less accumuLgled depreciation and any accumulated impaim)ent losses. Hi8t(Kral co •)clLKks exFendrture that is directty attributab to bringing the asset to the bcDn and condrtn neLessary for it lo te capable of opewating n the manner intended by manwienL Depreckation is chard so as to alocale the c05t of ets less their resithpl value Lwer their estwnaled useful lives, ng the slraght4ine methc#J Depreciation is provthd following basi5'. Leasehold prcperty & 1n1Th)ertts Offits, pL8nl & mhinery over 132 ye¥s slraight line 25% p.a. straight line The assels, re$Ual alueS, eful Ives and depreclIC meth(yJ5 are Miewed. and a(4'usled wospectively if apprcprrate. or rf there is an IrKItI)n crf a sgnrftant thange $ie the lasl reIng ¢Jate. Leasehold wopety is carried at I"r vaue kn subsequent dewecith. n. RevaluatK)ns are made with sufficient re9ularty to ensurethal the ¢arying rKwnt crfthe asset ts Th)t materialty drfferentthan its fairvalue. Changes in fair value we reoJgnised the Statement of Financial A£tNrties. Gains and losses on disposals are deteffliwd by ccryArirwJ the proceeds wrth the wying anYJunt and are recognised in profit or loss. 2. 11. Inlangibk rued assets Intangible fixed assets are hehj at eost. net d wnorttsakn and any yovistin f(x impaiment. Identffk4ble development expeThJriure 15 c•tsltsed lo theextent that 1hethnts1. ujmmercial and financial feasibilty can be demonstrated. AmortsatKJ) * provKled at rates L3k%lated to off the cost of fixed asset$, less their eslim*ed residual va&Je, over their exed LLseful ec0rrfyn INes on the folbwing bases". Wthte 25% p.a straight line 24
Asia House Notes forming part of the financial sLements for the year ended 31 December 2021 (continued) Accounting poll¢le8 (conlinued) 2.12. IMpairpnt offixed assets A review for Thpaimient of a fixed asset is camed out * events orchanges in ciri>Jnstances indKe that the carrying value of anyfLxed asset may not be reeovera)le. Shortfalls Ltheen the carying value offixed assets and their r0Verable amoJnts are recoJnLsed as wnwrments. Impa¥ment losses are cOgnised in the Statement of Financkil Activities. 2. 73. Investments Investments a stated at rnarket value atthe reFrfx1ing de. The Statementof Financial ActNities includes the realised gains and b5ses on acquLSitK)ns and distx)sals as well as the unrealtsed gains and losses throughout the year. The unrealtsed gains or k)sses represenl the drfteIen betsyeen the market value and the trk value on the annual accounting date, namety 31 December. Unrealised gains or losses are transferred to the a¢¢umulated fund. The actual gain or105s will dynd upon the prtis ruling al the time of sale. The figure for Unrealed gains is therefore onty an mdication of the p051tion. The investrnent in the SubsKliY company is held at cost kn impaifmenl. 2. 14. Slock Slod( berage$ for venue hi a1 s sL7ted al the k)wer of and net realisable value. 2. 15. Cash Cash 15 represented by cash in hand arxl dewsts wlh fInJaI insbtution5 rewabk without penalty on notice of not more than 24 hours. Cash equwaws are hwJhty IiquKI investments that mature in no more Ihan three months from date of acqutsrthon and that are readily convertible to kr#n amounts of cash with insKJnrfi¢ant risk of change in value. 2. 16. Financyal irtstruments The chlty onty has financial assets and finafKial liabilrties of a kMYJ that qualfy as basic financial instruments. BasK financial instruments are inilialty reetsjnised al transaction value and subsequently measured at their settt value. The charity has elected lo apply the provi$S of KIn 11 Basic Financial InstnJments' and Section 12 'Other Financkal instruments Issues. of FRS 102 to all of its financial inslrurnents. Impairment of financial assets FinancK?l assets, other than those held at fair value thr(yJgh the statement of financial actNlties, are assessed for indicators of impaim)ent at exh reporting end date. Financial assets are impaired where there oty'ective evidence thaL as a resu cl ce or more events that occurred after the initial reuy9nition of the financial asset. the eslimated future cash flows have been affected. The impairment loss is recognised in the statement of finanaal aclivrt. 0nl0 of financk31 assets F¥Mncial assets a dereccgnised onty when conlrnctual rights to the cash knis frcm the asset expire, Of when rt transfers the financral asset and subslanliaty all the risks and rewards of ownership lo arther enbty. Oerecognilh?n of financral li&ilities Financial liabilities are derecc*3nised when. and when. Charity ObloatnS are discharged, canedled. or they expire.
Asia House Notes forming part of the financial 8tatem•nts for th• y•ar ended 31 December 2021 (contsnued) Accounting policies (Contd) 2. 17. Operatmg leasex. as lessee Rentals payable under Cf)erating ase5. iluding any ase incentives receNed. are charged lo the consolated Statement of Comwehen$ive Inwne on a straight-lirie basis over the term of the relevant lease. 2. 18. Opernting leases 0$18ssor Rentals reCeae under operats.ng leases. including any lease incenlNes recetve(l. are crediled to the Consol¢dated Statement of Comwehensive Inoyne on a Strahl-lIne basis over the term crf the relevant lease. 2.19. GitaA . The charty the v#trJle crfthe is&d dinary share cathl ofAsia Hse Enterprises Limrt8J. Aska House Enterprtses L¥nrted cdinarity FQYS each ye to the Charity. under the psn$ related lo Grft d. a sum based on the tsxable wofts of C(#npany. The prnent of Grft AJ ts sut4.ect to the reserves polry dthe grfting entty. and the aFproval of ttE ch. Gift AIJ is recognwy on a cash ba5. 2.20. Toxalithry A5 a regisleTed charity, A8 House Limited is not liab lo inccxne lax and corporation tax on income and gains derived from ils charrtable a¢tiwbes as it falls within the various exemptions available to registered chant$. Critical accounting judgements and key sources of estimation un¢ertalnty In preparing financial stalemenls. rt Trs reSSary to make rtain judgemenls. estimates and assumptions that affe¢t the amounts recognised in the financial statements. The fdlowing judgements and estimates are conshlered by the Iruslees to have most 5KJnrfKant effeGt on amounts recognised in the financial slatemenls. ValuatK•n of1gas¢hold pn>p8rty The Leasehokd Property was valued ss at 31 December 2021 by Savilb. Leasehokj propety included in the balance sheet al open market value as perMed ty regulan$ m under the C¢)mpanies Act 20(E and in accordan with FRS 102. Cost allo¢•tion The cost allocation methc#JokyJy requires juth3ement as to the most appropriate basis lo use to apportion C051s. Support costs are allocated tetsveen athl1 the basis of Stsff lime.
Asia House Notes fofming part of the financial statefflent8 for th• year ended 31 D¢¢*mb•r 2021 (continued) Donations Unrestricted funds £'ooo Restrict funds Totsl 2021 Totsl 2020 £'ooo HSBC Prudential Standard Chartered Other 50 50 50 16 12 12 Total 2021 162 162 Total 2020 145 21 Income from trading subsidiary Unrnslrictsd Restri¢t¢d funds funds Total 2021 Total 2020 £'ooo Corporate Sponsorship Other 668 525 37 232 273 273 Total 2021 941 794 Total 2020 794 794 27
Asia House Notes forniing part of the financlal statements for the year end 31 DeceMr 2021 (continuedj Income from charitable activities Unrestri¢t¢d Restrict funds funds Total 2021 £'ooo Total 2020 £'ooo Grants Cultural events Total 2021 Total 2020 86 Other in¢om• Unretstric Restrict lunds funds T¢)tsl 2021 £'ooo Totsl 2020 £'ooo Investment income Rental income 39 42 39 42 85 40 Total 2021 81 81 125 T¢)ts12020 125 125 Results of trading subsidiary Ask9 House has tJ¥o wholty wrled tradir¥J subsidiaries. whith are incorporated in EngLind and Wales. Asia Hous• Ent•rprises Limited 2021 £'ooo 2020 £'ooo Income Expenditure 942 {$36) 794 (774) Profil Retained wofrt brought forw*d Distribution to Asia House 20 728 {728) 20 120) Retained profit carried forward 20 The principal acliyty of Asia House Enterprses Llnitl (ComY number. 032422291 is the operation of a fA)rporale membership programrne for Aska House and the eomercial letting of its fvnctK)n rooms. The Company distributes its profits lo Asw House under gfft a. Sixty Three New Cavendish Limrted dKJ not trade durng the yew or the prior year. 28
Asia House Notes forniing part of the financial sL*ements for the year ended 31 De¢emb•r 2021 (Mnlinued) Analysis ol resou•5 expended Support costs £Y)00 2021 Total rooo costs £'ooo Venue hire and business and Cultural programme 533 673 1.206 Totsl 1.460 Support costs £'ooo 2020 Total £'ooo Costs rooo Venue hire and business and wl Cultural programme 774 746 1,520 250 Total 838 932 1,770 £Nil12020- £21kl sIS in rektion to restrth exFerKlrture tre Induded tmthin Ihecullural programme costs. Analysis ofsupport costs of charitab a¢¢ivili¢s.' Basis of allocation 2021 £'ooo 2020 £'ooo Staff costs Office running costs Legal and professional fees Govemance Oeprecialion and aM0"saIlon CEO. Finan & Oigital staff DNisional headcounl DNisional hea¢knunl Time spent DMSk)nal hea(kounl 365 303 465 253 65 22 127 112 Total 8n 932 10 Net expenditure 2021 £'ooo 2020 £'ooo This is ststed after charging.. Auditorfs remunefalK)n Previous auditor's remuner8lron Auditors in respect of rn-aUdit seNces Oeprecolion Amortisation Operating lease expense 12 110 124
Asia House Notes forniing part of the finanelal sLrnents for th• year onded 31 0¢mber 2021 (¢ontinued) 11 EmployS- Chaiity and Group 2021 2020 £'ooo Stsff costs duriry the year were.. Wages and salars Social secunty costs Pension cosls 901 95 31 62 731 1,027 Con5ullanls & Temporary staff Other staff costs 100 22 32 85S 1,081 The key management personnel of the group comprise those of the Charrty and the key Management personnel of ils Olty owned subsidiary Asia House Enlerpn5es Ltd. The key mana9emenl rsOnnel listed on the admin artd reference infomats.on on p•3e 1. Remuneration and benefits of key management personnel for the group were £387.73012020 - £420,800). Number of employees whose emoluments exceeded £60.000'. 2021 2020 £60,000 - £70.000 £70,000 - £80,000 £180,001 - £200.0 £220,001 - £230,000 EMer9 pwtsK)n ¢ontrtJutions in respecl ofthe atw empbys we £10,12912020. £12,453). Redundanw $ts dLwing the year totakd £NI {2020- £2.5WI. rAwhich all had been paNJ at year end. The average number of pyeeS during tr yearwas 1312020- 23>. 12 Trustees. rnmun•ration and reimbuTred expensos The ch8rty trustees We not pabJ or weNed other beneffts frcan elment witti the Trust or r(s subsidiary in the year121r20- Nil). No charty trustee received paymenl fcrf prcrfessional or other services lo the charity {2020 - £1kl. The Charty wd £Nd (2020- £6.41 lo trustees fLY acccmmod*ion and travel for ovwseas conferences
Asia House Notes fomiing part of the financial stat•ments forthe year ended 31 December 2021 (continued) 13 Intangible assets Group and charlty Website Total £'ooo Cost At 1 January 2021 Additions Di¥)osals 14 14 At 31 December 2021 14 14 Amortisation At 1 January 2021 Charge for the year Disposals 13 13 At 31 December 2021 14 14 Net book value At 31 December 2021 At 31 O&ember 2020 31
Asia House Notes fomiing part of the financial statements for the year end•d 31 D•cember 2021 (continuedj 14 Tanglblo fix8d assets Group and charity Leas•hold Office. plant property & machinery £'ooo Totsl £'ooo Cost or valuat1 At 1 January 2021 Additions Revaluat 10.C 10.196 14 14 At 31 December 2021 10.050 210 10.260 Depreciat At l January 2021 Charge lor the year Wrrtten back on revaluatn 337 76 {413) 120 457 110 14131 At 31 Decemter 2021 154 154 Ngt bcok value Al 31 December 2021 10.050 10.106 Al 31 Decemter 2020 9.e63 76 9.739 The Leasehold Property was valued as at 31 Deber 2021 by Savdls. Leasehold property included in the balance sheet at open mafket value as pemirfted by regULatnS made under the Cornpanies Act 20C6 and in accc*dance with FRS 102. 11 the property had been held at historK cost the net trAik ¥alue and thpreciatKJn charge would have been as foll¢yws. 2021 £'ODD 2020 £'ooo Nel value 3,683 3.715 De?110n charged in the year {32) (32) HSBC Bank PIC hokls Fixed and fioatirvj Charges over the undertaking and all PTOFerty and assets present and future In¢dIng gcKthill, boc debts. ramal buthjings fixiures fixed plant and machinery.
Asia House Not•s forming part of the financi•l statements forth• year ended 31 December 2021 (continued) 15 Investments Group Group 2020 Charity 2021 Charity 2020 (rnstatedl (rosLed Investment portf Investments n subslarS 3719 3432 3719 3432 3.719 3.432 3.719 3,432 Inv•stment portfolio Group and ¢haiity 2021 £'ooo 2020 £'ooo (restated) 3.309 123 Investments al mafket value Cash hetd within investrnent Fthffolio 3.503 216 3.719 3.432 Investments al mathet vdue.. Market value at 1 January 2021 Addrtions at cost Disposals at cost Unrealised gain Realised gain 3,309 300 1379) 3,563 445 {1.2011 468 Market value * 31 Decembor 2021 3.503 3,309 HistOral cost of investments at 31 December 2021 2.511 2,471 For details of the prKW year reslalemenl. pl&3se see note 25. Holdings consKlered to t indNidually signitsnt at the year w)d Imcxe than 2.5% total shares) Scotth Mortgage Inv Trust 5p ordinary shares Baillie Gifford US Trust 1p ordinary shares Monks Investmenl Trust 5p ordinary shares Impax Environmental Mkts PLC 10p ordinary shares Allianz Technolcgy Trust PLC 25p ordinary shares Microsoft Alphabet Inc USD 0.001 Cls A COMM Sto Payden Global Funds Gbl Infl Linked Bond Hgd Dtsl ASML Amazon Come Inc USD 0.01 coff¥non st(xk Edinburgh W0dKIe Inv Trust 1 p ordinary shares Ishares PLC Physical Gdd ETC (GBP) Baillie Gifford & Co Ltd Corporate BorKI B Inc Link FurKI sutions Trqan Fund S Inc 5.35 5.03 4.85 4.02 2.81 3.92 3.51 2.27 2.02 2.52 3.18 3.05 2.81 2.59 2.S5 2.32 2.82 3.39 2.72 2.50 3.30
Asia House Notes fommng part of the financial statements for the year ended 31 December 2021 (continued) 15 Investments {¢ontlnuedl Investmonts In subsidlarlos Charity The InvestnIS in subsidk4ry c(xnpanies lotalbed £3 (2020 - £31 wrth changes in the year. "a House all of the issued Sha capilal of Aska House Enterprises Limited and Sixty Three N Ca¥¥JISh Limited. The reser¥es of both subsidries at 31 Dernber 2021 were £41%k12020.' £Nil). 16 O¢btors Group 2021 Group 2020 Charity 2021 e'ooo Charity 2020 £'ooo Trade debtors Inlercompany debtor PpaymentS and accrued income 144 60 45 32 45 31 176 129 81 105 Inlercomp8ny baL4nces are Un$ured. interesl free. and repayab on demand 17 Crnditors: amounts falling due within one yt•r Group 2021 Group 2020 £'ooo Charity 2021 £'ooo Charity 2020 £'ooo Deferred income (le 19) Intercompany credrtor Trade creditC¥S Accwals Other taxes and soaal surity Other uedit 249 322 160 197 158 76 159 45 65 159 470 432 18 Creditorn: amounts falling du• after more than one year Group 2021 Group 2020 Charlty 2021 Charity 2020 £'ooo Bank loans repayable" In more than 5 years 4.280 4.280 4,280 The Bank bans tota of £4,280k12020- £4.280k) are benefit entity concessionary hjans as the interest is bebw the prevailing market rate. repayatAe on 2 Juty 2028. The loans are interest free and were given to the charity lo help further the purposes of its obJ"ects.
Asia House Notes fomiing part of the financial statements for the year ended 31 Decernber 2021 (continuedj 19 Deferred income Group 2021 Group 2020 Charity 2021 Charity 2020 £'ooo Deferred inc<yne brwghl forward Released to the SOFA DefeThed income in year 322 13221 249 234 (2341 322 159 11591 160 150 11501 159 249 322 160 159 The deferred inccffie relates to (k)nakns recewed in aJvance. 20 Funds The funds of the Chanty restricted furKts eomwi5ing the folkywing unexpended baknces of donations held C tFUSt to be applEd for purposes." Group Al 1 January Al 31 Decomber 2021 £'ooo Incomin9 Gainsl losses 2021 £'ooo (r•statedl expended General Revaluation reserve 3.252 6.123 {1.460) 273 463 3.249 6,586 Total unrestricted 9.375 11.460) 736 9.835 Restricted - Studio Garden - Converging paths and OneVo¢ce 10 10 Total $trIcted 10 10 Totsl funds 9.385 (1.460) 736 9.845 Restricted funds The Studio Garden frjnd is heky lo supwrt the IxJihJing of a Studio Garden. ConvergirKJ paths and One Voice fund is hekl to SUPF¥)rt the delNery of these programmes.
Asia House Notes fomiing part of the financial stalemwts for the year ended 31 D•c¢mber 2021 {¢ontlnuedJ 20 Funds (continued) Group At 1 January 2020 At 31 Dac•mb•r 2020 £'ooo Irostatodl Gainsl expended £'ooo £'ooo (restat) General Revaluatton reserve 1.150 {1.7491 503 3,252 6,123 6.123 Total unreslri¢led 9.471 1.150 11.7491 503 9,375 Restricted - Studio Garden Cve[gIng paths and One Voice 10 10 21 {211 Total restricted 10 21 {211 10 Total funds 9.481 1.171 {1.7701 S03 9,385 For detsils of the prior year restalThnt. a$¢ see ncrte 25. Company At 1 January 2021 £'ooo (Y•ststsdl At 31 Dxemb•r 2021 £'ooo Gainsl losses expended General Revalual¢on reserve 3.232 6.123 (9241 273 8.123 Total unrestricted 9.355 263 (9241 736 Restricted - Studio Garden Conveiging paths arKI One VoKe 10 10 Total reslrLted 10 10 Total funds 9.36S (9241 736 9.440
Asia House Notes fomiing part of the financial sLgtements for the year end 31 Decombor 2021 (continuedj 20 Funds (contt'nuedj Company At 1 hnuary 2020 £'ooo (reststl At 31 Dèe•mber 2020 £'ooo (restated) Gainsl lossès É'ooo expended £'ooo £'ooo Gener81 Revaluation resefve 2,620 6.123 1.105 19981 505 3,232 6.123 Total unreslrthd 8.743 1.105 19981 505 9,355 Reslricled - SludKJ Garden - Converging paths arKI One Voice 10 10 21 121) Total $trIcted 10 21 121) 10 Total fund$ 8.753 1.126 (1.019) 505 For detsils of the prhy year reslalanent. ease see ncée 25. 21 Analysis of net assets bolwa•n funds Group Unrestricted fund Restricted fund Rvluation Totsl 2021 £'ooo £'ooo Fund balarKes al 31 Decemter 2021 a represented by" Fixed assets Investments Current aets Creditors.. within one year Creditors.. after one year 3.520 3.719 760 (4701 (4.280} 6.586 10,106 3,719 770 1470) 14,280) 10 3,249 10 6.586 9,845 37
Asia House Nolos forming part of the financial statements for the year ended 31 Decomber 2021 (continued) 21 Analysis of nat assgts botw¢on funds (CLtin) Group R•vahAtion Total 2020 £'ooo {resLitedl fund fund £'ooo (r•ststodl £'ooo (rostat) (rest•ttd) Fund balances at 31 Decemter 2020 a represented by". Fixed assets Investrnenls Current assets CdItorS". within one year Creditors.. after one year 3.617 3.432 1.129 1646} (4.280) 6,123 9.740 3.432 1.139 16461 14,2801 10 3.252 10 6,123 9,385 For detai15 of the prior year reststemgnL pkase see ncl8 25. Company Vnrnstrictsd fund Restrietèd Revaluation furMI reserve £'ooo £'ooo Total 2021 £'ooo Fund balances at 31 Decemter 2021 are represented by.. Fixed assets Investments CUrll1 assets Creditors. within one year Creditor5'. after one year 3.520 3.719 419 1534) (4.280) 6,586 10.106 3.719 429 15341 {4.2801 10 10 9.440 Company Unrestricted fund £'ooo (rnstatedl R•strictsd nd Revaluation reserve Total 2020 £'ooo {rnstatedl £'ooo (rnstattd) (restated) Fund balances at 31 Decerntr 2020 are represented by.. Fixed assets Investments Current assets CdOrs.. within year Credrtors." after one year 3,617 3.432 895 {4321 14.280} 6,123 9,740 3,432 905 <432} 14,280) 10 3.232 10 6,123 9,365 For details of the prior year restatement. pse ncle 25.
Asia House Notes forming part of the financial statements for tho yo•r ended 31 Dember 2021 (¢ontinuedJ 22 Op•rallng leases Al 31 DecembeT 2021. the minimum fvture commitrnenls lor payments under noncellable cprating leases for plant and equtpmenl as set out tebw.. Group 2021 £'ooo Group 2020 Ch817ty 2021 £'ooo Charlty 2020 £'ooo Wrthin one year Beeen 1 and 5 years Total 23 Operat9 lea. lessor Al 31 Decemlxr 2021. the minimum future paymnts recer4able urKler OFerating leases was as follows". Rent receivabl• Group 2021 Group 2020 Charity 2021 £'ooo Charity 2020 £'ooo Wrthin one year 28 35 28 Total 28 35 28 24 Related party transactions During the year HSBC, a company in whth truslees Wendy Wang and Sir Sherard Cowper£oles hold posi1KJns of influen. made a Stakehjer donal)n to the group of £SOk1£50kl. and at the year end a £50k12020- £SOkl balarw relating to the folknwing yearfs donation was held in (Teditors. HSBC also pays £25k12020 - £25kl for membership of Ash? House whh £Nil {2020 - £Nbl} was oulslanding al year end. During the year Prudential, a company in whK Matt Cavanagh la Irusteel hokds a positKJn of influence, fflade a stakeholder th)nation to the charrty of £50k 1£50kl. and at the year el a £50k 12020 - £50kl balance relating to the folbwing yearfs donation was hekl in Ixeditors. Prudential also pays £1C12020 - £10kl for membership ofAsia House of whh £Nil12020- £Nil) was oulstanding at year end. During the year Standard charted, a company in which Tanuj Kapilashrami la trusteel holds a posttion of influence. made a stakehokler dOnatn to the charty of £50k1£50kl, and at the year end a £50k12020 £50kl balan relating lo the folloNvJ"ng yearfs donalK)n was held in creditors. Standard Chartered also pays £IOk12020- £10k} for memLErship of AS House of which £Nil {2020- £Nill was oulstan(tin9 at yoar end. During the year Arup, a in whth Alan BeIeld and Gregory HcJkinson (Irusteesl hokl posrtions of influence, pays £50k {£50kl for membwship of Ask4 House IStr*egi¢ Partner ve1> of whth ÉNil12020 - £Nill was outstanding at year end. During the year McKinsey & Company, a ccynpany in whh Martin Dewhurst la trusleel holds a position of inflUer, pays £25k (2020 - £25kl for membershp of Asia House {Chaiman's Circle levell of which £Nil (2020- £Nill was outstanding at year end. 39
Asia House Notès forniing part of the financial statmnts for the year ended 31 De¢ember 2021 (¢ontinuedJ 24 Related party transa¢llons (c1 Fty detsils of trustee expenses see rnte 12 and for key management remunerat)n see note 11. During the year the chanty recharged costs of £555k {2020 £60kl to Asia House Enterprise5 Limited, a fully owned subsidiary. Asw House Enterprises Lmited also gTIt aNJed proffts of £4(k 12020 - £729kl to the charity. At the end of the year the charity was £189k 12020 - £60kl from Awa House Enterpn'ses Limited. 25 Prior year restatement There have teen Ihree restatwnents to the previous financial statements. These are as folkyws.. Income from invesknents was incorredty recognised. The brought forwards in Ihe financial statements for the year end 31 December 2020 were incorrect. The brought forward net as5els in the prior year have been adjusted by £51 k lo recogni5e incorne not previously w)unled lor ano cash hekl in in¥estrnents that had previously not been regnIsed. See note 15. 2. The cash Ibw was presented incrreCtlY. The cash fbw as rep)rted last year shcped a net £64k Ivrite off of red assets.. This shcwjld have been presented gross being £85k Investment income and the cash held in investments should have been presented a5 part of cash and Gash wuivalenls. including the impact of adjuslrnent 1. 3. The stslemenl ol net debt was psented incorrecdy. The £50k overdraft facility was nol in use at the prevKyJs year end and therefore Shou not have been dtsdosed as debt. The opening posrtion in the statement of net debt has been restated to remove this overdraft faalty from the discb)sure. In the interest of full transparency. the iX)a have cons¥Jered the aix)ve and a9ed that they slK)uld be adiu51ed in the relevant accounting wrry)d.