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 Independ￿1 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 Belf￿1 Matt Cavanagh Victor Chu Sir Sherard Cowper-coles Martin Dewhursl Albert Ellis Anne Ruth Hethes Tanuj Kaplashrami Naina Lal KithAai Ea￿ard 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 M￿ha￿ 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 charrt￿s SORP Ise(x)nd edition}, effectwe January 2019. CONSTITUTION The company was incorp)raled on 29 janU￿Y 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 col￿ern all of the undertaking5, a5sels, liabilities ar c41igatK)ns of Asia House Trusl. a ￿lStered charity whth had substantialty the same 0￿eCts as Asia House. OBJECTS OF THE CHARI Asia House was founded to esta￿1$￿ and maintsm. for the benefft, ￿ Asia fc¢used instituts.on to further the appreciation and understanding of Asian countries. ￿1r cullures. religions and economies and lo foster closer communication betsween the peoplesof Europe and Ask? IhfOLMJh a programme of exhibitkjns. kntures. cOnferen￿S and meetings. TRUSTEES AND GOVERNANCE Th• trust￿$ (including tho ¢ompani•s th¢y'r• associat￿ wilh) who s¢N¢d durlng the y•ar w•re: L¢)rd Green of Hurstp￿Tpolnt- CHAIRMAN Stephen Ball Alan Belfield (Arupl lappoinled 22 June 2021) Matt Cavanagh (Prudential ￿cl V￿Or Chu (First Eastem Investrnenl Groupl SIT Sherard Cowpef-coles {KCMG LVO. HSBC) Martin Dewhurst IMcKinsey & c￿PanY} 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 iM￿err￿tatK1n 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 fina￿eS 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)k￿S for rernunerat￿n 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 c0mwsit￿n of the Board of Trustees to a meeting of the Trustees. Foll0v￿n9 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 thrO￿￿h arKI Co[F￿rate 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 a￿1 As￿n based cornpanie5. The Cultural and Edu¢abon Programme deh¥ers a range of that highlight the culture, beliets. polit￿al and economic cutrenl affairs of the countries of Asia. In 2021 Asia H￿se 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$&￿IShed in January 2017 from the proceeds of the Sa￿ of the rear of 63 New Cavendish Street and 34 Weyrnouth M*4VS wilh the obiertive of maximising long-tem total return, subjecl to not exceeding an agreed level of risk. Asia House can invest those funds without regard to %thelher the invesbnenl retum is in the form of capital appreaalion or income and wrth discretjon to appty any part of the totsl investment retum as income for spending each year. If the capitsl value of the portfolTr) were lo fall duftng yw. the trustees woufd still have discrelK)n lo use funds fr(ym the p￿tt0110 as they see fft. The core Asia House investment strategy remains.. to manage the portfolti to delNer bng-lemi absolute returns without specific regard lo income general￿n lo dIve￿ty the portfol￿ across muttipk asset classe5. Whije ethral. social, and environmental consh*rations are taken into account when invesknenls are made, there are no fomial restrict￿n5 in place to preclude investment in specrft companies. Sect￿$, 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 organisat￿n To take ￿£OUnt of the purp￿$, aims and values of Chafity To ensure that pay levels and pay incwases are appry*te i) the conlext of the interests of our benefKiaries The pay of the Sen￿)r staff is annualty. The remuner*KJn benchmark is the mk&point of the range paKI foi similar roles adjusted for a weighting for any aJdrtKJnal ￿￿OnsibIlitIes. If recruthienl has proven diff￿￿11 in the recenl past, a market addrtion is also paid. RISK MANAGEMENT The tnMtees have a tsk management strategy, whth compri5e5". regular rewew of the pnncipal risks Uneertainl￿ that the charity its subsKliary Asia House Enterpri5e5 Ltd". the estsblishment of pJlries, systems and proce¢￿￿ to mrtwe those risk$ 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 Tr￿te¢S report for the year ended 31 De¢emb¢r 2021 (¢ontinu8d) This wort has idenlrfRd that the three key risks are financk81. Operat￿al and reput*ional 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 t￿￿e debtors and creditors b8￿nCeS to ensure sufficient working capital by the Trust and its subsidvary company. Systems of intemal ￿ltr￿, de￿ned 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 bUd￿t approved by the Tw51ees regular ¢onsideratK>n by ￿ Trustees of the fir￿?￿la1 resuts, varIar￿e from budgets and r￿n-finanCIal erformance indicators Trustees revw the Charity's wisk register annualy. The reg￿ter K1entffj￿S the types of risks the charity fa￿s. ioritises them in terms of potenlkal impact and likelihood, and Njentif￿S means of mil￿aling each risk. The day- t￿daY reSFons￿Ility for managing the rtsks 15 delegated by the Truslees lo the Chief Executive and Sen￿r 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 s￿n￿leanI risk into the December 2021 year end. In addition. the trustees and CEO have and will continue to consk*r 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 ChaI￿nge$ 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. bfts￿hts. conne¢tion$ and etyjagements befvdeen Asia. the M￿dIe East and Europe. Events. meetings, conferences and discussions remained mostty on d￿lta1 platlorns and, as a result, Asia House was able to $19nrfKant￿ enhaTr￿ the range and drversty ofengagement. This fed lo greater impact through wider reach of publicly distributed infom*b"on. and more meaningful disCuss￿n5 among business and policy leaders. Wrth the backdrop of very signrficanl turmoil in global markets dL* lo the ongoiNJ global pandern￿. there were tsvo Malorfactorswh￿h infftased the demand forthe vw)rk of Asia House in 2021. International travel remained heavily curtailed. meaning that the work of the organisatK)n to form connectM)ns and enhance understanding of key issues befv4een lerntorEs was part￿larty valuable. The seco￿1 was the continued rise in geopolitical tensions e￿een major e¢onomie5, and the ongoing t￿n￿ of ¢ountries' retreat from globaltsation- Causing very significant concerns for businesses operating in Mutt1p￿ markets. Asia House has been abk to meet the Increasing need for insight and understanding of the ow)ing chaThJes in internat￿nal trade atvj irwestment as a result of these global trends. While mosl of the events arKI actiwt*s organised by Asw House in 2021 vme fulty digital in their fonnat. by the end of the year improvement$ in the pandemic meant that the ￿t￿n$ for In￿r$On meetings. events and discussions expanded. Asia House started to delrver act1w1￿5 very su￿essfUllY in what wa5 becoming the new standard-'hybnd' events - with partiupants ioining bolh via dwJtsJ pJatform5 from internationaj IcKalions alongsjde group of partipanlsjoining in person al Asia House. The most S￿n￿lcan1 develcynent for AS￿ House in 2021 wa5 the establishment of a research programme to increase the value of the inslrtulion's offering to a range of stskehoklers and the publ￿. Asia House produced and published artdes, papers and major on key issues impacting gknbal trade investment. Asia House TruBtees r•port for the year ended 31 Decembw 2021 (continued) The AS￿ House research prcgrarrfne is desvJned lo I￿reaSe understan(Ing of lh8 ctslxle$ to Ifade and investment and to faalilale solutK)ns. pot￿leS 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 Mk*Jle 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 hea￿ty on tssues re￿ting 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 ofCOP￿1. Cabinet members in attendance induded.. Luhul Pandjailan, Coordinating Minisler for Maribme ar*J Investrnent Airlangga Hartarto. Coordinating Minister for Econom￿ Affairs Sri Mulyafii Indrawati. Minister of Finan Relno Marsuth", FOre￿n Minister Srti Nurbaya Bakar, Environment and Forestry mIn￿ter 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 Gth*s. S￿￿ers 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 Man￿eMen( Ason Devebpment Bank Research Rewt: China's Lkcart)oni$ation.' Assessing UK-China Opportunities Briefing.. Wang Ya4 Dirn¢lor Genv* ofintemauonal Insiitirte of Grnen Finan¢e. China Asia House Trustees report for the year ended 31 December 2021 (continue Oigital Conference. in partnership ALcenture". Levwaging DrfJital Innovation to Achie￿ Net Zem in Asla. Speakers.. Mauro Petriccione, European Ccrfnmission's ￿"re￿or General for Cl*i)*e Action Peter Lacy. Chief ResF¢nsikn"lty OffThr and Global sustaina￿"1￿ Services Lead Ampy Aswin. Head of Suppty Chain and Logth"cs Industry Sc4utth5 APAC. Goog￿ Cbud DavKI Wallerstein, CXO and SEVP. Tencent Research Report". GCC de¢artx•nis•tion." n•v t8¢hnologie¥ ¢oukl spurregional transllion BrEfing'. Ken O'Flaherty, UK Govemments COP26 R•gionalAmlJassadorto Asi*Pa¢ific and South Asia Brpfing.. Christln• Loh. fornJerHong Kong SAR Under-Se¢iYtsry for the Envlrnnm￿t 8riefing." Prnety Bh•ndari. Chlel of Climate Ch*ge and Disaster Risk Alanagement. Asian Development Bank 8rrefing.' John Murton. UK COP26 Envoy B￿rIng." Janet Rogan. UK'$ 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 p￿￿Y 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 d￿r￿p1K)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 reg￿n and the Middle East, SLKh as RCEP and CPTPP. Asia House ￿nerated si9nlf￿ant in$KJhls throughout Ihe course of 2021 on the impact of regional developments, in addrtion lo the organisation's f￿uS on the global trade policy environment. Actiwties under this theme irbcluded". 8riefing'. kn2 Trus4 {then) UK Secretary of State ftsrlntemational Trade Br￿fin9'. Muhammad Lulfi, Ministar of Trade, Indon•*'a Annual Flagship Conference". Global Trade Dialogue 2021. Speakers". Anne-marie Trevefyan. UK Secretary of State for Intemabonal Trade Kono Taro, Formec F￿n Minister (A Japan Angela Ellard, Deputy DiTector-General, Workl Trade OrganizatKJn Tu Xinquan, Executive Dean and Professor of the China Instrtute of Studies, University of International Business and Economics. Beijing Scott Beaumont. President of Google Asia-Pxifi¢ Amanda Murphy, Head of Commercial Banking sC￿h & Siyjtheasl Asia. HSBC Ziad Haider, Head of GecpcArtic81 Risk. McKinsey & C￿n￿Y Vincenl Cheng, Climate * Sustainabilty SeThKes Lealer. East Asw. Arup Asia House Tru$to•s report for the year end•d 31 Dwmber 2021 (continued) Briefing.. Satvinder Singh. D4¥uty S•ci*ary Genernl forASEAN Economi¢ Community Research Report.. Japan41K Relalions After8￿lL. Lookng ¢owarfs a ¢losere¢onomic partnwship Digital Conference, in partnership wtth the Govemment of Jwi" TheAwa House uK￿aPan 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. Hit￿h1 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 pern￿￿t Se¢ivtary and Chirf Trnde Negotiation Advixr, UK Department ftirlntemational Trnle Research Report.. Int*a and the importance of Its trading rnlationsthps Br*fing." Tlmothy Strnfftiml. fornwA￿lS1*It US Trnle Representatlvo for China Affalrs 8rYefing." NOrt4ertR(ittg￿. Chaimmn of Ihe FoAeign Aff•￿ Committee of the Gern￿n Bundestag Br￿fIng.. 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 revolUt￿n which is causing signrficanl disTupIK)n in intemalKJnal markets and natK)nal econom*s. BriThJing not only signrficant opportunities. bul also chaI￿ngeS. the digitalisat￿n of eCor￿mi¢ 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¢c￿C￿leS 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 DeceM￿r 2021 (continued) > Count FLKUS Asia House has also ¢orrtinued to f￿u$ 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 inS￿h1$. connections. anatysi$ 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." Br￿1n9'. Arthtwn Tamlpittayapaisith, Minister of ￿nanCe. Thailand Br￿1ng.. Kono Tam. Allnisterof Administrative Refonn. Japan Br￿TIng.. MahathirAlohamad. FornRrfvime Mini$terof Mala￿a Bl￿fing.. Cartos Oom•ngue2 111. Se¢rn¢ary of Flnanc¢ the P￿liPPIneS Briefing.. Paul Chan, ￿nanCIal Secretary. Hong Kong SAR BT￿fiftg.' Zheng Zeguang. Chln•'$ Ambassats to th• UK Briefing.. Krishnamurthi Subramanian. Economic A￿l$er to the Govemment of Indla Research Report.. Indonesia'$ inv•stm•nt •nvirnnmwrt.' a shiftin •)pma¢h Briefing.. Desra Percaya. Indonesia's An**asS￿rt0 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 Br￿TIng.. Jon Lambe, UK Ambass•dtsr to Ihe Assticialion of SoutheastAsian Nations (ASEAN) Br￿fIng.. 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 DevelopM￿t 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. InC￿aSed sunfficanty from t>oth Weslem and Asian slakehoklef5. As a result, Asia House continued to explore the organisathin's estsblished theme of the M￿dIe East Plvol lo Asia, vthich examines the gro￿ng connections betsveen the economies in the midd￿ East and those in Asia. More broadly. Asia House provided insights, anatysis and cOnnect￿n$ econcthic and S￿la1 refomi prograrnmes tsking place across the region. ACtNi1￿ urKler this theme ind￿￿ed.. Research report.. Th• Aliddl• EastPivot to A￿• This was 8 major publication which trncked the slrengtr*nK)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 tr*J8 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 I￿ndS and topics across Asia and the Middle East. Fellows will receive rr*nlorship 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 rec￿rtment exercise ￿as Launched in October 2021 and attracted rnore than 3.650 visits to the Fellowship webpage on asthuse.org. There were neady 400 a￿lcatIOns. of which 72 were of exceptional stsndard. AppliCat￿S 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, y￿th COVID-19 ￿ndering physical events impossible. we proactive worked wrth the Barakat Trust to find altematsve prC*jr￿rning. 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 OT￿lnal￿ 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 excel￿nt 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 Bar*at 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 su￿lUS 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 DePreC￿lI0n 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 subS￿￿Y of Asia House continued lo trade wel. The concerted effort lo recrurt a broajer base of ¢orForale funding conbnues, I￿ludIng 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 tnJst￿s have considered the charitatle grcmjp's fcfecasts and PTqections and have t*en a￿0￿￿t 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 c￿lIab￿ groy) therefcye ¢rmtsnues lo adopt the going contwn basi5 in prepariNJ its finanGo1 st8teft￿ts. RESERVES POLICY To safeguard the need for su￿￿ent 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￿$tr￿ted 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¢)b￿M caused by the pandemic and expect that performance and cash reserves will improve in the year ¢0 31 t)eeember 2022. Addrt￿alty. 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 ETr￿ERPRISES 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 $￿3n￿t¢ant fvndraising as ¢Je￿bed in guidan￿ fr￿n the Charity Commission "Charty fundraising". a guide to trustee d￿1￿$ ICC20}". and so has not engaged a professional fun¢Jraiser or ￿MMerCial parti¢pator lo carry out any fundraising actNIt￿S. and has therefore r￿1 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 requ*es the Trustees to Fffepare ffinancial statements for each financial year in accordarKe WTth United Kingd¢yn Generally Accepted AC￿unting praCt￿e {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 finan￿al statements. the Trustees are wuired lo.. select surtable accountirvJ policies and then appty them conststenthy" m*e 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 InapprOpr￿le to presume that the. charity will Continue in business. The Trustee5 are responwble for keeping adequate xcountiry recAyds that are Suff￿lent to show and exptain the charity's IransaclKJns and disctC>se with reasonable at any time the financkal pO￿tIon 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 re￿ant audit InfOrMat￿rt of wh￿h the charrfable company's audf(or ts unaware.. and the Iruslees have taken all steps that they ought to have tsken to make theMSe￿e5 aware ol any rel￿8nt aLKlit infomialion and lo estsblish that the auditor is aware of that infomation. The trustees a￿ reSpOn￿￿e for the maintenance and integrty d the c￿ate and financkgl infomation induded on the charitabk company's websrte. LegiSlat￿n in the Unrted Kingdom goveming the preparntion and dissemination of financial statements may drfer from IVJI￿at￿n 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 Comp￿leS entil￿d 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 Inc￿ne 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 a￿led in their preparath)n is applicable law and United Kingdom Accounting Standards, including Financial Re￿Ing 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 Pa￿Al charitable company as at 31 DeCem￿r 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 eth￿1 requirements that a￿ relevant to our audit d the financial statements in Ihe UK, including the FRC'S Eth￿1 Standard, and we ￿e fu￿111ed 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 condudeubt on the abilty of the tharitable group to contnue as a ping ¢£In￿m. 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 Charital￿e 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 opera11r￿al eX￿ter￿e for the ftyeSee3￿e 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 UnreStr￿ted fund5 ¥ew4ailab￿f0r use atthe distretiC41 of thetru#ees in furtheran of the general ots"ectrrfes of Ihe cljrparry and h*e not been other pury)ses. The revaluaticm) reserve isthe &cumul*ed surpl￿on revaluat*￿ clthe wopty hekj intan91b￿fiXed assets. Restricted funts are Jnstances indK*e that the carrying value of anyfLxed asset may not be reeovera)le. Shortfalls Ltheen the carying value offixed assets and their r￿0Verable 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 d*e. 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 tr￿k 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 Unreal￿ed gains is therefore onty an mdication of the p051tion. The investrnent in the SubsKli￿Y company is held at cost kn impaifmenl. 2. 14. Slock Slod( b￿erage$ for venue hi￿ a￿1 s sL7ted al the k)wer of and net realisable value. 2. 15. Cash Cash 15 represented by cash in hand arxl dewsts wlh fIn￿JaI 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 ch￿lty 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 sett￿t value. The charity has elected lo apply the provi$￿S of ￿KIn 11 Basic Financial InstnJments' and Section 12 'Other Financkal instruments Issues. of FRS 102 to all of its financial inslrurnents. Impairment of financial assets FinancK?l assets, other than those held at fair value thr(yJgh the statement of financial actNlties, are assessed for indicators of impaim)ent at exh reporting end date. Financial assets are impaired where there ￿ oty'ective evidence thaL as a resu￿ cl c￿e or more events that occurred after the initial reuy9nition of the financial asset. the eslimated future cash flows have been affected. The impairment loss is recognised in the statement of finanaal aclivrt￿. 0￿￿n￿l0￿ of financk31 assets F¥Mncial assets a￿ dereccgnised onty when ￿ conlrnctual rights to the cash knis frcm the asset expire, Of when rt transfers the financral asset and subslanliaty all the risks and rewards of ownership lo ar￿ther enbty. Oerecognilh?n of financral li&ilities Financial liabilities are derecc*3nised when. and when. Charity Obloat￿nS are discharged, canedled. or they expire. Asia House Notes forming part of the financial 8tatem•nts for th• y•ar ended 31 December 2021 (contsnued) Accounting policies (Cont￿￿d) 2. 17. Operatmg leasex. as lessee Rentals payable under Cf)erating ￿ase5. i￿luding any ￿ase incentives receNed. are charged lo the consol￿ated Statement of Comwehen$ive Inwne on a straight-lirie basis over the term of the relevant lease. 2. 18. Opernting leases 0$18ssor Rentals reCe￿a￿e under operats.ng leases. including any lease incenlNes recetve(l. are crediled to the Consol¢dated Statement of Comwehensive Inoyne on a Stra￿hl-lIne basis over the term crf the relevant lease. 2.19. GitaA . The charty the v#trJle crfthe is&*d ￿dinary share cathl ofAsia H￿se Enterprises Limrt8J. Aska House Enterprtses L¥nrted c￿dinarity FQYS each ye* to the Charity. under the p￿s￿n$ related lo Grft d. a sum based on the tsxable wofts of C(#npany. The p￿rnent of Grft A*J ts sut4.ect to the reserves polry dthe grfting entty. and the aFproval of ttE ch￿. Gift AIJ is recognwy on a cash ba￿5. 2.20. Toxalithry A5 a regisleTed charity, A￿8 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￿$. Critical accounting judgements and key sources of estimation un¢ertalnty In preparing financial stalemenls. rt Trs r￿eSSary to make ￿rtain judgemenls. estimates and assumptions that affe¢t the amounts recognised in the financial statements. The fdlowing judgements and estimates are conshlered by the Iruslees to have most 5KJnrfKant effeGt on amounts recognised in the financial slatemenls. ValuatK•n of1gas¢hold pn>p8rty The Leasehokd Property was valued ss at 31 December 2021 by Savilb. Leasehokj propety included in the balance sheet al open market value as perM￿ed ty regula￿n$ 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 DeceM￿r 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 Llnit￿l (Com￿Y 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 r￿n-aUdit seNces Oeprecolion Amortisation Operating lease expense 12 110 124 Asia House Notes forniing part of the finanelal sL￿rnents for th• year onded 31 0¢￿mber 2021 (¢ontinued) 11 Employ￿S- Chaiity and Group 2021 2020 £'ooo Stsff costs duriry the year were.. Wages and salar*s 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 EM￿￿er9 pwtsK)n ¢ontrtJutions in respecl ofthe atw empby*s *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 ￿￿p￿yeeS during tr* yearwas 1312020- 23>. 12 Trustees. rnmun•ration and reimbuTred expensos The ch8rty trustees We￿ not pabJ or weNed ￿ other beneffts frcan el￿*ment 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- £6.4*1 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 valuat￿1 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 revaluat￿n 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 De￿￿ber 2021 by Savdls. Leasehold property included in the balance sheet at open mafket value as pemirfted by regULat￿nS 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 (rosL*ed Investment portf￿ Investments n subs￿lar￿S 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 HistOr￿al 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) Scott￿h 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 W0d￿KIe Inv Trust 1 p ordinary shares Ishares PLC Physical Gdd ETC (GBP) Baillie Gifford & Co Ltd Corporate BorKI B Inc Link FurKI s￿utions 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 Invest￿nIS 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 subsidr*ies at 31 D￿ernber 2021 were £41%k12020.' £Nil). 16 O¢btors Group 2021 Group 2020 Charity 2021 e'ooo Charity 2020 £'ooo Trade debtors Inlercompany debtor P￿paymentS 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 s￿urity 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 of whth ÉNil12020 - £Nill was outstanding at year end. During the year McKinsey & Company, a ccynpany in wh￿h 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 (c￿1 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 re￿gnIsed. See note 15. 2. The cash Ibw was presented inc￿rreCtlY. The cash fbw as rep)rted last year shcp*ed a net £64k Ivrite off of r￿ed 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 p￿sented 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 a9￿ed that they slK)uld be adiu51ed in the relevant accounting wrry)d.