Asia House Company Limited by Guarantee Trustees, Report and Financial Statements Year Ended 31 December 2023 Company Number 03312073 Charity Number 1072696 *AD88B8FS* 2710712024 COMPANIES HOUSE A17 #208 Asia House Report and financial statements for the year ended 31 December 2023 Contents Page: Reference and administrative details 2 - 15 Trustees, report 16 - 18 Independent auditorfs report 19 - 20 Consolidated statement of financial activities 21 statement of Financial Position 22- 23 Statement of cash flows 24 - 44 Notes forming part of the financial statements Asia House Reference and administrative detalls for the year ended 31 December 2023 Trustees Lord Green of Hurstpierpoint- CHAIRMAN Sir Sherard Cowper-coles Tanuj Kapilashrami Naina Lal lQ'dwai Edward Knapp Dee Chu Ying Poon (appointed 1 January 20231 Wendy Wang Patrick Tsu An Wong (appointed 1 January 2023) Yuval Atsmon (appointed 29 March 2023} Key management personnel Chief Executive Director of Corporate Affairs Director of Events and Operations Manager, Chairman and CEO office Michael Lawrence Charlie Humphreys Philip Woodford-smith Evie Cramb Charity registration number 1072696 Company reglstratlon number 03312073 Registered offlce 63 New Cavendish Street London, W1G 7LP Independent aud5tors Anderson Anderson & Brown Audit LLP 133 Finnieston Street Glasgow G3 8HB Accountants 8DO LLP 55 Baker Street London W1U 7EU Investment managers RATHBONES 28 St Andrew Square Edinburgh EH2 1AF Asia House Trustees, report for the year ended 31 December 2023 The Trustees (who are directors for the purpose of company law) of Asia House present their report, including the directors, report, and audited financial statements for the year ended 31 December 2023 which have been prepared in accordance with the Companies Act 2006, in accordance with the Charities Act 2011 and the Charities SORP (second edition), effective January 2019. CONSTITUTION The company was incorporated on 29 January 1997 under a Memorandum of Association and was registered as a charity with the Charity Commission on 2 December 1998. It is governed under its Articles of Association. On 30 June 2000, Asia House purchased as a going concern all of the undertakings, assets, liabilities and obligations of Asia House Trust. a registered charity which had substantially the same objects a5 Asia House. OBJECTS OF THE CHARITY Asia House was founded to establish and maintain, for the public benefit, an Asia focused institution to further the appreciation and understanding of Asian countries, their cultures, religions and economies and to foster closer communication between the peoples of Europe and Asia through a programme of exhibitions, lectures, conferences and meetings. TRUSTEES AND GOVERNANCE Th• trustees (Includlng the companies they're assoclated wlth) who served during the year were: Lord Green of Hurstpierpoint- CHAIRMAN Alan Belfield (Arupl (resigned 1 April 2024) Matt Cavanagh (Prudential plc) (resigned 31 December 2023) Sir Sherard Cowper-coles (KCMG LVO, HSBC) Martin Dewhurst (McKinsey & Company) {resigned 29 March 2023) Yuval Atsmon {McKinsey & Company) (appointed 29 March 2023) Anne Ruth Herkes (resigned 31 December 2023) Tanuj Kapilashrami (Standard Chartered) Naina Lal Kidwai Edward Knapp Dee Chu Ying Poon (appointed 1 January 2023) Dr Deborah Swallow (The Courtauld Institute of Art) (resigned 31 December 2023) Wendy Wang (HSBC) Patrick Tsu An Wong (appointed 1 January 2023) Following the Government's implementation of the Charities Act 2011, the Trustees are cognisant of their responsibilities in demonstrating public benefit and have regard to the Charity Commission's guidance in this area. The Finance, Audit and Risk Committee, on behalf of the Board, reviews the audit and finances of Asia House and maintains an overview of the risk management and govemance processes ensuring that the system of internal control is satisfactory. The Remuneration Committee sets and reviews the policies for remuneration of the CEO and for performance related pay and bonuses. The Investment Committee oversees and reviews the performance of Asia House's investment fund. Appointment of Trustees The Nominations Committee considers trustee nominations and makes recommendations for the composition of the Board of Trustees to a meeting of the Trustees. Following appointment, new trustees receive an induction briefing from the Chairman and CEO during a visit to Asia House. Asia House Trustees. report for the year ended 31 December 2023 (continued) PRINCIPAL ACTIVITIES Asia House achieves its objectives through Corporate and CulturallEducational Programmes. The Corporate (Business and Policy) Programme is designed to stimulate debate and intellectual leadership on key current issues by bringing together leading Asian politicians and diplomats, businesspeople and decision makers together with CEOS and executives from UK and Asian based companies. The Cultural and Education Programme delivers a range of activities that highlight the culture, beliets, political and economic current affairs of the countries of Asia. In 2022 Asia House launched a fellowship programme which aims to further global understanding on key trends and topics across Asia and the Middle East and support early career researchers in these areas. QUALIFYING THIRD-PARTY INDEMNITY PROVISIONS Qualifying third-paty indemnity provisions were in place throughout the year and at the date of approval of the financial statements. INVESTMENT POLICY AND PERFORMANCE The Asia House Investment Fund was established in January 2017 from the proceeds of the sale of the rear of 63 New Cavendish Street and 34 Weymouth Mews with the objective of maximising long-term total return, subject to not exceeding an agreed level of risk. Asia House can invest those funds without regard to whether the investment return is in the form of capital appreciation or income and with discretion to apply any part of the total investment return as income for spending each year. If the capital value of the portfolio were to fall during the year, the trustees would still have discretion to use funds from the portfolio as they see fit. The core Asia House investment strategy remains.. to manage the portfolio to deliver long-term absolute returns wrthout specific regard to income generation and to diversify the portfolio across multiple asset classes. Ethical, social, and environmental considerations are taken into account when investments are made and the charity does not invest in tobacco or amament companies. REMUNERATION POLICY The governing principles of the Charity's remuneration policy are as follows.. To ensure delivery of the Charity's objectives To attract and retain a motivated workforce with the skills and expertise necessary for organisational effectiveness That remuneration should be equitable and coherent across the organisation To take account of the purposes, aims and values of the Charity To ensure that pay levels and pay increases are appropriate in the context of the interests of our beneficiaries The pay of the senior staff is reviewed annually. The remuneration benchmark is the mid-point of the range paid for similar roles adjusted for a weighting for any addits'onal responsibilits'es. If recwitrnent has proven difficult in the recent past, a market addition is also paid. Asia House Trustees, report for the year ended 31 December 2023 (continued) RISK MANAGEMENT The trustees have a risk management strategy, which comprises.. a regular review of the principal risks and uncertainties that the charity and its subsidiary Asia House Enterprises Limited; the establishment of policies, system5 and Pro￿dureS to mitlgate those risks identified in the annual review., and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. This work ha5 identified that the three key risks are financial, operational and reputational for both the charity and its subsidiary. Risks are monitored closely and mitigated as per the risk register. A key element in the management of financial risk is a regular review of available liquid funds to settle debts a5 they fall due, regular liaison with the bank, and active management of trade debtors and creditors balances to ensure sufficient working capital by the Trust and its subsidiary company. Systems of internal control, designed to provide reasonable assurance against material misstatement and loss, include.. regular reports to the Trustees by the Chief Executive regular briefing of Chairman by the Chief Executive an annual budget approved by the Trustees regular consideration by the Trustees of the financial results, variance from budgets and non-financial performance indicators Trustees review the Charity's risk register annually. The register identifies the types of risks the charity face5, prioritises them in terms of potential impact and likelihood, and identifies means of mitigating each risk. The day- to-day responsibility for managing the risks is delegated by the Trustees to the Chief Executive and Senior Management. PRINCIPAL RISKS AND UNCERTAINTIES Risks to Asia House fall into three main categorie5'. finance and legal. reputational; and operational. Principal risks include global economic turmoil and sharp contractions in the market, and operating in a politically-charged and deeply divided world. There are robust measures to mitigate against each. There is in place strong governance and processes and tight cost control. We operate to the highest standards and fiercely protect our independence and objectivity. BUSINESS AND POLICY PROGRAMME 2023 REVIEW 2023 saw ongoing major political and economic shifts accelerate across the globe as the centre of gravity for commercial and government decision-making continued to move rapidly to Asia and the large middle-income countries. Sustained political tensions, not least between China and the US. brought pressure to bear on traditional routes for economic interaction be￿een major economies, further complicating the dual challenges of digital economy expansion and the transition to a net-zero economy. Continuing to build on the combination of digital, in person and hybrid engagement, Asia House delivered a rich programme of discussions, conferences, dialogues and meetings over the course of 2023 to facilitate enhanced understanding on trade and investment issues be￿een Asia, the Middle East and Europe. In an increasingly complex global scenario, which included in the conflicts in Eastern Europe and the Middle East, the Asia House programme focused on maintaining and building economic and political connects'ons. with a view to supporting prosperity and good relations between the organisation's areas of geographical focus. Asia House Trustees, report for the year ended 31 December 2023 (continued) Dialogue and Engagement Asia House supports intraregional dialogue and the building of vital economic connects'vity by facilitating high level dialogue and undertaking objects've relevant research and producing large-scale events. all with a view to enabling commercial, political, and economic engagement with Asia, including the Middle East. Amid major challenges for the global economy, Asia House remained focused on practical engagements between business and government leaders to build consensu5 on critical economic and policy issues. Within this programme, Asia House supported international action on climate through a dedicated series of events focusing on COP28 the United Nations Climate Change Conference held in Dubai, UAE, in November and December 2023. Leading up to this critical global summit, Asia House worked with governments and major corporations to facilitste dialogue and engagement through major conferences and roundtable discussions, alongside research and analysis to highlight opportunities to enhance climate action betsveen the public and private sectors. Research and Analysls The wider Asia House research programme maintained momentum through the publishing of regular analysis and special reports, alongside the two flagship research publications.. The Asia House Annual Outlook, which was published in January, and The Middle East Pivot to Asia, published in December. In total Asia House published over 20 research papers, covering a wide range of issues relating to trade and investment, with a focus on Asia. including the Middle East. Topics included.. changing use of currencies in trade finance; China's economic and political relations with Western nations,. progress with economic integration in Southeast Asia., and challenges with cross-border data transfers. Asia House was commissioned by the Mongolian government to undertake an independent review of Mongolia's New Recovery Policy - the government's economic policy designed to support economic recovery following the COVID-19 pandemic. In addition to the report published covering the review and outlook for Mongolia's economy, Asia House was invited to present the findings of the research to leading figures at the Mongolia Economic Forum in Ulaanbaatar in July 2023 - the participants included.. Oyun-Erdene Luvsannamsrai, Mongolian Prime Minister; Dominic 8arton, Chair of Rio Tinto., Khurelbaatar Chimed, Deputy Prime Minister and Minister of Economy and Development., and Ganhuyag Chuluun, Chaiman of Ard Financial Group, among others. Asia House flagship research, alongside regular analysis, is undertaken with a rigorous evidence-based objectivity. with a view to driving enhanced understanding of critical business and policy issues impacting economic engagement between Asia and the West. Corporat• Membership and Béspoke Pmjects In 2023 Asia House retained the vast majority of its corporate members, and added new members to its corporate ne￿ork. With 28 private briefings as part of the Asia House series of dialogues with our corporate members, including 10 with minister-level government representatives, the corporate members of Asia House were active participants in critical dialogue to build understanding and facililate major economic engagement with markets in Asia and the Middle East. As part of ongoing efforts to develop the sustainability and impact of the organisation, many organisations also commissioned bespoke projects with Asia House beyond the general programme for corporate members. Dedicated activities included research, advisory session5, curated discussions, conference production, research and content development for external events and publications. Asia House Trustees, report for the year ended 31 December 2023 (continued) The Asia House Annual Outlook 2023 The first major Asia House event in 2023 was the launch of the Asia House Annual Outlook. This flagship research report, which has grown in recognition for its important predictive analysis of key political and economic trends in the region, was supported at its launch by UK and Asian ministers sharing their perspectives alongside leading business thinkers on economics and trade. The Asia House Annual Outlookexamines the economic prospects forAsia in 2023 across eight economies.. China, Japan, India, Indonesia, Vietnam, Malaysia, Thailand and The Philippines. In addition the research analyses the macroeconomic and geopolitical outlook for the Asia region as a whole, in the context of the challenge5 and opportunities for global trade and investrnent. At the launch of the report, Benjamin E Diokno, The Philippines, Finance Secretary and Anne-marie Trevelyan, UK Foreign Minister for the Indo-Pacific, delivered keynote speeches, and a panel discussion was held between HSBC Chief Economist Janet Henry, former Indonesian Trade Minister Tom Lembong, and Moody's Global Head of Sovereign and Sub-sovereign risk, Marie Diron. Through valuable content and convening leading political and business representatives, the Asia House Annual Outlook and associated launch event served to drive engagement with Asian markets and effectively inform international business and policy practitioners on the most critical challenges faced in the region. The Asia House Annual Outlook drives new knowledge on the nature and role of Asian markets in the global economy, thus informing business decisions and empowering commercial organisats'ons to engage more confidently in this very important group of markets. The launch event facilitated dialogue, held on the record, among senior stakeholders from the business and policy communities, including government ministers, senior officials, senior executives from medium and large corporations, diplomats, academic experts, representatives from independent policy institutions and the media. The overall impact of the research, therefore, is the provision of outstanding market intelligence and the building of new essential relationships to allow closer cooperation between Asia, the Middle East and the West. The Asia House COP28 Pmgrnmme Under the broad theme of sustainable business and climate policy, throughout 2023 Asia House convened public discourse, facilitated private dialogue and generated valuable insights for business and policy leaders and practitioners. Centred around fj￿0 major conferences. the programme also included a range of private briefings with leading policy-makers and the publishing of key insights into critical policy issues being discussed at the COP28 Conference. The first major conference, held in February 2023 in partnership with Standard Chartered Bank, entitled Carbon markets and the drive for net-zero in Asia, discussed and encouraged the development of carbon trading and exchanges and associated market structures in Asia. The conference also examined the opportunities for close cooperation on carbon markets policy beiween Asia and Europe. Speakers included.. Bill Winters, Group CEO. Standard Chartered Bank Kurt Vandenberghe, Director General of DG CLIMA, European Commission Jiravat Ratisoontorn, Deputy Secretary-General of the Office of Natural Resources and Environmental Policy and Planning {ONEP), Ministry of Natural Resources and Environment, Thailand Alicia Eastman, Co-Founder & President, Intercontinental Energy Professor Yao Wang, Director General of the International Institute of Green Finance, Central University of Finance and Economics, Beijing Michael Wilkins, Executive Director and Professor of Practice at the Centre for Climate Finance and Investment, Imperial Business School Asia House Trustees, report for the year ended 31 December 2023 (continued) The Asia House COP28 Pmgramme (continued) The second conference. held in May 2023 in partnership with Accenture, entitled 'Doing Green Differently Shaping Consumer Choices & Accelerating the Net Zero Transition in Emerging Markets, explored the role that innovative business practi￿$ play in shaping consumer choices, driving positive social impact and accelerating the transition to net zero in Asia and in the West. Discussions also highlighted opportunities accelerate climate action through adapting businesses to meet consumer aspirations for sustainability in diverse markets. Speakers included.. Toby Siddall, Managing Director & Sustainability Lead, Accenture UK & Ireland Yap Mun Ching, Chief Sustainability Officer, AirAsia & Executive Director, ￿'rAsIa Foundation Sleve Howard, Vice Chairman. Sustainability, Temasek Tanah Lee Sullivan, Group Head of Sustainability, GOTO Dr Emma Keller. Head of Sustainability, Nestlé UK & Ireland Rohini Behl, Head of Sustsinability, L'oreal SAPMENA {South Asia Pacif￿, Middle East & North Africa) Maria Lombardo, Head of ESG Advisory Sustainable Finance at Standard Chartered Bank Valen15n de Miguel, Senior Managing Director and Strategy & Consulting Lead for Growth Markets, Accenture Highlights from the wider COP28 Programme include briefings with.. HRH Khalid Bin Bandar Al Saud. Saudi Arabia's Ambassador to the UK Christopher Hui, Hong Kong's Secretary for Financial Sep4ices and the Treasury Professor Jim Skea, Chair of the Intergovernmental Panel on Climate Change Research hKJhlights included analysis on.. Green GroW(h and Energy Projects in the Middle East The Evolving Landscape of ESG Reporting in the Gulf: Regulations, Progress and Challenges Developments in China's voluntary carbon market Shlftlng Dynamlcs In Global Trade and Investment Throughout 2023, Asia House hosted a series of roundtable discussions, in the form of private briefings, with leading policymakers and government representatives for our corporate members and wider business network. These discussions facilitate enhanced connectivity with markets in Asia and the Middle East, and provide key insights for all participants. Discussions cover a wide range of issues, but typically include global trade rule and regional or bilateral trade agreements, international financial flows and how barriers to investment could be addressed, digital economy expansion and economic development, urbanisatlon, the building of infrastruclure and consumer market enlargement. Asia House Trustees, report for the year ended 31 December 2023 (Continued) Shiftlng Dynamlcs In Global Trade and Investment (continued) Participants in 2023 included: HE Dr. Majid AIKassabi, Saudi Arabia's Minister of Commerce Tengku Zafrul Aziz, Minister of International Trade and Industry for Malaysia Felipe Medalla, Governor of Bangko Sentral ng Pilipinas Bi Jingquan, Executive Vice Chairman ofthe China Center for International Economic Exchanges (CCIEE), member of the People's Republic of China's Standing Committee and Vice Chairman of Economic Affairs of the 14th CPPCC National Committee Alfredo E. Pascual, The Philippines, Secretary for the Department of Trade and Industry Nigel Huddleston MP, UK Minister of State for International Trade HE Dr. Thani Al Zeyoudi, the UAE'S Minister of State for Foreign Trade HE Khalid Al-Falih, Saudi Arabia's Minister of Investment HE Tun Dr Mahathir bin Mohamad, former Prime Minister of Malaysia HE Zheng Zeguang, Chinese Ambassador to the UK HE Vikram Doraiswami, Indian High Commissioner to the UK Catherine West MP, UK Shadow Minister for Asia and the Pacific An9ela Ellard. Deputy Director General of the World Trade Organization (wro) Dody Budi Waluyo, Deputy Governor, Bank Indonesia Alicia Keams MP, Chair of the Foreign Affairs Select Committee of the UK Parliament Gareth Davies CB, Permanent Undersecretary of the UK Department of Business and Trade Jenny Bates. Director General, Indo-Pacific at the UK Foreign, Commonwealth and Development Office (FCDO) Natalie Black CBE, UK Trade Commissioner for Asia Pacific John Edwards, UK Trade Commissioner for China Lewis Neal, UK Trade Commissioner for China In addition to these private briefings, Asia House held tr4VO major conference covering key issues in this broader topic. Asia House Trustees, report for the year ended 31 December 2023 (continued) Shlftlng Dynamlcs In Global frade and Invastment (contlnuedj The first major conference, held in September 2023 as a hybrid conference in partnership with the McKinsey Global Institute, entitled Forging Resilience.. Reimagining Global Trade Flows for a New Era, highlighted the importance ofsupply chain resilience and discussed global flows and the intricacies ofglobal supply chain management. Senior business leaders and government representatives discussed key trends such as the protection of current trading standards and the development of global trade visualisation, factoring in components such as ESG and the role of government investment. Speakers included.. Nusrat Ghani MP. Minister of State at the Department for Business and Trade, Minister of State for the Investment Security Unit, and Minister of State at the Department for Business, Energy, and Industrial Strategy Jeongmin Seong. Partner, McKinsey Global Institute Sami Naffakh, Chief Supply Officer, Reckitt Vivek Ramachandran, Head of Global Trade and Receivables Finance, HSBC Darya Galperina, Head of International Trade, Pernod Ricard Craig Abler, Director of Supply Chain Asia, Boeing Allan 8. Gepty, Assistant Secretary for Industry Development and Trade Policy at the Department of trade and Industry, The Philippines The second was a digital conference, held in September 2023 in partnership with the Cheung Kong Graduate School of Business (CKGSB) and IE Chlna Center, entitled How Technology Can Shape Soft Power, identified the pivotal role high-tech companies play in influencing a nation's soft power. The conference also served as a launch event for the report Fuel the Soft Power.. The Role of High Tech Companies in the Soft Power Rivalry between China and United States, co-produced by IE University and CKGSB. Speakers included.. Tao Zhigang, Professor of Strategy and Economics, Associate Dean for Global Programs, CKGSB Dr Sean Randolph, Senior Director, Bay Area Council Economic Institute Mona Lotten, Head of Soft Power Research and Insight, the British Council. Shi Weilei (Stone), Professor of Managerial Practice, CKGSB Ma Bin, Academic Director, IE China Center Jonathan Mcclory, Partner at Sanctuary Counsel, Soft Power Expert Economlc Integration in Southeast Asia For over a decade, Asia House has been committed to supporting closer economic cooperation across Southeast Asia, principally via the agreements made between member states of ASEAN, and their major economic partners in Asia. Asia House was commissioned by the organisers of the ASEAN Business and Investment Summit 2023, the premier flagship summit held under the Chairmanship of the Association of Southeast Asia Nation5, to support the event. As the Chair in 2023, Indonesia commissioned Asia House to conceptualise, design and develop the content for the summit. This work was delivered in the form of briefing notes for all the panellists and keynote speakers. To do this Asia House created an overall focus for the summit and worked with the Indonesian hosts to help shape the content into well structured speeches and panel discussions. We then supported the invitation of speakers and provided them with background information for context and suggested content for the discussions. Asia House Trustees, report for the year ended 31 December 2023 (continued) Economic Integration in Southeast Asia The event was highly successful, attracting approximately 2,000 business and policy leaders from Southeast Asia and beyond. Speakers included a number of Prime Minister5, Trade Ministers and other senior officials. Officially identified as a knowledge partner for the event, Asia House was able to bring a highly professional and objective approach to the development of content, and was able to participate in the event, working closely with the Asia House business network to maximise the impact of the event in driving new trade and investment with and within the region. Topics of discussion at the event focused on Southeast Asia'5 regional economy and ASEAN'S role as a bloc with growing intemational relevance. Much of the internal focus was around the drivers for growih, including the region's capacity for innovation and digital economy expansion, particularly in the light of many of the region's countries committing to net-zero targets. Around the development of national economies in the region. discussions explored the challenges associated with aligning market structure and regulation to reduce friction for regional and internats'onal businesses and investors. The global focus included discussions on ASEAN'S ability to stabilise global supply chains in a era of rapid disruption and change in global markets for goods and Servi￿$, as well as the growing voice of the collective ASEAN member states within wider regional and multilateral plafforms. Along with video messages from global leaders, including Fumio Kishida, Prime Minister of Japan, and Rishi Sunak, Prime Minister of the UK, notable speakers attending the event in person included.. HE Kay Rala Xanana Gusmao, Prime Minister of Timor-Leste HE Pham Minh Chlnh, Prime Minister of Vietnam HE Kitti Tesaphibal Pundit Hun Manet, Prime Minister of Cambodia HE Sonexay Siphandone, Prime Minister of the Lao People's Democratic Republic HE Zulkifli Hasan, Minister of Trade of the Republic of Indonesia HE Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates HE Tengku Zafrul Aziz, Minister of Investment, Trade and Industry of Malaysia HE Alfredo Pascual, Secretary of Trade and Industry of the Philippines Armida Salsiah Alisjahbana, Under-Secretary-General ofthe United Nations. Executive Secretary of United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) Yoshiki Takeuchi, Deputy Secretary General of the Organizalion for Economic Co-operation and Development (OECD) Dilhan Pillay Sandrasegara, CEO of Temasek Holdings Marisa Drew, Chief Sustainability Officer, Standard Chartered Bank Pipit Aneaknithi, President of Kasikornbank Thailand Arif Patrick Rachmat, Co-Founder and Executive Chairman of TAP Group Shints W. Kamdani, CEO of Sintesa Group Frederic Dybuncio, President and CEO of SM Investments Corporation Dr Porametee Vimolsiri, Chairman of Bank of Thailand Le Thi Thu Thuy, Global CEO of VinFast Chris Feng, Group President of Sea Tan Sri Tony Fernandes, CEO of Capital A 10 Asia House Trustees, report for the year ended 31 December 2023 (continued) The gmwing economic and political connections between Asia and the Mlddle East Asia House continued to expand its highly SUC￿ssful coverage of the fast-growing links between Asia and the Middle East. Since 2017 Asia House has produced The Middle East Pivot to Asia, an annual report highlighting and analysing the growing number of political agreements and commercial deals particularly between the Gulf region and emerging markets in Asia. The 2023 edition, sponsored by HSBC, was the most comprehensive edition of this research to date, showing a soaring rate of growlh in trade betrween the countries of the Gulf Cooperation Council {GCCI and Emerging Asia, which was expected to overtake trade with Advanced Economies in 2026 and double to US$757 billion by 2030 - representing a defining geoeconomic and geopolitical shift with far-reaching implications for global trade. The research was quoted widely in business media publications and was successful in driving engagement with markets and policy communities in Asia and Middle East. Articles quoting the research appeared in Reuters, Arabian Gulf Business Insight, Asia News Network and Nikkei, among others. Additional analysis published by Asia House in 2023 included an overview of the growth in political and economic engagement bebNeen Saudi Arabia and China, as the two regions, largest economies, and whose bilateral trade pass an important milestone in 2021, when it ex￿eded the value of Beijing's trade with the US, UK, and Eurozone combined. Additionally, this Asia House research showed that future trade gr0￿h is projected to outstrip trade growth with Saudi Arabia's Western trading partners, in turn enhancing China's relative importance to the Kingdom. Asia House also provided early analysis of the inaugural leaders meeting bebNeen ASEAN and the GCC which took place in October 2023. This key analysis covered political and economic agreements be￿een the most senior political leaders of the members of the hvo blocs, including measure5 to enhance trade and investment flows, the promotion trade and investment relations between the blocs and business relations be￿een both regions. The research also highlighted the priorities for cooperation on key economic partnership priorities as strengthening regional market integration, sustainability and decarbonisation, digital transformation and inclusivity. Aside from the formal dialogue, Asia House highlighted key opportunities based on the two blocs, stated ambitions for a Free Trade Agreement (FTA) covering the member countries on both sides. Asia House also produced iwo major conferences designed to enhance and facilitate the growing economic engagement between Asia and the Middle East. The first of these conferences, held digitally in February 2023 in partnership with Gulf Capital, entitled The Gulf-ASEAN Economic Corridor.. Emerging Opportunities and Future Growth convened leading figures from ASEAN and the Gulf to discuss the Gulf-ASEAN economic corridor which focused on the development of closer commercial and trading ties betAeen ASEAN and the Gulf, as well as the emerging economic opportunities in both regions arising from deeper cooperation. Speakers included.. Abdulla Al Hashmi, COO, Parks and Zones, DP World UAE Paul Srivorakul, Co-Founder and Group CEO, acommerce Thomas Lembong, Former Minister of Trade, Republic of Indonesia Richard Dallas, Senior Managing Director, Gulf Capitsl Eric Robertsen, Global Head of Research and Chief Strategist, Standard Chartered Bank Asia House Trustees, report for the year ended 31 December 2023 (continued) rhe gmwing economic and political connections between Asia and the Middle East (continuedj The second of these conferences, held in Dubai in November 2023 in partnership with InvestHK, entitled Opportunity Asia - Destination Hong Kong.. Growth Opportunities in the New Era, convened leading business practitioners alongside policy leaders from Hong Kong to highlight the opportunities associated with economic connectivity across various sectors. including financial services, capital markets, technology, and sustainability. Speakers included.. Dr Jimmy Chiang, Associate Director-General of Investment Promotion at InvestHK, The Government of Hong-Kong SAR Joseph Chan, Under Secretary for Financial Services and the Treasury, The Government of Hong Kong SAR Andy Poon, Hong Kong CEO at First Abu Dhabi Bank Shada El Borno, Managing Director, MENAP Regional Head of Global Subsidiaries at Standard Chartered Salman Mir, Senior Director of Corporate Originats'on {MNCs and International Corridors) at Mashreq Bank Patrick Bowes, Chief of Invesior Relations at Prudential Alvaro Abella, Managing Director of Technology and Fintech at Gulf Capital Jennifer Chammas, MENAT Regional Head of Sustainability, Global Commercial Banking al HSBC Antonio Jimenez, Managing Director, and VP at Trina Solar Middle East & Africa Ali Abulhasan, Co-Founder and CEO at Tap Payments Asia House Fellowshlp Programme Asia House launched its Fellowship Programme in 2021, which is aimed at funding early career researchers to conduct research projects that further global understanding on key trend5 and topics across Asia and the Middle East, The first trNo Asia House Fellows completed their 12-month Fellowships in the autumn of 2023. Aarthi Raghavan's in4epth research into cross-border sharing of health data in Asia, and how it can drive public sector innovation in healthcare, was extremely well received and she presented her work at a research briefing for our network in October 2023. Applications for the second year of the programme were of extremely high quality. We received 57 detailed applications out of over 300 in total. The range and standard of the applications meant that we decided to take on three Fellows for the 2023-2024 cohorL These are: Yaxin Guo, whose proposal is seeking to investigate the correlation be￿een implementation of ESG and improving economic competitiveness. Poomthawat Wachirapornpruet, whose policy-oriented research project aims to examine the data regimes in ASEAN, focusing on compatibility and interoperability. Apoorva Singh Vlshnol whose original research topic is looking at the ability. or lack thereof, of Asian countries in introducing innovative elements into FTAS. Asia House Fellows receive mentorship support and leadership training as part of the Fellowships. Their research is then published as part of the Asia House Research programme. Asia House funds each of the fellows, with each getting a stipend of £24k. 12 Asia House Trustees, report for the year ended 31 December 2023 (continued) FINANCIAL REVIEW In the year to 31 December 2023, Asia House delivered an operating deficit of £316k (2022 surplus of £98k) before depreciation and investment gains and losses, and deficit of £120k (2022 deficit of £732k) after depreciation and investment gains and losses. 2023 £'ooo 2022 £'ooo Adjusted (deflcit)Isurplus for the year Depreciation Investment gainsl(losses) 1316) {98) 294 98 (108) (722) Deficit for the year as In the Statement of Flnanclal Actlvlties (120) 1732) Asia House Enterprises Limited, a wholly owned subsidiary of Asia House continued to trade well. The concerted effort to recruit a broader base of corporate funding continues, including from research and advisory business. The Founding Stakeholders, HSBC, Prudential and Standard Chartered continue to support this effort. GOING CONCERN Both the trustees and the CEO continue to monitor the risks posed to Asia House. The trustees consider that adequate resources are available to fund the activities of the charity for a period of at least Iwelve months. On the basis of budgets and other financial procedures in place the trustees believe the going concern principle is appropriate to these financial statements. The complex geopolitical environment, increasing competition, and the ever-challenging economic climate have all been carefully considered when forming budgets and operating plans for the charity. There are no known material uncertainties regarding the charity's ability to continue as a going concern. RESERVES POLICY To safeguard the need for sufficient funds to cover on-going management and administration and support costs, the reserve policy set by the Board is to maintsin f￿e reserves at a level that equals three months, operating and charitable expenditure anticipated in 2024, which is currently estimated at £552k. At 31 December 2023 the group held restricted reseprfes of £1 Ok {2022 £10k), a revaluation reserve of £6,585k (2022 - £6,586k) and general reserves of £2,168k (2022 - £2,288). At 31 December 2023 the group's free reserve (the unrestricted funds held in net current assets) was a deficit of £108k (2022 surplus of £98k). This is below the target of £552k required to meet the 3 months operating expenditure target. The change in accounting policy in respect of membership fees, as set out in note 24, has resulted in an increase in deferred income and led to the deficit in free reserves. Under the previous accounting policy the free resenie would have been a surplus of £120k {2022- surplus of £327k). The trustees and management team are reviewing the reseNes policy. Additionally, funds can be drawn from the Rathbones investment funds if required. ASIA HOUSE ENTERPRISES Asia House Enterprises Limited is a trading subsidiary of Asia Aouse, operating the corporate membership programme and commercial letting of the function rooms at 63 New Cavendish Street. Net income generated by Asia House Enterprises was £701 k (2022 - £806k). 13 Asia House Trustees, report for the year ended 31 December 2023 (continued) FUNDRAISING Asia House does not actively engage in any significant fundraising as described in guidance from the Charity Commission "Charity fundraising.. a guide to trustee duties (CC20)" has not engaged a professional fundraiser or commercial participator to carry out any fundraising activities, and has therefore not subscribed to any fundraising standard5 or scheme of fundraising regulation. No complaints have been recorded about any fundraising activity and the Charity does not conduct any fundraising behaviour that could be expected to unreasonably intrude or place undue pressure on vulnerable people and other members of the public to give money or other propety to the Charity. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation5. Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statement5 unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently,. make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to estsblish that the auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 14 Asia House Trustees, report for the year ended 31 December 2023 (contlnued) AUDITORS The auditors. Anderson Anderson & Brown Audit LLP, have indicated their willingness to continue in offi'ce and are deemed to be reappointed in accordance with section 487{2) of the Companies Act 2006. SMALL COMPANIES NOTE This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies, exemption. By order of the Board of Trustees. Lord Green of Hurstpierpoint, Chaimian Date 20 June 2024 15 Asia House REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF ASIA HOUSE Opinion We have audited the consolidated financial ststements of Asia House for the year ended 31 December 2023 on pages 19 to 44. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements: give a true and fair view of the state of the group and charitable company's affairs as at 31 December 2D23 and oftheir incoming resources and application of resources, including their income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,; and have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts {Scotland) Regulations 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UKJ} and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the group and charilable company in accordan￿ with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require u5 to report to you where.. the trustee's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or the trustees have not di%losed in the financial statements any identified material uncertainties that rnay cast significant doubt about the group and charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other Informatlon The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financlal statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assuran￿ conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have perfomied, we conclude that there is a rnaterial misstatement of this other information, we are ￿qUired to report that fact. We have nothing to report in this regard. Opinion on other matters prescribed by th• Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. The information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements. and The Report of the Trustees has been prepared in accordance with applicable legal requirements. 16 Asia House REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF ASIA HOUSE (continued) Matters on whi¢h we are requlred to report by exception In the light of the knowledge and understanding of the group and charitsble company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion.. the group and charitable company has not kept proper and adequate accounting records or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns: or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit-, or The trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsbbilitles of trustees As explained more fully in the Stalement of Trustees. Responsibilities set out on page 14. the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements whlch give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial stalements, the trustees are responsible for assessing the group and charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Our responslbllltles for the audit of the financial statements Our objectives are to obtain reasonable assurance aboutwhether the financial statements as a whole are free from material misststement, whether due to fraud or error. and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements In respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularlties, including fraud is detailed below.. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these betsveen our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate lo provide a basis for our opinion. We are not responsible for preventing non-compliance and cannot be expected lo detect non-compliance with all laws and regulations- this responsibility lies with management with the oversight of the Trustees. Based on our understanding of the group, charrtable company and industry, discussion5 With management and trustees we identified financial reporting standards and Charity SORP as having direct effect on the amounts and disclosures in the financial statements. As part of the engagement team discussion about how and where the group and charitable company's financial statements may be materially misstaled due to fraud, we did not identify any areas with an increased risk of fraud. 17 Asia House REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES AND MEMBERS OF ASIA HOUSE (continued) Our responsibilities for Ihe audit of the financial statements l¢ontinued) Our audit procedures include.. Completing a risk assessment process during our planning for this audit that specifically considered the risk of fraud: Enquiry of management about the charity's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance- Examining supporting documents for all material balances, transaction and disclosures; Review. where applicable, of the Board of Truslees, minutes. Enquiry of management about litigations and claims and inspection of relevant correspondence,. Analytical procedures to identify any unusual or unexpected relationships., Specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notable around the key judgements and estimates, including the carrying value of investments, accruals recoverability of trade debtors and revenue recogn ition., Considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions outside the normal course of business. Owing to the inherent limitations of an audil, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAS (UK). The potential effects of the inherent limitations are particularly significant in the case of misstatement results'ng from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.or -uklauditorsres onsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Section 44(1)(c) of the Charities and Trustee Investment {Scotland) Act 2005 and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members and trustees as a body. for our audit work, for this report, or for the opinions we have formed, k4& LLf Angus Mccuaig (Senior Statutory Auditor) For and on behalf of Anderson Anderson & Brown Audit LLP Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 133 Finnieston Street Glasgow G3 8HB Date: ....25 July.2024 18 Asia House Consolidated statement of financial activities lincorporating an income and expenditure account) for the year ended 31 December 2023 Unrestricted funds 2023 Restricted funds 2023 Tolal 2023 Total 2022 As restated £'ooo Note £'ooo £'ooo £'ooo Income from Grants Trading subsidiary income Other income 150 1,694 130 150 1,694 130 150 1,565 146 Total income 1,974 1,974 1,861 Expendlture on: Venue Hire and 8usiness & Policy Charitable activities Investment management costs 1,936 431 21 1,936 431 21 1,482 366 23 Total expenditure 2,388 2,388 1,871 Net expendbture for th• year 1414) (10) Realised and unrealised gainsl{losses) 14 294 294 (722> Nel movem¢nt In funds (120 1120) (732) Funds brought forward (as previously stated) 9,103 10 9,113 9,845 Prior year restatement 24 (229) 1229) (229) Funds brought forward (as restated) 8,874 10 8,884 9,616 Net movement in funds (120) 11201 (732) Total funds carrled forward 19 8,754 10 8,764 8,884 All recognised gains and105ses are included in the Statement of Financial Activities. The notes on pages 24 to 44 form part of these financial statements. 19 Asia House Consolidated statement of financial activities lincorporating an income and expenditure account) for the year ended 31 December 2022 Unrestri¢ted funds 2022 Restricted funds 2022 Total 2022 As restated £'ooo Note £'ooo £'ooo Income from Grants Trading subsidiary income Other income 150 1,565 146 150 1,565 146 Total income 1,861 1,861 Expenditure on: Charitable activits'es - Venue Hire and Business & Policy Charitable activits'es - Educational and Cultural Programme Investment management costs 1,482 1,482 366 366 23 23 Total expenditure 1,871 1.871 Net expenditure for the y•ar (10) (10) Realised and unrealised {losses)Igains 14 (722) (722) Net movement In funds (732) (732) Funds brought forward (as previously stated) 9,835 10 9,845 Prior year restatement 24 . (229) (229) Funds brought forward (as restated) 9,606 10 9,616 Net movement in funds (732) (732) Total funds carrfed forward (as restated) 19 8,874 10 8,884 All recognised gains and losses are included in the Statement of Financial Activities. Information on the prior year restatement is presented in note 24. The notes on pages 24 to 44 form part of these financial ststements. 20 Asia House Statement of financial position at 31 December 2023 Company registration number: 03312073 Note Group 2023 Group 2022 As restated £'ooo Charity 2023 Charity 2022 £'ooo £'ooo £'ooo Fixed assets Intangible assets Tangible assets Investments 12 13 14 9,932 3,210 10,015 3,041 9,932 3,210 10,015 3,041 13,142 13,056 13,142 13,056 Current assets Stocks Debtors Cash at bank and in hand 15 233 413 343 355 45 184 31 134 647 699 229 165 Credltors: amounts falllng due within one year 16 (745) {591) 1798) (633) Net current (Ilabllltlesllassets 198 108 1569) (468) Total assets less current 13,044 13,164 12,573 12,588 Creditors: amounts falllng due after more than one year 17 (4,280 <4,280) {4,280) (4,280) Total net assets 20 8,764 8,884 8,293 8,308 Funds and reserves Unrestricted General fund Unrestricted - Revaluation reserve Restricted fund 19 19 19 2,168 6,586 10 2,288 6,586 10 1,697 6,586 10 1,712 6,586 10 Total funds 8,764 8,884 8,293 8,308 As permitted by Section 408 Companies Act 2006 the parent charity has not presented its own Statement of Financial Activities. The charity's deficit for the year was £15k (2022 - £1.132k) The financial statements on pages 2 to 44 to have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Information on the prior year restatement is presented in note 24. Approved and authorised for issue by the Board of Trustees on 20 June 2024 and signed on its behalf by.. Lord Green of Hurstpierpoint, Chaimian The notes on pages 24 to 44 form part of these financial statements. 21 Asia House Consolidated statement of cash flows for the year ended 31 December 2023 Note Group 2023 £'ooo Group 2022 £'ooo Reconciliation of net incoming resources to net cash inflow from operating activities Net expenditure Depreciation charges {Gainslllosses on investments Investment income Decreasel(increase) in debtors Increasel(decrease) in creditors (120) 98 (297) (67) 110 154 (732) 108 724 166) (167) (108) 13 14 15 16 Net cash used In operating activities (122) (241) Investing actlvlties.. Purchase of tangible fixed assets Purchase of investments Proceeds on disposal of investments Income from investments 13 14 14 (15) (653) 509 67 (17) (697) 816 Net cash (used In)Igenerated from investing activltles (92) 168 Net cash used Cash and cash equivalents at the beginning of the year (214) 736 (73) 809 Total cash and cash equivalents at year end 522 736 Cash and cash equivalents comprise.. Note Group 2023 £'ooo Group 2022 £'ooo Cash at bank Cash held within investments 413 109 355 381 14 Total cash and cash equlvalents at year end 522 736 22 Asia House Consolidated statement of cash flows (contlnued) for the year ended 31 December 2023 Statement of net debt At start of of year £'ooo At end of year £'ooo Cash flows £'ooo Cash at bank and in hand Cash held within investments 355 381 58 (272) 413 109 Cash and cash equivalents Loans falling due after one year 736 (4,280) (214) 522 (4,280) Total (3,544) {214) (3,758) The notes on pages 24 to 44 ft)rm part of these financial statements. 23 Asia House Notes forming part of the financial statements for the year ended 31 December 2023 General inforniation Asia House is a charitable company limited by guarantee and registered in England and Wales under the Companies Act 2006 and the Charities Act2011 (company no. 03312073. charity no. 1072696). The address of the registered office is given within the reference and administrative details page. The directors are the members of the charitable company. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The nature of the company's operations and its principal activitie5 are set out in the Trustees, Report on pages 2 to 15. Accountlng policies 2. 1. Basis of preparation of financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP 2nd edition IFRS 102}I, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Companies Act 2006 and the Charities Act 2011. Asia House meets the definition of a public benefit entity under FRS 102. The financial statements are presented in pounds sterling (GBP), being the functional currency of the group: amounts are rounded to the nearest thousand pounds. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNise stated in the relevant accounting policy. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charity's accounting policies. These are detailed in note 3. The following accounting policies have been applied.. 2.2. Basis of consolidation Group financial statements consolidate the financial statements of Asia House and its wholly owned subsidiary undertakings, Asia House Enterprises Limited and Sixty Three New Cavendish Limited, for the year ended 31 December 2023. In accordance with Section 408 of the Companies Act 2006, no separate statement of financial activities is presented for Asia House. 2.3. Exemptions for qualitying entities under FRS 102 The Company has taken advantage of the following disclosure exemptions.. from preparing a statement of cash flows on the basis that it is a qualifying entity and the group cash flow statement, included within these financial statements, includes the company's cash flows. and from the financial instruments di5c105ures required under FRS 102 para 11.40 to 11.48A and para 12.26 to 12.29, as the information is provided in the group financial disclosures. 24 Asia House Notes formlng part of the financial statements for the year ended 31 December 2023 (continued) Accounting policies (continued) 2. 4. Going concern Both the trustees and the CEO continue to monitor the risks posed to Asia House. The trustees consider that adequate resources are available to fund the acts'vities of the charity for a period of at least ￿e1ve months. On the basis of budgets and other financial procedures in place the trustees believe the going concern principle is appropriate to these financial ststements. The complex geopolitical environment, increasing competition. and the ever-challenging economic climate have all been carefully considered when forming budgets and operating plans for the charity. There are no known material uncertainties regarding the charity's ability to continue as a going concem. 2. 5. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. The revaluation reseNe is the accumulated surplus on revaluation of the property held in tangible fixed assets. Restricted funds are donations received, or income arising there from, which are specific for the purpose set out by the donor, The cost of administering such funds are Charged against the specific fund. 2.6. Incoming resources All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from grants is included when there is ents'tlement, probability of receipt and the amount can be measured with sufficient reliability. Grants for particular purposes are included in income as restricted funds. Trading income, comprising subscriptions and venue hire, is recognised on an accruals basis in the period in which the event takes place or the subscription falls due. Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assuran￿ that the grant conditions will be met and the grants will be received. Rental income and investment income is recognised on the accruals basis in the year that it falls due. 2. 7. Resources expended Charitable expenditure comprises direct expenses incurred on the defined charitable purposes of the charity and includes direct staff costs attributable to the activity and an allocation of the general management and overhead costs. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and Governance costs, which support the Trust's artistic programmes and activitie5. These costs have been allocated to the charitable activities. The bases on which support costs have been allocated are set out in note 8. Govemance costs (included in support costs) include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. Expenditure on raising funds relates to expenditure incurred to raise funds for the charity's charitsble purposes and includes costs relating to the management of the charity's investment portfolio. Trading expenditure relates to venue hire, business, and policy relates to the expenditure ofthe fully owned subsidiary, Asia House Enterprises. 25 Asia House Notes forming part of the financial statements for the year ended 31 December 2023 (continued) Accounting policies (continued) 2. 7. Pensions Defined contributs'on pension plan The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contn'butions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the charity in independently administered funds. 2.8. Tangible fixed assets All assets costing more than £500 a￿ capitalised. Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impaimient losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis.. Leasehold propety & improvements Office, plant & machinery over 132 years straight line 250/0 p.a. straight line The assets, residual values, LFseful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Leasehold propety is carried at fair value less subsequent depreciation. Revaluations are made with sufficient regularity to ensure that the carrying amount of the asset is not materially different from its fair value. Changes in fair value are recognised in the Statement of Financial Activities. Gains and losses on disposals are determined by comparing the prO￿edS with the carrying amount and are recognised in profit or loss. Intangible fixed assets Intangible fixed assets are held at cost, net of amortisation and any provision for impairment. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Amortlsation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful economic lives on the folbwing bases.. Website 250k p.a. straight line 26 Asia House Notes forming part of the financial statements for the year ended 31 December 2023 (contlnued) Accounting policies (continued) 2. 10. Impaim7ent of fixed assets A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls bet￿een the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activitie5. 2.11. Investments Investments are stated at market value at the reporting date. The Statement of Financial Activities includes the realised gains and losses on acqui51tions and disposals as well as the unrealised gains and losses throughout the year. The unrealised gains or losses represent the difference between the market value and the book value on the annual accounting date, namely 31 December. Unrealised gains or losses are transferred to the accumulated fund. The actual gain or loss will depend upon the price5 ruling at the time of sale. The figure for unrealised gains 15 therefore only an indication of the position. The investment in the subsidiary company is held at cost less impairment. 2. 12. Stock Stock comprises beverages for venue hire and is stated at the lower of cost and net realisabb value, 2. 13. Cash Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. 2.14. Financial instruments The charity only ha5 financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The charity has elected to apply the provisions of Section 11 Basic Financial Instruments, and Section 12 'Other Financial instruments Issues, of FRS 102 to all of its financial instruments. Impairment of financial assets Financial assets, other than those held at fair value through the statement of financial activities, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the statement of financial activities. Derecognits'on of financial a5setS Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownershlp tts another entity. 27 Asia House Notes forming part of the financial statements for the year ended 31 December 2023 (continued) Accounting policies (continued) 2. 15. Financial instniments (continued) Recognition of concessionary loans In accordance with section 21.26 of the Charities SORP, the Charity has elected to initially recognise concessionary loan5 at the amount received, adjusting the carrying amount in subsequent years to reflect any interest accrued and repayments made. Derecognition of financial liabilities Financial liabilities are derecognised when, and only when, the Charity's obligations are discharged, cancelled, or they expire. 2. 16. Operating leases.. as lessee Rentals payable under operating leases, including any lease incentives received, are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the term of the relevant lease. 2. 17. Operating leases.. as lessor Rentals receivable under operating leases, including any lease incentives received, are credited to the Consolidated Statement of Comprehensive Income on a straight-line basis over the term of the relevant lease. 2. 18. Gift aKI The charity owns the whole of the issued ordinary share capital of Asia House Enterprises Limited. Asia House Enterprises Limited ordinarily pays each year to the charity. under the provisions related to Gift Aid, a sum based on the taxable profits of the company. The payment of Gift Aid is subject to the reserrfes policy of the gifting entity, and the approval of the charity. Gift Aid is ￿OgnISed on a cash basis. 2. 19. f8xation As a registered charity, Asia House Limited is not liable to income tsx and corporation lax on income and gains derived from its charitsble activities as it falls within the various exemptions available to registered charities. 28 Asia House Notes forming part of the financial statements for the year ended 31 December 2023 (continued) Critical accounting judgements and key sources of estimation uncertainty In preparing financial statements, it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have most significant effect on amounts recognised in the financial statements. Valuation of leasehold property The Leasehold Property was valued as at 31 December 2022 by Savills. Leasehold propety is included in the statement of financial position at open market value less subsequent depreciation, as permitted by regulations made under the Companies Act 2006 and in accordance with FRS 102. The Trustees do not consider there to be a material difference be￿een the carrying amount of the leasehold propety and its fair value. Cost allocatlon The cost allocation methodology requires judgement as to the most appropriate basis to Use to apportion costs. Support costs are allocated bebNeen activities on the basis of staff time. Grants Unrestricted funds £'ooo Restrlcted funds £'ooo Total 2023 £'ooo Total 2022 £'ooo HSBC Prudential Standard Chartered 50 50 50 so 50 50 50 50 50 Total 2023 150 150 150 Total 2022 150 150 Income from charitable actlvitles Unr06tricted funds £'ooo Restrlcted funds £'ooo Total 2023 £'ooo Total 2022 £'ooo Corporate subscriptions Research and advisory External events Other trading activities 482 332 265 615 482 332 265 615 505 455 605 Total 2023 1,694 1,694 1,565 Total 2022 1,565 1,565 29 Asia House Notes forming part of the financial statements for the year ended 31 December 2023 (continued) other income Unrestricted funds £'ooo Restricted funds £'ooo Total 2023 £'ooo Total 2022 £'ooo Investment income Rental income Other income 67 62 67 62 66 80 Total 2023 130 130 146 Total 2022 146 146 Results of tradlng subsldlary Asia House has two wholly owned trading subsidiaries, which are incorporated in England and Wales. Asla House Enterprises Limited 2023 £'ooo 2022 £'ooo Income Expenditure 1,694 (993) 1,565 (759) Profit 701 806 Retained profit brought forward (as previously stated) Prior year restatement (see note 24) 806 1229) 406 (229) Retained profit brought forward {a5 restated) 577 177 Distribution to Asia House 1806) (406) Retalned proflt Carrled fonNard 472 577 The principal activity of Asia House Enterprises Limited (Company number.- 03242229) is the operation of a corporate membership programme for Asia House and the commercial letting of its function rooms. The Company distributes its profits to Asia House under gift aid. Sixty Three New Cavendish Limited did not trade during the current or prior year. 30 Asia House Notes forming part of the financial statements for the year ended 31 December 2023 (continued) Analysis of resources expended Direct costs £'ooo Grant- making £'ooo Support costs £'ooo 2023 Total £'ooo Venue Hire and Business & Policy Charitable activities Investment management costs 987 167 21 949 210 1,936 431 21 54 Totsl 1,175 54 1,159 2,388 Direct costs £'ooo Grant- making £'ooo Support costs £'ooo 2022 Totsl £'ooo Venue Hire and Business & Policy Charitable activities Investment management costs 759 133 23 723 233 1,482 366 23 Total 915 956 1,871 The support costs attributable to grant-making were £98k (2022.. £Nill. All grants were made to individuals. All expenditure was unrestricted in the current and prior year. Analysls of support costs of charltable actlvStSes'. Basls of allocation 2023 £'ooo 2022 £'ooo Staff costs Office running costs Legal and professional fees Governance Depreciation and amortisation Time spent Headcount & time spent Headcount & time spent Time spent Headcount & time spent 530 396 34 101 429 300 27 92 108 Total 1,159 956 Net expenditure 2023 £'ooo 2022 £'ooo This is stated after charging.. Auditor's remuneration Previous auditor's remuneration Tax advisory services Depreciation Operating lease expense Foreign exchange differences 20 22 98 108 14 31 Asia House Notes forming part of the flnanclal statements for the year ended 31 December 2023 (continued) 10 Employees- Charty and Group 2023 £'ooo 2022 £'ooo Staff costs during the year were.. Wages and salaries Social security costs Pension costs 979 122 29 712 87 24 1.130 823 Consultants & Temporary staff Other staff costs 131 36 41 1,260 990 The key management personnel of the group comprise those of the Charity and the key management personnel of its wholly owned subsidiary Asia House Enterprises Limited. The key management personnel are listed on the admin and reference information on page 1. Remuneration and benefits of key management personnel for the group were £577,36212022 - £574,485). Number of employees whose emoluments exceeded £60,000.. 2023 2022 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £250,001- £260,000 £280,001- £290,000 Employer's pension contributions in respect of the above employees were £16,721 (2022 - £13,555). The average number ol employees of the group and charity during the year was 17 (2022 - 14). 11 Trustees, remuneration and reimbursed expenses The charity trustees were not paid and did not re￿1ve any other benefits from employment with the Trust or its subsidiary in the year (2022 - £Nill. No charity trustee received payment for professional or other seNices to the charity12022 - £Nil). The charity made no payments (2022 - £Nil) to trustees for accommodation and travel for overseas conferences. 32 Asia House Notes forming part ol the financial statements for the year ended 31 December 2023 (continued) 12 Intangible assets Group and charity Website £'ooo Total £'ooo Cost At 1 January 2023 Aclditions Disposals 14 14 At 31 December 2023 14 14 Amortisation At 1 January 2023 Charge for the year Disposals 14 14 At 31 December 2023 14 14 Net book value At 31 December 2023 At 31 De￿rnber 2022 33 Asia House Notes forming part of the financial statements for the year ended 31 December 2023 (continued) 13 Tangible fixed assets Group and charity Leasehold Office, plant property & machinery £'ooo £'ooo Total £'ooo Cost or valuation At 1 January 2023 Additions 10,050 227 15 10,277 15 At 31 December 2023 10,050 242 10,292 Depreciation At 1 January 2023 Charge for the year 76 76 186 22 262 98 At 31 December 2023 152 208 360 Net book value At 31 December 2023 9,898 34 9,932 At 31 December 2022 9,974 41 10,015 Leasehold propety is included in the statement of financial position at open market value, as permitted by regulations made under the Companies Act 2006 and in accordance with FRS 102, and is subsequently depreciated. Revaluations are made with sufficient regularity to ensure that the carrying amount is not materially different from its fair value. The most recent valuation was carried out as at 31 December 2022 by Savills. The Trustees do not consider there to be a material difference be￿een the carrying amount of the leasehold propety and its fair value. If the propety had been held at historic cost the net book value and depreciation charge would have been as follows.. 2023 £'ooo 2022 £'ooo Net book value 3,620 3,652 Depreciation charged in the year (32) (31) HSBC Bank PIC holds fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, capital buildings. fixtures, fixed plant and machinery. Asia House Notes forming part of the financial statements for the year ended 31 December 2023 (continued) 14 Investments Group 2023 £'ooo Group 2022 £'ooo Charity 2023 £'ooo Charity 2022 £'ooo Investment portfolio Investments in subsidiaries 3,210 3,041 3,210 3,041 3,210 3,041 3,210 3.041 Investment portfolio Group and charlty 2023 £'ooo 2022 £'ooo Investments at market value Cash held within investment portfolio 3,101 109 2,660 381 3,210 3,041 Investments at market value: Market value at 1 January Additions at cost Disposal proceeds Unrealised gainl{loss) Realised loss 2,660 653 {509 316 119 3,503 697 {816) {558) {166) Market value at 31 December 3,101 2,660 Historical cost of investments at 31 December 2,601 2,746 The gain of £294k (2022 loss of £722k) presented in the consolidated statement of financial activities includes realised and unrealised gains and losses as shown above as well as a foreign exchange loss of £3k (2022 - gain of £2k) on cash held within investments. 35 Asia House Notes formlng part of the financial statements for the year ended 31 December 2023 (continued) 14 Investments (continued Holdings considered to be individually significant at the year end (more than 2.50/0 total shares).. 2023 2022 Allianz Technology Trust PIC 2.5p Ordinary Shares Baillie Gifford & Co Ltd Strategic Bond B Inc Ishares PIC Physical Gold Etc IGBPI Link Fund Solutions Trojan S Inc Microsoft Corp USD 0.00000625 Common Stock Scottish Mortgage Inv Trust 5p Ordinary Shares Berkshire Hathaway Inc USDO.0033 Cls B Common Stock AHFM Defined Return5 Fund I Shares Inc Bluebay Funds Mgmt Gbl High Yield Bd Q Inc (GBP) Janus Henderson Investments UK Abs Return G Acc Twentyfour Global Funds Corporate Bond l Dist (GBP) Murray Income Trust PIC 25p Ordinary Shares Jupiter Unit Trust Mgrs Japan Income ZH Dist IGBPI 2.570/0 2.700/. 2.240/. 0.00° 2.850 3.65° 2.71°/. 2.440/. 0.000 2.570 2.470 3.320 2.250/0 3.80% 2.900 2.620 2.660/0 3.32°/. 2.79°/. 2.84°/. 0.000 Investments In subsldlarles Charlty The cost and net book value of investments in subsidiary companies totalled £3 (2022 - £3) with no changes in the year. All subsidiaries are included in the consolidation. Asia House owns all of the issued share capital of Asia House Enterprises Limited (registered number 03242229) and Sixty Three New Cavendish Limited (registered number 03832064). The registered address of Asia House Enterprises Limited and Sixty Three New Cavendish Limited is 63 New Cavendish Street, London, W1G 7LP. At 310ecember 2023 Asia House Enterprise5 Limited had assets of£943k12022 - £901 k), liabilities of £472k {2022 £325kl and reserves of £471 k {2022 - £576k). For the year ended 31 December 2023 Asia House Enterprises reported turnover of £1,694k12022 £1,565k), £993k of expenditure (2022 £759k) and a net profit of £701k {2022 - £ 806k). At 31 December 2023 Sixty Three New Cavendish Limited had assets of £1 (2022 £1), liabilities of £Nil (2022 - £Nil) and reserves of £Nil (2022 - £Nil). 15 Debtors Group 2023 £'ooo Group 2022 £'ooo Charity 2023 £'ooo Charity 2022 £'ooo Trade debtors Other debtors Prepayments and accrued income 137 241 13 94 100 31 29 233 343 45 31 36 Asia House Notes forniing part of the financial statements for the year ended 31 December 2023 (continued) 16 Creditors: amounts falling due wlthln one year Group 2023 Group 2022 As restated £'ooo Charity 2023 Charity 2022 £'ooo £'ooo £'ooo Deferred income (note 18) Intercompany creditor Trade creditors Accruals Other taxes and social security Other creditors 564 382 163 524 36 100 367 43 45 56 22 41 61 61 18 46 61 57 45 19 745 591 798 633 Intercompany balances are unsecured, interest-free and repayable on demand. See note 24 for details of the prior year restatement. 17 Creditors: amounts falling due after more than one year Group 2023 £'ooo Group 2022 £'ooo Charlty 2023 £'ooo Charity 2022 £'ooo Bank loans repayable.. Be￿een 1 and 5 years In more than 5 years 4,280 4,280 4,280 4,280 4,280 4.280 4,280 4,280 The Bank loans totalling £4,280k (2022 - £4,280kl are public benefit entity concessionary loans as the interest is below the prevailing market rate, repayable on 29 July 2028. The loans are interest-free and were given to the charity to help further the purposes of its objects. 18 Deferred income Group 2023 Group 2022 As restaled £'ooo Charlty 2023 Charity 2022 £'ooo £'ooo £'ooo Deferred income brought forward Released to the SOFA Deferred income in year 382 (382) 564 478 (478) 382 100 1100) 163 160 {160) 100 564 3B2 163 100 Deferred income relates to donations, rental income and corporate membership subscriptions received in advan￿. See note 24 for details of the prior year restatement. 37 Asia House Notes forniing part of the finanelal statements for the year ended 31 December 2023 (continued) 19 Funds The funds of the Charity include restricted funds comprising the following unexpended balances of donations held on trust to be applied for specific purpose5'. Group At At At 1 January Prior 1 January Incoming Resources Gainsl 31 December 2023 year 2023 resources expended {losses) 2023 As previously restatement As restated ststed £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo General Revaluation reserve 2,517 6,586 1229) 2,288 6,586 1,974 {2,388) 2,168 6,586 Total unrestricted 9,103 1229) 8,874 1,974 (2,388) 294 8,754 Restricted Studio Garden 10 10 10 Total restricted 10 10 10 Total funds 9,113 12291 8,884 1,974 12,388) 8,764 Information on the prior year restatement is presented in note 24. Restrlcted funds The Studio Garden fund is held to support the building of a Studio Garden. 38 Asia House Notes forming part of the flnanclal statements for the year ended 31 December 2023 (continued) 19 Funds (continued) Group At At At 1 January Prior 1 January Incoming Resources Gainsl 31 December 2022 year 2022 resources expended {losses) 2022 As previously restatement As reststed As restated ststed £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo General Revaluation reserve 3,249 6,586 12291 3,020 6,586 1,861 (1,871) (722) 2,288 6,586 Total unrestricted 9,835 12291 9,606 1,861 (1,871) (722) 8,874 Restricted Studio Garden 10 io 10 Total restricted 10 10 10 Total funds 9,845 {229) 9,616 1.861 (1,871) 1722) 8,884 Information on the prior year restatement is presented in note 24. Company At 1 January 2023 £'ooo At 310ecember 2023 £'ooo Incomlng resources £'ooo Resources expended £'ooo Gainsl (losses) £'ooo General Revaluation reSe￿e 1,712 6,586 1.086 11,395> 294 1,697 6,586 Total unrestricted 8,298 1,086 11,395) 294 8,283 Restricted Studio Garden 10 10 Total restricted 10 10 Total funds 8,308 1,086 11,3951 294 8,293 39 Asia House Notes fomiing part of the financlal statements for the year ended 31 De¢ember 2023 (contlnued) 19 Funds (continued) Company At 1 January 2022 £'ooo At 31 December 2022 £'ooo Incoming resources £'ooo Resources expended £'ooo Galnsl (losses) £'ooo General Revaluats'on reserve 2,844 6.586 702 (1,112> (722) 1,712 6,586 Totsl unrestricted 9,430 702 (1,112) (722) 8,298 Restricted Studio Garden 10 10 Total restricted 10 10 Total funds 9,440 702 (1,112) (722) 8,308 20 Analy81s of net assets between funds Group Unrestrlcted general fund Restrlcted fund Unrestricted revaluation reserv¢ £'ooo Total 2023 £'ooo £'ooo £'ooo Fund balances at 31 December 2023 are represented by.. Fixed assets Investments Current assets Creditors.. wilhin one year Creditors: after one year 3,346 3,210 637 (745) 14,280) 6,586 9,932 3,210 647 1745 {4.280) 10 2,168 10 6,586 8,764 40 Asia House Notes forniing part of the financial statements for the year ended 31 December 2023 (continued) 20 Analysls of net assets between funds (continued) Group Unrestrlcted general fund As restated £'ooo Restrlcted fund Unrestricted revaluatlon reserve £'ooo Total 2022 As restated £'ooo £'ooo Fund balances at 31 December 2022 are represented by.. Fixed assets Investments Current assets Creditors.. within one year Creditors.. after one year 3,429 3,041 688 (590) (4,280) 6,586 10,015 3,041 698 (590) (4,280) 10 2,288 10 6,586 8,884 Company Unrestricled general fund Restrlcted fund Unrestrlcted revaluation reserve £'ooo Total 2023 £'ooo £'ooo £'ooo Fund balances at 31 December 2023 are represented by.. Fixed assets Investments Current assets Creditors.. within one year Creditors.. after one year 3,346 3,210 219 1798) 14,2801 6,586 9,932 3,210 229 1798) 14,280 10 1,697 10 6,586 8,293 Company Unrestrlcted general fund Restrlcted fund Unrestrlcted revaluation reserve Total 2022 £'ooo £'ooo £'ooo £'ooo Fund balances at 31 December 2022 are represented by.. Fixed assets Investments Current assets Creditors.. within one year Creditors.. after one year 3,429 3.041 155 (633) (4,280) 6,586 10,015 3,041 165 (633) (4,280) 10 1.712 10 6,586 8,308 41 Asia House Notes forming part of the financial statements for the year ended 31 December 2023 (continued) 21 Operating leases: lessee At 31 December 2023, the minimum future commitments for payments under non