2024-12-31-accounts

Registered in England Company No. 03312073 Charity No. 1072696 Asia House Company Limited by Guarantee TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Asla House Report and financial statements For the year ended 31 December 2024 Contents References and administrative details Trustees, report 2-10 Independent auditorfs report Consolidated statement of financial activities 15 statement of Financial Position 16-17 Statement of Cash Flows 18-19 Notes to the Accounts 20-38

Asia House Reference and administrative details For the year ended 31 December 2024 Trustaas: Lord Green of Hurstpierpoint (Chairman) Sir Sherard Cowper£oles Daisy Devassy Chittilapilly (appointed 19 September 2024) Duncan J R Buchanan (appointed 20 June 2024) Tanuj Kapilashrami Edward Knapp Dee Chu Ying Poon Wendy Wang Patrick Tsu An Wong Yuval Atsmon Naina Lal Kidwai (resigned 20 June 2024) Dr Alan James Betfield (resigned 1 April 2024) Dominic S Barton (appointed 20 March 2025) Key management personnel: Michael Lawrence (Chief Executive) Charlie Humphreys (Director of Corporate Affairs} Philip Woodford-smrth (Director of Events and Operations) Evie Cramb {Manager. Chaimian and CEO office) Charity registration number: 1072696 Company registration number: 03312073 Registered office: 63 New Cavendish Str￿t London W1G 7LP Auditors: Anderson Anderson & Brown Audit LLP 133 Finnieston Street Glasgow G3 8HB Accountants: Price Bailey LLP 8th Floor Dashwood House 69 Old Broad St London EC2M 1QS Investment managers: Rathbones 28 St Andrew Square Edinburgh EH2 1AF

Asia House Trustees, report For the year ended 31 December 2024 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 2024 which have been prepared in accordan￿ with the Companies Act 2006, in accordance with the Charities Act 2011 and tha Charities SORP (second edition), effective January 2019. CONSTITUTION The company was inGorporated on 29 January 1997 under a Metnorandum of A5SQLidtiori (Illtj Wcll> Iwlbleied as a charity wf(h the Charity Commission on 2 De￿mber 1998. It is govemed under its Articles of Association which were updated 12 June 2024. On 30 June 2000, Asia House purchased as a going con￿rn all of the undertakings, assets. liabilities and obligations of Asia House Trust, a registered charty which had substantialty the same objects as Asia House. OBJECTS OF THE CHARITY Asia House was founded to establish and maintain, for the public benefit, an Asia focu￿1 instttution to further the appreciation and understanding of Asian and Middle East countries, their economies and cultures and to foster closer communication bth￿n the peoples of Europe, Asia and the Mtddle East through a programme of briefings, research papers, conferences and meetings. TRUSTEES AND GOVERNANCE Thetrustees (including the companies they're associated with) who served during the yearwere: Lord Green of Hurstpietpoint- CHAIRMAN Alan Be￿ield {Arup) (restgned 1 April 2024) Sir Sherard Cowper-coles KCMG LVO {HSBC) Daisy Devassy Chtttilapilly (Cisco) (appointed 19 September 2024) Duncan Buchanan (Prudential) (apwnted 20 June 2024) Yuval Atsmon (Mckinsey & Company} Tanuj Kapilashrami (Standard Chartered) Naina Lal Kidwai (resigned 20 June 2024) Ea￿ard Knapp Dee Chu Ying Poon (Tessellation Group) Wendy Wang {HSBC) Patrick Tsu An Wong {Tenacty) Following the Govemmenys implementstion of the Charities Act 2011, the Trustees are cognisant of their responsibilities in demonstrating public benefft and have regard to the Charty Commission's guidance in this area. The Finance, Audit and Risk Committee, on behalf of the Board, reviews the audtt and finances of Asia House and maintains an oveNiew of the risk management and g0Veman￿ prC￿SeS ensuring that the system of internal corrtrol 15 saii5faGiory. The Remuneration Committ* 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 Commtttee considers trustee nominations and makes recommendatN?ns for the composition of the Board of TruSt￿S to a M￿ting of the Trustees. Following appointment, new trustees receive an induction briefing from the Chaiman and CEO.

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 PRINCIPAL ACTIVITIES Asia House achieves its otyectives through Corporate and Educational Programmes. The Corporate (Business and Policy) Programme is designed to stimulate inte15ectual leadership on key current issues by bringing together policymakers from Asia, the Middle East and the UK with business people and corporate decision-makers to deepen understanding and enable meaningful debate. The Education Programme delivers a range of actNities that highlight the culture, polrtical and economic current affairs of the countries ofAsia and the Middle East. In 2022Asia House launched afellowship programme which aims to support early-stage car￿r individuals and to enable them to produ￿ and publish original research on key trends and topics across Asia and the Middle East. The fellowship programme was further developed in 2024 with Asia House supporting three fellows to produce original research. QUALIFYING THIRD-PARTY INDEMNITY PROVISIONS Qualfying third-party indemnity provisions were in place throughoLrt 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 Str￿t and 34 Weymouth Mews w5th 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 retum is in the fom of capital appreciation or income and wtth discretion to appty any part of the total investment retum as income for spending each year. If the caprtal value of the portfolio were to fall during the year, the trustees would still have discretion to use fijnds from the portfolio as they S￿ fft. The core Asia House investment strategy remains.. to manage the portfolio to delNer long-tenn absolLrte retums wf(hout spectfic regard to income generation and to diversfy 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 annament companies. REMUNERATION POLICY The goveming principles of the Charity's remuneration policy are as follows.. To ensure d81ivery of the Charity's objectwes To attract and retain a motivated workforce with the skills and expertise necessary for organisational effectnieness 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 annLJally. The remuneration benchmark is the mid-point of the range paid for similar roles adjusted for a weighting forany additional responsibilities. If recrurtment has proven difficu in the recent past, a market addttion is also paid.

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 RISK MANAGEMENT The tmstees have a risk management strategy. which comprises.. a regular review of the principal risks and Un￿rtaIntieS that the charity and tts subsidiary Asia House Enterprises Limited-, the establishment of policies, systems and procedures to mitigate those risks identtfied 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 has identified that the three key risks are financial. operational and reputational for both Ihe charity and rts 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 as they fall due, regular liaison wtth the bank, and active management of trade debtors and credttors balances to ensure sufficient working capital by the Trust and its subsidiary company. Systems of intemal control, designed to prowde reasonable assuran￿ against material misstatement and loss, include.. Regular reports to the Trustees by the Chief EX￿￿t￿e Regular briefing of Chamian by the Chief ExecutNe an annual budget approved by the Trustees regular consideration by the Trustees of the financial resuts, variance from budgets and non-financial perfomance indicators Trustees review the Charty's risk register annually. The register identffies the types of risks the charty faces, prioritises them in tems of pjtential impact and likelihood, and identifies means of mitigating each risk. The day- tckday responsibilty for managing the risks is delegated by the Trustees to the Chief Executrve and Senior Management. PRINCIPAL RISKS AND UNCERTAINTIES Risks to Asia House fall into thr￿ main categories." finan￿ and legal., reputational,. and operational. In 2024, principal risks include global political and economic tunnoil and ils impact on trading condrtions., uncertainty due to possible policy changes in various jurisdictions due to the high number of national elections over the period", corporate realignment in response to geopolitical tensions,. and market volatilty. There are robust measures to mitigate against each. There is in pla￿ strong g0Veman￿ and prccesses and tight cost control. We operate to the highest standards and fiercely protect our independence and objecttvity. ASIA HOUSE PROGRAMME 2024 REVIEW Asia House provided an extenswe set of programmes and research papers in 2024 to elevate understanding and connectivty with Asia, the Middle East and Europe, In an increasingty complex global environment. These programmes were delivered against the backdrop of heightened political uncertainty in a 'super election. year elections took place in more than 50 countries representing more than 1.5 billion people. At the same time, macroeconomic condttions remained challenging, wtth persistent infiation and modest economic growth globally. Heightened tensions between the US and China had an impact on business and particularly on trade. New trade alliances were formed, Supp￿ chains disrupted and trade increasingty fragmented. Conflicts in the Middle East and Russia-ukraine fijrther increased global tensions. At the same time, the rapid development and adoption of Arttficial Intelligence, along with continued digrtal advan￿ment in Asia, posed challenges but also opened new opportunities. Asia House provided programmes and research across a wrde range of issues and geographies in 2024 and did so objectwety and impartialty in what was, at times, a polttully-charged global environment.

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 Dialogue and Engagement Asia House supports engagement with a wav to buikling vital economic connectivity betsveen Asia, the Middle East and Europe. By facilrtating high level dialogue, from briefings with senior officials to roundtable discussions and largethscale events, Asia House enables pract￿al and constructwe discussions on commercial, political, and economic issues. The convening capability of Asla House Is one of ts sirengths. In 2024, Asia House pro¥Juced more than 50 events, from briefings forcorporate members to conferences and roundiable discussions with experts, designed to infomi and shape research projects. These initiatives- in-person, virtual andlor hybrid- reached global aUdIen￿S of decision-makers. They were conducted primarily in the Asia House headquarters in London but also throughout Asia and the Middle East, including centres such as Hong Kong, Shanghai, Singapore, Hanoi, Duba, Rryadh and Istanbul. Addi(ional events were held in New Yorf( and Zurich. Asia House was further invofved in partnerships for large scate events including the launch of the DMCC Future of Trade report in three ￿ntres- London, Singapore and Geneva (The Wodd Trade Organisation). Additionalty, Asia House produced a prcgramme of meetings and briefings over a thr￿42Y period for a delegation of Chinese CEO'S to Riyadh. The delegation was taking part in an executive programme with CKGSB. It was the delegation's first vtsit to Saudi Arabra. Research and Analysis The Asia House research programme produced a range of reports to increase understanding and stimulate debate. In 2024 Asia House On￿ again produced ils fiagship 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 more than 15 research reports covering issues ranging including China's sessions., Al in Saudi Arabia" critical minerals in wodd trade," The transition to a new Govemment in Indonesia; the Mongolia elections., UK-China rela'ons" the impad of EU tartffs on China's EVS,. and Al regulation and data centre growth in Qatar. Asia House also produced the 2024 edition of the DMCC Future of Trade report, an extensive research project exploring the outlook for global trade over a hvo-five year time horizon. The DMCC Future of Trade series has been downloaded 1.8 million times and has become a benchmark report on trade issues. Asia House research is evidence-based. We apply rigorous standards to ensure accuracy and objectivty. In addition to desk-based research, we leverage our ne￿ork and our convening expertise to bring together decision makers and thought leaders to inform our work. We are increasingly using roundtable research discussions and focused questionnaires to support our research and provide unique and original insights. Corporate Membernhip In 2024 Asia House retained the majority of its corporate members and added new members to tts nekn￿. Membership was supported by a series of 20+ diaiogues with govemment ministers and officials. rhe Asia Houso Annual Outlook 2024 Asia House marked the beginning of 2024 with the launch of the Asia House Annual Outlook. The release of the flagship publication has become a key event in the business calendar. The launch was attended by 120+ individuals in-person at the Asia House London headquarters and a further 200+ virtually, ensuring a truly international audience. Attendees in London included 14 Heads of Mission and senior business people from range of organisations.

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 Speakers at the event included.. Anne-marie Trevelyan, Minister of State for lndtrPaCif￿. Uniied Kingdom HE Zheng Zeguang, China's Ambassador to the UK Dominic Barton BBM, Chair, Rio Tinto Ziad Haider, Global Director of GeoF)oif(ical Risk, McKinsey & Company Jinny Yan, Chief China Economist, ICBC Standard Bank Farisa Zarin, Global Head of Group Public and Regulatory Affairs, Standard Chartered Bank Pamela Mar, Managing Director, Digf(al Standards Inrtiative, ICC The Asia House Annual Oirtlook and associated launch event served to drive engagement with Asian markets and infomi intemational business and policy pradTtioners on the growth trajectory, opportunities and risks in the region. The Asia House briefings pmgramme.. Asia House hosted a sen'es of bnefings wrth leading pol1￿MakerS and govemment representatives for our corporate members and wider business network across 2024. These briefings covered a range of issues and geographies including trade, investment, t￿hnOlOgY, ESG and geopoliii¢>. Briefings were held with the following officials.. Niclas Kvarnstrcim, Managing Director forAsia and the Pacific at the European Extemal Action Services (EEAS) Kurt Vandenberghe, Director-General DG CLIMA, European Commission Catherine West MP, UK Shadow Foreign Minister (Asia and the Pacrfic) Nusrat Ghani MP, Minister of State at the UK Department for Business and Trade, Minister of State for the Investment Securty Unit. and Minister for Industry and Economic Security at the Cabinet Office Raphael P.M. Lotilla, Secretary of Energy of the Philippines Amir Hamzah Azvzan, Malaysia's Minister of Finan¢e11 Paul Chan Mo-po, Hong Kong SAR'S Financial Secretary Airlangga Hartarto, Indonesia's Coordinating Minister for Economic Affairs Yoshitaka Shindo, Japan's Minister of State for Economic and Fiscal Policy S. Rodolfo, Undersecretary at the Department of Trade Industry, the Philippines Dr V Anantha Nageswaran, Chief Economic Adviser to the Govemment of India Gobind Signh Deo, Minister of Digital, Malaysia Leo Lewis, the Financial Times, Business Editor Ambassador Matt Murray. US Senior Official for the Asia-Pacific Economic Cooperation (APEC) Paul Chan Mo-po, Hong Kong SAR'S Financial Secretary Catherine West MP, UK Padiamentary Under-secretary of State (Indo-Pacrfic) Dr Ma Jun, Director of the Macro and Green Finance Lab at Peking University's National School of Development and Founder and President of the Institute of Finance and Sustainabilty Gourangalal Das, India's Director General of the East Asia Division at the Ministry of External Affairs (MEA) Ralph Gonzalez Recto, the Philippines Secretary of Finance Hatiinder Kang, HM Trade Commissioner for South Asia and British Deputy High Commissioner for Westem India Martin Kent, HM Trade Commissioner for Asia Pacific In addition to the briefings programme. Asia House pmduced the following events in 2024." The KAFD Dialogue, Riyadh: The 2024 Investment Outlook

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 Speakers: Salman Ahmed, Global Head of Macro and Strategic Asset All￿atiOn, Fidelity International Steven Wieting, Chief Investment Strategist and Chief Economist, Citi Global Wealth Dr NoLrf Alsharif, Managing Director of Economic Research, Jadwa Investment 'In Conversation with Sri Mulyani.. Indonesia's Finance Minister Speech and question and answer session WTth Michael Lawrence, CEO of Asia House Conference in partnership with the Cheung Kong Graduate School of Business 'From Compliance to Growih.. Strategic Sustainabilty in China and the West, Speakers.. Lord Green of Hurstpierpoint, Chaimian Asia House Aimin Yang, General Manager, China Construction Bank London Branch Zhu Rui, Professor of Marketing, Director of ESG and Social Innovation Centre and Member of the Board of Supervisors of the Cheung Kong Education Development Foundation, Cheung Kong Graduate Scho)l of Business Sherry Madera, Chief Executive Officer, CPD Mallika Ishwaran, Chief Econ¢)mist, Shell Jane Goodland, Group Head of Sustainabilty, LSEG Professor Kerry Brown's Book Launch: In Conversation with Lord Stephen Green: 'The Great Reversal: Brtiian, China. and the 400-Year Contest for Powe "In conversation with Huw Pill" Chief Economis( Bank of England Presentation by Huw Pill followed by a Q+A with Michael Lawren￿, CEO of Asia House Asia House in partnership with the Cheung Kong Graduate School of Business 'Shaping the fLrture: Advancing digitalisation through China-Gulf collaboration, Asia House roundtable discussion in partnership with the McKinsey Global Institute 'Geopolitics and trade: adapting to a new realty. Speaker. Jeongmin Seong, Partner, McKinsey Global Institute Asia House Labour Party Conference Fringe Briefing Catherine West MP, UK Parliamentary Under-secretary of State {Indo-Pacrfic) Asia House Labour Party Conference Fringe Briefing Douglas Alexander MP, the UK Minister of State for Trade Policy and Economic Security Asia House in partnership with Nikkei: 'Navigating a year of political change, Roundtable dialogue on the CPTPP trade deal supported by the Embassy of Japan Roundtable discussion with Lloyds Bank". 'Opportunf(ies in the UK for Asian and Gulf Investors,

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 Asia House Fellowship Programme Asia House continued to develop its Fellowship programmè in 2023-2024. The programme is designed to support early career individuals by working with them on research projects on key topics across Asia and the Middle East. There were three fellows appointed for 2023-2024. Asia House worked with them throughout the year to guide, mentor and hone their research. Their final reports were published and distributed to the wider Asia House ne￿Ork in October of 2024. The three fellows were.. Yaxin Guo, who produced a report titled: Dual Drive.. How deeper ties in key markets can power the export competitweness otmade-in-china electnc vehicles Apoorva Signh Vishnoi, who prodU￿d a report titled: Business Stakeholder Consultations and Free Trade Agreements in Asia.. ImpaGt and Ghall8nges And Poomthawat Wachirapompruet, who prth￿uced a report titled: Mind th8 Gap." How Southeast Asia's fragmented personal data niles impact digital finanGe Asia House received a large number of high-qualty applications for the 2024-2025 Fellowship programme from universities across Asia and Europe. Two outstanding candidates were selected.. Bahliar Rifai and Catherine Setiawan. Asia House Fellows receive guidan￿ on their projects throughoLrt the year. including regular feedback, support and advice. On completion, their research k8 published as part of the Asia House Research programme. Asia House funds each of the fellows with a stipend of £24.000 annually. 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 activrties of the chanty for a period of at least ￿e1ve months. On the basis of budgets and other financial procedures in place the trustees believe the going concem 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 fomiing budgets and operating plans for the charity. There are no known material uncertainties regarding the charity's ability to continue as a going con￿M. FINANCIAL REVIEW In the year to 31 D￿ernber 2024. Asia House delivered an operating deficf( of £171k (2023.. £316k) before depreciation and investment gains and losses. 2024 £'ooo (171) (92) 262 2023 £'ooo {316> {98) 294 Adjusted (deficit)Isurplus for the year Depreciation Investment gainsl(losses) Deficit for the year as in the Statsment of Financial Activities 120 Asia House Enterprises Litnite(J. a wholly owned Subsidiary of Asia House continued to trade well.

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 RESERVES POLICY The TruSt￿S examine the requirement to retain reseryes within the group on a regulai basis to ensure there are sufficient free unrestricted reserves to safeguard the financial stabilty of Asia House against unforeseen fluctuations in income levels, cover on-going management, administTrion and support costs and provide the necessary resilients to f&e the short, medium and long temi. Free Reserves Asia House should retain free reserves of a minimum of three months operating expenditure, which equates to £552,000 based on the 2025 budget. Asia House had a bank loan credttor of £4.28m at 31 De￿rnber 2024. This relates to a long-standing interest free concessionary loan with the thr￿ founding members of the charity. Asia House maintains a strong relationship wilh the founding members and the toan is expected to be rolled forward over the long-temi. At 31 st December 2024 the free reserves, which comprises the unrestricted funds of the group less amounts tied up in tangible fixed assets and excluding the aforementioned concessionary loan, were £3.18m. The group has a large invesknent portfolio which is managed on a discretionary basis by a professional fund manager on behalf of the Board of Trustees. The perfomiance of the investment fund is overseen and reviewed by the Investment Committee. At 31 st De￿rnber 2024 the value of the group's investments was £3.21m. This figure is included wf(hin the value of free reseNes noted previously. Funds can be drawn from the investment fund ff required. ASIA HOUSE ENTERPRISES Asia House Enterprises Limited is a trading subsidiary of Asia House, operating the corporate membership programme and commercial letting of the function rooms at 63 New Cavendish Street. FUNDRAISING Asia House does not active￿ engage in any signtficant 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 cary oui any fundratsing activttias, and has therefore not subscribed to any fundraising standards or scheme of fvndraising regulation. No complaints have been recorded aboLrt any fundraising activty (2023: none) and the Charity does not conduct any fvndraising behaviour that could be expected to unreasonably intrude or pla￿ undue pressure on vulnerable people and other members ofthe public to give money or other propety to the Charity. FUTURE PLANS Asia House will continue to provide a prcgramme of events, including briefings, roundtable discussions and reseorch reports, to build understanding of Asian and Middle Ea8t countriae, thoir economies and culturas. Agia House will work wtth Govemments and businesses to foster closer cooperation and drive constructive relationships. Asia House will continue with ts Fellowship prc3ramme to help educate the leaders of tomorrow. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also Directors ofAsia House forthe purposes of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charitable ccfflpany and of the incoming resources and application of resources, including the inwme and expendrture, of the group and charitable company for that period.

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistentty., observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and 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 concem basis unless it is inappropriate to presume that the charity will Continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose wf(h reasonable accuracy at any time the financial posiiion of the group and charitable company and enable them to ensure that the financial statements comply wf(h the Companies Act 20C6. They are also responsible for safeguarding the assets of the group and charttable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregutarities. In so far as the trustees are aware: there is no relevant audit infomiation 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 establish that thè auditor is aware of that infomiation. The trustees are responsible for the rna1ntenan￿ and integrty of the corporate and financial information included on the charitable company's webstte. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. AUDITORS The audf(ors, Andetson Anderson & Brthvn Audit LLP. have indicated theirwillingness to continue in office and are deemed to be reappointed in accordance with section 487(2) of the Companies Act 20(￿. SMALL COMPANIES NOTE This report has been prepared in accordance with the provisK)ns applicable to companies entitled to the small ompanie5' exemption. By order of the Board of Trustees. Lord Green of Hurstpierpoint, Chairman Date 2310712025 io

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 Opinion We have audited the consolKlated finar￿la1 staterrents ofAsia Fk)Ltseforthe year ended 31 December 2024 on pages 15 to 40. The financRI repJting frarn￿￿ that has been applieA in their preparation is applK2ble law and Unf(ed lfjngdom Accounting Standards (Untt8J Kingdcffn Generalty Ac(wted Accounting Pract￿), including Financial Reporting Standartl 102 The FInar￿la1 Reporting StarKlard applrable in the UK and Republic of IreLqnd'. In our opinion the fiiidlKAcil bLdlLYI￿1lib. give a true and fair view of the state of the group and charitable company's affairs as at 31 December 2024 and of their 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 Prepar￿ in ￿rdan￿ with the requirements of the Companies Act 20CE, the Charities and Trustee InvestJnent (Scxjtknd) Act 2CK)5 and regulat￿S 6 and 8 of Ihe Chartknes A(Eounts (Scotland) Regulations 2¢)06. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibiif(ies under those standards are fijrther described in the Auditors responsibil￿eS for the audit of the financial statements sectK)n of our report. We are independent of the group and charitable company in Ordan￿ wtth the ethical requirements that are relevant to our audrt ofthe financial statements in the UK, including the FRC'S Ethul Standard, and we have fulfilled our other ethical responsibilrties in accordance with these requirements. We believe that the audit eVKIen￿ we have obtained is Su￿lent and appropriate to provide a basis for our opinion. Conclusions relating to going COn￿M We have nothing to report in respect of the folkhving matters in relath?n to which the ISAS (UK) fequire us to report to you where.. the trustee's use of the going con￿rn basis of accounting in the preparation of the financial statements is not appropriate,. or the trustees have not disclosgj in the financial statements any Klenttfied material Un￿rtaIntieS that may cast signfficant doubt about the group and charrtable company's abilty to continue to adopt the going concern basis of accounting for a period of at least Iweive months from the date when the financial statements are aLrthorised for issue. Other infomiation The trustees are resFonsible forthe other Inf￿7￿all0n. The other infotmatKJn ccfflprises the inf0m￿tIOn included in thp. Annijal rÈport, oth@r th2n fin2nci21 statements and our Report of the Independent Audttors thereon. Our opinion on the financial statements does not cover the other infomiation and we do not express any form of assurance conclusion thereon. In connection wrth our audit of the financial statements, our responsibilty 15 to read the other infomiation and, in doing so, consider whether the other information is Material￿ inconsistent with the financial statements or our knowledge obtained in the audit or othe￿iSe appears to be Material￿ misstated. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other infom1at￿n, we are required to report that fact. We have nothing to report in this regard. li

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 Opinion on other matters prescribed by the Companies Act 2006 In our opinion, bas￿1 on the work undertaken in the course of the audiL' The information given in the Report of the Trustees for the financial year for which the financia I statements are prepared is consistent with the financial statements,. and The Report of the Trustees has been prepared in accordants wth applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understsnding of the group and charitable company and its environment obtained in the course of the audit, we have not identtfied material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Chari£ies Accounts (Scotland) Regulations 2006 amended) requires us to report to you rf, 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 ￿ceiVed from branches not visÉted by us; or the financial statements are not in agreement wilh 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. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities set out on pages 2 to 10, 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 which give a true and fair view, and for such internal control as the truslees 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 statements. 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 charsty or to ase operations, or have no realistic altemative but to do so. Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, 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 audr( conducted in accordance with ISAS (UK) will aknys detect a material misstatement when it exists. Misstatements can arise from fraud or e￿or and are considered material if, indtvidually or in the aggregate, they Gould reia&uri<ibly b¥ ¥xp¢Lle(I tv iiiflu¥iifx IlTr¥ ¢GVllUfTiib rJ¥kni¥iVil¥ uf Uii¥rs iak¥n oli tlie basis of tliese finanGial statements. Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures in line wf(h our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The exient to which our prcKedures are capable of detecting irregularities, 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 between our audit team members. We then designed and performed audlt procedures responsive to those risks, including obtaining audit eviden￿ sufficient and appropriate to provide a basis for our opinion. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with 811 laws and regulations this responsibility lies with management with the oversight of the Trustees. 12

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 Based on our understanding ofthe group, chartiable company and industry, discussions 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 aboLrt how and where the group and charitable company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud. Our responsibilities for the audit of the financial statements (continued 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, prC￿lureS and related controls regarding complian with laws and regulations and if there are any known instsnces of non<omp1ian￿", Examining supporting documents for all material balances, transaction and disclosures; Review, where applicable, of the Board of Trustees, minutes., Enquiry of management about litigations and claim5 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 recoverabilty of trade debtors and revenue recognition; Considering management override of controls outside of the nom)al 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 nomal course of business. Owing to the inherent limitations of an audit, 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 limf(ations are particularty significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to con￿al 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.ora.uklauditorsres onsibilities. This description fomis part of our Report of the Independent AuditOTS. 13

Asia House Report of the independent auditors to the Trustees and members of Asia House For the year ended 31 December 2024 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 ofthe Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Section 44(1){c) ofthe Charities and Trustee Investment (Scotland>Act 2005 and regulation 10 of the Charities Accounts (Scotlandl 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 reaponsibility 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 fo￿ned. Angus Mccuaig (Senior Statutory Auditor) For and on behalf of Anderson Anderson & Brown Audtl LLP Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 133 Finnieston Street Glasgow G3 8HB Date.. 7 August 2025 14

Asia House Consolidated statement of financial activities (incorporating an income and expenditure account) For the year ended 31 December 2024 Unrestricted Restricted Funds Funds Total 2024 £'ooo Total Note 2024 £'ooo 2024 2023 £'ooo £'ooo Income from: Grants 150 150 150 Trading subsidiary incom8 Investment income 1,820 1,820 1,694 141 141 130 Total income 2,111 2,111 1,974 Expenditure: Charrf(able actwtties 385 385 431 Raising funds.. Venue Hire and Business & Policy Investment management costs Total expenditure 1,*7 1,967 1,936 22 21 2.374 2,374 2,388 Net (expenditureyincome (283) {263) (414) Realised and unrealised gainsl{losses) 14 262 262 294 Net movement in funds (1) (1) {120) Total funds brought forward 8,754 10 8,764 Net movement in ￿ndS (1) (1) (120) Totsl funds carried forward 19 8,753 10 8,763 8,764 All of the charitable company's actNities are classed as continuing. The charitable company had no gains or losses other than those shLTrNn above. The notes on pages 20 to 40 ft)mi part of these accounts. 15

Asia House ststement of financial position at 31 December 2024 Company registration number: 03312073 Group 2024 Group 2023 £'ooo Charity 2024 £'ooo Charity 2023 £'ooo Fixed assets Intangible assets Tangible assets Investments 12 13 9,851 9,932 9,851 9,932 14 3,118 3,210 3,118 3,210 12.969 13,142 12,969 13,142 Curnnt assets Stocks Debtors 15 233 140 45 Cash at bank 372 413 819 647 326 229 Creditors: amounts falling due within one year 16 (745) (745) (810) 1798) Net Gurrent a558ts1(liabilities) 74 198) (484) 1569) Total assets less current liabilities Creditors.. amounts falling due after more than one year 17 (4,280) (4,280) (4,280) (4,280) Totsl net assets 20 8,763 8,764 8,205 8.293 Funds and reseryes Unrestricted- General fund 19 2,167 2,168 1,609 1,697 Unrestricted- Revaluatton reserve 19 6,566 6.586 6,586 6,586 Restricted funds 19 10 10 10 10 8,763 8.764 8,205 8,293 16

Asia House ststement of financial position (continued) at 31 December 2024 Company registration number: 03312073 As p8miitted by section 408 Companies Act 20C6 the parent charity has not presented its own Statements of Financial Activf(ies. The chanty's deficit for the year was £88k (2023 £15k deficrf()- The financial statements on pages 15 to 40 have been prepared in accordan￿ wf(h the provisions applicable to companies subject to the small Companies, regime. Approved and authorised for issue by the Board of Trustees on 2310712025 and swJned on its behalf by: Lord Green of Hurstpierpoint, Chairman The notes on pages 20 to 40 form part of these ￿COunts. 17

Asia House Consolidated statement of cash flows For the year ended 31 December 2024 Note Group 2024 £'ooo Group 2023 £'ooo Reconciliation of net Incoming resources to net cash inflow from operating activities Net incomel(expenditure) Depreciation charges (Gains)Ilosses on investments Investment income (1) 92 (120) 13 98 14 (240) (77) (213) (297) (67) 110 {Increase)Idecrease in debtors (Decrease)Ilncrease in credttors 15 16 154 Net cash used in operating activities (439) (122) Investing activities: Purchase of tangible fixed assets Purchase of investment5 13 (11) (514) 855 (15) (653} 509 14 Proceeds on disposal of investments Income from investrnents Net cash generatedl(used in) investing activities 14 67 407 (92 Net cash used (32) {214) Cash and cash equwalents at the beginning of the year 522 736 Total cash and cash equivalents at year end 522 18

Asia House Consolidated statement of cash flows (continued) For the year ended 31 December 2024 Cash and cash equwalents comprise.. Group 2024 £'ooo Group 2023 £'ooo Note Cash at bank 372 413 Cash hekl wiihin investments 14 118 109 522 Statement of net debt At the start ofthe year At the end of the year Cash flo £'ooo £'ooo Cash at bank and in hand 413 (41) 372 Cash hekl within invesbnents 109 118 Cash and cash equnialents Loans falling due after one year 522 (32) 490 (4,280) (4,280) (3.758 (32} 13,790) 19

Asia House Notes forming part of the financial statements For the year ended 31 De￿mber 2024 GENERAL INFORMATION Asia House is a charitable company limited by guarantee and registered in England and Wales under the Companies Act 2006 and the CharÉbes Act 2011 (company no. 03312073, chanty no. 10726961. 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 limrted to £1 per member of the company. The nature of Ihe company's operations and ts principal activibes are set out in the Truslees, Report on pages 2 to 10. ACCOUNTING POLICIES BasiGS of aGGounting 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 20191- (Charf(ies SORP 2nd edition (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 20[￿ and the Charities Act 2011. Asia House rn￿tS the definslion of a public benefft entty under FRS 102. The financial statements are p￿sented in pounds sterfing (GBP), being the functional cU￿encY of the group., amounts are rounded to the nearest thousand pounds. Assets and liabiltties are initialty recognised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy. The preparation of financial statements in compliance wilh FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in apptying the Charity's accounting policies. These are detailed in note 3. Basics of consolidation Group financial statements consolidate the financsal statements of Asia Hou* and its wholly owned subsidiary undertakings, Asia House Enterprises Limiied and Sixty Three New Cavendish Limited, for the year ended 31 December 2024. In accordan￿ with SectTron 408 of the Companies Act 2006, no separate statement of financial activities is presented for Asia House. Ex•mptions for qualifyin9 gntitios 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 entty and the group cash flow statement, included wtthin these financial statements, includes the company's cash flows,. and from the financial instruments disclosures r4uired 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 discbsures. 20

Asia House Notes forming part of the flnancial statements For the year ended 31 December 2024 Golng concern Both the trustees and the CEO continue to monitor the risks posed to Asia House. The trustees consider that adequate reSoUr￿S are available to fund the activities of the chartty for a period of at least ￿e1ve months. On the basis of budgets and other financial prO￿dureS in Pla￿ the trustees believe the going concem principle is appropriate to these financial ststements. The complex geopolitical environment, increasing competition, and the ever<hallenging economic climate have all been carefully considered when fomiing budgets ond opcrating plen8 for the charity. There are no known material uncertaintiea re9ardin9 the Gharity's abilty to continue as a going concem. Fund accounting General funds are unrestricted funds wh￿h are availablefor use atthe discretion ofthe trustees in furtheran of the general objectives of the company and wh￿h have not been designated for other purposes. The revaluation reserve is the accuMulat￿j surplus on revaluation of the propety held in tangible fixed assets. Restricted funds are donations recewed, or income arising there from, which are specFfic for the purpose set out by the donor. The cost of administertng such fijnds are charged against the specffic fund. Incoming resources All income is recognised On￿ the company has entttlement to the income, li 15 probable that the income will be recewed and the amount of income receivable can be measured reliabty. Income from grants is included when there is entrtlement, probabilty of receipt and the amount can be measured wtth sufficient reliabilty. Grants for particular purFxJses 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 subscripts'on falls due. Government grants are recognised at the fair value of the asset retsived or receivable when there is reasonable assurance that the grant condttions will be met and the grants will be received. Rental income and investment income is reccgnised on the accruals basis in the year that it falls due. Resources expended Charitable expendiiure comprises direct expenses incurred on the defined charitable purposes of the charity and includes direct staff costs attributable to the activty and an allccation of the general management and overhead costs. Support costs are those ftjnctions that assist the work of the chartty but do not direct￿ undertake charitable activities. Support costs include back office costs. finance, personnel, payroll and Governance costs, which support the Trust's artistic programmes and activth'es. These costs have been allocated to the charitable activities. The bases on wh￿h support costs have been alIc￿ted are set OLrt in note 8. Govemance costs (included in support costs) include those incurred in the governan￿ of the charity and its assets and are primarity associated with constitutional and statutory requiremerrts. Expenditure on raising fijnds relates to expendtture incurred to raise funds for the chaty's charilable 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 expendrture of the fully owned subsidiary, Asia House Enterprises. 21

Asia House Notes forming part of the financial statements For the year ended 31 December 2024 Pensions The charty operates a defined contribLrtion plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contnbutions into a separate entty. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profft or loss when they fall due. Amounts not paid are shown in 2ccnialg as a liability in the qtatpment of Finanrial Pnqitinn The. A￿%9.t< nf thp. plan arÉ h@Id separately from the chartty in independently administered funds. Tangible fixed assets All assets costing more than £51)0 are c2Pitalised. Tangible fixed assets under the cost m¢xlel are stated at historical cost less a¢xumulated depreciation and any accumulated impaimient losses. Historical cost includes expendtture 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 Iwes, using the straight-line methc(l. Depreciation is prowded on the fdl(ywing basis: Leasehold property & improvements- over 132 years straight line Office, plant & machinery- 25 % p.a. straight line The assets, residual values, useful Iwes and depreciation methc(Is are reviewed, and adjusted prospectively rf appropriate, or rf there is an indication of a signtficant change since the last reporting date. Leasehold propety is Carri￿ at fair value less subsequent depreciation. Revaluations are made with sufficient regularity to ensure that the carrying amount of the asset is not Material￿ drfferent from ts fair value. Changes in fair value are rwnised in the Statement of Financial Activf(ies. Gains and losses on disposals are determined by ccfflparing the prcteeds wth the carrying amount and are recognised in profft or ths. 2.10 Intangible fixed assets Intsngible fixed assets are held at cost, net of amortisation and any provision for impaimient. Identrfiable development expendrture is caprtalised to the extent that the technical, commercial and financial feasibility can be demonstrated. Amortisation is provided at rates calculated to write off the ￿$t of fixed assets, less their estimated restdual value, over their expected useful economic INes on the following bases: Websrte- 25 % p.a. straight line 2.11 Impaimient of fixed assets A review for impaimient of a fixed asset is carried out rf events or changes in circumstancas indicate that the carying value of any fixed asset may not be recoverable. Shortfalls belween the carying value of fixed assets and their recoverable amounts are recognised as inpaimients. Impaimient losses are recognised in the Statement of Financial ActNities. 22

Asia House Notes fonnlng part of the financial statements For the year ended 31 De￿mber 2024 2.12 Investments Inveslments are stated at market value at the reporting date. The Statement of Financial Activities includes the realised gains and losses on acquisitions and disposals as well as the unrealised gains and losses throughout the year. The unrealised gains or losses represent the drfferen￿ be￿een the market value and the book value on the annual accounting date, namely 31 December. Unrealised gains or losses are transfe￿ed to the accumulated fund. The actual gain or loss will depend upon the prices ruling at the time of sale. The figure for unrealisÈd gains is therefore only an indication of the pogition. The investment in the subsidiary company is held at cost less impairment. 2.13 stock Stock comprises beverages for venue hire and is stated at the lower of cost and net realisable value. 2.14 Cash Cash is represented by cash in har￿ and depostts with financial instrtutions repayable without penalty on noti￿ of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisttion and that are readity convertible to known amount5 of cash wtth insignfficant risk of change in value. 2.15 Financial instruments The charrty onty has financial assets and financial liabilities of a kind that qualfy as basic financial instruments. Basic financial instruments are inrtialty recognised at transaction value and subsequently measured at their settlement value. The charity has elected to apply the provisions of sect￿ 11 Basic Financial Instruments, and Section 12 'Other Financial instruments Issue5, of FRS 102 to all of 115 financial instruments. Impainnent of financial assets Financial assets, otherthan 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 obJ￿tive evidence that, as a resu￿ of one or more events that (r£urred after the inf(ial recognf(ion ofthe financial asset, the estimated future cash flows have been affected. The impaimient loss is recognised in the statement of financial activities. Derecognition of financial assets Financial assets a￿ dereccgnised only when the contractual rights to the cash ftows from the asset expire, or when it transfers the financial asset and Substantial￿ all the risks and rewards of ownership to another entity. RecognttTron of concessionary loans In accordance with section 21.26 of the Chartlies SORP, the Charty has elected to initialty rewgnise concessionary loans at the amount receNed, adjusting the carrying amount in subsequent year5 to reflect any interest accrued and repayments made. Derecogniiion of financial liabilities Financial liabiif(ies are derecognised when, and onty when, the Charity's obligations are discharged, cancelled, or they expire. 23

Asia House Notes forming part of the financial ststements For the year ended 31 De￿mber 2024 2.16 Operatlng leases Rentals payable under operating leases, including any lease incentives re￿ived, are charged to the Consol"Klated Statement of Comprehensive Income on a straight-line basis over the term of the relevant lease. Rentals receivable under operating leases. including any lease incentwes received, are credited to the Consolidgted qt2tp.mp.nl af ComprehensThie Income on a straight-line basis over the temi of the relevant lease. 2.17 Gift aid e charty owns the whole of the issued ordinary share Gapiial of Asia House Enierprises Limited. Asia House Enterprises Limtted ordinarily pays each year to the charity, under the provisions related to Grft Aid, a sum based on the taxable proffts of the company. The payment of Gift Aid is subject to the reserves policy of the gtfting entty. and the approval of the charity. Gtft Aid is recognised on a cash basis. 2.18 Taxation The charttable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it M￿tS the definttion of a charitable company for UK corporation purposes. Accordingly, the company is wtentially exempt from taxation in respect of income or captsl gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Critical accounting judgements and key sources of estimation uncertainty In preparing financial statements, it i8 n￿SSary 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 signfficant effect on amunts recognised in the financial statements. Valuation of leasehold property The Leasehold Property was valu&J as at 31 December 2022 by Savills. Leasehold property is included in the statement of financial position at open market value less subsequent depreciation, as permitted by regulations made under the Companies Act 20ffi and in accordance wilh FRS 102. The Trustees do not consider there to be a material drfferen￿ bth￿n the carying amount of the leasehold propety and its fair valLte. Coqt Allocation The cost allocation meththlology requires judgement as to the most appropriate basis to use to apportion costs. Support costs are allocated beIN￿n activities on the basis of staff time. 24

Asia House Notes fonning part of the flnancial statements For the year ended 31 December 2024 Grants Unrestricted funds Restricted funds Total 2024 Total 2023 £'ooo £'ooo £'ooo HSBC 50 50 Prudential 50 50 Standard Chartered 50 50 150 150 150 Trading subsidiary income Unrestricted funds Restricted funds £'ooo Total Total 2024 2023 £'ooo £'ooo Corporate subscriptions Research and advisory External events 436 436 482 399 399 332 160 160 265 Other trading activities 825 825 615 1.820 1,820 1,694 Investment Income Unrestsicted funds Restricted funds £'ooo Total 2024 £'ooo Total 2023 £'ooo Investment income 77 67 Rental income 61 61 62 Intgr9St income 141 141 130 25

Asia House Notes fonning part of the financial ststements Forthe year ended 31 December 2024 Results of trading subsidiary Asia House has Iwo wholly owned trading subsidiaries. which are incorporated in England and Wales. 2024 £'ooo 2023 £'ooo Income Expenditure 1,820 (1,031) 1,694 (993) Profit Retained profit brought forward Gift aid distribution to Asia House 789 472 {701) 701 577 (806) Retained profit carried forward 560 472 2024 £'ooo 2023 £'ooo Current assets Cu￿ent liabilities 1,043 (483) 942 (470) Net assets 560 472 Called up share capf(al Retained profit 560 472 Retained profit carried forward 560 472 The principal actwty of Asia House Enterprises Limited (Company number. 03242229) is the operation of a cotporate membership programme for Asia House and the commercial letting of its function rc*)ms. The Company distributes its profts to Asia House under gtft a￿. Sixty Three New Cavendish Limited did not trade during the current or pmr year. 26

Asia House Notes ft)miing part of the financial ststements For the year ended 31 t)e￿rnber 2024 Analysis of resources expended Direct costs £'ooo Grant- making £'ooo Support costs £'ooo Total 2024 £'ooo Charitable activities 219 1C 385 Raising funds: Venue Hire and Business & Policy Investment management costs 1,032 935 1,967 1,273 66 1.035 2.374 Direct osts Grant- making Support Costs Total 2023 £'ooo £'ooo £'ooo £'ooo Charitable activities 167 210 431 Raising funds.. Venue Hire and Business & Policy Investment management costs 987 949 1,936 21 21 1.175 1,159 2,388 The support costs attributable to grant-making were £66k (2023.. £54k). Grants were made to 5 (2023.. 5) individuals. All expenditure was unrestricted in the current and prior year. Analysls of support costs of charitable activities: Basis of allocation 2024 2023 £'ooo £'ooo Staff costs rime spent Headcount & time spent Headcount & time spent Time spent Headcount & time spent 45 102 Office running costs 31 Legal and professional fees Governance 14 20 Depreciation and amortisation 16 100 210 27

Asia House Notes fomlng part of the financlal statements For the year ended 31 De￿mber 2024 Analysis of support costs of raising funds: Basis of allocation 2024 2023 £'ooo £'ooo Staff costs Time spent Headcount & time 8pent Headcount & time spent Time spent Headcount & time spent 407 427 Office running costs 358 331 Legal and professional fees 30 28 Govemance 81 Investment management fees 82 935 949 Net expenditure 2024 £'ooo 2023 £'ooo This is stated after charging- Auditor's remuneration Tax advisory services Depreciation Operating lease expense Foreign exchange differences 24 20 92 98 14 10. Employees- Charity and Group 2024 £'ooo 2023 £'ooo Staff costs during the year were.. Wages and salaries Social security costs Pension costs 935 108 979 122 29 1,079 1,130 Consultants & temporary staff Other staff costs 19 53 89 41 1,151 1,260 28

Asia House Notes foming part of the financial statsments For the yearended 31 December2024 The key management personnel of the group comprise those of the Charity and the key management personnel of tis wholly owned subsidiary Asia House Enterprises Limited. The key management personnel are listed on the admin and reference infonnation on page 1. Remuneration and benefits of key management personnel for the group were £530,979 (2023- £577,362). 2024 2023 £70,001 - £80,000 £80,001- £90,000 £90,001- £100,000 £240,001- £250,000 £280,001- £290,000 Employerfs pension contributions in respect of the above employees were £17,404 (2023 - £16,721). The average number of employees of the group and charity during the year was 17 (2023 - 17). 11. Trustees, remuneration and reimbursed expenses The chanty trustees were not paid and did not re￿Ne any other benefrts from employment with the Trust or its subsidiary in the year (2023 £Nil). No charty trustee received payment for professional or other services to the charity (2023 - £Nil). The chanty made no payments (2023 £Nil) to trustees for accommodation and travel for overseas conferences. 12. Intangible assets Group and charity Website £'ooo Total £'ooo Cost At 1 January 2024 14 14 At 31 December 2024 14 14 Amortisation At 1 January 2024 At 31 December 2024 14 14 14 14 Net book value At 31 December 2024 At 31 December 2023 29

Asia House Notes forniing part of the financial ststements For the year ended 31 De￿mber 2024 13. Tangible fixed assets Group and charity Leasehold property £'ooo plant & machinery £'ooo Total £'ooo Cost At 1 January 2024 Additions 10,050 242 10,292 11 At 31 December 2024 10,050 253 10,303 Depreciation At 1 January 2024 Charge for the year 152 208 360 76 16 92 At 31 December 2024 228 224 452 Net book value At 31 December 2024 9,822 9,851 At 31 December 2023 9,898 9,932 Leasehold property is included in the statement of financial position at open market value, as pennitted by regulations made under the Companies Ad 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 carying amount of the leasehold property and rts fair value. If the propety had been held at historic cost the net book value and depreciation charge would have been as follow.. 2024 £'ooo 2023 £'ooo Net book value 3,556 3,620 Depreciation charged in the year (32) (32) 30

Asia House Notes fomiing part of the financial ststements For the year ended 31 December 2024 14. Investments Group 2024 £'ooo Group 2023 Charity 2024 Charity 2023 £'ooo £'ooo £'ooo Investment portfolio Investment in subsidiaries 3,118 3,210 3,118 3,210 3,118 3,210 3,118 3.210 Investment portfolio Group and charity 2024 2023 £'ooo £'ooo Investments at market value 3,000 118 3,101 109 Cash held within investment portfolio 3,118 3,210 Investments at market value: 2024 2023 £'ooo £'ooo Market value at 1 January Additions at cost 3.101 2,660 514 653 Disposal proceeds Unrealised gain Realised gainl{Ios8) (855) 116 (509> 316 124 (10) 3,101 3,000 Historical cost of investments at 31 DeC￿ber 2,375 2,601 The gain of £262k (2023 - £294k) presented in the consolidated statement of financial activities includes realised and unrealised gains and losses as shown above as well as a foreign exchange gain of £22k (2023 £3k loss) on cash held within investments. 31

Asla House Notes fomiing part of the financial statements For the year ended 31 De￿mber 2024 15. Debto Group 2024 Group 2023 £'ooo Charity 2024 Charity 2023 £'ooo £'ooo £'ooo Trade debtors 404 137 106 13 Other debtors Prepayments and accrued income 42 35 31 233 140 16. Creditors: amounts falling due within one year Group 2024 Group 2023 £'ooo Charity 2024 Charity 2023 £'ooo £'ooo £'ooo Deferred income (note 18) Intercompany creditors Trade creditors 152 163 550 524 41 25 36 Accruals 61 51 48 Other taxes and social security Other creditors 76 61 17 19 25 18 15 745 745 810 798 Intercompany balan￿S are unsecured, interest-free and repayable on demand. 17. Creditors: amounts falling due after more than one year Group 2024 Group 2023 Charity 2024 £'ooo Charity 2023 £'ooo Bank loans repayable.. Between 1 and 5 years 4,280 4,280 4,280 4,280 4.280 4,280 4,280 4,280 The bank loans totalling £4,280k (2023- £4,280k) are public benefrt entity COn￿SsiOnary loans as the interest is below the prevailing market rate. repayable on 30 July 2028. The loans are interest-free and were given to the charty to help further the purposes of its objects. 32

Asia House Notes forming part of the financial statements For the year ended 31 D￿mber 2024 18. Deferred income Group 2024 Group 2023 Charity 2024 Charity 2023 £'ooo £'ooo £'ooo £'ooo Deferred income brought forward Released to the SOFA 382 163 100 {Sfj4) (382) (163) 152 (100) 163 Deferred income in year 152 163 Deferred income relates to donations, rental income and corporate membership subscriptions received in advan￿. 19. Funds The funds of the Charty include restricted funds comprising the following unexpended balances of donations held on trust to be applied for specific purposes.. Group Atl January 2024 At31 December 2024 Gainsl (losses) £'ooo Income Expenditure £'ooo £'ooo General 2.168 2,111 (2.374) 262 2,167 Revaluation resep4e 6.586 6,586 Total unrestricted 8.754 2,111 (2,374) 262 8,753 Restricted- Studio Garden 10 10 Total restricted 10 10 Total funds 8,764 2,111 12.374) 262 8,763 Restricted funds The Studio Garden fund is held to support the building of a Studio Garden. 33

Asia House Notes forniing part of the financial statements For the year ended 31 December 2024 19. Funds (continued) Group At1 January 2023 At31 December Gainsl Income Expenditure £'ooo {losses) £'ooo 2023 £'ooo £'ooo General 2,288 1.974 (2,388) 294 2,168 Revaluation reseNe 6,586 6,586 Totsl unrestrided 8,874 1,974 (2,388) 294 8,754 Restrided - Studio Garden 10 10 Total restricted 10 10 Total funds 1,974 {2,388) 294 8,764 Company At1 January 2024 At31 December Gainsl (losses) £'ooo Incomo Exp8nditure £'ooo 2024 £'ooo £'ooo £'ooo General 1,697 992 (1,342) 262 1,609 Revaluation reseNe 6,586 6,586 Total unrestricted 8,283 992 (1,342) 262 8,195 Restricted - Studio Garden 10 10 Total restricted 10 10 Total funds 8,293 992 11,342 262 8,205 34

Asia House Notes fonning part of the financial statements For the yearended 31 De￿mber2O24 19. Funds (continued) Company At1 January 2023 £'ooo At31 December 2023 £'ooo Gainsl (losses) £'ooo Income £'ooo Expenditure General 1.712 1,086 (1,395) 294 1,697 Revaluation reserve 6.586 6,586 Total unrestricted 8,298 1,086 (1,395) 8,283 Restricted - Studio Garden 10 10 Total restricted 10 10 Total funds 8,308 1,086 11,395) 294 8,293 20. Analysis of net assets between funds Unrestricted revaluation reserve Group Unrestricted general fund Restricted fund £'ooo Total 2024 £'ooo £'ooo Fixed assets 3,265 6,586 9,851 3,118 819 Investments 3.118 809 Current assets 10 Creditors: within one year Creditors: after one year (745) (4,280) 2.167 (745) (4,280) 8,763 10 6,586 35

Asia House Notes fonning part of the financial statements For the year ended 31 December 2024 Unrestricted revaluation reserve Group Unrestricted general fund £'ooo Restricted fund £'ooo Total 2023 £'ooo £'ooo Fixed assets 6.586 9,932 5nvestments 3,210 637 3,210 647 Current assets 10 Creditors: within one year Creditor5: after one year (745) (4,280) 2,168 (745) (4,280) 8,764 10 6,586 Unrestricted revaluation reserve Company Unrestricted general fund Restricted fund Total 2024 £'ooo £'ooo Fixed assets 3,265 3.118 316 6,586 9,851 3,118 326 Investments Current assets 10 Creditors: within one year Creditors: after one year (810) (4,280) 1,609 (810) (4,280) 8,205 10 6,586 Unrestricted revaluation reserve Company Unrestricted general fund Restricted fund £'ooo Total 2023 £'ooo £'ooo Fixed assets 6,586 9,932 3,210 229 Investments 3,210 219 Current assets 10 Creditors.. within one year Creditors.. after one year 1798) (4,280) 1.697 1798) (4,280) 8,293 10 6,586 36

Asia House Notes forning part of the financial ststements Forthe yearended 31 De￿mber 2024 21. Operating leases: lessee At 31 December 2024, the minimum future commitments for payments under non-cancellable operating leases for plant and equipment as set OLrt below: Group 2024 Group 2023 £'ooo Charity 2024 Charity 2023 £'ooo £'ooo Within one year Be￿een 1 and 5 years 10 10 10 14 10 14 22. Operating leases: lessor Group 2024 Group 2023 £'ooo Charity 2024 Charity 2023 Rents receivable £'ooo £'ooo Within one year 16 16 16 16 23. Related party transactions During the year HSBC, a company in which trustees Wendy Wang and Sir Sherard Cowper-coles hold positions of influence, made a stakeholder contribution to the group of £50k (2023 - £50k), and at the year-end a balance of £50k {2023-£50k) relating to the following yearfs contribution was held in creditors as deferred income. HSBC also pays £25k (2023 - £25k) for membership of Asia House of which £Nil (2023 - £Nil) was outstanding at year end. During the year Prudential, a company in which Matt Cavanagh {a trustee) holds a position of influence, made a stakeholder contribution to the charity of £50k (2023 £50k), and at the year-end a balance of £50k (2023 - £50k) relating to the following yea¢s contribution was held in creditors as deferred income. Pru(JenElal also pays £10K (2023 - £10k) for membershlp of Asla House of whlch £Nil (2023 - £Nil) was outstanding at year end. During the year Standard Chartered, a company in which Tanuj Kapilashrami (a trustee) holds a position of influence, made a stakeholder contribution to the charity of £50k (2023- £50k), and at the year end a balance of £50k {2023- £50k) relating to the following yearfs contribution was held in creditors as deferred income. Standard Chartered also pays £10k (2023- £10k) for membership of Asia House of which £Nil {2023- £Nil) was outstanding at year end. During the year Arup, a company in which Alan Belfield (trustee) holds a position of influence, paid £50k {2023- £50k) for membership of Asia House (Strategic Partner level) of which £Nil {2023 £Nil) was outstanding at year end. 37

Asia House Notss forniing part of the financlal statements For the year ended 31 De￿rnber 2024 During the year McKinsey & Company, a company in which Yuval Atsmon (a trustee) holds a position of influence, paid £25k {2023- £25k} for membership of Asia House (Chairman's Circle level) ofwhich £Nil (2023 - £Nil) was outstanding at year end. For details of trustee expenses see note 11 and for key management remuneration see note 10. During the year the charity recharged costs of £681k (2023 - £672k) to Asia House Enterprises Limited, a wholly owned subsidiary. Asia House Enterprises Limited also grft-aided its 2023 profits of £701 k to the charity during the year (2023 - Asia House Enterprises Limrted gift-aided its 2022 profits of £806K). At the end of the year the chanty owed £550k (2023 - £524k) to Asia House Enterprises Limited. 38