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, administTr*ion 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 prc*3ramme 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&uriAct 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 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