ANNUAL REPORT 2026 ryIRSAA ROYAL SW£TY FOR AFFAI$ 125th Anniversary 1901-2026
Contents 3. Charity Inforniation 4. Trustees. Report Structure. governance And mknagement Objectives and activities for the public benefit Society Activities Reaching Audiences Asi.In lieview of Books New Piiblisliiiig D3qitis',Itioii of Hcrit.Igc C.ollecti0115 ThL Lil)rxry Asi.111 Aff..ii Sclivi)Is D',iy Blo% ll)(18(J¢i11 MeLIiA LectLifLS Recognising Achievement M¢ Lli]s Tr:Ivcl Aw.Irds Engaging with Supporters r. Exl)il)iti()ii tilk% -I'IIL Ili.'i(liiI.41o0l]l Financial Review Reserves Policy Key Personnel and Pay Policy Trustees, Responsibilities 14. Independent Examiner's Report 15. Statement of Financial Activities 16. Balance Sheet 17. Notes to the Financial Statements
Charity Information Triistces Kerry Broivn Ichainiian) Idicw MLKee ITrea5urer) C3erf11cl I)orey Siiiioii Hayes Soiihie Ibbottson liaiibir Jliiitty (Ic5ioied .31 Dcctiiiber ?0?5) Steveii Kiii.g (i-L'%igiiLd .30 Noveiiil)Lr 2025) SAiidLei) SIIILIIIU M4lrtiii Skippci- (resig?cd 8 SLptciiibcr 20251 LLICY Si)iiik EILaiior Thorp Registered Office Nova Nortli 1113rL'ssLiicIL'I) PlclC¢ Loiicloii SWI E 513Y C.Ii:iiity Number 1179.300 CIO Number C:E1114711) B1nkers Lloyi45 13..iiik Independent Examiner laii W %liipley F(".C.A Preiitis & C,0 LLP 115c Miltoii Road CaJiibridg¢ C:B4 IXE Investment Miniger8 C.CLA IIivL'Stnieiit MAiiAgLiiiLiit l knigcl Li1ie LoiJdoiJ EC4R 3AB
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 TRUSTEES, REPORT Tlie Trustees E)resent tlieir antiual report .iiid fiiiancial stateiiieiits of tlic cliarity for the yC¥ir CiidLd .3 l DcLciiibLr ?0?5. TIIL. fiii<lllC11¢ I statciiicnts Iiavc bccii prcp<irLd iii aLcoidaiiLc witli tlie 'iLLouiitiiig policics set out iii iiote I to tlie accoui)ts aiid coi)IE)ly tli tlie Cliaillty's tnist deed, the Cliarities Act ?0 I l aiid Accoiiiitiiig ai)d Reporrtiig by Charitics: Statciiicnt of Ilccojiiiiicndcd Pr.Icticc applic1hlc to charitics prcpariiig tlicir 'ILLOUII(s ill 'ILCC)rd'ii)Le witli Ilie Fii)'ii)Ll'il Reportii)g St'iiid'irLI 'ipplic'il)le xii (l)e UK 'iiid Rei)iiblic of Irelaiid (FRS I O?). %tl-IlL'tIll"L, CTC)VL'I"II'IIIL"L 'lll(l M'iii.14yLI]Ic'iit Tlic Iloyal Socicty for Asiai) Atyairs is a C.Iiaiitablc Iiicorporatcd Orgaiiisation (CIO) rlfcrciic c l 179.3011. TIIL Socicty w.1s origiii'illy Lst-Ihli%lii (4 .Is tlic C.Liitr'il Asi1< 11 Socicty iii 19() l <TrJid iii 19.31 Kiiig CF¢org¢' V gyr.iiitL.d tliL. S()( iL'ty tli¢ riglit t() tlIL IiaiiiL Il()yal Cciiti'il Asi;ii) Socicty. 111 1975 tlic Cliarity, witli tlie gyr,Icious tissciit of Qiiccii Elizal)ctli 11, ch.iiigcd its naiiie to Thc Royal Society for Asiaii Afyairs (kiioNMI also as tlie RSAA). Tlic Society is govcmcd hy its tnist dccd. Tnistees 'ire .Ippointed it thc Aiin1111 C7eneral Meetiiig for .1 tlii-ee-year tenii ai)d arc eligible for re-electioii. Q)ii aE?poii)tiiieiit all Trustccs receive ali iliductlOLi pack alid arc iiifoniicd of tlicir dLItiCs as Trustccs. Objective8 and Activities for the Public Benefit Tlic Cliarity's objcctivcs arc to proiiiotc Icarning aiid advance cdiicarion in the siibject of 111d witli reg.lrd tn Jll the couiitries of Asia. The Cliarity aiiiis to acliievc tliis tliroiigli publisliiiig iiiaterial, arrangiLig cvciits, siippiortiiig rcscarch, iiiaintiiniiig a libr'iry .iiid collection of Iiistorical Jiiaterials, and collaborating witli otlier orgaiiisatiori5. The Trustecs h.Ive referred to the guidance contained in the Charity C.onimission general giiidatice oil piiblic benefit Jiid coritiiiiie to do so. Tlie Triistees believe public beliefit is sat15fied by tlie 1dvaiiceiiieLit of educ.Itkon tliat die C.Iiarity uiidcrtakes, aiid the coi)servatioii ai)d developnient of its piiblicly accessiblc collectioiis.
Society Activities In ?025, the Society contiiiued to be guided by the objectives set out iii its Business Plan for 2023-2027. The Trustees have 21111cd to strcngthcn the practical delivery of the RSAA'S core charitable objectives, to reflect the needs and priorities of the 2 1st century, adapt the Society's role to serve a conteiiiporary aiid iiiternational audieiice. and to iiiake the Society's collections iiiorc accc5siblc. You cali rcad iii dctail bclow liow wc arc rcachiiig audicnccs, rccogiiising aclucveiiiciits aiid eiigagiiig witli supporters. eaching Audiences Tlie Asi'iii Review of Books The Asian Review of Books (ARB) caiiie ii)to the KSAA in Febriiary ?0?5 'iiid since tlicii we Iiave l.iuiicli¢d a iicw ARB wcbsitc tli'it briiigs it iiito closcr aligiiiiiciit witli tlic RSAA. Ncw social iiiedia cliaiincls oi) Instagraiii aiid LiiikedIii Iiavc beLii 'iddLd to the AIIB'S 'ilrL"Idy growiiig X 'ind Bliiesky Lli'iiijiels. ian IfLrykryv ()f 11 Cll[lA1l I NI¥ERICKS Thc d.illy piiblisliiiig of rcvicws 'iiid soci.Il iiicdi'i posts is l)'iiidlcd by thc R.%AA st'ity, biit wc 'ire fortui)'Itc to Iiave the expirtisc of tl)e AR13 s exteiisive cirLIL of rcvieweTS Jiid its loiig-tcriii Editor, P¢tLr CTordoii, to draw oil. Iii additioii to book reviews, tliroiigli the ARB wc also piiblish iicw book aiiiioiiiicciiicnts, exccrpts, cssays 'iiid a weckly podcast, bio2dciiiiig the RSAA s coiitribiitions to Jdv'iiiLing kiiowledge of Asi'i iii botli foriii 'iiid %iibstaiice. ARB RSAA Iiiii)riiit In 20?5 we aniiouiiced .1 coiiipletely tiew ventuic, publisliing schol'irly editions of sipiificant Nvorks .Ibout Asia whicli. altliougli recogiiiscd Js celitral to dicir ficlds, liad iiot prcviously bciicfited froiii tlic CditorilI attciitioii of a rccogiiiscd 5cholir. workn.iig witli Aiithciii Prcss aiid iiiidcr .111 RSAA inipiint, we hopc tliat the first piiblication in this seties will be 'Narr.Itives of the Missioii of CycorgL Bogle to Tibet, aiid of tlic joiimc'y of Thoi)ias Maiining to Lhas'i ' edited by Kerry Browii. If possible we aiiii to publisli it in 2026 to Loiricide with the Society's 1?5th anniversary.
Digitisation of Hei"iL4ge C-ollections The Society s n12nuscripts, paintings, maps, institutional archives and heritage books are being progressively digitised. The online collectioii that is beiiig created will be niore readily accessible to researchers thali the physical iiiaterial could be, tlirougli 1 platforiii opeii to anyoiie who wislics to colisult it. The Society is sep2ratcly iii discussion with acadcii]ic institutions with a view to their housing the physical collections after digitisation is coiiiplete, to cnsiire that the physic<il <1rtefacts get tlic profL'ssioiial carc tliat they nccd, far into the flltiire. And we coIitiiiiic to rcpair aiid coiiscrvc itciiis froiii tlic Lollcctlolls Ils iieLcssary. li) ?O?i, tlic SoLicty'S Graiit of Ariiis was repaiitd. It lias iiow beei) professioiially coiiserved aiid a higli-quality digital copy iiiadc foi cxhibitioi) piiiposcs. Tlie Libr'iry The Societys oiiliiie eLibrary OPLiied to iiiciiibers in early 2025. It is an iniportant assct, cqiiiping tlic Socicty to rcspond to chaiiging cxpcctations abolit access to books. It iiiakes casily aviiilable a wide r'inge of sigiiifiLlnt and ljighly regarded books froiii aiid about Asia, iiicliidiiig selectioiis tliat have fcatured ii) the Asian Review of Books or which relate to the Society s events, Asiaii Atyairs reviews or irticles in c.aravanse1. As iise of the library increases, experience with borrowing patterns will inforiii deiisions on fiiture accessions. Libby.
Asian Affairs The SoLiety s jouriial, then called Ceiitrnl Asian Proceedings, first appeared in priiit in 1904 aiid l)as been contiiiiioiisly iii print linder a range of titles siiice 1914. Highly regarded for its coinbination of accessibility and serious scliolarship, Asian Affairs is widely read aroiind the world. Article dowii101ds liave lield steady over tlie last five years with 300/0 iiow froiii Asian couiitrics, ?9/0 froiii Nortli kniicrica and 33% froiii Europc. Maiiy iiiorc <irticlcs arc bciiig subiilltted froiii Asii aiid tEicy iiow coiistitute i40/0 of ill publishcd Articles, thc iiiost widely read rccciit oiics being focused on Lliiiia alid Soutli Asia aiid South-East Asia. Opeii Access agreeiiieiits are growing to reflect regioiial prioritics and providc tlic joiiriial with iiiiiltiplc opportuiiitics in a chaiiging environiiient. To strcngtlicii the journal s eng'igciiici)t with Loriteiiipor<1ry schol.Irsliip, an liiter111tionJl Editorial Advisory Board of 19 sciiior scliolars was created iii ?0? j aiid is iiow workii)g effectively witlj the Editor. Eclitori<il policy aiid adiiiiiiistratioii of thc joiiri)al iriiiains witli thc Edit()ri£il 130'irLI whiLIi is 'iLLoiii)t'iblL to tIIL Tr115tLLs. The joiii'i)al is .1 vital source of ii)Loi)ie for tlie SoLiLty .15 Lal) be sccii iii tIIL aLcoiiiJts. Loiitributiiig aliiiost ljalf of total rLVLIIIIC. Scliools, Day Thc aiiiiiial Scliools Day was 1yiiI hcld joiiitly with SL)A%, We arc gratcfiil for tlic spoiisorship of ALIiiiiL'Ii &1nd Juno Firi&1riLi'il. 150 stiideilts aiid staff froiii twelve scliools atteiided preseiitatioiis oil water ioifflicts in Asia. tlic Pliilippine5, K-pop. Middle E.Ist Scciirity, gcndcr discni)Illl#ltioii iii India, aiid M'iiid'irii) 'iiid Ar'ibiL laiigii'igc taster sessions. DLspitL floodiiig forcitig Il Icltc VCIIUC LI]11]gc, SOAS staff eiisurcd tliat thc day still weiit siiiootlily. i_l Blog and Social Media The Society expaiided its digit11 reacli duriiig ?0?5, widi soci.Il iiiedi1< followiiigs increasiiig by an avcragc of ?5% across its four activc platforiiis, aiid thc lauiicli of a iicw prc5ciicc on Bliiesky. eIlar conteiit proiiioted lectures, articles in Asian AtYJirs, blog posts and the Societys Unfai)iili1r Asia series. The blog continued to develop as a key clenient of public eiigageiiieiit, publishiiig forty-five articles aiid attraLtiiig a reader511ip of iiiore than 4,600 duriiig the year. The Society inteiids to build on this iiioiiieiituiii through closer coordiiiation of RSAA and ARB digital coii)i)iui)icJtions and fiirther exyansion of our online preseiice.
Lectures The Society 110sted tweiity-two events in ?0?5, five in pers011 aiid tlie reiii&1111der onh"iie. Thcse iiicluded scvcn Iccturcs; a docuiTrieiitary fihii screeniLig' four RcadiLig Rooiii book talks. a visit to tlie British Museuiii; three researcli presentations by foniier Travel Award reLipiei)ts; and a two-d'iy policy coliference Loiiiprisii)g six expert pancl discussions hostiiig joiritly by tlie RSAA, tlie Foreign, Coiiiiiioiiwealtli aiid Developiiieiit Office AssoLiatioii. aiid tlie Intcniatiolial Iiistitute for Asiaii Studics. The prograjiiiiie also incliided a joint lectiire with tlie Iran Society, the Lord Dei)iiian Meiiiorial Lecture delivered by Dr Kol? Jolitlsolli <111d tlie Hugli Leacli Meiiiorial Lecture giveij by Sir Williaiii Patey oli tlie Middle East. In additioii, tlie Society lauiiclied its iiew scrics, Powcr. Lcgitiiiucy aiid Iiifluciicc: tlic Futurc of Asia, witli paiicl disciissioiis focusiiig on Tiirkiyc aiid Iran. Evciits covcrcd a widc r;iiig¢ of rcgioiis Jild tliciiic5, iilcludiiig 151<1111. Nortli Korca, coloiii<il legaLies, coiitL'iiipor.iry rcligious practices, tlie role of rlie Holy See iii Asia, iiiteniatioi)al security, US policy towards Asia, acadciiiic frcedoiii, astropolitics in T.iiwaii, Uzbckistiii and Syri'i. Tlie Society 'iii)Is to iiiaiiit'iin tlic c]ii')lity of its events aiid tlie bre'idtli of tlieir covL'r'ige goijig forward offeriiig soi)ietliiiig to all eleiiieiits of our aiidiei)ce. Y.RSAA Trump 2.0: US Policy Towards Asia Conference Programme Onllne Conference 6th & 7th Nni'ember 202.5 Ij,(Ml.7.1S.. KW41 F(:IK)A IJ.15-14.11.. ItiLIIJ Aliil Aw•.. l4.l5-14..H. 14..14J.14..MP. (.IiiiiJ. Ihr ClohA ()Thl¢P Stthi 2- Filthy t Nov¢mbv I.I.(MJ.I.I.IS.. E15AA/ IIA5 1.1.1%.14.15.. 14.15-14..Mp. Il¢rak 1S,Jl).15.41.. 11tt 15.4S-lép.41.. 1 J%1 A4lJ '[ Jii. North K0W4 liryod 16.l5.17.1. (..kn¥ Xernjiks
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Recognising Achievements The RSAA Med21 The RSAA Medal, (previously known as the Sir Percy Sykes Meiiiorial Medal), is awarded to 'aiiy iiidividual or orgarusatiotj coiisidered to have iiiade a sustaiiicd aiid distiiiguislicd coiitribution to hiiiiianity's knowledge and uiiderstanding of Asia" The Medal is beiilg awarded for tlie first tiiiie iii ?0?6, to iiiark the Society's l?5, aIiiiiversary. Thc Trustees are dclighted to report that the Mcdal's first rccipicnt is Tiittlc Piiblishing. Tuttle s uiiiqiie record of aliiiost eiglity years of piiblisliiiig Eiiglish-1111gii'igc books abolit the arts, laiigu'igcs <iiid Lulture5 of Asi-i is ali outstaiidiiig coiitiibutioii to Iiuiiiaiiity's kiiowlcdgc aiid iiiidcrstaiidiiig of Asia, a coiitributioii wliicli thc fisAA Iiicdal cxists to iccogiiisc. A foniial presciitatioii of thc Mcd<11 will bc ill<idc to Eric Ocy. CEL) of Tiittlc Piiblisliiiig (<iiid a rLlative of Q"h£ll-IL5 E. Tiittlc, tliL' LOI)IP'li)y's foiiiidLr) iii Sitig'iporL' 01) by tliL UK'S High CoiiiiiiissioiiL'r to Siiigaporc, NikL'sli ML.Iit<l. Travel Aw.Irds ReLipiciits of tlie SnLiety8 TrJvel Awaids iii 20?5 carriL'd out rL"Sc'irLI) on., Cliii)esc iiiedia covcragc of thc Fiikusliiiiia wastcwitcr rclc.Isc; oral liistoiy of the 197()s forcL.d displacciiiciit of the Y.Igliiinbi Loiiiiiiiiriity; the sli'ipiiig of UNWIIAS rcfugycc curriLuliiiii poliiies. .iiid thc intcriiatioiial, rcgioii.ll aiid local diiiiciisioiis of thL Kowloon-L'ai)toii Ilailway. For 20?6, the SoLiLty Jiiade foiir awards, siipportiiig work on: the politics of iiieiiiory and identity aiiioiig the Yuiii)anese c.hinese diaspora in Thailaiid. Lor)teiiiporary Chinese writiiig aiid visual .Irt' Jcju Islaiid s haenyeo (feiiial¢ free divers) dliring tlie Japaiiese colonial period (1910-194)); aiid a docuiiicntary invcstigation iiito thc Ariiicnian architcctural and social history of Sivas province in Central Aiiatolia. RSAA TRAVEL AWARDS ..Iruly opens (hxKS" Tlic rccipiciits of tlic Society's 2024-?5 Travcl Awards liavc all subi)iittcd ali articlc to Asiaii Atyairs or delivered a lectiire to the Society iii recent i)ionths based oil the research supported by their Travel Awards. Wc look foLTrvard to siinilar contributions froin the curreiit reLipients. io
Engaging with Supporters Caravanserai C.aravanserai, the Society's riiagazine for siipporters, coiitiijued to develop duriiig 202) aiid is iioiv iii its tliird year. Each issiie brings together short, accessible articlcs aiid photogr'iphy for an iiifon)IL'd rL'adership, drawiiig oti colitribiitioiis fi-0111 iiieiiibcrs aiid exteriial aiitliors, wliile exploriiig both historical aiid COLltciiiporary tlici)Ics across Asia. Issues piiblishcd during 2025 exaiiiiiied siibjccts inc.ludiiig woiiien iii Asi1, Asian architccriire and the iiiipact of rapid eiivironiiieiital chaiige oil wildlife across tlie re01]. In 20?6, tlie Society will publisli two special issues: one iiiarkiiig tlic Socicty's 125tli ani)ivcrsary aiid ai)othcr exai)iii]ing thc .3.5 years of indcpcndcncc iii Ccntral Asia. tyi CARAVANSERAI RSAA NewslettL"r Tlie RSAA s weekly Newsleiter keL'ps 5uI)porters iiifori)ied 'ibout fortliLI)iiiiiig Society evei)ts, reviews aiid podcasts froiii tlic Asiaii Review of Books, aiid curreiit atTJiis across Asia. Its audiciice coiitiiliicd to grow stcadily diiriiig 2025 and, followiiig a rcvicw at tlic ciid of tlic ycar, tlie Ncwslctter was stre'ijiilincd to fociis oi) tlie cojitcnt witli wl)icli rcaders ciig'igc iiiost stroiigly. Exliibition Visits A visit to tlie Britisli Miiseiiiii s "Silk Roads exliibitioii iii early ?0?5 was popul'ir witl) tlie IISAA'S iiiciiibcrs aiid thcir gucsts. Two visits to tlic Aga Klian Library iii Londoii were SLheditled for carly 2026 were oversiibscribed leadii)g to a follow-iip tour schcdiilcd for later iii ?026. Wc 'irc ¥i"Iteful ro tlie cur'it0 aiid c)tlier st'itT at botli ii)5titutioiis for tlieir gL'iiLrous, attciitive aiid iirfoiiiiative guidiLig dirougli tlicse exliibitlQLIS. Tlie RL.icling Rooni The Reidiiig Rooiii is a qiiarterly opportiinity for siipporters to erigage directly iii live eveiits witli tlie aLltliors of receiit books oil Asiaii subjects. 111 2025, autliors iiicludcd Justin Jacobs, Vicky Davis. Saiii Dalwiiple and Joanna Lillis. Making these events free to 'Ill iiicreased average attendancc by iic.Irly 30(W/o,' a treiid An41R¢aDg kn911 liaB 41 I die Society hopes to contiiiue iii 20?6.
Financial Review Tlie Society Iiad a deficit of £105,471 for the year (?0?4: £.51,663). Investiiieiits sliowed an uiirealised gain of £?.658 atid J realised loss of L.30,.36.3 (?024: unrealised gJiii of £l?.249). Total assets currently stand at £751.705 (?0?4: £857.176). The Trustees recognise tliat iiiodeniising the Society aiid its role c1nies financial risks. Tliey coiitiiiue to seek 01)p()rtuiuties to redlice tlie cost base, grow reveiiiie aiid diversify iiicoiiie streaijis wl)ile rLspoiiditig to tlie Soiiety's decliiiilig ijieiiibersliip aiid iiitioduLiiig iiew aLtivities to iiiaiiitaiii its coiitiliiiiiig iiiissioii to advaiice kiiowlLdge of Asia. As tlic RSAA iii.Irks its 125, aiiillversary, the Trustccs will coiitiiiue tlic proc¢ss of adaptiiig tli¢ Socicty .iiid its .Ictiviti¢s; to scck to iiiitig'ite tlic iiiipact of dccliniiig iiiciiibersliip tliat lias bceii a coiitiiiuous tr¢iid of tlic last twciity yc1rs' aiid to advaiicc Asian Studics in tlic UK iiiorc ctTcctiv¢ly. A iicw busiiicss plJii will bc dcvclopcd froiii ?0?7/8 to dircct tlic Socicty's Jctivitics iii tlic ycJrs to follow. Reserves Policy Tli¢ SoLicty .illllS to Iiold rcscrvcs siiffiLiciit to covcr casliflow fliiitiiati011s 'iLross 'iiiy twclvc- iii()iitli i?Liiod. Tlic 'iiiic)iiiit licld 15 rcsL'rvLS iii aiiy yL'ar will bL dLtLniiii)Ld ii) ILlati()ii to pI.IllllLd 'iLtivitlLS aiid aiitlLlP'ItLd iilLOlllL Jiid will bc fcviL WLd at ILa)t aiiiiii'illy. TIIL Trustces LoiisidLr tli'it frLC ILsLfvcb of /'.S0,000 arc siiffiLiLllt for tliis piirpose. Key Personnel and Pay Policy ExLLlltive r¢%pc)ii%il)ility f()r tlie SoiiLty's 'ictivitlL% aiid pr()&yr.IiiiillL"5 rLsts witl) tIIL' C.EO. Tlie CEQ) i-IPI)rt% tc) tIIL 13()ard, wliich provides strategiL giiidai?Le, fui)dr')isiiig siipport 'iiid fiii-lricl'il overbiglit foi- tli¢ SoLl¢ty. Tl)e RSAA strives to be 'iii eciual c)ppic)rtiiiiity eiiiployer. C)ur iiitentioji is to tre1t -I115t'itT equitably witli regards to tlie teLliiS aiid Loiiditioi)s of eiiiployiiieiit offered iiiLludiiig pay. The Society 15 proud to Iiave beeii awarded tlie QllJltyJgladi of tlie QIuuLyl. iii for i tliird successive year aiid to reiiiJiii a LertifiLd L1 kiigJ1agE1]lpOYLr. Tlie Society's detailed pay policy is available oil request. Charity Excellence. OUALITY MARK 2026 12
Trustees, Responsibilities in Relation to the Financial Statements The Charity's Trustees are responsible for preparing a Tnistees, annual report and fiiiaiicial stareiiieiits iii accordaiiLe with applicable law 'iiid Uiiited Kiiigdoiii AcLOUlltiiig Staiidards (Uiiited Kiiigdoiii Geiierally ALLepted ALLoiiiitiiig Pr<iLtiLe), The law qpplicable to charities in Eiigland and Wales requires the C,hirity Trustees to prepare fiiiaiiLi'il stJtei)ieiit5 for eaLh ye'ir whiLh give a true 'iIid fair view of tlie state of atFairs of tlie C"Ii'irity aiicl of the iiicoiiiiiig resc)iirLe5 '111d appliL'itioii c)f re50urLe%. of the C"harity for that period. lil prepariiig the fiiiaiicial stateiiieiits, the Trustees are required to.. select suitable accouiitiiig policies aiid theii apply theiii coiisisteiitly. oh%erve tlie iiiethods aiiil priiiLiples iji the app)liLable C"li'irities SORP. Jii'ike judgeiiieiits 111d estiiii'ites th.lt are re'isoii'ible 'iiid priideiit. state whL'thL'r applic'iblL acLoiiiitiiig st.iiid'irds have bceii followed, SLibject to aiiy iiiaterial departiires that iiiiist l)e disLlosed aiid explaiiied iii the fiiiaiiLi'il statei)ieJits; prt'pare tl)e fiii'iiiLi'il stateiiieiits oil a g()ill LoiILerii basis uidess it is iii'ipi)ropri'ite to prL511111L' that the Lharity will Loiitiiiiie iii opercltioi). The Trustees are respoiisible for keepiiig proper accouiitiiig records whiLh disclose with reasoii.lble 1LciiraLy at any tii)ie the fiii'iiici'il positioii of the C"harity 'iiid to eii'ible theiii to eJ)siire that thL fiiiaiici'il stateiiieiits coiiiply with thc L"h.irities Act 201 I, the apiilic1ble Lharitics (Accoiitits aiid Reports) RegLil2tioiis aiid thc provisioiis of the Tnist Deed. They are also respoiisible for safei.7rd1l1S the assets of the Q".harity aiid takiiig reasoiiable steps for the preveiitioii aiid detectioii of fraud .iiid other irregularities. Approval This report was approved by the Trustees oil 10 Julie ?0?6 aiid si]ed oil tlieir behalf LL&h K BROWN CHAIRMAN A R MLKEE TREASURER 13
Independent Examiner's Report to the Trustees of the Royal
Society for Asian Affairs
I report to tlic Charity Trustees on iiiy exaniiiiauon of tlie accounts of the cliaritable coiiipaiiy
for the year ended .31 Deceiiiber 2025, whicli are set out oil pages 15 to ?3.
Responsibilities and Basis of Report
As thc Cliarity's Trustecs of thc Chclrity you are respoiisiblc for tlic prep£iratioii of tljc acLouiits
in aLLoidaiiLe with the reqiiireIiieiits of the Cliarities ALt 2011 ('the ?01 I ALt').
I report iii respect of iiiy cxaliiination of the cliarity's ¥lCCOlllItS C¥irried oiit iindcr section 145 of
tlic ?0 I I Act <iiid ill carryiiig out iiiy cxaiiiiiiatioii I h
Statement of Financial Activities for the Year ended 31 December 2025 Note ?02. ?025 20?4 UnTCbtriLted Rc5tricted "L"otal Unrcstricted R¥striLted "I'othl 2025 2024 2024 INCOME Siibscriptions, doiiarions and legucies CI11ritable ALtiVlties Investtiieiit liicoiihe 57.940 2,650 60,590 58.071 5,-351 6.3,422 76,961 2_3.764 76,961 2.3,764 70,354 30,108 70,354 30,108 TOTAL INC.OME 158,(J(). ?,().50 161..31.5 1.58..5.5.3 5..351 l ().1,884 EXPENDITUIiE Riisii)q fiii?ds C.hAritablL Altiviries 782 782 8?0 820 2.35,C)04 2,(>9 2.38,?99 219,078 7,898 2?6,97() 'I"C)'I'AL EXPENDI"I'UIiE ?36,-186 2.695 2_39.081 21 C).8911 7.898 227,796 NET EXPE.NI)ITURE (77,721 j 14.", 177, 161,.31)fj1 (2,.547) (69.912) IIEF.C)IIE (JAIN% ON INVE%'I'ME.N'I'S Nct Ilossi sl18AII? 011 IIIVCstsIiL Ilt .Issets li 127,70.5) (27,70.5) 12,249 12,249 NE'I. MQ)VE.MEN'I' IN F.UNDS {10.fj.4?6) 14.fj) 110.5.4711 (49.1161 12,547) 1fj1,66.1) EC,C)NC.ILIATIC)N (IF FUNI)S 'rvttil F.Iiiicls broU1t fi)nv¢ird 838,598 18,.I78 857, 17() 887,714 21,125 908,839 Total Fiii)ds carried fonvrf1rd 7.3.3,172 18,5.3.3 7.51,70.5 8.38,598 18,.578 8.57,176 Tlie iiotes oil pages 17 to 23 fonii part of these filili11 suteiiLeiits. 15
Balance Sheet for the Year ended 31 December 2025 2025 21124 Notes FIXED ASSETS Library T.?iigiblc fixed a%scts Iiitangible fixed a%set8 Investiiieiits 2.886 46.881 64(),-50. 696 ?73 ?.766 15.905 804,210 8??,88? 10 li C-.URREwf A%%ETS S¢oLk l)ebtors C.asl? It l),iiik aiid iii hxi?d 12 .1.38 45,4.55 13 40.?iO LIABILITIES C'rLditots f.illiftig LILie withiii oiic ycar 14 16.819 ?(1,710 Net C"Iirr¢11t Asscts NE'I. AS%E'fS 7fj1.70fj 8fj7.17C) "rFIE r.UND% OF, I'FIE Q:1 IAII11'Y 15 IIL%triLtCLi r'iiiid% 18,533 .598.582 I.34.-()0 751.705 18,578 699.015 1.3(),-58.3 13.57,176 UiirL strictLd Fiiii(1s I)c511..1tcd Fiiiids ThL fiii'inLi'il statei)ieiits were 'ipproved by tlie Trustees oil 10 June ?0?6 iiid sigiicd oil tlILir bclialf K BRQ)WN CHAIRMAN LL&h A R MC.KEE TREASURER Th¢ not¢s oli i)ag¢s 17 to 2.3 fonii p2rt of these finAEiciAI 5tAt¢iiients. 16
Notes to the Financial Statements ACCOUNTINC, POLICIES (a) BASIS Q)F PREPARATION AND ASSESSMENT OF C,OINC, C.ONC,ERN Thr financid st:Itviii¢iit% h3v¢ b<¢ii pr¢piir¢d iiiiLl¢r th¢ hi%ti)ricil Lost conv¢iiti()ii with it¢in% rerogiiised at cost or tr.iiis.iirioii value iiiiless orlii'rwtse st1tLd iii thL' fLILV'int i)otes to these fiii.IIILial st'iteftiiei)ts. The fin'iniid statenients hive been prepared in 1ccord.Itice with the Suteiiieiit ol IleLOI)IllLended Prnctice.. Accoiii)ui)q and Rei)ortiiig l)y C.Iiaritics prei)ariiig tlicir iccouiits iii .'IccordaiTrce witli tlie Fiii.Iiici'il Rei)ortiiig stiiid.lrd .'Ipi)lic'il)le iii the UK .Iiid Repiiblic of Ir¢l.,11)d IFRS 10?) issu¢d iii Octob¢r ?()19 .iiid eff¢ctivc 1st J11111:1ry ?019, :IllLI tlie F.iii.'IllLi:Il IleportiiiyT stld:1rLI .IppliLJble iti di¥ Uiiittrd Kiiib7doiii JLid liepiibLi¢ of Ir¢l.iiid {F.11S 102) Aiid the C'li'irities Ait ?0 I i. 'I'lic 'l'nist coiTrstitiit<s a piiblic bciicfit viitity a5 dcfiiicd l)y F.RS 102. The Trtisttes cotlSiLler tliat thL re xre no 111ateriAI iiiicertaiiities abolit thL Tnist's ability to cotitiniiL as a %oiiig coiiceni. Thc iiiost sigiiific.Int areas of iincertaitity th1t .?frYcct the cirryii)g v.ilLie of as%cts held by tlic 'fnist .ire the level of invcstii)eiit retiini iiid tl?e i)crfon11111ce of investtiient iiiarkcts. Ibl INC.nME REC.C)C,NITION liicoi)iiiig rLSOLirces .Ire iiicliided wl)Lti receiv'ible with the exceptioii of SLibscriptioi)s which 1ri reCO)ISed .75 ii)coii)c wlieii received, SLibscrii)ti011s iii .Idv111ce howevcr .Ire dcfL"rred. Ill EXPENI)ITUIiE IiEC-.C)C;NITIC)N AII VXPLI)ditiire 15 ¢llC()IllItL'cl f()r i)11 ¢11) iiLLnial% l)i151% iiiid Iii15 beeii Ll¢154ifJecl Iii)d¢r he:iJii)gy% that ¢iggyrvb4te .ill iosrs rel.Ited to t111t L.IteyTrory Idl CFC)VEIINAN(-.E (:C)%'I'S TIILS¢ Cl)%t% rL'I.,ItL to c¢i)tr,'Il iii.'Iii'.Igciiiciit iiid .IdiiiiiiistrAtioii costs, iii'iii.o&riii¢iit of tlic C,Ii'irity's 15S¢ts, orgAi)is'.Itioii.Il Iii,'Iii'igy¢iii¢iit .'Iiid cuiiii)li:IilL¢ Wltl? Loiistitiitioi)'Il .iiid tst'.ItLltory rL"qiiirciiiciitS. (t) %UI)I)()11 J. (",c)%'i"s OVL rliL.'Ids 'iiid Sllk7POrt Lost5 IIA VL beLII 'IPl70rtiOllLd oi? al? Appropri.ItL b..Isis eg str.ity tii)ie. IQ 'I'AXA'I'IC)N l-lic Si)cicty' IS ti rcpstered C.h2riry aiid its iiicoi)ie is exeiiipt froiii C.ory)oratioii tax as it is applied fnr charitablc piirposL. (g) DEPREC.IA'I'ION AND AMOR TISA'I-ION r)cprcri.Trtlnll ¢lt)d ?iiiorti81ti011 lrf rc providcd to writc otT thc c05ts of tiiigiblc aiid iiitriigiblc fixcd .os5cts on a rediiLiiig bxlance over their iisefiil ecoiioiiiic lives xt the followiiig r.Ites'. Officc Lquipiiicnt and fittiiigs - 25/0 rediiciiig b.Il.iiice Softwli r aiid digitised iihitfriiils _ 3.30/9 Striiight liiie (h) FIXED ASSETS INVESTMENTS liivcstsiiviits .qrr a fonii of basic fiiiwiLi'il itistruii)ciit aiid .Irc iiiitially recolised at thc tn115actsoii v.Iliic .iiid siibseqiiciitlv tiicasiired it tlicir fiir v.oliic .15 at the b.Il.oiice slir¢t d.Itc iisiiig dic closiiig quoted i?iirk¢t priLe. J'lie Stateiiieait of r-iiiaiicial Activities iiiiliide5 the gains alid 1055es ari5i1ig uii the revaluatioii ld disposal throiighoiit the year. The C.h.irity does not a¢qiiire piit OPti0175, derivatives or other coiiiplex fiiiaJi¢ial instwnients. 17
The main fonn of finanrial risk faced by the C.hArity ig that tsf volatility in eqiiity niarkets and investtiient Inark¢Ls dije to wid¢r econoiiiic c011dition%, the attittide of xiivestors to tnvestsiie11t risk, and Lhang¢s in sentinient conceming equities and within p1rticulir sectors and sub sectors. (i} REALISED (:AINS AND LOSSES All b7*lj115 :iiid Iossvs t.Ikeii to tlie Stateijieiit of r-in1t 1ILi,Trl Activities AS they arise. Kealised gaiIis aiid losses oil investiiieiits are LalculAted the LliffereiiLe betwee11 5Jle5 proLtrtrd5 aiid their opeiiiiih7 Ldrrying vklue ur their E)Iiril),'Ise v'ilLie if .ILqLiir¢d subseqiiciit to tl)e first day of tlic fiii.IiiLi'il yc'ir. Uiire'ilis¢d .4'iiiis aiid losses '.Ire '.IIcLII..It¢d .Is tlie ditTer¢i)ie bernvecii thc f.iir v,'IlLl¥ .It tlie y¢'ir eiid :IiiJ tl)¢ir c'irry?ji)q v'ilii¢. Ileah's¢d aiid iiiireih'sed iiive%ttiiei?t giiiis .iiid loss¢% .Ire ioiiil)iiie¢l iii the £t.Iteiii¢iit of F.iiiiti¢i.il Activitie5. o'i r.UNI) AC-.C-.C)UN"I ING Fliiids 'irc iiicoiiiii)g rcsoiirccs rcct iv.)l)IL or gciier.Ited for the ol)jects of tlic C,harity witlioiit fiirtlier specifii piiry)ose .iiid ..Ire Av1ilal)Ic .Is geiieral fiii)ds. Restriitcd fLlI)ds to be iised to specific piirposes as l.iid down by the donor. Dr4117t¢d fiinds .Irc iiiircstricted gciicnl fiiiids d¢s1)dted liy thc Tnistees to be sct 15idc 111d cxpciid¢d oli l $1)L cific i)Iin)osc. (k) S'l'C)C-,K Stoik is v.Iliied .It tlit lower of cost or net re11isil)le v.Iliie. {11 C:A%H F.LC)W SI'A I EMEN'I EXEMP I"IC)N 'I'l)e C'li,'iriry l)'Is t.'Ikei) :ILlv',iiit',1S7e of ¢xeiiii)Uuiis 111)Llt r C"h..iritie5 SOIII) ..Iiid SeLtiOI) 7 of r,Ks 102 ¢0 1)ot prodLice .1 St'.Itiiiieiit of C'AslI fioNvs SUHSC'.1111) I'IQ)NS, DC)NA'I'IQ)N% ANI) LE.C'AC:IE,S Current Year Ui)rcstrii tL LI Il£ strii tcd 2025 2025 2025 SiibsLfii)ti1)118 t)0i1'itioiis aiid Lcgacies 46,911.fj 46.9(1fj 1.1 Ci8. .57,9411 2,().51) SUB%C.iiip"rio)NS, DC)NAI"IONS AND LECyAC.IES Prior year 2024 2024 2024 Su17sLrii)tioiis DviititioA15 ld LecleS 49,?47 8,8?4 58.071 49,?47 14,175 63.4?2 5,-3il INCOME FIiOM CHAIiITABLE ACTIVIES 2025 2024 Uiir¢stricted PLibliLLltioEis/royalties 74.548 67.360 2.994 70,.354 76,961 18
INVESTMENT INCOME 2025 2024 Divideiids oil listed iiivcsuiieiits Iiitere5t reLeivAble oil Ld5h deposits 23.2.56 508 ?3.764 22.098 30,108 C.OST OF CHARITABLE, AC.TIVIES 2025 2024 PLibliLations Prt seiitAtioiis xiid evet)t% Siii)i)ort costs (see iiotc 6) 16,500 21.771 188.7nfj 2.5,42.3 18.5,376 ?.38,21)9 SUVPOIiT COSTS YEAIi ENDED 3151" DEC.EMBER ?0?5 Charitable Aitiviiies 2025 CFoveni.Iiice St¢iff Losrs 11- siipi)urt ,'Iiid LOIISlllll¢ibles 114,665 ),954 114,665 ),954 2.3,726 .3.884 2,26.3 856 434 646 I,C)().3 19.792 lit loi'itioi) 'ii)d stor'ige iosts -3,884 Priiitii)%, srxrioi)i'ry, posf1ge Al)Ll advLrrisiiig Orl)I r ()tYi¢e ¢ost$ 8.46 4_34 ()46 1.66.3 19.79? 13.liik Lli'irgL'S Dei)reciatiOI) B.Id dcbts C70vcn14?1)Le (note 7> 179,448 18),-37C) SUPPOIiT COSTS YE.AIi E.NI)E.I) .1 1ST T)EC:EMBE.R 2024 Charitable ALtiviti¢% 2024 -rotal Cioveniaiice St1ff iosrs IT siipport .Iiid COiiSLllii'iblcs Relit, r,Ite% ',ii)d iitilities Rel()i.Itioi) :iiid sfor'ige Losts liisiir'uiLI' Priiitiii.4, statioiiery, poscage aiiLI advertisiiig Otlier officc costs TL.ILph()iie Baiik i liarges Dci)rcciarioi) Bad debt4 C70vemhncc (note 7} 108.9.39 11,899 411,(196 I,BJ9 2.457 3.379 859 570 898 8.614 1,.37. 108,9.39 11,899 411,1196 1,8.39 2,457 3,379 859 570 898 8.614 1,.17. 7,780 7,780 180,925 7,780 188,705 19
- GOVERNANCE COSTS 2025 2024 Legal .?iid profcs5ion11 costs liidepeiideiit Exaiiiiners fee Bookkeepin 175 2,556 5,009 7.780 3,101 .5.928 L113RARY Llbnry 25set5 have Jiot beeii c2PAt2lised other th?ii their iiicliisiori iii the b.?laiice Sheet at a writteii dowii net book valiie of £1 TANC,IBLE FIXED ASSET YE.AR ENDED .31S'I' DEC.EMBER 202. OtFIcc Eqiiii)iiiciit Software Tot.)I B11.Ince it 1st J1niiary' 2025 AdLlitioiis Bil.qiiLe .ot .3 1st D¢ceiiibcr 20? AC:C:UMULATED DII)IIEC:IATIQ)N IJ;Il.IllL¢ 'ir I st J.'Ii)Iiiry ?025 Q'l)',Irge for tlie ye.'Ir 1311..Iticv 1¢ 31 %t D¢c¥iiibcr 20?5 NE'f Bc)C)K VALUE ¢Trt 31st Dccviiil)cr ?0?5 21,162 5,204 888 ?6.-366 888 21,162 2.3.61)0 768 ?4 .3()8 7()8 'I'AN('IIJLE r.IXEI) A%%E'I'% YE,AII ENI)E,I) .3 I%'I' I)EC"E.MIJER 2U24 Softyv'irc "I'ot.il 1311,Itiic .Tr¢ 1st Jillllll¢ ry 2024 AdLliti()iis B:I1.111ie at .3 1st l)cceiiiber 2024 AC.C.UMULA'I"Er) r)E.PRE.C-.IAI"IC)N B;Il.iiicc 'it .31 st l)L cciiiber 2024 C.1i.'If¥L fnr tlii yC47r B:Il.IiicL 'it .31 st l)L cciiiber ?024 NET BC)C)K VALUE 1t .31st DecLllibLr ?11?4 21,162 2().-3C)6 21,1(?2 ,C).58 7110 2.4.18 ? 7()() 22,8?0 780 ?.l.(){X)
- IN'fANC,IBLE. fixED ASSETS YEAEi ENDED .31st DEC:EMBEEi 2025 Dlgitised collectic)iis B.11111Le it l JaiiLiary 2025 Additions BalAticc at .31st Dccciiibcr ?02 AC.C.UMULATED AMOTLTISATION Bil.Triicc .)t l J?IlllAry 2025 C.112rge for tlie year B11atice at .3 1st Deceiiiber 2025 NET BOOK VALUE at 31si Deceiiiber 2025 23,739 50,IIIX) 7.3,7.39 7,8.34 19,024 2C).858 46.8è31 20
IN'fANC,IBLE FlXt.D ASSEI-S YEAR ENDED 31st DEC.EMBER 2024 Digitiscd collr¢tions Addirions B.il.Ince at 3 1st Dcceiiiber 2024 ACCUMULATED AMORTISAI-ION 2.7.7.39 9.3.7.39 C"liarge for the year B.ilance at .31" Deceiiiber 2024 NET BOOK VALUE 1t 315t DeLcii)ber 2U24 7.8.34 7.8.34 15.905 I I. INVESTMENTS 2025 2024 Listed investments M-lrket v'iliie 1r 1st J111l11ry l)isi)()%.Il diirii?¥ tlic ycar A%%L t I()4f diirii)g the year Ile:IltSlLI I10ssl/gy,'i ji) UiirL'.Iliseil illVL'sciiieiit gaiii Marker Vrf11iie At .31 gt l)cci'tiiber .'Isli held oil deposir .1 ot1111)vestsiieiits 74? 4!7 6 68,378 C)1,78.3 (.311.-36.31 61,800 12.249 742,427 61,78.3 1104.•10 ()4(),-1)S ()4(I,iU. ListeLI ii)VLsrii)cnts .Ire revaliied xt the yCAr eiiLI to thcir i)iarket V11iie. The listed ii)vcsttiieiirs 1re held by C-C-.LA Iiivesttiieiir MAlI,'IbyeTh oil beh1f If c)f thc. %1)ciery. -riic IiistOriL11 L05t of listvd iiivestiiit iits is L5.311.6C)4 (211?4: L.5()8,9111. The ii)'ijority of iiivestiiieiit assets 'ire l)cld iii tlic UK .iiid tliLrc arc 110 rc5tricti011S 01? tlic rLali&?tioi) of thcsc IlJVCStiiiciitS. i? STOCK 2025 2024 liivci)tory ?50 .138 1.3. DEBTOIiS 2025 2024 Trade receivables 291 570 Orlier debtors 39,826 133 -32,4.$4 12,431 4.,4.5 Prcpayiiieiits Receivables arc Iiiin1ged circtully witli .odjiisttiicnts iiiadc Tcgu11rly to Tctlect cstiiii.Ited recoveNbility. 21
14 CREDITOIiS: AMOUNTS FALLtNG DUE wrrHIN ONE YEA 2025 2024 Social securiry and other t1xes Aicru'ils 111d deferred iiicoiiie "rradc creditors Other creditors 2.535 8.201 96 3.481 9.145 10.22C) .3,858 5,987 16.819 15. TOTAL ASSETS YEAR ENDED .31S'I" DEC.IMBER 202 Bqlancc at 1st J.iiiii'iry B.?laii¢e at 31st Dvieiiiber Transfer 2025 Incoine Expeiiditure Gain5 2025 Desigti.ItLd Adoi)t-.i-Book C.ollcctii)iis 1.561 1.38.022 11.561) 840 (4.272) 1.14,590 Restricted %LI?L)()l% l)iy 'I'r¢ivII Awards ALlI)p¢-i-Book Diyitis'.ItlOll. aCqLliSitioiis ,Triid grciltcst i)ccd Uiircstrictcd .3,24(1 1,216 ,.$86 2,.500 11,811) 3,9?9 .3.32 (1,586) 12,5.16 ()9l),111 8.%7,17() 150 1,.586 12.3? 1141 (?7,7(1.51 1,(Il (?39,1181) 1?7,711.51 14,272 l()1 .31.5 7.51,70. Dc4igii.i¢cd fiirids - c.ollcctioii% fiitids desig]I'i¢cd l)! thc tnistccs for c.Trrc &- dcvcloi)tiiciit of tl)c collcct10115 S¢hoi)Is Diy - this Wil% ¥f1 Ilt for thc S(Tr¢iity's S¢hi)nls Diy -rr.lvel Aw.'Irds tliis w'is duii',Iteil fL)r tlie Soiiery's tr.'Ivel .,iiv.'Irds Di4?itis'itiOll, aLqLllSitiOllS Al?Ll gryL'ItL'St IlLLd _ doi?'Itioiis for tliLse piiry)oses relatiiigi to tlie collt'itiOIIS TOTAL ASSETS YEAIi ENDED 31ST DECE.MBEIi ?024 Balaiicc at l %t J.iiiii2ry .31 st Dcceiiibcr Gains Transfer 2024 Income Expeiiditure 2024 De%igtiated (Iiiids Ailopt-a-Book C.olle¢tioiis lie5tricted 1,561 1,561 138,022 1.38,022 Schools Day 938 4.200 11,898) 3,240 22
Travel Awards Adi)pt-a-B()ok DiiytA5'1ti011, aCqLiisitions aiid greatest iieed Unrcstrictcd fiinds 6,250 1,401 966 (6,0001 1.216 1,586 185 12.536 12.249 (1.38.0221 699.01 886,1.5.3 (219.8981 908.8.39 16.3.884 1??7.7961 19 ?4() 857.176 16. NET ASSETS BY FUND 202.5 2025 2025 2024 2024 2024 Uiirestricted Eiestricted Tot.Il Uiir¥strictcd Restricted Total LibrAry TaTigiblc fixed asfets li)t*iiigibl¢ fixed d55ets ?.886 46,881 646,505 .5.3.718 (IC).8191 7.3.3.17? 9,7(}6 1.5.905 804.910 42.4?6 l?(),710) 14.311,-7(JlS 2,766 15,905 804,211) () I,()()4 12(1,7101 113.-%78 8.$7.176 46,881 646,505 C.I11)t .isscts C.IirrL"i)t li.'Ibilitics Net .'1ssets (IC).8191 7.41,70 18.-%.3.3 17. RELAI'ED PARTY DI%(:L()%UKES l)Iirii?k? tlie yeAr i totAI of L59 w.15 reiiiil)Iirsvd to tlie Tnistees120?4.. LNil). 2.3
RSAA Royal Sotltty for Asian AflaS*s NO North 11 Bres5enden Place London SWIE 5BY