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¢ Ll*i]s
Tr:Ivcl Aw.Irds
Engaging with Supporters
r.
Exl)il)iti()ii tilk%
-I'IIL Ili.'i(liiI.4￿￿1o0l]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 C￿ll[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 Cditori￿lI 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.aravanse￿1. 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. ￿e￿Ilar 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,(M￿l.7.1S.. KW41 F(:IK)A
IJ.15-14.11.. ItiLIIJ Aliil Aw•..
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14..14J.14..MP. (.IiiiiJ. Ihr ClohA ()Thl¢P
Stthi 2- Filthy t Nov¢mbv
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15.4S-lép.41.. 1 J%1 A4lJ '[ Jii. North K0W4 liryod
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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 re￿01].
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
An￿￿41*R¢a*Dg kn9￿11 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 L￿1 kiigJ1ag￿E1]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 safe￿i.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<iVC followcd all tlic IippliLablc DircLtioi
vcii by tlic Cli'irity Coiiiiiiissioii uiidcr scctioii 145(5) (b) of tlic Act.
Independent Exaiiuner's Statenient
I liave coi)Ipleted iiiy exaiiiii)atioii. I LOI)finii that i)0 iiiatters liave coiiie to iiiy attei)tioii iii
coiiiicctioji witli tlic cxaiiiiiiatioii ￿VIlIg ii)c C1llSC to bclicve:
11) aLcouiiti17g rciorLls wcr¢ iiot k¢l)t iii r¢s1)cLt of tlic C-li'irity as rcqiiir¢LI I)y s..3 l U of tlie 2011 Act., or
12> tlic ilCII)111?t% cli) i)ot accnrLI Ivitli ¢lii)sc accniititLII&F fL C()rLl%', or
13) ¢hc
',11)pli¢;Il)Ii rl Liiiir¢ Iiiei)ts ¢()iici'niiiig tlii. f(Inii ,ii)cl ci)i)t¢i)t8 of tlii
ACLOlllIt5 SLt oiit ii) tlii C"li',iritiL s IA£ioiititS :11)Ll Ileport%l lIL&y￿lI1..ittuil4 ?11118 otliL r tl?'ii) 'ii)y rt Liiiifl'lllt Ilt
th:It tl)C 'lLLOllllts IVVL a 'trLIL 'iiid f.iir VILW ivliiili is iiot .1 1?i.'IttL r ioiitsidLrLd .Is p.irt of ..Iii iiiJLk)LiidLlIt
I have iio conLenis and Iiive coiiie across no other i)iatters iii coi)iiection with the ex'iiiiinatioii
to wliicli atteiitioii slioiild be drawii li) tliis repoit iii order to eiiablL a pi'oper iiiiderstaijdiiig of
tlie accouiits to be rL'aLIILd.
laii W Sliipley FC.CA
Foi aiid oil bclialf of:
Prciitis &. Co LLP
Independent Exaininers
115c Miltoii Road
Caiiibridge
CB4 IXE
/DMT--
14

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 broU￿1t 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 fili￿li1￿1 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)c51￿1..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 st￿ld: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 reco￿lised 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.
Dr41￿17t¢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 Le￿cleS
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

7. 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)
10. 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.I1￿1)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