OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

Charity 2119629 ROYAL ASIATIC SOCIETY OF GREAT BIUTAIN AIYD IRELAND (THE ROYAL ASIATIC SOCIETY) REPORT AND FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 DECEMBER 2020 Hackeryoung Chartered Accountants

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

CONTENTS

Page(s)
Professional advisors and principal office 1
Report of the Trustees 2 - 9
Independent auditor’s report 10 - 12
Statement of financial activities 13 - 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 34

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND PROFESSIONAL ADVISORS AND PRINCIPAL OFFICE

Charity number: 209629
Principal office: 14 Stephenson Way
London NW1 2HD
Auditors: UHY Hacker Young
Quadrant House
4 Thomas More Square
London E1W 1YW
Bankers: Lloyds Bank
39 Piccadilly
London W1V 0AA
Investment Managers: Rathbones Investment Managers
8 Finsbury Circus
London
EC2M 7AZ

1

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing document, the Charities Act 2011 and “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 Ireland (FRS 102)”.

The Royal Asiatic Society was established in 1823 ‘for the investigation of subjects connected with and for the encouragement of science, literature and the arts in relation to Asia’. The Society is incorporated by a Royal Charter dated 11 August 1824, together with a Supplemental Charter granted by Her Majesty Queen Elizabeth II under Her Sign Manual dated 11 November 1988.

The Society was registered on 22 September 1962 with The Charity Commission for England and Wales.

Trustees

All Members of Council of the Royal Asiatic Society are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees. In some cases Members of Council serve as Officers.

The Officers and Council serving for the year ended 31 December 2020 were as follows:

Officers (all posts served on an Honorary basis) Professor A J Stockwell (President, elected May 2018) Dr B Brend (Vice-President, elected May 2019) Mr L Knight (Treasurer, elected May 2019) Dr S Ansari (Editor, appointed May 2015)

Members

(elected or retired at the Anniversary General Meeting in the year shown) Mr P Collin (elected May 2017) Dr R G S Cooper (elected May 2017) Mr D Davis (elected May 2019) Dr H E Driver (elected October 2020) Dr A T Gallop (elected October 2020) Dr G Johnson (elected May 2019) Dr Sir J Mallinson (retired October 2020) Dr F Melville (elected May 2018) Dr N Peabody (elected May 2019) Mrs E Robb (elected May 2019) Professor F C R Robinson (elected May 2017) Dr C van Ruymbeke (retired October 2020) Dr N Sarkar (retired October 2020) Mr I Sedgwick (elected October 2020) Dr J Sokoly (elected May 2018) Professor I Talbot (elected May 2017) Dr D Taylor (elected May 2018) Dr S Whitfield (elected May 2018) Dr M Willis (elected October 2020)

Director and Secretary of the Council: Dr Alison Ohta

2

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, governance, and management

Governance

The Society is governed by the Council comprising a President, a Vice President, a Treasurer, and the Editor of the Journal of the Royal Asiatic Society, together with not more than twenty-four ordinary Members. The Officers and Members of the Council are treated as Trustees for the purposes of the Charities Acts. Council is elected from among the Members (or Fellows) of the Society. Elections are governed by the provisions of Chapter III of The Bylaws of the Society as amended at a Special General Meeting of the Society held on 15 April 2010. Vacancies are filled by vote upon nominations placed in May each year before the Members of the Society at the Anniversary General Meeting.

The President, Vice President and Treasurer are similarly elected from within the Members of the Council.

The Editor of the Journal of the Royal Asiatic Society is appointed by the Council.

The Director is the full-time Chief Executive Officer of the Society, reporting to the President and responsible to the Council. The Director is appointed by the Council.

Appointment of Trustees

The Society is governed by a Council. Members of the Council are treated as Trustees for the purposes of the Charities Acts. Council is elected from among the Members (or Fellows) of the Society. Elections are governed by the provisions of Chapter III of The Bylaws of the Society with vacancies being filled by vote upon nominations placed in May each year before the Members of the Society at the Anniversary General Meeting. Honorary Officers are similarly elected from within the Members of the Council. No one shall be elected to the Council who has not been a Member of the Society for at least one year. An Ordinary Member of Council is elected for a term of four years and is eligible for re-election after a lapse of one year. Honorary Officers normally serve for three years.

Trustee induction and training

New Trustees are briefed by the President on their duties and on their legal obligations under charity law, the content of the Constitution and Bylaws of the Society, the Council and its decision-making processes and the recent financial performance of the Society. Before their first Council Meeting they meet employees and other Trustees.

Organisation

The Council is responsible for the operation of the Society. The Council meets normally six times each year, between October and June inclusive. The Council is responsible for taking all significant decisions relating to the Society’s affairs. The Society is managed by a Director responsible to Council, with the assistance of a number of other remunerated employees. The operations of the Society are monitored through separate Council committees for Finance and Investments, Fellowship and Development, Events and House, Library, Publications and a separate Editorial Board, which meet regularly according to defined schedules at meetings chaired by the President (or the Vice-President or another Member of the Council). The transactions of the committee meetings are submitted to Council meetings for report and for such approvals as may be appropriate.

Related parties

The Society is an independent body in the sense of being self-standing and administering, although it aims to foster collaborative arrangements with other organisations with similar or overlapping interests and aims.

3

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Risk management

The Trustees regularly monitor and assess ongoing risks through the appropriate sub-committees responsible for areas in which risks, in whatever form, might arise. Wherever considered necessary, those risks are managed or mitigated through a combination of changed or updated procedures and with the purchase of insurance products, where appropriate.

All signatories to the Society’s financial accounts are obliged to have completed an HMRC ‘Fit and Proper Persons’ declaration.

Objectives and activities

The objects of the charity are to investigate and encourage science, literature and the arts in relation to Asia. The Society promotes a number of activities in this field, including programmes of lectures, research workshops and student events. It also publishes works of scholarship and a journal of high international standing. The Society maintains an important library including prints, drawings and manuscripts relating to the history, religions, languages, art and customs of Asia.

The Trustees have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission with regard to public benefit.

Achievements and performance

The Covid pandemic and successive lockdowns have certainly presented several serious challenges for the Society in 2020. However, thankfully, members of staff and Council have survived unscathed and work has carried on throughout the year utilising virtual means of communication through Zoom and Microsoft Teams.

The Society’s last live lecture of the year was held on 12th March 2020 when Christopher de Bellaigue lectured on ‘The Islamic Enlightenment’. The Society closed a few days later and the remaining lectures for the year, the Collections Evening, the award of the RAS medal to Professors Carole and Robert Hillenbrand, the Silk Road summer school and the AGM in May had to be cancelled. In addition, the Society was no longer able to rent out its rooms for events resulting in a substantial loss of income. However, through this difficult period the Society has realised new ventures, gained closer cooperation with its sister societies in Beijing, Shanghai, Korea and Hongkong and attracted audiences for its events from all over the globe. Our first Zoom lecture was held in May in conjunction with the British Council in Georgia with a talk by Zaza Purtseladze on ‘Education and the Cultural Landscape in Georgia’, followed by the virtual launch of Professor Jonathan Bloom’s book entitled Architecture of the Islamic West. Each of these events was very well-attended and these successes encouraged the Society to proceed using a virtual platform for its events with the realisation that many fellows who had previously been unable to attend in person could now do so. In addition, many of the speakers permitted the recording of these talks which were made available on the Society’s YouTube channel. During the year, 11 lectures and 10 book launches were held on a variety of subjects on the history, religions and cultures of Asia. Diana Darke spoke on her new book Stealing from the Saracens, Arndt Emmerich discussed his book Islamic movements in India: moderation and its discontents, a joint Routledge and RAS publication, Sarah Ansari and William Gould launched their book Boundaries of Belonging and Ian Talbot lectured on his book The History of British Diplomacy in Pakistan. Several book launches and lectures were held jointly with the Islamic Art Circle at SOAS including Oliver Watson’s Ceramics of Iran: Islamic Pottery in the Sarikhani Collection, Anna Mac Sweeney’s From Granada to Berlin: The Alhambra Cupola, (2020) and Simon O’Meara’s The Ka’ba Orientations: Reading in Islam’s Ancient House, (2020).

4

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

A book launch was held in February in Athens the British School to celebrate the launch of Georgios Liakopoulos’ The Early Ottoman Peloponnese published in 2019 as part of the Ibrahim Pasha of Egypt Fund. The Society celebrated the launch of the translation of Aap Beeti, S.R.Randhawa’s autobiography which is available on the Society’s website with an introduction by Gordon Johnson and talks by Norbert Peabody Mrinalini Venkateswaran and Tripti Kaur, the translator. The translation was made possible by a grant from the Oriental Translation Fund. The AGM lecture had to be postponed until October 2020 when Professor Stockwell, President, addressed the meeting from Stephenson Way by Zoom.

In 2020 the Society received 23 submissions from 10 universities in the United Kingdom for the annual Bayly Prize awarded for an outstanding thesis on an Asian subject submitted to a British university. The decision on the winners was not made until January 2021. The three finalists included Liana Chase , School of Oriental and African Studies, Healing ‘Heart-Minds’: Disaster, Care, and Global Mental Health in Nepal’s Himalayan Foothills, Hannah Theaker, University of Oxford, Moving Muslims: The Great Northwestern Rebellion and the Transformation of Chinese Islam, 1860-1896, and Hedwig Waters, University College, London ‘Living from loan to loan’: Tracing networks of gifts, debt and trade in the Mongolian borderland. The prize was awarded to Dr Liana Chase.

Two books were published during the year in partnership with Edinburgh University Press: Roy Fischel, Local States in an Imperial World : Identity, Society and Politics in the Early Modern Deccan (2020) and Paolo Sartori and Danielle Ross, D. (eds.) Sharia in the Russian Empire The Reach and Limits of Islamic Law in Central Eurasia, 1550-1900. (2020)

Professor Peter Frankopan donated £5,000 to the Society for a prize to mark the scholarship of Professor David Morgan who was the editor of the RAS Journal from the mid-1980s until the start of this century. The fund will be used to provide an annual award to the author of a Journal article published during a calendar year with entry restricted to those who have completed their PhDs within the last 10 years to reflect David’s commitment to education and to the encouragement of younger scholars.

Library

The work of the Library was severely impacted across much of 2020 and into early 2021 due to the COVID19 pandemic. This meant that the Reading Room was closed to readers for long periods due to government lockdown restrictions, while library staff did much of their work from home. Nevertheless, we were still able to serve researchers by answering remote enquiries and making collections available online through the digital library, while also accommodating visitors to our Reading Room when possible. We were also able to continue making progress with long-term cataloguing, digitization, policy documentation, and research projects. In November, we held the first online RAS Collections Evening, showcasing ongoing work with the Society’s collections.

The Society’s online presence provided a way for our audiences to engage with our collections, particularly through regular updates via social media and weekly entries in the Society’s blog. We also continued to add new manuscripts, artworks, and photographs to the Digital Library throughout the year. In partnership with the Byoma Kusuma Buddhadharma Sangha foundation, the Society digitized an additional 21 manuscripts from the Brian Houghton Hodgson Collection of Buddhist Sanskrit manuscripts from Nepal. These are now available on the Digital Library. In total, the Digital Library received 10,700 visits in 2020 from 7,800 users, who viewed 40,000 pages. This represents an increase of almost 100% compared to 2019.

5

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Although most of our volunteering activities have been suspended over the last year, several of our volunteers (Lily Colgan, Ian Herbertson, and Emmanuel Buenaventura) have continued to do some work with collections from home. We were also delighted to be able to welcome Jung Min for an internship at the Society as part of the Korean Government Long-Term Fellowship for Overseas Study. In addition, Yin Nyein Aye, SOAS Alphawood MA scholar, completed a four-week remote internship working with our Burmese manuscripts.

Journal of the Royal Asiatic Society report

To a great extent the Journal’s response to lockdown has been business as usual. This was made possible by our current engagement with technology.

In March 2020 our publishing partner Cambridge University Press, decided to abandon print publication altogether for the duration of the pandemic’s first wave. This did not mean that we abandoned deadlines and publication, far from it. Our second issue of the year was published on Cambridge Core in early April with Issue 3 joining it 3 months later in July. Both these issues were widely read by our readership long before print publication took place in early autumn. For example Marijn van Putten‘s article ‘Hišām’s ʾ Ibrāhām : Evidence for Canonical Quranic Reading Based on the Rasm ’ was read 46 times before it was printed and published as part of the delayed April issue. In July we published Historicising Sayyid-ness: Social status and Muslim Identity in South Asia , guest edited by Laurence Gautier and Julien Levesque. It was our second special issue of 2020 and although it had a shorter electronic-only live-span, altogether articles from this collection were read 18 times before they appeared in print.

Not only have FirstView and electronic publishing on Cambridge Core helped us publish uninterruptedly but ScholarOne, our new editing facility has made it possible to keep vetting, editing and production on target. Most authors now submit articles online to manuscriptcentral/jras through which peer refereeing is managed, editorial feedback takes place, rejecting and accepting are activated as is copyediting and typesetting. It is a cumbersome piece of software but as its functions are so varied this is not surprising. Some authors find it daunting but without it, keeping the journal on track over the last year would have been difficult. A few authors still use the traditional method of submission and adding together traditional and ScholarOne submissions we received 178 articles over the lockdown period. This is quite a healthy number. Our authorship is global, 37% came from the UK, 20% from the USA, 16% from India and 15% from China and the remaining 12% came from 21 other countries scattered across the globe including one submission from Christmas Island.

2020 also saw the appointment of a number of Assistant Editors to the Journal’s Editorial Board. 5 young academics currently teaching in subjects within the journal’s remit. They are:

Aparna Kapadia : Associate Professor of History, Williams College, Massachusetts, who researches and teaches South Asian History, literary and popular culture, Indian Ocean history, history of food and culinary practices. Her most recent book In Praise of Kings: Rajputs, Sultans and Poets in 15th-century Gujarat was published by CUP in 2018.

Ismail Alatas : Assistant Professor Department of Middle Eastern and Islamic Studies, New York University. He studies Islamic communities in Indonesia with books published in Indonesia and articles in the Journal of Islamic Studies, Indonesia and the Islamic World, Comparative Studies in Society and History, and the Journal of the Royal Anthropological Institute.

6

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Andrea Acri : Ecole Pratique des Haute Etudes, Section des Sciences Religieuses, Paris. He works on Hinduism, Buddhism, Tantra, Old Javanese and Sanskrit texts and is Visiting Fellow at the Oxford Centre for Hindu Studies.

Wang Shih-Pe : Deputy Vice-President for Student Affairs National Taiwan University; Visiting Scholar SOAS China Institute; Member of the Board of the Publishing Centre of Taipei National University of Arts, and of the Editorial Board of Journal of Chinese Ritual, Theatre and Folklore. With Tian Yuan Tan and Paul Edmondson she is co-author, 1616: Shakespeare and Tang Xianzu’s China (Bloomsbury, Arden Shakespeare, 2016).

The CVs of these young academics demonstrate that they, like our submitting authors, hail from all around the globe.

Finally, our First Special issue of 2020 must be mentioned. The Mandarin Union Version, a Classic Chinese Biblical Translation, guest edited by George Kam Wah Mak. This collection of articles looks at the task and challenges involved translating a religious text from one language and culture into another, an interesting problem.

Financial Review

Income and Expenditure

Income has fallen from £481,312 to £412,731, which includes income of £28,894 from the Government’s furlough scheme as mentioned below. The almost complete cessation of short-term rental income as a consequence of the Covid-19 lockdown accounts for a shortfall of approximately £70,000. We are confident that with the restoration of administrative normality in the near future we shall find that subscription income has held up. Our Journal income has risen slightly to £101,839, but digital archive sales, a windfall income from which we have recently benefitted, have fallen away this year.

Outgoing resources show a fall from £519,457 for 2019 to £514,530 for 2020 as a result of the suspension of most on-site activities. Salaries of several staff members have been supported by the Government furlough scheme. Allowing for the positive rectification of subscription figures, costs have therefore exceeded income by approximately £102,000. But as mentioned elsewhere, there have been strong investment gains and the Society at present holds a cash buffer of £100,000.

Policy on Fixed Assets

Changes in the fair value or market value of the Society’s property are not significant to an assessment of its financial position or financial performance for as long as the Society remains settled in its current premises. Further, the cost of obtaining estimates of market value annually is considered to outweigh the benefit of having and reporting such information. Accordingly, having taken advice from the auditors, the Society reverted to a cost model for reporting the value of our freehold property in 2014. The accounts show the property at a cost of £3.2 million, less accumulated depreciation, giving a net book value of £2.58 million. Depreciation of £43,000 will be charged annually in future periods. The Society continued to receive a valuable rental income stream of £78,189 in 2020 compared with £78,480 in 2019.

7

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020

Investments

The investment portfolio increased in value from £2,436,035 at 31 December 2019 to £2,649,004 at 31 December 2020. Over the same period total investment income declined from £94,507 to £74,489. The Society drew down £74,000 in tranches as a contribution to normal operating costs. Given the long-term performance of equities and despite market fluctuations, the Council treats the increases in real value as a reserve for unexpected exceptional expenditure and not for normal running costs.

Heritage Assets

The Manning archive appears at the valuation of £98,000. Otherwise, all Heritage Assets continue to be carried in the Balance Sheet at a £Nil value, but are insured against loss and damage. There have been no disposals in 2020.

Reserves policy

The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately 3 months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to ensure that support and governance costs are covered. The balance of unrestricted funds as at 31 December 2020 was £4,817,885 (2019: £4,848,678) of which £4,448,319 (2019: £4,480,883) is regarded as free reserves.

Outlook for 2021

The construction of HS2 still poses a significant risk to the Society and our Director continues to liaise closely with the builders. She, with the help of intermittently furloughed staff, has performed sterling work to maintain an efficient and economical administration during the Covid lockdown when the Society has shifted many of its activities to an on-line presence. A budget has been drawn up to reassure Council and the Auditor that the Society’s finances will remain on a sound footing, while several Council committees consider ways of increasing income. Future prospects for our important short-term rental income are no clearer; and our dividend income has fallen considerably and seems unlikely to return in the foreseeable future to its recent level. Our portfolio, however, has continued to grow, and as mentioned, the Society holds a comfortable cash buffer for these uncertain times. Overall, the Report and Financial Statements show that our fundamental position is strong and there is confidence that with the support of Council and the goodwill of the staff, the Society will weather the storm.

Trustees’ responsibilities in relation to the financial statements

The Trustees 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).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

8

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND REPORT OF THE TRVSTEES FOR THE YEAR ENDED 31 DECEMBER 2020 Truslttg, resPo￿51b11iÉl￿S ID rdxtiDn to iht ftyAndo1 stAtemeDts (Co￿1￿￿￿e(l) The Truslees are rtspon5iblE for keepinB sufficient Kcouniing feconL4 ihal disclose wilh reasonabl¢ ¥¢ura¢y at any time ihe financial posiiion of the charily and enable them to ensure ihai the financial Si￿eMents comply wilh the ChJriiies Acl •OI l. Ihe Clwity (Acco￿￿ and Repms) R4ulation5 2008 and ihe provtsion5 OF the gDYeming doruTllEiiI. They 4re also wnsiblE for 58feguardinB lh¢ ofthe clwity and henc¢ for taking rc&SDnable 51eps for the prevention Bnd detecticffl of fwjd and ￿her Irregul￿111t& The Tru5fees are responsible for ihe n]a1ntena￿e ond iniegrity of ihe charity ond financial informalion incI￿jed on the chariiy's web5ile. Legi51alion in the United KinBdorn goyeming the pieparation and disseminalion of fin￿￿1￿1 5tatem¢nts may diff¢r from legi51JtioD ITr other jurisdiction Audltor UHY Hacker Young have expressed their willingness ￿ ￿ltin￿ as audiiots. Sl*lemeht ofdls¢losuTe ID jU￿110r So far us the 8Lth ofTnJ51ces is BW4fe: theye Is no relevani audli infom1￿10￿ ofwhi¢h the ¢h8rity's auditor5 ungware; nnd b) they hkve laken all sw?5 thai they whi lo knve taken as Trusites in order to make themselves aw￿¢ of any relevonl audii informaiion io eAabli5h ihw ihe clwiiy's audi10￿ are awar¢ of Ihat InfomAiion. Approved by ihe Trnsw5 on 29 April 2021 and siwxd on Iheir bdwlf by: Professor A J Siock"well Pr¢sldeut L Knighi TreaSu￿r

UHY Hacker Young LLP Quadrani House 4 Thomas MO￿ Square L￿d0￿ EIW 1IW Hackeryoung Chartered Accountants INDEPEThDE￿ ATJDTtOR'S REPORT TO TRUSTEES OF THE ROYAL ASIATIC SoCI￿y OF GREAT BR￿AIN AND IRELAND Oplnion We hav¢ audited the finAttciai Statern￿ of The ROYAI Asiatic Soeidy of Great Britain gtid Ireland (the '¢harity') for the y¢ar end￿ 31 De¢¢mlr 2020 which comprise the Stht¢rn¢nt of Financial Activities, the Balance SheeL the Ststsment of Cash Flows ond the notes to the fi￿9￿ClaI sWement4 including signtfi¢aot accounting policies. Th¢ financial reFWtÉn8 framework that hL8 TrKen applied in their preparntion is appli¢able law and United Kingdom AcwuDting St8ndard& including Financial Rep)rting Stsndard 102 'The Fin8ncial RetK)rting Stsndard applicable in thc UK and Rwblic of Ireland, (Unit¢d Kingdom Generally Acceptal Accounting Practi￿). tn our opinioo thc fiDancial statem￿ts. give a true and fair view of the state of the charity's affairs Ls at 31 D￿llber 2020 and of its incoming r¢sources and application of resour￿$ for the year then ended. have been prepared in ￿rdance with the t4uirements of the Clwities Act 2011. Basis for Opinion We conducted our audit ill v4ith Internthonal Standards on Audiling (UK) USAS (UK}) and applicable law. Our r¢sp)Dsibilities und¢r those Standa￿ ate fill1her d¢scnl)ed in the Audit()es responsibilities for the audit of the financial statements section of our reporL We are independ¢nt of the Charity in accordance with the ethical r¢quirements that are relevant to our audit of the financial statements in the UK including the FRC'S Ethical Standrf and we have ￿lf￿1¢d our other ethical r¢S￿nSibilItieS in accordan¢¢ with these requirem¢nts. We believe th8t the athlit eviduKe we have obts1￿ is SUIT￿l¢￿t and appropriate to provide a b&sis for our opinion. Conelusion8 relating to going colleern In auditing the fmancial atemeDts, we have concluded that the Inwees, use of the going coticern basis of a¢¢ountin8 in the pr¢parntion of the financi21 ststernent is appropriate. B￿d on the work w¢ have tKrfornie4 w¢ have not identified any Materi￿ uncerknties relating to events or conditions thaL individually or ￿lleCtIvely. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least Dvelve months from when the finan¢ial 51atements aTC authorised for i&sue. Ow reswnsibilities and the res￿￿￿$1b1l1IieS of the tn￿CeS with resFttt to going ¢OnL￿ll d¢SCTibed in the relevant sedions of this rewt OÉber InforD￿tIon The other infornlation comprises the iDfoTtnation included in the annual reFMrt including the tswstees, repor& other than the financial statements and OUT auditor's rqNJrt thereon. The ttustc¢s are responsibl¢ for th¢ other inforniation cA)ntsined within the financial ststements. Our opinion on the fmancial stat¢ments does not cover the other infom￿tIOn 8n¢ exo to the extht explicttty stattsj io our ryTL we do not io

UHY Hacker YI￿n9 LLP Quadrant House 4 ThThna5 More 5quaTe LondonEIW IYW Hackeryoung Chartered Accountants INDEPENDE￿r Al￿]ToRIs REPORT TO THE TRusfEES OF THE ROYAL ASIATIC socIErY ov GREAT BR￿A]N AI¥D IRELAND Our responsibility is to rcad the other inft•Tmation in doing ￿ wnsid¢r whether the oth¢r infonnation is materially inconsisl¢nt with the fmancial statements or our knowld8e obtained in the course of th¢ audi¢ or otherwise appears to be materially miSsts￿ If we identify such Materi￿ inconsistencies or apparent material miSstatem￿l% we are required to dekrniine whether thele is a material misstatement in th¢ financial slatements or a material mI￿tateMent of the other information. 1£ based on the work we have perfotmed we conclude that there is a maty1￿ MISSts￿ellt of this other inforn]ation, we are rquir¢d to report that fa¢L We hav¢ nothing to rep)rt in this regard. Matters OD which Iwe are required to report by exception In ligbt of the knowledge and underthding of the Charity ond its Lmvironm¢nt obtsIn￿ in the course of th¢ 3udiL we have not identified any materÉal misstatements in th¢ tr￿￿tees. reFM)rt. We have nothtng to report in respect of th¢ following oiatters in relation to ￿l¢b the Chgrities Act 2011 requirts us to rel￿ to you if. in ow opinion.. received from branch￿ not visited by us. or the financial statements are not in wtth the accountitig records and ￿ or certain disclosures of th￿tee$, rernuneration specified by law are Dot made. or we have not rettiv¢d all the inforn)ation and explanatTrons we require for our audiL Responsiblllties of tru8te¢s As ¢xplained mor¢ fully in the Trustew, ReSP)￿￿111tlw Statement set oyt on PA8es 8 and 9, the tsustees 8re reSt￿51b1¢ for the preparation of the fillanci￿ ststements and for Ixing satisfied that they 8ive a true and fair view. and for such int¢rn81 control as the trustees d¢terniine is n¢ce&sary to enable the preparation of financial statements that are fr¢¢ from n&gterial mi&statem¢nL vknether to fiaud or error. In preparing the financial statetllenty the trustets are resEM)nsible for asse55ing the Chajity's ability to continue as a going conm dI￿loSin& as applic•ble. matters relatrd to going ¢oncern and using the going concern basis of accowtting ullIc￿ the trustees eiiheT int￿d to cease operations, or have no realisti¢ altern￿1Ve butto do so. Allditorf$ responsibilit￿ for Ihe audit of the finaneial ststrments Our obj￿tiveS 8re to obtsin re&sonable a￿￿￿8￿Ce atKMrt whether th¢ financtal statements Ls a wbolc ar¢ fire from materi81 misstatement whether due to fraud or erTor. and to i&sue an auditols rew)rt that Includ￿ our opinion. Reasonabl¢ ￿uranCe is a high level of but is not a guarantee thst an audit conducted in accordance with ISAS (UK) will always detect a rnater1￿ misstatement when it exists. Misstatem¢nts can arise from fraud or ern)r and ate ¢onsideral rnater1￿ if, individually or in th¢ ag8re8at¢, they could r¢&sonably b¢ ¢XP￿ to influence the ¢￿nOmiC decisions of users taken on the basis of these financial st8tsments. Jrregularitie& incI￿ling are inststi￿ of non-¢ompliance with ]aw5 and regulations. We design procedures in line with our respK)nsibilitie4 outlined aiM)v4 kn dete¢t n￿rIAl mi&statements in respect of irregularities, iocluding fraud. Th¢ ¢xt¢nt to V4bith our pr{K￿l￿reS are ¢4bk of dctin8 irylarities, including fraud is detailed below: li

UHY Hacker Youny LLP Ouèdrant Hi)use 4 ThDmaS More SoL4Are Lor)don EIW 1YW Hackeryoung Chartered Accountants INDEPEM)EI¥T AISDITOR'S REPORT TO THE TRUSTEFS OFTHE ROYAL ASIATIC socirry OF GREAT BR￿An¥1 A14D IRELAND on our undeTStsj￿Ing of the charity and the industy in wbi¢h it we Identifi￿ that th¢ principal risks of non-compliance with laws and regulatiQDS TelateAI kn the acts by the ¢lMrity, which w¢r¢ ¢ontr8ry to applieable laws and regulations including and we eottgidetsj the extent to which non- compliance mtght have a Materi￿ effect on th¢ financial statements. We akn considered those laws and regulations that have a direct impact on the prepration of the financial statements such as the Charities Aot 2011. We evaluated management's incentives and OP￿lti￿ for fraudulent manipulation of the financial statements (including the risk of overrtde of wntrols). and d&ern￿ed that the Principal risks were related to investment valuations and the charity's net ]DCOU￿ for the year. documentation, r¢vi¢w of ryrts received by us directly from Rathbones Investment Mana8ers. enquiries of management and t¢sting of journals and evaluatin8 wh¢thff w&8 evidence of bias by th¢ tnkn that represented a risk of rnateri￿ misststement due to fraud. Th¢r¢ inherent limitstions in the audit I￿0c￿¢S described a￿ve and the further rnnoved non. mpli4nce with laws and r¢gulations is from th¢ ¢v¢nts and trnnsactions refiected sn the financial statsmcnts th¢ less likety we would b¢£ome awlre of IL th¢ risk of not detecting a material misstafrment due to frnud is higher thatt the risk of not de￿ing one resulting from em)r, as fraud may involve deliberate concth¢nt by. for example. forg￿ or intentional misrq)resentstions, or through coIIu5ion. A further description of our ilitie5 ￿ th¢ audit of th¢ fitwiciaj stat¢tn¢nts is located on th¢ Financial Reporting Coun¢il's website aL' h :/lwww.frc.or .uk/auditorsres nsibilities. This d¢s¢ription fonns part of our audit￿5 Tel￿£ Use of our reprt This report is made solely to the charity's member4 as a ixxty. in accordanL% with Chapter 3 of Part 8 of the Charities Act 201 l and regulatiQDS Dkade under section 154 of that A¢L Our audtt work h&$ been undertaken so that we might state to th¢ ¢harity's members those matters we are required to statr to them in an auditor'y report and for no other purpo*. To the fi￿est extent ￿ltred by law. we do not accept or &ssume sponsibility to anyone other than the charity and thc clwity's memb¢ts as a iKdy, for our audit worK for this Tepor¢ or for the opinions we have fortn¢d. UHyvtsk¥y UHY Hacker Young is eligible for awointinent as wditor of the charity by virtue of its eligibility for appointtnent auditor of a company under 5Ktion 1212 of th¢ Compani¢s Act 2(Kl6. 12

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Unrestricted funds|Restricted| |Note|General|Designated|Restricted|Permanent|Total|Total| |Funds|Funds|Funds Endowment|Funds|Funds| |Fund|2020|2019| |£|£|£|£|£|£| |Income and endowments from:| |Donations|4|15,597|-|5,165|-|20,762|7,747| |Grants – Coronavirus| |Job Retention Scheme|28,894|-|-|-|28,894|-| |Other trading activities|5|210,397|-|-|-|210,397|300,578| |Investments|7|47,669|10,407|16,119|294|74,489|94,507| |Other|8|78,189|-|-|-|78,189|78,480| |_|_|_|_ _ _| |Total income|380,746|10,407|21,284|294|412,731|481,312| |_|_|_|_ _ _| |Expenditure on:| |Raising funds|14,650|-|-|-|14,650|14,614| |Charitable activities|9|469,237|24,045|6,598|-|499,880|504,843| |_|_|_|_ _ _| |Total expenditure|483,887|24,045|6,598|-|514,530|519,457| |_|_|_|_ _ _| |Net income/(expenditure) and| |net movement in funds before| |gains and losses on investments|(103,141)|(13,638)|14,686|294|(101,799)|(38,145)| |Net gains on investments|70,577|15,409|23,865|435|110,286|279,867| |_|_|_|_ _ _| |Net movement in funds|(32,564)|1,771|38,551|729|8,487|241,722| |Reconciliation of funds| |Total funds brought forward|4,480,883|367,795|569,624|10,371 5,428,673 5,186,951| |_|_|_|_ _ _| |Total funds carried forward|4,448,319|369,566|608,175|11,100 5,437,160 5,428,673| |=======|=======|=======|======= ======= =======|

----- End of picture text -----

There are no recognised gains or losses for either 2020 or 2019, other than those included in the Statement of Financial Activities.

All incoming resources and resources expended derive from continuing activities.

13

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Statement of Financial Activities For the year ended 31 December 2019

Unrestricted funds Unrestricted funds Restricted
Note General Designated Restricted Permanent Total
Funds Funds Funds Endowment Funds
Fund 2019
£ £ £
£		 £
Income and endowments from:
Donations 4 5,542 - 2,205
-		 7,747
Other trading activities 5 300,578 - -
-		 300,578
Investments 7 61,428 12,639 20,084
356		 94,507
Other 8 78,480 - -
-		 78,480
__ __ __
__		 __
Total income 446,028 12,639 22,289
356		 481,312
__ __ __
__		 __
Expenditure on:
Raising funds 14,614 - -
-		 14,614
Charitable activities 9 487,784 - 17,059
-		 504,843
__ __ __
__		 __
Total expenditure 502,398 - 17,059
-		 519,457
__ __ __
__		 __
Net income/(expenditure) and
net movement in funds before
gains and losses on investments (56,370) 12,639 5,230
356		 (38,145)
Net gains on investments 181,918 37,423 59,471
1,055		 279,867
__ __ __
__		 __
Net income 125,548 50,062 64,701
1,411		 241,722
Transfers between funds 118,595 - (118,595)
-		 -
__ __ __
__		 __
Net movement in funds 244,143 50,062 (53,894)
1,411		 241,722
Reconciliation of funds
Total funds brought forward 4,236,740 317,733 623,518
8,960		 5,186,951
__ __ __
__		 __
Total funds carried forward 4,480,883 367,795 569,624
10,371		 5,428,673
======= ======= =======
=======		 =======

14

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND BALANCE SHE AS AT 31 DECEMBER 2020 2020 2019 Note Fixed 455ets Freehold property her tangible gS5eis Invc51ments Heritsge assets 2582.372 6.407 ?ffj49,004 98,000 2.617.792 6.493 2.436.035 98.1)00 12 13 14 SJ35.783 5.158.320 Cllrrent assets Slock of the Juki publicaiion De￿015 Current ￿et invesiments c￿ on currcnt account and in hand 2.432 114,B26 99.294 43.429 2,525 16.781 226.349 74,010 269,981 419,665 Liabilities Credilor5- amounts fdiingdue within one year 16 (168.604) (149.3121 Net ¢urTeDt a55ets IO1J77 270J53 Net 8ssots 5.437.160 5.428.673 Tbe funds of the chjrlir. UnTe￿n¢1ed- Gener . Desig￿ed 19 24 4.448.319 369.566 608.175 4,480,883 367,795 569.6?4 10,371 Restricicd Pennaneni endowment 24 Tol21 chArlty fuJd5 5,437.160 5,428,673 The nthes 4)n pages 17 ts 34 forn part of Ilv aCco￿tt These reports and finanei31 sEateTnents were approved by Council ai their meeting on 29 April 2021 and ￿tre signed on their behalf by: Professor A J Siockwell Presldent L Knight 15

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

2020 2019
Notes £ £
Net cash used in operating activities 22 (120,412) (44,144)
___ ___
Cash flows from investing activities:
Interest and dividends 74,489 94,507
Purchase of fixed assets (9,030) (6,493)
Proceeds from sale of investments 387,476 167,956
Purchase of investments (490,159) (214,441)
Proceeds from current asset investments 127,055 24,454
___ ___
Net cash generated from investing activities 89,831 65,983
___ ___
Change in cash and cash equivalents in the year (30,581) 21,839
Cash and cash equivalents brought forward 74,010 52,171
___ ___
Cash and cash equivalents carried forward 43,429 74,010
======== =========

16

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1 Accounting Policies

Charity information

The Royal Asiatic Society of Great Britain and Ireland is incorporated by a Royal Charter dated 11 August 1824, together with a Supplemental Charter granted by Her Majesty Queen Elizabeth II under Her Sign Manual dated 11 November 1988.

a) Basis of preparation

The financial statements have been prepared in accordance with the Charities Act 2011 and “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)”. The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have been prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value.

The Trustees consider that there are no material uncertainties regarding the Trust’s ability to continue as a going concern. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Society are the level of investment return and the performance of investments.

b) Incoming resources

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Rental income is recognised on the accruals basis; rent free periods are apportioned over the life of the lease.

c) Donations

Donations to the Society are provided either as:

  1. contributions to the Society's general purpose funds; or

  2. a specific donation for a separate and distinct project or purpose.

Contributions to the Society's general purpose funds are firstly applied to supplementing the Society's ongoing requirements for operational funding, but any surplus funds are then added to the Society's endowment to enhance its capacity to support and expand its core objectives on a long-term basis.

Donations provided for a separate and distinct project or purpose can be provided either for a one-off project or in the form of a designated fund, the income from which can be applied annually to support the donor's desired objective. In either case, the Society will consult fully with the donor and provide a detailed account statement to demonstrate how the funds have been employed.

Any donation will be applied to the Society's general purpose funds, unless the donor specifies the donation as being for a separate and distinct project or purpose.

d) Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note 9 below.

17

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

e) Taxation in relation to Gift Aid

Income tax recoverable in respect of subscriptions received under Gift Aid is brought into account up to the end of the fiscal year ending within the calendar year.

f) Allocation of overhead and support costs

Overheads and support costs are allocated first between charitable activity and governance. Overhead and support costs relating to charitable activities are apportioned to departments based on the staff salaries in that department as a percentage of total staff salaries.

g) Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

h) Charitable activities

Costs of charitable activities include costs related to the library, journal, and events. Included within the costs is an apportionment of overhead and support costs, as shown in note 9.

i) Raising funds

The cost of raising funds consists of investment management fees.

j) Freehold buildings

The freehold property is carried in the accounts at historic cost.

Depreciation is provided at a rate of 2% per annum on a straight line basis on the estimated building element of the cost of the property from the date of occupation.

k) Furniture, Fittings and Equipment

Furniture, fittings and equipment are shown at cost and written off over their useful lives. Depreciation is provided on furniture, fittings and equipment, calculated to write off the cost on a straight line basis over their estimated useful lives as follows:

Furniture and Fittings 20% per annum Equipment 25% per annum

l) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

m) Current asset investments

The current asset investments represent the balances held by the charity’s investment fund managers.

n) Stock of Publications for Sale

Stock of the Juki book is valued at the lower of cost and net realisable value.

No value is taken in the accounts of the stock of the charity's other own publications for sale, on the grounds that the cost figure would be difficult to ascertain and the saleability is uncertain.

18

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

o) Heritage assets

The Society holds and maintains a collection of heritage assets principally for their contribution to the knowledge and culture of Asia. These heritage assets have been published in the Society’s monographs, such as the 2010 Muhammad Juki Shahnama , the Society’s specific Catalogues and periodic Journals now available on-line, and are generally accessible through the Society’s website www.royalasiaticsociety.org.

These heritage assets were received as donations in the nineteenth and early twentieth century and have never been formally valued. The Trustees consider that owing to the diverse nature of the assets held, conventional valuation approaches lack sufficient reliability and that, even if valuations could be obtained, the costs would be onerous compared with the additional benefits derived by the Society and users of the accounts. Therefore the Society does not recognise these heritage assets on its Balance Sheet. Any costs associated with or income derived from holding these heritage assets is recognised in the Society’s Income and Expenditure Account. Three manuscripts: the Muhammad Juki Shahnama (RAS Ms. 239), the Gulistan (‘Rose Garden’) of the Persian poet Sa’di (RAS Ms 258) and the Kitab-i Mathnawiyyat-i Zafar Khan (RAS Ms 310) are deposited on long loan at the University Library, University of Cambridge.

Any items purchased are capitalised at cost and, as they become obsolete or out of date or unusable, they are scrapped and the original cost is written off to the income and expenditure account in full. The items held therefore maintain high residual values in relation to costs and, due to this, they are not depreciated. The Charity maintains an appropriate register of its assets in order to apply this accounting policy.

19

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2 The Funds of the charity The following is a brief description of the objects and purpose of the Funds. A Statement of Financial Activities for each of the Designated Unrestricted and Restricted Funds is included on pages 35 - 36.

Restricted funds:

Permanent Endowment

Dr. B. C. Law Trust Fund

Established by a donation of 12,000 Indian Rupees by Dr B C Law in 1935. The income to be used for the publication of original works on Buddhism, Jainism or the history or geography of Ancient India.

Other Restricted Funds

The Barwiss-Holliday Fund

Established in 1977 by the donation of investments to the value of £690 by Major I.E. Barwiss-Holliday and supplemented by a bequest of £1,000 from the estate of the donor. The income to be used to finance a monetary award for a paper upon a Far-Eastern subject to be published in the Journal of the Royal Asiatic Society.

The James G. R. Forlong Fund

Derives from a bequest included in a Will made by Major-General Forlong in 1901. Initiated in 1923 with the income to be used for the "encouragement of the study of the religions, history, character, languages and customs of Eastern races" and within this definition to be devoted to the funding of scholarships and the publication of short works on these subjects.

The Monograph Fund

Established in 1904 for the publication of original works on Oriental subjects.

The Oriental Translation Fund

Originally established in 1828 and financed from a subsidy received from the East India Company. The Fund was revived c.1888 from financial support from certain Fellows. Established “for translating and publishing such interesting and valuable works on Eastern History, Science and belles-lettres as are still in Ms." The translated text to be accompanied by the original text printed separately.

The Dr O. W. Samson Fund

Established by the late Mrs. E Samson as a gift in memory of her late husband. Mrs. Samson verbally expressed the wish that the income be used for the award of scholarships for research in Oriental subjects or to mount study groups or seminars devoted to such subjects.

The Prize Publication Fund

Founded in commemoration of Queen Victoria's Diamond Jubilee from subscriptions donated in the Madras Presidency for the award of a gold medal. Initiated in 1906. It was subsequently agreed that the Fund could also be used for the publication of original works connected with the history and geography of the former Indian Empire.

The Universities Prize Essay Fund

Established in 1901 by donations made by certain Chiefs and Gentlemen of Southern India as the Public School Prize and Essay Fund. Amended to the present title under a scheme made by the Board of Education on 15 December 1931. The income to be applied to provide a Prize (in cash or gold medal) for an essay or treatise on an Indian or Oriental subject to be competed for by students of Universities in the United Kingdom and the Republic of Ireland.

The Ibrahim Pasha of Egypt Fund

The fund was established in June 2001 following the receipt of a donation of a little over $100,000 (£75,992) from Princess Fazile Ibrahim. The Purpose of the fund is to publish Ottoman documents from archives and manuscripts up to 1839.

20

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

The Bayly Fund

The Bayly prize was established in 2018 to mark the outstanding contribution of Professor Sir Christopher Bayly to world history, especially to the study of Asia. The Prize will be awarded, either annually or as funds permit, for a distinguished dissertation on an Asian topic that would fall within the scope of the Journal of the Royal Asiatic Society or of Modern Asian Studies, and which has been approved for the PhD degree by a British university either in the previous calendar year or since the Prize was last awarded. The Prize was funded by generous donations from friends and colleagues of Professor Bayly and generous contributions from The Past & Present Society, The Wolfson Foundation, The Thriplow Charitable Trust, Cambridge University Press, and Wiley-Blackwell. The Prize will be of the order of £2,500.

The David Morgan Prize

The David Morgan prize was set up to mark the scholarship of Professor David Morgan. He was the editor of the RAS Journal from the mid-1980s until the start of this century. Through his editorship, rigorous research on the history, thoughts and values of the Mongols and other Asian cultures, was made widely available.

His impact on learning and thought went further than just publishing. He nurtured a sense of enquiry and constructive critical thought in so many, from undergraduates through to early career colleagues. Professor Peter Frankopan has donated £5,000 to the Society for a prize in David’s memory.

The fund should be used to provide a small annual award to the author of a Journal article published during a calendar year. Entry is restricted to those who have completed their PhDs within the last 10 years to reflect David’s commitment to education and to the encouragement of younger scholars.

Designated Funds (unrestricted):

The Rylands Fund

The bequest was not specific as to the use to which it could be put. Agreed by the Council of the charity that it be used for publications.

The Storey Fund

From a bequest by the late Professor C A Storey. The bequest did not stipulate the purpose to which the monies were to be put. Agreed by the Council of the charity that the principal and interest be used towards the completion and publication of a bio-bibliographical survey of Persian Literature commenced by Professor Storey, the first installment of which had appeared in 1927.

The Wales Fund

The bequest received by the charity in 1995 from the late Mrs. Dorothy Wales did not stipulate the purpose to which it should be put. Agreed by Council that the income received from the capital be applied to such charitable objects as Council may from time to time determine.

Other Funds

These are donations given to the Society in response to successful applications for grants for specific work on the RAS collection from trusts or from institutions and individuals who wish to offer support for a specific project and will be used as designated by the application.

3 Reimbursements to Council Members for expenditure incurred

During the year one member of the Council received reimbursements of £124 (2019: £Nil) for travel expenses incurred in attending the Annual General Meeting.

21

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4 Donations – 2020

4 Donations – 2020 Donations – 2020
Unrestricted Designated Restricted Total funds Total funds
Funds Funds Funds 2020 2019
£ £ £ £ £
Donation to Bayly Prize - - 165 165 2,205
Donation to Morgan
Memorial Prize - - 5,000 5,000 -
Donations received towards
contributions to pension schemes 3,000 - - 3,000 3,000
Other donations 12,597 - - 12,597 2,542
__ __ __ __ __
15,597 - 5,165 20,762 7,747
======= ======= ======= ======= =======
4 Donations - 2019
Unrestricted Designated Restricted Total funds
Funds Funds Funds 2019
£ £ £ £
Donation to Bayly Prize - - 2,205 2,205
Donations received towards
contributions to pension schemes 3,000 - - 3,000
Other donations 2,542 - - 2,542
__ __ __ __
5,542 - 2,205 7,747
======= ======= ======= =======
5 Other trading activities – 2020
Unrestricted Designated Restricted Total funds Total funds
Funds Funds Funds 2020 2019
£ £ £ £ £
Subscriptions 53,943 - - 53,943 60,127
Merchandising 805 - - 805 2,627
Journal (note 6) 104,920 - - 104,920 108,971
Hire of facilities 42,777 - - 42,777 113,092
Juki publications 144 - - 144 300
Publications 1,089 - - 1,089 2,536
ERC Project 6,719 - - 6,719 10,011
Courses - - - 2,714
Other fundraising activities - - - - 200
__ __ __ __ __
210,397 - - 210,397 300,578
======= ======= ======= ======= =======

22

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5 Other trading activities – 2019

Unrestricted Designated Restricted Total funds
Funds Funds Funds 2019
£ £ £ £
Subscriptions 60,127 - - 60,127
Merchandising 2,627 - - 2,627
Journal (note 6) 108,971 - - 108,971
Hire of facilities 113,092 - - 113,092
Juki publications 300 - - 300
Publications 2,536 - - 2,536
ERC Project 10,011 - - 10,011
Courses 2,714 - - 2,714
Other fundraising activities 200 - - 200
__ __ __ __
300,578 - - 300,578
======= ======= ======= =======

6 Journal income

Journal income
2020 2019
£ £
Sales by Cambridge University Press 101,839 98,766
Sales of the_JRAS_digital archive 3,081 10,205
_ _
104,920 108,971
====== =======

7 Analysis of investment income - 2020

Unrestricted Designated Restricted Total funds Total funds
Funds Funds Funds 2020 2019
£ £ £ £ £
Investment income 43,190 9,430 14,870 67,490 88,102
Interest 4,479 977 1,543 6,999 6,405
__ __ __ __ __
Total investment income 47,669 10,407 16,413 74,489 94,507
======= ======= ======= ======= =======

The apportionment of income is based on the proportion of the specific funds held at the beginning of the year.

23

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7 Analysis of investment income - 2019

Unrestricted Designated Restricted Total funds
Funds Funds Funds 2019
£ £ £ £
Investment income 57,266 11,782 19,054 88,102
Interest 4,162 857 1,386 6,405
__ __ __ __
Total investment income 61,428 12,639 20,440 94,507
======= ======= ======= =======
8 Analysis of other income – 2020
Unrestricted Designated Restricted Total funds Total funds
Funds Funds Funds 2020 2019
£ £ £ £ £
Rent 78,189 78,189 78,480
======= ======= ======= ======= ========
8 Analysis of other income – 2019
Unrestricted Designated Restricted Total funds
Funds Funds Funds 2019
£ £ £ £
Rent 78,480 - - 78,480
======= ======= ======= =======

24

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

9 Charitable activities (including allocation of support costs and overheads) - 2020

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Charitable activities| |2020|Publications,|2019| |Total|Cultural Digitisation, Fundraising|Total|Basis of| |Cost type|allocated Governance Library Journal|Events|& ERC|& other|allocated|apportionment| |£|£|£|£|£|£|£|£| |Staff costs|244,775|146,064|62,203|36,508|-|-|-|230,020|Actual cost incurred| |Other direct costs|101,289|-|369|52,486|4,842|1,696|41,896|112,222|Actual cost incurred| |House and building|64,601|38,549|16,417|9,635|-|-|-|77,479|Staff cost| |Administration|35,879|21,410|9,118|5,351|-|-|-|28,928|Staff cost| |Depreciation|44,536|26,576|11,318|6,642|-|-|-|42,914|Staff cost| |Legal and agency costs|800|800|-|-|-|-|-|5,280|Actual cost incurred| |Other professional costs|8,000|8,000|-|-|-|-|-|8,000|Actual cost incurred| |_|_ _ _ _|_|_|_| |499,880|241,399|99,425 110,622|4,842|1,696|41,896|504,843| |======|====== ====== ====== ======|======|======|======|

----- End of picture text -----

Other professional costs include audit fees of £8,000 (2019: £8,000). Other non-audit services were provided by the auditors including payroll services of £990 (2019: £780) and accountancy services of £7,200 (2019: £7,200). These costs are included within administration.

25

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

9 Charitable activities (including allocation of support costs and overheads) – 2019

Charitable activities Charitable activities Charitable activities
Publications, 2019
Cultural Digitisation, Fundraising Total Basis of
Cost type Governance Library Journal Events & ERC & other allocated apportionment
£ £ £ £ £ £ £
Staff costs 136,933 59,362 33,725 - - - 230,020 Actual cost incurred
Other direct costs - 2,998 51,088 13,674 3,361 41,101 112,222 Actual cost incurred
House and building 46,124 19,995 11,360 - - - 77,479 Staff cost
Administration 17,221 7,466 4,241 - - - 28,928 Staff cost
Depreciation 25,547 11,075 6,292 - - - 42,914 Staff cost
Legal and agency costs 5,280 - - - - - 5,280 Actual cost incurred
Other professional costs 8,000 - - - - - 8,000 Actual cost incurred
_ _ _ _ _ _ _
239,105 100,896 106,706 13,674 3,361 41,101 504,843
====== ====== ====== ====== ====== ====== ======

26

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10 Employee information

10.1 Staff costs

Staff costs
2020 2019
£ £
Wages and salaries 213,630 202,126
Social security costs 15,208 16,993
Contributions to pension schemes 15,937 10,901
__ __
244,775 230,020
======= =======

No single employee received remuneration exceeding £60,000 per annum. Key management remuneration amounts to £95,575 (2019: £95,907).

10.2 Staff numbers

The average number of employees during the year was as follows:

The average number of employees during the year was as follows:
2020 2019
No. No.
Direct charitable activity 7 7
======= =======
Included in the above are 4 part-time employees (2019: 4).

10.4 Pension costs

In 2002, the Society introduced a Stakeholder Pension Scheme for permanent employees, to which the Society contributes. The Society also participates in the pension auto-enrolment scheme. There is no further liability upon the Society for the payment of a pension on retirement to any present or past employees.

The charge for the year in respect of the above pension schemes was £15,937 (2019: £10,901) of which £3,000 (2019: £3,000) was covered by donations received for that purpose.

10.5 Volunteers’ services

In addition to salaried employees and contributions of time by Trustees without remuneration, other volunteers contributed time to the charity by providing professional and other services during the year. Due to the difficulty in determining their value, contributed services are not recorded in the financial statements.

27

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11 Freehold property
£
Cost
At 1 January 2020 3,218,598
Additions 7,493
__
At 31 December 2020 3,226,091
`
__
Depreciation
At 1 January 2020 600,806
Charge for the year 42,913
__
At 31 December 2020 643,719
__
Net book value
31 December 2020 2,582,372
=======
31 December 2019 2,617,792
=======
12 Other tangible fixed assets
Equipment
£
Cost
At 1 January 2020 52,748
Additions 1,537
__
At 31 December 2020 54,285
__
Depreciation
At 1 January 2020 46,255
Charge for year 1,623
__
At 31 December 2020 47,878
__
Net book value
31 December 2020 6,407
=======
31 December 2019 6,493
=======

28

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

13 Investments

Analysis of investment portfolio (at Market Value)

2020 2019
£ £
Fixed interest 184,037 323,317
Equities 2,138,524 1,810,807
Alternatives 326,443 301,911
__ __
2,649,004 2,436,035
Cash held within investment 99,294 226,349
__ _
2,748,298 2,662,384
======= =======
Historical cost on non-cash investments 2,011,206 1,942,103
======= =======
Movement in investments
2020 2019
£ £
Market value at 1 January 2,436,035 2,109,683
Additions 490,159 214,441
Disposal proceeds (387,476) (167,956)
Unrealised gains 156,610 268,769
Realised (losses)/gains during the year (46,324) 11,098
__ __
Market value at 31 December 2,649,004 2,436,035
======= =======

29

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14 Heritage assets
£
Cost
At 1 January 2020 and 31 December 2020 98,000
__
Depreciation
At 1 January 2020 and 31 December 2020 -
__
Net book value
31 December 2020 98,000
=======
31 December 2019 98,000
=======
15 Debtors
2020 2019
£ £
Trade debtors - 2,444
Prepayments and accrued income 39,710 24,723
Due from Cambridge University Press 85,116 89,614
__ __
124,826 116,781
======= =======
16 Current liabilities - creditors
2020 2019
£ £
Accruals and deferred income 107,833 83,561
Due to Cambridge University Press 52,445 51,088
Taxes and social security costs 4,684 4,920
VAT payable 3,642 9,743
__ __
168,604 149,312
======= =======

17 Taxation status

The Society’s charitable activities fall within the exemptions afforded by section 466 to 493 Corporation Tax Act 2010. Accordingly, there is no corporation tax charge in these accounts. The Society is registered for Value Added Tax.

30

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

18 Analysis of net assets between funds - 2020

Permanent
Unrestricted Restricted Endowment
General Designated Funds Fund Total funds
£ £ £ £ £
Freehold property and fixtures 2,582,372 - - - 2,582,372
Other tangible assets 6,407 - - - 6,407
Investments 1,660,163 369,566 608,175 11,100 2,649,004
Heritage assets 98,000 - - - 98,000
Net current assets 101,377 - - - 101,377
__ __ __ __ __
4,448,319 369,566 608,175 11,100 5,437,160
======= ======= ======= ======= =======

18 Analysis of net assets between funds - 2019

Permanent
Unrestricted Restricted Endowment
General Designated Funds Fund Total funds
£ £ £ £ £
Freehold property and fixtures 2,617,792 - - - 2,617,792
Other tangible assets 6,493 - - - 6,493
Investments 1,488,245 367,795 569,624 10,371 2,436,035
Heritage assets 98,000 - - - 98,000
Net current assets 270,353 - - - 270,353
__ __ __ __ __
4,480,883 367,795 569,624 10,371 5,428,673
======= ======= ======= ======= =======

19 Analysis of charitable funds

Analysis of charitable funds
Fund as at
Balance as at Incoming Resources Gains 31 Dec
1 Jan 2020 resources expended & losses 2020
£ £ £ £ £
Unrestricted funds – General 4,480,883 380,746 (483,887) 70,577 4,448,319
Unrestricted funds – Designated 367,795 10,407 (24,045) 15,409 369,566
Restricted funds 569,624 21,284 (6,598) 23,865 608,175
Permanent Endowment Fund 10,371 294 - 435 11,100
__ __ __ __ __
5,428,673 412,731 (514,530) 110,286 5,437,160
======= ======= ======= ======= ========

31

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

20 Capital commitments

The Society has no capital expenditure contracted for future periods.

21 Financial commitments

At 31 December the charity had total commitments under operating leases as follows:

Plant and equipment
2020 2019
£ £
Within one year 3,173 3,173
Between two and five years - 3,173
___
___
3,173 6,346
========
========
The above financial commitment relates to an office photocopier.
Reconciliation of net movement in funds to net cash flow from operating activities
2020 2019
£ £
Net movement in funds 8,487 241,722
Depreciation 44,536 42,914
Investment income (74,489)
(94,507)
Gains on investments (110,286)
(279,867)
Decrease in stock 93 194
(Increase)/decrease in debtors (8,045)
20,797
Increase in creditors 19,292 24,603
___ ___
Net cash used in operating activities (120,412)
(44,144)
======== ========

The above financial commitment relates to an office photocopier.

22 Reconciliation of net movement in funds to net cash flow from operating activities

23 Analysis of changes in net debt

The Society had no debt during the year.

32

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

24 Movements to designated unrestricted funds, permanent endowment and restricted funds – 2020

Incoming Resources
Donations and other income
Investment income &
interest
Total
Resources expended
Net Incoming Resources
Other Recognised Gains &
Losses
Net Movement in funds
Balances b/fwd 01/01/2020
Balances c/fwd 31/12/2020		 UNRESTRICTED
FUNDS		 DESIGNATED FUNDS PERMANENT
ENDOWMENT		 RESTRICTED FUNDS
General Storey
Fund
Rylands
Fund
Wales
Fund
Other
Funds		 BC Law
Fund		 Barwiss
Holliday
James
GR
Forlong
Monograph
Fund
O.T.F
Fund
OW
Samson
Fund
P.P.F
Fund
University
Prize
Essay
Fazile
Ibrahim
Bayly
Prize
Morgan
Prize
333,077
47,669		 £
£
£
£
-
-
-
-
2,622
738
6,386
661		 £
-
294		 £
£
£
£
£
£
£
£
£
£
-
-
-
-
-
-
-
-
165
5,000
549
3,173
451
1,414
1,394
617
295
6,173
2,053
-
380,746
(483,887)		 2,622
738
6,386
661
(24,045)
-
-
-		 294
-		 549
3,173
451
1,414
1,394
617
295
6,173
2,218
5,000
-
-
-
(300)
-
-
-
(2,156)
(4,142)
-
(103,141)
70,577		 (21,423)
738
6,386
661
3,883
1,092
9,455
979		 294
435		 549
3,173
451
1,114
1,394
617
295
4,017
(1,924)
5,000
812
4,698
669
2,093
2,064
914
436
9,140
3,039
-
(32,564)
4,480,883		 (17,540)
1,830
15,841
1,640
92,678
26,075
225,668
23,374		 729
10,371		 1,361
7,871
1,120
3,207
3,458
1,531
731
13,157
1,115
5,000
19,388
112,136
15,964
49,958
49,266
21,811
10,406
218,160
72,535
-
4,448,319 75,138
27,905
241,509
25,014		 11,100 20,749
120,007
17,084
53,165
52,724
23,342
11,137
231,317
73,650
5,000

33

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

24 Movements to designated unrestricted funds, permanent endowment and restricted funds – 2019

designated un restricted funds, permanent e ndowment and restricted funds– 2019
Incoming Resources
Donations and other income
Investment income &
interest
Total
Resources expended
Net Incoming Resources
Other Recognised Gains &
Losses
Net income
Transfers between funds
Net Movement in funds
Balances b/fwd 01/01/2019
Balances c/fwd 31/12/2019		 UNRESTRICTED
FUNDS		 DESIGNATED FUNDS PERMANENT
ENDOWMENT		 RESTRICTED FUNDS
General Storey
Fund
Rylands
Fund
Wales
Fund
Other
Funds		 BC Law
Fund		 Barwiss
Holliday
James
GR
Forlong
Monograph
Fund
O.T.F
Fund
OW
Samson
Fund
P.P.F
Fund
University
Prize
Essay
Fazile
Ibrahim
Bayly
Prize
Manning
Trust
384,600
61,428		 £
£
£
£
-
-
-
-
3,185
896
7,755
803		 £
-
356		 £
£
£
£
£
£
£
£
£
£
-
-
-
-
-
-
-
-
2,205
-
666
3,853
548
1,734
1,693
750
357
7,906
2,577
-
446,028
(502,398)		 3,185
896
7,755
803
-
-
-
-		 356
-		 666
3,853
548
1,734
1,693
750
357
7,906
4,782
-
-
-
-
(500)
-
-
-
(11,909)
(4,650)
-
(56,370)
181,918		 3,185
896
7,755
803
9,430
2,653
22,962
2,378		 356
1,055		 666
3,853
548
1,234
1,693
750
357
(4,003)
132
-
1,973
11,410
1,624
5,134
5,013
2,219
1,059
23,410
7,629
-
125,548
118,595		 12,615
3,549
30,717
3,181
-
-
-
-		 1,411
-		 2,639
15,263
2,172
6,368
6,706
2,969
1,416
19,407
7,761
-
-
-
-
-
-
-
-
-
-
(118,595)
244,143
4,236,740		 12,615
3,549
30,717
3,181
80,063
22,526
194,951
20,193		 1,411
8,960		 2,639
15,263
2,172
6,368
6,706
2,969
1,416
19,407
7,761
(118,595)
16,749
96,873
13,792
43,590
42,560
18,842
8,990 198,753
64,774
118,595
4,480,883 92,678
26,075
225,668
23,374		 10,371 19,388
112,136
15,964
49,958
49,266
21,811
10,406
218,160
72,535
-

34