Charity No. 209629 ROYAL ASIATtC SOCIETY OF GREAT BIUTAIN AND IRELAND (lllE ROYAL ASIATIC SOCIETY) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Hackeryoung charter Accwntants
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
CONTENTS
| Page(s) | |
|---|---|
| Professional advisors and principal office | 1 |
| Report of the Trustees | 2 - 8 |
| Independent auditor’s report | 9 - 11 |
| Statement of financial activities | 12 - 13 |
| Balance sheet | 14 |
| Statement of cash flows | 15 |
| Notes to the financial statements | 16 - 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
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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2022. 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 2022 were as follows:
Officers (all posts served on an Honorary basis) Professor S Ansari (President, elected May 2021) Dr B Brend (Vice-President, retired May 2022) Dr G Johnson (Vice-President, elected May 2022) Mr L Knight (Treasurer, retired May 2022) Mrs E Robb (Treasurer, elected May 2022)
Members
| Members | |
|---|---|
| (elected or retired at the | Anniversary General Meeting in the year shown) |
| Mr P Basu | (elected May 2022) |
| Professor S Bhattacharya | (elected May 2021) |
| Mr F de Blois | (elected May 2021) |
| Mr R Blurton | (elected May 2022) |
| Dr B Brend | (elected May 2022) |
| Mr D Davis | (elected May 2019) |
| Dr H E Driver | (elected October 2020) |
| Dr A T Gallop | (elected October 2020) |
| Dr G Johnson | (retired May 2022) |
| Mr L Knight | (elected May 2022) |
| Dr R Llewellyn-Jones | (elected May 2022) |
| Dr F Melville | (retired May 2022) |
| Dr N Peabody | (elected May 2019) |
| Mrs E Robb | (elected May 2019) |
| Professor F Robinson | (elected May 2022) |
| Mr I Sedgwick | (elected October 2020) |
| Dr J Sokoly | (retired May 2022) |
| Professor D Swallow | (elected May 2021) |
| Dr D Taylor | (retired May 2022) |
| Dr S Whitfield | (retired May 2022) |
| Dr M Willis | (elected October 2020) |
Director and Secretary of the Council: Dr Alison Ohta
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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
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.
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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
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 Society had a successful and busy year throughout 2022 as things began to return to pre-Covid patterns of interaction and activity. The Society held a total of 29 lectures and book launches. The year began with a lecture by Dr. Farouk Yahya, ‘Talismans with the names of the Seven Sleepers of Ephesus’. The recipients of several prizes awarded in 2021 and 2022 were also included in the lecture programme. Dr. Mallika Leuzinger, winner of the 2021 Bayly Prize, spoke on ‘Amateur photography in and beyond twentiethcentury India’; Dr. Peter Alford Andrews and Professor Tim Williams, recipients of the Burton Medal, lectured on ‘the history of Eurasian tents’ and the Ancient Merv Project respectively. In November, Professors Carole and Robert Hillenbrand, recipients of the RAS Gold Medal 2019, lectured on ‘The Golden Age of the Turks? The Seljuqs in the World History of Rashid al-Din’ and ‘Ilkhanid Images of Majesty: the Seljuq monarchs in the World History of Rashid al-Din.’ The AGM lecture was given by the crime writer Vaseem Khan, ‘Killing Gandhi, Dante’s Divine Comedy, and India at the crossroads’.
In January 2022, the Société Asiatique celebrated its bicentenary and the Director gave a paper at the colloquium to celebrate this event in the Salle de Séances in the Palais de l’Institut de France on the close relationship that existed between the two societies in terms of members and their scholarly contributions. A workshop entitled Cultural Worlds at the Jaipur Court was held on Saturday 8th October to celebrate the publication of Masterpieces at the Jaipur Court edited by Dr. Mrinalini Venkateswaran and Dr. Giles Tillotson with contributions by several scholars who discussed their favourite object in the Maharaja Sawai Man Singh II Museum.
A book launch was held in November for the joint publication by the Society and Edinburgh University Press of Olly Akkerman’s A Neo-Fatimid Treasury of Books: Arabic Manuscripts among the Alawi Bohras of South Asia. The Society’s Librarian, Dr. Edward Weech also launched his book at the Society: Chinese Dreams in Romantic England: The Life and Times of Thomas Manning published by Manchester University Press. Manning was one of the first scholars of the Chinese language in Britain and held the position of Librarian for Chinese books at the Society.
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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The Bayly Prize continued to flourish. The winner of the Prize for 2022 was Dr. Sonia Wigh (Exeter) with the following finalists: Dr. Katie Campbell (Cambridge), Dr. Taushif Kara (Cambridge), Dr. Melyn McKay (Oxford), and Dr. Matthew Woolgar (Oxford). The prizes were awarded at a ceremony at the Society in January with short talks given by the recipients.
The David Morgan Memorial Lecture was given in October by Dr. Shivan Mahendrarajah on ‘Cicero’s ‘Endless Streams of Money’ and ‘the March of the Mongol Armies’. The David Morgan Memorial Prize, made possible by a generous donation from Professor Peter Frankopan, was awarded for the first time to Simon Berger (EHESS, Paris) for his article ‘Chinggis Khan Defeated: Plano Carpini, Juzjani and Symbolic origins of the Empire’ which appeared in the first issue of JRAS in 2021 with honorable mentions being given to Jonathan Lawrence (University of Oxford) and Ali Karimi, University of Pennsylvania.
A new prize was established by Dr. James Busuttil in honour of Professor Surya P. Subedi OBE KC DCL LLD for a published article or book on Nepal in any one year and the first prize will be awarded in 2023.
Journal of the Royal Asiatic Society
The Journal continued to thrive throughout 2022. One hundred and seventy-seven submissions were received from thirty countries with China and India accounting for around 20% of the material. The article which attracted the most online interest was ‘On the Origins of the Shrine of ‘Abd al-Samad in Natanz: The Case for a Revised Chronology’ by Richard McClary and Ana Marija Grbanovic, which was viewed 1,052 times with 695 views of the abstract.
In July, Derek Davis’ translation of Pushkin’s A Journey to Arzrum during the 1829 Campaign was published as a supplementary issue. To celebrate the publication an event was held at the Society with talks from Mr Davis, Dr Firuza Melville and former British ambassador to Russia, Sir Tony Brenton. A special issue on Sanskrit Literature was published in January 2022 guest edited by Professor Luther Obrock at the University of Toronto. For the October issue, a special colour edition was published for the first time entitled ‘Studies in Honour of Dr Barbara Brend.’ The festschrift was guest edited by Mehreen Chida-Razvi, Alison Ohta and Emily Shovelton and was launched with an event held at the Society.
The Journal Editorial Board was delighted to appoint Dr Bradley Camp Davis to the role of Book Review Editor. In his introductory blog post, Dr Davis outlined his plan to make the Journal’s reviews section “host to stimulating intellectual discussion of recent scholarship, including work in English and other languages. With solicited contributions from scholars in the globally framed and multi-disciplinary field of Asian studies, the Journal’s book reviews will place our readers at the leading edge of the worldwide academic conversation.”
The Library
Following the end of pandemic lock-down restrictions, the library was able to open as normal throughout 2022. Visitor numbers increased steadily, roughly returning to pre-pandemic levels, with 188 researcher visits and 316 remote enquiries representing almost identical figures to 2017. The number of visits from international users remained lower than before, but was steadily increasing.
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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
Increased use of online collections via the RAS Digital Library represented a lasting positive legacy of the pandemic years. During 2022, the Digital Library received 18,500 visits from 14,000 users, who viewed 65,000 pages. This represents a significant increase in the visibility of our collections, and is especially salutary considering that the main sources of online visitors were India, Malaysia, and Indonesia.
Nancy Charley returned as RAS Archivist in 2022. Library staff continued to make progress with long-term cataloguing and collection management goals, aided by the return of our volunteer programme to full capacity following the end of the pandemic. Dr Funda San (Yildiz Technical University) completed a yearlong project to assess the Society’s Turkish manuscripts, while Ruth Westoby completed an AHRC-CHASE placement to study the Society’s yoga manuscript collection, in relation to her doctoral studies at SOAS. We were also grateful to our volunteers Roger Parsons, Evgenia North, Jake Todd, Matt Mackenzie, Amina Khan, Fenny Green, Martyn Duncumb, and Chris Ashdown. The Society held a Collections Evening (inperson and online) in March 2022, to show how work with collections had continued during the pandemic. Library staff continued to be heavily involved in managing the Society’s online presence, including its blog and social media accounts.
Significant acquisitions included the archive of Sinologist Wei Wu Wei (Terence Stannus Gray), alongside the archive of the Conseil Bagrationi, managed by Gray and his wife, Natalia Bagrationi of Imereti, pertaining to the history of Georgia and the Caucasus. The Society also acquired an important collection of photos of Tibet and Sikkim from 1938-9, that were taken by Lieut.-Col. Fleming Mackenzie, alongside some of his diaries and personal papers.
The Society made some significant progress with digitization, notably the digitization of a collection of Akhbarat (court newsletters) pertaining to the reign of Mughal Emperor Aurangzeb, which are now freely accessible on the RAS Digital Library. This was sponsored by the Bharat Itihas Sanshodhak Mandal and Prof Rajeev Kinra. We also digitized two Malay manuscripts, including a rare Qur’an with interlinear Malay translation, sponsored by Dr Annabel Teh Gallop.
Financial Review
Income and Expenditure
Income has increased from £470,435 to £527,728, which includes project income of £102,204. Total income from the Journal has decreased slightly from £104,584 to £99,006 which was expected with decrease in archive sales. Subscription income has also fallen by over 2%. Long-rental income has been increased. Short-term rental income has picked up again after the effects of lock-down, helped by UCL resuming their rental agreement with us in September. The Society has had to negotiate the difficulties created by Covid by drawing more heavily on its investment income and aims to return to a position of normal trading income.
Total expenditure shows an increase from £550,179 for 2021 to £602,736 for 2022. This was partly caused by the increase in Journal costs however staff costs were reduced from £284,792 to £207,314. The Society at present holds a cash buffer of £91,920.
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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
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 £2.5 million. Depreciation of £43,000 will be charged annually in future periods. The Society continued to receive a valuable rental stream of £73,930 in 2022 compared with £71,574 in 2021.
Investments
The investment portfolio decreased in value from £2,933,494 at 31 December 2021 to £2,581,724 at 31 December 2022, given difficult market conditions and exceptional costs for the RAS. This was not helped by (internally-contested) instructions to keep a low cash reserve rather than a cash buffer in the portfolio and the need to raise extra cash. Over the same period total investment income increased from £82,600 to £91,878. The Society drew down £100,000 in tranches as a contribution to normal operating as well as exceptional costs including extra maintenance costs. Council policy is to treat increase in the portfolio’s real value, given the long-term performance of equities despite market fluctuations, as a reserve for unexpected exceptional expenditure and not for normal running costs. In past years it has usually been possible to meet that policy by limiting net contributions from the portfolio through income and efficiency savings. This year that has been prevented by reduced income, inflation and exceptional costs, but the Society’s overall financial position remains sound and secure.
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 2022.
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 2022 was £4,668,088 (2021: £5,007,866) of which £4,196,314 (2021: £4,543,646) is regarded as free reserves.
Outlook for 2023
Expenditure for 2023 will be higher with costs for the bicentennial celebrations, including the Tod volumes and the SOAS Exhibition, some of which will be recouped in 2024. The construction of HS2 seems to have stalled at the Euston end of the line and it is still not entirely clear whether there is still a significant risk to the Society. The Director will continue to monitor the situation. Under bylaws the Society reviews all its agreements for external services at regular intervals. This requirement has often not meant competitive tenders if service is satisfactory and investigation does not suggest change would be advantageous. A review is proposed in the coming year (2023/4) for audit and in 2024/5 for financial services. Overall, the Report and Financial Statements show that our fundamental position is strong. New financial arrangements for the Journal are being managed satisfactorily. The exceptional costs of the 2023 celebrations are being met. There are encouraging indications that activities will continue to flourish and that income will stabilise and improve. There is confidence that with the support of the Council and the goodwill of the staff, the Society will prosper and fulfil its mission under the Charter.
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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2022 TruJttt5' re5ponjibilitics ill reltiOD to tbe fiuD£il statements The Trustees are responsible for preparing the Tn&tts' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Siandards (Uniied Kingdom Generally Ac¢epted Accounting Pra¢ti¢e)- The law applicable to chariries in England and Wales requires the Trustees to prepare financial staMentS for th finan¢ial yeor which give a Irue aThJ fair view of the state of affairs of the charity and of the incoming resources aThJ application of resource5 of the charity for that period. In preparing these financial StementS, the Trustees are required to- select suiiable ac¢(wnting p)licies and then apply them COnSiSienily? observe the mdhods and principles in ihe Chariiies SORP- make judgem¢nts and ¢slimales that are reasonable and pnJeni" 51aie whether applicable accounting standards ar statements of recommended practice have been followed, subject to any material departUTes disclosed and explained in the financial statements. and prepare ihe financial staremeffls on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping Su1¢Ien1 accounting Tecords that disclose with reasonable accuracy at any lime th¢ financial posilion of ihe charity and enable them lo ensure that the financial statement5 comply with the Charities Act 2011, the Charity (Accounts and Rerts) Regulation5 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the charity and he¢ for laking reasonable steps for the preveniion and deteciion of fra and other irre8ulariiies. The Trustees are responsible for ih¢ maintenan¢e and integrity of the charity and financial inforlnation included on the ¢hariiy'$ websiie. Legislaiion in the Uniied Kingdom goveming the preparation and dissemination of finan¢i81 staiements may differ fTom legislaiion in otr jurisdictions. Audltow UHY Hacker Young have expressed their willingne55 lo continue as aaitorS. Statement of diwlos•re to Auditor So far as the Board of Trustees is aivare: there is no relevant audit infom110 ofwhich the clwity's auditors are umivare. and b) they have iaken all sieps that rhey oughi to have taken as Tntsiees in order to make theniselves aware of any relevanl audit information and to establish that the chariry's alI01S are aware of ihat informalion. Approved by the Trustees on I l May 2023 and signed on their behalf by: L¢wi, Professor S Ansayi President E Robb Tre*sMrer
UHY Hacker Young LLP Quadrant HOUSÈ 4 Thoma5 More Square LondDn E1W 1YW Hackeryoung Chartered Accountants INDEPENDENf AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND Opillion We have audited the financial statements of The Royal Asiatic S(Kiety of Great Britain and Ireland (the '¢harity') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance SheeL the Statetnent of Cash Flows and the notes to the financial statements. including signifi¢ant accounting policies. The financial rewTrrting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom G¢n¢rally A¢¢¢pt¢d AOuntIng Pra¢ti¢e). In our opinion, the financial stat¢m¢nts: give a true and fair view of the state of the chariws affairs as at 31 D¢c¢mb¢r 2022 and of its incoming resources and application of resources for the year then ended- have been properly pr¢par¢d in a¢cordanc¢ with United Kingdom Generally Accepted Accounting Practice,. and have be¢n pr¢par¢d in a¢¢ordan¢¢ with th¢ requir¢m¢nts of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our restKinsibilities under those standards are further described in th¢ Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of th¢ Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We lieve that the audii evidenee we have obtained is suificient and appropriaie to provide a basis for our opinion. Conclusions relating to going eoneerll In auditing th¢ financial statements. we have con¢luded that th¢ trustecs, use of the going concern basis of OUntIng in the preparation of th¢ financial stai¢m¢nt is appropriate. Based on the work we hav¢ perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or ¢oll¢¢tively, may cast significant doubt on the charity's ability to continue as a going concern for a p¢rtod of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the restK)nsibilities of the trustees with respect to 80in8 concern atr d¢s¢ribed in the relevant sections of this rew)rt. Other informatioll The other infotination comprises the inforniation included in the annual re)tt including the trustees, reFx)rt, other than the financial statements and our auditor's rewrt thereon. The trustees are responsible for the other information contained within the fmancial statements. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our repor¢ w¢ do not express any forni of assurance conclusion thereon.
UHY Macker Young LLP Quadrant House 4 Thomas More Squa London EIW IYW Hackeryoung CharterEd Accountants INDEPENDENf AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL ASIATIC SOCtETY OF GREAT BRAll¥ A]¥D IRELAND Our responsibility is to read the other information and. in doing so. Consider whether the other infoTTnation is materially inconsisteni with the financial statements or our knowledge obtained in Ihe ¢ourK of the audiL or otherwise appears to iK materially misslated. If we identify such material inconsistencies or apparent mat¢rial misStat¢m¢nts. w¢ arc rcquired to d¢temine whether the is a mat¢rial tnisstat¢m¢nt in the financial statements or a material misstatemenl of the other infomiation. If. based on the work we hav¢ perfortned, we conclude that there is a material misstatement of this other inforniation, we are required to r¢port that fact. We have nothing to report in this ffgard. Matters oll which we are required io report by eIeeptio In light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified any material misslatements in the trustees. report. We have nothing to report in respect of the following matters in relation to which the Charities Act 201 I requires us to report to you if. in our opinion= adequate a¢¢ounling re¢ords have not been k¢pL or retums ad¢qu4t¢ for our audit have not b¢¢n ¢ived from branches not visii¢d by us- or thc financial statcmcnts ar¢ not in agFeem¢nt with the a¢counting records and returns" or certain disclosures of trustees, remunerdtion specified by law are not made" or we hav¢ not rec¢ived all the inforniation and explanations we require for our audit. Responsibilities of truste As explained more fully in the Truslees, Reswnsibilities Ststement set out on page 8, the trustees are responsible for the prepardtion of the financial statements and for king satisfied that they give a true and fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of financial statements that are free from m8teTial misstalernenL whether due to fraud or error. In preparing the financial staments. the trustees are reswjnsible for assessing the Charity's ability to coniinue as a going concern. disclosing, as applicable, matters relaied io going Concern and using the going concern basis of &¢ounting unles5 the trustKs either intend io ¢ease operations, or have no r¢alisli¢ aliernative but lo do so. Auditor's responsibilities for ihe audit of the fiDan¢ial sla¢emeDts Our objectives are lo obtsin reasonable assurnnce about whether the financial ststements as a whole are free from mal¢rial misslat¢m¢nL wheth¢r due to fraud or error, and to issue an audito¢s report that includes our opinion. Reasonable assuranc¢ is a high level of assurance, but is not a guarantee that an audit conducted in a¢cordanc¢ with ISAS (UK) will always detect a material misststement when it exists. Misstatements aris¢ from fraud or error and ar¢ considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the b&sis of these financial statements. Irre8ulariti¢s, including fraud, are instances of non4ompliance with laws and regulations. We design procedures in line with our responsibilities, outlined aFM)ve, to detect material rnisstatements in respect of irregularities, including frdud. The extent to which our pttedures are capable of detecting irregularities, including fraud is detailed below.. io
UHY Hacker Young LLP Quadrant House 4 Thmas Mue Sqijare LoNlon E1W 1YW Hackeryoung Chartered Accountaffls INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAI Based on our understanding of the charity and the industy in which it operates, w¢ identified that thc priticipal risks of non-compliance with laws and rcgulations related to acts by th¢ charity which were contrary to applicable laws and regulalions including frau and we considered the extent to which non- compliance might have a material effect on the financial Statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial ststements such as the Charities Act 201 l. We evaluated management's incentives and opp)rtunilies for fraudulent manipulation of th¢ financial stateTnents (including the risk of override of controls), and dctcrmined that the principal risks w¢r¢ related to investment valuations and the charity's net income for the year. Audii pro¢edur¢5 EKrfornJed included.. review of the financial sthtement disclosures to uTrderlying supporting documentation, review of rew>rts received by us directly from Rathbones Investhjent Managers, enquiries of management and testing of journals and evaluating whether th¢r¢ wa5 cvidcnce of bia5 by the trustees th&t represented a risk of material misstatement due to fraud. There are inher¢nl limitations in the audit procedures described above and the further removed non- complian¢e with laws and regulations 15 from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of noi dctccting a material misststement due to fraud is higher than th¢ risk of not detecting one resulting from error. as fraud may involve deliberdte conlMent by. for exampl4 forgery or intentional misr¢pr¢senlations, or through Collusion. A further description of our resrM)nsibiliti¢s for the audit of the financial statements is lo¢at¢d on thc Finan¢ial Rcporting Council's website at.. htt =Ilwi¥w.fr¢.or .uklauditorsres nsibilities. This d¢s¢ription fornis part of our auditols reFOrt. Use of our report This report is made solely to the charity's members. as a ty. in accordance with Chapter 3 of Part 8 of the Charities Act 201 l and regulations made under section 154 of that Act. Our audit work has been undertak¢n so thal we might stale lo the charity's memEErs those matters w¢ are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or &ssume responsibility to anyone other than the charity and the charity's membeES as a b(NJy. for our audit work, for this report. or for the opinions we have formed. UHY Hacker Young Ch*rtered Accountsnts Date.. I l May 2023 UHY Hacker Young is eligible for apwintmeni as audiior of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
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|Funds|Funds|Funds Endowment|Funds|Funds|
|Fund|2022|2021|
|£|£|£|£|£|£|
|Income and endowments from:|
|Donations|4|11,488|5,000|110|-|16,598|40,504|
|Government grants|5|-|-|-|-|-|51,469|
|Other trading activities|6|246,448|98,874|-|-|345,322|224,288|
|Investments|8|56,679|13,221|21,580|398|91,878|82,600|
|Other|9|73,930|-|-|-|73,930|71,574|
|_|_|_|_ _ _|
|Total income|388,545|117,095|21,690|398|527,728|470,435|
|_|_|_|_ _ _|
|Expenditure on:|
|Raising funds|15,951|-|-|-|15,951|17,151|
|Charitable activities|10|522,989|62,761|1,035|-|586,785|533,028|
|_|_|_|_ _ _|
|Total expenditure|538,940|62,761|1,035|-|602,736|550,179|
|_|_|_|_ _ _|
|Net income/(expenditure) and|
|net movement in funds before|
|gains and losses on investments|(150,395)|54,334|20,655|398|(75,008)|(79,744)|
|Net loss on investments|(196,937)|(46,780)|(76,353)|(1,405)|(321,475)|366,694|
|_|_|_|_ _ _|
|Net movement in funds|(347,332)|7,554|(55,698)|(1,007)|(396,483)|286,950|
|Reconciliation of funds|
|Total funds brought forward|4,543,646|464,220|703,302|12,942 5,724,110 5,437,160|
|_|_|_|_ _ _|
|Total funds carried forward|4,196,314|471,774|647,604|11,935 5,327,627 5,724,110|
|=======|=======|=======|======= ======= =======|
----- End of picture text -----
There are no recognised gains or losses for either 2022 or 2021, other than those included in the Statement of Financial Activities.
All incoming resources and resources expended derive from continuing activities.
12
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
Statement of Financial Activities For the year ended 31 December 2021
| Unrestricted funds | Unrestricted funds | Restricted | ||||
|---|---|---|---|---|---|---|
| Note | General | Designated | Restricted | Permanent | Total | |
| Funds | Funds | Funds | Endowment | Funds | ||
| Fund | 2021 | |||||
| £ | £ | £ | £ |
£ | ||
| Income and endowments from: | ||||||
| Donations | 4 | 24,584 | 15,740 | 180 | - |
40,504 |
| Government grants | 5 | 51,469 | - | - | - |
51,469 |
| Other trading activities | 6 | 181,720 | 42,568 | - | - |
224,288 |
| Investments | 8 | 52,421 | 11,279 | 18,561 | 339 |
82,600 |
| Other | 9 | 71,574 | - | - | - |
71,574 |
| __ | __ | __ | __ |
__ | ||
| Total income | 381,768 | 69,587 | 18,741 | 339 |
470,435 | |
| __ | __ | __ | __ |
__ | ||
| Expenditure on: | ||||||
| Raising funds | 17,151 | - | - | - |
17,151 | |
| Charitable activities | 10 | 502,033 | 24,995 | 6,000 | - |
533,028 |
| __ | __ | __ | __ |
__ | ||
| Total expenditure | 519,184 | 24,995 | 6,000 | - |
550,179 | |
| __ | __ | __ | __ |
__ | ||
| Net income/(expenditure) and | ||||||
| net movement in funds before | ||||||
| gains and losses on investments | (137,416) | 44,592 | 12,741 | 339 |
(79,744) | |
| Net gains on investments | 232,743 | 50,062 | 82,386 | 1,503 |
366,694 | |
| __ | __ | __ | __ |
__ | ||
| Net movement in funds | 95,327 | 94,654 | 95,127 | 1,842 |
286,950 | |
| Reconciliation of funds | ||||||
| Total funds brought forward | 4,448,319 | 369,566 | 608,175 | 11,100 |
5,437,160 | |
| __ | __ | __ | __ |
__ | ||
| Total funds carried forward | 4,543,646 | 464,220 | 703,302 | 12,942 |
5,724,110 | |
| ======= | ======= | ======= | ======= |
======= |
13
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 No Fixed a53ets FTeehold property Other langible assets Investments Heritage assets 12 13 14 15 2,496,245 25.017 2,581.724 98,0(X) 2.539.308 38.337 2.933.494 98.000 5.200.986 5,609.139 Current 55ets Stock of the Juki publication Debtoys Current assei investhients Cash on current account and in hand 2.432 108.174 87.298 91.920 2,432 114.440 103,326 53.972 l6 289.824 274.170 LiAbilities Creditors: amounts falling due wiihin one year 17 (163.183) (159.199) Net ¢Mrr¢n¢ assets 126,641 114,971 Net assets 5J27.627 5.724.110 The funds of the ebrity: unrrieted- General - Designated 20 26 26 26 4.196,314 471,774 647.604 11,935 4.543,646 464,220 703.302 12.942 Restricted Permanent endowment Totgl ehgrity fuDds 5.327.627 5.724,110 The notes on pages 16 to 34 fomi part of these cOUnts. These reports and financial statements iyere appfoved by Council on I l May 2023 and were signed on theiT behalf by: Profess S Ansari Pr¢5ident E Robb Trusurer 14
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Net cash used in operating activities | 23 | (100,253) | (104,979) |
| ___ | ___ | ||
| Cash flows from investing activities: | |||
| Interest and dividends | 91,878 | 82,600 | |
| Purchase of fixed assets | - | (45,250) | |
| Proceeds from sale of investments | 372,145 | 527,396 | |
| Purchase of investments | (341,850) | (445,192) | |
| Proceeds/(purchases) of current asset investments | 16,028 | (4,032) | |
| ___ | ___ | ||
| Net cash generated from investing activities | 138,201 | 115,522 | |
| ___ | ___ | ||
| Change in cash and cash equivalents in the year | 37,948 | 10,543 | |
| Cash and cash equivalents brought forward | 53,972 | 43,429 | |
| ___ | ___ | ||
| Cash and cash equivalents carried forward | 91,920 | 53,972 | |
| ======== | ========= |
15
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 historical 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.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
c) Donations
Donations to the Society are provided either as:
-
contributions to the Society's general purpose funds; or
-
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.
16
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 10 below.
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 10.
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 historical 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.
17
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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.
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.
18
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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 33 - 34.
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. Barwis-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.
19
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
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. It was 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 Surya P. Subedi Fund
The fund was set up by Dr James J. Busuttil to honour the work and distinguished career of his friend and colleague Professor Surya P. Subedi OBE KC DCL LLD, Professor of International Law at the University of Leeds. The prize is awarded for the publication of a book or article on Nepal in English in any one calendar year. Dr James J. Busuttil has donated £5,000 to the prize and a further contribution of £7,500 to the Prize fund was made later by an anonymous benefactor. The Prize will be awarded on the recommendation of three judges appointed by the Society. The Society will be responsible for administering the Prize which will be presented in conjunction with a public lecture to be given by the winner at an open meeting of the Society. The value of the annual Prize is £500 (five hundred pounds).
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.
20
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
3 Reimbursements to Council Members for expenditure incurred
During the year one member of the Council received reimbursements of £962 (2021: £Nil) for expenditure incurred.
4 Donations
Donations – 2022
| Donations – 2022 | Donations – 2022 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Total funds | Total funds | ||
| Funds | Funds | Funds | 2022 | 2021 | ||
| £ | £ | £ | £ | £ | ||
| Donation to Bayly Prize | - | - | 110 | 110 | 180 | |
| Donation to Surya Subedi Fund | - | 5,000 | - | 5,000 | - | |
| Donations received towards | ||||||
| contributions to pension schemes | - | - | - | - | 3,000 | |
| Other donations | 11,488 | - | - | 11,488 | 37,324 | |
| __ | __ | __ | __ | __ | ||
| 11,488 | 5,000 | 110 | 16,598 | 40,504 | ||
| ======= | ======= | ======= | ======= | ======= | ||
| Donations – 2021 | ||||||
| Unrestricted | Designated | Restricted | Total funds | |||
| Funds | Funds | Funds | 2021 | |||
| £ | £ | £ | £ | |||
| Donation to Bayly Prize | - | - | 180 | 180 | ||
| Donations received towards | ||||||
| contributions to pension schemes | 3,000 | - | - | 3,000 | ||
| Other donations | 21,584 | 15,740 | - | 37,324 | ||
| __ | __ | __ | __ | |||
| 24,584 | 15,740 | 180 | 40,504 | |||
| ======= | ======= | ======= | ======= | |||
| 5 | Government grants | |||||
| Government grants - 2022 | ||||||
| Unrestricted | Designated | Restricted | Total funds | Total funds | ||
| Funds | Funds | Funds | 2022 | 2021 | ||
| £ | £ | £ | £ | £ | ||
| Coronavirus Job Retention Scheme | - | - | - | - | 23,469 | |
| Other government grants | - | - | - | - | 28,000 | |
| __ | __ | __ | __ | __ | ||
| Total investment income | - | - | - | - | 51,469 | |
| ======= | ======= | ======= | ======= | ======= |
21
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
5 Government grants (continued)
Government grants – 2021
| Unrestricted | Designated | Restricted | Total funds | |
|---|---|---|---|---|
| Funds | Funds | Funds | 2021 | |
| £ | £ | £ | £ | |
| Coronavirus Job Retention | Scheme 23,469 | - | - | 23,469 |
| Other government grants | 28,000 | - | - | 28,000 |
| __ | __ | __ | __ | |
| Total investment income | 51,469 | - | - | 51,469 |
| ======= | ======= | ======= | ======= |
6 Other trading activities
Other trading activities – 2022
| Unrestricted | Designated | Restricted | Total funds | Total funds | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | £ | |
| Subscriptions | 59,796 | - | - | 59,796 | 61,064 |
| Merchandising | 2,528 | - | - | 2,528 | 2,595 |
| Journal (note 7) | 99,006 | - | - | 99,006 | 104,584 |
| Hire of facilities | 62,276 | - | - | 62,276 | 6,116 |
| Publications | 7,631 | - | - | 7,631 | 489 |
| Project income | 3,330 | 98,874 | - | 102,204 | 47,991 |
| Other | 11,881 | - | - | 11,881 | 1,449 |
| __ | __ | __ | __ | __ | |
| 246,448 | 98,874 | - | 345,322 | 224,288 | |
| ======= | ======= | ======= | ======= | ======= |
Other trading activities – 2021
| Unrestricted | Designated | Restricted | Total funds | |
|---|---|---|---|---|
| Funds | Funds | Funds | 2021 | |
| £ | £ | £ | £ | |
| Subscriptions | 61,064 | - | - | 61,064 |
| Merchandising | 2,595 | - | - | 2,595 |
| Journal (note 7) | 104,584 | - | - | 104,584 |
| Hire of facilities | 6,116 | - | - | 6,116 |
| Publications | 489 | - | - | 489 |
| Project income | 5,423 | 42,568 | - | 47,991 |
| Other | 1,449 | - | - | 1,449 |
| __ | __ | __ | __ | |
| 181,720 | 42,568 | - | 224,288 | |
| ======= | ======= | ======= | ======= |
22
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
7 Journal income
| Journal income | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Sales by Cambridge University Press | 96,351 | 99,299 |
| Sales of theJRASdigital archive | 2,655 | 5,285 |
| _ | _ | |
| 99,006 | 104,584 | |
| ====== | ======= |
8 Analysis of investment income
Analysis of investment income - 2022
| Unrestricted | Designated | Restricted | Total funds | Total funds | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | £ | |
| Investment income | 53,028 | 12,369 | 20,560 | 85,957 | 79,519 |
| Interest | 3,651 | 852 | 1,418 | 5,921 | 3,081 |
| __ | __ | __ | __ | __ | |
| Total investment income | 56,679 | 13,221 | 21,978 | 91,878 | 82,600 |
| ======= | ======= | ======= | ======= | ======= |
The apportionment of income is based on the proportion of the specific funds held at the beginning of the year.
Analysis of investment income - 2021
| Unrestricted | Designated | Restricted | Total funds | |
|---|---|---|---|---|
| Funds | Funds | Funds | 2021 | |
| £ | £ | £ | £ | |
| Investment income | 50,468 | 10,858 | 18,193 | 79,519 |
| Interest | 1,953 | 421 | 707 | 3,081 |
| __ | __ | __ | __ | |
| Total investment income | 52,421 | 11,279 | 18,900 | 82,600 |
| ======= | ======= | ======= | ======= |
23
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
9 Analysis of other income
Analysis of other income – 2022
| Unrestricted | Designated | Restricted | Total funds | Total funds | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | £ | |
| Rent | 73,930 | - | - | 73,930 | 71,574 |
| ======= | ======= | ======= | ======= | ======== |
Analysis of other income – 2021
| Unrestricted | Designated | Restricted | Total funds | |
|---|---|---|---|---|
| Funds | Funds | Funds | 2021 | |
| £ | £ | £ | £ | |
| Rent | 71,574 | - | - | 71,574 |
| ======= | ======= | ======= | ======= |
24
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
10 Charitable activities (including allocation of support costs and overheads)
Charitable activities - 2022
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Charitable activities|
|2022|Publications,|2021|
|Total|Cultural Digitisation, Fundraising|Total|Basis of|
|Cost type|allocated Governance Library Journal|Events|& ERC|& other|allocated|apportionment|
|£|£|£|£|£|£|£|£|
|Staff costs|207,314|138,724|68,590|-|- - - 284,792|Actual cost incurred|
|Other direct costs|167,580|-|3,695|72,551|13,182|4,459|73,693|92,113|Actual cost incurred|
|House and building|94,966|63,551 31,415 -|-|-|-|74,254|Staff cost|
|Administration|45,712|30,590 15,122 - -|-|-|15,355|Staff cost|
|Depreciation|56,383|37,731 18,652|-|-|-|- 56,384|Staff cost|
|Legal and agency costs|6,330|6,330|-|-|-|-|-|1,630|Actual cost incurred|
|Other professional costs|8,500|8,500|-|-|-|-|-|8,500|Actual cost incurred|
|_|_ _ _ _|_|_|_|
|586,785 285,426 137,474 72,551 13,182 4,459 73,693 533,028|
|======|====== ====== ====== ======|======|======|======|
----- End of picture text -----
Other professional costs include audit fees of £8,500 (2021: £8,500). Other non-audit services were provided by the auditors including payroll services of £1,050 (2021: £1,650) and accountancy services of £7,200 (2021: £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 2022
10 Charitable activities (including allocation of support costs and overheads) (continued)
Charitable activities - 2021
| Charitable activities | Charitable activities | Charitable activities | ||||||
|---|---|---|---|---|---|---|---|---|
| 2021 | Publications, | |||||||
| Total | Cultural | Digitisation, Fundraising | Basis of | |||||
| Cost type | allocated | Governance | Library | Journal | Events | & ERC |
& other | apportionment |
| £ | £ | £ | £ | £ | £ |
£ | ||
| Staff costs | 284,792 | 149,500 | 66,157 | 69,135 | - | - |
- | Actual cost incurred |
| Other direct costs | 92,113 | - | 405 | 53,290 | 3,059 | 490 |
34,869 | Actual cost incurred |
| House and building | 74,254 | 45,384 | 20,086 | 8,784 | - | - |
- | Staff cost |
| Administration | 15,355 | 9,385 | 4,153 | 1,817 | - | - |
- | Staff cost |
| Depreciation | 56,384 | 34,462 | 15,252 | 6,670 | - | - |
- | Staff cost |
| Legal and agency costs | 1,630 | 1,630 | - | - | - | - |
- | Actual cost incurred |
| Other professional costs | 8,500 |
8,500 | - | - | - | - |
- | Actual cost incurred |
| _ | _ | _ | _ | _ | _ |
_ | ||
| 533,028 | 248,861 | 106,053 | 139,696 | 3,059 | 490 |
34,869 | ||
| ====== | ====== | ====== | ====== | ====== | ====== |
====== |
26
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
11 Employee information
11.1 Staff costs
| taff costs | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Wages and salaries | 185,465 | 250,804 |
| Social security costs | 11,483 | 12,660 |
| Contributions to pension schemes | 10,366 | 21,328 |
| __ | __ | |
| 207,314 | 284,792 | |
| ======= | ======= |
No single employee received remuneration exceeding £60,000 per annum. Key management remuneration amounts to £97,454 (2021: £95,575).
11.2 Staff numbers
The average number of employees during the year was as follows:
| The average number of employees during the year was as follows: | ||
|---|---|---|
| 2022 | 2021 | |
| No. | No. | |
| Direct charitable activity | 7 | 7 |
| ======= | ======= | |
| Included in the above is 1 part-time employee (2021: 1). |
11.3 Trustees’ remuneration
One member of Council received remuneration of £7,410 and a payment of £2,323 for services rendered in 2022 (2021: £1,600).
11.4 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 pension schemes was £10,366 (2021: £21,328) of which £Nil (2021: £3,000) was covered by donations received for that purpose.
11.5 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 2022
| 12 | Freehold property | ||
|---|---|---|---|
| £ | |||
| Cost | |||
| At 1 January 2022 and 31 December 2022 | 3,226,091 | ||
| ` | |||
| __ | |||
| Depreciation | |||
| At 1 January 2022 | 686,783 | ||
| Charge for the year | 43,063 | ||
| __ | |||
| At 31 December 2022 | 729,846 | ||
| __ | |||
| Net book value | |||
| 31 December 2022 | 2,496,245 | ||
| ======= | |||
| 31 December 2021 | 2,539,308 | ||
| ======= | |||
| 13 | Other tangible fixed assets | ||
| Equipment | |||
| £ | |||
| Cost | |||
| At 1 January 2022 and 31 December 2022 | 99,535 | ||
| __ | |||
| Depreciation | |||
| At 1 January 2022 | 61,198 | ||
| Charge for year | 13,320 | ||
| __ | |||
| At 31 December 2022 | 74,518 | ||
| __ | |||
| Net book value | |||
| 31 December 2022 | 25,017 | ||
| ======= | |||
| 31 December 2021 | 38,337 | ||
| ======= |
28
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
14 Investments
| Analysis of investment portfolio (at Market Value) | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Fixed interest | 281,010 | 181,308 |
| Equities | 2,006,638 | 2,411,610 |
| Alternatives | 294,076 | 340,576 |
| __ | __ | |
| 2,581,724 | 2,933,494 | |
| Cash held within investment | 87,298 | 103,326 |
| __ | _ | |
| 2,669,022 | 3,036,820 | |
| ======= | ======= | |
| Historical cost on non-cash investments | 2,210,591 | 2,099,387 |
| ======= | ======= | |
| Movement in investments | ||
| 2022 | 2021 | |
| £ | £ | |
| Market value at 1 January | 2,933,494 | 2,649,004 |
| Additions | 341,850 | 445,192 |
| Disposal proceeds | (372,145) | (527,396) |
| Unrealised (losses)/gains | (207,986) | 447,769 |
| Realised losses during the year | (113,489) | (81,075) |
| __ | __ | |
| Market value at 31 December | 2,581,724 | 2,933,494 |
| ======= | ======= |
29
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| 15 | Heritage assets | ||
|---|---|---|---|
| £ | |||
| Cost | |||
| At 1 January 2022 and 31 December 2022 | 98,000 | ||
| __ | |||
| Depreciation | |||
| At 1 January 2022 and 31 December 2022 | - | ||
| __ | |||
| Net book value | |||
| 31 December 2022 | 98,000 | ||
| ======= | |||
| 31 December 2021 | 98,000 | ||
| ======= | |||
| 16 | Debtors | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Prepayments and accrued income | 32,543 | 36,570 | |
| Due from Cambridge University Press | 75,631 | 77,870 | |
| __ | __ | ||
| 108,174 | 114,440 | ||
| ======= | ======= | ||
| 17 | Current liabilities - creditors | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Accruals and deferred income | 81,888 | 96,524 |
|
| Due to Cambridge University Press | 61,981 | 52,550 | |
| Taxes and social security costs | 4,202 | 4,607 | |
| VAT payable | 15,112 | 5,518 | |
| __ | __ | ||
| 163,183 | 159,199 | ||
| ======= | ======= |
18 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 2022
19 Analysis of net assets between funds
Analysis of net assets between funds - 2022
| Permanent | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | |||
| General | Designated | Funds | Fund | Total funds | |
| £ | £ | £ | £ | £ | |
| Freehold property and fixtures | 2,496,245 | - | - | - | 2,496,245 |
| Other tangible assets | 25,017 | - | - | - | 25,017 |
| Investments | 1,450,411 | 471,774 | 647,604 | 11,935 | 2,581,724 |
| Heritage assets | 98,000 | - | - | - | 98,000 |
| Net current assets | 126,641 | - | - | - | 126,641 |
| __ | __ | __ | __ | __ | |
| 4,196,314 | 471,774 | 647,604 | 11,935 | 5,327,627 | |
| ======= | ======= | ======= | ======= | ======= |
Analysis of net assets between funds - 2021
| Permanent | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | |||
| General | Designated | Funds | Fund | Total funds | |
| £ | £ | £ | £ | £ | |
| Freehold property and fixtures | 2,539,308 | - | - | - | 2,539,308 |
| Other tangible assets | 38,337 | - | - | - | 38,337 |
| Investments | 1,753,030 | 464,220 | 703,302 | 12,942 | 2,933,494 |
| Heritage assets | 98,000 | - | - | - | 98,000 |
| Net current assets | 114,971 | - | - | - | 114,971 |
| __ | __ | __ | __ | __ | |
| 4,543,646 | 464,220 | 703,302 | 12,942 | 5,724,110 | |
| ======= | ======= | ======= | ======= | ======= |
20 Analysis of charitable funds
| Analysis of charitable funds | |||||
|---|---|---|---|---|---|
| Fund as at | |||||
| Balance as at | Incoming | Resources | Gains | 31 Dec | |
| 1 Jan 2022 | resources | expended | & losses | 2022 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds - General | 4,543,646 | 388,545 | (538,940) | (196,937) | 4,196,314 |
| Unrestricted funds - Designated | 464,220 | 117,095 | (62,761) | (46,780) | 471,774 |
| Restricted funds | 703,302 | 21,690 | (1,035) | (76,353) | 647,604 |
| Permanent Endowment Fund | 12,942 | 398 | - | (1,405) | 11,935 |
| __ | _ | _ | _ | ______ | |
| 5,724,110 | 527,728 | (602,736) | (321,475) | 5,327,627 | |
| ======= | ====== | ====== | ======= | ======= |
31
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
21 Capital commitments
The Society has no capital expenditure contracted for future periods.
22 Financial commitments
At 31 December the charity had total commitments under operating leases as follows:
| Plant | and equipment | |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Within one year | 496 | 496 |
| ======== | ======== |
The above financial commitment relates to an office photocopier.
23 Reconciliation of net movement in funds to net cash flow from operating activities
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Net movement in funds | (396,483) | 286,950 |
| Depreciation | 56,383 | 56,384 |
| Investment income | (91,878) | (82,600) |
| Loss on investments | 321,475 | (366,694) |
| Decrease in stock | - | - |
| Decrease in debtors | 6,266 | 10,386 |
| Increase/(decrease) in creditors | 3,984 | (9,405) |
| ___ | ___ | |
| Net cash used in operating activities | (100,253) | (104,979) |
| ======== | ======== |
24 Analysis of changes in net debt
The Society had no debt during the year.
25 Related party transactions
There were no other related party transactions in addition to the transactions disclosed in Note 3 and Note 11.3.
32
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
26 Movements to designated unrestricted funds, permanent endowment and restricted funds
Movements – 2022
----- Start of picture text -----
PERMAN
UNRESTRICTED ENT
DESIGNATED FUNDS RESTRICTED FUNDS
FUNDS ENDOWM
ENT
OW
General Storey Fund Rylands Fund Wales Fund Funds Other Subedi Surya Fund BC Law Fund Holliday Barwis- James GR Forlong MonogFund raph O.T.F Fund SamsoFun nd P.P.F Fund University Prize Essay Ibrahim Fazile Bayly Prize Morgan Prize
£ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £
Incoming Resources
Donations and other
331,866 - - - 98,874 5,000 - - - - - - - - - 110 -
income
Investment income &
56,679 2,688 998 8,640 895 398 742 4,294 611 1,902 1,887 835 399 8,275 2,456 179
interest
Total 388,545 2,688 998 8,640 99,769 5,000 398 742 4,294 611 1,902 1,887 835 399 8,275 2,566 179
Resources expended (538,940) - - - (62,761) - - - - - - - - - (200) (835)
Net Incoming Resources (150,395) 2,688 998 8,640 37,008 5,000 398 742 4,294 611 1,902 1,887 835 399 8,275 2,366 (656)
Other Recognised Gains &
(196,937) (9,511) (3,532) (30,571) (3,166) (1,405) (2,627) (15,191) (2,162) (6,730) (6,674) (2,955) (1,410) (29,280) (8,691) (633)
Losses
Net Movement in funds (347,332) (6,823) (2,534) (21,931) 33,842 5,000 (1,007) (1,885) (10,897) (1,551) (4,828) (4,787) (2,120) (1,011) (21,005) (6,325) (1,289)
Balances b/fwd
4,543,646 87,610 32,537 281,594 62,479 - 12,942 24,194 139,926 19,919 61,990 61,475 27,217 12,986 269,710 80,055 5,830
01/01/2022
Balances c/fwd
4,196,314 80,787 30,003 259,663 96,321 5,000 11,935 22,309 129,029 18,368 57,162 56,688 25,097 11,975 248,705 73,730 4,541
31/12/2022
----- End of picture text -----
33
ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
- 26 Movements to designated unrestricted funds, permanent endowment and restricted funds (continued)
Movements – 2021
----- Start of picture text -----
PERMANE
UNRESTRICTED NT
DESIGNATED FUNDS RESTRICTED FUNDS
FUNDS ENDOWM
ENT
General Storey Rylands Wales Other BC Law Barwis- James GR Monograph O.T.F Samson OW P.P.F University Prize Fazile Bayly Morgan
Fund Fund Fund Funds Fund Holliday Forlong Fund Fund Fund Fund Essay Ibrahim Prize Prize
£ £ £ £ £ £ £ £ £ £ £ £ £ £ £
Incoming Resources
Donations and other income 329,347 - - - 58,308 - - - - - - - - - 180 -
Investment income &
52,421 2,293 852 7,371 763 339 634 3,662 521 1,623 1,609 713 340 7.058 2,248 153
interest
Total 381,768 2,293 852 7,371 59,071 339 634 3,662 521 1,623 1,609 713 340 7,058 2,428 153
Resources expended (519,184) - - - (24,995) - - - - - - - - - (6,000) -
Net Incoming Resources (137,416) 2,293 852 7,371 34,076 339 634 3,662 521 1,623 1,609 713 340 7,058 (3,572) 153
Other Recognised Gains & 232,743 10,179 3,780 32,714 3,389 1,503 2,811 16,257 2,314 7,202 7,142 3,162 1,509 31,335 9,977 677
Losses
Net Movement in funds 95,327 12,472 4,632 40,085 37,465 1,842 3,445 19,919 2,835 8,825 8,751 3,875 1,849 38,393 6,405 830
Balances b/fwd 01/01/2021 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
Balances c/fwd 31/12/2021 4,543,646 87,610 32,537 281,594 62,479 12,942 24,194 139,926 19,919 61,990 61,475 27,217 12,986 269,710 80,055 5,830
----- End of picture text -----
34