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2024-12-31-accounts

Charity No. 209629

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

(THE ROYAL ASIATIC SOCIETY) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2024. 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 2024 were as follows:

Officers

(all posts served on an Honorary basis)

Professor S Ansari (President, resigned May 2024)
Dr N Peabody (President, elected May 2024)
Dr G Johnson (Vice-President, elected May 2022)
Mrs E Robb (Treasurer, elected May 2022)

Members

Members
(elected or retired at the Anniversary General Meeting in the year shown)
Professor S Ansari (elected May 2024)
Dr 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)
Dr H E Driver (resigned May 2024)
Dr A T Gallop (resigned May 2024)
Dr Gai Jorayev (elected May 2024)
Mr L Knight (elected May 2022)
Dr R Lewellyn-Jones (elected May 2022)
Professor J Majeed (elected May 2024)
Dr N Peabody (resigned May 2024)
Mrs E Robb (elected May 2022)
Professor F Robinson (elected May 2022)
Mr I Sedgwick (resigned May 2024)
Dr J Sokoly (elected May 2024)
Professor S Subedi (elected May 2024)
Professor D Swallow (elected May 2021)
Dr W Tsai (elected May 2023)
Professor S Whitfield (elected May 2023)
Dr M Willis (resigned May 2024)

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 2024

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 2024

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 busy year in 2024, organising lectures and activities, awarding prizes, supporting its publications and last but not least making its important historic collections available to researchers worldwide.

The series of 36 lectures began in January with a talk by Dr.Kelsey Granger, the winner of the Staunton Prize (2023) and a finalist in the Bayly Prize (2023) on the role of dogs in tombs in early China. The Society also continued to foster its links with its sister societies. Mr. Henry Barlow, Honorary Treasurer of the Malaysian Branch of the Royal Asiatic Society lectured in May on the activities of the Malaysian Branch of the Royal Asiatic Society since its foundation in 1874. The AGM lecture, also in May, was given by Professor Dr Julia Hegewald on “Jambudvipa and other Jaina Cosmological Representations from India” with particular reference to the Jambudvipa in the Society’s collection.

In January, the Society also celebrated the release of a special edition of its Journal -a festschrift in honour of Professor Francis Robinson who was also awarded the Bicentennial Medal for Exceptional Service to the RAS. Professor Robinson was first elected a member of the Society in 1989 and served as President from 1997—2000 and from 2003-2006. In March, the Society published in conjunction with Edinburgh University Press, Ottoman Empire and Safavid Iran, 1639-1683, Peacetime Diplomacy and Controlled Strife in the Early Modern Middle East by Selim Güngörürler.

The 2023 Bayly prize was awarded to Dr. Thomas Barrett with Dr. Mariano Errichiello, Dr. Kelsey Granger and Dr. Yui Lo as finalists. Professor Sarah Ansari and Dr. Alison Ohta were awarded the bi-centenary medal for their services to the Society at the AGM in May. In addition, the Society announced the launch of the annual Charles H. Norchi Prize for the publication of a book on Afghanistan in English in December. The prize was generously donated by Dr. James Busuttil who also funded the purchase of the Society’s Bicentennial medals.

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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Visits were also arranged to Norwich and Dublin. On the 24th May, the Society visited the Sainsbury Centre at the University of East Anglia, the exhibition held at the Forum library entitled ‘ Nara to Norwich: Arts and Beliefs at the Ends of the Silk Roads’ and the South Asian Decorative Arts and Crafts Collection . The exhibition marked the 25[th] anniversary of the founding of the Sainsbury Institute for the Study of Japanese Arts and Cultures. Special thanks are due to Professor Simon Kaner, Director of the Sainsbury Institute for the Study of Japanese Art and Culture, Professor Susan Whitfield and Olivia Butler for making the necessary arrangements. On the 30[th] May, the Society held a lecture in Dublin to celebrate its long connection with Irish scholars working on Asia while publicising its prizes among students at Irish universities. The event, in conjunction with Trinity College and the Chester Beatty, was made possible by the generous support offered by Dr. Anna McSweeney, Trinity College, Dublin, Dr. Moya Carey and Dr. Ai Fukunaga of the Chester Beatty. Professor Jane Ohlmeyer, Erasmus Smith’s Professor of Modern History at Trinity College, lectured on Making Empire: Ireland and India, based on her 2023 publication, Making Empire: Ireland, Imperialism, and the Early Modern World. In addition, Dr. Moya Carey, Curator of Islamic Collections, and Dr. Ai Fukunaga, Curator of East Asian Collections at the Chester Beatty generously offered an afternoon of special viewings of Mughal, Persian, Chinese and Japanese manuscripts.

In July, the Society, in collaboration with Southampton University, hosted the conference ‘New Worlds of the East India Company’ organised by Dr. John McAleer (Southampton) and Dr. Joshua Ehrlich (Macau). In September, the focus of the Society’s activities centred on Japan when it hosted two events as part of the ‘Between the Stones Project’ developed by Richard Emmert and Janette Cheong promoting an understanding of the history of Nohgaku. Kitazawa Hideta demonstrated how Noh and Kyogen masks were carved and the renowned Noh actor Matsui Akira was interviewed about his life and work by Dr. Margaret Coldiron.

The Society hosted several visits from other institutions including the Courtauld Institute, SOAS, The Charles Lamb Society, the Royal Collection and the Terengganu Institute for Historical and Legal Studies, Malaysia. In June, a visit by librarians and teachers from California, on a tour supported by the P. Y. and Kinmay W. Tang Center for Silk Road Studies, visiting British institutions with collections associated with Sir Aurel Stein was arranged by Professor Susan Whitfield. The Society was also delighted to receive a delegation from the National Museum of World Writing Systems, based in Incheon, Korea. The Society’s key role in the decipherment of cuneiform, one of the world’s oldest known writing systems was of particular interest. As a result of this visit, the Director was invited to Korea to present a paper on the role of the RAS in the decipherment of cuneiform at a conference held at the Museum in November.

Journal of the Royal Asiatic Society

The year 2024 marked a continued evolution of the Journal’s scholarly breadth. Two hundred and thirty-one submissions were received from thirty-seven countries, with around 70% of all submissions coming from scholars in Asia (with India and China jointly accounting for 33% of the material).

The article which attracted the most online interest was ‘ Blown from a gun’: Situating the British practice of execution by cannon in the context of southern and western Asia by N. R. Jenzen-Jones, Charles Randall, Jack Shanley, and Omer Sayadi, which was accessed 11,080 times and shared 22 times on X. The article with the widest overall reach was New dawn in Mughal India: Longue durée Neoplatonism in the making of Akbar's sun project Jos Gommans and Said Reza Huseini, which was picked up by ten different news outlets and ranked in the top 5% of all research outputs scored by Altmetric. For the October issue, a special edition was published entitled Mobilising Global Knowledge: Institutionalising expertise in East Asia's industrial transition . The issue was guest-edited by Dr Hailian Chen and Naofumi Nakamura.

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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Dr Bradley Camp Davis stepped down from his role as Book Review Editor for the Journal. Rather than seek a replacement, book reviews were handled by JRAS administrator Matty Bradley and the Associate Editor Board. The Journal also welcomed Dr Jaimee Comstock-Skipp and Dr Thomas Barrett, who joined the Editorial Board and was appointed Associate Editors at the start of 2024.

The Library

During 2024, the Society’s library and archives continued to play a key role in fulfilling its charitable objectives, with its reading room and enquiry service seeing record levels of use. This reflected the success of the projects initiated during the bicentenary year as well as a higher level of international visitors following the pandemic years. The RAS Digital Library also received record levels of use, with India, Indonesia, and Malaysia becoming the major sources of online traffic. The Society’s manuscript RAS Persian 258 (The Gulistan) was loaned to the Mughal exhibition at the V&A which opened in November. Our volunteering programme continued, with volunteers working on the digitization, cataloguing, and conservation of the collections. Our long-standing volunteer Dr. Roger Parsons decided to retire in September having worked in the Society since 2005. The Society is extremely grateful for his contribution to the work of the Society particularly in his cataloguing of the Rawlinson archive. We are also grateful to Graham Jefcoate for initiating a fundraising project to support the conservation of our Edward Walter Hutchinson photograph albums, which document Thailand and other parts of South-East Asia. New acquisitions to the collections included the Jamal Mian archive, and a small collection of papers and diaries of the Assyriologist Reginald Campbell Thompson. The Society also received some modern books on Tibet, and books and papers from the collection of Derek Davis, donated by Diana Davis, as well as a small collection of slide photographs pertaining to the Celebes (Sulawesi) region, and some original letters of Sir Gore Ouseley. We also completed two digitization projects pertaining to manuscripts from maritime South East Asia, in partnership with institutions in the UK and Malaysia. A video documentary about the RAS bicentenary exhibition Extraordinary Endeavours was released and is available to view via the Society’s Digital Library and social media channels. The Librarian gave a lecture at the RAS for the Charles Lamb Society in June and an online talk on the same subject for the Institute of History and Philology, Academia Sinica (Taipei).

Financial Review

Income and Expenditure

Income has decreased from £540,469 to £528,077 which includes project income of £43,179. Total income from the Journal is at £40,359 which is similar to the overall net income in 2023 of £40,735. There is now a revised agreement between RAS and Cambridge University Press as of 1[st] January 2024 where the revenue sharing model was changed to royalties compared to the share of income and expenditure method applied in previous accounting periods. Subscription has increased from £65,200 to £73,908.

Overall expenditure shows an decrease from £664,484 for 2023 to £574,073 for 2024. This was mainly due to a decrease in travel and exhibition costs in the year.

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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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 £2.4 million. Depreciation of £43,064 will be charged annually in future periods. The Society continued to receive a valuable rental stream of £89,329 in 2024 compared with £88,758 in 2023.

Investments

The investment portfolio increased slightly in value from £2,381,782 to £2,467,944 at 31 December 2024. Over the same period total investment income decreased from £100,953 to £84,570.

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 2024.

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 2024 was £4,490,216 (2023: £4,544,852) of which £4,061,334 (2023: £4,124,222) is regarded as free reserves.

Outlook for 2025

During 2024 charitable expenditure decreased from £646,065 in 2023 to £557,555. The overall decrease was due to reduction in cost such as travel, accommodation and entertainment from cultural events the reduced to £23,400 compared to £121,613 in 2023 when there was the Exhibition at the Brunei Gallery at SOAS.

Following the Bicentenary activities, expenditure has returned down to normal levels in 2024. Although income has also reduced, the increase in net gain on investment has resulted in overall net profit of £17,361. After the chaos of Trump’s tariffs on international markets, the investment portfolio is down 4.7% total return (TR) this year compared to the Global Equity market index which is down 10.5% TR. However, broader markets are rallying, and it is not believed there is any reason to panic. The Society’s financial position remains sound, and its income will continue to be enhanced by the increase in membership subscriptions and short-term rental opportunities.

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).

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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees’ responsibilities in relation to the financial statements (continued)

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:

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

UHY Hacker Young have expressed their willingness to continue as auditors

Statement of disclosure to auditor

So far as the Board of Trustees is aware:

Approved by the Trustees on 6th of May 2025 and signed on their behalf by:

Dr N Peabody E Robb President Treasurer

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INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF THE ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

Opinion

We have audited the financial statements of The Royal Asiatic Society of Great Britain and Ireland (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting 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 Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statement is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF THE ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

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 misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement set out on pages 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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INDEPENDENT AUDITOR’S REPORT

TO THE TRUSTEES OF THE ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

Based on our understanding of the charity and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to acts by the charity which were contrary to applicable laws and regulations including fraud, and we considered the extent to which noncompliance 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 statements such as the Charities Act 2011. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to investment valuations and the charity’s net income for the year.

Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of reports received by us directly from Rathbones Investment Managers, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s members, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

UHY Hacker Young LLP Statutory Auditor

Quadrant House 4 Thomas More Square London E1W 1YW

…………………… 2025 6 May

UHY Hacker Young is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted funds Unrestricted funds Restricted
Note General Designated Restricted Permanent Total Total
Funds Funds Funds Endowment Funds Funds
Fund 2024 2023
£ £ £
£		 £ £
Income and endowments from:
Donations 4 21,523 - 46,750 - 68,273 25,041
Other trading activities 5 243,850 42,055 - - 285,905 325,717
Investments 7 49,390 12,914 21,869 397 84,570 100,953
Other 8 89,329 - -
-		 89,329 88,758
__ __ __
__		 __ __
Total income 404,092 54,969 68,619
397		 528,077 540,469
__ __ __
__		 __ __
Expenditure on:
Raising funds (investment manager fees) 16,518 - -
-		 16,518 18,419
Charitable activities 9 508,661 48,894 -
-		 557,555 646,065
__ __ __
__		 __ __
Total expenditure 525,179 48,894 -
-		 574,073 664,484
__ __ __
__		 __ __
Net income/(expenditure) and
net movement in funds before
gains and losses on investments (121,087) 6,075 68,619
397		 (45,996) (124,015)
Net gain/(loss) on investments 58,199 15,218 25,774
468		 99,659 31,034
__ __ __
__		 __ __
Net movement in funds (62,888) 21,293 94,393
865		 53,663 (92,981)
Reconciliation of funds
Total funds brought forward 4,124,222 420,630 677,259
12,535		 5,234,646 5,327,627
Transfer of brought forward funds - (13,041) 13,041
-		 - -
__ __ __
__		 __ __
Total funds carried forward 4,061,334 428,882 784,693
13,400		 5,288,309 5,234,646
======= ======= =======
=======		 ======= =======

There are no recognised gains or losses for either 2024 or 2023, other than those included in the Statement of Financial Activities.

All incoming resources and resources expended derive from continuing activities.

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ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Financial Activities

For the year ended 31 December 2023

Unrestricted funds Unrestricted funds Restricted
Note General Designated Restricted Permanent Total
Funds Funds Funds Endowment Funds
Fund 2023
£ £ £ £ £
Income and endowments from:
Donations 4 17,541 7,500 - - 25,041
Other trading activities 5 297,774 27,943 - - 325,717
Investments 7 54,777 20,728 24,987 461 100,953
Other 8 88,758 - - - 88,758
__ __ __ __ __
Total income 458,850 56,171 24,987 461 540,469
__ __ __ __ __
Expenditure on:
Raising funds (investment manager fees) 18,419 - - - 18,419
Charitable activities 9 529,771 112,794 3,500 - 646,065
__ __ __ __ __
Total expenditure 548,190 112,794 3,500 - 664,484
__ __ __ __ __
Net income/(expenditure) and
net movement in funds before
gains and losses on investments (89,340) (56,623) 21,487 461 (124,015)
Net gain/(loss) on investments 17,248 5,479 8,168 139 31,034
__ __ __ __ __
Net movement in funds (72,092) (51,144) 29,655 600 (92,981)
Reconciliation of funds
Total funds brought forward 4,196,314 471,774 647,604 11,935 5,327,627
__ __ __ __ __
Total funds carried forward 4,124,222 420,630 677,259 12,535 5,234,646
======= ======= ======= ======= =======

There are no recognised gains or losses for either 2023 or 2022, 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

BALANCE SHEET AS AT 31 DECEMBER 2024

2024 2023
Note £ £
Fixed assets
Freehold property 11 2,410,117 2,453,181
Other tangible assets 12 - 11,698
Investments 13 2,467,944 2,381,782
Heritage assets 14 98,000 98,000
__ __
4,976,061 4,944,661
__ __
Current assets
Stock 15 220,193 226,206
Debtors 16 75,971 133,102
Current asset investments 37,933 110,651
Cash on current account and in hand 65,399 2,610
__ __
399,496 472,569
Liabilities
Creditors: amounts falling due within
one year 17 (87,248) (182,584)
__ __
Net current assets 312,248 289,985
__ __
Net assets 5,288,309 5,234,646
======= =======
The funds of the charity:
Unrestricted - General 19 4,061,334 4,124,222
- Designated 26 428,882 420,630
Restricted 26 784,693 677,259
Permanent endowment 26 13,400 12,535
__ __
Total charity funds 5,288,309 5,234,646
======= =======

The notes on pages 16 to 34 form part of these accounts.

These reports and financial statements were approved by Council on 6th of May 2025 and were signed on their behalf by:

Dr N Peabody President

E Robb Treasurer

14

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £
Net cash used in operating activities 23 (107,996) (366,370)
___ ___
Cash flows from investing activities:
Interest and dividends 84,570 100,954
Proceeds from sale of investments 456,069 486,347
Purchase of investments (442,572) (286,888)
Proceeds/(Purchases) from current asset investments 72,718 (23,353)
___ ___
Net cash generated from investing activities 170,785 277,060
___ ___
Change in cash and cash equivalents in the year 62,789 (89,310)
Cash and cash equivalents brought forward 2,610 91,920
___ ___
Cash and cash equivalents carried forward 65,399 2,610
======== =========

15

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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.

16

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 and the TOD publication 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.

17

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

o) Heritage assets

The Society holds and maintains a collection of insured 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 online, 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 2024

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 32 - 33.

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.

19

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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.

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 James Busuttil Medal and Prize for Human Rights

The prize was set up by Dr James J. Busuttil for the publication of a book on human rights in English, preferably by an early career academic, in any one calendar year. The Busuttil Prize may be awarded to more than one person in a given year although the total sum awarded in any year shall not exceed £1,000. The winner of the Busuttil Prize would normally be expected to present a public lecture at an open meeting of the Society, either in person or remotely subject to arrangements mutually agreed between the winner and the Society.

The Charles H. Norchi Prize

The prize was set up by Dr James J. Busuttil to honour the work and distinguished career of his friend and colleague Professor Charles H. Norchi, Benjamin Thompson Professor of Law at the University of Maine, who has spent four decades researching, writing and advising on Afghanistan.The Prize is awarded for a publication of a book on Afghanistan in English during the two previous calendar years. No one shall receive the Norchi prize twice for the same publication. The Norchi Prize may be awarded to more than one person in a given year although the total sum awarded in any year shall not exceed £500. The winner of the Norchi Prize would normally be expected to present a public lecture at an open meeting of the Society, either in person or remotely subject to arrangements mutually agreed between the winner and the Society.

20

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 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 Council members received reimbursements of £25 for expenditure incurred (2023: no Council members received reimbursements for expenditure incurred).

21

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4 Donations – 2024
Unrestricted Designated Restricted Total funds Total funds
Funds Funds Funds 2024 2023
£ £ £ £ £
Donation to Bayly Prize - - (3,250) (3,250) -
Donation to Surya Subedi Fund - - - - 7,500
Norchi Prize - - 16,667 16,667
-
Busuttil Prize - - 33,333 33,333
-
Other donations 21,523 - - 21,523 17,541
__ __ __ __ __
21,523 - 46,750 68,273 25,041
======= ======= ======= ======= =======
4 Donations – 2023
Unrestricted Designated Restricted Total funds
Funds Funds Funds 2023
£ £ £ £
Donation to Bayly Prize - - - -
Donation to Surya Subedi Fund - 7,500 - 7,500
Other donations 17,541 - - 17,541
__ __ __ __
17,541 7,500 - 25,041
======= ======= ======= =======
5 Other trading activities – 2024
Unrestricted Designated Restricted Total funds Total funds
Funds Funds Funds 2024 2023
£ £ £ £ £
Subscriptions 73,908 - - 73,908 65,200
Merchandising 1,559 - - 1,559 2,859
Journal (note 6) 40,359 - - 40,359 104,326
Hire of facilities 120,527 - - 120,527 114,482
Publications 4,056 - - 4,056 9,808
Bicentenary Income - 43,179 - 43,179 10,192
Other project income - - - - 18,369
Other 3,441 (1,124) - 2,317 481
__ __ __ __ __
243,850 42,055 - 285,905 325,717
======= ======= ======= ======= ======

22

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5 Other trading activities – 2023

Unrestricted Designated Restricted Total funds
Funds Funds Funds 2023
£ £ £ £
Subscriptions 65,200 - - 65,200
Merchandising 2,859 - - 2,859
Journal (note 6) 104,326 - - 104,326
Hire of facilities 114,482 - - 114,482
Publications 9,808 - - 9,808
Bicentenary Income - 10,192 - 10,192
Other project income 618 17,751 - 18,369
Other 481 - - 481
__ __ __ __
297,774 27,943 - 325,717
======= ======= ======= =======

6 Journal income

Journal income
2024 2023
£ £
Sales by Cambridge University Press 40,359 104,326
Sales of the_JRAS_digital archive - -
_ _
40,359 104,326
====== =======

Overall net journal income has remained at similar level to the previous financial year. In 2023 the £104,326 offsets against the expenditure of £63,591 included in 2023 under note 17. There is now a revised agreement between RAS and Cambridge University Press as of 1[st] January 2024 where the revenue sharing model was changed to royalties compared to the share of income and expenditure method applied in previous accounting periods.

7 Analysis of investment income - 2024

Unrestricted Designated Restricted Total funds Total funds
Funds Funds Funds 2024 2023
£ £ £ £ £
Investment income 42,412 11,089 19,122 72,623 91,165
Interest 6,978 1,825 3,144 11,947 9,788
__ __ __ __ __
Total investment income 49,390 12,914 22,266 84,570 100,953
======= ======= ======= ======= =======

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 2024

7 Analysis of investment income - 2023

Unrestricted Designated Restricted Total funds
Funds Funds Funds 2023
£ £ £ £
Investment income 49,466 18,719 22,980 91,165
Interest 5,311 2,009 2,468 9,788
__ __ __ __
Total investment income 54,777 20,728 25,448 100,953
======= ======= ======= =======
8 Analysis of other income – 2024
Unrestricted Designated Restricted Total funds Total funds
Funds Funds Funds 2024 2023
£ £ £ £ £
Rent 89,329 - - 89,329 88,758
======= ======= ======= ======= ========
8 Analysis of other income – 2023
Unrestricted Designated Restricted Total funds
Funds Funds Funds 2023
£ £ £ £
Rent 88,758 - - 88,758
======= ======= ======= =======

24

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9 Charitable activities (including allocation of support costs and overheads) - 2024

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Charitable activities| |2024|Publications,|2023| |Total|Cultural Digitisation, Fundraising|Total|Basis of| |Cost type|allocated Governance Library Journal|Events|& ERC|& other|allocated|apportionment| |£|£|£|£|£|£|£|£| |Staff costs|230,477|157,275|73,202|-|-|-|-|225,760|Actual cost incurred| |Other direct costs|101,467|-|2,185|11,766|23,400|(383)|64,499|210,386 Actual cost incurred| |House and building|102,231|69,761|32,470|-|-|-|-|100,145|Staff cost| |Administration|44,749|30,536|14,213|-|-|-|-|32,640|Staff cost| |Depreciation|54,762|37,369|17,393|-|-|-|-|56,384|Staff cost| |Legal and agency costs|4,446|4,446|-|-|-|-|-|6,150|Actual cost incurred| |Other professional costs|19,423|19,423|-|-|-|-|-|14,600|Actual cost incurred| |_|_ _ _ _|_|_|_| |557,555|318,810 139,463|11,766|23,400|(383)|64,499|646,065| |======|====== ====== ====== ======|======|======|======|

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

Other professional costs include audit fees of £15,315 (2023: £14,600). 2023 marked the Society’s bicentenary which resulted in one-off expenditure for the Brunei exhibition.

25

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Charitable activities Charitable activities Charitable activities
2023 Publications, 2022
Total Cultural Digitisation, Fundraising Total Basis of
Cost type allocated Governance Library Journal Events
& ERC		 & other allocated apportionment
£ £ £ £ £
£		 £ £
Staff costs 225,760 151,258 74,502 - -
-		 - 207,314 Actual cost incurred
Other direct costs 210,386 - 981 77,891 121,612
9,902		 - 167,580
 Actual cost incurred
House and building 100,145 67,017 33,128 - -
-		 - 94,966 Staff cost
Administration 32,640 21,843 10,797 - -
-		 - 45,712 Staff cost
Depreciation 56,384 37,732 18,652 - -
-		 - 56,383 Staff cost
Legal and agency costs 6,150 6,150 - - -
-		 - 6,330 Actual cost incurred
Other professional costs
14,600		 14,600 - - -
-		 - 8,500 Actual cost incurred
_ _ _ _ _
_		 _ _
646,065 298,600 138,060 77,891 121,612
9,902		 - 586,785
====== ====== ====== ====== ======
======		 ====== ======

Other professional costs include audit fees of £14,600 (2022: £8,500). 2023 marked the Society’s bicentenary which resulted in one-off expenditure for the Brunei exhibition.

26

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10 Employee information

10.1 Staff costs

Staff costs
2024 2023
£ £
Wages and salaries 202,785 200,743
Social security costs 16,239 15,062
Contributions to pension schemes 11,453 9,955
__ __
230,477 225,760
======= =======

There was one employee (2023: no employees) who received remuneration exceeding £60,000 per annum. Key management remuneration amounts to £127,110 (2023: £96,896).

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:
2024 2023
No. No.
Direct charitable activity 6 7
======= =======
Included in the above are 2 part-time employees (2023: 1).

10.3 Trustees’ remuneration

No member of Council received remuneration compared to remuneration of £4,371 and a payment of £533 for services rendered in 2023 to M Willis.

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 pension schemes £11,453 (2023: £9,955) of which £nil (2023: £Nil) 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 2024

11 Freehold property
£
Cost
At 1 January 2024 and 31 December 2023 3,226,091
`
__
Depreciation
At 1 January 2024 772,910
Charge for the year 43,064
__
At 31 December 2024 815,974
__
Net book value
31 December 2024 2,410,117
=======
31 December 2023 2,453,181
=======
12 Other tangible fixed assets
Equipment
£
Cost
At 1 January 2024 99,535
Additions -
__
At 31 December 2024 99,535
__
Depreciation
At 1 January 2024 87,837
Charge for year 11,698
__
At 31 December 2024 99,535
__
Net book value
31 December 2024 -
=======
31 December 2023 11,698
=======

28

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13 Investments

Analysis of investment portfolio (at Market Value)
2024 2023
£ £
Fixed interest 290,651 312,663
Equities 1,953,447 1,783,238
Alternatives 223,846 285,881
__ __
2,467,944 2,381,782
Cash held within investment 37,933 110,651
__ _
2,505,877 2,492,433
======= =======
Historical cost on non-cash investments 2,087,175 2,139,861
======= =======
Movement in investments
2024 2023
£ £
Market value at 1 January 2,381,782 2,581,724
Additions 442,572 286,888
Disposal proceeds (456,069) (486,347)
Unrealised gains/(losses) 90,274 41,549
Realised losses during the year 9,385 (42,032)
__ __
Market value at 31 December 2,467,944 2,381,782
======= =======

29

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

14 Heritage assets
£
Cost
At 1 January 2024 and 31 December 2024 98,000
__
Depreciation
At 1 January 2024 and 31 December 2024 -
__
Net book value
31 December 2024 98,000
=======
31 December 2024 98,000
=======
15 Stock
2024 2023
£ £
Juki Publication 2,386 2,432
TOD Publication 217,807 223,774
__ __
220,193 226,206
======= =======
16 Debtors
2024 2023
£ £
Prepayments 11,323 12,574
Due from Cambridge University Press 40,359 104,327
Other Debtors 24,289 6,632
VAT repayable - 9,569
__ __
75,971 133,102
======= =======
17 Current liabilities - creditors
2024 2023
£ £
Accruals and deferred income 57,526 112,773
Due to Cambridge University Press - 63,591
Taxes and social security costs 7,131 6,220
VAT payable 10,656 -
Other creditors 11,935 -
__ __
87,248 182,584
======= =======

30

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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.

19 Analysis of net assets between funds - 2024

Permanent
Unrestricted Restricted Endowment
General Designated Funds Fund Total funds
£ £ £ £ £
Freehold property and fixtures 2,410,117 - - - 2,410,117
Other tangible assets - - - - -
Investments 1,441,229 376,863 638,262
11,590		 2,467,944
Heritage assets 98,000 - - - 98,000
Net current assets 312,248 - - - 312,248
__ _ _ _ _
4,261,594 376,863 638,262 11,590 5,288,309
======= ======= ======= ======= =======

Analysis of net assets between funds - 2023

Permanent
Unrestricted Restricted Endowment
General
Designated		 Funds Fund Total funds
£ £ £ £ £
Freehold property and fixtures
2,453,181		 - - - 2,453,181
Other tangible assets 11,698 - - - 11,698
Investments 1,271,358
420,630		 677,259 12,535 2,381,782
Heritage assets 98,000 - - - 98,000
Net current assets 289,985 - - - 289,985
__
_
_		 _ _
4,124,222
420,630		 677,259 12,535 5,234,646
=======
=======
=======		 ======= =======
Analysis of charitable funds
Transfer Fund as at
Balance as at between Incoming Resources Gains 31 Dec
1 Jan 2024 funds resources expended & losses 2024
£ £ £ £ £ £
Unrestricted funds - General 4,124,222 - 404,092 (525,179)
58,199		 4,061,334
Unrestricted funds - Designated 420,630 (13,041) 54,969 (48,894)
15,218		 428,882
Restricted funds 677,259 13,041 68,619 - 25,774 784,693
Permanent Endowment Fund 12,535 - 397 - 468 13,400
__ _ _ _ _ __
5,234,646 528,077 (574,073)
99,659		 5,288,309
======= ====== ====== ====== ======= =======

20 Analysis of charitable funds

31

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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
2024 2023
£ £
Within one year 1,148 496
Within two to five years 4,209 -
======== ========

The above financial commitment relates to an office photocopier.

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

2024 2023
£ £
Net movement in funds 53,663 (92,981)
Depreciation 54,762 56,383
Investment income (84,570) (100,954)
Loss on investments (99,659) 483
(Increase) in stock 6,013 (223,774)
(Increase)/decrease in debtors 57,131 (24,928)
Increase in creditors (95,336) 19,401
_ __
Net cash used in operating activities (107,996) (366,370)
======== ========

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 transaction disclosed on Notes 3 & 10.3.

32

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

26 Movements to designated unrestricted funds, permanent endowment and restricted funds – 2024

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
01/01/2024
Balances c/fwd
31/12/2024		 UNRESTRICTED
FUNDS		 DESIGNATED FUNDS PERMA
ENDOW		 NENT
MENT
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
Surya
Subedi
Fund
Norchi
Fund
Busuttil
Fund
354,702
49,390		 £
£
£
£
-
-
-
42,055
2,688
998
5,307
3,921		 £
-
397		 £
£
£
£
£
£
£
£
£
£
£
£
£
-
-
-
-
-
-
-
-
(3,250)
-
-
16,667
33,333
743
4,297
611
1,904
1,888
836
398
8,283
2,345
151
413
-
-
404,092
(525,179)		 2,688
998
5,307
45,976
-
-
(2,688)
(46,206)		 397
-		 743
4,297
611
1,904
1,888
836
398
8,283
(905)
151
413
16,667
33,333
-
-
-
-
-
-
-
-
-
-
-
-
-
(121,087)
58,199		 2,688
998
2,619
(230)
3,168
1,176
6,254
4,620		 397
468		 743
4,297
611
1,904
1,888
836
398
8,283
(905)
151
413
16,667
33,333
876
5,064
721
2,244
2,225
985
470
9,761
2,762
179
487
-
-
(62,888)
4,124,222		 5,856
2,174
8,873
4,390
84,842
31,508
167,502
123,737		 865
12,535		 1,619
9,361
1,332
4,148
4,113
1,821
868
18,044
1,857
330
900
16,667
33,333
23,450
135,633
19,308
60,088
59,589
26,381
12,588
261,433
74,005
4,784
13,041
-
-
4,061,334 90,698
33,682
176,375
128,127		 13,400 25,069
144,994
20,640
64,236
63,702
28,202
13,456
279,477
75,862
5,114
13,941
16,667
33,333

33

ROYAL ASIATIC SOCIETY OF GREAT BRITAIN AND IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Movements to designated unrestricted funds, permanent endowment and restricted funds – 2023

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
01/01/2023
Balances c/fwd
31/12/2023		 UNRESTRICTED
FUNDS		 DESIGNATED FUNDS PERMAN
ENT
ENDOWM
**ENT **		 RESTRICTED FUNDS
General Storey
Fund
Rylan
ds
Fund
Wales
Fund
Other
Funds
Surya
Subedi
Fund		 BC Law
Fund		 Barwiss
Holliday
James GR
Forlong
Monog
raph
Fund
O.T.F
Fund
OW
Samso
n
Fund
P.P.F
Fund
Universi
ty Prize
Essay
Fazile
Ibrahim
Bayly
Prize
Morgan
Prize
404,072
54,778		 £
£
£
£
£
-
-
-
27,943
7,500
3,117
1,157
10,019
5,952
483		 £
-
461		 £
£
£
£
£
£
£
£
£
£
-
-
-
-
-
-
-
-
-
-
860
4,979
709
2,206
2,187
968
462
9,596
2,845
175
458,850
(548,190)		 3,117
1,157
10,019
33,895
7,983
-
-
(105,196)
(7,598)
-		 461
-		 860
4,979
709
2,206
2,187
968
462
9,596
2,845
175
-
-
-
-
-
-
-
-
(3,500)
-
(89,340)
17,248		 3,117
1,157
(95,177)
26,297
7,983
938
348
3,016
1,119
58		 461
139		 860
4,979
709
2,206
2,187
968
462
9,596
(655)
175
281
1,625
231
720
714
316
151
3,132
930
68
(72,092)
4,196,314		 4,055
1,505
(92,161)
27,416
8,041
80,787
30,003
259,663
96,321
5,000		 600
11,935		 1,141
6,604
940
2,926
2,901
1,284
613
12,728
275
243
22,309
129,029
18,368
57,162
56,688
25,097
11,975
248,705
73,730
4,541
4,124,222 84,842
31,508
167,502
123,737
13,041		 12,535 23,450
135,633
19,308
60,088
59,589
26,381
12,588
261,433
74,005
4,784

34