Management Report 2023

The foundation’s most important activities

The East Asiatic Company’s Benevolent Foundation (the Foundation) is an independent, self-owned institution, founded by A/S The East Asiatic Company (EAC) and its management in June 1988. The foundation owns and has its registered office at Asia House, lndiakaj 16, 2100 Copenhagen Ø. Asia House was built in connection with the establishment of EAC in 1897 and was the Company’s headquarters until 1907.

The purpose of the foundation

It is the Foundation’s purpose, through financial support or through the use of Asia House, to contribute to maintaining, strengthening and developing the relations between Denmark and the Asian countries, where the EAC’s historical efforts and significant business commitment have created respect in particular. The foundation also aims to manage EAC’s historical heritage and disseminate knowledge of the company’s business history.

The Foundation’s grant policy

Fulfillment of the Foundation’s purpose is realized primarily through activities and projects organized and carried out by Asia House as well as direct financial support for initiatives that are developed in collaboration with the Foundation’s secretariat.

Main activities

The purpose of the ØK Foundation is to create a network and relations between Denmark and Asia, establish dialogue, and forge new contacts.

Asia House’s project activities have continued, i.a. with two projects supported by the Danish Industry Foundation. Danish Asian SME Network establishes contacts between Danish businesspeople in Southeast Asia and Danish small and medium-sized companies, which can use already established Danish businesspeople as sparring partners when approaching the markets of the Philippines, Indonesia, Malaysia, Thailand, and Vietnam. Nordic Asian Venture Alliance is a platform for Danish and Nordic start-ups and investors who want contacts in Northeast Asia, especially Japan and Korea. The platform also supports Japanese and Korean investors wanting to explore opportunities in Denmark and the Nordics in general.

In 2023, the EAC Foundation launched a project, SPACES, which aims to be the focal point in an innovative collaboration between Danish, Nordic, and Asian philanthropic foundations seeking to support the development and implementation of innovative solutions for green transition in Asia.

The foundation has supported the ØK-Klubben’s communication activities about the business history of the EAC and, within the framework of its youth strategy, which wants to provide support to young talents and arouse their interest in Asia, has, among other things, awarded a prize for the best bachelor’s thesis at fur programs at Copenhagen Business School, held events in Asia House and, together with Orient’s Fond, provided support for the preparation of teaching material on the importance of the EAC for Denmark.

Asia House has been used for meeting activities, seminars, and events, some of which were fully funded by the EAC Foundation, and others were held by associations and associations with subsidies from the EAC Foundation. Asia House’s partners also used the meeting facilities, and rooms were rented out to external clients.

The foundation’s other property, East Asiatic House, lndiakaj 20, has been leased to the company behind since 2020.

Income statement

Asia House’s net turnover, consisting of revenues from events and membership fees as well as project support, amounted to a total of 5,626 tkr. for 2023, compared to 7,990 tkr. for 2022.
Project support is included in the year’s net turnover when the conditions associated with project support are fulfilled and in line with the recognition of the costs that project support is intended to compensate for, and thus varies from year to year.
The total external costs excluding project costs were at the level of 2022, amounting to 1,635 tkr. (2022: 1,605 tkr.).

Personnel costs increased by 884 tkr. to 4,222 tkr. in 2023. The increase primarily relates to the hiring of an employee in the secretariat in 2023, including increased activity regarding projects.

Other financial income increased significantly from 5,429 tkr. in 2022 to 10,990 tkr. in 2023, combined with a decrease in other financial expenses from 9,153 tkr. in 2022 to 1,487 tkr. in 2023.

The overall net effect of financial items thus represents a net income of 9,503 tkr. in 2023 compared to a net expense of 3,724 tkr. in 2022, and can be attributed to significant unrealized gains on stocks and investment funds in 2023. In 2022, the year was affected by a significant unrealized loss on bonds.

The annual result amounts to a surplus of 7,103 tkr. compared to a deficit of 5,152 tkr. in 2022. The annual result is affected by the depreciation of buildings and equipment amounting to 589 tkr.

The board considers the annual result satisfactory.

Foundation Governance

The Foundation follows the recommendations for ‘good foundation management’, and reference is made to the completed form for a statutory report on good fund management, cf. §77a of the Accounting Act, which is available on the Foundation’s website ( (in Danish).