Charlty R•gistrdtlon No. 1000091 IEngland and Wales) Cvmpany Reglstratlon No. 02259457 (England and Walès) TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustre$ Mr Y Okfnaga Dr H Okinag8 Mr Y Yoshida DrTOda Mry Kono MrA Ishlhara (Appolnled 1 April 20221 Sgcrotsry Y Kono Charity number 1000091 Company number 02259457 Reglstsrnd offl¢• T&ikyo Foundation (UK) Framewood Road Wexham Slough Bu¢klngh8m$hlr8 Unfted KSngdom SL2 4QS Audltor A2818 Audll S8nAcgB Su51es B & D 8urnham Yard 8eaconsfiold Bucks HP9 2JH TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED CONTENTS Page rrustee$' report Slat•ment of tru8lees' re8ponslb51i1188 Indèpendènt aud110￿8 r8port Statement of financl81 a¢flvS1Ses 10 Bolance shèet 11 stalgmenl of cash flows 12 Note8 lo the finanGlal stolaments 13-22 TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2022 Tho trustees, who are also dlredors of thg charflablg company for the purposes of the Companle8 Act 2006, present Iheir annual report and finandal slalgments for the year ended 31 March 2022. The financial statements hav6 been prepared in accordance with the accounting policies sel out in the notes lo the financial statements and compty with the charitable companys governing document, the Companles Act 2008 and "Accounting and Rèporting by Charili8s'. Sl8lam8nl of Rècr>mmendÉd Practice 8pplicabl& lo charllles preparlng their accounts.ln accordance wllh tho Flnanclal Reportlng Standard appllcable In the UK and Republlc cl Ireland {FRS 1021 (effectlve 1 January 2019)" Teikyo Unlvwsity of Japan In Dvrham Llrnlted is o tharitable cgmpany that wo5 In￿rporated on the 18 May 1988 with the liabilrty of ils members limited by guarantee. The registered office and principal address of the ¢harlt4blo comp8ny 1$ al Teityo Foundation {UK>, Fram8wo¢xl Road, Wexham, Buckkngh8m8hlre, SLZ 4QS. Obl•ctivo$ and activitlol The tharllable cornpariy'8 alms and obJoctlv88 are lo advance the educallon and Iralnlng of 8ludenls and memb8r8 of Teikyo Unlver31ty and Teikyo He58ei Univer3ity of Japan In Totyo, in the United Klngdom al Durham UniverBily 4nd olh8r per8onB In Durham Bnd &lsawh8ro. In sattlng Ihfr ¢harilabla companvs oblectlv&s and plannlng Its aclivilies, the trusla8s hava given caraful conslderallon to the Charlty Commlsslon's general guldance on publlc benefll charltablo purpos8s, and Sn partlcular lo Ils supplementary publlc benefit guldancg on advanclng educallon and on foovcharglng. Th8 eharflabl8 company has arrang8monls wllh Telkyo Unlver81ty of Japan whlch has guaranteed payment of Its oxp8n8es. felkyo Unlverslty of Japan has acqulr8d. al Ets own 8xpens•, l•a80s, buildlngs end services al Durham Unlv8rslly and has agr88d on B certaln usago by th8 charitabl8 company of th• facilllles at Wadham College, OxfoTd, Tho Irustsos maln alms ar)d oblgclive8 In th& year under revlew conllnued lo be lo pursue tha Opportuni￿e$ avallable to the students al both Durham and Oxford Unlver8ili88, so that each 8ludenl can develop and fulfil his or her polènllal lo tha hlgh85118vel and also conlrlbula lo the wlder communitie8 In Durham and Oxford. Slgnlll¢ant actlvltle• (a) Teltyo Unlverslty of Japan In Durham Teikyo University of Japan in Durham is located wKhln the ground8 of Durham Unlvergity And has thè polèntl81 to host up tg 200 undergraduate students for 3 10 7 months of Ihelr four.yaar course. Th& alm Is lo glve Ihe students a laste of the academla offered by unlversllles In the Unlled Klngdom. The students attend Ihelr own Engllsh and faculty loctures durlng lh¢ day. The programme also provideg varlou8 QPPQrtunilles to Irav&l •xten6fv&ly throughout the Unlled Klngdom and Europe. (b) Téltyo Unlverslty of Japan at Oxford Th8 charilabla company, logolher with T8ikyo Unlv•rslty of Japan and Teltyo Foundallon (UK), has a 60-y•ar ggr68m8nl with Wadham College, Unlv8rslty of Oxlord. A dlvislon of the charlty, known as Telkyo Unl￿rS1ty of Japan at Oxford, Is allowed lo hold an IndvclSon course al Wadh3m College, al a time tsf mutual ¢onvenlence outside the Oxford University acacfemic lull terni, for up lo 50 students and teachers from Teikyo University and Teikyo Heisei University. In addition. the agreement provides for Oklnaga Junlor Research Fellowship poslgraduale fellows selected from open competition al Wadham Collegp. to study in the field of Japanese sludi6s at th6 University of Oxford. f¢) Stw¢ture Relatlonshlps The bedrock on which the success of the divisions of tha Company depends are the relalionshlps wilh Durham University and ils Officers, and the Coll8ge8 8nd Ih8ir Heads, and slmilarfy al Wadham Coll8g8, with the Ward8n and the Fellows. TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Achlwem•nts and porfomiance r•lkyo Univ•rsityof Japan in Durham Due lo th• COVID-19 pandemlc, In tho academSc year 2021122 as well as In 2020121, Telkyo Unlverslty of Japan In Durham dld not accept any students throughout the year. After the normal Spring and Autumn course5 belng cancelled lor the ￿ straight year3, 8ludents relumed and the programme resumed in April 2022. Durfng the closurè of the campus du8 to the COVID-19 pandemic, Teikyo University of Japan In Dutham Introduc8d an onlln8 English L8arning Programma for 2 10 4 w88ks tOW8rd thè undergr8du818 students al T8ityo Unlverslty and Telkyo H&lsèi Univarsity Sn Japan in th8 academic year 2020121, which has slnc8 gr¢)wn in momentum {over 200 students havo partlcSpaled lo dale). Thls programme has eonllnued even after the eampu8 resumed In 2022. A lolal of 19 slaff12021'. 19 slBffj, whtch Indudes 9 pgrt-lime ernployees 12020.. 9 part-llme employees), wgro amploy8d lo 16Bch and 8dminisl8r th8 progrBmm8 88 0131 Marej) 2022. Every opportunlty lo collaborats WSU) Durham Univarsity lo benefit thelr stud•nls was pursued. Moreovèr, a vary ¢1068 relallon8hlp between Tèltyo Unlvorslty of Japan In Durh8m and th8 County and Clty Counclls has been eslabllshed., In partlcular, th6 Mayor of Durham Clty Coundl18 partlcularfy supportlvè and gonèrous In helplng Tèlkyo Unlvar$lty of Japan In Durham. Telkyo Unlver3ity of Japan In Durham holds an annual 'Japane$e Fe$llval' on campus whlch attrac18 many staff ond studen15 at Durhom Unlverslty together with a hlgh percentBge of local people from the clty and wldor ommunity. Normalty the man8y g•n8rBl8d from Iha f@slivBI is donated lo local charilla8, bul due lo the COVID- 19 pandemlc. there w&re no f•sllvals In 2020 and 2021. However, after the revopenlng ol th8 campu8 In 2022, the fgsllval was held Sn Oclob&r for th8 flrst Ilm6 h) thèse Ihrae year8. The Japane89 Llbrary Is t¥en on a part Ilmo ba318 to Durham Unlverslly Staff and Students ond agaln18 open lo mèmbèr8 of tha local communlty. There has been 8 well-e8tsbllshed local 'Schoo18 Lla180n Programme, whleh Involvog the Japanasg undgrgraduales vlslllng local prfmary schools Durham lo hold 'mlnl Japanèsè culture awaren855 days,. Th18 programme wa8 di8conlinued In 2020 because of the campu8 closure due le the COVID-19. As th8 campus has been revOP8ned in 2022, the programme Is expeded le ré8umo In tho near future, Thls programme ha5 tho full backing of the local Educotion Authority. Wadham Colleg In tho ae8damic year 202112022 88 well 88 In 202012021, due lo the COVID-19 pandomlc, thera wer8 no sludènl admi88lons for the Oxlord Inducllon al Wadham College as no programm• look place al Telkyo Unlvergity of Japan in Durham. After the re.openlng of tha campus In 2022. tho inductlon coursa look plac8 In Apr51 for the flrsl time in these three years. An Okinaga Junlor Resparch Fellowshlp scholar who was nominated in 2019 for a thre&year period {until 6ummer 20221 In Japanese Studles continued her research in the 2021122 aGademio year. In DeGember 2021, upon a request from Wadham College. th& scholarshlp period has begn gxlended by one year until summer 2023. statement of rlgk managemont The Iru3tee3 have a duty lo Ident￿ and ml8w the rlsks to whlch tha charitBbl8 comp8ny Is exposed to. The trustees and management of the charltable company contlnue lo keap ils act1w￿89 undèr revlew, partieularly wllh regard to any major risks that may arlse as well as tho systoms and procedures estsbllshed to manag8 them.11 Is Ihe respctnsibility of manggemenl to monitor the efftrctlven888 of internal controls and other Mable means by which r￿kS idenlifled can be mlligated. TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Flnanclal review The 17nanclal performance of Ihg charitable company Is shown In the Statement of Flnanclal Actfvllles. Th charitable company's total income for the year ended 31 March 2022 wa8 £361,546 12021.. £259.4341. The charitable company's income wa6 increased due mainly lo the increase of the Tental Incomo from flats and dormilorfes, although the amount was significantly lower Ihan those In the previous year5 before Ihe COVID-19 pandemlc a5 th& r8strictions me8nl no students Could attand the programm￿ run by the charilablts company. Thls rosulled In the charllablo company havlng Nèt Exp6ndlture of £325,916 for thè year endad 31 March 2022 12021.. N81 Expendllure of £330,182). At thè 31 March 2022, the tharrtable company had negalfvè Unrestrlct Funds of £1,455,080 (2021.. £1,129,162). Reserves pollcy As a result of th8 Nel Expendllure Sn 2021 and 2022, the Char￿able company has negallve Unre8trlGted Funds of £1.455,080 al the 31 March 2022 (2021.. £1,129,162>. Despll8 Ihls, the charitabl8 company aims lo hold sufficient Ilquld funds lo meet118 day-to-day éxpendtture requlremenl$. Tha charitabl8 company had 'Cash al BBnk and In Hand, of £441,980 al thè 31 March 202212021.. t799,E84), The charltable cornpgny ha$ ongoing flnanclal 5UPPOrt from Telkyo Unlvgr811y of Japan 8nd day-lo.day worklng capllal fundlng from a connected charfty, Telkyo Foundallon (UK). The charllablg company's maSn Ilablllty Is the Inl8rcDmpAny b81ancvJ ow8d lo Teityo Foundallon (UK) of £1,430,320 al tho 31 March 2022 (2021: £1,423,186). The Iruslee8 therefore eonsldèr Ihat no glgnlfleant rèbaNas arè r8qulred duè to the Stglus ond flnanelal stAndlng of T8lkyo Unlver81ty olJepan and Ttrityo Foundallon IUK). Inve8tm•nt pollcy and obJectlvo8 Thg eharitoblg company has absulule powers of Investment over ItB av8llable lund8. The 8oard of Trustee$ conllnvè lo keep under r8vlew the rfsks and rawards of the Investments and the Gurr&nt slate of tho m0rt91. Thè Investmént pollcy for the ye*r and8d 31 March 2022 wgs to plac& All availabl8 funds, othér Ihan those required for day.lo-day operallons of the charflabla corrpany, with Natlonal Wèstmlnstèr Bank Plc. In addlllon. professlonal advlc8 Is gvallabla ffom Mltsub16hl UFJ Flnanclal Group through the charltablè ¢>)mpsny'$ connected charty, Teltyo Fuundallon {UK). Prlnclpal rl•k• and uncertalntl•$ The principal risks and tJn¢ertainlie8 fgclng the charKable company 1$ the malnlenano of sludenl numbers at a 18val lo genar818 sufficianl luilion and a¢commodatlon In￿rne In excess of th& operallng costs. In mlligallon of th18 rlsk, thè charhable company works elosety wlfh Tèlkyo University and Toikyo Hais•i Univaisity of Japan to prornole it8 courses and maxlmlse sludenl numb&rs each acadèmlc yaar. Tha charflablè company generates additional income through the lettlng of surplus sludgnl rooms al the halls to other students at Durham University. and Ihg l¢ttlng of the surplus fials al the staff flats to olher people at Durham UnlverBIIy. A8 already menlloned, Teikyo University of JBpan also provKt? financ4al support b th? tharflablo oompany. COVID-19 p8ndemlc In the spring of 2020, it w8$ becoming ewdenl that COVID-19 was having a severe disruption on many countries and on 11 March 2020 the World Health Organisallon declared il was a pandemic. The ongolng Impact of the COVID-19 pend8mic ha8 contlnued to re8uII in a malerlal Impact on the ffinandal Performance and posltion of the charitable Company for tha yèar ended 31 March 2022. After the normal Spring and Autumn courses belng cancelled for the two slralght years of 2020121 and 2021122, students raturned and the programme resumed in April 2022. In order to conlinve operating as a golng concem, the charflablg company has and w511 contlnue lo rety on the ongoing financral support from Teltyo un1vo￿ty of Japan and Teikyo FoundalTon {UFQ. TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Golng conc•rn Teikyo Universlty of Japan has agreed to provlde flnancSal support to the charitable company lo enab16 1110 continue ils operatlons as a going concern lor the foreseeable ffiJlure. In addition, T8ikyo Foundation {UK) provides fundlng 80 th81 the ¢harilable company can meet ils day-to-day worklng capllal r&qulr&menls. Futum plans The charitable companvs fiJlur8 plans ramsin the same a8 reported above. This is bècause Ihe Iruslees are nfident Ihal tha student numbèrs will r&covÉr in the near future when the COVID-19 pandemic has passed and th911ftSng of Irav•l reslrfcllons and development of vaeclnes have b88n achi8ved. Sfructure. governance 4nd managom•nt The charSlable eompany Is a reglglèred charity, govemed by its Memorandum and ArtScl¢¥ tsf A550clatlon, and18 ngaged In provldlng educallonal fac111118s lo JBpan8sè and olher n8lional8. The char￿able company'8 M¥morandum and Artldes ofAss0¢lallon dated 4 April 1988, wer& last amendad on 14 F8bruary 2002. Recrultment 8nd appolntmont of new trustee• Teikyo University of Japan may, by wrmten nollce, appolnt or removg o Irustoo, and th& trustees are also able to appDinl nèw Tru8le88. Oryanl*&tlonAI man*gem•nt The Board of Trustees meet at lea31 once a y&ar lo dolermln6 the 'general pollcy, of the Charllablé company and revlew Ils overall management and wnlrol. for whlch they are legally respon8lble. The work of Implemenllng most of tha Board of Tru$loe$ pollcles Is delegalod lo the Princts)al and 8ur5ar of Telkyo Unlver8lty of Japan In OuihAm. Inductlon and tralnlng of n•w trust808 New trustees who are also the dlrectors aro Inductod knlo the worklng8 oftho company 88 a mglstéred charlty. Conn•ctod ch•rftl•8 Mr Y Okinag8 Is a guarantor of Telkyo Foundallon IUK> wh08e rnaln activlty Is also tho provtslon of educattonal fBcllhl8s lo Japanese nallonals and 1$ located al Telkyo Foundollon IUKI Framewood Road, ￿xham, Bueklnghamshlre, SL2 4QS. Th18te08 and dlrnctor• The Iruslees, who are also the dlre¢tor8 for the puipose of company law, gnd who sgrvgd durbng ygar and up lo the dale of 8ignalure of the financial Slalemenls wora.. Mr Y Oklnaga Dr H Okinaga Mry Yoshida Drfoda Mr K Nakallma Mry Kono MrA Ishlhara {Resign•d 1 Aprll 20221 {Appoinied l April 2022) Teikyo Universlty of JapBn In Durham Is 8 charKabl8 ￿rnpanY Ilmlled by guarantee. The chaTitablg company does Foceive financial support from Talkyo Unlv8TsIty ol Japan. Mr Y Oklnag8 Is considered lo be a key individual continuing the vision of Dr S Okln2g8, the foundÈr of Tèlkyo Unlvèrslty of Japan in Durham. Audltor In ac￿rdance wtth Ihg ¢omp8ny's artlcles, 8 resolullon proposing that Azels Audii Seryices be reappoinled 89 audltor uf the company has been pul al a General Meeting. TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Dlsclosurn of inforniation to audltor Each of the Iruslaes has c4Jnfirmed that there is no information ol which they are awar0 whlch Is relevant to tho audit, bul of which the audibr is unaware. They hove further Conflrmgd that they have taken appropriate 51ep810 identify such relavanl information and 10 881ab118h that the audllor18 aware of such Information. Th8 Irusl8&s' r8POrt wa$ approved by the Board of Tru8tee8. r Y Oklnaga Trustee TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED STATEMENT OF TRUSTEES, RESPONSIBIUTIES FOR THE YEAR ENDED 31 MARCH 2022 The trustees. who are also the dlre¢tors of Telkyo Unfverslty of Japan In Durham LIMi18d for the purpose of company law, are responslbla for prep8rlng the Tru51ees' Report and the flnanclal slal&n18nts in 8ccordanc8 Wth 8ppll¢able law 8nd Unlled Klngdom Accounting Standards (United Kingdom Génerally Accepl8d Accounting Pra¢ti¢8). Company law Tequlres the Irusleas to pr8par8 financi81 glatem8nls for èach fin8ndal y&ar whlch give a true and fair vlew of the stale ot affalrs ol th8 charitabl8 company and of th8 incoming re8ourees and appllcallon of re6ourc8s, Includlng the Inctsmg and expendllure, of th• charllable compat)y for that year. In preparing Iheso ffinanclal statsmenlB, the tru8tees are requlred lo.. 8elect 8ultabla aecountlng policras ond then apply Ihem wn8iStenlly,' - observe the methods and prfnciples In the Charili8s SORP., makeludggmgnl8 and esllmales that are reasonable and PnKt&nl; Stale whether appllcable UK Accounling StandoTd$ have bgon followed, subloct to any malarlal departures dl&dos8d and explalned In the financiBI stalaments.. and prepara tho flnonclal slalomenls on tho golng concern ba616 unle88 tt Is tnapproprfalè lo prosumo that th• charitsblg cclmpany wlll ￿ntInu0 In operation. The tru$lae$ ara m$pon$lble fur keeplng adequ81g a¢￿untIng re¢ord8 Ihat dl8cIo8e wllh reasonable accur8cy al any Ilme tho financlal poslllon of th8 charitoble compgny and enable them 10 9nsur9 that Ihg financlal 81alem&nts comply wllh the Compan188 Act 2006. Thay are olso r8spon$iblg for safeguardlng the as¥al8 of the charflable company and henoe for laklng regsonablo steps for the preventlon and delectlon of fraud and othar Irregularhles. TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF TEIIrmed. we condude that there is a material misslalement of this other informatlon, wa ar8 required to raport that fact. We have nolhlng to report In Ihls rogard. Oplnions on othw matt•r8 pr•serlb#d by the Companles Act 2006 In our oplnlon, based on the work undertaken In tho COUT5e of our audll.. the informallon gfv8n In th8 Irusl&es' report ftsr lh8 financlal year for which the finanrAal slalements are prepared, which Includes th8 dirèctors, rÈport preparèd for the PL¢rposes of ¢ompany law. is conslslenl with the finan¢ial Slal¢m$nts'. and the dir8clors' report induded wllhin the Iru8tees' report ho$ been prepared In a￿Ordance wlth 8ppTh¢able legal r8qulr8m8nts. TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED Matters on which wo are requlred to report by exeeptlon In the Ilght of the knowledge and underslandlng of the charitable company an(1 ils 8nvironmÈnl obtain•d in thè cour88 of the audit, we have not identified materlal mlsslalements In the dlrectors. report Included wllhln the Iruslee3' report. In tha light of tha knowledge and und&r8tandlng of the company and its environment obtalne(I In thfr ¢ouTse of tho audll, we have not Ident￿ed malerlal mlgslalemenls in the Irustee5' report. We have nothing lo report in respect DI the followlng rnatter5 In relallon to whlch the Companles Act 2006 r6quir8s us to r8port lo you If, in our oplnlon: adgquate accounllng records have not been kept. or returns adequate for our audll have not been rece￿ad fr¢m branches not vlsiled by us; Or Ihe financial statements arg not agreement wllh lh8 accounllng rècords And returns; or G&rtaln dlsclosures of Irusle8s' r•munèralion spgafied by law are not made., we have not received all the infomialion and explanallons we rgqulro for our audll,. or the Iru81ees were not enlhled lo prepare lh8 financAal stal8mantB in 8ccordance wllh the 8mall companlB8 regime and take advantage of the Smal ¢ompanles' exompllon8 In preparlng the trust8e8' mport and from th requirement lo prepare a slraleglo report. R••pon¥lbllltl•• of truit••¥ A8 explalned morg fully In th& $tet8mont of truslee8' r88pon81bllSlle8, the Iru8t888, who ora Blso th• dlr•ctorB of Ihg oharilable company for tho purpose of company law, ar8 re8pon8ible for the preparation of lh• financral slat8m•nls 8nd for belng galSsfied that they glve a IrLte and falr vlew, and for such Internal control a$ tho trusl88s dolermine 18 n8ces88ry to trnable the preparallon of ffinancial slalements Ih81 are free from maleil81 mlsslalement, wholher due lo fraud or error. In prapailng the finBnc4al slat&m&nls, the Irust¢eg are ￿SPonSIble for asse55lng the charilabl eompanl8 ablllly lo conllnua as a golrbg conc8rn, disdoBSng, a$ applicable, mattèrs related lo golng concern and uslng the golng concern basls of accounllng unless the Iwslèès •Sihèr intend to Ilquldato the charitabl8 company or to cease opgrallons. or have no reallstlc altornallvo but lo do so. Audllorf8 responslbllltles for the audlt of the financlal $latsmenlo Alurther deBcriplion of our respon$lbllilie¥ 1$ avallablg on the Flnandal Reportlng Coundl'8 web8lt8 at.. https.'Il www.frc.org.uklaudilor$rgsponsibililies. Th1$ descrlpllon lorms part of our audilorfs report. TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED Extent to whl¢h tho audit wa? ¢on$idered capable of detscting Irregularitles, Includlng fraud Irregularilies, includlng fraud, are Instanc85 of non-compllance with laws and regulations. We design procedures In lin8 with our responslbllltles, oullSnéd above and on the Financial Reporting CouncAI's website, lo delect materlal mlsslalemènls In iespect of iffegularllle5, including fraud. We obtain and update our underslandlng of tho &ntity. Ils aclivititss. ils control envlronment, and lIke￿ future developments, including In relatlon lo Ihelggal and regulatory frameworf( appllcabl8 and how the enllty18 Complylng with that framework. Based on this understanding, we identify and assess Ihe ri8ks of material rni8ststemanl of Ihe financial 81atemen18, whèther due lo fraud or error, d88ign and perform audrt procedures responsive lo those rlsks. and obtsin audit evldence that Is suffici8nl and appropriate lo provide a basis for our opinion. Thls Indud0S consfderatlon of the rtsk of acts by tha éntty that w•r8 contrary to applicabl8 laws and r￿Ulations. includlng fraud. In response lo the risk of IrrogularStles and non-compllance wlth law8 and ragulallons, Indudlng fra(￿, wa deslgnèd procedures which included: EnquSry of management and those charged wllh govemance around actual and polenlld Illlgallon and dalm8 as well as actual, suspected and alleged fraud., Revlwlng mlnul8s of m801ings of Ihoso charged with govemanca., A$8e6&1ng the axtent of complianc• with the IBWS and regulation8 con81d8red lo have 8 dlrect m8terl81 effed on the flnanclal slalemenls or the operalSons of the ent51y through enqulry and Inspeelion; Reviewing financlal slalemgnl dlsclosures and 19sllng to supportlng documentation lo asse58 compllart¢e wllh appllc8ble laws and regulallon8', Porforming audll work over thé rlsk ol management blas and overrlde of contro15, Inciudlng testing of journal 8nlrl88 and other adjtsstments for approprialen8sB. avaluoting Ihg business rationale of Slgnlflcant Iransactlony outsld8 the normal cour8• of buslne8$ and r￿lewIng occountlng egllm3te8 for Indk8tor8 c*f polenllal bla$, 880gusg ol Ihg Inh&rent Ilmllallons of an audll, thorè18 a rlsk Ihal wè wlll not d8t6el aN Irregulsrille8, Includlng tho88 leoding lo a malerlal m18s18tement In the financial 8lalemenls or non-￿mplIanGe with regulallon. Th18 rlsk Increase8 the morè that eompllanee with B law or regulation is removed from Ihg ovenls gnd Iransactlong refloclgd In the flnanclal stalèmenls, as w6 will be less likely lo b8com8 awara of instance8 of non-compliance. Tho rfsk of not detecling a malerlal mlsstat8m8nl rasulling from fraud Is hlghar than for one r88ulllng from error, as fraud may Involve wlluslon. forgery, inlenllonal omlssSon8. mlsrepresenlallon8, or the overrlde of Intemal eonlrol. U80 of our report ThSs report 18 made golaly lo Ihe ch8rltabl8 company's mgmbgrs, 88 a body. Sn 8ccordan¢o wllh GhgplgT 3 of Part 16 of the Companles Act 2006. Our audit work has b••n undertak•n so that we mlghl 8ts1e lo the charllable company'g member8 those matters wo ar8 r•quir•d to slal• lo Iham In an audllor8' report and for no other purpese. To the fullest exlent pemiMed by law, we do not accopl or assume ￿SpOnsIbIlIty lo anyone other than th8 charllable ompany and Ihe charitable company's members as a body, for our audit work, for Ihls report, or for the oplnlorks we have formed. D•vld Cary LLB FCA (Senlor Statutory Audltor) ft>r and on bèhalf of Azots Audlt StrNIc•8 3 January 2023 Chartered Ac¢tsuntants ststutOryAud￿0r Suites B & D Burnham Yard Beaconsféeld Bucks HPg 2JH TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 Unre8trlcted funds 2D22 Total 2021 Nots$ Income and •ndowm•n D¢nalion8 and leg8¢18S Charllabl6 &cllvi1105 Inv8slmenls other incom 91,250 270,237 S9 68,800 178,9S9 221 13,454 T¢tsl Incomo 361,546 269,434 ondSture on. CharilBble aclivilles 687,464 589,616 M•t expendlturn for th• y••rf N•t mov•m•nt In fund8 (325,918) 1330,1821 Fund balanc8s at 1 Aprfl 2021 11,129,162} 1798,9801 Fund balanca• At 31 M•r¢h 2022 11,455,080) (1,129,162) Th& $talem&nl of flnanc4al act￿111•$ Inc4ude6 811 galns and108seB r8cognl&ed In tho yoar. All Incomè and eXp&ndllU￿ der1￿ from ¢onllnulng actlvllles. The slalement of finonclgl actlvllles al80 complle8 wtth the requlremènts for an Ineom8 and 8xpandllur8 acc4)unl undor the Companle8Act 2006. 10- TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED BALANCE SHEET ASAT31 MARCH 2022 2022 2021 Not•B Flxed assets Tanglbltr aB8ets qo 13,909. 15,404 Currnnt assots Debtors Cash al bank ènd In hènd 11 108,212 441,980 15,031 799,684 550,192 814,715 Crgditor8: amounts lalllng due wlthln ono year 13 (1,557,181) (1.497,2811 Nel cJJrrent IlablNlle$ (1,006,989) {682,586) Total ••*ots l••¥ ¢urrnnt Ilabllltte• (9S3,0801 {667,162> Crodltor8: amounts t•lllng due after moro than one year 14 (462,0001 1462,000) Not Ilabllltl•• (1,455,080) <1,129,162} Incom• fund• Unrèslrlcted funds (1,455.0801 {1,129,1621 (1,455,080> {1,129,1821 The finanrAal Slalernents were approved by th¢ Truslges on . 23 December 2022 Mr Y Okinaga Truutee Compony rogl8tratlon number 022S9457 11 TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Nots$ Cash ftows from operating 8¢15vltlps Cash Bbsorbed by operations 1357,7631 1247.03 Inva8ting actlvltles Purchas8 of langlble ffxed ass•ls Intsrest recèivèd 112,451) 221 59 Net cash ganaratad fromllu8ed Inl Inve$tlng a¢llvltfe8 59 112,230) Flnonclng actlvltle8 Increase of borrowlngs 462,￿0 Net ¢08h lu8•d Inllg•nernt•d from flnancSng actlvltlos 482,CQO Nèt Idg¢r•a•e)Ilncra489 In ca•h and ca#h •qulval•nts 1357,7041 202,733 Ca8h and equlvalonts at beglnnlng of ￿ar 799,684 598,952 Cash and calh equlvalonts it end of year 441,980 799,884 12- TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting pollclgs Charfty Informatlon Teikyo University of Jap8n In Durham Limlled 58 a private company Ilmiled by guarantee Incorporaled In England and Waleg. The reg181er8d office is Teikyo Foundation IUK). Fran￿WOod Road, Wexham, Slough, Buckinghamshire, SL2 4QS, Unlled Kingdom. 1.1 Accountlng convention The finandal 5talementB havè been prepgred in 8¢cordan¢e w￿h the charltable company's wvemlng document, lh8 Companies Act 2006 and "Accounllng and Reportlng by Charities= Slatemerlt of R8comm8nd8d PrBclic& 8ppIic8ble to charflles pfeparlng their accoun18 in accgrdance with the Financlal R6POrtSng Standard applicable in the UK and Republlc of Ireland (FRS 1021 leffedive 1 January 20191" The charilablo Gompanyls a Publtc Bènefit Enllty as deflned by FRS 102. The financial Blalernenl$ are prepared In slerllng, whlch Is th• funcllonal curr8ncy of the charltabl6 Company. Mon8lary amounts in Ihesa financlgl slalsmenls arg rounded lo the nearest £. Th• finan¢i8181alemen18 havè been prepared under the historical cost Gonvenllon. modlfled lo Includo th6 rovaluatlon of freehold prop8rtle$ and to Includ8 inv8slrn8nt propertias and cgrtain flnanclal Instruments 81 falr valuè. The prfnetpal accountlng polleles adoplad ara sat out balow. 1.2 Golng ¢on¢•m Al the Ilma of approvlng tha financ181 slal8m8nls, Ih8 tru8le89 have a reasonable expeclallon that the charitable company has adequat• resources to conunue In oper8llon81 exlslence for th8 foreseeablo lulura. Thus the Irusleos contlnue to adopt the going concern basls of accoLrnllng In pr•parfng th8 fln8ndal stslamenls. Al the year èndèd 31 March 2022. the chgritablo company haLI Nel Expen￿￿Ure of £325,918 (2021.. £330,182) And had Ngt Currgnl Ll8blllllg8 of £1,006,989 12021-£682,566) and Net Liabilities of £1,455,080 12021:£1,129,182} Bl thè 31 March 2022. Whll81 there Is unc8rtointy ovar Ihe ongoing impgd oflhe COVID.19 pandemSc, followlng the ea81ng of reslricllons, 11 Is èxpected that income will bo receivgd from tuition gnd acGommodalion feES as 8ludenl8 return for the 202212023 Bcad8mlc y•Br. Thls Is éxpactad to have a materlal bonefil on the financial position of tho ¢harllablo Company. The financial slalemontg havo been prepared undgr the going conc8m basis because Teikyo Unlversity h*$ und•rlaken lo support the charitable company and has agr8ed not to recall the amounts advanced unt51 all olher IlabS1ille8 have been met. In addition, Teikyo Foundallon IUKI provldes day-lo-day worklng caprtal fundlng and support. Havlng considered the information avallable lo them, Ihg dlreclors and Iru8lee8 have concluded that tha golng concam basis of praparallon18 approprfats. 1.3 Charltabl• funds Unrestricted funds are available for u¥e al the dlscreJon of the trustees In lurtherance of Ihelr charllable objectives. Restricted funds are subject to sp&cHlc condlllons by donor8 as lo how they may be used. The purposes and uses of the reslriBIEd tund$ are sel out in the note8 lo the flnanclal stal8m8nls. Endowm&nl funds aro sublect lo speafie ¢onditl¢n$ by donors that the capital musl b8 main18ined by tha charllablo company. 1.4 Income Income 18 iecogniseil when the charitable company is legally onllllod toll after any perfomiance condSllons h8ve been mel, tha amounts can be measured Teliably. and11 Is probable that incomo wlll be Teceived. 13. TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Aceountlng p¢llclo8 Icontihuedl Cash donations 8r8 re¢ognlsed on receipl. Other donallons are recogn15ed once the charttable company has been notified of the donation, unless performance condllions require deferral of the amount. Incom6 lax recoverable In relallon lo donations r8fAivad undèr Glft Ald or deeds of covenant is recognised at the Ilm& ol ihe donation. Legacles are recognlsad on r•colpt or olh&rwi58 if thè charltable company has been nollfled ol an Impendlng dislribuflon. the amount Is known, and recelpl18 expecaed. If the amotsnl is not known, the lega¢y18 treated as a Gonllngenl asset. 1.5 Expendlture Expèndltura is racognis•d once there 18 a 16gal or conslructlve obllgation lo transfer oconoml¢ benefll lo a Ihlrd paty. il is probablè that A transfer of economlc benefits v4ill b8 required in settlement, and Ihg #mount of the obllgallon can b& measurod rellably. Expendlltsre Is da88ified by adlvtty. Th8 cos1$ of e8ch aclivlty are made up of the lolal of direct costs and Shared costs. including support costs Invo5vgd In undertaking each actlvlty. Dlr&ct costs attribut8bl8 lo A single 8¢llvlty are allocated direclly lo that acllvlty. Shared costs whlch conlrSbule lo mora than on• actiwty and support costs which 8r8 not attributable lo a 8lngl8 aclivty are apportionod btheon those act￿lI10S on a bas16 onslslgnl wllh th& uso of re8ource8. Central staff costs are allocated on Iho basls of Ilme sponl, and depreclalSon chargos ar& allocated on Ihe portton of th& ass81's usè. LlabS1ilies ara rècognised 88 exp8ndllur8 a8 soon as Ihere Is 8 legg1 or con8tructlve obllgallon commlttlng the ¢harfty lo that expendilure,1118 probabl8 that a transfer of econom1¢ b9nellts wlll b• requlred In Settlemènt and th8 amount of the obllgatlon can be m8asLtr8d r8ligbly. Expendllure Is accountsd for on an Hccru81s bas18 and has beon clas8lfied under headings that aggregate all cost mlaled lo the category. Where costs cannot be dlreclly attributed lo particular headlngs thay hava b8•n allocatsd lo ae1￿11185 on a basis consislanl with th use of ro8our¢e8 1.6 Tanglble flx•d o•8•ts Tangiblè flx8d ass8ls ar• Inlllally mq8Burgd at ¢08t and 8ub8equenlly measured ot cogt or valuallon. nel ol d¢pr¢clatlon and any impalrmenl10s888. Depreciallon Is r8eegnlsèd so as lo wrlte off the cost or valuation of assets less Ihelr resldual values over thelr Useful IIv0$ on tha followlng bases.. FSxtur8s and fittlngs Motor vehicles 25°h on cost 25% on cost 1.7 Impalrnignt of fixed as8ets Al each raportlng end dale, ffto ch8rilable Company rew8w8 the carrylng amounts of Its tanglble assèts lo d81ermlna whelh8r there Is any Indlcalion that Ihose asset$ have suffered an Impairment10s3. If any such IndlcalSon exlsts, the recoverable amtsunl of Ihe a$$et is estimated in order lo determine the extent of the Impaitment loss Ilf any). 1.8 Cash and cash •qufvi alents Cash 8nd cash equivalents indude cash In hand, deposlls held at call wllh banks, other short-term liquid Inve8tmenls with original rnalurilies of thro0 months or less, and bank DverdTaft5. Bank ovordrafts ar8 shown wllhln bormwings in current Ilabililie$. 14- TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 IIIARCH 2022 Accounting pollcles {Continuod) 1.9 Financial In81ruments The charftsble company has elected lo apply tha provisions of Section 11 'B8sic FSnanclal Instruments, and Secllon 12'0ther Flnanclal InslTumenls Issu8s' of FRS 102 10 sll Df ils financi81 in8lrum6nts. Financial inslrumenls are re¢ognlsed In the charltsble company's balanc& sheèt whèn the charflable company becomes party to the conlraclual provlsions of the In8lrumenl. FSn8ndal 8s$els and Ilab115118s are offset, with the net amounts presented in the financlal Slatements, when thère 18 a legally enforceable right lo sèl off th8 r8cognis•d Bmount8 and there18 an Inlentltsn to 88tUe on nel b851$ or to feallsg the assgt and settle Ihg Ilability simult8neou81y. Bp¥l¢ ffnan¢lala8s•ts Basic financlal Bss818, which indude deblors and cash and bank balanc85. are initially measured at transaction prlc8 Indudlng Iransactlon costs and are 8ubsequ8ntly carrfed at amortised co81 using Iho effectlve SnIe￿St method unles8 the arrangemént ¢onslllulè$ a financSng Iransaclion, wh8r8 the Iran98Ction 18 measured al the present value ol the lulure recelpls dSsGgunled at a mark&l rats of inl&r•sl. Financial 88sèIs da885fled a8 recelvable wllhln one yeor arg not amortised. Oth•rllnaRclal •ssats Other finandal Oosets. In¢ludlng Invgstments in oquity Inslrumenls whSch are not subsldlarles, a8soclatss or lolnl venlur¢s, are Inlllally mea8urgd al falr valuo, whlch Is normally the transactlon prlce. Such Assets are Bubsequenlly carried al falr valuo and thg chang8s In falr value are recognlsed in n81 InK*rnellexpandllur&), 8xe•pl Ihal inv8slmen18 In equSty Instruments that arè not publlcty traded and whose fglr valugs cannot bo measured rellably are measured at cost less Impalrmenl. Imp•lrni•nt ollln•hclal assets FSnanclal assets, other than Ihosg held al falr vglue through Income and ￿pan￿Kuro, ar8 asse88ed for Indlcators of impalmi8nl 8198ch reportlng date. Financlal a888ls are impalred where there 1$ object￿? &vldenc• that, 85 a r•sull of onè or mor& events th31 occurred after the Inllial recognition ol the finonclol a$8et, the osllmatod future cash fIows have been affected. If an a$89118 irnpaired, the irnpalrmenl loss 1$ Ihg dlfferonae botsveen the ¢arrylng 8mcunt end the pre8enl value of Ihe e8￿moted Gagh flows dlscounted al the asset's orlgln81 effective Interest rate. The Impalmont loss is recognisgd in ng1 Incomellexpenditure} for the ygar. If there 15 8 decrease In th8 Impaiment loss arising from an event occurring aftor the Impalmiant wa8 recognlsed, Ihe Impalrmenl Is reversed. Tha reversal is such that the current carrying amount doBS IKIt exceed what the carrylng amount would have b8•n, had the Impaimient not prevlously been rècognised. The npairmenl rev8rsal Ss racognlsad In not IncomÈl(expèndlturel for the year. Derecognlllon of Ilnanclalassets Flnancial a88els are derecognised only when the contractual rtghls lo the cash flows from tho asso1 explre or are settled, or when thè charitable company transfers the financial asset and $ubslantlally all the risks and rewards of ownershlp to another •ntity, or if somè significant risks and rewards ol ownershlp are retained bul control of th¢ asset has Iransforred lo another paty Ihal Is able lo sell the asset In Its enllrety lo an unrelated IhSrd party. 15- TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accountlng poll¢le¥ Icontlnuedl Bas1¢ flnan¢lJl IlabAIItI¢s Baslc flnanclal liabllit18s. including creditors and bank loans Bra inilialty re¢ognlsed al Iran88clion pricé unless the arrang&m8nl ¢onslilul&s 8 financing transaction, where tho debt instrument is measured al the present valuo of Ihg future payments dlscounled al a market ral8 of Inlerasl. Flnandal IlabS1illes classlfied a8 payable wllhln one yoar are not amortl8ed. Debt In8trument8 8ubBequenlly carried 01 amortis8d c08t, using the effective inlarest rale method. Trad• uaditors are obligations lo pay for goods or 8ervicgs thgt hBve bean acquired in Ihe ordinary course of oporallons Irom suppllers. Amounts payable ar8 classlfied a8 current Ilabilllles ￿ payment18 due wlthin one y&ar or less. If not. they are presented as non-currenl Ilabllllle8. Trade creditors are recognlsed Inlllally al transactlon prlco and subsequently measured al arnort18ed cost u8lng the effeGtive inter851 rnethod. Oth•r flnenclal Il•lJllltlo& Derlvalives, Includlng Interest rale swaps and lo￿ard forebgn exchang8 contracts, or8 not basic financlal Inslrurnenls. Derfvolives are inltlally reoognlsed al falr value on Ihe dal& a derfvallve conlraol Is 8nlered Snlo and are subsequently re-mea$ured al their falr value. Changes In the falr valLt& of dorlvallves ar& rocognlsed In or in finance costs or finance incomè as approprlal&. unlgS8 hgdge accL)unllng18 apwigd and the h&dge 18 a cash flow hadgÈ. Derneognltlon olnn*nel•lllobllltl•s Financial Ilabllltles are deracognls6d when th? charttable company'8 conlraclual obNgollon8 explro or aro dl8thargad tsr cancelled. 1.10 Employ•0 ban•ftts Th& cost of Any unused hollday enlillement18 recognlsed In Ihg perlod kn whlch the 8mployeo'8 servlcos afe ro￿1ved. Tomlnallon banefl18 are recognls8d Immedlately a8 an èxpense when th8 eharKabla company Is demonstrably eommlttèd to lermlnal8 the 8mploymenl of an èmploy6è or lo provtde lèrmlnollon b&nèflt8. 1.11 R•tlromont b•n•llts Paym•nls to d•flnad conlrfbullon r•llr•menl b&ngfi1 schgmeg are Charged 89 an gxpenso as they tsll due. Crltlcal accountlng •$tlmat•$ and ludg•moThts In th& appllcallon of thvj charllabla compan￿8 8ceountlng polt¢les, thè trus￿es are requlred lo makè ludgemenls, osllmates and assumpllons about the carrylng amount of assets and Ilabllilles that are not readlly appargnl frDm other sources. The e81imales and associated assumptions are based on historical experienGe and other factors that are considered lo be relevant. Acbjal results may drffer from these esllmates. Tha &slim8tes and underfying assumptions gre rgviewod on an ongoing basls. Revlslon8 lo accounlyig estimate8 arg re￿gnISed in the perlod In which the esliFnale is revised where th8 revision affects only that perfod, or in the perlod of the revlsion and fvlure periods where Ihe revlsion affects both current and future perfods. 16- TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 DonotiOll8 and lego¢leg Unrestrlcted Unre8trlcted fund funds 2022 2021 Donallons and glfts 91,250 66,600 Charftablo a¢tlvltlo8 2022 2021 Student lulllon and accommodatlon feès R•ntBI income from fi818 and dormilorfe8 Other Income 2,400 287,065 772 1,849 174,796 2,314 270.237 178,959 Invovtments Unr••trlctsd Unre8trlctsd fund• fund• 2022 2021 Investment bn¢omg 59 221 othor Income Total Unrestrlcled ftsnds 2022 2021 Other Income 13,454 Other Incolno ropresgnls the money rgcalved from the UK Govemmonl under Ihe Coronavlrus Job Relenllon Scheme. 17- TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Charltable actlvlti Charltable Charltsblè Expendlture Expendlture 2022 2021 Staff costs Deprecialion and impalrmonl In$uranGe Llghl and heal Equlpmgnt Slalionery Staff subsistence and 8tudenl Inducllon and field lrfp Studènt aclivilieB Collego s•rvlc6 charge Malnlenanca costs Transport and alr trovel Othèr t8ad)Ing and lecture Co$ BBnk charges Audll and non audlt 68Thlc66 468,889 1,495 27,330 102,547 6,293 1,348 3,354 849 18,554 205 39,081 7,881 215 183 11,240 441,841 2,174 27,809 79,315 8,705 $58 2,005 17301 7,377 113,5951 24.500 3,872 1182) 367 8,CKIO 867,464 589,616 687,464 589,616 Tru•tso• Nona of tho trus1885 lor any parsons Connected wNh th&m) recalved any remunerallon or benefilB from the ¢horllgblg company durlnp the year ended 31 March 2022 (2021.. £nll}. Employees Thg 8vgr&ge monthty number of efflployees during the yearwao., 2022 Number 2021 Number Support Dom&sli Teaching Tol81 18 18- TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 Employ9•5 Icontlnuedl Employm•nt Go$ts 2022 2021 Wages and salariès Social security ¢osl$ Other pénslon Costs 413,997 26,035 28.857 392,455 25,241 24.145 468,e89 H1.841 Ther• wer6 no employees whos8 annual r8munar8lion was £80,fy)O or more. Its T•nglblo flxed as80ts Flxtur•8 •nd M¢torv•hlcl Ilttln TotAI Co•t Al f Aprfl 2021 572,247 73.109 646,366 Al 31 March 2022 572,247 73,109 64S,358 D•pr•¢lAtlon and Impalmiont Al l Aprll 2021 Dèpreclallot) chargèd In thè yaar 556,843 1,495 73,109 629,952 1,495 Al 31 March 2022 558.338 73,109 631,447 Carrylng amount Al 31 March 2022 13,909 13,90 Al 31 March 2021 15,404 16,404 11 D•btoM 2022 2Q21 Amounts falllng duo within on? year., Trade debtors Prepayments and accrued In¢ome 91,217 16.995 1,236 13,795 108,212 15,031 19. TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 12 Loans and ovardrafts 2022 2021 Loan from Telkyo Unlverslty 462,000 462,000 Payablo wllhln on& year Payable aft8r one yèar 482,CQO 462,000 13 Credltor8: *mount• falllng duo wlthln one y•ir 2D22 2021 Trad8 crèditors Amount due lo Telkryo Unlver81ty Othèr cred5tors Accruals and doforF8d Incomo 24.627 50,609 1,430,320 51,625 17,486 50,609 1.423,186 8,000 1,557,181 1,497.281 14 Cr•dltorn: •mounts f•lllng duo after more than one y•#r 2022 2021 Borrowlng8 462,000 462,000 16 P•nBlon contrlbutlon The charltable company operato8 a def5ned contribution pension schgm9. ConlrlbuUon8 are charged lo the statement ol Flnandal Actiwlies in the period in which they relate. Ourlng IhB year ended 31 March 2022, the company made conlrfbullons of £28,867 (2021.. £24,145). No contrlbu11on8 were oulslanding al the 31 March 202212021.. £nlll. 16 MèmbeY8' Llablllty The choritoble compony Is a company Ilmlled by guarantee with no shar8 capit81. The liabilty of •sch mombor under guargnlg9 d008 not excegd £2. The number ol members at 31 March 2022 was 2 (31 March 2021.. 21. 17 Telkyo Univernity Teltyo Unlversty has undertaken lo support the chaTilable company and lo provide such facllllles as the company may requlre lo meet any opeialional deficits and lo conllnuo trading. -20. TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 18 Related paity transa¢tlons During the ye8r ended 31 March 2022, TeStyo Foundation (UK), a charlty under common control which promdes a ￿￿tralIsed accounting and payroll servl¢e for the ¢harilabl8 company, incurred payroll costs of £357,801 (2021.. £381,442) and other expenses of £27,33012021'. £27,609} on behalf of Telkyo Unlverslty of Japan In Durham Limited. Thès8 amounts wer8 recharged al cost and repayments lolalling £377,79712021.' £171,932} were made by Telkyo UnlveTsNy of Japan In Durham Llmlted durlng the year. At th8 31 March 2022, ftslkyo Unfver81ty ol Japan In Durham Limited owed Teikya Foundation (UK) an amount of £1.430,32012021= £1,423.186). Teikyo University provided donated s•rvicas In raspecl of salary costs amounllng Its £91,25012021: £86,800). An amount of £50,60912021.' £50.6091 is ow8d lo Telkyo Unlverslty al Ihe 31 March 2022. In addlllon, a loan of£462,000 (2021.. £462,000) was due lo Telkryo Unlverslly at the 31 Mar¢h 2022. Key management compens&llon was £118,DC6 fur the year ended 31 M8r¢h 2022 {2021.' £84,723). 19 Conn•ctsd charltlol Mr Y Okln8ga18 8 guarantor of T8lkyo Foundallon IUKI, a rog161•red charlty whoso maln 8￿fvIty Is also thtr prtsvlslon of edue4llonal faclllt6e8 to Japanese nallonals. Telkyo Foundallon {UK) Is based In Wexhom. Bu¢klngh8m5hlro. 20 Propety hold In tru•1 The charttgble cornpgny u888 four bullding8 owned by Telkyo Unlver81ty for Its prlnelpal 8Ctlvllles. The8• buildlngs 8ro u8ad r9nl fr•• sublocl lo th8 charlty Jne8tlng thtr ffijll co81 ol m8lntenAncè. 21 Anal￿1# ot chang•u In n•t d•bt At 1 Aprll 2021 C••h Ilow•At21 M•rch 2022 Cash at bgnk and In hand 799,884 1357,7041 441.980 Loans f8lllng due aftgr mora than ona ygar 1482,000} (462,0001 337,884 1357,704) (20,0201 21 TEIKYO UNIVERSITY OF JAPAN IN DURHAM LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 22 Cash g8n•rdtèd from oparatlons 2022 2021 Deficit for thè yèar {325,g18} 1330,1821 Adluslmènls for.. Investment Income r8cognised in slalemenl of finandal act1￿1105 Depreclatlon and Impalrmenl of tanglblo fixed assets 159) 1,495 12211 2,174 Movements In worklng Gapltal: (Increase>ldecrea8a In debtor8 Increase In credllors {93,181} 59,900 3,205 77,987 Cash absorbed by operotlons (357,7831 1247,0371 .22-