Charity registration number 1063952
Company registration number 03371038 (England and Wales)
THE JAPAN SOCIETY AN UAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE JAPAN SOCIETY LEGALANDADMINISTRATIVE INFORMATION Patron HRH The Duke ofGlou¢¢st¢r, KG. c0. GCSU, SS[ FRIBA Pmklellt Vke Prejldents Daisuke Motolani Yukinobu Nakano Tom Osborne HoDor¥ry Vke•PMlderyts ShinEbibarn Bill Ernrnott Hiroaki Fuju Haruko FukwJ&OBE K¢iicbi Hayasbi Sadayuki Hayaslli Hiroshi Kitalllurn YasutnosaN8gattiine yos.)7 Nogami Chn"stopher Punrys CBE Vis¢ouDI TTeThchard Koji Tsunjoka David Warren KCMG Offl¢ett and Trurtees (as at 31 March 2025) Th¢ Rt Hon Gre¥ Clrt Cbair Sphen Barber Anno Din8l¢y Yoko Docbi Emma HickiDbothwn Hclcn Macnw8bwi Neil Rilcy Perniile Rudlin Tomoko Samki Clare Weaver Nigel WeS1ings, Hon Solicitor Nick Woodford. Hon T[eurer kiko Yano Rie Yoshitake M4sthL Ik¢8ami. Vice-cbair. Observer Sue Hudson, Hon Editor. Observer Jenny White, Hon Eth'ior. Ob5cr¥er ChlefEx¢cutlve and Company SecrtAry Dr Michiel Rivern KID8 Charity number 1063952 Company 337lQ38 Prlnclpl Addr 13114 COrnwBllTe[r LonthD NWI 4 QP RichardPIeD0b$On Services Limited 1-7 St*ion Road CTawley Wesl Sussex P10 IHT
THE JAPAN SOCIETY CONTENrs P*ge Tnutees. report Ststement of truste¢s' r¢sponsI111ts¢s tnd¢peTMlellt auditor's Teptsrt 10- 12 Ststement of ffftan¢ial #Ctivities 13-l5 BalaA¢¢ $h¢¢t 16 Note4 to th¢ fillon¢ial statements 17-30
THE JAPAN SOCIETY TRUSTEES, REPORT (]NCLUDING DIRECTORS, REPORD FOR THE YE4R ENDED 31 DECEMBER 2024 The Tnte¢s, who arc also Dire¢w$ofthe charity forthepwp05esofthc Coweskn 2006. prescnttheirr¢portwith thc fman¢iAI statements of ibe chaTity for th¢ year ended 31 December 2024. The Twmtts havc adopted the pTovision5 of &¢¢oiJnting and rtitig by Charities.. Ststemetti of Re¢ommended Practicc 8ppliubl¢ io clwitiC5 prcpariug their in a¢¢ordan¢e with the Financial ReportitL8 Standard AlICable in the UK and Rcwbli¢ of Ireland (FRS 102) leff¢¢tsve l January 2020.) STRUCTURE, GOVERNANCE AND MANAGEMENT The Japan Society is a company limited by guarante¢ and u Such bl governed by its Men1[1duM M)d Article& of Ass¢xiation. It IS a registered charity. The memb¢rs of the board wbo served during thc yctr were.. Bill Emtt]ott- Cbairn (R¢tired 31 December2024) Monin Hatfvil- Deputy Ch•irAti (Retired I I September2024} Hiroshi MaL3uura- Vice Cbairnwy (Resigned as Tn1¢¢ IS April 2024) Satoru Yoshida- Hon Trea5urcr (Retired 20 November 2024) Nick Wwdford- Hon Trsurer (Appointrd to Erf)ard 8 Septemkn 2023. Appointed u HOD TT¢a¥urer 20 November 20241 Ni8el Wellitigs- Hon Soli¢itor Su¢ Hudson- Hon Editor Jenny WhL'te- Hots Editor Stephen B4rber Ann8 Dirtgley Yoko Dochi Tim HIn EMMA Hicknnbotha Helen M8¢Daughl Ysu)wki Oklzaki Ncil liil¢y Julie Ro8er5 P¢rnill¢ Rudli Tornoko SAuki Clare W¢av¢r Akiko YaDO Rie Y05bit&k¢ (Retittd as Tn1¢¢ I l November 2024) (Rell'ffd a5 TTUStee I l Noven)ber 2024) {Appoillted I I S¢ptember 2024) (Retll¢d I I Sepmber 2024) (Resigtted as Trumee 15 April 20241 IR¢tiTed I I September2023) (Appointed I I S¢pt¢mb¢r 2024) (AppDinied I I September 2024) The Observets of the boaTd who thiring the year wwe." Sue Hudson (Joined as Observer I I September 2024) Masaki Ik¢gami lJoin¢d as Observer 20 November 2024) Hir08hi Maisuura (Joina as Observer IS April 2024, R¢sign¢d S Septernber 20241. Y&w)wki Okazaki (Joined as Observer IS April 2024) Jermy White (Joined as thser4er I l November 20241 ' Owing to Hirothi Matsuur Tllo¥itt8 on ftorn role th¢ Mirti$i¢r Pl¢nipoteDtiary at the Emb455y of jap tbey tto longer sil an observeron the b0d and their successor. Mwkn" ik¢ganw ba5 takcn thcir place. Appolntment ofTTh$t¢ As sel out in the Articles of Association. thc boTd of The Japan S(xicty consists of a Clair (or Joint Chair), 8ny Vice Chair or Dcputy Ch&iT, and Orth"nary Trustets. with up to 15 Trustees ID totsl. Vice Chain may be appoint¢d annual by the board from their number, The board can a]$0 #pIllI li) the mLffler Plenipotenti ai the Embassy of JapaD.' aod {u} mlster lor CouDsellorl Charge of Public Diplomary from time to time. Shall. if they wish to be 50 appointr4 b¢ ap[M)ted by thc Board CA offi¢io a$ Observ¢rJ. The Board may appoinl as Officers in(0 the role5 of Honorw Ttsurer. HonorJry Solicitor attd Hottorsry Editor, with such roles and on such tenns as the Board deterniine. The Honorary Sobcitor and Honorary Editor shall bc appould an Observer for a5 long they are In Officer. All other m¢mbeTS of the IN) Iwnh the exception of the twv OE officio Tn¥tees from the Embassy who serve as Observe[3) aTt elected foT a tern) of three year5. At the end of th¢ first tern4 frustees may Stand for re-clectioTr for • second thrcc-ycar trnn. Aside from th¢ Hottorary Treasurer. no one rnay5¢rv¢ as an ordinary Tro5tee for ll¢ than six consecutive years. The Hon¢)rary Tr¢a5urer shall be prrmitted to serve in that role for 8 perithl rM)t to exceed ninc Yts. page I
THE JAPAN SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS, KEPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Biil Ernmott sttpped down atth¢ Cnd of 2024. bavinE Served as Chait for Six yea. The Rt Hor¢ Greg CJ8xk was electcd as a]r at tbe Annual GetttThl Meeting in 2024, to ¢onuDcn¢¢ on January 12025. Ai the 2024 AGM Martw Tim HardiD8. and Ju]i¢ Roge Stood dowa having Served on the boatd f¢)r six years. Four tn[St Steph¢D Barber. Yoko DOC.. Euyna Hi¢kitsbtstham. and Hejen mnIUb¢an Stooddownai the endof a thrc¢.yeartrlln aDdwere all tt-electe& Three new tru5ttt4 ADDa DJy, Tomoko Saspki. and Akiko Yano, were appoilld to the boaTd. In 2025 Iwo tru51x5. Neil Riley and Petnille Rudhfy will St dow4 having s¢kv¢d six.yedr The board mc¢ts ai regular ititervals in QTd¢r to provid¢ st£agi¢ dÉrEdion and to monitor and teview the a¢uvitie$ of the Society. It met rive tin in 2024. Meetiugs were primarily its-person mCCliDgs with pmvision for tnsteei 10 joiti remotely if necessary. Th¢ day-104Jay njntiing of the SoGicty was carried out by the p¢rmJneDt 51aff under the leadersh of Michael Riverd Kin& who reports to the Chair attd the b02T(L Mich3¢1 w4S 5UPPOrted by 8 team of kmid sraff. The aetivities of th¢ kni¢ry e organised by the offic4 with support atso provided by activity 8roup sulTrcommitt¢¢s, which meet on an ad hoc ba31$ and Nthose rn¢rnbS are voluTrt¢crs. The Society a]50 receiv¢s wpport from volunteery notabty Jw in Your clas00 voluttte¢r& school visit progrgnune. A non)in41ious rortunitlee review5 the skills that are requtred ott the board from ttme to ttme aod the suc¢es$iott policy. makin8 recommeDdations to the board ott possible firture appointm¢nts. Th¢ following skiii3 1 interests ve b¢¢n id¢ntifi¢d as particularty relevant to TheJapan So¢i¢ty and axerepresettkd on thecurrtnrbo4rd: the arts: the J4pan-retated buSTDe5s community.. culDJre, ac4d¢rni school ¢du¢ation and outreac. fimdrai5ill8. The board itl Djrn makes proposals to the members of the Society in adv¢¢ of the Anrtudl G¢ra1 Meeting. The r¢¢omtnend&tions for eleetion ai the (onhcomiDgAnoualGeDeraE Meetingare delled in thep8pS forthe AnIMl General Meetin& Th¢rol¢ of th¢ board ad the OTuanizalion's ¢xpe¢wioDs of its board rncrnbcr5 are di¥cuss¢d with new Trustees prior io their elcaiorL Py Po The pay of staff 15 reviewed by 8 f¢Dllttoll ¢OTDTDille¢ and incrns¢d ID accord with av¢rage ¢ttIng8. In view of th¢ llatsre of the ¢baTity. the Trusteesbenchtllark pay kveis ID othrr 5imilaroTw1zatio R¢muD¢rn¢ion is ilso rlVed where job descriptions Are changed SigDifx¢antly. All Tnte¢S give of their time freely and no Truee received t¢mun¢rnlion ID the y¢4r. Details of Trnstets. ¢xp¢tts¢s r¢iared paty tran5action5 are disclosed in notes I l and 23 ro the 3¢¢ount& Rilk M¥naxanertt Tbe audit, risK alld goverDOnce commiue¢ Iwhieb for the 2W24 accouDts COU[1$¢5 Cl¢ Weaver. Ni8el We]Jitt8s, and Tomoko Sa5akil, along with the Honorary TT¢a3u(er. considers the accounts and the F0nDance of th¢ auditors befo T¢Vi¢W by the Chair and the board. The committcc m¢¢ts at 1¢85t thttt tixll¢s a YM iepi)rts to the btsatd. These reptsrt% eovec the llujor risks to which th¢ Sociery is expostd a1 the systems establithtsA to mitigate these iisks. A Risk mgeMen1 Re8i8teT 15 and ftrn]&ily reviewed by the Yn advICOr the 2024AGM the B(th eonducd a revi¢w ofth¢Arti¢les ofAssLxiatiOTL This wds donc forthre¢ main re4soDs: a) to brmg th¢Articles in lille with in COTnpany law since the rffeyi0 revision itt 2(KJ9. b) tt> tspt theArtides in reSpot to chan8es in Gornpliance prdctice at financiaj InltutIOnS vthich have made the tr)le of ttustct5 (formalty. company directon) rnor¢ onerous in sotne ic2] rtspecL% aU5ing diificuJ%iu for those with diplomatic slaius,. andc) to fillth¢Y aiigft the Japall Society wryth bcst Practicc for chatity 8overnance. Changes iTLcludts)g int¢graw rllemorand orassoci70 the 8rttclc5. cr¢8tsng obseryer wles ¢>n the b)a7d. smd simpljfyllig theproeedwes orAtstee rotatioJ4 alollg n¢nthneots to reflt the Ckni¢icsAct2011 and Cbwity Commis5i¢)n The Society's obj'ects os Stated ID iL¥ Ani¢k$ of Asso¢i4ti0ts *e: a) PTomote the swdy of jap iticluding its Culture and its pcoplc. within tbe United Kingdom aod beyort. b) protnot¢ the study of the United Kiti8donL including tts ctsiDJr¢ and its pEopl4 witbitt Japan and beyond. c) ¢nsur¢ that suck study as out in Articles a) and b) aljove is more aLxessible to th¢ EeneraL poblic. and d) streDgthen the conneetions and unduthdin8 bELween th¢ p¢opk of the Unit•J Kitigthsm andjapan in cvcry wayp05siblt. R¢vi¢w of Adiviti¢s The board repjlarty Ievicws th¢ Siety's acfivitirs tt) that its kEy objeclive5 are bein8met as well as to coofm Iheir contiuMg re]eWe. The T[SteeS are mindfid of the Chariry ComtNMiots guidall¢e on public benefit and coTrsidet thi5 when Trri¢wing the So¢i¢ty'5 activities dunng tbe yer and iti platitiiti8 thatitablE ¥tiv[ti. pag¢ 2
THE JAPAN SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONfINUED) FOR THE YE4R ENDED 31 DECEMBER 2024 Th¢ vision that dtives the So¢iety's •Jnual progt8mDX of xtivity is the etsbatteemeffj of undcrstaDdmg of Jw¢s¢ hfe and culture and of Ill$ betweenthe UKand Japan. Thi5 fOrn all ar8 of the progtaTnme. whether dwect school-f¢xused educitiou iwtiatives; lectures and 5¢min8rs for th¢ general public and busill¢SS leaders., eVet introducing aspccts of the ¢u]wre of both countrie5'. oppommiti¢s for people to meet In t[re infornHI settings; out cot)llllunicaiioDS work for mcwbers tbebrcladerpubbc: or the provision of small grallts or other 5UPPOrt of Jtpan-related pJeCts thDt aTe organtted by otheTr. In ttll's ¢out¢XL the Sockety 5trive5 lo eDsure that a si8Difi¢ant ¢lement of Lts activity 15 essIble to an audience beyotld its Tncrnbership. Many events are open to noth-mernbcTS and avai]8bl¢ online, wbile the sch15, education progTamm¢and the small 8rants schcmc extend throughout th¢ UK. Reduced rnembcrthip fccs for SnLdettrs. recently rewrn¢xl JET prograu)u)e participarlts. and those under 25 years of agc are SCI in ordtr to en¢ourag¢ pwu"¢ipatiOD by thc ncxt ¥etterntion. vthj the UK-Jaw rd•tiotsshw forward te comiD8 ACHIEVEMEKTS AND PERFORMANCE The Japau So¢iety staff are orBani5ed into teaiihs, ofedu¢ation, ¢vents, membuthip and commuDicationsandpubli¢atiotts, and admim"styauon. Th¢ Society 15 profoundly grateful to Companies i11VIdual5 who support it in realisin8 its mission. These p)rttsers $har¢ its bclicf in the irnportancc of proTllOLiog 8 8ood mutual under5¢anding betweets the UK 2nd JapaD. Thi5 fllwieiA] support is ¢ssential for the Society to r¢41LS¢ Its obj¢¢tiv¢s and allow5 Il to cnsurc that pn¢e is tsot a barrier to rKople wishing to cn8•ge. The v&5t majority of the Socicty's s¢hools' education serviccs are pmvided f of charge: membership ol the Society is nol a prerequisite to U5in8 tbese services. Further, yOne may join the Society's mailing IISL to learn more aknut Japan and many events are open to noD-members ar no or low COSL The Small (3r8nts Programrne Temained paused ui 2024, with exceptions madc for small 8rAttts awarded to J•p4n So¢iW Scotland aThd Jopan So¢i¢ty Nonh-west. The Society hopes it will be possible lo re518rt it duriDg 2025 as it 1$ An irnportgnt way of supporting events 0f8onsz¢d by other5 which Lre in further8tt¢e of the Sociery's obj¢¢tives and whicb pvIde opp)rtu)ities for new audiences acr055 the UK to yin understanding of Jya. Edlleation The edu¢&tion progranwie has beeD developed oui of * belief in the value yowig people in the UKof growthg up with In &warene attd understAnth"ng of Japan aDd its culture. ttt additton historical and busiDess reawDs for learning About 8 kny wlernational partrLer. there are more 8eneral benefits of broad¢ning horizons and Taism8 aspiraiions. Through 1¢$ a¢tivities for 5choots, the Society 5UPPOTIS tro¢hers who may have limited experits¢¢ of J•patt thunselves in prowdm8 thex OPPDftuniti¢S for their mid¢nts. Activities in 2024 included.. Sixth-Fonn Descriptiott.. AfR¢ onethy couThe. deed to live sixth-fonn studeDts4D ill81 into J4Jan throu8b le¢kntres ADd pr•clical workslLOP5. Impact.. Host¢d byBirkbeek. Utiiversityof Londoo we b•dov¢r80 att¢Ddees from21 differertischools, with I l univeT5ities. the JapaDe5e Embassy, the Japkn Fouttdatson, Londofy and the D8iwaAtL810-Jap8ttese Foundatt"on. Noie.. It) 2024 we $'fted focus from'experieD¢e JApanese culnre, lo'studys Japanese atunrversity and subseiN¢ntcareer paths.. This resulted in a s1i8htly SmLller number of att¢¢$ bul a 6igDificant increase in eng•gemen( satisfaction. and irnp. Japan ITh Your Clossroom Des¢nption'. 12p8nese volunteers Visit primary se¢ottdary schools to introdu¢¢ aspects of JaP$t life Atsd cu]ttwe, ond sthar¢ Japan-related knowledge arhd skills. Impact.. Visit5 to 27 s¢bool$ acro the UK 12 for the f5¢ time. reac8 1.710 sttthnts •ry08s 84 sexSionw0h0Ps. This include5 on¢ 5Ghool forpupils with special educational needs. Tesiitnonial.. Thonkwm so rnurhfor crxning tA ondshorirtgwurknowledge the childpert. We all loved1¢ nd leorned so muchfvm you. including ryself We not know children go s¢kool by ihenLtelves or thot thry clean Ihe schooll Orlgami w45 ¢xryllettthdthey ta olnadyasking ifw¥ c4n wsil oga&n. We llY woni go io Jopt¥n now Lo&n Rcsour¢es Depu0.. Free schen providiDg loans of cultural ite4 Ldart¢¢tS to s¢bools to suppon achm8 abjut Japan ir&th¢ ¢Iroom. Impact.. Wc reach 33 hools or8aDisatioLs actO55 thc UK 16 for the fitst ¢im< at)d approximately 3.680 students. Supportrij thffe h0O]S Thith Twits with S181 ¢duution41]Keds. Testirnomal.. li has be¢Jr to have rcal ortefocts which brnught alive the loprc ofJoptuJfor thepul Dsti Iiioiitkr. Our sitsdeptts very much enjo)rd 5eEing irnd leorntng ébout every little item thai cfjjne the box ond li fvn earch abLWt the differentfutiwb r¢lai¢dto eoch pa8e 3
THE JAPAN SOCIETY TRUSTEES, REPORT (INcLUDG DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Downloadable Resour¢¢s for Teachers Description: Fr¢e onlin¢1¢sgOD resou and aaivities availabl¢ to all to makc te¥hing about jap acces51bl¢. Impa¢t.' trt the 2024 caklld3r yeaT. our re50wcts w¢ doWl08ded 1,725 times from TES (th¢ TiTnes Education Supplement), a¢hing over 51.750 st1tho iti addition to doWroadS from our w¢bsite. TestimoDiai.. Tkue excellenlTeyourcarwtth a Iorofa¢tivIt¥ thotwtllbe suifablefor Year8sthdents. Thqare byfarLle b¢sil've see Teac1Training Cou15es Description.. Various teacbeT trdining pmgramrt aimed ar facilitatillB educar5 introduciD8 Japan w theirclassrooTDS. IWL Highligbts of 2023 includ¢ a six.wcck SoTob•o cowse for 4£bers. introdu¢itig how lo Iise It in the cl&8sroonL Japan Youth Collective DescriptioD". Itiititive for 16-19 yur olds would othenvise not be able to access progrn)ng lik¢ thls to discovet mor¢ about japa rn¢¢t Dew people, learn new skius ottd work on a fjDal eveni to itispire othct5 Impact.. We beld 10 s¢ssions in QI of 2024 (16 and 8 oplional 5e5sions altO8ethtr sijce August). ClUdIng on¢ s¢ssion with university Stnts from Japan as well as a final event ptaDo¢d by the gro at Japan Hous¢ ldOn in early April In this period. the 8roup worked with various Japattese eultural expens 8T professionals as th¢y plawd rhtir fu1 eve. Durin8 the Srat¢ Visii, 9 members attcllded th¢ RK¢ptiott ar¥1 spoke with HM Th¢ ErnT. Itt the sumer, we funded 4 JYC alumThi for the 2024 ucJapan Youth Chall¢ng¢. Funded by Japart House Londott Tn artd the Grt&t British SaAkawa Found] Tesllnwlli¥ls.' Through rhe Japtzx Yotsth Coll¢¢rfv¢pro8ramme. l aplored rt diverse ronge ofJapan¢ve ¢t4114r4 from toiko dn4Mln8 io sraphic l 41so Dwde ffitewfvep L)utslde ofsi¥thforn4 whleh he4Jed me deloP confidence rneeripJ¥ p¢oplefrom differen¢ backgrounds-an experiuce ihaipwuredmefor witversity life. Addiiionally, orgaxiithg thefinolJYC £veI gave me vth4ble Insi8h( inlo evenr mapu¥•neni. Jpartth8 ¢7n c4reerpath Ihadn i Confidtredbefor Haiku Conten Dcscription.. Th¢ So¢i¢ty JAL Fnl1,3 bi-annual Haiku ¢ont¢5t for the UK. Impact.. We reeeived over 800 entri¢s from 46 schools aud ov¢r200 iDdiTrith4Js, up from 32 sebool$ and 140 individu818 Sn the previous contrst. Express YouTxeif2024 (North_E•M Festival of L4D8uag¢s Jnd C1¢} Description: Svpporting an oolitie eveot ¢elebraDng JaD8Ua8es ¢ulnwes in NoTth-E¥¢ Eugljnd aod its [nection1 with th¢ world. Impact: 38 registtatiOD& from 22 sc11& 2 community aud 14 individ r¢acknti8 800 slltht% the majority Dew to JapatL Prnj¢cts fided by a grant from The Embassy of Japan Impact.. In the first thrce months of 2024 we ran thrrc Dew projects.. Subsidis&l exprrt ¥isits to schools in 'D¢W' T¢gions' Mini-cbest loan resources (to r¢du¢e costs foi Sc1KlS and taT8et diffemt in*rcsts aDd use).. and a Japan MiniFest acrjvity day for 91 children and youdL ltt tlLe atUrn of 2024 we also Slarted coll8boratiDg with l(u] Tr)raTI¢$, tsfferin8 various free GUIttl a¢iivities to loc con)munities. Tbese blve reached 150 peopl¢ so far. Tt5tirnoniJl.. Th4nkyo¥for x7th xf loprovidÈJap4nue adhwolsessions io $¢knLs und children in our areo. rhe quality ofthe worbhow weT¢ ucellent t7nd wve well re1( People ihe community w¢genMinvly very inferesred i the 1¢1 artiwries. many of them non-Astsm,' the worLfhop style was much appreciffjed attrncts manypeoplÉ. J would like tts eA¥ose d£fferent¢ta ofomr borokgh th¢fvre. l Te4lly (Qnnoi ihankthovghfgTJV¥ andrvtryone who ¢rtvolved. tmpact: UK.Japan CosDwne Desi8n ¢ODttst IiDknI to the Sra¢e Vtsir- CKY¢d 179 entries from all fourttatiotts within the UK. pag¢ 4
THE JAPAN SOCIETY TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {coNfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ev¢nts The Sociery held 92 events in 2024. by nc•rly 45.(KIO people. Of thesc events, 67 wue beld iTh-pcr50n with 25 onlme. The evellis programme was thvided itiio th08¢ focused on al Culnw¢. Bwine54 T¢Jd&y ill jopa and Specth] Ev¢t)ts. The highligbt of the year w85 the 'Re¢epiion with the Community & Fricnd5 of Japan, in the prcseDce of HM the Emperor of Jllpan. held on the 24 June 2024. This w&8 or8anised in associotion with the Japancse Chamber of Corntnerc¢ End Industy, J¥an A550ciaiion in the UL Nippon Club, and The Japatlese Women'$ As50ciatioD ID GTcai Brithin. We were honoured io be 8Taced by the presence of His Majesty the EmpeTor ¥nd were debghtcd thai His Royal Highness Duk¢ of Gloucester. patron of The J&p8n Society. also joined the rcccption. Th¢ JapaD Society Chair. Bill Emmott w&s the offici41 hosi orth¢ event 8rectin8 and J¢¢ompanyin8 HM The Ernperor oll behalf of thc five ¢o-hc*$iillg or8aniscTS. Wc wrl¢omed more thaD 400 guc$ts frotn culture and civil so¢i¢ty, business. and 5cienc¢ and re5¢arC along with r¢pr¢seDtativcs of tbe Imper1 Hous¢bo1 Royal Househom, and both 8overnmettts, iTh¢ludLD8 the Arnbossidor of Japan lo the United Kingdom. Hayasbi Hajime, and the Ambas5adorof the Util KLD8dom jap Julia Longbottom CMG. His Majesty thc Emp¢ror gave a speccb th¢ attcnd¢¢$ in &L81ish ID wbicb hc said: '1( is the conn¢108 betw¢¢n pcoplc thit drivc our so¢ieties fo#Td and whi¢b ereate the foundatiow for the exchanges bctwcett cowitrtes. It 15 my wish thai ow baawal tie5 will even stsvnger in the ye5 to COTne. buildjng on firni ftiunthtions as people pw>le CL¢10nS'. Collaborators on evettt PTO8rBmme for 2024 iti¢luded The Embassy of Japkn, UK-J8pan 21st Century Group, th¢ British-japanese All- Party Parlianffti¢ary Group. the Foreign. Cott)n)oow¢alth, and tkvclopttKttt Offi. Nomurn. tkn Jipallese Cbamber of Commerce and Indu5ty UK, Asia Society Japan. UDiqlo. JETRO, and Baker McKcnzhe. Amollg the gu¢M speakers at th¢ Jtth of th¢ year were HE Julia LbOttoM CMG, British Ambassth to J•p¥ who used th¢ Ainbdssador's annual lectu brief on the 818t¢ of UK Jdpan relaiions, and th¢ astronaut Naoko Yjniwki. who spoke oll geteT equality in her webinllr'JD Sp w¢ we equ.. Hi8hii8bt5 in the spring included our first iti-persoll event address)'wO1n¢tt iti WO in the Japanese coniexi,, kindly host by Ntsmur and cbairedby Emiko Terazono of tbe Financia] Times, aspe¢i&l private viewof 'Ok1. atthe Michel Hoppen Ballery. and PAU] Mgdd¢n. fonner Ambasd9r to J8pffj refllti8 on bis travels duriDB hi5 diplomatic postin8. Th¢ summer opened with a call181Y W950P ¢u]Jninat¢d in the iDau8uThI Cofiazzi Leuure, delivered by Mwni Miwton and kindly hosted by the FCDO in th¢ Lwarno Suite. The autumn sawnearly 40.000 people Joiti the J•path Matsuri in Trafalgar Squtr¢, • very informative joint-JCCJ lun¢h with Lord mde150n OL Labour's relationship with Japan. And the Coll8r Cup golf tournamcttt 18aiD# the JCCI. Other highlights included Lioncl BArber speaking on his new book. and a demon$tyatirJn frorn Take5hi Mustsbigaw4 4 fourth-8eneratioD iwuenvar¢'r&len' artist. We held M 'Annual' diDners itt 2024. with the 2023 ryL¢ havin8 beiDg p)styoaed to January 2024. Our ftrsi Annual Dinner was 8raced by To80 Igaw8, whose p¢rformance left our members enraptur¢d. We were gratefvl ty Amb&ssador Suzuki forst)ndin8 in for Princc55 Akiko of Mjkisa Jft¢r a family ma¢ttt meani th¢ PriDcess had to return to Japan on the eve of our second Allnual Dinner. The year was round¢d ¢ff with our Christmas Patty. wbich Ambassador Suzuki kit)dly host at the JapADese Embassy. SA11¢[. off the record meeiinBs were beld for mttjor parthers of th¢ Society. These events provided opportunities for those involved in business and Bovemmcnt to sh¢ ideas and in[ornon. Durm8 2024 these featurcd Julia Longbottom CMG. wlw joitsed 8UPPOrteTh for 8 diDner followin8 her lect4]re: &T HajIti TakJl4 Board mcrnber oltbe of Jyn. J•pan Macro Salon.. Bill Emmott with Jesper Koll, iti 4$80¢iation with Asia Sociw JApaA January Guc5t.. Kciko April Guest". Yoko Iwama July Guest.. Mitsunobu K05hi tober Guest". Tobia5 Harri5 pag¢ 5
THE JAPAN sOcTy TRUSTEES, REPORT (INCLUDING DlliECTORS' REPORT) (CONTJNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Lectute $erKes January. Christopher Switchkn8 Tracks ftomthe GolderL Route: Trellds. Strate8ie5 & CballeDg¢s for tnbouud Towism in Japan February. Pwf¢ssor larA Gow: Fit Contscr. Th¢ Earliest Swts in J4paD (1613-I623} marc Ro58nna Rio$ Peti Kat37J)mc Dyeing Artists and th¢ Mitigei Movement in Post-warJapan April. Dr Anna Vittin8hoff.. Women's Libmtion Movepw Dis&bility Activism and R¢prlUC[lve Ju1r£ in ]8 {1970-1996) May. Dr Sb#rl¢en Estampathr. NostslgÈ4 Soft Powcr. Intrr5ellxJIty and the Jap8M Exchange and TeacbitiB (JET) Progratnme June. Dr Liiiana Hardtng: A Comparison On Gender RepresentatioTh Htgher Edu10 and Economic$ tn J418n and the UK July. Pernill¢ Rud]iti: Karnwaz4 a 'SkY Business." Japatt#e AObats in Victor&3n Britsi August. Dr Martiua BaTadcl.. The Importance of BEin8 an Anesan.. Womcn in thc Yakiya Septtth. Marry Gross.. Crniing the Mitigei Fdm ATthiv¢ Projecr CraL Hiswry &Ld PrLseThation October. Lesl¢y Downer.. Court Ladic5. WomeD WaThiorn aud court. A Hidden History of Jap& Nov¢Jnb¢r. Cauum SarTa¢iDts.. Thr LGBT Boom.. Queunw in th¢ J•paLese Media since 2010 Decernber. Dr. J2$0ry Danety: An Unsettled Fulure.. Lif¢ after Pnson in Japall'l A8CTnK Soci¢ty Private Vi¢w$ & WorkslLOPS January.. New Year'5 Ca]li8t¥hy Workshop Jaouary.. Daido Moriyam#- Special Pn"vat¢ Vi¢w with CUOrcIaTe Grafjk FebThwy.' Speeia] Filrn Club.. Tea & S¢re¢llio8 With DarxtOT Tctsu Maeda in parthership Japan Fouttdatiort February.. Woodblock Workshop with HJJoko Imadl April: UttN#sked.' Gallery Tatk with Naoto Yosbmla May.. Yoi Kawakukn and Nao MatsuDaga'. Tim¢ CapgJk- Artists, Talk May.. OKASHI- Special Private View with Michael Hoppen June.. Woodblock Printin8 Worksbop witb Hiroko Im July.. Calligraphy Work%hop.' Sunroer GTeetin8S July.. Private Tour- Edo Pop.. JApaDex Prints 182>1895 & Hiroko Injada a¢ Wilts July.. Priva Toura¢ Sotheby's LoTMlon.' Japancsc Woodblock Trints Au8USt: Sh0 workshop with SDJdio Masaehuka Allwr: Art Without H¢ro¢s'. Mingei- Specia] Privats T¢) August.. Special Gallery TOUT. Yoshidj.. Thr¢e Generntion$ of JapaDC5C Printmakn'n8 with Dr Monika Hink Novernber.. 400 Year Tndition of Taknoka La¢qu¢rwaJe ID Toyama Nov¢rnb¢r.. Woodblock Prinling Workxbop with Hiroko im•da Japan Society Smxll Crnts The Small GTants Prograllllll¢ retijaitied pauscd in 2024. with ex¢¢plioDs for smati grthts awarded to J4Jar Stsciety Seotl8nd And Japan Soci¢ty Nonh-W¢s¢. We hopc to r¢s¢art activities ir$ 2025. CommwiieatioD And PubiicstioJJJ The Websi #Ad regular email ngti¢es wniiDuvJw be imporwLttoob for communiutiog inforniatiollaboutthe Soricty atsd its activiti¢S. Alongside Fa¢ebook and X (ftsnncrly Twittrr) w¢ Wolined kn develop our Social rnedi8 pre5en¢e wirb active accouttts in Jnstwlm )Ad Link¢dh4 as w¢ll YtsuTube. We DQW bav¢ 72.371 follow¢rs a¢Toss oll plarfornk% Tn additional to our TnailiD8 lists. In 2024. at th¢ i¢que$t of the Imperi Flouschold Agrncy, w¢ r¢published FAnpemr Nanths10'5 book 'The Thames and I: A Memoir of Two YtaTS at Oxford, in a private edition. Wc also publithed a.1ckdown Years. specjat fAlÈ¢ion of the pm¢eediD84 toversng 2021 2022. along with four'The Jap2rJ So¢i¢ry Reviews., attd 33 revie online. FiThnriai Review tn 2024 the Society used £81y6 ofth¢irTf%TV¢& Thc tJ¥o fxfyx5 here the Visit R"( arkd a n¢w CRM (datsba%e}. Tle Duw thc year individual And wrporate members cotifi th pmide InV2b1c sUPPOrt thTough the bi8her.levrl giving 5thcTU¢ both forthe genernlmissiou alld for the schools educationproBratDtt. The foliowill8 Co[[a£S aud indidullIs have given support at a level above tbat of regular m¢ffjbct5knp {miDirnum allloullts for each level ate give inbra¢k¢ts): pagc 6
THE JIIPAN SOCtETY TRUSTEES, REPORT aNCLUDtNG DIRECTORS, REPORT) (COIYTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Comp41 Indhldu Prtsldent's Clrde (£24250) Ct)fjbort¢ D•nor (1{19) A&0 Sh¢ann BDO tLP C¢ntral Japan RaI1Y Con4)ny •GfeeDback AlaD LLP JapaD AirlLDC5 Co Ltd 'K LinclEuropE)Ltd Mitsubishi Heory ltsdustries Europe Ljd Mi15ui Sumiiomo Inswr8n¢¢ Gmup PitroTr$1£2JOO aboyel Elizabcih Cortazzi Bill Emmott Mi15ubishi CorpoTationlJykkn&llxlL Milsui & Co Europ¢ Pk Nomura laiemational Pk Princlp•l Benefactor {£I.000 +) Stephen and Kimiko Barber MidoTiko Nakajllt)a and Martin O'Ncil Cbri5topher aod Philida 14Lrvis Akih]"ro It Noriko T5u¢hiya Platlnum Clrele1£18J751 Ito¢hu Europe PIC Sullwry Ew0p¢Llnl Sompo Japan Insurntt¢eloc Tokn'o Marine HCC Bertef¢tor (£51KI) Manin and North Barrow ChAtr'I Circle (£10.51VJ) Chu8ai Phann& Europe L D4ii¢hi Sankyo Ltd Milsubith. UFJ Fi¢181 Group All orpart oJthe dohado•fiv ¢onwnies marked with 4sterisk () been de5isnt71ed support olthejchools educ¢7rfon A$1011 antsprogT#mmes. Those wilh apilcmwsign rt) hd 'vefv thetrsupport through ofivei ogre¢m¢nl. Prllltlpil Donor (£250) Yuiclu'TO NakajimA Jam Noble GeolTrry Paull Heith" Potter David Powers Larry Stone Adn"an ThoTpe John Tierney Kent Yallwla Corportt Piiton1£7J75) Canon Europe L Clifford Chance LLP l Ernst & Youn8 LLP Marubeni Europe pk '1Mit5ubi5hi Electric Europe BV Mizuho Finan¢iil Group NSK Europe Ltd SMBC Bank International plc Sumitotno Corpoiaiion Europ¢ Lttl Donor l£lOO) Mark Ailsup Cliv¢Bradley Siepben C¢ylriD8ton Robin Fox Lydia Gomersall ETnrna Hi¢kinbotha Sue Hudson Keikts Itoh A[¢ K8neko K4thle¢n kn.murn Ruth Martin Jim M¢Caffety David Myllon Janusz MoDdry David Mymo Char1¢5 Pridgeo P¢mille Rudlin Rolalld Sall Mr8umL Spivey Ma¢* T&le Corporate Ben¢fi¢tor (£S35fj1 Baker McKenzie Daiwa Capital Market5EuTope Ltsl Deloitte LLP •Eisai Europe Ltd Honda MoiorEurope Ltd JApan Exchan8e Group, Inc. K8wasth' Heavy Industrie5 JBRA Nex Ltd Kek51 CNC Nikko Assel Manag¢meDt Europe Ltd Takeda UK Ltd Tata Cotssultancy Scrvice5 Pa8e 7
THE JAPAN SOCtETY TRUSTEES, REPORT ONCLUDING DIRECTORS, REPORT) (CONY]IYUED) FOR THE YEAR ENDED 31 IJECEMBER 2024 Rtserv the ¢ULT¢llt uneertaill eeouonw ¢lillwtq theboatd IwttYi¢wed its reserves )I1¢Y and h&% decided that it shou)d contirAuew n)aint4in Tes¢rves suffiGE¢nt for 9 - 12 months. expenditljre, ¢x¢lud]ng any dts-i8D2t¢d fiuth. Funth hav¢ been designated ill respttt of mainterwice costs. digitaiisatioll of boo and inVeStye as outlined in llote 20. AS at 31 Dectmber 2024, the value of uDrestrict¢d reserves less tsngible fixed luets and desi8rtatcd furwjs w3s £193.(AM. Thc casb reserves h¢id OA deposiL In2023. tbebo4rdtookthedecision to investasi8nific8Dt amowit ofthe Societs casb reserves iti investtnentfund inord¢rto optimise the pot¢ntial investtnent tn¢ome for the Society. This invest[tnI Ès ¢wT¢tttly treated t5king'designated fund5." How¢v¢r, these fun& an be liquidakd easily and us&1 to support the Societys ongoing ll¢¢ds if necek%ary. During 2025 the board Trryll review the Society's Tes¢ryes poliiy ID tnsure that the appropnat¢ balance is rAaiDoined betweett optimi5ill¥ inv¢stniMi and ¢n5uring the availality of reserves. for the fvture Th¢ R¢ Hon Grr8 Clarkjoined The Jap4n Society as Chair on January 1, 2025. &eg wtsts closely with the board attd exccutivc team to fimher d¢v¢lop our charitable activities, parnersbip wort athl fiagth'p ¢v¢nts. While the costs in0J¢4 iD2024 were anticipate by th¢ board, 2025 brings a retsewed focus on OJndwsiDg throuÈh TDeaningful and •igag¢d parth¢r5hws. The l*)ard b&ve tatget&S • surplus in 2025 to addr¢ss sorlle of the inve5ttlleDt made in 2024. In addition to serying as Secretsriat to th¢ UK-JV 21$ CeDbJry Group. The J•p8n SoGicty be re.appoint¢d as S¢cYetariat to the Brittsh.Japattese AU.Party Parli¥tDenw Group. Th¢ So¢i¢ty needs to raise si8llifjL fiwds to fjffiber tts mission of promotitig th¢ UK.Japau relationship and d¢¢p¢nitig und¢rstandwg. Against a background ofcolltinued economic utt¢ert4inty the role of meDib¢rs aud dollo bas never been more irtip0rtt in supportTn8 th¢ Soci¢ty's work. Norba5 thcwork ofth¢ Society everbe morccriiicai, with Jttvug UK.J#pthties, codified in the Hirosbim& Accord, of ¢¢otral imporknee in th¢1¢ss preth"ctabl¢ global eDvirotsmenL , ick Woodtord- Hoo. Trwurtr Dated.. pag¢ 8
THE JAPAN SOCIETY STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDEI) 31 DECEMBER 2024 The trustee5. wlw Are also the directots of Thc Jw Society for the purExJse of cornp•ny law, resEmwlble forprcparing th¢Trw8tees' Report and tbe accounts irl acconlaD¢¢ with 4pph¢able jaw and United Kmgth)m A¢¢ouotsnB Standuds IUtii*d KJJ8dom Generally Accepted Ac¢ounimg Practice). Company IAW requires the tru51ces to prep4r¢ 4¢counts for eacb financial year fwhi¢b give a trne fair view of the state of affaiT5 of the ¢lJan"ry atid of the incoming resouT¢es attd applicatioD of re50ur£e5, th¢ incornc and cxpethdinir¢. of the charitsblc cornpauy for that year. In prepRring these COunts, the tn% are required to: - select 5Uit&bl¢ ac¢ounuDg pokncies and apply them ¢otisiM¢ndy: . observe the methods and prIlpleS in the CTIll SORF,. - make jud8enwnts And ¢stirDLtei re&son4ble [dent. - state whether applicable UK Accounting Stsndwdl bave bEen followed, subject to any material dep disclosed explained in the A¢counis: aDd . prepare the 8c¢ount8 OD the 8tiitig ¢ottcern bui$ UDl¢Jg it ix iD4>propriite to prtsun that th¢ ¢lwity will coniitiue in op¢r2UOD. The rN$t¢es are re8ponstblc for kcoing adequate xcountin8 recorts that disclos¢ with Tcasonablc accurACy al any time tbe fmancittl position of (he ¢hariry and enable them to ensure thii the accoun comply with the Companies Aci 2006. Th¢y ar¢ a]$0 responsible for allfeguarding the uset5 of the clmrity and b¢¢ for taki reasonable steps for the pT¢v¢ntion and dete¢tion of hud otlKr irre8ulatities. poge 9
THE JAPAN SOCIETY INDEPENDENfAUDITOR'S REPORT TO THE TRUSTEES OF THE JAPAN SOCIETY OpRDloll We have Auditrd the fiDancial $ttEments of The Japan Socitty (the 'thl.) for the year ethde4J 31 December 2024 wlJi¢h comprise th¢ statement of fittgncitil 4divities. the balance she¢t notes to the 5tat¢ments. including sigDifican¢ a¢¢oufjting policie5. The finattcial reporting framewo has been appiicd ia their prepafttioll is applicable law attd Unitcd Kingdom Accovnttng Standards, including Financtal Reporting StathTd 102 The Ftxttnelal Reporting Str4ndord opplwble the UKortdRepublic OfIre{united King&•m GeneratlyAeLept¢d A¢ullE1g Practice). Tu our opinion, the finatteial statem¢Dts'. givc a tsue and fair view of thc state of the ¢haTitable compAny'X affairs as at 31 Drxember 2024 of its incomiD8 resourc¢s &Thd 8pplicatioD of wourtts, for the year then ended. hav¢ b¢¢n PTOP¥YIy PT¢pared in accordanee with United Kingdom GthernllyA¢e¢pt¢dAccouDllng Practice. and ljave b¢eD p)Ired in acwrdallce with th¢ ttquitrm¢nts of the CO03n1Ath 2(M)6. Basij for oplnlfjo We ColU¢ted our audit iti aeeordats¢¢ with InrnatiOnal Stalldards ots Avdiiing (UK) (ISAS (L%)) and applicable law. Our r¢ynsibilities under those stalldards aTe fithherde5cribed in theAud1thrsrespolbU1Iie3fQr¢he4d1I ofihefinonci&lJtalements Sedion of our report. We are itidepeoderAt oftb¢ tharity in acconlance with the ethi1 requirements thal are relevant io our audAt ofthe fmanctal statements in the LK irttluding th¢ FRC'S Ethical Swidar4 and w¢ hav¢ fulfill¢d our otherethical sPOnSibl1111S in a¢¢OTdance with these r¢quirem¢nlS. We b¢li¢ve that the audit evidence we have obtained is sufficieni and appropriate to provide a basis for our opinion. Cop¢luiion> rdatiDg th going conctr In audÉtin8 the fwancial statements. we have eoDclud¢d thaE th¢ tru5te¢5' use of the 8Qi08 CO]L¢¢rn bJ5is of oUntIng ill the preporntion of the financial slatements is aEoropria. Based on the wotk w¢ bav¢ p¢rforme4 w¢ bave Doi identifityj any material uneÈrtainti¢s relating w events or conditions thal individually or eollectiv¢ly, m&y wl signific doubi on the ¢bariry'$ ability IQ WDtillU¢ Ps a goiDg coacern for a period of at least twelve months frorn when the fthan¢i#l 8iai¢nwnts are authorised for tlle. Our responsii)ilities and the Tesponsibiliti¢s of the trle¢S with Yespect to going ar¢ dcscribed in the relevant sections of thi5 r¢port. Othtr Inftsrni#don The other infornjation wllwi5es tbe iDformation included itithe reponotherthanthefinanei81 statemenu4ndouraudiiof'B report th¢r¢on. The ¢w5te¢s aTe responsiThle for the oth¢r infonn8tioD ¢ODlained withill the annual report. Our opinion on the financial 51aletueots does not cover the other inforniatioo aad w¢ do not presS any form of wuratsc¢ ¢¢)n¢lu5ion thcr¢on. Our responsibility 1$ r¢ad ttrL¢ other infoTmation an4 in doing so. consÉder whether the other infom)atioL is materially in¢onsi5teot with the finaneial ststem¢rAts or ourknowledge obtamed in the COUTse of th¢audiL orotherwise appears to bc materiailymisstate(L Kf we identify suth material inconsistencies or apparent maietial mi55tatctnents. we r¢quir¢d to detennine whether this giv iyse to a tnat¢rial mis5tat¢nwnt ID thc financial statrmettts thelltselycs. If, b&sed on the work we bave perfonncd. we nClUde that thcrc is a material misstatern¢nt of this other infornutiry we are required to r¢port facL We bav¢ nothing w report tTh thi5 regar l¥lxtt¢rs gn whirb w¢ are requ5r¢d ts report by exeeptboll We have nothing to ieporf in resp¢¢t of tbe following matters in relation to which th¢ Clwi¢i¢s (AoUnts and Reports) RegUllOnS 2LY18 require us to reporf to you if, in our opirAion". the infomiation given in the finaucthl statcments is TnCQnSi51¢nt in any material Ye5pect with the trustees. rcport" or suffi¢ient a¢countiug ftcords have noi been kwL or the fiDan¢thl stat¢rD¢uts 3r¢ not iD agr¢ement with the accountthg recor&%" or we have llot tecerved alE the lafonlI)ll and ¢xplallauons we require for our audiL pag¢ 10
THE JAPAN SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE JAPAN SOCIETY RcspoDilbllfidu of trusttes As explailled tnore fvlly in th¢ ststetncnt of trJstees' responsibilities. the trustees. who are also the dw¢ctors of the cTrwity for the purpose of company law, are re5poTrsible for the preparauon of the fjnancial ststements and for being satisfied that they give trC and fair view. and for sucb iuiernal control as th¢ tTUStcGs dcteTmitie is t)ecessary to enabl¢ the preparation of fmoncial ststements that are free from terIal misstat¢m¢nt, whetber due fraud or error. ID pr¢psrin8 tbe financial ststements, the twst¢¢s #re responsible for assessing the cbarity's ability to continue as a going conc¢rn. disclositig. As applicable. matter5 r¢lated io going ¢onccrn and u5iDB the going concem basis of accounting unless the trust¢¢s ¢ither ithtend to liquid&te the chaTitsbl¢ company or to ¢¢C operntions. or have no Te8listi¢ alt¢Twtive but to do so. Audltor'i reiponilbUStleJ for the •udlt Of the finDel ittemeDts W¢ have been appoinied as auditor und¢r section 144 of the Charities Act 2011 wl report iti accordance with theAct Jnd r¢lev8ni T¢gulations or having eff1 thereunder. Our objective5 8re to obtain reasonable a55uraTKe about wh¢ther the flluncial ststements &5 a whole free from material mi$stst¢m¢nt, whethcr due to fvaud or eryor, and to issue an audiwr's report that in¢lude5 our opinion. Reasonable assuTanc¢ is high l¢vel of usurance but is not a gu8raDle¢ that an dudii conducted in a¢cordanc¢ with ISAS (UK) will alway5 detect a material misstaiement when li exi515. Mis$tatemertts can arise from fraud or error 8rtd are coLsidered material if, individually or in the aggregai¢, they could reasonably be exp¢cted to influence the economic decision$ of users taken on the basis of the5¢ fingncial 5t#t¢ments. The extent to which our pred XT¢ capable of detectin8 irre8ularitie& includiDg 1$ detailed below. Jn Telation to fraud, the objectives of our audit aT¢ ¢0 id¢rLtify and assess the risk of maierig] misststemenl of the financial statem¢nts due to fraud. to obtaill sufficient aPPTOPTiate audit ¢vidtncc tr8ardin8 the osses5¢d Tisks of material mis$t&tements due to fraud through designin8 and implementing appropriit¢ responses and io respond appropria*ly to fraud or suspected fraud id¢nlifi¢d durinB the audit. Howev¢r it is the prinwy responsibility of manag¢m¢nl with the oversight of those ch8rg¢d with governance. to ellsure ¢bat the entity'8 operntioni are conducted in accordan¢¢ with th¢ proYi$ions of laws and regulatso[ ond for the prevention and detection of fraud. In identifying and Assessin8 the risks of Material misstslement ID r¢$p¢¢t of irylarities, iDcludiDg fraud, the audit engagement learn made enquiries of mana8etneni. and those charged with gov¢mattee, re8ardin8 the procedures relating to identifying, evaluatin8 and complymg with. l. laws and re8ulation5 and whether they wer¢ aware of any inslances of llon-compli4ti¢¢: 2. detecting r¢spon¢Jing to the risks of frnud and whether tbey have knowled8e of any actual, suspected or alleged the iniernai controls established to mitigate risks related to fraud or non-compliance with laws re8ulations' A5 a result of these procedures we CODsidtt the significani laws and regulations tbat have a direct impact on the fanCIal statetttents are FRS 102, Companies Act 2006. employment and thx law and regulations atrj dats protection regulatlOD5. We prrforrned audit procedute5 to d¢tt¢t uon-cotnplthtL¢e. wlll.ch llY hav¢ a maierial impact on the fingn¢ial statements. The included reviewing fjnancial S)ent disclosure5 and evaluating advice receivcd from inrnal ManeMent. Th¢re were no significani laws and regulations wc deeTned as having an indirect impact on the financial swemellts. The audit engagem¢nl team identtfied the risk of managenKnt ovcrride of cotttrols as the aTea where th¢ fviaDcial statemellts were tnost susceptible lo material misstatement due kn fraud. Audit pro¢tdures rfornIed included but were not limi.ted to testing manual journal entries and oth¢r adjusthients and evalua(ing the business ration¢ in relation to any significanL uttiisu&I transactiODS and trwn5aCtions ¢ntrrnl into outside of the DorllHI cour5c of business. Revenue recogtiitioll was also identified as a significant risk wbicb could lead a rnat¢rial mis-statement due to fraud or error. Audit procedure5 pcrfotmed included but wer¢ )1 limited to perfomiitig walk through tests to entify the control Procedures in pla¢¢ and oncc au UDderstsnding of the sales proces5 was 8aiued. a substslltive test W&5 carried out using & Sample basis to ¢n5ur¢ all sales existed and were Complete the accounts. Cut off testing was alsoperfoTm¢dto ensuttsales were recorded in the correcl period. page 11
THE JAPAN SOCIETY INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE JAPAN SOCIETY A fiwther descriptiott of our responsilliti¢s is available on the FiDancial R¢poning Council's w¢bsitr at.. bttps:Ilwww.fr.org.ukl auditorsresponsibalitie8. This desLlliPtiOO fornts part of our auditQT'S Tep0rL Use of our report Thi5 reiiirt is made solely to the ¢barity's tntee$. &% a body. in accord with part 4 of the Charitie5 (Accounts and Rwtts) Regulations 2008. Ourauditwork ha$beenundertaken50 thatwe mkghtststs to the ebazity'stntc£S those matters we are required to statc to thern in an auditor's report and for Do other potp)s¢. To th¢ fidlest extent petmitted by law. we do T1 accept orwume responsibility to anyone other than th¢ charity and the cbanty'$ tntst¢es as a body, for our audit work. for this report. or for the opinion$ WÈ hJv¢ fonned. DarTÈll Harding AC& FCCA DChA {SeDior StststoryAMdit•r) Ricbard Place Dt)bsow Servitts Umited 7310i.lis Chartered A¢¢ouu*ants Statutory Auditor 1-7 Station Road Crawley Wut Sussex RHIOIF Richard Place Dobson Seryi¢¢s Limitrd are eligible act as an auditor in tern of secDOD 1212 of th¢ Compani¢5 Act 2006. pagt 12
THE JAPAN SOCIETY STATEMENT OF FtNANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOU FOR THE YEAR ENDED 31 DECEMBER 2024 Current finAlltl•l yvdr Unrutrlttsd Unrestrfrted fuDds funds
ener#l De8ignAted
2024 2024 RHtrlrt¢d funds To Totsl 2024 2024 2023 Notes Ddowments fro Subscriptions and donaiiotts Events Investments Other incoming rwurces 380.501 51.415 7.020 42.188 41,310 421,811 51,415 7.020 42,937 387202 23,588 10,031 25,032 749 Total Ineomt 481,124 42.059 523,183 445,853 Ex eDdlture o Raising funds 15,186 15,186 6,947 Charitable Jctivities Membership and publi¢ations Events School education SMAII 8rArt 185.205 243,996 117.297 185,205 243,996 159,356 1,0 148,636 138,978 130.847 2,668 42.059 Totsl th*rll4ble ¢xpendlture 547.498 42.059 589.557 421,129 Totsl ruourcu expended 562,684 42.059 604,743 428,076 N¢t goin{lOSSeS) on investrrLeDts 14 {5,470) (5,470) 4,108 Net lolltgolnglllneomlThg resour£ before trAnsfers (81.560) (5.470) (87,030) 21,885 Gros5 transfcrs beten Omd8 (lo,0) 10,000 Net tnowement kn fundi (91,560) 4,530 {87,030) 21,885 Fund banCeS at l January 2024 285,164 327,092 2.401 614,657 592.772 FuDd at 31 Dttember 2024 193,604 331.622 2,401 527,627 614.657 The st4tem¢nt of fllwLcial activitics ittcludes all gAUhS and IrJss¢5 reco8Dised in thc year. The st8tement of financial artivities includes all gaiDS and losse5 TECO8nised iti the yeJr. All in(x)me and expendittwe derive from continuing activitl¢5. The 5tatemcnt of finoncial activities ¥lso cotnpli¢$ with the Tequiments for Jn income attd expenditure account undcr the Companies Act 2006. page 13
THE JAPAN SOCtETY STATEMEwf OF FINAI%CIALACTIVITIES (CONTINUED) INCLUDIING INCOME AND EXPENDfTURE ACCOIINT FOR THE YEAR ENDED 31 DECEMBER 2024 Prior fuwicpal year Uthtrstric¢ed Unrestritted Restrictsd funds funds general Designated 2011 2023 Totsl 2023 21123 N•tss Ind eDdoBTmeDts from: Subscriptions and donations Events Investment5 Other incoming resources 315206 21.328 10.031 24,396 71.996 1260 387202 23,588 10.031 25.032 636 Totsl loeome 370.961 74.892 445.853 enditure on: Raisin8 fimds 6.947 6,947 Charitabl¢ 3¢tivities Memba5hw aud publication5 Events School edu¢*ioD Small 148.636 134,657 58.665 2218 148,636 138,978 130,847 2,668 4.321 72.182 450 Total charllable expendStsre 344.176 76,953 421.129 Totsl resollrcd pend 351.123 76,953 428,076 Net gains1(105ses) on inveSthnts 14 4.108 4,108 page 14
THE JAPAN SOCIETY STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING tNCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Net {outgoingyiDtomlni resour¢cs before transfers 19,838 4,108 (2.061) 21.885 Oross trallsfets between funds Net movement its funds (290.IKKI) (270,162) 290,(J)O 294.108 (2,061) 21,885 FuThd balT¢S at l Jartuary 2023 555.326 32,984 4.462 592.772 Fulld b#lan¢es at 31 Defember 2023 285,164 327.092 2,401 614.657 The statement of financial tiVItieS includes 8118ains losses Tecognised iti th¢ yegr. The 5taternent of fi08ncial activities iDcludcs all gal and Ios5¢5 fKO8tiised in the year. All iti¢ome and eXplture d¢riv¢ from contmuin8 aetivities. The sthtement of financi41 aciivities a150 comphes with the Tequirnents for •n income and expenditure account under the Companies Act 2()6. pagc IS
THE JAPAN SOCIETY BALANCE SHEET ASAT31 DECEMBER 2024 2024 2Q23 Fixed assets In1¢ &45¢ts Tangible a¢1$ lrtvestrtt¢nts 16 17 18 9.915 4.943 298,638 7.149 294.108 313,496 301.257 Current ass¢ÉB Debtots Cash at bank and in hand 19 69.756 225272 55,150 345,432 295.028 400,582 Crtdltors: f*llin¥ due witbin oue year 20 (80.897) (87.1821 Net current assets 214,131 313,400 Totsl assets less Il•blllt 527,627 614,657 Income Restricted funds Uttrestrieted D¢5ign3t¢d fid5 Genernl uwestricted fimds 2.401 2,401 331.622 193.604 327.092 285.164 525226 612256 527,627 614,657 The compally is ¢n¢iiled to the exernption from the audit rUIreMent conrained in section 477 of the Companies Act 2006. for the year ended 31 Detmber 2024. 8lthough an audit h¥$ be¢0 carried under sedion 144 of the ChIlle$Art 2011. The directors acknowledge their respotLsibilities for complyittg with the requirements of the Companies Act 2006 with respect to acGouIitin8 records and the pr¢patation of fiDanEial tht¢ments. The members have not reqpjired the company to obtsin an audit of its finallcial statements under the WUiTements of the Cornpaates Act 2006. for the year irL questiQD ID accordance with section 476. These fu1claI statements have beeD prepared in accordance with the provisioTrs applicable lo compari subject to tbe small gi¢. 13kilL4 The financial state ents wthe approyed by the Trnstres ott........... ...... Trustee Company RegistratioD No. 03371038 page l6
THE JAPAN SOCIETY NOTES TO THE FII¥ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountln8 pollclei Cbarity iDform#tlon The Japan Socicty is a priv&tr company limited by Buarnnt¢¢ incorpornted iti England and Wales. Th¢ Teg1St¢T office is 13114 Cornwall TeTrc¢, London. NWI 4QP. 1.1 Ac£ountinE Convention The financial 5tsteTncDt$ hav¢ b¢en prepattd in accordance with the clwity's Memorandum and Article5 of A550ci?tio the Companie5 Act 2006 and"Accounting and Reportin8 by Charities.. Stst¢meDt of Recommended Praciice 8ppli¢able to charities preparing th¢ir actounts in accordance with the Financial Reporting Stsndard applicable in the UK and R¢publi¢ of Ir¢l3Dd IFRS 102) {effective l January 2019)". The Clwity is a Public Benefit Eniity as defined by FRS 102. The charity bas tsken ¥allge of the provisions in th¢ SORP for charities applyin8 FRS 102 Update Bull¢tin l not to PT¢patt o Ststement of Ch Flows. The financial $tanwnts are prepared in stcrfin& which isthe fuoctionai curr¢n¢y of the charity. Monetary amounts in these financial 5tatem¢nt$ we rounded to the nearest £. Th¢ fitt8n¢ial statements havebeeD prepared underthe hiBtori¢al ¢ost eonvelltion. The principal accountingpoli¢i¢$ adopted re set out below. 1.1 Golng coTrterD The tNstees have collsidered a period of it leas¢ 12 months from the date of these accounts and confident that The Japan Society is & 8oin8 ccqicern. 1.3 Charltible funds Unrestrieied funds are available for use at the discretion of th¢ truxtees in T[ber9n£e of the general objxtives of the charity. Desi8nated thds are unrestricted fun(ts eannarked by the tsustees ftsr parricular PUTP05es and relate to the value of the library. The desiated fund includes & rev41uation reserve r¢latirtg io the resthiement of rare book5 to rn¢1 vglu¢. Restricted fimds are Jubj¢ded to restrictions on their expendinlle imposed by the (k)nor or throu8h the tem1$ of an appeal. 1.4 Income Incorne 15 Te¢o8nis¢d when the chty is legally entitl to it after aDy perfornwi¢e ¢onditions have been met. tbe amounts can be measured lIablY, attd it 1$ probable that incoDK will be received. Donatio amd similar incoming TeSOUTC¢S are in¢lud¢d in the year in which they are receivable. Twhich is wheT> th¢ ¢han'ty ome5 entitled to the resource. Legaties arE recogttised on receipt orotherwise tf the Charity h35 been ttotified of an impeTrJtn8 disttibution. the amount is know and recelpt is expecied. If the amount is not knowi4 tbe le8afy IS tieated as a contingent U5¢t. Grants- where entitlement is not conditional on the d¢ltvery of a specific perforn1ae by thecbarity, grants att reeogtiistsj when the chan.ty becomes uncondiuonally ¢ntitld ts) the income. SubscriptioD5 are crtditrd to th¢ Ststem¢nt of Financi Activities iii r&wt of the yeu tts whi¢h they relate. Fundraising income includes ¢V¢DI and ineollle for cours&$ and resources. This incom¢ is included in the year in wbich it is receivable. whith is when the charity become5 cnh.tled to thc fESOUYCe. pagc 17
THE JAPAN SOCtETY NOTES TO THE FllYANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 DECEMBER 2024 (contilled) Inveslment income in¢ludes inttrest ret¢ivablc and is included in th¢ accounts whcn the charity becomes entitled to the ineom¢ Other incorning SoU¢S includes th¢ sal¢ of books and royalti¢5. This income is iticludcd when the risks &lld r¢vr4rds of owDcrsbip are pass¢d from th¢ clwity to the buyer. 1.5 Exptnditure Liabilities are recogniied as expettditure &5 soon as thett is a legal or ConstnlIVe obligatiott cott]mirting the charitable eompany to that expet)diture. li is probabl¢ that a traDsfer of ecollomic bcncfits will be required in settlement and the amount of th¢ obligation ¢an bemeasurtd rEliably. Expenditure is accounted foron accrua15 basis andhas beth el&%$ifi¢d under h¢adiog5 thai aggregate all reiat¢d to the category. Ivheie costs cannot be dir¢cdy arnbuted to partieular headin85 they have beeD allocaied th activities on 8 basis CODSiStent with the use of T¢sourc¢s. Expenditure includes VAT wbicb cannot be llY r#ovard and is reported as Prt of th¢ ¢xpenthtswe to which it relates. Support eosts ate tho$¢ that assisi the WOTk of the charity but do not diTrytly und¢rtske ¢lHritable activities. Support ¢Q5ts include back office and governance $ts which suppon rnembetsbip and publicarions, events, s¢bo01 education small grant activill¢S. Th¢$¢ ¢osts have been allocated artd apptsrtitsned to the vatious charitsble aetivat¢s. A percentage basis has been used io apportion the support costs to tbe charitsble aCtiviti¢5. Costs of T•iSill8 fujds ¢ompris¢ the costs associad with aar•eiiti8 voluotw iD¢ome and the c(Jsts of fimdrai$ing. Charitsble expenditLWC CQmPTiS¢S ihos¢ costs incurred by the eIrity iti the d¢livery of its &ctivitie$ and those w5ts of an direct llature necessary io $upport th¢llL Governance c03¢s include those ¢osts 9sw¢iated witb meettng the cottstiDJtiona] and stamtory requirements of the chArity and includ¢ audii ftes. 1.6 fDtaDgAble red assets otheT thju goodwlll Intangible assets acquired $eparately from a business are reco8nised at cost and 5ubs¢qu¢ntiy measured it cost le$s a¢¢umulated amortisation and xcumulated irnpairment losse5. Jotangible assets acquired on business combitiattoL% are rec¢gni5ed separalely from goodwill At th¢ ¥qui5ition date where it is prob4bl¢ that th¢ expected tUre ccothomic benefits that aTe anributsbL¢ to thc asset will flow to the entity and the fair value of the &sset ¢aa be measured reliably. the int¥ngibk ass¢¢ aris from corAtrdUuo1 or other legal rights. atwj the iuianEible 55et is separable from the entity. AmoTtisation is 08lled $0 as io writ¢ off the cost or YahtiOn of assets1¢$8 their r¢sidual values over their useful liv&8 on tbe following bases: Softw¢ 3 y¢aTS Sttaight Line 1.7 TAyible fix¢d $sets DweGiation is provKded at the following aDDual Trtes in order to write off th¢ o)5¢ I¢ss ¢8tIM re5ithkal value of asset over its estimated weful life. FixtUEts. fittings & equipm¢Dt 20-33% Straigbt Line All assets Co]ng more tban £500 are capita]is¢(L page 18
THE JAPAN SOCIETY NOTES TO THE FINANCIAL STATEMEiYfs (CONTINUED) FOR THE YEAR ENDEIJ 31 DECEMBER 2024 Accounting pollcl (Contlnued) 1.8 Filed #sset Investments Fixed asset inYesDn¢rLts iDili&lly measured at tsllTtsaction price excding transaction cosLq, Ire subsequently measured atfair vut at each reporting date. Changes in fairyue are reco8nised in net iwomeJ(expenditure) foT the year. Trallsactioll Costs are exPud u in¢urtE 1.9 Impalrmen¢ Df fixed Mieti At each reportiti8 etxl dat¢. the chan.ty reviews the cwing amounts of its taDgible And intangible assets to dctcrnjine whether there is any indication that those wets have suffered an impainnent loss. If any such indication exists, the re£ovtrnble Amount of th¢ &sset is estinted in ordu to detemiine the extent of the impairnent loss (if aDy). 1.10 C#ib Dd equlvA]eD Cash and cash equivalents in¢lude cash in hand dqKJsity beid at call with banks. other sbort-term liquid fftvesttnent5 with 0ri8inl matiltieS of three Tnonths OT les5. aDd bank overdrafts. Bank overdrnfts we shown within bornwiti8S m CUTr¢nl liabLiiti¢s. 1.11 Flttatselll in$trum¢nts The charity elected to apply th¢ provisions of Section I I 'B&ie Fitiancial In6tTuinertts' and SectioD 12 '0iher Financial Instnents Issues, of FRS 102 10 all of its finall¢1 inslTuments. Finon¢ial instrurnertts Are re¢ogDi8¢d in the eh8riry'8 balanc¢ ¥heet wlwtt the chlty brmes party to the ¢ODtr4cDJoI PTQViSiOttS of the instNmeDt. Fknatteial assets and liabditi¢S offseL with the ne¢ preiented in the fuwi¢ial statements. wbeD th¢r¢ 1$ & le8ally enforceable right to set off ihe re¢ognis¢d atnounts and there is an int¢ntiOD w settle on & Det b•si$ or ts) realise the assei and $¢ttl¢ the liability simultan¢ou51y. 1.12 Txatlon The cbArity is exempt frotD coTroration tsx on its charitable ad1viti. 1.13 Employee benefits The costs of shon-¢errn ernployee bet)efits are recogni5ed ¥s 8 liability and as all exp¢ns¢, unless those costs are requiTed to be iecognised as part of the c05t of 5twk or fjxed assets. The wst of any unused holiday entitkment is reco8Msed ID tb¢ period in which the employ¢¢'s services are Teceiv¢d. Terniination benefits are recogni5ed immediatrly as aD expense when the charity is demonsbIY committed to terniittate the ¢mployiThent of all employtt or to pwvide t¢10•tion beDefits. 1.14 Retirement benefits The chariry opernte5 3 defined Colltributions pension wheme. Contribulion5 8r¢ charged in the accounts as they becorne payable in ac¢ordancc with ¢he rules of the scheme. 1,15 Forelgn exch•ng¢ Transactions dcnottiitiated in ftir¢igD CUTrcncies are Tecorded at the tate ruliDg 4t the date of the transacti¢ Monewy assets and liabilities denominated iti foreign currencies are translated into sterling at the ntes of excbange nlliDg &1 the balance shcct date. All differences arc included in net out8Oln8 resources. psgc 19
THE JAPAN sOcTy NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 tcounting poli¢i¢s (Contirtto) 1.16 Debtor5, Cash and Creditors Debtors are recogtiised at the s¢tt1em¢utaUunldll¢ ther any tradediscouDtoffeted. Prepaymertts are vahl at tknc atr30Ullt prepaid net of any trade discounts due. Casb #t b1kalld casb in haad includes casb atsd short tenn hi8bly liquid inV1ts with a5bDn matUTity of thre¢ moDths or less from the date of acquisition or opening ofthe deposit or similAr aeeouttt Creditots are reColSea where the clthrity ha# a PT¢sent obligation resulting from a p•st event that will probably re£ts irt the traDsfer of fi(L% io a third party and thc amouni thie to settle the obligation can be rneasUd or ¢stinled ttliably. Credi1015 ar¢ nornully T¢cogni5ed ai their setdement amount afteT allowin8 for arLy discoutsts due. CrAtleal Accomntlni ¢50Dtr4 #nd judgemeuts In the application of the charity's aCCOUnlitig policieK the trte$ are requiRd to tnake jud8ements. estimates and assumptions about the canying amount of assets and liabiliries dt are oot readily apparent from other sources. The esiimates and associatrd assumptions are based onhistoricalexkvienet and otherfxtors that are eon9idered to be releVLI. Actual results Lnay dtr from tbese estirnates. The estirnates arLd underlying assumptions are ttviewed ott an ongoittg basis. RevTrsions to accouttling estinmtes are reco8nised in the peri(d ill wbicb the estinute is revised wheTr the revisioD affects only thai period, OT in the period of the revision and penods where the Ttvision affects both cumt and fithre periods. Subieriptlons and donations Uffjrestrirted Restri¢tsd funds Totsl UThT¢stricted R¢stri¢ted bJDds funds g¢n¢ral 2023 Totsl zener*] 2024 2024 2024 2023 2023 Donations and gift5 Membership fees 337,309 43,192 41,310 378.619 43,192 288 J17 26,889 71,996 360J13 26,889 380,501 41,310 421,811 315206 71.996 387202 Events Unrestrieted UnTestri¢ted futtd% fijrtds general gener41 2024 2023 RestrIed Totsl 2023 2023 Events income 51.415 21J28 2.260 23.588 page 20
THE JAPAN SOCIETY NOTES TO THE FINANCIAL STATEMENTS (COIYfINUED) FOR THE YEAR ENDELI 31 DECEMBER 2024 IDcome frojn Investrnents UDreJtrlcted Ullrutrieted funds funds 2024 2023 Ini¢r¢st receivable 7.020 10,031 Other ID¢fjthg rtmureei UDreitrlcted (undi ietterll 2024 Restrlrted TotAI Unrestricted fiwds g¢n¢ral 2023 Restricted Total 2024 21124 2023 2023 Publicauon 8nd sak of books Office services incom¢ Secretariat cOMe 8.068 17.136 16.984 8.068 17.885 16.984 936 15.960 7.500 936 16,596 7.51JO 749 636 42.188 749 42,937 24,396 636 25,032 RAlslng funds Vnreitrlcted Unrestricted funds nds general genetal 2024 2023 Fundrdisin Advertislljg ubli 15,186 6,947 page 21
THE JAPAN SOCIETY NOTES TO THE FINANCIAL STATErs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable A¢eAvities Membersbip Eyents Sthotyl grants eduetion Tot 2024 Totsl 2023 publkatl•DS 2024 2024 2024 2024 Staff costs oth costs 123,708 12.470 75,058 119.911 85.470 24,861 284,236 157,242 232.838 s3.8 136.178 194.969 110.331 441.478 285.846 Grant thndiug of activiti (s¢¢ note 9) i.oc 1,000 450 Share of support costs (see note 10) Share of governance costs (see ote 10) 49.027 49.W27 49,025 147,079 125.120 9.713 185205 243.996 159,356 1.0 589,SS7 421.129 An11$ by fynd UrLrestricied fiJttds- genernl Restricted fimds 185205 243,996 117,297 42,059 1.0 547,498 42.OS9 344,176 76,953 185205 243,996 159J56 1,0 589,557 421,129 page 22
THE JAPAN SOCIETY NOTES TO THE FINANCIAL STATEMENTS (coNfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Chrltable ¢tivities (Continued) For the year ended 31 December 2023 Membershlp •nd pubMt#tlotts EveDts Scbool Small Eriut edu¢don Totsl 2023 Staff costs Other costs 98.801 89 55,259 35.530 78.778 17,389 232.838 53.CH)8 98.890 9).789 96,167 285,846 Grant fimmling of activitiu (s¢e DO 9) 450 450 Share of support ¢osts (see note 10) Share of governance cosis (see rtote 10) 46,162 3,584 44.718 3.471 32,182 2.498 2.058 160 125.120 9,713 148,636 138,978 130.847 2.668 421.129 ATh4lysis by fund u[¢$t[l¢l¢d fid$- geoer81 Restricted funds 148,636 134,657 4,321 58.665 72,182 2,218 450 344,176 76,953 148.636 138.978 130.847 2,668 421,129 Gr•Dts p#yAble Sm•ll Srnall 2024 2023 Grants to illstilutions.. Oth¢r small grants paid 2 (2) institutio$ 1,0 450 pa8e 23
THE JAPAN SOCIETY NOTES TO THE FINANCIAL sTATEmEs (coiYfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Ilj Swirt Colts allocated to aCtitIES 2024 Staff costs Depreciation Establisbment ExPer¢S Office Expense5 General Expens¢9 Library Maint¢nan¢e Expenses Governance costs 40.267 8.419 59.620 11.206 9.745 350 17.472 36.851 4297 65.59 10.364 7,690 328 9,713 147,079 134,833 ADalyi¢d b¢tsveeD: Membership atsd publicats'ons Events S¢bool education Small grants 49.027 49,027 49.025 49,746 48.189 34,680 2.218 147,079 134,833 Il Net movement ID fuDd$ 2024 2023 The nei movement funds is stated atTrer CbarWti{r[cdI1In8)". Fe¢s payable for the audit of th¢ ¢lwity'5 financjaj statemc41S D¢pr¢¢iaUoll of OWTLed tan8ibl¢ fixcd a$5ets Amortisation of Intanb]e assets 8,150 4.606 3,813 8,600 4.297 12 Trnstees None of the tnte% (or any p¢r50DS CODDected v4ith thuu) T¢£¢ived any remurmtion or ben¢fjts from the chlty thlling the Yr. The Charity ¢aTri¢d indemnity iSur for its trust. for which apremium of £4.128 (2023.. £4.272) was paid. 13 Ewploy¢es The avernge monthly oumb¢r of anploy¢¢s Ihuing the yearwas: 21124 Numbtr 2(123 Number page 24
THE JAPAN SOCIETY NOTES TO THE FINAIYCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Empl(trye ICDDtlnued) Employment eosts 2024 2023 Wages and SAlaries Other pettsi costs 297.756 26.747 251,624 18.065 324,503 269,689 The Inte¢S of the Japan Swi¢ry determined there to be 2 ttmnbers of key manag¢TD¢ttt persom)el. The total employee Ttn)ullernuon of key mge¢t p¢r¥onnel of the cbarity was £91,180 (2023.. £86.619) The number of employees whose annual rttnutteration was more £60.000 1$ as follows.. 2024 NuJnb¢r 202J Number £60,CW - £70,000 14 GAItti ADd lomei on Inv¢stmtLts UDrMtri£ted Unmtrlcted fuDdi fundi DeilEn*ted Dejlgnated fuDd fund 2024 2023 Gain{lO$SeS) arising on.. RevaluatioD of inv¢$tsnents (5,470) 4,108 15 Taxatlon The clwity Is exempt frorn lax on income and gains falling within 5wtson 505 of the TAxes Act 1988 or s¢ctson 252 of the Taxation of Chargeable Gains Aci 1992 to the extent thai these ote 8pplied to its ¢han"table objects. pag¢ 25
THE JAPAN sOcTy NOTES TO THE FINANCLIL STATEMENTS (CONfINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Jxhtangible rued assets SDftwA Co$t At l January 2024 Additions- 8epaTately acqurnl 13,728 At 31 D¢¢¢mber 2024 13,728 AmortisatioD Impalmemt At l Jaouary 2024 Amortisation charged for th¢ ye•r 3.813 At 31 December 2024 3,813 CTT)iTr% amoullt At 31 December 2024 9,913 At 31 December 2023 17 TAn8lble ffted usets Cost At l Jattuary 2024 Addilions 55.271 2,400 At 31 December 2024 57.671 Depreciation Ind impirneut At l January 2024 D¢prxia¢ion charged ill the year 48,122 4,606 At 31 D¢c¢llther 2024 52,728 Carrying aznount At 31 De¢¢mber 2024 4.943 At 31 December 2023 7.149 page 26
THE JAPAN SOCIETY NOTES TO THE FINANCIAL STATEMENTS (coNTlED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Ffjvd *Met InveitmeDts Llited Rttveitmenti Cost or v•luAtlon Ai l January 2024 Additions Valuats'on th8n8 294,108 10,000 (5,470) At 31 De¢¢mb¢r 2024 298,638 Carry(ng amount Ai 31 Decen)ber 2024 298,638 At 31 December 2023 294.108 19 Deb¢orJ 2024 2023 Amounti fiUIDi due plihln one y¢mr: Other debtors PrepayTrents Jnd •wrn¢d ineorne 47,242 22,514 22.985 32,165 69,756 55,150 20 Credlton: [lID£ due wltbln one ye•r 2024 2023 Other taxation and SOCI seeuTiry Other creditors Accnllls and def¢Tr¢d ineome 6.394 48,570 25.933 3.094 56.235 27,853 80.897 87,182 21 RetlremeDt benefft Jrhem 2024 2023 DeflD¢d ¢ODtrlbutitstt jehtm Charge to profit or loss in respect of d¢fin¢d ¢ontribution sche[tS 26,747 18,065 The charity ¢)p¢rdtcs a dcfined contribution pension e[De for all q8 employees. The lssets of the scheme are held separately from those of the cllarity in an independently athnini%tereA pw27
THE JAPAN SOCIETY NOTES TO THE FINANCIAL STATEMEiYfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Rejtricted funds Th¢ fiukds of the Souety iryclude restiicted ffijnds. The followiD8 are the uaexpethl b4TaAces of such fiEnds." A¢ l January 2024 RewurtesAt 31 December expended 21124 rere¢S Edueation Fund 42.059 (42.059) 2,401 2,401 2,401 42,059 (42.059) 2.401 Yrevitsuj yrar: At l J*nury 2023 ttt¢•mitig Resour¢uAt 31 D¢¢emb¢r expended 2023 Education Fund Hanrausmith Garden Fund 72.632 22f (72.632) (4,321) 4.462 2,401 4.462 74,892 76,953 2.401 Certain fill]ds are restri¢t¢d to expenditure relatin8 to $chool$ ¢duution 8Dd stDall gr4llts. The Hanunersmith Garden fid Tnts wntributions made specifically for the iDStallatitsn of 8 new gate alld avertue of stone lantems oi the Japan¢s¢ garden ID Hunmersmith Park aod for a¢tivitiu IiDk¢d to this. Ongoing activities take the fonD of ev¢nts in the Park io highlighi the Jap#nes¢ garden aad enpge wÈth the lo¢al community and allocating fimds for the repair of the lantern5. pag¢28
THE JAPAN SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Unrntrlct fvttdi- DulgDAted fiwd These aTe unrestricted which are material to the ChIty'S activiti¢5. At I JtttsAry 2024 Tr&nJfers GAiD8 ndAt 31 DeceJnb¢r 10s$¢s 2024 Maintenance fund Digiiisation of book5 fimd InVeSthni fund 13.(N)O 19.984 294.108 13,000 19,984 298,638 10.0 (5,4701 327.092 io.w) 13,4701 331.622 Prevlou¥ y¢r: At I JDuary 2023 Transfe GAlns AndAt 31 De¢ernber 105SeJ 2023 Maintettance fijnd Digiti53tion of books fill)d Invejtment futtd I3,0 19.984 13.000 19,984 294.108 290.OCl 4.108 32.984 290,0) 4.108 327,092 page 29
THE JAPAN SOCIETY NOTES TO THE FllYANCIAL STATEMENTS (CONTINUED) FOR THE YE4R ENDED 31 DECEMBER 2024 24 Analysis of nel assets betwten fMwAdi Total fundj 2024 ruods 2024 fund5 2024 2024 Fund balances at 31 Decembtt 2024 are T¢prcseDted by.. Intanble fixed awts Tangible assets InvtsttneDts Current assetsl(liAbi]itij 9.915 4.943 9,915 4,943 298,638 214,131 298.638 32.984 178,746 2.401 L93.604 33 1.622 2,401 527.627 Unr¢st¢i¢ted DeslgDat¢d fund$ 2023 Rt5tricted funds 2023 Tot#1 2023 2023 Fund balane&% at 31 December 2023 ar¢ represented by: Tanble ass tnvestmeDts Cvrreni aJ$etslaiibilits'es) 7,149 7,149 294,108 313,400 294,108 32.984 278,015 2,40I 285,164 327.092 2,401 614.657 25 Operating least ¢ommitinents Le$$te Ai th¢ reponing end dak th¢ Charity bad tsutstsnding cornmiunents for futpjre miDimum leas¢ pats und¢r noD. 8nc¢llable operating lease4 whi¢h fall due AS fotknY5: 21124 2023 Within otLe year Berw¢eD two and five y¢ 273 547 273 821 820 1,094 26 R¢l#ted party Ther¢ We no diselosabl¢ r¢lated party transactio5 duTing tbe y¢4r12023 - £14,620 received fromAshinaga Associatiott. Th¢re are longrr any r¢lated parry links withAshinagaA5SOCiatioD). page 30