REGISTERED CHARITY NUMBER: 1095976 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR WALES JAPAN CLUB MHA (trading name of Maclntyre Hudson LLP) Limited liability partnership in England & Wales Registered number OC312313 Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS
WALES JAPAN CLUB CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Govemors Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notss to the Financial Statements 6 to 10
WALES JAPAN CLUB REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 MARCH 2024 The govemors presenl their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporttng Standard applicable in the UK and Republic ol Ireland {FRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The Charitys objects are: 1. to manage the Japanese School in Wales (Wales Nlhon Jln Kai). 2. to promote intemational exchange between Japan and the United Kingdom and lo contribute to mutual understanding and goodwill w¢thin the local community. 3. to cultivate mutual friendship between members. The aims of the school are to support the Japanese children who live in Wales through supplemental education such as Japanese language, cultUTal study behveen the United Kingdom and Japan. This education contributes to the promotion of a friendship between both countries. Public benefit The organisation's govemors can confirm that they have complied with the duly in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission. as demonstrated by the above objectives and the actwitres below. Slgnlficant actlvEties The Wales Japan Club has a large membership whose contributions are used to provide hiendship meetings and entertainment for the WJ21 Club. a netsvorking club for younger Japanese and Sui Oh Kai, a club for expatriate Japanese and Welsh enthusiasts for Japan. The majority of funds are used lo support the Japanese School in Wales. which was established in 1981 by Ms Midori Matsui and now has around 55 students to primarily provide tuition in the Japanese language to the children of Japanese st8ff working in Wales. ACHIEVEMENT AND PERFORMANCE Charitable activities During the year the Club continued its activities in line with the above stated objective5. FINANCIAL REVIEW Resenres policy Incoming resourees for tha financial year totalled £115,457. The main sources of income were as follows: Embassy of Japan funding £27,428 We15h Government support £21.000 Club annual subscriplions £11,090 School fees £50.881 Expenditure totalled £118,887 resulting in a small deficit of £3,430. RESERVES POLICY At 31 March 2024, total unreslTicled funds were £267,283. These funds are being held to ensure the Wales Japan Club Can ¢onllnue to run exlsting activities should. for example, government funding cease or unforeseen Costs arfse. The Govemors operate a separate designed fund for tho Japangse School in Wales. During the year an amount of £30,000 was dislributed to this fijnd from the Club's general fund. Golng concern The governors have Considered the charity's ability lo continue as a going concern. Several factors have been considered by the Board when fomiing their conclusions as to whether the use of the going concern basis is appropriate when preparing these statements including liquidity, cash resources, liabilities, future funding and support available from various govemment inltiatives. The governors have concluded that the charity has a reasonable expectation that there will be adequate resources to Continue to operate for at least 12 months from the date of signing ihese financial statements. Page 1
WALES JAPAN CLUB REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 MARCH 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity adopted a ¢on$lilulion dated 24 March 1999 which was amended 18 March 2006. The Trust is registered with Ihe Chafity Commission, registration number 1095976. Membership of the charlty is open lo any individual over the age of eighteen, or organisalion which is Inte$tod in furthering the work ol the charity. The 8oard of Governors review Ihe joining fee and annual subs¢riplions due from members each year. The Board ol Goveinors Consists of members nominated from each member company. There may be behveen 3 and 27 members elected al Ihe annual general meeting, who hold Offi from the conclusion of Ihal meelir¥J and retire Irom one year later. Matters a determined by a majoiily of votes of the Board of Governors, the ¢hairman hatring a se¢olld or casting vote. The Management Committee manages the day-to-day activities of the Charity. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1095976 Prlncipal address Clo MHA Elfed H¢)use Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 BRS Current Board of Governors (From Aprll 2024) Yuji Hamalake Chairman Takeyuki Watanabe Chief Secielary Keigo Selo Treasurer Board of Governors (Durlng the flnanclal year) Shinichiro Iwala Chairman Masaloshi Fukuyama Chief Secretary Keigo Seio Treasurer Independent Examlner MHA Itfading name of Maclntyre Hudson LLP} Limited liability partnership in England & Wales Registered nLtniber QC312313 Elfed House Oak Tree Court Cardiff Gate Business Park CARDIFF CF23 8RS Approved by order of the Board of Govemors on ............................................. and signed on 115 behalf by- Keigo Seto - Treasurer Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WALES JAPAN CLUB Independent examiner's report to the trustees of Wales Japan Club I report to the ¢harfty trustees on my examination of the accounts of Wales Japan Club (the Trust) for the year ended 31 March 2024. Responsibllities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Acl'l. I report In respect of my examination of the Trusvs accounts cattied out under Section 145 of the Act and in carrying out my examination I have followed all applicable Dlrections gtven by the Charity Commission under Section 145151{b) of the Act. Independent examiner's statement I have completed my examination. I confimi that no mat6rial matters have come to my attention in Connection Ihe examination giving me cause to believe thal In any mateTial respect- a¢counting records were not kept in respect of the Trust 8s required by Se¢tion 130 of the A¢t- or the accounts do not accord with those cOrdS,. or the accounts do not comply with the applicable requirements conceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view whi¢h is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examinalion lo which attention should be drawn in this report in order to enable a proper understanding ol the accounts to be reached. Julia Mortimer FCCA MHA (trading name of Maclntyre Hudson LLP) Limited liability partnership in England & Wales Registered number OC312313 CARDIFF CF23 8RS Date- Page 3
WALES JAPAN CLUB STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Total funds 2023 Total funds Unrestricted funds Reslricled fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 49,613 49,613 50,356 Charltable a¢tlvltle$ Advancement of the education of Japanese 65,574 65,574 70,251 other trading activities 270 270 270 Total 115457 115457 120,877 EXPENDITURE ON Charitable activities Advancement of the education of Japanese 118,887 118,887 117,817 NET INCOMEI{EXPENDITURE} (3,430) (3.430) 3.060 RECONCILIATION OF FUNDS Total funds brought fotward 270.713 270.713 267,653 TOTAL FUNDS CARRIED FORWARD 267.283 267.283 270.713 The notes fom part of these financial statements Page 4
WALES JAPAN CLUB BALANCE SHEET 31 MARCH 2024 2024 Total funds 2023 Total funds Unreslricted funds Reslricled fund Notes CURRENT ASSETS Debtors Cash 81 bank 31,168 244.794 31,168 244,794 1,818 278.092 275,962 275.962 279,910 CREDITORS Amounts falling due within one year 10 {8.6791 {8.679J 19.197} NET CURRENT ASSETS 267.283 267.283 270,713 TOTAL ASSETS LESS CURRENT LIABILITIES 267,283 267,283 270,713 NET ASSETS 267.283 267,283 270.713 FUNDS Unreslricled funds 11 267,283 270 713 TOTAL FUNDS 267,283 270.713 The financial stalemenls were aF¥)roved by the Board of Tiusiees and aulhorised for issue on l<.. :../... ap.a&......... and were signed on Its behalfby.. Keigo Selo- Treasurer The notes fomi part of Ihese financial slalemenls Page 5
WALES JAPAN CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Wales Japan Club is a registered charity. registered In England and Wales under charity number 1095976. The goveming document of the charity is its Constitution and it is an unincorporated association. The principal address and nature of the charity's operations and principal activities are dlsclosed within the Report of the Trustees. The financial statements are presented In Sterling {£), the charity's fvn¢lional Cuffency. and rounded to the nearest pound. The signlficant accounttng policies applied in the preparation of these financial statements are set out below. These policies have been ¢onsistenlly applied lo all years presented unless otherwise staled. ACCOUNTING POLICIES Basis of preparing the flnancial ststgrngnts The financial statements of the charity, which is a public benefft entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'A¢¢ounling and Reporting by Charities= Statement of Recommended Pra¢ti¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191., Financial Reporting Slandard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The financial statements have been prepared lo give a 'true and fairf view and have departed from the ChatFties (Accounts and Reports) Regulations 2008 only to Ihe extent lo provide a Irue and faiv view. This departure has involved following the A¢¢ounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities prepartng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities- Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. There have been no material departures from Financial Reporling Standard 102. These financial statements have been prepared in compliance with SORP {FRS 102). Flnanclal reporting standard 102 - reduced disclosure exemptions The charity has taken advantBge of the following disdosure exemptions in preparing these financial statements. as pemitted by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements ot Section 7 Statement of Cash Flows,. the requirement of paragraph 3.17{d); the requ1Ment of paragraph 33.7. Income All income is recognised in the Statement of Financial Adivities once the charity has entilement to the fvnds. it is probable that the income will be received and the amount can be measured reliably. It is not the policy of the charity to show incoming resources net of expenditu. Donations and legacies Income Donations 2nd legacies income includes donations, gifts and grants that provide Cofe funding Of are of a general nature are recognised where there is entitlement. probability of receipt and the amount can be measltred with sufficient reliability. Such in¢ome is only deferred when the donor spectfies it must be used in futu accounting periods or the donor has imposed conditions which musl be mel before the charity has unconditional entitlement. Income from charitable activities Income from charitable activities includes income received under contract or where entiuement to grant funding is subject to specific perfomance conditions. This income is recogni5ed as the related services are provided and there is entiuemenl, probability of receipt and the amount can be measured with sufficient reliability. Income is deferred when the amounts received are in advance of the performance of the service or event to which they relate. Page 6 continued...
WALES JAPAN CLUB NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES . continued Other trading activltles Income Income from other trading activities is recognised on a receivable basis. Investment income Investment income is recognised on a receivable basis. Expendlture Llabililies are recognised as expenditure as soon as there is a leg81 or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be Trquired in selllemenl and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Where costs cannot be directly attributed to particular headings Ihey have been allocated to activities on a basis consistenl wilh the use of sOurces. Expendtture on Charitable aclivities comprises those costs incurred by the charity in the delivery of ils activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them. Support costs are those costs that, whilst nece55ary to deliver an activity, do not themselve$ produce or conslitule Ihe output of the charitable activity. This includes govemance costs which are those costs associaled with meeting the constitutional and statutory requirements of the charity and indude the accountancy fees and costs linked to the strategic management of the charity as well as a proportion of salaries based on an approximation of time spent in this area. Expendtture includes VAT which ¢annot be recovered and is reported as part of the expenditure to which it relates. Taxation The tharity is exempt from tax on its charitable activities. Fund structure Unrestricted funds can be used in ac¢ordan¢e with the charitable objectives at the discrelion of the Govemors. The Governors operate a separate designated fund for the Japanese School in Wales. The funding amount for the forthcoming year is decided at the annual board meeting held in March. Debtors Trade debtors and other debtors a cOgniSed at the setdement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measUd or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. Page 7 continued...
WALES JAPAN CLUB NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 2023 Donations Embassy ofJapan funding Welsh Government fvnding 1,185 27,428 660 28,696 49.613 50.356 OTHER TRADING ACTIVITIES 2024 2023 Website advertising fees 270 270 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Club - Annual subscriptions School fees Club- Event income School - other income 11.090 50,881 340 3.263 11.540 52.630 3.500 2,581 65.574 70,251 TRUSTEES. REMUNERATION AND BENEFITS The Governors received no remuneration during the year (2023 - £Nil}. Trustees. expenses Govemors. expenses in relation to the annual board meeting amounled to £Nil {2023 - £Nil) STAFF COSTS 2024 2023 Wages and salaries 92.050 88,865 92.050 88,865 The average monthly number of employees during thè year was as follows: 2024 14 2023 16 Average number of employees No employees received emoluments in ex¢es$ of £60,000. Page 8 continued...
WALES JAPAN CLUB NOTES TO THE FINANCIAL STATEMENTS - ¢ontinued FOR THE YEAR ENDED 31 MARCH 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES All income and expenditure in the year ended 31 March 2023 was unrestricted. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Accrued income 31,168 1.818 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Taxation and social se¢urity Other creditors 338 313 8,884 8.679 9.197 11. MOVEMENT IN FUNDS Net movement in frjnds Transfers belween funds At 3113124 Al 114123 Unrestrlcted funds Wales Japan Club Designated fund - Japanese School in Wales 117,717 27.166 {30.000) 114,883 152,996 30.596) 30,000 152.400 270,713 3.430 267,283 TOTAL FUNDS 270.713 3,430} 267,283 Net movement in funds, in¢luded in the above are as follows: Incoming sources Resources expended Movemenl in fvnds Unrestricted funds Wales Japan Club Designated fund - Japanese School in Wales 32,700 15.534} 27,166 82,757 113 353) 30.596) 115.457 118.8871 TOTAL FUNDS 115.457 118.887) Page 9 continued...
WALES JAPAN CLUB NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 11. MOVEMENT IN FUNDS- continued Comparatlves for movement In funds Net movement in funds Transfers between funds Al 3113123 Al 114122 Unrestricted funds Wales Japan Club Designated fund - Japanese School in Wales 120,804 26,913 (30,0001 117.717 146.849 23.853) 30.000 152,996 267.653 270.713 TOTAL FUNDS 267.653 3.060 270.713 Comparative net movement in funds, included in the above are as follows- Incoming resources Resources expended Movement in funds Unrestrlcted funds Wales Japan Club Designaled fund - Japanese School in Wales 36,310 {9,397) 26,913 84,567 108,420) 23.853) 120.877 117.617 3.060 TOTAL FUNDS 120.877 117.817) 3,060 Tran$fèTS between funds At the annual board meeting, the Board of Govemors resoFved to distribute £30.000 {2023: £30,000) from Wales Japan Club funds to the Japanese School in Wales. This transfer is to cover running costs. 12. RELATED PARTY DISCLOSURES There were no related paty transa¢tions for the year ended 31 March 2024 (2023: £Nil} which required disclosure. Page 10