Reglsterfrd number.. 01263742 Charity number: 271665 THE JAPANESE SCHOOL LIMITED (A Company Limited by Guarantee TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE JAPANESE SCHOOL LIMITED IA Company Limited by Guarantee) CONTENTS Pa9e Reference and Administratlve Detalls of the Company. Its Trustses and Advlsers Trustees. Report Indepondont Auditor's Report on the Flnanclal Statemènts Statement of Financial Activities 10 Balanco Sheet 11 Statement of Cash Flows 12 Notes to the Flnanclal Statements 13-30 THE JAPANESE SCHOOL LIMITED IA Company Llmited by Guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 310ECEMBER 2023 Trustees Mr S Ichinokawa lappoinled 1 April 20241 Mr Y Nakano lappoinled 7 December 20231 Mr S Yoshihara {appoinled 1 April 2024) Mr K Takahiro (appointed 1 April 2024} MrJ Otske Mr D Mototani Mr F Suzuki Mr Y Ishyzuka (appointed 7 December 20231 Ms Y Tsujlmura￿l9akI Ms M Sunohara (appointed 7 December 2023) Mr R Takaki (resigned 1 June 20231 Mr H Koike (appointed 7 December 20231 Mr K Nobula (appointed 1 April 20241 Mr H Sailo lappointed 1 April 20241 Mr F Seriiawa (resigned 1 April 2024) Mr H Mishima Iresigned 1 April 20241 Mr S Kuwata {resigned 1 April 20241 Mr N Nishida (resigned 1 April 20231 Mr K Ozeki (resigned 7 December 20231 Mr T Morita Iresigned 1 April 20231 Mr M Sato {resigned 1 April 20241 Mr T Sazaki (resigned 7 December 20231 Mr S Kato (resigned 7 December 20231 Mr S Toda (resigned 1 April 20231 Company reglstered number 01263742 Charity reg5Stered number 271665 Registered office 87 Creffield Roa Aclon London W3 9PU Company secretary Mr K Ok8moto Independent audStor Haslers Chartered Accountants Old stst￿n Road Loughlon Essex IG104PL Page 1 THE JAPANESE SCHOOL LIMITED IA Company Llmlted by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together wi(h the audited financial statements of the Company for the 1 January 2023 10 31 December 2023. The Annual Report serves the purposes of both a Trustees, report and a diredors, report under company law. Th& Trustees confirm that the Annual Report and financial statements of the ¢harilable company compty wth the current statutory requirements, the requirements of the charrtable comp8nrfs governing document and the provisions of the Stslement of Recommended Practice ISORPI applicable lo eharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Objectives and activities a. Poli¢ie$ and objectives Tho purposo of the wmpany is lo provide faalilies for the education of the chil¢Jr&n of the Japanese community in the Unrted Kingdom. In setting objectives and planning for activ¢ties. the Trustees have given due consKJeration to general guidance published by the Charity Commission relating to public benefrt, including the guidants 'Public benefit.. running a charity {PB21'. The school had provided educational setv1￿$ through the Japanese School in London IJSLI, a day school and the Japanese Saturday Sch(K)l in London IJSSLI, 8t which classes are given on Saturdays. JSL has 300 pupils and JSSL has 1,100 pupils on three campuses. The schools, Japane8e based education is e88enlial for the Japanese families in London, both expatriate and local. b. Strategies for aehieving objeetives The company operates the JSL (Day schi)of> and the JSSL (Saturday supplementary schwll to prowde benefit lo the public through its educational activit￿s. In providing the above educational seNces, the trustees ofthe company have had regard lo the guidance issued by the Charity Commission on public benefits. c. Actlvltles undertaken to achleve objectfves To promote intemalional understanding of pupils. the JSL conducted exchange programmes wf(h schools in London, including the Greek School, Spanish School, French School and SOAS. The school also conducted activities like Sports Day. Cuttural Festival and the whole school outing for drawiThJs lo make pupils activo in va￿uS fields. Strateglc report A¢hlevements and perfomiance a. Main achievements of the Company The JSL in Aclon has ca 300 pupils aged 6- 15. The school has provided elementary and sewndary pupils wtth a full range of curriculum in accordan￿ with the Japanese e(Jucalional ministry standard and the fundamental Brstish values educatson. Page 2 THE JAPANESE SCHOOL LIMITED {A Company Llmlted by Guarantsel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Strategic report Icontinu9dl A¢hi•vements and performance (continued) The JSSL has ca 1,100 pupils on three campuses, Aclon, Brent and Croydon. The main subject being laught is Japanese language, with some Japanese cultural events with opportunities to experience something important for their childhood of the pupi15 residing in the UK. Both schools have opportunf(ies to act as a mernber of local community by delivering cards at seasonal occasions and performing Japanese songs al churches. The exchange programmes with other schools have been conducted by the JSL in 2023. Visits from the Greek School, French School and SOAS were made, and our pupils visited SOAS. The JSL also conducted Sports Day and Cultural Festival. Both wore wo11 attended an¢J made parents impressed with their perfomance. The JSL'S whole school outing for drawings created lols of excellent pictures. which were exhibited during the Cuf(ural Festival. The weekly classes al the JSSL make ils pupils stimulated in leaming Japanese language and cullure. One of the results of their years of leaning appears in their speeches al the g￿l(tatiOn ceremony. Based on positive attitude leamed in the British society, pupils deltver logical and heariful speeches wlh many thanks to their teachers and parents in a disciplined way. Flnanclal revlew a. Golng Concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies. b. Reserves policy Current reserves exduding revaluation reserve covers 2.3 limes of annual expenditure. The Company plans school facility renovation projects over 5 yeafs from 2023, the reserve level will be reduced by 10% in the coming 5 years, with a half of the renovation costs funded by annual fesutt. The reseNe levels have increased Signsficant￿ during 2021 due to the revaluation of the land and buildings owned by the School. The level of reserves represented by the revaluation is shown separately in note 16 and is included wrthin unrestricted fijnds. Reserves will be monitored regvlady by the Trustees to ensure appropriate levels of reserves are held moving forward lo ensure the long tem stabilty of the charity. G. Invostmènts poweTS The chairman ol the committee is empowered to invest the funds of the school as the committee s&gs fiL Page 3 THE JAPANESE SCHOOL LIMITED IA Company Limited by Guarnnteel TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 d. Prlnclpal risks and uncertalntles Thg charitys financial position is sound, although the number of pupils are still 1 SO/0 below the ￿Ve1 in 2018, before COVID-19. The Trustees review the risks posed to the charity regularly and have developed a system to mitigate any impact of the risk on the school. The main risks identified include meeting the demand for pupil pla¢es, retaining sufficient levels of skilled staff and 8nsuring the safeguarding of pupi15 al the school. e. Principal fundlng The charity's principal sources of funds are luilion fees of the schools. The charity also receives income from the Japanese Government in the form of grants. The Japanese Govemment funds the salary costs of seconded Japanese leachers to the school as well as funding for Specif￿ purposes such as security. facilities management and rent. StNcture, govemance and management Constitution The Japanese School Limi(ed is ￿gIStered as a charitable company limited by guarantee and was set up by a Trust deed. b. Methods ¢f appointment or eleetion of Trustees The trustees are elected from the members of the company at the Annual General Meeting in accordance with the Arbcle 27 of the Memorandum and ￿'¢leS of Ass¢xialicJn of the Japanese School Limited. c. Flnancial risk management The Trustees have assessed the major risks lo which the Company is exposed, in particular those related to the operations and finances of the Company and are satisfied that systems and procedure5 are in place lo mitigate exposure lo the major risk5. Page 4 THE JAPANESE SCHOOL LIMITED IA Company Limited by Guarantee} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2023 Statement of Tmstoes, responsibilities The Trustees Iwho are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees. Report induding the Strategic Report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Pfaclicel. Company law requires the Trustees to prepare financial statements for each financial. Under company law, the Trustees must not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the stsle of affairs of the Company and of rts incoming resources and application of resources, including 118 incLYne and expendrture, for that period. In preparing these financial slalements, the Trustees are required to.. seleet suitsble aceounling policies and then apply them consistently., observe the Methods and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial stslementS', prepare the financial statements on the going COn￿M basis unless f( is inappropriate to presume that the Company will continue in business. The Trustees afft responsibEe for keeping adequate aceounling records that are sufficient lo show and explain the Companls transactions and disclose with reasonable accuracy at any lime the financrdl position of the Company and enable them to ensure that the financial statements ¢omply with the Companies Act 2006. They ar8 also r&sponsibl8 for safeguarding the assets of the Ct)mpany and hence for taking reasonable steps for the prevents'on and detection of fraud and other irregularities. Disclosure of infomiation to auditor Each of th8 persons who are Trustees al thg tim& whon this Trustees, Report is approved has confirmad that.. so far as that Trustee is aware, there is no rèlevant audit infomation of wh￿h the chariW8 auditor is unaware, and that Tnjslee has taken all the steps that ought 19 have been taken as a Trustee in order lo be aware of any relevant audit information and to establish that the charitys auditor is aware of that infomiation. Auditor The audrtor, Haslerg, has indicated his willingness to continue in offi￿. The designated Trustees will propose a motion reappointing the auditor * a meeting of the Trustees. Approved by order of the members of the board of Trustees on 16 Juty 2024 and signed on their behalf by.. Mr S l¢hlnokavA Page 5 THE JAPANESE SCHOOL LIMITED (A Company Limited by Guarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JAPANESE SCHOOL LIMITED Opinion We have audrted the financial statements of The Japanese School Limited Ilhe'charitable c¢)mpanyI for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Slalemenl of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framewort that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reportln9 Standard applieable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting pr￿lice}. In our opinion the financial stalemenls.. give a true and fair view of the slate of the chariiable companys affairs as a131 December 2023 and of ils incoming resources and application of resources. including its income and expendi(ure for the year then ended., have been properfy prepared in accordance wth United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audil in xcordance with International Standards on Auditing (UK} {ISAs {UKI} and applicable law. Our responsibilities under those standards are further described in Ihe Audil0rf5 responsibilities for the audit of the financial 5talemenls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit ol the financial statements in the United Kingdom, including the Financial Reporting Couneil's Ethical Standard, and we have fulfilled our other ethical responsibilf(ies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provKle a basis lor our opinion. Conclusions relating to going concern In audibng the financial stalemenls. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have r￿t identified any malefial uncertainties relating lo events or condits'ons that, indiwdually or collectively, may east significant doubt on the charitabl& companys ability to conttnue as a going con¢em for a peTic*J of al least ttvelve months from when the financial ststemenls are aulhorised for issuè. Our ￿SponSibl1111es and the responsibilities gf the Trustees with respect lo going concern are described in the relevant sections of this report. Page 6 THE JAPANESE SCHOOL LIMITED IA Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JAPANESE SCHOOL LIMITED ICONTINUEDI Other Infom)atlon The other infomiation comprises the infomi*ion included in the Annual Report other than the financial slalements and our Auditor'5 Report Ihereon. The Tnjslees are responsible for the other infomialion contained within the Annual Report. Our opinion on the financial statements does not cover the other information and. except to the extent othetwise explicf(ly slated in our report. we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other infomalion and, in doing sg, Consider whether the other information is materialty inconsistent wth the financial statements or our knowledge obtained in the course of the audit, or olhenNise appears lo be malerialty misstated. If we identify sueh material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misslatemenl in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infonnatlon, we are requiTed to report that fact. We have nothing to report in this regard. Matters on whSch we are required to report by exceptlon We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us lo report lo you rf, in our opinion.. the information given in the Trustees. Report is inconsistent in any material respect WI￿ the finanaal statements., or $uffi¢ient accounting records have not been kept,. or the financial statements arg not in agreement wrth the accounting ￿COrdS and retums., or we have not recewed all the infomialion and explanations we require lor our audit. Responsibilities of trustee$ A$ explained more fulty in the Trustees, Responsibilities Statement, the Trustees (who are o1$0 the director5 of the charitsble company for the purposes of company lawl are responsible for the preparation of the financial Statements and for being satisfied that they give a true and fair Mew, and for such inlemal control as the Trustees determine is necessary lo enable the preparation of financial statements that are f￿e from material misslalemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable companls abilty to eonlinue as a going concern, disclosing. as applicable, matters related to going concein and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic attemalive but lo do so. Page 7 THE JAPANESE SCHOOL LIMITED A Company Llmtted by Guaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE JAPANESE SCHOOL LIMITED ICONTINUEDI Audilorfs rgsponslblllllos for thg audit of tho financial stat9mgnts We have been appointed as auditor under section 144 of the Charities Acl 2011 and report in accordance with the Act and ¥elevant regulations made or having effect Iher8under. Our objectives are lo obtain reasonable assurance about whether Ihe financial slalemen15 as a whole are free from material misstalemenl, whether due lo fraud or error, and to issue an Auditorfs Report that includes our opinion. Reasonable assurance is a high level of assurance, bLrt is not a guarantee that an aLKlil conducted in accordance w(Ih ISAS IUKI will always deted a material misslalemenl when il exists. Misslalements can arise from fraud or error an(J are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregulanlies. including fraud, are instsnees of non were payable lo the fund at the balan￿ sheet date and are included in credrtors. 22. Operating lèase commltments Al 31 December 2023 the Company had commitments lo make future minimum lease payments under non•cancellable operating leases as follows.. 2023 2022 OperatSng leases which expire: Within 1 ygar Wi(hin 2-5 years 7,292 15,603 13,366 2,253 22.895 15,619 23. Members. liablllty Each member of the charitable company undertakes lo contribute lo the assets of the company in the event of tt being wound up while helshe is a member. or within one year after helshe ceases lo be a member, such amount as may be required, not exceeding £NIL for th& debts and liabili(￿S contracted before helshe ceases to be a member. Page 29 THE JAPANESE SCHOOL LIMITED {A Company Llmiled by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Related party transactions During the year, Nippon Club Limited, a company which a trustee is a director of, provided hire of facilities for £1,144 12022.. £9591. Additionally, Canon Europe Ltd. a company which a tnjstee is a director of. provided gquipmenl rental for £5,68412022." £5,376). During the year, The Japanese School r￿1Ve￿ school fees from trustees lotalling £2.515 12022.. £3,369). At the year end there were no outstanding ba￿nCeS wrih any of the related parties12022'. £Nill. Page 30