Charity registration number 276559
BRITISH ASSOCIATION FOR JAPANESE STUDIES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
BRITISH ASSOCIATION FOR JAPANESE STUDIES
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Dr C Hood | |
|---|---|---|
| Dr M Patessio | ||
| Dr V Young | ||
| Dr I Rapley | ||
| Dr J Coates | ||
| Dr R W Aspinall | ||
| Dr H Osbourne | ||
| Dr F Gigy | (Appointed 31 August 2021) | |
| Charity number | 276559 | |
| Registered office | SOAS, B405 | |
| University of London | ||
| London | ||
| WC1H 0XG | ||
| Independent examiner | Darren Harding ACA FCCA DChA | |
| Richard Place Dobson Services Limited | ||
| 1-7 Station Road | ||
| Crawley | ||
| West Sussex | ||
| RH10 1HT |
BRITISH ASSOCIATION FOR JAPANESE STUDIES
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
BRITISH ASSOCIATION FOR JAPANESE STUDIES
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees present their annual report and financial statements for the year ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Trust Deed , the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice 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 2019)".
Objectives and activities
The charitable objective of the charity is "to encourage Japanese Studies in the United Kingdom, by stimulating teaching and research". With this in mind, the Association's first Conference was convened in Cambridge at Easter 1975, and since then the Conference has been an annual event and more recently a triennial event, now held in September at one of the UK's universities. The Association admits individuals supporting its aims, and has a membership of over three hundred, including academics (full-time and emeritus), postgraduate students and lay members of the public.
In addition to its Conference, the Association supports the publication of an academic journal, Japan Forum, which is published four times a year. Japan Forum is distributed to subscription-paying members of the Association, and is additionally sold to academic libraries and other research organizations through its publisher, Taylor & Francis/ Routledge. A separate editorial board manages Japan Forum, and the Senior Editor attends and reports to Council meetings.
On behalf of the Association, the Council also administers a number of annual awards (up to £2,500 per individual) to postgraduate students, with the aim of supporting a new generation of Japanese scholars in the UK.
Finally, members of the Council serve as representatives of Japanese Studies on relevant area-studies committees and other government bodies, and they maintain good relations with the Embassy of Japan in London and various other Anglo-Japanese organizations (including The Japan Foundation, the Daiwa Anglo-Japanese Foundation, the Great Britain-Sasakawa Foundation, the Toshiba International Foundation, and the Japan Foundation Endowment Committee).
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
BAJS income has remained steady during the past year. The total income for 2021 was £68,497, a little higher than in 2020 (£65,657). As for the association's expenditures, the total was £55,040 in 2021 compared to £65,482 in 2020. In terms of Conference Attendance Support, we could grant very little funding in 2021 because, as in 2020, almost no conferences were organised in person due to Covid-19 and because of the regulations around large meetings. We also could not meet in person for the JF/BAJS Postgraduate Workshop and therefore very little was spent on it. Other expenses, such as the editorial grant to the Japan Forum team and the payments made to SOAS to house BAJS remained the same. We have also supported all the applications received for the John Crump Studentship bar a couple that did not follow our regulations. The number of applications remained stable in 2021 although the individual amounts requested differed from those requested in 2020 according to how far the students were in terms of writing their dissertations (£10,000 in 2020 versus £15,700 in 2021).
As such, BAJS is in a very comfortable financial position, but the Council Members hope to soon be able to support more students research and presenting at conferences worldwide, which remains BAJS’ strategic focus.
Financial review
During 20 21 , the Association had net incoming resources of £ 13,057 (20 20 : £ 175 ). The BAJS Council maintains its strategic aim of using the reserve at a sustainable rate, and also preserving our ability to be flexible in the types of expenditure to which we commit.
Historically, the council has maintained the protection of a reserve level equivalent to twelve months' income. At the year end date the reserves are above that level at £77,935 . The trustees are in the process of reviewing the position with their reserves and intend to set aside a designated fund going forward for future scholarships and studentships.
page 1
BRITISH ASSOCIATION FOR JAPANESE STUDIES
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The trustees are in the process of identifying the major risks to which the charity is exposed, and developing a risk management policy.
Trustees have given consideration to the Charities SORP ('Statement of Recommended Practice') Committee's advice in its publication 'Implications of COVID-19 Control Measures and Charity Financial Reporting' and to the risks arising as a result of the coronavirus pandemic. The Charity is actively monitoring and managing the situation as it develops. We have adapted our operations and consider that the Charity has adequate reserves.
Structure, governance and management
The British Association for Japanese Studies, which was established in 1974, is governed by a Constitution. This stipulates that the Association's individual members, who join by paying an annual subscription, must have the opportunity to meet every year for an Annual General Meeting, at which a Council is elected. The Council comprises the Trustees (President, Honorary Treasurer, Honorary Secretary), at least one, but no more than three, Elected Members; the Chair of the Japan Research Centre, SOAS University of London, where BAJS is based; the Director of the BAJS Japan Chapter; the Senior Editor of the Japan Forum; and no more than four Co-opted Members (these may include the immediate Past President, immediate past Honorary Secretary and the immediate past Honorary Treasurer in situations where continued input on particular activities is required. Post-graduate and post-doctoral members of BAJS may also be Co-opted Members of Council. Co-opted members may also be individuals or representatives of organizations in sympathy with the Objective of the Association.
The trustees who served during the year and up to the date of signature of the financial statements were: Dr C Hood
Dr H MacNaughtan (Resigned 31 August 2021) Dr M Patessio Dr V Young Dr I Rapley Dr J Coates Dr R W Aspinall Dr H Osbourne Dr F Gigy (Appointed 31 August 2021)
The Council meets around three times a year (either around a table, or as a virtual meeting) to discuss Association business. The BAJS Secretariat is present at these meetings, and the Secretariat additionally administers the everyday needs of the Association. Trustees usually serve one two or three-year term, although this can be extended or renewed for up to two or three additional years with the permission of the membership as gained at the AGM. In exceptional circumstances, the Honorary Treasurer may be appointed by the Council, and the appointment is then ratified by the next AGM.
The trustees' r eport was approved by the Board of Trustees.
..............................
Dr I Rapley Trustee Dated: ......................... 12th September 2022
page 2
BRITISH ASSOCIATION FOR JAPANESE STUDIES
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF BRITISH ASSOCIATION FOR JAPANESE STUDIES
I report to the trustees on my examination of the financial statements of British Association for Japanese Studies (the charity) for the year ended 31 December 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements do not comply with the applicable requirements concerning the form 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 which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Darren Harding ACA FCCA DChA
Richard Place Dobson Services Limited 1-7 Station Road Crawley West Sussex RH10 1HT
Dated: 12 September 2022
page 3
BRITISH ASSOCIATION FOR JAPANESE STUDIES
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2021 | 2020 | ||
| Notes | £ | £ | |
| Income from: | |||
| Charitable activities | 3 | 68,467 | 65,657 |
| Investments | 4 | 30 | - |
| Total income | 68,497 | 65,657 | |
| Expenditure on: | |||
| Charitable activities | 5 | 55,040 | 65,482 |
| Net income for the year/ | |||
| Net movement in funds | 13,457 | 175 | |
| Fund balances at 1 January 2021 | 64,878 | 64,703 | |
| Fund balances at 31 December 2021 | 78,335 | 64,878 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
page 4
BRITISH ASSOCIATION FOR JAPANESE STUDIES
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed assets Tangible assets 9 Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Income funds Unrestricted funds Designated funds 12 General unrestricted funds |
2021 £ 1,243 81,372 82,615 (4,660) 2,200 76,135 |
£ 380 77,955 78,335 78,335 78,335 |
2020 £ - 68,592 68,592 (4,400) - 64,878 |
£ 686 64,192 |
|---|---|---|---|---|
| 64,878 | ||||
| 64,878 | ||||
| 64,878 |
22nd May 2022 The financial statements were approved by the Trustees on .........................
.............................. Dr I Rapley Trustee
page 5
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
British Association for Japanese Studies is a charity registered in England and Wales, the governing document is a constitution adopted 24 June 1974 as amended December 1977, 01 May 2019 and 20 May 2019.
The principal address of the charity is SOAS, B405, University of London, London, WC1H 0XG.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's constitution , the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice 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 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity heading:
Expenditure on charitable activities includes the costs of conferences, grants and the Japan Forum and their associated support costs.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include premises and office related costs which support the charity's activity. These costs have been allocated to expenditure on charitable activities.
page 6
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
Governance costs include those incurred in the governance by the trustees of the charity's assets and are primarily associated with constitutional and statutory requirements of operating the charity. Governance costs are included within support costs and allocated to charitable activity costs.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment 33% Straight line Computers 33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs .
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price unless the arrangement constitutes a financing transaction.
1.9 Taxation
The charity is not subject to corporation tax or any other taxes on income or gains arising from its charitable objectives.
page 7
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Charitable activities
| Subscription income Conference income Japan Forum - editorial income 2021 2021 2021 £ £ £ JF Editorial R oyalties 62,633 - - Subscriptions - 4,234 - Other income - - 1,600 62,633 4,234 1,600 |
Total 2021 Subscription income Conference income 2020 2020 £ £ £ 62,633 60,637 - 4,234 - 5,020 1,600 - - 68,467 60,637 5,020 |
Total 2020 £ 60,637 5,020 - |
|---|---|---|
| 65,657 |
4 Investments
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| 2021 | 2020 | |
| £ | £ | |
| Interest receivable | 30 | - |
page 8
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
5 Charitable activities
| Japan Studentships Podcast Series JF Editorial Team SOAS Grant funding of activities (see note 6) Share of support costs (see note 7) Share of governance costs (see note 7) Analysis by fund Unrestricted funds |
Forum Grants 2021 2021 £ £ 10,000 - 1,000 - 10,800 - 11,403 - 33,203 - - 17,100 1,984 - 2,753 - 37,940 17,100 37,940 17,100 |
Total 2021 £ 10,000 1,000 10,800 11,403 |
|---|---|---|
| 33,203 17,100 1,984 2,753 |
||
| 55,040 | ||
| 55,040 |
page 9
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
5 Charitable activities
(Continued)
| Japan Studentships Conference Support JF Editorial Team SOAS JF PG Workshop Grant funding of activities (see note 6) Share of support costs (see note 7) Share of governance costs (see note 7) Analysis by fund Unrestricted funds |
Forum Grants 2020 2020 £ £ 10,000 - - - 12,084 - 11,178 - - - 33,262 - - 27,900 1,976 - 2,629 - 37,867 27,900 37,867 27,900 37,867 27,900 |
Total 2020 £ 10,000 (982) 12,084 11,178 554 32,834 27,900 2,037 2,711 65,482 65,482 65,482 |
|---|---|---|
6 Grants payable
| Grants 2021 £ Grants to individuals 17,100 17,100 |
Grants 2020 £ 27,900 |
|---|---|
| 27,900 |
page 10
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
7 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Depreciation 306 - Council Travel 298 - Website Costs 1,380 - Bank Charges - - Independent Examiners Fees - 2,753 1,984 2,753 Analysed between Charitable activities 1,984 2,753 |
2021Support costs Governance costs £ £ £ 306 232 - 298 245 - 1,380 1,560 - - - 25 2,753 - 2,686 4,737 2,037 2,711 4,737 2,037 2,711 |
2020 £ 232 245 1,560 25 2,686 |
| 4,748 | ||
| 4,748 |
Governance costs includes payments to the Independent Examiner of £ 2,4 60 (20 20 - £2, 400 ) for independent examination fees.
8 Trustees
Three trustees received expenses of £166 during the year ended 31 December 20 21 for travel to a workshop , one trustee received expenses of £ 94 during the year ended 31 December 20 20 for travel to council meetings.
9 Tangible fixed assets
| Fixtures, fittings & equipment Computers £ £ Cost At 1 January 2021 4,331 918 At 31 December 2021 4,331 918 Depreciation and impairment At 1 January 2021 4,331 232 Depreciation charged in the year - 306 At 31 December 2021 4,331 538 Carrying amount At 31 December 2021 - 380 At 31 December 2020 - 686 |
Total £ 5,249 |
|---|---|
| 5,249 | |
| 4,563 306 |
|
| 4,869 | |
| 380 | |
| 686 |
page 11
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
10 Debtors
| Amounts falling due within one year: Prepayments and accrued income 11 Creditors: amounts falling due within one year Other creditors Accruals 12 Designated funds Movement in funds Incoming resources Balance at 1 January 2021 £ £ Japan Editorial Forum - - - - |
2021 2020 £ £ 1,243 - 2021 2020 £ £ 1,000 2,000 3,660 2,400 4,660 4,400 Transfers Balance at 31 December 2021 £ £ 2,200 2,200 2,200 2,200 |
2020 £ - |
|---|---|---|
| 2020 £ 2,000 2,400 |
||
| 4,400 | ||
| 2,200 |
The Japan Editorial Forum fund represents unspent Japan Editorial expenses in 2021 which are to be ring-fenced for 2022.
13 Related party transactions
There is a research allowance paid to the Universities that the board of trustees work at. During 2021, £4,000 was paid in respect to this allowance (2020 - £7,000), with other creditor s of £1,000 (2020 - £2,000) at the end of the financial year.
14 Impact of Covid -19
Luckily BAJS income has not decreased due to Covid-19 and the Charity's financial situation is stable. BAJS could not support students presenting at (in-person) conferences nor academics organising conferences and needing funding for that purpose. In the meantime, knowing that BAJS student members had a tough year trying to write their Ph.D.s whilst possibly having to deal with unexpected expenses or changes in their financial circumstances, the Charity set up a Covid fund to help students. The information was sent to all members but luckily, it seems, not many have found themselves in need of our help.
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