Charity registration number 276559
BRITISH ASSOCIATION FOR JAPANESE STUDIES ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
BRITISH ASSOCIATION FOR JAPANESE STUDIES
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Dr M Patessio | |
|---|---|---|
| Dr V Young | ||
| Dr I Rapley | ||
| Dr J Coates | ||
| Dr R W Aspinall | ||
| Dr H Osbourne | ||
| Dr F Gigy | ||
| Dr C Hayes | (Appointed 31 March 2022) | |
| Professor P Kornicki | (Appointed 9 September 2022) | |
| Dr R Meade | (Appointed 30 November 2022) | |
| C Perkins | (Appointed 31 December 2022) | |
| S Bamkin | (Appointed 9 September 2022) | |
| 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 - 13 |
BRITISH ASSOCIATION FOR JAPANESE STUDIES
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their annual report and financial statements for the year ended 31 December 2022.
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 AngloJapanese organizations (including The Japan Foundation, the Daiwa Anglo-Japanese Foundation, the Great BritainSasakawa 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 overall income has remained steady during the past year; however, timing of when BAJS receives it has changed. The recorded total income for 2022 was £63,495 which included a debtors of £21,000, without the debtor the income would have been £42,495, which is much lower than in 2021 when it was £68,497. This is due to the fact that Taylor and Francis, the publishers of Japan Forum, have reduced the proportion of royalties paid to BAJS in advance. A large sum was paid to BAJS by T&F in January 2023 for the editorial work done in 2022 which is reflected as a debtor in the 2022 accounts.
As for the association's expenditures, the total was £60,812 in 2022 compared to £55,040 in 2021. It is a pleasure to state that we have spent almost £4,000 on Conference Attendance Support and we expect to receive a steady stream of requests now that conference attendance in person is part of academic life again. 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 (fully or partially) supported all the applications received for the John Crump Studentship. BAJS is yet again in a very comfortable financial position.
Financial review
During 2022, the Association had net incoming resources of £2,701 (2021: net incoming resources £13,457). 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 £81,036. 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.
The trustees are in the process of identifying the major risks to which the charity is exposed, and developing a risk management policy.
page 1
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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 2022.
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: 26 October 2023
page 3
BRITISH ASSOCIATION FOR JAPANESE STUDIES
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2021 | ||
| Notes | £ | £ | |
| Income from: | |||
| Charitable activities | 3 | 63,495 | 68,467 |
| Investments | 4 | - | 30 |
| Total income | 63,495 | 68,497 | |
| Expenditure on: | |||
| Charitable activities | 5 | 60,794 | 55,040 |
| Net income for the year/ | |||
| Net movement in funds | 2,701 | 13,457 | |
| Fund balances at 1 January 2022 | 78,335 | 64,878 | |
| Fund balances at 31 December 2022 | 81,036 | 78,335 |
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 ASA T 31 DECEMBER 2022 2022 2021 P4otes Fixed assets Tangiblc 10 I.(9 380 Current assets DLbi(Ir Cdsh al iMt]k aiid in hand 1.243 1.37? 61.950 82.950 8?.615 Creditors: amouNt5 falling dut MlthÉn one Trear 12 {3,0131 14.6601 N¢1 currLni usscis 79,937 77,955 Toi•l g$wts les$ current liabililie5 7X.-I.1S Income funds UJirisifiLILd funds DLsigJiiJlid fund CIL'nL'ral unrLSlriLted fLtnds 13 1141 %0.195 76,135 %1.036 7¥.3.li 81.036 7X.3.35 ThL finAnLl&il %lalcmLiils rC ilPPTI)i-Ld by Ihc Tw%ic¢% on i<..O&JLf 9023 rRM¢dd Trust¢e
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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 amounts 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 2022
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 2022
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 2022 2022 £ £ JF Editorial Royalties 57,463 - Subscriptions - 6,032 Other income - - 57,463 6,032 |
Total 2022 Subscription income Conference income Japan Forum - editorial income 2021 2021 2021 £ £ £ £ 57,463 62,633 - - 6,032 - 4,234 - - - - 1,600 63,495 62,633 4,234 1,600 |
Total 2021 £ 62,633 4,234 1,600 |
|---|---|---|
| 68,467 |
4 Investments
| Total | Unrestricted | |
|---|---|---|
| funds | ||
| 2022 | 2021 | |
| £ | £ | |
| Interest receivable | - | 30 |
page 8
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5 Charitable activities
| Conferences Japan 2022 £ Studentships - Japan chapter - Conference Support 3,906 JF Editorial Team - SOAS - JF PG Workshop 2,423 6,329 Grant funding of activities (see note 6) - Share of support costs (see note 7) - Share of governance costs (see note 7) - 6,329 Analysis by fund Unrestricted funds 6,329 |
Forum Grants 2022 2022 £ £ 10,000 - 340 - - - 13,594 - 5,787 - - - 29,721 - - 16,160 5,598 - 2,986 - 38,305 16,160 38,305 16,160 |
Total 2022 £ 10,000 340 3,906 13,594 5,787 2,423 |
|---|---|---|
| 36,050 16,160 5,598 2,986 |
||
| 60,794 | ||
| 60,794 |
page 9
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
5 Charitable activities
(Continued)
| Conferences Japan 2021 £ 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 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 | ||
| 55,040 |
6 Grants payable
| Grants 2022 £ Grants to individuals 16,160 16,160 |
Grants 2021 £ 17,100 |
|---|---|
| 17,100 |
page 10
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7 Support costs
| Support costs Governance costs £ £ Depreciation 450 - Sundries 916 - Council Travel 2,312 - Website Costs 1,920 - Bank Charges - 25 Independent Examiners Fees - 2,961 5,598 2,986 Analysed between Charitable activities 5,598 2,986 |
2022 Support costs Governance costs £ £ £ 450 306 - 916 - - 2,312 298 - 1,920 1,380 - 25 - - 2,961 - 2,753 8,584 1,984 2,753 8,584 1,984 2,753 |
2021 £ 306 - 298 1,380 - 2,753 |
|---|---|---|
| 4,737 | ||
| 4,737 |
Governance costs includes payments to the Independent Examiner of £2,460 (2020 - £2,400) for independent examination fees.
8 Trustees
Three trustees received expenses of £166 during the year ended 31 December 2021 for travel to a workshop, one trustee received expenses of £94 during the year ended 31 December 2020 for travel to council meetings.
9 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
page 11
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
| 10 Tangible fixed assets Fixtures, fittings & equipment Computers £ £ Cost At 1 January 2022 4,331 918 Additions - 1,168 At 31 December 2022 4,331 2,086 Depreciation and impairment At 1 January 2022 4,331 537 Depreciation charged in the year - 450 At 31 December 2022 4,331 987 Carrying amount At 31 December 2022 - 1,099 At 31 December 2021 - 380 11 Debtors 2022 Amounts falling due within one year: £ Other debtors 21,000 Prepayments and accrued income - 21,000 |
Total £ 5,249 1,168 |
|---|---|
| 6,417 | |
| 4,868 450 |
|
| 5,318 | |
| 1,099 | |
| 380 | |
| 2021 £ - 1,243 |
|
| 1,243 |
The above debtor represents Royalties due to British Association for Japanese Studies at the end of the financial year. Taylor and Francis, the publishers of Japan Forum, have reduced the proportion of royalties paid to BAJS in advance so therefore they have been brought in to 2022 as a debtor.
| 12 | Creditors: amounts falling due within one year | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Accruals | 3,013 | 4,660 |
page 12
BRITISH ASSOCIATION FOR JAPANESE STUDIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
13 Designated funds
| Transfers | Balance at | Transfers | Balance at | ||
|---|---|---|---|---|---|
| 1 | January 2022 | 31 December | |||
| 2022 | |||||
| £ | £ | £ | £ | ||
| Japan Editorial Forum | 2,200 | 2,200 | (1,842) | 358 | |
| Japan Chapter | - | - | 483 | 483 | |
| 2,200 | 2,200 | (1,359) | 841 |
The Japan Editorial Forum fund represents unspent Japan Editorial income in 2022 which are to be ring-fenced for 2023.
The Japan Chapter fund represents unspent Japan Chapter income in 2022 which are to be ring-fenced for 2023.
14 Related party transactions
There is a research allowance paid to the Universities that the board of trustees work at. During 2022, £5,916 was paid in respect to this allowance (2021 - £5,000), with other creditors of £nil (2021 - £1,000) at the end of the financial year.
page 13