Registered Charity No. 290766 Registered Company No. 1867362
THE GREAT BRITAIN SASAKAWA FOUNDATION
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Registered Office: 24 Bedford Row London WC1R 4TQ
THE GREAT BRITAIN SASAKAWA FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued (FRS 102) (second edition - October 2019).
1. REFERENCE AND ADMINISTRATIVE INFORMATION
Reference and administrative information is set out on page 9 of this Report.
2. STRUCTURE, GOVERNANCE AND MANAGEMENT
2.1 Legal structure
The Great Britain Sasakawa Foundation was established in 1985 to develop and maintain good relations between the United Kingdom and Japan by advancing the education of the people of both nations in each other's culture, society and achievements.
The Foundation is registered as a charity in England and Wales (registration number 290766). It is incorporated in England and Wales as a company limited by guarantee without share capital (company number 1867362).
The Foundation is governed by its Articles of Association and operates in accordance with charity and company law
2.2 Relationship to The Nippon Foundation
The Foundation was established in 1985 with an endowment from the Japan Shipbuilding Industry Foundation, now The Nippon Foundation (TNF). In 2020 the Foundation received an additional endowment from TNF of £11.12 million. These endowments are managed by professional investment managers, who are independent of the Foundation, under the stewardship of the Foundation's Board and CEO. The return from the endowments is applied by the trustees in furtherance of the Foundation's objectives.
The trustees of the Foundation are appointed in accordance with its Articles of Association. The Foundation operates as an independent charitable company governed by its own Board of Trustees.
To comply with Japanese legal requirements, the Foundation provides TNF with an annual report on the investment of the endowment and the allocation of funds derived from it. TNF also currently provides restricted funding to support the Foundation’s postgraduate studentship programme at UK universities, which is accounted for separately in accordance with the conditions of the funding.
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THE GREAT BRITAIN SASAKAWA FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)
2.3 Appointment and re-appointment of Trustees
Trustees are for the purposes of charity law trustees of the Foundation and for the purpose of company law directors of the Foundation.
Trustees are elected by the Foundation at the Annual General Meeting and one third of trustees retire by rotation each year. Potential new trustees are identified by existing trustees and/or by recommendations. Candidates will be distinguished people who have personal or professional connections with UK-Japan relations and whose background and experience provide the balance of skills needed to guide and manage the affairs of the Foundation.
Trustees listed below are, for the purposes of charity law, trustees of the Foundation and, for the purpose of company law, directors of the Foundation. All Trustees, unless otherwise stated, served throughout the year and at the date of signing this report are:
Ambassador Paul Madden CMG (Chairman) The Earl of St Andrews (Chairman) (Resigned 23 May 2025) Joanna Pitman (Vice Chair) Jeremy Scott FCA (Treasurer) Koji Tsuruoka (Appointed 11 November 2025) Professor David Cope (Resigned 23 May 2025) Ambassador Hiroaki Fujii (Resigned 11 November 2025) Professor Janet Hunter Professor Yuichi Hosoya Professor Izumi Kadono Professor Yoriko Kawaguchi (Resigned 11 November 2025) Professor Dame Louise Robinson (Appointed 25 August 2025) Tatsuya Tanami Jumpei Sasakawa
2.4 Induction and Training of Trustees
Induction for new trustees is organised by the Foundation’s Chief Executive. Trustees are provided with initial briefing material on their legal obligations under charity and company law and on the content of the Articles of Association.
2.5 Governance and management
The trustees are responsible for the overall governance, strategic direction and oversight of the Foundation. Responsibility for the day-to-day management and administration of the Foundation is delegated to the Chief Executive.
The Foundation operates through its main office in London and its liaison office in Tokyo. The CEO supervises the work of two administrative members of staff - one in London and one in Tokyo. Remuneration of all three staff is determined by the Trustees on advice from the Treasurer and CEO.
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THE GREAT BRITAIN SASAKAWA FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)
2.5 Governance and management (continued)
The CEO carries out the Foundation’s policies, as determined by trustees at Board meetings and at the Annual General Meeting, subject to the constraints of Standing Orders. The Board of Trustees meets once a year to review strategy and policy, as well as identify potential new Trustees, assess the appropriateness of its Risk policies and consider the overall performance of the Foundation. Trustees also meet as an Investment committee twice a year, at which the independent professional investment advisers are present. Trustees in the UK meet three times a year as an award committee to consider grant applications, and trustees in Japan meet twice a year as an award committee to consider grant applications.
The Chair of trustees meets the CEO regularly throughout the year to ensure continuity between the strategic direction set by trustees and the management actions taken by the secretariat, consult on matters to be referred to the board and ensure continuous management of performance.
2.6 Risk Management
. Trustees assess the risks facing the Foundation and review the effectiveness of the controls to monitor and to mitigate them. A risk management register is maintained and reviewed annually at Board meetings. The status of the highest-rated risks is communicated to trustees quarterly through a management dashboard.
The key controls used by the Foundation include:
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Formal agendas for all board meetings
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Minuting of all board meetings, circulation of minutes and approval by trustees
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Strategic planning, budgeting and management accounting
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Formal written policies, including Standing Orders
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Clear authorisation and approval levels
The principal risk for the Foundation lies in threats to the maintenance and protection of the value in real terms of its of its endowed funds caused by volatility in the investment markets. This risk is mitigated by the appointment of experienced professional fund managers; by internal controls that allow close and regular monitoring of fund managers’ performance against benchmarks; by the Foundation’s requirement of its fund managers to re-tender on a competitive basis periodically for appointment; and by twice-yearly Finance and Investment meetings that formally review investment performance and policy and include one-to-one presentations by the fund managers.
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THE GREAT BRITAIN SASAKAWA FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)
3. OBJECTIVES AND ACTIVITIES
3.1 The Foundation’s purposes
The statutory objects of the Foundation, as defined in its Articles of Association, are ‘to advance the education of the citizens of the United Kingdom and the citizens of Japan in each other’s institutions, people, history, language, culture and sport, in science and technology, medicine and health and also in each other’s intellectual, artistic and economic life’.
3.2 How the Foundation achieves its purposes
The strategy of the Foundation to pursue these objects is to provide financial support in the form of grants towards a wide range of activities and projects that serve to enhance mutual understanding between the people of the United Kingdom and Japan. Furthermore the Foundation does this by inviting open applications for grants in order to respond to and support initiatives in the UK and Japan that are generated at grassroots level.
Typically, these activities include exhibitions, performances, exchanges, conferences, research, educational and cultural events, and publications in the following fields:
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Arts and Culture
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• Humanities and Social Issues • Science, Technology and Environment • Japanese Language • Youth and Education • Medicine and Health • Sport
The Foundation also supports postgraduate studentships at UK universities in Japanese Studies.
4. ACHIEVEMENTS AND PERFORMANCE
4.1 Grant-making activity during the year
During the year the Foundation continued to support initiatives that promote understanding and cooperation between the United Kingdom and Japan.
The Foundation pursues its objectives primarily through a programme of grants and awards supporting scientific, educational, cultural and sporting initiatives, including postgraduate study and research, cultural exchange, academic collaboration and sporting partnerships.
Grants may be applied for to support activities that further the Foundation’s aims, with details of the application process available on the Foundation’s website. The Foundation maintains a flexible grant programme in order to provide seed funding and respond to emerging opportunities and needs.
4.2 Awards and funding by programme area
In 2025 the Foundation made a total of 242 awards, including our multi-year commitment to an ongoing antimicrobial resistance project. These awards were split across a variety of categories as listed below with the greatest number of awards in the field of arts and culture, and the greatest level of monetary support in medicine and health.
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THE GREAT BRITAIN SASAKAWA FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)
| Category | Number of awards |
Value of awards | Percentage of total value |
|---|---|---|---|
| Arts and Culture | 106 | £330,943 | 28% |
| Humanities and Social Issues | 33 | £106,157 | 9% |
| Japanese Language | 9 | £23,452 | 2% |
| Medicine and Health (including AMR and Butterfield) |
19 | £454,551 | 38% |
| Science, Technology and Environment |
39 | £104,437 | 9% |
| Sport | 11 | £47,665 | 4% |
| Youth and Education | 25 | £124,539 | 10% |
The Foundation also awarded a total 30 postgraduate studentship awards, consisting of 27 awards to full time students and three awards to part time students, studying across a total of 14 universities throughout the UK. Fulltime awards were worth £15,000 and part time £7,500.
4.3 Monitoring and assessment of outcomes
Grant recipients are required to submit reports on the projects supported by the Foundation. These reports enable the secretariat to review the outcomes of funded activities and to assess how they contribute to the Foundation’s charitable objectives and provide regular updates to trustees.
4.4 Impacts and outcomes
The beneficiaries of our grants are in many cases enabled to undertake activity that would not otherwise be possible and which contributes towards exchange between the UK and Japan and mutual understanding between both countries. Funded projects have resulted in knowledge exchange, the creation of new medical and scientific frameworks, public performances, exhibitions, publications, collaborations in the fields listed above and the career development of younger academics in particular.
5. PUBLIC BENEFIT
The trustees confirm that they have had regard to the Charity Commission’s guidance on public benefit when reviewing the Foundation’s aims and objectives and in planning its activities.
The Foundation delivers public benefit through its programme of grants and awards supporting initiatives that strengthen understanding between the United Kingdom and Japan.
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THE GREAT BRITAIN SASAKAWA FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)
6. PLANS FOR THE FUTURE
The Foundation will continue its programme of grant-making in support of initiatives that strengthen understanding and cooperation between the United Kingdom and Japan. Trustees remain committed to maintaining the real value of the Foundation’s endowment and to sustaining grant-giving within the surplus generated from its investment portfolio.
Over the next two years the Foundation will focus on strengthening the effectiveness and reach of its grant-making. This will include reviewing internal processes and systems to ensure that the Foundation operates efficiently, and that trustees have access to clear management information to support decision-making. The Foundation will also develop its communications and outreach so as to encourage applications from the widest possible range of organisations and individuals working to advance UK–Japan understanding.
The secretariat will continue to explore opportunities to work in partnership with organisations whose objectives align with those of the Foundation, enabling the impact of its grant-making to be extended to the greatest degree possible.
7. FINANCIAL REVIEW
The results for the year are set out in the Statement of Financial Activities (SOFA).
7.1 Investment Powers and Reserves Policy
The Foundation’s investment powers are drawn from the Articles of Association which permit investment as allowed by current law.
The Foundation has opted to divide its investment portfolio into two approximately equal halves and to appoint separate Investment Managers to handle each half. They are currently Cazenove Capital Management and CCLA. They handle the day-to-day management of the portfolio with discretionary powers within appropriate limits set by the Foundation. The Trustees meet with the investment managers on a regular basis to review their performance.
The Foundation maintains an Investment Policy Statement that documents its investment aims and the policies that guide its investment decision-making, following advice received from the Investment Managers. The Trustees review this document on an annual basis and approve changes, as needed.
7.1 Investment Powers and Reserves Policy (continued)
To finance its activities the Foundation relies on the income and capital gains generated by its investments, and these are regarded as its long-term assets. Their purpose is to generate income and capital gains on a long-term basis that will maintain real value for funding the Foundation’s charitable expenditure in perpetuity. Its investment portfolio is managed, therefore, on a long-term and on a total return basis. No annual income target is set for the Investment Managers. The Investment Managers are reviewed on a 7-year basis and in 2020 it was decided to replace Heartwood with CCLA’s COIF Charities investment Fund, a specialist charity investment manager, from 2021.
As set out in the Investment Policy Statement, the Foundation’s reserves policy is to preserve and enhance the purchasing power of its portfolio assets net of costs and approved withdrawals. Accordingly, the trustees have set its Investment Managers a net return target of CPI + 4% measured over rolling five-year periods. The trustees have therefore adopted a long-term spending
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THE GREAT BRITAIN SASAKAWA FOUNDATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (continued)
rule whereby the expendable amount in any given fiscal year is limited to 4% of the average Unrestricted Fund value and 4% of the Endowment funds measured on a three-year rolling basis (end of 2025, the Unrestricted fund stood at £33.34 million and the endowment funds at £14.78 million), with the aim to spend approximately 2.75% on the grants programme. In view of the uncertain financial markets in recent times the Foundation has adopted, and is continuing to adopt, a flexible approach, when thought necessary. Overall, our investment managers have achieved an investment performance that met our targets over the medium term, preserving the real value of the endowments given to us and providing income to support our grant making activities.
7.2 Investment Performance
The investment performance of the managers during the year (2025) was:
| CCLA - COIF Fund (Charities Investment Fund) CAZENOVE Capital Management – MAIN Fund – SMAF Fund (Sustainably Managed Asset Fund) |
Total Return -1.9% (5.10%) +12.70% (11.90%) +11.40% (8.10%) |
|---|---|
This compares with the Foundation’s target of CPI+4% that, over the same period, was 7.4%.
7.3 Allocation of resources and grants
During the year, the Foundation provides financial assistance from its Unrestricted Fund for appropriate projects put forward by applicants. This year, 242 (2024: 225) awards were made from the Unrestricted Fund totalling £1.19 m (2024: £1.18m). This included 40 (2024: 30) awards totalling £131k (2024: £106k) made in Japan, £300k in year spend for the AMR Programme, and six (2024: eight) new Butterfield Awards in science, medicine and health awards totalling £124k (2024: 111k).
The Foundation publishes and distributes an Annual Report, which gives details of all awards made in the year. It can be found on its website: www.gbsf.org.uk Hard copies are available from the Foundation’s office upon request.
8. STATEMENT OF RESPONSIBILITIES OF TRUSTEES
The trustees (who are also directors of the Foundation for the purposes of company law) are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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THE GREAT BIUTAIN SASAKAWA FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 eontinu Company law requires the preparntion of financial slalcmcnls for each financial year that give a true and fair view of the stale of alTairs of the Foundation and of its incoming resourees and pplication of r¢sourc¢s including thc income and eXndItUre for that period. In preparing those selecl suitable accounting policies and then apply theTn consistently. observe the methods and principles in the Charities SORP make judgements and cslimates Ihal are reasonable and prudcnt. stale whcthcr applicable UK accouniing standards have been followed. subject to any matenal departur¢s disclosed and cxplaincd in thc tinancial statcmcnt5- and prepare the financial slatements on a going concern basis unless it is inappropriate to presume that the company will continue in business. Trustces are responsible for keeping proper accounting records that disclose with rcasonablc aeeuracy at any time the financial position of the Foundation and to enable them to ensure that the rindtlcldl statements comply with the Companies Act 2006. They are (Ilso responsible for safeguarding the assets of the company and hence for taking reasonable Steps for the prevention and d¢tection of frkud aDd other irregularities. In so far &$ Trustees are aware: there is no relev3nt audit infomutlOD of which the charitable company's auditor is unawarc" and Tnlstees have taken all the sleps ihal they ought to have taken to make themselves awaie of any Telcvanl audit infoTmation and to establish that thc auditor IS aware of that inforn]ation. AUDITOR UHY Hacker Young Were•apInlcd audiiots for th¢ 2025 accounts. Small Company Exemption This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies. exemption. B Y ORDER OF THE BOARD Paul Maddcn. Chair Date-
THE GREAT BRITAIN SASAKAWA FOUNDATION
REFERENCE•AND•ADMINISTRATIVE•INFORMATION•
Charity Number: 290766 Company Number: 1867362 Chair: Paul Madden CMG Vice-Chair: Joanna Pitman Treasurer: Jeremy Scott FCA Trustees: Professor Yuichi Hosoya Professor Janet Hunter Professor Izumi Kadono Professor Dame Louise Robinson Jumpei Sasakawa Tatsuya Tanami Koji Tsuruoka Chief Executive and Company Secretary: Charles Bodsworth Accountants and auditors: UHY Hacker Young Bankers: C Hoare & Co 37 Fleet Street London EC4P 4DQ Investment Managers: CCLA One Angel Lane, London, EC4R 3AB Cazenove Capital Management Limited 1 London Wall Place, London EC2Y 5AU Solicitors: Birkett Long LLP, 1 Amphora Place, Sheepen Road, Colchester, Essex, CO3 3WG Administration and Registered Office: 24 Bedford Row London WC1R 4TQ Japan Office: Sasakawa Peace Foundation Building 1-15-16 Toranomon Minato-ku Tokyo 105-0001 Japan
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GREAT BRITAIN SASAKAWA FOUNDATION
Opinion
We have audited the financial statements of Great Britain Sasakawa Foundation (the ‘Foundation’) for the year ended 31 December 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Foundation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, 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 not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF THE GREAT BRITAIN SASAKAWA FOUNDATION (continued)
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
· the information given in the trustees' report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
· the directors’ report included within the trustees' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:
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adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Foundation for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF THE GREAT BRITAIN SASAKAWA FOUNDATION (continued)
In preparing the financial statements, the trustees are responsible for assessing the Foundation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern 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 alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the Company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to income recognition, and significant one-off or unusual transactions.
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
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Discussing with management their policies and procedures regarding compliance with laws and regulations.
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Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
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Considering the risk of acts by the Foundation which were contrary to the applicable laws and regulations, including fraud.
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GREAT BRITAIN SASAKAWA FOUNDATION (continued)
Our audit procedures in relation to fraud included but were not limited to:
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Making enquiries of management on whether they had knowledge of any actual, suspected or alleged fraud;
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Gaining an understanding of the internal controls established to mitigate risks related to fraud;
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Substantively testing of revenue and testing of journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud;
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Discussing amongst the engagement team the risks of fraud such as opportunities for fraudulent manipulation of financial statements; and
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Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Harriet Hodgson-Grove (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young
Date: ……………………2 June 2026
Chartered Accounts Statutory Auditors
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THE GREAT BRITAIN SASAKAWA FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025
| INCOME AND ENDOWMENTS FROM: Notes Investments 2 Charitable activities 13 Total EXPENDITURE ON: Raising funds Investment management 5 Charitable activities Grant making 3 Total Expenditure Loss before Investment Return Net (income on investments) 9 Net income for the year GAINS/LOSSES Foreign exchange gains/(losses) NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS TOTAL FUNDS BROUGHT FORWARD TOTAL FUNDS CARRIED FORWARD 13&14 |
2025 2024 Unrestricted Funds Restricted fund Endowment Funds Total Total Funds Funds (Including unapplied total return) £ £ £ £ £ 921,079 - 294,867 1,215,946 1,216,132 - 399,841 - 399,841 451,766 |
|---|---|
| 921,079 399,841 294,867 1,615,787 1,667,898 |
|
| 60,808 - 19,467 80,275 93,794 1,326,541 400,105 - 1,726,646 1,753,161 |
|
| 1,387,349 400,105 19,467 1,806,921 1,846,955 |
|
| (466,270) (264) 275,400 (191,134) (179,057) |
|
| 841,728 - 269,464 1,111,192 2,199,175 |
|
| 375,458 (264) 544,864 920,058 2,020,118 (2,466) - - (2,466) 3,648 |
|
| 372,992 (264) 544,864 917,592 2,023,766 32,962,100 17,992 14,234,275 47,214,367 45,190,601 |
|
| 33,335,092 17,728 14,779,139 48,131,959 47,214,367 |
The Statement of Financial Activities discloses the same information as would be contained in the income and expenditure account. There are no recognised gains or losses for the current financial year and the preceding financial year other than as stated in the income and expenditure account. All of the above incoming resources are derived from continuing activities.
The notes on pages 30 to 42 form part of these financial statements.
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THE GREAT BRITAIN SASAKAWA FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Notes FIXED ASSETS Tangible assets Investinenl. 47,628,351 46,639,336 46.628,351 46,639,336 CURRENT ASSETS Debtors Cash at bank and in hand 254.173 1,297.043 194,675 1,321,400 1.551,216 1,516,075 CREDITORS: amounts falltngr due wiiliin one year 12 (1,047,608) (941.044) NET CURRENT ASSETS 503,608 575,031 TOTAL NET ASSETS 48,131,959 47,214,367 RESERVES Rcstrictcd Funds F.ndowineni Funds Unrestricted Funds 13&14 14 14 17,728 17,992 14,779,139 14,234.275 33.335,092 32,962,100 TOTAL FUNDS 48.131.959 47.214.367 The coTnpany is entitled to the exemption from the audit requirement conlained in section 477 of the Companies Act 2006: for the year ended 31 December 2025. although an audit has been carried out under section 144 of thc Chant1¢5 Act 2011. The directors acknowledge their responsibilities for complying with the requiremenls of the Lompanies Act 2006 with respect to accountingF records and the preparalion of financial statements. These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 related to small cotnpanies. These financial statements were approved by the Board of Trustees i 4L5.ty Madden {Chairn]an) 'I"rustee Jeremy Scott (Trcasurcr) Trustee R¢gisl¢red Company No: 01867362 (England and Wales) 29 May 2026
THE GREAT BRITAIN SASAKAWA FOUNDATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Cash outflow from operating activities | ||
| Net cash used in operating activities | (1,361,854) | (1,473,423) |
| ••••••• | ••••••• | |
| Cash flows from investing activities | ||
| Investment income and interest received | 1,226,287 | 1,227,248 |
| Proceeds from disposal of fixed asset investments | 3,600,546 | 3,350,236 |
| Acquisition of fixed asset investments | (3,489,336) | (3,235,065) |
| Other investments movements | - | 113,931 |
1,337,497 |
1,456,350 |
|
| ••••••• | ••••••• | |
| Net decrease in cash and cash equivalents | (24,357) | (17,074) |
| Cash and cash equivalents at beginning of year | 1,321,400 |
1,338,474 |
| Cash and cash equivalents at end of year | 1,297,043 |
1,321,400 |
| ••••••• | ••••••• | |
| Reconciliation of net income/ (expenditure) to net cash flow from operating activities | ||
| 2025 | 2024 | |
| £ | £ | |
| Net income | 917,592 | 2,023,766 |
| Adjustments for: | ||
| Net gains on investments | (1,111,192) | (2,199,175) |
| Investment income | (1,215,946) | (1,216,132) |
| (Increase) / decrease in debtors | (58,873) | 7,950 |
| (Decrease) / increase in creditors | 106,565 |
(89,832) |
| Net cash used in operating activities | (1,361,854) |
(1,473,423) |
| ••••••• | ••••••• |
16
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025
1 Accounting policies
(a) Company information
The Great Britain Sasakawa Foundation is a private company limited by guarantee incorporated in England and Wales and registered with Charity Commission. The registered office is 24 Bedford Row London WC1R 4TQ.
(b) Scope of the financial statements
The financial statements present the Statement of Financial Activities (SOFA), the Balance Sheet and the Statement of Cash Flows.
(b) Accounting convention
The! Foundation’s! financial! statements! have! been! prepared! in! accordance! with! United! Kingdom! Accounting!Standards,!in!particular!‘FRS!102:!The!Financial!Reporting!Standard!applicable!in!the!UK! and!Republic!of!Ireland’!(FRS!102).
The Foundation is a public benefit entity for the purposes of FRS 102 and a registered charity. The Foundation!has!therefore!also!prepared!its!financial!statements!in!accordance!with!‘The!Statement!of! Recommended Practice applicable to charities preparing their financial statements in accordance with FRS!102’!(The!Charities!SORP!(FRS!102) Second Edition 2019) and the Companies Act 2006.
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 on a going concern basis and on the historical cost basis, except for the investments, which are stated at middle market value, with movements in value reported within the Statement of Financial Activities (SOFA). The principal accounting policies adopted are set out below and have been applied consistently throughout the year.
(c) Going concern
The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Foundation to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered!the!Foundation’s!forecasts!and!projections!and!have!taken!account!of!pressures!on!grants,! donation and investment income. After making enquiries the trustees have concluded that there are no material!uncertainties!with!respect!to!the!Foundation’s!ability!to!continue!as!a!going!concern!and!there! is a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. The Foundation therefore continues to adopt the going concern basis in preparing its financial statements.
The total number of grants made from the Unrestricted Fund in 2025 was 242 (2024: 225), totalling £1,191,744 (2024: £1,176,665). This included 40 awards made in Japan (2024: 30) totalling £131,560 and 6 new Butterfield Awards for science medicine and health (2024: 8) totalling £124,436 (2024: £111,137).
17
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
1.
Accounting policies (continued)
Useful Economic Lives - The annual depreciation charge for office furniture, fittings and equipment is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed annually and amended where necessary to reflect current circumstances.
(d) Tangible fixed assets
All tangible fixed assets are capitalised at cost, which is their purchase cost together with any incidental expenses of acquisition and a minimum capitalisation level is £500.
Depreciation is calculated so as to write off the cost of tangible fixed assets on:
Office furniture, fittings, and equipment - 20% straight line.
(e) Fixed asset investments
Investments are recognised initially at cost and subsequently measured at fair value (market value) at the balance sheet date. Gains and losses arising from changes in fair value are recognised in the Statement of Financial Activities in the period in which they arise.
(f)
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
(g) United Kingdom interest and investment income receivable
All income is recognised once the Foundation has entitlement to the income, the economic benefit is probable, and the amount can be reliably measured.
Income from investments and interest, inclusive of any UK tax deducted, which is recoverable, is included in the statement of financial activities in the accounting period in which it is receivable.
(h) Foreign interest and investment income
Income from investments and interest is included in the statement of financial activities in the accounting period in which it is receivable in the United Kingdom. Where relevant this is net of any foreign withholding taxes, which are not recoverable.
(i) Charitable activities income
Income from grants that are unrestricted is recognised when the Foundation has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.
Income from grants that are restricted is recognised as the Foundation undertakes the restricted activities required by the grant.
(j)
Foreign currencies
The functional and presentational currency of the Foundation is the pound sterling.
Transactions denominated in foreign currencies during the year are translated into pounds sterling using the spot exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into pounds sterling at the rates applying at the reporting date.
18
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
1. Accounting policies (continued)
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the exchange rates at the reporting date are recognised in the income and expenditure section of the SOFA and form part of the Unrestricted Fund.
(k) Taxation
No provision for taxation is made in the accounts, as the Foundation is a charity, as defined by section 519 of the Income Tax Act 2007.
(l) Resources expended
Liabilities are recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. The costs in!respect!of!investment!management!are!those!in!relation!to!the!Foundation’s!investment!portfolios, whilst charitable support are those related to administering the award process and governance relate to compliance with constitutional and statutory requirements. Costs common to the three categories are apportioned in accordance with the estimated amount of staff time spent in each area.
Grants awarded that are not performance-related are charged as an expense as soon as a legal or constructive obligation for their payment arises. Grants subject to performance-related conditions are expensed as the specified conditions of the grant are met.
(m) Fund Accounting
The Unrestricted Fund represents all funds held by the Foundation, other than the Restricted Fund, which may be used at the discretion of the Board of Trustees in furtherance of the charitable objects of the Foundation.
During 2021, The Additional Endowment received in 2020 was added to the existing investment funds currently held, and a total return investment strategy applied from 1 January 2021. The Foundation can invest its endowments without regard to the capital/income distinctions of standard trust law and with discretion to apply any part of the accumulated total return on the investment as income for spending each year. Until this power is exercised, the total return is accumulated as a component of the endowment known as the unapplied total return that can either be retained for investment or released to income at the discretion of the Trustees.
The Restricted Funds relate to the Programme for the Support of Japanese Studies at UK Universities and can only be expended in furtherance of this project (including its management and administration). However, as agreed with the Nippon Foundation, income derived from these funds form part of the Unrestricted Fund.
(n) Operating leases
Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred.
19
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
1. Accounting policies (continued)
(o) Financial instruments
The!Foundation!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!Foundation’s!balance sheet when the Foundation 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.
2.
Investment income
The contributions of the various activities of the Foundation to income are set out below: -
| Year to 31 December 2025 Interest on bank deposit accounts Dividends from equities and other securities |
Restricted Fund £ - - |
Restricted Fund £ - - |
Unrestricted Fund £ 22,751 898,328 |
Endowment Funds 2025 £ £ 7,283 30,034 287,584 1,185,912 |
|
|---|---|---|---|---|---|
| - | 921,079 | 294,867 1,215,946 |
Year to 31 December 2024
| Year to 31 December 2024 | |||||
|---|---|---|---|---|---|
| Interest on bank deposit accounts Dividends from equities and other securities Other Investment Income |
Restricted Fund £ - - - |
Unrestricted Fund £ 35,650 885,580 - |
Endowment Funds 2024 £ £ 11,399 47,049 283,503 1,169,083 - - |
||
| - | 921,230 | 294,902 1,216,132 |
20
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
3. Grant making
This comprises the following: -
Year to 31 December 2025
| Year to 31 December 2025 | |||
|---|---|---|---|
| Unrestricted | Restricted | ||
| Fund | Funds | 2025 | |
| £ | £ | £ |
|
| Awards payable (see note 4 below) | 1,098,512 | 393,657 | 1,492,169 |
| Support costs (see note 5 below) | 228,029 | 6,448 | 234,477 |
| _ | _ | ______ | |
| 1,326,541 |
400,105 |
1,726,646 |
|
| Year to 31 December 2024 | |||
| Unrestricted | Restricted | ||
| Fund | Funds | 2024 | |
| £ | £ | £ |
|
| Awards payable (see note 4 below) | 1,018,620 | 424,696 | 1,443,316 |
| Support costs (see note 5 below) | 292,921 | 16,924 | 309,845 |
| _ | _ | _ | |
| 1,311,541 |
441,620 |
1,753,161 |
4. Awards payable
The awards payable were for charitable purposes in pursuance of the Foundation's objects. The awards payable for the year comprise: -
| Year to 31 December 2025 | Unrestricted | Restricted | Restricted |
|---|---|---|---|
| Fund | Funds | **2025 ** | |
| £ | £ | £ | |
| Awards granted during the year | 1,135,227 | 393,657 | 1,528,884 |
| Adjustments in respect of awards granted in prior years | (84,930) | - | (84,930) |
| Jest award | 48,215 | - | 48,215 |
| ______ | _ | _ | |
| Awards payable | 1,098,512 |
393,657 |
1,492.169 |
| Year to 31 December 2024 | Unrestricted | Restricted | |
| Fund | Funds | 2024 | |
| £ | £ | £ | |
| Awards granted during the year | 1,142,901 | 434,115 | 1,130,542 |
| Adjustments in respect of awards granted in prior years | (179,661) | (9,419) | (189,080) |
| Jest award | 55,380 | - | 55,380 |
| _ | ______ | _ | |
| Awards payable | 1,018,620 |
424,696 |
1,443,316 |
21
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
5. Analysis of charitable expenditure
Other resources expended are made up as follows: -
Year to 31 December 2025 Investment management fees Staff costs (see note 6(b) below) Legal and professional fees Costs of Management Council Meetings Other administrative expenses Office rents and services Direct governance costs Auditors remuneration: Current year Allocation of governance support Year to 31 December 2024 Investment management fees Staff costs (see note 6(b) below) Legal and professional fees Costs of Management Council Meetings Other administrative expenses Office rents and services Direct governance costs Auditors remuneration: Current year Allocation of governance support cost |
Charitable Investment Support Management Costs Governance £ £ £ 53,601 - - 5,825 90,810 50,032 2,422 13,931 14,493 - 667 3,916 572 18,771 4,711 1,349 23,641 8,783 _ _ _ 63,769 147,820 81,935 - - 21,228 16,506 86,657 (103,163) __ _ _ 80,275 234,477 - ••••• ••••• ••••• Charitable Investment Support Management Costs Governance £ £ £ 54,432 - - 5,903 98,170 56,852 2,757 11,150 17,557 6,243 25,049 31,396 892 32,140 5,630 1,603 28,023 10,407 _ _ _ 71,830 194,532 121,842 - - 15,435 _ ____ 71,830 194,532 137,277 21,964 115,313 (137,277) 93,794 309,845 - ••••• ••••• ••••• |
Total 2025 £ 53,601 146,667 30,846 4,583 24,054 33,773 _ 293,524 21,228 - _ 314,752 ••••• Total 2024 £ 54,432 160,925 31,464 62,688 38,662 40,033 _ 388,204 15,435 _ 403,639 - 403,639 ••••• |
|---|---|---|
22
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
5. Analysis of charitable expenditure (continued)
As explained in Note 2 the Foundation has decided to move all its investments into Umbrella Funds managed by our two Investment Advisors. As a consequence, this reduces the explicit investment management charges levied on the Foundation as the investment charges are embedded within the unit price of the units in the Umbrella Funds. Where possible we have obtained details of the embedded investment charges and have included these in the Investment management fees line above, and added them to the Net gains/(losses) on investments (Note 9).
CCLA’s!management!fee!is!charged!to!the!COIF!Investment!Fund,!therefore!technically!these!are!not! charged directly to individual unit holders but charged to the Fund. Therefore, paragraph 4.48 of the Charities SORP states that charities are not expected to prorate investment management fees charged to a collective investment scheme to identify the notional cost attributable to its own holding in the scheme.
The Annual Management Charge (AMC) of 0.6% and other expenses of 0.08% make the Fund Management Fee (FMF) 0.68%. To this figure add the cost of underlying investments of 0.22%, which makes the Ongoing Charges Figure (OCF) 0.90%. However, the manager applies a fee rebate of 0.15%, making the effective AMC 0.45% and the OCF 0.75%.
In addition to the Audit Fee referred to above, there is £21,228 included in Legal and Professional fees that relates to bookkeeping and accountancy work carried out by the audit firm (2025: £17,088).
6. Employee information
-
(a) The average number of persons employed by the Foundation during the year was 3 (2023 – 3).
-
(b) Employment costs – all employees
| (b) Employment costs – all employees |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Aggregate gross wages and salaries paid to employees | 131,250 | 119,574 |
| Employer’snationalinsurancecontributions,orforeignequivalents | 5,184 | 21,561 |
| Provision for retirement allowance for a member of staff | - | - |
| Staff pension | 10,233 | 19,790 |
| _ | _ | |
| 146,667 | 160,925 |
-
(c) The emoluments of one member of staff, including benefits in kind, are within the range of £60,000 to £69,999 (2024 - £60,000 to £69,999).
-
(d) Pension contributions for the year amounted to £4,204 (2024 - £3,093) for the above employee.
-
(e) The Foundation considers its key management personnel comprise the trustees and the Chief Executive Officer. The total employment benefits including employer pension contributions of the key management personnel were £58,254 (2024 - £67,488).
-
(f) The Foundation began a workplace pension scheme in April 2017.
23
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
7. Council Members’ Expenses
-
(a) No remuneration was paid to any trustee (2024 - nil).
-
(b) Expenses totalling �1,467 (2024: £2,697) were reimbursed to 6 (2024: 6) UK trustees in respect of travel and other expenses incurred by them.
-
(c) During the year the charity incurred travel and subsistence costs of £10,448.56 (2024: £37,777) in relation to the trustees in the performance of their duties.
8. Tangible fixed assets Office Furniture, Fittings and Equipment
| 9. (a) |
Cost At 1 January 2025 Additions At 31 December 2025 Accumulated Depreciation At 1 January 2025 Charge for year At 31 December 2025 Net book value at 31 December 2025 Net book value at 31 December 2024 Fixed asset investments The movements during the year were as follows:- Middle market value at 1 January Additions at cost Disposals (Proceeds £3,600,538 - realised profit £23,730) Reclassification of cash balance Unrealised gains on revaluation at 31 December Middle market value at 31 December Cost at 31 December (see note 9(d) below) |
£ 5,780 - __ 5,780 5,780 - _ 5,780 - - 2025 £ 46,639,336 3,489,323 (3,576,807) - 1,076,499 ______ 47,628,351 41,780,988 |
2024 £ 44,669,262 3,235,065 (3,216,883) (113,931) 2,065,823 ___ 46,639,336 41,541,870 |
|
|---|---|---|---|---|
24
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
9. Fixed asset investments (continued)
| (b) Analysis of listed investments 2025 £ Equities, Unit Trusts/OEICs 47,628,351 ___ 47,628,351 (c) As at 31 December, the following investment represented more than 5% of follows:- |
2024 £ 46,639,336 ____ 46,639,336 the total investments as |
|---|---|
| Holding Year to 31 December 2025 2025 Unit Trusts/OEICs Cazenove Charity Responsible M-A Fund – 1 3,172,875 Cazenove Charity Responsible M-A Fund – 2 19,356,859 CCLA COIF Charity Funds 900,621 Holding Year to 31 December 2024 2024 Unit Trusts/OEICs Cazenove Charity Responsible M-A Fund - 1 3,417,396 Cazenove Charity Responsible M-A Fund - 2 19,356,859 CCLA COIF Charity Funds 899,257 |
Market Value 2025 £ 12,799,203 11,786,391 23,042,757 Market Value 2024 £ 11,639,783 11,019,860 23,979,693 |
|---|---|
(d) The cost shown above represents the original cost as adjusted to take account of subsequent investment transactions.
25
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
10. Statement of investment total return
The Trustees have adopted a duly authorised policy of total return accounting for the permanent endowment element of the investment returns with effect from 1 January 2021.
| At the beginning of the year: Gift component of the permanent endowment Unapplied total return Total endowments Movements in the reporting period: Investment return: Total investment income Investment return: realised and unrealised gains and losses Less: Investment management costs Total Unapplied total return allocated to Trust for Investment in the reporting period Net movements in the reporting period At end of the reporting period: Gift component of the permanent endowment Unapplied total return Total Endowments |
Permanent Endowment Trust for Investment Unapplied Total Return Total £ £ £ 11,120,996 - 11,120,996 - 3,113,279 3,113,279 |
|---|---|
| 11,120,996 3,113,279 14,234,275 - 294,867 294,867 - 269,464 269,464 - (19,467) (19,467) |
|
| - 544,864 544,864 - - - |
|
| - 544,864 544,864 |
|
| 11,120,996 - 11,120,996 - 3,658,143 3,658,143 |
|
| 11,120,996 3,658,143 14,779,139 |
26
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
| 11. | Debtors Dividends and interest receivable Prepayments Other debtors |
2025 2024 £ £ 127,740 123,083 8,257 7,284 118,176 64,308 _ _ 254,173 194,675 |
|---|---|---|
In both 2025 and 2024, all debtors at the year-end were included in the unrestricted fund.
12.
Creditors - amounts falling due within one year
| 2025 £ Awards payable 390,076 Other creditors 74,821 Accruals 582,711 _ 1,047,608 |
2024 £ 298,733 28,979 613,332 _ 941,044 |
|---|---|
At 31 December 2025 there was a taxation and social security creditor of -£1,365 (2024: £7,637) and a pension creditor of -£109 (2024: £973).
In both 2025 and 2024, all creditors at the year-end were included in the Unrestricted Fund, other than £472,520 (2024: £472,000) of deferred income from the Nippon Foundation and a liability to the Nippon foundation in respect of unspent grant fundings of £72,159 (2024: £16,234)
13. Reserves
Restricted Funds
The Nippon Foundation awarded a restricted grant of £399,841 (2024: £451,766) for the Sasakawa Japanese Studies Postgraduate Studentship Programme Year 12.
27
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
13. Reserves (continued)
Year to 31 December 2025
| Balance 01.01.2025 £ Programme 17,992 _ 17,992 Year to 31 December 2024 Balance 01.01.2024 £ Programme 7,846 _ 7,846 |
Funds Received £ 399,841 _ 399,841 Funds Received £ 451,766 _ 451,766 |
Funds Expended £ 400,105 _ 400,105 Funds Expended £ 442,120 __ 442,120 |
Transfers in/(out) £ - _ - Transfers in/(out) £ - _ - |
Balance 31.12.2025 £ 17,728 _ 17,728 Balance 31.12.2024 £ 17,992 _ 17,992 |
|---|---|---|---|---|
14. Allocation of Net Assets between Funds
| Year to 31 December 2025 Fixed Assets Tangible assets Current assets Current liabilities |
Unrestricted Fund £ 33,088,952 749,741 (503,601) ____ 33,335,092 |
Endowment Restricted Total Fund Funds Funds £ £ £ 14,539,399 - 47,628,351 239,740 561,735 1,551,216 - (544,007) (1,047,608) ___ _ ______ 14,779,139 17,728 48,174,635 |
|---|---|---|
Included in the total Endowment Fund balance at 31 December 2025 is £3,658,143 that relates to unapplied total returns. See note 10 for further details.
28
NOTES TO THE FINANCIAL STATEMENTS – FOR THE YEAR ENDED 31 DECEMBER 2025 – (continued)
14. Allocation of Net Assets between Funds (continued)
| Year to 31 December 2024 Fixed Assets Tangible assets Current assets Current liabilities |
Unrestricted Fund £ 32,663,399 745,852 (447,151) ____ 32,962,100 |
Endowment Fund £ 13,975,937 258,338 - ___ 14,234,275 |
Restricted Funds £ - 511,885 (493,893) ____ 17,992 |
Total Funds £ 46,639,336 1,516,075 (941,044) ___ 47,214,367 |
|---|---|---|---|---|
Included in the total Endowment Fund balance at 31 December 2024 is £3,113,279 that relates to unapplied total returns. See note 10 for further details.
15. Members’ Guarantee
The guarantee given by the members of the Foundation is £1 per member in the event of there being a deficiency of assets should the Foundation be wound up, 2025 - 10 members (2024 - 11 members).
16. Commitments under Operating Leases
The Foundation has annual commitments of £16,995 per annum that expires in June 2030 in respect of an operating lease for premises, Details mentioned below:
| Details | Amount |
|---|---|
| Amounts due within one year | 16,995 |
| Amounts between 1yearand 5 years. | 59,483 |
| Total | 76,478 |
17. Related Party Transactions
The Foundation received a further £399,841 (2024 - £451,766) from The Nippon Foundation for the support of the 2025 Japanese Studies programmes, as a joint initiative with the Nippon Foundation.
One member of the Board of Trustees is a Special Advisor to, and one is a Trustee of The Nippon Foundation.
In 2025, the Foundation paid £535 (2024: £525) to The Japan Society in relation to an annual corporate membership. The previous CEO of the Foundation is a director of The Japan Society.
29