The Daiw& Anglo-Japanese Foundation Financial Statsments together with Trustees, and indep¢ndent auditor's r¢ports For the year ended 31 Mar¢h 2023 Registered Charity No299955
The Daiwa Anglo-Japanese Foundation Reference and administrative iDformation Trustees Sir Timothy Hitch¢iis KCVO CMG, Chair Mr Takashi Hibino, Vice ChaiT Mr Stepli¢n Barber s Yoko Dochi Mr Keiichi Hayashi Mr Yusuke Kawamura Professor Sachiko Kusukawa Ms Reb¢¢ca Salter PRA Professor Hirotaka Takeuchi Dr Victoria Tukc Ms Jessic Turnbull Professor Sir Mark Walport FRS FRCP FRCPath Fmedsci FRSE Director General Mr Jason Jamcs OBE Regi$lered oifice Daiwa Foundation Japan House 13114 Cornwall Terrdce London NWI 4QP Charity Number 299955 Auditors Greenback Alan LLP C]wtcred Accountants and Registered Auditor 89 Spa Road LondotL SE16 3SG Solicitors Clifford Chancc 10 Upper Bank Street London EC14 4JJ Bankers Lloyds TSB Bank plc Ch¢2pside BraLich 34 Moorgate London EC2R 6PL Mizulio Bank Akasaka Branch Toho Building 2-5-1. Akasaka Minato-Ku Investment Mallxgers BlackRo¢k 12 Throgmorton Avenue London EC2N 2DL
The Daiwa Anglo-Japall¢se Foundation The Truste¢s pres¢nttb¢ir annual Teport on th¢ activities of the DaiwaAnglo-Japanese Foundation ('the Foundation?. The inforniation on page 2 fornL8 part of this report. Struetur4 Governan¢e and Management The Foundation was established witb a bellefaction from Daiwa Securities Co Ltd in 1988. It w&s Constituted )Jnder a Trust Deed dated 16 Au.uust 1988 and is a registered charity, number 299955. The Tokyo office, which is fvlly consolidated into these accounts. operates as the Japanese branch of a UK company, DaiwaNichiei Kikin Litnited (Company Numbcr 8510540). This company is lOOO/o owned by the Chaitr of the Daiwa Folmdation. and its Directors 8re the Managing TnTStees of the Foundation, the Director General, alld the Ditor of the Tokyo office. The appointmen( retirement and management of the Board of TTUStees are governed by guidelin¢s deterniined by Trustees and reviewed periodically. The m8ximwn tsrnL of appointllLellt is nonnally 9 years. The power of appointing members. eitherby way ofreplacement Oradditio is vested inth¢ Board of 'FnLsi¢es. Appointments should be by conserLSUS. The induction process for any newly appointed Tee ¢omprises meetings with th¢ ChaintL8n, the Board and the Director General. Induction rnateri&ls include a copy of the Foundation's Trl Deeil minutes of recent Trustees'meetings, and copies ofthe Annual Review aud of relevant reports and papers relating to the Foundation's activities. The Director General communi¢&tes to th¢ TrLeeS any sigllificant changes to legislation or reporting requirements that may be relevant to the Foundation. Meetings of the Board of Trust¢es are held twic¢ a yeaT and dea] with rllatters of broad stratsgy and policy applying to the Foundation's programmes. finances and general managem¢nL A selection panel of UK Trustees m¢ets once a year to award Daiwa Scholarships. Authority is delegated by the Board to th¢ Managing Trustccs to approve grants on its behalf and to exercise all or any of the other powers of the Trustees as specified in section 8.1 of the Trust Deed. During the year under revi¢w the Managing Trustses were Sir Timothy Hitchens. MT Stephen Barber, ProfessorRichard Rowring (until l July 2022). rfvfr Paul Dimond (until l July 2022), Ms. Yoko Dochi (from 25 November 2022), Professor Sachiko Kusukawa (frojn l July 2022). and Ms. Jessle Turnbull (from l July 2022). The day-to-day administration of grants and £cholar5hips is delegated to the Director General and staff of the Foundation. Managemcnt meetings betiTreeEE the Director Getleral and thc Managing Trustees are held at least three times a year, to approve grants and to deal Trith other major eaS of the Foundatiou's work. Key management persoDneI remuueration T1J¢ Ttee$ consider the board of Trustees (in particular the Nlanaging Trustees) and tbe Director General to be the key management personnel of the FOUEEdati¢) in charge of dire¢ting and Controllin and running and operating the Foundation on a day-to-day basis. All Trustees give of their titne fr¢ely and no trustee remuneration was paid itL the year. Details of trustee expenses are disclosed in note 6 to the accounts. The pay of the Director Gen¢rdl is reviewed annually by the Mallaging TrLee5 ond is normally itLcreased by a small increment each year, with reference to trends In average earnings and infiatioll.
The Daiwa Anglo-Japan¢se Foundation Risk management The principal risks fa¢¢d by the Foundatioll lie in the perfornian¢e of its investm¢nts and in shifts in the yen-sterling ¢xchange rate. Th¢ size of the Foundation's annual budget 15 based on the Trustees, view of the likely long-term rctrjms on the pcrni8nent cndowment. considered on a total return basis. In arriving ai this view, the Trustees plaee particul weight Oll the advic¢ of those Trustees, along with the Director Gencral, who bave professional ¢Xlence of investment markets. Risks relatitig to the investroent portfolio are mitigated by retaining professional investment man&gers and by holding a broadly diversified invegttnent portfolio. The yen-sterling ex¢hange rate Tepr¢sents a risk to the Foundation for two major reasons. First, all offlce is maintained ITh Tokyo withthree staff, resulting in significant red costs denomÉllated iThyen. Secolldly, the costs of thc flagship Daiwa Scholarships programme are mostly incurred in Japan, bcingthe stipcnds paid to Scholars to oover their living expenses. and other costs of the programme, most notably fees paid to Japimese lallguage schools. The Foundation mitigates this risk by buying yen in advaEL¢¢ to cover a portioll of future liabilities. The Foundation also faces the risk that its programmes may prove ineffectiv¢ in their objective of advancing th¢ education of British citizens about Japan. and vice versa. In ordcr to prevent this from happening, all programmes are regularly reviewed by Trustees as to tELeir ¢ttectiveness, and programmes are from time to time discontinued and new oJ)es introduced. Th¢ Trustees authorise 8 subset of their Dumbcr (the "Managing Trnstses") to exercise closer scrutiny of th¢ day-to-day issues facing the Foundation, and in particular to authorise all grants made, to ensurc that as far as possible these go to support projects in linc with the Foundation's overall objectives, The Foundation's objects and powers The objects of the Foundation as ststed in th¢ Trusi De¢d are as follows.. (&) The advancement of the education of the citizens of the United Kingdom and th¢ citizens of Japan in ¢a¢h other's institutions, bu9iness organisationb, ¢conomy, culturc. heritage, history, lauguage, literature, art, music, and medi¢al and scientifi¢ achievements. (b) The award of scholarships or EftaintenallC¢ allowanG¢s to enable studcllls and academics at sch(K)Is, colleges and universities in the United Kingdom or Japan to travel &broad to pursue their Cducation. (c) To make grants to institutions having exclusively charitable objeetive5 according to the law of England arLd Wales which are Cugagcd in prOotIng for the public benefit ¢ducation in the United Kingdom or Jap&n, orrescar¢h into cultural, histori1, medical and scientific subjects andthe publi110n of thc useful results of all such resegrch. In furtherance of th¢s¢ objects, the Trustees have powers: (a) To establish a cultural centre in the United Kingdom. (b) To organisc or sponsor for the public benefit courses, conferences, l¢ctur¢s, seminar5, discussion groups, exhibitions, concerts, pl&ys, film shows and readings. (c) To provide for the bellefit of the public a library. reading room, or other facilities for study. (d) To do such things as shall further thc foregoing objects OT any of them. The Foundation's headquarters arc &t Daiwa Foundation Japan House. 13114 Cornw311 Terrace, Lolldon NWI 4QP, a five-storey Regency housc overlooking Regent's Park. The facilities include exhibition
The Daiwa An81o-Japanese FodatiOn rooms. S¢llLinar and meeting rooms and a lecture room. The Tokyo office is located in Roo]n 103 of the Bancho Building, GobaDAcho 12_1, chiYoda-k Tokyo 102-0076. Revieiv of adivities The Trustees confllm that they have referred to the gEdance contained in the Chartty Commission's generdl guidance on public bea¢fit when reviewino the Foundation's objectives for the year atLd in planning future charitable activities. To further its charitable poseS forthe public benefi¢ the objectives of the Foundation are a¢hieved by means of the following four main areas of acttvittr: l. Sebolarships Daiwa Scholarships Established in 1991. the Daiwa Scholarship progxwnrEEe is aimed at future leaders in their fields who are given the opportunity to spend a 19_mollth period in Japan undertaking 12 tnonths of itktensiv¢ Japanese langLwe study. a l-month home stay. and a 6-month work placement. Since 2015, the programmc has also included an additional one month of Jap3n¢se language training in the UK before departure for Japan. The progrdmme attra¢ts highly-qualified 2pplicants from a variety of acadetniG and professional fields. In the past, nonnally six British graduates a year were selected as new Daiwa Scholars. the Trustee.£ dccided in 2017 to expand tbe progrdmme, and eight scholarships were offered in both March 2018 and March 2019 (though in MaTch 2018 on¢ ofthe offers was declin¢LI). In the ligELt of uncertainties arising from the COVID_19 paEkdemie, only five Daiwa ScholaTships werc awarded in March 2020, and six in March 2021, but eight were win offered in 2022 as conditions started to normalise, and seven were offered in March 2023. The selection process includes a preliminary assessment of applications by the Dir¢¢tor General and Foundation staff; first-round interviews of long-listed candidates by the Director General and two ext¢rnal assessors, an intsrim lunch and alumni fonun at Daiwa Foundation Japan House. and final interviews by a selection panel of UK Trustees. Given restrictions on enty into Japan resulting from the COVID-19 pandemic, the eleven S¢holors selected in March 2020 and March 2021 were unabl¢ to leave forJapan ag planned. Two ofthem entered lapan in early 2022, and the remaining nine joined th¢ eight 2022 Scholars in trav¢lling to Japan in Septsmb¢r 2022. These 17 Scholars undertook tbe preliminary l-tnonth langLTage coursc at EJEE. near High Wycombe, during the summer of 2022. Given th¢ disruptions caused by COVID, no Daiwa Scholars cotllpleted the progvdmme during the year undcr review. One sadly dropp¢d out of the programme for health reasons. The total nunJb¢T of alumni (including a Small nwnberwho did notcomplete the full programm¢) is 194. The Daiwa 8cholarsAlumni Association plays an ongoing rol¢ in support of the re¢ruitment and briefmu of new Daiwa Scholars and in creating opportunities for networking across the year groups. The recruitinent of new Scholars is nornially fa¢ilitatsd by the Foundation's website, ulliversity milk round visits and the involvemellt of the Daiwa Scholars Alumni Association in other awareness-raisittg activities. Daiwa Seholarships in Japallese Studies This s¢holaTship scheme. enabled by generous additional ftmding from the Daiwa Securities Group, was launched in May 2015 to provide hll funding for postgraduate students of Japanese Studies on coutses in either Japan or the UK. AppliM]ts must be British citizens who ar¢ holders of a degree ia Japanese
The Daiwa Anglo-Japanese Foundation Stsdies, defined as a cours¢ focusing PTimaTily on the study of Japan and containing a substantial Japanese langLthge component. The fidIng provided by Daiwa S¢curiti¢s has now reached the eKkd of its agreed terni" it ¢ontinues to apply to scholars selected during the agr¢¢d period, whom it will cover until the seheduled end of their courses. New schoLars under tbis scheme from 2023 onwards will be funded from the Foundation's own rcsources, and as a result the size of the scheme is expectcd to be smaller dian it been. Two llew scholarships und¢r this programn]c were awarded in March 2023, brillging the total llumber of scholars to 28. Harold Bell Scholarship The Foundation took on this scholarship scheme when the Harold Bell S¢hoiarship Trust was wound up IL 2015. The scholarship 18 nollnally run every other summer, and pays for one Japanese teher of English to take teacb¢r trasning courses at the Bell School of English in Cambridge. Because of continuing concerns about the COVtD pandemi¢, th¢ scholarship was not run ill 2022. Cambridge Trust SChorSlp This sclieme is ri in collaboration with Cambridge TrusL a chaity associ&ted with Cambridge University, with costs shared 50..50. It pays 11 fees and a stipend for a Japanese Sdenl t&king a one- Ye Master's course at Catnbridge. Ill the ycar under review, one sttdent on th¢ scheme completed a ter's in Public Policy at Wolfton Callege in the 5umm¢r of 2022, while a sccond stsrted an MPhil in Politics and Intsrnational Studies at Trinity College that autullm. Dct2ils of tbes¢ scholarship programmes, in¢ludirLg application fornls for the fst two, are available on the Foundation'5 website. 2. Grants, Awards alld Prizes Grant-giving during th¢ year was carried out via the following tsvo programmes: Daiwa FoundatÉon Small GTants arc available from £2,000-£7,000 (subsequently altered in 2022 to £2,000-£9,000) to individuals, societies, associations or other bodies in the UK or Japan to promot¢ and support interaction between the two countries. Th¢y ¢atL cover fields of actLVLty, including educational and grassroots exLhang¢s, researchtravel, the organisation of confer¥n¢¢s, exhibitions, and oth¢r projects and events that lflI this broad pump-pri]ning objeetive. New initiativ¢s are especially encouTag¢d. Daiwa Foundation Awards are availablc from £7,000-£15,000 (subsequently altered in 2022 to £9,000- £18,000) for collaborative projects that enable British and Japanese parthers to work together. preferably within the context of all instikntional relationship. In 2022123, the Tntee3 approved Small Grants and Awards to atotal of £263.150 (2021122.. £234,115}- Grants were alloc&ted for a wide range of arts and humaniti¢s, social science and scientific projects. as well as for educational and cultural exchanges b¢twcen the UK and Japall. A committee structure is in place for assessing applications for Daiwa Foundation Small Gr&nts and Daiwa Foundatkon Awards submitted to the Foundation's offices in London and Tokyo. Recomm¢ndatiOiIS are then submitted to the Managing Trustees for further dis¢ussion and approval on behalf of the Board of Trustees. Details of deadlines and ¢riteria for Grants, Awards and Prizes, together with the relevant application fomis and guidelitLes, are available on the Foundation's website.
The Daiwa Anglo-Japancse Foulldation 3. Events The Foundation's programme of events, which are mostly held ill the UK reflects its wtder objectiv¢s in supporttng the ongoing exchange of inforniation and ideas between Britain And Japan. Events were forced to shift online in early 2020 as a result of the p2ndeElliC, and tbere were some advantages to this fomal including th¢ ability to involve speakers and other participants from Japan. during the year under review there was a mixtUTe of on-line and in-peTson events, including seminars and lectures on aspects of contemporary Japan, &5 well &8 book launches. The Foundation also has an art gallery at its London headquarttrs and ELolds regular exhibitions by Contemporary artists frott Japan. The 2022 annual seminar series took Solidarity as its tbeme. Under tl]is heading, we looked at how we work together to deal with various threats facing the worl¢ includillu RussÉan awession (and nuclear threats). the refvgee crisi4 andmore sector-specific issues such as the difficulties faced by artists during and afterthe pandemi¢. The 2023 allnual seminaT seTies is b&s¢d on the theme of Innova170n and is looking at new approaches being tried to deal with some of the weaknesses highlighted ty problems such as COVID. the Russia-Ukrain¢ War. and ongoing climats change. in sectors including health, defence, and energy. Detsils of seminar proceedings are Dde available on-line via th¢ Foundation's website. The Foulldation algo presents a wid¢ variety of other lectures. We were plcased to be able to brin¢F & speaker over from Japan for the fjrst time since the p2ndemic" Tadahiko Sako of TBS came over to present aDd answer questions about his Okinawan political documentary L4nlFJ7RO.. The U.S. Military's Most F£argd Map2, which he showed in London and FAlinburgb. 2022 marked th¢ 50th al1versary of the reversion of Okinawa to Japan folloThing the Second World War, and th¢ Foundation held several other Okinawa-relatcd events, including an exhibition by the Okinawan artist Yuken Teruy& Another theme was th¢ IIiroshima atomi¢ bomb and socially-cngaged a¢ which was the subject of an exhibition in SUmeT 2022. Sadly. a planncd presentation by a survivor of the Hiroshima bomb had to be callcelled because it ended up cl&shing with the funeral of Her late Majesty the Queen. 'LThe events programme included a wide variety of other presentstions, includin(r one ty our Director Generdl Jason Jatnes discussing the hi8tory of the miner&l water compally founded in 1890 by the British trader Clifford Wilkins0 which eventtlally grew into one of Japan's laTgest soft drink businesses. Book launches and associat¢d lectures have been a regular feature of the progry8mme. providing support for a¢ademic authors and publishers. and a vehi¢l¢ for wid¢ning access to new r¢s¢aTch publtcatiOll5 on Japan. The facilities of Daiwa Foundation Japan House ar¢ made av8ilable to various Japan-relatsd associatiolls and clubs for ¢ducational and cultEll21 purposes. This was not possi1¢ during the pandemic. but these tivitics w¢re largely back to nonnal in the year under review. 4. Cultural Relations As one of the largest UK charities acting to support and enhall¢e understanding betweell Britain and Japan. the Fowidation's role &xtends beyond its specific funding and events programmes. It works in close association with educational and Cultur bodies in th¢ UK and Japan and with Japan-related agencies. arganisations and foundations to facilitate links b¢tweett the two countrtes. The Foundatioll 15 represented on various external committees and provides infornlation and advice on the development of Anglo-Jap8nes¢ projects 2nd initiatives. Through direct Porticipation in meetjngs. seminars and nferences, it actively contributes to developing and fostering exchange activities atld cultural links at all levels. It is in this context that the Director General is a member of the UK-Japall 21st Century Group and aintaiDs links with Japanese departments at UK Lmiversities and with the British Association of Japanese Studies and siJni1 bodies. He also gives presentations from time to time on UK-Japan relatsd topics to universities. schools and other organisations in both countrles.
The Daiwa Anglo-Japanese Foundation Financial Review Financial result for the year As can be s¢en from the main body of the accounts, the Foundation had net outgoing expenditure of £1,817,824 (2022.. £1,153,749) for the year. The Foundation recorded & net gain on funds under management of £396,220 (2022.. £1,739,744). Tlie net movcment in fvnds has been subtracted from the accumulated fund in the balance she¢t. As can be seen in Note I I, the Foundation switched its equity inv¢stJnent5 during the year from standard index funds into a raiige of 'ESG funds, taking account of Environmental, Social and Governance factors. The costs assocLat¢d with this switch resulted in a substantial increase in fund gerS, f¢¢s for the year, which totalled £224,000, up from around £24,000 the previous year. This cost is not expected to recur in futLwe years. Finan¢ial statements In drawing up the fmancial statements, the Foundation has Complied with the Statement of Recommendcd Practiee applicable to Charitie5 preparing accounts in accordance with FRS102. The Trustees are satisfied that th¢ financial statemcnts comply witb current statutory rcquirements and with the r¢quirements of die Foundation's TrLtst Deed. FollowÉng approval of tlie fmancial ststements, copies will be tilcd with the Charity Commission. IDvestmellt a¢tivities The Trustees conffftll that the Fouttdation's investments are held and m2naged in accordance with the Trusl¢es' powers as set out in sccti()n 4 of th¢ Trust D¢¢d. In accordance with section 4.1.4 of the Trust D¢ed, the Trustees have delcgated the discrctionary management of the Foundation's funds to BlackRock. The Foundation's fimds are managed with the objectives of protecting the value of the origin b#n¢tactions in real ternis and generating sufficienl T¢th]rn to support thc Foundation's purpose. Reserves policy It is the intention ol the Trustc¢s to maintain th¢ accutnulated funds at an amount that will generate bufficient funds to Eneet a rcgular level of grants aThd othcr items of ¢xp¢ndittsr¢. In practice. tliis means that the infiation-adjusl¢dvalue ofthe original bcnefactions is periodically calculated and compared with the value of the accumulated fimds. Any adjustments in expenditure are based on maintaining this inflation-adjusted value, except that following the Tohoku Earthquake in Mar¢h 2011, the Trustees agr¢¢d to mak¢ available £250,000 for the Daiw& Tohoku Scholarships progralljme, to b¢ spent out of th¢ Foundation's rescrves rather than taken from th¢ ongoing budget. At the eELd of the 2022123 fmancial year, th¢ Foundatkon's nct assets of £44.3m (2021122: £45.7m) were 130/0 below (2021122.. 10/0 below) the valve of tlie original benefactions in real ternis and would be 120/ts below if the spending on the Daiwa Tohoku Scholarships lTrd not taken plac¢. Staff and admillR$trat50n Thcre are currently six fiill-time m¢mbers of staff at the London headquarters of the Foundation, with one part-time staff member. The Tokyo office is staffed by on¢ full-time and two part-time members of staff. On¢e agai the Trustees of the Foundation aclu)owledge with gr&titud¢ the generous support of Daiwa Securities Group Inc. and Daiwa Capital Markets Europe Limited in respect of oertain overhead and other expenditur¢s in Tokyo and London, as well as in the provision of additional funding to support the Daiwa ScELolarships in Japanes¢ Studi¢$.
The Daiwa Anglo-Japan¢se Foundation Fixed assets Information relating to tangible and intangible assets 15 giveu in notes 9 and 10 to the financial statements. Auditor The Trustees who held office at the date of approval of this Tns, report conftym tbaL so far as they are each aware, there is no relevant audit inforniation of which the Charitys auditor is unaware and the Tnth¢s have tsken aIl the steps that they outrht to have taken as Trustees to make themselves aware of y relevant audit information and to establish that the Charity's auditor is aware of that iTrfotmation. A resolution to appoint Greenback Alan LLP as auditor for the ensuing year is to be proposed at the winter meeting ofthe Tn¢s. Trnstees The Trustees who served during the year were: Sir Timothy Hit¢hens KCVO CMG, Chair Mr Tak&shi Hibino, Vice Chair Mr Stcphen Barber Professor RiLhard Bowring (resigned l July 2022) Mr Paul Dimond CMG (r¢sign¢d l July 2022) Ms Yoko Dochi Mr K¢iichi Hayh1 (appointed l July 2022) Mr Yusuke Kawamurd Professor Sachiko Kusukawa Mr Masaki Ortta (resigned l July 2022) Ms Rebecca Salt¢r PRA (appointed l July 2022) Prof¥5sor Hirotaka Tak¢uchi Dr Victoria Tuke Ms Jessi¢ Turnbull Professor Sir Mark Walport FRS FRCP FRCPath Fmedsei FRSE (appointed l July 2022) Statemellt ofTrnstees' SpOnsIbl11ti1 in respect of the Trustees, annual rert and tbe financial statements Under the trust deed and charity law. the tntss are responsible for preparing the Trustees, Annual Reportandthe fmancial statements in accordance with applicable law and regulations. The trustses have electsd to preparc the fin8ncial stat¢ments in a¢¢ordance with FRS 102 The FinancEal Reporting Siandardapplicable in tk uKapRepUbliC oflrezond. The financial statements a Tequired by law to give a true and fair view of the 8tAte of affairs of th¢ charity and of the excess of expenditure over income for that period. In preparing these financial statements. geueTally aoceptsd accounting practice entsils that the trust¢¢s: select suitable accounting policies 2nd then apply them consistentIy; make judgements and estimates that are reasonable and prudent state whether applicable UK A¢coullting Standards and the Ststement of Recommended Practice have been followed. subject to any material departures disclosed and explained in the fmau¢ia] statements; state whether the financial statements comply with the trust deed, subject to any material departures disclosed and expIained in the ]fjnancial statements. and
The Daiwa Anglo-Jap&nese Foundation prepare the financi statements on the going wncern basis unless it is krLappropriate to presum¢ that the charity will continue in business. The trustees are r¢quir¢d to act in accordallce with the trust deed of the charity, within the framework of trust law. They arc responsible for keeping proper accounting records, sufficient to disclose at any t1¢, withreasonable a¢curncy, the fman¢ial position of the charity atthat time, andto ¢nablethe trustses to cnsLwe that where any st&tem¢nts of accounts are preped by them uThder section 132(1) of the Charities Act 2011, those statements of accoullts comply withthe requirements of regulations underihat provision. They liave ge]]¢rdl respollsibility for tsking such steps as are reasollably open to them to saf¢guard the assets of the cbarity and to prevent and detect traud and oth¢r irregularities. Authority ts entrustsd and delegated to the Managing Trustees, Sir Timothy Hitchens, Mr Stephen Barber, Ms Yoko Dochk, Professor Sachiko Kusukaw4 and Ms Jessi¢ Turnbull, to exercise all or any of the powers of the Trustees as spccifL¢d itL section 8.1 of the Trust De¢d. Signed on behalf of the Trustees Sir Timothy Hitchens KCVO CMG Chair D&iwa Foundation Japan House 13114 Cornwall Terrace London NWI 4QP 24 November 2023 io
The Daiwa Allglo-JapaDese Foundation Independent auditor's report to the Trusteeg of The Darwa ADglo-Japanes¢ Foundatiou Opiuion We have audited the fmancial statements of the Daiwa Anglo-Japallese Foundation ('the chaTity") for the year ended 31 MCh 2023 whicb comprise the Ststement of Financial Activities, Balauce Sheel and related note4 including the accounting policies in note l. In OUT opinion the financial statements.. giv¢ a true and fair view of the state of the charity's affairs at 31 Mawh 20 and of its incoming reso]]r¢es and application of resources for the Ye then end¢d. have been properly Preped in accordance with UK aoUntIng standards, including FRS 102 The Financial Reporting Staudard applicable in the UK and Republic of Ireland. and have been pmperly prepared in accordance with the requirements of the Charities Act 2011. Basis for OPRnloll We have been appointed as auditorunder section 145 of tbe Clwities Act 2011 (or its predecessors) and Teport in a¢cordan¢¢ with regulatioD5 made under section 154 of that Act. We conducted our audit in accordance with International Standards on Auditing ) ("ISAs WK)") and applicable law. OUT Tesponsil)ilities are describcd below. We have thlfilled our ethical respollsibilities under, and are independent of the charAty in accordance witl UK ethical requiremcnts including the FRC Ethical Standard. W¢ believethatthe audit evidence we hav¢ obtained is a sufficient and appropriale basis for our opinion. Going eoneern We are required to report to you if w¢ have concluded that the use of the going concern b&8is of accounting is inappropriate orthere is an Tmdisclosed mat¢rial uncertaintythatmay cast significant doubt over the use of that basis for a period of at least a year from the date of appmval of the financial statements (*he goillg concern pcriod,). Ln our evaluation we considered the inherent risks to the harity's opcrations and analysed howthese risks TDight affectthe charity's financial rcsources, or abilty to continue its operations over the going ¢on¢en) period. We have nothinq to report in these respects. However, as we cannot predict all futL]re events or conditions and as subsquent events may rcsult in outcomes that are ittconsisient with judgements that were rcasonable at the time they were made, the absence of reference to a matcrial uncertainty in this auditor's report is not a guarantee that the charity will continue in operation. Other inforniation Thc Trustees are responsible for th¢ other illformatio¥ which Comprises the Trustees. Annual Report. Our opinion on the fllwicial statements does not cover the other information accordingly) we do not express an audit opinion or. except as explicitly stated below, any fonn of assurance Conclusion thereon. Our responsibility is to read the other illfoTmation an in doing so, follsider whether, based on our fmancial statements audit WOTL the information therein is MatlaIlY mis5tsted or inconsistent with the financial statements or our audit knowledge. We are required to report to you if: based sol¢ly on that worK we have identsfied matsTial misstatements in the otber inforniation" or ia our Opinio the information gtven in the Trustees, Allnual Report is inconsistent in any material Tespect Wtth the f]n8ncial statements. We have nothing to report in these respects. li
The Daiwa Anglo-Japanese Foundation Matters on which we are required to report by excepllon Under the Chariti¢s Act 2011 we arc Tequired to report to you 1£ in our opinion: thc ch2rity has llot kept suffi¢i¢nt accounting records. the financial statements are not in agrcement with the accounting rordS. or w¢ have not received all the information d explanatioThs we require for our audit. Vve have nothing tD report in these respects. Trustees, responsibilities As explained mor¢ fully in their statement set out on pag¢ 9, the Trust¢¢s arc responsible for: the preparation of fmancial statements which give a true and fair view. They ar¢ also responsible for: such internal control as th¢y detern]Rne is necessary to enable th¢ preparation of financial statemtnts that are fr¢¢ fro material misstatement, whether ducto fraud or error. assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern- and using the going concern basis of accountmg unless they either intsnd to liquidate the charity or to cease operation4 or hav¢ no realistic alternative but to do so. Auditor's responsibilities Our objectives are to obtsin reasonable assurance about whetherthe financial stateKttents as a wholc are free from material ls$tateMen( wh¢th¢r due to fralld or eTror, aod to issue our opinion in an auditor's Teport. Reasonable assurance is ahigh level of assurance, but does not gu2rantee that all audit condlleted in accordance with ISAS (UK) will a]ways d¢te¢t a mat¢ri21 misstatement when it exists. Misstatements can arise from fraud or emir and are considered tnaterial if, individually or in aggregate, tliey could reasDlldbly be expected to infiuence th¢ economio d¢cisions of u8ers taken on the basis of the fmaneial state]n¢nÉs. Irregularities, including fraud, are instsnces of non-compliance with lawg and regulations. We desigm procedurcs in line with our Tesponsibilities, oudined above, to det¢¢t matcrial mi.qstatements in respect of irregularitics, including fraud. The eAlent to which our PTocedures are capable of detecting irregulariti¢s, including fraud is detailed below.. Wc obtained a general understanding of the charitable foundation's legal and regulatory fram¢work through enquiry 0lnianageC11t concerning: their und¢rstanding of relevant laws and regulations, the ¢lltity's policies and procedures regarding compliance. and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the charit&b5e foundation's objectives and regulation. We understand tbat the charitable foundation complies with th¢ fratnework through having An place Tobust procedures and policies &nd by outsowring and taking external professional legal, accounting advice on relevant specialist furLctions and areas including thc preparation of fmancial statements. In the context of the audit, w¢ considered thos¢ laws reglllations: which detern)ine the forn] and contsnt of the financial stat¢ments' which are c¢ntr&l to the charitable foundation's ability to conduct its activitie5. and where failur¢ to comply could result in matcrial penalties. Wc identÈfied the following laws and rcgulations as b¢ing of SkgnifLcance ID the coEktext of the entity.. The Charities SORP IFRS 1021, the Charities Act 2011. 12
Tbe Daiwa AjO-JapaneSe Foundation The senior stattrtory auditor led 2 discussion with all members of the engagement tearn reuarding the susceptibility of the entity's finan¢ial statements to material misstatemenL including how fraud might occur. The area5 identified this discussion were.. Maniputation or eTror in income r¢cogtiition leading to overstatement of income (and debtors) to infiats the amount8 of fimds carried forward. Manipulatioll or TOr in expenditure leading to over or under-statement of charitable activiti¢s expenditure. resulting in over or under statement of fimds carried forward; Manipulation or error in raising accnllls alld provisions for wsts incured but not invoiced before the balan¢e sheet date that often entail a silficant deee ofjudgment; The procedures we caTried out to gain sufficient appropriate audit evidence in the above areas in¢luded: Id¢ntifying and assessing th¢ design effectiveness of controls m¥nagem¢nt has in place to prev¢llt and detect fraud and error. Understanding the potential for override of these controls on the financial reportingprocess, and how those charged with governanc¢ address these oveIde potentials. Perforn]ing substantive testing on appropriate &vnpl¢s, and investigating any disGr¢pancies identified- Documentin(F the assumptions and judgements madc by management in their significant accounting estimates and challenging these with managemenL Identifyintr and test2ng journal entries, in particul those around the year-en(L and involving unusual postings, accouot Combinations, or amounts. Overall, the senior statutory audÉtor was satisfied that the engagcment team Collectively h8d the appropriate competence and capabiIities to identify or reColSe irregularities. In pariicular, both the s¢nior statlllory auditor and the audit manager have a number of years, experience in dealing with charitabl¢ entities, and prepIllg accounts under the Charities SORP (FRS 102). A fidler description of our responsibilities is provided on the FRC'S website .frc.org.uldaudttorsresponsibilittes. 13
The Daiwa Anglo-Japanese Foundation THE PURPOSE OF OUR AUDIT WORK AND TO IfyUOM WE OWE OUR RESPONSJBILrtlES This report L5 made solely to the charity's Trustees as a body, ill a¢cordance with section 145 of the Charities Act 2011 (or its predecessors) aiid regulations made under section 154 of thai Act. Our audit work has been undertaken so that we might state to the charity's TNst¢es those matters we are requircd to state to them in an auditor's report and for no other purpose. To the fullest extent perniitted by law, we do not aept or assume responsibility to anyone oth¢r than the charity and its Tru5t¢es as a bodyj for our audit work, for this report, OT for tbc opinions we have forned. Jon Fisher for and on behalf of Creenback Alan LLP, Statutory Auditor Chartered AccounlarFts 89 Spa Road London SE16 3SG 24 November 2023 GreenbackAlan LLP ffs gligible lo act as an audilorin lemis of seCtn 1212 of the Companies Act 2006. 14
The Daiwa Anglo~Japancse Foulldation Statement of FinanciaI Activities For the year ended 31 MaTch 2023 UDf¢5tritted Restriettd Funds Totsi Totgl Fullds 31.M#rcb M23 31 Mareh21112 Nolcs 192283 48 IY2J31 136,425 xpe11T¢ CostsofgenerahwffiwTds Fund managers, fc 1224,ODDI 1224,0001 G3.7691 Chortiableaaryilies sth01sh]ps Gran4 AwaTth & Ptiz¢s EveDts cults41 RelatioL% TotsI ¢haritsbl¢ activities txpendiw 1963,0241 1436.078) 1338,756) 148297) (1,786.1551 1963,0241 1436.0781 (338,7561 {48.2971 11,786,L551 1462,1081 14232881 350011 145.5081 11206.4051 16 Totsl expenditsre (2,010,155) (2,010.15 11290.1741 N¢tg*nlllwsl on illvestment f 395584 636 396220 1.739.744 Netkntomel(expeTJdÉthrel 11,421288) 11,421.6041 585.995 Netmowement iry fuDd$ 11.422288) 11.421,6041 585995 Tothi funds brnught forward 45.631.531 73.T27 45.70525g 45,lJ9263 Totsl fuDd8 tarrled ftsrFvard 44209J43 74.411 44283.654 45,705,253 All income and expenditure derive from continuing activities. All recOlsed gains aud losses hav¢ been included in tbe Statement of Finan¢tal A¢tivities. 15
The Daiwa Anglo-Japanese Foundation Balan¢¢ Sheet As at 31 March 2023 Ullrcstrieted Fujjds RestrlitEd FuDds Tothl Fu•d5 Total FuDd$ 31 M*reh 2LILI 31 kncb2D22 NoiBS Fixtd isstts IrA.386 164J86 162.740 Tangsble &sets Intongible Sets Jnveskni¢nts io 74,089 74,089 43,705.178 43.869,564 45.703,062 45,865.802 43,631,089 43,795.475 Curretti assets 131,470 595,026 726,496 131,470 595348 726,818 16,765 246,866 263,631 Debtors Cash at bak inhand 12 322 322 CTtditors'. amounts fallJDg du¢ withi oneyezr 14 1312,72511 1312,n811 1424.1751 322 414.090 1160,5441 Net curreDta55ets 413.768 Nerlssets 44209243 74.411 44283,654 45,705258 Funds of ihe FvuudAtio Restric16d¢Qme fi]nds Unresthcted inco£ fiLods 74,411 44209245 73,727 45,631.53L 74,411 44209243 44,209243 74,411 44283.654 45.705,258 Totsl Fuods The financial st&tenents set out on pages 15 to 40 were approved by the Truste¢s on 24 November 2023 and hav¢ becn signed on their behalf by.. Sir Timothy Hit¢hens KCVO CMG Chair Daiwa Foundation Japan Hous¢ 13114 Cornwall Terrace London NWI 4QP 24 N0veber 2023 16
The Daiwa Anglo-Jap3llese Foundation Notes to the fmancial ststements (colltinued) For the year ended 31 March 2023 Accounting policies A summary of the principal accounting policies of the Found}0 is set out below. Exc¢pt where indicat¢& they have been applied consistently throughout the year and the precediag year. a) Basis of preparation and assessment of going ¢oyJcern The fm8ncial staten]ents have been prq)ared under the historical Cost convention as modified by the rev&luation of investn)ents and in a¢coTdance with the Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financi Reporting Stand2rd applicable in the UK and Republic of freland (FRS 102) issued October 2019 and the Charities Act 2011. The trust constitutes a pub]ic benefit eErtity as defined by FRS 102. The trustees consid¢rthat there are no uncertainties about the Foundation's abilityto continue a5 a going concern as the Foundation h&s investments gready in excess of committed grants or any other liabilities. b) Governallce costs Governance costs are the custs associated with the governance afpdngemcnts of the Foundation. These eosts include internal ld extcrnalaudit. legal advice fortrustees and costs associated wtth constitutional and statutory requirements for example the cost of trustee meetings and preparing statOry accounts. c) DoDatlons Donations are included in tbe Statement of EiThancial Activities on a Teceivable basAS when their receipt is ¢nsured. d) Illvestment income Coupon incoEne and bank interest are included in the Statsmetlt of Financial Activxties on an accruals basis. Dividends are recogni8ed on the basis of the due date for payment and grossed up for the amount of any tsxation recoverable. e) Grants and Scholarships Grants are included in the Statement of Financial Activities as soon as they have beell approved by the Trustees. S¢holarships are includ¢d in the Ststcment of Financial Activities, reflecting the timin(r of ¢xpenditure over the Scholarship period. 0 Expenditllre Expenditure is included in the gt&tement of Financial Activiti on an accrnals basis and has b¢en allocated to the particular activity where the costs relate directly to that activity. Overhead and support costs not directly atttibutable to particular activities are apwrtioned over the relevant categories on the basis of management estimates of stafftitfLe spent on that activity. Irrecoverable VAT is iu¢ludedwitbi the relevant expenditur¢ heading. Contributions to employees, individual personal pension schemes aTe ch8Tged in the Ststement of Financial Activities in the year in which they fall due. 17
The Daiwa Anglo-Japanese Foundation Notes to the finallcial statements (continued) For the year ended 31 March 2023 g) Tangible and Intangible Fixed assets Tangible and Intangible fixed assets are stated at cost less accumulated dcpr¢¢iation subject to an annual review for impairment. Depreciatioll is provided on these assets at Tates calculated to write off the cost, less ¢Stimated residual value, of asset on a straight-line basis over its expected useful life, as follows.. A55et type Depr£ciatiopzp8riod Leas¢hold premium Offiee equiptnent & fixtur¢s Office furnitllre to 2078 3-10 years 5-10 years All f]xed asscts regardless of value are capitalised on acquisition. h) Investmeuts Investments are stated at market value and any realised and unrcali5ed gains and losses are in¢lud¢d in the Statctnent of Financial Activities. i) Twtion The Daiwa Anglo-Japanese Foundatioll is considercd to be a charty for tax purposes and therefore bencfLts from exemptiolls from taxation on its incom¢ and gains falling wiiliin Sections 518 to 537 of the Inti0¥ Tax 2007, Secttons 466 to 477 of thc Corporation Tax Act 2010, or Section 256 of tbe Taxation of c.hargeable Gains Act 1992, to the extent thai they are applicd to Lts charit&ble objectives. j) Fulld Siructure Restricted funds are thoge which are to be used ill a¢¢ordance wkth sp¢cific tt%trictions iposed by th¢ donor (Ir trnst deed. Thcre is a single restricted fund, the Harold Bell Soholarship Trust funl restri¢ted to funding scholaTships for JapatLesc High-school English teachers to attend a course in English Teaching at the Bell School in Cambridge. Unrestricted ndS comprise those fimds which th¢ trustees are free to use for any purpose in furtherance of the charitable obj¢ctives. k) Cash flow ststement In accordance with exemptions grant¢d under FRS102 the Foundation is cxempt from prePing a eash flow statemeEkt oll the grounds of size. l) Foreign Currellcy Translation Thc Foundation's ftmctional and presentational currency Ès GBP. Transactions and balances. Foreign currency transactions are translated into the fi]ELctional currellcy using thc spot exchange rdtes at the dat¢ of transactions. At each period end foT¢ign currency monetary items are translated using the closing rate. 18
The Daiwa Anglo-Japanese Foundation Notss to the financial statsmellts (continued) For the year ended 31 Marcb 2023 Foreign exchange gains and losses resulting from the settlement of transa¢tions and from the translation at period-eud exch8llge of motLetsry assets and liabilities denominated in foreign currencies are reColsed in the statement of financial activtti¢s. Trust deed The Foundation was set up under a Trust Deed dated 16 August 1988 between Daiwa Securities Group Inc. and the original Trustees. Tho Foundation eTh entered in thc Central Register of Charities by the Charity Commissioners pursuant to the Charities Act 1960, as Charity number 299955. Income 31 Mareh 2023 31 March 2022 Unrestricted Income jncome from investments Other itlterest receivable Voluntsry Contributions and ¢entr¢ for visiting a¢ademics income Rental income (from Japan Society) 2.391 27,901 129.651 32,340 191283 52 18 104,015 32.)40 136,425 Restrlcted tntome tncome from investments 48 Total 192,331 136,425 There is a single restricted fund in the forni of a donation from the Harold Bell Scholarship Trust fund. This donation is Testrictsd to funding scholarships for Japanese High School EngIish teachers to attend a course in English Teaching at the Bell S¢h(K)l in Catubridge. 19
The Daiwa Anglo-japanese Foundation Notes to the financial statem¢nts (oontinued) For the year ended 31 Mar¢h 2023 Alloeation of Support & Governance ¢osts Scholar- sbips Grallt Awards & Prizes Events Cuitwal R¥lations 31 March 2023 31 MAreh 2022 Depreciation 5.807 5,484 7,635 860 19,786 l8.778 Utilxtie5, maintenance and rcpairs POTS0]¢1 {non. Gov¢rnancel 20,220 20,220 42,337 3.791 86,568 I09,809 127.102 120.631 168,438 35,847 452,Ol8 428,079 Oth¢r athniListr&tion expenses Governance costs {not¢ 6} 41,789 37,754 30,915 4,977 115.435 107,944 2.822 64.903 56,582 19.048 17.989 25.044 213,966 202,078 274,369 48,297 738,710 721.192 Support costs e apportioned across cbaritsble activities on the basks of staff time expended. Charitable activities expenditure ActivitRes undertaken directly Grant fidIng of aciivities Support & Governance osts 31 March 2023 31 Mgr¢b 2022 Scholarsbips 749,058 213,966 963,024 462,108 Grants, Awards & Prizes 234,000 202,078 436,078 423,288 Events 64,387 274,369 338,756 335,501 Culttwal Relations 48,297 48,297 45,508 64,387 983,058 738,710 1.786,155 1,266,405 20
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2023 Governallce costs 31 MarcFA 2023 31 M2reh 2022 Personnel TTUStees' ¢xpenses Audit fee Legal fee 38,319 16,024 10,560 37,071 2,951 10,560 6,000 Tnjstees. exp¢nditure includes travel and entsrtainment expenses of £16.024 to all Trustees (2022.. £2,951 to all) associated with Foundation meetings in London and Tokyo. Trn5tees' meetings are normally held in London tivice a year, with one Trustee from Japan representill aIl Iapan-based Trnste¢s. Personnel costs shown above represent thoge personllel costs deemed to be relatcd to administration ratherthanthe diTect chatitsblc activities ofthe Foundation. Extern audit fees, exclusive of irrecoverable VAT. were £8,800 for the stathtory audit. with no otELer additional work being undertaken. Net filleome/(expenditsre) Net expendi1e for the year includes: 31 Mah 2023 31 March 2022 Depreciation (see note 9 & 10) Staff costs (see note 8) Auditors. remuneration for the audit of these fjllancial statements 19,786 490.339 10,560 18,778 465.150 10.560 & Staff Costs The average monthly number of full-time equivalent persons employed by the Foundation dwin the year was 10 (2022: 9). Their aggregate remuneration comprised: 31 March 2023 31 March 2022 Wages and salaries SociaI security costs Pension ci)ntributioos 414,852 33,452 42,035 490,339 391201 34,378 39,571 465.150 21
The Daiwa Anglo-JapaTLes¢ Foundation Notes to tht finanei21 stat¢ments (Colltinlled) For the year ended 3 1 Mar¢h 2023 The Found&tion considers its key management personnel comprise th¢ Trustees and the Director General. The total emoluments of the key management personnel were £112,355 (2022: £103,544). AII Trnstees givc of their titne freely and no trustcc remuneration was paid in tb¢ year. The ranges of employees, emolU¢ntS (wages, salaries and pensions) ovcr £60,000 were as follows.. 31 M#reh 31 March 2023 2022 £110,000 - £120,000 £ioo,000 - £1 10,000 Th¢ Foundation does not operate a pension s¢heme. The pension costs for the year represent contributions made by the Foundation iowards employees, individual personal pcnsion scliemes, of which £7,953 (2022= £7,526) constitutes an allowance in lieu of pension contributions for th¢ highest- paid employee. All aspects of the en]ployets' pensioll arr&ngemellts including governance, communication and th¢ schemc design are fully cornpliant with automatic enrolment. Tangible assets Office equipm¢nt & fixtures Total Tangible assets Leasehold premium oirice furniture Cost BegitLning of y¢ar Additions 799,339 152.885 21,219 (7,432) 166.672 195.243 213 1,147,467 21,432 (7,432) 1,161,467 Disposals End of year 799,339 195,456 Depreeiation Beginniog of y¢ar Charg¢ Disposals End of year 714,108 1.526 93,640 14,619 (7,432) 100,827 176,979 3.641 984.727 19,786 (7,432) 997,081 715.634 180.620 Net book value At l April 2022 85,231 59,245 18,264 162,740 At 31 March 2023 83,705 65,845 14,836 164,386 All assets are held for charitable PUTposes. 22
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 M2rch 2023 10. Intangible assets Total Intangile assets Software Cost B¢wing of y¢ar Additions Disposals End of year 14,658 14.658 14.658 14,658 Depreciation Beuinning of year Charg¢ Dispolals End of year 14,658 14.658 14,658 14,658 Net book value At l April 2022 At 31 March 2023 All assets are held for chaxitable purposes. 11. Fixed aet investmellts The Foundation's investment porfolio comprises the followin& which are shown below at aegate market value and costr. Valuation 31 March 2023 Valu2tiOll 31 M2rch 2022 Cost 31 March 2023 Cost 31 March 2022 Investment funds: UK investUL¢nts Mixed UKIOverseas Overseas securities Subtotal investsn¢nts Cash portfolio 9,452,292 15,882,349 20.362,685 45.697,326 5,736 45,703.062 6,700,239 15,326,000 7,926,168 29.952,407 17.122,521 25.826,002 42,948,523 756.655 43,705,178 16,522.785 24,424,042 40,946,827 714,414 41,661,241 29,952.407
The Daiwa Anglo-Japan¢se Foundation Notcs to the fancial statements (continued) For th¢ year ended 31 Maroh 2023 11. Fixed asset investments (continued) The movement on the balance shcet value of itLvestmellts is analysed as follows.. 31 March 2023 31 Mareh 2022 Market value brought forward at l April Additions at Cost Disposal proceeds Divideud & interest reinvestment Fund m2nagers'fe¢s Net (loss)Igain in the year Market value carrÉ¢d fonvard at 31 Mch 45,703.062 31,572,705 {33,772,706) 29,897 (224,000) 396,220 43.705,178 44,863,266 (900.000) 52 1,739,744 45,703,062 Fund managers, fees were in part invoiced and settled separately in the comparative period, rath¢r than wholly deducted from the fvnd. Funds under mallagement are as follows.. Market Value 31 March 2023 31 March 2022 BlackRo¢k 43,705,178 45.703,062 43,705,178 45,703,062 Investments. including those whose market value repres¢nts more than 50/0 of thc total market value of the Foulldation's investment portfolio are as follows.. 31 fiiareh 2023 31 March 2022 C]witrak UK Equity IrLdex BlackRock Rtn Bond Fund BLackRock North US Index BlackRock Emerging fvtarkets USD Flex BlackRock Europe EK-LU( Sub Fund Inst. BlackRo¢k Japan Index Sub Fund USD BlackRock Pac Rirn Index Sub Fund USD Bla¢kRock Sterling Lkqui(lty Fund Ishares MSCI EM ESG Enhanced USD A ISHARES MSCI Japan ESG Erthanccd USD A ISHARES NISCI USA ESG Enhanccd USD A ISHARES MSCI Europe ESG Enhanced USD A Cash portfolio Market value carried forward at 31 fknEL 9,439,085 15,882.349 8,250,355 5,145,609 2.868,562 2,599.437 1,498,723 13,206 17,122.521 6,3 17,566 2,685,071 6,502,336 10,321,030 756,654 43,705,178 5,736 45,703,062 24
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2023 12. Debtors 31 March 2023 31 March 2022 Other debtors Pre-paid expenses 5,466 126,004 131.470 4.141 12,624 16.765 13. Cash at bank 2nd in hand 31 March 2023 31 March 2022 CuTTent Accounts C&5h on hand 595,348 246.866 595,348 246.866 14. Creditors: amounts falling due Thrytbin one year 31 Mareh 2023 31 March 2022 Bank overdraft 24 437 Grants payable OtELer creditors 241400 70,304 312,728 347,465 76.273 424.175 15. Related pY4rties Daiwa Securities Group tnc. (*be Group") provides certain support services (including accounting alld payroll) to the Foundation in London and Tokyo without charge. The Trnstees estimate the value of these services to be qmall cnough not to require disclosure in the Accounts. One of the pr¢sellt Trustees is the Chairman of tbe Board of the Group. Daiwa Securiti¢s Group Inc. generously agreed to fund the Daiwa Scholarships in Japanese Sthdies programm¢ up to a mlmu of ¥20 million per annum foT ten years. This period has now etlded. but Daiwa Securities Group continu¢s to provide ftmding forthose Scholars chosen during the initial ten- y¢ar period who have not yet Qompleted tbeir agreed p10d of stsdy. In the year under review. the contributions from Daiwa Securities amouuted to the agreed trLaximum of¥20 million. 25
The Daiwa Anglo-Japanese Foundation Notcs to the flljancsal statettL¢nts (continued) For the y¢ar ellded 31 March 2023 16. Grallts, Aivards & Prizes Number Value Number VAlue 31 March 2023 31 March 2023 31 March 2022 31 March 2022 Grants approved in year InStitIonS 62 232,500 30,650 263,150 53 171,065 63,050 234,115 Individuals 23 71 76 GraEEts cenaelled or returned in year (29,150) (5.500) 234.000 228.615 Support & Governance costs {see note 5) 202.078 194,673 436,078 423,288 31 March 2023 31 Marc 2022 Allalysis of grants, awards & prizes ajyarded in tbe year Daiwa Foundation Small Grants (UK-side) Daiwa Foundation Small Grants (Jap-81de) Daiwa Foundation Awards 131,500 30,400 101,250 141,700 15,950 76,465 Total grants awarded in 202212023 Gratlts eancelled or retumed in year Awards Cancelled or retUTned Rn year Support & Governance costs (s¢e note S) Total grants, awards and prizes 263.150 (29.150) 234,115 (5,500) 202,078 436,078 194.673 423,288 Grants are made solely at the discretion of the Trustees. Payment of a grant to any charitable body, persott or inslitutÉon requires the approval of a majority of all thc Trust¢es. The Trust¢es have empowered th¢ Managing Tnistees to mak¢ grants up to a total of £750,000. Thc following pages Show the grants which have been approved by the Tr[¢¢$ for the fela1 yeaT 202212023. 26
The Daiwa Anglo-Japanese Foundation Notes to the fin2ncial statements (continued) For tbe year ended 3 1 March 2023 Daiwa Foundation Sm2ll Support wProvidedfOT the oZIowiF2 ifK-side Sma]1 Grants Anglia Ruskin University, Department of English and Media Support for a two-week visit to Tokyo by Pmfessor Eugene Giddens to undertake fitrher textual research on the works of Caroline dramatist James ShiTley at Mcisci University Library. the largest single repository of Shirley original texts, 3 to 17 Maj 2023. £2,400 Bowen, Professor Slan (Professor of Drawing, Arts University Bournemouth) Support for travel by an illtcrdisciplinary teau] Teferencing Kew Cjarden's 19th-CentLWy collectio of Japanese paper objects who will visit ¢raftworkers, plant producers and botanical institutions in Japan to investigate integral relationships between plants aud artisan skills, resulting in exbibitions in JapaJ] and the UK and a publication of essays. OctobeT 2023. £5,000 British Ivluseum Support foT a trtp to Japan by a Ilritish Museum 8cientisL which will involve research alld the filming and Interviewing of a woodblock printtnaker creating prints of12 of the 103 n¢wly re-discovered IIokusai drawing8, leadiJ to a fikn foT the Museum's YouTube channel and a full set of the 12 prints. autuu)n 2022. £4250 Brunel University London, Experimental Techniques Centre Support for recÈpro¢al visits by researchers frorn Bnmel and Doslllsha Universities establAshing methods for the upcycling of aluminium ma¢bining residues into high value alumilla reinforced composite &s well as looking into the improvements of Copper alloys, using each other's facilities and building on complementary expertise, resulting in papers, 8tr0]vger linkE, and an Mou, spring 2023. £7,000 27
The Daiwa Anglo-Japanese Foundation Not¢s to thc financial statements (continued) For th¢ year ended 31 March 2023 Cheltenham Festivals Support for the incluston of an author from Japan in a Japan strand at the Cheltenham Literature Festival, also including nlga workshops, a Japanese film screening and Japanese literatLwe sessions, 7 to 16 October £2,250 City, University of London, The City Law School Support for travel to Japan by academics from City to take part in a workshop and to undertakc int¢rviews with lawyers and CEOS at video-game Companies and with fans in order to evaluate and compare the irnpact of IP rights in Europ¢ and Japan on video game fan Gulture in relation to derivative works, memorabilia and ¢- sports, spring 2023. £3,400 Cooper, Kate A 2-week trip to take part in the Aichi Triennale by K Cooper whose Nideo installation focuses on her continucd research on th¢ bodily experience% of ntiurodivergent individuals and how these experiences create fonns of knowledge, July to October 2022. £4,250 De La Warr Pavilion Contribution to the outbound sbipping of MinoTU Nomata's artwork in order to supp(irt his first solo exhibition outside olAsia and De La Warr Pavilion's first solo exhibition by a Japanese artÉs¢ accompanied by audience engagement and leaTning activities, May to 4 September 2022. £3,000 28
The Daiwa Anglo-Japanese Foundation Notes to the fmallcial ststsments (continued) For the year ended 31 M£rch 2023 Durham ITniversity, School of Modern Languages and Culthres Support for travel by Durham and Niigata academics participating JJL workshops to promote the rcsearc collection and exhibition of materAals utilised by Japallese creators to produce anime. Icading to an exl]ibition in Durham and an institstional partrnership, July 2022 onwards. £3,750 Fail Better Records Support for travel to Japan by men]bers of three UK barLds and a manager to take part in an eight-day music tour of a six-piece balkanmeztner band (three members constitute a gypsy jazz & swing band, and three an English folk balld) comprisillg four perfomiances in Tokyo wbich will also result in video and photography docutnentatio March 2023. £6.000 Girlguiding North West Englaud Support for a 12-day cultural In)eTS1on trip to Japan for 16 older Girl Guides (Rangers) so they call ¢xplore and learn about both Japanese bistory and modern-day culture and build lasting connections with Girl Scouts of Japan and to share their experience the NW England Guiding COD]muDity and beyon(L sum]ner 2023. £4,000 Grizedale Arts Support for travel from Japan by an arcbitect and a craftsmdn to t¢a¢h a group of Sdents from the architecture. design and ecology communities how to use a seaweed- based p1&8ter, wattle and daub insulation and joinery skills to build a cold food store. 17 to 30 April 2023. £4,000 29
The Daiwa Anglo-Japanese Foundation Notcs to the f]nancia5 statem¢nts (continued) For the year ended 31 March 2023 Howard, Professor John (Emeritus Professor of Arts and Humanities, King's College Ijondon) Support for a research trip to Japan to assess the legacy of Kohei Yoshiyuki's work within the sociopolitical context of his times, demonstrating his oeuvre's centrality to photographic innovation & gender studies - an exhibition and photobook to follow, MarchlApril 2023. £3,250 Ikon Gallery Support for travel to the IJK and contribution to the catalogue accornpanying the first major solo ex]]ibition of Work by Japanese Ainu artist and musician Mayunkiki, ¢o]nprising vidco. installation sculptLwal work wbich will convey aspects of everyday life of her commullity, 9 S¢ptember to 13 November 2022. £3,250 Jakubowic7. Dr Karin Support foT recipIo¢al UK-Japan travel by a Woolf scholar dnd a Woolf tr8nslator (into Japanes¢) to explore the contemporary Japanese fen]inist movement tbxough Virginia Woolf s work, resulting in an open source podcast (first of 8ev¢ral epibodes on the topic) and artiLle, summ¢rlautLunn 2023. £4,500 Jaques, Zoe OJniversity of Cambridge, Faculty of Education) Support for a two-week research visit to Japan by Professor Zoe Jaques who is ex8mining the way Anglophone children's literature has been rethought and r¢woTked for successive generations and how in Japan it is transforned by fashion, literary and perfomiance ¢ultLwe, leading to a monograpb, 5 to 17 June 2023. £2,400 30
The Daiwa Allglo-Japanese Fowidation Notes to the financial statements (continued) For the year ended 31 Mar¢h 2023 London Sillfonietta Support for travel to the trK by Shamisen virtuoso Hidejiro Honjoh who will undertak¢ a week-lon residency culminating in a ShalSell nterClasS at St Ignatius Collegt, a state secondary school for 1,045 1 I to 18-year-olds in Enfield. aud the perfornL2nce of uK.bed Dai Fujikura's Shamisen Concerto, part of the Fireworks concert, at London'5 SouthbaDk Celltre, May 2023. £2,000 Mais Um Support for tTav¢l to the UK by Ainu artist Oki on a dtbut UK tour with Rumiko from the Ainu-vocal harmolly group MareThTew, Manaw Kano and crew to hold six concerts at venues in Glasgow, T,ondon, Brighton and Oxford to participafr in a BBC radio session and talks, I I to 19 November 2022. £6,250 ManChter Metropolitan University, School of Digital Arts (SODA) and ischool Support for reciprocal visits by Tohokn alld Manchestcr Metropolitan University academtcs collaborating on the design of accessible <a univeT5al controllers for ViTtuai Reality headsets.. using smatyhone pteCeS and taking 2ge, disabilities and llture into consideiation, leading to co]ference papers, July 2022 ollwards. £3,500 McGill, Mr Peter Support for travel to Japan by journalist Pctcr McGill to conduct in- person interviews and othcr rcscareh for a book (working title". GJ1 Past The Gate, due date 2023) on foreign attempts to tske Chge of Japanese COmP8Dies- such as Nissan and Olympus - during and after the Japanese asset price bubble. £2,000 31
The Daiwa Anglo-Japan¢se Foundation Notes to the fmancial statements (continued) For the year end¢d 31 Mareh 2023 Op£D City Documentary Festival Support for the transport of films to be screened at a retrospective of filn)maker NoTiaki Tsuchimoto (1928- 2008) and travel by a speaker taking part in an acaderni¢ Conference exploring Tsuchimoto's work, Japanese post-war documentary, and filn]ic respongcs to Minamata, September 2022. £3,250 Quccn's C.Dllege Translatioll Exchange Support for a two-week residency at Oxford University for WLiter-translator Aoko Matsud4 with award-winllg WTiter and Japanese-E]sh translator Polly Barton who NTrill work olosely together to run a series of public events and develop two audio-visual resources, sun]mer 2023. £3.000 Rachel Hair & Ron Jappy Support for an I l-day Japan concert tour by Scottish rnusicians Rachel Hair arp) and Ron Jappy (guitar) who will collaboratc with Japanese bodhran playcr Toshiya Motooka and teach Scottish music works'hops to local Japanese musicians, May to June 2023. £4,200 Reaktion Books Ltd Contribution towards the colour printing of Japanes¢ Arts of the Meiji F.ra by Rosina Buckland, the fst compT¥hensive overview of Jap3llese art, 1865 to 1915, including 200 illustrations, and which will serve as an introduction to Japanese art of this period for students WOTldwide. £3,000 Royal College of General Practitionerb, Junior InternationAI Committee (Beyond Europe Team) Support for travel to the UK by three early career GPS from Japan who will work together with three Br%tish equival¢nts on a (2upJity improvement project relevant and important to both UK and Japanese Prirnary Care, culminating in artendance at the RCGP annual conference and a P¢Tiod of observation at a UK GP Surgery. £5,000 32
The Daiwa Anglo-japanese Foundatiou Notes to the fmancial statements (continued) For the yeor end¢d 31 March 2023 Second Hand Dance Support for travel to Japan by six ]nembers of Second Hand Dance to perfom We TOUC W¢ Play. We Dance at an international festival in Okinawa for young audiences. then tOUTing to Fukuokn Kyoto and Kawasaki, 21 July to 8 August 2022. £6,000 Szeman, Petrg Support for travel to Japan and associated venue costs related to an exhibition and SIposIUlll in partnersknip with Totyo University of the Arts, the first a series of fitture collaborative efforts between UK and Japan, Oll contemporary drt scenes focussing on tec1oI0gY and radical realities, October 2022. £3,250 Théatre Lapis Support for travel to the UK by a Japan-based actor taking part in a collaboTative stsged concert titled Galaxy Train, a J]ew rnusical based on Kenji Miya7awa's novel. Night on the Galactic Railroad, perfomied by Japanese and UK drtists at The Other Place. Batterse4 March 2023. £3,100 theCoLAB Support for a ten-day Nusit to Tokyo alld the EChigo-Tsun1 alld Setouchi Triennialb by three eurators developing the MoTecambe Bav Triennial IJL order to meet trie]Jnial OTgaDisers to discuss logisttcs and the chaIlenges of the landscape for installation, and to meet artists, October 2022. £3,750 University of Leed8, School of Politics and International Sthdies Support for travel to Japan by Professor to explore peacebuilding in a changing intemational order with Jap8n-based scholars and policy sidkeholders and to lead a seminar at Jllternation81 Cl]ristian University and build a network for firture initiatives, 10 to 19 July 2023. £2,000 33
The Daiwa Anglo-Japanes¢ Foundation Notes to the financial statements (COELtinued} For the year elld¢d 31 Marcll 2023 Support for reciprocal travel by researchers at Lincoln and Tsuknba Univ¢rsities eollaboratirAg on research into the dynajnics of anions e.g., nitrate. sulphate and phosphate (found in agricultural and industiial products) in order to contt'ol the quality of our waters and rninimise environtnental damage, autumn 2022. University of Lineoln, School of Chemistry £3,500 Ulliversity of Oxford, Nissan Institute of Japanese Studies Support for travel by Japan-based academics taking part in a two-day international academic conference at Oxford entitled Defining Culture in Post-war Japan.. Views from Alternative Perspectives which Thryll focus on actors in rural areas, women and unwrittell sources, spring 2023. £2,500 Unkversity of Roehampton, School of Psyehology Support foT UK-Jap8n visits by Dr Piril Hepsomaili from Roehampton and Professor Jun Nishihira from Hokkaido Infonnation University who are SaYIng the similarities and differences in individual variation in eating behaviours and practices, nutritional status, mental and sleep health in individuals who follow different types of diets in the UK and Japan, 2023. £4,000 William MorrAS Gallery Support for travel to Japan by curator Roisin Inglesby for researcl building professional comiections and PToject developtnent of forthcoming (Spring 2024) exhibition on the relationship between Ming¢i arLd the Arts and Crafts Movement, 2023. Support for travel to Japan by artist JOn WilsheT-Mills, who wull work with disability groups in Japan and the , Creating two new sculptures and bringing the groups together using technology and art, in partnerships with SHAPE Arts and Keio Graduate Sohool of Media Desi ril 2023. £2,500 Wilsher-mills, Jason £6,000 UK-side totsl £131,500 34
The Daiwa Anglo-Japanese Foundation Notes to the financial ststements (Continued) For the year ended 31 March 2023 an-side Small Crants Edllcatioll for Sustainable Development (ESD) Hokkaido Programme Support foi travel to Japan by Professor Andrew Reeves to deliver lectures and group work at HokJ(aido University, addressing education for sustainable development via local and regional collaborations aud consideri0 sustiinable community design, 3 to 10 August 2023. £2,000 Joshibi University of Art and Design Support for reciprocal UK-Japan travel by scientists at Jos]]ibi University of Art and Design and Liverpool Hope University participating in a CTOSS-cultllral comFwison of th¢ Stroop effect (delay in reaction tiJlle between congTuent and incongruent stimuli) in connection to colour, and whether it is affected by different writing systems, leadiug to seminars and publications, June 2022 to April 2023. £4,800 Kyushu University, Graduate School of Medical Sciences Support costs for re¢iprocal research trips by acaden]ics at Kyushu UniveTsity rofeSsor Takahiro A. Kato) 4d Newham Centre lor Mental Health London (Professor Jennifer Lau) to evatuate a new self-rated questionnaire measuring sigll5 of pathologTcai social tI]draWal in young peopl¢ in Japan, facilitating early intervention for those at risk of ikikomori,. winter 2023 onwards. £7,500 Mito Arts Foundation Support for travel to Japan by two UK-based artists, Hong Young In and Maria Farrar, to participate in an exbibition wFJich will examine the social value of care alld motherhood tbrough the WOTks of17 artists, Caring: motherhood, Art Tower Mito, 18 February to 7 May 2023. £3,500 35
The Daiwa Anglo-Japanese Foundation Notes to the financial stai¢mcThts (continued) For the y¢ar ended 31 knh 2023 Support for travel costs associated with the UK tour of a physical theatr¢ show about Japanese painter Rey C2mo> with accompanying workshops and talks to teach s¢lf-expression and communication skills and inspire cross-cultural int¢rest and understanding, alltun]n 2023. taTinainanika £3.000 Wasauo, Ms Yuki Support for travel by London-based artist Hiraki Sawa to Kanazaw4 his birthplace, wbeTe he will hold an exhibition of video work wbich will highlight issues surrounding amnesia and cognitive diversity, with associaled talks and events, 23 to 31 July 2022. £2,600 Wklliall) Adatlls Scholar Forum Support for travel to the UK by a four- member delegation of academics from Japan to further their investigations into the origins of the Williarn Adams fa. mily, resulting in a book, publications and cnknced links. autlllnn and winter 2022. £5.000 Yajnaguchi University, Graduate S¢hool of Innovation and Technology Managellient Support for three research trips to the UK by Professor Seiya Takcuchi to study the UK'S intellectual property protection Jneasures for Artifibial Intelligence software cre¢ltions, Janu . March and Se tember 2023. £2,000 an-side totsl Total (Small Grants) £161,900 36
The Daiwa Anglo-Japanese Foundation Notss to the fJJkiDctaI statements (continued) For the year ¢nded 31 March 2023 Daiwa Foundation Awards Support wasprovidedfor the ollowin ro ects.. BarbicaD Theatre, Pliryuoutb Project Parts]ers: Future Undokai; Japane8e Undokai Follndatit)ll Support for travel by five members of Future Undokai and Japanese Undokai Foundation to spend two weeks in Plymouth creating a three-day Future Undokai evellt centred on Iarge-scale interactive physical gan]es which combine elements of interactive te¢]]nolo . A ri12023. Support for recipmcai Nisits by academics at De Montfort and at Fukuoka and Gunrna Universities to accelerate collaborations, through workshops and secondments. to explore a novel X-ray teclmique to monitor co-crystal dissolution in situ for design ]nedicines, Febnwy and August 2023. £8,250 De Mollrfort L'niversity, 8ehool of Pharniaey Project Partners: Fukuoka University, Department of Chemistry. Gunma University, Department of Lnvironmcntal eerin 8eien¢e Royal Shakespeare Company Project Partn¢r- Studio Ghibli £9,000 Support for Executive Producer Joe Hisaisbi's accommodation costs, and vcnue costs to facilitste rehesalS for the stag¢ adaptation of Hayao Miyalaki's My Neighbour Totoro developed in collaboration with Stsdio Gbibli, Nippon TV and London-based thcatre company InpTobabE¢. August to Octobcr 2022. £7,000 Soas, University of London Centre Project PartneTS: University of Tokyo. ICHIU Architectural Concepts & Desigll? University of Central Lancashire" University of Cambridge Support for travcl to Japan by a team of five htslorians, software desigllers, and heritage researchers coIlaborating with colleagues in Japau in the application of virtu ReaIity (VR) tecbnology to prcserve tbe history and heritage of H&slJima Islan¢ knoTr colloquially as Battiesbip Islan(L April 2023. £12,000 37
The Daiwa Anglo-Japanes¢ Foundation Notes to the financial statements (Continued) For thc ywdr ended 31 March 2023 Support for travel by a UK-based team including seven artists to collaborate with artists 3nd musicians in Japan, culminating in a live perfonnance Programme at locations in Tokyo, Kyoto, and Sapporo among others, spring 2023. Thirty Three Thirty Three (33-33) Project PartneTS'. SANA Iuc. Dommune £9,500 University of Aberdeen, Department of Planetary Sciences Project Partners: Okayama University, Institute for Planetary Materials Support for UK-Japan travel by academics from Aberdeen and Okayama Universities exploring a novel scenario for the Prebiotic atmosphere and its impact on the emergence of life and to establish a collaboration with the Lifesprings Jnission (to be launched in the 2030s). 2023. £10,500 University of Central Lancashire, Jeremiab Horrocks In.%tituÉe Project Parth¢r: Kyoto University, Graduate School of Human alld Environmental Studies Support foT four reciprocal UK-Japan r¥search visits by academics at the University of Central Ldncashire and at Kyoto 1SniveT¥ity combining their respective expertise as they r¢search the Lornation and evolution of exomoons around giant exoplanets, 2nd their potential for bbOuring life, S¢ptemb¢r 2022 onwards. £8,000 University of Tokyo, Institute of Industrial Science Projeet Parther: Oxfnrd Brookes University, School of So¢ial Sciences Support for travel to Japan by two specialists from Oxford Brookes University collaboTating witb academics at The University of Tol(yo in combining advanc¢d technology with COLDmunity-based approaches for the monitoring and conservation o endangered wildlife Species, 2023. £10,000 University of Wolverhampton, School of Humanities Project Partner: University of Tokyo, Graduate School of Arts and Sciences. Tsuru University, Faculty of Letters. Haruki Trlurakami Libra £12,000 Support for travel by eight scholars and artists taking part in a series of events to explore the work of Kazuo IsbiguTO and Haruki Murakanki in the context of virtual technologies, digital wellbeing, social cohesion, and shifting perceptions of reality, OctobeT 2022 in Japan and March 2023 in Wolverhampton. 38
Ille Daiwa Anglo-Japanese Fouudation Notes to the fancial statements {contintLed) For the year ended 31 Mar¢h 2023 Vanishing Point Theatre Company Project Parther: Kanagawa Arts Theatre Support for reciprocal UK-Japall igbts by perforniers and artists developing work foT a new illtemationzl collaboration project between Vanishing Point and KaDagawa Arts Theatre. June 2023 and March 2024. £15.000 Total Awards OVERALL Total £101 50 £263 150 39
The Daiwa Anglo-Japanege Foundation Notes to the financial statements (Continued) For the year ended 31 March 2023 17. Statement of Financial ActLVlties for the year ended 31 Mar¢h 2022 UllTestrictsd FuDds RtrIcted Fllllds TotHI Funds Totsl FU$ 31 March 2Q22 31 M%r£b 2021 Ineomt 136,425 136.425 215.573 Exptllditurt Cdsts ofvneratingfv Fund [llan9. ft¢5 (23,7691 Q3 J9011 (23,769} Scknlatships Gr8nlS. AwArd5 & Prizes Fvcnts 1462.1081 14232881 1335SQll 145,5081 11260,4051 1462,1081 142328SI 1619,0481 14042591 (274,9361 cultal Relaiions Totsj cbBritsbl¢ s1vItieS expendiivye 145.5D81 11,206.4051 11.341,3811 Tltsl txperLdllure 11.290.174) 11.290.174) 11 J64.7711 Net gainllloss) on investnl funds 1,737,L 2,140 1,739,744 9,131.959 NetlJLcomtllexptndiMrel 583W5 2.740 585,995 8,082,761 585,995 8,052,761 IY¢t 0veMentIO fullds 583255 2,740 37.036,SQ2 T•tsl furlts brtsught ffjrwArd 45,048,276 70,987 45,Il9263 45.1 L9263 Total fundb tarried fDrward 45,63L,531 73,727 45,705.258 All income and exp¢nditur¢ derive from wntinuing actLVlties. All re¢ognised gain5 arLd losses have been included in the Statement of Financial Activities. Statement of Fioancial Activities for the year ¢ndcd 31 March 2022 has been included to disclose the split between Unrestrict¢d and Restricted Funds. 40