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 Di￿tor 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 T￿￿ee ¢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¢ TrL￿eeS 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¢ T￿￿tee$ 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 TrL￿ee5 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 ¢X￿lence 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 r￿ed 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 prO￿otIng for the public benefit ¢ducation in the United
Kingdom or Jap&n, orrescar¢h into cultural, histori￿1, medical and scientific subjects andthe publi￿110n
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 Fo￿datiOn
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 g￿Edance 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 p￿￿oseS 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 fi￿dIng 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 te￿her 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 SCho￿rS￿lp
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 S￿denl 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 f￿st 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 Tn￿tee3 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 D￿de 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
al￿1versary 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 SUm￿eT 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 possi￿1¢ 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 Tn￿s, 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 Hay￿h1 (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' ￿SpOnsIbl11ti￿1 in respect of the Trustees, annual re￿rt 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 uKap￿RepUbliC 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 prep￿ed 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 M￿Ch 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 Prep￿ed in accordance with UK a￿oUntIng 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 Mat￿laIlY 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 r￿ordS. 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 0lnianage￿C11t 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 Aj￿O-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 si￿lficant de￿ee 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 ove￿Ide 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 reCo￿lSe 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 prep￿Illg 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 a￿ept 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 seCt￿n 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
xpe￿￿1￿1T¢
CostsofgenerahwffiwTds
Fund managers, fc
1224,ODDI
1224,0001
G3.7691
Chortiableaaryilies
sth01￿sh]ps
Gran4 AwaTth & Ptiz¢s
EveDts
cults￿41 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 recO￿lsed 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 ba￿k 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 N0ve￿ber 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 l￿d extcrnalaudit. legal advice fortrustees and costs associated wtth constitutional
and statutory requirements for example the cost of trustee meetings and preparing stat￿Ory 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 i￿posed 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 preP￿ing 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
reCo￿lsed 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
fi￿dIng 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 expendi1￿e for the year includes:
31 Ma￿h
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
Intangi￿le
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 a￿et investmellts
The Foundation's investment porfolio comprises the followin& which are shown below at a￿egate
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 f￿ancial 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 M￿ch
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 m￿lmu￿ 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 p￿10d 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
InSti￿tIonS
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 f￿￿ela1 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 w￿ProvidedfOT
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 n￿lga 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 S￿dents 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 Sha￿lSell
n￿terClasS at St Ignatius Collegt, a
state secondary school for 1,045 1 I to
18-year-olds in Enfield. aud the
perfornL2nce of uK.b￿ed 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
ManCh￿ter
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 p￿te￿CeS
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". G￿J1￿ Past
The Gate, due date 2023) on foreign
attempts to tske Ch￿ge 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-winll￿g
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 f￿st
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 SI￿posIUlll 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 tec1￿oI0gY 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-Tsun￿1 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 S￿aYIng 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
J￿On 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
consideri￿0 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) 4￿d 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 rehe￿salS 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 b￿bOuring 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 f￿ancial 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
R￿trIcted 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
cult￿al Relaiions
Totsj cbBritsbl¢ s￿1vItieS expendiivye
145.5D81
11,206.4051
11.341,3811
Tltsl txperLdllure
11.290.174)
11.290.174)
11 J64.7711
Net gainllloss) on investn￿l 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