The Daiwa Anglo-Japallese Foundation Financial Statements togetheT with Trustees. and independent auditor's reports For the year ended 31 March 2024 Registered Charity No.299955
The Daiwa Anglo-Japanese Foundation Referellce and admillistrative information Trustees (as at Mar¢h 312024) Sir Timothy Hitchens KCVO CMG, Chair Mr Takashi Hibino, Vice Chair Mr StepheTh Barber Mr John Charlton-jones Ms Yoko Dochi Mr Keiichi Hayashi Mr Yusuke Kawamura Professor Sachiko Kusukawa Ms Rebec¢a Salter PRA Professor Hirotaka Takeuchi Dr Victoria Tuke Ms Jessie Turnbull Professor Ssr Mark Walport FRS FRCP FRCPath Fmedsci FRSE Director Gelleral Mr Jason James OBE Registered office Daiwa Foundation Japan House 13114 Cornwall Terrace London NWI 4QP Charity Number 299955 Auditor5 Greenback Alan LLP Chartered Accountants and Registered Auditor 89 Spa Road London SE16 3SG Solieitors Clifford Chance 10 Upper Bank Street London EC14 4JJ Bankers Lloyds TSB Bank plc Clicapside Branch 34 Moorgate London EC2R 6PL Mizuho Bank Akasaka Branch Toho Building 2-5-1, Akasaka Minato-Ku Investment MaDagers BlackRock 12 Throgmorton Avenue London EC2N 2DL
The Daiwa Anglo-Japanese Foundation The Trustees psent their annual report on the &ctivities of the Daiwa Anglo-japanese Foundation ('%he Foundation"). The infornation on page 2 forms part of this report. Structure, Goveruanee and Management Th¢ Foundation was established with a benefaction from Daiwa Securities Co Ltd in 1988. It was constituted under a Trust Deed dated 16 August 1988 and is a registered charity, number 299955. The Tokyo office, which is fiilly consolidated into these accounts. operates as the Japanese brdnch of a UK ¢ompany. DaiwaNichiei Kikin Limited (Company Number 85 10540). This company is l 00 % 0ed by the Chair of the Daiwa Foundation, and its DItorS are the Managing Trustees of the Foundation, the Dire¢tor General, and the Director of the Tokyo otFice. The appointmenL retirement and management of the Board of Trustees are governed by guidelines detern)ined by Trustees and reviewed periodically. The maximum tenn of appointsnent is nornially 9 years. The power of appointing members, either by way ofreplacement oraddition, is vested in the Board of Trustees. Appointtnents should be by consensus. The induction process for any newly appointed Trustee ¢OTnprises meetings with the Chair. the Board and the Director General. Induction materials include a copy of the Foundation's Trust Deed, minutes of recent Tntee5, meetings, and Copies of the Annual Review and of relevant reports and papers relating to the Foundation's activities. The Dir¢¢tor General communicates to the Trustees any significant changes to legislation or reporting requirements that may be relevant to the Foundation. Meetings of the Board of Trustees are held twice a year and deal with matters of broad strategy and policy applying to the Foundation's programmes, finances and general management. A selection panel of UK TnJst¢es meets once a year to award Daiwa Scholarships. The Trustees authorise a subset of their number (the "Managing Trustees") to exercise closer scrutiny of thc day-to-day issues facing the Foundation, and in particular to authorise all grants mlde, and to exercise all or any of the other pow¢rs of the Trustees as specified in section 8.1 of the Trust Deed. During the year under review the Managing Trustees were Sir Timothy Hitchens, Mr Stephen Barber, Ms. Yoko Dochi, Professor Sachiko Kusukaw4 and Ms. Jessie Turnbull. The day-to-day administration of wts and scholarships is delegated to the Director General and staff of the Foundation. Management meetings between the Director General and the Manaoing Trustees are held at least three ttmes a year, to approve grants and to deal with other major areas of the Foundation's work. Key management personnel remuneration The Trustees consider the board of Trustees (in particular the Mallagin(F Trustees) and the Director General to be the key management personnel of the Foundation, in charge of directing and controllin& and running and operating the Foundation on a day-to-day basis. All Trustees give of their time freely and no trustee remuneration was paid in the year. Details of tntee expenses are disclosed in note 6 to the accounts. The pay of the Director General is reviewed annually by the Managing Trustees attd is nornially increased by a small increment each year, with reference to trends in average earnings 2nd inflation.
The Daiwa Anglo-Japanese Foundation Risk management The prin¢ipal risks fa¢ed by the Foundation lie in the performance of its investments and in shifts in the yen-sterling exchange rate. The size of the Foundation's annual budget is based on the Trustees, view of the likely long-tertn returns on thc pernianent endomment, considered on a total return basis. In arriving at this view, the Trustees place particular weight on the advicc of those Trustees. along with the Director General. who have professional experience of investment markets. Risks relating to the investment portfolio are mitigated by retaining professional investtnent managers and by holding & broadly diversified investment portfolio. The yen-sterling exchange rate represents a risk to thc Foundation for two major reasons. First, an olCe is maintained in Tokyo with three staff, r¢sulting in significant fixed costs denominated in yen. Secondly, the costs of the flagship Daiwa Scholarships programtne are mostly incurred in Japan, being the stipends paid io Scholars to cover their living exp¢nses, and oth¢r costs of the programme, most notably fees paid to Japanese language schools. The Foundation mitigates this risk by buying yen in advan¢¢ to cover a portion of futur¢ liabilities. The Foundation also fa¢¢s the risk that its programmes may prove ineffective in their objective of advancing the education of British citizens about Japan, and vice versa. In order to prevent this from happening, all prograEnmes are regularl), reviewed by Trustees as to their effectiveness, and programmes are from tim¢ to time discontinued and new ones introduced. The Managing Trustees in particular exercise ¢loser scrutiny of the day-to-day issues facing the Foundation to ensure that its resources are spent effectively in support of the Foundation's overall objectives. The Foundation's objects #Dd poivers The objects of the Foundation as st&ted in the Trust Deed are as follows.. (a) The advancement of the education of the citizens of the Unit¢d Kingdom and the citizens of Japan in each other's institutions, business organis&tions, economy? ¢ulture, heritage, history, language, literature, art, music, and medical and scientific achievements. (b} Tlie award of scholarships or maintenance allowances to enable students and acad¢mics at schools, colleges and universities in the United Kingdom or Japan to travel abroad to pursue their edu¢ation. (c) To make grnnts to institutions having exclusively charitable objectives according to the law of England and Wales which are engaged in promoting for the public benefst cducation in the Unitrd Kingdom or Japan, or research into cultural, hÉstorical, medi¢al and scientific subj¢¢ts and the publication of the useful results of all such resear¢h. In furtherance of these objects, the Trustees have pow¢rs'. (a) To establish a cultural celltre in the United Kingdom. (b) To organise or sponsor for the public benefit courses, conferen¢es, lectures, scminars, dtscussion groups, exhibitions, concerts, plays, film shows and readings. (c) To provide for the benefit of the publÉe tt library, reading rots, or other facilities for study. (d) To do such things as shall further tbe foregoing objects or any of them. The Foundation's headquarters are at Daiwa Foundation Japan House, 13114 Cornwall Terra¢e, London NWI 4QP, a five-storey Regency house overlooking Regent's Park. The facilities include exhibition
The Daiwa Anglo-Japanese Foundation rooms, seminar and meeting rooms 2nd a lectyre room. The Tokyo oEYice is located in Room 103 of the Bancho Buildin& Goban-cho 12-1, Chiyoda-kw Tokyo 102-0076. Review of activities The Trustees confirm that they have referred to the .(Fuidance contained in the Chartty Commission's general guidance on public benefit when reviewing the Foundation's objectives for the year and in planning future charitable activities. To further its charitable purposes for the public benefit, the objectives ofthe Foundation are achieved by means of the following four main areas of activity.. l. Scbolarships A brief description of the four scholarship prograrnmes offered by the Foundation follows, focussing on activity during the year under review. More details of these programmes, including application fonns for the first two, are available on the Foundation's website. Daiwa Scholarships Established in 1991, the Daiwa Scholarship programme is aimed at future leaders in their fields who are given the opportunity to spend a 19-month period in Japan undertaking 12 months of intensive Japanese lan(yuage study, a l-month home stay, and a 6-month work placement. Since 2015. the programme has also included an additional one month of Japanese language training in the UK before departlwe for Japan. The programme attracts highly-qua]ified applicants from a variety of academic and professional fields. The number of Scholarships offered each year has varied between five and ten, but in the year under review there was an unusually large number of Daiwa Scholars on the programme, because covtD-related restrictions meant that those chosen in 2020 and 2021 were not able to travel to Japan until 2022. Two of the 2020 Scholars started the programme earlier in the year, but the remaining 17 2020-2022 Scholars all travelled to Japan in Septsmber 2022 and lUated in March 2024. A further 7 Scholarships were offered in Moreh 2023, with these Scholars starting in Japan in September 2023. Six Scholarships were then offered in March 2024. though one of these has been deferred for a year at the request of the recipient. The selection process includes a preliminary assessment of applications by the Director General and Foundation staff. first-round interviews of long-listed candidates by the Director General and two external assessors, an interim lunch and alumni forum at Daiwa Foundation Japan House, and final intsrviews by a selection panel of UK-ba5ed Trystees. The total number of alumni (including a small number who did not wmplete the full progralljme) is 212. The Daiwa Scholars Alumni Association plays an ongoing role in support of the recruittnent and briefing of new Daiwa Scholars and in creating opportunities for networking rO$S the year groups. The recruitment of new Scholars is nornially facilitat¢d by the Foundation's website. university milk round visits and the involvement of the Daiwa Scholars Alumni Asso¢iation in other awareness-raising activities. Daiwa Scholarships in Japanese Studies This scholarship scheme, enabled by generous additional fLmdin(F from the Daiwa Securities Group, was launched in May 2015 to provide full funding for postgraduate students of Japanese Studies on courses in either Japan or the UK. Applicants must be British citizens who are holders of a degree in Japanese Studies, defined as a course focusing primarily on the study of Japan and contsining a substantial Japanese language component.
The Daiwa Anglo-Japanese Foundation The ndIng provided by Daiwa Securities has now reached the end of its agre¢d tem. it continues to apply to scholars selected during the agreed period, whom it will cover until th¢ s¢h¢duled end of their Courses. New scholars under this scheme from 2023 onwards will be funded from the Foundation's own resources, and as a result the size of the scheme is expected to b¢ smaller than it has been. Three new scholarships under this programme were awarded in March 2024, bringing the total number of scholars to31. Harold Bell Scholarship The Foundation took on this scholarship scheme when the Harold Bell Scholarship Trust was wound up in 2015. The s¢bolarsbip is intended to run every other summer, and pays for one Japanese teacher of English to take teachertraining courses at the Bell School of English in Cambridge. Because of a shortage of eligible ¢andidates, this scholarship was not awardcd in 2023. Cambridge Trllst Scholarship This scheme is run in collaboration with Cambridge Trust, a charity associated with Cambridge University, with costs shared 50=50. It pays full fces 8nd a stipend for a Japanese student taking a onc- year Mter'S course at Cambridge. In the year under review, a Japanese student on the s¢heme completed an MPhil in Politics and International Studies at Trinity Colle8e in thc autumn of 2023. The Scholarship was not awarded for the a¢ad¢mic year 2023-24. 2. Grants, Awards and Prizes Grant-giving during the year was carried out via the following two prograrnmes= Daiwa Foundation Small Grant5 ar¢ available from £2.000-£9,000 to individuals, societies, associations or other bodies in the UK or Japan to promote and support interaction between the two Countries. They Can cover all fields of activity, including educational and grassroots exchanges, research travel, the organisation of Conferences, exhibitions, and oth¢r projects and events th&1 fulfil this broad pump- priming objective. N¢w initiatives are especially encouTaged. Daiwa Foundation Awards are available from £9,000-£15,000 for collaborative projects thal enable British and Japanese parterS to work together, preferably within the ¢ontext of an institutional relationship. In 2023124, the Trustees approved Stnall Grants and Awards to a total of £260, 150 (2022123: £263,150)- Grants were allocated for a wide range of arts and humanities, social science and scientific projects, as wcll as for educational and cultural exchanges beN'een the UK and Japan. Given that a large proportion of grants awarded involve flights between the UK and Japan, the Trustecs have recently decided that a carbon offsetting payment of £50 should be made for each return flight involved. As at the end of March 2024, the accrued balance of these paytnents is £3,250,. work is ongoing to identify &n appropriate Japan- related environmental proj¢ct to which these monies will b¢ donated. A ¢ommittee structure is in place for assessing applications for Daiwa Foundation Small Grants and Daiwa Foundation Awards submitted to the Foundation's otyicts in London and Tokyo. Recommendations are then submitted to the Managing Trustees for further discussion and approval on behalf of the Board of Trust¢¢s. Details of deadlines and criteria for Grants, Awards and Prizes, together with the relevant appli¢ation fornis and guidelines, are available on the Foundation's websil¢.
The Daiwa Anglo-Japanese Foundation 3. Events The Foundation's programme of events, whi¢h are mostly held in the UK r¢flects its wider objectiV¢S ill supporting the ongoing exchange of infonnation and ideas between Britain and Japan. Online events started of necessity during the period of the COVID pandemic, and turned out to have som¢ advantages, including the ability to involve speakers and other participants from Japan. During the pandemi¢ period, the Foundation also began holding some Japanese-lallguage events aimed at increasing understanding of the UK in Japan. During the year under review there was a mixture of on-line and in-person events. including seminars and lectures on aspects of contemporary Japan, as well as book launches. The Foundation also has an art gallery at its London headquarters and holds regular exhibitions by contemporary artists from Jap2n. The 2023 annual seminar series took Innovotion as its theme. Under this headino we asked speakers to consider innovative approaches to a variety of challen(Fes, including th¢ development of space, declining birth rates, immigration and (Fender tnequality. Details of seminar proceedings are made available on- line via the Foundation's website. The Foundation also presents a wide variety of other lectures. Our event about the Johnny Kitagawa scandal, featuring a screening and discussion of the BBC'S documentary on the subject, ldded to the pressure force this topic into the open in Japan. We discussed the little-noticed trend of increasin(F emigration overseas by Japanese nationals, supply chain vulnerabilities in the global semiconductor industy, priorities in the international development sector, and th¢ role of Olympic volunteers, as well &s newly emerging subjects like the war in Ukraine and its implications for energy security, and the war in Gaza. There was also a fascinating discussion of Japan's growinu mle in the world of horse racin& and a discussion (involving several Japanese blacksmiths) about high_quality Japanese knives. Our gallery presented exhtbitions by Aki Inomat4 who 'co-creates' artWOTks with otheT species including pearly oysters, hemiit crabs and bagwonns, by the Ainu woodcarver and artist Bikky Sun2zaw4 by Sumi Kan8nw4 who Creates large-s¢ale 'ni(Fht skies, out of old newspapers with most of the news carefully erased in thick black pencil, and by Maya Erin Masud4 whose ¢oncerns focus on the polluting effects of nuclear accidents on the earth's environment and on the humans and animals living in it. We also hosted a variety of talks by other Japanese artists and aeross a range of fields. One highlight ofthe event programme was the Daiwa Ichiban Lkctur¢. givell in Tokyo by Gregory Doran (now Sir Gregory Doran) at the residence of British Ambassador Julia Longbottom CMG. He gave a fascinating talk about Shakespeare's First Folio, which was celebrating its 400 anniversary, and took the opportunity to visit several copies of it held in Japan while he was there. Book launches and associated lectures have been a regular featrre of the programme? providing support for academic authors and publishers, and a vehicle for widening access to new research publications on Japan. The facilities of Daiwa Foundation Japan House are also made available to various Japan-related associations and clubs for educational and Culra1 putTroses- regular users include the Japan Society (whose offices are located on the Foundation's top floor), Japanese community groups and educational groups teaching subjects including ikebana (Japanese flower arranging) and Japanese language. 4. Cultural Relations As one of the Igest UK chaTities acting to support and enhance understanding between Britain and Japan, the Foundation's role extends beyond its specific funding and events programmes. It works in close association with edu¢ational and Culra1 bodies in the UK Japan and with Japan-related agencies, organisations and foundations to facilitste links between the two countries. The Foundation is represented on various external committees and provides inforn)ation and advice on the development of Anglo-Japan¢se projects and initiatives. Through direct participation in meetings, seminars and
The Daiwa Anglo-Japanese Foundation conferences, it actively ¢ontributes to developing and fostering exchange activities and cultural links at all levels. It is in this context that the Director General is a member of the UK-Japan 21st Century Group and mailltains links with Japanese departments at UK universities and with the British Association of Japanese Studies and similar bodies. He also gives presentations from time to time on UK-Japan related topi¢s to universities, schools and other organisations in both countries. Financial Review Financial result for the year As can b¢ seen from the main body of the ac¢ounts, the Foundation had total cxpenditure of £1,926,354 (2022123.. £2,010,155) for the year. The last two years have both seen an unusually high level of expenditure, reflecting the large nutnber of Daiwa Scholars on the PrOa[nMe once Japan re-opened its borders after COVtD. The Foundation recorded a nct gain on fi]nds under man&g¢ment of £3,293,105 (2022123.. £396,220), meaning that the overall financial result swung from a loss to a gain. The net movement in funds has been added to the accumulated fund in the balance sheet. As ¢an be seen in Note I I, the Foundation disposed during the year of its holding of the BlackRock Absolut¢ Return Bond Fund, switching into a simpler cash fund to take advantage of high sterling interest rates during the period. Since the Absolute Return fuiid charged relatively high management fees, this switch resulted in a declinc in fund management fees paid during the period. An additional factor pushing up fund management charges in the prior year was the costs of gWlt¢hing the Foundation's equity investments from straightforward index funds into funds with a fo¢us on sustainability ('ESG' funds). Financial statements In drawing up the financial statements, the Foundation has complied with the Statement of Recotntn¢nded Practice applicable to charities pr¢paring accounts in accordance with FRS102. The Trustees are satisfied that the financial statements comply with current statutory requirements and with the requirements of the Found&tion's Trust Deed. Following approval of the financial statements, copies will be filed with the Charity Commission. Investment activities The Trustees confirn) that the Foundation's investments are held and managed in accordance with the Trustees, powers as set out in section 4 of tlie Trust Deed. In accordance with section 4.1.4 of the Trust Deed, the Trustees have delegated the dis¢r¢tionary management of the Foundatloll's funds to BlackRock. The Foundation's funds are managed with the objectives of protecting the valuc of the original benefactions in real terms and generating sufficient return to support the Foundation's purpos¢. Reserves poliey It is the intention of the Trustees to maintain the accumulated funds at an amount that will generate sufficient funds to meet a regular level of grants and other itetns of cxpenditure. In practice, this means that the infiation-adjusted value of the original benefactions is periodically ¢al¢ulated and compared with the value of the accumulated funds. Any adjustments in ¢xpenditure are based on maintaining thig inflation-adjusted value, except that following the Tohoku Earthquake in March 2011, the Trustees agreed to make available £250,000 for the Daiwa Tohoku Scholarships programme, to be spent out of the Foundation's reserves rather than tsken from the ongoing budget. At the end of the 2023124 financial ycar, the Foundation's net assets of £46.2m (2022123.. £44.3m) were 120/0 below (2022123.. 130/0 below) th¢ value of the original benefactions in real temis and would be I lQ/o below if the spending on the Daiwa Tohoku Scholarships had not taken Ple.
The Daiwa Anglo-Japanese Foundation Staff alld administration There are currently six full-time members 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 Once again, the Trustees of th¢ Foundation acknowledge with .oratitude the generous support of Daiwa Securities Group Inc. and Daiwa Capital Markets Europe Limited ill respect of Certain overhead and other expenditures in Tokyo and London, as well as in the provision of additional ndin(l to support the Daiwa Scholarships in Japanese Studies. Fixed Sets Infomiation relating to tangible and intangible assets is given in notes 9 and 10 to the f]nancial statements. Auditor The Trustees who held office at the dat¢ of approval of this Trustees, report confinn thaL so far as they are each aware, there is no relevant audit information of which the Charity's auditor is unaware and the Trustees have taken all the steps that they ought to have taken as Trustees to make themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that infortnation. A resolution to appoint Greenback Alan LLP as auditor for the ensuing year is to be proposed at the winter meeting of the Trnstees. Trustees T.he Trustees who served during the year were.. Sir Timothy Hitchens KCVO CMG, Chair Mr Takashi Hibino, Vtce Chair (retired 21 June 2024) Mr Stephen Barber (retired 21 June 2024) Mr John Charlton-Jones (appointed 24 November 2023) Ms Yoko Doehi Mr Keiichi Hayashi Mr Yusuke Kawamura Professor Sachiko Kusukawa Ms Rebecca Salter PRA Professor Hirotska Takeuchi Dr Victoria Tuke Ms Jessie Turnbull Professor Sir Mark Walport FRS FRCP FRCPath Fmedsci FRSE Statement of Trustees, respollsibilities in respect ofthe Trustees, annual report and the financial statements Under the trust deed and charity law, the trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with appli¢able law and regulations. The trustees have elected to prepare the financial statements in accordance with FRS 102 The Fin(7ncial Reportiplg Siandardapplicable in the UKandRepublic ofIreland.
The Daiwa Anglo-Japanese Foundation The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the ex¢ess of expenditure over income for that period. In preparing these fancial statements, generally aceepted accounting practi¢e entails that the trust¢¢s: select suitable accounting policies and then apply them consistently- tnake judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards and the Statement of Recommended Practice have been followed, subject to any material departures disclosed and explained in the fmancial statements. state whether the financial statctnents comply with the trust deed, subject to any material departures disclosed and explained in the fknancial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are required to aet in a¢¢ordance with the tnt deed of the charity, within the framework of trust law. They are responsible for keeping proper accounting r¢¢ords, sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time, and to cnable the trustees to ensure diat, where any statements of accounts are prepared by them under section 132(1) of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the ¢harity and to prevent and detect fraud and other irregularities. Authority is entrusted and delegated to the Mmaging Trustees, Sir Timothy Hitchens, Mr Stephen Barber, Ms Yoko Dochi, Professor Sachiko Kusukawa, and M5 Jessie Tumbull, to exercise all or any of the powers of the Trustees as specified in section 8.1 of th¢ Trust Deed. Signed oll behaifof the Trustees Sir Timothy Hitchens KCVO CMG Chair Daiwa Foundation Japan House 13114 Cornwall Terrace London NWI 4QP 22 November 2024 10
The Daiwa Anglo-Japallese Foundation Independent auditor's report to the Trustee$ of The Daiwa Anglo-Japanese Fovndation Opinion We have audited the financial statements of the Daiwa Anglo-Japanese Foundation ('kne charity") for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Balance Sheel and related notes, including the accounting policies in note l. In our opinion the fmancial statements- give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its ineomin(y resources 2nd application of resources for the year then ended. have been properly preped in accordance with UK accounting standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Irelalld. and have been properly prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We have been appointed as auditor under section 145 ofthe Charities Act 2011 (or its predecessors) and report in accordance with regulations made under section 154 of that Act. We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs IUK),) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the charity in accordance with, UK ethical requirements includin(F the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Going concern We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a pcriod of at least a year from the date of approval of the financial statements ('%he going concern period"). In our evaluation we considered the inherent risks to the charity's operations and analysed how these risks might affectthe charity's financial resources, or ability to continue its operations over the going concern period. We have nothin(F to report in these respects. However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judoements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditovs report is not a guarantee that the charity will continue in operation. Other inforniation The Trustees are responsible for the other inforniation. which comprises the Trustees, Annual Report. Our opinion on the financial statements does not cover the other inforniation and, a¢¢oTdingly, we do not express an audit opinion or, except as explicitly stated below, any forni of assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing so, consider Nadher, based on our financial statements audit worl the inforniation therein is materially misstated or inconsistent with the financial Statements or our audit knowledge. We are required to report to you if: b&sed solely on that work, we have identified materiaI misstatements in the other inforniation. or in our opinion, the information given in the Trustees, Annual Report is inconsistent in any material respect with the flljancial statements. We hav¢ nothing to report in these respects.
The Daiwa AJLglo-Japanese Foundation Matters oll whieh we are required to report by exteptlOD Under the Charities Act 2011 we are required to report to you if, in our opinion.. the charity has not kept sutficient accounting r¢cords; the financial statements are not in &greement with the accounting records. or we have not received all the infomation and explanations we require for our audit. We have nothing to report in these respects. Trll$tees' responsibilities As explained more fully in their statement set out on page 9, the Trustees are responsible for.. the preparation of finaneial statements which give a truc and fair view. They are also responsible for.. such internal control as they deterIne is necessary to enable the preparation of financial statcmcnts that are free from material misstatement, whether due to fraud or error. assessing the ¢harity's ability to continue as a going concern, disclosing, applicable, matters related to going concern,. and using the going concern basis of accounting unless they either intend to liquidate th¢ ¢harity or to cee operations, or have no realistic alternative but to do so. Auditor's responsibilities Our objectives are to obtain r¢asonable assurance about whether the financial statements as a whole are fr¢¢ from material misstatement, whethcr due to fraud or error, and to issue our opinion in an auditor's report. Reasonable assurance is a high level of assurance, but does not guarantee tliat an audit conducted in a¢¢ordance with ISAS (UK) will always del¢ct a material misstatement when it exists. Misstatements can arise from fraud or em)r and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regul&tions. We design procedures in line with our responsibilities. outlined above, to det¢ct material misstatements in respect of irregularities, including fraud. The ¢xt¢nt to which our pro¢edures are capable of detecting irregularities, including fraud is detailed below.. We obtained a general understanding of the charitable foundation's legal and regulatory framework through ¢nquiry of management concerning.. their understanding of relevant laws and regulations; the entity'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 charitable foundation's objectives and regulation. We understand that the charitable foundation complies with the framework through having in pla¢e robust procedures and policies and by outsourcing and taking external professional legal, and ac¢ounting advice on relevant specialist functions and areas including the preparation of financial statements. In the context of the audit, we considered those laws and regulations: which determine the forni and ¢ontent of the financial statements. which are central to the charitable foundation's ability to conduct its activities- and where failure to comply could result in material penalties. We identified the following law5 and regulations as being of significance in the context of the entity.. 12
The Daiwa Anglo-Japanese Foundation The Charities SORP IFRS 102}, the Charities Act 2011. The senior statutory auditor led a discussion with all members of the engagement team regarding the susceptibility of the entity's fInancial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were: Manipulation or error in income recognition leading to overststement of income (and debtors) to inflate the amounts of funds carried forward. Manipulation or error in expenditure leading to over or under-ststement of charitable activities expenditure, resulting in over.or under statement of funds cgJried forward. Manipulation or eor in raising accruals and provisions for costs incurred but not invoiced before the balance sheet dats that often entail a significant degree ofjudgment; The procedures we carried otlt to gain sufficient appropriate audit evidence in the above areas included.. Identifying and assessing the design effectivelless of controls management has in place to prevent and detect fraud and error, Understandin(r the potential for override ofthese controls on the financial reporting process, and how those charged with governance address these override potentials. Performing substantive testing on appropriate samples, and investigating any discrepancies identified- Documenting the assumptions and judgements made by management in their significant accounting estimates and challenging these with management; Identifying and testing journal entries, in particular those around the year-end, and involving unusual postings, account combinations, or amounts- Overall, the senior StatOry auditor was satisfied that th¢ engagement team collectively had the appropriate competence and capabllities to identify or recOlse irregularities. In particular, the senior statutory auditor has a number of years, experience in dealing with charitable entities, and preparing accounts under the Charities SORP (FRS 102). A fuller description of our responsibilities is provided on the FRC'S website at www.fr¢.org.uklauditorsresponsibilities. 13
The Daiwa Anglo-Japanese Foundation THE PURPOSE OF OUR AUDIT WORK AND TO IVHOM WE OWE OUR RESPONSIBILITIES This report is made solely to the charity's Trustee5 as a body, in accordance with section 145 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that A¢t. Our audit work has been und¢rtaken so that we might state to the charity's Trustces those matters w¢ are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charity and its Trustees as a bodyy for our audit work, for this report, or for the opinions we have fornied. Jon Fisher for and on behalf of Greenback Alall LLP, Ststutory Auditor Chartered Accountants 89 Spa Road London SEI6 3SG 22 November 2024 Greenback Alan LLP is eligible lo act as an auditor in terms of sgction 1272 of the Companies Act 2006. 14
The Daiwa Anglo-Japanese Foundation
Statement of Financial Activities For the year ended 31 March 2024
| Notes Income 3 Expenditure Costs of generating funds Fund managers’ fees Charitable activities Scholarships Grants, Awards & Prizes 16 Events Cultural Relations Total charitable activities expenditure 5 Total expenditure Net gain/(loss) on investment funds 11 Net Income/(expenditure) Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted Funds Restricted Funds Total Funds 31 March 2024 £ £ £ 622,803 867 623,670 (64,735) - (64,735) (945,258) - (945,258) (439,125) - (439,125) (417,689) - (417,689) (59,547) - (59,547) (1,861,619) - (1,861,619) (1,926,354) - (1,926,354) 3,287,522 5,583 3,293,105 1,983,971 6,450 1,990,421 1,983,971 6,450 1,990,421 44,209,243 74,411 44,283,654 46,193,214 80,861 46,274,075 |
Total Funds 31 March 2023 £ 192,331 |
|---|---|---|
| (224,000) (963,024) (436,078) (338,756) (48,297) |
||
| (1,786,155) | ||
| (2,010,155) | ||
| 396,220 | ||
| (1,421,604) | ||
| (1,421,604) | ||
| 45,705,258 | ||
| 44,283,654 |
All income and expenditure derive from continuing activities. All recognised gains and losses have been included in the Statement of Financial Activities.
15
The Daiwa Anglo-Japanese Foundation Balance Sheet As at 31 March 2024 Unre5tricttd Funds RE$tritted Fllnds Totsl Fllnd5 T4ktal Funds 31 March 2024 31 MArch ZQ23 Not¢5 Filed i$$ets Tanlble assets 167,754 167,754 164,386 Intangible ets Investtnents 45,364,520 80,539 45,445,059 43.705.178 45.532274 80.539 45.612.813 43.869,564 Current a¢¢$ Dcbtors 12 113,884 718.8i9 832,743 113,884 131.470 595.348 C3sh At bank 3nd hand 13 322 322 833.065 726.818 Creditors.. amounts tsllitig du¢ withiD one ye 14 Nei currellt a55et5 660,940 322 661,262 414,090 Net ll55Ets 46.193.214 80.861 46,274.075 44,283.654 Funds ofthe F•uttdation liestricted incorne funds 80.861 80.861 46,193314 Untestritkd income funds 46,193214 44,209,243 Totyl Fllnds 46.193.214 80.861 46,274.075 44,283.654 The financial stttem¢nts set out on pages 15 to 43 were approved by the Trustees on 22 November 2024 and have been signed on their behalf by.. Sir Timothy Hitchens KCVO CMG Chair D&iwa Foundation Japan House 13114 Cornwall Terrace London NWI 4QP 22 November 2024 16
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 Accounting polieies A summary of the principal accounting policies of the Foundation is set out below. Except where indicated, they have been applied consistently throughout the year and the preceding year. a) Basis of preparation and assessment of goillg concern The financial statements have been prepared under the historical Cost convention &s modified by the revaluation of investments and in accordance with the Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019 and the Charities Act 2011. The trust constitutes a public benefit entity &5 defined by FRS 102. The trustees considerthat there are no uncertainties about the Foundation's ability to ¢ontinue as a going concmj as the Foundation has investments greatly in excess of committed grants or any other liabilities. b) Governance costs Governance costs are the costs associated with the governance arrangements of the Foundation. These costs include internal and external audit, legal advice for trustees and costs associated with constitutional and statutory requirementy for example the cost of trustee meetings and preparing statutory accounts. e) Donations Donations are ineluded in the Statement of Financial Activities on a receivable basis when their receipt is ensured. d) Investment ineome Coupon illcome and bank interest are included in the Statement of Financial Activities on an accnjals basis. Dividends are reco.(mised on the b&sis of the due date for pallent and are grossed up for the amount of any taxation recoverabl¢. e) Grants and Seho12rships Grants are included in the Statement of Financial Activiti¢s as soon as they have been approved by the Trustees. Scholarships are included in the Ststement of Financial Activities, reflecting tbe timin<r of expenditure over the Scholarship period. fj Expe)Jditure Expenditure is included in the Statement of Financial Activities on an accruals basis and has been allocated to the particular activity where the costs relate directly to that activity. Overhead and support Costs not directly attributable to particular activities are apportioned over the relevant categories on the basis of management estimates of staff time spent on that activity. Irrecoverable VAT is included within the relevant expenditure heading. Contributions to employees, individual persollal pension schemes are charged in the Statement of Financial Activities in the year in which they fall due. 17
The Daiwa Anglo-Japanese Foundation Notes to the fsnancial statements (continued} For the year ended 31 March 2024 g) Tallgible and Intallgible Fixed assets Tangible and Intangible fixed assets ar¢ stated at cost less accumulated d¢pr¢ciation subject to an annual review for impairtncnt. Depreciation is provided on thes¢ assets at rates cal¢ulated to write off the ¢ost, less estimated residual value, of each asset on a straight-line basis over its expe¢ted useful life, as follows.. A3sei type Depreciationperiod Leasehold premium Offi¢¢ equipment & fixtures Office furniture to 2078 3-10 years 5-10 years All fixed assets regardless of value are ¢&pitalised on acquisition. b) Investments Investments are ststed at market value and any realised and unr¢alis¢d gains and losses are included in the Ststement of Financial Activities. i) Taxatio The Daiwa Anglo-Japanese Foundation is considered to be a charity for tax purposes and therefore benefits from exemption5 from taxation on its income and gains falling within Sections 518 to 537 of the Income Tax 2007, Scctions 466 to 477 of the Corporation Tax Act 2010, or Se¢tion 256 of the TtIOn of Chargeable Gains A¢t 1992, to the extent that they are applied to its charitable objectives. j) Fulld Structure Restricted funds are thosc whi¢h are to be used in accordan¢¢ with specific restrictions imposed by the donor or trust deed. There is i single restricted fund, th¢ Harold Bell Scholarship Trust fund, restricted to funding scholarships for Japanese High-school English teachers to attend a course in English Teaching at the Bell School in Cambridgc. Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objectives. k) Cash flow statement In accordancc with exemptions granted under FRSI 02 the Foundation is exempt from preparing a cash flow statcment on the grounds of size. l) Foreign Currency Translation The Foundation's functional and presentational currency is GBP. Transactions and balances. Foreign currency transactions are translated into the functional eurrency using the spot exchange rates at the date of transactions. At each period end foreign currency monetary items are translated using the closing rate. 18
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchan(re of nonetary assets and liabilities denominated in foreign Currencies are recognised in the statement of financial activities. Trust deed The Foundation w&8 set up under a Trust Deed dated 16 August 1988 between Daiwa Securities Group In¢. and the original Trustees. The Foundation has been entered in the Central Register of Charities by the Charity Commissioners pursuant to the Charities Act 1960. as Charity number 299955. Income 31 M2rch 2024 31 M2rch 2023 Unrestricted Income Incom¢ from investsnents Other interest receivable Voluntary contributions and centre for visiting academics illcome Rentsl inwme (from Japan Society) 2,391 27,901 129,651 32,340 192.283 512,780 77,683 32,340 622,803 Restricted Income Income from investment5 867 48 Total 623.670 192,331 There is a single restricted nd in the forni of a donation from the Harold'Bell Scholarship Trust fund. This donation is restricted to funding scholarships for Japanese High School English teachers to attend a course in English Teaching at the Bell School in Cambridge. 19
The Daiwa Anglo-Japanese Foundation Not¢s to the fancial statements (continued) For the year ended 31 March 2024 Allocation of Support & Goverllxnee costs Scholar- ships Grdnts, Awards & Priz¢s Events Cultural Relatiojjs 31 March 2024 31 Mareh 2023 Depreciation 6.137 5,796 8,070 909 20,912 19,786 tnaintrnance d repaiTS Personnel (non- GoveTn8nce) 23,056 23,056 48,274 4.323 98.709 86,568 124,335 117,509 190.954 41,292 474,090 452,018 Other administration expenses GoveTnance costs (note 61 57,807 52.858 51.668 7,334 169.667 115,435 38,401 36.267 50.490 5.689 130,847 64.903 249,736 235,486 349.456 59,547 894,225 738,710 Support costs are apportioned across charitable activities on the basis of staff titne expended. Charitable aetivities expenditure Activities undertaken directly Grani funding of activities Support & Governance costs 31 Mareh 2024 31 March 2023 Scholarships 695,522 249,736 945,258 963,024 Grants, Awards & Prizes 203,639 235,486 439,125 436,078 Events 68,233 349,456 417,689 338,756 Cultural Relations 59,547 59,547 48,297 68,233 899,161 894,225 1,861,619 1,786,155 20
The Daiwa Anglo-Japanese Foundation Notes to the financi21 ststements (coutinued) For the year ended 31 March 2024 Governance eosts 31 March 2024 31 Mar¢h 2023 Personnel 37,392 80,641 12.814 38.319 16,024 10,560 Truste¢s' expenses Audit fee 130,847 64,903 Trustees, expenditure includes travel and entertainment expenses of £80,641 to all Trustees (2023: £16.024 to all) associated with Foundation tneetinos in London and Tokyo. Trustees, meetings are nornially held in London fvice a year, with one Trnstee from Japan representing all Japan-based Trustees. Personnel costs shown above represent those personnel ¢osts deemed to be related to administration ratherthan the direct charitsble activities ofthe Foundation. External audit fees, exclusive of irrecoverable VAT, were £12,814 for the statutory audiL with no other additional work being undertaken. Net income/(expenditure) Net expenditure for the year includes.. 31 March 2024 31 March 2023 Depreciation (see note 9 & 10) Staff costs (see note 8) Auditors, remuneration for the audit of th¢se financial ststements 20,912 511,484 12,814 19,786 490,339 10,560 Staff Costs The average monthly number of full-time equivalent persons employed by the Foundation during the year was 8 (2023.. 10). Their aggregate remuneration comprised: 31 March 2024 31 March 2023 Wages and salaries Social security costs Pension contributions 442,405 40,423 28,656 511,484 414,852 33,452 42,035 490,339 21
The Daiwa Anglo-japanese Foundation Notes to the financial statements (continued) For the year cnd¢d 31 March 2024 The Foundation considers its key management personnel comprise the Trustees and the Director General. The total emoluments of the key management personnel were £117,266 (2023= £112,355). AII Trustees give of their time freely and no trustee remuncration paid in the year. The ranges of employees, emoluments (wages, salaries and pensions) over £60,000 were as follows: 31 Mar¢h 2024 31 March 2023 £110,000 - £120,000 £60,000 - £11 0,000 The Foundation does not op¢rdte a pension scheme. The pension costs for the year represent contributions made by the Foundation towards employees, individual personal pension schemes, of which £8,334 (2023.. £7,953) constitutes an allowance in lieu of pension contributions for the highest- paid employee. All aspects of the employees, pension arrangements including governaTLce, communication and the scheme design are fully compliant with automatic enroltnent. Tangible assets otrice equipment & fixtures Total Tangible assets Leasehold premium Office fijrniture Cost Beginning of y¢ar Additions 799,339 166,672 24,280 (1,199) 189,753 195,456 1,161,467 24,280 (1,199) 1,184,548 Disposals End of y¢ar 799,339 195,456 Depreciation Beginning of year Charge Disposals End of y¢ar 715,634 1,526 100,827 15,730 (1,199) 115,358 180,620 3,656 997,081 20,912 (1,199) 1,016,794 717.160 184,276 Net book value At l April 2023 83,705 65,845 14,836 164,386 At 31 March 2024 82,179 74,395 11,179 167,754 All assets are held for charitable purposes. 22
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 10. Intangible assets Total Intangible assets Software Cost Beginning of year Additions Disposals End of year 14.658 14,658 14,658 14,658 Depreciation Beginning of ye8r Charge Disposals End of year 14,658 14,658 14,658 14,658 Net book value At l April 2023 At 31 March 2024 All assets are held for charitable purposes. 11. Fixed asset investments The Foundation's investment portfolio comprises the following, which are shown below at aggregate market value and cost.. Valuation Valuation Cost Cost 31 March 2024 31 March 2023 31 Trlarch 2024 31 March 2023 Investsnent fuT)ds= UK investments Mixed UK]Overseas Overseas securities Subtotal investments Cash portfolio 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 29,386,431 29,386,431 16,058,628 45,445,059 24,607,454 24,607,454 15,520,681 40,128.135
The Daiwa Anglo-Japanese Foundation Notes to the financial ststements (continued) For the year ended 31 March 2024 11. Fixed asset investments {continued) The movement on the balance sheet value of investments is analysed as follows.. 31 March 2024 31 March 2023 Market value brought forward at l April Additions at cost 43,705,178 45,703,062 16,806,266 31,572,705 (18,806,267) (33,772,706) 511,512 29,897 (64,735) (224,000) 3,293,105 396,220 45,445,059 43,705,178 Disposal proceeds Dividend & interest reinvestment Fund managers'fees Net (lossygain in the year Market value carried fonvard at 31 March Funds under management are as follows: Market Value 31 March 2024 31 March 2023 BlackRock 45,445,059 45,445,059 43,705,178 43,705,178 Investments, including those whose market value represents tllore than 50/0 of the total market value of the Foundation's invcstment portfolio are ag follows.. 31 March 2024 31 March 2023 Bla¢kRock Rtn Bond Fund ISFL4RES MSCI EUROPE ENFL4 EUR A ISHARES MSCI EM ESG Enhanced USD A ISHARES MSCI Japan ESG Enhanced USD A ISHARES MSCI USA ESG Enhanced USD A ISHARES MSCI Europe ESG Enhan¢ed USD A Cash portfolio Market value carried forward at 31 March 17,122,521 11,581.889 7,367,632 3,069,500 7,367,409 6,317,566 2,685.071 6,502,336 10,321,030 756,654 4J,705,178 16,058,629 45,445,059 24
The Daiwa Anglo-JapaDese Foundation Notes to the financial statements (continued) For the year ended J l March 2024 12. Debtors 31 March 2024 31 March 2023 Other debtors Pre-paid expenses 7,588 106,296 113.884 5,466 126,004 131,470 13. Cash at bank and in hand 31 Mareh 2024 31 March 2023 Current Accounts Cash on hand 719.181 595,348 719,181 595,348 14. Creditors". amounts falllng due witbin one year 31 March 2024 31 March 2023 Bank overdrdft Grants payable Other creditors 347 24 88,064 83,392 171,803 242,400 70,304 312,728 IS. Related parties Daiwa Securities Group Inc. ('tthe Group") provides certain support services (including accounting and payroll) to the Foundation in London and Tokyo without charge. The Trustees estimate the value of these seryices to be small enouryh not to require disclosure in the Accounts. One of the present Trustees is the Chairnian of the Board of the Group. Daiwa Securities Group Inc. generously agreed to fund the Daiwa Scholarships in Japallese Studies programme up to a maximum of ¥20 million per annum for ten years. This period has now ended, but Daiwa Securities Group ¢ontinues to provide fundino for those Scholars ¢hosen during the initial tell- year period who hav¢ not yet completed tbeir a¢yreed period of study. 25
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 16. Grants, Awards & Prizes Number Value Number Value 31 March 2024 31 March 2024 31 March 2023 31 March 2023 Grants approved in year -carbon Offsetting Institutions 3,250 218,000 38,900 260,150 66 62 232,500 30,650 263,150 Individuals 15 82 71 Grants cancelled or returned in year (56,511) (29,150) 203,639 234,000 Support & Governance costs (see note 5) 235,486 202,078 439,125 436,078 31 March 2024 31 Marcb 2023 Analysis of grants, award5 & prizes awarded in tbe year Daiwa Foundation Small Grants (UK-sidc) Daiwa Foundation Small Grants (Japan-side) Daiwa Foundation Awards Carbon Offsetting 138,900 35,400 82,600 3,250 260,150 (41,782) (14,729) 235,486 439,125 131,500 30,400 101,250 Total grants awarded in 202212023 Grants canc¢ll¢d or returned in year Awards cancelled or returned in year Support & Governanc¢ costs (see note 5) Total grants, awards and prizes 263.150 (29,150) 202,078 436,078 Grants are made solely at the discretion of the Trustees. Payment of a grant to any charitsble body, person or institution requires the approval of a majoriry of all the Trustees. The Trustees have empowered the Managing Trustees to mak¢ grants up to a total of £750,000. The following pages show thc grants which have be¢n approved by the Trustees for the financial year 202312024. 26
The Daiwa Anglo-Japanese Foundation Notes to the financial ststements (continued) For the year ended 31 March 2024 Daiwa Foundation Small Grants Support wasprovidedfor the ollowin ro ects.- UK-side Small Grants 1st Biggar Tiuto Scout Group Support for a follow-up expedition to Japan by 16 explorer scouts (aged 14-18) and 4 leaders to consolidate links with Japanese scout groups in Osaka and Fukuok4 and learn about Japan and its culture, 24 June to 15 July 2024. £4,500 Birniingba Contemporary Music Group Support for travel to Japan in December 2023 by two composers to explore the instrumentation and musical conventions of Noh, resulting in new Noh-inspired works to be performed as part of the 2024 Noh Reimagined festival in London. Birmingham and Aldeburgh. £3.000 Blind Summit- Theatre Company Support for travel to Tokyo by five members of Blind Summit Theatre Company who will be taking part in the first Shimokitazawa International Puppet Festival on the invit2tion of DEKU, providing perfornlances of their production The Table, and a workshop on puppet manipulation, 20 to 26 February 2024. £4,000 British Association for Teaehing Japanese as a Foreign Language Support for travel to the UK by 2 keynote speaker from Japan taking part in the 25th Annual BATJ conference which will focus oll the professionalism of Japanese language educators as researchers, Nissan Institute of Japanese Studies, University of Oxford. September 2023. £2,000 27
The Daiwa Anglo-Japanese Foundation Not¢s to the fmancial statements (continued) For thc year ended 31 March 2024 Calder, Dr Lynsey (Glasgow School of Art) Support for travel to Japan consolidatc lirLks with the textile disciplines of Tama Art and Kyoto Seika Universities to learn Inorc about indigo dyeing, katazome and shibori, enabling the sharing of knowledoe and a mor¢ sustainable, environmentally conscious print and dye lab at Glasgow School of Arl September 2023. £2,000 Calder-Potts, Ms Charlie Support for artist travel to study 'Fuda'. 'Ema' and'Tanzaku': their pla¢e in Japanese cont¢mpDrary culture and the history of pilgrimage surrounding these 'offerings', leading to a solo exhibition at Fosse Gallery in 2024. £2.400 Cardiff Ulliversity, School of Law and Politics Support for travel to Aichi University by an academic from Cardiff University to undertake comparative contract law research on the Free Trade Agreement recently signed by Japan and the UK.. to consider whether Japan's recently refonned contract law will affect - and if so, how and why - the implementation of the FTA. April 2024. £2,500 Chelsea College of Arts, University of the Arts Lolldo Support for travcl to Kyoto by textile design academics to collaborate with weavers and researchers to explore ways that e-textil¢s ¢an be used in kimonolwoven textile design tnanufactur¢ and to Identify approa¢hes to reinvigorate the industy and inforni Higher Education design teaching, 2023. £5,000 Churcb of Sound Support for travel by 12 musicians and crew from LoThdon to tske part in concerts &t Tsukiji Hongan-ji Tctnple in Tokyo over two days, with a line-up of artists from the UK and Japanese jazz scenes, September 2024. £4.000 28
The Datwa Anglo-Japanese Foundation Notes to the financial ststements (continued) For the year ended 31 March 2024 DulTrich Picture Gallery Support for the transport of art for Yoshida.. Three Generations ofJapanese PrinÉTnaking, an exhibition with an accompanying catalogue and events programm¢. The first of its kind in Europe, the show will demonstrate the diverse talents of this family of artist- printmakers, 19 June to 20 October 2024. £3.500 Durham Uuiversity, Department of Music Support for travel to Japan to collect alld analyse scientific recordings of bugaku dance and music, focussing on rhythm. musical Structtt, intera¢tion and embodimenL Tesulting in conference papers and an increased awareness across university music departments of Japanese music, 2024. £2,000 Earlsdon Primary School, Coventry Support for travel to Kyoto by ten pupils from EISdon Primary School and Finham Park 2 Secondary School- irNESCO partner schools with experience of peace education - to represent the UK at the 70th Peace Conference for pupils from UNESCO partner schools, September 2023. £5,000 FiLiA Support for travel by a representative from People Against Pornography and Sexual Violence (PAPS) to attend the UK FILIA conference in order to facilitate panels on pornography and sexual violence with a focus on Japan and for a representative from FiLiA to travel to Japan to run a series of events culminating in a seminar for women in the ¢ommunity, survivors of the sex trade. academics, 9d other parties, 2023. £3,000 29
The Daiwa Anglo-Japanese Foundation Notes to the financial ststements (continued) For the year ended 31 March 2024 Flatpack Projects Support for travel to the UK by performance duo Usaginingen to perforni the UK premiere of their new work'Black kite.. Pulsation of souls,, and to deliver a keynote tslk and masterclass focusing on audiovisual performance art at F1atpk Festival in Birniingham, May 2024. £4,750 Glasheen, Ruairi Support for a ten-day visit to Sado Island to work on a documentary filTn charting the connection between the ancient art of Taiko drumming and its role within a rapidly changing and evolving culture, told through the voices of Kodo's youth apprentice schetne, spring 2024. £2,000 Historic Royal Palaces Support for travel in April 2024 by a curator and conservator to research Japanese court dress ('taireifuku'), in preparation for a community eng&gement project and exhibition at Kensington Palace in 2025 in which one of Historic Royal Palace's Japanese court suits will b¢ on display. £4,000 Japan Collllect Ltd. Support for travel to Japan by th¢ Managing Director of Japan Connect with a trustee from Momiji Charity to li&ise with Hakone Ekiden organisers such as Yomiuri Shimbun and participating universities as they endeavour to launch a UK Ekiden in 2024. the l Ooth year of the Hakone Ekiden. £3,000 Keele University, Language Centre Support for travel to Keele by guest speakers from Japan to take part in memorial lectures to celebrate the 60th anniversary of the arrival of the university's first Japanese student: Fumiko Yonezawi largely overlooked in the UK, and went on to becotne a famous physicist, 2023 to 2024. £2,000 30
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 Mar¢h 2024 Laneaster University, Lancaster Institste for the Contemporary Arts Contribution to subsistence ¢osLg for director Kamisato Yudai and team who will stage three perforniances of 'Immigrant Ghost Stories, in Lancaster aud Salford (European tour) and take part in workshops for theatre practitioners and students in IAncaster and Salford, June 2024 £3.500 Le Lohe, Mtss Francesca Support for the UK Tour of On an Endless Road, a concert featuring Fran¢esca Le Lohe's new piece for biwa about activist Ito Noe (1895 - 1923), and violin and piano music by Taisho-era Japanese Women Composers, March 2024. £2,000 London School of Economics and Political Sciences Law School Support for travel to Hokkaido by an academic from the LSE to collaborats on a project examining how UK and Japanese copyright laws deal with At- geuerated works by exploring the historical, cultural and technological contexts that shaped, in each jurisdictio the policy in this field. May 2024. £2.500 Lynam, Miss Rebecea Advocacy Manager, Yorksknire Wildlife Trnst, York) Support for travel to Japan by a conservation practitioner to examine the integration of ma¢roalgae restoration and aquaculture into the 'blue carbon, credit market in Japan to itrfonn development and implementation of the UK domestic carbon credit scheme, 20 May to 10 June 2024. £3,000 Mu Arts Support for travel to the UK for Noh perfomiers from Japan to enact 'Sumidagawa' at Sllape Maltings as part of the 75th Aldeburgh Festival (and a strand of Noh Reima(Fined) and coinciding with the 60th anniversary of B Britten's 'Curlew River, which was inspired by 'Sumidagawa', June 2024. £3,500 31
The Daiwa Anglo-Japanese Foundation Notes to the fmancial statements (continued) For the year eThded 31 March 2024 Northern Ireland lllternational Youth FooÉball Cup Support for accommodation costs for 18 boys and 4 staff from Funabashi Municipal HS to participate in the 40th Bnniversary of the Intcrnational Youth Football Tournament in Northern Ireland and to learn tnore about Northern Ireland's history and cultur¢, July 2023. £4,500 Obou on the Foyle Support for subsistence costs to enable Foyle Obon festival directors to build deeper rclationships with th¢ KODO drummers in Sado and bring back d¢¢per knowledge of Japanese festivals and taiko to Derry - part of the 'Kodo & Foyle Obon Collaboration,, August 2023. £2,000 Ogden, Jade Support for travel to Japan in order to visit handweaving studios in Nara and Osaka that facilitate job opportunities for people with learning disabilities to infortn Ogden's socially engaged handweaving in the UK, and provide the basis for a publlcation showcasing disabled weavers, March 2024. £2,000 The Pbotogrnphers, Gallery Support for exhibition transportation and travel from Japan by a representative of Daido Moriyama for the upcoming major retrospective exhibition of the acclaitned phOtoapher. Daido Moriyama.. A Retrospective will be open to the public at The Photographers, Gallery, 6 October 2023 to I l February 2024. £4,000 Queen Mary University of London (QMUL), Department ofAccouDtiDg and Fillallcial Management Support for travel to Japan by an academic from QNtUL to investigate, with an academic at Hokkaido, the gendering of the ac¢ounting profegsion in Japan with a focus on barriers to career progression for women in tliis field, leading to presentations and publications, spring 2024. £3,000 32
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 Royal College of Arts, Sehool of Architecture Support for travel by two architects from the Royal College of Arts who are taking 15 students with them to Tokyo to SdY the growing presence of empty homes ('akiya'), participating in workshops at Tokyo University of the Arts and creating a temporary art installation in one of the akiya to showcase their skills and to unveil the cultural significance of such spaces, Febrnary to March 2024. £4,000 Royal College of Music Support for travel from Japan to the UK by a musician to play th¢ Sanshin in a concert of Kikuko Kanal's Capriccio Okinawa by the BBC National Orchestra of Wales, and travel to Japan by an academic from the Royal College of Music to conduct archival research and interviews for a journal article on Kanal's music. summer 2024. £3.000 Royal Scottish National Orchestra Support for travel to Scotland by Japanese pianigt Makoto Ozone to take part in a usical collaboration between the Royal Scottish National Orchestra (RSNO) and the Scottish National Ja72 Orchestra (SNJO), perfomiing concerts in Edinburgh and GIOW and taking part in pre-conc¢rt tajks, May 2024. £2,000 Thick & Tlght Dance Compally Support for travel to Kanazawa and to Toyama by ttvo dancers to join Sokoni Dance in their outreach programme for SEN schools and to pilot a new project enabling participation by one UK and one Japan-based artist with a learning disability in & digital projecufilm. October £2,000 33
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continu¢d) For the year ended 31 March 2024 Ulliversity of Bristol, Department of Engineerillg Mathematics Support for reciprocal UK-Japan visits by academi¢s at Bristol, Kyoto and RIKEN collaborating on developing soft wearable devices to replace the conventional uncomfortable exoskeleton mountings, to deliver comfortable and safe devices which are also easier to pul on and remove and capable of providing high mobility assistance, September 2nd November 2023. £5,000 University of Cambridge, Department ofArchaeology Support for travel by five academics from Japan taking part in a two-day international symposium ITh Cambridge on the thcory, method, and context of the transition to farniing in Japan and Britain, leading to the exchange of new ideas and new collaborations, June to July 2024. 4,250 University of Cambridge, Faculty of Asiau 2nd Middle Eastern Studies Support for travel to the UK by Rakugo master Tatekawa Shinoharu and Kod2n master Kanda Yoko to work together on a project that involves several activities includllig a public performan¢e and public lectures at the University of Cambridge, as well as experiential WOrhOp5, and a satellite roundtable event in London, spring 2024. £3,000 University of East Anglia (IJEA), School of Mathematics Support for recipTo¢al UK-Japan visits by academics at UEA and Kyoto University who are studying wave-sea ice interactions, especially during intense stonns when intcra¢tions are most intens¢ and sea ice undergoes dramatic retreat, to better understand the region&1 and inter- annual variability of Antarctkc sea ice, 2024. £3,000 34
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 University of Hiuhlands and Islands Inverness Support for reciprocal visits by academics to collaborate through workshops and exchange methods to enhance creative arts engagement in remote coastal ¢ommunities in the North W¢st Highlands and the Amami Islands, resulting in a virtual exhibition and plarforin for ongoing exchange, autumn 2023. £3.000 University of Lincoln, Department of Chemistry Support for reciprocal visits by academi¢s at Lincoln and Osaka Universities to collaborats on further understanding the mechanism of water gas shift reaction for cleaner and sustainable hydrogen production using newly developed quantum chemical tools, July 2023 and March 2024. £3.000 University of Nottingbam, School of Life Seiences Support for travel to Japan by an aeademi¢ to collaborate on identifying the gene that deterniines variation in the shell coiling direction or left_right asymtnety of a Japanese snail called'Euhadra', ultimately revealing commonalities ij) the early development of all animals, July 2023. £2,000 University of Nottingham, School of Mathematical Sciences Support for travel to Kobe University to initiate a research colliboration on the study of nonlinear hydromagnetic waves that emerue in rotating flows, particularly solitary waves and other coherent structures obtained within certain limits, with applications in Earth and planetary dynamics. August to September 2023. £2.000 35
The Daiwa Anglo-Japanese Foundation Notes to the financial stat¢ments {coJ)tinued) For the year ended 31 March 2024 University of OIford, Dr Pia Jolliffe Support for travel to Japan by an academic from Oxford to undertake rcsearch in the national archives, at temples as well as municipal and university ar¢hives in Tokyo, Yamagat Kyoto and Takarazuka for a book on the transition from 16th to 17th cenrnry Japan seen through the lives of the children and women of Toyotomi Hidetsugu's household. and to give a tslk in Kyoto. F¢bruary 2024. £3,000 University of Orford, School of Aothropology and museu Ethnography Support for travel to Amami Oshima by an Oxford academic to research and to return historically important slid¢s of n&ture and society photographed in the 1950s by an iimerican anthropologist to its originating community, resulting i ¢xhibitions in Japan and the UK as well as aeademic articles, winter 2023. £3,000 UDiver5ity of Southampton, School of Education Support for reciprocal visits by academies at Southampton and Tsukuba Univ¢rsities to create and pilot'outdoor nature escape room, activities aligned with school curriculum requirements as a way to ellcoura8e group work, participation, hands-on, and minds-on work, March to summer 2024. £4,000 V&A Dundee Support for travel to Scotland by photographcr Sohei Nishino to create a new photographic diorama of the city of Dund¢¢ which will be displayed for a minimum of six months in 2024 as part of the Photo City exhibition and to celebrate Dunde¢'$ 10 years as a UNESCO City of Design. £4,000 UK-side total 138,900 36
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 Japan-side Creative Union Hiroshima Support for travel to Hiroshima by British artist Pet¢r NewThan to stage an exhibition for the 30th iteration of the Hiroshima Art Document 2023, organised by Creative Union Hiroshiml October 2023. £2,000 Hokkaido University Research Faculty of Agriculture Support for reciprocal visits, part of a research exchange prouramme betwe¢n Hokkaido University and the Univ¢rsity of East London. focusing on a survey of blanket mires in Nemuro Peninsul resulting in workshops and further collaboration promoting peatland conservation, April to September 2024. £6,400 Hokkaido University, Institute for the Advancement of Higher Education Support for travel to Japan by three UK- based academics to take part in internationaI workshops on climate assemblies as part of a larger research project on 'The Possibilities and Challenges of Climate Democracy in Japan,. facilitated by Hokkaido University, March 2024. £3,500 The Japanese Byron Soeiety Support for travel to Japan by Lord (Robin) Byron, descendant of the English romantic poeL to attend an event commemorating the 200th anniversary of his allcestor's death, at which he will present a talk on the genealo and culture of his 8ncestor, November 2024. £2,000 Japanese traditional performillg arts Enraku V Clan Support for a f]rst visit to the UK by multilingual Rakugo group Menika ("many eultures") to perfonn in London and Edinburgh as part of a tour including France and Sweden, hi¢yhlighting effective collaboration between Japanese. Swedish and Gernian perforniers, 16 to 24 June 2024. £4,500 37
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continu¢d) For th¢ year end¢d 31 March 2024 Kyoto University Graduate School of Law Support for travel to Kyoto by an academic from tlie University of Aberdeen, to take part in workshops and a symposium with creators 2nd legal practitioners developing a JapanlUK Network for Fair Trading in Entertainment and Perfom)ing Arts, May to June 2024. £2,000 Maruyeyi Recordiogs & Productions Support for travel to the UK by Ainu singer Mayunkiki and band leader Tact Hirose to perform at Surge Festival, Bimiingham and hold a tnusic workshop t Japan House London, and for Surge Festival's Sid Pea¢ock to connect with music festival 'Sukiyaki Meets the World, in ToyatnL November 2023. £3,000 National Institute of AdvaDced Industrial Science and Technology Support for travel to th¢ UK by a researcher in the Hydrogen Energy Team at thc National Institute of Advanced Industrial Science and Te¢hnology {AIST), to visit three partnering institionS in the UK- University of BirminghaEn, Cardiff University, and Northumbria University - to establish a research network promoting renewable C02-free hydrogen and ammonia technologies as future green e15, June 2023 to March 2024. £2,000 (AIST) Osaka University Graduate School of Medi¢ille Support for travel to the UK by Dr Chimura to research the effi¢acy of heart failure therapies in patients with Heart Failure with preserved Ejection Fraction (HFpEF) together with Professor John Mcmurray at the Glasgow Cardiovascular Research Centre, June 2024 to Scptember 2025. £2,000
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 Th2t Long Moonless Chase Support for travel to Japan by an artist to collaborate on a new audiovisual perforniance with Noriko Okaku at 21st .Century Museum Kanazawa and to hold fiuther performances IR Kyoto and Tokyo, drawing ¢ommonalities between ancient Japanese and British folklore traditions, July 2023. £2,000 The Shakespeare Company Travel by director Jatinder Vern)a and setlcostume designer Claudia Mayer to conduct theatre workshops for residents of Tagajo (Miyagi Ken) and members of The Shakespeare Company Japan to develop a new theatre production of The Winter's Tale, November 2023. £3,000 Sbitnizu, Mr Kanji Support for travel to Tokyo by two musicians to collaborate with Noh perfomer Kanji Shimizu on workshops and a work-in-progress concert for a new Noh piece b&sed on the essay On Rona by Scottish poet Kathleen Jamie, January 2024. £3,000 Japan-side total 35,400 Tot21 (Small Grants) I7400 39
The Daiwa Anglo-Japanese Foundation Notes to the fInancial statements (continued) For the year ended 31 March 2024 Daiwa Foundation Awards Support Ivas providedfor tke followingprojeets.. Hokusai Museum Support for travel from Japan by two curators and No craftspeople to facilitate a three-week exhibition of digital projcctions and replieas of work by Katsushika Hokusai at two venu¢s in Norfolk, which will forni part of the year- long 'Japan in Norwich, series to celebrate the 25th anniversary of the founding of the Saingbury Institute for the Study of Japanese Arts and Cultures (SISJAC), summer 2024. £9,000 Proje¢t Partner.. Sainsbury Illstitute for the Study of Japanese Arts and Cultures (SISJAC) Project Trust Support for travel to Japan by ten Project Trust Volunteers taking up placements at five different partner organisalions as part of the relaunch of Project Trust's international volunteer programme in Japan, July 2023 to August 2024. £10,000 Proje¢t Partners: Juntell Junior and Senior High School ill Tokyo; Kobokan community Cellter in Tokyo" Han3hiD Homes in Hyogo. Toya International Exchange A5SOCiatioo in Hokkaido. TOEI GakueD in Kyoto King's College London, Departtllent of Engineering Support for reciprocal visits by academics at King's College London, Tokyo University of Agriculture ]d Tcchnology and Hokkaido University who arc collaborating on the aerodynamic control of large and flexible offshore wind turbine blades, June 2024 to July 2025. £15,000 Project Partners- Tokyo University of Agrielllture and Techllology. Hokkaido University 40
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 Tohoku University, Institute of Fluid Sciences Support for travel to Cardiff University by six Japan-based researchers to engage in collaborative training and a research seminar in ammonia reaction chemisty, 4 to 8 September 2023. £9.600 Project Partners: Cardiff University. School of Eugineerillgy Kyushu University, Department of Mechanical Engilleering University of Lei¢ester, Department of Molecul*r and Cell Biology Support for reciprocal travel by academics at Leicester and Osaka Metropolitan Universities who intsnd to further the understanding of critical cellular chemical events that drive aoeing arLd disease, June 2024 onwards. £9,000 Project Partner." OsAka Metropolitan University, Department of Biologieal Chemistry University of Strathclyde, Department of Chemical and Process Engineering Support for reciprocal visits by Tesearchers at Strathclyde and Kana7awa Universities collaborating on the laser reduction of graphene oxide dispersed in water for sustainable ener applications, resulting in workshops, seminars and publications, spring to winter 2024. £12,000 Project Partner: K2nazawa University, Institute ofscience and Engiueering 41
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 University of the West of England, Sehool of Computer Science and Creative Technologies Support for rreciprocal travel between the UK and Japan by four academies collaborating on research into the Foundational Theories for Nonlinear Diffiision Equations, 2023 to 2024. £9,000 Project Partners.. University of Tokyo, Graduate School of Mathematical Sciences; Shizuoka University, Department of Mathematical and Systems En(wiDeering? Tohoku University, Mathematical Institute UDiversxty of the West of Scotland, School of Health in Social Seienee Support for reciprocal travel by academics based in Japan and Scotland engaged in ollaborative research into labour shortages in Japan and the UK and fast- growing trends in international student mobility, fo¢ussing on Nepali studenrs in the health and social care sectors in Japan and the UK, resulting in articles, presentations and enhanced links, September 2023 to August 2024. £9,000 Project Partners.. Ryukoku University Fukakusa Campus, Graduate School of International Studies. Ulliversity of Edinburgb, Department of Anthropology Total (Awards) £82,600 Carbon Offsetting £3,250 OVEIL4LL Total £260,150 42
The Daiwa Anglo-Japanese Foundation Notes to the financial statements (continued) For the year ended 31 March 2024 17. Statement of Financial Activities for the year ended 31 Monh 2023 Unre$tricted Funds Resiritled Fullds Totsl Funds Total Fund$ 31 Marth 3023 31 Mgrch 2022 Ie0le 192283 48 192.331 136,425 ExpeTrdith CoJis olgeneratyngfimdr Fund fftan3gers' fees 1224,0001 P24.0001 123,76911 Chqrirable Scholatships Grants. Aw¥sds & Prizes Events 1963.0241 1436.0781 (338.7561 148.2971 1963,0241 1436,0781 (338.7561 14829 14232881 1335,501) 145.5081 11266,405) cultur Relations Tot31 charirable activities &xpendiwr¢ Total txptDdilurt 12.010,1551 11,290,174) Netgal{lOs$I on invem¢nt fithds 395.584 636 396220 1.739,744 Ntt ID¢omdlexpendire) 11,4222881 (1,421.6) 585.995 Net movtmtni irt fuuds 11.4222881 684 11,421.6041 585,995 Total fund$ brougbt forr 45,631.531 73,727 45,705258 45,119263 Totsl f¥nds ¢Arried forward 44.209,243 74.411 44,283.654 45,705258 All income and expenditure derive from continuing activities. All recognised gains and losses have been included in the Statement of Financial Activities. Statement of Financial Activities for the year ended 31 March 2023 h&5 been incltLded to disclose the split between Unrestricted and Restricted Funds. 43