2025-03-31-accounts

The DaiTva Ang)￿JapaneSe Foundation Financial Ststernents together with TnLStees' aTrJ independent auditor'$ repotts Forthe year ended )1 March 2025 Registered Charity No.299955

The Daiwa AngI￿Japanese Foundktion Referen¢¢ and admin￿trative i]JformatiOII Tru5tee9 {as ￿ March 312025) Sir Tmothy Hitcbe]Js KCVO CMG. Chair Ms K¢iko Tathiro. Vice Chair Mr Jobn Clwlton-Jone5 s Yoko tAKhi Mr Keitchi Hayashi Mr Yu8uke Ka￿￿nU[a Professor Sa¢hiko Kusukawa Ms Rebeeca Salter PRA ProfessoT Hirotska Takeuchi Dr Vieioria Tuke Ms Jessie Tumbuil Professor Sir Mark Waipon FRS FRCP FRCPath FM¢dS¢i FRSE Dtrcctor Getternl MT Jasoa James OBE R¢gist¢r¢d office Daiwa Foundwion Japan House 13114 Cornwall Terrace London NWI 4QP Charity Number 299955 IDd¢p¢ndent Audiiors Blick Roth¢nberg Audit LLP ChaTTered Accountants and Swui¢)ry Auditor 16 Grea¢ Que¢n Street Covent Garden Londo WC2B SAH Solicitors Clifford c1w￿¢ 10 Upper Bank Street London EL14 4JJ Bankers Lloyds Bank pl¢ Cheapside Branch 70-71 Cheap5ide London EC2V 6EN Mizuho Bank lohigaya B T8nch 2-23 Gobaneho, Chiyoda-Kw'fokyo 102-0076 tnvestrneDt Managers BlackRock 12 Throgmorton Avenue Loodon EC2N 2DL

Th¢ Datwa Anglo-Japanese Fou2)dation T￿￿ees, Report for the year eJJded 31 M&ch 2025 The TrLLYtees present their aTJrtual report on the activities of the DatwaAnglo-Jap8nese Foundation fthe FoU]￿at￿on'). The inforrclatton on page 2 fornis part of this report. Structur4 Governau¢¢ aDd MaDagemeut Tbe Foundation was established with a benefaction from Daivfft Securities Co Ltd in 1988. It was constituted under a Tn]st Deed dated 16 Aiigust 1988 and is a registered cl]arity, number 299955. The Tokyo offi¢< which is included in these actounts. o￿ateS as the Japanese braneh of a UK corapauy, Daiwa Nichiei Kikin Limited (Company Number 8510540). This company is IOOO/(t a￿A¢d by the Chair of the Datwa Foundat[0￿ and its Directors are thc man3￿g Trustees of the Foundatio￿ the Director General. and the Dilec￿T of the Tokyo office. The Foundation regaxds the interest in this company as an ini¢rniediate payment aTTangement under UK GAAP. Its activities are direcdy included in the fmaTrcial 5tstements of the Foundat?on ￿ if they were undertaJ(en by the Found&tion itself. The appointsnffj retirement and management of the Board of TnLStee5 aJe governed by guidelines deter￿l￿ed by TruSt￿S and reviewed periodicaity. The T￿￿1￿ul￿ terni of 8ppointJnent is nO￿n￿lY 9 yeats. The w)werofappointing memPm either by wayofreplaceto¢ntoradd1tio￿ 1$ vested inthe Bosrd of Trustees. Appointments shouid be by corLsensws. The induction process for any newty appointed Tn￿¢ ¢ornprises me¢tings with the ChaiI. the Board and the Director Gcneral. lttduction m&eriais include a ¢opy of the Foundation's Tr￿st Dee(L minutes of reeent'l'Tusiees' rn¢ctings. and ¢opies of the Amiua] Review and of relevartt reports and papers relating to the Foundation's activities. The Dire¢ior General Communi￿eS to the Trwiees ally significaut dwjges to legislatton or reporttng requirements that may be relev2n( to the Foundation. Meeting5 of the Board of Trustees are held twiee a year and de81 with mattcrs of broad Strategy and policy applying to ihe Foundation's prornmes. fin￿e¢S and general managemeni. A selection panel of UK TDJ5tees Meets once a yearto award Daiw& S¢holarships. Tb¢ TN5tees authorise a subset of their number (the "Managing Trustees.) to exercise c105er 5cnrtiny of the day-tO•day isslles facing the Foundation, and in partieular to authorise a][ ryits made, and to exercise aIl or any of the other powers of the Trustees as specified in sectton 8.1 of the TnLSt De¢d. Di￿the ycar under review the Managing sttt5 W¢Te Sir Timothy HitcherLS, Mr Stephen Barber (until 21 June 2024). Ntr John-charlton Jone$ {from 21 June 2024). Ms. Yoko Dochi. Professor Sachiko Kusukaw4 and Ms. Je55ie Tumbull. The day-to-day administration of ￿3Thts attd s¢bo]y￿h1ps is deleged to the Dtrector General and staff of the Foundation. ManagemeDI merfings between the Director Generaj and the Managing Tn]stees are held at least three liJn¢s a year. to approve gra1￿ and kn deal with otber Jll8iOT arw of the FoUnd￿lOn,$ work Key mgnagement personnel remuneration The Trustees ¢onsider the board of Tn]stces (in particuIar the Managing Trthstees) Ind the Director GeneraI to be the key mallagernent personnel of the Foundatioffj tn ch2Tge of directing and controlli and running and operating the Foundion on a day-l(￿Y basis. All TnLStee5 give of thetr titne freely and no trustee rernuneratioll w&s paid in the ye4r. Detaits of TnL￿e ewes are disclos¢d in note 6 to the a¢¢ounts. The pay of the Dtrector Geoerat Rs r¢viewed arLnually by the Malla￿8 Tn￿tee5 and is nonnaIly increlsed by a small incremeth each year, with reference to tr¢nds in average earntngs gnd infiation.

The Daiwa AngliFJapasLese Foundatio Trustees. Report for the year endEd 31 March 2025 Risk managemellt The principal risks faced by the Foundation lie in the p¢rforniance of its investments and in shifts in the yen-st¢rling t￿bange rate. The siLe of the Foundation's ajmual budget is based on the Trustees. view ofthe likely long-temi return5 on the pemaneni endownent. considered on a totsi return basis. In arriving ￿ this view, th¢ Truste place particular weighi on the advice of those Trustees, along wsth the Di￿Ctor GeneTal, who have professiollai experience of investment markets. Risks relating to the investment portfolio are mitigated by rctainingprofessional ￿VeStment managers and by holdingabroadly divetsified investment portfolio. The yen-sterlillg exchange rate represents a risk to the Foundation for two ttjaior reasons. First, an office is ]n4iintained in Tokyo withihree S￿ff. resulting Én si￿]fICant fixed costs denominated in yen. Secondly, the costs of the flagship Daiwa Scholarships programme are mostly inGwred in Jap8n. beiDgthe stipends paid io Scholars to cover tr.eir living exp¢n5es, and othercosts of the prornme, most notably fees paid to Japanese language schwls. The Foundation mitigatrs this risk by buying yen in advance to cover & portion of fuDJre liabilitie5. The Foundation also faces the risk its programmes may prove ineffective in their objective of advancing the education of British cilizeL8 abo￿ JapatL and vice versa. In order to prevent this from happening, all programines are r¢gularly reviewed by Trusiees as io their ¢￿￿tiveneSS, and programmes are from lillLe to time discontinued and new ones tntToduced. The Managing Tnwe¢s in particu] ex¢r¢ise closer scrutiny of th¢ day-to.day issues lacing the Foundaiion to ensure that its resour¢es are spent effe¢tiYely in support of the Found*ion'5 overall objectives. The FouDd8tlots's objects and POTvers The objects of the Foundation Is stated in the ThL5t Deed are &8 follows: (a) The advan¢emeni of the education of the citizens of the Uniteil Kingdorn and ihe citizens of Japart in e?oh other's institulions, b￿lneSS organisations, e￿￿OrnY, culture. heritsge, history, language, literattwe. art, music, and rnedica] and s¢ienufic achieve]nents. (b) The award of scholaryhips or maintenAThce a]low&nees to enable SDJdents and ￿ademICS at schools, colleges and untv¢rsitics in the United KiDgdom or Japan to travel abroad to pursue their education. Ic) To make grants to iJLStitrJtions having exclLtsively chariiable Obj￿I1VeS according to the law of England arld Wales which are engaged in promoting for the public benefii education in th¢ United KingdoTn or JapaL Or￿SearCh into cultural, historical, m¢diul 2nd scientific subjects andthe publi¢ation of the useful results of all such rtse8rclL In fijrtherance of these objects. the Trustees bave powers.. {a) To ¢st8blish a euliural centre in the United Kingdom. (b) To organise or sponsor for the public bEnefit courses, conferences, lecturEs, sejnittars, dI￿u$s1On groups. exhibitions, concerts, plays. film shows and ￿ading5. (c) To provtde for the benefit of the public a library, re8diDg r(KI￿. OT other facilities for Study. (d) To do such tbings as shall further the foregoing objects or 8Dy of them.

Th¢ Daiwa Anglo-J&panese Foundation Tn￿&$, R¢port for the year ended 31 March 2025 The FO￿dation,S headquarteTS are at Daiwa Foundation Japan Hou54 131E4 CornwaIl Ter￿￿ London NWI 4QP. a five-StOTey Regenty house overlooking Regents Park The fxilities include exhibiuon rootD5, scminar and meeting roorns and a lectuTr rooEn. The Tokyo offic¢ 15 I￿ared in Room 103 of the Baucho Buildi￿ Gobanvcho 12-1, Chi¥oda-kn4 Tokyo l(r2-0076. Review of aetivities The Tn￿ee$ CODfiTrn that they have Tefetted to the guidauce CODtatned in the Charity Cottjrnission's generdl guidance on public benefit when reviewing tbe Found&ion's objectives for the year and in plaJ]ning futwe charitabl¢ activities. To further its charitsble purposes forthe public benefiL the obieetive5 ofthe Foundationare aebievedby means of the following four ]Jain areas of adivity: l. Stholsrships A brief description of the four scholarsbip programmes offered by the Foulld&ion follows. focw8sing on activiry during the year undeT review. More detsits of th¢5¢pro8rammes, in¢ludingapplication forllL5 for the r￿st two. are available on the Foundation's websii Dxiiva Scholarships Established in 1991, the Daiwa Schol*ship programme TS aimed at fikn lezders in their fields who are given the opportunity to spend a 19-month period in Japan undertaklng 12 rnontK8 of intensive Japanese language study, a l-month home stay, and a 6-month work plawnenL Since 2015. th¢ pro￿L￿e has also included an additional one tnonth of Japawe language training in the UK before d¢parture for Japan. The prograrnme attracts highly-qualified applieants from a variety of acadeD]ic and professional fields. The number of Schol&ships offered cach ye#r has varied between fiv¢ and tern tn the year under T¢view thcrc were seven Daiwa S¢holars who had started th¢ PTogTanune in Septernkr2023. these seven completed the pro￿aMme in March 2025. They were joined in Japan by fiv¢ further scholars in September 2024. one of these unfortUDately dropped out for lJe41th reasons in December. Five further scholarships were then offered in March 2025. The selertion process includes a preliminary assessment of applieatio￿s by th¢ Director General and Foundation staff. fjrst-round interviews of long-listed eandidates by the Director General and two external assess0￿ an interim lunch and a]umni fonllu at Daiwa FO￿datiOn J4)an House. and finat Anterviews by a sel¢xtion panel of UK-based T￿￿ees. The totyl Thurnber of aturnni who have completed the progamme is 215. The Daiwa Scholars Alumnl Association plays an ongoing role in support of the recruitment and briefiDg of new Daiwa Scholars and in creatin8 opportunitie5 for nerwoTkin8 acroM th¢ year groups. The rettuitment of new Scholar5 is normatly facilitated by the Founthion's w¢b5ite, university mi]k round visits and the involvement of the Daiwa Scholars Alumni A&s￿latIOn in other awareness.raising activities. DAiwa S¢holar5hip$ in Japallue Skndies This scholarship scheme, enabled by generous additiona] funding from thc Daiwa S¢cuTities Group, was launGhed ID May 2015 to proTride full funding for ]M)Stgraduate students of Japane5c Studies on courses in either Japan or the UK. Applicants must be British citizens who ore holde]Y of a degrec in Japanese Studies. defined a5 a course focusing wimarily 4)n th¢ 5tt￿Y of Japan and Cknntaiui￿g a 5ubstanttal Japanese Iwage COllLpoaent

The Daiwa Anglo-Japancse Foundation Tntstees, R¢port for the year ended 31 March 2025 The funding provided by Daiwx Secwiti¢s b&% ttow reached 1he ¢nd of its agreed tem). during the year under review it contiT]ued to apply to one scholar, who will be covered by it until the scheduled end of his course in autuDm 2025. Scholars SeleC￿d from 2023 onwards under this schetne are funded frorn the Foundation's oThi) resources. TbTee ELew scholarstLiPS under this programme were awarded itt Masch 2025. bringing the tirtal llU￿ber of scholaTS to 34. Harold Bem Seholarshlp The Foundation took on this scholarship scheme when the Harold Bell Scholarship Trust was wound up in 2015. The scholarship 15 intended io nm every oth¢r surtllner, and pays for ODe Japan¢se teacher of EngLi5h to take course5 at the Bell Scbool of English in CaTDbridge. Because of a shortage of ¢ligible eandidates. this ￿h0]￿r$hIP w&s not awarded in 2024. Combridg¢ Trust Scbolarsbip This scheme is run in collaboiation with Cambridge Tn￿t, a ebarity associated with Cambridg¢ University. with ¢osts sh8red 50.'50. There were no seholars hjnded under this s¢heme during the year under revi¢w. 2. Grants, Award5 #nd Prlzes Grant-giving duTing the year was carried out Vi4 the following two progTammes: Daiwa Foundation Small Grants are available from £2,000-£9.000 to individuAls. socielies, assoCi￿l0nS or other FKJdies in the UK or Japan to promote and support interaction berween the two countries. They can cover all fields of aciivity, inclvding educational and 8rassroots exchanges, research travel, Ihe org8nisation of conferenc¢5, ¢xhibitions, and other prOJ￿ts snd ev¢nts b￿ri] this broad pump- prin]ing obj¢dive. New initiatives are especially en¢our4¢¢1 Daiwa Foundation Award5 are available from £9.0(X)-£15.000 for collaFK)ralive projeds that tnable British and Japanese panners to work together. pffferably within the cOn￿XI of #n itL8titutional relationship. In 2024125. the Tntstees approv¢d Sma]l Grants and Awards to a total of £260.050 (2023124: £260,150). Grants were allocated for a wide range 018rts and humanities, S￿la1 5¢ien¢g and sci¢ntific projects. as well as for educational cultural exchanges between the UK and Japan. Given that a large proporiEon of gr8fAts awarded involve flights benveen the UK and Japan, a carbon offsetting payrnent of £50 is accThcd for each return flight involved. A ba]ancc of £10,450 had been a￿TU¢d by the end of Marcli 2025,. these funds were contributed early iti the new fiscal Ye￿ lo a PTQj¢Ct IT) Iwate Prefecture using seaweed to absorb CO2. A Committee structtre ts in place for &sSeSsi￿ applicalions for Da1￿ Foundation Small Grants 8nd Daiwa Foundation Awards subjnilled to the Foundation'5 offices in London and Tokyo. Re￿￿nCndatio￿s are then submittrd io the MaDJ8iDg Tr￿steeS for fijnher dis¢ussion and approval on bchalf of thc Board of Tru51E¢S. rktails of deadlines and criteria for GraT]ts and Award& together with the relev￿1 application fornis and guidelin￿, are available on the Foulldation's websiTr. 3. Ev¢nt$ The Foundation's prograllllD¢ of events, which are mostly held in the UK, reflects its wider objective5 i supporting the ongoing ¢x¢hang¢ of infomJ*ion and ideas ￿tween Britain 3nd Japan. Online events

The Daiwa Anglo-Japanese Foundation TrLTStees' Report foT the year ended 31 Ma￿h 2025 began dwing the COVKD pandemiE and knned out to h&ve some adv8ntsges. including the ability to involve speaken and other participants from Japan. Online events now also include events held in Jap8nese language and aimed at increasing understanding ofthe UK aroong Japanese audiences. During the ytrdr under re￿eW there wa% a mixtwe of on-line and in-person evenw io¢luding sejntnars and lectures on aspects of ¢ontemporary JapaJL as well ￿ book laullches. The Foundation also kn an art gailery at its London headquarters and bolds regular exl)ibitions by Contemporary arttSLS from Japan. The FoUnd￿lOn,$ le¢ttueg coverawide variety oftopics, rAnging from politics and policy to 50¢iological issues and Japanese arts and cutture. In the year under review our events included discussions on fact- checking, the wider T2mificatioDs of a saxual har&55inent scandat * Fuji TV. and amajor new UK-Japan project researching youth mentsi healtlL On the cutnwal side. our events included a presentstion of Rth48o and Kodan (two traditiona] Japanese story-telling arts). a di%ussion of new trends in Noh (traditional Jawese tELeatre), ta]k8 on Edo period graphic books and on the infiuence of Britis children's liteIature in JapaL and a tslk by our Director Genera] on Keiichi Kurosa￿ a key figuTC inihe introduction of Western baroque music int0Japa￿ Severa] ev¢uts involved presentstionsby fonner Daiwa Scholars. who have becom¢ leaders ill fidds includill8 mental health (mention¢d 8bove). cudery desiw and computer gaines. Ourgallery presented exbibÈtions by Okuy3m4 a photowheraddressing 9￿￿10n$ of identity, Maya Erin Masud& whose c(>n¢¢rDS foc￿8 on the polluting effects of nuclear accidents on the environment and on the hum￿ and animals living in it, and by three other photographers - Noguchi Rik4 who celebrates the nabJra] worl(L Sayuri Ichid4 who gently explor¢s the ephemeral nature of exience, aJ]d by Tomoko Yoned4 who shows scenes freighted with histori¢ai 5ignifican¢e. We also hosted & variety ofts]ks by other Jopanese artisrs. The D8iwa Ichiban Lethre this year wa5 given in Tokyo by the journalist and politi¢81 thinker Will Hutton. at the residen¢¢ of British Ambwador Julia Longbottom CMG. The subject of hi5 talk was the outlookforthe UK'S economy 8nd politics inthe ligbt ofthe tPLellt election ofanewLabour govertunent. Book launches and associated lectwes have been a regular feature of the proidiDg supp¢)rt for academic authors and publislw and a vebicle forwidening acce5$ to new res¢￿￿ publications on Jap¥ The facilities of Daiwa Foundation Japan Howe are 8150 made available lo various J4)an-related 50ciations and club5 for ¢du￿tIonal and cuiDJrai purp05es' re* thsers include the Jap8n Society (whose offices are located on the Fotmdation's top aooil. Japanese community wup5 and educational ups teaching Subjects including ikebana (Japanese flower atTangin8) and Jappne5e la4uage. 4. Cultural RelstloDS As one of the lar8es¢ UK clwities acting to support and enhance understanding bettveen Britain and Japan, the Foundation's role extends beyond tts specific fi￿diti8 and events progrJmmes. It works iA close &550¢iation with edu¢ationaJ and cll]tUTXt bodies in the UK and Jap8n and with Japan-related ag¢ll¢ies, organtsations and foundations to fatilitate links bettveen the two wuntries. The FourAdarion is represented on v8riou5 L¥ternaI COEnmittees and PTOVbdes infonllation and advi¢¢ on the development of An81￿japanese pmjects and tnitiatives. Through direct participatioji iti meetings. Semina￿ and confere1￿, it actively contributes to d¢veloping and fostering exch8Dg¢ activitits and cultural link5 at all levels. It 15 in this comextt th2t the Dtrector Gelle￿1 ts a ]nember of the UK-Japan 21st Centilly Group and maintains links with Jap¥ne5e deparnents & UK universities and with the British Association of Japanese Studies and sitnilar bodies. He also gtves presentslions frotn time tOlim¢ on UK-Japan TeLated topics to t￿IVerSitieS. Kbwls and other orgdnisatiolls in both Coutrtries.

The Daiwa Anglo-Japanese Foundation Trustees, Report for tbe year e]Jded 3 1 March 2025 Financial Review Finanefial result for the year As can be seen from the Jnain body of t1￿ accoullts. the Iwd iotal expendtture of £1,542,109 (2023124.. £1.926,354) for the ye￿. After two years of unusually high expendituIt. refleeiing ihe large nurnber of Daiwa Schol8Js in Japan once tbe country re-opened its borders aft￿ COVID. this is a more normal level. The Foundation recorded a net gain on funds under matydgement of £l,17,558 (9043124.. £3,293,105). WheEL taken together with inc¢)rne of £919.964 eamed during ihe year, this meant that inco￿¢ and capÉtsl gains exceeded spending for the year by £550,413. The net fDovement in funds has b¢¢n added to the accumulated fund in the balance sheei. Fund manag¢m¢rn fees had been higher in the previo￿ year because the Found￿l￿n held arelively exp¢nsive actsvely-managed absolute retUTn bond fvnd for part of th¢ period, but fell back to jusi £33239. b¢ing the fees on equiry funds which are more or less passive ind¢x-trackcrs, a]beii with an ESG ov¢rlay. Financial 51gtem¢uts In drawing up the financial statements, Ih¢ Foutrjaiion has complied the s￿ement of Recommended Pracrice applicable ro Charities preparing accounts in acwrdanc¢ wsth FRS102. The Trusiees are satisfied that th¢ financial siaiements comply wsth curr¢Dt stxnjiory requirements and with th¢ rcquircments of th¢ Foilndaiion's Trust Deed. Following approval of the fllwicial ststements. copies will be fil¢d with the Chariry Commi53iOn. InY¢stment artivities Tb¢ Tn]st¢¢s confim that the Found￿10n,$ investments are held and m8n4¢d in accordance with the Trustees, powers &% set in section 4 of the Trust Deed. In accordance with section 4.1.4 of the Trust Deed. the Trustees have deleg￿ed the di5cr¢Uonw management of the Found&ion's fi￿dS to BlackRock. The Foundation'5 funds 2re In￿aged wilh the objectives of prNecting lh¢ v#lu¢ of the original ben¢factions in real tern)s and Beneraiing sufficient retum to 5UPW)rt th¢ Foundation's purpose. Reserves policy It is the intention of the Tr￿Slee$ to rnaintain the accurnulared funds at yn ymount that will generate suffi¢i¢nt fi￿d$ io mcet a regular level of grants and other item5 of ¢xp¢nditUT¢. In practice, this means that the itfflation-adjustcd vAlue ofthe original bencfactions is pen￿lC￿lIY ca]cul&ted and cotDpar¢d with thc Val￿ of the accumulated funds. Any adjwiments in exFtnditur¢ aTe b&5ed on maintaining this inflation-kdjusted va]ue, except that following the Tohoku Earthquak¢ in fvlaroh 2011, the 'l'rustces 2gTeed to make &vailable L?50.000 for the Daiwa Tohoku S¢holarships prornTne, to bc spent out of the Foundation's reserves father than taken from the ongoing budg¢t. At the end of the ?024125 financial year, the Foundation's net ￿Sets of £46.8rn (9023124.. £46.27n) werc 130h below {?023124'. 12 /0 below) th¢ value of the original bcncfactions iti real (etm5 and would b¢ 12V/o below if the spending on the Daswa Tohoku Scholarships had not laken place. Stsff alld admilltstration Tbere are cu￿￿tlY six fu]l-time ￿e￿bets of staff at the London h¢adquorters of the Foundatson. with one part-time staff menLber. The Tokyo office is staffed by one fi]11-time and Thvo part-time mejnbers of staff.

The Daiwa AuElo-Japanese Foundation Tn]stees' Report for the yw ended 31 March 2W25 Once agaify the of the FoUnd￿lOn acknowledge with ￿￿titUde the genemus support of Daiwa Secllrities Group Inc. and Daiwa Capitsl ma￿ets Europe Lirnitsd iti respect of certain overhead and otber expeTkditLW 2n Tokyo and Londo￿ &% well &s the PTovision of additional fimdiDgto supportthe Daiwa Scholarships in Jawese Studies. Fkned assets Inforni￿loD relating to ta]gible and ]ntan￿7}le &ssets is given in notes 9 and LO to the financial Statetnents. Auditor The Tn￿$ who held office at the dtr of approval of this TTh]stees' report confynn tha( so far &8 they are each aware. there is no relevattt audit Inforn￿tion of which th¢ Cknity's auditor is tUJaw￿e and the Tn￿te¢S have tsken all the sieps that they ought to have taken &$ Tn]stees to make themselves aware of any relevant audit information and to establish the Cjjaritys auditt)T [5 aware of that inforrnatioTr. A resolution lo appoim Bli¢k Rothenberg Audit LLP 18 auditor for the etLSUiti8 year is to be proposed at the winter meeting of the Trwe¢s. Trnsttts The Trust￿S who setved durin8 the ye•rwer¢: Sir flln¢)thy Ilitchens KCVO CMG. Chair Mr Tak&shi Ilibino, Vice Chair (retired 21 Ju0¢ 2024) Ms Keiko Tashiro CFA, Vice Chair (appointed 21 June 2024) Mr Stephen Barber (retired 21 June 2024) Nfr John C.harlton-Jones Ms Yoko Dochi Ntr Keiichi Hay￿bI Mr Junichi Arihara (appointed 20 June 2025) Professor Sachiko K￿￿￿kawa Ms Rebecca Salter PRA Professor Hirotaka Takeuchi Ms Keiko Tashiro CFA Dr Vi¢toria Tuke Ms J¢ssie Turnbull Pro£￿Or Sir Mark Walport FRS FRCP FRCP8th Fmedsci FRSE Statement of Trnstees, responsibiIitJes in respect of tht Trustees, aDnul report and the fiDanciAI ststementg Under the try￿t deed and charity law, the Trustee5 are responsible for preparing the Trustees, Annual R¢pon and the f￿anciaL stste￿ents in accordance with applicable law and regulations. The Tn￿tEeS have elected to prepare the fi￿cIal statements in accordanct with FRS 102 Ihe 14pxolal Reporting StandurdapplicLible in the DKttpdRepublic oflreland The finan¢ial ststements att required by law to gtve a lrne and fair view of the State of affairs of the chaTity and of the exce$5 of expenditure over incorne for that ￿]0(L In preparing these financial SEatements, generally acc* acCou￿ng practice entails that the th￿e5. select suitsble accounltng policies and then appty them consistendy. obsetvt the methods and PTincipl¢s of the c1￿1t[¢S SORP (FRS102)'

The Daiwa Anglo-Japanese Foundation TIustees' Report for the year ended i l MarGh 2025 make judgem¢nts and estiJnate5 that aT¢ re&onable and pruden¢ stste whether applicable UK Aeeoutiting stand￿d5 and th¢ Stgtrment of Recon]mended Practice have been follow￿ subject to any malerka] d¢partures disclosed and explained in the finarkcial state￿ents., and prepare the fuh2ncia] statements onthe going concern basis uniess it is inappropriate to presume that the charity will continue in bLLSitLess. The Tr￿te¢S are required to act in accordance with the deed of the ¢harity, within the framework of tr￿st law. They are responsible for keeping proper accounting records, suffLeient to disclose at ally ti￿£. with r￿Onable a¢¢uTacy, the financial position of the charity at that time. and to enable the TTUStees to ensu[¢ thal where any staiements of accouDts are prepared by them under section 132{1) of the Charities Act 2011, those statements of aocounr5 comply with tbe requirements of regulations und¢r that provision. Ihcy have generdl responsibiliry for tsking such steps ls are reasonably open to them to safeguard the assets of the ¢hariry and ￿ prevent and dcT¢et fraud and other irregUl￿11]es. Authority is entsijsted and delegatediothe malla￿gTrLL$reeS. SirTimothy Hitchens. MrJohn Charlton- Jones, Ms Yoko Dochi, PTofessor Sachiko K￿sUkawl and Jessie Tumbull. to Exercise all or any of th¢ powers of the Trumees &$ specified in ￿tion 8.1 of th¢ Tn￿t Deed. Slgned on behalf of the Trus¢ees Sir Timothy Hitchens KCVO CMG Chair, Th¢ Daiwa AngitrJapane5e Foundation Daiwa Foundation Japan Huuse 13114 Comwail Terrace London NWI 4QP 21 Nov¢mb¢r 2025 io

The Daiwa Anglo-japanese Foundation Independent Auditor's repDrt to the Trusteu (Jf The DaiTva AngI￿jaPaneSe Foundation Opinio We have audited the fllW]cial stateo]ents of The Daiwa Ang1o-Jap&￿Se Foundation (the 'Ch￿lty,) for the year ended 31 March 2025 which comprise the state￿ent of fitwicial actiMtie& the balance shert tILe staternent of ca8h tlowsand the relatednote& in¢ludingasumTnary of significant accountingpolicies. The fthattciaI Teporttng frdZDeworkihatbas beenapplied intheir preparBtion is applicabl¢ law8nd LTnited Kingdom Accounting Stsndards, including Firw)cial Reporting Stslldard 102 The Fiuancial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally A￿epted Accounting Prathice). The financi￿ statements havt been prepared in accordance with Accotujting and Reporting by Charities prep￿ingth£yTrac¢oUnts in accordance with the Financial Reporting Stsndard5 applicable in th¢ UK and Republic of Ireland (FRS 102) in preferen¢e to ihe Accounting and Reporting by Ciwities.. Staiernent of Recommended Fra￿lc¢ issucd on l Apyil 2005 which is referred io in the extsnt Tegulations but has been withdrawn. This has kn don¢ in order for the accounts to pmide a attd faiI view tn accordanc£ with the Generally Accepted A¢¢ounting Practi¢e effective for re￿ting period8 bewnni#g on or after l January 2019. ID our opinlots the fiDAnclal $tstements: give a true and fair view of the State of the ¢bity's affairs 85 at 31 March 2025 and of its incoming resources and application of resourc4 iaduding its income and expendittre for the year then ended- have been properly prepared in accordance with United Kingdom Genera]ly Ac¢wed . Accounting Pra¢ti¢e' and have been pr¢pared in accordance with the rtquirem¢nts ofthe Charities Ac¢ 2011. Basts for opSnfio We conducted our audit in accordance with Internlot￿l Standarts on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'5 responsibilities for the audit of the financial s￿ernents section of our report. We are tndependent of the ch￿lty in aeeordance with the ethical requtrements that are televani to our audit of the financial slatements in the United Kingdom, including the FiJ￿ICi￿ Reponing cO￿¢1[,S Ethical Stand8r(L and we have ￿lfilled our other ethtcat responsibilities in aceordan¢e with these requir¢ments. We believe that the audit evidence w¢ have obtsined is suffi¢ieDt and appropri¥t¢ to Provide a basis for our opinion. ConelD$ioDs relating to going concern In auditing the financial 5tatemetrts, we bave Concluded that the tm5tees' use of th¢ going ¢on¢ern basis of aeeouTrting in the preparation of the fJnancig] Statements is appropri￿e. B&sed on the work w¢ have perfom)e¢ we have not identified any Materi￿ uncertainties relating to events or conditions th2( individually or collectively, llLay cast sigoifieant doubt on the cl]aritable charity's ability to COtrtirLue 85 a going concern for a Feriod of at least rwelve months from whett the fjnanciai statements are authori5ed for i&8U Our responsibilities and the responsibilities ofthe with respect to going ¢onc¢m described in the relev2Ut sections of this reporL

Thc DAiwa Anglo-Japan¢se Foundation Other iDfomation The other information con]prises th¢ infonDation included in the annua] TeEK)rt other than the fitHi¢i81 staieD]ents and our auditols report thereon. The mw¢es are responsible for the other inforn]ation ¢ontained within the ar￿U￿1 report. Our opinion on the financial Sts￿ments does not cover the other I￿OrmatiOn and. ex¢¢pi to the extent othenvise explicitly siAted in our reporL we do not express any fomi of assufdnce concI￿lOn thereon. Our responsibility is to read the other infoTmatign aRd, in doing so. consid¢r whether the other inforn]ation 15 Inaterially inconsisieni with the financial stat¢tnents or our knowledge obtained in the course of th¢ audil or otherwise appears to be materiaily rnisstated. If we identify such material incon5i5t¢ncies or apparelli maieriaj misstacements, we are required to determine whether this gives rise to a mat￿18[ ￿]sS(a￿￿enT in the financia] State￿entS themselves. If, based on the work we have perfOr￿ed. we tonclude thatthere is a Material misstatetnentofthis other Info￿atiOn, we are reqE>ir¢d to report that faci. We have nothing to report in thi5 T¢gard. MKttcrs on which we are required to report by eieeption We have nothing to report in rtSFeCt of the followin8 mattets kn re[￿LOll io which Charities Act 2011 require5 tLS to Teporr to you if. in our opinion.. ad¢quate aecountin8 records have not been kep4 or rett￿)$ ad¢qutt forour audit have not been received from brancheA noi vi5i¢ed by ￿. or the financial statements are not in a￿en[ with the accounting records and rerum5' or we h&ve not r¢¢¢ived all the inforn)aiion and eXplan￿lOn$ w¢ r¢quiTe foT our audil,. or the information ￿Ven in the Tnjstee's report 15 inconsistettt in any Materi￿ respect with the fin8n¢iai 518tements. R¢spoo$lbllltle5 of trustees As explained more fijlly in the mLsiees' responsibilities ststemenl the trusiees responsible for rhe pr¢paration of the financial staiemenis and for being satisfied that they give a inje and fair view, 8nd for such int¢rnal control &8 the tr￿￿teeS detennine is nece55ary to enabl¢ th¢ preparation of financiaE St￿ernents that are free from Material misstsl¢m¢rti whether to fraud or error. In pr¢paring the flnancial statements. the trustees are responsible for assessing th¢ charity's ability to eontinue ￿ a going con¢n disclosin& 0$ applicabl¢. matters related to going concem and using the 80ing concern basis of accounting unles5 the trustees either intend to liquidate the charity or to ce&%e operations. or have no realistic altern￿]ve to do so. Auditor's r¢spon5ibilities for the audil of tbe finalleffial ststements We have been appointedas auditOTund¢r 5¢Ction 145 ofthe Charities Act 2011 and report in a¢cord8nce with the Act and rclevant re8ulatioLs made or havtng effe¢1 theTeunder. Our objectives are to obtsinTeasonable a55uran£e about wheth¢r th¢ fiwLcia] statements &$ a whole are free from material misststement. whetheT due to fraud or error. 2nd to issue an auditotrs report that includes our opiruon. Reasonable &55urance is a bigb level of 8ssufdnce: but is not a guardntee that an audit conducted in tceordance witb ISAS (UK) will always detect a materia] misstatement when it exists. Mi5StateThents call arise from fraud or error and are considered materia] if, sndividually or in the aggregate, they could re&sonably be expected to infiuetlre the e¢onotnic decisions of users taken on the b￿lS of these financial statements. 12

The Daiwa Anglo-Japanese Foundation lryegularitios, including fraud, are insratLces of llOD compliallce with laws and regulations. We design PTocedures in line our responsibiliti&s, ouditied abov< to detect material ￿lsstatements in respect of I￿gUlar￿tieS. including fraud. The extent to which out proceduws are capable of detecting irregularities, in¢ludin8 fraud is dethiled t¢low: the engagement partner ensured tb￿ the engagement team collectively had the appTQPTiate n)peten¢¢, capabilities andskillsto idethify or reco￿15¢ non comp]iance with applicable llws and reguiations. we identified the laws aDd regulatioJJs applicable to the chariry throu8b discussions with rnanageme￿ and from our commercial knowl¢dge and experien¢e of the chartty sector. we focused on specific laws and regulations which we considered may have a direa material effect on the financial statements OT the operations of the cl)arity. tncluthg the Chariti¢5 Art 2011 and t￿tion Legi51ation' we assessed the ext¢nt of compliance with the l&ws and Tegulatiotts identified al)ove thTOU8h maktng enquiries of managen)ent And inspecting board minutes. and identified laws and regulations were corTrrnuntcated within th¢ audit te82n regularly and the tealn remained alert to instanc¢s of non c4)mplian¢¢ throughout the audit. We &55e5sed the sllqceptibility of th¢ ¢havity's fllwKial stalements to matsti81]nisstateroen¢ including obtaining an Understandi￿ of how fraud mi8hi o¢¢ur. by: aking enquiries of managemem as to wbere Ilw considered there was susceptibiliry to fraurl their knowledgc of acDJal, $￿perned and atleged fraud. and ¢onsiderin8 the intcrnat controls in place to mitiW¢ risks of fr￿d aud non complianee wtth laws and regulation& To addffss the rtsk of fraud through management bi&5 and OVaTide of ¢ontrol4 we: perfornied an81yticai prcedures to identify any unusual or unexpected relationships: t¢s¢ed a sample of journal entries to identify unusual transa¢tions: ssessed whether judgements and assumptions made in deterniining the ae¢oulli?ng estimates were indicative of potenti8] bias- and investigated th¢ rationale behind sigoifi¢nt or unusual tr8n$8etions. tn response to the risk of irregu]arities and non compliance wtth laws and re8ulation8. we d&si procedure5 which included. but were not limited to: eeing financial 5taiement disclosu￿ to underlying supporting d¢)wmentatio reading the minutes of meetings of thos¢ ch￿ged with govern8nK and enquirin8 of management as to actual and potential liti881ion and claims. There are i]thereut limitatiotu in ollr audit procedures described above. Themore removed that laws and regulations are from fjllwjcial tranwtioTW the less ]ikely it is that we would become aware of non- compli2nce. Auditing swidards aists lirnit the audit Procedures requir&lto idelltifv non-c¢)mplian¢e with Laws and reguIations to ￿qUiry of the directws and other management a]￿ the inspectiott of Trgulatory and legal ¢¢)rrespondcncc, if MateKiaI mi&8tatements that arise due to fraud call be harder to dete£t tlw) those that arise from eTTor as they may involve deIiberate concethenl or collu8iOtL 13

The Daiwa Anglo-Japanese Foundation A further dewription of resw)￿]blIl1JeS for the audhl of the financial statements is locat¢d on the Financial Reporting Council's website 4t: www.frc.org.uklauditorsrespoiLsibilities. This d¢scription forn5 part of our audiiovs report. Qi,k KLI LLP Blick Rothell￿ry Audit LLP Chart¢r¢d Accountants Statutory Audiior 16 Great Queen Street Coveni Garde London WC2B SAH Date.. 24.11.2025 Blick Rothenberg Audit LLP is eligible for appoIn￿ent &s auditor of ihe charity by vim]¢ of its eligibility for appointment as audiior of a company under Section 1212 of the Compatiies Act 2006. 14

The Daiwa Anglo-japanese Foundation Statement of Financial Activities For the year ended 3l March 2025 Totsi JI Marek20 IntOllJE 3•d ¢•dOW￿entIfrom.' 35.Th1 881664 918.454 35,790 884.174 919.964 77.683 545.987 6Dfi70 1510 1510 Totsi tllrotn¢ knJffM¥fyJdr (33239) (J33391 164,7351 ChdnfubEroclfvlll 1573526) 1462276) (416,1721 Is￿96> (lJQ1870) 15755261 14622761 1416.lnl (s6￿96) IIJ08.8701 19453581 (439.lUI io E¥￿ty 159.5471 Totsi Elw￿dIt￿r• IIy2.1091 11.926J541 1.170A I.IT2558 3393,105 Net lDcomel{exptdEtYel 3588 550.413 1.990,421 3588 550.413 .990J21 Totsl f¥ids br0wtfoy￿d 17 41193214 8Q.861 46274.075 4W,654 Ttst￿ urrtEdfonnr 44740.039 84.449 4&824.48g 46274.07$ All income and expenditure derive from ctintinuing activities. All recognised gain8 and losses have beert included in the Stat¢m¢nt of Finan¢iaI A￿1vitieS. 15

The Daiwa Anglo-Japan¢s¢ Fowidation Balance Sheet As at 31 Mar¢h 2025 RutrirtedFwlld5 Tothi Fullds 31 h￿r(b 2025 31 M4rc& 2014 Tarwblea55¢ts IntlwbjE￿S￿% Investm¢ffis 154,796 15¢, 167.754 45W.733 84.127 45.933.860 45.445.059 rAM.529 84,117 46,088.656 CKYrttMtts D¢biors Cath 65.956 874.036 939.9ll 113,884 322 874J5a 322 940.314 833.065 Credl¢on'. omowts¥ kn8 due Dne yt (204.4UI [￿1,482) Nè¢ ¢urrei 735510 322 73S,832 661.262 SJEI• 46.740.039 84.449 46.824.488 46214075 Fund5 ofthe FDyadAUo késtMLte4 irt¢0￿¢ f 84.449 84.449 46,740,Q39 80.861 16.740.039 YotAI Fll#d¥ 46.710￿39 84.449 16,824.488 46274,075 The financial staten)ents were approved and authorised for i55ue by the T￿￿ee$ and signed on th¢ir beh￿f by.. Sir Timothy Hitchens KCVO CMG Chair, The Daiwa Angio.Japanese Foundation Daiwa Foundation Japan Hou8e 13114 Cornwall Terrace London NWI 4QP 21 November 2025 The notes on pag¢5 18 to 47 forni part of th￿e financial statements.

The Datwa Anglo-japanese Foundatio Statement of c&8h flows For the year ended 31 March 2025 1024 C5h flows frtrmiThvt￿￿guthII￿s 18.806267 116.E062661 (24280) li0￿.0￿} 19W12) 1.490.988 1975.rdl Chxllg¢ iDc•thand e4llry&kats Ihy 155,177 123.833 595348 C•h ¢1sb eqknkts it th••Nd gftheytsr Th¢ notes on pages 18 to 47 forn) part of these finoncial sr¥t¢rnents. 17

The Daiwa Anglo-japanese Foundation Notes to the financial ￿atemellts For the year ¢nded 31 MaJch 2025 Aceountlllg policies A sullllna]v of the princip￿ accounting policies of the Foundaiion is set out below. Except where indicate(L they hav¢ been applied con5iStentiy throughout 1he year and th¢ precedkng yeaT. The Daiwa Anglo-Japanese Found￿10n is 8 rharity registered at the charity collktlli5sion in England and Wales with charity number•99955. ltsprincipal address is 13114Cornwail Tefftc4 London. NWI 4QP. The financial 5tat¢ments are preSell￿d in Sterliug (£}. which is tbe functio[￿1 currency of the Chariry. Monetary amounts in these f]nanciaJ ststemenis are rounded to the nearest £. a) Basis of preparation 8nd 8Sse55meDt olgoillg concern The financial $￿eMents have F*en prepared under th¢ histOriC81 cost convention as modified by the revaluation of investments and in accordance with th¢ Staternent of Recommended Practi¢¢ applicable to Chariues preparing their accounts in accordance wilh the FiLwicial Reporting standa￿ applic&bl¢ in the UK and Republic of Ireland IFRS 10?) issued (ktober 2019 and Ihe ChaTitie5 A¢1 2011. The financial statements hav¢ b¢en prepared to give a 'lNe and fair. view have departed from the Chariiie5 {Ac¢ounts and Repons) Regulations 1008 t)nly io the exlent required to proyide a 'tsue and fair view,. This departu￿ h)5 involved following the relevantversion of the Sta¢emenl of Recommended Pnctice applicable to chaiti¢s preparing iheir accounts in accord8nce with the Financial Reporting Standard ppplirable in the UK and Republic of Irel￿4 (FRS 1021 rather than the Accounting and Reporting by Chariti¢s'. Statement of Recornmended Pra¢tice etY¢ciive from l April 2005 which has sin¢e been withdrawn. The Tokyo offic¢, which 15 included these accoun1& operae5 as the Japanese brdnch of a UK ¢on)pany. DaiwaNichi¢i Kikin Limited (Company Number 8510540). This wmpany is IOOYts owned by the Chair of the Daiwa Foundation, and L15 Directors are the Managing Trustees of the Foundation, the I)irector General, and the DiT￿tor of th¢ Ti)kyo oifjce. The Foundation regards the interest in this cmpatty as Mn interm¢diale payment arrangemeni under UK GAAP. Its activities are directly included in the fLnan¢ial 5tai¢ments of the Foulldation as if they were undertaken by the Foundation itself. The Foundation CODs1itute5 a public tenefit entity Is defined by FRS 102. b) Going concern After tnaking enquiries. the TNsiees hav¢ a reasonable expectation thai the Charity has adequate resources w Continue in operational existence and meet its liabilitie5 as they fall due for the foTeseeable future, being a period of at least twelve tnollths from the date these financia] Statements were approved. Accorduwly. they contLDue to adoO the going COfLcernbasis in prepaTing the financial ststement5. The Trustees consider that there are llo uncertaintie5 about the Foundation'5 &bility to continue as a going ¢oncern as the FoutKlation inycstmenis greatly in excess of conJrnittÈd gr￿lS ot any other liabiliti￿. 18

The Daiwa Anglo-J2pgnese Foundation Notes to the fuwjcial swements For the year ended )] March 2025 c) Donatioas Donations are included in the Statelllellt of FitWLCia] ActiVi1ies on a Te¢¢ivable b￿lS when their receipt is eEJ5urcd. All income is recogoised once the CbaTity has e￿it[ement to the iDwm< it is probable that the Èncorne will be received and th¢ amount of i￿orne receivable can be measured reliably. d) Investment income Coupon income and bank itrterell are included in the Stement of Financial Activities on an accruals b&8is. Dividenth are recogllised on the basis of the due date for pa)Inent and 8r¢ grossed up for the arnou￿ of any tsxaiton tecover8ble. e) Grants and Schol4rsbips Grants are inclu¢kd in the Statezuent of Finattcial Aatvities 18 swn as they have been approved by the Trustees. ScholaTShips are included in the Stst¢ment of Financipl Activiti￿ ret]ecting the ti]nin8 of expenditure over the Scholarship perio¢L fj £￿end1thre Expenditwe is included in the Statemeni of Fin8n¢ia] Attivities on an accruals b&sis aud ha5 been allo¢atcd lo the particular acuvtry wb¢Te the costs Telate duKtly to that activity. Overhead and support ¢05ts noi direcdy attributable ts) particular activities are apportioned (hver the relevant cate8ori&q on the b￿15 ofrnatwent estimates of stsff Tirne 5peni on thata¢livtty. Irrecoverable VAT is irLcludedwithin the relevant expendintre heading. Contributions io employees, individual persoJ)a] petssion schemes ar¢ Ch￿Sed in the Stlternent of Financi8] A¢tiiities in the year iti which they f￿7 due. &) GoverDAnce costs Governance costs are the costs asso¢i¥ced wtth the 8overnan¢e atrerJ8emems of the Foundation. These ¢OSts include Intern￿ and extemd audii legal adviccfortrtLSes and costs ￿0¢i&ledwith constitutional and statutory r4uiremenw for example the of In￿ meetings 3Dd preP￿ing Statutory aceounls. b) Tangible tntsngible Fiied assets Tangible and tntangible fixed a&8ets are stated at costless aceutllulated depreciation subject to an attnual review for impairnaenL DeprecÈation 15 proiided on these &￿ts at rates calculated to wrtte offthÈ cos less estimated residual v￿U¢. of each ￿et Oll a Straight-]ine basis over tts expected usefijl life, as follow5- Assel type Lwehold prErniwn Office equipment & fixtuKs to 2078 3-10 yea 5-10 yea All ￿￿ed a&sets regaTdte55 of value are Capi￿lSed on acquisitio 19

The Daiwa Angl(FJapanese Foundation Nffles to the finan¢ial stat¢￿ents For tht year ended 3 1 March 2025 i) Cash at b#nk and in hand Cash at bank atLd in hand include5 and sbort.tern) high]y liquid invesknents with a short maturity of three Ulvntks or less frotn the dale of acquisition or opening of the deposit or similar account. Bank overdrafis are shown wthin CUTreni liabilities. j) Inv¢Jtments Investments are stated at market value and ally reali5cd and ￿￿ealISed gains and losses are included in the Statement of Fi[￿)¢12] Activi1ies. k) FinAnetxI lllstNments The charity has elected io apply S¢¢iions I l and 12 of FRS 102 in respe¢t of fitthncxal instruments. Financial assets and financial liabiliti¢sare recogDised when the charity b¢CO￿¢S party to the contractual provisions of the in5trutnen¢. Financial liabilities Ènd equity it)struments aye classified a￿)rdIng to ihe substance of the contractual arrang¢ments entsred into. An equiry )nstrL￿lle￿1 15 any contraei that evidences a residual interest in the assets of the ¢harity aft¢r deducting all of its liabilities. The chaTity's polici¢5 for its major classe5 of fjnanciai assets and fi[W￿La1 liabilities are sel out below. FAnanci#l 85$¢¢$ Basic financia] assets. in¢luding other debtors and cash and baDk ba14n¢4s. are initially recognised at trzn52¢tion pri￿, unless the arrangement conslitules a finan¢ing trAnsaCtiO￿ where the transaction is measured at the PT¢s¢nt value of the fuwre receiprs discounted at & market rate of interesi for a similar debt instrumenl. Financing transactions are those in which payment is deferred beyond nornlal business temis or is financed at a rate of interestihai is a market rate. Such assets are subsequently ¢8rri¢d at 8mortised cost USiDg the effectiv¢ internst method, less any impainnenL Financial libilitiey Basic financial liabiLiti4 including other ereditors, are ioitially recognised at trawtion price. unless the arrgngement constitutes a flnancingtraAsactiO￿ where the debt instrument 15 measured at the present value of the flltL￿e payments discounted at a market rate of interest for a similar debt iLstnJment. Finan¢ing transactions are those in which payment is deferred beyond Dornjai b￿lnesS lemis or ss fin8nc¢d at a rate of intexest ttrLat is not a market rate. DEbt it]Struments are subsequently c8rTied at amortised cos¢ using the effecuve interest rdte method. I￿pair￿ent of fID#neial asstts Financial assets me&suTed at cost atld atnortiSEd ￿lSE are assessed at the end of eactrL reporting period for objective evidence of impairment. If obj¢ctiYe evidence of impairment is found. an illLpaiTinent loss is recognised in the profit and loss account. For fllwicial assets Jneasured at cost les5 impairrneni the impaimiejrt loss is measured as the diffcrcnce between the asset's Carrying ajnount and the best estitllate of the amount the cl]arity would r¢ceive for the a4et if it were to be sold at tlLe reporting d. 20

The Daiwa Anglo-japanese FoutLdation Notes to the financial sratemenis Forthe ytar ended 31 March 2025 For financiat a$52ts me&8ured ￿ amortised ¢os¢ the imp8illDent 10s5 [5 measured as the difference between the &8seVs canying amount and the present vaIue of e5tim&ed cash flows discounted at tbe 855d's original effective tnlerest rate. If the financia] asset h&$ a variable interest rdt4 the discount rate for m￿Uri￿8 any impairn)ent loss is the ¢uThent effethive imerest rate deteTrnitied undw the contra¢L If ihere is a decT¢&se in the impairment •ising fiotll an event occuning alter the tmpaiTtnent was recognise¢L the impaimlent is T¢versed. The revets81 is sucb that the current carrytDg amount does not exceed what the cazrying arllouDt wou]d have been hxd the impainuent not previously been recognised. The impainnent reversal is Tecogtiised in profit or los& Derecogrtition of financlal ass¢ts and Illlantial Jiabilities Firwiciai assets are derecognised when (a) the Contrart￿ rtghts to the cash flows from the asset expire or aye settle(L or (b) substantially the risks and rewards of the ownership of the ￿et aTe transferred to another party or (c) despite having retained some signifjcant risk8 and rewards of ownership. control of 1he ass￿ has been tr4nsferTed to another party who the Practical ability to unilattra]ly sell the 1sset to an unrelated tbird party without imposing additionat ￿StrictiOnS. Financial liabiiiiies arc dcrecognised when the ]iability ts extin8uxthed. is when the eontractt obligation is dis¢hargc¢L cancelled or expires. Off$ettin% Orr￿a￿ti&l Asgets alld t1tt2n¢ial liabilitie4 FinanciaI assets and liabilities are offset and the Det amount rew)rted in the balance sheet when there is an ¢nforceable right to set off the recognised 8moLmts and there is an intention to settle on an￿ basis or to realise the ￿et and settle the liability stroultatteously. l) T¥utioD The Daiwa AnglowJapanese Foundation is ¢onsidered to be a clwity for t&K purposes #nd therefore benefits from exemptions from ￿x￿lon on its inc¢rne and gains falling within Sections 518 to 537 of the Income 2007. Sections 466 to 477 of the Corporation T&x Act 2010, or Section 256 of the Taxation of Chargeable Gains Act 1991 to the th* they ate applied to its Charitable objectivas. m) FuDd Strnethre Restri¢ted funds are those which are to ￿ used in accordance with specific restrictions itDposed by the donor or t￿st deed. There is a single r&stricted fvn(L the Harold Bell ScholaJship Trum fun(L restri¢ted to funding s¢holarship5 for Japanese High-S¢hool Eng]ish ieachcrs to attend a course in English Teac￿￿% at the Bell School in Cambridg Unrestricted fiTnds coJnpri5etb05e ftmds whichthefnL5tee5 free￿ ￿sef0[allY purpose in filltherdnce of the charitable objectives. 21

The Daiwa Anglo-Japanese Foundation Notes to the f]narL¢ial ststemelltg For the year ended 31 March 2025 n) Foreign Currency TraDSlatioll Th¢ Foundation'5 functional aud presenthllona] curt¢ucy is GBP. Transactions and balances. Forei￿ ¢UTrency tr8nsaction5 are trJpsl&ed ill￿ the fimctiODal ourrency using the spoi ¢xchattge rktes at the date of tr￿actions. At each period ¢nd foreign currency monetary items are trao51ated wing the closing rate. Foreign exehan8e gains and105ses resulting from the Settlement of transactions and from the translation at period-end exchange of mon¢tary 18sets and liabiliii¢s d¢noll)3Dated in foreign curren¢i¢s are recognised in the sratemeni of fuJ8nciAI activities. Trust dttd The Foundation w&s set up under a Twst Deed dated 16 AugLL8t 1988 between Daiwa S¢¢urities Group IDC. and the original Trusiees. The Foundation has been eniered in the c¢n[r￿ Register ol'C.haritie5 by the Chariry Con￿15S1Oners pursuant io the Chartties Act 1960. a5 Chwity nutnber 299955. Income 31 m9￿h 2025 31 March 2024 Unrestrleted IDeome In¢ome from invesiments Other inteT¢* re¢eivable Voluntary contributions and centre for visiting acadani¢5 incom¢ Renta] in¢ornB (from Japan Society) 850.324 35.790 3?.340 918.454 S12.780 77,683 32,340 622.803 Restricted Income Income from invcstments 1.510 867 Total 919,964 623,670 Th¢rc is a single restriried fimd in ihe forni of a donation from the Harold Bell Scbolarslllp Trust fijnd. This donation is rc5tricted to fisttding scholarships for Japanese Higb School English teacher5 to attend a ¢our% ID Eng]ish Tcacbing at the Bell School in Cambridge. 22

Thc Daiwa Anglo-Japan¢se FouELdatio N￿eS to the financial sratements For the year ended 31 MaTth 2025 Allocation of Support & Governallee S￿￿]￿T- Ev 31 M•rch 2025 31 MAr¢h 2024 Relati¢)ns &478 955 21.970 20.912 Utilitic d repairs PetsoDnel IDofL- (knvwwce) 24300 24299 50,878 557 IW034 98.709 J211345 115.40Z 191.894 41.439 469.080 474.090 47.645 43J12 4(013 6218 143,688 169.667 Governarl 25,159 ?3.080 1727 (nots 61 85,728 130,847 22J.897 j?0.343 56,896 824,500 894.225 Support costs are apportioned across choritsble activities on the basis of 5tsff time expended. Charltsble act1￿¢$ eIpeDditure Actiwties und¢rtak dIr¢￿ty Supp￿* din8 of Governance a¢tivitie5 31 ￿Tch 202$ 31 M#r¢h 2024 Scholarships 349,629 223,897 573.526 945.258 Grants. Awards & Prizes 248.912 213364 462.276 439,125 Events 85.829 330.343 416.172 417.689 Cultural RclatiOL5 56.896 56.896 59.547 85,829 598.541 824,SOO 1.508,870 1,861,619

The Daiwa Anglo-Japanese Foundatio Notes to the finauci&tl staTrm¢rAts For the year ended 31 March 2025 Covernante eosts 31 Mirtb 2025 31 March 2024 PeTsonncI Trustees. eynse5 Audit lee Legal f¢¢$ 40.365 20,289 12294 12.780 85,728 37.392 80.641 12,814 130.847 Tr￿￿ees, expenditure includes travel and entertainment expen5¢5 of £20,289 to ail Tr￿te¢S (2024: £80,641 to all) associated with Foundation meetings in London aud Tokyo. Tn￿lee9. meetings bre nOT￿allY held in London twic¢ 2 year, with one Tn￿tee from J4)an representing ail japan-b￿¢d Tnjstees. Personnel costs shown above represent those personnel costs deemed to be relatcd to administration ratherthan the direci charitsble activities of the Foundation. External audii fees. exclusive of irrecoverable VAT. were £12,294 for the ststutory audiL with no other additional work being undeffaken. r4el in¢oJn¢llexpetsdlture) Net exp¢nditure forihe year includes.. 31 Mar£b 202.$ 31 M8rcb 2024 Depre¢i*ion (se¢ note 9 & 10) Staff costs (see note 8) Auditors, remujwation for the audit of these 5tstements 21,970 509,447 12.294 20,912 511,484 12.814 Staff Costs The average monthty number of fuil-time equivalent Pe￿In5 ¢mploy¢d by the Foundation during the year was 8 {2024: 8). Their aggrewe remunernion compris¢d: 31 Mareb 2025 31 March 2024 Wage5 and sa1￿1cS Social secwity costs Pension contribution5 442.308 42,506 24,633 509.447 442,405 40,423 28,656 511,484 24

The Daiwa Allglo-Japan¢se Foundation Notes to the financia] stsietnents For the Ye￿ ended 31 March 2025 The Foundatton cottsiders its key maDageEoent perso]Jn¢l comprise the Th￿CeS and tbe Director General. The tot￿ emolutttents of the key ￿anagement peJsonnel were £124,254 (2024.. £117,266). Tn￿teeS give ofth¢ir time freely and no remuneration w&s paid in the year. The rattg￿ of employees. emoluments (wag4 ￿3[leS and pensions) over £60,oc￿ were ￿ follows. 31 MAre 2025 31 March 2024 £110.000- £130,000 The Foundation does not oFYrate a petision schem& Th¢ rtnsion costs for the year represent contributions Made by the Foundation iowaTds employees. individuat pusonal pension Khemes, of wbi¢h £8.860 (2024.. £8,334) constituces an allowance in lieu of pension ￿ntribUtiOrL$ for the highest- paid employee. All aspects of the employees, pensi¢m anangetnert5 incluthg governan¢¢, communication and the scheme desi8n are fi￿Y compiiant with automatic eDro]ment. Pension eoJnTnitments In accordance with auro•enrolmeni requirementy the eharity makes contributions to employees, p¢r50nal pension pLans. The pension c05t charge represents ￿n￿]bUtionS payablc by the ch8riry io the and arnounied to £70.776 (2023: £65.634). At 31 L*c¢m￿r 2024, an amount of £NfL {2023: £2,084) was outstanding. Tangible assets Totsl Tangtble Leasebold equipment Office Cost Begtnning otyear Additions Disp05ais End of year 799.339 189,753 9,012 (5,988) 192.777 195.456 1,184,548 9.012 (5.988) 1.187,572 799,339 195,456 DepreefiatioTA Beginning of year Clwge Disposals End of year 717,160 1.526 IISJ58 16.788 (5,988) 126,158 184.276 3.656 1,016.794 21.970 (5,988) 1,032,776 718.686 187.932 Net book value At l April 2024 81179 74J96 11,179 167.754 At 31 M2T¢h 2025 80.653 66.619 7.524 154,796 All assets are held for charitable PUTPOs￿.

The Daiwa Anglo-Japanese Foundation Notes to the financial statc￿ellts For the year ended 31 March 2025 10. tDtaD%ibk assets Total Iniangible assets Software Cost Beginning of year Additions Disposals End of year 14.658 14.658 14.658 14,658 Depre¢lJ)tloll Beginning of year Charge Disposals End of year 14,658 14,658 14,658 14,658 r4et book vAlue At l April 2023 At 31 Mar¢h 2024 All assets ar¢ h¢ld for charitable purposes. 11. Ftsed a¥$et IllVe5trnettt5 The Found*ion's investment portfolio comprises the foll()WI￿ wh?ch Ère shown below at aggregate market Valu¢ and cosi.. V￿ll￿10n Vgluati¢)n Cost Cost JI March 2025 31 March 2024 31 March 2025 31 MAri.h 2024 Investrnent fitn&%-. UK investments Mixed UKIOveneas Overse&5 securities 28,528,872 28,528.872 17,404,988 45.933,860 29.386.431 29.386,431 16.058,628 45.445,059 23.362.522 23,362,522 16.836,952 40.199.474 24,607,454 24,607,454 15,540,681 40,1?8,135 Subtotal investtnents Cash portEolio 26

Thc Daiwa Anglo-Japanese Fowidation Notes to the financi21 statelljents For the year ended 31 March 2025 11. Fixed asset Rnv&stmeDts (comtinued) The MOV￿ent on the balan¢¢ sheet V￿lle of invest￿ents is anaIysed as follows: 31 March 2025 31 Mareb 2024 Market va]ue brought forwaTd at l April Additions at cost Di5posat proceeds Dividend & inter&st reinvestrttent Fund managers'fees Net gain in the year Market value carried f¢)nwd ai 31 Marcb 45.445.059 2,000.000 (3.500.000) 849,482 (33,239) 1.172,558 45,933,860 43.705,178 16.806,266 (18.806267) 511.512 (64,735) 3.293.105 45.445,059 Fw]ds under man88etnent are &5 follows: Market V￿ue 31 Mareb 2025 31 March 2024 BlaekRock 45.933.860 45.933.860 45,445,059 45,445.059 Investmettts. including th¢)se whose roarket represents more than Syo of the total rnarket value of the Foundation's inve5DnaJt WTtfolio are ￿ follows: 31 Trtarcb 2025 31 Mareb 2024 ISHARES MSCI EUROPE ENHA EUR A ISFL4RES MSCI F.M ESG Ellban¢ed LTSD A ISHARES M8C.l Japan ESG Enhanced USD A ISIL4RE,S MSCI USA ESG Enh8n¢ed USD A C&sh portfojio Market y￿Ue carried forward 8t 31 March 11.343.781 7.191.161 1828.684 7.165,245 17,404,989 45,933,860 11,581,889 7.367,632 3,069,500 7.367,409 16,058.629 45,445,059 12. Debtors 31 March 2025 31 March 2024 Other debtors paid exp¢nses 6J73 59,583 65.956 7,588 106296 113,884 27

The Daiwa Anglo-Jap&nese Foundation Notes to the fina￿1￿1 statements For the year ended 31 MaTcb 2025 13, Cash at ballk and in hand 31 Mareh 2025 31 Marc 2024 CuLTent Accounts C￿h on hand 874,358 719,181 874,358 719,181 14. Creditorn: amoullts falling due witbin otte year 31 March 2025 31 March 2024 Bunk overdraft Grants pay&bl¢ her creditors 5.075 121.900 77.507 204.482 347 88,064 83,392 171,803 31 Mxrcb 2U25 31 Mareh 2024 Grants accrued at 5 April 2024 Grants approved in the year Grants paid in the year Grants #¢¢rued a¢ 31 March 2(I25 88,064 257,?81 (223,445) 121,900 126,950 260,150 (299,036) 88.064 15. Related PArtie$ Daiwa %ecuTiti¢s GTQUP Inc. (Yhe GToupI PTovides certain support service5 (including ￿￿u￿ting and payroll) to the Foundation in London and Tokyo without charge. The TnLStees estimat¢ thc value of these services io be small enough noi ro requir¢ disclosure in the Accounts. One of the Curr¢nt TrLL%tees is a Mejnber of the Board of Dsr¢GtOTS of Daiwa Secwlll￿ Group. Daiwa Securities Group Inc. gen￿oUSlY agTred to fund the Daiwa Scholarships in Japanese Studies progra￿[ne up to a maxitnum of ¥20 million per annum for ten yeaJs. This period h&5 now ended. but Daiwa Securities Group continue5 to provide fi%nding for those Scholars chosen during the initial ten- year period who have not yet completed thEir peiiod of study. The fi￿dIng during the year mounted to £30.135 {2024.. £73,034). 28

The Daiwa Anglo-japanese Foundation Notes to the financial St￿erQents For the year ended 31 .March 2025 l& GrAnty Awards & Prizes Flu￿ber Value Number Value 31 March 2024 31.Marcb 2025 31 Mareh 2024 2025 Grants approved in y -carbon Offsetting - Enstiwtions - Jndividua15 7200 221J50 31.500 260.050 3,250 218,000 38,900 260,150 60 13 66 15 74 82 Grants cancelled or refilln￿ in year (11.13 (56.511) 248.912 203.639 Support & Goveman¢¢ costs (See Dote 5) 213J64 235.486 462.276 439,125 31 Mareb 2024 2025 alysis of %rnnts, aFard4 & pri7u awarded lu tbt year Daiwa Foundation Srn￿l Grants (UK-sidel Daiw& Foundation Small GTants (Japan-side) Daiwa Foundation Awards Carbon Offsetting 123,250 27,600 ioiooo 7.200 138.900 35,400 82.600 3,250 260,150 (41,782) (14,7291 235.486 439,125 T￿81 wts awarded in 202412025 Grants wicelled or return￿ in year Awards cancelled or rewmed in year Support & Governance costs (see note 5) Total grdnts. awards and prizes 260.050 (8.370) (1768) 213.364 461276 Grants are n￿de solety at tbe discretion of the TnLStees. Payment of a 8rani to any charitable body, person or institution requires the approval of a majority of a]1 the Trustees. The TDLqtees bavc ernp0w￿ed the Managing Trustees to JfLake grants up to a total of £750.000. 29

The Daiwa Anglo-Japanese Foundation Notes to the fitwicial statements For the year ended 31 Maxch 2025 The following pages show the grants which h&ve been approved by the Tn1￿ceS for the fu)ancial year 202412025. Datwa Foundation Small Cirants Support wasprovidedfor the rojects.. UK-side Small Grants Arehliectural Association Visitin% Sehool Support for travel to Japan by two participants to take part in an intensive ten-day Cours¢ for 16 arcbi*cture SDJdents and rec¢nt graduates from the UK and Jaw providing an introduction lo the working practices ofmanazurn's granite industy and low4arbon buildin& April 2025. £4,000 Bprbican Centre (Trust) Suppon for trnvel ¢0 th¢ UK by artist Miyu Hosoi and technician io finalise and install a new audio insfailation- her first public work in the UK- for BaTbican exhibition produced in parmeTship with E&51 Japan Railway Foundation for CulturaI Innovation& May io Au8USt 2025. £3.400 Birmingham City LDiversity, Scbool of Art Support for travel to Japan in Ociober 2024 to int¢rvi¢w artists for the development of a manuscript The Art of Contemporary Japan. lo Ee published by Thgmes & Hudson in 2026. in pJrall¢l with the expansion of Binningharn'5 CEntre for Chinese Visual Arts to E&st & South¢Lst Asi £3,000 British Edu¢ational Lead¢rship, Mxllagetllellt & Admini4tration Society (BF.LMAS) Suppon for reciprocat flights by membeTS of the British Educational Leadership, Mana8etnent & AdtDinistrdtion SociEty (BELMAS} and the Japanese Association for the Study of Educational Athninistration (JASEA) io meet and take part in conferences in the UK and Japan with a view to establishing long-iern) networks and coltalJoTation on educational leadership and establish a Memorandum of Understandin& July 2025. £5.(￿0 30

The Daiwa Anglo-Japanese Foundation Notes to the ftt)antial stAtemettts For the year ended 31 March 2025 Ca￿bridge Universitv Attiwlo-Jgpanese Society Support for a coUaknr&iv¢ event oooo Japanese %)cieties in orderto build a strotjger network across the nation. The event will feature ￿kS from students aDd glull)ni and it Is hoped it wiu become an annual (Kcasio￿ 19 Ocmber 2024. Cardiff Universlty Support for athree.week research Yisii to Japau irl July 2025 by Dr Christopher Hood to observe the aDniversaries of the atomic IM)mbin83 of Hiroshima and Nagasaki, the end of World ll and of the world's deadliest single pl8ne er&5fy JLI 23. r¢suliing in amorLowFL Support for travel to Japan by three dan¢ers to train with 8JJd learn from SDJdio Han4 Hip Hop Internatioll￿ gold medalli5ts, ahead of representing Scgtiand for the first lime at Hip Hop InternationaL with the of sljaring their knoWI￿ge throu&h workshops and M￿tr¢lasseS baek iti S¢￿[and. March 2025. ,000 Dattce Vibez CIC (Cumbernguld) £3.400 D¢slgD Mu5eury Support fortsavd to Tokyo in Mgrtl 20￿ by two c￿[$ to develop 8nd d¢liver ￿7G0- From Japan With Love,. an ethtbition (2026) which will explore the desigu¢ls practice acros5 fashio usiq desi￿ and aTchittttur< and his tnfjuence on pop whure overthe t&st 30 £3.400 ELss Tierney aud Kumlko Support for travel to Japan by two UK- based artists reseawhing the Origin of Mitsuro Hikxme, aJapanese wax s￿Ipling teehntque, tracing the technique back to Sado Island £3,000 collaborati¢)DS; a comprehensive book and lecrw will ensue with a view to helping preserve thi5 te¢lJnique. September 2024. 31

The Daiwa Anglo-Japan¢se Foundation Notes to the financial statements For the ycar ended 31 Ma￿h 2025 Fé, Eduardo (Unlversity of M%nch&ter, Department vf Social Ststisti Support for a one-monrh ressqrch vtsil to Tokyo University by Dr Fé to wid¢rtake collaborative r¢s¢arch witb Professor R Tanaka at the University of Tokyo on the socioeconomic, cognitive and health wnsequences of r¢tirernent for workers in the UK and Japan alld to rneet academies from other ￿nSti)JtiOns. April 2025. £2,500 Flllan, Dr Dorothy Support for a visii io the UK by Professor Kaori Suetomi to collaborate with Dr Domthy Finan in rneetin8 key stakeholders as part of a comparative scoping exercise into improvements io 5afe8uarding me&8ures aimed at childr and y(Trung people within the enienainment industiies itt th¢ LIK and JapaJL July ?025. £2.000 Fountain, Dr Daniel IVnlvLrsity of Exeter) Support for Iravel to Kyoto in September 2024 to meet the founder #nd organizeTS of Memorial Qutlt Japa estsblished in 1990 by texrile ariist Hiroshi Saiio, io documeni quilts and eonduth iniejviews. £2.000 Jurassie Maths Hub, Primary Maths Tearn (in partuersbip slltb Deio Education Servic¢5, Maths Team) Support for travel to Japan by Maths education prof¢55ional developmeni le￿ io b)ost their knowledge of Japttnese approa¢b¢s to ciirriculum desi￿ and developtnent with the aim of sharing le4rning across tbe national math5 hub nenvork and schoo15 in the hub regio￿ Febn]ary 2025. £3,500 32

The Daiwa Anglo-japanese Fowldation Notes to the financial statements For the yw ended 31 March 2025 Kitt04 Dr Haris (Royal C(bllege of Musiq Lotsdon) Support for travel to Tokyo for rebear5als and the prern1￿e of a new ¢omposition for traditional Japanese insiruments in cotiaboration with the Japanese enSe￿b]e Mal]oroba (conceived by 5hatnisen player Hidejiro Honjoh) and the Royal College of Music. March 2025. £2.000 Loughborough Univcr5ity, School of Arebitecture. BuiIding ¥Dd Ch Ellgine¢ring Support for travel by Dr Jazaierly and colleague, organisin8 a symposium on the relatiot) b¢tween Arch2ts¢ture and Philosophy at Untversiry of Tokyo. The event will include Kengo Kum4 recently awarded the Imp¢rial Prtze & the Japan Art Academy Prize forthe V&A Iknideq 2 July 2024. £2.000 M￿ke11, Catherine Support for a six-week residency during autwnll 2024 for two Gl&sgow-based ¢eramicists. which will culmitt￿¢ in an anagama ￿lAg and exhibitioll at Shiro Oni Ana8ama in Gunma Prefecnre. LongeT t¢nD ouicom¢s of the project would be io build a smail. w0￿j ki]n thin the city of Glasgow, a ceramics comM￿lty hub. £2,000 McCAb< Ajice (Metsfleur) Support for fltsr￿ art d&signer Alic* Mccabe and bamboo fence maker Akihiro Maslllmo to collaFK)rnte in d￿Ck0p1n8 new ways of worliD8 Sustsinably with tlowers on a large scate, bringing Japanesc batnboo fenciJ)8 tethniques and UK tRt)ra] art skills together in joint i[S￿l￿10￿$. £2,000 Moor< Frattris Support for afree one4ay event in London investigatsng th¢ cuItt￿e of the sbakuhacb4 consisting of a Scree￿ of Katsuya Nonaka's fthn ￿utUre ts Primitive,. lalk& and perfOrn￿nCes. participants will include players Katsuya Nonakn Kkn Day, Clive Bell. and organiser Francis Moore, autum 2024. £2.500 33

The Daiwa Anglo-japanesc Foundation Notes to the financial State￿ents For the year ended 31 MaTcb 2025 NottÉn%ham Trent IDiver5ity. School of Arehitectur4 Design and Built EnvirollmeDt Support for a first collabordtion to establish bTidges between Sw 2nd Nottingham Trent Universities in the fields ofaTchitectwe and cultural heritsge by ¢xaminittg and shariug knowledge abour mosque5 alld migrant architecojre in both countrie5, autumn 2024. £3.(H)O Nottingharn Tretst University. Sehool or Science And Technology Support for travel w Jap2n to sbare uovel materials synthesi2ed by UK chemists with physicisLS in Japan whose expertise in 5F¢cialised measurement t¢cI￿l4UeS will m8k¢ it p)ssible to build collaborative network to fully inv¢5ugate these tnaterials, prO￿rti¢$. September 2024. £2,000 Roygl Hollow8y? L'nivernity f LundoD, Departmtnt of Drawa, Theatre & Dance Support for travel to the UK by m&sk rnak¢T Hidets Kitszawa to deliver deMo￿￿tratiOnS throughout th¢ UK and to assiM in the development of a new Noh piec¢ c¢ntrin8 on a mask Inaker, io oincide with a Noh-r¢lated ¢xhibilion the Embassy of September io Decemb¢r 2024. SOAS, UDiversi¢y of Jjondon, Dep&rtment of East Asi8tBrltlsh Mustum Support for trav¢1 to London in Seplember 2024 by two Jyn•based academics io take part in a workshop Tel￿ed ￿'CreatiVe Collaborations- Salons & Nettvorks in Kyoto & 058ka 1780-1880, a UK.Japan proje¢L exploring the rol¢ of th¢ arts in wciety, leading to a high qu8]ity b(x)k in ?025. Universfity Colltge London, Department of Anthropolo%y SupEK)rt for travel to Japan by two academics cix)rdirwtiug and presenting at a symposium in Kyoto on thanatolw. bringing tog¢th¢r researcher5 in the comparativ¢ thanaiology field to ¢reale a roathttap for the future of this new discipline &8 a hypothesis-te5ting fiel4 June ?024. £3,000 34

The Da1￿ Anglo-Japanese Foundation Notes to the fin8J]cial state]nents For the year ended 31 Mareh 2025 University College tA)ndoo, Departtnent of Medical PJJysi¢s and Biomedieal En￿￿terIllg Sttpport for trdvel to Japatt by two of LCL'S pre-clillica] irnagtng teatn for a fitst eollaborattoll with ￿l￿arts at Osaka UniveT5ity with a view to improiryn8 the sensitivity of pr¢-clinical MRI forthe lotigitudinal monttOTiDg of lung ¢anttr. August 2024. £3.000 Lniversity Collwe trtJodon- Japan Youth Challenge Suppon for travel to London by Biwa player and poet Satoslu Takemoto to address aDd engage with participants ot this yeavs Jap¥n Youth Challenge. aten- day Summer school ftirhigh school students from Japan and the UL #itned at broadentng their carecr perspecttve5 and pyomoting cutbjrnl ex¢h8n8< 2024. £2.000 (JYC) London School of ELonomi¢s and Polltical ScieDe4 Department of International Hisiory Support for travel to the by two Japanese academics to tske part in the workshop, Won-European Modernity: Japanese and East A.sian Id¢as of the West iti the Twentieth Centyry, which aims to reconsider the meaning or EuTopean modemity, from the perspe¢iive of Japan, 2025. £2.500 LonLIoD Sebool of Economlcs, Dept of Phi108(Trph J' Logi4 and Scientific Method Support for research in Tokyo and Osaka by Dr Katr Vredenburgh to examin¢ Al and the future of work across Japan and the UL so as to tacilitate knowledge exchange and research links acros5 UK and Japanese universities and to gather new dats in Japan for a project on th¢ future of work and Al, Aprtl 2￿25. £2.000 Lougbborougts Buginess S¢hool Support for reciprrAt UK-JaparL visits by aCadeTni￿ at Loughborougb and Akits knernatIOn￿ tiniversity to collaboratc on # ¢ompaJattve study of the n)atroeconomi¢ 8J2d microeconoEDie driYeTS of domestic fixed capttsj fonnation in Jap￿ and the UL 2025. £4.000 35

Th¢ Daiwa Anglo-Japane5e Foundation Not¢s to the financial siatetneDts For the year ended 31 March ?0?5 Plyllaouth Marille Labvralory Suppon for travel to Tokyo by two Plymouth Marine Laboratory (PML) st8ff (PTof¢ssor Stephen Widdicornbe- PML'S Director of Silence and Depury Chief Executive, and Atny Kenwot1hy - (k¢an Acidification Research for S￿5[21D#b11iry IOARSI Project Mana8¢r) to preseni at the World Ocol Suttunit in March 20?5, and attend trategic meetings on Oc¢pn Acidification (OAI tlius fvrtheTing links with partners and srakeholdeTS whilst rdising awareness or recent r¢5¢arch on the extent and Impa￿ of OA 8lobally. £3,500 University CoU¢g¢ IA)ndon, Institute of Ophthalmology Support for travel io Japan by UK research¢rs to deliver a workshop at Seirei Genera] Hospirai, Hamamatsu th brings 10gether clini¢ians from aeross JY4pan to enhance their understsnding of Charles Bonnei syndrome and introduce UK-d¢veloped clinscal guidelines, 2025. £2.600 UDlversity ofHirrntngbarn, SLtrLooI uf Mithernatics Support for reciprocal visits by academics ￿ Birmingharn and Kobe Universities to collaborate on the esiabli5hm¢nl of a data41riven tnodelling framework for surfactants, leading (0 publieations aThJ C￿eSign of sUbs￿tial ant applications June 2024 to May 2025. £2,400 University of F.ll%i l.ondoD, .8cho(Jl of Architecture, Computing &nd Englneerlng .Support for travel to Japan to di￿eMillate research output at th¢ 12th Intern￿lonal Conference on Informalics, Electronics and Vi5i9n at KitakytL8b and thc e5tablisbmcnt of interdis¢iplinary researcb collaboration and outputs with universitie5 in Japa May to June 2025. £2,400 36

The Daiwa Anglo-JapaTEese Foundation Notes to the financial statements For the year ended 31 March 2025 Unlvenity of Fts5e4 E55 Bnsines5 School Rec?PTocaJ visits by acadetnics at Essex and Shizuoka Untversities exploring the WOTk-life b￿ance of UK and Japan- based doctor5 to elucidafr the ￿derlying reasons forthe high workload of doctors especially in Japanese setting& resujiing iti workshops and articlA October 2024 onwar&s. .700 Unlversity or0￿0rd, Faeulty of Asian 2nd Middle Eastsrn Studies Suppon fortravel lo the UK by panellists from jap￿ participating in ta￿ and pgn¢l disc￿10￿$ At SOAS and Oxford with ￿pr¢Sen￿1Ves of the Japanese di&8poT4 5¢holars. and younger cohotL8 to ¢xploTe the diasporic experien¢¢ in the UK and to commemorath the archiving of th¢se a¢counts, Jw)e 2024. £2,600 Unlvcrsity of SouthatDpton, .Schoul of Cbcmistry and Chemffieal Eogineerlng. Dr Gregory Perry Support for academics ￿ Southampton and Okayama Universtttes to inve5ti8ate routes for C02 capture towards St￿lnable rn¢thods for makin8 m¢di¢ines. a8rochemicpls and other impY)rtant mole¢ules. March ond Swember 2025. £2.000 Ulliverslty ofsouthampton. S¢bool of Edueatlon Support for recipm¢al visits in Febnjary and June 2025 by acad¢M1￿ aDa]ysin8 recent PLSA 2022 fwing on the use of te¢tuJo1o￿ in nIat￿ lessons in Japan and Engtand. Based on this •nd prior literdture they aim to ￿-creat4 7th maths teachers. aprototypical digitsj maths booL £3,000 Unfversity of Surrey? School of Chemistry aDd Ch¢mieal Ellgijjeering Support for recÉprocal visits by academi¢s at SLurey and Kyusb Universities focusing on r¢%aTch inio C(>2 capture alld redudion with aview to devel¢)ping Dwnericat models foT the electr￿1￿mi¢al CO2 reduction electroly5er designed by Professor Yanauchi's group. July and SeptemFEr 2024. £3.000 37

The Daiwa Angl&Japanese Foundation Notrs to the financi815tatellLents For the year ended 3 1 MaTch 1025 University of Surrey. Departroent of Microbial Sciences Support for visit to Japanese un&versi1ies to give seminars and initiat herpes vlrology resCa￿h collaborations to facilitste design of future collaborative research projects. publications alld gr8ts1 applicatio1￿. Spring 2015. £2,550 Lniv¢r3ity of the Arts London, Ceutral Saillt MartlD5 College of Art Support for a visit to Tokyo Universiry of the Arts by Professor GTah8m Ellard to lead 'How to Work Bett¢r- t￿chirt8 art, examined.: a public symposium and forums exploring ￿proacheS io teaching in an internalional ￿ntex4 2025. £3.000 Unlvtrstty of tbe Arts I,ottdon, London College of Communi¢#tjOD Support for four BA photography students from University of the Arts London to participate in Totyo's T3 Photo Festival and work collaboratively with Japanese peer5 to initi￿¢ a longer- temi collaborativ¢ project and cultural exchange opp)]tuniues. October 2024. £4,000 Warnell, Phillip Support for travel to Tokryo by Dr Phillip Wamell io withess, interview and WTite on'Katsuben Benshi. perfornlat work currently being urtdert&ken by Koyata Aso in her perfomiaive accompaniment of silent films in on auditorium environrneni, for a book Project with Anthem Impaci series. April 2025. £2,000 Wild4 Sam Support for transport and ac¢omm(Kl*ion costs ￿SOcIated with 8rti5t-in-residence programmes at Saiko and Kobe City with a focus on creative exploration through continuation of a Yokni sculpture series and Japanese ceramic anthology that the

nist previously exhibiled ￿ th¢ Young

V&A and Twner Contemporary respectively. The T¢5iden¢i¢s will culminate in an exhibition in Kobe at the end of the four-month stay. £2,500 38

The Daiwa Angl()-Japancsc Foundation Notes to the financial statetDents For the year ended 31 March 2025 YamAshits, Megumi Support for travel tn Japan by Megumi Yarnasbita tD early 2025, comprising visÈts lo 20 to JO crnft makers associated with SuEnO Wrestling and do¢umeniing their cratsan5hip via photography. The research will result iti publicatioas coinciding with the upcoming Grand Surno Tournament w the lioyal Atbtrt Hall in (knober 2025. .000 Yollng? Dot Suptx)rt for travel to Japan lo research the cultural heritsg< artisan skill and environmentsi sUSrain￿LIity of Washt paperprodu¢tion wtth a view to further developing Wtsbi as a s￿$￿inabl¢ ulourai n￿er1d1, glld leading to creativ¢ collaboratiorts, tslks and lecture8 January 2025. £3,000 UK-side totsl £123250 39

The Daiwa Anglo-JaparLeSC Foundation Nffles to tILe finan¢ial 5tatellLEnts For the year ended 31 M￿Ch 2025 Japan-side Benika Moehizuki Dance Compally Support for travel to the UK by Benika Mocbizuki to work with dance practitioney, Maryam POur]a￿ on research and developm¢nt commuoity dance project'Easl tDeets West Coryw)uuiry Training Program￿e, in Plytnoutl4 I to 14 August 2024. £2.000 British Mll¥ic A550eiatlo Jap% Support for trnvel to Japan by Sarah- Jane Lewis (soprano) to r¢heATse attd ptrfom) wiih musicians Ayaka Tanirooto Im¢2trsopMo) and Kentaro Nagai {piani51) in a concert bringing togeth¢r repertoire by UK aDd Japanese 0￿pOSe￿ at ALTO concert hall. Kyoto. 2025. £2,000 Hiro5hima Ilnlverslty Centre for Ac4demi¢ Pr4ctl¢e 8nd Reyourcej Support for reoiprocal travel by academies from Hiroshim& Newc&5tie. Glasgow and O.¥ford Univcrsilies takin8 part iu seminars and meetings in Tokyo, Hiroshima and NewcasT]e on nurturing do¢Lorni swdents, developmetrt- with a fo¢w on PEdagogy and well-bein& Au8USt and NOv￿ber 2024. £4,000 Kyutv loytitute of Technology Support for trayel to ihe UK by Professor Chi¢ Fukada io collaborate with UK univetsiiies (Binningh8m. Northumbri4 Coventy) on re5ear¢h otnparing experi]nentai data on metaphor and crossmLNJal &sso¢iation in tnu8ic educauon in Japan and th¢ UK, spring and autumn 2025. £3,000 The Waye of the City and the C.itizeDs EihibTtion Eiecutive cOm￿ltste Support for travel lo Japan by Playable City representatives to participate in project fostering partnet5hip5 bEtween Japan attd UK desi￿er$ in UTban redevelopment and citiztn participation alongside an ¢xhibition ￿ the gallery BUG during Tokyo ArchiiecDJre Fe#ival. May 2025. £2,000 40

The Daiwa Anglo-Japanese Foundation Ntstes to the financial statements For the year ended 31 March 2025 Tokyo Metropolitsn Art Suppon for travel to Japan by artist duo Durthill & OBrien to create a llew large- scale interactive tnstallation and public programme for Tokyo Metropolit3nArt Museujns exhtbitim Pleasure i MaknDg: The Creative Spirit of Dry for Living,. Jujy to O¢tober 2025. £9,000 Tokyo Unlversity of the Support for travel io Japan by four UK artists tskin8 part in a public roundtable event with Japan.b￿d artists and curators ￿ Komagome SOKO. Tokyo, iu conjunctton with agroup cxbibition TrIaking Poetry with So]id Objects.. Drawing and Sculpbjre., 28 June 2024. ,600 Japan-sidttotal £27,600 Totsl (Sn)all Grnnts) £150,850 Daijvi Foundation Aw4rdJ S74PPOrt wasprovidedlor the followingprojects.. Bourn¢mouth Uttfver$ity, Department ofHumAnitie5 and Law Supw)rt for reciprocal visits by a¢adetDiCS in the and Japan underlAling collaFA)tutive research into deepfake t￿hnOlO￿ and the legal implications for the UK and JapaT4 with aparticular focus on COPyTighL dats protectioty PTiVaCy and fraud law. December 2024 aTrd April 2025. £9,000 Project Partnws: Unfversfty ofAberde¢n, School of Law; Wasedx Unlyersity Law School Maggie Keswlek JeDek5 Cancer Caring Centr¢5 Trllst Aka Ma¥gte'$ Support for Mutu￿ visity supp)n and , training behveen Ma8gte'5 UK and Ma8Ste's Tokyo to aid ¢ollJrnuni¢ation 2nd shared learnin& including a confere]￿e iz¢ Japan for fvlaggie's Tokyo, Maggie's UK aud other Japanese healthc9￿ organisation& 2025 to 2026. £16,000 Project Partner.. Maggie's Tokyo 41

The Daiwa Anglo-Japanese Foundation Notes to the fiDancial sratements For the y¢ar ended 31 March 2025 Trlatioual Institute of Technnlogy IKOSEW, Kumamoto College Support for five recipr(￿1 Yisits by researchers at Kumamoto College and Nottin8bauL Trern University focusing on the development of An inteuigent prostheiic arn, l¢v¢rwg advancenients ill neuromotphi¢ coTnputi￿ August and December 2024. £9.000 Project PaTtn¢r: f40ttingbam Trent Universlty. Departm¢nt or Computer.8¢ien¢e Playbox Theatre Support for 19 young people from Englalld io experience an intensive and ¢ducative ten days livin& and workin& with an inspiring arts organisation in Tokyo. Ju]y 2025. £12.000 Projext PBrtner: Model Langua%e Studlo ITokyo) Saitama Arts Foundation, SaitAn)a Arts TFAeatre Suppoff for travel io Japan by 20 embers of th¢ Akram Khan Cornp8ny to rake part in p¢rfi)rn)ances in Saitaina and lead WOTkshops as W ofthe Dance Redirectiort programme. which provides training for young daocers in Japa June 2025. £15,000 Project Partner: Akram Khan Compally Tokni University, Ri'5e8rcb Institute of Scl¢nei' dnd Technology {Dr T¢tsuo Nobara) Support for Teciprocai UK-Japan Itsearch visits by a¢adernics ai the University of Susse& Universiry of Bright0￿ and T(Trkai University cornbining their respective expertise as they re5¢arch the possibility of C02 ab5orplioN September 2024 onwords. £12,000 Proj￿1 Partners.. Unlversity of8ussei, Thermo-Fluid Mechattics Researcb CeDtre- University of Brighton. Centre for Precisroll Healt & TrnDsl#tlOllal Medicin¢ 42

The Daiwa Anglo-japanese Foundation Notes to the financial statements For the year ended JI Nlarch 2025 University of Birntngham, City-Region FLoDomie Development Institste Supwrt for four reciprocal visits by Yperts engaged in identifyti]g poii¢y lessons regarding devolutiou and govemallce Struct￿ and tbeir links wtth economi¢ growth by conducting policy-exchange bettveen eolleagu&8 in Osakn and B]r]ningl￿ July and September 2024 £9.000 (City-REDD ProJ￿t Partners: Chartered Institute or Publie Finance and Account3ncy {CIPFA)" Otemoll Gakmin T1￿1verS1ty. Faculty of Regional Developmellt Universlty of Manehesttr, Department of Chemlt41 Englneering Support for reeiprocal travel by teams of UK and Japan.b&sed reseaychers from the Univwsity of Manehesw, the University of Tokyo. gnd RIKEN ¢ollaborating on research in¢0 undeTstsndingthe suEfonatnide biosyntbe5is in Streptomy¢es baeteTi January to autWDn 2025. £1 1,000 Pro}e¢t Partners: UDiversity of Tokyo, Graduate School of Pharmacentle#l Sciences: IUKEN, Departm¢ot of SD.%tsinable Resouree Selene¢ Zoological So¢i¢ty of IA)ndoD Support for wipr¢al UK.Japan trips by cad￿nI¢S co114borating on the re¢overy of n￿]ve wildlife and e¢osystems, 8$ well the traD5ferability of rewilding approaches by identifying adors. conditions. and baryiers to successful rewilding and the reintroduction of extinct Thuldtif4 2025. £9,000 Project PrtDer. Rlt$umeikatt Uttivtrslty? College of Poliey ScTeD¢e tsl (AFVArd&) £102.000 CarboD Offsetting £7,200 £260,050 43

Tbe Daiwa Anglo-japancse Foundation Notes to the financial staterELents For the yeat ended 31 MaTch 2095 17. Statement of Financial AGtivities for the year ended 31 Marth 2024 Totsl Fllds TO￿ Fund5 3t Mtth2IZ4 31 M￿ch 2023 .670 ExpEllditure Cojss ofs¢Meralingfv Furd rrwuagtrs, ftts 164.7351 (64,7351 I224￿01) CknltabltoGJivltsr Scholat*u 1945X8} IY52581 1963.Q24} 1436.0781 1338,7561 1482971 Evtnts Cultural R¢l2bwFS 1417ts89) ($9547) Toillcbantsble Totsl eXPElldllurt 11.926JYI 11.Y46JYI Npt y￿(105￿1•r1 inv4¥to￿t 3287J22 J393.105 396J20 Ne¢ In¢omtlleAPtllthturtl 1983.971 6,450 1.990.421 (1.421.604> 1983JTI 6.43¢ 1990.421 11.421,6041 Tothi brovghi fornrd 443ffy243 74.411 44283ffi54 4S,705258 TgiAI t￿ed forymré 41193214 0,861 I6374￿75 44383.654 All incoffie and expenditure derive from conttnuing activities. All r¢cogni5ed gains and losses have k¢n included in the Siatement of Fina￿1￿1 Activitie5. State￿ent of Financia] Activities for the year ended 31 2024 th bren ineluded to disclose the split between Unrestricted and Re5tridcd Fu[￿s.

Thc Daiwa Anglo-japanese Foundation Notes to the finan¢ial statements For the year ended 31 fvlarcb 2025 18. Summary offunds Ststsment offunth- current year BalAnee &t I April 2024 (IA)ssÈs) March 2025 StstemeDt offvnd8- priorytsr BolaDte fit 31 March 2025 B2]*tstt at l April 2024 Iocome ExpeDditure (Lo$$ts) 19. ngly9iS Df net as￿ b¢¢w¢eD funds AllAIy51s of bet assets between fuDds- ¢urrent ytsr Restricted UnTt8trlrttd fund$ fundg 2025 2025 Tot fuud$ 2025 TanwTrJle &8seLs 154,796 154,796 iuvestrierkts c￿￿entAssets 45,849.73) 939.922 84.127 322 45,93J,860 940,314 Credttors due wKthin oneyear (204.4821 (204,482) Totsl 45

Th¢ Daiwa AngS0-Japall¢sc Foundation No￿5 to the fU￿1¢18J statements For the year ended 31 March 10?5 Analysts of net assets b¢twttn fund5- prioryear Restrict¢d futsds 2024 Totsl fuud5 2024 funds 2024 Tatsgible a5s¢ts 167,754 167.754 Investments Cirrent Assets 45.364.520 832.745 80,539 322 45,445,059 833.065 Credi￿￿ dtte within ODC year {171.8031 (171.8031 Total 20. RecoDciliotion of net movement ID fuffjds 10 Il¢t usb flow from operatitiR aetlvitle5 202$ 2024 Net incom¢ for the year (as per Staterne￿ of Financiai Activiti￿) 550,413 1.990.421 Adjustments for: Depreciation Char8e 21,970 20,912 'vidends, interests and income from investsnents (1,988,801) (3,739.882) D¢¢rew in de￿OrS 47.928 17.586 Incre&sel(decrease) in credffors 32.679 (140,925) Tr4et cash proTrided used irt operating *ctivitie5 21. Analysis of e#sh #nd easb equivalents 2025 2024 Cash in FL8nd

The Daiwa Anolo-Japanese Foundation Notes tD the financial statements For the year ended 31 March 2025 22. AtEsly5is of ch&nges in uet debt At l Aprll 2024 Cash Ilows At 31 March 2025 Cash in Imnd B2TJk overdraft 719.181 155.177 874.358 718,834 150.449 869.283 47