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 deleg*ed 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 Found*ion 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
exi*ence, 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 pro*idiDg 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 arel*ively 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, aDnu*l 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 14pxo*lal 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 $tstements:
give a true and fair view of the State of the ¢b*ity's affairs 85 at 31 March 2025 and of its
incoming resources and application of resourc4 iaduding its income and expendittre for the
year then ended-
have been properly prepared in accordance with United Kingdom Genera]ly Ac¢wed
. Accounting Pra¢ti¢e' and
have been pr¢pared in accordance with the rtquirem¢nts ofthe Charities Ac¢ 2011.
Basts for opSnfio
We conducted our audit in accordance with Intern*lot￿l Standarts on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor'5
responsibilities for the audit of the financial s￿ernents section of our report. We are tndependent of the
ch￿lty in aeeordance with the ethical requtrements that are televani to our audit of the financial
slatements in the United Kingdom, including the FiJ￿ICi￿ Reponing cO￿¢1[,S Ethical Stand8r(L and
we have ￿lfilled our other ethtcat responsibilities in aceordan¢e with these requir¢ments. We believe
that the audit evidence w¢ have obtsined is suffi¢ieDt and appropri¥t¢ to Provide a basis for our opinion.
ConelD$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 prc*edures 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{expt*dEt*Yel
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
CKYrt*t*Mtts
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¢ ¢urre*i
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
C*5h flows frtrmiThvt￿￿guthII￿s
18.806267
116.E062661
(24280)
li0￿.0￿}
19W12)
1.490.988
1975.rdl
Chxllg¢ iDc•thand e4llry&kats Ih*y
155,177
123.833
595348
C*•h ¢1sb eqknk*ts 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 St*ement 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 adviccfortrtLS*es 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 li*bilitiey
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 P*rtDer.
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 F*llds
TO￿ Fund5
3t M*tth2IZ4
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