Charity Registration No. 1063952
Company Registration No. 03371038 (England and Wales)

THE JAPAN SOCIETY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020

The Japan Society
Contents of the Financial Statements
for the Year Ended 31 December 2020

Page
Legal and Administrative Information

1

Report of the Trustees

2-8Statement of Trustees Responsibilities

9

Report of the Independent Auditor

10 -11

Statement of Financial Activities

12 - 14

Balance Sheet

15 - 16

Notes to the Financial Statements

17 - 29

THE JAPAN SOCIETYLEGAL AND ADMINISTRATIVE INFORMATION
PatronPresident
Vice Presidents

Honorary Vice-Presidents

HRH The Duke of Gloucester, KG, GCVO
HE The Japanese Ambassador
Takeo Aoki
Dean Gilfillan
Yoshinori Katayama
Hirohiko Miyata
Shin Ebihara
Hiroaki Fujii
Haruko Fukuda OBE
Sadayuki Hayashi
Hiroshi Kitamura
Yasumasa Nagamine
Prof. Ian Nish, CBE
Yoshiji Nogami
Masaki Orita
Christopher Purvis CBEViscount Trenchard
Koji Tsuruoka
David Warren KCMG

Officers and Trustees(as at 8 April 2021)

Bill Emmott, Chairman
Martin Hatfull, Deputy Chairman
Hiroshi Matsuura, Vice Chairman
Nigel Wellings, Hon Solicitor
Satoru Yoshida, Hon Treasurer
Tim Harding
Sue Hudson
Janet Hunter
Tadaharu Iizuka
Takeshi Ito
Jason James
Yuuichiro Nakajima
Neil Riley
Julie Rogers
Pernille Rudlin
Eiji Wakiwaka
Clare Weaver
Rie Yoshitake

Chief Executive and Company Secretary

Heidi Potter

Charity number

1063952

Company number

3371038

Principal address

13/14 Cornwall Terrace
London NW1 4 QP

Auditors

Richard Place Dobson Services Limited
1-7 Station Road
CrawleyWest Sussex RH10 1HT

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THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees, who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with thefinancial statements of the charity for the year ended 31 December 2020. The Trustees have adopted the provisions ofaccounting and reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts
in accordance with the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) (effective 1
January 2020.)
STRUCTURE, GOVERNANCE AND MANAGEMENTThe Japan Society is a company limited by guarantee and as such is governed by its Memorandum and Articles of
Association. It is a registered charity.
The members of board who served during the year were:Bill Emmott – Chairman
Martin Hatfull – Deputy Chairman
Hiroshi Matsuura – Vice Chairman(Appointed 24 February 2021)
Takashi Okada – Vice Chairman(Resigned 14 September 2020)
Jenny White - Vice Chairman(Resigned 28 July 2020)
Satoru Yoshida- Hon Treasurer
Nigel Wellings - Hon Solicitor
Tim Harding
Sue Hudson
Janet Hunter
Tadaharu Iizuka
Takeshi Ito
Jason James(Elected 28 July 2020; Resigned 25 September 2020)
Yuko Kawai
Yuuichiro Nakajima
Neil Riley
Julie Rogers
Pernille Rudlin
Yoji Saito(Resigned 5 April 2020)
Eiji Wakiwaka
Clare Weaver(Elected 28 July 2020)
Rie Yoshitake(Elected 28 July 2020)
Appointment of Trustees
As set out in the Articles of Association, the Board of the Japan Society consists of a Chairman, up to two Vice-Chairmen,
up to four appointed officers (Solicitor, Treasurer, Editor and Librarian), two ex officio Trustees (one additional
Vice-Chairman, the deputy head of mission at the Japanese Embassy, and one ordinary Trustee, a member of the Japanese
Embassy) with up to 20 Trustees in total.
Vice Chairmen are elected annually by the board from their number. It is also the board which appoints the four officers:
solicitor, treasurer, editor and librarian. There is no maximum term to these four appointments, but any appointments should
be re-confirmed every three years. The board has the right but no obligation to appoint Vice-Chairmen, solicitor, treasurer,
editor and librarian.
All other members of the board (with the exception of the two ex officio Trustees from the Embassy) are elected for a termof three years. At the end of the first term, Trustees may stand for re-election for a second three-year term. No one may serveas an ordinary Trustee for more than six consecutive years.
Yoji Saito stood down from the board in April 2020 and Yuko Kawai in September 2020, on completing their respective
postings in the UK and returning to Japan. At the Annual General Meeting in 2021, Janet Hunter, Jason James and Eiji
Wakiwaka will be standing down having served on the board for six years. Four other trustees, Bill Emmott (chairman),Martin Hatfull (deputy chairman), Tim Harding and Julie Rogers will be standing down each having completed a three-year
term; all are eligible for re-election.
The board meets at regular intervals in order to provide strategic direction and to monitor and review the activities of theSociety. It met five times in 2020, with meetings since April 2020 taking place virtually because of the Covid-19 pandemic.
The day-to-day running of the Society is carried out by the permanent staff under the leadership of Heidi Potter, who
regularly reports to the Chairman and the board. She is supported by a team of paid staff. The activities of the Society areorganized by the office, with support also provided by activity group sub-committees, which meet on an ad hoc basis andwhose members are volunteers. Teams of Japan in Your Classroom volunteers are essential to the running of the Society’s
popular school visit programme and in normal years volunteers also provide support in delivering public-facing outreachpage 2

THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2020 (CONTD)
events; both school visits and other volunteer-supported activities have been suspended since March 2020.
A nominations committee (in 2020 comprising Bill Emmott, Tim Harding, Martin Hatfull, Sue Hudson and Heidi Potter)
reviews the skills that are required on the board from time to time and the succession policy, making recommendations to theboard on possible future appointments. The following skills / interests have been identified as particularly relevant to theJapan Society and are represented on the current board: the arts; the Japan-related business community; education;
fundraising; the general Japanese community. The board in turn makes proposals to the members of the Society in advanceof the Annual General Meeting. The recommendations for election at the forthcoming Annual General Meeting are detailed
in the papers for the Annual General Meeting. The role of the board and the organization's expectations of its board members
are discussed with new Trustees prior to their election.
The audit committee (comprising in 2020 Bill Emmott, Satoru Yoshida and Heidi Potter) considers the accounts and theperformance of the auditors.
Pay Policy
The pay of staff is reviewed by a remuneration committee and normally increased in accordance with average earnings. Inview of the nature of the charity, the Trustees benchmark against pay levels in other similar organizations.
All Trustees give of their time freely and no Trustee received remuneration in the year. Details of Trustees' expenses andrelated party transactions are disclosed in notes 11 and 19 to the accounts.
Risk Management
Members of the board review the major risks to which the Society is exposed and the systems established to mitigate this risk.
A Risk Management Register is maintained and formally reviewed by the board.
OBJECTIVES AND ACTIVITIESMissionThe Society's objects as stated in its Memorandum of Association are:a)to promote learning and advance education in the subject of and with regard to Japan;b)
to promote the study of Japan and its people in all their aspects, traditional and modern, and to make the results of suchstudy more accessible to the general public;c)
to promote the study of Britain and its culture by Japanese people and to further educational exchanges between
Britain and Japan.
Review of Activities
The board regularly reviews the Society's activity to ensure that its key objectives are being met as well as to confirm theircontinuing relevance. The Trustees are mindful of the Charity Commission guidance on public benefit and consider thiswhen reviewing the Society’s activities during the year and in planning future charitable activities.
The vision that drives the Society’s annual activity is the enhancement of understanding of Japanese life and culture and oflinks between the UK and Japan. This informs all areas of the programme, whether direct school-focused education
initiatives; lectures and seminars for the general public and business leaders; events introducing aspects of the culture of bothcountries; opportunities for people to meet in more informal settings; research facilities in our library; or the provision ofsmall grants in support of Japan-related projects that are organized by others.
In this context, the Society strives to ensure that a significant element of its activity is accessible to the wider community
beyond its membership. Many events are open to non-members, while the schools education programme and the small grants
scheme extend throughout the UK, beyond the Society’s base in London. Reduced membership fees for students and thoseunder 25 years of age are set in order to encourage participation by the next generation, who will take the UK-Japan
relationship forward in the coming years.
ACHIEVEMENTS AND PERFORMANCE
The main areas of activity of the Society are: events, schools education, publications. small grants, and the library. The
Society is grateful to the companies and individuals who share its belief in the importance of promoting a good mutual
understanding between the UK and Japan, and who provide essential financial support. This enables the Society to include asignificant number of low cost or free events to provide opportunities to people from a variety of backgrounds regardless ofability to pay. This is an important factor in ensuring that the Society achieves its charitable objective to promote
understanding and awareness of Japan. The majority of the Society’s schools education services are provided free of charge;
membership of the Society is not a prerequisite to using these services. In addition, up to £20,000 is set aside annually for
disbursement through the small grants programme in support of events organized by others which are in furtherance of theSociety's objectives and which provide opportunities for new audiences across the UK to gain understanding of Japan.

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THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2020 (CONTD)
EventsThe Society’s events programme in 2020 was affected greatly by the Covid-19 pandemic, with the last physical in person
event taking place on 5 March. However, we made a quick transition to online events in order to continue to offer anengaging and relevant programme. Although some people, who would in a normal year have attended in person events
organized by the Society, were unable to take advantage in online events, there was a significant participation by others
across the UK and in other parts of the world, including Japan, for whom travel to London for events would have been
impossible. Recordings of many events were made available on YouTube for a wider audience. Feedback from participantsin our online programmes showed that they particularly valued the opportunities presented to engage on important issues inJapan-UK relations at a time when travel restrictions meant that it was not possible for visitors to travel between our two
countries.
The cornerstone was a series of current affairs webinars bringing together speakers in different parts of the globe to discuss
topical issues. The format of these online events allowed participants to hear both UK and Japanese perspectives on the issue
under discussion, contributing to a greater understanding of opinions in each other’s country. This positive outcome of theexperience of the past year has enabled the Society to achieve its educational objectives in a very clear way. Over 25 suchwebinars took place over the year:
Governments, COVID-19 and the Public Response in the UK and Japan with Koji Tsuruoka and David Warren
COVID-19: Policy, Financial Markets and Business with Yuko Kawai and Leo Lewis
The Political Economy of the Pandemic with Robert Feldman and Robert Ward
The Political Repercussions of the Pandemic with Tsutomu Ishiai and John PeetInternational Responsibilities and the Pandemic with Mark Malloch-Brown and Mami Mizutori
What We Know Now: Medical Science and the Response to COVID-19 with Kiyoshi Kurokawa and Peter Piot
The Effect of the Pandemic on Diplomatic and Commercial Relations with China with Kerry Brown & Akio Takahara
The Pandemic and the Changing World of Work with Lynda Gratton
The Energy Outlook in the Post-Pandemic World with Jun Arima and Nick Butler
International Financial Capitals: the Future for London & Tokyo with Michael Mainelli and Hiroshi Nakaso
The Future of Travel and Tourism in a Post COVID-19 World with David Atkinson, Timothy Jenkins & Martin Barrow
Japan, UK and the US: Our Relationship with our Closest Allies with Kim Darroch and Kenichiro Sasae
The View from the Korean Peninsula with Chung Min Lee and John Nilsson-Wright
What the UK and Japan Mean to Each Other with Jeremy Hunt MP and Tomohiko Taniguchi
The Future for the Arts and their Institutions with Mami Kataoka and Rebecca Salter
The Pandemic and its Impact on Gender Equality in Japan and the UK with Yoriko Goto & Heather McGregor
Shinzo Abe and his Legacy: a discussion with Tobias Harris and Keiko Iizuka
The State of the Economy in Japan and the UK, with Noriko Hama and Gerard Lyons
The Politics of Governmental Reform in Japan and the UK, with Bronwen Maddox and Koji Tsuruoka
Reporting the world in Japan and the UK, with Aiko Doden and John Simpson
Developing Professional Women’s Football in Japan and the UK with Kikko Okajima Murray and Kelly SimmonsJapan’s Far More Female Future with Kathy Matsui and Bill Emmott
The Future of Democracy in the USA with David Runciman and Hitoshi Tanaka
The US Election: Implications for International Trade, with Glen S Fukushima, with Jim O’Neill & Toshihiro Nakayama
Security and Geopolitical Consequences of the US Election, with Nobukatsu Kanehara and John Scarlett
Business, Japan, and the World in Pink: a conversation with Lionel Barber
The Future for Higher Education in Japan and the UK with David Richardson and Yuko Takahashi
The Japan-UK Free Trade Agreement - what does it mean? with Hiroshi Matsuura and Minako Morita-Jaeger
From April 2020 the monthly book club discussion and Bilingual Public Speaking Club also made the transition to online
meeting, and in June we began a monthly film club. Despite the challenges of conducting active discussions via an
unfamiliar virtual platform, regular participants responded positively and where necessary the event format was adapted toovercome the challenges of working online. At a time when many people were at home with little opportunity to meet others,
these discussion groups provided a welcome opportunity to discuss issues beyond the pandemic and learn together about
Japan, its language, creative arts and culture.
Prior to the UK’s national lockdown, we had held a joint lunch with the Japanese Chamber of Commerce and Industry withspecial guest Dame Carolyn Fairbairn, Director-General of the Confederation of British Industry. The Japan Society
chairman held a lunch, hosted by Clifford Chance, with Nigel Higgins, Chairman of Barclays Bank, at which senior
corporate members met for discussion about the financial services sector in the UK. Other business events included seminars
on opportunities for collaboration in cybersecurity (at Mishcon de Reya) and on the future of financial technologies in global
business (at Mitsubishi Corporation). The final in person event of 2020 was the annual lecture by the British Ambassador,
Paul Madden, in which he reviewed the past year from the perspective of the Embassy in Tokyo, hosted by Nomura
International. The year finished with a virtual Annual Dinner, where members were able to meet in small groups on
breakout tables, as well as enjoying music, comedy, a special talk by the curator of Japanese collections at the British
Museum and. from Japan, a live performance of calligraphy.
In the first two months of 2020, members participated in a private view of the Buddhism and Japan exhibition at the British
Library, as well as taking part in popular workshops in saori weaving and wagashi sweet making. We were grateful to artists

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THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2020 (CONTD)
and makers who adapted their practice to be able to teach workshops online following the lockdown, offering members the
chance to try various textile crafts such as boro repair work, embroidery techniques and katazome stencil dyeing. Particularly
popular was a two-part manga workshop focused on animism as a feature of story-telling.
Lockdown restrictions made it impossible to hold large scale public-facing events in 2020. However, in partnership with theJapanese Chamber of Commerce & Industry, Japan Association and Japanese Embassy, the annual Japan Matsuri moved
online over the weekend of 26 September under the Japan Matsuri Presents… banner. The change in title reflected that,while we were able to showcase Japanese performers and pre-recorded features on Japanese culture, the online event was
unable to replicate the important community celebration aspect of a typical matsuri. While we had hoped that the event
would provide a platform for local Japanese restaurants and other businesses to reach their target market, most were too busy
trying to adjust to the new regulations to be able to take advantage of this opportunity. Nevertheless, over the 20 hours of live
streaming there were some 20,000 viewers via Facebook with a further 10,000 via the Japan Matsuri website and the event
achieved the objective of supporting artists and performers in the Japanese community affected by Covid-19 and providing
an opportunity to watch a varied and inclusive programme.
Under the umbrella of the Japan Matsuri company, the Sakura Cherry Tree project entered the winter 2020-21 planting
season in November. Due to restrictions resulting from the pandemic some plantings had to be delayed, and relatedcelebratory events were postponed. Planting will continue through to 2022 and the trees will provide many opportunities tomark the UK’s links with Japan over the coming years.
The lectures programme as usual covered a wide range of subject matter. The monthly lecture series formed the core of this
aspect of our public programming and the Society is grateful to the academics who generously share their research. At thesame time, we were delighted to hear from speakers in the creative arts. After March 2020, all lectures took place online.
Subjects in the 2020 academic lecture series included: Burakumin and Human Rights in Japan; The Siberian Captivity ofJapanese Soldiers; The Experience of Young Migrants in Japan; Art and Religious Practice at the Kofukuji Nan’endo; Harry
Parkes, British Minister to Japan. A special lecture in January by Professor Gonokami, President of Tokyo University,
discussed the University as a force for social change. Other highlights included talks by two photographers: Frederic Aranda
on the influence of Japan on his career and Yukari Chikura, who spoke on the Zaido ceremony she had so successfully
documented. In August, on the occasion of the publication of a special issue of the journal Wasafiri, we hosted a panel
discussion on Japan: Literatures of Remembering.
Japan Society Small Grants
In 2020, some £15,000 was awarded in grants to support projects and events related to Japan. Several had to be postponeddue to the pandemic, which also meant that fewer applications were received than usual. These grants provide opportunities
for people throughout the UK to participate in education and exchange relating to Japan and thus contribute to raisingawareness and understanding of the country and its culture in places where the Japan Society has no regular contact. Priority
is given to applications for grassroots projects and for activities involving schools and other educational establishments.
Although some projects were postponed, other organizers were able to adapt their plans to create online content and virtual
events. Theatre maker and puppeteer Aya Nakamura held online workshops and talks based around her recently filmed paper
theatre piece The Spider’s Thread; Bristol Museum and Art Gallery are creating online content and educational resources toenhance learning about their collection of netsuke; and Edinburgh City Art Centre’s series of workshops and lectures tocoincide with the exhibition on E A Hornel will be moved online.
In March students at King Edward VI Community College in Devon held a successful exhibition on contemporary Japanese
art and culture, while the Kaetsu Educational & Cultural Centre staged its 18th Japan Day in Cambridge, with culturalactivities and performances.
In Torfaen in Wales, Mamiko Markham began introducing students at local schools to Japanese silk painting on a project
which engages them in kimono design and making in partnership with students in Japan. Work began on a Japanese Peace
Garden in Coventry designed by primary school pupils as the final part of the long-term city-wide Coventry Young
Ambassadors project.
Library
During most of 2020 the library was closed to visitors, though staff provided remote assistance to researchers seeking
information from the Society’s historical archive and Transactions and Proceedings.
Schools Education
The schools education programme has been developed out of a belief in the value to young people in the UK of growing up
with an awareness and understanding of Japan and its culture. In addition to historical and business reasons for learning

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THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2020 (CONTD)
about a key international partner, there are more general benefits of broadening horizons and raising aspirations. Through its
activities for schools, the Society supports teachers who may have limited experience of Japan themselves in providing theseopportunities for their students.
This area of the Society’s activity was heavily disrupted due to the pandemic, with all in person activity being suspended.
Before the lockdown, Japan in Your Classroom school visit volunteers travelled to 12 schools and the education teamorganized workshops in soroban and noh mask making.
Taking advantage of the Japan Society’s new website, efforts during the year concentrated on the development anddissemination of new online resources for schools and for home learning. These included the launch of our Radio Taiso
exercise video and a new Radio Taiso scheme of work; Children’s Day resources for parents and teachers; a public tanzaku
wish gallery to mark July’s Tanabata festival; Tanabata resources including a new original kamishibai, craft video and home
activity pack; Sports Day resources and much more.
Our annual Sixth Form Japan Day also went online, this year taking place over the course of a week, offering a mix of live
sessions and non-live content which was also made available on catch-up to registered participants throughout December.
These allowed students from schools across the UK to access this important event, experiencing aspects of Japanese culture
new to them and hearing about opportunities for Japan-related study and work.
.
Communication and marketing
The website and regular email notices continued to be important tools for communicating information about the Society andits activities. The Japan Society’s website was rebuilt and relaunched in April 2020 providing a platform for more efficientdissemination of information. It proved particularly timely as all activity moved online with content including recordings oflectures and webinars, school resources, and a popular Chairman’s blog, all being easily accessible.
Alongside Facebook and Twitter we continued to develop our social media presence with active accounts in Instagram and
LinkedIn, as well as YouTube.

Financial Review
In 2020 the Society showed a loss of (£57,700), which reflected a revision to the value of the library collection from£481,735 to £350,000 as detailed in notes 2 and 13 to the accounts.
During the year individual and corporate members continued to provide invaluable support through the higher-level giving
scheme both for the general mission and for the schools education programme. The following companies and individuals
have given support at a level above that of regular membership (minimum amounts for each level are given in brackets):page 6

THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2020 (CONTD)
Companies
President's Circle (£25,000)
JTI
Mitsubishi Corporation International(Europe) Plc
Mitsui & Co Europe Plc
Nomura International Plc
Takeda UK Ltd
Platinum Circle (£17,500)
Itochu Europe Plc
Chairman’s Circle (£10,000)*Chugai Pharma Europe Ltd
Mitsubishi UFJ Financial Group
Corporate Patron (£7,500)*Canon Europe Ltd*Central Japan Railway Company*Eisai Europe Ltd
Ernst & Young LLP
Marubeni Europe plc*Mitsubishi Electric Europe BV
Mizuho Financial GroupNSK Europe Ltd
PricewaterhouseCoopers LLP
SMBC Europe Ltd
Sumitomo Corporation Europe Ltd
Corporate Benefactor (£5,000)
Clifford Chance LLP
Dai-ichi Life International Europe
Daiwa Capital Markets Europe Ltd
Deloitte LLP
Hitachi Europe Ltd
Honda Motor Europe Ltd
HSBC Holdings International
Nikko Asset Management Europe Ltd*NYK Group Europe Ltd¶Olympus KeyMed
SoftBank
Toyota (GB) Plc

Corporate Donor (£2,000)
Aberdeen Standard Investments
Allen & Overy LLP
All Nippon Airways Co Ltd
BDO LLP*Greenback Alan LLP
Japan Airlines Co Ltd
Japan Post Bank Co Ltd*"K" Line (Europe) Ltd
Linklaters LLP
Mitsubishi Heavy Industries Europe
Ltd
MSIG Holdings (Europe) Ltd*NEC (Europe) Ltd
Out-Sourcing Incorporated UK
Ricoh (Europe) plc
Sompo Japan Nipponkoa Insurance Co
of Europe Ltd
Tokio Marine HCC
All or part of the donation fromcompanies marked with anasterisk (*) has been designated insupport of the schools educationand small grants programmes.
Those with a pilcrow sign (¶) havegiven their support through a five
year agreement.

Individuals
Principal Benefactor (£1,000 +)Martin & Noriko Barrow
Midoriko Nakajima and Martin L
O’Neill
Principal Donor (£250)
Michael Faber
Janet Hunter
James Noble
Yoshio Noguchi
Taeko Oliver
Heidi Potter
David Powers
Christopher and Phillida Purvis
Simon Ranger
Adrian Thorpe
Donor (£100)
Mark Allsup
Clive Bradley
Stephen Codrington
Joe Earle
Robin Fox
Lydia Gomersall
Keiko Itoh
Kathleen Kimura
John MacMahon
Charlotte Morgan
David Mytton
Geoffrey Paull
Pernille Rudlin
Atsushi Saito
Larry Stone
Sanae Tada
Mark Tate
Teruhiko Tsumura
Kent Yamada
Individual Supporter (£58)
Jeremy Bayfield
D G R Bentliff
Hiroko Gayton
Thaisa Hopkins
Suzanne Hudson
Janusz Mondry
Rosemary Morgan
Suzanne Perrin
Ian Walker
Vivian Zhang

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THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2020 (CONTD)
Reserves
In the current uncertain economic climate, the board has reviewed its reserves policy and has decided that it should continue to maintain reserves sufficientfor 9 – 12 months’ expenditure. Current reserves of over 80 per cent of annual expenditure have been built up as a result of prudence at a time of general
economic downturn; the need for such prudence continues while the long term financial impact of the pandemic remains uncertain. This guards against
risks to the Society’s core activity should it fail to meet projected income targets and provides some financial security to a charity which currently relies
for almost all its funding on annual donations. Funds have been designated in respect of known maintenance costs as outlined in note 17. As at 31
December 2020, the value of unrestricted reserves less tangible fixed assets was £496,850. The cash reserves are held on deposit.
Plans for the future
In 2021, the Japan Society will continue to hold events online, while preparing to transition to hybrid as well as fully in person events as the Covid-19
situation develops. We anticipate that the hybrid event format will be an important feature of future programmes, in order to ensure that our offer is widely
accessible. Our schools education programme remains a priority and the education team continues to concentrate on the development of teaching resources
while it remains difficult to organise visits to schools. The Japan Society is playing an active part in the 2019-2020 Japan Season of Culture in the UK,
which has now been extended to December 2021.
Although in a strong financial position at the start of 2021, the Society needs to raise significant funds each year in order to maintain and develop the levelof services for members and the wider community. This task will not be easy against a background of continued economic uncertainty, but it is anticipatedthat the Society's record in doing important educational work and providing a forum for exchange of opinion on topics related to UK-Japan relations willcontinue to be persuasive and that support from higher-level donors will be sustained, despite competing claims on donors’ generosity.
In March 2020, the Society had to stop its usual programme of events as a result of the nationwide UK ‘lockdown’ in response to the Covid-19 pandemic.
It is unclear when we will be able to resume normal modes of operation, and staff and trustees are continue to seek opportunities to engage with members
and a wider audience through new channels to bring together views from both Japan and the UK.
On behalf of the Board
Satoru Yoshida - Hon. Treasurer
Dated: .........................

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Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETY
STATEMENT OF TRUSTEES RESPONSIBILITIESFOR THE YEAR ENDED 31 DECEMBER 2020

The trustees (who are also the directors of The Japan Society for the purposes of company law) are responsible for preparing
the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom AccountingStandards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view ofthe state of affairs of the charitable company and of the incoming resources and application of resources, including the income
and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are requiredto-select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitablecompany will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time thefinancial position of the charitable company and to enable them to ensure that the financial statements comply with theCompanies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:-

there is no relevant audit information of which the charitable company's auditors are unaware; andthe trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit
information and to establish that the auditors are aware of that information.

Richard Place Dobson

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Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETY
INDEPENDENT AUDITOR'S REPORTTO THE TRUSTEES OF THE JAPAN SOCIETY
OpinionWe have audited the financial statements of The Japan Society (the ‘charity’) for the year ended 31 December 2020 which
comprise the statement of financial activities, the balance sheet and the notes to the financial statements, including
significant accounting policies. The financial reporting framework that has been applied in their preparation is applicablelaw and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK
and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming
resources and application of resources, for the year then ended;have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; andhave been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial
statements section of our report. We are independent of the charity in accordance with the ethical requirements that are
relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled ourother ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions
that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for aperiod of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant
sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our
auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our
opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the otherinformation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, orotherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements
themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this otherinformation, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports)
Regulations 2008 require us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
sufficient accounting records have not been kept; orthe financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.

Richard Place Dobson

page 10

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE JAPAN SOCIETY
Responsibilities of trustees
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity forthe purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that theygive a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial
statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, asapplicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend
to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act andrelevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect amaterial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuallyor in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent
to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts andReports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters
we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work,for this report, or for the opinions we have formed.

Richard Place Dobson Services Limited
Chartered Accountants
1-7 Station Road
CrawleyWest Sussex
RH10 1HT
Richard Place Dobson Services Limted are eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Richard Place Dobson

page 11

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIESINCLUDING INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2020
Current financial year
Unrestricted Unrestricted
funds
funds
general Designated
2020
2020
Notes
£
£
Income and endowments from:Subscriptions and donations
EventsInvestments
Other incoming resources

3
4
5
6

Total income

Restricted
funds

Total

Total

2020
£

2020
£

2019
£

349,160
3,408
175
24,595-50,070383

399,230
3,408
175
24,978

380,646
32,563656
25,309377,338-

50,453427,791

439,174

Expenditure on:
Raising funds

7

6,893

-

-

6,893

15,361

Charitable activities
Membership and publications
EventsSchool education
Small grants
Hammersmith Garden project

8
8
8
8
8

85,629109,196
99,862-

1,787-

35,207
15,246-87,416109,196
135,069
15,246-

118,581
159,299
132,355
17,496
4,285

Total charitable expenditure

294,687

1,787

50,453346,927

432,016

Total resources expended

301,580

1,787

50,453353,820447,377

Richard Place Dobson

page 12Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)INCLUDING INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2020

Net incoming/(outgoing) resources
before transfers

75,758(1,787)-73,971(8,203)Gross transfers between funds(1,787)

1,787

-

-

-

Net incoming/(outgoing) resources

73,971--73,971(8,203)

Other recognised gains and losses
Revaluation of tangible fixed assets-(131,735)-(131,735)-

Net movement in funds

73,971(131,735)-(57,764)(8,203)Fund balances at 1 January 2020

394,165

514,719

6,809

915,693923,896

Fund balances at 31 December 2020

468,136

382,9846,809

857,929915,693

The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under theCompanies Act 2006.

Richard Place Dobson

page 13

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)INCLUDING INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2020
Prior financial year

Notes
Income and endowments from:Subscriptions and donations
EventsInvestments
Other incoming resources

3
4
5
6

Total income

Unrestricted Unrestricted
funds
funds
general Designated
2019
2019
£
£

Restricted
funds

Total

2019
£

2019
£

318,746
30,978656
25,309-61,9001,585-

380,646
32,563656
25,309375,689-

63,485439,174

Expenditure on:
Raising funds

7

15,361--

15,361

Charitable activities
Membership and publications
EventsSchool education
Small grants
Hammersmith Garden project

8
8
8
8
8

118,581
159,299
105,366--

26,98917,496
4,285

118,581
159,299
132,355
17,496
4,285

Total charitable expenditure383,246-

48,770432,016

Total resources expended

398,607-

48,770447,377

Net incoming/(outgoing) resources before
transfers(22,918)-

14,715(8,203)Gross transfers between funds

123,245(105,245)(18,000)-

Net incoming/(outgoing) resources

100,327(105,245)(3,285)(8,203)

Net movement in funds

100,327(105,245)(3,285)(8,203)Fund balances at 1 January 2019

293,838

619,964

10,094

923,896

Fund balances at 31 December 2019394,165

514,719

6,809

915,693

Other recognised gains and losses

The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under theCompanies Act 2006.
Richard Place Dobson

page 14

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETY
BALANCE SHEETAS AT 31 DECEMBER 2020
2020
Notes
Fixed assets
Tangible assets
Current assets
Debtors
Cash at bank and in hand

Creditors: amounts falling due within one
year

£

15

£

354,270

13
14

2019
£

£

487,806

64,609474,428

61,293
398,551

539,037

459,844(35,378)(31,957)

Net current assets

503,659

427,887

Total assets less current liabilities

857,929915,693

6,809

6,809

Income funds
Restricted funds
Unrestricted funds
Designated funds
General unrestricted funds
Revaluation reserve

Richard Place Dobson

16
17382,984
599,871(131,735)

514,719394,165
851,120

908,884

857,929915,693page 15

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETY
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2020
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006,
for the year ended 31 December 2020, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply withsection 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of thecompany as at the end of the financial year and of its incoming resources and application of resources, including its income
and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise
comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to thecompany.
The members have not required the company to obtain an audit of its financial statements under the requirements of theCompanies Act 2006, for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to thesmall companies regime.
The financial statements were approved by the Trustees on .........................

..............................
S Yoshida
Trustee..............................
B Emmott
TrusteeCompany Registration No. 03371038

Richard Place Dobson

page 16

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1

Accounting policies
Charity information
The Japan Society is a private company limited by guarantee incorporated in England and Wales. The registeredoffice is 13/14 Cornwall Terrace, London, NW1 4QP.

1.1

Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of
Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended
Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit
Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not
to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts inthese financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies
adopted are set out below.

1.2

Going concern
The trustees have considered a period of at least 12 months from the date of these accounts and are
confident that The Japan Society is a going concern.

1.3

Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of thecharity.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes and relate to the value of thelibrary. The designated fund includes a revaluation reserve relating to the restatement of rare books to market value.
Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an
appeal.

1.4

IncomeIncome is recognised when the charity is legally entitled to it after any performance conditions have been met, theamounts can be measured reliably, and it is probable that income will be received.
Donations and similar incoming resources are included in the year in which they are receivable, which
is when the charity becomes entitled to the resource.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, theamount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Grants - where entitlement is not conditional on the delivery of a specific performance by the charity,
grants are recognised when the charity becomes unconditionally entitled to the income.
Subscriptions are credited to the Statement of Financial Activities in respect of the year to which they
relate.

Richard Place Dobson

page 17

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1

Accounting policies(Continued)

Fundraising income includes event income and income for courses and resources. This income isincluded in the year in which it is receivable, which is when the charity becomes entitled to theresource.
Investment income includes interest receivable and is included in the accounts when the charity
becomes entitled to the income
Other incoming resources includes the sale of books and royalties. This income is included when therisks and rewards of ownership are passed from the charity to the buyer.
1.5

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing thecharitable company to that expenditure, it is probable that a transfer of economic benefits will be required insettlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals
basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot bedirectly attributed to particular headings they have been allocated to activities on a basis consistent with the use ofresources.
Expenditure includes VAT which cannot be fully recovered and is reported as part of the expenditure towhich it relates.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.
Support costs include back office and governance costs which support membership and publications, events, school
education and small grant activities. These costs have been allocated and apportioned to the various charitable
activates. A percentage basis has been used to apportion the support costs to the charitable activities.
Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of fundraising.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and those costs ofan indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of thecharity and include audit fees.

1.6

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimatedresidual value of each asset over its estimated useful life.
Library
Fixtures, fittings & equipment

Not Depreciated
20% Straight LineThe library is not depreciated as a policy of revaluation has been adopted due to the fact the library
contains rare books which tend to increase in value over time.
All assets costing more than £500 are capitalised.
1.7

Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there
is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Richard Place Dobson

page 18

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1

Accounting policies(Continued)

1.8

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investmentswith original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings incurrent liabilities.

1.9

Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other
Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual
provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is alegally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise
the asset and settle the liability simultaneously.

1.10 Taxation
The charity is exempt from corporation tax on its charitable activities.
1.11 Employee benefits
The costs of short-term employee benefits are recognised as a liability and as an expense, unless those costs are
required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed toterminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
The charity operates a defined contributions pension scheme. Contributions are charged in the accounts as they
become payable in accordance with the rules of the scheme.
1.13 Leases
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straightline basis over the period of the lease.
1.14 Foreign exchange
Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchangeruling at the balance sheet date. All differences are included in net outgoing resources.
1.15 Debtors, Cash and Creditors
Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at theamount prepaid net of any trade discounts due.
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of threemonths or less from the date of acquisition or opening of the deposit or similar account.
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably
results in the transfer of funds to a third party and the amount due to settle the obligation can be measured or
estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

Richard Place Dobson

page 19

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 20202

Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates andassumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates arerecognised in the period in which the estimate is revised where the revision affects only that period, or in the period of
the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts
recognised in the financial statements.
Valuation of Library
The valuation of the books which are included within fixed assets is a material figure in the accounts primarily basedon a valuation made in 2005 by antiquarian book specialists Maggs and Sons. During 2020 the board of trustees
revisited this valuation. Whilst the trustees believe the valuation remains reasonable on an individual book basis,
insofar as many items are not readily available on the open market, they have concluded that a valuation of £350,000
is more appropriate for the collection as a whole. They have therefore revised the value in these accounts to £350,000.
Subscriptions and donations

3

Donations and gifts
Membership fees

Richard Place Dobson

Restricted
funds

Total

2020
£

Unrestricted
funds
general
2019
£

2019
£

2019
£

50,070-302,431
96,799225,306
93,44061,900-287,206
93,44050,070399,230

318,746

61,900380,646

Unrestricted
funds
general2020£

Restricted
funds

Total

2020
£

252,361
96,799349,160

page 20

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
4

EventsEvents income

5

Unrestricted
funds
general2020£

Unrestricted
funds
general2019£

Restricted
funds

Total

2019
£

2019
£

3,408

30,978

1,585

32,563

Unrestricted
funds
general2020£

Unrestricted
funds
general
2019
£

175

656

Investments

Interest receivable

6

Other incoming resources
Unrestricted
funds
general2020£

Restricted
funds

Total

2020
£

2020
£

Unrestricted
funds
general
2019
£

1,905
15,190
7,500

383
-

383
1,905
15,1907,500

3,908
13,901
7,500

24,595383

24,97825,309Unrestricted
funds
general2020£

Unrestricted
funds
general2019£

Fundraising and publicity
Advertising
Other fundraising costs

6,893
-

7,822
7,539

Fundraising and publicity

6,893

15,361Other income
Publication and sale of books
Office services income
Secretariat income

7

Raising funds

Richard Place Dobson

page 21

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020

8

Charitable activities

Staff costs
Other costs
Projects

Grant funding of activities(see note 9)
Share of support costs (seenote 10)
Share of governance costs(see note 10)

Analysis by fundUnrestricted funds - general
Unrestricted funds DesignatedRestricted funds

Richard Place Dobson

Membership
andpublications
2020£

Events

2020
£

2020
£

55,3005,506-

65,238
10,718-60,806

School Small grants
education

Total
2020

Total
2019

2020
£

£

£

80,342
7,395--

200,880
23,619-198,474
86,551
4,285

75,95687,737-

224,499

289,310---

15,246

15,246

17,496

24,39730,47643,396-

98,269116,071

2,213

2,764

3,936

-

8,913

9,139

87,416109,196

135,069

15,246

346,927

432,016

85,629109,196

99,862-

294,687

383,246

1,787
-

-

35,207

15,246

1,787
50,453

48,77087,416109,196

135,069

15,246

346,927

432,016

page 22

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
8

Charitable activities(Continued)

For the year ended 31 December 2019

Staff costs
Other costs
Projects

Grant funding of activities (seenote 9)
Share of support costs (see note10)
Share of governance costs (seenote 10)Analysis by fundUnrestricted funds - general
Restricted funds

9

Membership
andpublications£

Events

66,3339,870-

64,38153,071-

67,76023,610--4,285

198,474
86,551
4,285

76,203

117,452

91,370-4,285

289,310---

17,496-

17,49639,271

38,83137,969--116,071

3,107

3,016

3,016

-

-

9,139

118,581

159,299

132,355

17,4964,285

432,016

118,581-

159,299-

105,366
26,98917,496

4,285

383,246
48,770118,581

159,299

132,355

17,4964,285

432,016

Small grants
2020£

Small grants
2019£

15,246

17,496

15,246

17,496£

School Small grants Hammersmith
Gardeneducation
project
£
£
£

Total
2019
£

Grants payable

Grants to institutions (29 grants):
Other

Richard Place Dobson

page 23

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
9

Grants payable(Continued)

Material grants paid during the year:

Aya Nakamura
Fleckney C of E Primary School
House for an Art Lover
Japanese Avant-garde and Experimental Film Festival
Japan Society North West
Litro Magazine
National Trust for Scotland
NWGW Fundraising accountObon on the Foyle
RBWM – The Queen Anne Royal Free CE First School
The Between the Stones
The Pagoda Noh Theatre Project
Other small grants paid to 15 (22) institutions

31.12.20£

31.12.19
£

1,000
1,000
1,000
1,000
1,000
1,000
9,246

1,000
1,000
1,000
1,000
1,000
1,000
1,000
10,496

15,246

17,496-

Richard Place Dobson

page 24

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
10

Support costs
Support costs Governance
costs
£
£
Staff costs
Depreciation
Exchange Losses/(gains)
Establishment Expenses
Office Expenses
General Expenses
Consultancy
Irrecoverable VAT
Library MaintenanceExpenses
Entertainment Expenses
Audit fees
Bank Charges

Analysed between
Charitable activities

112020 Support costs££

Governance
costs
£

2019
£

22,572
1,282
52,152
17,361
75
2,160
2,024

-

22,572
1,282
52,152
17,361
75
2,160
2,024

26,0261,261(17)
59,17922,036
1,700
2,160
2,912

-

26,0261,261(17)
59,17922,036
1,700
2,160
2,912

578
65

-

578
65

565
249

-

565
249

-

7,300
1,613

7,300
1,613

-

7,251
1,888

7,251
1,888

98,2698,913

107,182

116,071

9,139

125,210

98,2698,913

107,182

116,071

9,139

125,210

Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity
during the year.
The charity carried indemnity insurance for its trustees, for which a premium of £2,828 (2019: £2,722) was paid.

12

Employees
The average monthly number of employees during the year was:
2020
Number

2019
Number8

8

Employment costs

2020
£

2019
£

Wages and salaries
Social security costs
Other pension costs

199,319
14,301
9,832

199,703
15,436
9,361

223,452

224,500

Richard Place Dobson

page 25

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
12

Employees(Continued)

The trustees of the Japan Society determined there to be 5 members of key management personnel.
The total employee remuneration of key management personnel of the charity was £138,169 (2019:£131,311)
13

Tangible fixed assets
Library Fixtures, fittings& equipment

Total

£

£

£

Cost
At 1 January 2020
Revaluation

481,735(131,735)

50,509-532,244(131,735)

At 31 December 2020

350,000

50,509400,509

Depreciation and impairment
At 1 January 2020
Depreciation charged in the year-

44,957
1,282

44,9571,282

At 31 December 2020-

46,23946,239Carrying amountAt 31 December 2020

350,000

4,270

354,270

At 31 December 2019

481,735

6,071

487,806

During 2020 the board of trustees revisited the library valuation provided by Maggs and Sons in 2005. Whilst thetrustees believe the valuation is still reasonable on an individual book basis, having consulted with relevant
professionals they consider that as a collection a valuation of £350,000 is more appropriate and have therefore revised
the value in these accounts to £350,000.

14

Debtors
Amounts falling due within one year:
Other debtors
Prepayments and accrued income

Richard Place Dobson

2020
£

2019
£

42,274
22,33538,02323,27064,60961,293page 26

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
15

Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income

16

2020
£

2019
£

3,002
1,348
31,0283,875
2,860
25,22235,37831,957

Restricted funds
The funds of the Society include restricted funds. The following are the unexpended balances of such funds:
Movement in funds

Education
Fund
Hammersmith
Garden Fund

Movement in funds

Balance at
1 January 2019

Incoming
resources

Resources
Balance at
expended 1 January 2020

Incoming
resources

Resources
expended

Balance at
31 December
2020

£

£

£

£

£

£

£

-

62,485(62,485)-

50,453(50,453)-

10,0941,000(4,285)

6,809

-

-

6,809

10,094

63,485(66,770)

6,809

50,453(50,453)

6,809

Certain funds are restricted to expenditure relating to schools education and small grants.
The Hammersmith Garden fund represents contributions made specifically for the installation of a new gate andavenue of stone lanterns at the Japanese garden in Hammersmith Park and for activities linked to this. Ongoing
activities take the form of events in the Park to highlight the Japanese garden and engage with the local community.

Richard Place Dobson

page 27

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
17

Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestrictedfunds by the trustees for specific purposes:

LibraryJapan office
fundMaintenance
fund
Digitalisationof books fund

Balance at
1 January 2019

Transfers

Balance at
1 January 2020

Resources
expendedTransfers

Revaluation
gains/losses

Balance at
31 December
2020

£

£

£

£

£

£

£

481,735-

481,735--(131,735)

350,000

105,245(105,245)

-

-

-

-

-

13,000-13,000(1,787)1,787-

13,00019,984-

19,984---

19,984

619,964(105,245)

514,719(1,787)

1,787(131,735)

382,984

The library fund represents the funds of the charity tied up in the library.
The Japan office fund represents the funds the charity has set aside to cover the cost of a Japan based
office and employee over a three to four year period. This initiative was discontinued and funds
allocated for the purpose have been returned to the general fund.
The maintenance fund is an amount set aside to cover the Japan Society's share (20%) of the building
maintenance work at 13/14 Cornwall Terrace. This work is stipulated by Crown Estates and carried out
on a five year cycle.
The digitalisation of books fund represent the funds set aside for the long term project of scanning in
the books so that they can be accessed digitally.

Richard Place Dobson

page 28

Draft Financial Statements at 20 April 2021 at 13:10:41

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
18

Analysis of net assets between funds

Fund balances at 31 December 2020 are represented
by:Tangible assets
Current assets/(liabilities)

Fund balances at 31 December 2019 are represented
by:Tangible assets
Current assets/(liabilities)

19

Unrestricted
funds
2020
£

Designated
funds
2020
£

Restricted
funds
2020
£

Total

4,270
463,866

350,000
32,984

6,809

354,270
503,659

468,136

382,9846,809

857,929

Unrestricted
funds
2019
£

Designated
funds
2019
£

Restricted
funds
2019
£

6,071
388,094

481,735
32,984

6,809

487,806
427,887

394,165

514,719

6,809

915,693

2020
£

Total
2019
£

Related party transactions
The Japan Society is a corporate director of Japan Matsuri. The Japan Society gave a contribution of £0(2019: £2,500) during the year.
Julie Rogers, a Trustee, is also a director of the Mitsubishi Corporation International (Europe) Plc
which is a member of the President's Circle, making an annual contribution to the Japan Society of£25,000 (membership subscription and donation).
Yoji Saito, a Trustee until April 2020, is also a director of the Mitsubishi Electric Europe B.V, which isa Corporate Patron and made an annual contribution to the Japan Society of £7,500 (membershipsubscription and donation).
Jason James, a Trustee, is Director General of the Daiwa Anglo-Japanese Foundation, the Japan
Society's landlord. Rent paid by the Society to the Foundation was £46,580. In addition, the Society
paid £250 for meeting room hire.

20

Covid-19
At the reporting date Covid-19 caused widespread lockdown measures to be imposed in the UK and worldwide. This
has resulted in a reduction in both supply and demand in the economy. It is not currently possible to estimate theimpact this will have on the future financial results of the charity but management consider it to be a significant
uncertainty. Management have assessed the impact of Covid-19 on the results reported for the financial year ended 31
December 2020 and consider that all COVID 19 related costs and effects have been reflected in the accounts.

Richard Place Dobson

page 29