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 2021

The Japan Society
Contents of the Financial Statements
for the Year Ended 31 December 2021

Page
Legal and Administrative Information

1

Report of the Trustees

2-8Statement of Trustees Responsibilities

9

Report of the Independent Auditor

10 - 13

Statement of Financial Activities

14 - 16

Balance Sheet
Notes to the Financial Statements

1718 - 31

THE JAPAN SOCIETYLEGAL AND ADMINISTRATIVE INFORMATION
Patron

HRH The Duke of Gloucester, KG, GCVO

President
Vice Presidents

HE The Japanese Ambassador
Dean Gilfillan
Hirohiko Miyata
Daisuke Mototani
Akihiko Takada

Honorary Vice-Presidents

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
Stephen Barber
Yoko Dochi
Tim Harding
Emma Hickinbotham
Sue Hudson
Tadaharu Iizuka
Takeshi Ito
Helen Macnaughtan
Yuuichiro Nakajima
Neil Riley
Julie Rogers
Pernille Rudlin
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 2021 (CONTD)
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
Satoru Yoshida- Hon Treasurer
Nigel Wellings - Hon Solicitor(Elected 29 September 2021)
Stephen Barber(Elected 29 September 2021
Yoko Dochi
Tim Harding(Elected 29 September 2021
Emma Hickinbotham
Sue Hudson(Resigned 29 September 2021)
Janet Hunter
Tadaharu Iizuka
Takeshi Ito
Jason James(Resigned 29 September 2021)(Elected 29 September 2021
Helen Macnaughtan
Yuuichiro Nakajima
Neil Riley
Julie Rogers
Pernille Rudlin(Resigned 29 September 2021)
Eiji Wakiwaka
Clare Weaver
Rie Yoshitake
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.
At the Annual General Meeting in 2022, Tadaharu Iizuka, Neil Riley and Pernille Rudlin will be standing down each having
completed a three-year term on the board; 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 2021, with meetings continuing to be held virtually because of the Covid-19 pandemic. The dayto-day running of the Society is carried out by the permanent staff under the leadership of Heidi Potter, who reports to the
Chairman and the board. She is supported by a team of paid staff. The activities of the Society are organized by the office,with support also provided by activity group sub-committees, which meet on an ad hoc basis and whose members arevolunteers. In normal years, teams of Japan in Your Classroom volunteers enable us to run the Society’s popular school visit
programme; volunteers also provide support in delivering public-facing outreach events; both school visits and othervolunteer-supported activities have been suspended since March 2020.

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THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2021 (CONTD)
A nominations committee reviews the skills that are required on the board from time to time and the succession policy,
making recommendations to the board on possible future appointments. The following skills / interests have been identified
as particularly relevant to the Japan Society and are represented on the current board: the arts; the Japan-related business
community; academia, school education and outreach; fundraising; the general Japanese community. The board in turnmakes proposals to the members of the Society in advance of the Annual General Meeting. The recommendations forelection at the forthcoming Annual General Meeting are detailed in the papers for the Annual General Meeting. The role ofthe board and the organization's expectations of its board members are discussed with new Trustees prior to their election.
The management committee (comprising in 2021 Bill Emmott, Satoru Yoshida and Heidi Potter) considers the accounts andthe performance of the auditors before review by the board.
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 20 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 an audience 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 those under 25
years of age are set in order to encourage participation by the next generation, who will take the UK-Japan relationshipforward 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 2021 (CONTD)
EventsThe Society’s events programme in 2021 was again affected greatly by the Covid-19 pandemic, with almost all taking placevirtually. Although some people, who would in a normal year have attended in person events organized by the Society, wereunable to take advantage of online events, we continued to see significant participation by others across the UK and in otherparts 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 participants in our online programmes showedthat they particularly valued the opportunity to hear from opinion leaders on important issues in Japan-UK relations at a time
when travel restrictions meant that it was still 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 has enabled the Society toachieve its educational objectives in a very clear way. 21 such webinars took place over the year:
Annual Lecture by the former British Ambassador to Japan, Paul Madden CMG on his return to the UK
The Path to Net Carbon Zero in the UK and Japan, with Naoko Ishii and Adair Turner
The Japan Affair: 40 Years of Engagement in UK - Japan Relations, in Conversation with David Howell
The Brexit Agreement, One Month On, with David Henig and Pernille Rudlin
The Business of Pop Culture in Japan, with Matt Alt
3/11 and Fukushima Dai-ichi 10 years on, with Yoichi Funabashi and David Warren
US – China Relations and the Implications for Japan, with Yuka Koshino and Clyde Prestowitz
The Independence Debate: What are the Future Prospects for Scotland? With John Curtice, Iain Martin and Andrew Wilson
The Current State of US – Japan Relations, with Kunihiko Miyake and James P Zumwalt
UK Japan Collaboration in Medical Research: Regenerative Medicine, with Georg Hollander, Paul Riley and Shin’ichi Takada
The Prospects for Green Finance in the UK and Japan, with Roger Gifford and Mari Yoshitaka
The ‘Revolving Doors’ of Government in the UK and Japan, with Koichi Nakano and Alex Thomas
Authority, Confidence and Gender in the Post-Pandemic World, with Ian Robertson and Mary Ann Sieghart
Is the West Back?: The G7 Summit and beyond, with Hiroyuki Akita and Gideon Rachman
Britain, Japan and the World in between – A Conversation with Richard Needham and Philip Stephens
After Tokyo 2020: Discussing Post-Games Japan, with Robert Whiting
And Now What? The Countdown to Japan’s General Election, with Keiko Iizuka and Seiji Inada *Delivering on Climate Targets in Japan and the UK, with Kimiko Hirata and Chris Huhne
The AUKUS Security Pact and its Implications, with Kiichi Fujiwara and Alessio Patalano
Keeping Ourselves Safe in Cyberspace with Mihoko Matsubara and Marcus Willett
The UK-Japan Relationship amid a Troubled World – A Conversation with Ambassador Hajime Hayashi*in partnership with the British Chamber of Commerce in Japan

Smaller, off the record meetings were held for senior members of the Society. These events provided opportunities to shareideas and information, and ensured that those involved in business and government were well informed on topical issues
relating to the Japan-UK relationship. During 2021 these featured: Julia Longbottom CMG, who met members prior to taking
up her post as British Ambassador to Japan; John Glen, Economic Secretary to the Treasury and City Minister; and twoformer Central Bank governors, Lord (Mervyn) King and Masaaki Shirakawa.
The monthly book club and film club discussions and Bilingual Public Speaking Club continued to meet online during2021 and were attended by a core of regular participants, with others joining on an ad hoc basis. For much of the year people
remained at home with little opportunity to meet others, and these groups allowed them to discuss issues beyond the
pandemic and learn together about Japan, its language, creative arts and culture.
Following their popularity in 2020, we again offered members workshops in boro repair work and katazome stencil dyeig. In
addition in 2021 we were able to include sessions on food and drink, with tutored sake tastings and cookery workshops andan interactive talk about a family senbei company, Domoto Seika. We were grateful to the talented artists, tutors and lecturers
who continued to find ways to share their enthusiasm and skills with a virtual audience.
Lockdown restrictions again made it impossible to hold large scale public-facing events including the annual Japan
Matsuri. Howerver, under the umbrella of the Japan Matsuri company, the Sakura Cherry Tree project continued over the2021-22 planting season from November of the year. As well as donations to additional parks and gardens, some 400 trees
were planted in schools across the country. Although a few plantings have been delayed to 2022-23 due to the pandemic, themajority of trees will have been delivered by spring 2022.
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. Since March 2020, all lectures have been held
online. Subjects in the 2021 academic lecture series included:
British Engagement with Japan, 1854-1922 – Antony BestHow did Elizabeth Anderson learn Japanese in 1943? Wartime language courses & the race against time – Peter Kornicki
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THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2021 (CONTD)
Japanese Disaster Narratives: Conservatism and Revisionism – Christopher Hood
The Japanese Maps Collection of the University of Manchester Library: Digitalising a Mapped Society – Sonia Favi
How British experience in Japan influenced Parkes’ approach to extraterritoriality in Korea – Christopher Roberts
In Search of Herbert Ponting in Japan – Anne Strathie
Postwar Japanese Calligraphy and the Challenge of Abstract Painting - Eugenia Bogdanova-Kummer
Craft Culture in Early Modern Japan: Materials, Makers, Mastery – Christine Guth
The Comic Storytelling of Western Japan – M W Shores
Murakami Haruki and Our Years of Pilgrimage - Gitte Marianne Hansen and Michael Tsang
Other highlights included talks by film maker Toko Shiiki on life in Fukushima after 3/11; discussions about the film The
Witches of the Orient with director Julien Faraut and about the musical Tokyo Rose with producer Tanya Agarwal and writer
Maryhee Yoon; a photographic journey along the Shikoku pilgrimage route with John Lander; and an auditory journey
through Japan with soundscape artists Mat Eric Hart and Nick Luscombe.
Japan Society Small Grants
In 2021, some £16,000 was awarded in grants to support 22 projects and events related to Japan. Despite the ongoingpandemic, we were pleased that this year saw a wide variety of projects, including installations and exhibitions, film
screenings and panel discussions, workshops and cultural activities taking place.
The Queer East Film Festival showcased a selection of rarely seen films from Japan celebrating the lives of the LGBTQ+
community; and at the Reading Biscuit Factory Cinema, cultural workshops were held in tandem with a special programmeof Japanese film screenings.
The British Museum’s exhibition Hokusai: The Great Picture Book of Everything opened in September, and a small grant
helped to support a programme of public events which aimed to engage with local communities. A grant also supported
activities at the House of the Setting Sun exhibition at Lakeland Arts in Cumbria.
Teachers at schools across the UK planned engaging projects for students: children in rural Gloucestershire enjoyedtraditional story-telling and learnt about the significance of the origami crane in a week of activities; while pupils at schools
in Lincolnshire and Glasgow immersed themselves in Japanese culture, learning across subjects from geography to music toart and design. In Oxfordshire, pupils designed and created their own Japanese garden; and in West Sussex, students took
part in an inventive ‘mock flight’ to Japan as part of their project, which also included food tasting, language learning, artsand crafts. Meanwhile, pupils in East London celebrated their passion for manga in a competition to create manga-themed
decorations for their classroom door.
The Tokyo Olympic Games were celebrated in Northern Ireland at the Naughton Gallery’s ‘VAMOS NIPPON!’ exhibition;
and at the Queens Park Arena in Glasgow, Japan-themed family workshops and sports demonstrations took place to coincidewith the Games.
Library
During 2021 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 2021 (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 most in person activity being suspended.
However, we continued to provide support to teachers and parents with our new online resources and activity packs.
Additional materials were added to the online resources portal each month and ranged from seasonal activities based onJapanese festivals to topic themed resources in subject areas such as geography, maths and English.
Resources linked to the Tokyo 2020 Olympic and Paralympic Games were launched in July together with a Yuru-characompetition to design mascots to support Team GB athletes.
Digital content was made available in November for an online Sixth Form Japan Day experience, with plans for an inperson ‘taster’ event in spring 2022 as a bridge to a return to a full scale in person event in November.
To support teachers working with students on entries for the 17th JAL Foundation World Children’s Haiku Contest, run in the
UK by the Japan Society and launched in October, an online workshop ‘How to Teach Haiku’ was held in December,.
Communication and marketing
The website and regular email notices continued to be important tools for communicating information about the Society andits activities. 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 2021 the Society showed a surplus of £458.
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 2021 (CONTD)
Companies
President's Circle (£25,000)
JTI
Mitsubishi Corporation International(Europe) Plc
Mitsui & Co Europe Plc
Nomura International Plc
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
Clifford Chance LLP*Eisai Europe Ltd
Ernst & Young LLP
Marubeni Europe plc*¶Mitsubishi Electric Europe BV
Mizuho Financial GroupNSK Europe Ltd
PricewaterhouseCoopers LLP
SMBC Bank International plc
Sumitomo Corporation Europe Ltd

Corporate Donor (£2,000)
Aberdeen Standard Investments
Allen & Overy LLP
BDO LLP*Central Japan Railway Company*Greenback Alan LLP
Japan Airlines Co Ltd*"K" Line (Europe) Ltd
Linklaters LLP
Mitsubishi Heavy Industries Europe
Ltd
MSIG Holdings (Europe) Ltd*NEC (Europe) Ltd
NTT Data UK
Out-Sourcing Incorporated UK
Ricoh (Europe) plc
Sompo Japan Insurance Inc
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.

Corporate Benefactor (£5,000)
Dai-ichi Life International Europe
Daiwa Capital Markets Europe Ltd
Deloitte LLP*Hitachi Europe Ltd
Honda Motor Europe Ltd
Nikko Asset Management Europe Ltd*NYK Group Europe Ltd
SoftBank Group International
Takeda UK Ltd
Toyota (GB) Plc

Individuals
Principal Benefactor (£1,000 +)The Philip and Irene Toll Gage
Foundation
Martin & Noriko Barrow
Akihiro Tsuchiya
Principal Donor (£250)
Michael Faber
James Noble
Taeko Oliver
Heidi Potter
David Powers
Christopher and Phillida Purvis
Adrian Thorpe
Donor (£100)
Mark Allsup
Clive Bradley
Stephen Codrington
Joe Earle
Robin Fox
Lydia Gomersall
Keiko Itoh
Kathleen Kimura
Janusz Mondry
Geoffrey Paull
Pernille Rudlin
Atsushi Saito
Larry Stone
Mark Tate
Individual Supporter (£58)
Graham & Pauline Bowyer
Hiroko Gayton
Thaisa Hopkins
Suzanne Hudson
Rosemary Morgan
Ian Walker

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THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2021 (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 exceed the current annual expenditure, which has been reduced by changes to the programme ofactivities during the pandemic. It is anticipated that, as restrictions are lifted and we are able to resume in person events, expenditure will return to prepandemic levels of £450 - £500,000. While the long term financial impact of the pandemic and of the war in Ukraine remains uncertain, the board iscontent to carry a higher level of reserves. This guards against risks to the Society’s core activity should it fail to meet projected income targets andprovides some financial security to a charity which currently relies for almost all its funding on annual donations. Funds have been designated in respectof known maintenance costs as outlined in note 17. As at 31 December 2021, the value of unrestricted reserves less tangible fixed assets was £505,219.
The cash reserves are held on deposit.
Plans for the future
In 2022, the Japan Society will continue to hold selected events online, while returning to in person events as the Covid-19 situation allows. We anticipate
that for some types of event, a hybrid format will be important, 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 toschools. An exciting new initiative is a pilot Youth Collective programme for young people aged 16 – 19, from August 2022.
Further to the decision in 2018 by the Trustees to offer the Japan Society library for sale, plans are in train for an auction of the historic collection bySotheby’s during 2022. All funds realised will be used for the furtherance of the Society’s objectives, with the principal aim of enabling new projects to beestablished.
Although in a strong financial position at the start of 2022, 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.

On behalf of the Board
Satoru Yoshida - Hon. Treasurer
Dated: .........................

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THE JAPAN SOCIETY
STATEMENT OF TRUSTEES RESPONSIBILITIESFOR THE YEAR ENDED 31 DECEMBER 2021

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.

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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 2021 which
comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant
accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards, including Financial Reporting Standard 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 2021 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 auditof the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 a period of atleast 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'sreport thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on thefinancial 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 other information is materially inconsistent
with the financial statements or our knowledge obtained in the course of the audit, or otherwise 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 other information, 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.

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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 for the
purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give atrue and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, thetrustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitablecompany 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 and relevant
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 ahigh level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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THE JAPAN SOCIETY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE JAPAN SOCIETY
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial
statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due
to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud
identified during the audit.
However it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that theentity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detectionof fraud.
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, the audit engagement
team made enquiries of management, and those charged with governance, regarding the procedures relating to identifying,evaluating and complying with;1.
2.

laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged
fraud;
3.
the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial
statements are FRS 102, Companies Act 2006, employment and tax law and regulations and data protection regulations. We
performed audit procedures to detect non-compliance, which may have a material impact on the financial statements. These
included reviewing financial statement disclosures and evaluating advice received from internal management. There were no
significant laws and regulations we deemed as having an indirect impact on the financial statements.
The audit engagement team identified the risk of management override of controls as the area where the financial statements weremost susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing
manual journal entries and other adjustments and evaluating the business rationale in relation to any significant, unusualtransactions and transactions entered into outside of the normal course of business.
Revenue recognition was also identified as a significant risk which could lead to a material mis-statement due to fraud or error.
Audit procedures performed included but were not limited to performing walk through tests to identify the control procedures inplace and once an understanding of the sales process was gained, a substantive test was carried out using a sample basis to ensure
all sales existed and were complete in the accounts. Cut off testing was also performed to ensure sales were recorded in the correct
period.

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.

page 12

THE JAPAN SOCIETY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE JAPAN SOCIETY
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 and Reports)
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 theopinions 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.

page 13

THE JAPAN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIESINCLUDING INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2021

Current financial year

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

3
4
5
6

Total income

Unrestricted Unrestricted
funds
funds
generalDesignated
2021
2021
£
£

Restricted
funds

Total

Total

2021
£

2021
£

2020
£

303,158
6,010
189
23,989-47,543507-

350,701
6,517
189
23,989399,230
3,408
175
24,978333,346-

48,050381,396427,791

Expenditure on:
Raising funds

7

4,059

-

-

4,059

6,893

Charitable activities
Membership and publications
EventsSchool education
Small grants

8
8
8
8

103,112111,667
101,941
5,104

6,922
-

31,98016,070110,034
111,667
133,921
21,17487,416109,196
135,069
15,246

Total charitable expenditure

321,824

6,922

48,050376,796346,927

Total resources expended

325,883

6,922

48,050380,855

353,820

page 14

THE JAPAN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)INCLUDING INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2021
Unrestricted Unrestricted
funds
funds
generalDesignated
2021
2021
£
£

Restricted
funds

Total

Total

2021
£

2021
£

2020
£

Net incoming resources before transfers
7,463(6,922)-541

73,971(6,922)

6,922

-

-

-

541

-

-

541

73,971----(131,735)

541

-

-

541

(57,764)

Fund balances at 1 January 2021

468,136

382,9846,809

857,929915,693

Fund balances at 31 December 2021

468,677

382,9846,809

858,470

857,929

Gross transfers between funds
Net incoming resources
Other recognised gains and losses
Revaluation of tangible fixed assets
Net movement in funds

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.

page 15

THE JAPAN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)INCLUDING INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2021

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
generalDesignated
2020
2020
£
£

Restricted
funds

Total

2020
£

2020
£

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

399,230
3,408
175
24,978377,338-

50,453427,791

Expenditure on:
Raising funds

7

6,893

-

-

6,893

Charitable activities
Membership and publications
EventsSchool education
Small grants

8
8
8
8

85,629109,196
99,862-

1,787-

35,207
15,24687,416109,196
135,069
15,246

Total charitable expenditure

294,687

1,787

50,453346,927

Total resources expended

301,580

1,787

50,453353,820

Net incoming resources before transfers

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

1,787

-

-

Net incoming resources

73,971--73,971-(131,735)-(131,735)

Net movement in funds

73,971(131,735)-(57,764)

Fund balances at 1 January 2020

394,165

514,719

6,809

915,693

Fund balances at 31 December 2020

468,136

382,9846,809

857,929

Other recognised gains and losses
Revaluation of tangible fixed assets

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.

page 16

THE JAPAN SOCIETY
BALANCE SHEETAS AT 31 DECEMBER 2021
2021
Notes
Fixed assets
Tangible assets
Current assets
Debtors
Cash at bank and in hand

Creditors: amounts falling due within one
year

£

13

2020
£

£

353,16814

15£354,270

84,634479,940

64,609474,428564,574

539,037(59,272)(35,378)

Net current assets

505,302503,659

Total assets less current liabilities

858,470

857,929

6,809

6,809

Income funds
Restricted funds
Unrestricted funds
Designated funds
General unrestricted funds

16
17

382,984
468,677

382,984
468,136
851,661

851,120

858,470

857,929

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, forthe year ended 31 December 2021, although an audit has been carried out under section 144 of the Charities Act 2011.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect
to accounting records and the preparation of financial statements.
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 the small
companies regime.
The financial statements were approved by the Trustees on .........................

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

page 17

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
1

Accounting policies
Charity information
The Japan Society is a private company limited by guarantee incorporated in England and Wales. The registered office 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 tocharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republicof 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, the amounts
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, the amountis 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.

page 18

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1

Accounting policies
Fundraising income includes event income and income for courses and resources. This income is included in the year inwhich it is receivable, which is when the charity becomes entitled to the resource.

Investment income includes interest receivable and is included in the accounts when the charity becomes entitled to theincomeOther incoming resources includes the sale of books and royalties. This income is included when the risks and rewards ofownership 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 the charitablecompany to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and theamount 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 be directly attributed to particularheadings they have been allocated to activities on a basis consistent with the use of resources.
Expenditure includes VAT which cannot be fully recovered and is reported as part of the expenditure to which 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 of an
indirect nature necessary to support them.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity
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 estimated residual 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).

page 19

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1

Accounting policies

1.8

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments withoriginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current
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 a legally
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 to terminate
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 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 exchange rulingat the balance sheet date. All differences are included in net outgoing resources.
1.14 Debtors, Cash and Creditors
Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount
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 three months
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 inthe 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.

page 20

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
2

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 therevision 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 the Library
The valuation of the books which are included within fixed assets is a material figure in the accounts is primarily based on
the historical cost value that the society paid a number of years ago. Given that many of these items are not available to bepurchased on the open market, it has been estimated that their value has not fluctuated since the original cost incurred by
the society.
Key sources of estimation uncertainty
Valuation of Library
The last professional valuation of the library was undertaken by Maggs and Sons in 2005. During 2020 the board of trustees
reviewed this valuation and, whilst they believed the valuation was still reasonable on an individual book basis, having
consulted with relevant professionals they considered that as a collection a valuation of £350,000 was more appropriate.
They therefore revised the value in these accounts to £350,000 pending the future sale of the library.

3

Subscriptions and donations

Donations and gifts
Membership fees

Unrestricted
funds
general2021£

Restricted
funds

Total

Restricted
funds

Total

2021
£

Unrestricted
funds
general
2020
£

2021
£

2020
£

2020
£

277,757
25,40147,543-

325,300
25,401

252,361
96,79950,070-302,431
96,799303,158

47,543

350,701

349,160

50,070399,230

page 21

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
4

EventsEvents income

5

Unrestricted
funds
general2021£

Restricted
funds

Total

2021
£

2021
£

Unrestricted
funds
general
2020
£

6,010

507

6,517

3,408

Unrestricted
funds
general2021£

Unrestricted
funds
general
2020
£

189

175

Investments

Interest receivable

6

Other incoming resources

Other income
Publication and sale of books
Office services income
Secretariat income

7

Unrestricted
funds
general2021£

Unrestricted
funds
general2020£

Restricted
funds

Total

2020
£

2020
£

2,042
14,446
7,500

1,905
15,190
7,500

383
-

383
1,905
15,1907,500

23,98924,595383

24,978Unrestricted
funds
general2021£

Unrestricted
funds
general
2020
£

4,059

6,893

Raising funds

Fundraising and publicity
Advertising

page 22

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
8

Charitable activities

Staff costs
Other costs

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

Membership
andpublications

Events

Total
2021

Total
2020

2021
£

2021
£

2021
£

2021
£

£

£

65,485
5,175

62,20812,05576,761
11,006

3,187-

207,641
28,236200,880
23,61970,66074,26387,767

3,187

235,877

224,499---

16,07016,07015,246

36,684

34,84943,001

1,786

116,320

98,269

2,690

2,555

3,153

131

8,529

8,913

110,034

111,667

133,921

21,174

376,796346,927

103,112111,667

101,941

5,104

321,824

294,687

6,922
-

-

31,98016,070

6,922
48,0501,787
50,453110,034

111,667

133,921

21,174

376,796346,927

page 23

School Small grants
education

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
8

Charitable activities
For the year ended 31 December 2020
Membership
andpublications£

Events££££55,3005,506

65,238
10,71880,342
7,395-

200,880
23,61960,80675,95687,737-

224,499

Grant funding of activities (see note 9)

-

-

-

15,246

15,246

Share of support costs (see note 10)
Share of governance costs (see note 10)

24,3972,213

30,4762,764

43,396
3,936-

98,2698,913

87,416109,196

135,069

15,246

346,927

85,6291,787-

109,196-

99,86235,207

15,246294,687
1,787
50,45387,416109,196

135,069

15,246

346,927

Staff costs
Other costs

Analysis by fundUnrestricted funds - general
Unrestricted funds - DesignatedRestricted funds

page 24

School Small grants
education

Total
2020

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
9

Grants payable

Grants to institutions:
Aya Nakamura
Clare Farrow Studio
Blueprint Film Foundation
Japanese Avant-garde and Experimental Film Festival
Japan Society North West
Litro Magazine
National trust for Scotland
Inhouse Events CIC
Queer East Film Festival
The British Museum
The Between the Stones
New Earth Theatre Limited
Other small grants paid to 11 (15) institutions

10

Small grants
2021£

Small grants
2020
£

1,000
1,000
1,000
1,000
1,000
1,000
10,070

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

16,07015,2462020

Support costs
Support costs

Staff costs
Depreciation
Establishment Expenses
Office Expenses
General Expenses
Consultancy
Irrecoverable VAT
Library MaintenanceExpenses
Entertainment Expenses
Audit fees
Bank Charges

Analysed between
Charitable activities£

Governancecosts£

35,604
1,102
68,029
8,413
2,580
-

£

£

Governance
costs
£

-

35,604
1,102
68,029
8,413
2,580
-

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

592
-

-

592
-

578
65

-

578
65

-

7,550
979

7,550
979

-

7,300
1,613

7,300
1,613

116,320

8,529

124,849

98,2698,913

107,182

116,320

8,529

124,849

98,2698,913

107,182

page 252021 Support costs£

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
11

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 £3,394 (2020: £2,828) was paid.

12

Employees
The average monthly number of employees during the year was:
2021
Number

2020
Number9

8

Employment costs

2021
£

2020
£

Wages and salaries
Social security costs
Other pension costs

216,745
15,945
10,555

199,319
14,301
9,832

243,245

223,452

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 £94,195 (2020:£138,169)

There were no employees whose annual remuneration was more than £60,000.

page 26

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
13

Tangible fixed assets
Library Fixtures, fittings& equipment

Total

£

£

£

Cost
At 1 January 2021
Disposals

350,000-

50,509(4,870)400,509(4,870)At 31 December 2021

350,000

45,639395,639

Depreciation and impairment
At 1 January 2021
Depreciation charged in the year
Eliminated in respect of disposals-

46,2391,102(4,870)46,2391,102(4,870)At 31 December 2021-

42,47142,471

Carrying amountAt 31 December 2021

350,000

3,168

353,168

At 31 December 2020

350,000

4,270

354,270

The last professional valuation of the library was undertaken by Maggs and Sons in 2005. During 2020 the board of trustees
reviewed this valuation and, whilst they believed the valuation was still reasonable on an individual book basis, having
consulted with relevant professionals they considered that as a collection a valuation of £350,000 was more appropriate.
They therefore revised the value in these accounts to £350,000 pending the future sale of the library.

14

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

15

2021
£

2020
£

55,487
29,14742,274
22,33584,63464,609

2021
£

2020
£

483
1,362
19,98737,4403,002
1,348
31,02859,27235,378Creditors: amounts falling due within one year

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

page 27

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
16

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 2020

Incoming
resources

Resources
Balance at
expended 1 January 2021

Incoming
resources

Resources
expended

Balance at
31 December
2021

£

£

£

£

£

£

£

-

50,453(50,453)-

48,050(48,050)

-

6,809

-

-

6,809

-

-

6,809

6,809

50,453(50,453)

6,809

48,050(48,050)

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 and avenue ofstone lanterns at the Japanese garden in Hammersmith Park and for activities linked to this. Ongoing activities take theform of events in the Park to highlight the Japanese garden and engage with the local community.

page 28

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
17

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

Library
Maintenance fund
Digitalisation of books fund

Library
Maintenance fund
Digitalisation of books fund

Balance at
1 January 2020

Resources
expendedTransfers

Revaluation
gains/losses

Balance at
31 December
2020

£

£

£

£

£

481,735
13,00019,984(1,787)-

1,787-(131,735)-

350,000
13,00019,984

514,719(1,787)

1,787(131,735)

382,984

Balance at
1 January 2021

Resources
expendedTransfers

Revaluation
gains/losses

Balance at
31 December
2021

£

£

£

£

£

350,000
13,00019,984(6,922)
-

6,922
-

-

350,000
13,00019,984382,984(6,922)

6,922-

382,984

The library fund represents the funds of the charity tied up in the library.
The maintenance fund is an amount set aside to cover the Japan Society's share (20%) of the building maintenance workat 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.

page 29

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
18

Analysis of net assets between funds

Fund balances at 31 December 2021 are represented
by:Tangible assets
Current assets/(liabilities)

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

19

Designated
funds
2021
£

Restricted
funds
2021
£

Total

3,168
444,535

350,000
32,98427,783353,168
505,302447,703382,984

27,783

858,470

Unrestricted
funds
2020
£

Designated
funds
2020
£

Restricted
funds
2020
£

4,270
463,866

350,000
32,984

6,809

354,270
503,659

468,136

382,9846,809

857,929

2021
£

Total
2020
£

Operating lease commitments
At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years

20

Unrestricted
funds
2021
£

2021
£

2020
£

273
1,094
273

-

1,640

-

Related party transactions
The Japan Society is a corporate director of Japan Matsuri. The Japan Society gave a contribution of £0 (2020: £nil) 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 anddonation).
Jason James, a Trustee until September 2021, is Director General of the Daiwa Anglo-Japanese Foundation, the Japan
Society's landlord. Rent paid by the Society to the Foundation was £52,560.

page 30

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
21

External Factors
At the reporting date Covid-19 caused widespread lockdown measures to be imposed in the UK and worldwide. It is not
currently possible to estimate the impact 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 forthe financial year ended 31 December 2021 and consider that all COVID 19 related costs and effects have been reflectedin the accounts.
The effects of the conflict in Ukraine has also resulted in a reduction in both supply and demand in the economy. Again, it
is not currently possible to estimate the impact this will have on the future financial results of the charity but management
consider it to be a significant uncertainty.

page 31