Charity registration number 1063952
Company registration number 03371038 (England and Wales)

THE JAPAN SOCIETY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

THE JAPAN SOCIETYLEGAL AND ADMINISTRATIVE INFORMATION

Patron

HRH The Duke of Gloucester, KG, GCVO, GCStJ, SSI, FRIBA

President

HE The Japanese Ambassador

Vice Presidents

Daisuke Mototani
Yukinobu Nakano
Tom Osborne
Akihiko Takada

Honorary Vice-Presidents

Shin Ebihara
Hiroaki Fujii
Haruko Fukuda OBE
Keiichi Hayashi
Sadayuki Hayashi
Hiroshi Kitamura
Yasumasa Nagamine
Yoshiji Nogami
Christopher Purvis CBEViscount Trenchard
Koji Tsuruoka
David Warren KCMG

Officers and Trustees(as at 8 April 2023)

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
Helen Macnaughtan
Yuuichiro Nakajima
Yasuyuki Okazaki
Neil Riley
Julie Rogers
Pernille Rudlin
Clare Weaver
Rie Yoshitake

Chief Executive and Company Secretary

Heidi Potter (until 18 June 2023)
Dr Michael Rivera King (from 18 June 2023)

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

THE JAPAN SOCIETY
CONTENTS

Page
Trustees' report

2-8Statement of trustees' responsibilities

9

Independent auditor's report

10 - 12

Statement of financial activities

13 - 14

Balance sheet

15

Notes to the financial statements

16 - 26

THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2022
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 2022 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
Stephen Barber
Yoko Dochi
Tim Harding
Emma Hickinbotham
Sue Hudson
Tadaharu Iizuka
Takeshi Ito(Resigned 20 September 2022)
Helen Macnaughtan
Yuuichiro Nakajima
Yasuyuki Okazaki(Appointed 20 September 2022)
Neil Riley
Julie Rogers
Pernille Rudlin
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 2023, Sue Hudson and Yuuichiro Nakajima will be standing down having served on theboard for six years. Two trustees, Clare Weaver, and Rie Yoshitake will be standing down at the end of a three-year term,
both 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 four times in 2022, with in-person meetings resuming with provision for trustees to join remotely if necessary.
The day-to-day running of the Society was carried out by the permanent staff under the leadership of Heidi Potter, whoreports to the Chairman and the board. She was supported by a team of paid staff. The activities of the Society are organizedby the office, with support also provided by activity group sub-committees, which meet on an ad hoc basis and whose
members are volunteers. 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 other volunteer-supported activities resumed following suspension during Covid.
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 turn
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THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2022 (CONTD)
makes 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 audit committee (comprising in 2022 Bill Emmott, Satoru Yoshida and Heidi Potter) considers the accounts and theperformance 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 physical 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 was set aside in 2022 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.

page 3

THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2022 (CONTD)
EventsFollowing the disruption caused by the Covid pandemic, The Japan Society’s events programme in 2022 began to resume its
in person activities, while continuing to offer opportunities for a wider geographic audience to participate in online events.
Despite lingering fears over Covid, it was clear that members greatly valued the chance to meet again for face-to-face
discussions and exchanges of opinion. At the same time, we were able to maintain contact with many of those across the UK
and in other parts of the world, including Japan, whom we had reached through our virtual programming. Recordings ofmany events continued to be made available on YouTube for a wider audience.
We began the year with a special vegan lunch at Sachi Restaurant at Pantechnicon, with guest chef Tim Anderson. Althoughpostponed because of a resurgence of Covid infections, it was an important step on the return to in-person events and waswell attended by members, delighted once again to reconnect with each other.
In person events continued with the annual lecture by HE Julia Longbottom CMG, British Ambassador to Japan, kindly
hosted by Nomura. This briefing on developments in the UK Japan relationship and bilateral activities is valued highly bymembers and was well-attended despite continued concerns over the coronavirus. The lecture and following Q&A were live
streamed for those who could not join in person.
To mark the resumption of in person meetings, the 2022 annual dinner was held in the wonderful surroundings of theChelsea Physic Garden, where members were able to wander through the grounds, as well as view the Tsunagu / Connect
exhibition, telling the stories of Japanese women who had travelled to make their lives in the UK since the 1950s; a timely
reminder of the value of meetings and personal encounters. The year concluded with a Christmas party held at the Embassyof Japan, by courtesy of Ambassador Hayashi.
Smaller, off the record meetings were held for senior members of the Society. These events provided opportunities for those
involved in business and government to share ideas and information. During 2022 these featured: Julia Longbottom CMG,
who joined members for a dinner following her lecture; Tony Danker, Director General of the Confederation of British
Industry (hosted by PwC); and James Murray, Shadow Financial Secretary to the Treasury (hosted by Deloitte)
For younger members, we partnered with London Business School on two careers networking events, focusing respectively
on careers in the City and in the Gaming industry, which provided opportunities to hear life experience from professionals inthese fields. In November, the Society again partnered with LBS, this time on a half-day Japan Summit, with panels ofJapanese business and industry experts in Innovation and Sustainability.
The series of current affairs webinars which began during the pandemic continued, 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 andJapanese perspectives on the issue under discussion, contributing to a greater understanding of opinions in each other’scountry. This has enabled the Society to achieve its educational objectives in a very clear way. 10 such webinars took placeover the year:
Prospects for Japan and Asia in 2022 and Beyond - with Jesper Koll and Jim McCafferty
Issues at Home and Abroad. Japan’s Agenda for 2022 - A Conversation with Noriyuki Shikata
Looking Ahead: Japan and the World in 2022 - in association with the British Chamber of Commerce in Japan and theInternational Institute for Strategic Studies
International Women’s Day 2022 #BreakTheBias - in association with the British Chamber of Commerce in Japan
The War in Ukraine: Where Next in the Military and Economic Battle with Russia? - with Sir Laurie Bristow and Tadashi
Maeda
Taiwan tensions. implications for China, the US, Japan and Europe - with Yasuhiro Matsuda and Meia Nouwens
The Future of Corporate Alliances between Japan and Europe - with Jean Barthélemy and Philippe Riès
A new quarterly webinar in association with the Asia Society, Japan has brought together Bill Emmott, chair of the Japan
Society with economist and business observer, Jesper Koll, to host a regular discussion on latest developments in Japan,
together with special guests who in 2022 were Yumiko Murakami and Tatsuya Terazawa.
The monthly book club and film club discussions and Bilingual Public Speaking Club continued to meet during 2022 andwere attended by a core of regular participants, with others joining on an ad hoc basis. The book club settled into a newpattern of alternate in-person and virtual meetings, to cater for those unable to travel to London regularly for meetings, while
the film club, started during the pandemic, continued online. Presentation and speaking skills can be practiced more
effectively face to face, so these resumed in person, hosted during the year variously by Nomura, EY and Deloitte.
As venues began to re-open, members enjoyed tours and private views to places of interest, including the Dojima Sake
Brewery, near Ely; the Minoru Nomata exhibition at the De La Warr pavilion in Bexhill-on-sea, as well as the Yobitsugi
exhibition at White Conduit Projects and Kimono exhibition at the Japanese Gallery.
Although continued uncertainties at the start of 2022 meant it was not possible to schedule the annual autumn Japan
Matsuri, some 2,000 visitors joined the Japan Society, Embassy of Japan, and Friends of the Japanese Garden in
Hammersmith Park for a summer garden party, featuring activities for families and children. Under the umbrella of the Japan
Matsuri company, the Sakura Cherry Tree project continued its activities, with some 7,000 trees having been planted topage 4

THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2022 (CONTD)
date in public parks and gardens, as well as schools and universities.
The lectures programme as usual covered a wide range of subject matter and the Society is grateful to the academics who
generously share their research. At the same time, we were delighted to hear from speakers in the creative arts. In 2022,
lectures resumed in person where possible, though some were online only, and some made available also to a virtual
audience. The 2022 programme included:
Gender and Voting Preferences in Japan and Britain - Gill Steel (online)
British Collecting of Tea Ceramics from Meiji Japan - Ai Fukunaga (online)
Courts & Culture: The British Royal Family and the Japan Society, 1902–1923 - Rachel Peat (in person)
Fukushima Narratives. Textile and Papermaking Practice, Past, Present and Future - Eleanor Burkett (in person)
Touching the Unreachable: Writing and Skinship in Modern Japanese Literature - Fusako Innami (online)
Physical Disability and the Politics of Inclusion in Contemporary Japan - Mark Bookman (online)
Lord Sempill and Japan: Traitor or Spy-Myth? - Alex Hardie (in person)‘Abandon all hope, you who enter’ - Sir Rutherford Alcock and Japan (1859–1865) - Robert Morton (in person)
Tuning the Singing Bowl: Tradition and Innovation in Toyama Prefecture
Tradition and Modernity in Kaga Yuzen Dyeing*
Making tradition relatable: Kutani Ware in the Modern Era*
The History of Medicine in Japan*** co-organised with the Japan Foundation and IndigoRose Project** organised by the Japan Room and held at The Freemasons’ Hal
Other highlights included two shochu masterclasses held in association with the Japan Sake and Shochu Makers’
Association, with a pairing menu from ROKA Shochu Lounge; a talk by Yuichiro Fujii, director of the Japanese Rugby
national team, in association with SOAS, and a nengajo (New Year card) workshop with Aya Burbanks.
Japan Society Small Grants
In 2022, £10,310 was awarded in grants to support 23 projects and events related to Japan. The number of applications was
still fewer than in a normal year, but we were glad to support organisers of such a variety of projects in reaching wider
audiences, including exhibitions, school projects, workshops and cultural activities.
At the historic De La Warr Pavilion in Bexhill on the South Coast of England, a small grant supported workshops forchildren, families and young people accompanying an exhibition by artist, Minoru Nomata. Meanwhile, in Camden, London,
funding from the Society went towards a kimono themed exhibition and talks, showcasing kimono and its place in fashion
both traditional and contemporary. Modern Culture organised a residency which took photographer Tomiyasu Hayahisa to
Norwich, Oxford and London to run workshops and give talks, particularly engaging with university students.
High School students in Birmingham explored Japanese art in a multi-media visual arts project; In Broadstairs, a day ofJapanese Culture took place in celebration of the 10th anniversary of Japanese at the school; and young students taking partin ‘Japanese Club’ in Aylesbury learnt to write Japanese characters through the art of Japanese calligraphy. A grant enabled
The School Library Association to work with experienced professionals to run an online Manga Immersion Day with talks
and workshop sessions attended by over 70 schools.
The Greater Good Project in Rossendale planned a series of Japan-themed workshops to help introduce the local community
to Japanese culture and the arts, while a special matsuri took place at Tatton Park in Liverpool, inviting members of the
public to experience different aspects of Japanese culture first hand, including calligraphy, martial arts and music.
A small grant to the Royal Shakespeare Company supported the development of a teacher’s pack to accompany the awardwinning production of My Neighbour Totoro. This was released on the RSC website, as well as being distributed to its 250strong Associate School Network, with over 97 downloading the pack and using the activities, reaching over 7,000 young
people nationally.
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

page 5

THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2022 (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 had been heavily disrupted due to the pandemic, with most in person activity being
suspended. During 2022 Japan in Your Classroom school visits resumed, though remained less frequent than in previous
years. Sixth Form Japan Taster sessions were held in the spring term, for those who had missed out on our regular Japan Day
in 2021 due to pandemic restrictions. Students took part in soroban, kokeshi and hanko workshops and listened to guest
speaker Aileen Conant, a Japanese-American theatre director. The full Sixth Form Japan Day was held in November, incollaboration with Ritsumeikan University at Birkbeck University of London. Guest speakers for the event included Ryan
Keeble, News Producer at Fujisankei Communications as well as student panellists from SOAS, UEA, and University ofCambridge. Attendees took part in a range of cultural workshops, including new offerings: shogi and origami.
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 including a new series of kamishibai stories based onJapanese festivals, as well as resources about shrines and temples, rural Japan, and origami and mathematics.
Other in person activities included soroban workshops, for student teachers and children at Reading University and in
London; free family haiku workshops for children with poet Paul Conneally.
The Japan Society managed, in the UK, the 17th JAL Foundation World Children’s Haiku Contest, on the theme of Towns
with a record number of entries from individual participants.
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 2022 the Society showed a deficit of (£265,698). This represented a loss on the sale of the library, against the previous book value,
and an operating loss of (£46,581). After a decision taken by the board to dispose of the library, the antiquarian collection was
sold at auction in the autumn, realising the net sum of £130,883 against a book value of £350,000. This was based on a 2005
valuation by Maggs and Son.
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 2022 (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
Services Ltd
SMBC Bank International plc
Sumitomo Corporation Europe Ltd

Corporate Donor (£2,000)
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)
Daiwa Capital Markets Europe Ltd
Deloitte LLP
Honda Motor Europe Ltd
Nikko Asset Management Europe Ltd*NYK Group Europe Ltd
SoftBank Group International
Takeda UK Ltd

page 7

Individuals
Principal Benefactor (£1,000 +)The Philip and Irene Toll Gage
Foundation
Stephen Barber
Akihiro Tsuchiya
Benefactor (£500)
Martin & Noriko Barrow
Principal Donor (£250)
James Noble
Heidi Potter
David Powers
Christopher and Phillida Purvis
Larry Stone
Adrian Thorpe
Donor (£100)
Mark Allsup
Clive Bradley
Stephen Codrington
Robin Fox
Lydia Gomersall
Keiko ItohAnne Kaneko
Kathleen Kimura
Janusz Mondry
David Mytton
Charles Pridgeon
Pernille Rudlin
Megumi Spivey
Mark TateJohn Walter

THE JAPAN SOCIETY
TRUSTEES' REPORTFOR THE YEAR ENDED 31 DECEMBER 2022 (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 sufficient for 9 – 12 months’ expenditure. Current reserves exceed the current annual
expenditure, which has been reduced by changes to the programme of activities during the pandemic. It is anticipated that,as restrictions are lifted and we are able to resume in person events, expenditure will return to pre-pandemic levels of £450
- £500,000. While the long term financial impact of the pandemic and of the war in Ukraine remains uncertain, the board
is content to carry a higher level of reserves. This guards against risks to the Society’s core activity should it fail to meetprojected income targets and provides some financial security to a charity which currently relies for almost all its fundingon annual donations. Funds have been designated in respect of known maintenance costs as outlined in note 17. As at 31
December 2022, the value of unrestricted reserves less tangible fixed assets was £505,219. The cash reserves are held on
deposit.
Plans for the future
In June 2023 The Japan Society appointed a new Chief Executive, Dr Michael Rivera King. Michael is working closelywith trustees, donors, members, and staff to create a new three-year strategy to launch in January 2024. This aims tofurther increase the impact our The Japan Society’s education work and introduce quarterly themes for events andactivities. Other aims are to better serve members outside the large cities and engage with a younger audience. An exciting
new initiative is the Japan Youth Collective for young people aged 16 – 19, who would otherwise have limited access toJapan. This launches in August 2023 (note this was delayed by one year), with support from Japan House London Trustand the Great Britain - Sasakawa Foundation. The sale of the library, through Sotheby’s, will also be finalised. All funds
realised will be invested for use for specific projects, to be agreed in consultation with members, in furtherance of theSociety’s objectives.
Although in a strong financial position at the start of 2023, the Society needs to raise significant funds each year in order todeliver its mission of promoting the UK-Japan relationship and deepening understanding. Against a background ofcontinued economic uncertainty the role of members and donors has never been more important in supporting theSociety’s work. Nor has the work of the Society ever been more critical, with increased UK-Japan ties, including theHiroshima Accord, central in the economies and societies of both nations.

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

page 8

THE JAPAN SOCIETY
STATEMENT OF TRUSTEES' RESPONSIBILITIESFOR THE YEAR ENDED 31 DECEMBER 2022
The trustees, who are also the directors of The Japan Society for the purpose of company law, are responsible for preparing theTrustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state ofaffairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of thecharitable company for that year.
In preparing these accounts, the trustees are required to:- select suitable accounting policies and then apply them consistently;- observe the methods and principles in the Charities SORP;- make judgements and estimates that are reasonable and prudent;- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed andexplained in the accounts; and- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue inoperation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time thefinancial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They arealso responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detectionof fraud and other irregularities.

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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 2022 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 2022 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 our other ethicalresponsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient andappropriate 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 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 sectionsof 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 other information ismaterially 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 todetermine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work wehave 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 forthe purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they givea true 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, mattersrelated to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate thecharitable 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 ahigh 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, individually orin the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of thesefinancial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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 suspectedfraud 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.

laws and regulations and whether they were aware of any instances of non-compliance;2.

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
were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited totesting 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 proceduresin place and once an understanding of the sales process was gained, a substantive test was carried out using a sample basis toensure all sales existed and were complete in the accounts. Cut off testing was also performed to ensure sales were recorded in
the correct period.

page 11

THE JAPAN SOCIETY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE JAPAN SOCIETY
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 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 auditor's 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.

page 12

THE JAPAN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIESINCLUDING INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2022
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
general Designated
2022
2022
£
£

Restricted
funds

Total

Total

2022
£

2022
£

2021
£

296,861
26,455
1,374
22,913-42,431
2,557
554

339,292
29,012
1,374
23,467350,701
6,517
189
23,989347,603-45,542

393,145

381,396

Expenditure on:
Raising funds

7

6,385

-

-

6,385

4,059

Charitable activities
Membership and publications
EventsSchool education
Small grants

8
8
8
8

126,616
159,472
93,929
5,435

-

4,904
35,075
7,910

126,616
164,376
129,004
13,345

119,353
107,589
128,889
20,965

Total charitable expenditure

385,452-

47,889433,341

376,796

Total resources expended

391,837-

47,889439,726

380,855

Net (outgoing)/incoming resources
before transfers(44,234)-(2,347)(46,581)

541

Gross transfers between funds

130,883(130,883)---

Net incoming/(outgoing) resources

86,649(130,883)(2,347)(46,581)541

Other recognised gains and losses
Valuation loss on library-(219,117)-(219,117)-

Net movement in funds

86,649(350,000)(2,347)(265,698)

541

Fund balances at 1 January 2022

468,677

382,9846,809

858,470

857,929Fund balances at 31 December 2022

555,326

32,984

4,462

592,772

858,470

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 13

THE JAPAN SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)INCLUDING INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 31 DECEMBER 2022
Prior financial year

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

Unrestricted Unrestricted
funds
funds
generalDesignated
2021
2021
£
£

3
4
5
6

Total income

Restricted
funds

Total

2021
£

2021
£

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

350,701
6,517
189
23,989333,346-

48,050381,396

Expenditure on:
Raising funds

7

4,059

-

-

4,059

Charitable activities
Membership and publications
EventsSchool education
Small grants

8
8
8
8

112,431
107,589
96,909
4,895

6,922
-

31,98016,070

119,353
107,589
128,889
20,965

Total charitable expenditure

321,824

6,922

48,050376,796

Total resources expended

325,883

6,922

48,050380,855

Net (outgoing)/incoming resources before
transfers

7,463(6,922)-541

Gross transfers between funds(6,922)

6,922

-

-

541

-

-

541

541

-

-

541

Fund balances at 1 January 2021

468,136

382,9846,809

857,929Fund balances at 31 December 2021

468,677

382,9846,809

858,470

Net incoming/(outgoing) resources
Other recognised gains and losses
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 14

THE JAPAN SOCIETY
BALANCE SHEETAS AT 31 DECEMBER 2022
2022
£

Notes
Fixed assets
Tangible assets
Current assets
Debtors
Cash at bank and in hand

Creditors: amounts falling due within one
year

14

15

16

£

2021
£

11,447£353,168

34,302
637,684

84,634479,940

671,986

564,574(90,661)(59,272)

Net current assets

581,325505,302

Total assets less current liabilities

592,772

858,470

4,462

6,809

Income funds
Restricted funds
Unrestricted funds
Designated funds
General unrestricted funds

17
18

32,984555,326

382,984
468,677
588,310851,661

592,772

858,470

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 2022, 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 15

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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, 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 iswhen 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.
Fundraising income includes event income and income for courses and resources. This income is includedin the year in which it is receivable, which is when the charity becomes entitled to the resource.

page 16

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1

Accounting policies(Continued)

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 the risks
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 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 beenclassified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed toparticular headings 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 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 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).

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.

page 17

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1

Accounting policies(Continued)

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 theasset 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 exchangeruling at 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 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 resultsin 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.
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
the revision and future periods where the revision affects both current and future periods.

page 18

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3

Subscriptions and donations

Donations and gifts
Membership fees

4

Restricted
funds

Total

Restricted
funds

Total

2022
£

Unrestricted
funds
general
2021
£

2022
£

2021
£

2021
£

268,741
28,12042,431-

311,172
28,120218,149
85,00947,543-

265,692
85,009296,861

42,431

339,292

303,158

47,543

350,701

Unrestricted
funds
general2022£

Restricted
funds

Total

Restricted
funds

Total

2022
£

2022
£

Unrestricted
funds
general
2021
£

2021
£

2021
£

26,4552,557

29,012

6,010

507

6,517

EventsEvents income

5

Unrestricted
funds
general2022£

Investments
Unrestricted Unrestricted
funds
funds
generalgeneral
2022
2021
£
£
Interest receivable

6

1,374

189

Other incoming resources

Publication and sale of books
Office services income
Secretariat income

page 19

Unrestricted
funds
general2022£

Restricted
funds

Total

2022
£

2022
£

Unrestricted
funds
general
2021£

967
14,446
7,500

554
-

967
15,0007,500

1,905
14,4467,500

22,913554

23,46723,989

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
7

Raising funds

Fundraising and publicity
Advertising

8

Unrestricted
funds
general2022£

Unrestricted
funds
general
2021
£

6,385

4,059

Total
2022

Total
2021

Charitable activities

Staff costs
Other costs

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

Membership
andpublications
2022£

Events

2022
£

2022
£

2022
£

£

£

78,396
140

51,45566,34673,80821,677

3,291-

206,950
88,163

209,975
28,23678,536

117,801

95,485

3,291

295,113238,211

-

-

-

7,910

7,910

16,07044,71743,31831,175

1,994

121,204

113,986

3,363

3,257

2,344

150

9,114

8,529

126,616

164,376

129,004

13,345433,341

376,796

126,616

159,472

93,9295,435

385,452

321,824-

4,904

35,0757,910

47,8896,922
48,050126,616

164,376

129,004

13,345433,341

376,796page 20

School Small grants
education

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
8

Charitable activities(Continued)

For the year ended 31 December 2021
Membership
andpublications£

Events££££77,138
5,175

58,13012,05571,72911,0062,978-209,975
28,23682,31370,18582,7352,978

238,211Grant funding of activities (see note 9)

-

-

-

16,07016,070Share of support costs (see note 10)
Share of governance costs (see note 10)

34,3502,690

34,8492,555

43,001
3,153

1,786
131

113,986
8,529

119,353

107,589

128,889

20,965

376,796

112,4316,922-

107,589-

96,90931,980

4,895
16,070321,824
6,922
48,050

119,353

107,589

128,889

20,965

376,796

Small grants
2022£

Small grants
2021
£

1,000
1,000
1,000
1,000
1,000
2,910

1,000
1,000
1,000
1,000
1,000
1,000
10,0707,910

16,070Staff costs
Other costs

Analysis by fundUnrestricted funds - general
Unrestricted funds - DesignatedRestricted funds

9School Small grants
education

Total
2021

Grants payable

Grants to institutions:
De La Warr Pavilion Trust
Clare Farrow Studio
Blueprint Film Foundation
Central Region Schools Trust
83rd Fife Scout Cairneyhill Explorers
Royal Shakespeare Company
Modern Culture Ltd
Inhouse Events CIC
Queer East Film Festival
The British Museum
New Earth Theatre Limited
Other small grants paid to 11 (15) institutions

page 21

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10

Support costs
Support costs

Staff costs
Depreciation
Establishment Expenses
Office Expenses
General Expenses
Library MaintenanceExpensesAudit fees
Bank Charges

Analysed between
Charitable activities

11£

Governancecosts£

39,8881,353
66,3587,734
5,264

2022 Support costs££

Governance
costs
£

2021

-

39,8881,353
66,358
7,734
5,264

33,2701,102
68,029
8,413
2,580

-

33,2701,102
68,029
8,413
2,580

607

-

607

592

-

592

-

8,150
964

8,150
964

-

7,550
979

7,550
979

121,204

9,114

130,318

113,986

8,529

122,515

121,204

9,114

130,318

113,986

8,529

122,515£

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 £3,733 (2021: £3,394) was paid.

12

Employees
The average monthly number of employees during the year was:2022
Number

2021
Number9

9

Employment costs

2022
£

2021
£

Wages and salaries
Other pension costs

235,82111,017

232,690
10,555

246,838

243,245

The trustees of the Japan Society determined there to be 3 members of key management personnel.
The total employee remuneration of key management personnel of the charity was £88,974 (2021:£94,195)
There were no employees whose annual remuneration was more than £60,000.
page 22

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
13

Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of
the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

14

Tangible fixed assets
Library Fixtures, fittings& equipment

£

£

£

350,000(350,000)

45,6399,633-

395,639
9,633(350,000)

At 31 December 2022-

55,272

55,272

Depreciation and impairment
At 1 January 2022
Depreciation charged in the year-

42,472
1,353

42,472
1,353

At 31 December 2022-

43,82543,825Carrying amountAt 31 December 2022-

11,447

11,447

At 31 December 2021

350,000

3,168

353,168

2022
£

2021
£

13,693
20,60955,487
29,14734,302

84,634

2022
£

2021
£

5,380
5,083
51,171
29,027483
1,362
19,98737,44090,661

59,272

Cost
At 1 January 2022
Additions
Disposals

15

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

16

Total

Creditors: amounts falling due within one year

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

page 23

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
17

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 2021

Incoming
resources

Resources
Balance at
expended 1 January 2022

Incoming
resources

Resources
expended

Balance at
31 December
2022

£

£

£

£

£

£

£

-

48,050(48,050)-

42,985(42,985)

-

6,809

-

-

6,809

2,557

(4,904)

4,462

6,809

48,050(48,050)

6,809

45,542(47,889)

4,462

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 avenueof stone 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 24

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
18

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:

Library
Maintenance fund
Digitalisation of books fund

Library
Maintenance fund
Digitalisation of books fund

Balance at
1 January 2021

Resources
expendedTransfers

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

Balance at
1 January 2022

Resources
expendedTransfers

Balance at
31 December
2022

£

£

£

£

350,000
13,00019,984(219,117)-(130,883)-

13,00019,984382,984(219,117)(130,883)

32,984The 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 work at 13/14 Cornwall Terrace. This work is stipulated by Crown Estates and carried out ona five year cycle.
The digitalisation of books fund represent the funds set aside for the long term project of scanning in thebooks so that they can be accessed digitally.

page 25

THE JAPAN SOCIETYNOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
19

Analysis of net assets between funds

Fund balances at 31 December 2022 are represented
by:Tangible assets
Current assets/(liabilities)

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

20

Designated
funds
2022
£

Restricted
funds
2022
£

Total

11,447543,879

32,984

4,462

11,447581,325555,326

32,984

4,462

592,772

Unrestricted
funds
2021
£

Designated
funds
2021
£

Restricted
funds
2021
£

3,168
444,535

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

27,783

858,470

2022
£

Total
2021
£

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

21

Unrestricted
funds
2022
£

2022
£

2021
£

273
1,094
-

273
1,094
273

1,367

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 isa member of the President's Circle, making an annual contribution to the Japan Society of £24,000(membership subscription and donation).
Michael Rivera King, who joined as CEO in July 2023 is also a trustee of the Ashinaga Association in the
UK. The Ashinaga Association pay both membership to The Japan Society and for use of office space
amounting to £13,860 per year.

page 26