The trustees present their annual report and financial statements for the year ended 31 March 2026.
The consolidated financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Teikyo Foundation (UK) is a charitable company that was incorporated on 18 September 1990 with the liability of its members limited by guarantee. The registered office and principal address of the charitable company is Teikyo Foundation (UK), Framewood Road, Wexham, Buckinghamshire, SL2 4QS.
The charitable company's objectives are to advance the education and training of school children and students, members of Teikyo University, Tokyo, Japan, its schools, and other educational institutions administered by it, and to advance the education and training of other persons, in the United Kingdom and elsewhere.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake, in particular to its supplementary public benefit guidance on advancing education and on fee-charging.
To fulfil the objects the charitable company comprises of 4 divisions, as follows: -
(a) Teikyo School United Kingdom
Teikyo School United Kingdom (Teikyo School UK) is an independent school located in Wexham, Buckinghamshire for Japanese boys and girls aged from 15 to 18. It provides boarding and day facilities. Teikyo School UK is responsible to the Japanese Department of Education (Monbukagakusho) and provides education in accordance with the Monbukagakusho's remit. Students are recruited from throughout the world and fees are generally less than those charged by similar independent schools in the United Kingdom because they are subsidised by Teikyo Foundation (UK).
Teikyo School UK is also registered with the Department for Education (reference number 825/6013) in the United Kingdom, and is a member of the Independent Schools Council, the Independent Schools Association, the Boarding Schools Association, and the Independent Schools Bursars' Association.
(b) Teikyo University of Japan at Cambridge
Teikyo University of Japan at Cambridge provides for up to nine Okinaga Scholars - postgraduate Japanese scholars personally selected from an open competition - to study for PhD degrees at the University of Cambridge. The students are members of St Edmund's College with whom Teikyo University has a 90-year agreement.
(c) Teikyo Study Abroad Programmes
Teikyo Foundation (UK) offers a year-round Educational Study Abroad Programme to Teikyo's Universities, Colleges and Schools from Japan and students from all parts of the world. Some 300 students each year enjoy Teikyo's facilities at Wexham, Oxford and Durham.
(d) Teikyo Foundation (UK)
Teikyo Foundation (UK)'s considerable funds provide financial support to all its divisions when required. The above autonomous divisions are susceptible to changing student rolls due to changes in Japan's economy, changing birth rates, VAT- related factors, and global socio-political environment. To counter any substantial financial loss, Teikyo Foundation (UK) has extensively diversified its educational activities within its objectives.
Principal activity
Teikyo Foundation (UK)'s principal activity continues to be the operation of the Teikyo School UK and the provision of the various study programmes described above.
As mentioned, Teikyo Foundation (UK)'s Teikyo School UK is registered with the Department for Education (reference number 825/6013) for the promotion and maintenance of educational standards and meeting of statutory requirements.
In addition, Teikyo Foundation UK has a licence to occupy agreement with The International School of Creative Arts to use facilities at the Teikyo Campus and hire agreements with other leisure and sports providers in the local community and further afield. The charitable company co-operates and works with these organisations in order to further local community access to the educational facilities on site and to optimise the use of its cultural and sporting facilities.
Objectives for the year
The main objective of the charitable company was to continue to pursue the education of students whether they be at the Teikyo School UK or part of the Study Abroad Programmes, to help them develop and fulfil their potential to the highest level and to contribute to the wider community in which they live. Additionally, the charitable company aims to maximise the use of the facilities at the Teikyo School UK by extending educational programmes, both academic and leisure, to students from all over the United Kingdom and the rest of the world.
Teikyo School UK's student roll for the 2025/2026 academic year increased moderately. As a result, School Fee Income for the year ended 31 March 2026 was £1,090,315 (2025: £934,786). The Board of Trustees regularly reviews the fees charged to students and the student roll in order to maintain it at an appropriate level.
The English curriculum at Teikyo School UK is evolving to attract more students from Japan wishing to enter university in the United Kingdom or other countries outside of Japan. This includes the establishment of a dedicated International English Language Testing System class, a presentation and report writing skills class and a more academic leaning across the whole syllabus. Going forward, a goal of Teikyo School UK is to arm all students with a sound, applicable and relevant knowledge of English to raise the overall academic level of current and future students.
During the year, the students that attended the Teikyo School UK full-time and on short-course programmes continued to benefit from the formal educational activities offered as well as contributing to the wider community through involvement in exchange days with local schools and contributing to local events.
The sports facilities at the Teikyo School UK have been made available to various groups in the local and wider community such as swimming clubs and a local academy school. The charitable company offers subsidised rates to non-profit making organisations.
During the year under review, the Teikyo Foundation UK did not host any organised language schools or activity centres. This continues to reflect the broader and sustained reduction in demand for such programmes in recent years. However, the Foundation continued to provide campus facilities to the International School of Creative Arts (ISCA), a long-standing partner institution based on-site since September 2009. While some TSAP (Teikyo Summer Abroad Programme) groups were hosted during the year, overall activity levels have yet to return to those experienced prior to the wider downturn in international educational travel.
It should also be noted that ISCA has agreed a revised rental arrangement for the academic year September 2025 to August 2026, with the annual fee adjusted from £1,234,080 to £1,079,820 but the agreement will be terminated by the end of August 2026.
The financial performance of the group is shown in the statement of financial activities. After taking into account the gains on investments, the group had net income of £1,336,968 for the year ended 31 March 2026 (2025: net expenditure of £1,269,116).
This has resulted in a increase in the group's unrestricted funds to £10,406,264 at 31 March 2026 (2025: £9,069,296). The group is prevented by its governing document from distributing its surplus, if any, to its members and accordingly no dividends are payable.
The group's policy is to hold sufficient reserves to fund its various activities in the United Kingdom, including the Okinaga Scholarship Scheme at the University of Cambridge, academic visits, and the ongoing major refurbishment of the facilities at Wexham, as well as to safeguard the future of the group.
It is envisaged that the reserves held in investments and in cash will be sufficient to meet these commitments in the future. As of 31 March 2026, the group's liquid reserves represented by net current assets were £2,600,738 (2025: £818,302). This figure includes a donation of £2,469,898 received from Teikyo University in Japan.
The charitable company has absolute powers of investment over its available funds. The board of trustees continue to keep under review the risks and rewards of the investments and the current state of the market.
The investment policy for the year ended 31 March 2026 was to place all available funds, other than those required for day-to-day operations of the charitable company, with The Pictet Group and the Mitsubishi UFJ Financial Group. The investments held by the charitable company are reviewed regularly by the board of trustees and professional advice is taken from The Pictet Group and other advisers as appropriate.
The principal risks facing the charitable company are declining student numbers, loss of key staff, non-compliance with laws and regulations, and deterioration to the infrastructure and property as a result of wear and tear and age.
The charitable company continues to review operating policies and procedures and is also reviewing safety and safeguarding arrangements on the Campus and on trip and travel arrangements for students. There is an on-going maintenance and refurbishment programme covering the teaching facilities, boarding accommodation and utilities at the Teikyo Campus.
The financial risks faced by the charitable company arise from any potential decline in boarding student numbers or other charitable activity, but this is mitigated by the holding of significant financial reserves. In mitigation, the charitable company is looking to commence a new student recruitment programme and continues to work closely with the Teikyo University to recruit new students.
Grant-making
The charitable company intends in the future to support further postgraduate students at Wadham College Oxford (University of Oxford), St Edmunds's College Cambridge (University of Cambridge) and Harvard University through the Okinaga Scholarship Scheme.
The charitable company will continue to develop links with the local community and groups to enable the wider public community to continue to benefit from the activities and facilities at the Teikyo School UK and to broaden the educational experience of the students that attend the Teikyo School UK. The School is accredited as an International Baccalaureate (IB) Programme school which commenced in 2024 and offers a diverse curriculum, strengthens English language skills, and prepares for future careers in the global arena.
The charitable company is a registered charity, governed by its Memorandum and Articles of Association, and is engaged in providing educational facilities to Japanese and other nationals. The charitable company's Memorandum and Articles of Association dated 25 July 1990, were last amended on 14 February 2002.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The members are Dr Y Okinaga and Teikyo University. They are able to appoint trustees by Resolution of a Meeting or by Written Resolution.
New trustees who are also the directors are inducted into the workings of the company as a registered charity. including Board Policy and Procedures.
The board of trustees meet at least once a year to determine the 'general policy' of the charitable company and to review its overall management and control, for which they are legally responsible. The work of implementing most of the board of trustees policies is delegated to the General Manager.
Guarantors
Amounts guaranteed as at the 31 March 2025 and 31 March 2024:
Dr Y Okinaga £1
Teikyo University Foundation £2
The charitable company does receive financial support from Teikyo University. Dr Y Okinaga is considered to be a key individual continuing the vision of Dr S Okinaga.
Statement of risk management
The trustees have a duty to identify and review the risks to which the charitable company is exposed to. The trustees and management of the charitable company continue to keep its activities under review, particularly with regard to any major risks that may arise as well as the systems and procedures established to manage them. It is the responsibility of management to monitor the effectiveness of internal controls and other viable means by which risks identified can be mitigated.
Dr Y Okinaga is also a guarantor of Teikyo University of Japan in Durham Limited whose main activity is also the provision of educational facilities to Japanese nationals and is located in the grounds of Durham University.
In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.
The trustees' report was approved by the Board of Trustees.
The trustees, who are also the directors of Teikyo Foundation (UK) for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, 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 and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion
We have audited the financial statements of Teikyo Foundation (UK) (the ‘charity’) for the year ended 31 March 2026 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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:
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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 1.2 in the financial statements in relation to going concern, which indicates that the charity is supported by Teikyo University.
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 at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the 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.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires 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; or
the 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.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Investments
Raising funds
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Teikyo Foundation (UK) is a private company limited by guarantee incorporated in England and Wales. The registered office is Fulmer Grange, Framewood Road, Wexham, Slough, Buckinghamshire, SL2 4QS, United Kingdom.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these 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.
Basis of consolidation
The group comprises of Teikyo Foundation (UK) and Teikyo Services (UK) Limited. The assets, liabilities and results of the wholly owned subsidiary are consolidated into these financial statements. Summarised details of the subsidiary company are set out within the notes to the financial statements.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
In addition, the financial statements have been prepared under the going concern basis because Teikyo University of Japan has provided an undertaking to financially support and not recall the amounts advanced to both Teikyo Foundation (UK) and Teikyo Services (UK) Limited.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
School and college fees, investment income, bank interest and other income are accounted for when receivable.
School and college fees are deferred proportionately where courses fall partly or fully in subsequent periods.
Investment income is interest received on bank deposits and bonds as week as dividends received from the fixed asset investments.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Gifts in kind are included in income and the corresponding asset included in fixed asset additions or charged against the statement of financial activities as appropriate.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
The value of donated services is included in the statement of financial activities where the benefit to the charitable company is reasonably quantifiable and measurable. The value recognised is the price the charitable company would expect to pay for a similar service or facility on the open market.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Support costs are those costs incurred directly in support of expenditure on the objects of the Charitable Company. Governance costs are those incurred in connection with administration of the Charitable Company and compliance with constitutional and statutory requirements.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
All assets costing more than £1,000 are capitalised.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
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).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions 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 are recognised 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.
During the year Teikyo Foundation received a one-off donation from Teikyo University of Japan totalling £2,469,868 to support general operations of the charity.
Gross school and college fee income
ISCA fees
Other educational income
Teaching
Welfare
Premises and Estates
Administration
Accountancy
Governance costs includes payments to the auditors of £14,330 (2025- £15,311) for audit fees.
The average monthly number of employees during the year was:
Key management personnel include seconded staff from Teikyo University. The total pay and benefits received by key management personnel were £291,722 (2025: £209,983).
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.
The group uses a property owned by Teikyo University of Japan for its principal activities. These premises are occupied rent free subject to the group meeting the full cost of maintaining the premises.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
Deferred income is included in the financial statements as follows:
Deferred income relates to schools fees received in advance for the following term.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year the charity entered into the following transactions with related parties:
Included with donations include donated services of £188,402 (2025: £110,207) from Teikyo University of Japan in respect of staff seconded from Teikyo University of Japan. In addition, there was a one-off donation from Teikyo University of Japan amounting to £2,469,868 during the year.
At 31 March 2026, Teikyo Foundation (UK) owed Teikyo University of Japan £820,745 (2025: £807,959). Teikyo University of Japan owed Teikyo Foundation (UK) £81,909 (2025: £13,585).
Teikyo Foundation (UK) provides services for the swimming pool to its wholly owned subsidiary Teikyo Services UK. During the year, the recharge costs amounted to £104,309 (2025: £86,032). At the year end owed Teikyo Services owed Teikyo Foundation (UK) £104,309 (2025: £85,457).
At the year end Teikyo Services (UK) owed Teikyo University of Japan £314,013 (2025: £314,013).
CONNECTED CHARITIES
Mr Y Okinaga is also a guarantor of Teikyo University of Japan in Durham, a registered charity whose main activity is also the provision of educational facilities to Japanese nationals and which is based at Durham University.
Teikyo Foundation (UK) provides a centralised accounting and payroll service for Teikyo University of Japan in Durham, a charity under common control.
During the year, Teikyo Foundation (UK) incurred payroll costs of £600,624 (2025: £538,386) and other expenses of £23,699 (2025: £17,864) on behalf of Teikyo University of Japan in Durham. These amounts were recharged at cost. Further, Teikyo University of Japan in Durham made sales of £11,452 (2025: £6,687) to Teikyo Foundation (UK).
At the year end Teikyo University of Japan in Durham Limited owed Teikyo Foundation (UK) £1,166,141 (2025: £1,142,442).
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member. The number of members as at 31 March 2026 was 2 (2025: 2).
The charity had no material debt during the year.