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2023-05-31-accounts

REGISTERED COMPANY NUMBER: 03108893 (England and Wales) REGISTERED CHARITY NUMBER: 1050103

Report of the Trustees and

Audited Financial Statements for the Year Ended 31 May 2023

for The International Schools Theatre Association

BK Plus Audit Limited Chartered Accountants and Statutory Auditors

6 Manor Park Business Centre

Mackenzie Way Cheltenham Gloucestershire GL51 9TX

The International Schools Theatre Association

Contents of the Financial Statements for the Year Ended 31 May 2023

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 28
Detailed Statement of Financial Activities 29 to 30

The International Schools Theatre

Association

Report of the Trustees for the Year Ended 31 May 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2023. The trustees have adopted the provisions of 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 trustees' report also contains a directors' report as required by company law.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The purpose of The International Schools Theatre Association (ISTA) (as per the Memorandum and Articles of Association) are:

  1. To advance the education of school pupils and teachers throughout the world by developing their understanding, knowledge and appreciation of theatre and the dramatic tradition through non-competitive and collaborative activities.

  2. To advance the education of young people and their teachers in global issues and cultural diversity through theatre and drama.

Founded in 1978, we are a UK-based charity providing transformative educational experiences through theatre for educators and young people globally. ISTA collaborates with over 250 member schools worldwide and we are the exclusive provider of International Baccalaureate (IB) teacher training for Diploma Programme (DP) Theatre. Our mission is global learning through theatre in order to foster internationally minded, collaborative, and culturally literate individuals who are prepared to make a positive impact in the world. We run diverse projects and programs worldwide, partnering with organisations and charities to enrich the lives of young people and educators.

Vision, mission and values

ISTA envisions a world shaped by culturally literate, collaborative individuals ready to responsibly influence change. This vision is realised through the transformative ISTA experience, harnessing theatre's power to develop and empower community change agents. Our ISTA™ Ensemble method champions story-driven inquiry for global understanding and change. Committed to educators' growth, ISTA offers professional development to enhance their impact through theatre, fostering a diverse, collaborative, and celebratory community among youth, artists, and teachers worldwide.

ISTA’s Strands of Work:

  1. Theatre in the World: Focuses on global theatre traditions and practices, offering cultural insights and understanding the societal roles of theatre.

  2. The World of Theatre: Concentrates on theatre making, including directing, performing, playwriting, and technical theatre, alongside related arts like dance, digital art, film, and music.

  3. Exploring the World through Theatre: Central to ISTA, this strand uses theatre and related arts to delve into local and global issues, employing the ISTA™ Ensemble Method.

  4. The Global Learner: Aims at developing globally minded, collaborative, and compassionate learners and change-makers, fostering communities of learning.

ISTA achieves its objectives through festivals, events, training programs, and resource publication, producing over 50 events annually. These offerings include:

  1. School festivals for young people aged 7-18.

  2. TAPS (Theatre and Performance Symposium) workshops for International Baccalaureate (IB) Diploma Programme (DP) theatre students, available both virtually and face-to-face.

  3. International Baccalaureate workshops for teachers, with ISTA as the global provider for IB DP Theatre training, including categories 1, 2, and 3, and initiating IB DP Film teacher workshops.

  4. Professional Development sessions for teachers at festivals, TAPS, and through online and in-person workshops.

  5. Artists in Residence (AiR) program for schools, offering in-person or virtual workshops for students and faculty.

  6. Quarterly online resources focusing on curriculum, theatre, and inspiration.

  7. An online resource centre for theatre artists and teachers.

  8. Bespoke Festivals designed to address specific themes or goals.

  9. Expanding partnerships with institutions like the 9/11 Memorial and Museum, British Film Institute, and others.

Page 1

The International Schools Theatre

Association

Report of the Trustees

for the Year Ended 31 May 2023

  1. Global Centres of Innovation, developing new arts practice models through collaborations, focusing on areas like public school engagement and language diversity.

  2. ISTA's impact is evidenced by surveys showing significant positive effects on participants' confidence, international mindedness, and cultural literacy.

Social investments and Public Benefit

ISTA Trustees adhere to Charity Commission guidance on public benefit.

Our Connect Festivals unite disadvantaged youths with peers from international schools through theatre, focusing on sustainability and participant effectiveness, supported by service-learning partnerships.

ISTA Connect Model Aims:

ISTA - Amala Project and Partnership:

Volunteers

We recognise and thank all our volunteers for their contribution in enabling the charity to run so many events throughout the world, including our host teachers, individuals and their school communities for volunteering their time and facilities. Without this contribution ISTA would not be able to function in the manner we do, benefitting the education of so many young people

Partnerships

ISTA forms partnerships to enhance financial resources and develop educational services.

Collaborations with renowned organisations align with ISTA’s vision, fostering exchanges that enrich learning and arts opportunities.

ISTA Arts Academy

Our Arts Academy initiative Offers an inclusive performing arts community for skill development, creation, and cross-cultural connection.

Our flagship Academy in Hong Kong serves as a model for future global expansion.

ACHIEVEMENT AND PERFORMANCE Charitable activities

Achievements and Performance (June 2022-May 2023):

Achievements:

Challenges and Sadness:

Page 2

Association

The International Schools Theatre

Report of the Trustees

for the Year Ended 31 May 2023

Learning and Development:

We are exploring a range of online operational models, assessing teacher needs, and commissioning new services such as online PD&L workshops, TaPS, and festivals.

MEMBERSHIP AND EVENTS

Membership

ISTA closed the 2022-2023 year with 245 member schools and individual members.

Festivals

505 students attended festivals

TaPS and other events for students of IB DP theatre

IB workshops

68 teachers attended online IB training

AiR programme

ISTA delivered 272 AiR workshops and 5 sessions of school wide consultancies. There were also 14 bookings for bespoke masterclass sessions, and 5 bookings for mentoring sessions.

Professional Development and Learning (PD&L)

42 teachers attended the Online studios and 810 teachers attended PD&L sessions.

Overall Engagement:

ISTA worked with 1,436 students and 883 teachers during the year. A 38% decrease from the previous year for students, and a 57% increase for teachers.

Fundraising activities

The charity is not currently undertaking any fundraising activities.

FINANCIAL REVIEW

Reserves policy

ISTA's reserves policy states that:

The GBP £65,000 in designated reserves includes amounts put aside for 1 - equipment and website, 2 - research, 3 - long term sickness, 4 - emergency - and 5 - deputization.

During the previous year, £70,000 of designated funds were transferred to general reserves, in order to reduce the deficit in general reserves, which arose as a result of the charity still experiencing the impact of Covid-19.

The trustees aim to build up their designated reserves once again to meet their policy, and are confident that the position will continue to improve over the next 12 months and beyond.

Finance

The charity's finances are carefully controlled each year by the setting of an annual budget and projected income target. Tri annual management accounts are prepared by the finance team. These are shared with the board of trustees and used to monitor current year accounts as well as creating accounts for future years.

The surplus for the year ended 31 May 2023 was £40,544 (2022: £114,000 deficit).

The total funds held by the charity are £22,706 (2022: £17,838 deficit), all of which are unrestricted. Free reserves total £(14,104) (2022: £65,929 deficit).

Page 3

The International Schools Theatre

Association

Report of the Trustees

for the Year Ended 31 May 2023

FINANCIAL REVIEW

Principal risks and uncertainties

The principal risks faced by ISTA are articulated in a variety of documents within our managing risk programme. These documents include a:

All such documents are regularly reviewed and updated by our Safety Manager and include plans and strategies for managing risks within the organisation as a whole as well as at specific events.

We constantly monitor future risks. The Executive Director aims to identify risks ahead of time; these are then discussed by the board of trustees and appropriate research and action is put into play in order to ensure the longevity of the organisation. We seek to protect the aims and objectives of the organisation, protect our history, stick to our core activities while being mindful of the current cultural and financial climate.

The organisation did not anticipate the impact of a global pandemic and we are currently adding this to our ongoing managing risk work.

FUTURE PLANS

Over the past year, ISTA's trustees, Executive Director, and staff have extensively updated the strategic plan for a post-Covid world, incorporating SWOT analysis and innovation. Virtual programs initiated in 2021-2022 have evolved into new operational models, combining face-to-face with hybrid and virtual events. As travel resumes, regional events are gaining popularity, indicating potential growth in new areas. The strategic plan, while finalised, undergoes continuous adjustments to respond to changing dynamics in global travel, regional conflicts, and evolving post-Covid strategies.

Key priorities set by the trustees include:

Recruitment for a new ISTA Executive Director began in June 2023.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The International Schools Theatre Association is governed by its Articles of Association. It is registered as a charity with the Charity Commission. Every member of the charity undertakes to contribute to the assets of the charity, in the event of it being wound up while they are still members and for a year after ceasing to be a member, to the maximum of £10 each.

Recruitment and appointment of new trustees

Trustees are selected from the ISTA community or those who align with its vision, mission, and values, typically replacing outgoing members. They are chosen based on their skills and the organisation's needs, requiring unanimous approval from existing trustees. The board aims to maintain a diverse set of skills and experiences suitable for an international arts organisation. Trustees can serve for four-year terms, post-2015 changes, with the option to extend if approved by other trustees. The chair conducts annual reviews to discuss trustees' contributions. A 'Guidance for trustees' document details roles, responsibilities, and decision-making processes for the board, including specifics for the chair and vice-chair positions.

Page 4

The International Schools Theatre

Association

Report of the Trustees for the Year Ended 31 May 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governance structure

ISTA is a registered charity (No. 1050103) and a limited company, limited by guarantee (No. 03108893). Its objects and powers and other constitutional matters are set out in its Articles of Association. ISTA is governed by a board of trustees and managed on a day-to-day basis by a number of full time and part time staff.

At the beginning of 2022-2023 year on 1 June 2022, there were 7 trustees.

  1. Agustin David (chair), United States of America

  2. Liane Campbell (vice chair), New Zealand

  3. Rob Warren, United States of America

  4. Malina Patel, Thailand

  5. Caroline Hutchison, United States of America

  6. Elana Shyong, Spain

  7. Sheila Healy, UK

During the board meeting on 27 May 2023, Liane Campbell was requested to take a leave of absence from her position as a Trustee to assume the role of Interim Executive Director of ISTA, commencing from 1 July 2023, for a period of six months.

Organisation structure

During 2022-23, the board focused on restructuring to streamline the organisation's administration and enhance managerial and leadership roles. Following the death of Executive Director Dinos Aristidou, efforts were made to support operational staff during the transition. The HR Committee redefined roles for greater efficiency while searching for a new ED, with a selection panel established by the Chair for this purpose.

The organisation operates with a globally remote team, including:

Additionally, ISTA employs freelance consultants worldwide, adhering to a virtual office model.

Governance and trustee meetings

In response to the challenges faced in 2022-2023, including Dinos Aristidou's passing and post-Covid impacts, the ISTA board of trustees decided to hold virtual meetings every two months until the end of 2023. This included meetings of the full board and the Finance, HR, and Advancement committees, with the aim of scheduling a face-to-face meeting in 2023-24 if feasible. Meeting minutes are included in this report.

Induction and training of new trustees

Recognising the importance of a structured and thorough induction process, we acknowledge that our current approach to onboarding new trustees requires enhancement. We are committed to developing a comprehensive induction and training programme over the next 12 months to ensure that incoming trustees are well-equipped with the knowledge and understanding necessary to govern effectively.

Related parties

There are no other organisations under common control. The trustees are the most obvious group of directly related parties to the charity. Details of transactions involving trustees are disclosed in the notes to the accounts.

Page 5

The International Schools Theatre Association

Report of the Trustees

for the Year Ended 31 May 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

During 2022-2023 ISTA's Director of Operations with the support of board members monitored, reviewed and updated where necessary our documents and procedures in relation to managing risk.

We have policies for the following:

  1. Data protection policy standard (formerly policy)

  2. Data retention policy

  3. Gender identity and disability policy

  4. Health and safety manual

  5. Host housing/hotel stay policy

  6. Photography and video policy

  7. Safety advisory notes (SANs)

  8. Privacy policy

  9. Terms of website use policy

  10. Levels of action and scenarios

  11. Code of conduct for children and young people - festivals and TaPS

  12. Hotel code of conduct

  13. Safeguarding policy

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

03108893 (England and Wales)

Registered Charity number

1050103

Registered office

Lakeside Offices The Old Cattle Market Coronation Park Helston Cornwall TR13 0SR

Trustees

Mr R Warren Teacher Ms S Healy Management consultant Mr A David - Chair University Board Trustee Mrs L Campbell Executive Director (resigned 1.7.2023) Ms M Patel Educator Ms C Hutchison Fundraiser Ms E Shyong Educator

All trustees are responsible for the general control and management of the charity. The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

Page 6

Association

The International Schools Theatre

Report of the Trustees for the Year Ended 31 May 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors

BK Plus Audit Limited 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire GL51 9TX

Executive Director

Bankers

HSBC Bank Plc Truro Branch

Other Names

The charity is also known by its working name ISTA.

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees (who are also the directors of The International Schools Theatre Association for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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

In so far as the trustees are aware:

AUDITORS

The auditors, BK Plus Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Page 7

Association

The International Schools Theatre

Report of the Trustees

for the Year Ended 31 May 2023

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 28 March 2024 and signed on its behalf by:

Mrs L Campbell - Trustee

Page 8

Report of the Independent Auditors to the Trustees of The International Schools Theatre Association

Opinion

We have audited the financial statements of The International Schools Theatre Association (the 'charitable company') for the year ended 31 May 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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.

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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Page 9

Report of the Independent Auditors to the Trustees of The International Schools Theatre

Association

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a 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, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the risks of material misstatement in respect of fraud by:

Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. These included, but are not limited to:

We considered the risk of fraud through management bias and override of controls, and in response, we:

There are inherent limitations in detecting irregularities described above. The more that laws and regulations are less intrinsically linked to financial transactions, the less likely it is we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of trustees and other management and the inspection of regulatory and legal correspondence, if any.

Page 10

Report of the Independent Auditors to the Trustees of The International Schools Theatre

Association

Material misstatements that arise due to fraud can be more difficult to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company'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 charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Hession C.A. (Senior Statutory Auditor) BK Plus Audit Limited Chartered Accountants and Statutory Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire GL51 9TX

Date: 28 March 2024

Page 11

The International Schools Theatre Association

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the Year Ended 31 May 2023
Unrestricted
Restricted
funds
funds
Notes
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
116,162
-
Charitable activities
5
Events
705,602
-
Consultancy days for schools and other organisations
33,426
-
Investment income
4
961
-
Other income
6
34,139
-
Total
890,290
-
EXPENDITURE ON
Raising funds
7
22,775
-
Charitable activities
8
Events
803,982
-
Consultancy days for schools and other organisations
22,989
-
Total
849,746
-
NET INCOME/(EXPENDITURE)
40,544
-
RECONCILIATION OF FUNDS
Total funds brought forward
(17,838)
-
TOTAL FUNDS CARRIED FORWARD
22,706
-		 2023
Total
funds
£
116,162
705,602
33,426
961
34,139
890,290
22,775
803,982
22,989
849,746
40,544
(17,838)
22,706		 2022
Total
funds
£
111,843
309,048
61,648
24
27,490
510,053
29,460
562,542
32,051
624,053
(114,000)
96,162
(17,838)

The notes form part of these financial statements

Page 12

The International Schools Theatre

Association

Balance Sheet
31 May 2023
Notes
FIXED ASSETS
Intangible assets
14
Tangible assets
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
19
NET ASSETS/(LIABILITIES)
FUNDS
22
Unrestricted funds
TOTAL FUNDS		 2023
£
27,972
8,838
36,810
12,064
135,815
395,062
542,941
(463,537)
79,404
116,214
(93,508)
22,706
22,706
22,706		 2022
£
34,965
13,126
48,091
2,942
129,080
221,567
353,589
(316,173)
37,416
85,507
(103,345)
(17,838)
(17,838)
(17,838)

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

continued...

Page 13

Association

The International Schools Theatre

Balance Sheet - continued

31 May 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 28 March 2024 and were signed on its behalf by:

Mrs L Campbell - Trustee

The notes form part of these financial statements

Page 14

The International Schools Theatre Association

Cash Flow Statement
for the Year Ended 31 May 2023
Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Finance costs paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of intangible fixed assets
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash in cash and cash equivalents due to
exchange rate movements
Cash and cash equivalents at the end of the
reporting period		 2023
£
196,700
(1,226)
(13,144)
182,330
-
(1,842)
961
(881)
-
(3,553)
(3,553)
177,896
221,567
(4,401)
395,062		 2022
£
(45,687)
(1,251)
(12,946)
(59,884)
(34,965)
(12,426)
24
(47,367)
56,900
-
56,900
(50,351)
271,918
-
221,567

The notes form part of these financial statements

Page 15

The International Schools Theatre

Association

Notes to the Cash Flow Statement for the Year Ended 31 May 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Loss on disposal of fixed assets
Interest received
Interest paid
Finance costs
Depreciation
Amortisation
(Increase)/decrease in stocks
Increase in debtors
Increase in creditors
Net cash provided by/(used in) operations		 2023
£
40,544
-
(961)
1,226
13,144
6,130
6,993
(9,122)
(6,735)
145,481
196,700		 2022
£
(114,000)
7,459
(24)
1,251
12,946
4,419
568
186
(32,647)
74,155
(45,687)

2.

ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.22 Cash flow At 31.5.23
£ £ £
Net cash
Cash at bank 221,567 173,495 395,062
Debt
Debts falling due within 1 year (3,554) (1,883) (5,437)
Debts falling due after 1 year (103,345) 9,837 (93,508)
(106,899) 7,954 (98,945)
Total 114,668 181,449 296,117

The notes form part of these financial statements

Page 16

The International Schools Theatre

Association

Notes to the Financial Statements for the Year Ended 31 May 2023

1. COMPANY INFORMATION

The charitable company is limited by guarantee and is incorporated in England and Wales. The company's registered number is 3108893 and its registered charity number is 1050103. The company's registered office is Lakeside Offices, The Old Cattle Market, Coronation Park, Helston, Cornwall TR13 0R.

The nature of the charitable company's operations and its principal activities are disclosed in the Report of the Trustees.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income included in Donations and legacies consists of individual and school membership fees.

Event income consists of all income generated relating to the events organised by the charity and is the main source of income.

Consultancy days income mainly consists of the income generated when artists provide additional consultancy days organised by the charity.

Other income includes income generated through other smaller events and partnerships, such as Spotlight sessions and Studio income.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activities costs

Charitable activities costs include expenditure associated with the holding of events, the provision of consultancy services, and the provision of professional development training, and include both the direct costs and support costs relating to these activities.

Governance costs

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Allocation and apportionment of costs

Support costs include centre functions and have been allocated to activity cost categories on a basis consistent with the use of staff time. This has been based on 10% for 'Raising donations and legacies' and 90% for 'Events' across the different support categories.

Intangible assets

Intangible assets consist of the costs of website development and trademark costs.

continued...

Page 17

The International Schools Theatre

Association

Notes to the Financial Statements - continued

for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Intangible assets

Website costs are being written off over a period of 4 years from when the website became operational in August 2017.

Additions in the year relate to development of a new website which will start to be amortised once the website is launched.

Trademark costs are not yet amortised due to not being material.

Tangible fixed assets

Tangible fixed assets are included at cost, which includes the purchase price and associated costs in bringing the asset to use. 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.

Freehold property - 5% on cost Fixtures and fittings - 25% on reducing balance Computer equipment - 33% on cost

An annual review is made of fixed assets to establish any permanent diminution in value. Expenditure on fixtures and fittings, and computer equipment costing over £100 is capitalised.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from Corporation Tax on its charitable activities.

Irrecoverable VAT

Where irrecoverable VAT is incurred it is charged to the relevant category of outgoing resources in the Statement of Financial Activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Designated funds comprise of unrestricted funds that have been set aside by the trustees for particular purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The charity makes contributions to employees' personal pension schemes. Contributions payable to the pension schemes are charged to the Statement of Financial Activities in the period to which they relate.

Volunteers, donated services and facilities

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the Trustees' Annual Report.

Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

continued...

Page 18

The International Schools Theatre Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Going concern

Although the charity was in a net liability position in the previous year, the charity has improved this position in 2022/23 and is now in a net asset position once again. The charity continues to improve upon its performance and continually monitors budgets and adapts as necessary. The trustees consider the charity to be a going concern, with sufficient funds being available to support the charity for the foreseeable future.

3. DONATIONS AND LEGACIES

Donations
Membership & patronage fees
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Festival income
Events
TaPS income
Events
T shirt sales
Events
PD&L income
Events
Consultancy income and AiR
Consultancy days for schools and other
organisations		 2023
£
5,089
111,073
116,162
2023
£
961
2023
£
279,541
390,275
29,636
6,150
33,426
739,028		 2022
£
1,868
109,975
111,843
2022
£
24
2022
£
83,265
202,115
468
23,200
61,648
370,696

continued...

Page 19

The International Schools Theatre

Association

Notes to the Financial Statements - continued

for the Year Ended 31 May 2023

6. OTHER INCOME

Miscellaneous income
Government grants
7.
RAISING FUNDS
Raising donations and legacies
Support costs
8.
CHARITABLE ACTIVITIES COSTS
Events
Consultancy days for schools and other
organisations
Events
Consultancy days for schools and other
organisations		 2023
£
34,139
-
34,139
2023
£
22,775
2023
Support
Direct
costs (see
Costs
note 9)
£
£
599,005
204,977
22,989
-
621,994
204,977
2022
Support
Direct
costs (see
Costs
note 9)
£
£
297,412
265,131
32,051
-
329,463
265,131		 2022
£
25,763
1,727
27,490
2022
£
29,460
Totals
£
803,982
22,989
826,971
Totals
£
562,543
32,051
594,594

9. SUPPORT COSTS

Support costs for the year ended 31 May 2023 are as follows:

Management
£
Raising donations and legacies
13,268
Events
119,413
132,681		 Governance
Finance
costs
£
£
3,774
5,733
33,969
51,595
37,743
57,328		 Totals
£
22,775
204,977
227,752

continued...

Page 20

The International Schools Theatre

Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

9. SUPPORT COSTS - continued

Support costs for the year ended 31 May 2022 are as follows:

Management
£
Raising donations and legacies
14,213
Events
127,914
142,127		 Governance
Finance
costs
£
£
4,539
10,708
40,847
96,370
45,386
107,078		 Totals
£
29,460
265,131
294,591

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£ £
Audit and accountancy 8,922 8,395
Depreciation - owned assets 6,130 4,419
Deficit on disposal of fixed assets - 7,459
Trademarks amortisation 1,193 -
Development costs amortisation 5,800 568
Exchange differences 1,448 5,235

Included within Audit and accountancy is £7,440 (2022: £6,552) relating to the audit of the financial statements.

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.

Trustees' expenses

Expenses were reimbursed to trustees as follows:

2023
2023
No
£
Travel and subsistence
4
3,466
Details of related party transactions are disclosed in note 24.
STAFF COSTS
Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Administration		 2022
No
2
2023
£
244,903
15,628
12,601
273,132
2023
8		 2022
£
1,088		 2022
£
1,088
2022
£
241,114
9,656
14,670
265,440
2022
7

12. STAFF COSTS

continued...

Page 21

The International Schools Theatre

Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

12. STAFF COSTS - continued

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
£60,001 - £70,000 1 1

Key management personnel consists of the Executive Director and Director of Operations. Remuneration received by these roles totalled £93,923 (2022: £91,325).

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
Restricted
funds
funds
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
111,843
-
Charitable activities
Events
309,048
-
Consultancy days for schools and other
organisations
61,648
-
Investment income
24
-
Other income
27,490
-
Total
510,053
-
EXPENDITURE ON
Raising funds
29,460
-
Charitable activities
Events
562,542
-
Consultancy days for schools and other
organisations
32,051
-
Total
624,053
-
NET INCOME/(EXPENDITURE)
(114,000)
-
RECONCILIATION OF FUNDS
Total funds brought forward
96,162
-
TOTAL FUNDS CARRIED FORWARD
(17,838)
-		 Total
funds
£
111,843
309,048
61,648
24
27,490
510,053
29,460
562,542
32,051
624,053
(114,000)
96,162
(17,838)

continued...

Page 22

The International Schools Theatre

Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

14. INTANGIBLE FIXED ASSETS

Development
Trademarks
costs
£
£
COST
At 1 June 2022 and 31 May 2023
5,965
42,625
AMORTISATION
At 1 June 2022
-
13,625
Charge for year
1,193
5,800
At 31 May 2023
1,193
19,425
NET BOOK VALUE
At 31 May 2023
4,772
23,200
At 31 May 2022
5,965
29,000		 Totals
£
48,590
13,625
6,993
20,618
27,972
34,965

Development costs brought forward consist of the development of CMS and a new website, which are to be amortised once the website is launched.

15. TANGIBLE FIXED ASSETS

COST
At 1 June 2022
Additions
At 31 May 2023
DEPRECIATION
At 1 June 2022
Charge for year
At 31 May 2023
NET BOOK VALUE
At 31 May 2023
At 31 May 2022
16.
STOCKS
Stocks		 Fixtures
and
Computer
fittings
equipment
£
£
4,781
17,786
-
1,842
4,781
19,628
2,719
6,722
906
5,224
3,625
11,946
1,156
7,682
2,062
11,064
2023
£
12,064		 Totals
£
22,567
1,842
24,409
9,441
6,130
15,571
8,838
13,126
2022
£
2,942

continued...

Page 23

The International Schools Theatre

Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

17. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 102,413 91,125
Prepayments and accrued income 33,402 37,955
135,815 129,080
18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 20) 5,437 3,554
Trade creditors 84,041 80,697
Social security and other taxes 8,449 3,952
Other creditors 10,323 3,572
Accruals and deferred income 355,287 224,398
463,537 316,173
Accruals and deferred income includes deferred income, relating to amounts invoiced for events to be held in the next financial
period and amounts invoiced for membership for the next financial period, as follows:
2023 2022
£ £
Balance brought forward 214,455 150,183
Amount recognised in year (214,455) (150,183)
Amount deferred in the year 334,138 214,455
334,138 214,455
19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans (see note 20) 41,009 46,445
Other loans (see note 20) 52,499 56,900
93,508 103,345
20. LOANS
An analysis of the maturity of loans is given below:
2023 2022
£ £
Amounts falling due within one year on demand:
Bank loans 5,437 3,554
Amounts falling due between two and five years:
Bank loans - 2-5 years 23,157 22,586
Other loans - 2-5 years 52,499 56,900
75,656 79,486

continued...

Page 24

The International Schools Theatre

Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

20. LOANS - continued

Amounts falling due in more than five years:

Repayable by instalments:
Bank loans more 5 yr by instal		 17,852 23,859

During 2021, the company took out a bank loan for which the Government provided a 100% guarantee in respect of the outstanding balance. Interest became payable after 12 months at 2.5% a year. The balance outstanding at the Balance Sheet date is £46,446 (2022: £49,999).

During the previous year, 100,000 Australian Dollars were loaned to the charity by Mrs L Campbell, trustee, and her husband. This has been translated at the year end date to £52,499 (2022: £56,900).

The loan matures in 2 years time, and no repayment is sought before this date. There is no interest charged.

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Restricted
funds
funds
£
£
Fixed assets
36,810
-
Current assets
542,941
-
Current liabilities
(463,537)
-
Long term liabilities
(93,508)
-
22,706
-		 2023
Total
funds
£
36,810
542,941
(463,537)
(93,508)
22,706		 2022
Total
funds
£
48,091
353,589
(316,173)
(103,345)
(17,838)

22. MOVEMENT IN FUNDS

Unrestricted funds
General Fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
r
Unrestricted funds
General Fund
TOTAL FUNDS		 Net
movement
At 1.6.22
in funds
At 31.5.23
£
£
£
(17,838)
40,544
22,706
(17,838)
40,544
22,706
Incoming
Resources
Movement
esources
expended
in funds
£
£
£
890,290
(849,746)
40,544
890,290
(849,746)
40,544

continued...

Page 25

The International Schools Theatre

Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

22. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General Fund
Reserves Fund
TOTAL FUNDS		 Net
movement
At 1.6.21
in funds
£
£
26,162
(114,000)
70,000
-
96,162
(114,000)
96,162
(114,000)		 Transfers
between
funds
At 31.5.22
£
£
70,000
(17,838)
(70,000)
-
-
(17,838)
-
(17,838)

Comparative net movement in funds, included in the above are as follows:

r
Unrestricted funds
General Fund
TOTAL FUNDS		 Incoming
Resources
Movement
esources
expended
in funds
£
£
£
510,053
(624,053)
(114,000)
510,053
(624,053)
(114,000)

General Fund

This represents the free funds of the charity which are not designated for a particular purpose.

Designated Funds:

Reserves Fund

This fund was previously set up to ensure a minimum of £50,000 is maintained in general reserves. However, due to the impact of the Covid-19 pandemic, the trustees made the decision to transfer these funds to the general fund due to the level of deficit. The trustees aim to build up this reserve once again, when the charity is in a position to do so.

Restricted Funds:

There are currently no restricted funds held by the charity (2022: £Nil).

23. EMPLOYEE BENEFIT OBLIGATIONS

The charity makes contributions to employees' personal pension schemes. During the year contributions totalling £12,601 (2022: £14,670) were payable to the scheme.

The assets of the schemes are held separately from those of the charity in independently administered funds. There was nothing owing to the scheme at the year end (2022: £Nil).

continued...

Page 26

The International Schools Theatre Association

Notes to the Financial Statements - continued for the Year Ended 31 May 2023

24. RELATED PARTY DISCLOSURES

The following fees and reimbursed expenses were payable to trustees in connection with the delivery of content during events and conferences, and also for other freelance work:

Mrs L Campbell
Mrs C Hutchison
Ms M Patel
Mr R Warren
Total		 2023
Fees
£
1,760
-
600
998
3,358		 2023
Reimbursed
Expenses
£
1,993
570
103
800
3,466		 2022
Fees
£
400
-
1,850
-
2,250		 2022
Reimbursed
Expenses
£
903
185
-
-
1,088

25. ULTIMATE CONTROLLING PARTY

The charity is a limited company, limited by guarantee, and has no share capital. There is no ultimate controlling party.

Page 27

Association

The International Schools Theatre

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Membership & patronage fees
Investment income
Deposit account interest
Charitable activities
Festival income
TaPS income
T shirt sales
PD&L income
Consultancy income and AiR
Other income
Miscellaneous income
Government grants
Total incoming resources
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Event expenses
T shirt costs
Consultancy costs
PD&L costs
Support costs
Management
Wages
Social security
Pensions
Insurance
Telephone
Carried forward		 Detailed Statement of Financial Activities
for the Year Ended 31 May 2023		 2023
£
5,089
111,073
116,162
961
279,541
390,275
29,636
6,150
33,426
739,028
34,139
-
34,139
890,290
175,009
9,182
9,475
387,790
15,138
22,989
2,411
621,994
20,576
1,846
566
10,624
2,323
35,935		 2022
£
1,868
109,975
111,843
24
83,265
202,115
468
23,200
61,648
370,696
25,763
1,727
27,490
510,053
161,066
3,586
9,693
115,698
244
32,051
7,125
329,463
11,420
1,300
486
12,474
2,581
28,261

This page does not form part of the statutory financial statements

Page 28

The International Schools Theatre

Association

Management
Brought forward
Postage and stationery
Advertising & Marketing
Sundries
Freelance
Administration support
Bad debts
Development expenses
Computer maintenance
Repairs and renewals
Subscriptions and memberships
Website expenses
Meeting expenses
Consultancy
Studio costs
ISTA publications
Amortisation of intangible fixed assets
Depreciation of tangible and heritage assets
Loss on sale of tangible fixed assets
Bank loan interest
Bank charges
Exchange (gain) / loss
Finance
Wages
Social security
Pensions
Governance costs
Wages
Social security
Pensions
Audit and accountancy
Bookkeeping
Legal fees
Meeting expenses
Total resources expended
Net income/(expenditure)		 Detailed Statement of Financial Activities
for the Year Ended 31 May 2023
 2023
£
35,935
279
1,178
5,174
-
23,555
4,323
-
7,501
-
416
5,041
10,406
419
3,718
7,243
6,993
6,130
-
1,226
11,696
1,448
132,681
32,826
3,208
1,709
37,743
16,492
1,392
851
8,922
20,534
1,080
8,057
57,328
849,746
40,544		 2022
£
28,261
227
-
8,778
1,943
16,404
154
36,200
4,825
141
768
1,482
892
12,837
1,895
676
568
4,419
7,459
1,251
7,711
5,235
142,126
38,238
4,157
2,991
45,386
30,390
613
1,500
8,395
14,388
51,259
533
107,078
624,053
(114,000)

This page does not form part of the statutory financial statements

Page 29