**Charity registration number 1050103**
**Company registration number 03108893 (England and Wales)**
**INTERNATIONAL SCHOOLS THEATRE ASSOCIATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024**
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr R Warren||
|---|---|---|
||Ms C Hutchison||
||Ms M Patel||
||Ms E Shyong||
||Ms S Healy||
||Mr Adam Kritzer||
||Ms Jessica Wycliffe-Jones|(Appointed 10 September|
|||2023)|
|**Charity number**|1050103||
|**Company number**|03108893||
|**Registered office**|Lakeside Offices||
||The Old Cattle Market||
||Coronation Park||
||Helston||
||Cornwall||
||England||
||TR13 0SR||
|**Auditor**|BK Plus Audit Limited||
||Lakeside Offices||
||The Old Cattle Market||
||Coronation Park||
||Helston||
||Cornwall||
||TR13 0SR||
|**Bankers**|HSBC||
||17 Boscawen Street||
||Truro||
||Cornwall||
||TR1 2QZ||
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 6|
|Independent auditor's report|7 - 9|
|Statement of financial activities|10|
|Balance sheet|11 - 12|
|Statement of cash flows|13|
|Notes to the financial statements|14 - 25|
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 MAY 2024**_
The trustees, who also serve as directors of the charity under the Companies Act 2006, present their annual report with the financial statements for the year ended 31 May 2024. This report complies with the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) (FRS 102) and includes the directors' report as mandated by company law.
## **Objectives and activities**
The International Schools Theatre Association (ISTA) is a UK-based charity dedicated to advancing education in theatre and drama for young people and teachers globally. Our objectives are:
- To enhance education through collaborative, non-competitive engagement with theatre and dramatic traditions.
- To promote global awareness and cultural diversity through theatre education.
## **Mission and Impact**
Founded in 1978, ISTA provides transformative theatre education experiences for young people and educators worldwide. We collaborate with over 250 member schools and are the exclusive provider of International Baccalaureate (IB) Diploma Programme (DP) Theatre teacher training.
## **Strategic Focus Areas**
ISTA’s activities are structured around four core strands:
- Theatre in the World – Exploring global theatre traditions and cultural insights.
- The World of Theatre – Emphasizing theatre-making and interdisciplinary collaboration.
- Exploring the World through Theatre – Using theatre as a lens to engage with global issues.
- The Global Learner – Developing compassionate and internationally minded learners.
ISTA achieves its mission through:
- School festivals and bespoke theatre events.
- TAPS (Theatre and Performance Symposium) workshops for IB DP Theatre students.
- IB teacher training – Global provider for IB DP Theatre and Film workshops.
- Professional development for educators, including virtual and in-person training.
- Artists in Residence (AiR) – School-based workshops for students and teachers.
- Online resources and publications, including the quarterly Scene magazine.
## _Public benefit_
ISTA adheres to Charity Commission guidance on public benefit, with initiatives including:
## **ISTA Connect Festivals**
Uniting students from diverse backgrounds in theatre-based learning. Creating sustainable, service-learning partnerships between ISTA schools and their local communities.
## **ISTA-Amala Project**
Using theatre to address migration, displacement, and refugee education. Supporting young people in enacting social change.
## **Partnerships and Volunteers**
ISTA’s work is enabled by volunteers, host schools, and global partnerships with organisations such as the 9/11 Memorial and Museum and the British Film Institute.
- 1 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **Achievements and performance**
## **Key Milestones:**
- Finalist for the Educational Resources Award 2024 (IB DP Theatre Student Handbook).
- Appointment of a new Executive Director to oversee financial stability and growth.
## **Membership and Event Statistics:**
Membership: 205 schools, 5 premium members, 47 individual members.
- Festival Attendance: 1,883 students.
- TAPS Workshops: 486 students.
- IB Teacher Training: 245 educators.
- AiR Programme: 26 school bookings, 3 consultancies.
- Virtual Professional Development: 175 educators.
- Overall Engagement: 2,375 students and 420 teachers (65% student increase, 52% teacher decrease).
## **Financial review**
## _Reserves policy_
ISTA maintains designated reserves (minimum of £65,000) covering:
- Equipment and website development.
- Research initiatives.
- Long-term sickness coverage.
- Emergency funds.
- Staff deputization.
## **Financial Management**
- Budgets and income targets are closely monitored.
- Triannual management accounts reviewed by the Board.
- Total funds held: £100,778 (2023: £22,706).
- Free reserves: £90,450 (2023: £14,104 deficit).
## **Risk Management**
ISTA has a structured risk management framework, including:
- Managing Risk Matrix
- Health & Safety Policy
- Stakeholder Agreements
## **Key Risks:**
- Financial sustainability in uncertain economic conditions.
- Post-pandemic shifts in festival participation.
- Digital transformation risks in membership and content platforms.
## **Risk Mitigation Strategy:**
- Proactive monitoring by the Director of Operations.
- Strategic oversight by the Board of Trustees.
- Long-term planning by the Executive Director.
- 2 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **Plans for future periods**
The trustees and leadership team have updated the strategic plan for a post-COVID world, incorporating SWOT analysis and innovation. As travel resumes, regional events are gaining popularity. The strategic plan is continuously adjusted to respond to changes in global travel, economic conditions, and regional conflicts.
## **Key Priorities**
ISTA's strategic focus for the coming year includes initiatives aimed at long-term sustainability, technological enhancements, organisational restructuring, and expanding engagement within the arts and education sectors. These priorities are outlined below:
- **Long-term financial planning and sustainability** – Strengthening existing revenue streams and exploring new income sources.
- **Implementation of a fully integrated CRM system and a new website** – Enhancing digital capabilities to streamline operations and improve user experience.
- **Reviewing organisational structure to streamline operations** – Ensuring efficiency and effectiveness in delivering ISTA’s mission.
- **Expanding ISTA’s reach within the arts and education sectors** – Growing partnerships and opportunities for collaboration.
Additionally, ISTA is advancing several key initiatives to reinforce its impact and engagement:
- **ISTA Store Expansion** – Transforming our store into a dynamic online platform offering high-quality arts education resources and ISTA-branded merchandise to both members and non-members.
- **Educator and Learner Events** – Introducing new IB-accredited workshops, professional development experiences, and immersive learning opportunities for film educators and students, with a focus on practical skills and creative exploration.
- **Empowering Social Outreach** – Expanding social impact efforts through new partnerships, using the arts to engage and empower diverse and underserved communities.
- **Membership Enhancements** – Reviewing and evolving membership tiers to create a more flexible and inclusive model, encouraging broader participation and deeper engagement across ISTA’s global community.
- **Innovative Content and Community Platforms** – Reimagining SCENE magazine, launching an online community hub, and developing online courses to maximise the use of digital platforms in enhancing educational offerings and community engagement.
- Long-term financial planning and sustainability.
- Implementation of a fully integrated CRM system and a new website.
- Reviewing organisational structure to streamline operations.
- Expanding ISTA’s reach within the arts and education sectors.
## **Structure, governance and management**
ISTA is a registered charity (No. 1050103) and a company limited by guarantee (No. 03108893). It is governed by its Articles of Association, and all members undertake to contribute £10 each if the charity is wound up.
## **Trustee recruitment and Board governance**
Trustees are appointed based on expertise aligned with ISTA’s mission, following unanimous approval. They serve four-year terms with an option for extension. The board ensures a diverse skill set appropriate for an international arts organisation.
- 3 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
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:
Mr R Warren
Ms C Hutchison Ms M Patel Ms E Shyong Ms S Healy Mr Adam Kritzer Ms Jessica Wycliffe-Jones (Appointed 10 September 2023) Mrs Liane Campbell (Resigned 31 August 2024) Mr A David - Chair (Resigned 8 April 2024)
The board meets every quarter, with subcommittees for Finance, HR, and Governance.
All trustees are responsible for the general control and management of the charity.
## **Executive Leadership**
- Tom Scott – Director of Operations (& Officer in Charge 1 - 30 June 2023)
- Liane Campbell – Interim Executive Director (1 July – 31 December 2023)
- Michael Bindon – Executive Director (from 1 January 2024)
During the period 1 July 2023 to 31 December 2023, Liane Campbell resigned as trustee to take up the Interim Executive Director role. She was then re-appointed 1 January 2024, and subsequently resigned 31 August 2024.
## **Operational Structure**
ISTA employs a globally distributed team, including full-time and part-time staff, supported by freelance consultants. Core roles include:
- Executive Director (UK)
- Director of Operations (UK)
- Communications & Event Manager (Canada)
- Event & Artist Managers (UK)
- Engagement Manager (Czech Republic)
- Finance & Operations Assistant (UK)
- Event Manager & Administrative Assistant (Italy).
## **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.
- 4 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **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
## **Auditor**
BK Plus Audit Limited Chartered Accountants & Statutory Auditors Lakeside Offices The Old Cattle Market Coronation Park Helston Cornwall TR13 0SR
## **Bankers**
HSBC Bank Plc 17 Boscawen Street Truro Cornwall TR1 2QZ
## **Other names**
The charity is also known by its working name ISTA.
## **Trustees**
Rob Warren (Chair) - USA Caroline Hutchison (Vice Chair) - USA Malina Patel - Thailand Elana Shyong - Spain Sheila Healy - UK Adam Kritzer - USA Jessica Wycliffe-Jones - UK
- 5 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **Statement of trustees' responsibilities**
The trustees, who are also the directors of International Schools Theatre Association 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; 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.
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **Auditor**
In accordance with the company's articles, a resolution proposing that BK Plus Audit Limited be reappointed as auditor of the company will be put at a General Meeting.
The trustees' report was approved by the Board of Trustees.
Mr R Warren **Trustee**
27 February 2025
- 6 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **INDEPENDENT AUDITOR'S REPORT**
## **TO THE TRUSTEES OF INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **Opinion**
We have audited the financial statements of International Schools Theatre Association (the ‘charity’) for the year ended 31 May 2024 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:
- give a true and fair view of the state of the charitable company's affairs as at 31 May 2024 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; and
- have 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 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 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.
## **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; 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.
- 7 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **Responsibilities of trustees**
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is 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 noncompliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognised non-compliance with applicable laws and regulations.
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006, the reporting framework (Statement of Recommended Practice (FRS 102)) and those that relate to taxation, employment, data protection (including General Data Protection Regulation) and health and safety legislation.
We assessed the risks of material misstatement in respect of fraud by:
- Making enquiries of management and those charged with governance as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
- Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations.
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:
- Agreeing financial statement disclosures to underlying supporting documentation
- Reading minutes of meetings of those charged with governance
- Enquiring of management as to actual and potential litigation and claims
- Reviewing correspondence with regulatory bodies.
We considered the risk of fraud through management bias and override of controls, and in response, we:
- Tested manual journal entries throughout the year to identify unusual transactions
- Assessed whether judgements and assumptions made in determining the critical accounting estimates were indicative of potential bias
- Investigated the rationale behind significant or unusual transactions.
- 8 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
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.
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 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 company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
## **Christopher Hession C.A. (Senior Statutory Auditor) for and on behalf of BK Plus Audit Limited**
28 February 2025
## **Chartered Accountants Statutory Auditor**
Lakeside Offices The Old Cattle Market Coronation Park Helston Cornwall TR13 0SR
BK Plus Audit Limited 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.
- 9 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 MAY 2024**_
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
||**Notes**|**£**|**£**|
|**Income and endowments from:**||||
|Donations and legacies|**2**|111,824|116,162|
|Charitable activities|**3**|990,696|739,028|
|Investments|**4**|6,784|961|
|Other income|**5**|77,326|34,139|
|**Total income**||1,186,630|890,290|
|**Expenditure on:**||||
|Raising funds|**6**|31,609|22,775|
|Charitable activities|**7**|1,076,949|826,971|
|**Total expenditure**||1,108,558|849,746|
|**Net income and movement in funds**||78,072|40,544|
|**Reconciliation of funds:**||||
|Fund balances at 1 June 2023||22,706|(17,838)|
|**Fund balances at 31 May 2024**||100,778|22,706|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 10 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **BALANCE SHEET**
## _**AS AT 31 MAY 2024**_
||||**2024**|||**2023**||
|---|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**||**£**|
|**Fixed assets**||||||||
|Intangible assets|**13**|||3,579|||27,972|
|Tangible assets|**14**|||6,749|||8,838|
|||||10,328|||36,810|
|**Current assets**||||||||
|Stocks|**15**|10,544|||12,064|||
|Debtors|**16**|153,558|||135,815|||
|Cash at bank and in hand||426,082|||395,062|||
|||590,184|||542,941|||
|**Creditors: amounts falling due within**|**18**|||||||
|**one year**||(126,682)|||(129,399)|||
|**Net current assets**||||463,502|||413,542|
|**Total assets less current liabilities**||||473,830|||450,352|
|**Creditors: amounts falling due after**||||||||
|**more than one year**|**19**|||-|||(93,508)|
|Deferred income|**20**|||(373,052)|||(334,138)|
|**Net assets excluding pension liability**||||100,778|||22,706|
|**Net assets**||||100,778|||22,706|
|**The funds of the charity**||||||||
|Unrestricted funds||||100,778|||22,706|
|||||100,778|||22,706|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 May 2024, 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 the Companies 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.
- 11 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **BALANCE SHEET (CONTINUED)**
## _**AS AT 31 MAY 2024**_
The financial statements were approved by the trustees on 27 February 2025
Mr R Warren
## **Trustee**
Company registration number 03108893 (England and Wales)
- 12 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 MAY 2024**_
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
**24**
**Investing activities**
Purchase of tangible fixed assets
Proceeds from disposal of tangible fixed
assets
Investment income received
**Net cash generated from/(used in)**
**investing activities**
**Financing activities**
Repayment of bank loans
**Net cash used in financing activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
Effect of foreign exchange rates
**Cash and cash equivalents at end of year**|**2024**
**£**
(4,683)
1,017
6,784
(98,945)|**£**
134,724
3,118
(98,945)
38,897
395,062
(7,877)
426,082|**2023**
**£**
(1,842)
-
961
(7,954)|**£**
186,731
(881)
(7,954)
177,896
221,567
(4,401)
395,062|
|---|---|---|---|---|
- 13 -
**INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **1 Accounting policies**
## **Charity information**
International Schools Theatre Association is a private company limited by guarantee incorporated in England and Wales. The registered office is Lakeside Offices, The Old Cattle Market, Coronation Park, Helston, Cornwall, TR13 0SR, England.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with 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.
## **1.2 Going concern**
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.
## **1.3 Charitable funds**
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. There are currently no restricted funds held by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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.
- 14 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
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 include central 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.
## **1.6 Research and development expenditure**
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
## **1.7 Intangible fixed assets other than goodwill**
Intangible assets consist of the costs of website development and trademark costs. Assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Trademarks 20% straight line Development costs 20% straight line
## **1.8 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Fixtures and fittings 25% reducing balance Computers 33% straight line
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.
## **1.9 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible 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).
- 15 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.10 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.11 Cash and cash equivalents**
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.
## **1.12 Financial instruments**
The charitable company only has financial assets and financial liabilities of a kind that qualify as basis financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **1.13 Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **1.14 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **1.15 Foreign exchange**
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.
## **2 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Donations and gifts|151|5,089|
|Membership fees|111,673|111,073|
||111,824|116,162|
- 16 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **3 Income from charitable activities**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Events**|||
||Festival income|502,030|279,541|
||TaPS income|397,821|390,275|
||T shirt sales and PD&L income|56,410|35,786|
||**Consultancy days for schools and other organisations**|||
||Consultancy income and AiR|34,435|33,426|
|||990,696|739,028|
|**4**|**Income from investments**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Interest receivable|6,784|961|
|**5**|**Other income**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||Other income|77,326|34,139|
|**6**|**Expenditure on raising funds**|||
|||**Unrestricted**|**Unrestricted**|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Fundraising and publicity**|||
||Support costs|31,609|22,775|
- 17 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
## **7 Expenditure on charitable activities**
|**EventsConsultancy**
**days**
**2024**
**2024**
**£**
**£**
**Direct costs**
Staff costs
224,989
-
Events
520,672
-
T shirt costs
18,696
-
Consultancy costs
-
23,958
PD&L costs
4,151
-
768,508
23,958
**Share of support and governance costs (see note 8)**
Support
226,131
-
Governance
58,352
-
1,052,991
23,958
**Analysis by fund**
Unrestricted funds
1,052,991
23,958|**Total**
**2024**
**£**
224,989
520,672
18,696
23,958
4,151
792,466
226,131
58,352
1,076,949
1,076,949|**EventsConsultancy**
**days**
**2023**
**2023**
**£**
**£**
193,666
-
387,790
-
15,138
-
-
22,989
2,411
-
599,005
22,989
147,649
-
57,328
-
803,982
22,989
803,982
22,989|**Total**
**2023**
**£**
193,666
387,790
15,138
22,989
2,411|
|---|---|---|---|
||||621,994
147,649
57,328|
||||826,971|
||||826,971|
## **8 Support costs allocated to activities**
|Staff costs
Depreciation
Insurance
Post, stationery and advertising
Administrative support
Telephone, computer and website expenses
Bad debts
Meeting expenses
Sundries
Consultancy
ISTA publications and studio costs
Finance costs
Governance costs
**Analysed between:**
Fundraising
Events|**2024**
**£**
67,963
30,148
12,106
10,191
31,122
30,336
30
12,658
6,926
667
31,885
23,708
58,352
316,092
31,609
284,483
316,092|**2023**
**£**
60,731
13,123
10,624
1,457
23,555
14,865
4,323
10,406
5,590
419
10,961
14,370
57,328|
|---|---|---|
|||227,752|
|||22,775
204,977|
|||227,752|
- 18 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2024**_
|**8**
**Support costs allocated to activities**
**Governance costs comprise:**
Staff costs
Audit fees
Accountancy
Legal and professional
Meeting expenses
**9**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets
Profit on disposal of tangible fixed assets
Amortisation of intangible assets
Impairment of intangible assets|**(Continued)**
**2024**
**2023**
**£**
**£**
19,199
18,735
11,252
8,922
21,123
20,534
5,254
1,080
1,524
8,057
58,352
57,328
**2024**
**2023**
**£**
**£**
11,252
8,922
6,037
6,130
(282)
-
6,993
6,993
17,400
-|**(Continued)**
**2024**
**2023**
**£**
**£**
19,199
18,735
11,252
8,922
21,123
20,534
5,254
1,080
1,524
8,057
58,352
57,328
**2024**
**2023**
**£**
**£**
11,252
8,922
6,037
6,130
(282)
-
6,993
6,993
17,400
-|
|---|---|---|
|||57,328|
|||**2023**
**£**
8,922
6,130
-
6,993
-|
## **10 Trustees**
One trustee received £1,800 in relation to fees for services provided (2023: £3,358 received by 3 trustees). One trustee was also reimbursed £922 travelling expenses (2023: £3,466 received by 4 trustees).
No other remuneration was received by trustees.
Details of related party transactions are disclosed in note 25.
## **11 Employees**
The average monthly number of employees during the year was:
|Administration and management
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2024**
**Number**
9
**2024**
**£**
282,901
11,905
17,345
312,151|**2023**
**Number**
8|
|---|---|---|
|||**2023**
**£**
244,903
15,628
12,601|
|||273,132|
- 19 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2024**_
|**Employees**
The number of employees whose annual remuneration was more than £60,000
is as follows:
£60,001 to £70,000
**Remuneration of key management personnel**
The remuneration of key management personnel was as follows:
Aggregate compensation|**(Continued)**
**2024**
**2023**
**Number**
**Number**
1
1
**2024**
**2023**
**£**
**£**
102,699
93,923|**(Continued)**
**2024**
**2023**
**Number**
**Number**
1
1
**2024**
**2023**
**£**
**£**
102,699
93,923|
|---|---|---|
|||**2023**
**£**
93,923|
## **11 Employees**
## **12 Impairments**
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
||**2024**|**2023**|
|---|---|---|
||**£**|**£**|
|In respect of:|||
|Intangible assets|17,400|-|
Impairment losses consist of amounts relating to development costs relating to CMS and a new website. This project was scrapped and therefore the costs associated have been written off.
- 20 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 MAY 2024**_
## **13 Intangible fixed assets**
|**Intangible fixed assets**||||
|---|---|---|---|
||**Trademarks**|**Development**|**Total**|
|||**costs**||
||**£**|**£**|**£**|
|**Cost**||||
|At 1 June 2023|5,965|42,625|48,590|
|Disposals|-|(13,625)|(13,625)|
|At 31 May 2024|5,965|29,000|34,965|
|**Amortisation and impairment**||||
|At 1 June 2023|1,193|19,425|20,618|
|Amortisation charged for the year|1,193|5,800|6,993|
|Impairment losses|-|17,400|17,400|
|Disposals|-|(13,625)|(13,625)|
|At 31 May 2024|2,386|29,000|31,386|
|**Carrying amount**||||
|At 31 May 2024|3,579|-|3,579|
|At 31 May 2023|4,772|23,200|27,972|
More information on the impairment arising in the year is given in note 12.
## **14 Tangible fixed assets**
|**Fixtures and**
**fittings**
**Computers**
**£**
**£**
**Cost**
At 1 June 2023
4,781
19,628
Additions
-
4,683
Disposals
-
(1,944)
At 31 May 2024
4,781
22,367
**Depreciation and impairment**
At 1 June 2023
3,625
11,946
Depreciation charged in the year
890
5,147
Eliminated in respect of disposals
-
(1,209)
At 31 May 2024
4,515
15,884
**Carrying amount**
At 31 May 2024
266
6,483
At 31 May 2023
1,156
7,682|**Total**
**£**
24,409
4,683
(1,944)
27,148
15,571
6,037
(1,209)
20,399
6,749
8,838|
|---|---|
- 21 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
|**15**
**Stocks**
Finished goods and goods for resale
**16**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Prepayments and accrued income
**17**
**Loans and overdrafts**
Bank loans
Payable within one year
Payable after one year
The loans from the previous year have been fully paid off in 2024.
**18**
**Creditors: amounts falling due within one year**
**Notes**
Bank loans
**17**
Trade creditors
Other creditors
Accruals and deferred income
**19**
**Creditors: amounts falling due after more than one year**
**Notes**
Bank loans
**17**|**2024**
**£**
10,544
**2024**
**£**
131,123
22,435
153,558
**2024**
**£**
-
-
-
**2024**
**£**
-
77,959
7,679
41,044
126,682
**2024**
**£**
-|**2023**
**£**
12,064|
|---|---|---|
|||**2023**
**£**
102,413
33,402|
|||135,815|
|||**2023**
**£**
98,945|
|||5,437
93,508|
|||**2023**
**£**
5,437
84,041
18,772
21,149|
|||129,399|
|||**2023**
**£**
93,508|
- 22 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
|**20**
**Deferred income**
Arising from amounts invoiced for events to be
held in the next financial period and amounts
invoiced for membership for the next financial
period
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Shown as deferred income on the face of the balance sheet
Movements in the year:
Deferred income at 1 June 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 May 2024
**21**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**2024**
**£**
373,052
**2024**
**£**
373,052
334,138
(334,138)
373,052
373,052
**2024**
**£**
17,345|**2023**
**£**
334,138
**2023**
**£**
334,138
214,455
(214,455)
334,138
334,138
**2023**
**£**
12,601|
|---|---|---|
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. There were no amounts owing to the scheme at the balance sheet date (2023: £nil).
## **22 Unrestricted funds**
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.
|Designated funds
General funds|**At 1 June**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
-
-
-
22,706
1,186,630
(1,108,558)
22,706
1,186,630
(1,108,558)|**Transfers**
**£**
80,000
(80,000)
-|**At 31 May**
**2024**
**£**
80,000
20,778
100,778|
|---|---|---|---|
- 23 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
|**22**|**Unrestricted funds**|||||**(Continued)**|
|---|---|---|---|---|---|---|
||**Previous year:**|**At 1 June**|**Incoming**|**Resources**|**Transfers**|**At 31 May**|
|||**2022**|**resources**|**expended**||**2023**|
|||**£**|**£**|**£**|**£**|**£**|
||General funds|(17,838)|890,290|(849,746)|-|22,706|
## **23 Related party transactions**
## **Transactions with related parties**
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:
|**Fees**
**2024**
**£**
M Patel
1,800
C Hutchison
-
L Campbell
-
R Warren
-
1,800
**24**
**Cash generated from operations**
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Foreign exchange differences
Gain on disposal of tangible fixed assets
Amortisation and impairment of intangible assets
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in stocks
(Increase) in debtors
Increase in creditors
Increase in deferred income
**Cash generated from operations**|**Reimbursed expenses**
**2023**
**2024**
**2023**
**£**
**£**
**£**
600
922
103
-
-
570
1,760
-
1,993
998
-
800
3,358
922
3,466
**2024**
**2023**
**£**
**£**
78,072
40,546
(6,784)
(961)
7,877
4,401
(282)
-
24,393
6,993
6,037
6,130
1,520
(9,122)
(17,743)
(6,736)
2,720
25,797
38,914
119,683
134,724
186,731|
|---|---|
- 24 -
## **INTERNATIONAL SCHOOLS THEATRE ASSOCIATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 MAY 2024**_
|**25**
**Analysis of changes in net funds**
**At 1 June 2023**
**Cash flows**
**Foreign**
**exchange**
**movements**
**At 31**
**£**
**£**
**£**
Cash at bank and in hand
395,062
38,897
(7,877)
Loans falling due within one year
(5,437)
5,437
-
Loans falling due after more than one year
(93,508)
93,508
-
296,117
137,842
(7,877)|**May 2024**
**£**
426,082
-
-|
|---|---|
||426,082|
- 25 -