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2021-12-31-accounts

Registered Company No. 06410037 Registered Charity No. 1121757

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONTENTS FOR THE YEAR ENDED 31 DECEMBER 2021

CONTENTS Page
Charity Information 2 – 3
Trustees’ Report 4 – 10
Independent Auditor’s Report 11– 14
Consolidated Statement of Financial Activities 15
Balance Sheets 16
Consolidated Cash Flow Statement 17
Notes to the Financial Statements 18 – 31

1

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021

CHARITY TRUSTEES

The Charity Trustees of the Independent Schools’ Bursars Association Charity (‘ISBA’ or the ‘Association’) are the members of the Board. They have all served throughout the year except where indicated. Together with past Trustees who served in the year as indicated, they are:

Eleanor Sharman Chair Nicholas Shryane Vice Chair Paul Flowerday Vice Chair Jim Doherty Chair of FRAAC Norman Patterson Elizabeth Raper John Wilder Kathryn Pillar Miles MacEacharn* Amanda Webb Neil Cufley Andrew Lowden Appointed 10 July 2021 (Chair, Scottish Bursars) Natalie Miller Appointed 10 July 2021 Jonathan Molloy Resigned 10 July 2021

KEY MANAGEMENT PERSONNEL

Chief Executive

David Woodgate

Chief Operating Officer

Chief Operating Officer John Murphie Professional Development Director/ Position vacant, Director of Training and Consultancy duties discharged by Chief Operating Officer

Commercial Director

Barbara Jackson

Research Director

Edwina Dean-Lewis (until 10 November 2021)

Registered Address:

Bluett House Unit 11-12 Manor Farm Cliddesden Basingstoke Hampshire RG25 2JB

Website:

www.theisba.org.uk

2

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2021

ADVISERS
Bankers: Lloyds TSB Bank plc
Basingstoke Branch
2 Winchester Street
Basingstoke
Hampshire
RG21 7EB
CAF Bank Ltd
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ
Auditors: Crowe U.K. LLP
Aquis House
49 – 51 Blagrave Street
Reading
RG1 1PL
Solicitors: Farrer & Co LLP
66 Lincoln’s Inn Fields
London
WC2A 3LH
Insurance Brokers: Regis Mutual Management
8 Maltings Place
169 Tower Bridge Road
London
SE1 3JB
Investment Managers: Rathbone Investment Management Limited
Port of Liverpool Building
Pier Head
Liverpool
L3 1NW

3

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees present their annual report for the year ended 31 December 2021 under the Companies Act 2006 and the Charities Act 2011 and the audited accounts for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

Founded in 1932, ISBA was established as an unincorporated charity under a trust deed in 1964 and registered with the Charity Commission under charity number 313680. In October 2007, it became incorporated as a charitable company with the liability of members being limited to £10 each by guarantee, under company number 06410037 and charity number 1121757. Details of ISBA’s Registered Office and key personnel are on page 2; professional advisers are on page 3.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

ISBA is governed by its Articles of Association, approved 17 May 2011, effective from 1 January 2012, and as amended 17 May 2017 and 10 July 2021.

Recruitment and Training of Trustees

ISBA’s elected Trustees, under the Articles, are the members of the Board of Directors. They are appointed at the Annual General Meeting following a ballot of ordinary members. New Trustees/Directors attend an induction day to learn about the workings of the Association and their duties. As all Trustees are bursars, they are familiar with the responsibilities of charity trustees and company directors by virtue of their appointments within schools with charitable status. As part of their Continuous Professional Development, all Directors aim to attend the Annual Conference, regional updates, and other professional development courses.

Organisational Management

ISBA is managed by a Board of Directors of up to ten members elected by ISBA members, together with the Chair and two Vice-Chairs (whose membership of the Board is as a result of an election by members, but whose appointment as Chair and Vice Chair is by election by fellow Board members). The Board meets regularly to direct the management of the Association and to agree policy on any matters relevant to the administration of independent schools. The Chair of the Scottish Bursars Association also attends Board meetings to advise on matters affecting Scottish schools.

ISBA has established a committee structure which challenges and scrutinises policies and plans before full Board approval. The Association’s accounts are managed by its Head Office. The Finance, Risk, Audit and Assurance Committee (FRAAC) has responsibility for overseeing the accounting and financial work of Head Office and presentation of the financial statements to the AGM.

In 2021, ISBA employed ten staff: Chief Executive Officer (CEO), Chief Operating Officer (COO), Commercial Director, Research Director, Membership Manager, Event Manager, PD Co-ordinator, a parttime Accountant, an accounts technician, and a Professional Development Assistant. Additionally, ISBA retains the specialist services of consultants and contractors to support the full-time employees. The CEO, COO, Commercial Director and Research Director are the key management responsible for day-today management of ISBA.

The remuneration of the CEO is reviewed by the Remuneration and Nominations Committee.

4

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Amendments to the Articles of Association were agreed unanimously at the 2021 AGM. These amendments brought the Articles into line with current legislation and best practice, amended criteria for membership and devolved certain decision-making responsibilities from the AGM to the Board of Directors.

Membership

All independent schools which are separately constituted under their own governing document and whose Head is in full membership of one of the Independent Schools Council (ISC) constituent associations are eligible for full membership of ISBA, as are other schools which whilst not constituted under their own governing document are deemed eligible for full membership by the Board. Most member schools are educational charities. In addition, Associate membership is open to independent schools that are not in membership of the ISC. As at 31st December 2021 there were 1234 schools in membership of which 66 were Associate members (excluding international schools) and 56 were international schools. Over the year, there were 42 schools which joined. Some of these schools were part of school groups which were acquired over the year.

In 2021, 29 schools informed us that they would not be renewing. Of the 29 schools, 4 were international, 8 closed, 17 did not renew because of the pandemic, financial constraints or other reasons. Two schools hope to renew when there is less financial pressure.

There were 9 mergers throughout the year and 14 take-overs

Group Structure and Relationships

ISBA has two wholly owned trading subsidiaries, ISBA Enterprises Limited and ISBA recruitment Limited. Two members of the Board are directors of each company and the activities and performance of each company is discussed in Note 5.

ISBA is an active constituent association of the ISC. ISBA’s Chair and CEO are directors of the ISC. It also works closely with a wide range of professional advisers in its ongoing endeavours to ensure that the administration and ancillary services within independent schools are both efficient and effective.

To widen access to the help and support the ISBA provides, it also co-operates with many non-member schools – charitable, non-charitable, independent, and state maintained.

Risk Management

The Board is responsible for identifying and managing the risks faced by the Association. Detailed consideration of risk is delegated to the Finance, Risk, Audit and Assurance Committee which is assisted by the Head Office staff. Risks are identified, assessed and controls established. Whilst these controls are reviewed throughout the year, a formal review of the Association’s risk management processes is undertaken on an annual basis.

The key controls used by the charity include:

5

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Through the risk management processes established for the Association, the Board is satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed.

The principal risks and uncertainties facing the charitable company are:

Going Concern and the impact of COVID 19

During the accounting year and continuing after it, the effects of the COVID 19 pandemic are marked on the business of the Association and the independent schools’ sector in general. With different variations, and different timings in the four home nations, the UK joined other European countries in placing varying restrictions on internal and external travel and large gatherings of people. This caused ISBA to postpone the annual conference due to be held in May, to November 2021. With this cancellation and re-planning for November 2021, the decision was taken by the Board to alter the business model of the Association to one in which the core activity is covered by the income from annual subscriptions from schools, to charge for some online training, to start a business register and to start a recruitment business. It is estimated that, with the new income streams in place, and the revised subscription level, the end of 2022 will see ISBA in surplus by £172k pre-investment gains and losses. Cashflow forecasts have been completed for the next 26 months which predicts the Association will be in surplus each month. The annual cycle has low points, in December and January of each year, but those are identified, accurately predicted, and routinely discussed to ensure that they remain within the tolerance of the forecast.

In accordance with Charity Commission guidance, the charity retains sufficient reserves to enable it to continue in operational existence without interruption to the core services available to schools.

FUNDRAISING

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

OBJECTS, PUBLIC BENEFIT AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES

The object of the Company, in accordance with its Articles, is the advancement of education by the promotion of efficient and effective financial management, administration and ancillary services at independent schools, in so far as it is charitable to do so.

6

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Aims and Intended Effect

ISBA’s aim is to provide first class support to independent schools as businesses and charities for the public benefit. It achieves this through providing accurate and timely training, advice, and guidance, advising and assisting schools to help them benefit the public through achieving the highest possible standards of financial management, administration and ancillary services; and working closely with government, ISC, Non-Governmental Organisations and other agencies to ensure that the sector’s and the Association’s voices are heard as and when policy is being formulated or debated. In the furtherance of this aim the Directors, as charity Trustees, have complied with the duty in S17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act.

Objectives for the Year

The Board’s main objective continued to be the provision of a range of services, to at least the same high standard achieved by the Association in previous years. The strategy for achieving this has been to seek timely and accurate information and to disseminate it to members by the most appropriate means. This strategy was proven to be valued by member schools this year as the Association pivoted it normal training output to an online platform and a very frequent series of webinars.

Principal Activities of the Year

ISBA’s principal activities throughout the year have continued to be, as in past years, the provision of a range of services, advice, and support to independent schools; working closely with the government, the ISC, NGOs and other agencies to ensure that the sector’s and the Association’s voices are heard as and when policy is being formulated or debated.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Alongside the key focus for the year, the drafting and updating of many model policies, guidance notes, briefing notes and proforma contracts for the reference library, the Association conducted a continuous set of COVID 19 webinar briefings throughout the year to equip schools to safely deal with the everchanging effects of the pandemic on their methods of operating. The Association also continued to provide longer term support to member schools facing up to the effects of increased employer contributions to the Teachers’ Pension Scheme started in 2018.

Supporting schools

In 2021, the Association published 345 new items in the reference library, issued 57 Covid 19 bulletins and 10 monthly bulletins. The online reference library accessed via the members’ website, remains the focal point for advice and guidance, along with telephone and email support a total of 3728 questions were answered from schools. A wide range of staff in schools now access the website resource, which also offers six functional forum boards, the website now has more than 6,000 registered users.

The Association produced an impact report during the year outlining how it supports its members available here: https://www.browseandread.co.uk/bursars-review/impact-report-2022/

Recruitment

The ISBA vacancy board on its website is well established and receives an average of 4500 visits per month. This free resource for schools is a popular addition to schools’ own recruitment campaigns. The locum service for the provision of interim bursar support continued to assist schools during their recruitment phases and proved to be an affordable option for many schools.

In addition, in November 2021, ISBA formed a second trading company to deal with the recruitment of Bursars and senior support staff to member schools. Early results for this paid for service are encouraging.

Advice and Guidance

A total of 3728 requests (3520 in 2020) for information either in the form of phone calls or emailed requests were made to, and answered by, the Association during the year.

7

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

PROFESSIONAL DEVELOPMENT

General

Prior to the pandemic restrictions the Association ran a small number of “in person” events; these were:

In addition to the training above, 6164 delegates attended 81 webinars on various topics connected to COVID 19 and on the effects of the pandemic on the sector. Some of those webinars covered core skill subjects for support staff when the effects of the pandemic were stable at various points in the year.

So, you want to be a bursar?

We continued to run this course three times per year, online, with additional 1 to 1 support of potential new entrants to the profession.

New Bursars’ Course

We look forward to re-establishing this residential course. In the meantime, newly appointed Bursars have a one-hour training session per month on subjects they select to deal with subject matter areas with which they are unfamiliar.

ISBATV

Each of the webinars has been recorded and is available via ISBA TV.

Support to regional groups

Throughout the year we have run regional group meeting virtually. These have varied in frequency from completing the cycle of meeting from every three weeks when the pandemic was at its height, to every half term now that the transition has started towards normal patterns of working.

E-learning - Safeguarding (in association with Educare)

The e-learning Safeguarding programme was launched in 2015. The programme is aimed at recently appointed members of the senior management team or governing body who are managing safeguarding in schools. The programme is actively being used by member schools.

E-learning – Health and Safety (in association with Educare)

The e-learning Health and Safety programme was launched in 2016. The programme offered new members of a school’s senior management team and governing body a comprehensive online introduction to the statutory health and safety regulations for independent schools. Similar engagement from member schools as with the safeguarding programme.

Board Presentations

ISBA has delivered an increasing number of strategic presentations to Boards of Governors and senior leaders in member schools, covering the nature of, and responses to, threats and issues facing the independent education sector.

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Net incoming resources for the financial year ended 31 December 2021 of £579,509 (2020 net outgoing resources £846,156) before any gains or losses on investments. The prior year’s result reflects the very significant reduction in revenue generating activity caused by the Covid 19 pandemic.

Total funds held at the year-end were £1,438,327 (2020: £717,013). The Association's free reserves (after deducting the carrying value of tangible fixed assets held for the charity’s own use) have increased from £603,074 to £1,354,385. The Board keep the reserves policy and level under regular review by balancing the need to have funds available to meet unexpected contingencies with investing in new products and services to meet member needs.

8

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Reserves Policy

The current reserves policy has been in effect since July 2015. It requires sufficient free reserves be held:

Free reserves should be between 65% and 75% of average expenditure over the previous 5 years which equates to between £1,357,180 and £1,565,976. The ISBA Group’s current free reserves are £1,354,385 which is below the average. The pandemic caused a sharp drop in earnings for the ISBA Group, the main income planned for the year due from the annual conference could not be realised as restrictions of gatherings would not allow any of the planned training events to be held. As a consequence, the reserves the Group holds has had to reduce to support the minimised running costs of the Group this year. It is anticipated that the reserves holding will be back within the policy limits by December 2023.

Investment Policy, Objectives and Performance

ISBA, advised by its retained professional fund managers, invests its reserves according to two objectives:

During 2016 the investment policy was set to achieve a return target of RPI plus 2% with a hard drawdown limit of 30% but with notification to the ISBA if the figure of 20% is reached. This was to provide Rathbones with greater flexibility in applying the policy. The returns target was comfortably exceeded in 2021.

FUTURE PLANS

The strategic themes are:

The objectives were tested to the full during 2021 as the Association continued all its training online and reacted with training, template policy documents, advice, and guidance promptly to the ever-changing demands of the pandemic. The rapid planning and delivery of a national annual conference was achieved in November 2021 and stands out as the singular face to face event and was considered a success by all who attended. The operational plan to deliver the above objectives was thus met and exceeded in 2021.

9

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the group and of its net outgoing resources for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s and group transactions and disclose with reasonable accuracy at any time the financial position of the charity and group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITORS

So far as each of the Trustees of the charity at the date of approval of this report is aware:

Crowe U.K. LLP have expressed their willingness to continue in office as auditors and a resolution proposing their reappointment will be submitted to the forthcoming Annual General Meeting.

In preparing this report, the Trustees have taken advantage of the small company’s exemptions provided by sections 415A of the Companies Act 2006.

Approved by the Trustees of ISBA and signed on their behalf by :

fif�

E L Sharman Chair 

Date: 16 May 2022

10

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION FOR THE YEAR ENDED 31 DECEMBER 2021

Crowe U.K. LLP Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk

Opinion

We have audited the financial statements of The Independent Schools’ Bursars Association for the year ended 31 December 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Balance Sheets, the Consolidated 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 trustee's 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 or the group’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.

Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.

11

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken during our audit

Matters on which we are required to report by exception.

In light of the knowledge and understanding of the group and the charitable company and their environment obtained during the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

12

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10, 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 groups or 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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with the Acts 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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 auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and group for fraud. The laws and regulations we considered in this context were Charity Commission regulations and General Data Protection Regulation (GDPR).

13

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance, Risk, Audit and Assurance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on income recognition, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.

Use of report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006, and 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 members and trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Janette Joyce Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor Reading

Date: 23 May 2022

Crowe U.K. LLP 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.

14

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Consolidated Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
INCOME AND ENDOWMENTS FROM:
Charitable activities:
Subscriptions
Conference
Courses
Other
Income from investments
4
Other trading activities
5
Total income
EXPENDITURE:
Expenditure on charitable activities
8
Expenditure on raising funds
8
Total expenditure
8
Net income/ (expenditure)
Net gains on investments
12
Net Movement in Funds
Funds Brought Forward
Funds Carried Forward
15a		 Unrestricted Funds
Total
2021
Total
2020
£
1,056,041
558,839
251,288
395
90,951
130,578
1,621
181,890
18,470
19,039
1,369,178
94,896
2,787,549
985,637
2,056,417
1,823,531
151,623
8,262
2,208,040
1,831,793
579,509
(846,156)
141,805
78,316
721,314
(767,840)
717,013
1,484,853
1,438,327
717,013

The statement of financial activities contains all recognised gains and losses in the year and the results reported relate to continuing operations.

The notes on pages 18 to 31 form part of these financial statements

15

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION COMPANY NUMBER: 06410037 BALANCE SHEETS FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
FIXED ASSETS
Goodwill
10
Tangible fixed assets
11
Investments
12
CURRENT ASSETS
Debtors
13
Cash on deposit
Cash at bank
CREDITORS
Amounts falling due within
one year
14
NET CURRENT (LIABILITIES)/
ASSETS
NET ASSETS
UNRESTRICTED FUNDS
Revaluation reserve
12
General funds
15a		 Group
2021
£
24,583
59,359
1,398,537
1,482,479
346,758
-
116,666
463,424
(507,576)
(44,152)
1,438,327
434,566
1,003,761
1,438,327		 Charity
2021
£
-
59,359
1,398,540
1,457,899
412,890
-
83,756
496,646
(472,628)
24,018
1,481,917
434,566
1,047,351
1,481,917		 Group
2020
£
-
113,939
1,247,607
1,361,546
257,887
101,977
396,822
756,686
(1,401,219)
(644,533)
717,013
291,886
425,127
717,013		 Charity
2020
£
-
113,939
1,247,609
1,361,548
240,105
101,977
301,269
643,351
(1,262,357)
(619,006)
742,542
291,886
450,656
742,542

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small company regime within Part 15 of the Companies Act 2006.

The profit for the year in relation to the charity only was £739,375 (2020: loss £742,311).

These financial statements were approved and authorised for issue by the Board of Trustees o n 16 May 2022 and signed on its behalf:

fif� E L Sharman Trustee

The notes on pages 18 to 31 form part of these financial statements

16

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

Cash flows from operating activities:
Net income/ (expenditure)
Depreciation and impairment of fixed assets
Amortisation of fixed assets
Loss on disposal of fixed assets
(Gains) on investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of intangible assets
Investment income
Investment managers fees
Net cash (used in)/ provided by investing activities
Change in cash and cash equivalents in the year
Reconciliation of net cash flow to movement in net
funds:
Net funds at 1 January
Increase/ (decrease) in cash in the year
Net funds at 31 December
Cash at bank
Cash on deposit

The notes on pages 18 to 31 form part of these financial statements

17

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1 Company information

The Charity’s principal activities are the provision of a range of services, advice, and support to independent schools; working closely with the government, the ISC, NGOs and other agencies to ensure that the sector’s and the association’s voices are heard as and when policy is being formulated or debated. The charity (company number 06410037 and charity number 1121757), is incorporated and domiciled in the UK. The address of the registered office is Bluett House, Unit 11-12, Manor Farm, Cliddesden, Basingstoke, Hampshire, RG25 2JB.

2 Accounting Policies

Basis of Accounting

The financial statements have been prepared in accordance with 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 1A (effective 1 January 2017), the Charities SORP (FRS 102), and the Companies Act 2006.

ISBA meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Basis of Consolidation

The group financial statements consolidate the financial statements of the Charity and its subsidiary undertakings, ISBA Enterprises Limited and ISBA Recruitment Limited up to 31 December 2021. All inter-group transactions are fully eliminated on consolidation.

The Charity has taken exemption from presenting its unconsolidated income and expenditure account under section 408 of Companies Act 2006. The parent company’s profit for the year was £739,375 (2020: loss £742,311) .

Going Concern

During the accounting year and continuing after it, the effects of the COVID 19 pandemic are marked on the business of the Association and the independent schools’ sector in general. With different variations, and different timings in the four home nations, the UK joined other European countries in placing varying restrictions on internal and external travel and large gatherings of people. This caused ISBA to postpone the annual conference due to be held in May, to November 2021. With this cancellation and re-planning for November 2021, the decision was taken by the Board to alter the business model of the Association to one in which the core activity is covered by the income from annual subscriptions from schools, to charge for some online training, to start a business register and to start a recruitment business. It is estimated that, with the new income streams in place, and the revised subscription level, the end of 2022 will see ISBA in surplus by £172k pre-investment gains and losses. Cashflow forecasts have been completed for the next 26 months which predicts the Association will be in surplus each month. The annual cycle has low points, in December and January of each year, but those are identified, accurately predicted, and routinely discussed to ensure that they remain within the tolerance of the forecast.

In accordance with Charity Commission guidance, the charity retains sufficient reserves to enable it to continue in operational existence without interruption to the core services available to schools.

Income

All income is credited to the Consolidated Statement of Financial Activities on a receivable basis. Income received relating to subscriptions and to courses and conferences to be held in the following financial year is treated as deferred income and included within creditors in the Balance Sheet.

18

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Resources Expended and Allocation of Expenditure in the Statement of Financial Activities

All expenditure is accounted for on an accruals basis. Expenditure is accrued as soon as there is a legal or constructive obligation, it is probable that settlement will be received and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged against the category of expense to which it relates.

Charitable expenditure is disclosed by functional activity, with all direct and indirect costs (including both support and governance costs) being attributed to each category; where costs are not wholly attributable to an expenditure category they have been allocated on the basis of usage. All conference expenditure is accounted for as charitable expenditure on the basis that the premise of holding the conference is in furtherance of ISBA’s charitable activities.

Staff costs have also been allocated according to the estimated time spent by staff working on each charitable function.

Governance costs are those associated with constitutional and statutory requirements.

Intangible Fixed Assets and Amortisation

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Statement of Financial Activities over its useful economic life.

Amortisation is provided at the following rates:

Goodwill - 20% straight line

Fixed Assets and Depreciation

Items of equipment and furniture costing under £1,000 are written off in the year in which purchase occurs. Depreciation is calculated to write off the cost of fixed assets, by equal annual instalments over their expected useful lives on the basis of:

Short term leasehold improvements – over the term of the lease Office equipment and furniture - 3 years

Assets under the course of construction have no depreciation applied to them.

Investments

Investments are included at market value on the Balance Sheet date. Any gain or loss on revaluation or disposal is taken to the Consolidated Statement of Financial Activities. Investment income is recognised in the period to which it relates.

Recognition of Liabilities

Liabilities are recognised when the Association has an obligation to make payment to a third party.

Taxation

As a registered charity, the Association is entitled to tax exemptions on all its income and gains, properly applied for its charitable purposes.

19

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2 Accounting Policies (continued)

Funds

Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects or administration of the charity.

Operating Lease Rentals

Operating lease rentals are charged to the Consolidated Statement of Financial Activities on a straight line basis over the term of the lease.

Pensions

Contributions to employees’ private pension schemes are charged to the Consolidated Statement of Financial Activities as they accrue. See more detail in Note 7.

Debtors

Trade debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank

Cash at bank and 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.

Financial Instruments

The charity only has financial assets and 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. Note 19 provides more information in respect of this area.

3. Significant judgements and estimates

In the application of the charity’s accounting policies, which are described in note 2, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

The Trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

20

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

4 Income from investments

Income from investments
Cash held on deposit
Dividends		 2021
£
-
18,470
18,470		 2020
£
132
18,907
19,039

5a ISBA Enterprises Limited

The Charity owns 100% of the ordinary £2 share capital of ISBA Enterprises Limited, a company registered in England and Wales (Company number 04334495). The registered office address can be seen under Note 1. The trading subsidiary participates in trading activities relating to the Association and donates all its taxable profits to the ISBA.

Its trading results for the year are extracted from their audited financial statements below:

Turnover*
Administration expenses
Net profit
Covenanted to ISBA
Retained in subsidiary		 2021
£
1,360,428
(384,856)
975,572
(950,043)
25,529		 2020
£
94,896
(120,425)
(25,529)
-
(25,529)

The subsidiary donates all its profits to ISBA each year under a Deed of Covenant.

The Deed of Covenant payment of £950,042 (2020: £Nil) and the management charge of £380,635 (2020: £115,227) totalling £1,330,677 ( 2020: £115,227) , will be paid to ISBA. These have been eliminated upon consolidation.

At 31 December 2021 the net assets of ISBA Enterprises limited were £2 (2020 net liabilities: £25,527).

21

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

5b ISBA Recruitment Limited

The Charity owns 100% of the ordinary £1 share capital of ISBA Recruitment Limited, a company registered in England and Wales (Company number 13714857). The registered office address can be seen under Note 1. The trading subsidiary participates in recruitment activities and will donate all its taxable profits to the ISBA.

Its trading results for the year are extracted from their management accounts below:

Turnover
Cost of Sales
Administration expenses
Net profit
Covenanted to ISBA
Retained in subsidiary		 2021
£
8,750
(8,750)
(43,590)
(43,590)
-
(43,590)

The subsidiary will prepare its first set of audited financial statements to 31 December 2022.

A management charge of £42,416 will be paid to ISBA. This has been eliminated upon consolidation.

At 31 December 2021 the net liabilities of ISBA Recruitment limited were (£43,590).

6 Net (Outgoing)/Incoming Resources

Net(outgoing)/incoming resources is stated after charging:
Auditor’s remuneration:
For audit services
Non audit
Depreciation and impairment of tangible fixed assets
Amortisation
Operating lease rentals		 2021
£
11,025
500
80,392
417
27,092		 2020
£
9,865
-
55,748
-
26,502

22

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

7 Staff Costs

Staff costs comprised:
Wages and salaries (including agency salaries)
Social Security costs
Other pension costs
Other staff costs
The average number of persons employed during the year
Aggregate employee-benefits of key management personnel:		 2021
£
598,502
63,279
58,435
16,297
736,513
9
451,984		 2020
£
635,118
70,412
63,503
15,667
784,700
12
439,654

Key management personnel include the Trustees and the Senior Management Team noted on page 2 of the financial statements.

The number of employees whose emoluments exceeded £60,000 were:

£60,001 - £70,000
£70,001 - £80,000
£90,001 - £100,000
£140,001 - £150,000		 2021
No.
-
3
1
1		 2020
No
2
1
1
1

In the year contributions were made for 4 higher paid employees to a defined contribution pension scheme ( 2020: 4 ).

Included within staff costs is £11,539 ( 2020: £Nil) in relation to settlement costs.

No fee or other remuneration is payable to the Trustees other than the reimbursement of costs incurred in attending meetings. All the Trustees claim for these expenses which totalled £2,329 ( 2020: £1,477) .

Pension Costs

The Charity paid into 8 (2020: 10) defined contribution pension schemes. The assets of the schemes are held separately from those of the Charity in independently administered funds.

The pension cost charge represents contributions payable by the Charity to the fund and amounted to £58,435 (2020: £63,503) . Other staff costs include £5,409 (2020: £5,358) for Death in Service benefits for all employees, £6,891 (2020: £7,586) for BUPA, and £3,997 (2020:£2,722) for staff benefits.

23

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8
Analysis of Resources Expended
Support
Costs
£
Staff
Costs
£
Other
Costs
£
Charitable Activities
Charitable donations
-
-
900
Conference expenses
9a
75,676
176,248
577,712
Course expenses
9b
135,510
315,596
34,087
Advice, guidance, and
information
9c
91,085
186,264
388,389
302,271
678,108
1,001,088
Expenditure on Raising
Funds
Investment management fees
-
-
9,345
Website supplier directory
25,078
58,405
-
Bursar Recruitment
757
-
51,166
Total Resources Expended
328,106
736,513
1,061,599
Included in support costs are governance costs of £14,635 (2020: £11,048).		 Amortisation/
Depreciation/
impairment/
loss on
disposal
£
-
19,481
34,882
20,587
74,950
-
6,455
417
81,822		 Total
£
900
849,117
520,075
686,325
2,056,417
9,345
89,938
52,340
2,208,040

2020 Comparative figures

Charitable Activities
Charitable donations
Conference expenses
9a
Course expenses
9b
Grants to the regions
(institutions)
Advice, guidance, and
information
9c
Expenditure on Raising Funds
Investment management fees
Total Resources Expended		 Support
Costs
£
-
67,534
129,989
-
42,995
240,518
-
240,518		 Staff
Costs
£
-
146,044
283,548
-
355,108
784,700
-
784,700		 Other
Costs
£
900
11,097
78,518
4,942
647,108
742,565
8,262
750,827		 Depreciation/i
mpairment
£
-
15,788
30,331
-
9,629
55,748
-
55,748		 Total
£
900
240,463
522,386
4,942
1,054,840
1,823,531
8,262
1,831,793

24

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

9 Allocation of Support Costs

Conference
Expenses
£
Course
Expenses
£
Advice,
guidance,
and
Information
£
Website
supplier
directory
£
Bursar
Recruitment
£
Premises costs
10,599
18,979
11,201
3,512
-
Human resource costs
12,674
22,694
24,501
4,200
-
Communication costs
27,460
49,171
29,021
9,100
45
General office costs
14,674
26,275
15,508
4,863
12
Strategic projects
5,302
9,494
5,603
1,757
-
Governance costs
3,335
5,972
3,524
1,105
700
Travel costs
1,632
2,925
1,727
541
-
75,676
135,510
91,085
25,078
757
2020
Conference
Expenses
£
Course
Expenses
£
Advice,
guidance,
and
Information
£
Total
Allocated
£
Premises costs
15,578
29,926
9,501
55,005
Human resource costs
11,705
22,486
7,139
41,330
Communication costs
17,844
34,279
10,882
63,005
General office costs
13,865
26,887
8,456
49,208
Strategic projects
3,998
7,680
2,438
14,116
Governance costs
3,129
6,011
1,908
11,048
Travel costs
1,415
2,720
2,671
6,806
67,534
129,989
42,995
240,518
9a
Conference expenses – other costs
2021
2020
£
£
Conference accommodation
204,690
-
Conference overheads
189,220
11,097
Conference exhibitors and sponsorship
183,802
-
577,712
11,097
9b
Course expenses – other costs
Training expenses
34,087
78,518
34,087
78,518
9c Advice, guidance, and information – other costs
Professional expenses in the provision of advice and guidance
to member schools
215,614
456,962
Human resource costs
154,584
156,049
Other costs
18,191
34,097
388,389
647,108		 Total
Allocated
£
44,291
64,068
114,797
61,331
22,156
14,635
6,828
328,106

25

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

10 Intangible Assets

Intangible Assets
Cost
At 1 January 2021
Additions
Impairment
At 31 December 2021
Depreciation
At 1 January 2021
Charge for year
At 31 December 2021
Net Book Value
At 31 December 2021
At 31 December 2020		 Goodwill
£
-
25,000
-
25,000
-
417
417
24,583
-

11 Tangible Fixed Assets – Charity and Group

Cost
At 1 January 2021
Additions
Impairment
Disposals
At 31 December 2021
Depreciation
At 1 January 2020
Depreciation charged in the year
Disposals
At 31 December 2021
Net book value
At 31 December 2021
At 31 December 2020		 Office
Equipment
and Furniture
£
51,390
19,023
-
(2,005)
68,408
48,241
4,502
(992)
51,751
16,657
3,149		 Assets Under
Course of
Construction-
Website &
Database
£
111,485
7,802
(65,776)
-
53,511
695
10,114
-
10,809
42,702
110,790		 Short-Term
Leasehold
Improvement
£
9,234
-
-
-
9,234
9,234
-
-
9,234
-
-		 Total
2021
£
172,109
26,825
(65,776)
(2,005)
131,153
58,170
14,616
(992)
71,794
59,359
113,939

26

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

12 Investments – Charity and Group

Listed investments
Market value at 1 January
Additions
Disposals
Revaluation (losses)/gains
Total investments
Cash awaiting investment
Market value at 31 December- Charity
Less £3 investment in subsidiaries
Market value at 31 December- Group		 2021
£
1,222,718
87,963
(111,303)
141,805
1,341,183
57,357
1,398,540
(3)
1,398,537		 2020
£
1,121,406
275,411
(252,415)
78,316
1,222,718
24,891
1,247,609
(2)
1,247,607

The charity holds a £2 investment in its trading subsidiary – ISBA Enterprises Limited and a £1 investment in its trading subsidiary ISBA Recruitment Limited, which must be deducted to arrive at the market value of investments for the group.

Historic cost at 31 December (excludes cash)
Listed investments in pooled funds comprise: -
UK equities
Overseas equities
UK fixed interest securities
Overseas fixed interest securities
Infrastructure funds
Property funds
Commodities
Hedge funds
Cash		 906,617
429,797
588,150
107,471
27,260
63,808
41,539
14,210
68,950
57,355
1,398,540		 930,832
357,639
534,485
127,042
28,460
60,712
36,456
14,623
63,301
24,891
1,247,609

Investments which comprise more than 5% of the market value of investments are: -

T Bailey Fund
AXA Framlington UK
Edgewood L Select Fund US
Scottish Mortgage Trust
Findlay Park Plc		 2021
Market Value
£
108,200
95,315
75,460
-
74,090		 2021
Cost
£
90,975
73,079
27,541
-
22,330		 2020
Market Value
£
94,172
83,710
-
70,412
68,080		 2020
Cost
£
91,066
73,107
-
18,885
31,475

The revaluation reserve figure on page 16 is calculated by deducting the historic cost figure (£906,617) from the total market value of investments figure (£1,341,183).

27

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

13 Debtors

Trade debtors
Other debtors
Amounts due from subsidiaries
Prepayments		 Group
2021
£
61,138
73,243
-
212,377
346,758		 Charity
2021
£
10,943
71,194
118,376
212,377
412,890		 Group
2020
£
18,008
67,952
-
171,927
257,887		 Charity
2020
£
18,008
67,917
-
154,180
240,105

Included within other debtors is a loan to the Independent Schools’ Mutual Limited for £20,330 (2020: £14,000) which is repayable in greater than one year.

14 Creditors

Trade Creditors
Taxation and social security costs
Other creditors
Amounts due to subsidiary
Accruals
Deferred income		 Group
2021
£
217,148
25,290
4,865
-
119,995
140,278
507,576		 Charity
2021
£
217,148
25,290
4,865
-
115,117
110,208
472,628		 Group
2020
£
31,360
783
2,586
-
170,494
1,195,996
1,401,219		 Charity
2020
£
31,360
783
2,586
871,489
166,614
189,525
1,262,357

The movements on deferred income relating to subscriptions, conferences and courses during the year were:

Balance at 1 January 2021
Amounts invoiced during the year in relation to subscriptions, conference & courses
Current year subscriptions, conference & course income
Balance at 31 December 2021		 £
1,195,996
1,731,831
(2,787,549)
140,278

15a) Net Assets of the Funds

The Charity’s and Group’s net assets belong to the various funds as follows:

Charity – Unrestricted
Non-charitable trading funds
Group		 Fixed
Assets
£
59,359
24,583
83,942		 Investments
£
1,398,540
(3)
1,398,537		 Net Current
Assets
£
24,018
(68,170)
(44,152)		 Fund
Balances
£
1,481,917
(43,590)
1,438,327

28

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

15b) 2020 COMPARATIVE - Net Assets of the Funds

The Charity’s and Group’s net assets belong to the various funds as follows:

Charity – Unrestricted
Non-charitable trading funds
Group		 Fixed Assets
£
113,939
-
113,939		 Investments
£
1,247,609
(2)
1,247,607		 Net Current
Assets
£
(619,006)
(25,527)
(644,533)		 Fund
Balances
£
742,542
(25,529)
717,013

16a) RESTRICTED FUNDS- Charity and Group

2021

There were no restricted funds in 2021.

16b) 2020 COMPARATIVE – Restricted funds

The funds of the charity include restricted funds comprising the following unexpended balances of donations held for specific purposes:

2020
Business interruption insurance
fighting fund		 Balance at
1 January
2020
£
-		 Incoming
resources
£
178,626		 Resources
expended
£
(178,626)		 Balance at
31 December
2020
£
-

17 Other Financial Commitments

At 31 December 2021, the Charity had future minimum lease payments under non-cancellable operating leases as follows:

Expiry:
Within 1 year
Within 2 – 5 years
Greater than 5 years		 Land & Buildings
2021
£
2020
£
19,688
26,250
-
19,688
-
-

17 Capital Commitments

At 31 December 2021 the group had capital commitments of £nil (2020: £5,997) .

29

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

18. Related Party Transactions

There were no related party transactions in relation to the group in the year, other than those disclosed in Note 5.

19. FINANCIAL INSTRUMENTS

Financial assets held at amortised cost are trade debtors, other debtors (less VAT debtor), amounts owed by group companies, cash at bank and cash on deposit.

Financed liabilities held at amortised cost are trade creditors, amounts owed to group companies, other creditors, and accruals.

Financial assets measured at fair value are investments.

GROUP
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost
Financial assets measured at fair value		 2021
£
200,183
342,008
1,341,183		 2020
£
597,727
204,440
1,222,718

The group’s income, expense, gains, and losses in respect of financial instruments are summarised below:

Interest income and expense:

Total interest income for financial assets held at amortised cost
CHARITY
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost
Financial assets measured at fair value		 -
233,405
337,130
1,341,183		 1,012
484,627
1,072,049
1,222,718

The Charity’s income, expense, gains, and losses in respect of financial instruments are summarised below:

Interest income and expense:

Total interest income for financial assets held at amortised cost - 1,012

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THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

20. COMPARATIVE 2020 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM:
Charitable activities:
Subscriptions
Conference
Courses
Other
Income from investments
Other trading activities
Total income
EXPENDITURE:
Expenditure on charitable activities
Charitable donations
Conference expenses
Course expenses
Grants to regions
Advice, guidance, and information
Expenditure on raising funds
Investment managers fees
Total expenditure
Net (outgoings)/ income
Net gains/(losses) on investments
Net Movement in Funds
Funds Brought Forward
Funds Carried Forward		 Unrestricted
Funds
£
558,839
395
130,578
3,264
19,039
94,896
807,011
900
240,463
522,386
4,942
876,214
8,262
1,653,167
(846,156)
78,316
(767,840)
1,484,853
717,013		 Restricted
Funds
£
-
-
-
178,626
-
-
178,626
-
-
-
-
178,626
-
178,626
-
-
-
-
-		 Total
2020
£
558,839
395
130,578
181,890
19,039
94,896
985,637
900
240,463
522,386
4,942
1,054,840
8,262
1,831,793
(846,156)
78,316
(767,840)
1,484,853
717,013

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