2023-12-31-accounts

R•gl•t8rnd Company No. 06410037 Rryi5t8Yed Charlty No. 1121757 THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE INDEPENDENT SCHOOLS. BURSARS ASSOCIATION CONTENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS P•g• Charty Infonnalion Trustee8' Re￿rt 4-11 Inde￿dent Auditorfs ReF 12- 15 Con801idated Stalem8nt of Fin8ncial Acllvltl8$ 16 Bdance Shoets 17 Consolidatod Cash Flow Stalemont 18 Notes to the Flnanc481 Statements 19-32

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 CHARiff TRUSTEES The Charity Trustees of the Independent Schools, Bursars Association Charty {'ISBA' or the 'Associatlon'l are the members of the Board. They have all served Ihroughoul tho year &xc8pt where indicated. Together wlth past Trustees who sepled in the year as Indicated. th6y are.. Neil Cufiey Nichdas Shryane Jthn Wilder Amanda Webb Giles Brand Alison Higglns. Miles M8¢Eacham' Kathryn Pillar Andrew Lowden Nicolas Oodd Kelly Freernan Vanessa Lakatos David Navarro Nicola Marlow Noman Patterson Chair Vice Chair Vice Chair Vice Chalr Resigned 10 Juty 2023 Appointed 10 July 2023 Appointed 10 Juty 2023 Chair of FRAAC Appolnted 10 Juty 2023 Chalr. Scottish BupJar8 Cwted Appointed 10 Juty 2023 Appointed 10 Juty 2023 Appointed 10 July 2023 Appointed 10 Juty 2023 Appointed 10 July 2023 Resigneé 10 July 2023 ' Membar of the Finance, Risk, Audlt and Assurance Commlttee {FRAACI The Chalr and Vlcé Chairs are ex-officlo member8 of FWC. KEY MANAGEMENT PERSONNEL Chief Executive David Woc¥Jgate CIMef Operating oificer John Murphie Executlve Oirector Barbara Jad(son 'rector of Learnlng and Professlon81 Development Helen Woods In March 2023 ISBA surrendered its lease to ils fcTher physical premises 81 Bluell House, Cllddesden, Basingsloke. From 1 Apnl the associalion operated entsrely on a remotelvirtual basis. For regulatory, stslulory 8nd leg81 purposes Ils registe￿d offlce Is rK)w'. 167-169 Great PortlaThl StreeL London, W1W SPF Website.. vhyw.thelsba.org.uk

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 ADVISERS Bankers: Lws TSB Bank plc Basingsloke Branch 2 Winchesler Street Basingsloke Hampshire RG217EB Audltorn: Crw U.K. LLP Aquis House 49- 518lagrave Street Reading RG1 1PL Sollcltor8.' Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH In•urAnc• Brok•r•: End$le￿h In$urane8 Servl¢es Llmited Quadrangle Imped81 Square Chelienham GLSO 1PZ Inv•*tm•nt Man•g•r•: Raihbone Investment Management Llmlted Port of Llverpool Building Pier Head Liverpc(Jl L3 INW

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report for the year ended 31 Oe¢ember 2023 under the Companles Act 2006 and the Charities Act 2011 and the audited accounts for the year. REFERENCE AND ADMINISTRATIVE INFORMATION Founded In 1932, ISBA was eslablished as an unineorpor8led tharily under a trust deed in 1964 and registered with the Charity Commission under charity number 313680. In October 2007. it became Incorporated 8s a Charitab￿ company wth the liability of members being Ilmlled to £10 each by gu8ranlee. under company number 06410037 and tharily number 1121757. Details o( ISBA'S Registered Office and key personn81 are on page 2., prolessit)n818(fvi$ers are on page 3. STRUCTUR& GOVERNANCE AND MANAGEMENT Gov•rnlng Document IS8A is governed by ils Articles of A$8ociatlon. approved 17 M8y 2011. ellective from 1 January 2012. and a8 amended 17 May 2017 and 10 Juty 2021. R•crultment and Tralnlng of Trn•l••• IS8A's elected Trustees. urKler thè Articles, a￿ the mwnbars of the B08rd of Dlreclors. They are appointed al the Annual General Meeting followng a ballot of ordinary members. New Trusl8eslDireclors attend an inducllon day lo learn about the workings of thè A$80¢iation and Iheir duli8$. As all Trusleos are bursars, Ihey are familiar with the r6sponsibili1S88 of charlly tru5tee$ and wmpany directors by wrtue of their appointments within schools with charitable status. As part of their Contlnuous Professlon81 Development, 811 Directors aim lo allend Ihg Annual Confer8nce. reglonal updates, and other professional developrnenl courses. Organlsatlonal Manag•ment ISBA Is Managed by a Board of Directors of up lo twelve members 018Cted by ISBA members. The directors In lum eb¢l from amongst their number a Chair and up lo two vic￿balr$ l¥vhos& membership of the Board S becauso of an election by members, bul whosè 8ppoinlmenl as Chair and Vice Ch8ir is by eleclion by lellow Board members). The Board meets regulady lo direcl the strategic dlreclion of Ihe A8SOCi8tion and lo agree policy on any matters relevant lo its staled objectives. The Chair of the Scottlsh Bur9ars ASs￿latIon is c￿Opted as the thirteenih Direct¢x. ISBA has established a committee structure whlch challenges and scrulinises policies and plans before fL*II Board approval. The Association's accounts a￿ managed by its virtual Head Office. The Finance, Risk, Audit and Assurance Commiilee IFRAACI has responsibilily for overseeing the accounting and financial work of Ihg amployed staff and pre8enlalion of the financial stalemenls to Ihe AGM. Al the start 012023. ISBA emFAoyed thirteen staff." Chief Execulbve Offlcer ICEO), Chief Operats'ng Officer ICOO), Executive Director, Director of L8aming and Professional Developmenl. Director of Advice and Guidance, Two Membership Co-Man8gers, Event N1anager, Profes81onal Developmenl CMrdinator, a Ctynmerci81 and Business officer, a part-lime Accountant, an 8ccounls technician. and a Professional Development Assistant. Additionally, ISBA retained the specialist services of consultants and contractors lo support Ihe full-time employees. The CEO, COO and ExeculNe Director are the key management sponsible for day-l04ay managemenl of ISBA. INote.- ISBA has hisloricalty relied on a number of self- employed consullanls. Th1$ was appropriate for its operating model. However in 2024 all consultants S￿11 become lull lime employees lo reflect changing working pallom5 and demands on the associallon of Ils service. ISBA by end 2024 will have around 21 pernanenl members ￿ stsff.} The refflunerati￿ of the CEO18 reviewed by the Remuneration and Nominellons Ciynmittee. Amendments to the Articles of Association were agreed unanimously al th8 2021 AGM. These amendments brought the Articles into line with current legislation and best pract￿e, amended criteria for membershlp and devolved certain decision-making responsibilities from the AGM to the Board of Directors.

THE INDEPENDENT SCHOOLS. BURSARS ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Pl•rnbernhip All independent schools which are separalety constituted under th￿r own goveming document and whose Head is in full membership of one of the Independent Schools Counal IISCI consllluent associations are eligible for fvll membership of ISBA. as are other schools which whilst not consliluled under their own goveming document are deemed eltqible for full membership by the Board. Most member schwls 8re educallonal charities. In addition, Assou81e membership is open lo independent schools Ihal are not in membership of the ISC. As of 31st December 2023, the￿ were 1225 schools in membership of which 215 were Associate Members. or the Associate Members. 158 *tre UK sthools and 57 were intemational schoc4$. Over the year, 34 schools jo5ned. Group stru￿1• and R01•tlon$hlps ISBA has two wholly owned tradlng subsidlaries, ISBA Enterprises Limit9d and IS8A Recrultsnent Limited. Two members of the Board are dlreGtor5 01 each company, and the acliwties and performance of each cornp#ny are d18cussed In Note 5. ISBA 1$ an artive ¢on$liluenl assc¢lation of the ISC. ISBA'S Chair and CEO are directors of the ISC. It also works ¢losely wllh a wide range of professional advlsers in Ils ongthng endeavours lo ensure that the administration and anallary seNi¢es within independent schw15 ore Ixrth efficient and effective. Rlsk M•n•g•rn•nl Th6 Board Is responsible for Identifying and managlng the rlsks faced by the Associats'on. Detailed conslderallon of rlsk 1$ delegated to the Flnance. RSsk. Audll and Assurance Committee which Is aSSi￿ad by Ihe Head Office staff. Risks are identified, assessed and conlrols estsblished. Whilst Ihese controls are viewed throughout the year. a fomial r8view ol the Agsoaation's risk management proces￿ Lq undartaken on an annual basis. The key controls used by the chartly includ8'. dear poliiies and procethjres lo gulde govemanco., scheme of deleg8llon detaikd Terms of Releronce all Commlttees and offurs.. comprehenslve slr81egic planning. budgellng, and manBgem8nt accounting- established organi$alional slruclure and lines of r8POrting', lornial written pc4icie$.' arKI d88r aLrtIKJrisabM and written approval bevels. Through the risk management prwesses &slablished for the Association, the Board is 5atisfi6d that Ihe major rlsks Identified havo been adequately mitigated where necessary. The risk register is regularty reviewed by the Board. 11 is recognised thal system5 ¢an only pmvide reasonable, but not Hbsolule. Bssurance that major risks have been adequalety mBnaged.

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The pmopal nsks and uncertainb'es facing the ch￿table cx)mpany are.. Financial ~ a decline in membership numbers, leg81 liability for incmd Advice and Guidance, major event affecting the annual conference or fraud. Financial- a 5uddgn declSne in the value of the ISBA reseNe funds. Reputational failure to provid8 sound advice lo membeTr or ¢>)mpllan¢8 Issues wtthin th& Association. Personnel - the inability lo recrult and relain staff wlh the appropriate skills and experience. CompetrtlV8 - the Association oper8tes in a dynamic, evolving market with numerous commercial 'compelilors',' Tr8inlng- eh8ngas in routes lo entry and background experience of new entrants to the profession; Resource-r8laled - ensuring that the ASS0aatN￿ has the capaaty to meet member needs in the luture., Governance- a lack of strategic direction and forward planning.. and S8Ctoral- a material diminutlon in the number of independent schools. nd ve During th8 accounting year the independent schools, sector, like all other business sectors hos wntlnued its recovery from tha impact of COVID and the mid 2022 budget by the Ithenl Ch8ncellor, Kwasi Kwarteng whose policies eXaCe￿aled the existing pressures exerted by inflation and higher interest rale5. Inllallon peaked in November 2023 and the subsequent improvement is wdcome, interest rates continuo to be higher than the UK is accustomed lo. The Board has been actively monitoring the wider economy and tis effects on the sector. The risks p08ed by the economy and more widely are deflned in the risk register and regulady updated. It is estsmated that, with a modest increase in subscript￿n levels, the end of 2024 will see ISBA in surF4us by £154k pre-inveslmenl gains and Ioss88. Cashflow lorecasls have been completed forthe next 26 months which predicts the Associallon will be In cash surplus each month. The annual cycle has low polntg, In Decemb8r and January of each year, bul those are Identified, accurately pr8dlGted, and roullnely discussed to ensur8 that they remain within the tolerance of th8 forecast. The ISBA Board is well briefed on Ihe potential changes to the la¥alion aRd status of ¢haril8ble schools. As a charity itself the Association has 8 fealislic 5-year plan based on currenl legi51alion and Is working up 8¢enartog lo reflect the p03sible changes a new govemmenl may bring in lal8 2024 or early 2025. In a¢ctydanc6 Wth Charity CommIs$i￿ guidanrA. the tharlty r8t•'n$ $uffld8nt rese￿89 to enable it to continue In operational oxislence wllhout iTrlerrupllon to the ctye 5ep4ices avoi18ble lo schools. FUNDRAISING The ch*lty had no fundr8i5ing activities rewiTlng dlsdosure under S162A of the Charllies Act 2011. OBJECTS, PUBLIC BENEFIT AIMS, 08JECTIVES AND PRINCIPAL ACTIVITIES The object of the Company, in accoTd8nce with ils Articles, 15 the adv8n¢ement of education by the promotion of efficient and effective finanaal rnanagemenl. 8dminislralion and anc4Nary services 81 irmlependent schods, In so lar as il is ch8ntsble lo do so.

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Alms and Intended Effect ISBA'S aim Is lo provide first dass support to independent schools as businesses and charities for the public benefrt. It aCh￿ve$ this thr(wJgh providing accurate and tlmely training. advice. and guidance, advising and as51sling schools lo help them benefit the public through achlaving the highest possible standards of finanryal management, adrninistration and ancillary services; and working dos8ly with govemmenl, ISC, Non-Govemmental l>ganisalion5 and other agencies to ensure that the sectols 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 Truslaes, have complied with the duty in S17{5) of the chaiiti.es Act 2011 lo have due regard lo the Charity Ccfftmission's puuished general 8nd relevant sub-sector guidance C4)ncemlng the operation of the Publ1¢ Benefit requirèm8nl under Ih8t Act. Obj•ctlv•¥ for the Y••r The Board'8 main objective C￿lInued to be the prniiion of a range of membw f¢x¥sed 6eivi¢e8, to at least the same hlgh standard achieved by the Association in previous years. The strategy lor aehSeving this has been Io seek limely and accurate infomialioll and lo disseminate il lo members by the most appropriate means. This strategy was proven to be valued by membef schools and lomis the ￿re ol ISBA'S advice. guidance, and training oulpuls. The Association 8150 continued lo offer 8n¢lllary seNlce$ relevant lo its member8 needs lo promote Ils charflable purposes and to deliver effective business orientated support lo thos8 meml)er5. PrSncSp•l A¢llvltl•¥ of th• Y•ar IS8A's prlncipal 8CtlvKles through(yJt the year hove e4Jntlnued lo be, 86 In past years, the provl8ion of range of services, advice. and sUPPOrt lo independent schools., worklng closely with the government. the ISC, NG05 and other agencles lo ensure that the sector'5 and lh6 Asso¢iallon's vol¢o8 are heard as an(i when policy is being forrnulal6d or debated. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR AJry)g5ide th6 key fcus for the year. Ihe drafting and updating of many model policies, guidance notes, briefing notes and profoma contracts for the reference Ibrary, the Association conducled 8 continuous sat of weblnar brtefings throughout Ihe year lo equip schcM)Is lo continue lo recover from the p8ndemic and r&lvm to normal m8lhods of operation whlle planning lor a ch8nge of government. The Association also continued lo provide longer term support to member $thool$ fadng up lo Ihe effects ol increased employer conlnbulions to the Teachers, Pension Scheme contribut￿n$ lo which have increased from 16.68VA to 28.68% ov8r the perlod 201910 2024. Impact Report In accordance with best pracllce for reglstered tharilies, ISBA produces an Impacl Raptyt every two years outlining the way5 in which Its charilabl8 adNlties impact on 115 rnembership. This goes into great detail on the source and application of funds and the activities of the charity. A copy can be viewed via thls link.. Ips,'Ilheyzine.comlflip-bookllmpacLRepoLtJ024 Supportlng school• Annual ¢onf6renca A total of 468 delegates attended the annual conference. As a new departure for ISBA Ihg annual Ilerence Wan wlh a professional devekipmenl master c18ss for 240 delegates. The person81 development session was followed by a two4ay progTamme includlng three keynote seswons and 20 breakout sessions delivered by 49 speakers. In 2023. the Association published 476 new items in the reference Ilbrary, issued 29 weekly bulletins and 11 monthly bulletins. The monlhty bulletin in September 2023 had a 53.7% openiro rale and IS8A's weekty bulletin number 2S sent on 2 November 2023 had a 45.2•A open rate. These rates reflect the fact that the bullets"n5 are sent lo all staff who are registered useT5 of ISBA'S online services.

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The ry)line r8f8rer)ce library, a￿essed the members, webslte. remain$ the focal point for advlce and guidance, along vAth telephone and email support lo schools and other associations. A totsl of 2.032 questions were answered in 2023. A wde range of staff in schools access the website resource, vthith 8130 offers six lunctional forum board5, and the website now has rnore than 5,600 ￿gIstered users. In addition to four issues of the Bursarfs Rewew (three tennly m8gazlnes plus the ¢onferenc& issue), thre8 SUPF4ements were published for members (on finance and risk, allemative busine$$ models lor schools and artifldal intelligence) in 2023. Rocrultsn•nt The ISBA vacancy board on ils webslle Is well established and receives an average of 4500 vlsits per month. This free TeS￿jrce f(y SCI￿015 is a popular addition lo schools. own recruitment campaigns. The locum seryice for the prOVi￿On of intenm bursar support continued lo assist schools during their rec¥uitm8nt phases and Proved lo be an affcfdable option for many schools. In Novembw 2021, ISBA fomied a second Ir8dlng e4)mp8ny to deal with the recruilmenl of 8ursars 8nd senior support staff lo member sch¢￿￿$. This servic8 has placed 13 appc#ntees during 2023, wlth Ihls number pfojeGled lo increase in 2024. 126 requests for inlenm bursars were recwved in 2023. Advlc• ind Guidanc• A total of 2032 requests for technical advlce and guid8nce either in the form of telephone calls or emalled requesls were made to, and answered by, the As8ocIat￿￿ durfng the year. PROFESSIONAL DEVELOPMENT In 2023, ISBA ran eight "in person. one day 8venl8 as follows, wllh a total number of 1130 deleg8les'. Finance conleren¢e - 240 delegates. Estates and Health & Safety ccnlerence - 178 delegates HR conferenc8 - 233 delegates HMC IAGBIS I ISBA Joint c￿ferenCe- 216 Mock Employment Tribunal - 57 delege¥ Strategy Half Day5 In the North, Southwest, Mldlands and South East with over 200 delegate$ attanding. In additiLY to the tralning obov8, 4950 delegates reglslered lo allend 39 webinars on various topics covering fln8nce Ipensions. insurance, conlracls, scenario planning, FIA schemes, bjsiness rates re-evalu81ion elc.), employment law and people management. health and safely, safeguarding, inspections, cyber securfty, Al. GDPR. 6uslainability. thè Pr￿ect Duty Blll, and cal&rtng man8gem8nl. Safeguardlng onlln• programm• Two Safeguarding programmes for bursars and support staff vme delivered each cwprlslng of srx one- hour modules. Online Eleamlng Cour805 Cwrsas were held In logging and recording a major incldent and cyber security. In 2023. ISBA launched 115 onlin8 safer re¢ruilment ￿Urse for indgpendent schod staff io comthte in thw'r own Ilma. 75 deleg818s completed the courso. So. you want to be a bursar7 This introductory online course for peop￿ considerlng bursaring as a career was run three time5 In 2023 wrth a lotsl of 67 delegates 8llending. Each delegate received a 1..1 mentoring session from erther the CEO cf COO in addition lo preserrtalions from six speakers over lour onfrhour sessions. The Association is the only recruiter ID the independent schools, sector that attracts eandidales Irom the seclcx and vmder industry. readies them for intery￿. and supports them with a bespoke training course and mentoring in their first two ears in st.

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Newly Appolnted Bur•arJ' Course The Newly Appointed Bursars. programme of five one-hour onllne training session8 was delivered to three cohorts of burs8rs, coverlng subjects such as safeguarding, finanod reswmgbilities of a bursar, heatth and safety, govemance. estates managemenl and inspections. Conlenl was tailored lo training reqLsests from naw bursars. Averag8 attendance was betsveen 15-20 delegates per session. Jolnt •vents wlth oth•r assocIa￿on• As w8118s the jolnl c£Jnference with HMC and AGBIS in November 2023, Ihe assouations also ran Iwo one-hour joint weblnars in the spring and summer tenns, with 148 delegates attending in April and 248 in June. The sessions covered an overview ol sector threats and advice for schools lo best deal vthh these challenges. ISBA representatives have presented at e￿nIS by 5 of Ihe ISC A8sociation8 aThJ all of Its affiliates. Board Pre8entatlons ISBA h88 delivered an increasing number of slral8gic pre8enlalions lo Boards of Govemor8 and 8enior leaders In member schc<trls, covering the nature of, 8nd responses to. threats and issues facing the independent educats'on sector. the TPS issue and mergers and a¢quisilions. 3cotl•nd And Norlhern Ir•l•nd Glven speclnc economic and political factors impacting on Independent schoo15 in Sco118nd the Assocl8tlon has dellberately increased the support made available lo schools in thi5 part of the Uniled Kingdom. Equ8lly new inr(ialives have been mado lo widen sUPPOrt lo schools in both Northern Ireland and Ihe Republic of Irdand during 2023. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Net incomkng resources for the f￿anCIal year ended 31 December 2023 of £372,548 {2022 nel Incomlng resources £256,548) before any gains or losses inveslments. The prior year's result rellects the continuing recovery from the effects of the 2022 mid-ye8r budgeL Total funds held al tho year4nd were £1.903,862 {2022 £1,478,867). The As50cialion's free roserve$18ft8r doducting Ihe carying va￿• ol tangible fixed asse13 held for the charlty's own usel h8ve in¢r8a$&d from £1,346,74910 £1,689,201. The Board keep the reserves pollcy and level under regular review by balanclng the need lo have lunds avallable lo me61 unexpected contlngencies wilh investing In new products and seNices lo meet membef needs. RM•bves Pollcy The current reseryes policy has been in effecl since July 2015. 11 is hthvever reviewed and updaled by F￿c al least annually. It requires sufficient free resetves be held.. to respond lo a sudden increase or decrease In membership. and the resuftant costs of restructuring lo meel changed requirements. to resFMJnd promptly lo the Impact of futur8 leglslallon or regul8tLYy thange by way of Increased staffing, greater use of extemal advi$er5 and increased Advice and GuidBnce. lo respond lo any other adverse and uninsurable short-lerm event. lo set in motion prqects or other sirnilar work that wll benefit the membershlp as a whcAe 8nd furth8r the objects of the charfly,. arKI Free reserves should be between 65% and 75% of average exp8nditur8 over th8 prewous S years which equales to between £1,601.941 and £1,848,393. The ISBA Group s current free Teserves are £1,689,201 which is within the sel range. As predicted in the 2022 report, the reserves are back within the policy limbts. A sum of £500k will be designated as a fund to assist vlth the legislative changes anilcipated In the ngxl o years.

THE INDEPENDENT SCHOOLS. BURSARS ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Investment Pollcy, Objectlves and P•rfonnance ISBA. advisad by rts retsined professb)nal fund managers. Invests ils reserves according to tsvo objectives.. First, a short-lemi, readily available, and low nsk investment ￿1¢y. Se¢ond, a long-teryn investment policy to cover seeking to grow cawial wthlle generating an interest income dividend now. ISBA'S investment policy was sel lo achieve a return target of RPI plus 2% wlth a hard drawdown limit of 30% but wilh notification lo the ISBA rf the figure o120Vo is reached. Thls was to provlde Rathbones with greater flexibilrty in applylng the policy. The relums target has nol been ach￿ve(l in 2023. The investment manager's perfonnance is under review under the auspices of FRAAC. FUTURe PLANS The strategic themes are to: Maintain and extend the adw¢e and guidance core competence. Enhance training and developmenl ¢apabilltles. Identify and develop business and commerdal developmonl opportunit1￿. Malnlain eificienl marketing and ccvnmunicalions plans. Identify opportunille8 for internallonal expansion. As an overarching ot4ecliv8 and outcome, to malntaln the ISBA Group as a sustainabltr enterwis&. The oty'eciives h8ve proved to be valid in 2023 and have been del￿er￿1. STATEMENT OF TRUSTEES, RESPONSI8ILITIE8 The Trustees are ffjsponslble for prep8rlivJ the Truslee8' Rewt and the financial s18lernent3 In aCC￿danCe V4rth applicable18w and regulat￿￿. Company law requires the Tnjslees to pr8P8re financlal stalemonls for eath finanual year In accc￿anCe with United Kingdom Generally Accepted Accounting Practice IUnll8d Klngdom A￿ntIng Slandards) and pplicable law. Under company law the Tnjslees musl nol approve th8 financial slalements unle$$ they are satlsfled that they glve a tru8 and fair view of the sltuallon of the charfly and the group and crf ils nel outgoing resources for that perfod. In p￿Par￿fig these fin8nd81 $t8tements. Ihe TNslaes are required lo.. select suitable accounting prAiae8 and then appfyl them consist8nlly. observe the methods and principles in the Charilies SORP. make judgrnenls and estimates that a￿ reasonable and pnjdent. stsle whelher applicable accounllng standards have been followed, subject lo any mat6￿81 dopartures disck)sed and ex￿ained in the financAal statements. prepare the financial statements on the going ¢oncem basi3 unless il is inapprc4)nale to presume th81 the chartly will continue lo operate. The Trustees arg r8$ponslble for keeping a(Jequale ac¢ounllng re¢ords that are sufficaent to show and explain Ihe charity's and group transactions and disclose with reasonable accuracy al any time the flnancial position of the charity and group and enable them lo ￿5￿re that the financial statements comply with th8 Companies Act 2¢X6. They are also responsible safeguarding the assets of the charity and the group nd hence for taking reasonable steps lor the preventi￿ and detection of fraud and other iffegularities. 10

THE INDEPENDENT SCHOOLS' BURSARS ASSOCIATION TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

AUDITORS

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

• there is no relevant audit information of which the charity's auditor is unaware, and

• each Trustee has taken all the steps that he/she should have taken as a Trustee to make himself/herself aware of any relevant audit infonnation and to establish that the charity's auditor is aware of that information.

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.

y the Trustees of ISBA on 7 May 2024 and signed on their behalf by:

11

Crowe UJ(. LLP Crowe ChLrrt¢reLI.4ccoMilldiil. Xlembcrofcrowe GlobDI A4uiI IluiL%e 49-51 BlaUra￿ Sir R¢adin¥ Bethsliiic R(rl I PL. UK T¢1 444 10)118 959 7?)2 Fax [phone] www.crow¢ co.uk INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS. BURSARS ASSOCIATION FOR THE YEAR ENDED 310ECEM8ER 2023 Oplnlon We have audlted the financial statements of The Independent Schools, Bursars ￿8$ocIation for the year ended 31 0e¢ember 2023 which comprise the Consolidated Siaternent of Financial AclNTlies. the Consolidated and Parent Balance Sheets, the Consolidated Cash Flow Slolemenl. and notes lo the fln8ncial 8talement5, Indudlng a summary of signlflcant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Slandards, induding Financial Rep￿Ing Standard 102 The Flnanaal Reporting Standard applicable in the UK and Reputsl￿ of I￿land (United Kingd(Th Genernlty Accepted AccLMJnting pra￿lc8). In our opinlon the flnanclal slalemenls: give a truè and fair Wff4V d the State of the gTOUP5 arKI the ch8ri18bl8 ¢{￿PanY $ aff8irs Js al 31 December 2023 8nd of the group's incoming Tesources and applicallon of resour￿ for the year then ended., have been property prepared In accordance wlth Unltgd Klngdom Generally Accepted Accounllng Practic£." and have been prepared in accordance with the requirements of the C(¥npanles Act 2006 and the Chariti88 Acl 2011. Basls for oplnlon We conducted our 8udil in accordan¢e with Inlemaltrt)81 Standards on Audlllng (UK) IISAS {UK)l and 8pplicable law. Our responsibililles under Ih05e standards are further described in the Audilorfs r&sponsiblllties for the audit of the financial statements section of our report. We are independent of the grtsup in accordance with the ethical requirements that are relevant lo our audit of the financial slatemonls In the UK. induding the FRC'S Ethical Standard. 8nd we have Ivlfilled our other ethical responsibilities in 8cc(xdance with these requiremenls. We believe that the audit eviden¢x we have obtained 18 sufficient and appropriate lo provKle a basis lor our opinton. Conclts8lon• relallng to golng conc•rn. In audiling Ihe financial slatemenls, we have concluded that the Iruslee's use of Ihe going concyn basls of accountlng in the preparation of the financial slalemenls is appropriate. Based on the wort( Wa hav8 performèd, wt have nol Id8nlifigd any rnalerial un¢ert8inlles relallng to events or conditions Ihal. Indlvidually or collectively, Tnay cast significant doubl on the tharilable company's or th8 group's ability lo continue as a going concem f¢x a period of at188sI twelve nN)nlh8 from when the finanryal 8talemenls are authorised for issue. Our respongibilltles and the responslbililies of the trustees with respect to going concem are descrlbed In the relevant gectlons of this report. tu K.Ll.PlIM knTrAlrdlthliiyfAnVJllNhw fEtsdvJ Truth￿)￿104) Luw¢Hill, kC4AI 7JW A Iiilyll LiP'i Al IKchKd ih U K LLPtt• 12

Crowe INDEPENDENT AUDrroRS' REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 othor Infomiatlon The trustees are responsible for the other infoTmalicfi contained within the annual report. The other informatscfj comprises the information included in the annual report. other than the financial statements and our auditorfs report Ihereon. Our opinion on the financlal slalements does not cover the Other infomation and, except to the extent Othe￿Se explicllly staed in our rep)rt. we do not express any fo￿ (rf ￿sUr￿nCe conclusion there￿1. ()Jr resp￿sibIlIty 1$ lo read the other infomialion and, kn dung so, conslder whether the other information is matodally Inconsistent with the fin8nci81 slatemonls or our knowledge obtalned in the audit or oth8wse appeors lo be matedally rnisstated. If we identify such rnalerial inconsislencie$ or apparent material misstatements. we are required lo determine whelhér this gives rise lo a malenal rnlsslatemenl in tha rinanual slalement5 themselves. If, based on the work we have performed. we conclude that there is a rnalerial ffliss18temenl of this other informallon, we are required lo report that fact. We have nothing lo report in thi8 regard. Oplnlons on other matter• pr••crib•d by th• Companle• Act 2006 In our otynlon based on the work undert8ken dwing our audlt the inf0mat1￿ given In tha InJ8te88' repori. whlch Includ85 the dlreclofs. report prepared for the purposes of company law. for tho financial year for whith the financial stateménts a￿ prepared 18 cons151enl wilh the flnandal ststements.. and the d1￿Clor$. report Included wilhln the trustees. report have been prepared Sn acwdance wlth appllcable leg81 requlr8menl$. •tt•r• on whlch w• ar• requlr•d to r•port by •xc•ptlon. In light of the knowledge and underslandlng of the group and the charitable Gompany ond Ihelr environment obtained during the audit. we have not idanlified materiAI misstatefnents in the dire¢l(n' report induded within the trustees rep(M1. We have nothing to report in respect of the followlng rnollers In relation to vthlch Companies Acl 2006 requires us lo report lo you if. in our opinion.. the parent company has ncrt kept adequate accounting rècords., or the parent Company flnancAal statements are not In agreement wlth the ac¢ounknng records and r8lums', or certain disdosures ol tru8t8es' remuneration specified by law are not rn8dè; or we have not received all the information and explanations we requir8 for cmjr audit,. or the trustee5 were not enlilled to prepare the financial Ststements in accordance wth the small companys regime and lake advantage ol the small companies. exèmption In preparlng the Trustees Annual Report. 13

A Crowe INDEPENDENT AUDtroRS' REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Responslbllltles of trustees As expkined more lully in the Iruslees, responsibilities slalemenl set out on page 10, the trustees ltho are also the directors of the charitable company lor Ihe purposes of company lawl are responsible for the prep8ralion of the Ilnan(Jal statements and for being satisfied that they give a true and fair view, and for such Inlem81 control as the Irusiees determine is necessary lo enable the preparalion of flnandal s18lements that are fr6e from material misstaternenl, Nthelher due lo fratKI or error. In preporlng the financlal statemen15, the trustees are responslble for assesslng the groups Of the chadtable mpany's aly'lity lo continue as a going oJ)cem. disclosin9, as applicat￿8. rn3tt8￿ related lo going concern and uslng the g￿ng concem basis of accounting unless the trustees either intend to Ilquidate the charllable company or to cease op8rations, or have no realistic aliernalive bul lo do so. Audltorfs r•spon•lbllltl•s for th• audlt of th• flnanclal •tAt•ment• We have been appointed a5 auditor under seclion 151 01 the Charities Act 2011 and under the Companles Act 2006 and report in 8ccordance with the Acts and relevant regulations made or having effect Ihereunder. Our oty'ectlves are lo obtain reasonable assurance about thelher the flnoncial staternenls as a wholo are free Irom rnaterial mi8*aiemenl, vthelher due lo fraud cy error, and to Issue Bn BudSlor's report that Includes our oplnion. Reasonable assurance is a high level of assurance bul is nol a guarantee Ihat Bn audlt onducled in accordance wllh ISAS IUKI will always deleci a material misslalemenl when il exists. Misstatements can arlse Irom Ir8ud or error and are ccfisidered material if, individually of in Ihe aggregate, they could ￿05c￿•￿IY b8 expectèd to Influence the economlc d8cision8 of users taken on the basls of these finanuol stslemenls. Delalls of the ext8nl to which the 8udbt wa8 considered capable of detectuig irregularities, indudlng fraud and non-compllance with laws and regul81ion8 8r8 sat out belN. A further descripllon of our responsibilftlas for the audit of the financial statements 15 kJc8ted on the Fln8ncial Reporting Coundl's webslle 81.. Thi5 descrlpllon forms part of our auditor'5 rerK)rt. Ext•nl to whlch tho audlt w•• con•ld•r•d capabl• of detectlng ITrogularttSe•, Including fraud. lffegularities, induding fraud, are Inslan(%s ol nOn¢￿p118nce laws and regulations. We identified and as5ess8d the risks of material mlsstatemenl of the finandal slatem8nls from irregularities. whether due to fraud or error, and discussed these belween our audll team. We then designed and perfomied audit procedures ftsponsive lo those risks, IncludSng obtainlng 8udil evidence SUff￿6n1 and approprlate to provide a basis for our opinion. We obtained an understanding of the leg818nd ffjgulatory framework$ within which t￿ charitable c4)mpany and groLJP operates. focusing on those laws and regulations that have a direct effecl on the delemlnalion of material amounts and disclosures in Ihe flnancial $lalements. The laws and regulations we congidefed in this conlexi were the Comp8nies Act 2006 together with the Charities SORP IFRS102) 2019. We assessed Ihe required compliance vthh these laws and regulations as part of our audit procedures on the related financial slatemenl items. In addition. we considered provisions of other law5 and regulations that do not have a direct effect on the rinancial slalernent5 bul compliance ￿th which might be fundamental lo the charttable LX)mpany's 8nd group's ability lo operate or to avold a material penalty. We also considered the opportunities and incentives that may exist wlhin the charitable company and group for fraud. The laws and regulations we considered in this context We￿ Charity Commission regulations and General Data Proteth'on Regulation {GDPRI. 14

Crowe

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS' BURSARS ASSOCIATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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 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, 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 non­ compliance 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 non­ compliance 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: 13 May 2024

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.

15

THE INDEPENDENT SCHOOLS. BURSARS ASSOCIATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Consolidated Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2023 Unr•stricted Funds Total 2023 Tot81 2022 Not•• INCOME FROM: Charltable Jctlvitigs: Subscriptions cc￿ference delegate fees Cour888 Other 1,146,163 296,744 199,3n 277 1,052, 754 211,727 132, 154 70 Inv•stm•nts 28,492 23.555 Other tradlng actlvltl•• 5a. 5b Totsl Inct)m• EXPENDITURE FROM.. Ch•rltsbl• actlvltle• 2,823,178 2.265. 150 R•lslng lund• Total exp•ndltur• Not Incom• 372,548 256,548 Net gainslllosses) on inve$lments 12 216 Not Movem•nt In Fund• 424,995 40,540 Funds Brought Forward Fund$ C•ffl•d FoThvard 158 The 5tat&nenl of financial 8Ctiwti8s contains all recognised gains and ktsses in tt18 year and the Tesulis reported r81ale to contlnulng operation8. The notes on pages 19 to 32 forn part of these financial slalernents 16

THE INDEPENDENT SCHOOLS' BURSARS ASSOCIATION COMPANY NUMBER: 06410037 BALANCE SHEETS FOR THE YEAR ENDED 31 DECEMBER 2023

FIXED ASSETS Goodwill Tangible fixed assets Investments CURRENT ASSETS Debtors Cash at bank CREDITORS Amounts falling due within one year NET CURRENT ASSETS NET ASSETS UNRESTRICTED FUNDS Revaluation reserve General funds Notes 10 11 12 13 14 12 15a	Group 2023 £ 14,583 200,078 1,519,319 1,733,980 360,416 408,307 768,723 (598,841) 169,882 1,903,862 138,052 1,765,810 1,903.862	Charity 2023 £ 200,078 1,519,322 1,719,400 491,110 170,613 661,723 (392,455) 269,268 1,988,668 138,052 1,850,616 1 988 6	Group 2022 £ 19,583 112,535 1,197,041 1,329,159 395,606 526,624 922,230 (772,522) 149,708 1,478,B!7 95,092 1,383,775 ~~1,78.~~8~~6~~7 Charity 2022 £ 112,535 1.197,044 1,309,579 485,357 145.168 630,525 (387.721) 242,804 1,5521383 95,092 1,57,291 1,552,383

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 surplus for the year in relation to the charity only was £436,285 (2022: £70,466).

e ·nancial statements were approved and authorised for issue by the Board of Trustees. 7 May 2024 and signed on its behalf:

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N Cufley
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The notes on pages 19 to 32 form part of these financial statements

17

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flow• from op•r•tlng actlvltl•s: Nel Sncorne Deweuab'c Amorusalion of fixed assets Los5 on disposal oi fixed asset$ Net lg8ln811105ses on investments IDecreaseyincrease In creditors Decreasel{increasel in debtors 424,995 42,030 5,000 959 152,4471 (173,681) 35190 40.540 21,015 5,000 216.008 264.946 N•t ca•h provided by operatlng actfvltl Cuh flows from Inv••tlng actlvltl•• Cash investrnenl Into inveslmenls Purch8se of tanglble fixed assets Dlvid8nd relnveslment Inv8Stmenl man8gers le85 {250.000) 1130,532) 128,492) 174. 191) (23. 555) Net ci•h {u••d Iny provlded by Inv••tlng actlvlil•s Chang• In cash and ca•h equlval•nt• In th• y•Ar Reconclllatlon of n•1 ¢4sh flow to mov•m•nt In n•t fund•: Net funds al 1 January Increasel Id¢creaso1 in cash in th6 yo8r 526,624 11 17 116, 666 N•t fund• •t 31 O•c•mb•r 2023 2022 Cash at bank The n(rtes on pages 19 to 32 fomi part of these financial statements 18

THE INDEPENDENT SCHOOLS. BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 C¢Mnpany infomiation The As8OCi8tion's principal 8Ctiwlies are the provision of a range of gervices. ad¥lce. and support to independent schools.. working elosety 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 fomulated or debated. The Assoualion (company numb8r 06410037 and charity number 1121757}, is incorporated and domiciled in the UK. The address of the registered office for ISBA enblies is 51h Floor, 167-169 Greal Portland SireeL Lond￿, W1W SPF. Accountlng PolScles 2.1 Basls of Accountlng The flnancial slal8m8nts have been prepared In accordance wth Accounting and Rewtlng by Charities.. Statement of Recommended Practice applicable to charf(ies preparing their accounts in accordance wth lh8 Financial Reportlng Standard applicable in the UK and Republic of Ireland FRS 102 leffeclive 1 January 20191. the Charities SORP IFRS 1021. and tha Companies Act 2006. ISBA meets Ihe definition of a public benefit entTiy under FRS 102. Assets and liabilities are initially recognised al historical c051 or transaction value unless olherwse staled in the relevant accwnting policy nol818). 2.2 B•81• of Consolldat5on The group financial slatemenls consolidate the flnancial statements ol the Assoclation and Its subsidiary undertakin9s, ISBA Enlerpri8es Limited and ISBA Recruilmenl Limited up to 31 December 2023. All inler-group Iran8aLtlons are lully eliminated on c#)nsolidalicffl. The As8ocration has taken exernpts￿ from presenting its unconsolidated incom8 and expendltur• account under sectson 408 of Cornpan￿8 Act 2006. The parent company'8 profit for the year w88 £436,285 (2022.. profit £70,466). 2.3 Golng Concern During Ihe accountsng year the independent schools. sector, Ilke all other business 88ctors has ontlnued 115 recovery from the impact of COVID and the mkl 2022 budget by the Ilhenl chan￿￿Or. Kwasi Kwarteng whose pol1cl￿ exa¢erbaled the existing pressures exerted by innation and higher Interest rates. Inflali¢Jn peaked in November 2023 and the subsequent irnprovernenl 1$ welcomg, interest rates continue lo bo higher Ihan the UK is accustomed lo. The Board has been actively monitoring Ihe wider economy and ils effecls on the sector. The rfsks posed by the economy and rnore widely are defined in the rlsk register and regularly updated. It is estimated that, wtth a modest Inc¥8ase in subscr+plion levels, the end of 2024 will see ISBA in surplus by £154k pre-lnveslmenl gains and losses. Cashflow forecasts have been complele(I for the next 26 months which predicts the AssoC￿lI0n will be in cash surplus each month. The annual cyde has low points, in Decembèr and January of eath year, but those are identified. accurately predicted, and routinety discussed lo ensure Ihal they remain wtthln the tolarance of the foreca81. The ISBA Board is well brie(8d on Ihe pol8nlial chaD9es lo the taxation aBd slalus of charitable schools. As a charity itself the Associatron has a realistic &year pLqn based on Current legislation and is working up scenarios lo reflect the possible changes a new govemmenl may bring In late 2024 or eaty 2025. In a￿ordanCe with Charity Commission guidance. the Charity retains sufficient ￿serveS lo enable 11 to continue in operational exislence wlh(MJt intarruption lo the core services available lo schools. Based on these ConS￿eratIOnS the Board conglder that the going concem basi8 for the Assocaalion is appropriale. 2.4 Income All income is credited to the Consolidated Slat8ment of Financial Actlvities a receivable baws. Income received relating lo subscriptions and to courses and conferences lo be held in the followng financial year is ITeated as defetTed income and induded wthin ￿editorS in the Balance Sheet. 19

THE INDEPENDENT SCHOOLS. BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2.5 R•sourc•s Exp•ndad and Allocatk>n of Expendttur• In the Stst•m•nl of Flnanclal Actlvltles l expenditure 1$ accounted for on an accruals baslg. Expenditure is accrued as soon as there is a lagal or ¢onstru¢tive obligation, 11 is probable that seluement will b& rec8lv8d and the amount of the obligation can be measured reliabty- Irrecoverable VAT Is charged againsl the ¢alegcry of expense lo which11 relates. Charitable expendIlu￿ 15 dlsclosed by fun¢lion81 acllvily. with all direct and indirect costs linclvdlng th support and govemance co$lsl being attributed lo each ¢alegory'. wher8 costs ar8 not wholly attributable lo an expenditvre ¢alegory they have been all(Thled on the basis of usage. All conference expendrture is a¢counle(J for as charilable expenditure on the basis that the premise ol hokling the ￿nference is in furtherance ol ISBA'S charitable activllie$. Staff costs have 8L80 been 8lloc8led 8cGordlng lo th6 esllmaled lima $pant by staff worklng on eath tharitaue fvnctlon. Govemance ¢o$ls are those asgocialed with con8titulion81 and slalutory requwements. 2.6 Int•nglblg Flx•d A¥sfjt• •nd AmortlsJtlon Goodwill r6presèn15 the drfference between amounts paid on the cost of a business combination and the acquirer's Inte￿St In the fair value of rts Identifiat4e assets and Ilabilttj'es of the acquiree at the dale of acquisition. Subsequent to initsal recognition. goothwll 1$ m88sLtred at cost less accumulal¢d amortisation and accumulatgd irnpBlrment losses. Goodwill Is amortlsed on 8 8traighl- line basis lo the Slatement of Income and r8tslned eamlngs over its us8ful economic Ilfe. Amortisalion is provldèd ot the follw'ng rala8'. Gothlwill 20% str81ght lin8 2.7 Flx•d As8•ts and D•prncl•tlon Items of equipment and fumiture costing tsnder £1,000 are written off in the year in vthlch purchase occurs. Depreciation is ¢alculaled to write off the ￿st of [￿ed assals, by equal annual Instalmenls over their expected useful liveg on the b8sls of.. Short t8m) leasehold Imyovements- over the lem of the lease Office equlpment and fvmrture - 3 years Webgle and Datsbase - 5 yews Asset8 under the course of construction have no depreciation applled lo them. 2.8 Investments Investments are included al market value C￿ the Balance Sheel datè. Any gain or loss on revalualion or disposal is taken lo Ihe ConscAidaled Slalemenl of Financial AclNilies. Investrnenl income Is recognised in the peric#J to which il relates. 2.9 Recognltlon of Llabllltle8 Liabilllles 8re recognised wlien the Assouation has an Obligati￿ lo make pa￿nent to a third party. 2.10 Taxation As a registered charity, the Assodation 15 enb'ued lo tax exemptions on all ils incomè and gains. pr￿ety applied for Its charltaLle purposes. 20

THE INDEPENDENT SCHOOLS. BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting Policles {Gontlnu•d) 2.11 Fund• Unrestricted lurK15 are expendal)18 at the discretk)n of the Trustees in fvrtherance of the obleds or administration of the Association. Operatlng L••se Rentals Operating lease rentals are charged lo the Consolidated Statement cl Financial Actlvlties on a straight line basis over the tem of the lease. 2.12 Pen¥lon• Conth"butions lo empbyee5' p￿vate penslon schemes are charged lo the Consolidated Slalemenl of Flnancial A¢llvities as they accru8. See mor8 detoil n Nole 7. 2.13 0•btows Trade debtors are recognised 8t the settlement amount due after any trade discovnt offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.14 Cash at bank Cash al bank and In hand Includes cash and short term hlghty liquld inveslments wllh o sfw)rt malurily of three months or less from the date ol acquisrtion or operdng of tha Oeposlt C￿ simNar account. 2.1 S Credltorl and provlslon Creditor5 and provision5 are recognlsed wheTr the Association has a present ob14gation resultlng from a past event Ihal will probabty result in the Ironsler of lunds lo a third party and the amount due lo sellle the obligation can be measured or estimated reliably. Credllors and provl$ions aro normally recognlsed al IheST settlement amount after albwing for any Ir8de discwnts due. 2.16 Flnanclal Instruments The Associ81ion only has financial assets and Ilabilllies ol a kind that quallfy as baslc finandal Instruments. Basic financial inslrumenl8 are initlally recognised al ITan5action value and subsequenuy measured at thair settlement value. Nole 19 provides mora information In respect of thls area. Slgnlflc•nt ludg•m•nts and •¥Omat• In the application ol the Association's accounting pollaes, which are described in note 2. TnJstee8 are required lo mako judgemen15, estimates and ossumplions about the carying values ol assets and liabilities that are nol readity apparent from other sources. The estimates and undedying assumptions are based on historical experience and other factors that are considerod lo be rolevant. Actual r8sutt5 may drffer from these estlmales. The estimBtes and underlying assurnpllms are reviewed on an on-going basis. Revisions lo accounting eslimales are recognised in the period in vthith the estimate is revised rf the revision ffecls only that penod or in the period of the revision and future periods if the revision affecls the current and future periods. The Tru51ees consider that there are no material judgements in applying accounting polid85 or key sources of eslim*ion uncertainty. 21

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Incom• from Investment• 2023 2022 Dividends ISBA Entsrprls8¥ LIm￿•d The Association 100% of th8 ordinary £2 share capllal of ISBA EntefFfises Limited, a company regl$leTed in England and Wales {Company number 043344951. The registered oifice address can be seen under Note 1. The iradlng subsidiary participales in Irading acts'vitses relating to the AsSodab.c￿ and donates all taxable profits to the ISBA. Its trading results for tho are extracted from their audltéd fln8neAal ststoments below.. 2023 2022 Tumove 1,574,260 1,205,586 Adminislration expenses N81 profil 1,073,142 797,846 Cov&nant8d to IS8A Retained in 8ubsidiary The subsldlary donates all Ils profits lo ISBA each year under 8 Deed of coV￿8nt. The Deed of Covenant payment of £1.073.142 (2022.. £797, 846) and the management charge of £471,104 (2022.. £403, 200J totalling £1,544.246 I2022.- £1.201.046), ￿11 be pald lo ISBA. These have been ellmlnated upon consolidation. At 31 December 2023 Ihe net assels of ISBA Enterprises Llmited were £2 (2022 net liabmitffts.. £2). ' The majority of the Sncome In ISBA Enlerprisos Limtted ra18t8s lo tradlrKJ with thlrd paty exhlbllors and gponsors. 22

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ISBA R•¢vultmont Llmltod The Association owns 100Y• of the ￿dInary £1 share c8pltal of ISBA Recruitment Llmited. a company whith was Incorp￿at8d on the 1 November 20218nd is rwslered in England and Wales (Company number 137148571. The regisle￿d office add￿sS Can be seen under Note 1. The trading subsidiary participates in recrullmenl activlties and will donat8 all ils tsxabb profil$ to the ISBA. its trading resums for Ihe current year are extraded from Ihelr audiled financial statements.. Y•ar ènd•d Year ended 31 Dwmb•r 31 Decemb8r 2023 2022 Tumovor 175,243 94, 750 Cost of Sale8 (78,6151 (56.250) minislratlon expenses 42 Net deflcil (11,292) (29.925) Covenanted to ISBA Retained in 8ubsidiary A managern8nl charge of £90,292 {2022.' £48,838J has been eliminated upon consolidation. At 31 December 2023 the cumulative net liablli1￿ of ISBA RecXUth￿nI Llmiled were £84,806 {2022.- £73,514). ISBA Bur•ar S•arch Llmlted The AS￿allon owns 100% 01 IS8A Burnar Search Llmlted, a company limlied by guarantee, and Is regislered in England and Wales Icompany number 13493520). The ￿gIStered offi¢8 address can be seen under Nole 1. This Company is dormanl. N•1 Incomlngl(OutgolngTr Rejource Net Incomin￿<0￿19c4ngI resources is staled after charging.. 2023 2022 Auditor's remuneration.. For audil services Non audit Depreciallon of lang￿ble fixed assels AmortlS8tion Operating lease rentals 19,000 11,565 42,030 5,000 13,550 1,400 21,015 23

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 Staff Costs 2023 2022 Staff costs c￿p￿sed. Wag65 and salar185 Ilncludlng agenty salarlesl Social Security ¢o$ts Other pension costs Other staff costs 850.441 85,599 75.526 17 650, 179 71,087 62,352 The avvage number of person8 employed during the year Aggregate empbyee-benellls of key management personnel Ilhis indud88 wages, employer8, National Insurance, employers, penslon and taxable expenses).. Key management personnel Intlude th8 Trustees and the Senior Management Team n(Xed on page 2 01 the financlal slalemenls. The number of emph)yees whose emolumenls exc&oded £60.000 were.. 2023 No. 2022 No £70,001- £80.000 £80,001- £90,000 £110.001- £120,000 £170,001- £180,000 In the yèar wnlribulths weTr made for 4 (2022.. 3) higher p8ld employe8810 8 defined conlribution pengion. Included within staff costs is £NII12022.' £12, 715) in rel81ii)n lo settlement C0815. No fee or other remuneratlon 18 P8y8ble to the Trustees other than the reimbursement of costs incurred in attending meetings and oversa85 conferences. All the Trustees daim for thes8 exp8nseg whith lotalled £14.20912022.' £2.065J. Ptrn•lon Costs The Assc¢latJon paid into 18 (2022.. 15) definad contrit>ulh)n pensh?n schemes. The assets of the schemes are held separately Irom those crf the Associaion in independenuy 8dminister•J funds. The pension cosl charge represents contributions payable by the A5s0cialion to the fund and amounted lo £75,526 (2022: £62.352J. Other staff costs indude £4,907 (2022.. £5.286) for Death in Service benefrts for all employees, £6,717 (2022.. £7, 098) for BUPA. and £6.31612022. £4.585) for slaff benefits. 24

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 8. Anatysl• of R•sourG•s EXP￿ded support Costs Staff Other Costs Amortls•tlonl Depreclatlonl los• on dlspwl Total Charltabl• Actlvltl•• Charitable donations confe￿nce expenses Course èxpenses Advi(*. guldance, aNJ Informatlon 1,005 684.535 160.732 1.005 1.038.820 412,803 ga 9b 97,959 45,701 246,052 201,577 10,274 4.793 70 346,603 971,854 1,464,139 40,582 2.823.178 Ralslng Funds Inveslment management fe88 Business directory 8ursar Recruitment 8,661 8,661 84,397 24,338 57.652 2,407 652 Included support costs are gov6manca costs 01 £37,13812022.. £17.9381. 2022 Comp8ratNe figurp$ Support Costs Staff Costs Olher Costs Amort1$8tionl Depreciation/ impairmenv loss on disposal Tot81 Ch8ri1able Aclivitles Ch8ri18ble donations Conference expenses Course expenses Regional gmup costs Advice, guidanc•. and InfomiatN)n 99,497 156,822 180,553 296,286 557, 143 86,374 s,￿2 4,665 7,353 841,858 546.835 5,502 9b 70 399.065 735.876 1.111,195 19,014 2,265, 150 Expenditure on Rai&ng Funds Investment management fe6$ Business directory Bursar Recruitm8nt 9.043 9,Q43 122,093 42,666 77,426 2.001 Total Resources Expended 25

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Allocatlon of Support Costs Conf•renc• Expenses Course Expenses Advlce. Guldance and Informatlon Buslness Dlrectory Bursar Totsl Recruitmont Allocat•d Pomises CAyJts Human resource cJ)sts Communication costs General office costs Governance costs Travol costs 3.373 20.906 29.996 31.808 8.984 1,574 9,753 13,994 14,839 4,192 7.187 44,541 63.908 67.729 13.416 790 4,898 7,029 8,838 2,105 1,190 7.374 13,243 16,649 8,441 14,114 87.472 128,170 139,863 37,138 2022 Conlaren¢8 Exp8nses Course Expenses Advice. Guld8nce and Infom8kn Business Dlr8ctary Total AIIoc8ted Recruitment Prernls8s Gosts Human resource costs COmmun￿allon cosls General offKe costs Governance cosls 14,542 23,245 38,869 16, 131 3,982 22,921 36,637 61,263 25.424 6.277 20,864 33.349 55. 765 23, 142 5,713 6,235 9,968 16,668 6,917 1,708 942 1,508 2,521 1,046 258 65,504 104,707 175,086 T2,660 17,938 94. Conf•r•n¢• oxp•Trse•- oth•r colts 2023 2022 Conference accommod81ion Conference overheads Conference exhibitors and spon$orshlp 216.659 240.774 227 155,611 174,993 9b. Cour•• exp•n•••- other colts Training expenses 86 T4 9¢. AdviGe¥ guldance, and Inlom)atlon - other c08ts Profession￿ expensas in the provision of 8dvice and guKlance to member schools Human resource costs Other costs 33S,086 189,216 231,445 166,202 26

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2023 10. Intangibl• Au•ts Goodwlll Co•t At 1 January 2023 AddilKJns 25,000 At 31 December 2023 D•prnclatlon At l January 2023 Chanje for year 4417 At 31 December 2023 N•t Book Valu• Al 31 Dgcernber 2023 Al 31 De¢8mber 2022 11. Tanglbl• Flx•d AM•ts- Chavlty and Group A••èts Undor Short.Terni CourJ¢ of Leamhold Constru¢Oon Improv•ment• Equlpment and Fumltur• W•b•lt• & D*ab• Total 2023 Cost At 1 January 2023 Addi11￿S DisP05als TransfeT¥ 79,393 8,990 141,3951 57.891 83.412 $4,613 38,130 9.234 201.131 130.532 150,629 19.234) At 31 December 2023 Dopr•d•tlon Ai 1 January 2023 Depreci8tion charged In the year Disp058ls 57,291 22,071 9,234 88.59f 12,698 29.332 42,03Q At 31 December 2023 Not book valu• At 31 December 2023 At 31 December 2022 27

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Inv•$tm•nts- Charlty and Group 2023 2022 Llst•d Investrn•nts Market value al 1 January Additions Disposals Revaluallon {10858sygaln8 1,158.326 297,142 {259,721) 1,341. 183 109,378 (676, 227) Total investments 1.248.194 1. 158.326 Cash awaiting investment C8sh on dew)811 21.128 250 000 38,718 Market value at 31 December- Charity Less £3 investment in subsldlarie8 Market value al 31 Dec8mber- Group The Associallon holds a £2 investsnent In ils Ir8ding 5ubsSdlary- ISBA Enlerprlse5 Limited and a £1 investment in its trading subsid18ry ISBA Recrultrnenl Limited. which musl be deducted to arylve at the markgl value of investments for the Group. ISBA Bursar Search Limited has no share ¢apilal so 15 not included above. Historic cosl al 31 December (excludes u8h but Includ88 Ihe cost of subsidiaries} Llsted Investments In pooled funds comprfse.. . UK equrties Overseas equities UK fixed interest securfties Overseas fixed intere81 securiti88 Inlraslructure funds Property funds Commodilies Hedge funds Cash {InclLtdlw ca8h on deposlti 407,370 389,926 166.611 119,452 66,126 15,069 31,560 52,077 400,655 347.840 66,244 95,362 79,252 33,984 35,316 99,673 71 Investrnents which comprise more than 5% of the market value of investments are". - 2023 M•rk8t Value 2023 C05t 2022 M8rkg1 Value 2022 Cost Waystone Fund Services (UK) Evenlode Income O Inc (prevlously T Balley Fund) EdgewoTrJ L Select Fund US Findlay Park PIC ISHARES PIC Cove FfsE 00 shares Inc IGBP) I SHARES VII PIC 188,276 165,996 146.930 120.616 69.351 135,020 119,970 29,045 78,285 32,928 125.015 119,968 The revaluation reserve figure on page 16 is calculated by deducting the historic figure £1,110.142 from the lolal market value of investments figure £1,248,194. 28

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Dobtors Group 2023 Charlty 2023 Gmup 2022 Charfty 2022 Trade deirtord Other debtors Amounts due from subsidiaries Prepaymen18 122,311 31.222 12.956 31.222 249,675 221,026 20,847 2, 145 20,847 309, 178 Included wlthin other deblors is a loan to the Independent Schods, Mutual knmiled for £31,154 (2022.. £20. 165J which is repayabl8 in gr8ater than cffi8 year. 14. Cr•dltors Group 2023 Charfty 2023 Group 2022 Charfty 2022 Trade Creditors Taxation and social securhy cos18 Other creditors Accnjals Deferred income 34,165 20,492 3,921 133,655 34,145 20.492 3,921 121,180 64,113 29,¢W2 35,971 t03,458 64.093 29.002 33,991 96.023 The movements on d8ferred incorne Trlaling to subscrts)Iion8, conferences and courses dudng Ihe year were.. 8•lanc• at 1 J•nuary 2023 Amounts inv(Mced during the year In relation lo subscription$, confer8nc8 & courses Current year sub5criplions. conference & course IncC￿ Balancè at 31 Dwmb•r 2023 539,978 2,999,010 15a. Net A¥•gts of tho Fund• The AssoaallC￿'S and Grc￿P s net assets belong lo the various funds as follows.. Flxed Investm•nts Net Curr•nt Assets Fund Balance• Associatlon- Unrestrlcted 21JO,078 1,519,322 269,268 1,988,668 Non<haritable tradlng funds trading funds Group 29

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15b. 2022 COMPARA TIVE- N81 Assets olth8 Funds The Assoclatson's and Group's n81 a58ets belong to the variojs funds as follows". FixedAssets Investn7ents Net Cufrenl Ass81s Fund Balances Associ8tlon- Unrgslrfcled 112.535 1.197.044 242.804 1,552,383 Non-ch8rlt8ble tr8dlng funds Irading funds Group 16. Other Fln•nGlal Comrnltm•nl• At 31 Dewnber 2023. the A58ociatlon had futur8 mlnlmum lease paym&nts under non<anctllable ¢)perats'ng leases a5 folbv•8.' Explry: Land & Bulldlngs 2023 2022 within 1 year Within 2 - 5 years Greater than 5 years 6,563 17. Caplt•l Commltm•nts At 31 December 2023 the grwp had Gapttal commllmenls of £Nil (2022.. £27,306). 18. Rel•t•d Party Tv•nu¢tlon• Related party transaGt+ons In relation lo the group In tho yaar are dis¢losed in 5. Trustee related paty transactlorts are dLgdosed under Note 7.

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Flnancial Instruments assets held al amortised cost are trade deblor8, other debtors (less VAT debtor), arn￿nts owed by group companles, cash al bank and cash on deposit (held wllhin investments). FIn￿ced liabilities held at amortised cost are trade tteditOTS, amounts owed to group ¢ompanle8, other creditors, and accruals. Finonclal assets measured al falr valu8 are investments. 2023 2022 GfOUP Flnanclal a88el8 measured al amortised c08t Flnancial liabilities measured al am¢xtised cost Finanaal assets measured al fair value 811,840 171,741 768,497 203.542 The Group's Income, expense, galns, and108ses in respect of financial Instnjmenls ar8 surnmartsed Int•rn•t Incom• and expen••: Totsl interest income for financi81 assets held al a￿￿tised ¢08t Charlty Financlal assets measur8d al amortlsed cost Fin8ndal Ilabllities measured al amortised cost Fknandal wets measured al falr value 714.468 159.246 47T,338 194, 107 Tha A8soCIa￿0n.s income. expense, gains, 8nd Ioss88 in respect of finanual inslrurnents are summarlsed beh)w'. Int•r••t InGom• and expens•'. Total Inlere8t Income lor financlal assets held al amortL8ed cost 31

THE INDEPENDENT SCHOOLS, BURSARS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. COMPARATive 2022 CONSOLIDATED STATEMEvf OF FINANCIAL ACTNITIES Total 2022 Total 2021 INCOMEFROM.. Charilablo activities.. Subscnplions Conference delegate f Courses other 1,052. 754 2tf,727 132, 154 io 1.056.041 251,288 90,951 7, 621 18,470 Investments 23.555 Oth&r trndlng actlvltigs Tol81 incomg 72 EXPENDITURE FROM.. Ch8rt8ble actlvrfms 2,265. 150 2,056,417 Ralslng funds Total 8xpendlttsr8 Nel inGome 256.548 579,509 Net (Iwsygalns on Investm8nts 21 141 Net Movement in Funds 40,540 721,314 Funds Brought Fonv8 Funds C8ffi8d Fonvard 32