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← The Independent Schools' Bursars Association

2024-12-31-accounts

Registered Company No. 06410037 Registered Charity No. 1121757

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONTENTS FOR THE YEAR ENDED 31 DECEMBER 2024

CONTENTS Page
Charity Information 2 – 3
Trustees’ Report 4 – 13
Independent Auditor’s Report 14– 17
Consolidated Statement of Financial Activities 18
Balance Sheets 19
Consolidated Cash Flow Statement 20
Notes to the Financial Statements 21 – 34

1

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024

CHARITY TRUSTEES

The Charity Trustees of the Independent Schools’ Bursars Association (‘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:

Neil Cufley Chair Resigned 14 June 2024 Nicholas Shryane Vice Chair Resigned 31 March 2024 John Wilder Vice Chair Resigned 14 June 2024 Amanda Webb Chair Giles Brand Alison Higgins Vice Chair Appointed 14 June 2024 Miles MacEacharn Chair of FRAAC Kathryn Pillar Vice Chair Appointed 14 June 2024 Andrew Lowden Chair, SISBA Co-opted Scottish Representative Nicolas Dodd Kelly Freeman Vanessa Lakatos David Navarro Nicola Marlow* Catherine Walsh

Appointed 14 June 2024 and resigned 14 August 2024 Appointed 14 June 2024

Ian Williams

The Chair and Vice Chairs are ex-officio members of FRAAC.

Mr Lowden was succeeded by Mr Peter Worlledge on 4 March 2025.

KEY MANAGEMENT PERSONNEL

Chief Executive David Woodgate Chief Operating Officer John Murphie Executive Director Barbara Jackson

Director of Learning and Professional Development Helen Woods

In March 2023 ISBA surrendered its lease to its former physical premises at Bluett House, Cliddesden, Basingstoke. From 1 April the association operated entirely on a remote/virtual basis. For regulatory, statutory, and legal purposes its registered office is:

167 -169 Great Portland Street, London, W1W 5PF

Website:

www.theisba.org.uk

2

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024

ADVISERS

Bankers: Lloyds TSB Bank plc
Basingstoke Branch
2 Winchester Street
Basingstoke
Hampshire
RG21 7EB
Auditors: Crowe U.K. LLP
R+ Building
2 Blagrave Street
Reading
RG1 1AZ
Solicitors: Farrer & Co LLP
66 Lincoln’s Inn Fields
London
WC2A 3LH
Insurance Brokers: Howdens Limited
Quadrangle
Imperial Square
Cheltenham
GL50 1PZ
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 2024

The Trustees present their annual report for the year ended 31 December 2024 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 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 twelve members elected by ISBA members. The directors in turn elect from amongst their number a Chair and up to two Vice-Chairs (whose membership of the Board is by an election by full members, but whose appointment as Chair and Vice Chair is by election by fellow Board members). The Board meets regularly to direct the strategic direction of the Association and to agree policy on any matters relevant to its stated objectives. The Chair of the Scottish Bursars Association (SISBA) is co-opted as the thirteenth director.

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 virtual Head Office. The Finance, Risk, Audit and Assurance Committee (FRAAC) has responsibility for overseeing the accounting and financial work of the employed staff and presentation of the financial statements to the AGM.

At the end of 2024, ISBA employed twenty-two staff: In addition to the Chief Executive Officer (CEO), Chief Operating Officer (COO), Executive Director, Director of Learning and Professional Development and PA, team members cover advice and guidance and compliance, finance, membership, marketing, communications and media, Conference and events, and business and commercial activity, regional group liaison and an officer for Scotland and Ireland, recruitment and interim services, and professional development.

The CEO, COO and Executive Director are the key management responsible for day-to-day management of ISBA.

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

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.

4

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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. . In addition, Associate membership is open to independent schools that are not in membership of the ISC. At 31st December 2024, there were 1322 schools in membership of which 243 were Associate members. Of the Associate Members, 182 were UK schools and 61 were international schools. Over the year 143 schools joined. Some of these schools were part of school groups, but the majority were small standalone schools looking for extra support with VAT implementation. A “special offer” was launched to encourage non-members to join on temporary ‘complimentary’ basis in agreement with ISA. In 2024, there were also 50 consultant associate accounts for individual bursars or other types of consultants.

At the beginning 2024, 37 schools did not renew for 2024. Of these schools, five were international and 32 were UK based. Some of those schools rejoined ISBA later in the year but there were 13 closures. There were approximately 20 mergers and takeovers with varying combinations of schools merging, schools moving into a group, schools sharing central resources, etc. and the pace of this increased during the year as the changes in taxation challenged school finances. In the majority of mergers or takeovers the schools remained as ISBA members in their new structures.

The current ISBA membership comprises 1288. Currently there are 23 consultant associate accounts (including 1 international), and 1265 schools in total - 1217 in UK and 48 international.

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 are discussed in Note 5.

ISBA is an active constituent association of the ISC. ISBA’s Chair and CEO are ex officio 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.

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:

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

5

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The principal risks and uncertainties facing the charitable company are:

Going Concern and the impact of the macroeconomic events of 2024

As a year 2024 was “unstable” in macro-economic terms. A change of government, earlier than anticipated, had an effect on GDP which was cautiously optimistic. That optimism evaporated with the new government’s autumn economic statement which announced an increase in national insurance contributions for employers, the reduction of the national insurance threshold and an increase in national minimum and living wages. For the independent schools’ sector this followed increased TPS employer contributions to 29.68% from April 2024.

The cumulative impact of the changes is potentially serious, given the undue haste with which the government has implemented each of the changes and its refusal to consider material concessions or a phased introduction programme.

The imposition of VAT was announced on 29 July 2024 with an inception date of 1 January 2025. From the date of the announcement, schools were calling on ISBA advice and services to prepare themselves for this unexpectedly early, self-assessed tax. Government guidance was incomplete, so ISBA had to engage with HM Treasury and HMRC to consult, advise and promulgate emerging government fiscal policy. This resulted in a marked overspend in specialist advice which was relayed to schools. This was achieved from “in year” funds and will not be repeated.

For 2025, it is estimated that, with a modest increase in subscription levels, the end of the year will see ISBA in surplus by £162k pre-investment gains and losses. Cashflow forecasts have been completed for the next 26 months which predicts the Association will be in strong cash surplus each month. The annual cycle has low points in December and January of each year, but those are identified, accurately predicted, and routinely monitored to ensure that they remain within the tolerance of the forecast.

The ISBA Board is well briefed on the effect that the changes to the taxation status of charitable schools will have on the Association’s core business. As a charity, the Association has a realistic 5-year plan based on current legislation.

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, as far as it is charitable to do so.

6

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 member focused 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 and forms the core of ISBA’s advice, guidance, and training outputs. The Association also continued to offer ancillary services relevant to its members needs to promote its charitable purposes and to deliver effective business orientated support to those members.

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 webinar briefings throughout the year to equip schools to continue to recover from the pandemic and return to normal methods of operation while planning for a change of government. 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 which have increased from 16.68% to 28.68% over the period 2019 to 2024.

Supporting schools

Annual conference

A total of nearly 500 delegates attended the annual conference. Following the success of the personal development session which opened the 2023 conference in Manchester, five personal development sessions were offered on the first day of the 2024 conference. The personal development session was followed by a two-day programme including three keynote sessions and 20 breakout sessions delivered by 49 speakers.

In 2024, the Association published 305 new items in the reference library and issued 30 weekly bulletins and 10 monthly bulletins. The monthly bulletin in September 2024 had a 45.7% opening rate and ISBA’s weekly bulletin number 19 sent on 22 August 2024 had a 48.4% open rate. These rates reflect the fact that the bulletins are sent to all staff who are registered users of ISBA’s online services. In addition to these bulletins, we also sent four weekly VAT updates in the later part of the year.

The online reference library, accessed via the members’ website, remains the focal point for advice and guidance, along with telephone and email support to schools and other associations. A total of 3086 questions were answered in 2024. A wide range of staff in schools access the website resource, which also offers six functional forum boards, and the website now has more than 6000 registered users.

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THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

In addition to four issues of the Bursar’s Review (three termly magazines plus the conference issue), three supplements included within the magazine were published for members (on catering, sustainability and estates, and strategic risk) in 2024.

Recruitment

ISBA Recruitment further consolidated its presence in a busy marketplace throughout 2024 in both the permanent and interim markets.

A total of 55 consultants were successfully placed into a variety of roles from interim Bursar/COO/DFO to bursary reviews, appraisals

and external panellist appointments; two of the interim candidates were offered and accepted permanent roles. ISBA also supported two of its sister associations with interim staff.

Advice and Guidance

A total of 3086 requests for technical advice and guidance either in the form of telephone calls or emailed requests were made to, and answered by, the Association during the year. This is an increase from 2032 the previous year.

At the year-end advice and guidance spending is £569k over budget. This is directly as the result of providing robust, timely and accurate advice and guidance to schools on the impact of tax changes and other government policy, with ISBA often leading HMRC to clarify a multitude of areas of uncertainty and ambiguity. The ISBA Board agreed to establish a £500,000 “fighting fund” to support member schools in the event that the worst-case Labour proposals came to fruition, which is what has happened. Establishing this fund was a prudent precaution and one that has proved necessary. Having the availability of such funds has helped ISBA respond in the most difficult of circumstances and will have gone a long way to bolstering ISBA’s credibility, not just with bursars but with heads, chairs and governors, the other associations on the wider sector.

ISBA began work immediately after the Ministerial statement by the Chancellor on Monday 29 July 2024. Since then, the Association has been fully engaged with the aim of influencing government thinking and trying to influence the timescale for the introduction of VAT on school fees. The Association has been fully engaging in the proposed content of numerous new regulations and putting in place the most informed advice to allow schools to fully prepare for the 1 January 2025 deadline.

In detail:

  1. Legal Work : Three strands of high-level legal work were undertaken behind the scenes to challenge the government’s programmed change of VAT on school fees. This has necessitated extensive, detailed, and regular contact with professional advisors and subject experts and, in the run up to the election, consultations with King's Counsel to determine the legal underpinning for the proposed changes.

  2. VAT Survey Results : The results of the VAT survey were passed in detail to HM Treasury and the OBR to inform their impact assessment of the new policy. This work enabled ISBA to speak confidently on the impact of the proposed changes on the sector, with data being available from over 1000 schools. This informed correspondence with the Chancellor and the Minister of State for Education amongst others.

  3. Meetings with Authorities : The association was involved in a sequence of robust and informative meetings with HM Treasury, HMRC, and the DfE. This engagement with government culminated in an appearance at the House of Commons Bill Select Committee looking at the impact of business rate changes, which gave the Association an opportunity to put forward the wider sectoral arguments on the negative impact of policies.

  4. Ongoing Advice : ISBA is (and was) constantly seeking advice from its advisors to keep schools up to date. Questions from schools was (and still is) unrelenting. This of course is in addition to the usual volume of general advice and inquiry activity.

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THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

  1. Webinars and Podcasts : The sequence of webinars and podcasts on VAT continued as the year progressed. Additionally, a training programme based on the feedback ISBA received was put in place.

It is reasonable to assume that the volume of advice and guidance queries will not diminish in the short term. The change of government policy towards the sector and more widely, has resulted in a higher than anticipated demand for advice from members, and the need to professionally engage with government at both policy and implementation levels to comment on emerging tax policies. Very often this had to be done at short notice meaning larger than normal teams of advisers co-ordinated by ISBA working to a very short deadline.

This commitment in time, expertise and finance represents a direct member benefit in what was a uniquely difficult year for the independent schools’ sector.

PROFESSIONAL DEVELOPMENT

In 2024, ISBA ran eight “in person” one day events, with a total number of 1130 delegates:

In addition to the training above, 8339 delegates registered to attend 40 webinars, . The webinars covered various topics including VAT, finance, cyber security, charity law, inspections, catering and cleaning contract management, pensions, insurance, treasury management, contracts, employment law and people management, health and safety, safeguarding, GDPR, sustainability, SEND, building design and government guidance on gender questioning pupils.

Of the 5113 webinar attendees, 2078 of these were for the dedicated VAT webinars.

Safeguarding online programme

One Safeguarding Programme for Bursars and Support Staff was delivered..

Data Protection Basics for ISBA Schools

In June ISBA offered our members a ‘data protection for beginners’ course, which was designed and delivered by Naomi Korn Associates.

Online E-Learning Courses

delegates completed the ISBA online safer recruitment course for independent school staff.

So, you want to be a bursar?

This introductory online course for people considering a senior support post in an independent school as a career was run three times in 2024 with a total of 48 delegates attending. Each delegate received a one-to-one mentoring session from either the CEO or COO in addition to presentations from six speakers over four one-hour sessions.

The Association is the only recruiter to the independent schools’ sector that supports candidates in such ways from the sector and wider industry, readies them for interview, and supports them with a bespoke training course and mentoring in their first two years in post.

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THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Newly Appointed Bursars’ Course

The Newly Appointed Bursars’ programme of six one-hour online training sessions was delivered to three cohorts of bursars, covering subjects such as safeguarding, financial responsibilities of a bursar, health and safety, governance, estates management and inspections. Content was tailored to training requests from new bursars. The programme was opened up to any staff in ISBA schools considering moving into a Bursar role and/or wanting to know more about the various aspects of the role, so the audience demographic expanded to include school support teams and teaching staff. This also increased the group size to an average of 35 delegates per session, with a total of 178 joining the programme in 2024.

Joint events with other associations

ISBA, HMC and AGBIS ran two one-hour joint webinars, with 240 ISBA members attending in June and 163 in October. The online events were following by an in-person joint conference in November, attracting 145 delegates. The sessions covered an overview of the changing market in light of the Labour government and advice for schools on how best to deal with the challenges posed by changes to VAT and business rate relief.

ISBA and BSA delivered an online one-day conference in March to 39 delegates, offering a range of topics for boarding school bursars and deputy heads. ISBA and BSA also offered a joint webinar focusing on marketing and communications for boarding schools.

ISBA representatives have presented at events run by 5 of the ISC Associations and all of its affiliates.

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, the TPS issue and mergers and acquisitions.

Scotland and Northern Ireland

Given specific economic and political factors impacting on independent schools in Scotland the association has deliberately increased the support made available to schools in this part of the United Kingdom. Equally new initiatives have been made to continue a widened support to schools in both Northern Ireland and the Republic of Ireland.

10

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Net outgoing resources for the financial year ended 31 December 2024 of £33,929 (2023 net incoming resources £372,548) before any gains or losses on investments.

Total funds held at the year-end were £1,952,495 (2023 £1,903,862). The Association's free reserves (after deducting the carrying value of tangible fixed assets held for the charity’s own use) have increased from £1,689,201 to £1,751,452. 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.

Reserves Policy

The current reserves policy has been in effect since July 2015. It is however reviewed and updated by FRAAC at least annually. 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 £1,796,848 and £2,073,286. The ISBA Group’s current free reserves are £1,751,452 which is £45,396 below the set range.

A sum of £500k was assigned to assist with the legislative changes in 2024, this sum has been used, in direct to support to member schools, to the full.

Investment Policy, Objectives and Performance

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

ISBA’s 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 has been achieved in 2024.

The overspend on A and G is significant but anticipated, foreseen and has delivered pan-sector effects, these can be summarised as:

Strategic - ISBA is seen as a thought leader in the sector but also the association that takes crises calmly, systematically and “does something” to respond whilst others are temporarily intellectually paralysed, by the “bad news.”

Operational – ISBA has the credibility to engage at higher levels of government and influence policy making. Our coordinating role has built tremendous relationships and credibility with professional advisers in the sector.

Tactical – ISBA is fully behind its member schools delivering what they need on a day-to-day basis (Their requirements and preferences will be tested further in an all-member survey, probably in quarter two of this year).

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THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The events of 2024 will not be repeated but other crises will certainly emerge. The Association in a secure financial position.

The fact that the effects summarised above have been achieved with “in year” funding, without depletion of available cash reserves, leaves is testament to ISBA’s financial resilience, forethought, and delivery of member benefits.

FUTURE PLANS

The strategic themes in 2024 were to:

The objectives have proved to be valid in 2024 and have been delivered.

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 situation 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

As 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.

12

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

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 on 13 May 2025 and signed on their behalf by:

Ai llh Amanda Webb Chair

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION FOR THE YEAR ENDED 31 DECEMBER 2024

Crowe U.K. LLP Chartered Accountants Member of Crowe Global R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ, 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 2024 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. 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.

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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:

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 12, 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).

16

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

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 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: 14 May 2025

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.

17

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating a Consolidated Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024

Notes
INCOME FROM:
Charitable activities:
Subscriptions
Conference delegate fees
Courses
Other
Investments
4
Other trading activities
5a, 5b
Total income
EXPENDITURE FROM:
Charitable activities
8
Raising funds
8
Total expenditure
8
Net (deficit)/income
Net gains on investments
12
Net Movement in Funds
Funds Brought Forward
Funds Carried Forward
15a		 Unrestricted Funds
Total
2024
Total
2023
£
1,283,270
1,146,163
340,993
296,744
208,847
199,377
38
277
35,881
28,492
2,014,471
1,749,506
3,883,500
3,420,559
3,483,661
2,823,178
433,768
224,833
3,917,429
3,048,011
(33,929)
372,548
82,562
52,447
48,633
424,995
1,903,862
1,478,867
1,952,495
1,903,862

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 21 to 34 form part of these financial statements

18

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION COMPANY NUMBER: 06410037 BALANCE SHEETS FOR THE YEAR ENDED 31 DECEMBER 2024

Notes Group Charity Group Charity
2024 2024 2023 2023
£ £ £ £
FIXEDASSETS
Goodwill 10 9,583 - 14,583 -
Tangible fixed assets 11 191,460 191,460 200,078 200,078
Investments 12 1,623,977 1,623,980 1,519,319 1,519,322
1,825,020 1,815,440 1,733,980 1,719,400
CURRENTASSETS
Debtors 13 417,480 376,932 360,416 491,110
Cash at bank 422,004 300,027 408,307 170,613
839,484 676,959 768,723 661,723
CREDITORS
Amounts falling due within
one year 14 (712,009) (449,770) (598,841) (392,455)
NETCURRENTASSETS 127,475 227,189 169,882 269,268
NETASSETS 1,952,495 2,042,629 1,903,862 1,988,668
UNRESTRICTEDFUNDS
Revaluation reserve 12 44,575 44,575 138,052 138,052
General funds 1,907,920 1,998,054 1,765,810 1,850,616
15a 1,952,495 2,042,629 1,903,862 1,988,668

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 £53,961 (2023: £436,285).

These financial statements were approved and authorised for issue by the Board of Trustees. On 13 May 2025 and signed on its behalf:

Amanda Webb

Trustee

The notes on pages 21 to 34 form part of these financial statements

19

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities:
Net income
Depreciation
Amortisation of fixed assets
Loss on disposal of fixed assets
Net (gains)/losses on investments
Increase/(decrease) in creditors
Increase/(decrease) in debtors
Net cash provided by operating activities
Cash flows from investing activities
Cash investment into investments
Purchase of tangible fixed assets
Net dividend reinvestment
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		 2024
£
48,633
60,279
5,000
1,021
(82,562)
113,168
(57,064)
88,475
-
(52,682)
(22,096)
(74,778)
13,697
408,307
13,697
£
422,004
2024
£
£
422,004		 2023
£
424,995
42,030
5,000
959
(52,447)
(173,681)
35,190
282,046
(250,000)
(130,532)
(19,831)
(400,363)
(118,317)
526,624
(118,317)
£
408,307
2023
£
£
408,307

The notes on pages 21 to 34 form part of these financial statements

20

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

1. Company information

The Association’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 Association (company number 06410037 and charity number 1121757) is incorporated and domiciled in the UK. The address of the registered office for all ISBA entities is 5[th] Floor, 167-169 Great Portland Street, London, W1W 5PF.

2. Accounting Policies

2.1 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 (effective 1 January 2019), 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).

2.2 Basis of Consolidation

The group financial statements consolidate the financial statements of the Association and its subsidiary undertakings, ISBA Enterprises Limited and ISBA Recruitment Limited up to 31 December 2024. All inter-group transactions are fully eliminated on consolidation.

The Association 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 £53,961 (2023: £436,285) .

2.3 Going Concern

As a year 2024 was “unstable” in macro-economic terms. A change of government, earlier than anticipated, had an effect on GDP which was cautiously optimistic. That optimism evaporated with the new government’s autumn economic statement which announced an increase in national insurance contributions for employers, the reduction of the national insurance threshold and an increase in national minimum and living wages. For the independent schools’ sector this followed increased TPS employer contributions to 29.68% from April 2024.

The cumulative impact of the changes is potentially serious, given the undue haste with which the government has implemented each of the changes and its refusal to consider material concessions or a phased introduction programme.

The imposition of VAT was announced on 29 July 2024 with an inception date of 1 January 2025. From the date of the announcement, schools were calling on ISBA advice and services to prepare themselves for this unexpectedly early, self-assessed tax. Government guidance was incomplete, so ISBA had to engage with HM Treasury and HMRC to consult, advise and promulgate emerging government fiscal policy. This resulted in a marked overspend in specialist advice which was relayed to schools. This was achieved from “in year” funds and will not be repeated.

For 2025, it is estimated that, with a modest increase in subscription levels, the end of the year will see ISBA in surplus by £162k pre-investment gains and losses. Cashflow forecasts have been completed for the next 26 months which predicts the Association will be in strong cash surplus each month. The annual cycle has low points in December and January of each year, but those are identified, accurately predicted, and routinely monitored to ensure that they remain within the tolerance of the forecast.

The ISBA Board is well briefed on the effect that the changes to the taxation status of charitable schools will have on the Association’s core business. As a charity, the Association has a realistic 5-year plan based on current legislation.

21

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Based on these considerations the Board consider that the going concern basis for the Association is appropriate.

2. Accounting Policies (continued)

2.4 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.

2.5 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.

2.6 Intangible Fixed Assets and Amortisation

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straightline basis to the Statement of income and retained earnings over its useful economic life.

Amortisation is provided at the following rates:

Goodwill - 20% straight line

2.7 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:

Office equipment and furniture - 3 years Website and Database – 5 years

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

2.8 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.

22

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

2.9 Recognition of Liabilities

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

2. Accounting Policies (continued)

2.10 Taxation

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

2.11 Funds

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

2.12 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.

2.13 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.

2.14 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.

2.15 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.

2.16 Creditors and provisions

Creditors and provisions are recognised where the Association 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.

2.17 Financial Instruments

The Association 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 18 provides more information in respect of this area.

3. Significant judgements and estimates

In the application of the Association’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.

23

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

4. Income from investments

Dividends
Bank interest		 2024
£
27,946
7,935
£
35,881		 2023
£
28,492
-
£
28,492

5a. ISBA Enterprises Limited

The Association 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		 2024
£
1,714,619
(498,915)
1,215,704
1,215,704
-		 2023
£
1,574,260
(501,118)
1,073,142
(1,073,142)
-

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

The Deed of Covenant payment of £1,215,704 (2023: £1,073,142) and the management charge of £483,709 (2023: £471,104) totalling £1,699,413 ( 2023: £1,544,246) , will be paid to ISBA. These have been eliminated upon consolidation.

At 31 December 2024 the net assets of ISBA Enterprises Limited were £2 (2023 net assets: £2).

The majority of the income in ISBA Enterprises Limited relates to trading with third party exhibitors and sponsors.

24

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

5b. ISBA Recruitment Limited

The Association owns 100% of the ordinary £1 share capital of ISBA Recruitment Limited, a company which was incorporated on the 1 November 2021 and is 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 current year are extracted from their audited financial statements:

Turnover
Cost of Sales
Administration expenses
Net deficit
Covenanted to ISBA
Retained in subsidiary		 Year ended
31 December
2024
£
307,764
(151,731)
(161,361)
(5,328)
-
(5,328)		 Year ended
31 December
2023
£
175,245
(78,615)
(107,922)
(11,292)
-
(11,292)

A management charge of £53,628 (2023: £90,292) has been eliminated upon consolidation.

At 31 December 2024 the cumulative net liabilities of ISBA Recruitment Limited were £90,134 ( 2023: £84,806 ).

5c. ISBA Bursar Search Limited

The Association owns 100% of ISBA Bursar Search Limited, a company limited by guarantee, and is registered in England and Wales (company number 13493520). The registered office address can be seen under Note 1. This Company is dormant.

6. Net Incoming/(Outgoing) Resources

Net incoming/(outgoing) resources is stated after charging:
Auditor’s remuneration:
For audit services
Non audit
Depreciation of tangible fixed assets
Amortisation
Operating lease rentals		 2024
£
20,335
52,645
60,279
5,000
-		 2023
£
19,000
11,565
42,030
5,000
6,715

25

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

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
(this
includes
wages,
employers’
National
Insurance,
employers’ pension and taxable expenses):		 2024
£
1,119,734
114,035
115,624
27,039
1,376,432
19
592,789		 2023
£
850,441
85,599
75,526
17,940
1,029,506
15
526,857

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
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£120,001 - £130,000
£170,001 - £180,000
£190,001 - £200,000		 2024
No.
1
1
-
1
1
-
1
-
1		 2023
No
-
1
2
-
-
1
-
1
-

In the year contributions were made for 5 (2023: 4) higher paid employees to a defined contribution pension.

Included within staff costs is £Nil ( 2023: £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 and overseas conferences. All the Trustees claim for these expenses which totalled £11,968 ( 2023: £14,209) .

Pension Costs

The Association paid into 20 (2023: 18) defined contribution pension schemes. The assets of the schemes are held separately from those of the Association in independently administered funds.

26

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of Resources Expended

Support
Staff
Other
Amortisation/
Costs
Costs
Costs
Depreciation/
loss on
disposal
£
£
£
£
Charitable Activities
Charitable donations
-
-
1,900
-
Conference expenses
9a
62,545
216,743
794,245
9,655
Course expenses
9b
70,487
244,346
160,911
10,881
Advice, guidance, and
information
9c
191,543
717,507
970,943
31,955
324,575
1,178,596
1,927,999
52,491
Raising Funds
Investment
management fees
-
-
5,850
-
Business directory
16,405
50,840
-
2,262
Bursar Recruitment
48,138
146,996
151,730
11,547
64,543
197,836
157,580
13,809
Total Resources Expended
389,118
1,376,432
2,085,579
66,300
Included in support costs are governance costs of £32,303_(2023: £37,138).
_2023
Support
Staff
Other
Amortisation/
Costs
Costs
Costs
Depreciation/
loss on disposal
£
£
£
£
Charitable Activities
Charitable donations
-
-
1,005
-
Conference expenses
9a
97,959
246,052
684,535
10,274
Course expenses
9b
45,701
201,577
160,732
4,793
Advice, guidance, and
information
9c
202,943
524,225
617,867
25,515
346,603
971,854
1,464,139
40,582
Raising Funds
Investment
management fees
-
-
8,661
-
Business directory
24,338
57,652
-
2,407
Bursar Recruitment
48,160
-
78,615
5,000
72,498
57,652
87,276
7,497
Total Resources Expended
419,101
1,029,506
1,551,415
47,989		 Total
£
1,900
1,083,188
486,625
1,911,948
3,483,661
5,850
69,507
358,411
433,768
3,917,429
Total
£
1,005
1,038,820
412,803
1,370,550
2,823,178
8,661
84,397
131,775
224,833
3,048,011

27

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

9. Allocation of Support Costs

Conference
Expenses
£
Course
Expenses
£
Advice,
Guidance
and
Information
£
Premises costs
-
-
-
Human resource costs
1,897
2,138
6,278
Communication costs
33,810
38,103
111,907
General office costs
13,301
14.990
41,379
Strategic projects
2,032
2,290
6,725
Travel costs
3,408
3,841
11,280
Governance costs
8,097
9,125
13,974
62,545
70,487
191,543
2023
Conference
Expenses
£
Course
Expenses
£
Advice,
Guidance
and
Information
£
Premises costs
3,373
1,574
7,187
Human resource costs
20,906
9,753
44,541
Communication costs
29,996
13,994
63,908
General office costs
31,808
14,839
67,729
Governance costs
8,984
4,192
13,416
Travel costs
2,892
1,349
6,162
97,959
45,701
202,943
9a. Conference expenses – other costs
Conference accommodation
Conference overheads
Conference exhibitors and sponsorship
9b. Course expenses – other costs
Training expenses
9c. Advice, guidance, and information – other costs
Professional expenses in the provision of advice and guidance
to member schools
Human resource costs
Other costs		 Business
Directory
£
-
1,286
24,338
13,318
1,378
3,325
4,493
48,138
Business
Directory
£
790
4,898
7,029
8,838
2,105
678
24,338
2024
£
294,157
282,143
217,945
794,245
160,911
764,281
124,422
82,240
970,943		 Bursar
Recruitment
£
-
444
7,922
4,868
476
798
1,897
16,405
Bursar
Recruitment
£
1,190
7,374
13,243
16,649
8,441
1,263
48,160
2023
£
216,659
240,774
227,102
684,535
160,732
335,086
189,216
93,565
617,867		 Total
Allocated
£
-
12,043
216,080
87,856
12,901
22,652
37,586
389,118
Total
Allocated
£
14,114
87,472
128,170
139,863
37,138
12,344
419,101

28

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

10. Intangible Assets

Cost
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for year
At 31 December 2024
Net Book Value
At 31 December 2024
At 31 December 2023		 Goodwill
£
25,000
-
25,000

10,417
5,000
15,417

9,583

14,583

11. Tangible Fixed Assets – Charity and Group

Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Depreciation charged in
the year
Disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Office
Equipment
and Furniture
£
46,988
8,448
(4,808)
50,628
29,553
12,570
(3,787)
38,336
12,292
17,435		 Website &
Database
£
234,046
44,234
-
278,280
51,403
47,709
-
99,112
179,168
182,643		 Total
2024
£
281,034
52,682
(4,808)
328,908
80,956
60,279
(3,787)
137,448
191,460
200,078

29

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

12. Investments – Charity and Group

Listed investments
Market value at 1 January
Additions
Disposals
Revaluation (losses)/gains
Unlisted investments (subsidiaries)
Total investments
Cash awaiting investment
Cash on deposit
Market value at 31 December- Charity
Less £3 investment in subsidiaries
Market value at 31 December- Group		 2024
£
1,248,191
1,270,120
(1,260,023)
82,562
1,340,850
3
1,340,853
18,452
264,675
1,623,980
(3)
1,623,977		 2023
£
1,158,323
297,142
(259,721)
52,447
1,248,191
3
1,248,194
21,128
250,000
1,519,322
(3)
1,519,319

The Association 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. ISBA Bursar Search Limited has no share capital so is not included above.

Historic cost at 31 December (excludes cash but includes the
cost of subsidiaries)
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
Private equities and alternatives
Cash (including cash on deposit)		 1,296,278
160,768
815,773
187,049
-
50,952
34,594
-
-
37,756
347,085
1,623,977		 1,110,142
407,370
389,926
166,611
119,452
66,126
15,069
31,560
52,077
-
271,128
1,519,319

The revaluation reserve figure on page 19 is calculated by deducting the historic cost figure £1,296,278 from the total market value of investments figure, excluding cash of £1,340,853.

30

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

13. Debtors

Trade debtors
Other debtors
Amounts due from subsidiaries
Prepayments		 Group
2024
£
179,837
37,347
-
200,296
417,480		 Charity
2024
£
9,655
37,347
162,005
167,925
376,932		 Group
2023
£
122,311
31,222
-
206,883
360,416		 Charity
2023
£
12,956
31,222
249,675
197,257
491,110

Included within other debtors is a loan to the Independent Schools’ Mutual Limited for £37,347 (2023: £31,154) which is repayable in greater than one year.

14. Creditors

Trade Creditors
Taxation and social security costs
Other creditors
Accruals
Deferred income		 Group
2024
£
94,448
7,806
3,336
126,985
479,434
712,009		 Charity
2024
£
94,427
7,806
3,336
104,159
240,042
449,770		 Group
2023
£
34,165
20,492
3,921
133,655
406,608
598,841		 Charity
2023
£
34,145
20,492
3,921
121,180
212,717
392,455

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

£

Balance at 1 January 2024
Amounts invoiced during the year in relation to subscriptions, conference & courses
Current year subscriptions, conference & course income
Balance at 31 December 2024		 406,608
3,553,299
(3,480,473)

479,434

15a. Net Assets of the Funds

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

Association – Unrestricted
Charity
Non-charitable trading funds
trading funds
Group		 Fixed
Assets
£
191,460
9,583
201,043		 Investments
£
1,623,980
(3)
1,623,977		 Net Current
Assets
£
227,189
(99,714)
127,475		 Fund
Balances
£
2,042,629
(90,134)
1,952,495

31

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

15b. 2023 COMPARATIVE - Net Assets of the Funds

Association – Unrestricted
Non-charitable trading funds
trading funds
Group		 Fixed Assets
£
200,078
14,583
214,661		 Investments
£
1,519,322
(3)
1,519,319		 Net Current
Assets
£
269,268
(99,386)
169,882		 Fund
Balances
£
1,988,668
(84,806)
1,903,862

16. Capital Commitments

At 31 December 2024 the group had capital commitments of £Nil (2023: £Nil) .

17. Related Party Transactions

Related party transactions in relation to the group in the year are disclosed in Note 5.

There are no other transactions with Trustees other than those disclosed under Note 7.

32

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

18. 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 (held within investments).

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		 2024
£
903,863
224,769
1,340,853		 2023
£
811,840
171,741
1,248,194

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

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		 7,935
773,709
201,922
1,340,853		 -
714,466
159,246
1,248,194

The Association’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 22 -

33

THE INDEPENDENT SCHOOLS’ BURSARS ASSOCIATION CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

20. COMPARATIVE 2023 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCOME FROM:
Charitable activities:
Subscriptions
Conference delegate fees
Courses
Other
Investments
Other trading activities
Total income
EXPENDITURE FROM:
Charitable activities
Raising funds
Total expenditure
Net income
Net gains/(losses) on investments
Net Movement in Funds
Funds Brought Forward
Funds Carried Forward		 Total
2023
£
1,146,163
296,744
199,377
277
28,492
1,749,506
3,420,559
2,823,178
224,833
3,048,011
372,548
52,447
424,995
1,478,867
1,903,862		 Total
2022
1,052,754
211,727
132,154
10
23,555
1,300,336
2,720,536
2,265,150
198,838
2,463,988
256,548
(216,008)
40,540
1,438,327
1,478,867

34