2024-08-31-accounts

Registered number: 00045867 Charity number: 1158943

THE INDEPENDENT SCHOOLS ASSOCIATION (A Company Limited by Guarantee)

TRUSTEES' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

CONTENTS

	Page
Reference and Administrative Details of the Company, its Trustees and Advisers	1 - 2
Trustees' Report	3 - 11
Trustees' Responsibilities Statement	12
Independent Auditors' Report on the Financial Statements	13 - 16
Consolidated Statement of Financial Activities	17
Consolidated Balance Sheet	18
Company Balance Sheet	19
Consolidated Statement of Cash Flows	20
Notes to the Financial Statements	21 - 37

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024

Trustees	J T Wilding
	S McKernan (resigned 5 December 2024)
	P A Soutar
	R M Walden (resigned 31 August 2024)
	J Shaw
	P M Wilson
	H Chalmers (resigned 31 August 2024)
	D E Seagrove
	D Preston
	J Hetherington
	J Duke
	D Price
	N Dangerfield
	C Salmon (resigned 28 September 2023)
	M Burke
	L Collins (resigned 31 August 2024)
	S Knox
	C Hammond (resigned 31 August 2024)
	A Hampton
	I Latif
	G Maidment
	C Osborn
	O Scott
	A Campbell
	A Cairns (appointed 1 September 2023)
	A Hammond (appointed 1 September 2023, resigned 31 December 2024)
	K Samson (appointed 1 September 2023)
	S Nicholson (appointed 1 September 2024)
	V Playford (appointed 1 September 2024)

Company registered
number	00045867
Charity registered
number	1158943
Registered office	ISA House
	Great Chesterford Court
	Great Chesterford
	Essex
	CB10 1PF
Company secretary	Rudolf Alastair Eliott Lockhart

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THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Independent auditors Price Bailey LLP Chartered Accountants Causeway House 1 Dane Street Bishop's Stortford Hertfordshire CM23 3BT Bankers National Westminister Bank PLC 56 St Andrew's Street Cambridge Cambridgeshire CB2 3DA

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THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees are pleased to present their annual Directors’ report, together with the consolidated financial statements of the charitable limited company and subsidiary trading company for the year ending 31 August 2024, which are also prepared to meet the requirements for a Directors’ report and accounts for Companies Act purposes. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland published on 16 July 2014.

Chair’s report

In taking over as Chair this year, I am pleased to commend the progress that the Association made during the time that Jeff Shaw was leading the Association. The overwhelming picture was of solid growth, albeit with looming political clouds. While the Association continued to take precautions regarding Covid, these no longer caused any significant disruption to events. Nonetheless, we kept some of the benefits of new thinking developed in Covid years such as running training online and offering a hybrid approach to working in the office. The year was full of achievement for the Association with a healthy increase in membership, the further expansion of education support services to ISA Members and their schools, the growth in the variety and number of sports, arts and other competitions offered by the Association, and the co-operation and partnership, both formal and informal, with other organisations who share ISA’s charitable aims. The Association has provided a huge amount for all ISA Members, supporting schools in a time of uncertainty in our sector. It has been particularly pleasing to once again note that ISA’s Members from all types of schools have continued to develop relationships with state school neighbours. ISA Members’ partnerships continue to be featured at www.schoolstogether.org, the website of Schools Together, promoted by the Independent Schools Council and the Department for Education.

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The Association continues to grow. During 2023-24 the Association increased its membership from 623 as of 1 September 2023, to 667 Members at the end of the Association’s year, a net increase of 43 Members and their schools. The resulting additional funding has allowed the Association to continue to enhance its services to its Members. Our team of seven Regional Ambassadors have done a sterling job visiting members to provide crucial pastoral support. Their work is part of ISA’s agreed strategy to encourage all Members to access our full range of support services and events for children. Our online community has grown and remains an essential means of support and advice for our Members and the staff in their schools allowing for the rapid dissemination of vital information to Members and to answer their questions expertly and without delay. ISA continues to provide free consultant-led compliance checks to help Members with an external view of compliance issues in their schools and to provide much-needed confidence.

The education and inclusion work of the Association has delivered significant benefits to members, positively supporting course and conference content, the development of inclusive sports events, and the review of policies and procedures for ISA events to enhance their inclusivity for Members. In addition to the permanent discussion forums established specialising in the EYFS, SEND, and Equity, Diversity and Inclusion (EDI), a fourth forum on Cross Faith Discussion has been added to help support schools with varied religious characters. These Discussion Forums give member schools the opportunity to share best practice, ask questions of colleagues, hear of opportunities through the ISA, discuss topics or relevance and network. We have launched Subject Level Networking Groups to support staff within member schools across a wide range of subjects. These groups provide an opportunity to share best practice, discuss challenges, and develop professionally. We have continued to raise the profile of Equity, Diversity and Inclusion (EDI) throughout ISA conferences, courses and events as well as in the provision of resources available to Members. We have supported our Whole School EDI Audit Tool by producing a training video and support documents. An analysis of the ethnicity of heads in membership has helped to inform the Association’s Inclusion Committee in its focus on inclusive recruitment, board diversity, and leadership development for minority ethnic staff. The Association launched an EDI Pathway within the suite of professional development courses offered, and has developed an esports competition and an inclusive sports festival.

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THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

ISA ran an enhanced programme of in-person sports competitions this year. There were 45 national sporting events on offer in 2023-24, and 163 area events for ISA Members’ schools in their respective regions. The programme included a number of new events to complement the existing, popular, set of events.

We saw some new events on the national calendar in 2023-24, as well as the continuation of the ever-popular team sports. It was great to see approximately 1,025 students over 6 events, come through the doors at Lee Valley. Girl’s football continues its popularity with 640 students competing at LVS Ascot, Saint Nicholas School, and Lingfield College last year. A similar number to the previous calendar year. Netball at all ages is a highlight of many school’s terms with approximately 430 students competing across the U14, U16 and U18 events at the indoor facilities of the University of Nottingham. The U11 and U13 Netball Finals are the culmination of their respective qualifying events in each area and saw 28 schools and 280 students at the U11 event and 24 schools and 240 students at the U13 event.

In March 2024 the first ISA National Esports event took place at DLD College London, in partnership with DAIGON Esports. The event was a huge success with 51 students across 7 schools taking part, and this provided a positive stepping stone into future events. The event is crucial in providing inclusive opportunities for students and has been proven to provide a wide variety of benefits for children such as teamwork, social skills and creativity. The Power2Inspire event at Leighton Park School saw an increase of 50 students from 4 schools to 81 students from 7 schools, from the previous year.

The residential Inclusive Festival of Sport went ahead again at the University of Nottingham in June. Numbers this year stayed at 2 schools attending, amounting to 22 students with SEND. We are currently working with the University to establish how we can make this event more attractive for schools, by looking at more creative marketing, introducing new inspirational workshops and looking at opening the event up to all ISA Member’s schools.

The Arts programme added two in-person events, hosting 17 virtual competitions and 9 live events, compared to 19 online and 7 live events in the previous year. Total entries increased significantly to 6,491 from 5,074, due to new online qualification rounds and expanded age groups, which allowed more students to participate and made judging more efficient and equitable.

A first-round qualification for the Dance competition has been introduced for the first time, giving a total of 144 entries from 44 schools for the first round against 43 entries from 33 schools in the previous year. The finals were held at Reddam House Berkshire, 21 schools and over 130 pupils took part.

The Public Speaking Competition was extended to KS4-5 students and saw for the first time a live final at the University of Cambridge. We received a total of 127 entries compared to 51 the previous year. The competition was supported by the English-Speaking Union who offered a free webinar to our schools prior to the event to guide them with their entries. The Debating Competition was open to KS3 for the first time as well as KS4/5. The topics covered various aspects such as the influence of AI on children’s education, the value of qualifications versus experience and the question of hosting international sports events in countries with poor human rights records. The Drama Competition ran successfully kindly hosted by Luckley House School and King’s High School, with 264 students taking part from 18 schools (17 schools took part last year). The Poetry Competition broke records this year with 510 entries from 125 schools compared to 160 entries from 58 schools last year. The Shakespeare Monologue Competition received 178 entries from 66 schools compared to 145 entries from 52 schools last year. Winning entries had the chance to perform their monologue live at the Mary Arden’s Farm, Shakespeare’s childhood home, followed by a workshop delivered by our partner the Shakespeare Birthplace Trust.

The Young Musician competition was held at Jacqueline Du Pré Building, in Oxford. The competition witnessed an increase in popularity, with 214 entries from 95 schools for the online qualification round, compared to 101 entries last year. 39 students from KS2 to KS5 and from 20 schools took part in the final. The A Cappella Competition, hosted at Leighton Park School, attracted 16 schools. Up from 10 schools the previous year, bringing 246 pupils together. The Band Competition received 40 entries comparing to 28 last year. The Musical Theatre Competition received 297 entries from 89 schools, compared to 210 from 57 schools last year, with a live final hosted at LVS Ascot where 39 finalists from 26 schools competed.

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THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

The Art Competitions have run successfully; 189 schools took part in the regionals with a total of 1,782 entries. The 258 pieces of artwork competed in the final. The image of the artwork were again published in a virtual art gallery on our website, and in the printed art brochure which was sent to all our Members. The Comic Strip Competition saw a significant increase in entries this year, with 246 entries from 69 schools compared to 121 entries last year. The competition was judged by the Cartoon Museum, who also provided prizes for the winners.

EYFS and Primary schools’ competitions also saw an increase in participation: The Christmas Banner Competition received 323 entries from 77 schools, compared to 146 entries from 37 schools last year. Similarly, the Easter Egg Competition saw 371 entries from 62 schools, compared to 324 entries from 42 schools the previous year. The Butterfly Art Competition had 789 entries from 127 schools, doubling last year’s 351 entries from 75 schools. The Handwriting Competition also grew, receiving 528 entries from 113 schools, for 312 entries from 65 schools for the previous year.

The STEAM Competition received 73 entries from 36 schools, compared to 28 entries from 18 last year. Students were challenged to design and build projects such as propelling a soft toy a long distance (Year 3-4), finding a way to drop a raw egg from a height of 2m without it breaking (Year 5-6) and creating a device to aid mobility for individuals with disabilities (Year 7-9). Following an online qualification round, finalists presented their projects to judges in a virtual meeting.

The short film and animation competition has received 49 entries compared to 25 last year. The digital art included new categories (photo collage or photo manipulation and digital drawing or vector art) and saw an increase with 209 entries from 79 schools compared to 118 from 44 schools. The Sport Cover design competition closed the academic year, with 178 entries from 48 schools, compared to 193 entries from 40 schools last year. The coding competition, open to KS2-5 students, was a new addition to the programme, very well received by our schools with 93 entries from 41 schools. Code to the Future, provided a webinar to guide schools with their entries.

Trustees believe that the breadth and accessibility of our artistic and sporting programmes demonstrate the public benefit that our work brings to the wider community. To also further this public aim, ISA has continued to encourage schools to work in partnership with state schools in sharing resources and establishing joint curriculum projects. Throughout 2023-24, ISA remained an active supporter of the Systems Partnership Unit at the Department for Education, further encouraging the creation of partnerships between state and independent schools often with the aim of promoting understanding and shared working for the benefit of pupils in both the state and independent education sectors. Further, ISA continues to provide expert advice on curriculum, examinations and assessment to several organisations, including all the main Examinations Awarding Bodies in England and WJEC/Eduqas in Wales, and to the regulator, Ofqual. ISA also advises governmental bodies on matters related to education.

We continue to provide low-cost training for teachers on all aspects of education, with 2023-24 seeing a continued emphasis on inspection, compliance and developing skills for school evaluation, in response to requests from our Members. All our training events continue to be open to teachers from the state and independent sectors. The vast majority of our courses took place virtually in order to make them as accessible as possible. We were able to keep the price of attending low due to savings on overheads on online training and have been able to attract a significantly greater number of people from a wider geographical sweep of schools, to take the courses In the academic year 2023/24 ISA ran 98 day courses, 92 delivered via Zoom, and 5 at ISA House or at an external venue.

Our programme of conferences was successfully switched online with strong feedback from delegates. Our Heads Induction Conference was held in January 2024 where we welcomed 83 new members to the Association. Our Annual Conference, held in May 2024 attracted 107 Heads. Our Autumn Study Conference, held in November 2023, attracted 131 school leaders. It had a focus on pedagogy and had sessions aimed at Heads, Deputies, and other Senior Leaders. As part of the conference we were able to hold our ISA Awards Ceremony. It was a pleasure to be able to be with members at this fantastic celebration of the achievements of ISA members’ and those at their schools.

Page 5

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

I am delighted that ISA has been able to continue to provide expert advice and guidance to our members and across the educational sector, despite a year made all the more challenging by covid. To find out more, visit our website at www.isaschools.org.uk.

Our purposes, activities and main objectives for 2023-24

The object of the association is the advancement of education by fostering the highest possible educational standards in independent schools through the promotion of fellowship and co-operation among members, associates and affiliates of the association and through co-operation with other bodies with similar charitable objects.

Trustees also confirm that they have complied with the duty in Section 4 of the 2006 Act and the 2011 Act to have regard to guidance on public benefit as published by the Charity Commission. In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including “Public benefit: running a charity” (PB2).

The Association relies on the income foremost from subscriptions and secondly from training charges to cover its operating costs, with a minor contribution from sponsorship that contributes under 10% of gross income. Affordability and accessibility to our training, sports and other pupil programmes remain important considerations for Trustees. ISA encourages as many young people as possible to take part in our activities, and as many teachers as feasible to take advantage of our highly-quality training events online via Zoom. The Association is keen to encourage teachers from a wide variety of schools, both state and independent, to attend our courses and we deliberately keep costs low to encourage participation. Our approach to inclusive participation is embedded within our wider strategies employed to achieve the charity’s aims and objectives. Specifically, in 2023-24 these were to:

• offer an even wider range of sports, arts and competitions for schoolchildren of all ages, at no additional cost to Members and their schools, with emphasis on participation and enjoyment. As well as adding new events to the sporting calendar, the Association’s aim was to widen the participatory age ranges in our most popular sports;

• present a wide range of high quality and inexpensive training opportunities for teachers. Courses are offered at the same cost for all participants, irrespective of membership or background;

• provide immediate expert advice to schools across the country, via email and telephone support, while further developing its vibrant online community;

• to develop new and to strengthen existing links with charities with similar objects, and other bodies and organisations working on behalf of children, including overseas, particularly where we can provide support and expertise.

Strategies for Achieving our Objectives

In putting these strategies into action throughout 2023-24, we have identified three major areas of activity:

1. Training events, including courses on all aspects of education, and conferences that feature expert speakers and practical breakout sessions;

2. Sports and arts-related events that encourage as many young people and schools as possible to take part; and,

3. Expert advice on all aspects of education for Members’ schools and where appropriate, the wider community.

Page 6

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Training Events

Our Autumn Study Conference each year aims to enhance pedagogy among senior leadership teams and the November 2023 event brought 131 leaders from across our Members’ schools to Chesford Grange in Kenilworth. Delegates heard from a variety of speakers on a broad range of topics including toxic masculinity, building LGBT+ inclusion into school culture, inspection, neurodiversity, and the political challenges facing the sector. The conference also features ISA’s annual Awards Ceremony, which recognises and celebrates best practice in schools across the country, particularly in areas such as mental health, innovation, sustainability, sports and the arts. Categories for entry are reviewed annually to ensure relevancy to our schools and to the education sector as a whole.

Our 2024 Heads Induction Conference was held at Fanham’s Hall in Ware. We welcomed 83 new Members to train for the challenges of leading a school in uncertain times. Updates for delegates included understanding brain development, crisis incident management, inspection, legal pitfalls, and looking after mental wellbeing.

Our 2024 Annual Conference was held in Birmingham. The conference focused on fellowship and support for the Heads in membership of the Association. Delegates heard from a variety of speakers on different topics ranging from embedding active citizenship in schools, ensuring commitment to equality rather than compliance with it, inspirational leadership drawing on Shakespeare’s Henry V, reducing anxiety in schools, and the political context for independent schools. They also had the opportunity to meet with a variety of suppliers. The end of the conference focused on wellbeing offering them the opportunity to relax and celebrate at the dinner and then join in a choice recreational activities with colleagues from within the Association.

In addition to our programme of conferences, in 2023-24 ISA offered 98 training courses. As well as a range of popular inspection and compliance-related topics, training opportunities included diversity and inclusion, pupil and staff mental health, self-evaluation for school improvement, supporting children with SEND, safeguarding, recruitment, finance and, teaching and learning. Training fees for course are deliberately capped to promote affordability. ISA is committed to offering courses in critical areas such as safeguarding and child protection, and is content to operate training events despite minority interest of Members, even if numbers are lower than might be expected. Further, to keep training events affordable, ISA utilises many voluntary speakers to help deliver our programmes, as well as expert professional trainers from a variety of skills and backgrounds. The vast majority of courses are online, although we continue to run a small number at ISA House in Great Chesterford, balancing delegates’ accessibility needs with keeping their travel costs to a minimum.

Support for Parents, Schools of All Types, and the Wider Community

ISA seeks to provide free and impartial educational advice not just to Members but to schools of all types and to parents who often seek advice on areas such as SEND provision and school admissions. ISA’s representatives also assist governmental agencies and NGOs working in education. In 2023-24 this included working with the Department for Education at ministerial level to promote independent-state school partnerships, with each of the examinations awarding bodies (including Pearson, WJEC/Eduqas and AQA, and the regulator Ofqual) on the delivery of Teacher Assessed Grades, and with the inspectorates (particularly the Independent Schools Inspectorate) on compliance and regulation, as well as providing responses as part of official government consultations.

Page 7

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Sports, the Arts and other Competitions

ISA strongly advocates for a broad range of curriculum experiences, particularly in the arts where many children go on to enjoy productive careers in the UK’s creative industries. Our events in the expressive and fine arts help develop pupils’ self-confidence and expression across the range of arts, from dramatic performance, twodimensional and three-dimensional arts (including textiles and sculpture), as well as in areas such as creative writing. Given the ability of these sometimes-marginalised curriculum areas to raise confidence and attainment, as well as enhancing communication and expression, ISA encourages participation from children with special educational needs and disabilities. ISA’s membership includes schools that specialise in SEND and many use arts therapeutically to build confidence, often achieving impressive results in public examinations given the initial challenges often faced. Both local (Area) and national events are offered, so children from a wide ability range and a variety of backgrounds can represent their schools. Each of ISA’s seven Areas across England and Wales arranges local arts competitions, sometimes with public display, presenting opportunities for pupils to have their work viewed outside of their school environment.

The Association’s annual creative writing competition also includes the opportunity for schools to promote creative work, with winners often featured in the Association’s magazine, the ISA Journal, with over 2,000 copies now distributed without cost across the wider educational community. The success of our Arts provision can be seen from the volume of entries for our competitions even though the competitions had to switch to online formats.

While many pupils do have access to traditional team-sports, we recognise that children involved in individual pursuits often miss the chance for representation and so we have striven to provide a wide range of sports events for pupils to be involved in. Our Sports competitions celebrate participation with an emphasis on pupils enjoying the range of sports on offer.

Key performance indicators

	2024	2023
Number of Full Members	667	623
Number of attendees at key conferences
Annual Conference	107	103
Autumn Study Conference	131	115
Heads Induction Conference	83	60
Total number of training days offered	98	109
Average attendance on training courses	17.4	14.3
Overall entries for Arts competitions	6,491	5,055
Number of competitors at flagship sports events
National Athletics Finals	600+	600+
National Swimming Finals	600+	600+
National Cross Country Finals	600+	600+

Financial review

2023-24 has been another good year financially for the Association, delivering an increasing range of services to Members and to budget. The total income, at £1,791,519 is up significantly on the previous year’s £1,631,836. While expenditure has also risen, to £1,688,603 from £1,477,524 the previous year, the result was a surplus of £102,916 reflecting the strength of the Association’s performance. This surplus was the result of a significantly increased income for the charity due to the growing membership and therefore increased subscription income (£1,132,929, up from £970,943 the previous year).

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THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

The expanded range of services offered have been delivered through a controlled increase in the charities expenditure. There has been an increase in support costs (£1,126,593 up from £991,625) alongside increases in direct costs (£550,439 up from £480,878).

Taken together these figures show a strong financial performance for the charity.

Investment powers, policy and investment performance in 2023-24

The Trustees, having regard to the liquidity requirements of operating the charity, sweep funds into an interestbearing liquidity account daily. Deposit interest rates remain unfavourable and so Trustees’ longer-term aim of earning interest to match or exceed movements in the retail prices index (RPI) was again frustrated in 2023-24. The Association’s Finance Committee reviewed this performance and renewed its investment strategy as detailed below.

Reserves policy and going concern

Trustees recognise that reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned emergency repairs and other expenditure. Given that the charity owns its buildings, has no mortgages or loans, and holds largely unrestricted funds, Trustees take the view that reserves are currently more than sufficient for the stated purpose. Professional fees and non-cancellable operating leases remain minimal. Cash-flow remained positive in each month, augmented by a regular influx of new Members throughout the year.

Trustees consider two elements to reserves. First, consideration is given to the funds necessary to hold to ensure an orderly closure of the charity in the event of an unplanned closure. Second, consideration is given to the funds necessary to hold for the charity to continue to operate over the next twelve months in the event of an unexpected loss of income. As a result the charity aims to maintain reserves of at least £340,000 and to have this amount available in a separate bank account. As at the year end the charity held closing reserves of £1,718,220 with cash set aside of £347,000 to cover any unplanned closure. Throughout the year regular forecasts are made for income and expenditure with an assessment of whether there is likely to be any shortfall and the need for reserves to make up the shortfall. It was not necessary to use reserves in this way in this financial year.

Plans for future periods

The Association began a new five year plan from September 2021 that will carry through to 2026.

The Association seeks to maintain the quality and range of what it offers to members while increasing its provision in key areas. ISA has enhanced the support it offers for members’ schools on inclusion and has been more active in supporting on education. The Association plans for more subject level support in the future. ISA has also enhanced its communications work, both working to improve the PR profile of the Association and its members’ schools and also working more closely with the other associations working in the independent schools sector.

We seek to continue to expand and diversify our arts programmes to involve more schools and more children in those schools. We are planning an increased sports programme and are committed to ensuring that there is an inclusive thread that runs through these events. We are planning to build on the success of our conference programme, and are looking to run bigger events to reflect our increasing membership. We are looking to expand our set of professional development courses. There is a particular desire to build on the experience of lockdown and maintain the greater levels of accessibility to training courses when they are online. We are looking to continue to expand our membership and hope soon to become the largest association of UK based independent school headteachers. It is vital that this alongside this growth we maintain high Membership satisfaction.

Page 9

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Trustees recognise that the Association is not required to add to reserves but will continue to enhance services to support Members and their schools, and the wider education community in general, while also ensuring that the Association runs efficiently. ISA is working to strengthen the links between ISA’s HQ and its seven Areas around the country, including substantial grants to support the professional development of Members in those regions. All Members will continue to receive an expert-led compliance audit in the run-up to their next scheduled inspection. ISA is using its moderated online community based on the Discourse platform to encourage greater peer networking and peer support among members, and to use it to keep members updated and engaged with changing guidance from the Department for Education. ISA is expanding its network of strategic links with similar organisations overseas, developing relations with organisations across Europe as well as in Australia, New Zealand, South Africa, Canada, and the USA in addition to the relationships already formed with those in other countries.

ISA recognises that our members run schools that operate in a particular economic and political context. In July 2024 the election of a new Government meant a significant change in the political climate for independent schools and ISA recognises that this will have a big impact on its work going forward. Labour campaigned with a manifesto promise to introduce VAT on independent school fees. The Association is planning how to respond to the likely policy changes and their implications for Members’ schools, and working closely with other bodies in the independent schools sector to ensure our work is coordinated.

Looking further forward, ISA is prioritising the development of even stronger links with similar charities and education-based organisations, both in the UK and beyond; the further enhancement of support for ISA’s seven Areas around the country, particularly in the area of professional development and training; an increase in the knowledge of comparative educational systems through direct research where this can benefit children in ISA Members’ schools; to further enhance our training for teachers and headteachers, particularly in the areas of mental health and pupil welfare; and to widen and deepen opportunities for children, including those with additional educational needs, in the fine and performing arts, as well as in sports.

Governing Document

(1) The Independent Schools Association is a company limited by guarantee and governed by its Memorandum and Articles incorporated 06/11/1895, as amended by certificate of incorporation on change of name dated 24/05/1996 as amended by special resolution(s) dated 05/03/2011 as amended by special resolution(s) dated 01/10/2014 as registered at Companies House on 17/10/2014 as amended by special resolution(s) dated 03 December 2016 and 19 May 2023.

Appointment of Trustees, organisation and duties

As set out in the Articles of Association, the Chair of the Trustees is nominated by the Executive Council for approval by Members at the Annual General Meeting in May, with term of office commencing 01 September. Members may also nominate other Members for election as Chair or as one of 14 Elective Councillors, one third of whom retire annually. ISA’s Trustees also consist of seven Area Co-ordinators elected by each of ISA’s Areas, plus up to three Independent Trustees and three Honorary Officers, including the Chair and Vice-Chairs of the Association. ISA’s Honorary President is not a Trustee of the Association. When considering co-opting Trustees, the Board has regard to the requirement for any specialist skills needed, but has not exercised this right in recent years and remains content with the range of expertise on the Council. The Executive Council (Board) normally meets three times annually and during 2023-24 there were sub-committees covering finance, education, inspections, inclusion and membership, the latter considering all new applicants for election to membership, subject to subsequent Executive approval. A Chief Executive is appointed by the Trustees to manage the day-today operations of the charity, to advise the Board and its committees on educational and financial matters, and to advise Members across the country on matters that affect their operation. The Chief Executive has delegated authority, within terms of delegation approved by the Trustees, for operational matters including the Association’s finance, employment and membership services.

Page 10

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Trustee induction and training

New Trustees are briefed on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and informed of the content of the Memorandum and Articles of Association, the committee and decision-making processes, the current strategic objectives and the recent financial performance of the charity. Trustees are also encouraged to attend appropriate external training events where these will enhance the undertaking of their roles. It is emphasised to trustees that their approach to governance is underpinned by the Seven Principles of Public Life (“The Nolan Principles”), as these resonate with the serviceled values of the Association.

Related parties and co-operation with other organisations

Any connection between a Trustee and another Member, exhibitor, or outside body must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported. During the year, no Trustees received any remuneration or other benefits. The Association is one of the five headteachers’ associations that sit alongside representatives from independent school bursars and governors under the umbrella of the Independent Schools Council (ISC). The Chief Executive meets with his counterparts at these associations every month and Trustees offer their services as Board members for the ISC, The Boarding Schools Association, and the Independent Schools Teachers Induction Panel (ISTip). The Association has considerable links with other organisations and charities, to enhance its own expertise for the direct benefit of Members, and to help contribute to the wider educational health of the nation.

Pay policy for senior staff

The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings, plus any performance uplift, on agreed scales. The directors do not currently benchmark against pay levels in other associations that form part of the Independent Schools Council, or via associations supporting members outside of independent education, but base remuneration on performance and Member satisfaction.

Risk management

The Trustees have a risk management strategy which encompasses a regular review of the risk and issues log collated by the Chief Executive; the establishment of policies, systems and procedures to mitigate those risks identified (including finance); and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. This work has again identified that the increased burden faced by Members of inspection and compliance is the major financial risk for the charity, as Members who suffer from reputational damage following an inspection are at risk of closure. The continuing economic uncertainty faced by private businesses throughout the UK also remains a significant challenge to schools and, if resulting in closure, potentially threatens the Association’s income. The Association recognises that recent changes to teachers’ pension arrangements and possible changes to local business rates will serve to augment operating pressures for Members. The Association itself mitigates through continuing growth in membership and prudent financial management. The Association’s internal cost control measures are regarded as robust and are reviewed at least annually.

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Approved by the Trustees on and signed on their behalf by:11 May 2025

N Dangerfield (May 11, 2025, 4:50pm)

N Dangerfield Chair

Page 11

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

In so far as the Trustees are aware there is no relevant audit information of which the charitable company’s auditor is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Approved by order of the members of the Board of Trustees and signed on its behalf by:

N Dangerfield (May 11, 2025, 4:50pm) N Dangerfield Chair

Date: 11 May 2025

Page 12

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE INDEPENDENT SCHOOLS ASSOCIATION

Opinion

We have audited the financial statements of The Independent Schools Association (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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:

• give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 August 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 13

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE INDEPENDENT SCHOOLS ASSOCIATION (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• the Trustees' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

• the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.

Page 14

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE INDEPENDENT SCHOOLS ASSOCIATION (CONTINUED)

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent 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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.

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

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

• enquiry of management regarding laws and regulations applicable to the charity, actual and potential litigation and claims, and any known instances of non-compliance;

• review of minutes of Trustee meetings;

• performing audit work over the risk of management override and controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and

• reviewing our work throughout the audit file for evidence of non-compliance.

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 Auditors' Report.

Page 15

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE INDEPENDENT SCHOOLS ASSOCIATION (CONTINUED)

Use of our 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 members, as a body, 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 those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Cooper-Davis FCCA ACA (Senior Statutory Auditor) for and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors Causeway House 1 Dane Street Bishop's Stortford Hertfordshire CM23 3BT

Date: 14 May 2025

Page 16

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

Note Income from: Charitable activities 4 Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2024 £ 1,623,568 144,120 23,831 1,791,519 11,577 1,677,026 1,688,603 102,916 1,615,304 102,916 1,718,220	Total funds 2024 £ 1,623,568 144,120 23,831 1,791,519 11,577 1,677,026 1,688,603 102,916 1,615,304 102,916 1,718,220	Total funds 2023 £ 1,470,860 144,254 16,722 1,631,836
			5,021 1,472,503 1,477,524
			154,312
			1,460,992 154,312 1,615,304

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 21 to 37 form part of these financial statements.

Page 17

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 00045867

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024

			2024	2024		2023
	Note		£			£
Fixed assets
Intangible assets	13		10,683			37,391
Tangible assets	14		520,603			499,894
			531,286			537,285
Current assets
Stocks	17	5,254			5,254
Debtors	18	115,984			148,711
Cash at bank and in hand		1,299,930			1,198,198
		1,421,168			1,352,163
Creditors: amounts falling due within one
year	19	(234,234)			(274,144)
Net current assets			1,186,934			1,078,019
Total net assets			1,718,220			1,615,304
Charity funds
Unrestricted funds	20		1,718,220			1,615,304
Total funds			1,718,220			1,615,304

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees on _______11 May 2025 and signed on their behalf by:

N Dangerfield (May 11, 2025, 4:50pm)

N Dangerfield Chair

The notes on pages 21 to 37 form part of these financial statements.

Page 18

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee) REGISTERED NUMBER: 00045867

COMPANY BALANCE SHEET AS AT 31 AUGUST 2024

						As restated
			2024			2023
	Note		£			£
Fixed assets
Intangible assets	13		10,683			37,391
Tangible assets	14		501,718			499,894
Investments	15		1			1
			512,402			537,286
Current assets
Stocks	17	5,254			5,254
Debtors	18	98,629			108,491
Cash at bank and in hand		1,299,930			1,198,198
		1,403,813			1,311,943
Creditors: amounts falling due within one
year	19	(320,349)			(362,932)
Net current assets			1,083,464			949,011
Total net assets			1,595,866			1,486,297
Charity funds
Unrestricted funds	20		1,595,866			1,486,297
Total funds			1,595,866			1,486,297

The Company's net movement in funds for the year was £109,569 (2023 - £105,317).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees on _______11 May 2025 and signed on their behalf by:

N Dangerfield (May 11, 2025, 4:50pm)

N Dangerfield Chair

The notes on pages 21 to 37 form part of these financial statements.

Page 19

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2024 £ 105,069 23,831 (27,168) (3,337) 101,732 1,198,198 1,299,930	2023 £ 160,481 16,722 (13,141) 3,581 164,062 1,034,136 1,198,198

The notes on pages 21 to 37 form part of these financial statements

Page 20

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. General information

The Independent Schools Association is a charity, incorporated in England and Wales. Its Registered Office is ISA House, Great Chesterford Court, Great Chesterford, Saffron Walden, Essex, England, CB10 1PF. Its Registered Number is 00045867 Charity number 1158943.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Companies Act 2006.

The Independent Schools Association 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.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company and group's functional and presentational currency is Pound Sterling and to the nearest £.

2.2 Going concern

The Trustees consider that there are no material uncertainties about the charitable company and its subsidiary (the group) ability to continue as a going concern.

The Trustees believe that the forecasted results and good level of cash flow of the charity will enable the charity to continue as a going concern and, as a result, do not include any adjustments that would result if the charity was not able to continue as a going concern.

2.3 Income

All income is recognised once the Company and group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 21

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Intangible assets and amortisation

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Computer software - 33 % straight line basis

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold property	-	2% to an estimated residual value of £490,000
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance

Page 22

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.7 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.9 Debtors

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

2.10 Cash at bank and in hand

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.

2.11 Liabilities

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.12 Financial instruments

The charity and group have 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 fair value as at the balance sheet date. All financial instruments of the charity and group are measured at cost with the exception of fixed assets held at depreciated cost.

Financial assets include investments in the portfolio, the bank balances, trade debtors, accrued income and other debtors but exclude prepayments and taxation.

Financial liabilities include trade creditors, other creditors, accruals and deferred income but exclude social security and other taxes due.

2.13 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

2.14 Pension costs

The charity operates a defined contribution pension scheme for employees. These assets of the scheme are held separately from those of the charity. The annual contributions payable are charged to the statement of financial activities. The charity also makes contributions into individual's own personal pension arrangements.

Page 23

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. Accounting policies (continued)

2.15 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are not deemed to be any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 24

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

4. Income from charitable activities

Subscriptions received Conference and course income Other income Total 2023 Income from non charitable trading activities Sponsorship fees Total 2023 5. Investment income Bank interest receivable Total 2023	Unrestricted funds 2024 £ 1,132,929 490,411 228 1,623,568 1,470,860 Unrestricted funds 2024 £ 144,120 144,254 Unrestricted funds 2024 £ 23,831 16,722	Total funds 2024 £ 1,132,929 490,411 228 1,623,568 1,470,860 Total funds 2024 £ 144,120 144,254 Total funds 2024 £ 23,831 16,722	Total funds 2023 £ 970,943 498,551 1,366 1,470,860
			Total funds 2023 £ 144,254
			Total funds 2023 £ 16,722

Page 25

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

6. Charitable activities

Advancement of education Total 2023	Direct costs 2024 £ 550,439 480,878	Support costs (note 8) 2024 £ 1,126,593 991,625	Total funds 2024 £ 1,677,032 1,472,503	Total funds 2023 £ 1,472,503

7. Analysis of expenditure for raising funds

	Unrestricted	Total	Total
	funds	funds	funds
	2024	2024	2023
	£	£	£
Administration costs	10,532	10,532	5,021

8. Analysis of support costs

Staff costs Premises costs Other costs Audit and accountancy Legal and professional Depreciation and amortisation Total 2023	Support 2024 £ 891,460 13,879 166,858 - - 30,409 1,102,606 966,318	Governance 2024 £ - - - 23,987 - - 23,987 25,307	Total funds 2024 £ 891,460 13,879 166,858 23,987 - 30,409 1,126,593 991,625	Total funds 2023 £ 775,342 15,440 160,192 17,322 7,985 15,344 991,625

Page 26

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

9. Auditors' remuneration

	2024	2023
	£	£
Fees payable to the Company's auditor for the audit of the Company and
Subsidiary's annual accounts	15,800	13,450
Fees payable to the Company's auditor in respect of:
All non-audit services not included above	3,250	2,250

10. Net income/(expenditure) for the year

	2024	2023
	£	£
This is stated after charging:
Operating lease rentals - Equipment	3,446	5,455
Depreciation	6,399	7,331
Amortisation	26,708	8,013

11. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	Group 2024 £ 769,986 69,968 51,506 891,460	Group 2023 £ 670,755 59,867 44,720 775,342	Company 2024 £ 769,986 69,968 51,506 891,460	Company 2023 £ 670,755 59,867 44,720
				775,342

The average number of persons employed by the Company during the year was as follows:

	Group	Group	Company	Company
	2024	2023	2024	2023
	No.	No.	No.	No.
Management	23	22	23	22

Page 27

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

11. Staff costs (continued)

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

	Group	Group
	2024	2023
	No.	No.
In the band £60,001 - £70,000	1	-
In the band £70,001 - £80,000	-	1
In the band £80,001 - £90,000	1	-
In the band £110,001 - £120,000	-	1
In the band £120,001 - £130,000	1	-

The key management personnel of the charity comprise of the Chief Executive, Deputy Chief Executive and Director of Education and Inclusion of The Independent Schools Association. The total employee benefits of the key management personnel of the Charity were £332,011 (2023: £234,063).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL).

Other related party transactions are disclosed within Note 26 of the financial statements.

Page 28

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Intangible assets Group and Company Cost At 1 September 2023 At 31 August 2024 Amortisation At 1 September 2023 Charge for the year At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023	Computer software £ 80,125
	80,125
	42,734 26,708
	69,442
	10,683
	37,391

Page 29

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

14. Tangible fixed assets

Group

Cost or valuation At 1 September 2023 Additions Disposals At 31 August 2024 Depreciation At 1 September 2023 Charge for the year On disposals At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023	Freehold property £ 499,855 - - 499,855 10,588 - - 10,588 489,267 489,267	Motor vehicles £ - 21,583 - 21,583 - 2,698 - 2,698 18,885 -	Fixtures and fittings £ 93,805 5,585 (8,387) 91,003 83,178 3,701 (8,327) 78,552 12,451 10,627	Total £ 593,660 27,168 (8,387) 612,441 93,766 6,399 (8,327) 91,838 520,603 499,894

Page 30

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

14. Tangible fixed assets (continued)

Group (continued)

Company

Cost or valuation At 1 September 2023 Additions Disposals At 31 August 2024 Depreciation At 1 September 2023 Charge for the year On disposals At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023	Freehold property £ 499,855 - - 499,855 10,588 - - 10,588 489,267 489,267	Fixtures and fittings £ 93,805 5,585 (8,387) 91,003 83,178 3,701 (8,327) 78,552 12,451 10,627	Total £ 593,660 5,585 (8,387) 590,858 93,766 3,701 (8,327) 89,140 501,718 499,894

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THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

15. Fixed asset investments Company Cost or valuation At 1 September 2023 At 31 August 2024 Net book value At 31 August 2024 At 31 August 2023	Investments in subsidiary companies £ 1
	1
	1
	1

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THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

16. Principal subsidiaries

The following were subsidiary undertakings of the Company:

Names Company Registered office or principal Principal activity number place of business The Independent Schools 10352253 ISA House, 5-7 Chesterford Educational support Association (Trading) Limited Course, Great Chesterford, services 2024 results Saffron Walden, CB10 1PF. Class of Holding Included in shares consolidation Ordinary 100% Yes

The financial results of the subsidiaries for the year were:

Names	Income	Expenditure	Expenditure	Profit/(Loss)/	Profit/(Loss)/	Net assets
	£		£		Surplus/	£
					(Deficit) for
					the year
					£
The Independent Schools Association	144,120		(15,749)		128,371	123,399
(Trading) Limited 2024 results
The Independent Schools Association	144,254		(10,275)		133,979	129,008
(Trading) Limited 2023 results
The Independent Schools Association	95,159		(10,176)		84,983	80,012
(Trading) Limited 2022 results
Stocks
	Group		Group		Company	Company
		2024	2023		2024	2023
		£		£	£	£
Finished goods and goods for resale	5,254		5,254		5,254	5,254

17. Stocks

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THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

18. Debtors

Due within one year Trade debtors Other debtors Prepayments and accrued income	Group 2024 £ 62,018 6 53,960 115,984	Group 2023 £ 96,790 18 51,903 148,711	Company 2024 £ 44,663 6 53,960 98,629	Company 2023 £ 56,570 18 51,903 108,491

19. Creditors: Amounts falling due within one year

Trade creditors Amounts owed to group undertakings Other taxes and social security costs Other creditors Accruals and deferred income	Group 2024 £ 21,289 - 25,183 103,412 84,350 234,234	Group As restated 2023 £ 22,979 - 23,476 107,302 120,387 274,144	Company 2024 £ 21,289 121,232 20,020 103,412 54,396 320,349	Company As restated 2023 £ 22,979 136,021 16,939 107,302 79,691
				362,932

Amounts owed to group undertakings have been restated to reflect the true nature of the bank balance relating to the trading subsidiary which is that the Company is the legal owner of this balance and it is owing back to the trading subsidiary.

Deferred income brought forward Resources deferred during the year Amounts released from previous periods Deferred income carried forward	Group 2024 £ 75,878 64,474 (75,878) 64,474	Group 2023 £ 84,043 75,878 (84,043) 75,878	Company 2024 £ 38,782 41,020 (38,782) 41,020	Company 2023 £ 44,930 38,782 (44,930)
				38,782

Deferred income relates to conferences yet to take place and memberships paid in advance.

Page 34

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

20. Statement of funds Statement of funds - current year Unrestricted funds Designated funds Area branches General funds General funds Total Unrestricted funds Statement of funds - prior year Unrestricted funds Designated funds Area branches General funds General funds Total Unrestricted funds	Balance at 1 September 2023 £ 112,700 1,502,604 1,615,304 Balance at 1 September 2021 £ 116,680 1,344,312 1,460,992	Income £ 98,233 1,693,286 1,791,519 Income £ 39,984 1,591,852 1,631,836	Expenditure £ (81,102) (1,607,501) (1,688,603) Expenditure £ (43,964) (1,433,560) (1,477,524)	Balance at 31 August 2024 £ 129,831
				1,588,389
				1,718,220
				Balance at 31 August 2023 £ 112,700
				1,502,604
				1,615,304

The specific purposes of which the fundsare to be applied are as follows:

Unrestricted general funds

This represents funds with no restrictions applied.

Area branches

This represents funds generated by ISA's area branches which are designated for their use.

Page 35

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Loss on disposal of fixed assets Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by operating activities 22. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 23. Analysis of changes in net debt At 1 September 2023 £ Cash at bank and in hand 1,198,198 1,198,198	Group 2024 £ 102,916 33,107 (23,831) 60 32,727 (39,910) 105,069 Group 2024 £ 1,299,930 1,299,930 Cash flows £ 101,732 101,732	Group 2023 £ 154,312 15,344 (16,722) - (3,166) 10,713 160,481 Group 2023 £ 1,198,198 1,198,198 At 31 August 2024 £ 1,299,930 1,299,930

Page 36

THE INDEPENDENT SCHOOLS ASSOCIATION

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

24. Pension commitments

The Charity operates a defined contribution scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £51,506 (2023: £44,720). Balances owing to the fund at the year end amounted to £5,852 (2023: £4,302).

25. Operating lease commitments

At 31 August 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Equipment Not later than 1 year Later than 1 year and not later than 5 years	Group 2024 £ 8,562 16,578 25,140	Group 2023 £ 3,746 3,843 7,589	Company 2024 £ 8,562 16,578 25,140	Company 2023 £ 3,746 3,843
				7,589

26. Related party transactions

During the year the charity procured services of £nil (2023 - £10,400) from More House Foundation Ltd in relation to pre inspection visit and compliance reviews, a company of which B Huggett (Trustee, resigned 31 August 2023) is a Director.

During the year the charity procured services of £296,851 (2023 - £238,022) and made sales of £291 (2023 - £3,354) from Independent Schools Council, a company of which the CEO and N Dangerfield (Trustee) are among the fifteen Directors. The balance owed to Independent Schools Council at 31 August 2024 was £95,267 (2023 - £85,586).

During the year the charity procured services of £4,320 (2023 - £4,104) from Great Chesterford Court Limited, a company of which the CEO is a Director as a result of his role as CEO of ISA who rent a number of units in the property. The balance owed to Great Chesterford Court Limited at 31 August 2024 was £nil (2023 - £nil).

During the year the charity procured services of £7,600 (2023 - £60) and made sales of £87,987 (2023 - £48,744) from a number of schools in which some Trustees and close family members are Headteachers or Governors. The balance owed to these schools at 31 August 2024 was £922 (2023 - £nil) and owed from them was £2,101 (2023 - £501).

The Charity has authority to transact with its Trustees under its Memorandum and Articles of Association. There were no other related party transactions or transactions with Trustees to report other than those reported in note 12.

Page 37