istd annual report 2008 · istd annual report 2008 1 the society’s annual report provides a...

ISTD Annual Report

plus

ISTD Benevolent Fund Finance Statements

& Report of Trustees

ISTD Annual Report 2008

ContentsISTD Annual Report 2008

Chairman’s Report 1

Chief Executive’s Report 2

Report of the Administrative Council 3

Independent Auditors’ Report 6

Statement of Financial Activities 8

Balance Sheet 9

Cash Flow Statement 10

Notes Forming Part of the Financial Statements 11

ISTD Benevolent Fund Annual Report 2008

Report of the Trustees of the ISTD Benevolent Fund 18

Statement of Financial Activities 21

Balance Sheet 22

Notes Forming Part of the Financial Statements 23

ISTD ANNUAL REPORT 2008 1

The Society’s Annual Report

provides a valuable opportunity to

reflect on the Society’s activities

and achievements throughout

the past year and to highlight

those issues that still need to be

addressed as we move forward.

You will recall that last year

I reported that a wide ranging

review of all aspects of the

business was underway, taking

into consideration the needs of all our stakeholders, by consulting

widely on issues that particularly impacted on our members.

The Administrative Council had identified that a review of

the governance of the organisation was needed and we therefore

embarked on a programme of reform. This has involved reviewing

the Memorandum and Articles of Association to ensure that they

meet the current needs of the Society as an organisation with

charitable status. Also, through a process of reviewing, identifying

and implementing a whole range of new or revised policies the

trustees have ensured that the organisation is now firmly based on

principles of best practice and appropriate compliance.

You will see from the Chief Executive’s Report that the financial

governance of the Society has also been reviewed in conjunction

with our auditors. At a time when the resources of the Society are

being fully utilised I am pleased to see such close attention is being

given to the financial management of the organisation.

I am delighted with what has been achieved thus far and our

focus now is to keep the Society’s future momentum firmly on track

to meet business objectives and to ensure the company’s financial

strength. As can be seen from the Chief Executive’s Report, we

are actively involved in the work of the strategic review process to

ensure that we have an agreed 5 Year Plan by the end of 2009.

In parallel to this I am pleased to report the Society has been

active on a number of other fronts. The revision of syllabi is the

cornerstone on which the Society is based. The revision of the Tap

Faculty’s Primary and Grade 1 Examinations, and the substantial

revision of the Advanced 2 Modern syllabus are good examples of

what is being achieved. I am encouraged to see that all our Faculties

continue to work hard on modifying and improving our syllabuses

and in doing so ensure we are seen as setting high standards.

In order to assist the promotion of our teachers and therefore

the Society we launched a website dedicated to promoting them

and their activities. Details are available at www.dance-teachers.

org and, whilst the site is still in its infancy, more than 1100

members have already signed up to the website. A drive to offer

more member services will continue.

In this age of increased regulation it is also most pleasing to see

that the regulatory authorities continue to provide a very positive

audit report on the Society.

Looking to the future, the Society has positioned itself well

to take advantage of the new government diplomas by ensuring

that many of our qualifications fit within its Additional and

Special Learning component. The Society is also well placed to take

advantage of the opportunities offered by the new Qualifications

and Credit Framework (QCF) which is currently being implemented

by the UK government.

We have also been able to work closely with organisations of

high quality, such as English National Ballet and the Royal Albert

Hall on providing opportunities for young people to experience

what we all cherish so dearly – the opportunity to dance in a wide

variety of styles.

My strong desire to bring together all the wonderfully diverse

elements of the Society across the globe in a common appreciation

of the principles for which the Society was formed remains as

strong as ever. The strength of this organisation is firmly rooted

in it diversity and the quality of our teaching. We must continue

to ensure that we play to those strengths, whilst exploring new

opportunities.

In conclusion, I extend my particular thanks to my fellow

trustees. The past year has been a very active one, as the trustees

have tackled the governance issues outlined in my report. Their

unstinting support and that of our members bodes well for the

future of the Society.

Peter Kyle, ISTD Chairman • 24 May 2009

Chairman’s Report

2 ISTD ANNUAL REPORT 2008

Having joined the ISTD on 30

March 2009, I would like to

thank all ISTD members for their

support and sound advice since

my arrival. In a short time I have

been able to meet with many

members at Faculty meetings

and the Theatre Congress at

Laban in the UK, and have made

a visit to Greece in support of

our international work overseas.

I have been able to listen to members’ ideas on how we can

develop the full potential of the Society and improve the quality

of our services. A Strategic Review is now underway to evaluate

how we can develop our qualifications, business systems, staff

structure and growth in the UK and internationally. Members

and staff will be joining together in working groups focussing

on the main themes of the Review with the aim of consulting

widely with Members and achieving an agreed 5 Year Plan by the

end of 2009.

In his report, our Chairman Peter Kyle, provides an update on

ongoing progress that has been made in 2008 in the governance

of the Society, its business development and planning for the

Strategic Review. Three new members have joined Council and

I look forward to working closely with them over the coming

years. Following haysmacintyre’s review of ISTD’s financial

governance, the recommendations have been implemented,

and staff training in support of their recommendations is being

undertaken.

2008 has witnessed the brunt of the international recession

and the Society has made every effort to forecast and budget

prudently to achieve a satisfactory outcome for the year.

Despite the downturn, income from global examinations has

increased by 1% to £4.183m (2007 £4.131m). The total income

in furtherance of charity objects has therefore recorded an

increase of 1% on the previous year. This indicates that our core

business of examination revenue, derived from our Members has

marginally increased year on year compared with 2007.

The Strategic Review provides the context to address

members concerns and to develop our UK and international

business substantially over the next 5 years. This is being

achieved by drawing up new business plans for the existing

areas of the Society’s business, extending the ISTD’s training

activities and our business activities and representation in key

countries overseas that support the strategic growth of the

Society.

The plans will take account of the rapidly changing

environment in which the Society operates and seek to

strengthen our relations with partners such as the Arts Council,

Youth Dance England, Edexcel and their equivalents overseas.

The world of dance teaching and training is going through a

period of sustained growth as government polices relating to

qualifications evolve and the needs of individuals, schools and

colleges alter.

The development of the Society’s activities in the UK and

abroad must be based on sound financial foundations, and I am

pleased to report that a surplus of £170,187 on unrestricted

funds (excluding £50,000 transferred to designated funds)

against the budget forecast of £8,835 for 2008 has been

achieved. I would like to thank all Council, Committee and

Faculty members and staff for the part they have played in

achieving a good result in 2008 against the background of

turmoil in the financial markets and the global economy. The

outstanding work of the 12 Faculties of the Society deserves

special mention and I am also grateful for their ongoing

commitment as we engage fully with the Strategic Review.

I would also like to thank the committed and hard working

management team who have done so much to support me in my

role since I joined in March. I look forward to working with them,

all members of the staff and our Society members to fulfil ISTD’s

potential in the 21st century.

Julian Amey, ISTD Chief Executive • 24 May 2009

Chief Executive’s Report


Report of the Administrative Council

The Administrative Council presents its report and audited financial

statements for the year ended 31 December 2008.

Reference and Administrative Information

Charity Name: Imperial Society of Teacher s of Dancing

Charity registration number: 250397

Company registration number: 392978

Registered Office and operational address:

Imperial House, 22/26 Paul Street, London EC2A 4QE

Administrative Council

Executive Members (Trustees)

(†Also member of Finance and Audit Sub-Committee)

Mr Chris Baldock (Resigned September 2008 )

Prof. Christopher Bannerman

† Mr John Cook

Mrs Barbara Grover

† Mr Robert Grover

† Mr Richard Hunt

† Mrs Paddy Hurlings

Mr Peter Kyle

Mrs Kay Ball (Appointed March 2009)

Mr Richard Marcel

Mr William Murdock (Appointed March 2009)

† Mrs Gaynor Owen

Mrs Susan Passmore

Mrs Yvonne Taylor-Hill

Mrs Elisabeth Swan (Appointed March 2009)

Ms Leigh Tavazvia (Appointed March 2009)

Senior Management Team

Mr Jon Singleton Chief Executive (To 13 April 2009)

Mr Julian Amey Chief Executive (From 14 April 2009)

Mrs Jenny French Financial Controller

Mrs Sunniya Pirzada Interim Head of UK Examinations

Department (From 1 January 2009)

Mrs Claire Buckley Head of International Examinations

Department

Mrs Cynthia Pease Head of Customer Services & Quality

Assurance Department

Miss Sarah Combes Head of Education & Training

Department

Auditors

haysmacintyre

Fairfax House, 15 Fulwood Place, London WC1V 6AY

Bankers

National Westminster Bank, Finsbury Square Branch

PO Box 549, 78 Finsbury Pavement, London EC2A 1JA

Solicitors

Charles Russell, 8/10 New Fetter Lane, London EC4A 1RS

For the year ended 31 December 2008


The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” published in March 2005, applicable law and the Society’s governing document.

Structure, Governance and Management

Governing DocumentThe Imperial Society of Teachers of Dancing is a charitable company limited by guarantee, incorporated on 5 February 1945 and registered as a charity on 6 January 1969. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £5.

Recruitment and Appointment of the Administrative CouncilThe directors of the company are also charity trustees for the purpose of charity law and under the company’s Articles are known as Executive members of the Administrative Council. Under the requirements of the Memorandum and Articles of Association the members of the Administrative Council are elected to serve for a period of three years which they must be re-elected at the next Annual General meeting.

The Executive member of the Administrative Council consists of five independent members, five representatives of Theatre Dance Faculties and five representatives of Dance Sport Faculties. Members of Council are elected by the ISTD’s fully registered members at the AGM on the basis of their pre-eminence in the world of dance or their relevant business or education experience. The Council of Management has responsibility for the financial and legal administration of the ISTD, primarily through its sub-committee, the Finance and Audit Committee. Presently the existing trustees nominate suitable candidates to fill vacancies.

The Executive members of the Administrative Council are appointed for a three year term at the Annual General Meeting of the Society. One third of the Trustees are elected every year. John Cook, Richard Marcel and Paddy Hurlings retire by rotation and offer themselves for re-election. The Executive Members (Trustees) constitute directors of the Society for Companies Act purposes.

Trustee Induction and TrainingMost trustees are familiar with the practical work of the charity having been either Chairperson of the Faculties or also have prior involvement of work in the dance, arts and education industries.

Additionally, new trustees are invited and encouraged to attend Congresses organised by the Society to familiarise themselves with the charity and the context within which it operates. The induction and training should cover:• The obligations of Administrative Council members

• The main documents which set out the operational framework for the charity including the Memorandum & Articles and Rules & Standing Orders

• Resourcing and the current financial position as set out in the latest published accounts

Risk ManagementThe Administrative Council has conducted a review of the major risks to which the charity is exposed. It is clear that the external risk to incoming resources consists of two main items which could impact the operation of the organisation:• Insufficient members entering candidates for examinations • Insufficient members renewing their subscriptions

Internal control risks are minimised by the introduction of financial review and the implementation of procedures for authorisation of all transactions and projects. Improved procedures are in place to ensure compliance with all statutory health and safety requirements. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity.

The review also looked at key risks around the Society’s ability to deliver its strategy, reviewed current control and identified a number of areas where controls could be strengthened.

There is a need to enhance the efficiency of the computer systems to enable development to be accelerated. By developing and improvement the financial and customer management systems by revitalising the resource network which could lead to achieving its membership and revenue potential. The Society needs to develop its membership and services and needs to communicate with its members more effectively as failure to do so will inhibit its ability to identify new and emerging issues.

Lastly loss of knowledge will make life difficult in a small organisation when staff leave, therefore the management systems for retaining and capturing this knowledge will be developed.

All other normal business risks are insured against appropriately.

Organisational StructureThe Imperial Society of Teachers of Dancing has an Administrative Council of executive members who meet quarterly and are responsible for the strategic direction and policy of the charity. At present the Council has members from a variety of professional backgrounds relevant to the work of the charity.

The Chief Executive has responsibility for planning and developing the services and strategies set by the Trustees. A scheme of delegation is in place and the day to day responsibility for the provision of the services rest with the Chief Executive working closely with the Senior Management Team for ensuring that the charity delivers the services and strategies specified and that key performance indicators are met. Senior Management have responsibility for the day to day operational management of the ISTD Headquarters and ISTD Dance Studios, individual supervision of the staff and also ensuring that the team continue to develop their skills and working practices in line with good practice.


Related PartiesThe charity has a close relationship with ISTD Benevolent Fund which is a charity set up to assist members and ex-members of the ISTD who have encountered financial difficulty through ill health or old age.

Objectives and Activities

The Society is registered with the Charity Commission (Number 250397) as an educational charity whose purpose is to promote the teaching of dancing.

The objects of the charity are the Society’s chief objectives as defined in the Memorandum and Articles of the Society is ‘to educate the public in the art of dancing in all its forms’.To achieve this the Society works in four main ways:• To promote knowledge of dance• To maintain and improve teaching standards• To qualify by examination teachers of dancing in the Society’s

specialist techniques taught by the 7,318 members throughout the world

• To provide through its syllabi techniques upon which to train dancers for the profession

The Major Activities:• The offering of dance examinations and qualifications for

learners of all ages and abilities throughout the world. These examinations are offered through the provision of syllabi in multiple dance genres and are taught by teachers who have qualified with the ISTD to enter candidates for examination. The syllabi are themselves developed by the Society through 12 Faculties

• The administration of examination sessions from the point of receiving applications from the teacher through to booking the examiner, processing timetables, handling the processing of results and despatching certificates and medals

• The constant monitoring of all examination processes to ensure standards of examination are consistent. Ensuring all candidates are properly registered, checking and recording all examination results and monitoring all examiners’ training and standard to ensure all candidates receive fair and equal assessment and all equal opportunities are met. It is also necessary for the organisation to ensure it meets the standards required by the regulatory authorities to retain the accreditation and recognition of its qualifications

• The Society seeks to maintain and develop the standards of teaching through the provision of appropriate courses and other training opportunities. Furthermore the Society provides a range of events and activities to ensure members of the Society are kept up to date with developments in dance education and teaching

Achievements and Performance• Fundamental review of the financial systems of control of the

Society in conjunction with Trustees, Executives and company auditors

• A wider governance review was undertaken to ensure the society complies with current charitable legislation and principles of good practice

• The Society has ensured that qualifications are embedded within the government diploma

• The launch of the website www.dance-teachers.org , dedicated of promoting ISTD members throughout the world

• The Society is working closely with the wider dance sector., forging good working relationships with key organisations in the dance education field

Financial Review

Financial PerformanceThe financial result for the year has achieved a surplus of £170,187 on unrestricted funds ( excluding £50,0000 transferred to designated fund ) due to a favourable currency exchange gain and with the overall expenditure was reduced by 7% against budget despite the drop in the overall incoming resources of 5% against budget.

Investment Policy, Powers and PerformanceIt is the policy of the Society to purchase investments with a view to maximising income rather than to seek a growth in the value of the investments themselves. The trustees have powers to make investments as may be thought fit. Given the changes in the portfolio in the year, the trustees are satisfied with the performance of the investments.

Reserves PolicyThe Reserves Policy is to provide at least £250,000 in cash to cover seasonal variations in the cashflow as our income is dependent on subscriptions which are paid at the beginning of the year, and examination income which generally follows the academic year. Secondly, to provide at least £250,000 in investments to cover unexpected requirements such as stock for the shop, specialised stationery for examinations and examiners use, equipment required at headquarters and further studio space in the future.

The charity’s free reserves (unrestricted funds not designated or tied in fixed assets) amounted to £625,142 (2007 £313,263).

Plans for Future PeriodsThe charity plans to continue improving and developing its services for its members and others. Having completed the governance and financial review a new strategic plan will identify areas for improvement and opportunities for the Society to explore. These include the development of a training arm and improvements in the examination processes and procedures on a global basis.


Responsibilities of the Administrative CouncilThe Law applicable to incorporated charities in England and Wales requires the Council Members, who are also the directors for the purposes of Company Law, to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society and of its income over expenditure for that period. In preparing those financial statements, the trustees are required to:• Select suitable accounting policies and then apply them

consistently• Make judgements and estimates that are reasonable and

prudent• State whether applicable accounting standards and Statements

of Recommended Practice have been followed, subject to any material departures disclosed and explained in the financial statements

• Prepare financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in operation

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial

position of the Society and to enable them to ensure that the financial statements comply with the Companies Act 1985. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Society and to prevent and detect fraud and other irregularities.

As directors we also confirm that we have made all necessary enquiries and taken such steps that we ought to, to ensure that we become aware of any relevant audit information and that we confirm that the company’s auditors have been made aware of such information.

AuditorsA resolution will be proposed at the Annual General Meeting that haysmacintyre be re-appointed as auditors to the charity for the ensuring year.

By order of the Administrative Council on 11 June 2009.

Peter Kyle, DirectorChairman of the Society

We have audited the financial statements of the Imperial Society of Teachers of Dancing for the year ended 31 December 2008 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. These financial statements have been prepared under the historical cost convention (as modified by the revaluation of certain fixed assets) and the accounting policies set out therein.

This report is made solely to the charitable company’s members, as a body, in accordance with Section 235 of the Companies Act 1985. 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 the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective Responsibilities of Trustees and AuditorsAs described in the Statement of Trustees’ Responsibilities the charity’s trustees are responsible for the preparation of the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The Trustees are also directors of the Imperial Society of Teachers of Dancing for the purposes of company law.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).

We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985 and whether the Trustees’ Report is consistent with the financial statements. We also report to you if, in our opinion, the charitable company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding trustees’ remuneration and other transactions is not disclosed.

We read the Trustees’ Report and consider the implications for our report if we become aware of any apparent misstatements within it.

We read other information contained in the Annual Report, and consider whether it is consistent with the audited financial statements. This other information comprises the Trustees’ Report, the Chairman’s Report and the Chief Executive’s Report. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.

Independent Auditors’ Report to the Members of the Imperial Society of Teachers of Dancing


Basis of Audit OpinionWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the charitable company’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

OpinionIn our opinion the financial statements:• Give a true and fair view, in accordance with United Kingdom

Generally Accepted Accounting Practice, of the state of the charitable company’s affairs as at 31 December 2008 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• Have been properly prepared in accordance with the Companies Act 1985; and

• The information given in the trustees’ report is consistent with the financial statements

haysmacintyreChartered AccountantsRegistered Auditors

11 June 2009 Fairfax House 15 Fulwood PlaceLondon WC1V 6AY



Statement of Financial Activities

Income and Expenditure Notes General Funds

Designated Funds

Total Total

2008 2008 2008 2007

£ £ £ £

Incoming Resources

Incoming Resources from Generated Funds:

Donations and Similar Incoming Resources - - - 2,600

Investment Income 2 36,774 - 36,774 39,242

Incoming Resources from Charitable Activities: 3 5,241,964 - 5,241,964 5,175,807

(Examinations,Courses,Subscriptions,Congresses)

Other Incoming Resources 4 44,795 - 44,795 27,279

Total Incoming Resources 5,323,533 - 5,323,533 5,244,928

Less Cost of Generating Funds: 8 21,393 - 21,393 20,236

Net Incoming Resources 5,302,140 - 5,302,140 5,224,692

Resources Expended

Charitable Activities (5,125,044) (53,397) (5,178,441) (5,164,369)

Governance Costs (66,043) - (66,043) (54,281)

Total Resources Expended 8 (5,191,087) (53,397) (5,244,484) (5,243,650)

Net Incoming/(Outgoing) Resources Before Transfers 111,053 (53,397) 57,656 (18,958)

Transfer Between Funds 13 (50,000) 50,000 - -

Net Incoming/(Outgoing) Resources After Transfers 61,053 (3,397) 57,656 (18,958)

Currency Exchange Gain 167,762 - 167,762 -

Gain/(Loss) on Disposal of Investment Assets (6,888) - (6,888) 1,290

Gains/(Loss) on Revaluation of Investment Assets 14 (51,740) - (51,740) (16,255)

Net Movement in Funds 170,187 (3,397) 166,790 (33,923)

Total Funds Brought Forward 5,065,190 81,501 5,146,691 5,180,614

Total Funds Carried Forward 5,235,377 78,104 5,313,481 5,146,691

All activities are continuing. There are no other losses or gains apart from those included in the statement above. The accompanying notes form a part of these financial statements.


Note 2008 2008 2007 2007

£ £ £ £

Fixed Assets

Tangible Fixed Assets 9 4,411,404 4,494,233

Investments 14 198,831 257,694

Total Fixed Assets 4,610,235 4,751,927

Current Assets

Stock 10 271,765 272,156

Debtors 11 226,781 121,599

Cash at bank and In Hand 1,080,675 833,343

Total Current Assets 1,579,221 1,227,098

Creditors

Amounts Falling Due Within One Year 12 (875,975) (832,334)

Total Creditors (875,975) (832,334)

Net Current Assets 703,246 394,764

Total Assets Less Current Liabilities 5,313,481 5,146,691

Represented by

Unrestricted Funds

Designated Funds:

ISTD Faculty Development Fund 13 42,135 43,957

International Development Fund 13 35,969 37,544

General Funds:

Revaluation Reserve 13 1,052,584 1,124,064

Reserve Fund 13 4,182,793 3,941,126

5,313,481 5,146,691

Balance Sheet

As at 31 December 2008

These Financial Statements were approved and authorised for issue by the Trustees on 11 June 2009 and were signed on its behalf by: Peter Kyle (Chairman of the Society) John Cook (Chairman of the Finance and Audit Committee)



Cash Flow Statement

2008 2008 2007 2007

£ £ £ £

Changes in Resources Before Revaluations 57,656 (18,958)

Currency Exchange Gains 167,762 -

Dividends Received (3,062) (8,904)

Bank Interest Received (33,712) (30,338)

Bank Charges and Interest 24,088 21,658

Depreciation Charges 175,116 156,962

Decrease(Increase) in Stock 391 (3,282)

Decrease/(Increase) in Debtors (105,182) 5,484

(Decrease)/Increase in Creditors 43,641 106,377

Net Cash Inflow From Operating Activities 326,697 228,999

Cash Flow Statement

Net Cash Inflow From Operating Activities 326,697 228,999

Returns on Investments and Servicing of Finance:

Dividends Received 3,062 8,904

Interest Received 33,712 30,338

Interest and Charges Paid (24,088) (21,658)

12,686 17,584

Capital Expenditure and Financial Investment:

Payments to Acquire Fixed Assets (92,287) (41,163)

Payments to Acquire Fixed Assets Investments (51,530) (31,645)

Receipts From Sale of Fixed Assets Investments 51,765 31,645

(92,052) (41,163)

Increase/(Decrease) in Cash 247,332 205,420

Reconciliation of Net Cash Flow to Movement of Net Funds

Increase/(Decrease) in Cash in the Period 247,332 205,420

Net Funds at 1 January 2008 833,343 627,923

Net Funds at 31 December 2008 1,080,675 833,343

Reconciliation of changes in resources to net cash inflow from operating activities


Notes

For the year ended 31 December 2008 Forming part of the Financial Statements

1. Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Society’s Financial Statements.

Basis of Preparation

The Financial Statements have been prepared in accordance with the Statement of Recommended Practice (SORP), ‘Accounting and Reporting by Charities’ published in March 2005 and applicable accounting standards as modified by the revaluation of certain fixed assets and under the historical cost accounting rules.

Fixed Assets and Depreciation

Depreciation is provided on all fixed tangible assets, to write off the cost or valuation less the estimated residual value in equal instalments over their estimated useful economic lives, as follows:

Buildings - 2% on valuation/cost (excluding land) Furniture and Equipment - 10% on costComputers, Photocopiers & Franking Machines - 20% on cost.

Foreign Currencies

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the Balance Sheet date

Investments

Investments are included at market value at the year end. Gains or losses on disposal or revaluation of investments are charged or credited to the SOFA.

Stocks

Stocks are stated at the lower cost and net realisable value.

Taxation

The Society is a registered charity and as such is not liable for Corporation Tax.

Incoming Resources

Turnover represents the amounts (excluding value added tax) derived from examinations in the UK and overseas, subscriptions, courses, sales from the Society shop, advertising revenue, and congresses.

Pension Costs

The Society operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Society in an independently administered fund. The amount charged to the income and Expenditure Account represents the contributions payable for the period.

Funds 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 Charity and which have not been designated for other purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular projects.

Resources Expended

All expenditure is accounted for on an accruals basis and includes irrecoverable VAT. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Charitable Activities relates to costs incurred in delivering the charity’s activities and services to its beneficiaries.

Governance costs are those costs incurred in meeting with the charity’s constitutional and statutory requirements including strategic management.


2. Income from Fixed Asset Investments

2008 2007

£ £

Income from listed investments 3,062 8,904

Bank Interest Received 33,712 30,338

36,774 39,242

3. Income in Furtherance of Charity Objects

2008 2007

£ £

Examination Income 4,183,072 4,131,799

Subscriptions 532,096 546,564

Courses / Education 144,529 145,487

Shop Sales (Syllabus Material) 302,284 289,632

Magazine 39,643 37,759

Other general income 40,340 24,566

5,241,964 5,175,807

4. Other Incoming Resources

2008 2007

£ £

Other Operating Income 44,795 27,279

44,795 27,279

5. Net Incoming Resources

2,008 2007

£ £

The Net Incoming Resources are Stated after Charging:

Auditors’ remuneration for Audit Services 7,250 6,950

6. Remuneration & Expenses Paid to Trustees

2008 2007

£ £

The Following were Paid During the Year for:

R Grover 14,027 13,906

Y Taylor-Hill 3,494 3,411

P Prime - 2,290

G Owen-James 5,815 5,951

PM Hurlings 17,169 16,553

R Hunt 2,609 3,271

During 2008, 12 trustees (2007: 12 Trustees) claimed travel expenses totalling £6,155 (2007: £5,454). These were primarily travel expenses with a small amount for printing, stationery and photocopying on behalf of the Society.


7. Staff Costs

2008 2007

No. No.

The Average Number of Employees of the Society During the Year Analysed by Category Was: 47 46

The Payroll Costs of These Employees Were as Follows: £ £

Wages & Salaries 1,094,250 991,668

Temporary staff 163,702 266,137

Social Security costs 103,178 88,802

Other pension costs 34,917 36,564

1,396,047 1,383,170

No employees had emoluments exceeding £60,000 (2007: Nil)

8. Total resources expended

Staff Other Direct Allocated Total Total

Costs Costs Costs 2008 2007

£ £ £ £ £

Cost of Generating Funds - 21,393 - 21,393 20,236

Charitable Activities:

Examinations 499,438 1,991,483 600,891 3,091,812 3,171,428

Subscriptions 22,672 22,472 29,262 74,406 84,279

Courses / Education 177,262 134,612 73,154 385,028 381,989

Shop 50,879 121,178 52,671 224,728 262,963

Marketing 46,950 145,344 58,523 250,817 271,714

Magazine & Marketing 31,373 127,973 29,262 188,608 143,904

Customer Services & Quailty Assurance 160,713 111,610 73,154 345,477 324,483

Library 6,341 1,531 5,852 13,724 20,860

Finance & Administration 207,946 114,015 45,250 367,211 295,250

Faculties Expenses 181,561 52,669 2,350 236,580 207,500

Donations - - 50 50 25,000

Governance Costs 10,912 13,493 41,638 66,043 54,281

Total 1,396,047 2,836,380 1,012,057 5,244,484 5,243,651


9. Tangible Fixed Assets

FreeholdProperty

£

Furniture & Equipment

£

Computers &Copies

£

Total2008

£

Cost/Valuation

At 1 January 2008 4,618,561 430,546 510,215 5,559,322

Additions - 21,931 70,356 92,287

Disposals - - - -

Revaluation - - - -

At the End of the Year 4,618,561 452,477 580,571 5,651,609

Depreciation

At 1 January 2008 397,835 342,764 324,490 1,065,089

Charge for Year 69,278 17,382 88,456 175,116

At the End of the Year 467,113 360,146 412,946 1,240,205

Net Book Value

At 31 December 2008 4,151,448 92,331 167,625 4,411,404

At 31 December 2007 4,220,726 87,782 185,725 4,494,233

The net book value at 31 December represents assets used for direct charitable purposes. The property owned at 31 December 2004 was revalued in January 2005 by Smith Melzack, Property Consultants and Valuation Surveyors, who estimated the market value of that property to be £2,250,000. Subsequent additions are stated at cost. The historic cost of premises at 31 December 2008 was £3,427,189 (2007 £3,427,189).

10. Stock

2008 2007

£ £

Finished goods, medals and stationery 271,765 272,156

11. Debtors

2008 2007

£ £

Trade debtors 74,021 34,414

Other debtors 6,817 6,351

Prepayments and accrued income 145,943 80,834

226,781 121,599

12. Creditors

Amounts Falling Due Within One Year 2008 2007

£ £

Trade creditors 178,563 201,305

Taxation & Social security 71,232 61,654

Accruals and deferred income 626,180 569,375

875,975 832,334


13. Reconciliation and Analysis of Movements on Funds for the Year Ended 31 December 2008 Unrestricted Funds

Balance B/F Yearly Surplus/(Deficit) Revaluation & Transfer Balance C/F

£ £ £ £

General Funds

Revaluation reserve (Unrealised) 1,124,064 - (71,480) 1,052,584

Reserve Fund 3,941,126 220,187 21,480 4,182,793

5,065,190 220,187 (50,000) 5,235,377

Designated Funds

ISTD Faculty Development Fund 43,957 (51,822) 50,000 42,135

ISTD International Development Fund 37,544 (1,575) - 35,969

81,501 (53,397) 50,000 78,104

5,146,691 166,790 - 5,313,481

The Faculty Development Fund was established to encourage faculties to promote their syllabi and also to promote their work through competitions. The International Development Fund was set up to encourage new areas to hold examinations and to assist with the training of examiners who cover international work. The Revaluation Reserve represents the surplus on the revaluation of the freehold premises. The transfer between the revaluation reserve and the reserve fund is the difference between the depreciation on a historic cost basis and the depreciation charge chared on the the revalued amount.

14. Fixed Asset Investments

2008 2007

£ £

At 1 January 2008 257,694 272,659

Additions 51,765 31,645

Disposals (58,653) (30,355)

Unrealised gain/(Loss) (51,740) (16,255)

Capital Account Balance (235) -

At 31 December 2008 198,831 257,694

SCHEDULE OF FUND INVESTMENTS AT MARKET VALUE

The investments which individually amount to over 5% of the market value are as follows:

Ordinary and Preference Shares (All registered in England and Wales) 2008 2007

54000 ING Global Real Estate Securities 8.61% 17.39%

9000 Aberdeen AsianSmaller Co Inv Trust Ordinary shares 10.87% 11.05%

2500 Keystone Investment Trust Ordinary shares 11.71% 11.35%

5050 Murray International Trust Ordinary shares 14.94% 12.97%

6000 Witan Investment Trust Ordinary shares - 11.14%

60,000 UK Government Stock 2010 33.12% 24.48%

2732 North Atlantic Small Cos Investment Trust Ordinary shares - 11.62%

11780 Midas 8.44% -

21300 HSBC Infrastructure 12.30% -

All investments are quoted on a recognised UK Stock Exchange.


15. Trustees and Related Parties

There have been no related party transactions undertaken with the trustees during the year except that the Chairman of the Finance and General Purposes Committee works for the company which advises on the investments for the Society. The amount paid to Charles Stanley & Co., the investment advisors, is £235 (2007: £400).

16. Analysis of Net Assets Betweeen Funds

General Designated 2008 2007

Funds Funds Total Total

£ £ £ £

Fund Balances at 31 December 2008 are Represented by:

Tangible fixed assets 4,411,404 - 4,411,404 4,494,233

Investments 198,831 - 198,831 257,694

Current assets 1,501,117 78,104 1,579,221 1,227,098

Current liabilities (875,975) - (875,975) (832,334)

5,235,377 78,104 5,313,481 5,146,691

17. Connecting Charities

The ISTD Benevolent Fund is a charity set up to assist members and ex-members of the ISTD who have encountered financial difficulties through ill health or old age.

18. Capital Commitments

2008 2,007

£ £

Authorised But Not Contracted For Nil Nil


ISTD Benevolent Fund 2008


Report of the Trustees of the ISTD Benevolent Fund

Reference and Administrative Information

TrusteesJulian Amey (appointed as Acting Chairman on 10 April 2009)Kay BallChitraleka BolarJill BushHeather Fish Jacqueline FergusonJenny French Robert GroverPaddy HurlingsLorna Lee Gaynor Owen Jonathan Singleton (resigned as Acting Chairman on 9 April 2009)Elisabeth SwanYvonne Taylor-Hill

Solicitors Charles Russell8–10 New Fetter Lane, London EC4A 1RS

Auditorshaysmacintyre Fairfax House, 15 Fulwood Place, London WC1V 6AY

BankersNational Westminster BankFinsbury Square Branch, PO Box 549, 78 Finsbury Pavement,

London EC2A 1JA

The trustees present their report along with the financial statements of the charity for the year ended 31 December 2008. The financial statements have been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” issued in March 2005 and comply with the charity’s trust deed and applicable law.

Structure, Governance and Management

The trustees direct the activities of the charity. New trustees are appointed through introduction from current trustees and are appointed if unanimously agreed by the board. Any new trustees have a copy of the Trust Deed made available to them. Trustees are encouraged to attend appropriate external training events and they also obtain fact sheets and newsletters from their professional advisors to ensure they are equipped to carry out their duties effectively.

Reserves PolicyThe long-term aim of the ISTD Benevolent Fund is to provide a retirement home for ex-dance teachers. In order to achieve this aim, it is planned to build up the reserves by retaining part of the income each year.

Related PartyThe Imperial Society of Teachers of Dancing (ISTD) is a connected charity. Both charities have four trustees in common and two members of staff of the ISTD are also trustees of the ISTD Benevolent Fund.

Financial Review Of The Year

It gives me great pleasure to report that for 2008 the Raffles raised £930. Grants paid out in the year amounted to £980.

Investment Policy, Powers and PerformanceInvestments did not fare so well in 2008, decreasing in value by £54,496 (2007: decrease of £17,673).

Under the trust deed the trustees have no restrictions in their power to acquire investments. Investments are purchased for growth potential while maintaining adequate income.


ISTD BENEVOLENT FUND ANNUAL REPORT 2008


Future Activities

A review will be carried out to ensure the charity is successfully meeting its current criteria and objectives. Further ideas on fund raising are needed and with the aid of sound financial management and the support of the trustees to launch a campaign for funds from Dance Events, raffles, donations, legacies should be considered.

Statement of Trustees’ Responsibilities

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its financial activities during the year. In preparing those financial statements, the trustees are required to:• select suitable accounting policies and then apply them

consistently• make judgements and estimates that are reasonable and

prudent• state whether applicable accounting standards and Statements

of Recommended Practice 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 charity will continue in operation

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Fund and which enable them to ensure that the Financial Statements comply with the Charities Act 1993. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.

Auditors

A resolution proposing the re-appointment of haysmacintyre as auditors to the charity will be put to the next meeting of the trustees.

Julian AmeyActing Chairman11 June 2009

Independent Auditors’ Report

Independent Auditors’ Report to the Trustees of the ISTD Benevolent FundWe have audited the financial statements of ISTD Benevolent Fund for the year ended 31 December 2008 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. These financial statements have been prepared under the historical cost convention (as modified by the revaluation of certain fixed assets) and the accounting policies set out therein.This report is made solely to the charity’s trustees, as a body, in accordance with the regulations made under the Charities Act 1993. Our audit work has been undertaken so that we might state to the charity’s trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Respective Responsibilities of Trustees and AuditorsAs described in the Statement of Trustees’ Responsibilities the charity’s trustees are responsible for the preparation of the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

We have been appointed as auditors under section 43 of the Charities Act 1993 and report in accordance with regulations made under section 44 of that Act. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).

We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Charities Act 1993. We also report to you if, in our opinion, the Trustees’ Report is not consistent with the financial statements, if the charity has not kept proper accounting records, if we have not received all the information and explanations we require for our audit.

We read the Trustees’ Report and consider the implications for our report if we become aware of any apparent misstatements within it.



Basis of Audit OpinionWe conducted our audit in accordance with United Kingdom Auditing Standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the charity’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

OpinionIn our opinion the financial statements:• give a true and fair view, in accordance with United Kingdom

Generally Accepted Accounting Practice, of the state of the charity’s affairs as at 31 December 2007 and of its incoming resources and application of resources in the year then ended; and

• have been properly prepared in accordance with the Charities Act 1993.

haysmacintyreChartered AccountantsRegistered Auditors Fairfax House15 Fulwood Place, London WC1V 6AY

11 June 2009



Statement of Financial Activities

ISTD Benevolent Fund

Notes 2008 2007

£ £

Incoming Resources

Incoming Resources from Generated Funds:

Donations, legacies and similar incoming resources 930 971

Investment income 9,573 10,236

Total Incoming Resources 10,503 11,207

Resources Expended

Charitable Activities:

Grants payable 980 92

Governance Costs 1485 700

Total Resources Expended 2,465 792

Net Incoming Resources 8,038 10,415

Gains / (Losses) on disposal of assets (17,791) -

Gains/(Losses) on revaluation of assets (54,496) (17,673)

Net Movement in Funds (64,249) (7,258)

Total Funds Brought Forward 271,520 278,778

Total Funds Carried Forward 207,271 271,520

All funds are unrestricted.

The notes on page 23 for part of these accounts.




Balance Sheet

These financial statements were approved by the trustees on the 11 June 2009 and were signed on its behalf by: Julian AmeyActing Chairman

Notes 2008 2007

£ £

Fixed Assets

Investments 144,138 216,425

Current Assets

Debtors 967 1,670

Cash at bank and in hand 68,245 57,774

Creditors: amounts falling due within one year (6,079) (4,349)

Total Net Assets 207,271 271,520

Represented by:

Balance brought forward 271,520 278,778

Surplus for this year (64,249) (7,257)

Balance Carried Forward 207,271 271,520

ISTD Benevolent Fund

As at 31 December 2008



Forming part of the Financial Statements

1. Accounting Policies

Basis of Preparation The Financial Statements have been prepared in accordance with the Statement of Recommended Accounting Practice (SORP), Accounting and Reporting by Charities’ published in March 2005 and applicable accounting standards and under historical cost accounting rules, as modified to include the revaluation of fixed asset investments which are carried at market value. 2. Incoming Resources Investment income includes dividends and bank interest which are included when they are receivable. Donations and legacies are included in income when they become receivable. 3. Resources Expended Charitable expenditure is all expenditure relating to the objects of the charity. Governance costs incurred in meeting with the constitutional and statutory requirements of the charity.

Included in resources expended are auditor’s fees of £700 (2006: £650) 4. Investments

2008 2007

£ £

At 1 January 216,425 234,098

Additions - -

Disposals (17,791) -

Unrealised Gain/(Loss) (54,496) (17,673)

At 31 December 144,138 216,425

The acquisition cost of investments was £115,801 (2007: £136,082) The Investments Which Individually amount to Over 5% of the Market Value are as Follows:

2008 2007

4000 City of London Trust 5.8% 5.1%

13,200 HBOS 9.5% Non Cum Pref £1 - 9.2%

2000 Murray Income Trust Ordinary 25p 6.2% 5.9%

14,470 Natwest 9% Non Cum Pref £1 8.4% 8.4%

689 Royal Dutch Shell B Shares Euro.07 8.2% 6.6%

900 Scottish & Southern 7.5% 6.8%

620 Land Securities Group Ordinary 10p 3.9% 4.3%

2604 M & G Securities Ltd Charifund Inc 17.7% 17.4%

3800 Centrica Ordinary Shares 9.6% 6.2%

2700 National Grid Ordinary 12.8% 10.4%

5. Staff Costs and Trustees Remuneration The fund has no employees. The Trustees were not paid or reimbursed for expenses during the year. 6. Trust Deed The ISTD Benevolent Fund is governed by a trust deed. The declaration of trust was signed on 23rd November 1993. 7. Trustees The trustees consist of the Chairman of each of the Faculties of the ISTD with the addition of the Chief Executive and the Financial Controller.

Notes of the ISTD Benevolent Fund



The ISTD Dance Examinations Board is a company limited by

guarantee.

Financial Statements and Report of Council for the Year Ended 31

December 2008. © ISTD Dance Examinations Board 2009.

Charity Number 250397.

No part of this publication may be reproduced in any form, either

wholly or in part, without the written permission of the copyright

owner.

The information contained within this report was deemed correct at

the time of printing (June 2009).

If you require any additional copies of this report please contact

Jenny French, Financial Controller:

Telephone: +44 (0)20 7377 1577 (ext. 850)

Email: [email protected]

Address: ISTD Dance Examinations Board, 22/26 Paul Street, London

EC2A 4QE

Fax: +44 (0)20 7655 8869

Website: www.istd.org


Design & Production by the ISTD Marketing & Publicity Department

ISTD Annual Report

plus

ISTD Benevolent Fund Finance Statements

& Report of Trustees

ISTD Dance Examinations Board

22/26 Paul Street, London EC2A 4QE

Website: www.istd.org

Telephone: +44 (0)20 7377 1577

Email: [email protected]

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