ISTD Annual Report 2009 · ISTD Annual Report 2009. ... Sarah Combes, ISTD Head of Education &...

ISTD Annual Report 2009 plus ISTD Benevolent Fund Finance Statements & Report of Trustees

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ISTD Annual Report 2009


Chairman’s Report 02Chief Executive’s Report 03Aims & Objectives 04About the ISTD 052009 Highlights and Achievements 06Report of the Administrative Council 10Independent Auditor’s Report 15Statement of Financial Activities 17Balance Sheet 18Cash Flow Statement 19Notes Forming Part of the Financial Statements 20 ISTD Benevolent Fund Annual Report 2009

Report of the Trustees of the ISTD Benevolent Fund 30Statement of Financial Activities 33Balance Sheet 34Notes Forming Part of the Financial Statements 35

Contents

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Chairman’s Report

The Society’s Annual Report provides an 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 the Strategy Review would allow a fundamental review of all aspects of the Society’s business, taking into consideration the needs of our partners and involving wide consultation with our Members. I am pleased to say that the Review was concluded on schedule in December 2009, and following a meeting of Grand Council, resulted in our Administrative Council agreeing a 5 Year Plan to run from 2010 to 2015. The highlights of the Review are outlined in the Chief Executive’s report, which also records that the Society had a good year financially, with a surplus well ahead of budget.

I am delighted that with the 5 Year Plan now agreed, the Society’s future is firmly on track to meet our business and artistic objectives for the future and to ensure that the ISTD can grow its work and influence in the UK and overseas. Ongoing work is looking at strengthening our UK regions and providing more support for our international development.

In parallel to this I am pleased to report the Society continues to review its syllabi which are the cornerstone on which the future of the Society is based. The revision of the Tap Faculty’s Primary and Grade 1 Examinations, are good examples of what is being achieved. The Society continues to ensure that it is

also well placed to take advantage of the opportunities offered by developments in the wider educational sector particularly by the new Qualifications and Credit Framework (QCF) which is currently being implemented by the UK government. Following a concerted programme of work carried out between ISTD and the regulatory authorities, we have now been formally approved by Ofqual as an awarding body and are able to submit our qualifications into the QCF, which will come into force during 2010.

We continue to work closely with other organisations in the arts arena, such as the Foundation for Community Dance, the Royal Albert Hall and Youth Dance England, providing opportunities for young people to experience what we all cherish so dearly – the opportunity to dance in a wide variety of styles. We look forward to extending our work with them in the future on major high profile projects leading up to 2012, which are linked to the Cultural Olympiad.

In conclusion, I would like to thank all my fellow Trustees and those members and staff who served on the working groups during the Strategy Review for the outstanding commitment and amount of time they have dedicated to the Society during 2009. Their efforts, coupled with the work of our Examiners and all those who serve on our Committees and Faculties, will ensure that the Society meets its full potential over the years to come.

Peter Kyle, ISTD ChairmanJune 2010

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I am pleased to report that ISTD’s business performance in 2009 exceeded the budget surplus of £61,000 by £95,000 reaching £155,877 with an overall turnover of £5,711,741. This was in spite of the adverse economic conditions, and was the result of progressive improvements in our service to teachers and candidates during the course of the year, improved marketing, and careful management of overheads.

The Strategy Review undertaken between July and December 2009, involved extensive consultation with Members and resulted in recommendations regarding modified qualifications, extending our training and CPD activities, improved business systems and websites, and an increased focus on our UK regions and international development. These recommendations were discussed and agreed by Council and Grand Council in December 2009 and form the basis of the 2010 Business Plan and 5 Year Strategic Plan. The Five Year Plan envisages membership growing from its current level of 7,700 to 10,000 by 2015, turnover rising from £5.711m to £8.642m and the surplus rising from £156K to £520K.

A strong Marketing and Membership Services team is now in place, and a new Head of UK Examinations is working to ensure that a high level of service and customer satisfaction is provided to our members, teachers and candidates.

Special attention has been paid to international markets where there is potential for growth and market plans are being finalised for the regions of Greece, Cyprus and

Malta, Italy, Spain and Portugal and South East Asia. Recent visits to China have identified opportunities for training and extending the reach of our examinations.

Greater attention is being paid to the UK, with a special focus on strengthening our support for and structure in the Regions. Improvements have been made to the Society’s premises in Paul St and at ISTD2 and a modest increase in the number of permanent administrative staff is reducing over reliance on temporary staff.

Throughout the year, the Society has focussed on developing effective partnerships with the Arts Council England, the Foundation for Community Dance, the CCPR, the CDET, Youth Dance England, the Sector Skills Council, Creative and Cultural Skills and other awarding bodies and as a result has enhanced its profile and reputation as a leading creative player in the wider dance community.

The successful meeting of Grand Council in December 2009 underlined the importance the Society attaches to the work of its Grand Council members, Trustees, Committee members and staff. I would like to thank sincerely all those who have contributed to a year of progress and development for the Society, culminating in the agreement of a 5 Year Plan which provides firm foundations for our future.

Julian Amey, ISTD Chief ExecutiveJune 2010

Chief Executive’s Report

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The mission of the ISTD is to educate thepublic in the art of dance in all its forms.

Strategic Aims• To enhance, develop and support teaching

standards within the dance sector. • To provide appropriate syllabi to facilitate

the training of dancers and dance teachers.• To maintain and improve teaching

standards.• To qualify by examination teachers

of dancing in the Society’s specialist techniques taught by more than 7,500 members throughout the world.

• To maintain and improve the quality of ISTD dance examinations.

• To ensure the Society meets the standards required by the regulatory authorities to retain the accreditation and recognition of its qualifications.

Corporate Objectives• To promote the Society and all ISTD dance

genres around the world.• To ensure the ISTD is the most innovative

and dynamic organisation within the dance examinations industry.

• To provide all ISTD members and customers with the highest possible level of service.

• To continue to review and improve processes and business and IT systems to ensure the development and growth of the Society.

Aims & Objectives

Above: ISTD Tap Talent Day

(photo by Elaine Mayson)

” The most memorable event and the experience

I will always treasure is being an ISTD scholar in 2006 where I took three

classes a term at the Royal Opera House studios,

taught by company members – they really

inspired me to become a dancer.

Laura Day, ISTD student and winner of the 2009 Elisabeth Baines-Hewitt scholarship

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” This year’s summer course at Chichester was like no

other course available and was invaluable to my

development as a teacher.Colleen Briosy, ISTD Teacher

100 Years of Dance

The Imperial Society of Teachers of Dancing (ISTD) is the world’s leading dance examinations board. From Ballet to Ballroom, we cover the full spectrum of genres and for more than 100 years we have provided training for dance teachers and examiners, enabling them to enter their students for examinations, develop new techniques and spread the joy of dance.

Many of our members are leading figures in the dance industry around the world, from esteemed West End choreographers and legendary teachers, to up-and-coming students and participants from hit TV shows.

As a registered educational charity, the ISTD’s mission is to educate the public in the art of dancing in all its forms, to promote knowledge of dance, to provide up-to-date techniques for our members, and to maintain and improve teaching standards. We support and train our members through a wide variety of courses, summer schools and congresses, updated teaching syllabi and techniques upon which to train dancers for the profession.

The ISTD at a glance…

• 250,000 dance examinations globally each year

• Multiple styles of dance with 12 different faculties

• Dance courses, teacher training and qualifications

• Publications, CDs and DVDs• DANCE Magazine• Syllabi with the latest techniques• ISTD2 Dance Studios in central London• Comprehensive library with 4,000 volumes• 7,500+ members in more than 75 countries

around the world

About the ISTD

Above: DFR Grand Finals

(photo by Alec Myers/Danceportraits.co.uk)

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From new partnerships to a series of successful events, 2009 was an eventful year for the Society. Here are just a few of the highlights.

Danza in Fiera and Move It

In February, more than 160,000 visitors from all over the world came to the old Fortezza da Basso in Florence for the fourth edition of the hugely popular Danza in Fiera exhibition.

Move It is an exhibition held annually in March that turns London’s Olympia into a world of dance. The ISTD’s stand at the 2009 event proved as popular as ever, with a high footfall of visitors stopping by to ask questions about qualifications, buy the latest syllabus or just to say hello to some of the Society’s teachers and staff. Taking part in major international exhibitions allows the ISTD to demonstrate our range of dance genres. From Contemporary to Cecchetti and Tango to Hip Hop, visitors were wowed by some amazing performances on the main stages and a variety of workshops and seminars.

Dancing to Diploma Success

The development of an exciting new partnership between the ISTD and Edexcel means that ISTD dance qualifications are now part of a mainstream and nationally recognised qualification. Pupils taking extra-curricular dance classes are now able to use their dance qualifications to help them gain their Creative and Media Diploma.

As well as encouraging a wider take-up of dance classes by pupils whose parents are secure in the knowledge they are contributing towards their qualifications, the new partnership will also give ISTD dance teachers an opportunity to develop their businesses.

2009 Highlights and Achievements

Move It 2009

” The main benefit of Move It is the opportunity to

talk face-to-face with both current and potential members. The chance to put a face to a name and to show potential

members, candidates and parents the Society’s work

and the opportunities membership can offer cannot be

underestimated.Sarah Combes, ISTD Head of Education & Training

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Raps 4 Gaps

The ISTD has been involved in a number of projects that combine dance and education over the years, such as Chains, Summertime and, most recently, Raps 4 Gaps, which aims to promote school attendance and reduce bullying in primary schools in the Royal Borough of Kensington and Chelsea.

As part of this project, pupils develop and record a rap which they perform to their peers using street dance and urban choreography. In 2009 the project culminated in a performance, which took place at Cadogan Hall on 13th March. ISTD teachers, Paul Streatfield and Amanda Hughes, helped to choreograph and teach the dances to the pupils, offering them the chance to be trained correctly and safely by fully qualified dance professionals.

Dance-teachers.org

Our website dedicated to promoting ISTD members has gone from strength to strength since its launch in March 2008, with more than 1,200 ISTD teachers listed and more than 35,000 visitors from around the world.

www.dance-teachers.org is the official route for those seeking ISTD dance teachers, whether students, parents, state schools involved in the Diploma or those wanting teachers for their after-school clubs etc.

All ISTD members are eligible to register for free, giving them a unique opportunity to promote themselves to a global audience.

” The discipline that dance brings is the best. With careful

professional guidance and understanding of their needs, a young person can gain self worth, self expression, the ability

to connect with oneself, friends and communities, as well as giving a sense

of achievement and satisfaction.

Paul Streatfield, ISTD Fellow and Examiner

Above: Raps 4 Gaps(photo by Michele Panzeri)


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Faculties’ Congresses

On Sunday 15th March, we officially welcomed the start of spring with the annual Dancesport Spring Congress, Dinner Dance and Cabaret – always a highlight of the calendar each year!

Above: Theatre Faculties’ Congress at Laban(photo by Elaine Mayson)

The Theatre Faculties’ Congress at Laban in May 2009 attracted almost 300 members, who took part in a wide variety of lectures ranging from syllabus revisions and free work to music lectures and West-End theatre workshops.

In July the Worthing Congress featured an impressive weekend of Dancesport lectures and demonstrations, with displays ranging from Tango to Salsa and Merengue to Mambo.

Above: Heidi Cruwys’ Under-8s lecture at Worthing Congress (photo by Ron Self)

A Summer Celebration

On 23rd July, Council members, staff, partner organisations, fellow Society members and their families attended our first ever ISTD Summer Celebration.

The post-AGM reception was held to celebrate with members and guests all those who are brought together by the Society and to create an opportunity for those who would not normally have the chance to meet under one roof.

Guests were officially welcomed by the ISTD’s Life President, Dame Beryl Grey DBE, Chairman, Peter Kyle and Chief Executive, Julian Amey.

” The strength of our organisation is firmly rooted in its diversity, its adaptability and the quality of our teaching.

Our intention is to ensure that we continue to

play to those strengths, whilst exploring new

opportunities.Peter Kyle, ISTD Chairman


Above: Julian Amey, Dame Beryl Grey DBE and Peter Kyle

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Grand Council Dinner

Above: Members of the ISTD Grand Council

On Wednesday 2nd December 2009, the ISTD held a dinner for our Grand Council and Council Members in the Balcony Room of the Swan Restaurant at Shakespeare’s Globe Theatre.

Old friends caught up with each other and new members were given a warm welcome at a drinks reception, which was followed by an eagerly anticipated tour of the Globe Theatre by host and ISTD Chairman, Peter Kyle.

International Development

Above: the first ISTD Kathak exam in the USA

In 2009, the ISTD held 34 courses around the world, which is a significant increase from 21 courses in 2008.

As part of continuing efforts to improve services to our members, the Society conducted several trips to spend time with our international representatives and teachers. From Malaysia to Thailand and China to Greece the ISTD team gained a unique insight into the work of our members as well as the local dance scene in each area.

2009 also saw the first Dancesport candidates in Greece taking Medal, Grade and Associate examinations, as well as the first ISTD South Asian Kathak examinations being held in the USA in Seattle.

” This wonderful occasion gave Grand Council and Council Members a rare

opportunity to spend time with each other and learn about the Society’s plans and developments

resulting from the Strategy Review.

Julian Amey, ISTD Chief Executive

” Taking a formal exam boosted the confidence of the students and gave

them a benchmark for their skill set.

Manisha Chainani, dance school owner, Seattle


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Report of the Administrative Council

For the year ended 31st December 2009

The Administrative Council presents its report and audited financial statements for the year ended 31st December 2009.

Reference and Administrative Information

Charity name: Imperial Society of Teachers of Dancing

Charity registration number: 250397

Company registration number: 392978

Registered office andoperational address: Imperial House22-26 Paul StreetLondonEC2A 4QE

Administrative Council

Executive Members (Trustees)(*Also member of Finance and General Purposes and Audit Sub-Committee) 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 Murdoch (Appointed March 2009)*Mrs Gaynor Owen Mrs Susan PassmoreMrs Yvonne Taylor-HillMrs Elisabeth Swan (Appointed March 2009)*Ms Leigh Tavazvia (Appointed March 2009)

Senior Management Team

Mr Julian Amey Chief Executive (From 14th April 2009)

Mr Jon Singleton Chief Executive (To 13th April 2009)

Mrs Jenny French Financial Controller

Mrs Hilary Wrack-Lartey Head of UK Examinations Department (From 15th January 2010)

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

Ms Sarah O’Hanlon Head of Marketing & Membership Support Services Department (From 1 October 2009)

Auditors

haysmacintyreFairfax House, 15 Fulwood Place, London WC1V 6AY

Bankers

National Westminster BankFinsbury Square BranchPO Box 549, 78 Finsbury PavementLondon EC2A 1JA

Solicitors

Charles Russell, 8/10 New Fetter LaneLondon EC4A 1RS

Investments Managers

Charles Stanley & Co, 25 Luke StreetLondon EC2A 4AR

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,

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incorporated on 5th February 1945 and registered as a charity on 6th 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 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 after which they must be re-elected at the next Annual General Meeting.

The Executive Membership of the Administrative Council consists of nine independent members, nine representatives of Theatre Dance Faculties and five representatives of Dancesport 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 General Purposes 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. Susan Passmore, Robert Grover and Yvonne Taylor-Hill 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 Chair person of a Faculty or having had prior professional involvement within the dance, arts or education industries. Additionally, new trustees are invited and encouraged to attend Congresses and events 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 and Articles and Rules and 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 improving the financial and customer management systems and 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.

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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 to ensure that the charity delivers the services and strategies specified and that key performance indicators are met. Senior Management has responsibility for the day-to-day operational management of ISTD Headquarters and ISTD Dance Studios, individual supervision of 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 the ISTD Benevolent Fund which is a charity set up to assist current and former members of the ISTD who have encountered financial difficulty through ill health or old age.

Public BenefitThe Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission’s general guidance on public benefit, ‘Charities and Public Benefit’. The

Trustees have assessed the activities of the Society in relation to the public benefit requirement and consider that the activities meet the two main principles of public benefit; that the benefits are identifiable and are related to the aims of the Society; and that the public are the beneficiaries and that there is no significant exclusion as to who can benefit. How the charity fulfils these obligations is covered in the various sections of this report.

Objectives and ActivitiesThe 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 ‘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 7,596 members throughout the world

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

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 standards to ensure all candidates receive fair and equal assessment and all equal opportunities are met. It is also necessary for the Society 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.


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Financial Review

Financial PerformanceThe financial result for the year has achieved a surplus of £156,977 on unrestricted funds due to a favourable variance of 5% in UK examination fees income. Overseas examination fees income had a favourable variance of 18% with little foreign exchange movement. 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 cash flow as income is dependent on subscriptions which are paid at the beginning of the year, and examination income which generally follows the academic year. The Policy also provides 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 required in the future.

The charity’s free reserves (unrestricted funds not designated or tied in fixed assets) in 2009 amounted to £636,271 (in 2008 they were £625,142).

Plans for Future PeriodsThe charity plans to continue to improve and develop its services for its members and others. Having completed the Strategic Review, a new 5 Year Plan has identified key areas for improvement and opportunities for the Society to explore. These include updating the Society’s teaching qualifications and portfolio, improving the examinations process, widening the provision of training and CPD, and giving greater support to activities in the UK and international regions.

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 2nd September 2010.

Peter Kyle, DirectorChairman of the Society


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

We have audited the financial statements of the Imperial Society of Teachers of Dancing for the year ended 31st December 2009 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 company’s members, as a body, in accordance with Sections 495 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the 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 auditorsThe 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) and for being satisfied that the financial statements give a true and fair view as set out in the Statement of Trustees’ Responsibilities.

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, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and have been prepared in accordance with the Companies Act 2006. We also report to you whether, in our opinion, the information given in the Trustees’ Annual Report is consistent with those financial statements.

In addition we report to you if, in our opinion, the charity has not kept adequate accounting records, if the charity’s financial statements are not in agreement with the accounting records and returns, if we have not received all the information and explanations we require for our audit, or if certain disclosures of trustees’ remuneration specified by law are not made.

We read the Trustees’ Annual 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 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

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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 of the state of the charity’s affairs as

at 31st December 2009, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• the financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;

• the financial statements have been prepared in accordance with the Companies Act 2006; and

• the information given in the Trustees’ Annual Report is consistent with the financial statements.

Noble HanlonSenior Statutory Auditorfor and on behalf of haysmacintyreStatutory Auditor

Fairfax House 15 Fulwood PlaceLondon WC1V 6AY

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

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Statement of Financial ActivitiesFor the year ended 31st December 2009

Income and Expenditure Notes General Funds 2009

£

Designated Funds 2009

£

Total2009

£

Total2008

£

Incoming Resources

Incoming Resources from Generated Funds:

Investment Income 2 15,046 - 15,046 36,774

Incoming Resources from Charitable Activities: 3 5,634,652 - 5,634,652 5,241,964

(Examinations, Courses, Subscriptions, Congresses)

Other Incoming Resources 4 62,044 - 62,044 44,795

Total Incoming Resources 5,711,742 - 5,711,742 5,323,533

Less Cost of Generating Funds: 8 25,290 - 25,290 21,393

Net Incoming Resources 5,686,453 - 5,686,453 5,302,140

Resources Expended

Charitable Activities (5,448,770) (1,101) (5,449,871) (5,178,441)

Governance Costs (69,087) - (69,087) (66,043)

Total Resources Expended 8 (5,517,857) (1,101) (5,518,958) (5,244,484)

Net Incoming/(Outgoing) Resources Before Transfers (168,595) (1,101) 167,494 57,656

Revaluation / Transfer between funds 13 553 - 553 -

Net Incoming/(Outgoing) Resources After Transfers 169,148 (1,101) (168,047) 57,656

Currency Exchange Gain/(Loss) (67,597) - (67,597) 167,762

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

Gain/(Loss) on Revaluation of Investment Assets 14 55,427 - 55,427 (51,740)

Net Movement in Funds 156,978 (1,101) 155,877 166,790

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

Total Funds Carried Forward 5,392,355 77,003 5,469,357 5,313,481

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.

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Balance SheetFor the year ended 31st December 2009

Notes 2009£

2009£

2008£

2008£

Fixed Assets

Tangible Fixed Assets 9 4,403,326 4,411,404

Investments 14 352,757 198,831

Total Fixed Assets 4,756,083 4,610,235

Current Assets

Stock 10 250,741 271,765

Debtors 11 161,822 226,781

Cash at Bank and In Hand 1,218,474 1,080,675

Total Current Assets 1,631,037 1,579,221

Creditors

Amount Falling Due Within One Year 12 (917,762) (875,975)

Total Creditors (917,762) (875,975)

Net Current Assets 713,275 703,246

Total Assets Less Current Liabilities 5,469,358 5,313,481

Represented by

Unrestricted Funds:

Designated Funds:

ISTD Faculty Development Fund 13 41,034 42,135

International Development Fund 13 35,969 35,969

General Funds:

Revaluation Reserve 13 1,031,104 1,052,584

Reserve Fund 13 4,361,251 4,182,793

5,469,358 5,313,481

These Financial Statements were approved and authorised for issue by the Trustees on 2nd September 2010 and were signed on its behalf by: Peter Kyle (Chairman of the Society)John Cook (Chairman of the Finance and Audit Committee)

19


Cash Flow StatementFor the year ended 31st December 2009Reconciliation of changes in resources to net cash inflow from operating activities

2009£

2009£

2008£

2008£

Changes in Resources Before Revaluations 168,047 57,656

Currency Exchange Gains/(Losses) (67,597) 167,762

Dividends Received (11,697) (3,062)

Bank Interest Received (3,349) (33,712)

Bank Charges and Interest 21,761 24,088

Depreciation Charges 181,658 175,116

Decrease/(Increase) in Stock 21,024 391

Decrease/(Increase) in Debtors 64,959 (105,182)

(Decrease)/Increase in Creditors 41,787 43,641

Net Cash Inflow From Operating Activities 416,593 326,697

Cash Flow Statement

Net Cash Inflow From Operating Activities 416,593 326,697

Returns on Investments and Servicing of Finance:

Dividends Received 11,697 3,062

Interest Received 3,349 33,712

Interest and Charges Paid (21,761) (24,088)

(6,715) 12,686

Capital Expenditure and Financial Investment:

Payments to Acquire Fixed Assets (173,580) (92,287)

Payments to Acquire Fixed Assets Investments (98,499) (51,530)

Receipts From Sale of Fixed Assets Investments - 51,765

(272,079) (92,052)

Increase/(Decrease) in Cash 137,799 247,332

Reconciliation of Net Cash Flow to Movement of Net Funds

Increase/(Decrease) in Cash in the Period 137,799 247,332

Net Funds at 1.1.2009 1,080,675 833,343

Net Funds at 31.12.2009 1,218,474 1,080,675

20


Notes Forming Part of the Financial Statements


1. Accounting Policies

Incoming ResourcesThe 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 PreparationThe 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 CurrenciesTransactions 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.

InvestmentsInvestments 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.

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

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

Incoming ResourcesTurnover 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 CostsThe 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 AccountingGeneral 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 ExpendedAll 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.

21


Notes Forming Part of the Financial StatementsFor the year ended 31st December 2009

2. Income from Fixed Assets Investments2009

£2008

£

Income from listed investments 11,697 3,062

Bank Interest Received 3,349 33,712

15,046 36,774

3. Income in Furtherance of Charity Objects

2009

£2008

£

Examination Income 4,565,183 4,183,072

Subscriptions 558,186 532,096

Courses / Education 156,744 144,529

Shop Sales (Syllabus Material) 268,575 302,284

Magazine 38,008 39,643

Other general income 47,956 40,340

5,634,652 5,241,964

4. Other Incoming Resources2009

£2008

£

Fundraising Income 15,606 17,151

Studio Hire 42,845 22,554

Other Operating Income 3,593 5,090

62,044 44,795

5. Net Incoming Resources2009

£2008

£

The Net Incoming Resources are Stated after Charging:

Auditors’ remuneration for Audit Services 8,125 7,250

Auditors’ remuneration for non-Audit Services 1,350 3,805

9,475 11,055

22



6. Remuneration & Expenses Paid to Trustees2009

£2008

£The following were paid during the year for:

R Grover 14,400 14,027

Y Taylor-Hill 3,590 3,494

K Ball 744 -

E Swan 1,682 -

G Owen-James 4,544 5,815

PM Hurlings 17,764 17,169

R Hunt 2,705 2,609

During 2009 12 trustees (2008: 12 Trustees) claimed travel expenses totalling £12,338 (2008: £6,755). These were primarily travel expenses with a small amount for printing, stationery and photocopying on behalf of the Society.

7. Staff Costs2009 2008

The Average Number of Employees of the Society

During the Year Analysed by Category Was: No. No.

48 47

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

Wages & Salaries 1,130,014 1,094,250

Temporary staff 222,502 163,702

Social Security costs 110,635 103,178

Other pension costs 45,845 34,917

1,508,996 1,396,047

No employees had emoluments exceeding £60,000 (2008: Nil)

23



8. Total resources expendedStaff

Costs£

Other DirectCosts

£

AllocatedCosts

£

Total2009

£

Total2008

£

Cost of generating funds - 25,289 - 25,289 21,393

Charitable Activities:

Examinations 1,071,052 2,438,727 694,011 4,203,790 4,039,528

Subscriptions 52,934 39,908 38,008 130,850 123,668

Courses / Education 195,589 276,636 97,392 569,617 528,467

Shop 86,654 150,627 56,903 294,184 261,449

Magazine & Marketing 48,480 120,633 31,151 200,264 206,969

Other General Income 43,048 3,960 4,158 51,166 18,361

Governance Costs 11,239 10,000 47,848 69,087 66,043

Total 1,508,996 3,040,491 969,471 5,518,958 5,244,484

24



9. Tangible Fixed Assets

FreeholdProperty

Furniture &Equipment

Computers& Copiers

Total2009

Cost/Valuation

At 1st January 2009 4,618,561 452,477 580,571 5,651,609

Additions - 32,263 141,317 173,580

At the End of the Year 4,618,561 484,740 721,888 5,825,189

Depreciation

At 1st January 2009 467,113 360,146 412,946 1,240,205

Charge for Year 69,278 18,554 93,826 181,658

At the End of the Year 536,391 378,700 506,772 1,421,863

Net Book Value

At 31st December 2009 4,082,170 106,040 215,115 4,403,326

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

The net book value at 31st December represents assets used for direct charitable purposes. The property owned at 31st 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 31st December 2009 was £3,427,189 (2008 £3,427,189).

25


10. Stock

2009£

2008£

Finished goods, medals and stationery 250,741 271,765

11. Debtors

2009£

2008£

Trade debtors 71,947 74,021

Other debtors 15,886 6,817

Prepayments and accrued income 73,989 145,943

161,822 226,781

12. Creditors

Amounts Falling Due Within One Year2009

£2008

£

Trade creditors 155,571 178,563

Taxation & Social security 108,017 71,232

Accruals and deferred income 654,174 626,180

917,762 875,975


26


13. Reconciliation and analysis of movements on funds for the year

Ended 31st December 2009 Unrestricted funds BalanceB/F

£

Yearly Surplus

/(Deficit)£

Revaluationand

Transfer£

BalanceC/F

£

General Funds

Revaluation reserve (Unrealised) 1,052,584 - (21,480) 1,031,104

Reserve Fund 4,182,793 156,425 22,033 4,361,251

5,235,377 156,425 553 5,392,355

Designated Funds

ISTD Faculty Development Fund 42,135 (1,101) - 41,034

ISTD International Development Fund 35,969 - - 35,969

78,104 (1,101) - 77,003

5,313,481 155,324 553 5,469,358

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 on the revalued amount.


27


14. Fixed Asset Investments2009

£2008

£At 1st January 2008 198,831 257,694

Additions 98,499 51,765

Disposals - (58,653)

Unrealised Gain/(Loss) 55,427 (51,740)

Capital Account Balance - (235)

At 31st December 2009 352,757 198,831

Schedule of fund investments at market valueThe investments which individually amount to over 5% of the market value are as follows:

Ordinary and Preference Shares (All registered in England and Wales) 2009 2008

54,000 ING Global Real Estate Securities 10.68% 8.61%

9,000 Aberdeen Asian Smaller Co Inv Trust Ordinary shares 9.96% 10.87%

2,500 Keystone Investment Trust Ordinary shares 7.02% 11.71%

5,050 Murray International Trust Ordinary shares 10.96% 14.94%

60,000 UK Government Stock 2010 17.87% 33.12%

30,000 Midas Income and Growth Trust Ordinary shares 9.12% 8.44%

21,300 HSBC Infrastructure Co Ordinary shares 6.89% 12.30%

25,000 Aberdeen Asian Income Fund Ordinary shares 9.67% -

12,500 Standard Life Equity Income Trust Ordinary shares 9.47% -

12,500 London & St Lawrence Investment Ordinary shares 8.36% -

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 £230 (2008 £235).


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16. Analysis of Net Assets Between FundsGeneral

Funds £

Designated Funds

£

2009 Total £

2008 Total

£

Fund Balances at 31st December 2009 are represented by:

Tangible fixed assets 4,403,326 - 4,403,326 4,411,404

Investments 352,757 - 352,757 198,831

Current assets 1,554,035 77,003 1,631,038 1,579,221

Current liabilities (917,763) - (917,763) (875,975)

5,392,355 77,003 5,469,358 5,313,481

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 Commitments2009 £

2008 £

Authorised But Not Contracted For Nil Nil

19. Pension Costs

The pension charge for the year to 31 December 2009 was £45,845 (2008: £34,917). As at 31st December 2009 there were no prepaid or accrued pension contributions (2008: nil).


Benevolent Fund 2009

Benevolent Fund

ISTD Benevolent Fund

30

ISTD Benevolent Fund Annual Report 2009

Report of the Trustees of the ISTD Benevolent Fund


Reference and Administrative Information

TrusteesJulian Amey (resigned as Acting Chairman on 10th September 2009)Kay BallChitraleka BolarJill BushHeather FishJacqueline FergusonJenny FrenchRobert GroverPaddy HurlingsLorna LeeAnne Lingard (appointed Chairman on 10th September 2009)Gaynor OwenJonathan Singleton (resigned as Acting Chairman on 9 April 2009)Elisabeth SwanYvonne Taylor-Hill

Solicitors

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

Auditors

haysmacintyreFairfax House, 15 Fulwood Place, London WC1V 6AY

Bankers

National Westminster BankFinsbury Square Branch, PO Box 54978 Finsbury Pavement, London EC2A 1JA

The trustees present their report along with the financial statements of the charity for the year ended 31st December 2009. 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

For 2009 Benevolent Fund raffles raised £981. Grants paid out in the year amounted to £729.

Investment Policy, Powers and Performance Investments performed well in 2009, increasing in value by £14,218 (in 2008 there was a decrease of £54,496). 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.

Future ActivitiesA 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’ ResponsibilitiesLaw 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


31

financial statements, the trustees are required to:• Select suitable accounting policies and

then apply them consistently.• Make judgments 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 anddetect fraud and other irregularities.

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

Anne LingardChairman2nd September 2010

Independent Auditors’ Report

Independent Auditors’ Report to the Trustees of the ISTD Benevolent Fund

We have audited the financial statements of ISTD Benevolent Fund for the year ended 31st 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).

Report of the Trustees of the ISTD Benevolent FundFor the year ended 31st December 2009

32


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 31st December 2009 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

2nd September 2010

Report of the Trustees of the ISTD Benevolent FundFor the year ended 31st December 2009


33Statement of Financial ActivitiesFor the year ended 31st December 2009

Notes Total2009

£

Total2008

£

Incoming Resources

Incoming Resources from Generated Funds:

Donations, legacies and similar incoming resources 981 930

Investment income 9,395 9,573

Total Incoming Resources 10,376 10,503

Resources Expended

Charitable Activities:

Grants payable 729 980

Governance Costs 1,245 1,485

Total Resources Expended 1,974 2,465

Net Incoming Resources 8,402 8,038

Gains / (Losses) on disposal of assets 5,914 (17,791)

Gains / (Losses) on revaluation of assets 23,815 (54,496)

Net Movement in Funds 38,131 (64,249)

Total Funds Brought Forward 207,271 271,520

Total Funds Carried Forward 245,402 207,271

All funds are unrestricted.The notes on page 35 form part of these accounts

34


Balance SheetFor the year ended 31st December 2009

Notes Total2009

£

Total2008

£

Fixed Assets

Investments 208,116 144,138

Current Assets

Debtors 600 967

Cash at bank and in hand 41,894 68,245

Creditors: amounts falling due within one year (5,208) (6,079)

Total Net Assets 245,402 207,271

Represented by:

Balance brought forward 207,271 271,520

Surplus for this year 38,131 (64,249)

Balance carried forward 245,402 207,271

These financial statements were approved by the trustees on the 2nd September 2010 and were signed on its behalf by:

Anne Lingard Chairman


35Notes Forming Part of the Financial StatementsFor the year ended 31st December 2009

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 £800 (2008: £750)

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.

4. Investments2009

£2008

£

At 1st January 144,138 216,425

Additions 85,020 0

Disposals (35,260) (17,791)

Unrealised Gain/(Loss) 14,218 (54,496)

At 31st December 208,116 144,138

The acquisition cost of investments was £153,684 (2008: £115,801)The investments which individually amount to over 5% of the market value are as follows:

2009 2008

689 Royal Dutch Shell ‘B’ Ord Eur 0.07 6.0% 8.2%

900 Scottish & Southern Energy GBP 0.50 5.0% 7.6%

5,225 Centrica Ord GBP 0.0617 7.0% 9.6%

2,700 National Grid Ord GBP 0.1139 8.8% 12.8%

4,000 City of London Investment Trust Ord GBP 0.25 4.7% 5.8%

2,000 Murray Income Trust Ordinary 25p - 6.2%

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

2,604 M & G Securities Ltd Charifund Inc 13.4% 17.7%

ISTD

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The ISTD Dance Examinations Board is a company limited by guarantee

Financial Statements and Report of Council for the Year Ended 31st December 2009© ISTD Dance Examinations Board 2010Charity Number 250397

No part of this publication may be reproduced in any form, either wholly or in part, without written permission of the copyright owner

The information contained within this report was deemed correct at the time of printing (July 2010)

If you require any additional copies of this report please contact Jenny French, the Financial Controller:Telephone: +44(0) 20 7377 1577Email: [email protected]: ISTD Dance Examinations Board22/26 Paul Street, London EC2A 4QEFax: +44 (0)20 7655 8869Website: www.istd.org

Design: Bhairvi Gudka, ISTD In-House Graphic Designer

ISTD Dance Examinations Board | 22/26 Paul Street, London EC2A 4QEWebsite: www.istd.org | Telephone: +44 (0)20 7377 1577 | Email: [email protected]

Design: Bhairvi Gudka, In-House Graphic Designer

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