Very simply, this event MAY be within the school's normal activities or not, and may come under their authority or not. The only way to determine this is to speak to the school and the local authority licensing official. It may or may not be your responsibility to do this checking BUT if things go pear shaped and someone get's hurt then liability WILL land on everyone involved. Lawyers would prefer to find people with insurance to take liability because then they have someone to supply money.
The event may go well but if it "has issues" then you as an advisor could have a liability for damages, if the event is simply unlicensed then your equipment could be seized and forfeit.
The simple question to ask is "Is there a licence in place for this performance?" A Licence or temporary event notice means that the council have approved the event and the measures taken to ensure the safety of the audience and cast. It also defines the Event Manager. Without a licence it's just as illegal as an illegal rave.
Assume that with a three page topic(so far), someone locally will have advance knowledge of the event.