Charity registration number SC050266 (Scotland)
Company registration number SC656329 (Scotland)
EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
D Burgin
J Monroe
D Birrell
M Harrison
(Appointed 15 May 2023)
A Anderson
Charity number (Scotland)
SC050266
Company number
SC656329
Registered office
Fairview, The Shore
Earlsferry
Leven
Fife
KY9 1AP
Independent Examiner
James H McEwen FCCA CA
MMG Chartered Accountants
4 Albert Place
Perth
PH2 8JE
Bankers
Weatherbys
2 Rutland Square
EH1 2AS
Edinburgh
EH1 2AS
Solicitors
Morton Fraser LLP Solicitors
5th Floor, Quartermile Two
2 Lister Square
Edinburgh
EH3 9GL
EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Trustees' report
1 - 3
Independent examiner's report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 10
EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity's objects are for the benefit of the public in Scotland and elsewhere and for the advancement of the arts:-

 

The policies adopted in furtherance of these objects are as follows:-

 

There has been no change in these during the year.

The trustees have paid due regard to guidance issued by OSCR in deciding what activities the charity should undertake.

Achievements and performance

The charity held its first set of events under the title "Conversations on the Coast" in November 2022. There were four evening talks as follows:-

- 3 November - Neil Oliver - Bringing human history to life

- 10 November - Ambrose Parry - The Gruesome World of Corruption of Blood

- 17 November - Tom Pow - Must I write? If so, what? And what especially, now?

- 24 November - Elizabeth Macneal - Dark and spectacular tales from Victorian London

 

Over the four evenings (each of which was a great success) the charity had 2 sell-out events and 2 well attended events. The events were all well supported locally and there is strong demand for the second series of evenings which will be held in November 2023.

 

At a Board Meeting on 13 January 2023 the Trustees agreed to launch a children's writing competition for the local primary schools. Local schools were approached and Elie Primary School and Colinsburgh Primary School enthusiastically agreed to work with the Trustees to involve their pupils in such a competition during the 2023 summer term.

EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Financial review

During the year the charity received a financial donation of £5,000 and achieved ticket sales amounting to £3,930 producing total income of £8,930.   Total expenditure amounted to £8,202 which included some non-recurring expenditure.

 

The charity's overall financial position at the end of the reporting period showed a net asset position of £4,558 (2022 - £3,850).

Policy on reserves

The financial reserves policy is to maintain a level of reserves to meet liabilities as they fall due.

 

The level of reserves is monitored and reviewed by the trustees several times a year.  The unrestricted reserves at the year end are £4,558.

 

Risk management

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Plans for future periods

The inaugural East Neuk Literary Festival took place in November 2022 and was a great success.   Arrangements are in hand to stage the second festival in November 2023 and 4 speakers have been secured.   The format will remain as in November 2022.

 

The Trustees have launched a pilot children's writing competition and Elie and Colinsburgh Primary Schools have participated.   58 entries have been submitted which covers the full complement of the two schools.   The stories have been divided into 4 categories depending on the stage of the individual pupil and they will be adjudicated by independent adjudicators who have experience in children's education.   Prizes will be given to the winners of the 4 individual categories and a prize for the overall winner and the winning school.   

 

 

Structure, governance and management

The charity is a company limited by guarantee. East Neuk Literary Festival Limited is governed by its Memorandum dated 3rd March, 2020 and its Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

D Burgin
J Monroe
D Birrell
M Harrison
(Appointed 15 May 2023)
A Anderson

New directors of the Board (trustees) are appointed by ordinary resolution (a resolution passed by majority vote) at an annual general meeting or a general meeting. At the annual general meeting in each year any director who has served for three consecutive years without being re-elected shall retire from office. A director who has served for two consecutive three years terms shall not be eligible for re-election until 12 months have elapsed from the date on which that director's second three year term elapsed.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

Key management personnel

The trustees consider the board of trustees to be the key management personnel of the charity, in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give their time freely and no trustee remuneration or expenses were paid in the year.

 

Trustees are required to disclose all relevant interests and in accordance with the charity's policy, and withdraw from decisions where a conflict of interest arises.

The trustees' report was approved by the Board of Trustees.

A Anderson
Trustee
4 October 2023
EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF EAST NEUK LITERARY FESTIVAL
- 4 -

I report on the financial statements of the charity for the year ended 31 March 2023, which are set out on pages 5 to 10.

Respective responsibilities of trustees and examiner

The charity’s trustees, who are also the directors of East Neuk Literary Festival for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

James H McEwen FCCA CA
MMG Chartered Accountants
4 Albert Place
PERTH
PH2 8JE
Dated: 4 October 2023
EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:

Income from grants and donations

3
5,000
-
Charitable activities
4
3,930
-
Total income
8,930
-
Expenditure on:
Raising funds
5
401
-
Charitable activities
6
7,801
520
Total expenditure
8,202
520
Net income/(expenditure) for the year/
Net movement in funds
728
(520)
Fund balances at 1 April 2022
3,830
4,350
Fund balances at 31 March 2023
4,558
3,830

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 7 to 10 form part of these financial statements.

EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 6 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
5,113
4,230
Creditors: amounts falling due within one year
11
(555)
(400)
Net current assets
4,558
3,830
Income funds
Unrestricted funds
4,558
3,830
4,558
3,830

The notes on pages 7 to 10 form part of these financial statements.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 4 October 2023
A Anderson
Trustee
Company registration number SC656329
EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
1
Accounting policies
Charity information

East Neuk Literary Festival is a private company limited by guarantee incorporated in Scotland. The registered office is Fairview, The Shore, Earlsferry, Leven, Fife, KY9 1AP.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3

Income from grants and donations

Unrestricted
Total
funds
2023
2022
£
£

Grants

5,000
-
Grants receivable for core activities
Peak Scientific
5,000
-
5,000
-
4
Charitable activities
Charitable Income Heading 1
2022
2023
£
£

Event income

3,930
-
5
Raising funds
Unrestricted
Total
funds
2023
2022
£
£

Fundraising costs

Other fundraising costs
401
-
401
-
EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
6
Charitable activities

Unrestricted funds

Unrestricted funds

2023
2022
£
£

Advertising/Marketing

3,110
-

Materials and set building

1,762
-

Hire of sound equipment

600
-

Refreshments

70
-

Hall hire

160
-

Registration fees

40
40

Insurance

133
-

Subcontractor fees

1,227
-

Equipment

40
-
7,142
40
Share of governance costs (see note 7)
659
480
7,801
520
7
Support costs
Support costs
Governance costs
2023
2022
£
£
£
£

Independent examiner's fee

-
659
659
480
-
659
659
480
Analysed between
Charitable activities
-
659
659
480
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
EAST NEUK LITERARY FESTIVAL
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9
Employees
(Continued)
- 10 -
There were no employees whose annual remuneration was more than £60,000.
10
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
555
400
12
Related party transactions

There were no disclosable related party transactions during the period.

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