Charity registration number SC041655 (Scotland)
Company registration number SC380815 (Scotland)
THE BOSWELL TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
THE BOSWELL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
M J R D Knox - Chairman
Mrs M F B Eliott
Mr P Kennerley
Mrs C A Knox
Ms G Watson
Dr W Zachs
Secretary
Mr P Kennerley
Charity number (Scotland)
SC041655
Company number
SC380815
Registered office
Auchendrane
By Ayr
Ayr
Ayrshire
United Kingdom
KA7 4TW
Independent examiner
Stephen Wilkie B. Acc C.A.
Azets
Ayr
Ayrshire
United Kingdom
KA7 1EN
THE BOSWELL TRUST
CONTENTS
Page
Trustees' report
1 - 5
Independent examiner's report
6
Statement of financial activities
7 - 8
Balance sheet
9
Notes to the financial statements
10 - 17
THE BOSWELL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 30 September 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 The Charity's Articles of Association, 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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The objectives of the charity are the advancement of literary arts and education through the promotion of the works of James Boswell and the advancement of heritage through the restoration and preservation of the James Boswell family aisle and mausoleum in Auchinleck churchyard.

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

Volunteers

The charity benefits from the work of volunteers in many areas.

THE BOSWELL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
Achievements and performance

Charitable Activities

Boswell Book Festival

With our fourteenth festival, our aim, as ever, was to deliver an event of artistic excellence and originality in a rural location, exploring biography and memoir for all ages to both a live and an online audience. Feedback suggests that we were successful in this aim, and visitor numbers confirm this. We remain the only festival dedicated to this theme, allowing us to inhabit a unique identity in the world of book festivals as well as being a festival that local people have taken ownership of. Over our short weekend we ran 58 events.

We were very conscious of the hard times many people have been going through after the pandemic and closely followed by the current cost-of-living crisis, and in addition to keeping our ticket prices low we looked for feelgood speakers talking about their lives such as Andrew Cotter and Mary and Giles of Gogglebox whose popular appeal brought in first time festival visitors.

The programme highlighted the lives of the lesser-known authors as well as the celebrities, addressing issues such as race, class, gender, refugees, art and spirituality with speakers such as young stone mason Beatrice Searle with her debut memoir commencing in Orkney, actor Paterson Joseph on the first black man to vote in Britain, Glasgow’s Carrie Marshall on her trans journey, Ukrainian refugees now living and working in Ayr. Artist Lachlan Goudie was on stage with respected Edinburgh Art Historian Duncan Macmillan to show how Scottish artists’ ideas were adopted in 19th century France. Audience sizes varied enormously for these talks, but they fulfil our vision of offering stories across a wide spectrum of life experience and bring in different audiences. With many talks tracing back in some way to Ayrshire, we were successful in staging events that relate to the Scottish experience or support Scottish authors and publishers.

Our social media coverage allowed audiences to engage with each other before and after events, with the festival photographer providing images that were shared widely.

Business returned to pre-Covid levels for Waterstones and the on-site cafes.

After the success of the online festival talks in 2022, we once again live-streamed two thirds of the events which allowed us to reach those who couldn’t physically make it to the festival and those who now follow us from further afield both nationally and internationally. It also allowed us to stream some speakers into events.

We continue to build on partnerships with overseas foundations or festivals, this year benefitting from links with Holland, Canada and the USA.

 

Children's Festival

Our Children’s Festival took place in the Engineering Centre and the Outdoor Classroom, apart from the family event with Michael Morpurgo which took place in our main festival venue with an audience of over 300. The Children’s Festival content was specifically designed to engage with young families. The authors included David MacPhail, Yasemin Gava (Festival Illustrator in Residence), Theresa Breslin and Poet/Scriever Simon Lamb. These sessions allowed the audience to explore their own emotions, experiences and histories through books, crafts, drawing, music and movement.

With 8 events inside the Engineering Classroom and a further 12 designed to make use of the beautiful outdoor classroom space as well as the extensive grounds of Dumfries House Estate, the outdoor activities such as Macastory and the Happiness Collectors made the programming very ‘visible’ and understandable to those families who may not have felt a book festival was something their children would enjoy.

We kept ticket prices to a minimum or free, including using the funds allocated to ‘pay what you can afford’, in order to make events as accessible as possible. There was a £2 ticket for the children’s festival for those within the local Auchinleck postcode.

 

THE BOSWELL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -

Schools' Day

Record numbers, of around 460 school pupils attended our free Schools’ Day on the opening day with a curated ‘package’ of events and activities comprising: a session with performer Victoria Beesley on building resilience; a guided tour of Dumfries House to learn about its history and place in Scotland’s wider history; a workshop that encouraged students to explore their aspirations for their future; and an opportunity to meet James Boswell as portrayed by actor and writer Kenny Boyle.

We also streamed one of Victoria’s sessions making it accessible to schools who could not attend in person. The day addresses what has been described as a ‘poverty of aspiration’ in some local communities which are amongst the most deprived in Scotland.

We also offered access to our extensive library of online events featuring leading children’s authors and illustrators. These events were made available until the end of June, but without new material added we found take-up was small.

 

Future Plans

The Boswell Book Festival will be held at Dumfries House in 2024 from 10-12 May. Once again, we are planning a stimulating and entertaining programme which will be launched in March 2024. This will include a Schools’ Programme, and Family Festival. We remain committed to providing an online alternative so a selected number of events will be available to watch and enjoy on-line.

 

THE BOSWELL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
Financial review

Reserves Policy

The charity operates both a general and restricted fund.

 

The General fund is available for use at the discretion of the trustees in furtherance of the general objectives of the trust. At the year end, there was £101,137 (2022: £55,908 ) in the general reserves. At the year end, all restricted funds were utilised.

 

Each year the charity aims to raise funds to meet the costs of their activities during the year and also enough to meet contingencies in the coming year and to provide an element of own resources for matched funding. The Trustees aim to maintain reserves of around 40-50% of annual book festival income. The Trustees believe that the amount in reserves at the year end is appropriate in the circumstances.

Principal funding sources

 

Our main source of income for the period comprised donations from charitable foundations, individuals and business of £110,785 (2022: £35,254) and grants from Creative Scotland £29,714 (2022: £37,500), East Ayrshire Council £15,000 (2022: £7,000). Ticket sales from the Boswell Book Festival increased to £48,785 (2022: £37,132) and other income, including commission on book sales, friends, patrons, contributions towards admin and advertising income contributed to a further £6,424 (2022: £6,105).

 

The Trustees would like to thank His Majesty The King for making a substantial donation to support the Boswell Book Festival through his charitable fund, the PWCF.

 

The principal item of expenditure was the Boswell Book Festival, which cost £142,757 (2022: £129,507) and the Children's Book Festival which cost £15,463 (2022: £13,543)

The trustee's have assessed the major risks to which The Charity is exposed, and are satisfied that systems are in place to mitigate exposure to major risks.

Structure, governance and management

The charity is controlled by its governing document, its memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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:

 

M J R D Knox - Chairman
Mrs M F B Eliott
Mr P Kennerley
Mrs C A Knox
Ms G Watson
Dr W Zachs

The trustees look to appoint new trustees who are committed to the aims of the Trust, and ideally have an association with James Boswell, Auchinleck and its surrounding area or Scotland more generally. The charity aims to have a balance of skills and experience amongst individual trustees.

THE BOSWELL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -

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

Mr P Kennerley
Trustee
8 March 2024
THE BOSWELL TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE BOSWELL TRUST
- 6 -

I report on the financial statements of the The Charity for the year ended 30 September 2023, which are set out on pages 7 to 17.

Respective responsibilities of trustees and examiner

The Charity’s trustees, who are also the directors of The Boswell Trust 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. 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.

Azets
Stephen Wilkie B.Acc C.A.
3 Wellington Square
Ayr
Ayrshire
KA7 1EN
United Kingdom
Dated: 8 March 2024
THE BOSWELL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
Unrestricted

Designated

Restricted
Total
Unrestricted

Designated

Restricted
Total
funds
funds
funds
funds
funds
funds
2023
2023
2023
2023
2022
2022
2022
2022
Notes
£
£
£
£
£
£
£
£
Income from:
Donations and legacies
2
51,110
22,175
47,214
120,499
11,063
54,691
14,000
79,754
Charitable activities
3
-
54,964
35,245
90,209
660
42,461
116
43,237
Total income
51,110
77,139
82,459
210,708
11,723
97,152
14,116
122,991
Expenditure on:
Charitable activities
4
5,985
142,756
16,740
165,481
2,503
129,507
14,752
146,762
Net incoming/(outgoing) resources before transfers
45,125
(65,617)
65,719
45,227
9,220
(32,355)
(636)
(23,771)
THE BOSWELL TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
Net incoming/(outgoing) resources before transfers
45,125
(65,617)
65,719
45,227
9,220
(32,355)
(636)
(23,771)
Gross transfers between funds
(64,612)
65,617
(1,005)
-
(32,991)
32,355
636
-
Net (expenditure)/income for the year/
Net movement in funds
(19,487)
-
64,714
45,227
(23,771)
-
-
(23,771)
Fund balances at 1 October 2022
55,908
-
-
55,908
79,679
-
-
79,679
Fund balances at 30 September 2023
36,421
-
64,714
101,135
55,908
-
-
55,908

The statement of financial activities includes all gains and losses recognised in the year.

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 BOSWELL TRUST
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 9 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
102,521
57,180
Creditors: amounts falling due within one year
11
(1,386)
(1,272)
Net current assets
101,135
55,908
Income funds
Restricted funds
12
64,714
-
Unrestricted funds
36,421
55,908
101,135
55,908

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 8 March 2024
Mr P Kennerley
Trustee
Company Registration No. SC380815
THE BOSWELL TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
1
Accounting policies
Charity information

The charity is governed by its Memorandum and Articles of Association and constitutes a limited company, limited by guarantee as defined by Companies Act 2006 (Registered Number SC380815 (Scotland)). The charity is a registered charity number SC041655. The charity is registered with OSCR the Scottish Charity Regulator. The charity's registered office is Auchendrane, By Ayr, Ayrshire, KA7 4TW.

1.1
Accounting convention

The financial statements have been prepared in accordance with the The Charity's Articles of Association, 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)” (as amended for accounting periods commencing from 1 January 2016). The The Charity is a Public Benefit Entity as defined by FRS 102.

 

The The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the 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
Charitable funds

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

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.3
Incoming resources

Income is recognised when the 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. Income is the amount derived from grants, donations, book sale commission and Book Festival ticket sales.

1.4
Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to property
20% on cost
THE BOSWELL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.6

Taxation

The charity is exempt from corporation tax on its charitable activities.

THE BOSWELL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
2
Donations and legacies
Unrestricted

Designated

Restricted
Total
Unrestricted

Designated

Restricted
Total
funds
funds
funds
funds
funds
funds
2023
2023
2023
2023
2022
2022
2022
2022
£
£
£
£
£
£
£
£
Donations and gifts
51,110
22,175
2,500
75,785
11,063
17,191
7,000
35,254

Grants

-
-
44,714
44,714
-
37,500
7,000
44,500
51,110
22,175
47,214
120,499
11,063
54,691
14,000
79,754
Grants receivable for core activities
Creative Scotland
-
29,714
29,714
59,428
-
37,500
-
37,500
East Ayrshire Council
-
-
15,000
15,000
-
-
7,000
7,000
-
-
44,714
44,714
-
37,500
7,000
44,500
THE BOSWELL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
3
Charitable activities

Charitable Income

 

Charitable Income

 

2023
2022
£
£

Ticket sales

48,785
37,132

Commission on book sales

2,821
1,466

Friends

2,853
2,913

Patrons

245
616

Contribution towards admin

505
660
Other income
-
450
55,209
43,237
Analysis by fund
Unrestricted funds
-
660
Designated funds
54,964
42,461
Restricted funds
245
116
55,209
43,237
For the year ended 30 September 2022
Unrestricted funds
660
Designated funds
42,461
Restricted funds
116
43,237
THE BOSWELL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 14 -
4
Charitable activities
Charitable Expenditure
Charitable Expenditure
2023
2022
£
£

Administrator's fee and other staff costs

51,320
40,558

Facility and venue costs

52,040
48,924

Speaker travel

3,013
2,745

Speaker fees and expenses

18,280
19,611

Design, production and publicity

11,576
10,573

Architect and landscaping fees

5,643
6,148

Advertising

1,582
1,042

Commission on ticket sales

762
2,106

Postage and stationery

1,033
487

Bank charges

475
425

Speaker hospitality and accommodation

13,852
10,989

Insurance

1,277
896

Sundries

3,240
843
164,095
145,347
Share of governance costs (see note 5)
1,386
1,260
165,481
146,607
Analysis by fund
Unrestricted funds
5,985
2,503
Designated funds
142,756
129,507
Restricted funds
16,740
14,597
165,481
146,607
For the year ended 30 September 2022
Unrestricted funds
2,503
Designated funds
129,507
Restricted funds
14,597
146,607
THE BOSWELL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 15 -
5
Support costs
Support costs
Governance costs
2023
2022
£
£
£
£
Independent examination
-
1,386
1,386
1,260
-
1,386
1,386
1,260
Analysed between
Charitable activities
-
1,386
1,386
1,260
6
Net movement in funds
2023
2022
£
£
Net movement in funds is stated after charging/(crediting)
Fees payable to the company's independent examiner for the independent examination of the company's financial statements
1,386
1,260
7
Trustees

Caroline Knox received a payment of £20,000 (2022: £20,000) in the period for services to the Trust as an administrator. There were no trustees' remuneration or other benefits for the period ended 30 September 2023 nor for the year ended 30 September 2022.

Trustees expenses
There were no trustees expenses paid out in the period or in the prior year.
8
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
9
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.

THE BOSWELL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 16 -
10
Tangible fixed assets
Improvements to property
£
Cost
At 1 October 2022
5,040
At 30 September 2023
5,040
Depreciation and impairment
At 1 October 2022
5,040
At 30 September 2023
5,040
Carrying amount
At 30 September 2023
-
At 30 September 2022
-

 

11
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,386
1,272
12
Restricted funds

 

Movement in funds
Balance at
1 October 2022
Incoming resources
Resources expended
Transfers
Balance at
30 September 2023
£
£
£
£
£
Children's Book Festival
-
17,745
(15,463)
(2,282)
-
Churchyard & Mausoleum
-
-
(1,277)
1,277
-
Boswell Book Festival
-
64,714
-
-
64,714
-
82,459
(16,740)
(1,005)
64,714
THE BOSWELL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 17 -
13
Unrestricted and Designated Funds

These are unrestricted funds which are material to the charity's activities made up as follows:

Movement in funds
Balance at
1 October 2022

Incoming resources

Resources expended

Transfers

Balance at
30 September 2023
£
£
£
£
£
Unrestricted funds
55,908
51,110
(5,985)
(64,612)
36,421
Designated funds - Boswell Book Festival
-
77,139
(142,756)
65,617
-
55,908
128,249
(148,741)
1,005
36,421
14
Transfers between funds

During the year, a number of transfers took place between Unrestricted, Designated and Restricted Funds.

Transfers between funds

Unrestricted funds

Designated funds

Restricted funds

Total funds
£
£
£
£
Children's Book Festival
2,282
-
(2,282)
-
Churchyard & Mausoleum
(1,277)
-
1,277
-
Boswell Book Festival
(65,617)
65,617
-
-
(64,612)
65,617
(1,005)
-
15
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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