Charity registration number SC024466 (Scotland)
Company registration number SC163427 (Scotland)
THE SCOTTISH LITERARY TOUR TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
THE SCOTTISH LITERARY TOUR TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Director
M Paton
Secretary
M Hardie
Charity number (Scotland)
SC024466
Company number
SC163427
Registered office
34 North Castle Street
Edinburgh
EH2 3BN
Independent examiner
McFadden Associates Limited
19 Rutland Square
Edinburgh
EH1 2BB
THE SCOTTISH LITERARY TOUR TRUST
CONTENTS
Page
Director's report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 11
THE SCOTTISH LITERARY TOUR TRUST
DIRECTOR'S REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2023
- 1 -

The Director present their annual report and financial statements for the year ended 31 August 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the morandum & Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Objectives and activities

The principal objective of the charity is to promote Scottish Literature throughout the world, by devising and producing dramatised literary tours throughout Scotland, following the success of The Trusts' publication “Land - Lines”, which was published by Polygon and launched at The Edinburgh Book Festival in 2003. The Trust and its Trustees are committed to ensuring that there is always a progressive and ambitious programme of activity in- play, working with both actors and writers and strategic partners through the regions.

 

To date, The Trust has rolled out literary tours in The Highlands, The Scottish Borders, Glasgow and Edinburgh. In addition, The Trust piloted a Literary bus tour throughout Edinburgh in 2006, which we are keen to re-visit now that the tram network has been successfully bedded into the city's infrastructure. The Trust has engaged in substantial development in and around The Makars' Court, the site of Scotland's first national literary monument – bring schools from throughout Edinburgh and The Lothian's, in-conjunction with the publication of a teachers pack and interactive web stream.

 

The Trust has sustained a dramatised, literary walking tour of Edinburgh

( The Edinburgh Literary Pub Tour) since it's launch in 1996 – winning The Scottish Thistle Award for Arts and Tourism, now referred to as “cultural- tourism! The tour has evolved into a “must--see” cultural attraction in the city, as befitting the first city in the world to be awarded the title "City of Literature". In 2004.

The aims and activities of the charity are met annually in respect of accessing new target groups such as language schools, student travel groups abroad and working with the private/corporate sector to provide an educational/entertainment package.

 

The Trust also seeks to develop other literary based, educational projects, working in partnership with Creative Scotland and other sources of development funding. The Trust intends to develop a new interactive tour in The Makars’ Court, Edinburgh in 2023-2024 - the site of Scotland’s National Literary Monument, where paving stones are inscribed with extracts from our greatest writers over the centuries. The Trust will also be applying for funding to relaunch The Edinburgh Literary Bus Tour in 2024, which was piloted to great success in 2006.

Achievements and performance

The Charity has managed to continue in it's development work of promoting Scottish Literature to the widest possible audience vis a vis its tours, despite some very challenging past obstacles, which impacted on the world at large! A new and fully optimised website was launched in March 2023. It has performed well against it's objectives by securing a growing number of private tours with educational institutions throughout the world, one of which has incorporated The Edinburgh Literary Pub Tour into one of its annual learning modules.

 

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Director considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised.

The Director has 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.
THE SCOTTISH LITERARY TOUR TRUST
DIRECTOR'S REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
Structure, governance and management
The charity is a company limited by guarantee.
The Director, who is also a director for the purpose of company law, who served during the year were:
M Paton
The board has been recruited principally by the founding Director who comes into regular contact with people working in the shared field of Scottish Literature.

The Director has no beneficial interest in the company. The Director is a member of the company and guarantees to contribute £1 in the event of a winding up.
M Paton
Director
Dated: 30 August 2024
THE SCOTTISH LITERARY TOUR TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTOR OF THE SCOTTISH LITERARY TOUR TRUST
- 3 -

I report on the financial statements of the charity for the year ended 31 August 2023, which are set out on pages 4 to 11.

Respective responsibilities of Director and examiner

The charity’s Director, who are also the directors of The Scottish Literary Tour 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 Director 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.

D G Stewart CA
19 Rutland Square
Edinburgh
EH1 2BB
Dated: 30 August 2024
THE SCOTTISH LITERARY TOUR TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
3
-
1,500
Charitable activities
4
33,791
19,766
Total income
33,791
21,266
Expenditure on:
Charitable activities
5
33,470
24,241
Total expenditure
33,470
24,241
Net income/(expenditure) and movement in funds
321
(2,975)
Reconciliation of funds:
Fund balances at 1 September 2022
457
3,432
Fund balances at 31 August 2023
778
457

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE SCOTTISH LITERARY TOUR TRUST
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,455
1,363
Current assets
Debtors
12
1,322
5,538
Cash at bank and in hand
2,687
5,489
4,009
11,027
Creditors: amounts falling due within one year
13
(1,095)
(1,095)
Net current assets
2,914
9,932
Total assets less current liabilities
8,369
11,295
Creditors: amounts falling due after more than one year
14
(7,591)
(10,838)
Net assets
778
457
Income funds
Unrestricted funds
778
457
778
457

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 August 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 Director on 30 August 2024                

 

 

M Paton
Trustee
Company Registration No. SC163427
THE SCOTTISH LITERARY TOUR TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
1
Accounting policies
Charity information

The Scottish Literary Tour Trust is a private company limited by guarantee incorporated in Scotland. The registered office is 34 North Castle Street, Edinburgh, EH2 3BN.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Director have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Director 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 Director in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
THE SCOTTISH LITERARY TOUR TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Expenditure is recognised when a liability is incurred.

 

Charitable activities include expenditure associated with the staging of tours and include both direct and support costs relating to these activities.

 

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

 

Support costs include central functions and have been allocated to the charitable activity on a basis consistent with their use.

1.6
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:

Website
33.33% straight line
Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
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. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE SCOTTISH LITERARY TOUR TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 8 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Director 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 donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Grant funding

-
1,500
THE SCOTTISH LITERARY TOUR TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 9 -
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Theatrical tours

Sale of goods

33,791
19,766
5
Expenditure on charitable activities
Theatrical tours
Theatrical tours
2023
2022
£
£
Direct costs
Depreciation and impairment
3,069
682

Performers fees

17,981
7,949

Tour costs

3,000
7,350

Marketing and advertising

-
185
24,050
16,166
Share of support and governance costs (see note 6)
Support
7,800
6,635
Governance
1,620
1,440
33,470
24,241
Analysis by fund
Unrestricted funds
33,470
24,241
6
Support costs allocated to activities
2023
2022
£
£
627
194
5,410
4,920
725
213
1,038
1,308
Governance costs
1,620
1,440
9,420
8,075
Analysed between:
Theatrical tours
9,420
8,075
THE SCOTTISH LITERARY TOUR TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
7
Net movement in funds
2023
2022
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
3,069
682
8
Director

During the year the company paid the director Morris Paton the sum of £3,000 (2022 - £5,600) for consultancy services. At the year end the director Morris Paton owed the charity £1,322 (2022 - £5,538).

9
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

10
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

11
Tangible fixed assets
Website
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 September 2022
2,966
1,838
3,523
8,327
Additions
7,161
-
-
7,161
At 31 August 2023
10,127
1,838
3,523
15,488
Depreciation and impairment
At 1 September 2022
1,603
1,838
3,523
6,964
Depreciation charged in the year
3,069
-
-
3,069
At 31 August 2023
4,672
1,838
3,523
10,033
Carrying amount
At 31 August 2023
5,455
-
-
5,455
At 31 August 2022
1,363
-
-
1,363
THE SCOTTISH LITERARY TOUR TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 11 -
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,322
5,538
13
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
1,095
1,095
14
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans
7,591
10,838
15
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 September 2022
Incoming resources
Resources expended
At 31 August 2023
£
£
£
£
General funds
457
33,791
(33,470)
778
Previous year:
At 1 September 2021
Incoming resources
Resources expended
At 31 August 2022
£
£
£
£
General funds
3,432
21,266
(24,241)
457
16
Related party transactions

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

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