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Scottish Charity No. SC028474 Scottish Company Registration No. SC327447
Fischy Limited
Operating as ‘Fischy Music’ (a company limited by guarantee)
Directors’ & Trustees’ Report and Financial Statements Year ended 30 September 2025
Docusign Envelope ID: A7A36FBC-9E61-477A-9017-9BBFB0A4D7A1
Fisch Limited y
Contents of the Financial Statements for the year ended 30 September 2025
| Page | ||
|---|---|---|
| Report of the Directors | 1 - | 7 |
| Report of the Independent Examiner | 8 | |
| Statement of Financial Activities | 9 | |
| Balance Sheet | 10 | |
| Notes to the Financial Statements | 11 - 21 |
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Fisch Limited y
Report of the Directors for the year ended 30 September 2025
The Directors are pleased to present their report together with the financial statements of the company for the year ended 30 September 2025.
Principal and registered office
Fischy Music 4 New Broompark Edinburgh EH5 1RS
Professional advisers
Bankers Solicitors Royal Bank of Scotland TSB Bank Morton Fraser 2 South Trinity Road 59 Leith Walk Quartermile Two Edinburgh Edinburgh 2 Lister Square EH5 3NR EH6 8LT Edinburgh EH3 9GL
Status of Charity and Governing Document
Fischy Limited, operating as Fischy Music, is a company limited by guarantee (Number SC327447) and is a registered Scottish charity (Number SC028474). The Charity 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 being wound up members are required to contribute an amount not exceeding £1.
Directors and Office Bearers
The Directors (who are also Trustees for the purposes of charity law) who served during the year were as follows:
Directors Rev Gayle Taylor Rev James Johnston (appointed 27 March 2025) Dr Timothy Dore (appointed 27 March 2025) Andrew Wright Sarah Jacquet (appointed 27 March 2025) Richard Napier John Cross (resigned 27 Mar 2025) Rachel Billes-Shannon (resigned 27 Mar 2025)
Company Secretary
Stephen Fischbacher MBE
Recruitment and appointment of Directors
The Directors are chosen for their experience and skills to cover the range required for the effective governance of the company. A skills audit process is in place. Prior to agreeing appointment, Directors are introduced to the work of Fischy and attend a Board meeting.
Directors’ induction and training
Directors are fully briefed on the work and ethos of Fischy Music and are encouraged to visit the office, speak to staff and attend events to see the work in action. Governance is a standing item at the Board meeting, to ensure awareness of the duties and best practice of being a Trustee. Directors and staff attend an annual “Away Day” to discuss strategy.
Purpose and objectives of Fischy Music
The objectives of Fischy Music set out in the Memorandum of Association are to promote, amongst children, regardless of outlook on life or religious belief, the development of a healthy emotional, mental, physical and spiritual life, based on the principles of building an awareness of self and of other people, positive self-esteem and respect for others, prevention of bullying and the equality of all people, healthy relationships and caring, just responsible and supportive communities which aim to reconcile differences; creative use of music, song , actions, signing, drama, poetry and mime to build up and support children and their communities; and effective personal, social, religious and moral education. This is interpreted into a set of strategic aims and objectives which are regularly reviewed.
Our Vision: Children feeling good about themselves, and recognising, expressing and managing their emotions effectively.
Our Mission: Nurturing the emotional, social and spiritual wellbeing of children through song.
Our Values: Being child-centered, creative, nurturing, fun, passionate, effective, inclusive, relevant, and pioneering.
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Report of the Directors for the year ended 30 September 2025
Strategic objectives
We believe in using the transformative power of songs and music to:
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Nurture children’s health and wellbeing
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Resource adults who work with children with songs
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Resource families with emotionally nurturing songs
Achievements and performance
Songs and resources
We aim to develop two new songs every year, building a project around these songs including videos, teaching materials and a targeted promotion to encourage their use with children.
This year we recorded, filmed and launched ‘We’re the Land of Scots’ on Fischy Music Online. The song has been receiving excellent feedback from many schools at team-led events, and when it is being played on Fischy Music Online by subscribers. In August 2025 we gathered eighty people in Leith comprising line dancers, Samba drummers, people from the L’Arche Community, Stagecoach students, a youth pipe band, Therapets dog owners etc. to film the video for the forthcoming launch of the single in November 2025.
A new song ‘Peace and Joy this Christmas’ was recorded and released in 2024 and went straight to the top of the Fischy FMO charts in December.
‘Jesus Walks Beside Us in Scotland’ was officially launched as a single in August 2025, it was launched at a concert held at the Fringe attended by 250 children and families.
Four Playlist Mixes were developed for Fischy Music Online – these are playlists of Fischy Music backing tracks varying from relaxed/chill to upbeat and energetic. These are aimed at use in classrooms to help children regulate their emotions while working or concentrating on tasks.
A new school song ‘Here at Pentland’ was written with P6 children from Pentland Primary and the Fischy team, then professionally recorded and launched at a concert in the school – it was very well received and will be used for years to come to build the school ethos.
Events and Projects
Fischy School Day Events
53 school days delivered to 50 primary schools (3 schools had 2 school days.) 13,519 pupils attended a school day.
Face To Face Events
15 (Non School Day events) including: Fischy Concert in the Queens Hall Edinburgh, North Edinburgh Community Festival, Solas Festival and ‘The Big Idea’ multi-school concert in south-east Edinburgh. 2,716 children and families attended these events.
Fife YMI Project
4 x Primary Schools in Buckhaven, Methilhill, Denbeath and Aberhill. Eight workshop days and a band-led concert in the local cluster secondary school.
1,037 pupils involved in this project.
Four Online Concerts were delivered with a total of 5,900 views (each view may represent a whole school or family).
Total number children reached at in-person events 17,272.
Streaming and Online plays/views
Spotify, Apple Music, Amazon Music, FischyTunes, YouTube and FMO
We have released three songs online – Peace and Joy This Christmas, Jesus Walks Beside Us in Scotland and We’re the Land of Scots. Two of these have music videos on YouTube.
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Fisch Limited y
Report of the Directors for the year ended 30 September 2025
Total plays of Fischy songs online (not including TikTok): 2.5 million (2,539,175) Total plays of Fischy songs online (including TikTok): 3.4 million (3,398,329) Streaming, download and YouTube income: £2,729
The following graph shows our year-on-year figures and growth for online plays of Fischy songs over the past 5 years.
In 2024/25 we had 2 million more plays than in 2020/21 across all platforms. Since last year (23/24) there has been an increase of 55%.
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Fisch Limited y
Report of the Directors for the year ended 30 September 2025
Fischy Music Online
The Fischy Music Online subscriber community has continued to grow, from 716 to 826 subscribers from end of September 2024 – end of September 2025. This represents over 165,000 children whose mental health and wellbeing is being supported through the songs and resources.
The income from subscriptions has also increased from £125,535 to £149,690, exceeding our target of £147,000.
The most popular song package was the Combined Package (the most expensive package), with 60% of subscription sales. The Fischy Music Online Community is made up of:
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FMO Subscriptions: Organisation type
2024-25 Schools 2024-25 Churches 2024-25 Other
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FMO Subscriptions: Location
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2024-25 Scotland 2024-25 Rest of UK and NI
2024-25 Rest of World
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FMO Song Package sales
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Combined Health & Wellbeing
RE & Collective Worship Early Years
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Fisch Limited y
Report of the Directors for the year ended 30 September 2025
Fischy Music Online(cont’d)
There have been many technical challenges in supporting the song platform and subscription purchases due to staffing issues with Pogo, the digital agency we contract to provide technical support and development of our wesbite and FMO platform. This came to a head in August 2024 when Pogo went into administration. We were suddenly faced with the need to find a new agency while maintaining the FMO platform without technical support. Throughout this difficult period high levels of customer service were maintained, and a thorough procurement process was initiated resulting in a successful new partnership with Factory 73, a Glasgow-based digital agency and Umbraco specialist, who will complete a full technical audit of the site and implement the necessary fixes required.
Online Training events
We facilitated ten Fischy Music Online training events (four in person and six online), including leading a session at a Church of Scotland Online Chaplains Conference. Approximately 200 teachers attended these training events (more than one teacher may have joined on one laptop). We also have online tutorial videos and an online Fischy Music Online User Guide video - however it is difficult to quantify the impact of this training. Feedback includes:
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"I feel really excited about making good use of the resource. I will now promote this with our early years department so our little children get a great experience too."
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"Perfect length of time and a good snapshot of the resource."
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"The children are loving learning new songs this year, after a few years of just singing the same old songs each week! Thanks."
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"Thank you very much. The training was short, sharp and clear. I look forward to using the platform with my learners. Very clear and helpful."
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"Very helpful 30 mins - thanks. There are so many more songs than I thought!"
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"A really comprehensive and concise guide (great at the end of a long day!). Thank you so much for all you do. You really are a part of our school on a daily basis!"
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"I did not know how to make a playlist - this will make my assemblies much easier to have all the songs ready to go."
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"Jingles, resources, lesson plan ideas, everything that's more than songs! Just never enough time to explore, so this has been great."
Fischy Music Team
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Leadership change - During this year we worked through a transition in the leadership of Fischy Music. Through a series of supervision sessions, strategy days and consultation with the team and Board, at a Dedication service on 27th September, Stephen Fischbacher became Fischy Music Ambassador and Suzanne Butler took over the Executive Director role. This service was attended by supporters of Fischy, present and past Board and team members and family and friends of Stephen and Suzanne.
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All job descriptions of the current team were amended in line with the new three year strategic plan in consultation with the team and our HR Advisor Morag Hendry.
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Louise Wright, our Finance Manager resigned in August 2024 and Victoria Olu-Audu was appointed as her successor, before going on Adoption Leave in June 2025. She is due to return in February 2026.
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Christy Campbell our sesisonal event leader went on maternity leave in May 2025.
Fischy Music Board
John Cross, the Chair of the Fischy Music Board retired after 5 years of service and Rev Gayle Taylor took over as Chair. Rachel Billes-Shannon also retired from the Board. Sarah Jacquet, Rev James Johnston and Timothy Dore were appointed as Trustees and received training at an SCVO Board training in March 2025.
Challenges
- The Board and Team worked hard and thoughtfully on the leadership transition, but it was still a big challenge to ensure that we considered all the risks involved in the process. A risk register was produced and considered at two Board meetings, and everyone was focussed on working towards an outcome that would enable Fischy Music to continue to be effective in supporting children’s emotional, social and spiritual wellbeing. At the Leadership Dedication Event in September, there was a real sense that we had worked through the challenges in making this transition and there was a lot of optimism amongst the team, Board and supporters of Fischy Music on the future direction and leadership of Fischy Music.
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Fisch Limited y
Report of the Directors for the year ended 30 September 2025
Challenges(cont’d)
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This has been a good but challenging year in managing all the transitions on the team and the Board. We have been well supported by our accountant, Kenny Roy and our Operation Lead Fiona in managing finances while Victoria is on Maternity Leave.
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School budgets continue to be very tight. We have adapted our perspective on the income we raise from schooldays – accepting that fee reductions are sometimes necessary as a vital part of Fischy Music’s work in keeping in touch with children, teachers and education needs as well as being able to promote Fischy.
Future plans and development
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Following a sabbatical in October and November 2025, Stephen will start his new role in December 2025 as Fischy Music Ambassador on 16 hours per week.
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Launch of ‘We’re the Land of Scots’ video at a Big Sing St Andrews Day Online Concert in November 2025.
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• Offering concerts to schools who are signing up for Fischy Music Online to embed the songs into school life and motivate teachers to use the site effectively following the visit.
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We are planning on working in partnership with Christian Aid in a songwriting project in 2026 and we are excited about this prospect of developing new songs based on how global issues like Climate Change and Global issues affect children and adults’ mental health.
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At least two new Fischy Music songs will be written and recorded, with themes influenced by feedback from children, teachers, and our own research into societal issues and the needs of schools and churches.
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Plans for a summer programme of festival appearances and ‘pop up’ concerts in public spaces.
Financial review
Results for the year
The financial statements for the year are set out in pages 9 to 21. The Statement of Financial Activities on page 9 reflects a deficit of £3,005 (2024: deficit of £32,597). A deficit budget was approved as excess reserves had been built up in the previous year to help develop Fischy Music Online (our online song and resource platform).
Reserves
Total reserves at the year-end totalled £96,339 (2024: £99,344). Restricted funds accounted for £5,549 (2024: £2,959). Designated funds accounted for £11,487 (2024: £28,499). The balance on unrestricted funds of £79,303 (2024: £67,886) approximated to just over three months of operating expenditure which is at the required level of three months of expenditure per reserves policy.
Exemption from VAT and Corporation tax
The company’s sales comprise educational products. As all educational profits are reinvested in education, sales are exempt from VAT. The company is exempt from corporation tax due to its charitable status.
Funders
Anchor Foundation, Cruden Foundation, Dr Guthries Association, Drummond Trust, Nancie Massey Charitable Trust, People's Postcode Trust, Plum Trust, Souter Charitable Trust, The Erskine Cunningham Hill Trust, The Paristamen Charity and our regular committed individual donors.
Statement on risk
The Directors review operations on a regular basis to ensure the future of the charity is safeguarded. There is a system of regular reports provided to the Board so that necessary steps can be taken to minimise risk. The monitoring and risk management recording is currently being reviewed.
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Report of the Directors for the year ended 30 September 2025
Statement of Directors’ responsibilities
Charity law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the Company’s affairs and of its incoming resources and application of resources, including its surplus or deficit for that year, and which have been properly prepared from and are in agreement with the accounting records of the Company and comply with relevant disclosure requirements.
In preparing those financial statements, the Directors are required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the Company’s financial position and enable the Directors to ensure that the financial statements comply with the Companies Act 2006. The Directors are also responsible for taking such steps as are reasonably open to them to safeguard the Company’s assets and to prevent and detect fraud and other irregularities.
The Director’s report has been prepared having taken advantage of the small companies’ exemption in the Companies Act 2006.
Approved by the Board on 08 April 2026 and signed on its behalf by:
Stephen Fischbacher MBE Company Secretary
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Fisch Limited y
Report of the Independent Examiner to the Trustees for the year ended 30 September 2025
I report on the accounts of the company for the year ended 30 September 2025 which are set out on pages 9 to 21.
Respective responsibilities of Trustees and examiner
The Charity’s Trustees (who are also the Directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity 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 accounts 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 (as amended). An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning 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 accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention
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which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations (as amended), and
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to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations (as amended) have not been met, or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Juan Herbst CA
Director
Innes & Partners Limited Chartered Certified Accountants Innes House 18 Shairps Business Park Houstoun Road Livingston EH54 5FD
16.04.2026
Date: ………………..
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Fisch Limited y
Statement of Financial Activities (incorporating Income and Expenditure Account)
For the year ended 30 September 2025
| Unrestricted | Designated | Restricted | 2025 | 2024 | ||
|---|---|---|---|---|---|---|
| fund | fund | funds | Total | Total | ||
| Notes | £ |
£ | £ | £ | £ | |
| Income and endowments from: | ||||||
| Donations and legacies | 3 | 56,153 |
1,500 | 16,250 | 73,903 | 33,147 |
| Charitable activities | 4 | 228,631 |
- | - | 228,631 | 201,919 |
| Investment income | 5 | 702 |
- | - | 702 | 1,174 |
| Total income and endowments | 285,486 | 1,500 | 16,250 | 303,236 | 236,240 | |
| Expenditure | ||||||
| Charitable activities | 6 | 274,069 |
18,512 | 13,660 | 306,241 | 268,837 |
| Total expenditure | 274,069 | 18,512 | 13,660 | 306,241 | 268,837 | |
| Net income / (expenditure) | 11,417 | (17,012) | 2,590 | (3,005) | (32,597) | |
| Transfers between funds | 18,19 | - |
- | - | - | - |
| Net movement in funds | 11,417 | (17,012) | 2,590 | (3,005) | (32,597) | |
| Reconciliation of funds: | ||||||
| Total funds brought forward | 67,886 | 28,499 | 2,959 | 99,344 | 131,941 | |
| Total funds carried forward | 18,19 | 79,303 |
11,487 | 5,549 | 96,339 | 99,344 |
| Represented by: | ||||||
| Unrestricted fund | 18 | |||||
| General | 79,303 | - | - | 79,303 | 67,886 | |
| Designated funds | 18 | |||||
| Designated assets fund | - | - | - | - | - | |
| Designated development fund | - | 11,487 | - | 11,487 | 28,499 | |
| Restricted funds | 19 | |||||
| Direct to children / Fischy Tunes | - | - | 1,750 | 1,750 | - | |
| Online Concert | - | - | - | - | - | |
| 25th Anniversary Concert | - | - | 1,504 | 1,504 | 1,504 | |
| Equipment | - | - | 275 | 275 | 275 | |
| Makaton | - | - | 1,180 | 1,180 | 1,180 | |
| Song Writing | - | - | 840 | 840 | - | |
| Total funds | 79,303 | 11,487 | 5,549 | 96,339 | 99,344 |
All income and expenditure derive from continuing activities.
The statement of financial activities includes all gains and losses recognised during the year. There are no items of other comprehensive income (2024: £nil).
The notes on pages 11 to 21 form part of these financial statements.
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(Registered No: SC327447)
Fisch Limited y
Balance sheet
As at 30 September 2025
| Unrestricted fund Notes £ Fixed assets Tangible assets 13 - Total fixed assets - Current assets Stock 14 1,209 Debtors 15 33,522 Cash at bank and in hand 54,513 Total current assets 89,244 Liabilities Creditors: falling due within one year 16 (9,941) Net current assets 79,303 Total assets less current liabilities 79,303 Net assets 79,303 Funds of the Charity: Unrestricted fund 18 79,303 Designated funds 18 - Restricted funds 19 - Total charity funds 79,303 |
Unrestricted fund Notes £ Fixed assets Tangible assets 13 - Total fixed assets - Current assets Stock 14 1,209 Debtors 15 33,522 Cash at bank and in hand 54,513 Total current assets 89,244 Liabilities Creditors: falling due within one year 16 (9,941) Net current assets 79,303 Total assets less current liabilities 79,303 Net assets 79,303 Funds of the Charity: Unrestricted fund 18 79,303 Designated funds 18 - Restricted funds 19 - Total charity funds 79,303 |
Designated funds £ - |
Restricted funds £ - |
2025 Total £ - |
2024 Total £ - |
|---|---|---|---|---|---|
| - | - | - | - | - | |
| 1,209 33,522 54,513 |
- - 11,487 |
- - 5,549 |
1,209 33,522 71,549 |
1,012 37,080 73,801 |
|
| 89,244 (9,941) |
11,487 - |
5,549 - |
106,280 (9,941) |
111,893 (12,549) |
|
| 79,303 | 11,487 | 5,549 | 96,339 | 99,344 | |
| 79,303 | 11,487 | 5,549 | 96,339 | 99,344 | |
| 79,303 | 11,487 | 5,549 | 96,339 | 99,344 | |
| 79,303 - - |
- 11,487 - |
- - 5,549 |
79,303 11,487 5,549 |
67,886 28,499 2,959 |
|
| 79,303 | 11,487 | 5,549 | 96,339 | 99,344 |
These financial statements have been prepared in accordance with the Charities SORP 2019 (FRS 102) and with the provisions applicable to companies subject to small companies' regime.
For the year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of the accounts.
The financial statements were approved by the Board on 08 April 2026 and signed on their behalf by:
……………………………….. Rev Gayle Taylor (Chair)
The notes on pages 11 to 21 form part of these financial statements.
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Fisch Limited y
Notes to the Financial Statements for the year ended 30 September 2025
1. Accounting Policies
Accounting convention
Fischy Limited is a charitable company in Scotland. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out in the Directors Report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention. The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The Charity has taken advantage of the provisions in the SORP for charities applying FRS102 Update Bulletin 1 as published on 2 February 2016 and does not prepare a Statement of Cash Flows.
Basis of financial statements
The financial statements have been prepared on an accruals basis.
Statement of Financial Activities
For the purpose of the Statement of Financial Activities as shown on page 9, funds are defined as follows:
Unrestricted funds represent donations and other incoming resources received and receivable to further the general objects of the charity without further restricted purpose or need for repayment and are available as general funds.
Restricted funds represent funds which are to be used in accordance with the specific restrictions imposed by the relevant supporter, or which have been raised by the charity for a specific purpose.
Inter-fund transfers are made from the general unrestricted fund to restricted funds to cover any shortfall suffered on a specific restricted fund activity.
Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Donations are normally recognised on receipt. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Income with restrictive conditions, where the income can be used only for a specific purpose, is accounted for as a restricted fund.
All income is derived from activities within the UK.
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Fisch Limited y
Notes to the Financial Statements for the year ended 30 September 2025
Expenditure recognition
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes VAT which cannot be recovered and is classified under headings appropriate to the charities activities, Administration expenditure is considered to relate almost exclusively to the management of the charities for its charitable activities with minimal time consumed by fund raising issues. Expenditure on publications is written off as incurred and no value is placed on stock of publications.
Stock
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Stock consists of CDs and resource packs and merchandise. These are held at the lower of cost and net realisable value.
Cash and cash equivalents
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of twelve months or less from the date of acquisition or opening of the deposit or similar account.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Governance costs
Governance costs (which are included as a component of support costs in accordance with SORP) comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those related to constitutional and statutory requirements, external scrutiny (audit or independent examination), strategic management, and other legal and professional fees.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, including the effect of reasonably foreseeable downside scenarios. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Tangible fixed assets and depreciation
Tangible fixed assets are included in the balance sheet at cost with items costing in excess of £1,500 being capitalised. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
| Music equipment | 20% straight line |
|---|---|
| Office equipment | 20% straight line |
| Computer equipment | 33% straight line |
Leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Judgements in applying policies and key sources of estimation uncertainty
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
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Docusign Envelope ID: A7A36FBC-9E61-477A-9017-9BBFB0A4D7A1
Fisch Limited y
Notes to the Financial Statements for the year ended 30 September 2025
The Trustees are satisfied that the accounting policies are appropriate and applied consistently, and that there are no significant judgments or estimates made,
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the charity would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Financial assets are derecognised when the contractual rights to the cashflows from the asset expire, or when the charity has transferred substantially all the risks and rewards of ownership.
Financial liabilities are derecognised only once the liability has been extinguished through discharge, cancellation or expiry.
Pensions
The charity makes contributions into a defined contribution automatic enrolment pension scheme for employees. The assets of the scheme are held separately from those of the charity in independently administered funds.
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Docusign Envelope ID: A7A36FBC-9E61-477A-9017-9BBFB0A4D7A1
Fisch Limited y
Notes to the financial statements for the year ended 30 September 2025
2. Statement of Financial Activities - comparatives
| Unrestricted | Designated | Restricted | 2024 | ||
|---|---|---|---|---|---|
| fund | fund | funds | Total | ||
| Notes | £ |
£ | £ | £ | |
| Income and endowments from: | |||||
| Donations and legacies | 3 | 27,599 |
- | 5,548 | 33,147 |
| Charitable activities | 4 | 201,919 |
- | - | 201,919 |
| Investment income | 5 | 1,174 |
- | - | 1,174 |
| Total income and endowments | 230,692 | - | 5,548 | 236,240 | |
| Expenditure | |||||
| Charitable activities | 6 | 236,490 |
12,292 | 20,055 | 268,837 |
| Total expenditure | 236,490 | 12,292 | 20,055 | 268,837 | |
| Net income / (expenditure) | (5,798) | (12,292) | (14,507) | (32,597) | |
| Transfers between funds | 18,19 | (40,623) |
40,000 | 623 | - |
| Net movement in funds | (46,421) | 27,708 | (13,884) | (32,597) | |
| Reconciliation of funds: | |||||
| Total funds brought forward | 114,307 | 791 | 16,843 | 131,941 | |
| Total funds carried forward | 18,19 | 67,886 |
28,499 | 2,959 | 99,344 |
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Docusign Envelope ID: A7A36FBC-9E61-477A-9017-9BBFB0A4D7A1
Fischy Limited
Notes to the financial statements for the year ended 30 September 2025
| 3. Donations and legacies Unrestricted Designated fund fund £ £ Regular individual donations 12,747 - One off individual donations 3,858 1,500 Gift aid reclaimed 2,548 - Grants from Trusts 37,000 - 56,153 1,500 Donations and legacies - comparatives Unrestricted fund £ Regular individual donations 12,620 One off individual donations 2,836 Gift aid reclaimed 2,643 Grants from Trusts 9,500 27,599 4. Charitable activities Unrestricted Designated fund fund £ £ Fee income (schools, churches, other) 37,805 - Royalties 29,398 - Product sales 326 - Fischy Music Online subscriptions 149,690 - Digital sales - downloads 1,720 - Music sales - concert 504 - Event Income 5,278 - Merchandise 1,048 - Travel, accommodation and subsistence recharged 2,862 - 228,631 - Charitable activities - comparatives Unrestricted fund £ Fee income (schools, churches, other) 45,203 Royalties 20,645 Product sales 1,466 Fischy Music Online subscriptions 125,535 Digital sales - downloads 3,491 Merchandise 2,010 Travel, accommodation and subsistence recharged 3,569 201,919 |
3. Donations and legacies Unrestricted Designated fund fund £ £ Regular individual donations 12,747 - One off individual donations 3,858 1,500 Gift aid reclaimed 2,548 - Grants from Trusts 37,000 - 56,153 1,500 Donations and legacies - comparatives Unrestricted fund £ Regular individual donations 12,620 One off individual donations 2,836 Gift aid reclaimed 2,643 Grants from Trusts 9,500 27,599 4. Charitable activities Unrestricted Designated fund fund £ £ Fee income (schools, churches, other) 37,805 - Royalties 29,398 - Product sales 326 - Fischy Music Online subscriptions 149,690 - Digital sales - downloads 1,720 - Music sales - concert 504 - Event Income 5,278 - Merchandise 1,048 - Travel, accommodation and subsistence recharged 2,862 - 228,631 - Charitable activities - comparatives Unrestricted fund £ Fee income (schools, churches, other) 45,203 Royalties 20,645 Product sales 1,466 Fischy Music Online subscriptions 125,535 Digital sales - downloads 3,491 Merchandise 2,010 Travel, accommodation and subsistence recharged 3,569 201,919 |
Designated fund £ - 1,500 - - |
Restricted funds £ - - - 16,250 |
2025 Total £ 12,747 5,358 2,548 53,250 |
2024 Total £ 12,620 2,884 2,643 15,000 |
|---|---|---|---|---|---|
| 56,153 | 1,500 | 16,250 | 73,903 | 33,147 | |
| Designated fund £ - - - - |
Restricted funds £ - 48 - 5,500 |
2024 Total £ 12,620 2,884 2,643 15,000 |
|||
| 27,599 | - | 5,548 | 33,147 | ||
| Designated fund £ - - - - - - - - - |
Restricted funds £ - - - - - - - - - |
2025 Total £ 37,805 29,398 326 149,690 1,720 504 5,278 1,048 2,862 |
2024 Total £ 45,203 20,645 1,466 125,535 3,491 - - 2,010 3,569 |
||
| 228,631 | - | - | 228,631 | 201,919 | |
| Designated fund £ - - - - - - - |
Restricted funds £ - - - - - - - |
2024 Total £ 45,203 20,645 1,466 125,535 3,491 2,010 3,569 |
|||
| 201,919 | - | - | 201,919 |
| 5. Investment income Unrestricted Designated fund fund £ £ Bank interest 702 - 702 - Investment income - comparatives Unrestricted fund £ Bank interest 1,174 1,174 |
5. Investment income Unrestricted Designated fund fund £ £ Bank interest 702 - 702 - Investment income - comparatives Unrestricted fund £ Bank interest 1,174 1,174 |
Designated fund £ - |
Restricted funds £ - |
2025 Total £ 702 |
2024 Total £ 1,174 |
|---|---|---|---|---|---|
| 702 | - | - | 702 | 1,174 | |
| Designated fund £ - |
Restricted funds £ - |
2024 Total £ 1,174 |
|||
| 1,174 | - | - | 1,174 |
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Docusign Envelope ID: A7A36FBC-9E61-477A-9017-9BBFB0A4D7A1
Fisch Limited y
Notes to the financial statements for the year ended 30 September 2025
| 6. Charitable activities - expenditure Activity Charitable activities (note 7/8) Of which: Relating to unrestricted fund Relating to designated funds Relating to restricted funds 7. Direct costs Unrestricted fund £ Staff costs (note 9) 183,524 Sessional Staff 2,526 Performer costs 2,683 Heat and light 1,280 CDs, DVDs, books & Hoodies 259 Postage and stationery 483 Staff training 1,494 Water charges 800 Insurance 2,519 Marketing 7,614 Subscriptions 977 Event costs 58 Cost of Sales - Project costs 4,715 Bank charges 547 Bad debt write off - Office rent 20,212 Travel 5,625 235,316 |
6. Charitable activities - expenditure Activity Charitable activities (note 7/8) Of which: Relating to unrestricted fund Relating to designated funds Relating to restricted funds 7. Direct costs Unrestricted fund £ Staff costs (note 9) 183,524 Sessional Staff 2,526 Performer costs 2,683 Heat and light 1,280 CDs, DVDs, books & Hoodies 259 Postage and stationery 483 Staff training 1,494 Water charges 800 Insurance 2,519 Marketing 7,614 Subscriptions 977 Event costs 58 Cost of Sales - Project costs 4,715 Bank charges 547 Bad debt write off - Office rent 20,212 Travel 5,625 235,316 |
Direct costs £ 261,449 |
Support costs £ 44,792 |
2025 Total £ 306,241 |
2024 Total £ 268,837 |
|---|---|---|---|---|---|
| 261,449 | 44,792 | 306,241 | 268,837 | ||
| 235,316 | 38,753 | 274,069 | 236,490 | ||
| 13,712 | 4,800 | 18,512 | 12,292 | ||
| 12,421 | 1,239 | 13,660 | 20,055 | ||
| Designated fund £ - 1,815 - - - - - - - 11,897 - - - - - - - - |
Restricted funds £ 8,771 - 1,600 - - - - - - - - - - 2,050 - - - - |
2025 Total £ 192,295 4,341 4,283 1,280 259 483 1,494 800 2,519 19,511 977 58 - 6,765 547 - 20,212 5,625 |
2024 Total £ 161,134 14,137 2,906 1,481 1,490 505 1,421 721 2,130 3,503 761 - 5,490 3,902 33 85 19,118 5,644 |
||
| 235,316 | 13,712 | 12,421 | 261,449 | 224,461 |
| Direct costs - comparatives Unrestricted fund £ Staff costs (note 9) 155,057 Sessional Staff 6,732 Performer salaries 2,906 Heat and light 1,481 CDs, DVDs, books & Hoodies 1,490 Postage and stationery 505 Staff training 1,020 Water charges 721 Insurance 2,130 Marketing 3,473 Subscriptions 761 Event costs - Cost of Sales 5,490 Project costs 1,187 Bank charges 33 Bad debt write off 85 Office rent 19,118 Travel 5,477 207,666 |
Direct costs - comparatives Unrestricted fund £ Staff costs (note 9) 155,057 Sessional Staff 6,732 Performer salaries 2,906 Heat and light 1,481 CDs, DVDs, books & Hoodies 1,490 Postage and stationery 505 Staff training 1,020 Water charges 721 Insurance 2,130 Marketing 3,473 Subscriptions 761 Event costs - Cost of Sales 5,490 Project costs 1,187 Bank charges 33 Bad debt write off 85 Office rent 19,118 Travel 5,477 207,666 |
Designated fund £ - - - - - - - 30 - - - 671 - - - - |
Restricted 2024 funds Total £ £ 6,077 161,134 7,405 14,137 - 2,906 - 1,481 - 1,490 - 505 401 1,421 - 721 - 2,130 - 3,503 - 761 - - - 5,490 2,044 3,902 - 33 - 85 - 19,118 167 5,644 16,094 224,461 |
|---|---|---|---|
| 207,666 | 701 |
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Docusign Envelope ID: A7A36FBC-9E61-477A-9017-9BBFB0A4D7A1
Fisch Limited y
Notes to the financial statements for the year ended 30 September 2025
| 8. Support costs Website & IT support PC and music consumables Recording costs Telephone Printing Office expenses Independent examination Accounting fees Goverance costs Depreciation Support costs - comparatives Website & IT support PC and music consumables Recording costs Telephone Printing Office expenses Independent examination Accounting fees Goverance costs Depreciation 9. Staff costs and numbers Gross salaries Employer's NI contributions Employer's pension contributions |
Unrestricted fund £ 22,093 432 2,420 1,135 133 4,140 2,838 5,546 16 - |
Designated fund 4,800 - - - - - - - - - |
Restricted funds £ - - 1,239 - - - - - - - |
2025 Total £ 26,893 432 3,659 1,135 133 4,140 2,838 5,546 16 - |
2024 Total £ 22,145 106 8,415 1,081 - 2,354 2,700 6,563 221 791 |
|---|---|---|---|---|---|
| 38,753 | 4,800 | 1,239 | 44,792 | 44,376 | |
| Designated fund 10,800 - - - - - - - - 791 |
Restricted funds £ - 26 3,935 - - - - - - - |
2024 Total £ 22,145 106 8,415 1,081 - 2,354 2,700 6,563 221 791 |
|||
| 28,824 | 11,591 | 3,961 | 44,376 | ||
| 2025 £ 167,885 6,648 17,762 |
2024 £ 142,164 2,501 16,469 |
||||
| 192,295 | 161,134 |
The average number of employees during the year was 8 (2024: 7). There are no employees receiving more than £60,000.
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Docusign Envelope ID: A7A36FBC-9E61-477A-9017-9BBFB0A4D7A1
Fisch Limited y
Notes to the financial statements for the year ended 30 September 2025
10. Directors' remuneration and expenses
The Directors received no remuneration or reimbursement of expenditure during the year (2024: nil) in their capacity as Directors.
11. Liability of Members
The company is limited by guarantee, with the liability of each member limited to £1. There were 6 (2024: 6) members at 30 September 2025.
12. Related party transactions
There were no related party transactions during the year (2024: nil).
13. Tangible fixed assets
| Music | Office | Computer | ||
|---|---|---|---|---|
| equipment | equipment | equipment | Total | |
| Cost | £ | £ | £ | £ |
| At 1 October 2024 | 6,414 | 1,231 | 4,491 | 12,136 |
| At 30 September 2025 | 6,414 | 1,231 | 4,491 | 12,136 |
| Depreciation | ||||
| At 1 October 2024 | 6,414 | 1,231 | 4,491 | 12,136 |
| Charge for year | - | - | - | - |
| At 30 September 2025 | 6,414 | 1,231 | 4,491 | 12,136 |
| Net Book Value | ||||
| At 30 September 2025 | - | - | - | - |
| At 30 September 2024 | - | - | - | - |
Tangible fixed assets - comparatives
| Music | Office | Computer | ||
|---|---|---|---|---|
| equipment | equipment | equipment | Total | |
| Cost | £ | £ | £ | £ |
| At 1 October 2023 | 6,414 | 1,231 | 4,491 | 12,136 |
| At 30 September 2024 | 6,414 | 1,231 | 4,491 | 12,136 |
| Depreciation | ||||
| At 1 October 2023 | 6,414 | 1,231 | 3,700 | 11,345 |
| Charge for year | - | - | 791 | 791 |
| At 30 September 2024 | 6,414 | 1,231 | 4,491 | 12,136 |
| Net Book Value | ||||
| At 30 September 2024 | - | - | - | - |
| At 30 September 2023 | - | - | 791 | 791 |
Page 18
Docusign Envelope ID: A7A36FBC-9E61-477A-9017-9BBFB0A4D7A1
Fisch Limited y
Notes to the financial statements for the year ended 30 September 2025
| **14. ** | Stock | 2025 | 2024 |
|---|---|---|---|
| Total | Total | ||
| £ | £ | ||
| CDs, resource packs and merchandise | 1,209 | 1,012 |
15. Debtors: amounts falling due within one year
| ebtors: amounts falling due within one year | ebtors: amounts falling due within one year | |||
|---|---|---|---|---|
| Unrestricted fund £ Trade debtors 11,908 Gift aid receivable 2,549 Prepayments and accrued income 19,065 Other debtors - 33,522 |
Designated fund £ - - - - |
Restricted funds £ - - - - |
2025 2024 Total Total £ £ 11,908 18,065 2,549 2,643 19,065 15,854 - 518 33,522 37,080 |
|
| 33,522 | - | - |
Debtors: amounts falling due within one year - comparatives
| Unrestricted fund £ Trade debtors 18,065 Gift aid receivable 2,643 Prepayments and accrued income 15,854 Other debtors 518 37,080 |
Unrestricted fund £ Trade debtors 18,065 Gift aid receivable 2,643 Prepayments and accrued income 15,854 Other debtors 518 37,080 |
Designated fund £ - - - - |
Restricted 2024 funds Total £ £ - 18,065 - 2,643 - 15,854 - 518 - 37,080 |
|---|---|---|---|
| 37,080 | - |
16. Creditors: amounts falling due within one year
| reditors: amounts falling due within one year | reditors: amounts falling due within one year | |||
|---|---|---|---|---|
| Unrestricted fund Trade creditors 2,834 Taxation and social security 548 Other creditors 6,559 9,941 |
Designated fund £ - - - |
Restricted funds £ - - - |
2025 2024 Total Total £ £ 2,834 2,969 548 2,204 6,559 7,376 9,941 12,549 |
|
| 9,941 | - | - |
Creditors: amounts falling due within one year - comparatives
| reditors: amounts falling due within one year - comparatives | reditors: amounts falling due within one year - comparatives | |||
|---|---|---|---|---|
| Unrestricted Designated fund fund £ Trade creditors 2,969 - Taxation and social security 2,204 - Other creditors 7,376 - 12,549 - perating lease commitments he following payments are due on operating leases in force at the year-end: Within 1 year Within 2 - 5 years |
Designated fund £ - - - |
Restricted funds £ - - - |
2024 Total £ 2,969 2,204 7,376 |
|
| 12,549 | - | - | 12,549 | |
| 2025 Total £ 18,960 34,760 |
2024 Total £ 14,600 - |
17. Operating lease commitments
The following payments are due on operating leases in force at the year-end:
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Docusign Envelope ID: A7A36FBC-9E61-477A-9017-9BBFB0A4D7A1
Fisch Limited y
Notes to the financial statements for the year ended 30 September 2025
| 18. Unrestricted funds | Balance at | Balance at | |||
|---|---|---|---|---|---|
| 01.10.24 | Income | Expenditure | Transfers | 30.09.25 | |
| £ | £ | £ | £ | £ | |
| General fund | 67,886 | 285,486 | (274,069) | - | 79,303 |
| Designated development fund | 28,499 | 1,500 | (18,512) | - | 11,487 |
| Total designated funds | 28,499 | 1,500 | (18,512) | - | 11,487 |
| Total unrestricted funds | 96,385 | 286,986 | (292,581) | - | 90,790 |
| Unrestricted funds | Balance at | Balance at | |||
| 01.10.23 | Income | Expenditure | Transfers | 30.09.24 | |
| £ | £ | £ | £ | £ | |
| General fund | 114,307 | 230,692 | (236,490) | (40,623) | 67,886 |
| Designated assets fund | 791 | - | (791) | - | - |
| Designated development fund | - | - | (11,501) | 40,000 | 28,499 |
| Total designated funds | 791 | - | (12,292) | 40,000 | 28,499 |
| Total unrestricted funds | 115,098 | 230,692 | (248,782) | (623) | 96,385 |
Explanation of funds
The General fund represents all income and expenditure relating to the primary focus activities of the charitable company, other than those for which funding is designated or restricted.
The Designated assets fund represents all the income and expenditure relating to the net book value of assets.
The Designated development fund represents money ringfenced by the Trustees to invest in the development and marketing of the charity going forward.
Page 20
Docusign Envelope ID: A7A36FBC-9E61-477A-9017-9BBFB0A4D7A1
Fisch Limited y
Notes to the financial statements for the year ended 30 September 2025
| 19. Restricted funds Direct to children / Fischy Tunes fund Online Concert fund 25th Anniversary Concert fund Equipment fund Makaton fund Song Writing fund Total restricted funds Restricted funds Direct to children / Fischy Tunes fund Online Concert fund 25th Anniversary Concert fund Equipment fund Makaton fund New Staff fund Online Training fund Song Writing fund Total restricted funds |
Balance at 01.10.24 £ - - 1,504 275 1,180 - |
Income £ 5,250 2,000 - - - 9,000 |
Expenditure £ (3,500) (2,000) - - - (8,160) |
Transfers £ - - - - - - |
Balance at 30.09.25 £ 1,750 - 1,504 275 1,180 840 |
|---|---|---|---|---|---|
| 2,959 | 16,250 | (13,660) | - | 5,549 | |
| Balance at 01.10.23 £ 957 2,503 - 301 1,180 8,010 600 3,292 |
Income £ - 1,000 3,548 - - - - 1,000 |
Expenditure £ (1,580) (3,503) (2,044) (26) - (8,010) (600) (4,292) |
Transfers £ 623 - - - - - - - |
Balance at 30.09.24 £ - - 1,504 275 1,180 - - - |
|
| 16,843 | 5,548 | (20,055) | 623 | 2,959 |
Explanation of funds
Direct to children or as we call it now, 'Fischy Tunes' is the next stage of 'songs for tough times' ie. Children accessing Fischy music by themselves and not needing to rely on an adult to buy a CD.
Online Concert Fund represent funding received to provide term time online concerts during 2023 and 2024 as part of 25th year celebrations.
The 25th Anniversary Concert fund represents money received to mark 2023 being 25 years since Fischy Music started. The funds will be used to create 3 live concerts in Aberdeen, Edinburgh and Glasgow in 2023.
Equipment Fund represents funding received to provide new staff with various items including microphone
The Makaton fund represents funding received to train the events team in Makaton. The aim is to make Makaton our secondry language alongside our songs which will replace British Sign Language.
The New Staff fund represents funding received for the appointment of sessional musicians to join the events
The Online Training fund represents funding to deliver training for teachers in Health and Wellbeing, RE/Collective worship and Fischy Music Online resources.
The Song Writing fund represents funding raised to produce more material - ie write, record, road test, video and produce resources for new songs for the Fischy Music online platform.
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