The Frisson Foundation 6 B4l£eddle Court GLENROTHES KY6 3QP S¢ottish Ch*rlty Number: SC04564I TRUSTEES, REPORT AND RECEIVfS & PAYMENTS ACCOUNT FOR THE YEAR EIWED 27 May 2024 The Frisson Foundation Tru$tee5' Report and Accounts For the y¢ar to 27 May 2024 Reference •nd AdJninistr*tlon Det*115 Registered charity Duwlxr cn44641 Prlnclpal iddr¢55 C•MJnittee members Independent examiner PJi= 18 North Stye Glcnrothe5 Fife KY7 SNA Banker TSB 7-9 Postgaie GleThrothe5 Fife KY7 5LH The Frisson Foundatiott Tru5tees' Report and A¢¢ounts For the ye*r to 27 May 2024 Stru¢thTfy GovernaDce And M#xagemeDt Governing Doeument The Charity is a SCIO changing io its current legal fom) on 27 May 2015. The Charity h85 a single tier 5tru¢thre and as 5u¢h the TnLS*es are the mernbers of the Charity. Re¢rn5t￿efyI and AppoiDtrnent of TThstee5 The Board of Trus￿￿8 meets twicc yrdrfy and more oftcn as rrquiTrd. thc naturc of thc cvcnts delivered by the Charity means that most of the TTUStec5 arc closely involved durin8 that Ph￿ and are involvtd in short terrn tactical decisions regarding the challcnge. Objectivu #lld Aedvld Overvlew The Trustees are pleased io repon that following years of oFeraung in exceptionally ditTicult extrrnal environm¢nts, perfonnance in the year 2023-2024 proved to bc much strongcr than expe¢(ed. The principal aim agrttd for the rep)rtITI8 year 2023-2024 wa5 5Utvival with a 5UPPOrting obj￿(7Ve of re•establishing the Gler Challenge as one of Scotland's leading school music iniiiativcs. All other developmenvgrowth plans were set ￿lde. Both aim and obje¢iive were achieved for the year. In addition the Trustees are pleased to nolc that the foundations for fuwrt development h&ve been by the c￿FOunde15 gnd the Core team of volun*er5. Charlt#ble Purpose The objective for which the Foundation is estsblished remains the swie namely ￿ PTomoK improve and *Jvan¢e publi¢ educaiion in music and other performin8 arts. in particular arnong Child￿ and young people who would othmvise be deprived of the benefits of live music and other perfom)ing Ans. Charitablt Actlvlties The Scorttsb Prlm*ry st1￿1 Gke Ch*llenge The objectives of the Charity aff currently achieved through th¢ annual Scottish Primary S¢hool Glee Challenge. The challenge is premised on three pillar5-. perfonnance opportunities for Children. an edueational frameworkljourney for each ehoii and. the provision of wider support for the choirs and their Icaders in order that the t*neftts can be achieved. Sch(x)1s sign up and begin their Glee journey around October with perfomance opp)rtunities nmning be￿etTr February and Ju[￿. With the National Final rnnning late June. EducatlOD UnderpiDniiig It is well documented that music is under prtswrt in rn￿Y ￿h0O]S and we continue to cndeavour to Provide our schools with resources lo enable ihem to partieipate. For 2023-24 we provided SLhPPOrt via on-line resources including supporting rnusic track. videos and on-line training sessions. This Worked well and w8s well Ttceived by the schcL)Is albeit ceTi0in aspects worf(ed berter than others. Limited resources meani that we could noi provide in school support as we prior w Covid. M8ny schools continue request more 5UPPOrt so we will continue to look * susthinabk ways of supw1ing thi& A¢ld¢vement and Performance A5 Stated in our previous report given the external landsca￿ we constdered 2022-23 to have Ixen a Significant achievement. Change5 introduced in this prtvious period i.¢. ¢onsolidats"ng the events in larger venues and esthblishing a wegistration fee have now been adopted within the delivery model and art Benerally accewd by all our scknl& In tem￿ of perfoTm8nce- 150 %hools parlicipated (25V• i1LCfE￿ on 20231 4.600 chtldren participatcd (2PA inefEase ON 2023) 27 events134•/J incre&se on 2023) estimated 16,OtY) attend¢e$ 133Oh increas¢ on 2023) The Frlsson FoUndA￿l)ll TTh$tees' RepoTt gnd Accounts For the year to 27 May 2024 A¢hievemeDt *nd PerfOrW￿¢¢ (coxliR*td) Once ¥oin. all the events were fijlly inclusive,. we held a Bri¢ish Sign Language fvlly signed wicert in StirfiDg and engaged with school of complex needs as part of one of the Aberdttn concerts. Severdl events were sold out aTrd social media engagement throughout ell the events wes high and 1K)￿tiVe. The North-East Final sold ou¢ exceptionally quickty taking the v¢rwe by surpris¢ and whi¢h resulted in some publi¢ relations issues for the venue. However, it did result in us having to revise provision elsewhere and we relouted Souih East Final ￿ a much laryer and more expensive venue. Once again, we se¢ured the support of ChaTanga who gc[￿￿￿51Y provided Tnember5hip subscTiption5 for ihe top th￿e ¢hoir5 and discounted membership for thc other nalional finalists, we also secured sUPPOrt from Perfonning Ri8ht Sixicty for the National Final who waived our copyright fees for lhe National Final even￿ and we provided prizes in ihe forn) of must¢ vou¢h¢rs to rhe winning choirs. We invited an act io headline the National Fi￿1 and are delighted to rewyrt our highest atÈeTMlance figures for a stngle Glee Ch&llenge event. Overall. rrtdback ha5 becn extremely rLLSitivc. Fina￿￿￿1 Re￿e￿ The yeaT ending 27 May 2024 saw a significant improvement in our finaTKF#I p)sition with capitallreserves a]most doubling from I year. The year sow substantial inerelsts in venue 8Thf hire costs the charity knweyer thrDugh active rnanagement of costs and of ticket pricing the Charity managed io genera* a re￿nable sury)lu& However. li should Ix noied thai this has been assisted in part by one of th¢ CtsCEO's forfeiting salary for Six months of the year atKI accepling a salary significandy below the market rnie for the remaining six months of the year at¥1 the CO-CEO'S Continue ￿ meet office ovetheads (e.g. Tet)L uiiliuesl from theirown resoyrces. The decisiotk to con501idaie cvents in IwEer venucs and the need to make in ycar ehange5 lo hold events in the Royal Concert Hall. Glasgow and the Usher Hall. Edinburgh to accommodate UneX￿¢ted external chllnges resulted in signific&nt urtbudgeted increases in the year in venuc and PToduction costs. In addition, the d¢¢i5ion io bring a headline act ftFr the Naiional Final also attracted additional Costs. However, irt line with the #ims for 2023-2024 the changes rnised the profile of the Chilleng< raised audience attendances by 20.30% and overn]I, any additional costs were mainly mrt Ticket pricithg in the current clirnate is extttmely 5eDsitive and requires xtive rnana8erneDt to reflect different venues, production Costs eic. In addition, it is irnponant ￿ continue w work with s¢hwls c￿ to mainthin PTi¢es which are res￿nSive to the needs of Parent￿raTer5 Ctc. Going fonvard the salary for the c￿cE0 will continue and will bc step changed to reflttt the markct value of the role over the neKI year in line with the Charity's financial position. To help secure fvrther growth and Susthinability the Charity intends io employ a part-time member of staff to ￿1$1 the significant incre&se in workload brDught atK>Ut by ihe Yolume of work and the On-going cotnmimients and increased demands in delivering the Gle¢ Challenge. In adth"iion, it is also considered that this sign￿5 siability Tethrning to the charity and hopefully shwld make the charity More attractive to 5w)ll￿15 or fimd¢r5. The Board 1$ currently WOTking to develop a ttew strategy to stt the Charity through 2024-2026 which will inelude other income routcs. As in previous ycars the fJrLancial wsiiion and activities will continue to be Moni￿ra4 on a regUlarb￿lS. Reserves Poiley The Trusttts, p)licy is 10 retain sufficient ffijnds to cover the opening thTee tnortths of the Sci)ttish PTimary School Glee Challenge lusually January - March) this h&s revised up from £20.(M)0 - £25,000. This allows any commitments to be meL pre-event deposits and any unat)ticipated expendiNTe. As indicated previously the financial steps tsken have ensured rhar this is in placc. The Trustces are eonfident that the ¢urtni financial position Is still within an acceptable rnnge to support the fortheoming 24Q5 ehallenge. The Frf5soD FouDdatlo Trustees. Report and AecoutttS For the year to 27 M*y 2024 Reserves Policy (Continued) The Foundation continues to work hard to ensure that Ft hLS sufficicnt liquidity available for at Icast the next 12-15 months and can mttt any liabilities as they fall due while allowing li io fvnd ￿propriate plans and projects io fvlfil its 51ated charity objective5 and in the longertemi secure new projects and incorne strearns. R15k In addition to the financial risks (5¢¢ above) the Trustees and CipCEOs ¢ontinually &ssess all rnajor risks to which the charity is exposed and r¢view$ th¢ systems neres5ary io mitiga* these risks. The risks presented by Covid 19 have drminished but we and our partner orydanisations continue to monitor such risk5 ￿le￿IlY and how they may be managed. Appropriate insurances are in place, and we cnswre that all our volunteers have arvropriate PVG covernge. Plans for Future Perith As indicated earlier ihe Board of Tn￿tt$ are actively ¢onsideTing a new sts3w for 2024k2026. To fijrther In¢￿aSe gn)wth in paTticular to engage wilh reBions currently not reprexnied in the Challenge, To employ stsff, freelancus etc as approwiate and in a fJt)ancially responsible mannerio achieve the Charity's aims and objectives, To reinforce the Board of Trusrees (2024Q5). To improve (non-financial) suppon io Choir￿ChIldren in schools in line with objeciives Develop other projects. income stsrams. Statement of Trustees, RespoDsibilities Charity Law requires the tyus*es 10 prepare financial thtements for cach fin8￿ClaI year. which rtflect a tme and fair view of the sthte (Trf the affairs of the charily and its finan¢ial xiivits¢5 for thai wiod. In preparing thos¢ fina￿12] sthi¢meThw the tThstees are required ro.. Select svitable accounting px)licies and then apply them consisterttly. Makc judgements and cstimatcs that are rcasonablc and prndeThL > State whethei applicable accounting slandards and statements of tr£ommended prnctice have been followed. subjeci to any departur¢s di5c105ed and explained in the financial swremen > Prepare ihe financiai stsiements on a going concern basis unless it is inappropriare to presume tha( th¢ charity will continue in operational existence: and > Obserye the methods and principles in the chan.lies SORP. The trustees are rtsponsible for keeping proper accounting records which disclose with reasonable a¢curncy at any time ihe financial PQSition of th¢ charity and to enoble them to en￿re that thc financial 5tatcmcnts comply with the Charities and Tnjsttt Investment (Scotlandl Aci 2(K)5 and Ihe Chariiies Accounts {Scoiland) Regulations 2006 (as amended). They are ffsponsible for safeguarding the assets of the charity and hence for tsking re&sonable steps for the prevention and detection of fTaud and other irregularities. Approi'¢d b). Iht Ttusttes and Kigiied i)n their belli& If. 202S Za Zb75 Date Dale IndepeMleDt ExamlDer'$ Report To t￿¢ Trustee$ of Tbe Frisson Follttd*tio For tknE ye4rto 27 May 2024 I rcpDrton thc accounts of thc chariry for the period from 28 May 2023 ￿ 27 May 2024 which are Set out on the following pages. Respedlve re5poDybiiities of tr￿3¢¢¢5 •JNI tA4miner The elmrity's trustees are rEswll5ible for the prepararion of the acc¢)unts in xcordance with the tenns of the Charitie5 and Trnstee Inv¢strni {S¢otlandl Aci 2(X)5 and the Charitie5 Accounts (Scotland} Regulations 21K)6 {as amended). The charity irusiees consider that ihe audit requirement of Regulation 10 (I) {dl of the Accounts Regulations does noi apply. It is my responsibility to exarnine th¢ acCo￿nts a5 required under se¢tion 44 {11 {¢) of the Act and ￿ state whether particular matters have Come io my attenlion. R•sis ofindependenl ex￿￿1￿¢r.9 statemtttt My examinaDon is catTied oui in ￿CordanCe with Regulation I l of the Charities Accounts (Scoiland) Regulouons 2(X)6 (as amended). An eXa￿lnatiOn includes a review of the accounung records kept by the charity and a comparison of the accounts presented with those Tecords. It also includes consideraiion of afty unusual items or disclosuru in the accoun¢s. and seeks explanations from the trustees concerning any such matter5. The procedures undertakeD do noi provide all th¢ eviderKe that wouhj be rtquiml in an audit, and consequen￿Y I do not express an audii opinion on the view given by the accounts. IndependeDt examiner s statement In ihe COUT5e of my examinatio￿ no matter has come to my aiiention: which givu me reasonable cause ￿ believe that in any matrrial rewt the requirements.. to ke¢p accounting rttoTd5 in accordance with SttDon 44 (1) (a) of the 21X)5 A¢(8nd Regulation 4 of the 21X)6 Accounts Regulations. and to prepare ￿cOUnts which accord with the accounting Tecotds and compty with Regulation 9 of the 2(K)6 A¢¢ounts R¢gulalioThs have not been m¢4 or to which. in my opiniott. attention should be drawn in order to enable a pr(ry>er understanding of the accounts to be reached. aterson tsoya & io. Chartercd Certifled AccrA]ntants 18 NoTth Street Glenrothes KY7 SNA 29 JamLWry 2025 Date The Frisson Follndatlo Receipts and Payments Aecoun( For the Ye*r tts 27 May 2024 2024 U•restrlcted fuDds 2024 Total funds 2023 Total funds RECEIPTS Donations Other Income Receipts from Ch&rithble Aetiviti¢S 20 6.070 106.483 20 6,070 106.483 31 4.880 58,724 PAYMENTS C05t of Charitsble Activities GovernAnce Costs Purchase of Equipment 54J53 485 54J53 485 32.159 210 2,496 Net surplus/{deficit) for the y¢ar The FTi$50n FO￿DdatIoll St8tement of B4l¥nces For the Ye#T to 17 MAY 2024 2024 U#rrftricted fund5 2024 Totxl fund5 2023 Total funds CÈ7sh bank.. Openin8 balance Surplu￿(Defi¢i1) shown on receipts I￿1 payments aecount 49.167 57.735 49,167 57.735 20.397 28.770 Closing balance Bank and C*$h B•l*ntt5 Bank Current Accouni PayPal Account Cash in hand 104231 2,654 17 104,231 2.654 17 47.003 2.075 89 Other Assets Computer Equipment -QpproN'ed by the I ru5tCiS and %igned on their behalf. Date Date NOTES TO THE RECEIIryS & PAYMENTS ACCOUNT l.Basls ofAccouTrtSng These accounts have been preparcd on the Receipt and Payments b&4is in aceordance with the Charities & Tn￿tte Investhienl (Scotland) Aci 2015 and the Charities ACc￿nts (ScotiwKI) R¢gulaiion$ 2(N)6 (as amended). 2.Nature and Purpose ofFunds Unrestricted funds arc those that be used at lh¢ dixretion of thc ￿Slee5 in furthcTaTKe of the objects of the charity. The trustee5 maintsin a single unrtstric*ed fund for the day kn day wnning of the foundatio 3.Related party tra￿￿ttl0 Remunerntion totalling £12,831 waspaid KJ one or more Trnsttts during the year in rewt of theirdut5es as a Trustee. Throughout the previous reponing year tn view of the unprEcedented issue5 facing the ChaTiry the c￿cE0 decided noi io drnw any remuneration uniil sueh lime5 as tlie Charity's finan¢io] posiiioD was more setu￿. The c￿cE0 Tecommenced d￿WIng a salary in Novcmber 2023 in view of the siwifKani wmaTrMJnd of the Foundation's financial [￿sitIon and the concomitant security of the Charity's future. 4.B*nklng Arrangenhents The Charity having regard to the liquidity requimnents of 0￿￿1n8 the charity maintain the fvnds in a standard P￿SInesS current ac¢ount. 5.cost of Charltable A¢tlvitks 2024 27,650 376 180 2,121 13.124 2023 25,328 487 Cost of Production's Insurance Adv¢rtising Office Costs Direcior RemunernlionlHonorariwn Donationslschool Survort Volunreer Cosi Travel Costs Hosplmisc Tothl 1.861 115 350 2,179 1,292 4.402 4,449 6.GovtrnAn¢¢ Costs Aceoun¢ancy fees 7.Rlsk The Tru5tee5 and CO-CEOS continwally a&Y&s all major risks w which the charity is expjscd and fEviews the system5 nece55ary to mitigate these ri5k5 on a regular basi