REGISTERED COMPANY NUMBER: SC059292 (Scotland)

REGISTERED CHARITY NUMBER: SC014133

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

FEDERATION OF SCOTTISH THEATRE

Page

Report of the Trustees

1

to

7

Independent Examiner's Report

8

Statement of Financial Activities

9

Balance Sheet

10

to

11

Notes to the Financial Statements

12

to

19

The financial statements comply with the Charities and Trustees Investments (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102).

OBJECTIVES AND ACTIVITIES

OBJECTIVES AND AIMS

Federation of Scottish Theatre (FST) is the membership and sector support body for theatre, dance, opera and the wider performing arts in Scotland. We bring together organisations and individuals from across the sector to share knowledge, build relationships, develop practice and strengthen the collective voice of the performing arts.

Our mission is to connect, support and advocate for the performing arts in Scotland, helping to realise our vision of a thriving sector that is an integral part of a vibrant, diverse and equitable nation.

We do this by working across three connected areas:

Connection - strengthening membership, networks and opportunities for collaboration;

Development - supporting people and organisations to develop practice, skills and resilience; and

Advocacy - gathering evidence, representing the sector and helping members engage with policy and decision-making.

Everything we do is guided by our values of being informed, collaborative and bold, alongside our commitment to Equality, Diversity, Inclusion and Access, Fair Work, Environmental Sustainability and the Wellbeing Economy.

YEAR IN REVIEW

2025/26 was a significant year of transition and renewal for FST.

It was the first year of a new three-year Multi-Year Funding agreement with Creative Scotland and followed a period of substantial organisational change. During the year we appointed a new permanent Chief Executive, completed the recruitment of a restructured staff team and began translating FST's refreshed strategic direction into a clearer programme of work.

Alongside this organisational development, FST continued to support members through a challenging period for the performing arts. Financial pressures, workforce sustainability, changing audience behaviour, Fair Work, accessibility, environmental responsibility and changes to the public funding landscape continued to shape the environment in which our members worked.

Our role throughout the year was increasingly one of convener, connector, informer and enabling partner: bringing people together around shared challenges; providing trusted information and opportunities; developing practical responses with partners; and ensuring the experiences and evidence of Scotland's performing arts sector reached funders, government and other decision-makers.

By 31 March 2026, FST had established stronger organisational foundations and a clearer programme for the years ahead, while continuing to deliver practical support, advocacy and opportunities for connection across our membership.

ACHIEVEMENTS AND PERFORMANCE

CHARITABLE ACTIVITIES

CONNECTING THE SECTOR

Membership

FST continued to represent a broad membership of around 200 organisations, companies, venues, practitioners and freelancers working across theatre, dance, opera and the wider performing arts throughout Scotland.

A major focus during 2025/26 was strengthening the systems and relationships underpinning membership. We introduced Xero as our finance system and began integrating it with our CRM, while moving all members towards a common April-March membership year. These changes provide a clearer basis for understanding renewals, membership trends and engagement in future years.

Alongside these administrative improvements, we began developing a more relationship-based approach to membership. This included greater direct contact with members, improved communication of opportunities and benefits, and renewed consideration of how FST can better understand different members' interests, needs and participation.

Bringing People Together

Creating spaces for exchange and collaboration remained central to FST's work.

Members Meetings during the year combined organisational and policy updates with opportunities for members to exchange experience, identify common challenges and make connections. Sessions included contributions from Creative Scotland and sector partners and explored issues ranging from funding and touring to artist development, access and audience insight.

Our annual Festival Reception in Edinburgh again brought together FST members with colleagues from across Scotland, the UK and internationally during the August festivals, providing an important opportunity for networking and relationship-building.

During the second half of the year, we also undertook substantial consultation with members about the future of FST's forums, networks and working groups. This informed plans to relaunch a more focused programme of forums from spring 2026, including spaces addressing producing, touring, audiences and advocacy.

We also began rebuilding specialist leadership and cross-sector conversations, including engagement with venue leaders and colleagues from the national performing arts networks across the UK and Ireland.

Planning and consultation also began for the return of the FST 'Emporium' in October 2026, following a six-year pause. Member feedback informed a refreshed model for the two-day event, combining early dialogue around work in development with a marketplace focused on touring, programming and relationship-building.

SUPPORTING DEVELOPMENT AND CHANGE

FST's development work supports members and the wider sector to respond to shared challenges, improve practice and build skills, capacity and resilience.

Bursaries

Demand for the FST Bursary Programme remained strong throughout 2025/26. Across two application rounds, 55 applications were received and 15 bursaries awarded.

Learning from both rounds has informed the continuing development of the programme, including consideration of future workforce priorities, targeting and partnership opportunities. During the year we also introduced a more open online matchmaking approach, enabling potential hosts and participants to connect directly.

Mentoring, Training and Knowledge Exchange

During the year we reviewed FST's wider mentoring, coaching, training and knowledge-exchange activity. Rather than simply continuing historic programmes, this work considered where FST could add greatest value through direct delivery, partnership, convening or sharing specialist knowledge already present within the membership and wider sector.

FST's mentoring programme supported 15 active mentor-mentee pairs during 2025/26. Evaluation of this cycle informed the development of a clearer, more sustainable and better-evidenced model. By the end of the year, plans were taking shape for a refreshed offer in 2026/27, including reconnecting with previous mentors and participants, piloting refreshed models and testing lighter-touch support through FST's Forums, Emporium and other member activity.

Alongside this, we began to reshape our training and knowledge-exchange offer around areas where collective learning and collaboration can make the greatest difference. Priorities emerging during the year included technical theatre and production skills, access and inclusive practice, environmental sustainability and wider workforce development.

During 2026/27 we intend to develop these plans towards delivery through a combination of training, peer learning, practical resources, specialist partnerships and sector networks, recognising that some challenges are better addressed through sustained collaboration and improved signposting rather than through standalone training sessions.

Access and Inclusion, Fair Work and Sustainability

Fair Work, inclusive practice and environmental sustainability continued to be embedded across FST's work rather than treated as standalone programmes.

FST continued its partnership with Birds of Paradise Theatre to support Access Scottish Theatre, Scotland's national guide to accessible performances. During the year the service provided online information alongside two six-month printed editions, covering accessible performances across 29 venues in Scotland.

Fair Work remained an important strand of both our sector development and advocacy. During the year we developed a partnership with Parents and Carers in Performing Arts (PiPA) and EMCC and commissioned research into the experiences of parents and carers working in Scotland's performing arts sector, intended to inform future recommendations for organisations, funders and policy-makers. Fair Work for Freelancers was also established as one of FST's three key asks ahead of the 2026 Scottish Parliament election.

Environmental sustainability similarly informed our development and advocacy work. We continued to work with Culture for Climate Scotland and Theatre Green Book, promoted sector approaches to more sustainable practice, and used our policy engagement to highlight the contribution of the performing arts to Scotland's climate and environmental ambitions. Towards the end of the year, this work was also informing plans for renewed activity around Theatre Green Book implementation, Carbon Literacy and shared sector learning in 2026/27.

SSP & FST Agreement

FST worked with the Scottish Society of Playwrights during the year on a substantial revision of the recommended agreement for commissioning new plays in Scotland. Developed through consultation and comparison with practice elsewhere in the UK, the revised agreement addresses contemporary areas including access, filming and recording, artificial intelligence and commissions involving co-writers. The new agreement came into effect immediately following the year end, on 1 April 2026.

ADVOCACY, RESEARCH AND INFLUENCE

Representing the experiences and interests of Scotland's performing arts sector remained a core part of FST's work. During 2025/26 we strengthened our approach to advocacy by connecting policy engagement more closely with member experience, research and evidence.

Representing Members

A major focus during the first part of the year was the Scottish Government's Independent Review of Creative Scotland.

Following the announcement of Multi-Year Funding awards, FST had already gathered feedback from members about their experience of the process. During 2025/26 this evidence, together with further consultation and engagement, informed FST's contribution to the independent review.

FST also contributed to a range of other consultations and policy processes during the year, including the Equality and Human Rights Commission's consultation on its Code of Practice, the UK Government's Access to Work consultation and Scottish Parliament pre-budget scrutiny.

As Scotland approached the 2026 Scottish Parliament election, we worked with partners across the cultural sector to identify shared priorities and strengthen the case for culture. FST's developing priorities included increased investment in culture, Fair Work for freelancers and stronger pathways into careers in the performing arts.

In February 2026 we worked with Culture Counts and sector partners to support a national Culture Hustings, helping ensure arts and culture remained visible within public debate ahead of the election.

Building Advocacy Capacity

Our advocacy role is not only to speak on behalf of the sector but to help members develop their own ability to influence change.

An initial advocacy workshop brought together members with colleagues from Culture Counts and Bectu, while subsequent consultation informed the establishment of an Advocacy Forum. The Forum met for the first time during the year and began developing plans for practical campaigning and influencing support for members.

We also commissioned the first phase of research with the Equal Media and Culture Centre into the experiences of parents and carers working in Scotland's performing arts, building towards further sector engagement and recommendations for employers, funders and policymakers.

Evidence and Insight

During the year FST began developing a more systematic approach to gathering and using evidence. This included improved organisational evaluation and planning as well as the development, with The Audience Agency, of a new Scottish Theatre Audience Data Network.

The Network brings together box-office data from participating FST venue members to create stronger collective insight into audience behaviour, booking patterns, geographical reach and longer-term trends. Recruitment to the initial network was underway by the end of March 2026, with the first analysis planned for the following financial year.

This represents an important step towards FST becoming a more evidence-led organisation: using data and member insight to inform sector development, identify shared challenges and strengthen advocacy.

Culture Counts

FST continued to host Culture Counts, Scotland's network of arts, heritage and creative industries organisations. During the year the relationship was placed on a clearer organisational and financial footing, while enabling Culture Counts to operate with appropriate independence in pursuing cross-cultural advocacy.

Culture Counts' activity during the year included engagement with political parties and decision-makers, development of analysis around cultural investment, campaigning for a Culture Act for Scotland and continuing to provide the Secretariat for the Scottish Parliament's Cross-Party Group on Culture and Communities.

STRENGTHENING FST

A significant part of 2025/26 involved strengthening the organisation itself.

Following considerable staffing change in the previous year, Kenny McGlashan joined as Chief Executive in September 2025 and a restructured team was established around clearer areas of responsibility for Membership & Networks, Change Programmes, Advocacy & Research, communications, finance and administration.

The team used the remainder of the year to review existing activity, strengthen internal planning and develop a clearer programme for delivery from 2026/27.

Improvements during the year included:

- stronger financial management and the implementation of Xero;

- improvements to membership administration and CRM integration;

- clearer project and company planning;

- strengthened IT support and cybersecurity;

- refreshed HR and organisational policies;

- further development of FST's Fair Work, EDIA and environmental sustainability action planning; and

- the introduction of a more structured approach to evaluation and evidence gathering.

Governance was strengthened through the use of newly established co-opted Director roles, enabling the Board to address identified skills gaps by bringing in Viv Coady's HR expertise and Marek Litwin's financial expertise, alongside continuing review of Board skills, experience and organisational risk.

Taken together, these developments created stronger foundations from which FST can deliver its ambitions over the remainder of the current Multi-Year Funding period.

FINANCIAL REVIEW

Financial position

2025/26 was the first year of FST's three-year Multi-Year Funding agreement with Creative Scotland, providing annual core funding of £320,000 through to March 2028. This represented an increase of £55,000 per year compared with the previous funding period. Membership fees continued to provide an important additional source of unrestricted income, generating £58,312 during the year.

Total income for the year was £496,666, broadly consistent with £498,724 in the previous year. Total expenditure increased to £540,088, reflecting investment in FST's expanded staffing structure and delivery of its charitable activities, including bursaries, member activity and the work of Culture Counts. This resulted in net expenditure of £43,422, comprising £6,632 from unrestricted funds and £36,790 from restricted funds. Transfers of £21,750 and £5,250 were made from the Strategic Development unrestricted fund to the Culture Counts restricted fund.

The movement in restricted funds principally reflects planned expenditure from the Culture Counts Fund. At the year end, FST held total funds of £465,113, including £281,478 of unrestricted funds. A significant proportion of these unrestricted funds has been designated to support strategic and organisational development and provides capacity for planned investment in FST's activity and infrastructure during 2026/27.

Principal funding sources

FST's principal source of funding is its Multi-Year Funding agreement with Creative Scotland. Membership subscriptions provide an important source of independent unrestricted income, alongside income generated through specific programmes, partnerships and sponsorship. Culture Counts is separately funded through targeted investment from Creative Scotland and its own membership income, with FST providing its organisational home and associated management and operational support.

Reserves policy

The Board reviews the level and purpose of reserves regularly as part of its financial planning and risk management. The Trustees' policy is to maintain a Contingency Fund equivalent to approximately three months' operating costs, providing protection against unexpected changes in income or expenditure.

At 31 March 2026, unrestricted reserves totalled £281,478, comprising:

- a Strategic Development Fund of £203,478, designated to support new programmes and projects for the sector;

- a Contingency Fund of £70,000; and

- an Organisational Development Fund of £8,000, designated for continued development of FST's website, CRM and wider digital and IT infrastructure.

Restricted reserves at 31 March 2026 totalled £183,635, comprising £175,766 for Culture Counts, £4,119 in the E. Turner Training Fund and £3,750 in the Casting Research Fund. The latter will be repurposed in 2026/27, with funder agreement, to support activity within FST's Equality, Diversity and Inclusion plans.

Looking ahead, FST's 2026/27 budget includes planned increases to the Contingency Fund, to reflect increased operating costs, and Organisational Development Fund, for investment in website and CRM development. There will also be a planned draw on Strategic Development Fund to support increased activity, including the return of the FST Emporium, refreshed Forums, mentoring and training activity. This represents planned use of funds set aside for strategic development, alongside a continued focus on increased income generation and fundraising. The Board will monitor the pace of this investment while maintaining the agreed contingency reserve.

LOOKING AHEAD

The work undertaken during 2025/26 has established stronger foundations for the next phase of FST's activity, with 2026/27 focused increasingly on turning plans and learning into delivery.

During 2026/27 we will:

- deepen member engagement through ongoing quarterly Members Meetings, refreshed Forums and Working Groups, and continued development of the membership offer;

- deliver the return of Emporium, alongside our annual Festival Reception and other opportunities for sector connection and exchange;

- deliver further bursary rounds, pilot a refreshed mentoring and coaching offer, and expand training and knowledge exchange through partnerships, peer learning and practical resources;

- continue Access Scottish Theatre with Birds of Paradise while developing plans for its longer-term sustainability and evolution;

- develop the Scottish Theatre Audience Data Network alongside targeted research including our work with PiPA and EMCC;

- strengthen FST's organisational capacity through Board and Chair recruitment, improved HR and fundraising approaches, and redevelopment of our website, CRM and digital infrastructure;

- strengthen evidence-led advocacy following the Scottish Parliament election, engaging with new elected representatives and responding to emerging policy and sector priorities; and

- progress our Fair Work, EDIA and Environmental Sustainability and Climate Action Plans, embedding these priorities across FST's own practice and our support for the wider sector.

As FST marks its 50th anniversary, we will also reflect on the organisation's contribution and impact over five decades while looking ahead to its future role.

With a clearer strategic direction, renewed team and stronger organisational foundations, the emphasis in 2026/27 will increasingly be on translating that renewal into practical activity and impact for members and the wider performing arts sector.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document and board

Federation of Scottish Theatre is a charitable company limited by guarantee and is governed by its Memorandum and Articles of Association. The liability of members is limited to £1.

Following changes to the Articles agreed by members in 2024, the Board can comprise both Directors elected from the FST membership and Co-opted Directors appointed to bring additional skills and experience. At least 75% of the Board must remain Member Directors, with Co-opted Directors comprising no more than 25%.

During 2025/26 the Board made use of these newly established Co-opted Director roles to address specific gaps identified through its skills review. Viv Coady and Marek Litwin were appointed in October 2025, bringing additional expertise in HR and finance respectively. Their appointments formed part of a wider approach to strengthening governance through regular consideration of Board composition, skills, succession and organisational risk.

New Directors receive an induction covering their responsibilities under charity and company law, FST's governing documents, strategy, finances and decision-making processes. Directors are also encouraged and supported to undertake appropriate external training and development.

Management and remuneration

The Board meets at least four times each year and is responsible for the overall governance and strategic direction of FST. Day-to-day management is delegated to the Chief Executive and staff team.

The year included a planned leadership transition. Following Fiona Sturgeon Shea's departure in 2025, Alex McGowan served as Interim Chief Executive before Kenny McGlashan took up the permanent Chief Executive role in September 2025.

Directors give their time freely and receive no remuneration for their role as Trustees. Staff salaries are reviewed annually by the Board and are benchmarked against comparable sector organisations as appropriate.

Risk management

The Board maintains oversight of FST's principal organisational risks through regular review of its risk register and consideration of risk at Board meetings. Appropriate policies, procedures and contingency planning are used to manage and mitigate identified risks.

Financial sustainability remains a key area of oversight, particularly given the continuing financial pressures affecting FST's members and the wider performing arts sector. Management includes regular monitoring of budgets, cash flow, income and expenditure, alongside forward planning and maintenance of appropriate reserves.

The Board also monitors non-financial risks, including staffing and organisational capacity, governance, information and cyber security, health and safety, and FST's ability to maintain relevant and valued support for its membership.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC059292 (Scotland)

Registered Charity number

SC014133

Registered office

c/o Royal Lyceum Theatre

30b Grindlay Street

Edinburgh

EH3 9AX

Trustees

A E Clark

Director / Co-chair

S F H Armitage

Director / Co-chair

K E Nelson

Director

M C J Taylor

Director

C J Newall

Director

S Burgess

Director

C J Martin

Director

V C Coady

Director (appointed October 2025)

M Litwin

Director (appointed October 2025)

Independent Examiner

Benham Conway & Co

16 Royal Crescent

Glasgow

G3 7SL

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 9 September 2026 and signed on its behalf by:

A E Clark - Trustee

I report on the accounts for the year ended 31 March 2026 set out on pages nine to nineteen.

Respective responsibilities of trustees and examiner

The charity's trustees 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's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 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 the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 seeking explanations from you as 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 accounts.

Independent examiner's statement

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

(1)	which gives me reasonable cause to believe that, in any material respect, the requirements

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

-	to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

(2)	to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Kathleen Benham CA

The Institute of Chartered Accountants of Scotland

Benham Conway & Co

16 Royal Crescent

Glasgow

G3 7SL

9 September 2026

31.3.26

31.3.25

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

4

Charitable activities

398,020

90,000

488,020

487,996

Investment income

3

8,646

-

8,646

10,728

Total

406,666

90,000

496,666

498,724

EXPENDITURE ON

Charitable activities

5

Charitable activities

327,784

126,790

454,574

376,682

Administration

85,514

-

85,514

86,513

Total

413,298

126,790

540,088

463,195

NET INCOME/(EXPENDITURE)

(6,632

)

(36,790

)

(43,422

)

35,529

Transfers between funds

15

(27,000

)

27,000

-

-

Net movement in funds

(33,632

)

(9,790

)

(43,422

)

35,529

RECONCILIATION OF FUNDS

Total funds brought forward

315,110

193,425

508,535

473,006

TOTAL FUNDS CARRIED FORWARD

281,478

183,635

465,113

508,535

31.3.26

31.3.25

Notes

£

£

FIXED ASSETS

Tangible assets

11

3,440

2,550

CURRENT ASSETS

Debtors

12

66,136

96,831

Cash at bank

446,305

436,258

512,441

533,089

CREDITORS

Amounts falling due within one year

13

(50,768

)

(27,104

)

NET CURRENT ASSETS

461,673

505,985

TOTAL ASSETS LESS CURRENT LIABILITIES

465,113

508,535

NET ASSETS

465,113

508,535

FUNDS

15

Unrestricted funds:

Strategic Development Fund

203,478

237,110

Contingency Fund

70,000

70,000

Organisational Development Fund

8,000

8,000

281,478

315,110

Restricted funds:

Culture Counts Fund

175,766

185,381

E. Turner Training Fund

4,119

4,294

Casting Research Fund

3,750

3,750

183,635

193,425

TOTAL FUNDS

465,113

508,535

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 9 September 2026 and were signed on its behalf by:

A E Clark - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

Income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether capital grants or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met , it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Expenditure

Liabilities are recognised as expenditure once there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Expenditure on charitable activities includes activities undertaken to further the purposes of the charity and their associated support costs. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include governance costs which have been allocated to charitable activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Captioning equipment

- 20% on cost

Computer equipment & fixtures & fittings

- 25% on cost and 20% on cost

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank

Cash at bank is held to meet short term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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 the settlement value.

Going concern

The trustees consider annual budgets and management accounts to monitor the charity. The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the financial statements. There are no material uncertainties about the charity's ability to continue as a going concern.

2.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The organisation is currently funded via Creative Scotland Regular Funding to March 2028, with financial and contingency planning being undertaken by the board and senior staff as appropriate.

3.	INVESTMENT INCOME

31.3.26

31.3.25

£

£

Bank Interest

8,646

10,728

4.	INCOME FROM CHARITABLE ACTIVITIES

31.3.26

31.3.25

Activity

£

£

Membership

Charitable activities

58,312

56,458

Sponsorship

Charitable activities

3,760

1,000

Creative Scotland Core Grant

Charitable activities

320,000

265,000

Training

Charitable activities

-

600

Access Guide Fees

Charitable activities

8,900

6,902

Made in Scotland Fees

Charitable activities

-

50,392

Culture Counts Income

Charitable activities

95,250

98,300

FST Bursary Fees

Charitable activities

1,798

9,344

488,020

487,996

5.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 6)

Totals

£

£

£

Charitable activities

454,574

-

454,574

Administration

75,079

10,435

85,514

529,653

10,435

540,088

6.	SUPPORT COSTS

Support costs consist of:

31.3.26

31.3.25

£

£

Auditors' Remuneration

1,625

3,400

Accountancy

8,460

9,335

Legal and professional fees

350

1,380

Consultancy fees

-

261

10,435

14,376

7.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.26

31.3.25

£

£

Auditors' Remuneration

1,625

3,400

Depreciation - owned assets

1,927

1,216

8.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2026 nor for the year ended 31 March 2025.

Trustees' expenses

For the year ended 31 March 2026, expenses of £13 were paid to one trustee (2025, £82 paid to three trustees).

9.	STAFF COSTS

31.3.26

31.3.25

£

£

Wages and salaries

275,837

169,479

Social security costs

23,557

13,021

Other pension costs

8,274

5,373

307,668

187,873

The average monthly number of employees during the year was as follows:

31.3.26

31.3.25

Staff

10

5

No employees received emoluments in excess of £60,000.

Included within the above staff costs are costs of £63,231 (2025, £22,419) which relate to Culture Counts charitable activities.

The key management personnel of the charity, excluding the Trustees, comprises the chief executive officer (2025, chief executive officer). The total employee benefits of the key management personnel of the charity were £56,924 (2025, £52,607).

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

Charitable activities

397,996

90,000

487,996

Investment income

10,728

-

10,728

Total

408,724

90,000

498,724

EXPENDITURE ON

Charitable activities

Charitable activities

312,620

64,062

376,682

Administration

86,513

-

86,513

Total

399,133

64,062

463,195

NET INCOME

9,591

25,938

35,529

RECONCILIATION OF FUNDS

Total funds brought forward

305,519

167,487

473,006

TOTAL FUNDS CARRIED FORWARD

315,110

193,425

508,535

11.	TANGIBLE FIXED ASSETS

Computer

equipment

Captioning

& fixtures

equipment

& fittings

Totals

£

£

£

COST

At 1 April 2025

71,920

19,715

91,635

Additions

-

2,817

2,817

At 31 March 2026

71,920

22,532

94,452

DEPRECIATION

At 1 April 2025

71,920

17,165

89,085

Charge for year

-

1,927

1,927

At 31 March 2026

71,920

19,092

91,012

NET BOOK VALUE

At 31 March 2026

-

3,440

3,440

At 31 March 2025

-

2,550

2,550

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade debtors

-

2,454

Other debtors

45,000

90,705

Tax recoverable

3,575

-

Prepayments

17,561

3,672

66,136

96,831

13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade creditors

22,663

8,668

Sundry creditors

23,982

11,461

Taxation and social security

4,123

6,975

50,768

27,104