Your first hearing will be for you to enter a plea. If you plead guilty the Magistrates will move on to sentencing and the first decision for them will be whether to retain jurisdiction themselves or send you to the Crown Court for sentencing. You do not elaborate on the nature of the offence. In view of the relatively small amount involved, to be considered too serious for the Magistrates sentencing powers (26 weeks custody) it will have to have involved some serious aggravating features such as occurring over a long period, or committed in breach of trust. The sentencing guidelines are here:
https://www.sentencingcouncil.org.uk/offences/magistrates-court/item/fraud/
Your victim (he or she, I'll use "he" for simplicity)will not be in court (unless he decides to attend to observe from the pubic gallery). He will only be asked to attend if you plead Not Guilty, you object to to his evidence being "read" to the court and you want to cross-examine him.
Assuming the Magistrates retain jurisdiction they will only sentence you if they intend dealing with the matter by way of a fine. Any other proposed sentence will see them ask for a probation report to give them more information about you and the offence.
In the current circumstances, there is every possibility you can appear "remotely". If you have a solicitor to represent you he should be able to sort this out for you. You can also ask, under Section 27a of the Magistrates' Court Act, for the Court to transfer your case to a court local to you. This is usually accommodated if it inconveniences nobody else such as witnesses. Again your solicitor should make these enquiries for you.