**Charity Commission registered number: 326917 Company number: 01930741**
## **The Sixteen**
**(a company limited by guarantee)**
**Trustees' Report and Consolidated Financial Statements**
**For the year ended 31 October 2023**
## **The Sixteen Contents For the year ended 31 October 2023**
||**Page No.**|
|---|---|
|Trust Information|1|
|Trustees’ Report|2 - 8|
|Independent Auditor’s Report|9 - 12|
|Consolidated Statement of Financial Activities|13 - 14|
|Consolidated Balance Sheet|15|
|Company Balance Sheet|16|
|Consolidated Cash Flow Statement|17|
|Notes to the financial statements|18 - 30|
THE SIXTEEN (A Company Limited by Guarantee)
## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023
The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 October 2023.
## REFERENCE AND ADMINISTRATIVE DETAILS
The directors of the charitable company (the charity) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.
The trustees serving during the year and since the year end were as follows:
Robin Barda (Chairman) Sir Ian Blatchford (resigned June 2024) Lord Briggs of Westbourne Olivia Carrington (appointed March 2023) Harry Christophers CBE Mary Deissler Lady Anne Heseltine (resigned January 2024) Naomi Nikolajsen Keith Parker Steve Pickett Richard Price Adam Singer (appointed March 2024) Lord Smith of Finsbury Chief Executive: Marie-Sophie Willis Registered office: Quadrant House 10 Fleet Street London EC4Y 1AU Independent Auditors: Moore Kingston Smith LLP 9 Appold Street London EC2A 2AP Bankers: HSBC plc 60 Queen Victoria Street London EC4N 4TR Charity number: 326917 Company number: 1930741
The Sixteen is a company limited by guarantee governed by its Memorandum and Articles of Association dated 1 June 1985 and revised May 2017. It is registered as a charity with the Charity Commission. There are currently 12 members (12 in 2022). No person may be admitted to membership of the Company unless he/she is first approved by the Council.
As set out in the Articles of Association, the Chair of the Trustees is nominated by the members.
Trustees are nominated by the existing Trustees.
New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity.
During the induction day they meet key employees and other Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. They are also encouraged to attend rehearsals, performances and workshops whenever possible.
The Board of Trustees, which may not have less than three members, administers the Charity. The Board meets quarterly and there are sub-committees covering finance and employment which meet more regularly. A Chief Executive is appointed by the Trustees to manage the dayto-day operations of the Charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and performance related activity. Artistic policy is managed by the Artistic Director.
exploit, manage and market the recordings made by The Sixteen and distributes all its profits to the Charity (see note 12 to the accounts).
The trustees have a risk management strategy which comprises:
- a quarterly review of the risks the charity may face;
- the establishment of systems and procedures to mitigate those risks identified in the plan; and
- the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
The principal risks faced by the charity relate to financial sustainability and loss of key personnel. The trustees keep these risks under regular review.
2
The objectives of the charity are:
- to promote, maintain, improve and advance the education of the public in the arts and in particular orchestral and choral music; and
- the development of public appreciation of such art by public performances.
The charity has the general aim of promoting choral and orchestral works to the very highest professional standards and to the widest possible audience. For example, the Choral Pilgrimage reaches audiences all over the UK.
- seek financial stability especially with own promoted concerts in the Choral Pilgrimage
- examine The Sixteen's organisational structure and location of offices
- develop new ways of interacting with audiences
- work with young performers to identify and nurture the next generation of singers and conductors, diversifying the talent pipeline.
The five major areas of activity are: concerts for which the choir and orchestra are hired by other promoters both within the UK and abroad; own promoted concerts; The Choral Pilgrimage, a nationwide tour of Cathedrals and Abbeys; learning and participation activities; the training of the next generation of choral ensemble singers through Genesis Sixteen. The concerts which The Sixteen presents seek to combine performances with educational events, for example Choral Workshops and Schools matinees.
-
- Work with participants to explore their own creativity through participation in arts activities.
- Offer in-depth access to inspiring music in as many of the communities as possible in which The Sixteen is performing, either with the intention of broadening the eventual concert experience, or as an end in itself.
- Meet the needs of a wide range of groups, in particular those without experience of or regular access to the kind of repertoire performed by The Sixteen. A broader than ever range of groups were targeted in 2022-2023, with the focus on primary school and secondary school children, and amateur singers.
- Offer personal development opportunities to the freelance singers and instrumentalists of The Sixteen by providing training and encouraging them to take part in the Education programme.
- Develop future choral ensemble singers through the Genesis Sixteen training programme
3
The 2022/2023 season saw a happy return to stronger audiences overall, with many sold-out concerts. This was in contrast to the previous season (2021/2022) which in line with the general industry trend saw a fall by about 25% on average in audience numbers. There remained a reticence for promoters both within the UK and overseas to book The Sixteen, given decisions about booking the group for the 2022/2023 season were being taken at a time when audiences were still low. This resulted in a lower number of external bookings in comparison to pre-pandemic years, both in the UK and overseas. A reduction in bookings for engagements within the EU is compounded by post-Brexit conditions for UK ensembles and musicians performing in certain EU territories.
During the year ended 31 October 2023, The Sixteen gave 50 public performances, 4 private performances, made two new recordings, and held a wealth of learning and participation projects, in a full post-Covid return in this area.
Of the 50 performances, 13 were in London. We were pleased to maintain our residencies at Kings Place, London, and the Wigmore Hall, and also to continue our long-standing relationship with Cadogan Hall.
seven albums, which included three new recordings by The Sixteen. In terms of radio coverage we are thrilled to remain the Voices of Classic FM, which ensures our work is broadcast to a truly significant audience around the world. The
to give world-class performances of the finest choral music in the repertoire to the widest possible audience. 25 Choral Pilgrimage performances were given between March and October 2023 celebrating the anniversary of Renaissance master William Byrd. As well as music by some other Renaissance composers, the programme also included two new ntroducing new choral music into the repertoire.
mission to introduce our repertoire to as wide an audience as possible. Part of the ambition is to develop a greater reach into different segments of communities in the UK destinations to which we tour, and also to build on existing relationships with schools and music hubs around the UK. In 2022/2023 and undertook a full programme of activity. Through our Learning & Participation programme we engaged with a wide group of people, fostering a sense of togetherness and boosting wellbeing. We reached 450 adult, amateur singers through eight Choral Workshops and worked with 100 choristers during chorister workshops. In partnership with music hubs and local secondary schools, we provided 11 Singing Workshops for 600 young people of 11-18 already in choirs or having singing lessons.
4
Our programme has given access to the underserved and built closer communities via our Residencies
With local community volunteers and partners, through relaxed performances in care homes and via Song Circles, we reached a total of 130 older people at risk of isolation or with dementia, the homeless and refugees and asylum seekers.
The Sixteen believes that everyone can benefit from experiencing and creating music, and its major ambition and new committed focus is to diversify the talent pipeline of young people entering the choral profession, and ultimately, increase industry representation from currently underrepresented groups. Putting this aspiration into practice, in 2023 four Talent Development Workshops were piloted with partners, reaching 110 emerging professionals. This is a new focus for The Sixteen and plans are in place to expand in this area.
From the moment The Sixteen team arrived, they infected the minds of 11-16-year-olds with their energy and enthusiasm. I have rarely seen so many young people so completely engaged and so fully committed to participation. It was truly inspiring to watch. Without doubt, The Sixteen team planted seeds in young minds today and we can only stand back in awe and watch as those seeds germinate and grow.
Graham Cotgreave, Community Music Partner
The Sixteen continues to champion the next generation of musicians, encouraging not only future practitioners but also audience members, and achieves this with its young artist training programme, Genesis Sixteen. Established in 2011, this is a programme that each year trains 22 young singers (and since 2014, a Conducting Scholar), and is entirely funded by the Genesis Foundation. This innovative project aims to encourage young singers to take up a professional career in choral singing.
“From the word go you are plunged into an immensely vibrant atmosphere, encouraged to strive for the very best whilst surrounded by an incredibly supportive network. I can honestly say this has been one of the most rewarding musical experiences of my life.” Natasha Cutler, Alto, Cohort 2
Benefit including the guidance 'public benefit: running a charity (PB2),' when reviewing our aims and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
5
## THE SIXTEEN (A Company Limited by Guarantee)
## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 (CONTINUED)
## Financial Review
The end of the year saw a deficit of £71,088 (2022: deficit of £98,922) for The Sixteen Limited.
The company is prohibited by its memorandum from payment of any dividend.
The Charity’s wholly owned trading subsidiary, The Sixteen Productions Limited had a successful year. Total profits were £66,707 (2022: £59,097 ). The trading subsidiary distributes all its profits to the Sixteen Limited. The Trustees are pleased with the commercial success of the venture which operates the CORO record label and licenses recordings made by the group. The principal funding, aside from profits from The Sixteen Productions Limited was fees from engagements, £781,441, and donations of £380,648. The Trustees were grateful to the Genesis Foundation for its support of The Sixteen’s young artists training programme.
Under the Memorandum and Articles of Association, the charity has the power to invest in any way the Trustees wish. The Trustees, having regard to the liquidity requirements of operating the company and to the reserves policy have operated a policy of keeping available funds in an interest bearing deposit account and a highly-diversified multi-asset fund. This fund was sold in October 2023 to assist with operational cash flow.
## Reserves policy
The Trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to have. Reserves are needed to bridge the funding gaps between spending on concerts and recordings and receiving resources through hire fees, admission charges and grants that provide funding. Reserves are also held to cover possible defaults by promoters and other expenditure.
The Trustees, therefore, consider that the desired minimum level of reserves as at 31 October 2023 would be £110,000. The actual free reserves at 31 October 2023 were £231,253 of which all were held for unrestricted purposes.
## Plans for the future
Our driving mission is to take the glorious choral music of our heritage to as wide an audience as we possibly can across the length and breadth of the UK. It’s what defines The Sixteen and we are incredibly proud of it. We want as many people as possible to be able to experience this and hope that by streaming one of our Choral Pilgrimage concerts many more people will be able to enjoy it. To this end we plan to film our annual Choral Pilgrimage programme at a different location each season which will be released online for as many to enjoy as possible. We also plan to commission a new work each year to introduce new repertoire into the choral canon, ensuring it is an evolving and relevant artform for audiences.
## THE SIXTEEN (A Company Limited by Guarantee)
## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023 (CONTINUED)
## Genesis Foundation
The relationship with the Genesis Foundation continues to provide exceptional and groundbreaking opportunities. We would like to thank John Studzinski and the Genesis Foundation here for their enlightened and visionary approach to both initiating and supporting projects and artists.
Finally, we would like to acknowledge the great loyalty and support of the generous individuals, trusts and foundations, corporates and Arts Council England, who support the work of The Sixteen. We are hugely grateful to them all.
## Fundraising
The Sixteen raises funds to support the charitable activities of the organisation. A Development Director and Manager are employed by the group to raise funds in the areas of: ACE, trusts and foundations, individuals and corporates. The fundraising, and those employed by the charity to undertake fundraising activity, was carried out in line with The Sixteen’s policies. There were no complaints received by the charity regarding fundraising activities.
Safeguarding
The Sixteen has a clear policy on working with children and vulnerable people. All those undertaking work on behalf of The Sixteen with children or vulnerable people are made aware of The Sixteen’s policy on safeguarding. The Sixteen undertakes the necessary checks to determine the suitability of anyone working with participants that fall within these categories.
## FIXED ASSETS
The movements in fixed assets during the year are set out in note 14-17 to the accounts.
## AUDITORS
A resolution to re-appoint Moore Kingston Smith LLP will be proposed at the Annual General Meeting.
BY ORDER OF THE BOARD ........................................................ Robin Barda (Chairman) ………………………………… 2024 29 July
The Trustees (who are also directors of The Sixteen)
Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period
In preparing these financial statements, the Trustees are required to:
- Select suitable accounting policies and apply them consistently;
- Observe the methods and principles in the Charities Statement of Recommended Practice;
- Make judgements and accounting estimates that are reasonable and prudent;
- State whether applicable UK accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements, and;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
-
- The Trustees have taken all steps that they ought to have taken to make them aware of any relevant audit information and to establish that the auditor is aware of that information.
The Trustees are responsible for the maintenance and integrity of the charity and financial preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
BY ORDER OF THE BOARD ........................................................ Robin Barda (Chairman) 29 July 2024
8
## **Independent Auditors Report to the Members and Trustees of The Sixteen**
## **Opinion**
We have audited the financial statements of The Sixteen (the ’company’) for the year ended 31 October 2023 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’.
In our opinion the financial statements:
- give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 October 2023 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
9
**Independent Auditors Report to the Members and Trustees of The Sixteen**
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ annual report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.
We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Act 2011 require us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees’ Annual Report and from preparing a strategic report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
10
## **Independent Auditors Report to the Members and Trustees of The Sixteen**
## **Responsibilities of trustees (continued)**
In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.
## Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under the Companies Act 2006 and section 1513 of the Charities Act 2011 and report in accordance with those Acts.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit report.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
11
## **Independent Auditors Report to the Members and Trustees of The Sixteen**
## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.
Our approach was as follows:
- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
- We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Date: 29 July 2024
**James Cross (Senior Statutory Auditor)** 9 Appold Street for and on behalf of Moore Kingston Smith LLP, London Statutory Auditor EC2A 2AP
12
## **The Sixteen Consolidated Statement of Financial Activities For the year ended 31 October 2023**
|**Note**
**Income**
Donations and legacies
2
Other trading activities
12
Investment income
Income from charitable activities
3
Other income
4
**Total**
**Expenditure**
**Raising funds:**
Fundraising costs
6
Trading expenditure
7
8
**Total**
**Net income/(expenditure)**
**(Loss)/gains on investments**
17
**Taxation credit**
**Net movement in funds for the year**
5
**Funds at 1 November 2022**
27
**Funds at 31 October 2023**
27
**Expenditure on charitable**
**activities**|**£**
186,728
288,207
856
781,441
1,962
**Unrestricted**
**Funds**|**£**
193,920
156,000
**Restricted**
**Funds**|**£**
380,648
288,207
856
937,441
1,962
**Total Funds**
**2023**|**£**
341,224
255,735
529
908,995
1,013
**Total Funds**
**2022**|
|---|---|---|---|---|
||**1,259,194**|**349,920**|**1,609,114**|**1,507,496**|
||80,531
221,299
1,070,842|349,920|80,531
221,299
1,420,762|58,463
196,174
1,346,904|
||**1,372,672**|**349,920**|**1,722,592**|**1,601,541**|
||(113,478)
1,398
40,992|-
-
**-**|(113,478)
1,398
40,992|(94,045)
(4,877)
-|
||(71,088)
**329,994**|-
**-**|(71,088)
**329,994**|(98,922)
**428,916**|
||**258,906**|**-**|**258,906**|**329,994**|
The statement of financial activities contains all gains and losses recognised in the year and the results reported relate to continuing operations.
13
## **The Sixteen Consolidated Statement of Financial Activities For the year ended 31 October 2022**
|**Note**
**Income**
Donations and legacies
2
Other trading activities
12
Investment income
Income from charitable activities
3
Other income
4
**Total**
**Expenditure**
**Raising funds:**
Fundraising costs
6
Trading expenditure
7
8
**Total**
**Net income/(expenditure)**
**Gains on investments**
17
**Taxation credit**
**Net movement in funds for the year**
**Funds at 1 November 2021**
27
**Funds at 31 October 2022**
27
**Expenditure on charitable activities**|**£**
254,724
255,735
529
698,995
1,013
**Unrestricted**
**Funds**|**£**
86,500
210,000
**Restricted**
**Funds**|**£**
341,224
255,735
529
908,995
1,013
**Total Funds**
**2022**|
|---|---|---|---|
||**1,210,996**|**296,500**|**1,507,496**|
||58,463
196,174
1,050,404|296,500|58,463
196,174
1,346,904|
||**1,305,041**|**296,500**|**1,601,541**|
||(94,045)
(4,877)
-|-
-
**-**|(94,045)
(4,877)
-|
||(98,922)
**428,916**|-
**-**|(98,922)
**428,916**|
||**329,994**|**-**|**329,994**|
The statement of financial activities contains all gains and losses recognised in the year and the results reported relate to continuing operations.
14
## **The Sixteen Consolidated Balance Sheet As at 31 October 2023**
|**Note**
**Fixed assets**
Tangible fixed assets
14
Intangible fixed assets
16
Listed investments
17
**Current assets**
Stock
18
Debtors
19
Cash at bank and in hand
**Creditors:**Amounts falling due
20
within one year
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**Funds**
Unrestricted funds
Designated funds
26
Restricted funds
25
**Total funds**|**2023**
**£**
6,153
21,500
-|**2023**
**£**
27,653
231,253|**2022**
**£**
7,094
35,833
73,415|**2022**
**£**
116,342
213,652|
|---|---|---|---|---|
||37,769
189,243
183,849||40,867
166,108
220,048||
||410,861
(179,608)||427,023
(213,371)||
||||||
|||258,906||329,994|
|||258,906||329,994|
|||258,906
-
-||299,994
30,000
-|
|||258,906||329,994|
These accounts were approved and authorised for issue by the Board on ……………….. 29 July 2024 and signed on their behalf by:
…………………………………….. **Robin Barda Chairman**
15
## **The Sixteen Company Balance Sheet As at 31 October 2023**
|**Note**
**Fixed assets**
Tangible fixed assets
14
Intangible fixed assets
16
Investment in subsidiary
15
Listed investments
17
**Current assets**
Debtors
19
Cash at bank and in hand
**Creditors:**Amounts falling due
20
within one year
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**Funds**
Unrestricted funds
Designated funds
26
Restricted funds
25
**Total funds**|**2023**
**£**
5,990
21,500
1
-|**2023**
**£**
27,491
155,084|**2022**
**£**
6,736
35,833
1
73,415|**2022**
**£**
115,985
145,289|
|---|---|---|---|---|
||170,381
113,438||165,722
157,758||
||283,819
(128,735)||323,480
(178,191)||
||||||
|||182,575||261,274|
|||182,575||261,274|
|||182,575
-
-||231,274
30,000
-|
|||182,575||261,274|
The parent charity has not presented its own Statement of Financial Activities as permitted by s.408 Companies Act 2006. The total income (including gains and losses on investments and taxation credit) of the parent charity amounted to £1,422,594 (2022: £1,314,337) and total expenditure was £1,501,293 (2022: £1,404,898) giving a net deficit for the year of £78,699 (2022: £90,561).
These accounts were approved and authorised for issue by the Board on ……………….. 29 July 2024 and signed on their behalf by:
……………………………………..
**Robin Barda Chairman**
16
## **The Sixteen Consolidated Statement of Cash Flows For the year ended 31 October 2023**
|**Note**
**2023**
**£**
**Cash flows from operating activities**
**Cash flows from investing activities**
Disposal of shares
17
74,812
Purchase of intangible fixed assets
16
-
Purchase of tangible fixed assets
14a
-
**Change in cash and cash equivalents**
**Net cash provided by operating activities**
**Activities**
Net (expenditure)/income for the year
**Adjustments for:**
Depreciation charges
Amortisation charges
Loss/(gains) on Investments
Decrease/(increase) in stock
Decrease/(increase) in debtors
Increase/(decrease) in creditors
**Net cash provided by/(used in) operating activities**
Net cash provided by/(used in)
operating activities (see below)
Net cash used in investing activities
**Cash and cash cash equivalents at the**
**beginning of the reporting period**
**Cash and cash cash equivalents at the end of**
**the reporting period**|**2023**
**£**
74,812
-
-|**2023**
**£**
(111,012)
**74,812**
(36,200)
220,048|**2022**
**£**
-
(25,800)
(2,244)|**2022**
**£**
(68,125)
**(28,044)**
(96,169)
316,217|
|---|---|---|---|---|
||||||
|||183,848||220,048|
|||**2023**
**£**
(71,088)
941
14,333
(1,398)
3,098
(23,135)
(33,763)||**2022**
**£**
(98,922)
1,376
7,167
4,877
10,045
(12,489)
19,821|
|||**(111,012)**||**(68,125)**|
17
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2023**
## **1 Accounting policies**
## **a) Accounting convention**
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company is a public entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
## **b) Going concern**
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the company's forecasts and projections. As part of the going concern review the trustees prepared budget forecasts to July 2025, demonstrating that the company has adequate resources to continue in operation for at least twelve months from the approval of the financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
## **c) Basis of Consolidation**
The consolidated (group) financial statements comprise the Charity and its wholly owned subsidiary The Sixteen Productions Limited (registered company number 04252277) made up to 31 October. The principal activity of The Sixteen Productions is the education of the public in arts, particularly the arts of orchestral, choral and other music, through the sale and distribution of CDs, DVDs and digital recordings.
The results of the trading subsidiary company are presented in the Consolidated Statement of Financial Activities by disclosing the income and expenditure derived from its noncharitable trading activities separately from those of the Charity. A summary profit and loss account and balance sheet for the trading subsidiary is included in note 12.
The subsidiary company’s assets and liabilities are consolidated in the group balance sheet on a line-by-line basis.
## **d) Income**
Income is recognised when there is entitlement to the income, the amount can be measured reliably and the income is probable. The following specific policies are applied to particular categories of income:
Income from concerts and record sales are included in the accounts in the year in which the concerts or record sales take place.
18
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2023**
## **1 Accounting policies (continued)**
## **d) Income (continued)**
Voluntary income received by way of grants and donations is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Gift aid recoverable is accounted for as the charity earns the right to consideration by its performance.
Income from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance.
## **e) Expenditure**
Expenditure is accounted for on an accruals basis under the appropriate expense category. Expenditure is recognised once there is legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and it can be measured reliably.
## **f) Intangible fixed assets other than goodwill**
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
Website development
33% straight line per annum
## **g) Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their estimated useful lives as follows:-
Office equipment
20-33% straight line per annum
## **h) Foreign exchange**
Transactions in foreign currencies are recorded at the rates at the date of the transaction, and exchange fluctuations are written off at the time of payment. Assets and liabilities at the balance sheet date have been converted at the rate ruling at that date.
## **i) Cash and Cash Equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
19
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2023**
## **1 Accounting policies (continued)**
## **j) Financial Instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **k) Investments**
Unlisted investments are stated at original purchase price. Listed investments are stated at fair value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses on revaluation and disposals of listed investment funds throughout the year.
## **l) Stock**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **m) Post retirement benefits**
The charity operates a defined contribution pension scheme. Contributions are charged to the Statements of Financial Activities when they become payable.
## **n) Unrestricted funds**
Unrestricted general funds are funds that can be used in accordance with the charitable objectives at the discretion of the Trustees.
## **o) Designated funds**
Designated funds are funds set aside by the Trustees out of unrestricted general funds for specific/future purposes.
## **p) Restricted funds**
Restricted funds are those where the donor has provided for the donation to be spent in furtherance of a specified charitable purpose.
## **q) Critical accounting judgements and estimation uncertainty**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following are key areas of estimation uncertainty:
## _Stock impairment_
Impairment of stock is reviewed annually. The stock provision is sensitive to changes in management assumptions. The stock provision is amended where necessary to reflect the physical condition of stock and expected future sales.
20
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2022**
## **2 Donations and legacies**
|**Unrestricted**
Donations
Gift aid
Grants and corporate sponsorship
Total unrestricted
**Restricted**
Donations
Grant, Trust and Foundation funding
Total restricted
Total
**3**
**Income from charitable activities**
**Unrestricted**
Choral Performances including recordings
Total unrestricted
**Restricted**
Educational projects
Total restricted
Total
**4**
**Other income**
Miscellaneous income|**2023**
**£**
162,336
24,392
-
186,728
188,920
5,000
193,920
**380,648**
**2023**
**£**
781,441
781,441
156,000
156,000
**937,441**
**2023**
**£**
1,962
**1,962**|**2022**
£
201,577
19,147
34,000|
|---|---|---|
|||254,724|
|||30,000
56,500|
|||86,500|
||||
|||**341,224**|
|||**2022**
£
698,995|
|||698,995|
|||210,000|
|||210,000|
||||
|||**908,995**|
|||**2022**
£
1,013|
|||**1,013**|
All other income in 2023 and in 2022 was unrestricted.
21
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2022**
## **5 Net movement in funds**
This is stated after charging:
|Auditor's remuneration
Amortisation on intangible assets
Depreciation on fixed assets
**6**
**Fundraising costs**
Fundraising costs
Total 2023
Total 2022
**7**
**Trading expenditure**
Trading costs
Total 2023
Total 2022
**8**
**Charitable activities**|**2023**
**2022**
**£**
£
12,360
10,700
14,333
7,167
941
1,376
**Activities**
£
-
-
**-**
**Activities**
£
217,126
**217,126**
**180,027**
**Group**|**2023**
**2022**
£
£
8,375
7,250
14,333
7,167
746
1,182
**Support**
**Total 2023**
£
£
80,531
80,531
**80,531**
**80,531**
**58,463**
**58,463**
**Support**
**Total 2023**
£
£
4,173
221,299
**4,173**
**221,299**
**16,147**
**196,174**
**Company**|**2023**
**2022**
£
£
8,375
7,250
14,333
7,167
746
1,182
**Support**
**Total 2023**
£
£
80,531
80,531
**80,531**
**80,531**
**58,463**
**58,463**
**Support**
**Total 2023**
£
£
4,173
221,299
**4,173**
**221,299**
**16,147**
**196,174**
**Company**|
|---|---|---|---|
||||**Total 2023**
£
80,531
**80,531**|
||||**58,463**|
||||**Total 2023**
£
221,299|
||||**221,299**|
||||**196,174**|
|||||
Choral performances including recordings and educational projects.
|Total 2023
Total 2022|**Activities**
**£**
**1,035,276**
**900,764**|**Support**
**£**
**385,486**
**446,140**|**Total 2023**
**£**
**1,420,762**|
|---|---|---|---|
||||**1,346,904**|
The support costs included in this note are in respect of Choral Performances & Recording and Educational Projects per note 9.
22
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2023**
## **9 Support costs**
|Accountancy and
professional
i
General marketing
**Total**
Communication
costs
Governance costs
(note 10)
Communication
costs
Accountancy and
professional
i
General marketing
**Total**
General office
Finance costs
Information
technology
Human resources
General office
Finance costs
Information
technology
Human resources
Governance costs
(note 10)|**Cost of**
**raising**
**funds**
£
5,463
74,708
360
**80,531**
**Cost of**
**raising**
**funds**
£
3,231
-
-
-
55,192
-
-
40
**58,463**|**Trading**
**expenditure**
**£**
447
304
393
185
2,040
229
544
31
**4,173**
**Trading**
**expenditure**
**£**
1,990
1,016
717
1,153
8,231
969
1,958
113
**16,147**|**Choral**
**Performances &**
**Recording**
£
19,761
10,781
21,495
17,614
118,766
8,107
19,355
33,163|**Educational**
**Projects**
**£**
8,815
2,244
2,884
1,428
112,007
1,686
4,018
3,362
**136,444**
**Educational**
**Projects**
**£**
8,996
2,301
1,620
2,700
92,187
2,194
4,434
806
**115,238**|**Total 2023**
£
34,486
13,329
24,772
19,227
307,521
10,022
23,917
36,916|
|---|---|---|---|---|---|
||||**249,042**||**470,190**|
||||**Choral**
**Performances &**
**Recording**
£
19,071
7,383
12,142
8,379
139,384
7,037
14,225
48,671||**Total 2022**
£
33,288
10,700
14,479
12,232
294,994
10,200
20,617
49,630|
||||**256,292**||**446,140**|
## **10 Governance Costs**
|**Total**
Audit Fee|**2023**
**£**
12,360
12,360|**2022**
**£**
10,700|
|---|---|---|
|||10,700|
23
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2023**
|**11 Employees**
**a) Staff costs**
Wages and salaries
Social security costs
Pension costs|**2023**
**2022**
**£**
**£**
292,467
293,675
22,650
24,764
9,028
8,888
**324,145**
**327,327**
**Group**|**2023**
**2022**
**£**
**£**
247,173
251,664
18,929
20,712
7,538
7,512
**273,640**
**279,888**
**Company**|**2023**
**2022**
**£**
**£**
247,173
251,664
18,929
20,712
7,538
7,512
**273,640**
**279,888**
**Company**|
|---|---|---|---|
||||**279,888**|
**b)** The average weekly number of employees during the year was made up of as follows:
|Office and management|**2023**
**2022**
9
9
**Group**|**2023**
**2022**
7
8
**Company**|
|---|---|---|
There was one employee who earned over £60,000 in 2023 (2022: one) with remuneration in the bracket £60,000 - £69,999.
The total compensation paid to key management personnel in the group amounted to £235,481 (2022: £248,942). Key management personnel are considered to be the Chief Executives of The Sixteen and The Sixteen Productions Limited and Mr R H T Christophers as explained further in the related party note, note 24. Total key management personnel consists of three (2022: three) individuals.
## **12 Income earned from other activities**
The wholly owned trading subsidiary The Sixteen Productions Limited is incorporated in the United Kingdom (company number 04252277) and distributes all of its taxable profits to the charity. The Sixteen Productions Limited's principal trading activity is to promote, maintain, improve and advance the education of the public in the arts and in particular the arts of orchestral, choral and other music through the sale and distribution of CDs, DVDs and digital recordings.
## **Summary of the financial performance and position of The Sixteen Productions Limited**
|**Statement of Profit and Loss**
Income
Cost of sales and administrative costs
Interest received
Interest payable
Other operating income
Profit for the financial year
**Summary Balance Sheet**
Tangible fixed assets
Investments
Currents assets
Current liabilities
Creditors due after more than one year
Total net assets|**2023**
**£**
288,207
(221,299)
193
(394)
-
**66,707**
**2023**
**£**
162
-
143,327
(50,872)
(16,285)
**76,332**|**2022**
**£**
255,735
(196,174)
7
(471)
-|
|---|---|---|
|||**59,097**|
|||**2022**
**£**
357
-
130,990
(35,179)
(27,446)|
|||**68,722**|
24
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2023**
## **12 Income earned from other activities (continued)**
|**Summary Statement of Changes in Equity**
Balance at 31 October 2022
Total comprehensive income
Distributions to The Sixteen
Balance at 31 October 2023|**£**
**Share capital**
1
-
-
**1**|**£**
**Profit and**
**Loss**
68,721
66,707
(59,097)
**76,331**
**2023**|**£**
**Total**
68,722
66,707
(59,097)|
|---|---|---|---|
||||**76,332**|
## **13 Trustees' remuneration**
No trustees received any remuneration in the year in their capacity as trustees (see note 24 for remuneration paid to trustees for other services). One trustee was reimbursed £100 for travel during the current year (2022: £69).
## **14 Tangible Fixed Assets Group and Company**
## **a) Group Tangible fixed assets**
|**Cost**
At 1 November 2022
Additions
At 31 October 2023
**Depreciation**
At 1 November 2022
Charge for the year
At 31 October 2023
**Net Book Value**
At 31 October 2023
At 1 November 2022|**Library**
**£**
5,000
-
**5,000**
-
-
**-**
**5,000**
**5,000**|**Office**
**Equipment**
**£**
36,070
-
**36,070**
33,976
941
**34,917**
**1,153**
**2,094**|**2023**
**£**
41,070
-|
|---|---|---|---|
||||**41,070**|
||||33,976
941|
||||**34,917**|
||||**6,153**|
||||**7,094**|
The library consists of sheet music to be used in The Sixteen's performances. A charge for depreciation is not separately disclosed, because these items are continually replenished and updated.
25
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2023**
## **14 Tangible Fixed Assets Group and Company (continued)**
## **b) Company Tangible fixed assets**
|**Library**
**£**
**Cost**
At 1 November 2022
5,000
Additions
-
At 31 October 2023
**5,000**
**Depreciation**
At 1 November 2022
-
Charge for the year
-
At 31 October 2023
**-**
**Net Book Value**
At 31 October 2023
**5,000**
At 1 November 2022
**5,000**
**15 Investments in subsidiaries and unlisted investments**
**a) Company**
Cost brought forward
Additions
Cost carried forward|**Office**
**Equipment**
**£**
33,749
-
**33,749**
32,013
746
**32,759**
**990**
**1,736**|**2023**
**£**
38,749
-|
|---|---|---|
|||**38,749**|
|||32,013
746|
|||**32,759**|
|||**5,990**|
|||**6,736**|
|||**2023**
**Unlisted**
**shares**
**£**
1|
|||**1**|
The investment represents 100% of the issued share capital of the The Sixteen Productions Limited, a company incorporated in the UK.
## **16 Intangible Fixed Assets Group and Company**
|**Cost**
At 1 November 2022
Additions
At 31 October 2023
**Amortisation**
At 1 November 2022
Charge for the year
At 31 October 2023
**Net Book Value**
At 31 October 2023
At 1 November 202|**Website**
**£**
43,000
-
**43,000**
7,167
14,333
**21,500**
**21,500**
**35,833**|**2023**
**£**
43,000
-|
|---|---|---|
|||**43,000**|
|||7,167
14,333|
|||**21,500**|
|||**21,500**|
|||**35,833**|
26
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2023**
## **17 Listed investments - Group and Company**
|Market Value at 1 November 2022
Gain on revaluation
Sale of shares
Market Value at 31 October 2023
**18 Stock**
Compact discs
**19 Debtors**
Trade debtors
Prepayments and accrued income
Other debtors
Loan with Sixteen Productions|**2023**
**2022**
**£**
**£**
37,769
40,867
**2023**
**2022**
**£**
**£**
95,674
140,207
79,022
15,704
14,547
10,197
-
-
**189,243**
**166,108**
**Group**
**Group**|**2023**
**£**
73,415
1,398
(74,813)
**-**
**2023**
**2022**
**£**
**£**
-
-
**2023**
**2022**
**£**
**£**
66,342
114,972
75,316
13,802
12,438
9,502
16,285
27,446
**170,381**
**165,722**
**Company**
**Company**|**2023**
**£**
73,415
1,398
(74,813)|
|---|---|---|---|
||||**-**|
|||**170,381**|**165,722**|
The inter-company loan is held at an interest rate of 2% above HSBC Bank Plc base lending rate and is repayable when sufficient funds are available.
|**20 Creditors**
Trade creditors
Other taxes and social security costs
Accruals
Deferred income
Other creditors|**2023**
**2022**
**£**
**£**
123,615
140,393
6,557
10,536
45,690
58,081
92
-
3,654
4,361
**179,608**
**213,371**
**Group**|**2023**
**2022**
**£**
**£**
102,300
124,101
5,622
10,231
18,387
40,566
92
-
2,334
3,293
**128,735**
**178,191**
**Company**|**2023**
**2022**
**£**
**£**
102,300
124,101
5,622
10,231
18,387
40,566
92
-
2,334
3,293
**128,735**
**178,191**
**Company**|
|---|---|---|---|
|||**128,735**|**178,191**|
Deferred income represents grants and donations received for a specific future programme. Deferred income movements can be summarised as follows:
|**Deferred income summary**
Brought forward
Recognised as income in the year
Deferred in the year
Carried forward|**2023**
**£**
-
-
92
**Group and**|**2022**
**£**
16,916
(16,916)
-
**Company**|
|---|---|---|
||92|-|
27
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2023**
## **21 Company Limited by Guarantee**
The company is limited by guarantee, having no share capital. At 31 October 2023 two members have each undertaken to contribute in the event of the winding-up of the company, a sum not exceeding £1 per member.
## **22 Financial commitments**
As at 31 October 2023 the company had capital commitments totalling £nil (2022: £nil).
## **23 Operating lease commitments**
As at 31 October 2023 the total of the group's future minimum lease payments under non-cancellable operating leases was:
|**Amounts payable**
Within 1 year
Between 1 and 5 years
Total|**2023**
**£**
19,968
3,328
**23,296**|**2022**
**£**
25,021
18,766|
|---|---|---|
|||**43,787**|
## **24 Related party transactions**
During the year conductor's fees and workshop leader fees totalling £158,292 (2022: £144,095) were paid for the services of trustee, Mr R H T Christophers. The amount was paid to Harry Christophers Limited. Mr R H T Christophers and his wife Mrs V Christophers are both directors of Harry Christophers Limited and Mr R H T Christophers is a trustee of The Sixteen.
At 31 October 2023 £6,600 (2022: £4,800) was due to Harry Christophers Limited.
During the year, the charity received donations totalling of £2,933 (2022: £nil) from two trustees.
28
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2023**
## **25 Restricted funds**
|Choral Pilgrimage 2023 fund
Educational Chorister fund
Other Restricted Funds
Choral Pilgrimage 2022 fund
Educational Chorister fund
Other Restricted Funds|**£**
-
**-**
**£**
-
-
-
**-**
**As at 1**
**November**
**2022**
**As at 1**
**November**
**2021**|**£**
113,920
156,000
80,000
**349,920**
**£**
50,000
210,000
36,500
**296,500**
**Income**
**Income**|**£**
(113,920)
(156,000)
(80,000)
**(349,920)**
**£**
(50,000)
(210,000)
(36,500)
**(296,500)**
**Expenditure**
**Expenditure**|**£**
-
**As at 31**
**October**
**2023**|
|---|---|---|---|---|
|||||**-**|
|||||**£**
-
-
**As at 31**
**October**
**2022**|
|||||**-**|
All of the above funds were created after various donors and sponsors specified which project they were granting the money for. Hence a restricted fund was created for each project.
- ! The Choral Pilgrimage 2023 and 2022 Funds were established after gifts were received to contribute to the costs of performances in the 2023 and 2022 series of Choral Pilgrimage
- ! The Educational Chorister Fund was established after gifts were received to contribute to the costs of educational projects.
- ! Other restricted funds were gifts to use towards the Choral Odyssey project.
## **26 Designated funds**
|**Artistic Projects**
Overseas touring
**Artistic Projects**
Overseas touring|**At as 1**
**November**
**2022**
**£**
30,000
**30,000**
**At as 1**
**November**
**2021**
**£**
30,000
**30,000**|**Income**
**£**
-
**-**
**Income**
**£**
-
**-**|**Expenditure**
**£**
-
**-**
**Expenditure**
**£**
-
**-**|**Transfers**
**£**
(30,000)
**(30,000)**
**Transfers**
**£**
-
**-**|**As at 31**
**October**
**2023**
**£**
-|
|---|---|---|---|---|---|
||||||**-**|
||||||**As at 31**
**October**
**2022**
**£**
30,000|
||||||**30,000**|
Funds had been designated by the Trustees to support ambitious plans for future tours. At their meeting in September 2023, the Trustees decided to release these funds and to fund any future tours from general funds.
29
## **The Sixteen Notes to the Financial Statements For the year ended 31 October 2023**
## **27 Analysis of net assets between funds**
Fund balances at 31 October 2023 are represented by:
|**Unrestricted**
**funds**
**Designated**
**funds**
£
£
Fixed assets
27,653
-
Current assets/(liabilities)
231,253
-
Total net assets/(liabilities)
**258,906**
**-**
Fund balances at 31 October 2022 are represented by:
**Unrestricted**
**funds**
**Designated**
**funds**
**£**
**£**
Fixed assets
116,342
-
Current assets/(liabilities)
183,652
30,000
Total net assets/(liabilities)
**299,994**
**30,000**|**Restricted**
**funds**
£
-
-
**-**
**Restricted**
**funds**
**£**
-
-
**-**|**2023 Total**
**£**
27,653
231,253|
|---|---|---|
|||**258,906**|
|||**2022 Total**
**£**
116,342
213,652|
|||**329,994**|
30