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2024-10-31-accounts

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 2024

THE SIXTEEN CONTENTS FOR THE YEAR ENDED 31 OCTOBER 2024

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 - 33

THE SIXTEEN (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2024

The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 31 October 2024.

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 Harry Christophers CBE Mary Deissler Lady Anne Heseltine (resigned January 2024) Naomi Nikolajsen (resigned October 2024) 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: Wenn Townsend Chartered Accountants 30 St Giles Oxford Bankers: HSBC plc 60 Queen Victoria Street London EC4N 4TR Charity number: 326917 Company number: 1930741

1

THE SIXTEEN

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 OCTOBER 2024 (CONTINUED)

STRUCTURE, GOVERNANCE AND MANAGEMENT

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 10 members (12 in 2023). No person may be admitted to membership of the Company unless he/she is first approved by the Council.

Appointment of Trustees

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.

Trustee induction and training

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.

Organisation

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 day- to-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.

Related Parties

The charity’s wholly owned subsidiary, The Sixteen Productions Limited, was established to exploit, manage and market the recordings made by The Sixteen and distributes all its profits to the Charity (see note 12 to the accounts).

Risk Management

The trustees have a risk management strategy which comprises:

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 SIXTEEN (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 OCTOBER 2024 (CONTINUED)

Objectives and activities

The objectives of the charity are:

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.

The strategies employed to achieve the charity’s objectives are to:

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.

The Sixteen’s learning and participation programme aims to:

3

THE SIXTEEN (A Company Limited by Guarantee)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 OCTOBER 2024 (CONTINUED)

Achievements and performance

The 2023-2024 year saw a strong season, the ensemble’s 45[th] anniversary, in what feels close to a return to preCovid audiences, with many sold-out concerts. There remains a lower than previous number of overseas concerts in comparison to pre-pandemic years. 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. There has been a rise in competition from good European ensembles which are economically more attractive and come with less paperwork.

During the year ended 31 October 2024, The Sixteen gave 50 public performances, four private performances, made two new recordings, and held an ever-greater range of learning and participation projects.

Of the 50 performances, 13 were in London. We were pleased to maintain our residency at the Wigmore Hall, and also to continue our long-standing relationship with Cadogan Hall. We were delighted to return to the Royal Albert Hall for a BBC Prom in early September, with a programme celebrating early 20[th] -century English choral music as part of the Proms Choral Day. We continued in our residency at Kings Place with the Choral Pilgrimage and a specially curated programme as part of the venue’s Scotland Unwrapped series. The Sixteen gave two performances of Durufle’s Requiem , at St Martin-in-the-Fields Church and as part of the Aldeburgh Easter series at Snape Maltings.

To celebrate The Sixteen’s anniversary, the group promoted a highly successful performance of the Monteverdi Vespers at the Barbican, almost to the day of the first performance by The Sixteen in May 1979. The Vespers was performed again later in the year at the Bridgewater Hall, Manchester, and at Temple Church in London; all three performances with The Sixteen’s orchestra. The Orchestra was reunited with the choir for a wonderful performance of Purcell’s Fairy Queen at the Cadogan Hall in September 2024, and Handel’s Messiah at St-Martin-in-the-Fields in December 2023.

In October 2024 The Sixteen undertook its first tour to the US in 20 years performing in eight different locations, with two workshops and eight concerts: St Louis, Dallas, Austin, Birmingham Alabama, Georgia University, East Tennessee State University, The Miller Series in New York, and Yale University. This was despite the devastating Hurricane Helene which struck three weeks before the tour and had a major impact on three of the States within the tour.

The Sixteen’s record label, CORO, released six albums, which included two new recordings by The Sixteen and three recordings by guest artists represented on the CORO Label: I Fagiolini and The Choir of Magdalen College, Oxford. The two new releases by The Sixteen included new, and in some cases premiere recordings of Part Songs by Stanford, in celebration of his 100[th] year. The other disc featured the repertoire from the 2024 Choral Pilgrimage tour. 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 Sixteen’s Choral Pilgrimage performance from York Minster was relayed on Radio 3.

The Choral Pilgrimage continues to be central to The Sixteen’s artistic activities and ambitions to give world-class performances of the finest choral music in the repertoire to the widest possible audience. 20 Choral Pilgrimage performances were given between April and October 2024 celebrating the music of Lassus and by earlier composer Josquin, some of whose works were ‘parodied’ by Lassus in a programme called ‘Masters of Imitation’. The programme also included works by Maddalena Casulana, an Italian composer and singer of the late Renaissance. She was the first female composer to have a whole book of her music printed and published. The programme culminated in a new commission by Bob Chilcott, as part of The Sixteen’s commitment to introduce new choral music into the repertoire. The Catholic Herald said:

‘Once again [The Sixteen] are showcasing some of the finest music ever written, which you’d be hard pushed to hear anywhere else… bringing phenomenal music to audiences up and down the country and wowing them with their versatility and sheer talent.’

Learning and participation hold a central position within The Sixteen’s activity and are crucial in our mission to introduce our repertoire and the joy and benefit of singing 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

4

THE SIXTEEN

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 OCTOBER 2024 (CONTINUED)

to build on existing relationships with schools and music hubs around the UK. In 2023/2024 The Sixteen’s Learning and Participation programme reached a diverse demographic 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 over 5000 individuals through the various strands of our activity. Data shows that we are reaching the underrepresented. Young Residency participants aged 5-18 were: 30% pupil premium, 26% free school meal, 28% English as an additional language, surpassing national averages. 36% were ethnic minority (up from 23% in 2023) compared with 37% national average. We have delivered four Residencies, 12 Singing, eight Choral, five Chorister and two Talent Development Workshops.

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 2024 two Talent Development Workshops were piloted with partners. This series is having a positive impact, with participants saying:

‘The workshop helped me to open my mind to a possibility in a professional choral group’ and ‘It made me feel excited about all the opportunities available.’

‘Thank you so much for organising and delivering two brilliant workshops. For some schools, this was clearly their first proper choral experience!’ Partner organisation, Singing Workshop

‘Brilliant workshop, very interactive. Fantastic opportunity for children to hear live singing of which they have never heard before! The demystifying of composition was a highlight, and including all within the creative decision making.’ Partner School.

‘Thank you once again for these fantastic days, we have already heard comments like ‘can we do that song next year in choir.’ from existing choir members and also comments from year 6s such as ‘I can’t wait to join the school choir next year.’ Partner School.

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, and will be welcoming its 15[th] cohort in August 2025.

“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

Public Benefit

We have referred to the guidance in the Charity Commission’s general guidance on Public 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 2024 (CONTINUED)

Financial Review

The end of the year saw a deficit of £58,437 (2023: deficit of £71,088) 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 £57,150 (2023: £66,707). 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, £778,332, and donations of £370,925. 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 2024 would be £110,000. The actual free reserves at 31 October 2024 were £186,928 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.

6

THE SIXTEEN

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 OCTOBER 2024 (CONTINUED)

Genesis Foundation

The relationship with the Genesis Foundation continues to provide exceptional and ground- breaking 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 14-16 to the accounts.

AUDITORS

A resolution to re-appoint Wenn Townsend will be proposed at the Annual General Meeting.

BY ORDER OF THE BOARD

........................................................ Robin Barda (Chairman)

…………………………..2025 24 July

7

THE SIXTEEN

(A Company Limited by Guarantee)

STATEMENT OF TRUSTEES RESPONIBILITIES

The Trustees (who are also directors of The Sixteen) are responsible for preparing the Trustees’ 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:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy at the time 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 are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

BY ORDER OF THE BOARD

Robin Barda (Chairman)

…………………….2025 24 July

8

THE SIXTEEN

(A Company Limited by Guarantee)

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 2024 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:

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 ofaccounting 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

THE SIXTEEN

(A Company Limited by Guarantee)

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:

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:

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.

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.

10

THE SIXTEEN

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS REPORT TO THE MEMBERS AND TRUSTEES OF THE SIXTEEN

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:

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

THE SIXTEEN

(A Company Limited by Guarantee)

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:

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.

Andrew Rodzynski BSc FCA (Senior Statutory Auditor) For and on behalf of Wenn Townsend Chartered Accountants and Statutory Auditor

24 July

………………………. 2025

12

THE SIXTEEN

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2024

Unrestricted **Restricted ** Total Funds Total Funds
Funds Funds 2024 2023
Note £ £ £ £
Income
Donations and legacies 2 310,925 60,000 370,925
380,648
Other trading activities 12 263,657 - 263,657 288,207
Investment income 2,118 - 2,118 856
Income from charitable activities 3 778,332 150,000 928,332 937,441
Other income 4 20,813 - 20,813 1,962
Total 1,375,845 210,000 1,585,845 1,609,114
Expenditure
Raising funds:
Fundraising costs 6 78,015 - 78,015 80,531
Trading expenditure 7 224,508 - 224,508 221,299
Expenditure on charitable 8 1,157,260 210,000 1,367,260 1,420,762
activities
Total 1,459,783 210,000 1,669,783 1,722,592
Net income/(expenditure) (83,938) - (83,938) (113,478)
(Loss)/gains on investments - - - 1,398
Taxation credit 25,501 - 25,501 40,992
Net movement in funds for the year5 (58,437) - (58,437) (71,088)
Funds at 1 November 2023 27 258,906 - 258,906 329,994
Funds at 31 October 2024 27 200,469 - 200,469 258,906

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

(A Company Limited by Guarantee) 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
Expenditure on charitable
8
activities
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		 Unrestricted
Restricted
Total Funds
Total Funds
Funds
Funds
2023
2022
£
£
£
£
186,728
193,920
380,648
341,224
288,207
288,207
255,735
856
856
529
781,441
156,000
937,441
908,995
1,962
1,962
1,013
1,259,194
349,920
1,609,114
1,507,496
80,531
80,531
58,463
221,299
221,299
196,174
1,070,842
349,920
1,420,762
1,346,904
1,372,672
349,920
1,722,592
1,601,541
(113,478)
-
(113,478)
(94,045)
1,398
-
1,398
(4,877)
40,992
-
40,992
-
(71,088)
-
(71,088)
(98,922)
329,994
-
329,994
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.

14

THE SIXTEEN (A Company Limited by Guarantee)

CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2024

Note 2024 2024 2023 2023
£ £ £ £
Fixed assets
Tangible fixed assets 14 6,374 6,153
Intangible fixed assets 16 7,167 21,500
13,541 27,653
Current assets
Stock 17 46,797 37,769
Debtors 18 226,039 189,243
Cash at bank and in hand 150,259 183,849
423,095 410,861
Creditors:Amounts falling due 19 (236,167) (179,608)
within one year
Net current assets 186,928 231,253
Total assets less current liabilities Total assets less current liabilities 200,469 258,906
Net assets 200,469 258,906
Funds
Unrestricted funds 200,469 258,906
Designated funds 26 - -
Restricted funds 25 - -
Total funds 200,469 258,906

These accounts were approved and authorised for issue by the Board on a nd signed on ……………………..2025 24 July on their behalf by:

……………………………………..

Robin Barda Chairman

15

THE SIXTEEN

(A Company Limited by Guarantee)

COMPANY BALANCE SHEET AS AT 31 OCTOBER 2024

Note 2024 2024 2023 2023
£ £ £ £
Fixed assets
Tangible fixed assets 14 5,242 5,990
Intangible fixed assets 16 7,167 21,500
Investment in subsidiary 15 1 1
12,410 27,491
Current assets
Debtors 18 196,519 170,381
Cash at bank and in hand 122,188 113,438
318,707 283,819
Creditors:Amounts falling due 19 (197,118) (128,735)
within one year
Net current assets 121,589 155,084
Total assets less current liabilities 133,999 182,575
Net assets 133,999 182,575
Funds
Unrestricted funds 133,999 182,575
Designated funds 26 - -
Restricted funds 25 - -
Total funds 133,999 182,575

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 £1,388,841 (2023: £1,422,594) and total expenditure was £1,437,419 (2023: £1,501,293) giving a net deficit for the year of £48,578 (2023: £78,699).

24 July These accounts were approved and authorised for issue by the Board on ………..……….2025 and signed on their behalf by:

…………………………………….. Robin Barda Chairman

16

THE SIXTEEN (A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2024

Note
2024
£
Cash flows from operating activities
Net cash provided by/(used in)
operating activities (see below)
Cash flows from investing activities
Disposal of shares
-
Purchase of tangible fixed assets
14a
(1,697)
Net cash used in investing activities
Change in cash and cash
equivalents
Cash and cash cash equivalents at
the beginning of the reporting period
Cash and cash cash equivalents at
the end of the reporting period
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		 2024
£
-
(1,697)		 2024
£
-
(1,697)		 2024
£
2023
£
(31,893)
74,812
-
(1,697)
(33,590)
183,849
150,259
2024
£
(58,437)
1,476
14,333
-
(9,028)
(36,796)
56,559
(31,893)		 2024
£
2023
£
(31,893)
74,812
-
(1,697)
(33,590)
183,849
150,259
2024
£
(58,437)
1,476
14,333
-
(9,028)
(36,796)
56,559
(31,893)		 2023
£
(111,011)
74,812
(36,200)
220,048
183,849
2023
£
(71,088)
941
14,333
(1,398)
3,098
(23,135)
(33,762)
(111,011)

17

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

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 2026, 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 non-charitable 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.

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.

18

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

1. Accounting policies (continued)

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.

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.

19

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

1. Accounting policies (continued)

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 (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

2 Donations and legacies

Unrestricted
Donations
Gift aid
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		 2024
£
284,834
26,091
310,925
-
60,000
60,000
370,925
2024
£
778,332
778,332
150,000
150,000
928,332
2024
£
20,813
20,813		 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

All other income in 2024 and in 2023 was unrestricted.

21

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

5 Net movement in funds

This is stated after charging:

This is stated after charging:
Group Company
2024 2023 2024 2023
£ £ £ £
Auditor's remuneration 10,425 12,360 6,500 8,375
Amortisation on intangible assets 14,333 14,333 - 14,333
Depreciation on fixed assets 1,476 941 748 746

6 Fundraising costs

Fundraising costs
Total 2024
Total 2023
7
Trading expenditure
Trading costs
Total 2024
Total 2023		 Activities
£
-
-
-
Activities
£
206,863
206,863
217,126		 Support
£
78,015
78,015
80,531
Support
£
17,645
17,645
4,173		 Total 2024
£
78,015
78,015
80,531
Total 2024
£
224,508
224,508
221,299

8 Charitable activities

Choral performances including recordings and educational projects.

Total 2024
Total 2023		 Activities
£
994,550
1,035,276		 Support
£
372,710
385,486		 Total 2024
£
1,367,259
1,420,762

The support costs included in this note are in respect of Choral Performances & Recording and Educational Projects per note 9.

22

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

9 Support costs

General office
Governance costs
(note 10)
Finance costs
Information
technology
Human resources
Communication
costs
Accountancy and
professional
General marketing
Total		 Cost of
raising
funds
£
5,242
72,324
449
78,015		 Trading
expenditure
£
1,348
810
1,922
1,359
7,333
651
2,025
2,197
17,645		 Choral
Performances
& Recording
£
15,663
7,884
18,385
12,059
109,641
5,792
17,918
46,186		 Educational
Projects
£
8,320
1,731
7,414
3,009
112,490
1,391
4,326
501
139,182		 Total 2024

£

30,573

10,425

27,721

16,427

301,788

7,834

24,269

49,333

468,370
233,528
General office
Governance costs
(note 10)
Finance costs
Information
technology
Human resources
Communication
costs
Accountancy and
professional
General marketing
Total
ernance Costs
Audit Fee
Total		 Cost of
raising
funds
£
5,463
74,708
360
80,531		 Trading
expenditure
£
447
304
393
185
2,040
229
544
31
4,173		 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
2024
£
10,425
10,425		 Total 2023

£

34,486

13,329

24,772

19,227

307,521

10,022

23,917

36,916

470,190
2023
£
12,360
249,042
12,360

10 Governance Costs

23

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

11 Employees
Staff costs
Wages and salaries
Social security costs
Pension costs		 Group
2024
2023
£
£
272,476
292,467
21,984
22,650
15,387
9,028
309,847
324,145		 Company
2024
2023
£
£
223,649
247,173
17,794
18,929
13,771
7,538
255,214
273,640		 Company
2024
2023
£
£
223,649
247,173
17,794
18,929
13,771
7,538
255,214
273,640
273,640

a) Staff costs

b) The average weekly number of employees during the year was made up of as follows:


Office and management
 Group
Company
2024
2023
2024
8
9
6		 2023
7

There were no employees who earned over £60,000 in 2024 (2023: there was one employee with remuneration in the bracket £60,000 - £69,999).

The total compensation paid to key management personnel in the group amounted to £249,272 (2023: £235,481). 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.

24

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

12 Income earned from other activities (continued)

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
Profit for the financial year
Summary Balance Sheet
Tangible fixed assets
Currents assets
Current liabilities
Creditors due after more than one year		 2024
£
263,657
(206,795)
356
(68)
57,150
2024
£
1,132
105,552
(40,213)
-
66,471		 2023
£
288,207
(221,299)
193
(394)
66,707
2023
£
162
143,327
(50,872)
(16,285)
76,332

Summary Statement of Changes in Equity of The Sixteen Productions Limited

Balance at 31 October 2023
Total comprehensive income
Distributions to The Sixteen
Balance at 31 October 2024		 £
£
Share capital
Profit and
loss
Total
1
76,331
76,332
-
57,150
57,150
-
(67,011)
(67,011)
1
66,470
66,471

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). Trustee(s) were reimbursed £- for travel during the current year (2023: £100).

25

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

14 Tangible Fixed Assets Group and Charitable Company

a) Group Tangible fixed assets

a) Group Tangible fixed assets
Cost
At 1 November 2023
Additions
At 31 October 2024
Depreciation
At 1 November 2023
Charge for the year
At 31 October 2024
Net Book Value
At 31 October 2024
At 1 November 2023		 Library
£
5,000
-
5,000
-
-
-
5,000
5,000		 Office
Equipment
£
36,070
1,697
37,767
34,917
1,476
36,393
1,374
1,153		 2024
£
41,070
1,697
42,767
34,917
1,476
36,393
6,374
6,153

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.

26

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

14 Tangible Fixed Assets Group and Charitable Company (continued)

b) Company Tangible fixed assets


Cost
At 1 November 2023
Additions
At 31 October 2024
Depreciation
At 1 November 2023
Charge for the year
At 31 October 2024
Net Book Value
At 31 October 2024
At 1 November 2023
15 Investments in subsidiaries and unlisted investments
a) Company
Cost brought forward
Additions
Cost carried forward		 Library
£
5,000
-
5,000
-
-
-
5,000
5,000
 Office
Equipment
£
33,749
-
33,749
32,759
748
33,507
242
990		 2024
£
38,749
-
38,749
32,759
748
33,507
5,242
5,990
2024
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.

27

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

16 Intangible Fixed Assets Group and Charitable Company

Cost
At 1 November 2023
Additions
At 31 October 2024
Amortisation
At 1 November 2023
Charge for the year
At 31 October 2024
Net Book Value
At 31 October 2024
At 1 November 2023		 Website
£
43,000
-
-
21,500
14,333
35,833
7,167
21,500		 2024
£
43,000
-
-
21,500
14,333
35,833
7,167
21,500

17 Stock

Compact discs Group
2024
£
2023
£
46,797
37,769		 Company
2024
£
2023
£
-
-		 Company
2024
£
2023
£
-
-
-

28

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

18 Debtors
Trade debtors
Prepayments and accrued income
Other debtors
Loan with Sixteen Productions		 Group
2024
2023
£
£
78,958
95,674
103,024
79,022
44,057
14,547
-
-
226,039
189,243		 Company
2024
2023
£
£
59,841
66,342
96,026
75,316
40,652
12,439
-
16,285
196,519
170,381		 Company
2024
2023
£
£
59,841
66,342
96,026
75,316
40,652
12,439
-
16,285
196,519
170,381
196,519 170,381

The inter-company loan was held at an interest rate of 2% above HSBC Bank Plc base lending rate and was repayable when sufficient funds were available.

19 Creditors
Trade creditors
Other taxes and social security
costs
Accruals
Deferred income
Other creditors		 Group
2024
£
145,626
44,290
39,322
1,648
5,281
236,167		 2023
£
123,615
6,557
45,690
92
3,654
179,608		 Charitable
2024
£
131,354
43,537
14,899
1,648
5,680		 Company
2024
£
102,300
5,622
18,387
92
2,334
197,118 128,735

Deferred income represents grants and donations received for a specific future programme. Deferred income movements can be summarised as follows:

20 Deferred income summary

ed income summary
Brought forward
Recognised as income in the year
Deferred in the year
Carried forward		 Group and Charitable Company
2024
2023
£
£
92
-
(92)
-
1,648
92
1,648
92
1,648

29

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

21 Company Limited by Guarantee

The company is limited by guarantee, having no share capital. At 31 October 2024 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 2024 the company had capital commitments totaling £nil (2023: £nil).

23 Operating lease commitments

As at 31 October 2024 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		 2024
£
5,553
-
5,553		 2023
£
19,968
3,328
23,296

24 Related party transactions

During the year conductor's fees and workshop leader fees totaling £139,163 (2023: £158,292) 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 2024 £27,000 (2023: £6,600) was due to Harry Christophers Limited.

During the year, the charity received donations totaling of £nil (2023: £2,933) from trustees.

30

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

25 Restricted funds

Choral Pilgrimage 2024 fund
Educational Chorister fund
Choral Pilgrimage 2023 fund
Educational Chorister fund
Other Restricted Funds		 As at 1
November
2023
£
-
-
As at 1
November
2022
£
-
-
-
-		 Income
£
60,000
150,000
210,000
Income
£
113,920
156,000
80,000
349,920		 Expenditure
£
(60,000)
(150,000)
(210,000)
Expenditure
£
(113,920)
(156,000)
(80,000)
(349,920)		 As at 31
October
2024
£
-
-
-
As at 31
October
2023
£
-
-
-

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.

31

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

26 Designated funds

Artistic Projects
Overseas touring
Artistic Projects
Overseas touring		 At as 1
November
2023
£
-
-
At as 1
November
2022
£
30,000
**30,000 **		 Income
£

-
-

-
Income
£

-
-

-		 Expenditure
£

-
-
Expenditure
£

-
-		 Transfers
£
-
-
Transfers
£
(30,000)
(30,000)		 As at 31
October
2024
£
-
-
As at 31
October
2023
£
-
-

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.

32

THE SIXTEEN (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024

27 Analysis of net assets between funds

Fund balances at 31 October 2024 are represented by:

Fixed assets
Current assets
Total net assets		 Unrestricted
funds
£
13,541
186,928
200,469		 Designated
funds
£
-
-
-		 Restricted
funds
£
-
-
-		 2024
Total
£
13,541
186,928
200,469

Fund balances at 31 October 2023 are represented by:

Fixed assets
Current assets
Total net assets		 Unrestricted
funds
£
27,653
231,253
258,906		 Designated
funds
£
-
-
-		 Restricted
funds
£
-
-
-		 2023
Total
£
27,653
231,253
258,906

33