Opera North Future Fund Trustees, report and fmancial statements Charity registered number 1122499 31 March 2022 Opera Noi'lh biituic Fuiid Trustees. report aiid fiIiaiKi31 sllllenients 31 March 2022 Contents Legal aiid admiaJisti'ativ¢ ilifoi'mat￿On Report of the TTllStees for the year ended 31 h4arclJ 2022 Staten)eiit of Trustees, JtsponsibilitlES rn respect of the Trustees, aiiiiual report aiid tbe fin&ticial slat￿nt￿t5 Iiidependent Examiiirrfs repoit to the Trustees of Opera Norilj Future fund Statcinenl of financial activities BAIAnce sheet Cash flow stateinent 10 Reeonciliation of nei c*Jsh flow to movein¢iit in net debt 10 Notes OpBI'& Noith Fuliii'e fuiid 'riu5tces' yeport al￿d fiii&ii¢idl stAlcIneiils 31 Marcli 2022 Legal and administrative informatio T1.￿slee$ Sii. Andrew Lawsoii-Taii¢ird BT MT Paiil Lee OBE DL MA LLM Di. lichard Mahtle OBE DL Mrs Reb¢¢ca Bletchcr The Hon. Mrs DiaJ]a Dent Chair Vice Chwi. Clerk to the Ti'ustees MS Kiisty B￿11¢￿ Charity Number.. 1122499 Prlnolpal Offjce Howard Opera Celltre, 8 Harri50n Street, Leeds, LSI 6PA Independent ExaN]iner Ri¢hard Lewis FCCA, RSM UK Tax alld Accounting Limited, Chartered Accountants, Two Humb¢r Qu*ys. Wellington Street West, Hull, HUI 2BN Bankers Coutls & Co, 440 Stiand, London, WC2R OQS HSBC, 33 Parfi Row, Leeds, LSI ILD SolicitOl'S Wrigleys LLP, 19 Cooki'idge StreeL Leeds, LS2 3AG IMvestmeTht ManAgetY & Brokers Redm&yne Bentl¢y, 9 Bond Court, Leeds, LS12JZ Opera North fuliii'e F'iiiid Tiiislccs, ￿pDrt (71￿ rjn￿￿e1￿1 statcineiiis 31 March 2022 Report of the Trustees for the year ended 31 March 2022 The 'l'iustees pi'esent their report and the fjiiancial statenients of the chaiily for the yeai. ettded 31 Mai'ch 2022. 'Fh¢ rinancial 5tateinents liave been piepwrd i&i accoiylance with the &ccounting poli¢i6s set out pages I l and 12 and eomply witli the chaiily's triist deed, the ClJ8J'ilies Act 2011 Accoiittling and Repoiting by Chaiili¢s.' Statetneiil of Rccomniended PKaclice applicable lo chai'ilies pr¢paring their accounts itt accoilance with the Financial Repoitsng Stalldard appli¢able iji the UK aiid Republic of Ireland publislied oft 16 Jiily 2014 and as ainended OJ? l Jatjuary 2019. Legal & adniinisliative iJ]form2tioii is set out on page 2. struct￿1* GoveiitHnce And Management I'he Opera North Future Fund is constituted uThder a ti'llst deed dated 20 Decemb¢Y 2007 and is a regiSte￿d charity, numbey 1122499. The Tiustees who have s¢ived during the year aTe set out on page 2. Mie Ch&iJman of Opera North Liinited (Paul Lee) and th¢ Gcnei'al Direeloi. of Op¢ra North LI￿nited (lknchard J Maiiile) aiE Tiwstees ¢x-ofFIcio. All Trustees have the same right5 and receive no bBn¢fits for iheir services. Under the tetryns of the trust deed. the fil￿t Trustees shall appotEIt I￿t less thali two ￿dependent Trustees. 1'iustees are entitled to I￿Ed O￿lee f()r a PEI'iod of fjve years fi'oTn the date of ilie Tiusl Deed. Futu￿ it)dcpcndent Triistees must be appoit]ted for terms of office of three years by r¢s¢)lulioR of the Trustees. A retiring Trus¢ee who is coÉnpctcllt to t¢1 may be re-appointed at the end ofhisther t¢rm of otTice but is not eligible for reap￿jIntmSI1t if he/she has held office for a cotjtiiiuous peTiod of nine years. The Trllstees must hold at le&%t twD meBtiTrgs & year. At tliese mcelings, tlie Trustees discuss alld a8iEe the broad stTrtegy f￿. the yeai. and tbe pvogramme of forthcoinittg activities to supp)rt. Tlie Op¢ra Noiih FuluJ'¥ Fund has no dI￿¢t staff or employees, but administhative support is piDvided by the staff of Op¢ra Nortb Limited. Rtyli Management Duriiig Iht yEar the Trust¢¢s continued to exaMi￿C the major 5tratcgic, blisin0￿* and opei'ation&l i'isks which the ¢hai'ity faGes and as apprupTialr have est8blish¢d systems to report ott and tnitigatc Any idcntified risk5. Ilie illVe51mellt management piovision has continued iu remain under i'eview during the year, particularly 211 light of th¢ ¢hallcnging invtstment BtEVllDninent caused by Covid.19 aod chan%es in ¢he ¢cullomy. The Trustces coii.%idcr that adequate controls are in place Éo niitigale Ilie kEy risks idenltfjed. The Tru5t¢E5 have been keepiE]g undei. review any Tisk arcas that intty be impacted by Covid-19 ind Jnoie J'ecuiily those rmpacted by high nflation, cost of living and Fnteirst rate changes. Trustee tr9ining New Tnlstees ulldergo a p￿gramme of ittdu¢tion. which is planned to allow a thorough insight intrj the activities of the ChaTity. At the ttme ofappoinfment each Tivstee ￿CEive5 an Indiictiott Pack which includis a copy of the Trust Deed, the dates of s¢heduled meetings. most J'ecent financial statements and oth¢F appropj'iate literature detailing evellts and forthGoniing activities. Throughout th¢ year Truslces are sent Charity Cominission ncwsletters and other published material relatingto corporate governance and legal obligations to k¢ep them abreast of their ]rsponsibilities. objettlv￿ Activities The obje¢ls of tbe chartty are to promotr aTrd further the objects of Opera North LÉmited (registered charity number 511726 and registered company number 15507781 for the benefit of the public by makiE)g grants to Opera North in particular, but without r¢stri¢tion, to encoui'age and supKrf)rt ils artistic aspirations developmental initiatives. 0￿ra N()1lh Futtjre Fujid 31 Marcli 2022 Trustees? Report (continued) The objects of Opera North ar¢ to enco(Irage the understanding appreciation of Ilie lyrÈc art by pJDvidiiig, PTfSenliiig, oi'gatjisiiig, ittaTha¥irtg and coiidiicting opeiH peJformatFces, Syl￿pho11Y ¢oJic¢rts al￿ educalioiial ev¢nls pj'imarily iii the North of EiiglaDd. Opel? Noi'lh tt]ay present. Pl￿1￿01t, arganise* provide, majiage, prodiice or ¢oiiducl such perfomiaiibes of tspera, Iniisi¢, di?ma, filnis, lecttires, i'ecitals, discussitsiis or exliibitions including bToadcastiJ]g, television, and oiliei. Ine&llS of i'eprodu¢(ion Èn the Ui?ited Kingdom aiid abroad as appropriate. The A¢hi¢veRieiits and Perfarmance sectioE￿ of tljis repoit details tlie 5peGific pN>jects whicli tli¢ Opera Noitli fumir Ftsnd has agTeed to siippoit in Ineetiiig these objectives. Gt*Dt M￿lI1￿E policy The Tn15t invites applicattoiis from Opera North Limited for fÈnan¢ial aiid other suppoit ift awordance witkn its charitable objects. All applicatiotis ar¢ con5iderEd at TJ￿st n)¢etii)gs tmd decisions speedily commiinicated lo the applicant. Achievements and Performance DuTing tht yeay the Trustees agyeed a gift of £160,000 towards the woi'k of Opera North under the banner "exhaordinary ¢X￿l￿enCes" suppoiting the work of the comp211y tliat sees it expalld its activity Etyottd the coyc of oper8tie pelfoii￿an¢C. to pJDvide opporlut)ily fui" ptople uf all ages and backgiDund5 to expei'iellce the benefit of #¢live participatioJE ia) live mu.%ic. As the Compaiiy emerged from the pandemic during the ycai. to perforni io the Leeifs Grand Mieatir and on tour, the support of thc ONFF enabled the conlillttation ot'the CommuJ]ity Paitnerships pru¥r4tnmE, LOttnectii)g hard to reach ¢oJnmuiiities with live peYforniaAce. This fuiidiiig aL*ts %upport¢d Opei'a North's education prograinme. lh¢ flagship Ill H￿'mOnY programme diat pl￿VideS music thiliot) 10 ovci'2.000 childirn each week in 6 Leeds schools. The trustee5 also made a series of ￿ft8 resttictcd to specific a¢tivity. Th¢5e were £IOO,QOO toWa1￿S the landina¥k slagiiig of Pat5ifal that toured the UK in the year. £40,000 as a eonlributi(In to the progrnmmc af eclediG Iniisic li) the Howard Assembly Room and £6,000 frt)Th Ihr Harewood Young Aitists Fund to suppoit a t¥aiiJllig bvi'sary fcTrr an Associatc A%si%tant Female Conductor, FinAnciRI Rewiew In the yeai. ettded 31 March 2022 the charity has received donated income totalillg £1 80.025 (2021.. £205,875). As stated in the accountin8 policies s¢¢tion, notc I, dotJaliDttS are GrediÉed in the accounting pe11￿ of cash receipt, which veflecls the period when the Charity is ¢iititl¢d to thc income, it is pro￿ble that tbe Èttcorne will be re¢eiYed and the a￿Ount of inconie rec£ivabl¢ can be measuiEd ieliably. The Trust has agreed to provide finan¢ial Slip￿)rt for a nusnber of projects and the detail of payments madc to date Gan be found in note 5. Investinent polley The Truste¢s have p)weY5 to deposit or itsvest thnds in any inall1￿er but to invest only aftej. obtaining advice from a finan¢ial ¢xpeYt alld having regard to the suitability of inyestmenls and ¢h¢ n¢ed foi. divei'sifi¢&lion. Fund Managei's, Redmayne Bentley reniain appointrd to ￿VeSt the capital of the Trust. They have placed funds ifi a ]nixed portfolio of sto¢ks and shares, index litthed tlrasui'y ahd foreign treasury notes and rash products. Gains and losses on investmettts &re eortsolidated into the ftjnd and re-iiivesled where appropi'iate. The funds are disG105ed at rnarketvalue at the year-¢nd. A5 and whell funds are iEqiiiird to meet com171ilmeiits, the Trustees will draw down from the portfolios. Aside from the investrnents held with the Fund M&nagers the chaiity does Iiot hold any investment fllnds other than mot)etary funds. All cash balances are on i1￿￿ediate notice to allow complBte tlexibilÈty of operation. Oi?er4 Noith Flithre fuiid 31 Mairli 2022 Ti'ustees, Report (continued) Re5eiryes Policy t is the polÈcy of the charity to build an expendable endowinejil fund which will pYgvid¢ an annual inmme to siipport tivities and cover admlnlsth'at￿0n ai)d siipport cost5. Siich costs being kept to a miniilluin as genei?l offJ¢e and administt'&tive suppoit Is being PJYFvided by Op¢ra North Limited, Diie to the low volume of Iratisaclions and 5tniple natuj'e of Ihe charity. these siippojf ¢osts are Jiot cojisidered significant and aiE ￿latIve[Y iin8ff¢cl¢d by inflationary incirases. FIEe IfS¢Tves of £5,000 are siitTicietJt to cov¢i' genernl governance and SUPPOft costs. Current free resetves, represeiited by the iin]EStricted fiinds of the Ch￿.ity, aiE £5.607 (2Q21.. £5,607), Plllns foi. tlie fiiture Looking tD the fiiture it is hoped the Triist will continue to suppoil Opeix Noi'lh's wide rniTrging EdiKcatioii and Community programine, ensuiittg eveyyone iii Leeds Ind the other co1￿mUnItieS the C.omp#Ely selves have a¢cess to woiqd class live Inusic in perforniance and thvoijgli participatory activity. In September 2022 the Coinpgny will also wel¢oine two new DARE Peltmall Fellows, offci'ing eai'ly caiEei' PlDfessionals a ¢l)anc¢ to complete a yth. 10118 practice led reseawh project in music education iii parttaership with the Univcj'sity of Leeds. In December the Trustees will joill with Opera North in celebixtillg 10 yeai¥ of thE In Harinony progi?Inm¢, using this ilestone to launch a fundraisinR CdtnpxIBn to suppoit the pmgrnTnnies future gyowtl). Plans arc al%0 in place foi. the rirst of a series of alluual collc¢ils itt c¢lEbralion ofihe l(tl¢ Dr Keitli Howard, to generate ongoing revenue for trust lie was ¢entral in cstablishing. Piiblit Benefit The Trustees are aware of tlie Charity Commission's advic6 on Charities and Piiblic Benefit. Tlie Trustees confirm that they have LrfetTed to the guidattce containcd in th¢ c.harity Commission's general £uid(IITrLe on public benefit wlie revtewiiig the Trust's aims and objectives and in planMns futur¢ •¢tivitjf5 for the year. As bliiled iti the obje¢ts of the trust, Ilje Opera North Futurc Fund cxi.%t% to promote atid further the objects of Operd North Li￿lted for the bdiefEt ofthe public by mfjking graiEts to Opera Noith. to encourage and %upport its aitistic aspiiBtions aftd develop]nental initiatives. Key Management PtrsonTrel Re￿UDer4tioll The trustees consider tlie b04rd of ITLFStees as comprising the key management persoonel of the charity is) charge of directing and COntt￿lIlng the ¢harity and i'vnning and operatlll8 the ¢haiity on a day-to-day basis. All trustees give of theii. time fi.eely &nd no tru￿tE ￿1￿lineral￿On was paid the year. Detwls of tt'ustee expenses and related party transactions aTC disclosed in notes I l and 12 to the &¢¢ount5. Opeia Nurili Fiittiie Fund Trusltes, ¥¢WTI ￿ld fiiiaiiciAI sihlc1ne￿ts 31 M24 rcli 2022 Statement of Trustees, responsibilities in respeet of the Triislees, annual i'epoi't and the financial statements The cliarity tru$te¢s ar¢ I'espoiTrsible fol. piEpai"ing a Trustees, &nnual report and fitJan¢ial statemellts in acc01th￿Ce witli applicable law artd Ulllted lrt in respe¢t of my exaillination of the charity's accoiints carried out uiid¢r S¢Gtion 145 of the 201 l A¢t and in cai'iying OUÉ iny exarnijiatioii I have followed all tbe applFcable Dirtclions given by the Charity C.ommissiDn undet section 145 {5)Ib) of the 201 l Act. An independet]i examinatioii does not involve gatheriijg all the eviden¢e that would k rcquii.d in ali audit alld ctsn5equeiitly does llot coyer all the matteiy that an auditor ¢onsid6rs in giviE]g their opinion on the accounts. The plannii)g and ¢onducl of an audit goes beyoiid the limited assuraiic¢ that an indepeiidellt examination ¢a pl￿Vide. f.oii.8equently) T express tto opit)ioL as lo whethei. the accounts present a 'true and fair view. and tny report is liEJiited to those specifjc InatttJE set out iii the indepelldent examiner's statemeiit. TndependeRt exAmineY'8 $tgtem¢ftt I have con)pleted Iny examittatEOlI. J confirm that tto IlldleriRI matters have Come to my attentiot) connection with thc examinatiDn giving ME re2sonable cause to believe that in any malttii41 iyspeci.. accounting r￿illS were not kept in irspectof tlie ¢harity as trquired by section 130 of the 2011 Act., or the accounts do llot accoi'd with thosc records,. or the accounts do not Lotnply with the applicable requirements concerning the Form and contcnt of accounts set out in tlie Charitie5 (Accounls. illl(l Repoi15) Re¥ulation$ 2008 otlier thali any i'equiremeiit thai the atcouTrt5 give a 'tNe and fair view. which 15 not a matter eonsidered as p&rt of all independ6Trt exajiiination. I hav¢ no conce1Tr5 and haye eome a¢1￿$$ no other mafters in contte¢tiot] with the ex%uninatian to which att¢lltion should be drawn in this Jy)ori in order lo enable a pl￿per understanding of the accounts to be reached. Ic Le￿4,. L"_.bJ Ioehard Lewis FCCA The Associatioii of Certified Charfeird Accountants R.8M UK Tax and Accountjllg LI1￿lted, CharteJEd Accounlanls Two Hiitnb¢r Quos Wellington Sh'eet West Hull HUI 2BN Date.. 14112122 Ok)et￿ Noiih biittire Futid Tiiist¢es' rcpoti sialeiiienls 31 Maitlk 2022 Staleitient of finan¢ial a¢tivi¢ies ripicoiiiorrtliisg tlie Ipieoiiie eipeFidiliiiE ftccoiiiil) foi. Ilie Jjeai, eiirfedS1 Jvfircli 21122 Nole 2022 ExpeiidAhlc 2022 2022 2022 2022 T￿tft1 funi15 2021 Total Ile5trielcd Ullresti'ie*ed ruttds flind$ endowDieiit fwnd$ I[EC￿￿te Ajid ertdoiw￿1¢ll*S Doiialiiiis and IcgJcic5 iconic from inveslmeiits 18Q.025 54,816 18D,O25 54,816 205,875 47.945 2J4041 234,&11 253,820 F.IpeiidEtur¢ ￿tt.. Raising fullds lives1￿}￿nI matiageineiit ￿St8 Charitable acltvilies 30,869 17,605 16V,IMILI 2.737 33,606 17,605 319,462 33,552 13,528 20,833 159,462 Total ¢xp¢Aditure 208.474 159,462 2.737 370,673 67.913 N¢1 inco￿¢1[expend1turt) befor¢ tt￿n5rcrS I.￿nsfer$ 26,367 {159.4621 12,737) 11350321 185.907 12,737) 2,737 Nel (expen￿lI￿reV iTrcome before o¢her i'eL'ugniscd Eaiiis Realised ￿]d lin1￿115¢￿ gaillslllosses) oll inv￿lMent asscis 23,630 1159,4621 1135,832) 185,907 17,605 139,463 157.068 311,221 Nel movement ltt fu￿d$ 41.233 139.463 1159,4621 21,236 497.128 Tol#l flind5 brvuglit fonyord 243,344 2,417,643 263,299 3,607 2929,893 2,432,765 TfrtAI fuiid5 Carried fonYArd 284,S7 2,5.$7,106 103,837 5,607 2,951,129 2.929.893 The ctLai'ity has no recognised 8ains or losses other than the net movement in funds for the period. The above resiilts derive wholly from continuing operatiot]s. The notes of pages l I to 18 form an illlegral part of ihe fJRanctal statem¢nt$. Opei'a Norih fuMI'e Tr'und Trustees. ¥epoi't fli1￿1clqI.8141￿lmelJIb 31 March 2022 Balance sheet s nt 31 March 2022 Nole 2022 2021 ixed Hssets v￿lIn¢17¥S 2,762,707 2.623.244 Cui'reiit A55et5 D¢blors due iviUiiIi onc ye&. ai bank aiid iii liaDd 5,750 434,736 2,340 509,341 440,4fi6 511,681 Cr￿litOrS.. atttoullts fallllig duc Iviihiii vn¢y¢ (252,0641 1205,032} Net cui'rent Issets 188,422 306,649 Net Assets 2,951,129 2,929,893 Expend&bl¢ Enthw?ieThl PetI￿anen1 Ertdowmtrtt R¢stricted UtllEStricted 284,579 2,557,106 103,837 5,607 243,344 2,417,643 263.299 5,607 2,951,129 2,929.893 Th¢ notes of pages I I to 18 form inte8ral pait of the fjnaneial statements. These finofj¢ial statemen were Approved by the boayd oFTrnstets on /o/11Oartd were signed ott its behalf by.. LllwsDn-T Rcb¢¢ TPl￿ee Ictcher T￿￿Slee Tru51cc5' reporl und fin8ncinl staleilleiiis 31 Marcli 2022 Chai'ily i'egistered number.. 1122499 Cash flow statement foi. tlic yeat. ended 31 MAI'di 2022 2022 2021 R¢eon¢iliHtion of ncl incorniilglloutg￿I￿¥) J*sourcE5 to Jiet exsh floiy fi'otn opei'AtinR Aetiyities Nel incojningtcsouires for the year N¢1 iIivcslmenl incunie Nel iiiovcnient iti ittYestu]cii15 bi¢￿ in debtoys IIicii¥k* itt credilD15 21,236 154,11161 1139,4631 13,4101 47,032 497.128 147,9451 1695,965) 48,792 Net cash outnDW fiom operAtirtg ACtiYitie5 1129,4211 CAslI tTDiv $tHt¢mthit N¢t cth outtloiv frotn opev&iing #cltvities CaFhpl￿V￿e8￿Y lnvesrlngi￿I￿I111fft.$ R¢tuttis on invesiinenls 1129,4211 54,816 47.945 Dtcrease cAsli in th¢ y¢thr 174,6051 1150.1661 Reconciliation of net cash flow to movement in net funds and cash fot. the yeii. ended 31 March 2022 2022 2021 Dwre85e in thsh itt Ihe yeÈr 174,605) 1150,166) Nel eash attst of yc8r 509J41 659,507 N¢t¢ash at of ytar 434,736 509.341 The not¢5 011 pages I I to 18 farm an integral pait of the fJnan¢ial statements. 10 Oi?er4 Noilh Fiilurc FiiIid Triistees. Irport und fiIillI]Giiil 51aleinenls 31 MnIrl￿ 2022 Notes (ro1,￿lingpu1'l ofiliefiiirtiicia1￿luIe1￿eiIIsj Aeeoun¢ing policie5 AcLoiiiiliiig eonpeiElig)ii ftFidbftsis ofprepurnllon accuunls ljave beell pi'epai'ed thiidei- the historical cost ¢onv¢iitÉoiJ ividi iiems ￿t￿giliSed atcosl or Iransa¢tioiJ Yaliiv otherwise $t*led the rclgirant iioles lo Ih¢s¢ accounis. The fJndnciAI stateillents ha¥¢ b¢en PTcpaird iii accoidallce Ivitli Iljc StutciticIitol'll£coiiimeiided I'racti£e'. Accouniin8 and Reptsltii￿ by Cliarities yrrpai-iIt¥ IliLir aLuiuiilS in &L'coritHiice willi Ilie finunci81 Reporting Staiidayd applicable in Ilie UK Republic of Ir¢laiid an(J Ihe Finaiicial RepoitjllB Slandgikl appli&qble in tlie Unil¢dKingdoiu alld lirpiiblK of Irelaiid IbRS1021 and Ihe Chai'iliesAcl 2011 aiid IIK G¢Jierally A¢¢epied Pl￿11¢¢ a$ appli¢s fiuIn l Januaiy 2015.'Ihe thisEconsliliites a public beiicfitenlily as d¢fJtied by FRSIO2. JpicoFKipig Resources Income is recognised in tlie yeai. oiic6 tli¢ chai'ity has cntitlejnent to the income. it is probable that the income will be inceived and Ilie amoiint of incoine receÉvable be inea5ured i'eliably. Income 15 d¥fetr¢d only wI￿ell the chai'ity lias to fulfil conditions befoiE bccoining entitled to il or where the donor has specified that the ijicoijie is to b6 expeiided iii a fulure period. Donalioiis are ciedited in t1￿ aceoiintittg p¢riod in which the cash is received. whieh reflects the period wh¢n the Charity is Ctititled ttF the income and the aniount can b¢ measiiird with T¢8sonable ceitainty. Legacy income is accounted for oll an a¢cYiials basis when the Charity is notified of the entitletlletit to a gift and the atnount ¢an b¢ measured witli rcasoiiable ceitainty. Investment in¢ome, Consisting of baJ]k inlcrest and divÉdends are accounted for on a re￿1vable basis. Rgswircas Erpe￿ded lJiabilities aTe recognised as expenditure as soon as their is a legal VT wnslructive obligatiott ¢oÉnmittiiig the chari¢y to th￿ ¢Kp¢fidilure, it is PTobable that settlenient will be r¢quired ￿ld the amouijl af the obligation can be measured reliably. Grat)ts payable are ¢liarged in the ycar when the offei. is conveyed to the recipient except in those ¢&ses wh¢re the offer is ¢Ollditional, Such graiits being recogttised as expenditUTe when thc cgnditions attaching air fiiifjlled. Grants (JtYBYrd subj¢Gt to conditlolls whi¢h have I￿t b¢¢ii rn¢t at the year end are noted as a commitmcnt. but not a¢¢rued as 6xpel]dith￿. Costs of generating fvnds &re those costs incurred in altr&ctillg voluntaiy in¢oine. Goveman¢e costs GompTise all costs involving th¢ public accoulltability of th¢ Cliority and its compliance with regulation and good practice. F￿11￿5 ofihe Cliftrily The various funds of the cl￿rity are a¢¢ounted for as follows.. P¢mianEnt endowjnent fullds are funds thal have been invested to produtt incotne in accoTdance with the donoi's, wishes. The Truste&% ¢Jn apply any income llol retait]ed &$ ¢apital in furtherance of the objects of the ohaTIty. The Trustees may use the capiial only by express permission of th¢ donor, ordinarily not before a mÉnEmum p¢riod of 25 years. Expendable ¢n(k)wment lunds are furbds IE]al have been invested lo produee it)come in a¢￿rda1)¢¢ with the d0Th)t￿, wishes. The Trustees Gan apply any incrjme not retaiiied as ¢&pitral in furtherance of tbe objects of Éhe eh&rity. The Thistees may use the capital in furiljerance of the obj¢Gls of tbe charity piDvid¢d there is a ¢lear poli¢y to rEstoir the GapÉtal witbin a period of time not exceeding 10 years. Restricted fund5 are funds subject to speeifJ¢ tivsts which have been declared by the donDT{51 but still within the obje¢ts of the Charity. Unrestri¢ted funds are expendable at the di$￿et10n of the TTUSt¢es in furtherance of the objects of tht Gharity. Unresu'i¢t¢d fund5 ¢aTrnarked for particular purEK)ses by the tr415tees &iE designated 05 s¢parate fitnds. In tbe Dpinion of the trustees suffjcient resouires &r¢ hcld in an appropriate form for each fund to be appli¢d in ccordance with any resti'ictions imposed upoTr it. Qp¢i'a Noith FiinEY¢ Fiind Ti'usl¢¢s' report aiid 1111a*ei&l sruleinenls 31 Marc￿1 2022 Notes (copEIip7UEd) Goilig coiicei. The T1￿$t¢eS havE a rEasonable expectation that the Trnst has arfequate re5011rces to Colltinue in operational existe#ce for at least 12 mojitlis fiDni the date of approval of tlie financial statements. The Tiuslees review res¢i'ves levels, Gotnmitinents, cash and forecasts at least Olle year &h¢ad when assessitig going conG¢rD. TIE¢ Ttwstees aiy ￿indful of the o￿tgOI1]g ¢ommitrn¢n15 of tlie Trust ajid will ensure tl?at these do not exceed available i'eserve5. Th¢ Trustees collliiiue to teview the ¢urirnt eco1￿MI¢ envirotjment aiid the iEnpaGt of cost of living, inflation and changing interest rates. Th¢ Ti'ustees do Èiol set this having an impa¢1 ott the charity'5 ability lo continue as a goÉng concern. The Catalyst Fvnd is a pemathent ¢ndowtn¢nt which Jnust be lield for a fuYtlJer 16 years. The therefoir contillU¢S to adopt a goiiig ¢ontLrn ba51S Tn prEpaTjng Its f￿anCial statements. Fix£dllsset ivves1ttl￿IlS Investm¢nis are stat6d at iiiarf(et value. The majority of listed investmcjits are stated at the bid pricE ar the last tradEd pii¢e. d¢p¢lldEiig on the convention of the stock exchange oil whtch they quoted, al tlie date of the net Assets stat6m6nt. Fixed interest secllrities a¥¢ stated at their clean pri¢¢s. Ac¢rued incoin¢ is a￿Quilled foi. within incoiME. Unquoted se¢urities are illcluded at fair value estimated by thr TTUSteE bas¢d on advice from the iiivestment manAg¢rs. Poolcd inycstment veliacles are stated al bid price widi bid/offei' spwds. or singl¢ pric6 where their are no bidloffer spreads, as piY)vided by the itkv¢stm6tEt tnanager. Ihe Tealtsed and unrealised gains on investffients are Irflected Én the Si&letllBllt of finHncial activities as they arise. Rcalised gains arÈd Ic)8se% on investtn¢nt5 are calculated as the differen¢e between sales proceeds and opet)ing JLarket value IpvrLhase d&tc il latcr). lJnJrAli8ed gains and 105ses are calciilated as the ditterence between the market valuc at tlie year ernd &tTrd opening itr)ai"ket value {or purchase dat¢ if later). R¢ali5cd and unrealÉsed ¥£lltJ5 not sepai'ated ill the statemei3t of financial aGtLVltle5. Toxalioii Opera Noith FU￿re Fund is ¢onsid¢red to pass the tests set out in PaExgTrph I Schedule 6 Finallce Act 2010 and therefore it meets the drfioition of a chaiitable tt'u5t for UK income tax purposes. Accordingly, the ¢haiity is pottiitially 6xempt fiN)m taxation ill respect of in¢ome oi. cAp&tal gains tEceiYed withitj calcRori¥s covEird by Part l O Income Tax Act 2007 oj. Scction 256 of the Taxation of Chargtable Gains Act 1992, to the extent that such ittconic or gains al'e applied exclusively to charitable purposes. No tax ¢hai'g¢ has ai'is¢n in the yeaT. Income &nd endowments 2022 2022 2022 R¢$tritt¢d funds 2022 2022 4XPtnd*blt emdowment funds Pei'mAnent Uiire51ricted fuuds (und$ IDdividuals' aod donatiOll8 18D,025 180,025 18V,1125 J80,025 Opeiu North Fiittirc Fuiid Trustves, tEWrt aiid riTra￿la1 514l¢nieiJls 31 Mai'eh 2022 Notes Iconiiptiigd) Incorne endoivmellts (continued) 2021 2021 2021 2021 2021 [Ixpendabl¢ ¢ndowtiient lunJ$ R¢striete(r u￿1.￿$trIctC funds end￿l¥ment fund Iiidividuals, and corpo¥*it th)nalioiis 60,000 145,tsOD 875 205075 60,0110 145,00 20&875 In¢ome fi'oin investments Inveslmcni incorne cottipi'ises incoine from depos2t irnt¢re5t H]td divid¢nd5 £54,81612021., £47.945). ExpcndRture on raislng fuiids 2022 Expeiidablt endowmg￿t fuDds 2022 2022 2022 2022 Total funds Ptrn]2nc￿t endoivlljenl Restricted Unre3tiictcd fiinds Fundrai8ing siippon Costs IkJ]eral otYi¢e ex￿nSeS 20.0110 10,869 2D,00 111,Y06 37 P￿r￿ssion￿l fees 2,7 2,700 30,869 2,737 33,606 2021 2021 PermAnent 2021 2021 UnreJtri¢t¢d funds 2021 I xpcndable eiidoivment fullds Rt$tricted fulld$ fuJJd5 Fundrkising support cos15 GeneiAI ofYIce expen￿$ PEOtessional lees 20,000 10.471 3,081 10,471 3,081 20,OIH) J3552 33,552 13 ope1.￿ Nortli fiiliiir fund Trustees. r¢porl and fin￿]¢la1 51atciiicIits 31 MaiL'b 2022 Notes (coillinued) I xpenditui'e on chAI'itRble 9ftivitie8 2022 2022 2022 2022 2022 Toial unds xpendAble ¢•J(Jivni¢nt Ruti'iL'tcd enQoivm¢nl runds PC￿￿￿1 DaTe InlcmalioiTr&l Performaiitt Scliol&rsliip PIDgr8nime J3.462 l3,462 a1val￿ed to ￿j￿Ilutioll5- Opera Noith loo,000 146,000 306,0110 160,000 319,462 2021 ExpendAble endDiYmeiit fvnd$ 2021 2021 2021 IIDre$tYiet¢d riinds 2021 I'otAI eDdoivnJen( Pettm8n Dare Jnlernlllional PerfOrtn8￿e &hoJayship ProgwiJm¢ 20,833 20,833 Gtallts a￿￿Ed to Illstitulions 24J.833 20.833 14 Opeia Noi'th FuliirÈ Piind TTLislees' iYPDrt Bnd fiii*ncial slafriiieiits 31 Mai'Gh 2022 Note5 (conlinued) Investments 2022 2021 B￿gI11 for¥vard Add-. Additiojis to inv¢slti*iits 91 ¢0st Less.. Disw)sais al caiiyijig valut Net g8iiVllossl gain on iDveshnellts 2.623,244 1,893,4S8 {1,925,6661 157,068 1.868,088 1,711,776 {1,280.3611 Cai'ryittg vAluc xt erjd of year 2.748,104 2,610,724 Cash 4w8iling illv¢stm¢nt 14,603 12.520 TolAI invo5tmeDts at corryln8 valut 2,762,707 2,623,244 The portfolio of fjs5ets vAllled by s¢thr is as tollows.. 2022 2021 FiKed interesi Overseas Iquili¢s Alieimliives UK Equities Mulii-fjsstt funds 1'.2.?h Property 516,256 1,091,749 438,845 313,918 216,158 14,603 171.J78 478.645 1,074,747 364,723 223,353 296.181 12.520 173,075 2,762.707 2,623,244 Del)toi's 2022 2021 Tnl¢r¢stldivitht￿s receivable Otherdebiors .791 549 549 5.750 2,340 15 Oper4 Noilh F'iilurc FuIid Tru$lt¢S' IfSM)Il ttiid fJIinIKial stsleinenls 31 Mairl) 2022 Notes fconlipttied) Ci'editors: A￿OUnt8 fglling due ivitliin oiie yeAr 2022 2021 Op¢ra N()rtli ￿]nIbi1r$tsfftenI of support costs Tndependent Exwniijation ai?d legal f¢¢s OÉh¢r awruals 249,364 2,700 197.453 2.579 5,000 252,064 205,032 FiintLs A131 Mardj 202J Incoinin8 Itsources R¢sources expen(fe(I Oiher At31 lillcluding Mar¢h 2022 tr&nst¢rs1 [r%p¢iid*ble cndowment Uttrealised & redised gaiDs invostrneiit aBsels 1332J16) 575,660 234,841 17.605 {190,869) 117.605) 12.7371 12)1,0111 575,660 Total eIpe￿d•b]e ¢nJoiYmtitt 243,344 2S2,446 1208.4741 12.7371 Ptnnanent endoivmtttt C&t&lyst pern]Biicnt cndoivment Fujid Unrexli*d & reHli5ed gaills oil inves¢m¢iJl *sscts I.947,(￿0 470,643 1,947,00 139,463 610,106 2,417.643 139.463 2,<¥7,ID6 TJK Petlnian Cl855i¢al Music Fouiidalion Harewood Youn8 Arttsi PiY)Rramme Opera North a¢livily-Pa¥bifal Op¢ra North *¢iÉvity- Hoiv&Td Assetnbty Rooni 112,535 10,764 100,ono 40,000 {13,4621 {6,0001 1100.oooi {40,(M)01 99,073 5,764 To**1 rt5tricted 263,299 {159.462} 103,837 Unresti'icted 5,607 12,7371 2.737 5.007 Total funds 2,929.893 391.909 1370,673) 2,9.51.129 Oper'a North FiinErc Thiiid Ti'u¥l¢#s' reporr &nd fina*cial stslejneuts 31 Marcli 2022 Notes (conliiiiied) Funds {ctsntinued) Ai31 Marcji 2020 Resources xpcnded Othei. At31 (includiiig Marth 2021 trai¥fti'sl resoui¢r5 EXpe￿dAble eDdoivmellt Un]Ealised & reali%ed gains on ilivestmc￿t a55cts 73,887 264,439 107,945 311,221 133.5281 1480,620} 1332,316) 573,660 Total ¢xpenil#blE eiidoivment 338.326 419,166 {33.528} 1480.6201 243,344 Pei'iNaiienl endoivment Calalyst p¢nJaJient ¢iJdoivment fund 1,949,700 467.943 1417,643 Total pcrman¢nt ¢ndowment 1,949,70Q 467,943 2,417,643 The PettEnmCIHS5ic&I Music FoundatLOIJ HRreivood yo1￿g A)%isl Prograinm¢ ()peiE Naitth 2Ctivity- Parsifal OperaNorlh a¢tivity-Howllrd Asscjnbly Roo#1 128,368 10,764 5,(M)O 120.833) 112.53S JD,764 loo,000 4Lb,0110 loo,000 40,000 'I'otsLI restricted 139,132 145,000 120.833) 263,299 Uiiresti'icted 5,607 575 {13.5521 12.677 5,607 Total fund5 2,432.765 565.041 {fj7.913) 2,929,893 Expendable endowment funds total £284,579 (2021.. £243.344) utYEStricted funds total £5.607 (2021: £5,6Q7) and r¢5tricted and pernialleDt eE]dowment fvnds total £2.660.943 (2021.. £2,680,942) in accordance wEdi the defittitions in note l. Duriiig the course of th¢ year it was agreed by the Ti'uslees that £2.737 {2020.. £12,677) would b¢ transferred from the expendable eiidowjnent fiind to Un￿St17¢t¢d funds. Analysis of nel assEts b¢tw%n fund5'. 2022 Expendable endowmejit fund$ 2022 P¢riiI#lle￿t endoivm¢nt 2022 Restritted fiinds 2022 2022 Total futhds 2021 I'otal runds Unrt¥tricted fuqd5 Investments Cash ai bank and irt ha] Oilier nei ¢urrenta55cIs 205.601 325.292 1246,3141 2.557,106 2,762,707 2.623,244 434,7 509,341 {246J141 1202.692} 103.837 5,607 284.579 2,557,106 103,837 5,607 2.951,129 2,929,it93 17 OpeiRN(brili Fuiuir FiIiid 'liuste&%' iepotl and fmallcial slaletnenls 11 Marcti 2022 Notes (confinued) 10 ComvTritmettts ThpA'¢ are iio ¢apitral coiiirllifments at 31 March 2022 for which pyovistoii should be mad¢131 2021.. £nill. li Re￿￿￿enItIon of truste None of the Twst¢es holdillg offIce during Ili¢ period i'eceived any paymeni for tlieii. services as TNstees o¥ r¢iinbiitsenient of expeiises. 12 RelAtéd pgyty ti'*nsAction5 During the year. two of the Trustees of OperA North FutuK Fiiiid wejr also twslees of Opera North Liniited. Duiing the yeAi' the Opera North Future Fiind madE granls to Opera Noilh Limited of £306,000, {2021.. £nil) as detailed ilk the Trustees, Report. Opera North Limited paid costs of £21.91112021.' £53,854) on behalf of Opera North Futil￿ Furtd. The balaiic¢ due tts Opeill North Limited at 31 March 2022 was £249,36412021.. £197.453). Tlkere are no other ￿lated party tiwisartlQll5 to disclose.