| Legal and administrative information |
Legal and administrative information |
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|---|---|---|---|---|---|---|
| Report ofthe Trustees | for the year ended 31March 2023 | |||||
| Statement ofTrustees' | responsibflities | in respect ofthe Trustees' | annual report and the financial | statements | ||
| Independent Bxaminer's report to the |
Trustees ofOpera North Future Fund | |||||
| Statement oftlnancial | acttvitles | |||||
| Balance sheet | ||||||
| Cash flow statement | 10 | |||||
| Reconciliation ofnet | cash flow to movement | in net debt | 10 | |||
| Notes |
| far the year ended 31 | M | arch Zt)23 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Note | 2023 | 2023 | 2023 | 2023 | 2023 | 2022 | |||
| Expendable | Permanent | Restricted | Unrestricted | Total | Total | ||||
| endomnent | endowment | fumls | funds | funds | feuds | ||||
| funds | |||||||||
| Income snd endowments | |||||||||
| Donations end legacsee |
2 | 100,000 | 175 | 100,1'75 | 100,025 | ||||
| Income from invesanents | 3 | 80,108 | 4,525 | 84,633 | 54,816 | ||||
| Total income | 180,108 | 4,700 | 184,808 | 234,841 | |||||
| Expenditure on: |
|||||||||
| Raising funds | 30,768 | 3,017 | 33,785 | 33,606 | |||||
| Investment management |
costs | 14,867 | 14,867 | 17,605 | |||||
| Cbantabte actennes |
164,000 | 30,964 | 194,964 | 319,462 | |||||
| Tobd expenditure | 209,635 | 30,964 | 3,017 | 243,616 | 370,673 | ||||
| Net income((expenditure) | before | (29,527) | (30,964) | 1,683 | (58,808) | (135,832) | |||
| transfers | |||||||||
| Transfers | 1,683 | (1,683) | |||||||
| Net (expenditure)/ income |
before | (27,844) | (30,964) | (58,808) | (135,832) | ||||
| other recognised gains | |||||||||
| Realisal aud vnrealised | gains/posses) | 14,867 | (312,054) | (297,187) | 157,068 | ||||
| on mvestment assets |
|||||||||
| Net movement in funds |
(12,977) | (312,054) | (30,964) | (355,995) | 21,236 | ||||
| Total funds brought forward | 284,579 | 2,557,106 | 103,837 | 5,607 | 2,951,129 | 2,929,893 | |||
| Total funds carried forward | 9 | 271,602 | 2,245,052 | 72,873 | 5,607 | 2,595,134 | 2,951,129 |
| Balance | sheet | ||||||
|---|---|---|---|---|---|---|---|
| as at 31March 2023 | |||||||
| Note | 2023 | 2022 | |||||
| 8 | f. | ||||||
| Fixed assets | |||||||
| Investments | 2,450,653 | 2,762,707 | |||||
| Current assets | |||||||
| Debtors due | within one year | 7 | 14,054 | 5,750 | |||
| Cash atbank | snd in hand | 192309 | 434,736 | ||||
| 206,263 | 440,486 | ||||||
| Creditors: amounts | falling due within one year | 8 | (61,782) | (252,064) | |||
| Net curreat | assets | 144,481 | 188,422 | ||||
| Net assets | 2,595,134 | 2,951,129 | |||||
| Funds | |||||||
| Expendable | Eadowment | 271,602 | 284,579 | ||||
| Permanent Endowment |
2,245,052 | 2,557,106 | |||||
| Restricted | 72,873 | 103,837 | |||||
| Unrestricted | 5,607 | 5,607 | |||||
| 2,595,134 | 2,951,129 |
| Charity registered number: 1122499 | Charity registered number: 1122499 | |||
|---|---|---|---|---|
| Cash flow statement | ||||
| forthe year ended 31March ZUZ3 | ||||
| 2023 | 2022 | |||
| Recondliation ofnet incommg/(outgoing) |
resources to | |||
| net cash flow fmm nperatinu aclivitlec |
||||
| Net (outgoing)/ incoming resources |
forthe | year | (355,995) | 2)Z36 |
| Net investment income |
(84,633) | (54/(16) | ||
| Net rnovanent in investments |
312,054 | (139,463) | ||
| Decrease/ (increase) in debtors | (8304) | (3,410) | ||
| (Decrease)/ increase in creditors | (190/82) | 47,032 | ||
| Net cash (ontaow) from operating | activities | (327,160) | (129,421) | |
| Cash flow statement | ||||
| Net cr h (outflow) from accreting activities | (327.160) | (129.421) | ||
| Cash provided by invesring aerivin'es |
||||
| Returns on investments |
84,633 | 54/(16 | ||
| (Decrease) in cash in the year | (242/27) | (74,605) | ||
| Reconciliation ofnet cash flow to movement | in net funds and cash | |||
| for the year ended 31March 2023 | ||||
| 2023 | ||||
| (Decrease)/ increase in cash in the year | (242,527) | (74,605) | ||
| Net cash at start ofyear | 434,736 | 509,341 | ||
| Net cash at end ofyear | 192,209 | 434,736 |
| 2023 | 2023 | 2023 | 2023 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Expendable | Permanent | Restricted | Unrestricted | Total | |||
| eudomnent | endomaeat | funds | funds | funds | |||
| funds | |||||||
| Individuals' | aud | corporate | 100,000 | 175 | 100,175 | ||
| donations | |||||||
| 100,000 | 175 | 100,175 |
| 2022 | 2022 | 2022 | 2022 | 2022 | |||
|---|---|---|---|---|---|---|---|
| Expendable | Permanent | Restricted | Unrestricted | Total | |||
| endowment | endowment | funds | funds | funds | |||
| funds | |||||||
| Individuals* | and | corporate | 180,025 | 180,025 | |||
| douauous | |||||||
| 180,025 | 180,025 |
| 2023 | 2023 | 2023 | 2023 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Expendable | Permanent | Restricted | Unrestricted | Total | |||
| su do | wm our | endowment | ruudc | fnudc | fnndc | ||
| f'unde | |||||||
| Fundmnmg | support costs | 20,000 | 20,000 | ||||
| General oflice expeases | 10,768 | 47 | 10,815 | ||||
| Professional | fees | Zcr70 | 2,970 | ||||
| 30,768 | 3,017 | 33,785 | |||||
| 2022 | 2022 | 2022 | 2022 | 2022 | |||
| Expendable | Permanent | Restricted | Unresiricted | Total | |||
| endowment | endowment | funds | funds | funds | |||
| funds | |||||||
| Foudrmsiug | support costs | 20,000 | 20,000 | ||||
| General office expenses | 10,869 | 37 | 10$06 | ||||
| Professional | fees | 2,700 | 2,700 | ||||
| 30,869 | 2737 | 33,606 |
| 2023 | 2023 | 2023 | 2023 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Expendable | Permanent | Restricted | Unrestricted | Total | |||
| endowment | endowment | funds | funds | funds | |||
| funds | |||||||
| Pettman Dare | International | ||||||
| Perfonnance | Scholarship | Programme | 26,200 | 26,200 | |||
| Grants awarded to Institutions | 164,000 | 4,764 | 168,764 | ||||
| 164,000 | 30 st64 | 194,964 | |||||
| 2022 | 2022 | 2022 | 2022 | 2022 | |||
| Expendable | Permanent | Restricted | Unresnicted | Total | |||
| endowment | endowment | funds | funds | funds | |||
| funds | |||||||
| Pettman Dare | International | ||||||
| Performance | Scholarship | Programme | 13,462 | 13,462 | |||
| Grants awarded to Institutions | 160,000 | 146,000 | 306,000 | ||||
| 160,000 | 159,462 | 319,462 |
| Nts(eg (contfnnetf) | Nts(eg (contfnnetf) | Nts(eg (contfnnetf) | ||||
|---|---|---|---|---|---|---|
| 6 Investments |
||||||
| 2023 | 2022 | |||||
| Brought forward | 2,762,707 | 2,623,244 | ||||
| Add. Additions | to | mvestmeuts | atcost | ),602363 | 1,893,458 | |
| Less:Dispossls | at | carrying | value | (1,925,736) | (1,925,666) | |
| 1Vnr (1ncc)/ gain | nn | invrctm | t ntc | (7ev,t87) | 157,06!t | |
| Carrying value |
at end of | year | 2,142,047 | 2,748,104 | ||
| Cash awaiting investment |
308,606 | 14,603 | ||||
| Total investments | at carrymg | value | 2,450,653 | 2,762,707 | ||
| The portfolio ofassets valued by sector is as follows: | ||||||
| 2022 | ||||||
| Fired intermt | 537@67 | 516,256 | ||||
| Overseas Equities | 736/71 | 1,091,749 | ||||
| Alternatives | 346,455 | 438,845 | ||||
| UK Equities | 278,154 | 313,918 | ||||
| Multi-asset funds |
141,785 | 216,158 | ||||
| Cash | 308,606 | 14,603 | ||||
| Property | 102,015 | 171,178 | ||||
| 2,4504(53 | 2,762,707 | |||||
| 7 Debtors |
||||||
| 2023 | 2022 | |||||
| Iaterest/dividends | receivable | 13,489 | 5,201 | |||
| Other debtors | 565 | 549 | ||||
| 14,054 | 5,750 |
| Wttteg (rnnrinrrurij |
Wttteg (rnnrinrrurij |
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|---|---|---|---|---|---|---|---|---|---|
| 8 Creditors: |
Amounts | fa)IIng due within one year | |||||||
| 2023 | 2022 | ||||||||
| Opera North | 58,812 | 249,364 | |||||||
| Independent Examination |
and legal fees | 2,970 | 2,700 | ||||||
| 61,702 | 252,064 | ||||||||
| 9 Funds |
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| At 31 | Incoming | Resources | Other | At 31 | |||||
| March 2022 | resources | expended | (including | March 2023 | |||||
| tran | sihrs) | f | |||||||
| Expendable eadowment |
284,579 | 180,108 | (209,635) | 16,550 | 271,602 | ||||
| Total expendable | endowment | 284,579 | 180,108 | (209,635) | 16,550 | 271,602 | |||
| Permanent eadowment |
|||||||||
| Catalyst permanent | endowment | fund | 2,557,106 | (312,054) | 2845,052 | ||||
| Toad permanent | endomnent | 2,557,106 | (312,054) | 2~5,052 | |||||
| The Petlmsn Classical Mumc Foundation |
99,073 | (26,200) | 72,873 | ||||||
| Hardwood Young |
Arlist | Programme | 4,764 | (4,764) | |||||
| Total rrntricted | 103,837 | (30,964) | 72,873 | ||||||
| Uurcsuicted | 5,607 | 4,700 | (3,017) | (1,683) | 5,607 | ||||
| Total funds | 2,951,129 | 184,808 | (243,616) | (297,187) | 2,595,134 |
| At 31 | Iacoruiog | Resources | Other | At31 | |||
|---|---|---|---|---|---|---|---|
| March 2021 | resources | cxperlclerl | (including | March 2022 | |||
| transfers) | |||||||
| 5 | |||||||
| Expeadable endowment ' |
(332,316) | 234,841 | (190,869) | (2,737) | (291,081) | ||
| Uorcsliscd Amagscd 5 o |
wl | tmarts | 575,GGO | 17,605 | (17,605) | 575,660 | |
| Total expendable endowment |
243,344 | 252,446 | (208,474) | (2,737) | 284,579 | ||
| Permanent endowment |
|||||||
| Catalyst permanent endowment |
fund | 2,417,643 | 139,463 | 2,557,106 | |||
| Total permanent endowment |
2,417,643 | 139,463 | 2,557,106 | ||||
| The Pemnan Classical Music Foundation Harewood Young Artistpro~e |
112,535 10,764 |
(13,462) (6,000) |
99,073 4,764 |
||||
| Opera North activrty —Parsifal | 100,000 | (100,000) | |||||
| Op North v tivity —Howwd |
Assembly | Room | 40,000 | (40,000) | |||
| Total restricted | 263,299 | (159,462) | 103,837 | ||||
| Unrestricted | 5,607 | (2,737) | 2,737 | 5,607 | |||
| Total feuds | 2,929,893 | 391,909 | (370,673) | 2,951,129 |
| Analysis ofnet assets betwe | en funds: | |||||
|---|---|---|---|---|---|---|
| 2023 | 2023 | 2023 | 2023 | 2023 | 2022 | |
| Expendable | Permanent | Restricted | Unrestricted | Total | Total | |
| endowment | eadomnent | funds | funds | funds | funds | |
| funds | ||||||
| 5 | ||||||
| Investrneats | 205,601 | 2,245,052 | 2,450,653 | 2,762,707 | ||
| Cash at bash aod m hand | 113,729 | 72,873 | 5,607 | 1O2,2OO | 434,736 | |
| Other net current assets | (47,728) | (47,728) | (246,314) | |||
| 271,602 | 2,245,052 | 72,873 | 5,607 | 2,595,134 | 2,951,129 |