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|Legal and administrative<br>information|Legal and administrative<br>information||||||
|---|---|---|---|---|---|---|
|Report ofthe Trustees|for the year ended 31March 2023||||||
|Statement ofTrustees'|responsibflities|in respect ofthe Trustees'||annual report and the financial|statements||
|Independent<br>Bxaminer's<br>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|||||||





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|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<br>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<br>on:||||||||||
|Raising funds||||30,768|||3,017|33,785|33,606|
|Investment<br>management|costs|||14,867||||14,867|17,605|
|Cbantabte<br>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)/<br>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<br>assets||||||||||
|Net movement<br>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<br>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<br>ofnet incommg/(outgoing)||resources to|||
|net cash flow fmm nperatinu<br>aclivitlec|||||
|Net (outgoing)/<br>incoming resources|forthe|year|(355,995)|2)Z36|
|Net investment<br>income|||(84,633)|(54/(16)|
|Net rnovanent<br>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<br>by invesring<br>aerivin'es|||||
|Returns<br>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|





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||||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|





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||||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|



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||||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|





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||||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<br>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<br>value|at end of||year||2,142,047|2,748,104|
|Cash awaiting<br>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<br>funds|||||141,785|216,158|
|Cash|||||308,606|14,603|
|Property|||||102,015|171,178|
||||||2,4504(53|2,762,707|
|7<br>Debtors|||||||
||||||2023|2022|
|Iaterest/dividends||receivable|||13,489|5,201|
|Other debtors|||||565|549|
||||||14,054|5,750|





|Wttteg<br>(rnnrinrrurij|Wttteg<br>(rnnrinrrurij|||||||||
|---|---|---|---|---|---|---|---|---|---|
|8<br>Creditors:|Amounts||fa)IIng due within one year|||||||
||||||||2023||2022|
|Opera North|||||||58,812||249,364|
|Independent<br>Examination||and legal fees|||||2,970||2,700|
||||||||61,702||252,064|
|9<br>Funds||||||||||
|||||At 31|Incoming|Resources||Other|At 31|
|||||March 2022|resources|expended|(including||March 2023|
||||||||tran|sihrs)|f|
|Expendable<br>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<br>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<br>Classical Mumc Foundation||||99,073||(26,200)|||72,873|
|Hardwood<br>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|





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||||At 31|Iacoruiog|Resources|Other|At31|
|---|---|---|---|---|---|---|---|
||||March 2021|resources|cxperlclerl|(including|March 2022|
|||||||transfers)||
||||||||5|
|Expeadable<br>endowment<br>'|||(332,316)|234,841|(190,869)|(2,737)|(291,081)|
|Uorcsliscd Amagscd 5<br>o|wl|tmarts|575,GGO|17,605|(17,605)||575,660|
|Total expendable<br>endowment|||243,344|252,446|(208,474)|(2,737)|284,579|
|Permanent<br>endowment||||||||
|Catalyst permanent<br>endowment|fund||2,417,643|139,463|||2,557,106|
|Total permanent<br>endowment|||2,417,643|139,463|||2,557,106|
|The Pemnan<br>Classical Music Foundation<br>Harewood<br>Young Artistpro~e|||112,535<br>10,764||(13,462)<br>(6,000)||99,073<br>4,764|
|Opera North activrty —Parsifal|||100,000||(100,000)|||
|Op<br>North<br>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|





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