Opera North Future Fund Trustees, report and financial statements Charity registered number 1122499 31 March 2025
Opera North Future Fund Tste¢S, rcport and financi(il stateinents 31 March 2025 Contents Legal and adniinislralive inforn]ation Report of the Truslees for the year ended 31 March 2025 Statement of Trustees, re8ponsibililies in respect of the Trustees, annual report and the fiT]ancial statements Independent Ixaininer's Report to the Trustees of Opera North Future Fund Stalerneni of financial aclivilies Balance sheet Notes 10
Opera North Future Fund Trustees. report and financial statements 31 March 2025 Legal and administrative information Trustees Mr Paul Lee OBE Mrs Rebecca Bletcher Tlie Hon. Mrs Diana Dent Mrs Rebecca Campbell Ms Laura Canning Mrs Virginia Lloyd (Cliair) (Resigned I l March 2025) Clerk to the Trustees Ms Kirsly Bullen Charity Number: 1122499 Principal Offlce Howard Opera Centre, 8 Harrison Street, Leeds. LS16PA Independeiit Examiner Kery Gallagher RSM UK Tax and Accounting Limited, Chartered Accountants. Davtdson House, Forf)ury Square, Reading, RG13EU Bankers HSBC, 33 Park Row, Leeds. LS I ILD Solicitors Wrigleys LLP. 19 Cookridge Street, Leeds, LS2 3AG Investment Managers & Brokers Redmayne Bentley. 9 Bond Court, Leeds, LS12JZ
Opera North Future Fund Trustees. report and financial statcinents 31 March 2025 Report of the Trustees for the year ended 31 March 2025 The Tru%lees present their report and the fll)ancial statements of the charity for the yeai ended 31 March 2025. The financial slalements have been prepared in accordance with the accounting policies Set out on pages 10 and I l and comply with the charity's trust deed, the Charities Act 201 l and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland publi%hed on 16 July 2014 and as amended on l January 2019. Legal & administrative infonnalion is sel out on paEe 2. Structure, Governanee and Management The Opera North Future Fund is constituted under a trnst deed dated 20 December 2007 and is a registered charity. number 1122499. The Trustees who have served during the year are sel out on page 2. The Chainnan of Opera North Liinited (Paul Lee) and the General Director of Opera North Limited (Laura Canning) are Trustee% ex-officio. All Trnslees have the s&ne right% and receive no benefits for their services. Under Ilie Icniis of tlie tru%i deed, the fir.gt Tnjsiees shall appoint not less than two independent Trustees. Trnslees are entitled lo hold office tor a period ot five years from the dale of the Trust Deed. Future independent Trustees musl be appointed for lem]% ot offi¢e of three years by resolution of the I rustees. A retiring Tru%tee who 18 competent lo act may be re-appointed al the end ot" hislher tenn of orrice but ]% noi eligible for reappointment if hel8he has held olCe for continuous period of nine year.s. The Trustee% must hold at least two meetings a year. At these meetings. the Trustecb discuss and agree the broad strategy tor the year and the proLFranime of forthcoming aclivilies to support. The Opera North Future Fund lias no dirccl siaff or einployee%. bui adniiiii%lralive support 1% provided by the staff ot Opera North Limited. Rlsk MAnagement During the year the Tru41ees continued lo examine the major slralegic, business and operational risk8 which the charity taLe% and as appropriate have eslc?bli%lied .systems lo report on and mitigate any idenlifjed risk5. The inve%lmenl managienienl provision lia.% continued lo reniatn under review during the year. The Tnislees consider that adequate controls are in place to miligale the key ri%ks identified. The Trustee5 have been keeping under review aiiy risk areas impacted by high fftntlalion. cost of living and interest rale changes. Trustee trlllnRng New Tru.%lee8 undergo a prograinme of induction, which is planned to allow a thorough insight into the activities of the Cliarity. Ai the lime of appointment eacli Tru4lee receives an Induction Pack which includes a copy of the Trust Deed, Ihe dales of scheduled Ineelings, most recent fmancial slateinenls and otlier appropriate literalure detailing events and forthcomiiig aclivilies. Throughout the year Trustees are sent Charity Comini&%ion newslellers and other published material relating lo COorate governanee and legal obligations to keep them abreast of their responsibiltlies. Objectives and Activities The objects of the charity are to promote and further the objects of Opera Nort]i Limited (registered charity number 511726 and registered company iiumber 01550778) for the benefit of the public by making grants to Opera North in particular, but without reslriclion, to encourage and support its artistic aspirations and developmental initiatives.
Opera North Futurc Fund Trustees. report and finan¢ial statcments 31 March 2025 Trustees, Report (contiiiued) The objects of Opera North are to encourage the undeTStanding and appreciation of the lyri¢ art by providing. presenting, organising, managing and conducting opera pertorniances, symphony concerts and educational events primarily in the North of England. Opera North may present. promote, organise, provide, manage, produce or conduct such perforniances of opera, music, drama. fjlms, lectures, recitals, discussions or exhibitions including broad¢asting, television, and oiher meaiits of reproduction in Ihe United Kingdom and abroad as appropriate. The Acliievements aiid Perfonnance section of this report details the specific projects which the Opera North Future Fund hab, agreLd lo support in meeting these objectives. Grant making policy The Trust invites applications from Opera North Limited for financial and other support in a¢cordance with its charitable objects. All applications are considered al Trust meetings and decisions speedily communicated lo the applicant. Achievements and Performance During Ilie year, the Trustees agreed a gift of £1 00,000 towards Leaming & Engagement activity undertaken by Opera North, supporting a range of participatory and education work for people of all ages and backgrounds. The support goes towards Ilie delivery of key prograinmes such a.8 tlie expanding flagsliip In Harmony progiramme Ilial provide8 niusic tuition lo over 3,000 cliildren each week, Young Musicians Studio. Youth Coinpany and Orchestra and award-wi1ln¥ binging proj¢cl8. Flnaneial Revleiv In the year ended 31 March 2025 the Charity ha.% received donated income tolaling £20,075 (2024.. £40,080). A8 %laled in the accounting policies .seclion, note I, donations are credited in the accounting period of cash receipt. whicli reflects the period wlien the Cl)arily is entitled lo tlie income, il is probable that the income will be received and the amount of income receivable can be nieasured reliably. Tlie Charity lias agyreed to provide financial support tor a number of projects and the detail of payments made to dale can be t.ound in nole 5. Investment policy Tlie Trustee8 liave powers lo deposit or invest funds in any manner but to invest only after obtafftning advice from a financial expert aiid having regNard lo tlie .%uitabilily of investments and the need for diversification. Fund Managers, Redmayne Bentley remalii appointed lo tiivesl Ihe capital of the Trust. They have placed funds in a mixed portfolio of stocks and shares, index linked Ireasury and foreign treasury notes and casli products. Gains and los,4es on investments are consolidated into the nd and re-invested where appropriate. The funds are disclosed al market value al the year-end. As and when funds are required to meet commitments. the TTuslees will draw down from the portfolios. Aside from tli¢ inveslnien15 held with the Fund Managers the Charity does not hold any investment funds other than monetary funds. All cabh balances are on immediate notice lo allow Complete flexibility of operation.
Opera North Future Fund Trnstees, report and financial statcinents 31 March 2025 Trustees, Report (continued) Reserves Policy It i% the policy of tlie charity lo build an expendable endowment fund which will provide an annual income to support aclivilies and cover admini.slralion and support costs. Sucli cosls are being kept to a minimum as general office and administrative support is being provided by Opera North Limited. Due to the low volume of transactions and simple n?re of the charity. these support costs are not considered signtficanl and are rclativ¢ly unatTecled by inflationary incrca%es. free reserves of £5,000 are coiisiderLd sufficient lo cover general governance and support costs. Cuent free reserves, represented by the unrestricted ndS of ihc Cliarily, are £5,607 (2024.. £5,607). Plans for the future Looking to tlie tUre il is hoped the Trust will continue to support Opera North's wide ranging Community, Learning and Eng?agenienl programnies, ensuring everyonc in Leeds and tlie other comtnunities th¢ Cliarily .8erves have access lo world la%s live music iii perLonnan¢e and through participatory aclivily. Public Beneftt Tlie Tru%lces are aware of the Charity Coinmission'8 advice on Charities and Publi¢ Benefit. The Trustees confinn that they liave re1ced to Ilie Lyuidance contained in the Charity Commi8sion's general guidance on public benefit when ieviewing the Trust's aim4 and Objective and in planniiig future activities for the year. As .8laled in the objects of tlie Injst, tlie Opera Nortll Future Fund exists to promote and further the objects of Opera North Limited for the benefit of the public by making, grants to Opera North, to encourage and support its artistic aspirations and developmental initiative8. Key Management Personnel Remuneratlon The Iru.%lees con.sider the board of Iru¥lees as coniprising the key managemeni personnel of tlie charity in charge of directing aiid controlling, the charity and running and operaliiig tlie ¢liarily on a day-lo-day ba.4is. All trustees gyive of their lime freely and Iio Iruslee reinuneralion w&% paid in the year. Details of. Irusl¢c expenses and related party Iransactions are disclosed in noies 10 and I I lo the accounts.
Opcra North Future Fund Trustees, report and tinancial statements 31 March 2025 Statement of Trustees, responsibilities in respect of the Trustees, annual report and the rinancial statements The cliarily trustees are respoii.sible for preparing a Trustees, annual r¢port and ftnancial statements in accordance with applicable ltsw and Uiiiled Kingdom Accounting Standard% (United Kingdom Generally Accepted Accountiiig Practice). The law applicable lo charities in England and Wales requires the charity trusrees lo prepare financial .stalenients for each year which give a Irue and tair view of the 51ale of affairs of Ilie cliarily and of the incoming resource% and applicalion of resourLes, ot" Ilie charity for Ilial pcriod. In preparing the fjnancial stateinenl8. the trustees are required io.. select suitable accouiiling policies and Ilien apply them consistently. observe lh¢ iiietliods and principle in the applicable Charitie.8 SORP,. make jiidgL'meni.4 aiid e8limale5 Iliai arc reasonable and pnident. 51ale wlieilier applicable aLcouiiling standards have been followed. .%ubject lo any material departures tlial musi be disclosed and explaiiied in tlie financial slaienients; prepare tlie financial st¢ilements on the going Concern basis unle,8s il 1% inappropriate lo presume thai the charity will continue in busine%s. Tlie Iru%lee% (ire re%poii.%iblc for keepiiig proper accounting records Ihat disclose with reasonable accuracy al any lime the linancial po.%ilion ot" Il)e Lhurity ¢ind lo enable then? to eii.sure that the financial slalemenls comply willi the Charitieg Act ?0 I I, tlie applicable CliariliL'% (Accouiils ¢ind Report.$) Regiilalioiis. and the provi%ions of tlie Trust deed. They are al.$0 rcsponsible for.4ategiiarding Ihe a.g.sel8 of the charity and takinuy rea%oiiable steps for Ilie prevention and detection of fraud and other irregularilieg. Trustees, Statemeiit Tlie Trustees wlio held otrice al the date of approval of this Truslee%' report confirni that, so far aq they are each aware Iliere 1.8 110 relevant iiifornialion of which the charity's independeiil exaniiner is uiiaware,. and eacli Trustee lias taken all tlIL ,4leps Iliai Iliey oug,Iil lo l)ave lakeii as a Trusiee lo make Ihem.4elve$ aware of any relevant inlornialioi) and lo e.4labli.sh Ilial the cliarily'% iiidependeiii cxaiiiiner is aware ot. IliEtI int"orn]ation. Approv by the Trublee% and Si&Fiied on Ilieir behalf on 7 October 2025 by.. Bletcher Cli(iii"
Independent Examiner's Report to the Trustees of Opera North Future Fund I report lo the Iruslees on my examination of the accouT]ts of Opera North Future Fund ('the charity,) for the year ended 31 March 2025, which are set out on pages 8 10 18. Responsibilitie5 and basis of report As the Irusteeq of tlie Lliarily you are responsible for the preparation of the accounts in accordance witli the requiremeiils of the Cliarilies Act 2011 ('tli¢ 201 l Act,). I report in re%pecl of. niy ¢xamination of the charity's accounts carried out under se¢iion 145 of the 2011 Act and in carrying out niy examin¢ilion I have followed all the applicable Directions given by the Charity Conimi4sion undcr 8eclion 145 (5)(b) of ilie 2011 Act. An independent exainination does not iiivolve galheriiig all the evidence that would be required in an audit and Lonseqiieiitly doc% not cover all Ilie matters that an auditor Lonsiders in gtving Ilieir opinion on the accounts. I"he pl<inning and conduci of an audit goe.% beyond the liiniled assurance that an independent exaniinalion can provide. Conseqiienlly, l express iio opinioii as lo wheiliei- Ille accounts present a 'true and fair view, and my report is liinited to Iliose specitic matters set out in the independcnt exainiiier's .slaiement. Independent examiner's statement I hc1VL coinpleled my ex¢iminaiion. I confimi that no material matters liave Come to my allenlion in connection willi Ilie exaniinalion giving Ine rea.%onable caii.se lo believe that in any niaierial respect.. accounliiig records were not kept in respect ot the charity as required by 8eclion l JO of Ilie 201 l Act,. or the Élccounl8 do not accord witli Iliose records. or Ilie accouiil.s du iiol coinply witli the applicable requirements conceming the forni and conlenl of aLLOIIIII% %¢1 oui in tlie Cl)arilies (Accouiily and Repoitsl Rcgyulcilions 2008 other Ili<in any requirement Iliai Ilie accouiil% gTive a ' true and tair view, wliich 18 not a iiiaiier Considered a.% parl of an independent examinaiion. 111Ilve iio concerns and have come acro¥% no other matters in coiinLclion with the exnininalion lo which allenlion sliould be drawn in thi4 report in order lo enable a proper under%laiidinLTr of Ilie accouiils lo be reached. ry Kerry Gallag,lier fcA DChA Tl)e In4litUle of- Cliartered AccoLinlaiils in Eiigland and wale.s RSM UK Tax and Accounliii&, Liiniled, Charlered Accounlanls Davidson House. Forbury Square, Reading RGI 3EU Dale.. 14110125
Opera North Future Fund Trustees. report and findjicial sti]tcments 31 Murch 2025 Statement of financial activities (iucorporuling the inconie and expenilitiire accoiint) for the year ended 31 March 2025 Noie 2025 Expendable endoivment funds 2025 2025 Restrlcted I'unds Permanent endowment 2025 2025 Total t'unds 2024 Total funds Unrestricted fund5 Income and endowments Dondtions Ilnd ILblUCIC.4 InLOlnL froni iiivLstinenls 99,869 20,000 75 20.075 101,202 411,080 )7.438 Total Income 99,861J 20,OUO 1,408 121,277 137,518 Lxpendlture on: Rdi.4ing t'und IIivL%liiiciir lllilll&igiLin¢nt co%ts 2,546 -11,675 loo,000 3,480 6,026 .11,675 129,107 4.984 31,256 287,649 29,167 Totil expendlture 1.14,221 29,167 .1,480 lo868 323,889 Net liicomel{expendlture) before tra115fers 'rranst'ers (34.352) (9.107) (2,U72) (45,591) (18().3711 {2,072) 2,072 Nel (expcndlturc)I Income before other reco&7iilscd LIlnS RL:IIisLxI I111il Iiiirliill.%L s)uins/lloisLsl 011 inv&%lii)Ll)t SSCts (.16,424) {9,167) (45,591) 1186.3711 31,675 (28,066} 3,609 41,0116 Net movement In funds Tot#1 t'unds brought forwnrd (4,749) 114,136 (28,066) 2,254,802 (9,167) 75,224 (41,982) 1145,3651 5,607 2,449,709 2,595,134 Totul funds cArrled forwArd 109,.387 2,226,7.16 66,057 5,607 2,407,787 2,449,769 The cliarily hay no recognised gain.% or10sses other thai) the nel movement in fund for the period. Tlie above results derive wholly from eonlinuing operations. The notes ot pagyes 10 lo 18 tonn an integral pan of the financial slatemenls.
Opera North Future Fund Trustees, report and finan¢ial st2tcinents 31 March 2025 Balance sheet as at 31 March 2025 Nole 2025 2024 Fixed #5sets Investineiits 2,432,337 2,460,403 Current assets Dchtoi's duL within onL year Casli al hank ¥ind iii huiid 11,809 2,558 14.510 18,822 14J67 33,332 Creditors: ainuunts falling duc wiihin one year 138,917) {43,966) Net turrent {Ilabiliti¢s)lasset$ (24,550) ( l 0,()341 Ncl Iissets 2,407,787 2.449,769 Funds rxpLiid1C Endowinent PL'nnilll¥l)t fndc)win¢nt R¢4triLtL Ui)IL'.slri¢tLid 109,.187 2,226.7.16 66,057 5,607 114,136 2,254,11112 75,2?4 5,607 2,407,787 2.449,769 Tlie iiotes of pages l O 10 18 forni an inlegyral part of the tinancial slalement.%. The.e financial slaieiiients were approved by Ihe board of Trustee.% on 7 October 2025 and were Signed on its belial cca Bletcher i ii.sfL)( Laura Cthnnlng Ti'uJ'lLe
Opera North Futurc Fund Trustees, repon and tinancial statenients 31 March ?025 Notes (forniingparl of iliefinuncial Jlatemenl.i) Accounting policies Actountinx ConveHlion and Ba.iis ofPrepuralion The accounts have been prepared under Ihe historical co%t convention with itemq recogiiised al cost or tran%aclioii value unl¢.%4 oihenvise 8tated in the relevant nole¥ lo Ihe.%e accouni.s. The financial slalemenis have beLii prepared in accordance with the Statemeiil of Recovnmended Practice.. Accoiinting and Reporting by Ch<iritie.s preparing their accoiints in accordance with the FinanLial Reporting, Siaiidard applicable in the UK and Republic of Ireland and the financial Reporting Standard applicable in tlie UnilL.d Kingdoiii ai)d Republic of Ireland (FRS102) aiid Ihc Charitie5 Act 2011 and UK (ienerally Accepted Practice a% il applies from l Jaiiuary 2019. Tlie trust constitutes a public benefit entity as defined by FRS 102. Tlie financial statements have been prepared lo give a 'true aiid fair. view and have departed from Ihe Charities (Accouiils and Reports) Regulaliong ?008 only lo the extent required to provide a 'lrue and fair view,. Tlii departure ha.% involved I'ollowing, Ilie second edition of the Cl)arilie% Statement of- Recommended Praclice issued iIi October ?01 g pplicable lo Lliarilies preparing, their financial 5lalemenl.s in accordance willi tlie Financial Reporiiiig Siandard applicable iii the UK and Republic of Ireland {FRS 102) railier than Ilie Accounting cind Reporliiig by Cliarilie.8.' Sialemenl ot. Recommended Practice etyeclive from l April 2005 whicli lia8 .%ince been wiilidrawii. Jnccjiiie Income is reLogFiiised in the year once the ¢liarily lias enliilenienl lo the income, il is probable that the incoine will be received aiid Ilie aiiiouiii ot income receivable can be measured reliably. Iiicome is deferred only wheii Ilie cliarily lia8 lo fulkil coiidilion.% betore becomingy enlilled lo il or where Ilie doiior has gpecified Il)al the incoine is to be expeiid¢d in ¢1 future period. Doiiaiioii.% are credited in the <lCCOLlllling period in wlii¢h the ca.s1) is received, wliicli retlecl8 Ilie period when the Cliarily is enliiled lo the income <iiid the ainounl can be Inea%ured with reasoiiable certainly. Legyacy iiicome ].% aLcouiil¢d tor on ali accruals basi¥ when the Chariiy is notified ot. tlie enliilement lo a gift and tlie aniouiil uan be mea.%ured willi rea¥onable certainly. llnve.slnienl incoine, con%i4ling ot. bank interest and dividend8 are accounted for on a receivable basi$. Expendifiére Licibilities are recogni.%ed a,% expendtture as soon ag Ihere is a legal or constructive obligation committing tlie cliarily lo 111<11 expendtture. il is probable thai 8eltlemeiil will be required and the ainouni of the oblibFalion cali be measiired reliÉ1bly. Granl.s payable are cliargied in Ilie year wlien tlie offer is conveyed to the recipient ex¢epl in those ¢ase.8 where the offer 1% conditional, sucli graii18 being reLogni.%ed a.8 expenditure when tlie condition5 atlacliing are fulfilled. Grants offered siibjecl lo condition8 whicli have not been mel al the year end are noted as a commitment, bul not accrued as expenditure. Co.%ls of generalingy funds are tliose ¢osl4 incued in atlracting voluntary Income. Governance co.815 coinpri%e all co8ts involving the public accounlabilily ot. the charity and il,% compliance with regulation and good praclA¢e. Fiiiicl& of tlie Chority The various funds of the eliarity are accounted for as follows: Pern]aiienl endowment funds are funds that liave been invested to produce income in accordance with the donor.%' wi%hes. The Trustees can apply ai)y income not retained as capital in furtherance of tlie objects of tlie cliarily. The Trustees may use the capital only by express perniission of Ilie donor, ordinarily not before a minimum period of 25 years. 10
Opera North Future Fund Trustees, report and financial %tatetnents 31 March 21125 Notes (continued) Expeiidable endowment funds are llds that have been inveqted lo produce income in accordance with the donors, wishe5. The Trustees can apply any income not retained as capital in furtherance of the objects of the charity. The Trustees may use the capital in furiherance of the objects of the charity provided there is a clear policy lo restore tlie capital within a period of tiIiie not exceediiig 10 years. Resiricled funds are funds qubject to specific trusts wliich have been declared by the donor(s) but still within the objects of the charity. Unre%tricled t.unds are expendable ai the discretion of the Trustees in furtherance of the obje¢l% of the charity. Unrestricted funds earniarked tor particular pU0c. by the truslees are designated as separate funds. In the opinion of the trustee% sufficieiil resources are held in an appropriate forn] for each lo be applied in accordance with any re.slri¢iions iinpo,4ed upon it. Going Concern The Trustee% liave a reasonable expectation that the Trust has adequate resources to continue in operational exi.%lence for at least 12 months froin Ihe date of approval of tlie financial statements. The Tru8lees review reserves levels. comniitmenls. cash and forecasts at lea%t one year ahcad when as8e.s.sing goiiig Loncern. The Trustees are mindful of the outgoing commitments of the Trusi and will eiisure thai these do not exceed available reserve.8. The Tru.4lee% continue to review the curreiit economic environment and the impact of co.st of liviiig, iiiflalioii and changing7 interest rale,8. The Trustees do not see thi8 liavinLy an inlpacl on the charity's ability to continue a% a going coiicern. The Catalyst Fund is a pennanent endowment which mu%t be held for a rther 12 years. Tlie Trutryt therefore continue.s lo adopt a going conccm ba518 in preparing ils financial statemenity. FiYeilAssei Jnveslnients Investinenls are slated at market value. The majority of listed invesimeiiis are stated al tlie bid price or Ilie la8t Iraded price, depending on Ilie convention of tlie ,%lock excliange on wliicli tliey are quoted, al the dale of the nei asse1% slalement. Fixed interest securittes are stated al their clean prices. Accrued income is aceounled for within iiiconic. Unquoted se¢iirilies are included at fair value estimated by the Trustee based on advice from the inve.8lmeni maiiager.%. Pooled inve8lment vehicle% are slated at bid pri¢e with bidloffer spreads, or single price where there are no bid/offer.4preads, as provided by the inve8tmeiii nianager. The realised and unrealised gains on invegtments are reflected in the statement of financial aetivfftlies as they art4e. Realised gain% and Io.8ses on investment8 are calculated as the difference between sales proceeds and opening iiiarkel value (piircliase dale if later). Unrealised gains and 108ses are calculated as the difference between the Inarkel value at the year end and openiiig niarkel valiie (or purchase date if later). Realised and unreali.%ed gains are not 8cparaled in the slatem¢nl of financial a¢iivilies. Toyalioii Opera North Future Fund is considered to pa.8.8 the tests sel out in Paragrapli I Schedule 6 Finance Act 201 O and therefore it nieels the defInilion of a eharilable Iru.%t for UK incoine lax Purposes. Accordingly, Ihc charity is potentially exempl froni IallOn in respect of income or capital gains received within categories covered by Part l O Income Tax Act 2007 or Section 256 of the TatIOn of Cliargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No lax charge has arisen in the year.
Operyd North Future Fund TTUStee5' report and financial statcinents 31 March 2025 Notes (continiied) Donation5 and legacies 2025 ExpendAble endowment fuiids 2025 2025 Unrestriclcd funds Permanent endowment 2025 Total fund5 Restrieted fndS IndiviLlua15 ttiid corpor<ltc 20,000 75 20,075 20,000 75 20,075 2024 Exi)LndÉihle endowineiit tuiids 2024 2024 RL'Stricte(I tunds P¢nnL2 I)Lnt Induwinenl ?024 Unre8lri¢tLd tLindts 2024 T()lal fuiid Iiidividual.%' lind Lorpurate dc)nci1ioiis 40.01111 80 40,080 411,000 80 4U,080 Income from liivestments 2025 Expendable endowment I'unds 2025 Pernianent endowment 2025 Restricted funds 2025 Unrestrlcted lund5 2025 Total lunds Dividends reccivi Inte.t reL'civcd 99,869 99,869 1,333 1,333 99,869 1,333 101,202 12
Opera North Future Fund Trnstees, report and tinuncial gtatcinents 31 March 2025 INotes (c'ontiniied) 2024 Expendable nclowinent t'unds 2024 21124 Re%trict¢d tundb Pcmianent Lndowinent 2024 Unrestricted 2024 Total tunds Divid¢nds reccived Inlcrr.8t reL'L'ived 95,229 )5.229 2,209 2,209 95.2?y 2.209 )7.438 Expenditure on raising funds 2025 Expendable endowment funds 2025 Perm#iient endowment 2025 Restricted funds 2025 Unr¢strietcil rund$ 2025 Toithl runds Suppoi't L(1.4ts GL'n¢riil i)Ilicc expL'Iis¢$ 2,IlQO 546 2,000 606 60 IiiilL'I)ciid¢nt examiiialion fi.4 3,420 3,420 2,546 -1,480 6,026 2024 ExpLnilablL cnLI()winLlIt 2024 2024 RcstriLIL.d lui)ds Pemi£ln¥nl endowinLnt 2024 Unreslricled tund. 2024 Totul Supp()It )btS GLIILrdl oflicc CXPLryISL IndLPCIILlent Lxuinination te 2,000 667 2,000 728 2,256 61 2,256 2.667 2,317 4,984 13
Opera North Future Fund Trustees, report and fin(incial .statthnent5 31 Marcl) 2025 Notes (continiéed) Expenditure on charitable Ctivities 2025 Expendgble endownient funds 2025 PermAnent endowment 2025 Restricted funds 2025 Unrestrlcted fuiids 2025 Total funds P¢tt1l11 n Dare IiitCrn<ltional l)ertoriiianLL Sehnlcirship Pri)yramme 29,167 29,167 Grants awarded t() Institutions loo,000 loo,000 i 00,000 29,167 129,167 2024 Exp¢n(lable LndowiiiL'nt 2024 2024 RL%tI'iclecl funds P¢nn£inent L'ndowinent 2n24 Unrestriitcd lun£ls 2U24 Total luiid% PLXtlll&in Dc2fL. Intemtttional PL.rtonnan¢c SLhi)I1Kr%l)ip PrograininL 37.649 37,649 GriintS IlWill'd¢d to Ii?s1itutions 250,0110 2511,000 250,01111 37,649 287,649 14
Opera North Futurc Fund Trustces. report and financial %tatements 31 March 2025 Notes (continucd) Investments 2025 2024 Brnug'lit torward Add.. Aclditioiis to invr4tincnts at cost Les5.' Disi)0sal% ut CGiryingY value Net (loss)I g¢iin on invc.stincnls 2.460.403 576.510 1624,156) 3.601) 2,450.653 521.476 165? 755} 41,006 Carrylng vnlue at end of year 2,416,366 2,360,.180 C.c1sh awaiting invL%tin¢nt 15.971 100,023 Totul Investments At eArrylng vthlue 2,4.12,337 2,460,403 Tl)c rfftoriloliu ot as.qei.% viilu¢d by Sector is as follow.s.' 2024 FixLd iiitcrc%t OvLYsL$15 CciuiliL'S AIILI'nalivL UK Equili¢ Mulii-aSSLI func1% 669,164 902,098 .317,911 45179.3 673.34 7()3,485 26L).130 40(),311 Pr()17¥rty 15,971 70,200 1110,023 78,()110 2,4.32,.137 2,4C?0,403 Debtors 2025 2024 Ii)tci'Lsi/dividLiids rcceivllblc OtliLr dLbtoi's 11,809 14,328 182 IJ,809 14,510 15
Opera North Futur¢ Fund Trustees, report and financial statcinenis 31 Mtirch 2025 Notes (continucd) Creditors: Amounts falling due Ivithin one year 2025 2024 Opera North ljidependcnt Examination, 5UPPOrt and legal I¢cs 33,497 5,420 40,702 3.204 38,917 43,966 Funds At I April 2024 Income Expcnditure Other At31 (including March 2025 tran5fvrs) Expendable endowment 114,136 99,869 {134,221) 29.603 109,387 Total expendAble endowment 114.136 99.869 {134,221) 21).603 109,.187 Permanent endoivment Catulyst peri)ianLnt ciidilwineni tulld 2.254,802 128,0661 2,226,736 I'otnl permanent endowment 2,254,80? {28.066) 2,226,7J6 Tli¢ Petlinan CIu$slCg1 Mu41¢ Foundation 75.224 20,UOO (29,1671 66,057 Total restrlcted 75,224 20,000 129,1671 66,057 Unrestrleted 5,607 1,408 (3,480) 2,072 5,607 Total funds 2,449.769 121,277 {166,868) 3,609 2,407,787 16
Opera North Future Fund Tn]%tees' r¢port and financial stateiyjents 31 March 2025 Notes (continued) Funds (COtinUed) At I April 2023 Incoming resourLes RL8ourccs expciided Otlicr At31 (including Mar¢h 2024 transfers) Expenduble endowment 271,602 95,229 1283 1)23) 31.228 114,136 TotAI expendable endowment 271,602 95,229 (283,923) 31,228 114,136 PermAnent endowment c.atalyst perinanL'nt endowment tund 2.245,052 9,750 2,254,802 Tot1 permanent endowment 2.245.052 9.750 2,2S4,802 Thc Petlinan C.lassicol Muyic Foundarion 72,873 40,1100 (37,649) 75.224 Total restricted 72,873 40.000 {37,649) 75,224 Unrestrlcted 5,607 2.288 {2,316) 28 5,607 Tot41 fund5 2,595,134 137,517 (323.888) 41,006 2,449,769 Expendable endowment funds total £109.387 {2024: £114.136), unrestricted fund,% total £5,607 (2024.. £5,607) aijd reslricled and pern]anenl endowment funds total £2,292,793 (2024.. £2,330,026) in accordance willi the definilioiis in note l. During the course of the year il was agreed by the Trustees that £2,072 would be transferred lo tlie unreslricled funds from tlie expendable endowment ndS (2024.. £28 trangferred). Analysis of net assets between funds.. 2025 Eipendable eudoivment t'unds 2025 PermAnent endowment 2025 Restricted rund5 2025 UnTe5tricted runds 2025 Total funds 2024 Total fullds Inve$tincnts C1( sh at bank and in hand Othcr nel curr¢i)t liabilities 205.601 {69.106} (27,108) 2,226,736 2,432,337 2,460,403 2,558 1 ¥.822 (27,108) {2(),4561 66,057 5,607 109,387 2,226.736 66,057 5.607 2,407.787 2,449,769 17
Opera North Future Fund Trustees, report gnd tinancial stc1teEnents 31 March 2025 Notes (continued) io Remuneration of trustees Noiie of the Trustees IioldingT office during the period received any payment for their services as Trustees or reiinbursemenl of expenses (2024.. none). li Related party transactions During the year. one of the Tru.8lee8 of Opera North Futtire Fuiid were also a trustee of Opera North Limited. During the year tlie Opera North I'-ulure Fund made grants lo Opera Nortli Limited of £ l 00,000 {2024: £250,000) as detailed in the Trustees. Report. Opera North Limited paid cosLs of £32.795 (2024.. £39,894) oli behalf of Opera North FUre Fund. Income of £20.000 (2024.. £5) was r¢ceived on beliaifof Opera North Limited. The balance due lo Opera North Liinited at 31 March 2025 wa.5 £33,497 (2024.. £40,702). There are no otlier related party tran%actions to discloqe.