Opera North Future Fund Trustees, report and financial statements Charity registered number 1122499 31 March 2025 Opera North Future Fund T￿ste¢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 o￿lCe 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 CO￿orate 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-wi1￿ln¥ 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. Cu￿ent 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 re1c￿ed 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