Friends of Opera North Trustees, report and unaudited fmancial statements for the year endcd 31 March 2022 Charity registered number 507574 Fri¢llth of OwaNorth CIMrity Tew&et&lLvmb¢r507374 Contents Ixgal and admiDistr*ive inforniatio Report of the Tn￿tres for theyear entsj 31 MayclA 2￿22 Independent Exsrniner's Report Statemcjjt of finart¢ial &c4ivilies Bat8nce she¢¢ Notes (fornJin8 ￿t of the fu￿¢1•1 staternajts) Fiiends of OF¢TaNorth Cknity Wistered nwnb¢r507574 Legal and administrative infonnation Th¢ Board of Trustees and Exeelltfvt Comrnittte Ed Allde￿ Mark Armour IresigDed 16 Dec¢mi*r2021) Hcnrietta Jowitt Paul Lee OBE Rithard Mantle OBE PeterM8niura Rosie Millard OBE Cllr JoTMthan Pryor Irving Warnett Charlty Nymber. X17574 RegR￿ered Offlce Howard Opera Centre, 8 Harrison Stree4 LSI 6PA Independent Ex*mln¢r Riehard Lewis FCC& RSM UK Tax and Accoun¢ing Lirnit4 Charts[￿ AC4>)uM￿. Two Humber Quay¥ Wellington Strcct Hull, Hill 2BN Binkerl HSBC, 33 Perk Row. Leeds LSI ILD Solldtors Wrigl¢ys LLP. 19 Cookrid8e Strrt Leed& LS2 3AG Frientstsf Op2raNortb TDJaees' uttaudirttl fiTLqnci81 sratements Cknity reKist¢red numL%r 507574 Report of the Trnstees for the year ended 31 March 2022 The Tru5te¢5 prwat thefftr Tep)rt along Wtth Ihe fiDaDciai sra*llLents of the Cbarity for th¢ year eEMled 31 Marrh 2022. The final￿121 s￿tc￿e￿LS have been prepared itt accordance with the ac£¥I￿)b￿S wlicies sct out ort pa8¢ 8 #nd comply with th¢ Charity'5 trust dee( the Chartlies Act 2011 and Acc4)unting and Reportin8 by Charities." $￿t￿￿ent of R￿o￿Lm¢￿dCd Practice applicable to charities preparin8 their fmauciat statements ia aC￿rdanCe with the Financial Reporting S￿d￿d applicable in the UK and R¢public of treland (FRS 102) publibhed OD 16 Juty 2014 and &$ amendgj on l Jallvary 2019. Legal & administrativ¢ infomatioD 1$ Set0￿ on pag¢ l. StruCtll￿ Governanee *nd MaDagemtht The Friends of Opcra North was established by Dttd of TnLSt #nd is a rcgistcxed charity. numb¢r 507574. On 4 Novemb¢r 2014. the Managing Committ¢¢ pmpo%d to th¢ membeJ5hip that Friend5 of Opern North should ¢b8n8e tts cot)stitution and that the lThs*es of Op¢ra North Limitd should be the ￿[d members of thc.Mana8ing Committ¢¢, r¢named thc EXC¢￿1ve Como)ittee. This amendm￿1 duty yt¢d. Risk M*n8¥emeDt The Trustees consider th¥ adequate LSMtro]s are in place to satisfattorily the business of the Charity. Th¢ Trustees consid¢r the risks relatin8 to Covid-19, inflation and itrterw ratrs to be minimaI in relation to the bustness of the Friends of Opern North duc to th¢ very low l¢v¢l of dire¢t osts. but will continue ￿ k¢ep thi5 and other areas of risk under review. TTUSt¢e traAnS#8 As th¢ Chariry is now managed by the indi*iduals who are also TtU5*¢5 of Owa North Limit&J it faIl$ within an estsblishcd progrdtnnje of induthRon and tratning. In the c￿rt of an 4)poinkn¢D( new 'fnL51￿5 uttdergo a pro8rarnm¢ of induction. which is planned to a thorough ill5ight into th¢ activtlies of th¢ Charity. At th¢ time of 8ppoiu))nent ca¢h TTUStee rKeives an Induclion Pack whi¢h includc5 a copy of the Trust Deed, the dates of s¢hcduled roeetinw mo# r¢ceM fuwicial ststements and otb¢r appropriate lit¢ratrJre detoilin8 Cvtnts and forthcoming activtl?e6. Truste¢5 8T¢ settt Charity Commission D¢wsletter$ 2nd other published material relatin8 to 8s)vernw and le8al obligations to keep them abreast of thur r¢S￿nSibIlitIes. Objectives 8nd AetiTritle9 The objects of the Charity are to promot4 maint#in. fost¥ aDd advance in the North of England and parti¢ularly in Yorkshire the ¢du¢ation of the genernl publi¢ im the appreciation of opern choral works in all their aspects and relalcd orchestral w¢)rk% and to cwra* with locai aJJthoritie4 educational insti￿110n3 and ¢ultura] societirs relating ￿ thc practic¢. presentation aDd study of opera to pYDmote better and more wtd¢spread pcrforniances of chorai a￿1 Orchestr￿ works. The c.harity Lx)ntiDued to pursue its charitsble objectives during the y¢ar by providing financial y55islance towards the running and production costs of Nonh by organising opera talk& conccrts and recitals and by publicisin8 opera events in the regic￿. The Ex¢¢utive Conunittee has the P)W￿ to invest th¢ assds of the Chartty in *¢ord8nce with the coostilulion of th¢ Ch2rity. Friends of OpEANorth Ch2Tity ￿815￿red oumber 507574 Trustees, Report (continued) Acbitvements and P¢rfortn*llte The Charity has g¢nerated fvndi from individval& chgTttsble foundatiODS and wrate thDors in the forni of generni donations, le8a¢ies and mernbership subscrioions. Where apprtyTiate tu relid in the fomi of gift aid h￿. b¢eD elaime¢L FiDand*l R¢￿e* During th¢ etsurse of the l8* 12 njonths the Cb8rity h&8 seen att incre•s¢ in its donati¢)n arwj legw in￿rn￿ The financial rtsults for th¢ year are sumrnarised on page 6. the Y￿ endd 31 March 2022 a gr2nt of £140.000 wa5 m&le to OFCrn North Ltd (2021: £nil}. Reseryeg Poliey The Charity's poliey on reserv¢5 is ty retsin a smail surplws wffi¢i•it to L¥)ver th1nistrn￿ rnsts thu$ ¢Dabling it to rnwmis¢ its SUPPOrt for Opera North's revenue 8thities. All fMThds held in iisk fire cumt bsnk *cowits. Caslj and bank balaDces beld at 31 .Wrtb 2022 totsiled £166.004 (2021.. £79,467). Administr&ive Costs are being kew w A Tninimum as general office supp)rt is being Provid￿ by Opera North l.imited. At 31 Ma￿h 2022, free re5¢ryes trtslled £24.42] {2021: £80.413). rakin8 ac£ount of the availability of working witsl and low kvd of fjxed wsts. the TnJste¢g have concluded that the c.harity will be able to continue ty meet its finao¢i81 obliwions as thry fa]1 due for at leLSt tsvelve months from the daw of approvd of firtan¢iai sfatanaits. thJs4u¢t1￿. th¢5¢ fin￿￿181 slatements have E¢en prepard gn the basis that the Charity 15 a 8oing ￿lcern. Plans for the firture Forthe time being 1¢ is slill advanws to retsin the two Charities bui admintstrntiv¢ support will be provided by Op¢r8North. This will be kept UDd¢rr¢view. Publi¢ Benent The Tru#ees are awArc of the Chariry Commission's advice on Chtrities and Public Benefft. The TTU$tees confirnj that thry bave refettryj to the guidance Wntsined in the ChgTity Lommi$sion'5 genernl guidancc on public benefii when reviewing the Clwity's Jims and objectives plannin8 fvture a¢tivities for the year. Gr￿ are awarded to Op¢A North ￿ SUPFd)rt P8rti¢u]ar 4￿Cts of its work in pwticular encouraging audienctt to access unfamiliar picccs and providing 5upfK>rting tslks gnd educationa] ¢vents for fvrther in4l¢pth en888ement with the perfornieTS and wfonn8nce. Key Ma￿get￿ent PersonDel Remu￿tratION The MISLets consider the Frtiard of bUStees ￿ comprlsing the key Th8nagcmtrtt pernonnel of the charity in charge of dir¢ctin8 and ¢ontrolling the charity and rujwing and operating the charity on a day-to-day basis. All trustees give of their time freely and no ¢rus*e remuner2lion w&5 paid in the ye4r. Detsils of trustee rxpenses and related party trnn5ac¢ions are dis¢lostuI in Rotrs 10 and I I to the accounts. FTieti& of OF¢f8Nortb Cknyty ￿￿1¥£r¢d nu￿b¢r507s74 Trustees, Report (continued) Ststem¢ot of Trustees. r¢sponsilAlitiu in respect of the Tnmlees. report th¢ finaTretsl ststem¢nts The charity trustees are responsible for prepar￿￿ a ThJstees' annual re￿t attd fuwcial statements in aceordancc applirAble law United Kingdom Accoumin8 Sthndards (Uni*d Kingdom Generdlly Aecepted Aecounting Pradiee). The law applieable w cknrities in England and Wai¢s requir¢s the eharity trustees to prep￿ financi￿ stattrnetjts for year which give a true and fair ￿¢W of the stat¢ of Affairs of the charity and of the incoming resources atld application ofresourw of the charity for that period. In preparitkg the fmanc1￿ sthternen￿ the trustees are requirnl to: sdect suitable acwunttti8 Folicies and then app]y them wnsisttndy: observe the methods and principle in th¢ a￿11¢abl¢ Chertties SORP. make judgcmettts and e5tima*s that we rtawnabl¢ and pwdenL state whcther appliLable a¢counting standords have been foIlowe41 stsbje£t to any matrrial departures that MU￿ be dis¢l0s¢d 2nd explain¢d in the financial swemen prepar¢ the financial statemcnts on the goll)g Conc￿ basR5 unless it is inappropTi8t¢ to pr¢sum¢ that the charity will o)ntinue in busin￿8. The trustees are Tesponsible fork¢¢pin8 proper ac&)unting rr4th that disclose with reasonable accurney at arty time the fmanLTal p)sition of the charity ond w cnable them to ensure that the fin4n¢ial statements comply with the Charities 2011. the applicable Charitie5 (A¢¢ounL5 and Reports) Regulatiolls. and the provisions of the Trust deed. They are also responsible for safeguarding the w¢ts of the charity and takADg re8sonkbl¢ s¢¢ps for the pr¢v¢ntion and dekrtTon of fraud gnd Oth￿ irre8ularities. Trnst¢t5' ¥tatemeDt Tho Trnstee$ who held office * the date of approval of thTS TnJstte5' report confirn) tha( ￿ far as they 2T¢ eAeh aw8r4 ther¢ 15 no relevant inforn]•ion of wbi¢h thc Chartty's Independeni Examintt is unaware" and ea¢h Tntst¢¢ ha5 taken ajl the step5 that they ought to have tsk¢n 8$ a Trustee to mae theD)s¢Ivc5 ￿are of any relevant information e5rablish that the Charity's Lndyndellt Examiner is &waré of that inftimi8Lion. roved by the Tru5t¢¢S OTt /.O/•/z3 artd signed on their behalf by: Richard Mantl¢ OBE Fry￿ OfOrthNo￿b ChBrity tsUD)bcr507574 INDEPENDEI¥T ExAM￿1R.s REPORT TO THE TRUSTEES OF FRIEI¥DS OF OPERA Tr40RTH J report to the trU￿ee$ on my examination of the a¢wunts of Friends of Opern North ('the tharity'l for the year ended 31 March 2022, which are set outon pages 6 to 10. Respotsslbuities ADd bLsis of report As th¢ trustees of the Charity you wt respnsible forthe prep8rati￿ of the a￿ounts in xteordÈnLY with the requirem¢nts of the Clwities Ad 2011 (tthe 2011 Att.). I report in respect of my examin￿10￿ of the charity's a¢¢ounts carried out under seLtion 145 of the 2011 Act and in carrying out my examination I have followed ail the applicable Dirw¢ion$ given by tbe Charity Commission under seoion 14515Xb) of the 2011 Act. An indep¢nd¢nl examitt*ion does not involve gathering all the ¢videnee that would be ￿Uire1 in an audit #nd consequently does not cover all the matters th8t an auditor cot)siders in giving their opinion on the a¢wunts. The plannin8 2nd conduct of an audit goes tryond the limited ￿UranCe ihat all independent exatnination can provide. Consequenily. l exprtss Th) opinion as to whether the accounts pr¢sent a 'tru¢ and fair view. and my report 15 li]nited to those s￿lf1¢ matt&S set out irt the independ¢nt ¢x4min¢r'J statement. Independent eximtn¢r'J statemeni I havt complded my examIr￿]0n. l ￿￿rImI that no material matters have comc to my attenlityn iti conneuion with the ¢xaminatiOn 8iVin8 me rcasoDabl¢ cause to believe that in any matcrial rcsp¢ct.' a¢¢ountitt¥ records weR not kept in rtsp¢d of the cbffj w required by s¢rfion 130 of the 2011 Ac¢ or 2. the accounts do not at￿rd with those Ttcords; or the accounts do not comply with the applicable wuir¢m¢tts w￿rnIng the forni and conteDI of aeeounts set out in the Cbarities (Aceounts and Re￿n$) Regulations 2008 other than any r¢quiremerti ihat the accounts giv¢ a'true a[￿ hir view. which is r￿lt a mailer wnsider¢d os Part of an independent ¢X8min8tio I have no conceins and have come xross no other m¥tt¢rs in ry)Twection with the examination to whieh attention should be drawn in this report in OTder to eMble a proprr underst8ndirtg of the a￿ounts to be Ri6hqrd LeWIS Richard Lewis FCCA '11)¢ Association of chartc￿d C¢rtificd A¢cotmtants RSM UK aod Ace¢utttin¥ Limtkd. charttt￿ A¢￿VnI•nts Two Humber Q￿y$ Wellington Street West Hull Itul 2BN 12101123 Friends of 0￿ra North Charity r¢gis*RdAurnt*r 507574 Statement of finandal activities ¢lncorporuling the ineome 4vkd&rpenthre 1￿COUnt) forlheyear ended31 Mrzrch 2022 2022 2021 UnTestrithcd Funds Note Futtds *lld Endowmats 89J76 78&24 Tot81 89J82 78.632 EIp￿dI￿re tsn: R*sitJg funds Cbarirabk artivities 3.154 142220 630 2,172 Total tsptnditsre 145J74 2.80?. Nrt{expellditurey ID¢oty• 15S992} 75.830 Totsl fvDd$ brou8ht forward 13 4,583 To¢¥1 fauth ￿rrIed forn*rd 24h21 80.413 Th¢ ¢hArity hL3 no rKo￿l$ed gains or lo¥es other thau the net mov¢ment in funds for the Current and pr¢cedin8 The above results dertve wholly from eonlinuin8 Opmtions. Notes on pa8¢s 8 ￿ 10 forni aD integra] part of the fina￿la1 staternents. FIietids or0￿raNOrth ChaTity ￿is￿red ThUnLbEr507574 Balance sheet t3] MtTrch 21122 Nore 2021 Curr¢Rt *uets Debtors duewithin Ca8h atb*￿and in hsTh1 3079 164fAM 3.817 79.467 169J 83.284 Cr¥Jiiors: ar￿Unts hlliJ¥d￿￿tthjll ottyettT (145.462) (1871) NÈteurrent aM¢ts ryiresutwl total D¢tAwts 24021 80,413 Ftsftds 24A21 80.413 24321 80,413 Noies on pages 8 to 10 forn ￿ inte8r81 of the financial slaiement& 9¢ f(nan¢ial ststements wer¢ approved by the b)wd of Tn&¢es on mli/z¥ ￿ wer¢ S4¥n￿ on its behElf by: Rlehxrd Mall Chwity R¢￿tred Number. 507574 Fritll(ts of OFraNorth Chsrity registered 507574 Notes (forming part ofthe financial statements) Accgunting wjlicks Acc¢wndngconvendon andbas£5 ofpreparadt>n The fmattcial stai¢m¢nts have been prepared under the historic*1 Cost c<)nvention with itrms recognised at cost or tr8nsa¢titsn value unless otherwise st*¢d in the rele￿dDi rK>tes to these accounts. Tr finauGial stateEnents have been p¢rpar¢d ill aecordan¢e with the Ststemeni of RewThm¢nd¢d Practice.. Accounting and Reporting by Charities preparing their a¢wunts in accoTdan¢e with the Financial RewTrrttng Standard applicable Tn the UK and Republic of Treland (FRS 102) and the Financial Rwrtins Stsndard applicable in the United Kizygdom #Jjd Rcpubli¢ of Ir¢leJ)d IFRS 102) and the Chariues Act 20118nd UK Gethe￿IlY Acceptsj Pn¢ttce as it applie5 from l January 2015. Golnx Concern The financial s¢at¢ments have been prepojrd on a goiDg concern b&sis. Having ¢arried out a detailtd review of the Charity's resouTce$ and the challenges it face5, the Tnstees are ￿tIsfIed the Charity h&5 suffi¢ieni resourets ttTr achieve its obje¢tives and c4)ntinue to meet liabiliti¢s as they f811 due for at leall one year from the dute of approval of the Lceounts. R¢gu12r overhead Costs are v¢ry low and as such only low levels of Jrserves are rquired at any ne ti]ne. inflationary pressures, iDcre&sing ini¢rest r8ies and cost of living challenges not expttted to have a Si8nificant impact on the eharity's wst base b￿ MAY have som¢ imp¥t on furure inciMn¢ g¢n¢ration. Non¢thel¢s$ the grant spend of the charity is fixed and so can respond to the level c>f incom¢ r¢¢eived in the year. R*serve$ and ¢ash levels always Consider￿ in advance of *)y #gr￿1 grani paymenty ensuring the Charity is left with sufficient reserves. Resourr Ineome is reL0￿[sed in the ye4r once the charity h&$ ¢ntiilement to the incom< li is probable that the incom¢ will be received End the amount of irKome receivable be measured reliably. In￿rne 15 defetted only when the Charity ha5 10 fulfIl ¢x)nditions before becoming cntitled to it. Unrestri¢t¢d donations are crtditrd in the aewunting periLxJ in which th¢ is ret¢iv¢d. Resourcu Ey¢nded Liabilities are rttognised &$ ¢xpendittnr &$ soon as there 15 a Icgai or constructive obli8ation committing the charity to that expenditurty it is probable that s¢tti¢meDt will be required &nd the amount tsf the obligation c4n be measured r4liably. Grants payable are chaT¥ed in the year when the offer is wnveyed to the r¢¢ipient ex¢¢pt in those cases where the offcr is conditior1￿, 5u¢h gr8Jhts being reCO￿lSed as expujdintre when th¢ ￿nditionS atta¢hing are fulfill¢d. Gr8mts offtred $ubjett to ronditions which hav¢ not been mei at the year end ￿ noted as & commitmcni but not &ccrued as expenditure. Costs of genernting fithds are those costs in¢urMI in attracfing voluntary income. Governanee costs compris¢ ail costs involving the pyblic a￿oUn￿bIlIty of the Chaw 8J)d its eompIianc¢ with regUl￿10Th aud good practi¢¢. Unrestridedfunds The various funds of Chanty are *￿ullIed for&5 follows: Unrestricted fiutds are expo]d#ble at the dis¢ffetton ofthe TnJs*ts in furth¢ran(e of the Obj￿ of th¢ Chan"ty. Unr¢s¢ri¢ted funds eamiark¢d for particular purp)scs by the Tnjstees tte deS1￿￿ted separate fun&. Th¢ Friends of Opera North is considernl to pass the tests set out in Paragraph I Schedule 6 Finwjre Act 201Q and therefore it meets the definihon of a tharitsble trust for LK income tax purposes. Accordingly. the Cbaity is ex¢mpt from taxatiott in ￿5P￿t of income or tapAtal 8ains r￿TYed within catC8ories covrred by Part 10 Lncome Tax Act 2007 or Section 256 of the T￿atIOn of Chargeablc Gatns Act 1991 to the ex￿1¢hat such incomeor gains aTr applied exclusively to ¢harttable PUTP05C& No tsx Gharge h&5 arisen in the year. FTietrd50fOFANorth cl￿rity reyter¢dTtuml*r507574 Notes to the accounts (copthnued) Incom¢ 2022 2021 Iktn2tlonsaDd l¢E¥l Donwors and legs￿9 3JA76 47.775 8,125 28,644 41 J65 8.415 GiftAidinwme 89J76 78.624 Other iMcom• Cnber inwm¢ rtlates to HFARC in*rtst £6 {2021: £8) &3ptttdlture on R#idng fuDdg 2•22 2021 651 2J02 630 Evetlt ¢xtttnxs 3,154 630 ExptDdxture on Clk*Tlt*bk Aclfvltkl 2022 2021 Grnnts Awgrded to i￿l￿rtionS- OtmNorth 140,wo 2,220 2.172 14U20 2.172 2022 2021 3079 3.594 r23 3.879 3.817 Friends of Op¢r&Notth Chartfv rt8iStered number507574 Notes to the accounts (copulnued) 7 Credit(bTS." dut Thithin one year 2022 2021 knountsowtyj to OmNoTth Ltd 2.220 14W2 2,076 795 14W2 L871 Funds 2022 2021 B810JJC¢ at l April 2021 (Deficirllsurplus fortb¢y¢aT 80A13 (3&9921 4,383 75,830 Balance ￿ 31 Marth 2022 24A21 80,415 All ftmds Ire held8s