Friends of Opera North Trustees, report and unaudited fmancial statements for the year ended 31 March 2023 Charity registered number 507574 Fri￿d$Ofor￿N0rth Cbayity Tegist¢T&I numbff 507574 Contents Legal and admini*r4tive infornlation R¢port of the Trustees for the Y￿ elld￿ 31 MaTch 2013 lud¢p¢ndent Examiner's Report Ststcment of financial activiti&S Balance shcet Notes (forming part of the ftnaDciai statcmcnts) FTi¢nds ofOmNoTth TrUs￿eS. ter￿ unaudit¢d fjnaucial statettents (Tharityrtwsttted Thumb¢r 5Q7574 Legal and admlnlstrative informAtion The BD&rd of Trusttes and Eieeudve Cojllmlttet EdAnderson HcnriettaJO￿itt Paul Lee OBE Sir RichaTd Mantle OBE Peter ManiLLfd Rosie Millard OBE Cllr Jonathen Pryor lrying Warnett to l D￿C￿E*r2D23 Ch4r(ty Number: 507574 Re￿$(tred Offiet loward oP￿a Centr¢, 8 Harrison Stycrf LSI 6PA Independent Eiamlner Luey Robson, RSM UK T&x and Ac￿unI1ng Limittsl Chartered ACOWntan￿ I Si James G8t4 N¢wAstl¢ Upon Tyrt4 NEI 4AD HSBC, 33 Park Row. Ixeds LSI ILD Solldto Wrigl¢y$ LLP, 19 Cookrid8¢ Str¢¢4 Lttd4 LS2 3AG FricniLsof Optsa Nonh Tn*Ks' aod W￿lld]led financial Statell￿ts Chrity rysta¥J ttthnbLY 5(17574 Report of the Trustees for Ihe year ended 31 March 2023 Thc Trustees prcscnt th¢ir report ￿Otsg with the financial $￿e4nt￿lS of the Charity for the year tndcd 31 March 2023. The fll)ancial stztements hav¢ been prwed in a¢cDYdanec with the aecounting policies set out on page 8 and ¢omply with the Charity's trust deaL the ChaTiti¢s Act 2011 and A¢¢ounting and Rq)orting by Charitics: Ststemeni of R¢commendcd Pncticc appIl￿ble to Clwities prtP3ring their fJThaneial statements in accoidance with th¢ Finaneia] Rep)rring Standard applicable in the UK and Republic of Ireland (FRS 102) published on l6 Ju]y 2014 and as arncnded on l January 2019. Legal & /drniTListrativc infornlaiion is set out On P2ge l. StructUT4 C¥overnan¢¢ And Mtn*gemeDt 'Ihe friends of Opcr4 North was estsblishcd by Deal of TTll￿ aDd is a re8i#e7tsJ e]wity, 507574. On 4 Novembcr 2014, the Managing Cotnmittee proposuj to the membcrship Frierth of Op¢ra North should change its con51itution arld that th¢ of 0￿3 North Limited should be the sole membcrs of thc Mawing Committe4 renarn￿ the ExC￿llY¢ Commiltee. This arne￿ent was duly acccptoj. Rtsk TrfAnAgalleDt The Trugttts consider that *lequate controls in place to conthict ￿15f￿10n7Y the bustDW of the charity. The Trustees ¢on5ider tbe risks T¢lating ¢0 inflation and iL)t¢rest rstcs to be rninimal in relation to th¢ business of the fri¢n¢Ls of Opera North du¢ ts th¢ wy low level of dirrft eost& but will continue to kccp thi¥ and other areas of risk und¢r review. Trust¢¢ tr￿ing A5 the Charity is now by the individuds who are also Tntstee5 of (*¢A North Limited it falls within estabLiSh￿ pro8T8mrne of inducrion and trainin8. In the ev¢nt of an appointm&i( new TN#e¢s undcr80 a programme of induetion, which is planned to allow a thOr￿gh insigh¢ iDto the activities of the ch￿Ily. At ihe time of appointment ¢ach Trustee receives an Indu¢¢ion Pack which includ¢5 a copy of the TnLSi the dales of scheduled Meetin￿ m¢)st recettt finAn¢i4] sry¢m¢nts and other appwpriate lit¢ratLLrc detailin8 events and fOrth￿mIng 8Ctiwtie& Tnwees are sent Charity C•mmiwt)n ncwslcttcrs alld other publitsh￿ Jnaterial re)￿Ing to CQTFK)rate 8overnanc¢ and leg#] obligations to keep them abr¢w of their T¢SP0115ibiliiies. ObJe¢tlvu and Acti￿1￿8 The objects of the Charity are to pwrnote. main￿. fostu and advance in th¢ North of England and particularly in Yorkshire the &ueation of thc general public in the appreciation of opera chordl works in a]1 Ih¢ir &spe¢ts and rela¢ed orchc5Tr1 work& and to CW)¢Tate with local &uthoritie& ￿ucational institutlons and cultural societies relatin¥ io the practiK pr&￿1(atIon and study of opxya to promotc bctter and rnorc desprcad pcrfonnallces of op¢r4 chora] aDd tsrthcs￿ works. The Charity continued to pursue its charitable objcctivcs during the ye4r by providing finam¢ial wistanee towards the Nnning and prndurlion corts of Opcrd North by orga)isiDg operd tal￿ concert5 w)d rwitals and by publictsing opcra events ir¢ the region. The Executive Corn]nittee has the N)wer tD invest the as5¢ts of the Clwity ID accordance with the conthtution ofthe Charity. Fri¢r¥ts (rfOrnNortb Charity reKisttrèJ Lumber 807574 Trustees, Report (cop2tinued) Acbieyements 8nd Perforni4n¢¢ The Chariiy has gene￿￿ fun¢Ls frwn l￿dividual8 cknithble fouDd￿l0tt$ and ¢01T￿te &)nors in th¢ r￿n of gEnernl donation4 legxie8 and membe￿IllP SLthcriOÉODS. Whue appr(yriate t&T re]icf iu the form of gift aid has been claimcd. Flu￿¢181 Revlevl During the cours¢ of th¢ last l2 months the Clwiry h&8 seen a decY¢w in its donation and legacy in¢cm¢. Thc financial results for the yrdr aTe sumrnarised on page 6. During the year ¢Dded 31 Mar¢h 2023 a grant of £65,(X)O was made to OperaNonh Limitcd (2022: £140.(K)O). R£9erYe4 Polley The Charity'$ policy OD Testtves is W TtsiD a small SUTplus wffiLy¢xLt to CO￿ administrativ¢ thus enabling it to maximis¢ its 5UPWrt for OpcrdN4)rth's TeveJ]ue 8etivitie& Ail funds ate held in Tisk fre¢ current bank ￿¢0￿lts. Cash and bank baknes held at 31 March 2023 tots11￿ £13,682 (2022.. £166.004). Administrative costs are kept to a minimum genenl office gjpport is being provided by Opera Nonh Limited. At 31 March 2023. free Kserves t(¢a]I￿J £6,699 (2022: £24.421). Taking of the 8V8il¥bility of wthing e41itsi 8Dd low l¢vel of fixoj co&& the T￿￿t£S have ￿nClUd￿j that thc Charity will be able io c£ffltinue ￿ rneet its fina￿1?1 obli8ations as they fau due for at least twdve rnonihs from the date of approval of the6e financial Statemen￿ CoTrwuently. thes¢ financia] 5tatrments hav¢ been prwed on the basis th8t ¢he ch￿lty is 8 going wjca FI￿ for the fvture For the time beitt8 It 15 &ill ttdvantsgty)us io retain the No S¢PaTate eh*ities bui *luJinisti*ive will be proviikd by OperaNort]L This will ￿ kept unthrreview. Publk Benefit The Th$tse5 are aware of the Charity Commission's advice on awities and ￿blIC Benefit. The Thlstees confimi that they have ref¢rred to the guidance ¢ontsined in the Chatity Comtnission's general guidan¢e on public bencfit when rewewin8 the Charity'5 airns and (t•je¢uves and in planning future actiwitic5 for the year. Grdnts awarded to Owa North to ￿pport P8ni¢u]4r &sp#ts of its WO￿ in particular en¢ouTaging audiences to acctss unfamili8r piec£s and providiog supporting tslks and ￿UcatI1xkal events for thrther in.dcpth cllgagernent Ix)th witb the p¢rfornJcr5 and ptsform￿. Key.Mxn#gement PersoDne] Remuneration The trustees ¢onsidcr the of trustecs compri&ng the kcy Ttlanagement personnel of thr ¢harity io chargt of directing and controlling the charity and Tulltitng and gperatsDg thc rhariry QD a day-ti>day basi l rnste£s 8ivc of their tirnc freely and no trusfe¢ ￿￿￿entiOn was p￿d it) the ycar. Details of ttw#ee eXp￿SeS and related pary tranSa￿lon5 are di￿10￿ in notes 10 2nd 11 to the accoun Friends Of0￿ra North Trosic¢5' Wortsnd Unaudit￿ fiLÈncial ststements Trustees, Report (continued) Statement of Th￿, responslbllltles respett of the Trwt¢es' anllual report and the finandal 5tatement$ Th¢ chaTity tN5te¢s are responsible for prcparitlg a Trustees. annual rqkn and f￿ar￿Cial staterttents ift accordance with applicable law and United Kingdom Accounting Standar