Friends of Opera North
Trustees’ report and unaudited financial
statements
for the year ended 31 March 2024
Charity registered number 507574
Friends of Opera North Trustees’ report and unaudited financial statements Charity registered number 507574
Contents
| Legal and administrative information | 1 |
|---|---|
| Report of the Trustees for the year ended 31 March 2024 | 2 |
| Independent Examiner’s Report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes (forming part of the financial statements) | 8 |
Friends of Opera North Trustees’ report and unaudited financial statements Charity registered number 507574
Legal and administrative information
The Board of Trustees and Executive Committee
Henrietta Jowitt Paul Lee OBE (Chairman) Rosie Millard OBE Cllr Jonathan Pryor
Charity Number: 507574
Registered Office
Howard Opera Centre, 8 Harrison Street, Leeds, LS1 6PA
Independent Examiner
Kerry Gallagher, RSM UK Tax and Accounting Limited, Chartered Accountants, Davidson House, Forbury Square, Reading, Berkshire, RG1 3EU
Bankers
HSBC, 33 Park Row, Leeds LS1 1LD
Solicitors
Wrigleys LLP, 19 Cookridge Street, Leeds, LS2 3AG
1
Friends of Opera North Trustees’ report and unaudited financial statements Charity registered number 507574
Report of the Trustees for the year ended 31 March 2024
The Trustees present their report along with the financial statements of the Charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the Charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published on 16 July 2014 and as amended on 1 January 2019. Legal & administrative information is set out on page 1.
Structure, Governance and Management
The Friends of Opera North was established by Deed of Trust and is a registered charity, number 507574.
On 4 November 2014, the Managing Committee proposed to the membership that Friends of Opera North should change its constitution and that the Trustees of Opera North Limited should be the sole members of the Managing Committee, renamed the Executive Committee. This amendment was duly accepted.
Risk Management
The Trustees consider that adequate controls are in place to conduct satisfactorily the business of the Charity. The Trustees consider the risks relating to inflation and interest rates to be minimal in relation to the business of the Friends of Opera North due to the very low level of direct costs, but will continue to keep this and other areas of risk under review.
Trustee training
As the Charity is now managed by the individuals who are also Trustees of Opera North Limited it falls within an established programme of induction and training. In the event of an appointment, new Trustees undergo a programme of induction, which is planned to allow a thorough insight into the activities of the Charity. At the time of appointment each Trustee receives an Induction Pack which includes a copy of the Trust Deed, the dates of scheduled meetings, most recent financial statements and other appropriate literature detailing events and forthcoming activities. Trustees are sent Charity Commission newsletters and other published material relating to corporate governance and legal obligations to keep them abreast of their responsibilities.
Objectives and Activities
The objects of the Charity are to promote, maintain, foster and advance in the North of England and particularly in Yorkshire the education of the general public in the appreciation of opera choral works in all their aspects and related orchestral works, and to co-operate with local authorities, educational institutions and cultural societies relating to the practice, presentation and study of opera to promote better and more widespread performances of opera, choral and orchestral works.
The Charity continued to pursue its charitable objectives during the year by providing financial assistance towards the running and production costs of Opera North Limited by organising opera talks, concerts and recitals and by publicising opera events in the region.
The Executive Committee has the power to invest the assets of the Charity in accordance with the constitution of the Charity.
2
Friends of Opera North Trustees’ report and unaudited financial statements Charity registered number 507574
Trustees’ Report (continued)
Achievements and Performance
The Charity has generated funds from individuals, charitable foundations and corporate donors in the form of general donations, legacies and membership subscriptions. Where appropriate tax relief in the form of gift aid has been claimed.
Financial Review
During the course of the last 12 months the Charity has seen donation and legacy income grow slightly. The financial results for the year are summarised on page 6. During the year ended 31 March 2024 a grant of £45,000 was made to Opera North Limited (2023: £65,000).
Reserves Policy
The Charity’s policy on reserves is to retain a small surplus sufficient to cover administrative costs thus enabling it to maximise its support for Opera North Limited’s revenue activities. All funds are held in risk free current bank accounts. Cash and bank balances held at 31 March 2024 totalled £6,539 (2023: £13,682). Administrative costs are kept to a minimum as general office support is being provided by Opera North Limited.
At 31 March 2024, free reserves totalled £11,473 (2023: £6,699).
Taking account of the availability of working capital and low level of fixed costs, the Trustees have concluded that the Charity will be able to continue to meet its financial obligations as they fall due for at least twelve months from the date of approval of these financial statements. Consequently, these financial statements have been prepared on the basis that the Charity is a going concern.
Plans for the future
For the time being it is still advantageous to retain the two separate charities, but administrative support will be provided by Opera North Limited. This will be kept under review.
Public Benefit
The Trustees are aware of the Charity Commission’s advice on Charities and Public Benefit.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities for the year. Grants are awarded to Opera North Limited to support particular aspects of its work in particular encouraging audiences to access unfamiliar pieces and providing supporting talks and educational events for further in-depth engagement both with the performers and performance.
Key Management Personnel Remuneration
The Trustees consider the board of Trustees as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All Trustees give of their time freely and no trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in notes 9 and 10 to the accounts.
3
Friends of Opera North TnL5tees' Tew)rt alld unaudited fancial statements Charity regisiernl number 507574 Trustees. Report (continued) Statement of Tru5tees' responsibilities in respect of the Trustees, *nnual report and the fin&llcial statements The charity trust¢¢s are responsible for preparing a Trustees. annual report and financial sernents in aecordaTrce with applicable law and Unitcd Kingdom Accounting sIdards (United Kingdom GenelY Accepted A¢counting Practicc). The law applicable to charities in England and Wales requires tbe charity trustees to prepare financial Statements for each year which give a true and fail vtcw of the state of affairs of the charity and of the illCOmiEEg resources and application of resource4 of the charity for that peri. In preparing the financi31 statements. the tntte$ are required to." Select suitable aoUnting policies and then apply them consistently: observe the methods and prÉnciple in the applicabl¢ Charities SORP. make judgemcnts and estimates that are reasonable and prud¢nL state whether applicable accounling standards have been followeiL subject to any material departures that must be dis¢losed and explained in the financia] statements. prepare the financial statements on the going concern basis unl5 it is inappropriate to presume that thc fjhartty will coi)tiiiuc busuic)). The trustees are responsible for kccping proper accounting records that disclose with reasonable accurdcy at any time the financial position of the charity and tn enAhle. the.m to ensure thai the finaneiai statements comply with the Charities Act 2011. the applicable Charities (Accounts and Report5) Regulations, and the provisiorLS of the Trust decd. They are also responsible for Safegu.diI1g (li¢ d5S¢ts' of Lh¢ charity and taking reasonable steps for the prevention and dctection of fraud and other irregularities. Trustees, ststemellt The Trustees who held office at the date of approval of this Trust¢es' report confirm tha( so far as they are cach awarc. th¢ is iio r¢levaEit Lilcuriiidlivn vf whiLh thc Chariry's Independent Examiner is unaware. and each Trustce h&s taken a]1 the steps tltat they ought to have tsken as a Trustee to mak¢ themselves aware of any relevant infomiation and to establish that the Charity's Independent Examiner is aware of that information. Approved by the Tw5teas on 0411212024 and signed on thetr behalf by: Piui Lee 92
Friends of Opera North Trustees’ report and unaudited financial statements Charity registered number 507574
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF FRIENDS OF OPERA NORTH
I report to the trustees on my examination of the accounts of Friends of Opera North (‘the charity’) for the year ended 31 March 2024, which are set out on pages 6 to 11.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Kerry Gallagher
Kerry Gallagher Institute of Chartered Accountants in England and Wales RSM UK Tax and Accounting Limited Chartered Accountants Davidson House, Forbury Square Reading Berkshire RG1 3EU
Date: 07/01/25
5
Friends of Opera North Trustees’ report and unaudited financial statements Charity registered number 507574
Statement of financial activities
(incorporating the income and expenditure account) for the year ended 31 March 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Note | Funds | Funds | |
| £ | £ | ||
| Income and Endowments | |||
| Donations and legacies | 2 | 56,310 | 53,810 |
| Total income | 56,310 | 53,810 | |
| Expenditure on: | |||
| Raising funds | 3 | 3,248 | 4,090 |
| Charitable activities | 4 | 48,288 | 67,442 |
| Total expenditure | 51,536 | 71,532 | |
| Net income/(expenditure) | 4,774 | (17,722) | |
| Total funds brought forward | 6,699 | 24,421 | |
| Total funds carried forward | 11,473 | 6,699 |
The charity has no recognised gains or losses other than the net movement in funds for the current and preceding year.
The above results derive wholly from continuing operations.
Notes on pages 8 to 11 form an integral part of the financial statements.
6
Friends of Opera North Tn]stees' report and wiaudited financial statetncnts Charity wsteFoJ nutnber 507574 Balance sheet at 31 March 2024 Nole 2024 2023 Current assets Debr$ due within one year Cash ai bank and in hand 7,622 4,699 13,682 14.161 18J81 Crtdltors: amowits falling due within on¢ year (46881 {11.682) Net Current &5$ets representing totsl nrt assets 11,473 6.699 Funds Unrestri¢t 11,473 11,473 6.699 Not£5 on page5 8 to I I forn] an integral part of the fin]Cial stateiiietTrts. These financial 5 ments were approved by the iM)ard of TnteeS on 0411212024 and were signed on its behalf by.. Paul L Tnislee Charity Registered Number. S07S74
Friends of Opera North Trustees’ report and unaudited financial statements Charity registered number 507574
Notes (forming part of the financial statements)
1 Accounting policies
Accounting convention and basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the second edition of the Charities Statement of Recommended Practice issued in October 2019 applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Going Concern
The financial statements have been prepared on a going concern basis. Having carried out a detailed review of the Charity’s resources and the challenges it faces, the Trustees are satisfied that the Charity has sufficient resources to achieve its objectives and continue to meet liabilities as they fall due for at least one year from the date of approval of the accounts. Regular overhead costs are very low and as such only low levels of cash reserves are required at any one time. Inflationary pressures, increasing interest rates and cost of living challenges are not expected to have a very significant impact on the charity’s cost base but may have some impact on future income generation. Nonetheless the grant spend of the charity is not fixed and so can respond to the level of income received in the year. Reserves and cash levels are always considered in advance of any agreed grant payments, ensuring the Charity is left with sufficient reserves.
Incoming Resources
Income is recognised in the year once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income is deferred only when the Charity has to fulfil conditions before becoming entitled to it. Unrestricted donations are credited in the accounting period in which the cash is received.
Resources Expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Costs of generating funds are those costs incurred in attracting voluntary income.
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice.
Unrestricted funds
The various funds of the Charity are accounted for as follows:
Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects of the Charity.
Unrestricted funds earmarked for particular purposes by the Trustees are designated as separate funds.
8
Friends of Opera North Trustees’ report and unaudited financial statements Charity registered number 507574
Notes to the accounts (continued )
Taxation
The Friends of Opera North is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the Charity is exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge has arisen in the year.
| 2 Income Donations and legacies Donations and legacies Membership fees Gift Aid income 3 Expenditure on Raising funds Bank charges Event expenses 4 Expenditure on Charitable activities Grants awarded to institutions Legal and professional – independent examiner’s fee (governance) |
2024 £ 3,304 43,084 9,922 56,310 2024 £ 410 2,838 3,248 2024 £ 45,000 3,288 48,288 |
2023 £ 3,310 41,727 8,773 |
|---|---|---|
| 53,810 | ||
| 2023 £ 573 3,517 |
||
| 4,090 | ||
| 2023 £ 65,000 2,442 |
||
| 67,442 |
9
Friends of Opera North Trustees’ report and unaudited financial statements Charity registered number 507574
Notes to the accounts (continued
| 5 Debtors Amounts owed from Opera North Limited Accrued gift aid income 6 Creditors: amounts falling due within one year Accruals Amounts owed to Opera North Limited 7 Funds Balance at 1 April 2023 Surplus/(deficit) for the year Balance at 31 March 2024 All funds are held as cash balances and are unrestricted. |
2024 £ 1,566 6,056 7,622 2024 £ 2,688 - 2,688 2024 £ 6,699 4,774 11,473 |
2023 £ - 4,699 4,699 2023 £ 1,962 9,720 11,682 2023 £ 24,421 (17,722) 6,699 |
|---|---|---|
8 Commitments
There are no capital commitments at 31 March 2024 for which provision has not been made (2023: £nil).
9 Remuneration of trustees
None of the trustees holding office during the year received any payment for their services as trustees or reimbursement of expenses (2023: £nil).
10
Friends of Opera North Trustees’ report and unaudited financial statements Charity registered number 507574
Notes to the accounts (continued )
10 Related Party Transactions
Trustees of Friends of Opera North are also trustees of Opera North Limited. During the year, the Friends of Opera North made contribution to Opera North Limited of £45,000 (2023: £65,000) . Opera North Limited paid costs of £5,400 (2023: £6,217) on behalf of Friends of Opera North. The balance due from Opera North Limited at 31 March 2024 was £1,566 (2023: £9,720 creditor). Donations and membership fees from Trustees totalled £60 ( 2023: £60 ). Income received into Friends of Opera North on behalf of Opera North Limited was £nil (2023: £8,500). Income received into Opera North Limited on behalf of the Friends of Opera North was £11,687 (2023: £8,238).
11