Charlty Reglstration No. 511726 Company Reglstration No. 01550778 {England and Wales) OPERA NORTH LIMITED (A COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
OPERA NORTH LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustèas l Directors Ed Anderson Howard Galiss Renee Hunt (Joint Vice Chairl Henriella Jowitt Paul Lee OBE {Chalrman) Peter Maniura Richard Mantle OBE Rosie MillÈrd OBE (Joint Vice Chair) Cllr Jonathan Pryor Inring Warnelt Minhazul Abe(thn {appointed 24 March 20221 R8chÈl E¢well (appointed 16 December 20211 Sarah Hall (appointed 16 Decernbgr 20211 Dominic Wallis lappoinled 16 Decomber 2021) Kirsten Bullen Company Secretary General Dirgctor and Chlef Executiva Richard Mantle OBE Committeg Chalr8 Finance and General Purposes Developmont Nominalions He211h and S#f8ty Equalily Diversity and Induslon Irving WamÈll CIIv6 Lloyd Paul Lee OBE Richard Mantle OBE (Sarah Hall from June 2022) Renee Hunt Charfty nurnber 511726 Company number 01550778 Registered office Howard Opera Centre 8 Hairison Street Leeds LS16PA Audltor RSM UKAudit LLP Chartered Accountants Central Square 5th Floor 29 Wellingion Street Leeds LS14DL Bankers HSBC 33 Park Row Leeds LS1 ILD Coulls & Co 44CI Strdnd London WC2R OQS Soli¢ltors Wrigleys LLP 19 Cookridge Slreel Leed8 LS2 3AG Womble Bond Dickinson 1 Whitehall Rd Leeds LS14BN Blacks Solic4tors LLP City Point 29 King Slreel Le¢ds LS12HL
OPERA NORTH LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022 The Trfjslees, who act 8s Dire¢lors for the purposes of company law, ara pleased lo present their annual retx)rt which comprise5 the Strategic Report and Directors, Reptsrt for Compani6s Act 2006 purposes snd the audited consolidaled financial slalements for the year Ènded 31 March 2022. Reference and AdminF5trative details Opera North Limited is a MpanY limited by guar8nlÈe, company regisleied number 01550778 and is registered as a chartly under th8 Chaiilies Act 2011. ¢harity registered number 511726. Its registered and principal office is Howard Oper8 Cènlre. 8 Harrison Street, Leeds, LS16PA. Trustèès The Directors of Opera North Llmiled are ils Trustees for thè purpose of charily law and Ihroughout this réport are collectively refaired lo as the Trustees. The Trus18es serving durtng Ihe year and since the year end were as follows.. Minhazul Abedin (Appointed 24 hAarch 2022) Ed Anderson Mark Armour Rachel Elwell H¢)ward Galiss Sarah Hall Renee Hunl Henrietta Jowll Paul Lee OBE Peter Maniura Richard Mantle OBE Rosie Mill8r(l OBE Cllr Jonathan Pryor Dominic Wallis IN¢ng Warnett (Retired 16 Dècember 2021) {Appointed 16 December 2021) (Appointed 16 Decemb@r2021) Joint Vice Chair Chairman Joinl Vice Chalr (Apwinted 18 December 20211 Cofflpany Secielary Kirsten Bullèn Purpose, activities. achFevements, and p8rfomian OpeTa North is England's nallonal opera company in the North, b&8ed in Leeds and commillèd lo the North, serving the communitie5 and people of the region. We believe we aro uniquely sueLèssful in prnviding an eclecllc range of experiences for many diverse audiences, 811 under the banner of opera. We aim lo curate an adventurous cultural offerwhich continues to exKdoil tho opéiatsc Canon, developing fresh approaches to the way in which opera can be realised, harnessing theatrical 8fKI design innovation together with high quality Musi1 performance. Our purpose Crèating extraordinary experiences every day, using MUS and opÈra lo entertain. engage, ohallenge and inspire. Our aims: Create èxtratsrdinary experiences Wo 8lin lo ¢rÈalg a body of artistic wotlr that has dive¥sily and sustainability al Ils heart. fmm mainslaue touring opera lo concerts, gigs and wp-up perfOTMans. we strive to ¢re8le great art, available lo all. For people everywhere Wo serve our diverse comrnunities in thè north of England by lourlnu lo venues large and sm811, expecfed and unexpected. and reach international audiences Ihiough an enhanced digital offer. Our s&ctor4eading Comrnunily Parlnerships pmgramme r$ath6s people who face sionifieanl barriers to engaging with the arts and our livestreamsldigilal capture of perfowmances èxtènd access across the UK and beyond. Build rosilience We work to secure Opera North's future in the heart of Leèds in thè new Howard Opera Centre and reinwgoraled Howard Assembly Room, ensuTing that we are here to serv@ an Èver more divwse public for years lo come. Wè
OPERA NORTH LIMITED TRUSTEES, REPORT {CONTINUEDI{INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI FOR THE YEAR ENDED 31 MARCH 2022 plan for the future, ensur¢ng the C*ompany will emerge from the challenges of the pandemic,. develop new income streams. including a new hospitality offer,. oplitnise the energy &ffi¢iency ol the Opera North estate.. and continue lo strengthen and divérsify our staff and Board of Twslees. Develop staff and artists We create an environment that nurtures the well-being of our permanent slaff and visiting artislg, and fostérs n8W, more flexrblè, ways of working. We invost ill a Gompany-wide Equality, Diversity and Inclusion strategy. clarify the Companls identity and valveb, create new staff training and artist dévélopmént programmes. and roll out Carbon Literaey training beyond our pennanert staff to visiting artÉsts and creatives. Deepen educatlonal engagement We Greate opportunities lor young people, adults and famil$ fo participatè and make MUSIC with us in Ihe new purpose-built Education Studio in the Howard Opera Cenlre, as well as in schools alld other cornmunily settings. We inspire young people ol all backqrounds to experience, create and participate in arts and cullure., we aclwely encourage and support yoiing performérs from under-represented groups.. we deliver creative aclwity that enhan¢8S the health and well-being of families ar)d communities,. and w9 Gonlinue to develop a programme of community cultural engagement linked ID In Harmony Opera North. Work In partnership Opera North works in partnership, deep8ning Ouf relalion3hlps with major cultural parthers in Leeds and beyond, and with leading HE institutions in Leeds, York and Newcastle. We are a champion of environmental suslainabilily in the arts and culture sector,. and we will build on the success of thè MUS Works radevelopment campaign lo str8ngthen c>ur partnerships in the public and private sedors and postiion the Company as a adIng advocate for our reglon. In a nom7al year our work is deltvered under four main strands of 8clivily'. A mainstage operatic programme in Leeds and on lour A year-round symphonic programme by Ih8 Orchastra of Opera North Opera North Proleels- Creating and prograrnming an illfiovative r<inge of events and perfomiances in IlNersè aEI(orms. many pèrformed in the Howard Assembly Room, the Company's second siage. An internationally récognis8d and extensive Education Programme The yéAr was charaCtlSed by a rotum lo live perfonnance whilst negotiating the gradual relaxallon of Cowd-19 restri¢lions through the summer and autumn, at the same time Gompleting the major Music Works capital transfomiation lo deliver the H(Iward Opera Centre and reopèn thè Howard Assembly Room. Chairman's IntroduGtion ThSs has been a mom9nlous y8arfor Opwa North. The earty months were still dorninaled by the Covid-19 panderni¢. which the Company weathered with chaiacterislic orealiwty, ¥esilience and adaptability, with a number of InrvatiOnS initially developed in resp¢insÈ to Cowd continuing post-pandemic. In the autumn, Ihe Company returned lo a full programme of live perforinanoe, with Garry Walker making his long-awailed debut as Muslc Director. and officially openéd the Howard Opera Gentle {HOCI. ils llew horne In the heart of Leeds. Th8 HOC immediately had a IransfoTmalive effect on the day-104lay life and wtvk of thè Company and the Communit it serves. Opera North Education began lo powlate the HOC last summer, wllh the Opera North Youth Chorus among the first lo use the buikling oaTly in August. The Howard Assembly Room {HARI re-opened in Oclober followng a Iwo-and-a-half year hiatus for the Music Works iadèvelopment project. More than len yea 2fi&r it fjrst opened, the HAR has come of age, with its own entrance and public spaces housed in a beautiful atrium. The relocab'on of orchestral reh88rs8ls to the new stale of the art Mantle Music Studio in Ihe HOC enabled the HAR lo be relaunched with an expand pmgramme of richly diverse artistic and community aclivty. The Music Works redevelopmènt projed will be comF4eled in the surnmer of 2022 wlh the opening of a new bar and restaurant, Kino. The complètion of this visionary heme is all the more remttrkable given the irnpacl of the paridemic both on the physlcal works and on fundraising. We are immens8ly graleful to all of our partners and supporters- individuals, trusts and foundalior15. the corporate seolor. and Leeds City Couneil and Arts Council England- who have kept failh with us duiing this ehallenging period. The Company will remain indebl$d lo tho late
OPERA NORTH LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI FOR THE YEAR ENDED 31 MARCH 2022 Dr Keith Howard OBE, without whose ÈxlratJrdin8ry generosity and faith ifi Opera North, the Music Works Iransftsrmallon would not have been possible. hilsl our home is in Leeds, we are a company for the whole of the North. As well as resuffling main stage touring lo otjr regular venues in Newcasllg, Nollingham and Salford, we returned lo Hull in the winteT soason. We also reached audiences well beyond the maior cultuial cenlres with Whistle Stop Opera.. The Magic Flute, which Vl8iled venues bott) indoors and outdoors last summer. Although the emergence of the Omicrcbn variant of Covid in December had 8 seiious impact on rehearsals at I beginning of 2022, all our main stage opera productions open8d on schèdule. and whilst Cov¢d-relaled absence5 severely stretched the Company. espeaally on the lour In March, not a single perfomiance was lost- a tribute lo the Company's robust Covid protocols and the tireless efforts of the management's Covid t8skforc8. Opera North's In-house digital capability was enhanced during the period, wllh notable digital work including a livestream of Handel's AIGina on the Operavision platform in FebTuary, a further inslalment of the onlin8 singing workshop From Couch to Chorus, and a new collaboration with Sky Sludios, Resonance Connect. Our partnorshlps with organis8lions in the cultural. higher education and business sectors Gonlinue to be slrenglhened year on year, with artlslic highlighls in 2C121122 includlng highly praised collaborali(Jns with Leeds Playhouse on Sondheim's A Littlé Nlght Muslc and with Phoenix Dance Theatre on Wost Side Story Symphonlc Dances. (r Strategic priorities of diversity and sustainability wer6 3dv8nced across all strands of the Company's work, including on the main stage in a new production of Rigolétto diréctéd by British-Nigerian theatre-maker Femi Elulowoju Jnrwho was makin9 his Opera-direcling debut, and in Alcina, our first sustainable main stage PToduclion. in which all the scenic elements were Mntage, second.hand or repurposed. Atthough lickel sales have been grab'fyingly resilient in the emergence from lockdown. the picture across thè theatrè industry as a whole has been mu¢h more variable. Going fotward, the rising cost of living is certain lo be a major issue for the immedlale future, p¢)slng a signlficanl Chaenge both lo box office ineom6 and to fundraising, as dlsposablè inu)me ¢omes under severe pressuie from the highest of inflalion the counlry has eXperIend for decadps. Nevertheless, we rernain as delemiined as everto fulfil our mi8S1017 to create extraordinary experiences with and for all of otjr communilias in th8 North. Main stage opera A gradual réturn to Ilve performancè bÈgat) In the summe.r of 2021 with concert performanGes of Fidelio in Leeds. Salford and Nollingliam conducted by fMer Music Director Paul Daniel,. a iewval of the Whlstle Stop Opera Magic Flute first seen in 2018. which played indoors and Oltldoors throughout the summer in venueb from Appleby lo Winchester,. and the co-produolion of Stephen Sondheim's A Liifle Night Music with Leeds Playhouse postponed from Ihg 8piifig of 2020. All of Ih85e p8rformances were subjact to social distancing measures and capaclty indoors capped al a maximum o150°k. A return lo opera performance al fiÈll ¢ap¢icity begzn in October 2021 with Ihe Company's first Carmèn for len yeats onducted by Garry Walker in hls Covfd-delayed debut as Music Director. Directed by Edward Dick, American mezzo Chryslal E. Williams g9ve a fearless perforMae in the lille role. The rolo of Dtsn José was originally assigned to Rafael Roias, a much-loved member of Opera North's extended family of guest artists, and a great favourite with audiences., but the effecls of long Covid forced him to withdraw lale in rehearsals. It was with profound sadness that wè lèarnèd of his déath at homé in Mèxlco in January 2022. Carmen was joined by a Bernstein double bill that paired his one-acl opera Trouble in Tahiti- directed by Matthew Eberhardt and first seen in the Little Greats s&ason in 2017- with an entirely new dance wo** based on the Symphonic Dances from West Side Story. The12tlèr was Opera North's second major collaboration with L¢eds-b8sed PhoenSx Danc$ The81re, and Choreographed by Phoenix's reCeny-appoInted ArtT51ic Di[10[ Dane Hurst, who also choreographed Halfway and Beyond. an entirely new spoken-word place by Leeds-based poet lQ7adijah Ibrahiim which seNed as prelude lo the Symphonic Dances. Antony Hemius was the conduclor.
OPERA NORTH LIMITED TRUSTEES. REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2022 The autumn season touréd lo Leèds, Newc8Stle, Saford and Nottingham and genarated more than £eoo,otlO in tid(et sales, exceeding the finan081 target by oveiall. In January Garry Walker conducted a new production of Rigoletto directed by the highly distinguished British- Nigerran Ihealro-maker Femi Elufowoju jr, making his debut as an opera directorwith Opera North. American bai'itone Eric Gre8ne sang Ihg lille role, and the casl also included Amemcan soprano Jasmine Har$ha as Rigoletlo's daughter Gilda. Russian loiior Rornan Amdl as thc licentious Ouke of Mantua, and Sir Willaid White a8 Monlgione, delivering the famous curse with peerless aulhoiity. Together with further pgrfoimances of Carmen, the wlnler season wa$ ¢on7pleted by Handel's 'magic' opera Alcina in a new production conducted by Baroque speclali$l La(tience Cummings. diie¢ted by Tim AlbÈry an(F designed by Hannah Clark. Alcina was Opera North's first enviranmentally sustainable main.stage produ¢tion, in which all the scenic elomcnls, fijrniture, fabrics and costumes were vintage. second-hand or repurposed, as part of the Company's wider commilment to sustainsbtlily. The performance on f7 February was str@8rried live from L68ds Grand Thealre on the Operavision plxtfarm {sèÉ 'Digital progr8mma' saction bèlow). The winlÈr season toured lo Leeds, Salford. Nottingham, Newcastle and Hull and generated more than £9(10,000 in lickel salès, èxeeeding thè financial largel by 39% overall land also exceeding the pre-covid largel by 3°Al- Orchestr¥ and Chorus of Opera North th CLivid reslriclions still in place al the beginning of the period, the Orchestra launched The Whitehall Road Sessions. a seFies of concerts streamed live from our temporary rehearsal space at Whitehall Road in Leeds beginning in April. The five concerts in the series fèaturèd ch2mbÈr ènsèmblés from within thè Orthestra in music ranging from Debussy to Herzogenberg, with several of the concerts featuring comwsers and performers from dive¥so backgroLJnds. Alice Zawadski brought her mul&'_inslrumental and compositional skills lo a remarkable Programrne featuring all fem818 compos6rs and performers building on and inspired by Walking Home.. Sound Journeys from l_ockdown, recorded by MUS1n8 during lockdown for BBC Arts and Arts Couneil England's Cultur In Quaran&'ne programrne. This concert was laleT adapted for inclu8ion in the 2021122 Kirkle&5 Conceri Chamber Concert Sèason. Following a slightly Iiuncaled, behilld closed doors versioii of the <Jiinudl National Opera Studlo resldency. alsu in )thitèhall Road. the giadual return lo livo perfomanG¢ beoan In jne when the Orchestra and Chorus resurrected Fldelio at Leeds Town Hall. Tho Lowry and Nottingham Royal Con¢ert Hall. After all the effort that had gone info the liveslTearn version Ihe previous December it was hugely gratifying lo perform 8eelhoven's great hymn lo libgrty lo live audience5 agaln. In addition, at'l'he Lowry. the Orchestra performed an Opera Gala under Paul Daniel with Nico Darmanin and Elin PTilchard lo bring some larg8r piecés lo tha public rèalm again that had prewously bèèn reslricled by Space limitations in orchestra pils. Throughout this period, and throughout tha rèst of the year, members of the Orchestra and Chorus were busy wilh 5ide-by-sides, coaching and performances, both with Op8r8 North Education and with our Higher Education parthers including Leeds Conservatoire, the University of Hull and Royal Northein College of Musi¢. Our co-pr(Kluction of A Llttle Night Music with Leeds Playhouse provided a vehide with which lo showrAse the lalenl and versatility of the Comp8ny's eore ensembles. with many of the leading roles in the production cast from within the Chorus and Jonalhan Tunick'5 original orchestration of Sondheim's score gltsng afresh played by members of Ihe Orchestra under the expert balon ofJim Holmes. Although the easing of Cowd restridions meant that Ihe Millennium Square conrtS al the end of July were technically permitted, the risks Involved in mounting Ihem were tock great in the circumstances, so the Chorus and Orchestra moved back behind dosed doors for rehèarsals 8nd rèp sèssions In the Mantle Music Studio, thus ulilising the new space for the first lime prior lo the summer holiday period. With IhÈ rd2xation ol Cowd rules and the qUIrement for distancing gone, the full orchestra was able lo occupy the space for two days of playing through repertoire lo try dlff8rent layouts and configurations in the room wilhoul the pressure of preparing iepertoire. In a nod to the f(brmalion of thé Orchestra, the first piece played in the space was Wagnerfs Overture Die Meislersinger. the first music ever played by tho Orcheslra baok Sn 1978. The spaee has been deliberately designed with quite a dry acoustic. making il beller for rehearsal, but aftor years of playing in Leeds Town Hall and Whitehall Road the conlrasl has taken the players some getting used lo.
OPERA NORTH LIMITED TRUSTEES, REPORT {CONTINUEDI(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022 September saw a rescheduled perfom)ance of 80s Classical in Millennium Square lake place to a very lively and exLiled audience happy lo be back after more than Iwo years without this popular event. 11 was Ihe final ctsneèrt for the Gurrent°line-up° of artists as Ihg prograrnrne will be refreshed for the nÈxl performance in July 2022. The 2021122 Kirklees Concert Season also opened ill September with audiences retutnlno lo Huddersfield Town Hall for the first time since the Orcheslra's last concert there in February 2020. Although audlence figures overall for the season were close lo target, bookings weie worryingly low at thè start of the week of each concert, bul by the day itself figures were as expected. This pattern continued throughout the season, as audiences walled to See if the event would actually gcTr ahead, and if Ihèy themselves were healthy andlor required to isolatè before commilling lo buying liekets. Only the Viennese concotts at New Year suffered due to high levèls of uncertainty about impending loekdowns posl-ctirislmas with the rise of (he Omicron vari<int. Attendances in both Huddersfield and Hull were signifiranlly lower than expected due lo the uncertainly,. indeed, it wasn't certain they would lakè placè until a couple of days beforehand. Howard Assembly Room IHAR The Howard Assembly Room re-opaned In O¢tober 2021 with a full prtsgramme ofconcetts, gigs, film and performance. Highlights of the opening season inclLMJed appearanees by Brlllsh jazz logond Courtney Pinè, pool laureate Slinon Armitage, the Brodsky Quartet. Thèrè was an increased number ofchambgr Goncetts featuring musioans and singers from Opera North's core ènsèmbles. and important cily partnerships were re8umed. including with South Asian Arts UK {SAA-uk l and Leeds International Film Fe8tlval. Onty ono concert was ancelled due lo Govid, and audience5 responded well lo the increasad préc8ullons taken. The winter season had fewer con¢orts duo to artists postponing touring appeaianees,. naverthelèss, the season included sell-out performances by Tuvan Ihroal singers Huun Huur Tu and Dallish band Efterklang. The HAR was also host lo the Leeds Lleder Festlval for the first Ilme. Audience8 for both seasons exeded targets. Artists a¢ross both seasons were 40QA minorfly ethni¢ and 50tsh female. Projects Ov&r this difficult yéar il was ch8llÉnging to erèalè and IOUT new projeds. However, we were 8ble lo revive our anSmatèd film La Petltè Btshèmè, dèsignéd for outdooT screenings in publ1¢ spaces. which was shown four times outside Leeds Playhouse. Projects also commissioned 2nd produced a now live score by the Scottish composer Erland Cooper forthe 1928 silent film The Wind, which was performed in Leeds, Manchesler and New¢a5118 by Ertand and the Ladies. Chorus of Opera North. For tha UK-wEd& Np.w Music Biennial sitarist Roopa Panesar and piafji51 Al M&cSween were commissioned io rnake The Crossing, an immÉrsive 15-minule performance for the Southbank Centre and Coventry City ol Cullure. 11 wa5 pleasing to receive our fifth year of funding from the PRS Foundation toward Re80nance, our year-round artist residency programme for black and minorily ethnic music creators. This yearfs cohort included Manchester- based Persian percussionist Arian Sadr and composer, bass IrombonSsl. percussionist and mbira player Ilannabiell Sanders from Newcastle. Following a lengthy pause due lo Covid, we are rgviwng plans with York Herllage Trusl lo create a sound walk for the city's walls, working wilh Welsh harpist Catrin Finch and the Orch8slra of Opera North. Hlghèr Educatlon Opera North has three strategic Higher Edueaiion partnerships, with the Univorsities of Leeds and Newcaslle and with Leeds ConSeat01re. Eaoh partnership delivèrs student Èn.qagemenl and training. collaborative Tesearch, and publi¢ eng8gemenl. As unlversilies returned lo in-peison contact we were able to resume 8ide-by-side sessions and masleiclasses for students, publifrfacing talks and symposia, and co-produced events including musical performances and visual art. We continue lo co-supetvFse PhD candidatès from the Univeisity ol Leed5, one on Opera North Education and the other on our engagement work w51h refugees and people seeking asylum. We are a150 partners with York Universily's XR Sloiies, a digital slory-lelling research projecl fundad by Innovate UK.
OPERA NORTH LIMITED TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORTI FOR THE YEAR ENDED 31 MARCH 2022 Community Partttèrshlps As well as engaging with nearly 100 Encore commuEtily partners In and around Leed5, Community Partnerships also has a special scheme called Encore Plus, through which we build closer ielalionships with five or six selecte partner groups each year. For 2021-22, these close partnership gioups were.. Feel Good Factor (Health and Wellbeing charllyl St Augustine's {Halilax based charity wkInq wilh rèknqeès and pétrp s88king asylum) Helping Hands Ichaiity supporling older people in Armley, Leeds) Inkwell Arts (Leeds chaTtty supporting people with learning disabilities) Matwa Thealre (arts chaiily lor refugees gnd pèoplè seeking asylum) Changing Lives (nalionwide charity particul8rty focused on homèléssnèss) All Encore partners arè invited to Opera North performances al Leeds Grand Theatre and the Howard AssemNy Room. As well as free or heaviw subsidised tickets. the groups and indivEduals are personally welcomed and helped to find their way into the theatre. Trainir7g for front of house staff en&uS the right degree of care and aller)lion for all participanis whatever their difficully or disadvantage. Over the autumn and winter sgasons we welcomed around 640 Encore guests, mostly lo Camien as anlicipaled, but with a good spread across other events including talks and films In the HAR. 'Ytsu are brilliant because you try lo make things bespoke lo peoplè'5 n&eds and THAT is what works. Wé lovè thè care, thought and allenllon you have given to us Ihrough your work., st Augustine's Centrg. Halifax 'Jusl lo say, wè are very grateful tor the Enco tickets that we receive fr(th Opera North, whl¢h havo allowed some of our asylum-sèèker gu@sts to access events they couldnl otheiSe have allended., Dot Réad. Chair of the Conversatlon club 'As a Chlnese communily group, many of us have never been lo Opera North In our Ilf&limè; wè falt so privilÈgÉd to be chosen as a partnor this year. INhen we were invited lo the introduction lo Alcina we thought il Could be challemging lo understand the performance because ol the language barriers. But we had a great lirne- in the end. we all enjoyed the performan¢e and had a lol of lahtar and intéractions wifft Ihe actor. We are looking fotward to the next triP <1gain. Huazhu Llu, Community Projuct Workèr at Haalth For All, Leads Opera North Educatlon '1 could enthuse ALL day aboLtI how brilliant it is having the education suite. 11 has changed my life. Educatlon Project Manager. Decèmber 2021 The highlight of this y&ar for the Education team was moving into the Howard Opora Centre with ils dedicated space for Eduralion a¢livily. The Bramall Education Studio, Holbeck Teaching Room ar Man118 Music Studio were all pul io good use duiing the fiTS1 week of August when the Opera North Youth Chorus became the first people to use the tAJilding. Two weeks later the Howard Opera Centre was lull of live music again with the Summer Strings Academy.. followed by the much-anticipated relum offhe Summer Orchestra Acadèmy the following weak. The Opera North Youth Company made good use of the Howard OpeTa Centre on Wednesdsy and Thursday venings. as well as al weekends whèn réhearsing their production of Brunditjar. After Covid delays, the Opera Norlh Youth Orcheslra was finalty lautlchad in October. Directed by Opera North Chorus Master Oliver Rundell, 17 lo 21-year-olds come from all over Ihe UK, induding from D6rbyshire, Durham, Man¢hesler, Hull and Cardiff. as well as Irom Le8ds. A new monthly Dementla Café was lalsnched in the Bramall Sludio, whilst at the other end of the age spectrum Ihe SP8ce is proving lo be the perfeol selling for a new series ol mulli-sensory earfy years sessions designed especially for babies, toddlers and pre-schoolers.. Little ONe8.
OPERA NORTH LIMITED TRUSTEES, REPORT {CONTINUEDI(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022 Beyond the Howard Opera Centre the Education lesm continued lo lour work for families and schools across the North. Whlstle Stop Opera= The Maglc Flute performed lo socially-dislaneed audien5 al both indoor and outdoor venues Ihroughout Ihe summer and autumn, taking in York, wIhe$l8[, Arnside, Hexham. Appleby, Bainard Castle, Olley, Helmsley. Halifax, Hull, Beverley, GotslÈ, Bridlinglon and Hornsea, as well as a variety of venues in Leeds. induding c¥Jr partner In Hacmony sohools. In September, the brass seGtion of the Orcheslra. joined by our vocal anim8tÈLJr, rehears and performed a family concèrt, eÉnlrÈd around Carnival of the Animals, in Vvhilby, Skiplon, fvAallon and Northallerton in partnership with Or¢hestras Live and NYMAZ. Our sécond vènlurÈ in parlnership with Orchestras Live this year resulted in the creation of Song of thè Skerne. This spécial film screening and live performan event featured a new piece of music that took inspir2lion from the River Skerne in Darfinglon. Written by pupils from Haughlon Academy, working with composÈr Sarah Freestone, folk artist Kal'e Doherty and Opér8 North orchestral n7usicians Christopher Biadley and Chiislian Jones, the new pl was iThated by thè young people and the creative team over a series ofzoom workshops dtjring 2021. ThÈ pieco was then orcheslraled for members of the Orchestra of Opera North and recorded at Leeds Town Hall. The young people from Haughton Acadèmy and two f@adèr prlmary schools recorded Iheii vo[ and Instrumental tracks and performed it as part of An Opèra North coneèrt al Darfington Hippodrome in Novornber. The E(lucalion team also completed a songwriting project 8t tha Rosehlll Theatre in Cumbria, whilst closer lo home ON Tour was launched. with 15 players fmm the Orchestra visiting six Yorkshire schools. In January. the 2022 Big &ng was launched- Rachel Porlman's The Water Diviner's Tale- with a sertes of CPO sessions for teachers acrtsss the north of England, followed by Ihe first sel ol in.school workshops lèd by ON Educalion specialist staff. As for many arts organisalions up and down the country, the resumptlon of nowmal delwery after Covtd, ¢ombined th a general sense Ihal the pandem1¢ was ending. encouraged a sudden flurry of staff resignations as people, having enjoyed a break from routine and the opportunily lo reflect on what th wantèd out of life. embarked on major life changès. Much of July was therefore taken up with InteIews, many of them on Zoom. Vthilst we lost young staff keen lo work in London, we attracted experienced project managers keen to leave the capital", one staff member left lo train as a secondary English and drama leachorwhilsl another is retraining as Sn accountant. In return we attracted staff keèn to move into thè arts from other professions, each bringing wilh them their own unique skill set and parson81ity from which wè will all bènèfit. ane fundamental change lo Opgra North Education was the appointment of Adam McKenzie lo the role of He of Inslrumenl81 Leaming,. ho continues in his position as principal bassoon w¢th the Orchestra and so, both to support him as we develop Ihe inslrumenlal leaming sliand, and to cement the importance of Edueation to the Orchestra, we appointed five ArtislicAdvisors from within the Ortheslra.. Byron Parish, David AsF¥ll, Andrew Mason. Blair Sindair and ma W8g8laff. Dlgltal programme Following the rapid expansion of digital aclniily through the pandemie, in Autumn 2021 Opera North's in house video dopartmenl was increased from Iwo lo three permanent members of staff, enabli us to increase capacity and also to take on more complex projects io house. As wèll as créating prornolional conlenl for matkeling and ¢ommur)icallons ¢ampaigns, a new focus was the developmenl of livestreaming and capture infraslrucl¢ire in Ihe Iransfoirned Howard Assembly Room. Fibrè cabling was installed in the HAR. enabling a combination of rigged remote control IPTZI cameras and op@ratÉd eameras lo eonnecl lo a production ga116ry SP8Cè within IhÈ backsta08 area. Opera North now has Ihe lacililitss and staff resources to regularly slream cbr capturè èvents from the HAR. and demounl equipment lo stream from Leeds Grand Thealre or other spaces as needed. On 17 February, Alcina was livestreamed from Leeds Grand Theatre lo the Operavision platform. a¢hisving 33,945 vlews. The Seven Dèadly Slns, (wiglnally streamed live In November 2Q20. was alsts made available for [e via Operavision ffom April 2022 for a six-Fnonlh pellod. Looking lo the futurè, th6 Company wfll build ils streamed ¢onlenl to Teach national and intemaliomal audience5. In addition lo streaming conlenl, the Company continued lo innovate in participatory online activity lo enable more people of all backgrounds to make mu$l¢. The award-winning From Couch to Chorus continuéd with 879 people 189rnlng 10 8ing online wilh the Chorus of Opera North. We continued lo collaboralo with Sky Studios on the new
OPERA NORTH LIMITED TRUSTEES. REPORT {CONTINUED){INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022 project, Resonance Connect, which brings together music creators frorn black and Éthnically dtvèrsè backgrounds with innovators in digllal and film capture. Three oollaboralions between muslcians and filnFmakers h8ve been commissioned. and the projects will bÉ pr6S6nted on Sky Arts over the coming 12 months. Opera Norfh is a member of the advisory group for The Space, tho national digital hb (unded by the 8BC and Arts Council Enq12nd. This group is particularly interested in a shared rights concordat and researching Ihe impact of digital dist¥ibulion on audiènces for live perfom)ance. We remain members of Operavision Ilhe Eu-fundod Opera Europa channel for sharing filmed opera produdionsl. XR Stories at the Universily olyork, wilh whom we are a slraleoic industry partner. is funded by Innovate UK. Further inilialives Ihiough this programme are planned for 2022-23. Music Works The completion of Music Works and the opening of our new facili118s in the Howard Opèr8 Centrè, togèlherwith the re-opening of the Howard Assembly Room. presents a pivotal moment for Opera North. Imlh thè combined expertise and resources ofthe Company under one mof. it gives Opera North the platform to lesl and develop models of best practice in music luilion and arts participation that will level up opporiunity, develop skills and create critical divers¢ly in the arts. This will enable the sector to thrive and ensur6 that our work is t¥uly for everyone, with everyone. The vision for the Howard OpÈYa CéntrÈ w8S to crèate a welcome space for everyone lo be part of Opera North upon arrival. Everyone who Gomes lo Opera Notlh, whether artist, student. business suppori siaflor programrne participant, will all enter through the shared entrance on Harrison Street that leads lo an tyen and accessible Reception 2rèa. Thè accessible enlrance and new Education facflilios al ground level with accesslble amenities means that we can broaden our education and communily programm9 offering to individuals and community oroups we h8V6 not been able to partner Imlh before. With al facilities under one roof al the Howard Opera Cenlre, we can bettér sh8re our work as a professional opera coFnpany wifh the eommunilies we engage wÉth. We can bring members from our Communily P2rtnew organisalior)s and children from local schools to se& a rehearsal in the muslc studios arid we can shale the Intricate craft and creative skill that goes into the making of Èvery costumé they will see on stage. Never bofore have we had this opportunity lo draw people closer lo our work and Strengthen our ability to ccx)linue developing a much closer rélstionship wrfh our communities. Music WoTks has created worf&dass fehea¥sal facilities, including a ngw music rehearsal Sludio, and provtdes a purpose-buill facility for our msidenl and guest artists to develop their craft. The Mantle Music Studio Is equipp with acoustic panelling and 8nèrgy efficient climate control (o suppott instrumonl condition and mainl¢nance.11 hosts large scale orchestral rehearsals, chorvs ropertoire calls and si(zprobe. as well as more intimate rehearsals. The spacè has a 40-capacity i*orus gallery on the rnezzanlne level for rehearsals thal also allows singers covering rolès and othets to obseNe rehearsals. A new lrft has created ease of access foT all. The music rehearsal studio also hosts our Young Performers Programme wh8re yo(Èng musicrdns will lake part in the annual Summèr Orchestra Camp, and Ihe space will also double as a performance venue for smaller sections and ensemble performances. Threè nèw acoustically angineered Music coaching rooms piovide the ullimale selling for small group tuition, onè-lo-onè vocal ¢oschinglinslrumenlal sossions or srnall-gcale rehearsals. These moms enhance ovr abilily lo provide Ihe highest level of support lo all Opera North artists as well as visiting artists. On at)y given day, we may find a guest artist rehearsing in one room, whilst In Hamiony pupils are receiving inslrum¢nlal luilion in the ¢oaohing room next door. In August 2021. duè lo a changa in social distancing guidelines. membois of the Opera North Youth Chorus were very excited to be the first lo mske music and art in the Hovrard Opera Centre ahead of the official opening. The group workèd with director Gemma Woffindeii and composer James Bally exploring Ihe myth ofTheseus and the Minotaur. Thè téam c¥eated Ariadne.. A Digital Story. '1 really loved having thi5 Woek lo look forward lo in the summer, working with people I wouldn't nomally work with and trying out new things., Samuel. Inember of the Opera North Youth Chorus Music Works has delivered a dedicated home for OUT Educalk>n work, wh8ro engagement and partlclpalion in the arts is al the core of the misslon. Thè Howard Opera Centre provides the Company with a valuable pgrmanenl 10
OPERA NORTH LIMITED TRUSTEES. REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022 base, creating a cohesive hub for the Education dÈpartment to collaborate and t6sI new ideas Ihal wlll develop sustainable methods of delivery, particularly 8round the development of group tuition models. Mh'lh our naw f8cililies we can extend our reach across thè Family and Adult Pmgramme by adding lo activllies that havg pioven successful wlh partiopanls. such as Slng ON and Little ONes, to introducing new Programmes like the monthly dementia eAfés and the return of Little Listeners in the spring. In Odober 2021, we welcomed thé ctsmmunily lo join us behind the scenes oflhe Howard 0ra Cientre and Howard Assembly Room, undÈrpinning our comrnilmenl to creatè 2 home where everyone is welcome lo make music. We inted poople lo come and find out moTe about the Company and enjoy a programm8 of perforrnances, talks and workshops. We held an Opèn Day.. Bkstage Pass and Family Festival lo coincid8 Wlth most schools, autumn haiflerm holiday. Over thè Iwo days we welctsmed more than I,tKIO people to our now home and sh2red wllh them up close wh<lt the Music Works transformation has achièvèd for the Company. This included a lasler ol programmes in which they could lakè part, sud) as the Family Brg Sing Involng music and story-telling, and a special session of Little ONes with an Èmphasis on music and magic. In thè game week, the demenlia.frndIY performan¢e of Carmen took p18ce to an audienco of more than 150 people livtng with dementia and their carèrs, and w& launched the first Open Mic Niohl in the HAR. showcasing the musical talent ol refugees and people seeking asylurn as part of our remit as a ThÈalre of SancttÈary. It wa8 an exceplion81 wÈek of engagement and part¢Gipalion, and we were delighted with the positive re8ponse from the community lo Music Works and the Howard opera Cenlre. Music Works has also delivered a transfotmation ofthe Howard Assembly Room, giving the venue Its own dedicated front door and public spaces for the first lime. An inspiring new alrtum space was cr68tÈd linking the enlranco. new restaurant and bar with (he venue. Freed frorn the constraint of being used a rehÈar.%al space for the Qrcheslra of Opera North, the Howard Assembly Room is now able lo operale as a yoar-round home for an eclectic programme of live mu8Éc. talks, films and participatory aclivity. Thè final stage of Music Works is almost Complete. with the restauranl bar due opèning in July 2022. The related fundraising campaign has obtained donations, grants and pledges towards Ihe desired £18m targét, however a proporfion of the funding previously plÉdqed is yel to be roceived. Despite the challenge of the pandemic, the Company was able to mov6 fundraÉ8ing online during the year, conducting virtual events and tours, sécuring support from a wide range of individuals and Trusts and Foundations. We are grateful lo all our donors. Tho projgcl would not be possible wilhoul their SUprI, 8nd in particular, the extraordinary generosity of the late Dr Keith Howard, who gavè £11.25m lo the proje¢f. Fundralslng- general Opera North eonfinues lo pursue a wide base of funding lo surTrPOrt 118 work, drawn from private philanthropy, the corporata sèctor and charitable trusts and foundalions. The Company benefits from significant support from individuals and trusts and foundations a¢xoss the breadth of work from education lo community partnerships, artist development and main sfage iepertoire. The Prindemic presented a significant challengè for fundraising, as reslricled £¢livity in turn limited the delivery of projecls around which il was possible to generate support. As Ihe Company returned to live perfomians on tour in the autumn we were ablo lo ieconnecl th many of the peoplc who had continued thèir support thioughoul the pandemic and launeh a new iniliative, Amplify. focusèd on generating support for the COTe ensembles of Orchèstra and Chorus. Vlfilh the completion of Music Wot*s wè have also been able lo h081 indniidual. trusts and eorporalè partners in our Iransforrned hom6, allowing them lo exr1&nce al first hand the Company's extensive education and community activity. Opera Norlh is enoTmously gr8lèful lo the many individuals, trusts and founda140ns and eorporale partners whts continue to 8UPPOrt us as WÈ emerge from the impacl of the pandemic. Aside from our kèy supporters, Arts Council England and Leeds Cily Council, major suprx)rters during the year in¢luded.. The Emerald Foundation for continued sUPPOrt of the Mijsic Wtsrks capital proje¢l The Liz and Terry Bramall Found8lion1£600.Oo over thréè years) towards the educalior) programm8 in Yorkshife
OPERA NORTH LIMITED
TRUSTEES. REPORT {CONTINUEDI
OPERA NORTH LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022 operatic debuts for Elizabeth Llewellyn (Prim8 DonnalAriadnel and Hannah Hipp (Composer). wilh Erin C8v85 (renorlBacchusl and Jennif¢r France Izerbinellal returning. The theme of the natural cycle of renewal that underpins Thè Cunning Llttle Vixon has nevei been more relewant than il is now. Our Tevival of Dawd Pounlney's da5sic pioduction is part of a developing sliand of work that has thè issue of environmental sustsinabilrfy at ils core, and we offer schools, perf0m)gn$ of Janaèek's most accessible opera at all of our venues. Completing the season is a revival of EdwaTd Dick's Virally excAting production of Puccini's Tosca, first presenled to great popular acclaim in 2018. Giselle len (Toscal and Robert Hayward Iscarpial repTise their roles. th MagdalÉn8 Moléndowska singing Tosca al some perfoimallces. Gairy Walker conducts. All the productions in the 8Utumn and winter theatre 8easons will open in Leedg (except Orfeo ed Euridice. which pens al Huddersfield Town Hall in the Kiiklees Concert Seagonl <ind lour lo Newcaslje. Nottingham Salford., in addition, Ih6r& will bè a rélurr) visit lo Hull in the wnler season with The Cunning Little Vixén and Tosca. Howard Assembly Room Highlights of a charactèristically diverse programme include.. The Cr08sing, an Opera North commission from sitarist Roopa Panesar for the PRS Now Music Biennial. inspirèd by traditional Hindustani bailhak concerts The contlnued development of our partneiship with 8rudenall Soclal Club. Evènts In Jamai¢a SocAety Leeds. ¢)Jt of Many Festival, indudlng a literature strand featuring poets Simon Amiiiage and LÈnton Kwesl Johnson Leèds Intèrnatjonal FÈ#tlval of Ideas, a feslival of new ideas and innovative Ihit)king Jazz and Folk programmes, inoluding appèarancès by the Espen Erlkson Trlo. Courtney Pine, Eliza Carthy and Kathryn Tickell Inleinalional chamber music programme including visits by pi8nSsl Andreas Haefllger, the Dor1¢ and Èkampa string Quartets, Manchester Colloctivè, and sarod maÈstfo Amjad All Khan. Kirklee5 Con¢ert Seaso MLJslo Dlrector Garry Walker opens the 2022123 Kirklees Conceri Sèason with a transatlantic prograrnma of symphonicjazz including Gershwin's An American In Parls, Duke Ellington's Harlem and Copland's Clarinet Concerto, Ihe latter featuring 50101st Julian Bliss. Further highlights of the orchestral season indude.. Young British pianist Isatz Kanneh-Ma8on and Italian conductor Valentlna Pèleggi in a programme inclLEding Dohnanyi's Vartallons on a Nursery Tune and Tchaikovsky's Fourth Symphony Principal Guest Conductor Antony HÈmJus with Shostskovith's Tenth Symphony in a concèrt that also includes Tchaikovsky's First Piano Concèrto fèaturing Israèli pianist Boris Glltbury Elena Urloste as sololst in Elgarfs Violin Concerto conducted by Garry INalker Canadian conductor Jordan d6 Souza in a progr8mmÈ featuring works by Richard Strauss (Don Juan) and Brahms (First Symphonyl, wllh Tln¢ Thlng Hel$eth 8$ soloist in Hummel's Trumpet Goncorto More Minuto Masterpieces worfd premieres The t)ewsbury Chamber Concert Series ¢tinueS lo play a vilal roje in the cullural and community life of the area. with small ensembles from within the Orchestra and Speal guests sharing the spoflighl. Highlights include Adng Oreh8slr8 Co-LeaderAndrew Long and pianist lan Buckle in Beethoven'$ Kreutzer Sonata,. L.eshar Singh, a virtuoso sanloor player, a¢companied in Iraditional Mor(h Indian music by tabla and lanpura., Fflur Wyn with a sel of
OPERA NORTH LIMITED TRUSTEES, REPORT (CONTINUEDI(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORTI FOR THE YEAR ENDED 31 MARCH 2022 f(4k-inspired songs.. and Concertmaster of Auckland Philhannonia Andrew Beer with string players from the Orche81ia ol Opera North in Dvorak's Piano Quinlel No. 2, Friends of Opera North The Friends of Opèra North is a separately registered charily, (arily regisleied number 507574. Trustees of the Fr¢ends of Opera North all serve on Ihe board of Opera North Ltd. For the purry)ses of thesè accounts thè two charitiès 8r6 being treated as entirely sepaiale bul are deemed to be related parties due lo the Iruslees of Friends of Opera North sèwing on the board of Opera North Limited. Structurè, Govornance and Managemewrt Governlng Document The Compa¢7y 18 limited by guarantee 2nd registered as a charity under the ChaTities Act 2011.11 is governed by its Memordndum and Articles of Asso¢ialion daled 13 March 1981 and amended 2 July 1981. 14 July 2000 and 19 August 2005 to allow for current governancè arrangements. Thè Company enjoys charitable slalus for taxation puiposes. Any person can apply lo bè()mé 8 mèmber of Opera Norih Limited and rnust bo approved by the Bo2rd who shall have absolute discretion as to the admissTon lo membershrp. Each member agrees lo conlrtbute £1 in the èv8nt of the charity winding up. Opera North's fully-owned subsidiary company, Opera North Trading l.imited {formerty Opera North Producllons Llrnltedl, is governed by 118 Artides of Association as amended on 13 Juty 2021. Appointment of Trustees In aceordance wilh the Articles of A850oalion, thè numbar of Trustees shall be al least five bul not MO than sevenleell. In every year. one Ihird of the T¥uslèès shall rètirè from office and if eligible can offer themselves foi re- election. In 2019, in line with the latesl recommendations in the Charity Govarnance Code, it was resolved that the maximum term should be reduced lo nine years, except in expIloal (¥rcumslanoe8. The Nominations Committee recommends appointments lo the Board of Trustees. All Trusloes aré mèmbèrs of Opera North Limited. A Trustee skills audit is undertaken r9gularly lo assess both individual and collective CUTrenl specialisrns, and know16dge areas lo aid the ongoing review of the bcbard make-up. Trustee Induction and Tralnlng New Trustees undergo a programme of indudion, which is planned to allow a thorough insight Into the actlvilies of the Covnpany. Tho Trustee spends lime with koy omployeos throughout the Company both in the administrative offices and stage and perforrning areas. At the time tsf appointment each Tiuslee réeèives an Induction Pack which ineludès a ccwy Lbf the Memorandum and Articles ol Assoaalion, the dales and slrudure of thè Board and lerms of refèrence for all the working sub-commilloes of fhé Board togelherwtth a copy of the Business Plan, most rocenl financial slalements and other appropriate literature detailing evetils and forthcoming activities. Throughout the year Trustees are sent olhet relevant updates to keep them abreast of their responsibilit4'es. Orgawtisation The Gompany h2s, in the opinion of the Truglees, strong ¢orporal& governance appropriate foT its size and operations. Th8 main Board meets a minimum offive limes a ygar and the sub-committees ofthe Board, namety the Finan and Genèral Purposes Committee, Nominations Committee, EDI Commil(ee, Development Committee and Health and Safely Commillee meet In a¢¢ordance with their lerrns of reference and r8rx)rt in lull to thè main 802rd. The Board h8s a General Director lo manage the day-lo-day operations of the Company and the Gentsral Dlrect has deleggled aulhorlly for operational mallers induding finance. employm&nt and artistic pertomiance related acliwly. The roles and responsibilities tsf the Chairman and the GenÈ¥al Diraclor ale included in the Company's Corwrate Governance Manual. Key Mana9ement Personnel In addition lo the General Director, the Cornpany's senlor exe¢ullve team cornwises the Executive Director {Dad Collins). Music Director (Garry Walker), the Technical Director (Kisron Dherty1, the Planning Director (Christine Chibnalll. the DiTectEJr of Oichestra and Chorus (Phil Boughtonl. the ProjeBl8 Director (Dominic Gray). the Director 14
OPERA NORTH LIMITED TRUSTEES. REPORT <CONTINUED)(INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022 of Education and In Harmony Leeds (Jaequi Gameronl. the Diraclor of Audiences {Etnily Simpson), the Ope¥ations Director (Richard Ashton), the Finanoe Dirèelor (Kirsten Bullenl and th& Development Diiector (Liz Draper- fmm May 20221. Fortnight nioetings are held togelher. The pay of senior staff is reviewed annually and normally adjusted in line with a eompany-wide inflationary increase. Al Ihg lime af appointment salarics are benchmarked across the $8clor in similar industries. Whero there are partIcar skills r6quireil or few compaF8lor roles against which lo benchmark, the muneratIon is sel in th8 etsntext ol the charilabl& sèclor as a whole as opposed to the commercial seL'lor. Related Parties The Company has recèlved subslanlial gTrnls from two main public bodles. These main stakeholders, Arts Counal England c]nd Lo¢ds Cily Counul, are allowed lo nominate represenlalives lo allend 2nd observe Board meetings as part of their conéilions of grant. The nominee representatives eome lo occasional Board meetings whilst encouraged lo contributè to the proceedings a not Trustees are not ¥nlilled lo vole. These stakeholders are not related parties as defined in the Slalemenl of Recommended Practice.. Accounting and Rèporting by chaiits.es (Charities SORP {FRS 10211. Both the Friends of Opera NortFI and Opera North Future Fund are considered to be related partiès due to the prèspnce of mutual board members and the close alignment alld interrelal'on of their charitab18 objects. Opera North Future Fund is an independÈnl trusl. charity regisletpd numb6r 1122499. the objects of which are lo promote and thrthér the objects of Opera North Limited. Health and Safety There is a StrOt hèalth and safety ¢ullure within the Company and a flrm commitment lo ensure a safe environment for staff, guest performers and wsilors. Durillg the year, Ihg committee was ¢haired by Richard Mantle, General Director. The committee comprises èlècted representatives fiom all areas within Ihe orglinisalion logethar with the Genernl Director and three senior managers ex~offieio. Tho committee oversees strateuy and policy. training needs, compliance with legislation and ensures règularworkplaee inspections are carrled out in all ils venues. During the year. a separate Covtd-19 taskftsrco mel regularly to discuss any issues relating to h68llh and safely and risks relating to Covid-19. Wa havè continued lo wortc with a specialist fim) who have assisted wifh developing suitsble polieAes, proeèduTes and risk assessmenls. Public Benefit Tha Trustees are aware of tho Charity Commission's adwce and guldsneA&. to Charities on Public Benafit and ensure IhÈsp prinaples are embedded in the work Opera North doe5. The Trustees eonsidorlhey meet Ihe criteria of a public benefit enlily. Tho present report givgs a strong flavour of our activitiès In this regard. We seek all outlets lo publirAse our broad offering and th9 lange and extent of engagement opportunities with the Company can be found on ot¢r website. Opera North aims to present its work lo as bToad a rang@ of audiences as possible, both through live performancè, bioadcast recordings. livestreaming, and work within schools and comtnunilies. Earlier sections of this Trusloes, Reporl dglail ihe activities undertakon by the various departments to achieve audienc8 partiapalion and engagemonl. 11 is worth repèaling in the paragraphs below soma of Ihls activ¢ly. We understand the need lo artÈculalÈ the irnpact of our work artistically, financialty and in terms of the wellbeing impael on Ihosg who participatè in workshops and ensembles or experiCe our work in perfoimance. In the coming year wé will improve the measurement of our acllvity across all of thasè melrics, allowng us lo make 3 stronger case for the Company, our artform and thè creative industries more generally. Our work with young poople is centr81 lo Ihe Company's activity and we WIN Continue to expand the In Harmony programm8 in schools alongside our other education work. Our work 50 sthools has been recognised by teachers to Improv6 the concentration and confidence of pupils wilh a positive irnpad on educational allainmenl across the currrculurn. The growth of our vocal and inslrumenlal ensembles for young peoplè arè a vital part of oui work lo create pathways for those of all background8 lo continu8 8clSve part¢cipation In music. 15
OPERA NORTH LIMITED TRUSTEES, REPORT {CONTINUED)IINCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022 As a le8dlng national and regional cultural organisalion we endeavour lo play a leadShip role with our peets, sharing expertise and resources whèr6 appropriate lo support smaller arts organisalion5 and arlsls. Being th largest arts organisation in the region 195 with il a degree of Influence, and at the san16 time a responsibility lo support our arts partners and to pa'GIpale in wider civK agendas. Equality, Diversity and In¢lusTron Ensuring our work represents and is acoessible to all in the communities we serve is a prioiily lor Opera North. As well as the work ttn our stages and artists we èm 0y, we know we musl make greater strides in divèrsifying our workforce 2nd leadership, through crealing a truly inclusive workplace to ensure we are able to atlrgct, rèlain and develop peoplè from all background5 and protected charaeteristies. In January 2021 we appointed Tonic Thèatrè to conduct a Diversity Review of the Company Its Inform future planlling in driving grealeT Equalty. Diversity xnd Inclusivity. Progress is monktored by a Board-led InclusivÉly and Relevartcè Commiitee, with 8ilPPOrt from staff Diverslly Action and Anli-racism groups. On our stages we continue to ernbrac8 the creative casc for diversity. the production of Rigolello in Janualy 2022 dlrected by Femi Elufowolu jr mapped Identity and Inequalily onto a contporary canvas lo powerful effecl. 'a tld. innovalive and purposaful w-imagining. Oaily Telegraph on Rigolello OUT oonlinuing collaboration with SAA.uk wlll rèsult in a new muslcal ¢ollaboralion between wÈsl8m classical and Indian classical musicians in the credtion of a unlquè rèimagining of Monleverdi's Orfeo in Autumn 2022. Environmentsl $u$tainablllty As an opera company with a global outlook, Opera N(Mlh believes il has a responsibility lo put envtronmental thinklng and action al the heart of all il does. By engaging employeos, musiaans, audiences, cornmunilies, and supportèrs in the environmental process, the Cowpany can help lo reduoè Its anvironmental impact arKI ¢artJon footprint and inspire wider change towards a more sustainable future. Acllon during the period induded.. Achieving 100°h carbon liler8¢y in all full lime employÉ@s by June 2021 uslng a tallored training course deliv8r8d by Opera North's qualified trainers A new mainstage production of Handel'8 tIn2 With reoycled. fe-usod and second-hand sourcing of sets and costumes at ils core. Alcina premiered al LeÈds Grand Theatre on 5 February 2022. toured to NÈwc8Stle, Salford Qltays and Notlingham, and was livestream on the Operavision platform. athieving positive response and good piess pickup about ils sustainability goals A live ingtall8tion for Leed8 91 Night 2021 on ils Ihemes of nature and Ihè ènvironment ahead of the 2021 UN Climate Changa Conference in Glasgow. Wave. ali immersive environment creatéd by artist Akeelah Bertram, attracted 3.192 visitors over two evenings of Light Night. The inslaHalion reacted lo four musiclans in real time. with pools of water refracting sound responslve visual displays around thè Howard Assembly Room An assessmenl of our photovoltaic capacity on the new and existing roofs of tha Howard Opera Centre and th8 installation of 51 photovoltaic $018r panels in March 2022 which will generate an e51tmaled 15.700 kilow311-hours per annLErn Collodion, scrutiny and validation of the first six months, ulih'ly usago data from the new and rÉfurbished eslales of the Howard Opera Ceiilre and Howard Assembty Room. negolialing the best fjOO¢kn renewable conliaots possible in a challenging Ènèrgy market Commencement of seasonal commissioning of the mechanical and electrical assets of Muslc Works post- completion ckf the estates using Ihe Soft Landings framework. These w8re tèsted and challengfjd Ihrough the aulurnn and winler slruclured sèasonal commissioning process. working with M&E consullanls CSD and contraotor G&H Building Services 16
OPERA NORTH LIMITED TRUSTEES, REPORT (CONTINUEDI(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022 Expansion of the Companys sector leadership reach on sustainability. sharing besf practi and expertise with others. Opera North's carbon literaey dèlivery pad( was used to train more than 300 people throughout the creative indusliies within Leeds ai)d continuès to be a leader within the eomrnunity-inleresl company SAIL Offering pl8cg.ment projects to students on the University of Leeds Msc Susiainabilily & Consultancy course. A final klacemenl project was delivored in July 2021.. Guiding Opera North toward a shift in employee commuter travel techniques lo aid in achieving thelr Nel Zero 2030 goal Partnershlps More than ever in the past year Opera North has looked lo work in partnership, lo overcome the challenges r)f the pandemic. and daiver against artistic and social objectives. The Coinpany has worked dosdy with l.eeds City Council and Leeds Playhouse In patli'cular to stagp socially distanl performances nawgaling the Testriclions presellled by varied lockdowns as we wlleclively welcomod audiencès back lo live events. Opera North leads Arts Together, a collaboration with multiple organisalions aimÉd at engaglng hard lo read) audiences across the Leeds city region. In thè HE sector. Opera North r&newed strategic partnÈrghips with Ihe Universities of Leeds and Hull based on opportuniti&s for slud8n18, research programme5 and public engagement. A new partnership with Leeds Collegé of Music conllnuod IhTough digital delivery. alongside partnerships with RNCM 8nd National Opeia Studio. Extendlhg Reach In 3 year when live performancè and touring was restricted. Opera North maintainod a cornmilmenl lo the communities WÈ serve. delivering performancA and participatory activity online, and increasingly live in person as the year progressed. In the summer, th8 Whisue Slop Opora: The Magic Flute toured lo community setlngs, giving many pgople their fiTsI experiencè of opera. The wealth of free digi181 content, th performance and p8rti¢ipatory, Èngu¢ed Ihat the Comp¢iny continued to reach now audiences in the Ncth and atuund the world. all foutKJed on using music lo create extraordinary 6xpÈrlenc8s for everyone. Accessible Perfomiances Opera North strives lo makè ils WOTk open lo all, wllh specific 8coessible perfom)ances of main stage repèrtoire, induding Gaplioned, Audio Déscribed and BSL illterpreted. In addition, there was a demenlia-friendly performance of Cam)en induded in the autumn season. Reserves policy The unrèstricted funds of the charity antily are £16.266,460 (2021 £ie,432,9481 and for thè groEEP £16,286,351 (2021.. 16,456,552). Free reserves èxdude ieslrided funds, funds held as fixed assets used by the charity, loans used lo acquire fixed assets and particular designaled funds which have been sel aside for Specif purposes. The free reserves position al 31 March 2022 shows posttive free reservès of £2,928.78912021= £3,624,683) forthe group and £2,908,898 {2021'. £3.648,2881 for the Company. Our current reserves policy 18 to ho]d a level of free reserves that ieflecls the assossed level of risk and to meet short-letrn planned deficlls. The level of risk MaInS high bul is reduced from our 2021 position. As such the appropriate level of rèsèrves now is as5ess8d al 0£2.6m, rÈpiesenling c8 weeks, costs with the actual freè reserves broadly in line wllh Ihls. The policy will be kepl under annual reieW during the next years. taking Into account changing risk levels and foréeasts. Strategic Report Financial Review The Company siartEd Ihg year with strong thngncial reserves, btsl a level of uncertainty in forècasts due to the imp8Ct of the pandemio A deficit was forècast in the expectation Ihat it would tske lime lo regain all income slreams lo levels previougly seen in 2019120.
OPERA NORTH LIMITED TRUSTEES, REPORT {CONTINUEDI(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT} FOR THE YEAR ENDED 31 MARCH 2022 It was pleasing lo see that opera box office income, although dampenèd las expected) in Autumn 2021, exce&ded our cautious largels in Winter 2022. Fundraising income has been harder lo regain and whllst income levels wete higher than 2020121, they were behind those seen b8for6 Covid-19. We remain extremely grat6ful for the constant support from key stakeholders, most notably from Arts Council England and Leeds City Council. Expen(Jilure across all areas of the CL)mpany has been kept under re9ular review and soma overspends were Incurred in part duè to one-off Covid-related costs aftd additional cos18 relating to our lernwrary building costs duè to the extended timetable of our capital project. Overall, OUT ¢)pér8ting deficit in the year was in line vllth that budgeted. Risk Management. Principal Risks and Uncertaintie5 Ouring the course of the year the Company h8s continued lo identify and assess th& malor risks facing th8 business. Arèas of risk aTe dISSed at execvlive, Board sulFcommiltèè and Board18vel lo assess polgnlial impacts and allow strategies lo bè implemented lo rnanage the risks. ThÈ Board sub-commlttee slwclure wotks well and allows smallor groups to challèngè the financial and funding environmo111 (Finance and Gènaral Purpose Committéal, the physical envIrment and safe wtsrkn'ng praclieès, policy decision making and development (Health and Safely Committee) and ov8rall strategy and direction ol travèl at the full Board away day. The Trusloes considerlhe effect ol changes in legislation and regulations and their interprelalion that might affect the opetalions of Ihe company partlcularW with regard lo employment practices and health and safely. The impact of Covid-19 undoubtedly created n. significant and unexpected chaNenges to our environment, affecliiig our ability to put on productions in the normal manner. but the direct impact of Ihls in 2021-22 was thankfully much reduced. The ie¢ent undertaking of our capital development was a sigllificanl undert8kinu for the organisalion and as such an area whe we recognised the potenti81 risks. Now the proiect is completed, that area of risk has reduced. Thè general arts funding environment conlinues lo piesent challenge and opportunity. We grè pleased lo be supported by way of our mulli-year funding agreements In place with our two main funcEers, Aris Council England lunlil 20231 and Leods City Council lunlil 20221. Longer-lerm public sector funding still remains a principal iisk and we currently awsit the outcome of our 202&26 funding appli¢allon. A signilir2nt funding stream for us has been the inlr(xluction of the Theatre and Orchestral l ax Rolief programm&s. These schem95 are playing a kèy mle in our aL¥lty lo invest in repèrtoire and we aTQ gralefu5 Ihal the rates havÈ bèen tempoRrily enhanced from (kl0r 2022. Infflationary prassures have come to Ihe fore in 2021-22 and oontinue to be an a¥e8 of risk in the coming yèar. impacting a widè range of costs and potentially audion¢e spend. The Trustéès are very grateful for a strong sènior management Éeam which has b80n stable throughout the year. Ststsm•nt of disclosure to auditor So far as e8ch person who was a Trustee al Ihe date of approving this report is aware, there is no rélavant audit information of which Ihe company's auditor is unaware. Additionally, each Trusleo has tsken all the necessary steps Ih8t they ought lo have taken as 8 Truslee in order lo make themselves aware of all rekv8nt audit information and to 6stsblish that the Company's auditor is aware of that information. Audltor RSM UK Audit LLP were appointed as atjditor lo the Company and a resolution prop08ing that they be reappointed will be put at a General Meeting. 18
OPERA NORTH LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022 The Tiuslees. ReFX)r( (comprising the Directors, Report and Strategie Report) which has been prepared undsr the CharlliÈs Act 2011 and conlairis all infom)alion requited in 8 Directors, Report by the Companles Act 2006 and the illcorporated Stralegic Reporl ppared undei the Companies Act 2006, was Approved by the Board olTruslees on .$./.?/.zz nd siglled on behalf of Ihe Trustees by.. Paul Leè OBE Chairmsn 19
OPERA NORTH LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022 The charity Irusléés {who arè also the directors of Opera North Limited for the purposes of company law) are responsible for preparing a Iruslees, annual report and financial slalemenls in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdorn Generally Awepled Accounting Praclicel. Company L¥w roquiros th¢ ¢héirily trustees to prepare finanoial slalemenls for each financial yearwhich give a true and fair view ol the slate of affairs of Ihe charitable ctsmpany and the group and of the incoming resources and application of resources. including the income and expenditure, of the charitable group for that year. In preparing the financial stalements, the trustees are required lo.. select suitable a¢untIng policiès and thén apply them consistently.. observe Ihe methods and principles in the Charities SORP., make judgements and 8stimat6s Ihal are r&asonable and prudent.. stale whelher applicable UK awounling standards havè been follow6d, subjeot to 8ny materkl departures disclosed and explained in the financial stalemenls., and prepare Ihe fiTTrancial statements on thè going coneem basis unless il is inappropriate lo presume Ihal the charitable company will cClIn1je In opération. The Iruslees arè rÉsponsibl6 for keeping adequate COunting records that disclose with reasonable accuracy at any lirne the fjngncial position of the eharilable compally and enable them lo ensure that the financial statements comply with the Companies Act 2006. They ars also r95ponsible for safeguarding the assets of the charitable ompany and group and hence for lak¢ng reasonable slep5 for the pVentIon and detection of fraud and other irregularitiés. Th6 trustees are responsible foi the tnainlellanco and Snlegrity of the corporate and financial information induded on the charilable companls website. Logislalion in the United Kingdom goveming the preparation and dlsseminalion of fjnanaal slalemenls may differ from legislallon In other jurlsdidions 20
OPERA NORTH LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPERA NORTH LIMITED (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Opinion We have audited the financial slalemenls of Opera North Limited <the 'parent charitable company'l and its subsidiaries {Ihe 'group') for the year ended 31 March 2022 which comprise the Consoliclaed Slatèment of Financial Aclivilies, the Consolidated Balance Sheet, the Charity Balance Sheet the Consolidated Statement of Cashflows at)d notes tothe fin8ncial $18lemenls, including signilicant accounting policies. The financial reporting framework Ihat has been applied in theii preparation is applicable law and United Kingdom A¢cour)ling standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Irel8nd (United Kingdom GeneralFy Accepted Accovnling Practice). In our opinion the finanGial stalemenls.. give a true and fair view of the stale of the group's and th& parent charitable Company's affairs as al 31 March 2022 and of the group's incoming resources and application of resourc8s, including fts income and expenditure, for the year then 8ndÉd', have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., 2nd have been prepared in accordance with the requirements of the Companies Act 2008. Basls for oplnFon We corKlucled our audit in acwrdance with Intemational Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilili&s under those standards are further described in the Auditor's responsibilities for the audrt of the financial statements section of Olir repo We are independent of the group and parent charÈlable comp8ny in accordan with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard 8nd we have fulfilled otsr other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Iruslees, use of the going concern basis of accounting in the Preparation of the financial slalements is appropri81e. Based on the work we have performed, we have not identified any rnalerial uncertainties relating lo evenls or conditions that, individually or collectively, may cast significant doubl on the group's or parent charitable Company's ability to continue as a going concern for a period ol at least twelve mnths from when thé financial statements are aulhorised for issue. Qur responsibilities and the responsibil¢ties of the Iwstees with resped lo going concern are described in the relevant sections of this report. other information The other information comprises the information included in the Trustees, Report other than the linancial statements and our auditols report Ihereon. The trustées are responsible for the other infomialion contained w(Ihin the Trustees, Repc*t. Our opinion on the financial statements d$ not ¢over the other information and. excepl lo the exÉent otherwise explicitly staled our report, we do not express any form of assurance conclusion Ihereon. Our responsibility 18 lo read the other infomialion and. in doing so, consider whether the other informalion is matérially inconsislenl with the financial statements or our knowledge obtained in the Course of the audit or otherwise appears to be malerialty misstated. If we identify such malefial inconsislencles or apparent material misstatements, we are required lo determine whelh&r this gives rise lo a material tnisstalemenl in the financial slalemenls themselves. If, based on the work we have performed. we conclude that the is a material misstalemenl of this other information, we are required lo report that fact. 21
OPERA NORTH LIMITED INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF OPERA NORTH LIMITED (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 We have nothing to report in this regard. Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report, which includes the Diredors. Report and the Strategic Repott prepared for the purposes of company law. for the financial yaar for which the financial statements are prepared is consistent with the financial slatem@nts,' and the Directors, Report and the Strategic Report included within the Trustees, Report have been prepared in accordance with applicable legal requirements. Matters which wè are required to report by exception In the light of the knowledge and understanding of the group and the p8renl charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report or Ihe Stralegic Report included within the Trustees, Report. We have nothing to report in respect of the followtng matters where the Companies Act 2006 re4uires us to report to you if. in our opinion- adequate accounting records havé not bean kept by the parent charitable company, or returns adequate for our audit have not been received from branches visited by us,. or the parent charitable company financial statements are not in agreement with the accounting records and returns- or certain disclosures of tru8lee8' remuneration specified by law are not M?e., or we h8ve nol received all the infoimation and explanations we require for our audit. Responslbilities of trustees As explained more fully in the St8lemenl of Trijstees, IEsponsibililies set out on page 19, Ihe Iruslees (who ara also the directors of the charitable company for the purpo8es of company lawl are responsiblé for the preparation of the financial statements 8nd for being satisfied that they give a true and fair wew. and for such internal control as the Iruslees delermirbe is necessary to enable the preparation of financial slalements that are free froTn material misslateménl, whether due to fraud or ertor. In preparing the financial slalements, the trustees are responsible for assessing the group's and parenl charitsble company's ability to continue as a going ¢oncern, disclosing, as applicable, mallers related lo going concern and-using the going concern basis of accounting unless the trustees either intend to liquidate the group or parenl ¢harilable company or lo ase operations. or hav& no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtsin reasot)able assurance atx)tJl whether the financial statements a8 a whole ar¥ free from materi31 misslatemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Ronable assuran is a high level of 8ssur8nco, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will ahayS delecl a material misslalernenl when it exists. Misslalements can aTlSe from fraud or error and 8ré consklered material if, individually or in the aggregate, they could reasonably be axpacled lo Influen the economic deGisions of users taken on the basis of thesè fin8nct81 statements.
OPERA NORTH LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPERA NORTH LIMITED {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 The extent to which the audit was considered capabl8 ol detecting irr8gularilles. Including fraud Irregularities are inslanoes of non-compliance with laws 8nd regulations. The objectives ol our audit are lo obtain sufficient appropriate audit eviden¢e regarding compliance wlh laws and regulations tt]al have a direct effect on the determination of material amounts alld disclosures in the financial slalements, lo perfoim audit procedures lo help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial slalemenls, and to respond appropiialely lo identified or suspected non- Compliance with laws and regulations identified during the audit. In relation lo fraud. the objectives of our audit are to identify and assess the risk of material Misslalement of the financral slalemenls due lo fraud, to obtain sufficient appropriate audit eviden¢e regarding the assessed risks of material misslalement due lo fraud through designing and implsmonling appropriate responses and lo respond appropriately lo fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those Charged with governance, to ensure that the enlily's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material mi8818tement in resped of irregularities, including fraud, tho grp audit engagement team.. obtained an understanding of the nature of the sector, including the legal and regulatory frameworks that the group and parent charitable company operate in and how the group and parent charitable company arè complying with the legal and r8gulstory frameworks., inquired of management, and those charged with governance, about their own idenlificalion and assessment of the risks of irregularities, inGluding any known actual, suspected alleged instances of fraud., discussed mallers about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial slalements may be susceplib18 to fraud. As a result of these procedtjres we consider the most significant laws and regulations that have a Llirecl impact on the financial statements are FRS 102, Charities SORP IFRS 1021. Cotnpanies Act 2006, and tax legislation. We performed audit procèdures lo det@cl non-compli8nees which may have 8 material impact on the financial statements which included r6viewing financial slalernenl disclosures, making enquiries regarding correspondence with lax authorities and considering any specific relevant advice obtained from external lax advisors. The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to Health and Safely. We performed audit procedures to inquire of management whether the group is in compliance with these law and regUlatnS and inspected correswndenGe with regulatory aulhorilies. The group audit engagement team idonlrfied the risk of management override of controls as the aa where the financial statements were most 8uscÈplibl6 lo material misslalemenl due to fraud. Audit procedures performed included but were not limited lo testing manual journal trntries and other adjustments, evaluating the business rationale In relation to significant, unusual transactions and transactions entered into outside the nMal course of business, challenging judgments and estimates. A further description of our responsibilit¢as for thé audit of the financial slalemen15 is provided on the Financial Reporting Council's website at htl 'lMww.frc.o .uklauditorsres onsibililies. This description forms p8rt of our auditorfs report 23
OPERA NORTH LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPERA NORTH LIMITED (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Use of our report This report is made solely lo the charitable company's members, as 8 body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable company's members Ihose mallers we are required lo slalo to them in an auditor'8 report and for no other PL¢rpose. To the fullest extent permilled by law, we do not a¢cepl or assume responsibility to anyone other than the charitable company at)d the charitable company's membeys as a body, for our audit work, for this report, or for the opinions wo have formed. LUCY ROBSON (Senior Stalulory Audrtorl For and on behalf ol RSM UK AUDIT LLP, Slalul¢)ry Auditor Chartered A¢counlants Cenlwal Square 51h Floor 29 Wellington Street Leeds LS140L Date.. 27109122 24
OPERA NORTH LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Total Total Unrestrlcted fund$ Restricted fund$ 2022 2021 Notes Income from: Donations and16g8eie8 Capiial Project Donations OtherldIng aGlivilies.' Sponsorship Renial inoomè Investmenls Chérilablo aGtiwilies.- Productions and performances Other incom@ 11,802,948 1,136.887 12.939,835 14,390,717 354,02 354.026 935,577 177,540 9,070 2,076 177,540 9,070 2,076 11g,314 13,359 1,998,623 750,000 1,998,623 356,443 750,000 2,064.073 Totsl income 14.740,257 1,490,913 16.231,170 17.879,483 enditurè on: Costs of raising funds Chanlable aoliviues.. Costs of production and performane8s Capital project related 406,321 12,135 418,456 349,146 15,240.293 587,011 15,827,304 10.727,384 234,405 234.405 361.370 Totsl expendlture 15,646,614 833.551 16,480.165 11.437,900 Net movemgnt in funds for the year before tax 19LK,3571 657,362 1248.995) 6,441,583 Theatre and Orchestral lax di1 14 736,156 736,156 Net movement In funds for the year aftér 22 & 23 tax 1170,2011 657.362 487,161 6,441.583 Reconellleuon of funds Total funds brought forward 22&23 16,456,552 14,433,027 30,889.579 24,447.996 Total funds carried fonvard 22&23 16,286,35q 15,090.389 31,376,740 30,889,579 The slatemenl of flnandal acltvities includes all gains and lossès reGogni5ed in the year. All ineomè and expenditure deF6v8 from contsnuing acliwlies. Th8 slalèmenl of linancial aelivilles also oomplies with the requiraments for an income and expenditu acc(yJnt nder the Companies Act 20. 25
Company Registratlon No. 01550778 OPERA NORTH LIMITED CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Notes Flxed assets Tangible assèts 15 27,254,149 23,806,317 27,254.149 23,8C£,317 Current assets Investments Oeblois due within one year Debtors due after moTe than one yèar Cash at bank and in hand 16 17 1Y 50.QOO 2,138,109 16,582 8.298.319 3.244.152 36,212 4,258.118 7.538,482 10,503.010 Credltors.. amounts falling due wlthln onè year 18 {2,297,3141 13,360,846) Net currènt assets 5.241,168 7,142,164 Total assets less current liabiliti0$ 32,495.317 30,948,481 Creditors: amounis falllng du¢ after more than one year 20 11,118.577) 158,9021 Net assets 31,376,74 30,889.679 Incomè funds UnreslrTcted funds Restricted funds 23 22 16,286,351 15,Q90,389 16.456.552 14,433.027 31,376.740 30,889.579 The financial slalements on pages 23 to 51 were approved and aulhorised for issue by the Iruslees on 5.17./ZZ....... PLee Chalmian amett Trustee 26
Company Règistratlon No. 015S0778 OPERA NORTH LIMITED CHARITY BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Notes Flxed assets Tangible assets Investments 15 16 27.254,f49 23,806,317 27,254.150 23.806.318 Currert assèts Inveqtmènls Debtors due within one year Deblots dtte after morg than one year Cash al bank and In ha¢)d 50,000 2,138,109 16,582 8,297.479 17 17 3,244,152 36,212 4,235,921 7,516.285 10,502.170 ¢redltors: amounts falllrk9 du8 withln one year 18 {2,295.0091 {3.383,6111 Net current assets 5,221,276 7,118,559 Totsl assats lass current liabilities 32,475,426 3Ct,924,877 Creditor8.' amounts falling duè aftèr more than one year 20 11.118,5771 {58.9021 Nèt assèts 31.356,84S 30,865.975 Income fund$ Unrgqtrirted funds Restricted funds 16,266.46 15,0,389 16,432,948 14,433,027 22 31.356,849 30.865,975 The parent company has a lolal gr088 income of £16.231,17012021- £17,879,483) in addition lo commission fees of £Nil (2021 £Nill from its subsidiary and a net sUlUS in the year of £375,203 12021 surplus of £6,445.3971 including a deficit of £282,15912021 £5,617,903) unreslricted and £657,36212021 £827.494} reslricted funds. The financial stalgmenls on pages 23 to 51 were approved and a horised for issue by Ihe trustees on PLeè Chalrman mell stee 27
OPERA NORTH LIMITED CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Notes Cash flows from operating a¢tivitie8 Cash generated from operations Movement in lax relief debtor 25 {59.4121 8.857,889 1,206,979 Net cash inflow from operating activitÈes 159.4121 10,Oe4.e86 Investing aGlivitles Purchase uf tangible fixed assets Dlspo3al of other investmènts Relurns on invesln)enls (3.912,5451 {6,252.6811 Net cash used In Investlng activities 13,862,545) 16.252,681) Cash flows from flnancing activitias Repayment of borrowngs Obligations under finance lease 197.667) 120,57n 1109,1981 {8,5891 Net cash used In flnancing activities (118,2441 1117,78n Net {deereasellincrease in cash and cash {4,040,2011 3,694,200 Cash and cash Équival8nls st blnIng of year 8,296,319 4,604.119 Ca$h and cash equlvalents at end of year 4,258,118 8,298,319
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Charity information Opera North Limitèd is a prwale cornpany limited by gvarantéè incorporated in England and Wales and registered as a eharity undèr the ChaTilies Act 2011 Iregisleted charity number 5117261. The Feglsted office is Howard Opèr8 CÈntre, 8 Hanison Street. Leeds, LS16PA. Every member of the compr]ny undertakes lo contribute lo the assets of the company. in th6 èvÈnl oflhe same being wound up during the lime that they are a member, or wilhln one year afler Ihey ¢gase lo be a member. for paymenl of Ihg debts and liabilities of the company contracted bef(Ke the time th&y ceased IcTr be a membèr, and of thé ¢osls, charges and expense of winding up the same, and for the adjuslmenl of the rights ol the ¢onlribules themselves, such amount as may be required not excèÈding one pound. A¢¢ountlng convention The financial slalemenls have been proparèd in accordan wlh the ¢harilable company's memorandum and articles of associ<ltion, the Charities Act 2011 'Accounling and Reporting by CharifiÈs.' Statement of Recommended Practice applicable lo charities preparing their accounls in ciccordance wilh the Financial Reporting Slandaid applicable in the UK and Rèpublic of Ireland. induding the adopl'on of the amendmants issued In December 2017 IFRS 1021. the Financi81 Reporting Standard applicablo in the UK and Republic of Ireland {FRS 102) and the Companies Act 2008. Opera North Limited rneels the definition of a public benofit enlily under FRS 102. Asgèls and liabilities are initially recogni8ed al historical cost or trangadion value unless othgtwise 51aled in Ihe relevant aeeounling policy notes. The fin8nci81 slal8mènls are prepared in sterling, which Is the functional currency of the ¢harilable company. Monetary amounts in these financial statements aTS rounded lo the neast £. Basis of consolldatlon The consolidated financi81 slalernenls incorwrale those of the Company. Opera North Limited. and Its wholty owned trading subsidiary, Opera North Trading Limitèd (i.e. an enlily Ihal the gtoup cwlrols through its power lo govern the financial and operaling FK)licies so as lo obtain economic ban8fits). Opera North Trading Limited began Irading on 23 September 2014. All financlal slalemenls are made up lo 31 Maroh 2022. Wherg ll8cessary, adjustments ara m8de lo the financial slalemenls the subsidiary lo bring the aocounting ptsliciès used into line with those used by olher members of the group. All intra-group tr8ns8clions, balances and unrealised gains on transactions between gioup companies are tsliminalad on ¢onstslidslion. Unrealised losses are also eliminated unless the Iransaclion provide5 evidence ol an impairment of the asset transferred. Parent Statement of Financial Actlvitles As pèm71ttèd by $408 Companies Act 2Q06, the diarllable coinpany has not presented ils own Statement of Financial AclivÉties as it prepales group accounts and the notes accompanying thè chaiity balance sheet show ils gross income and defiat for the financial year. 29
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontlnuedl Golng Goncern The Trugteès have reviewed the financlal positic of IhÈ charity and gmup alongside the forecast ineome atid expenditurè and cashflow to 31 DAareh 2024. They have considered PFeliiniridry projections up 10 2026. They have consid6red the uncertainties 81ising fmm Covid-19 and inflation and Ihe potential impact on foiècasts. Forecasts are considered reasonable with regard to the inlormation available. Forecasts assume there will bè continued funding support from key donors, induding Arts Counul England. Opera North had a 4-year NPO funding Agreement in place wlh Arts Ctsuneil England for the peiiod from April 2018 to Maid) 2022. In March 2020, this agement was extended for a further yea¥ lo March 2023. Like other arts organisaliong, Opera North have applied foi conlinued NPO funding from 202310 2026. The outcome of this applipation will not be known until October 2022. It is consldered a roasonable assumption that funding will continue beyond 2023. When reviewing forecasts, the Trustees havè 18kèn into account the lèvel of restricted income Opera North has and the level of ullrèslri¢ted income and forecagl reS&rS. The Trustèès have also considored the posilion of the chaTily's mortgage on its long leasehold storage property. A new 10 year agreement was agr8ed and pul in pla in October 2021. The eompletion of the buikling proiect in 2022 has reduced the financial risk of the organisation and the Trustees were plea3ed thal sufticienl funds were seoured to compl@le Ihe works. A designated fund of £1m remains in place, s&1 aslde for new business plan invèstment. Free reSee8, whilst reduced in the year. remain healthy and in line with our target. On the strength of th8 reserves levds and the other considerations above, the trustees have condudod they have reasonable expeclalion that the charitable company has adequale rgs(wrces to continue in operational existence for Ihe foreseeable future. Thus, the trusl88s continue lo adopt the going concem basis of accounlinu In prepartng the financial 8tatem¢nts. Chariiable funds Unrestricted funds aye expendable al the dItIon of th& trustees in furtherance of the objecls of the charity. Unreslrieted funds earmarked lor particular purposes by the trustees are designated ag separate funds. The designation has an adminislralivo purpose only.and does not legally restrict tlie Irustees, di%relion to apply the fund. R6stricled funds are funds subject to 8pecifi¢ Irusls. which have been daeJar8d by the donorlsl bul still within the obl&¢ts of Ihe tharity. 30
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accountlng policies IContinuÈdl IncomirFg resources In¢ome from grants, including the Coronavlrus Job Retention Scheme grant. or don8tlons is recognised when there is evidence ol entillemant to the glft, rè¢8ipl is probable and ils arnounl Can bo measured reliably. In tho Case of a grant. eviden of entitlement usually eXSt$ when a formal offer of funding is communicated in wriling. In the case of unrestricted d(atIOnS from individuals, enlillemenl usually arises on receipl. In the case of legacy income, entitlement arises on ntstifiealion by executors. Rec(¥nilion of inoome is deferred only when the company has to ftjlfil lerms or conditions before becomlng 8nt611ed to it, such as a restriction, by the donor, that th6 income can only be expended in a future period. Donations in the form of assels are included ill the balance sheet at thèir 8stimatÈd value on receipt. Box office income is reci>Jnised on staging of the related perfoTmance. Income from co-produGllons and income frorn production hires are recognised on fuifilfflenl of conlraclual terms. R8nt81 income Is recognised on a Teceivable basis. Investment InMe comprises interest r8ceivèd on ca8h balances. Resources expendefl Expenditijre is aceounled ftsr on an accruals basis and is recognised when 8 liability Is Incurred. Irrecoverable VAT is includèd in thé rélev2nl cost category lo which il relèles. Pioduction St8 are written oft at the first perfoTman¢e and no residual values are carried forward. Expendilure on future producttons is included in ppayMents. Costs of generallng fut)ds are those costs incurred in Bltracting voluntary income. Charitsble adilIeS indude expenditure associat8d with the staging of concerts. operas, education events and prole¢ts and Indude both direct and Indlrect costs relating to these activities on a proportional basis. Inleresl payable is recognised on an accruals basis. Governan¢e costs incltlde those costs incurrèd in defining the strat@gie direction of the charity and meeting conslilulional and slalulory r8quitBm8nts. General support costs assoaaled with the Central functions of finance, IT and hL)m8n rèsou$ have been allocated across Ihe deparfmenls on a basis consislenl with the use ofthose rèsourcès. 31
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounti119 poliGies (Continued) Tangiblè fixed assèts Tangible fixed assets are initially measured al cost and subsequently measured at Cost. net of éeprecialion and any impaiimenl losses. Capital expenditure below £500 is not capilalised. Dèpreciation is recognised so as lo write off tho cost of assets loss Ihoir Tesidual values over their useful lives the following basas.. Freehold18nd Freehold buildings & improvements Long l.easehold & improvÈmènts Commercial vehicles- leased and owned Equipment and Musi1 insliumenls No depreciation 5 years to 50 years 3 yèars to 50 years 3 10 5 years 3, 4 or fo years Assets ijnder construction have not been depreciated. They were transferred lo the relevant asset category al 31 March 2022 ar will be depreciated from April 2022. The gain or loss arising on the disposal of an asset is determined as the difference between the saie proceeds and the carryTng value of the asset, and is r8cognised in net incomellexpendilurel tor the year. Fixed asset rnv#Ètmants Fixed asset inveslmonts are initially tn&asuied al transaction price excluding transaction costs, and are subsequently measured al fair value at each reporting dale. Changes in fair value ale recognised in net Incomel{expenditurel for the year. Transaction costs are expensed a8 incurred. knpairment offixed a¥$•ts At each roporting end date, the ch8ritable Gompany reviews the carrying amounts of ils tangible assets lo deteimine whether there is any indieation thal thosè assets have suffered an impairment loss. If any su indicalion exists. Ihe rgcov*ablè amounl of the 8sset is estimated in order lo detemiine Ihe exlenl of the impalrm8nt loss (if any). cash and Gash equlvalents Cash and cash equivalents include cash in hand and dep0811s held with banks. Flnancial instruments The cha¥ilable cornpany has elected lo apply the provisions of Section 11 '8asic Financial Instruments, and Section fj2'01her Financial Inslrurnenls Issues, of FRS 102 to 211 of its financial inslrumenls. Financigl instrLJments are recognised in the charitable company's balance she81 when the charitable company becomes party lo the ¢onlraclual provisions of the instrument. Financlal assets and liabilities are offgèt, with the nèt amounts prasented in the financial statements. when there is 8 legally enforceabte right lo set off the recognised amounts 8nd there Is an Inlontlon ts settle on a net basis or Its realis8 the asset and sellle the liability simultaneously. 32
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl Basic financial assets Basi¢ financi assets, whi¢h include debtors and ¢ash and bank balances. are initially measured at transaelion price illGluding transaction costs and are subsequently carried al amortised cost using th6 effective interèst melhod unless the arrangement constitutes a financing Iransactson, where th& transaction is measurèd at Ihè pr¥senl wolue of the future receipts dibcounted al a Thaiktrl ral6 of interest. Financial assets classified as receivable within one year are not amortised. Impalmierttoifinkncialassèts Financial assets. other than Ihose held al fair value through income and expenditure, &re assessed for indicaloTS of impairmonl al each reporting dale. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial assel, the eslimated future cash flows have been affected. If an asset is impaired. the impaiimenlloss IS the differen belween the carryir)g amount and the present value of the eslimaled cash flows discounted al the asset's ortginal effective interest rate. The impairment loss is recognised in net incomel(expenditurel for the year. If thÈrè Is a decreasè in thè impairmènt loss arising from an event occurring after the impairment was recognised. the impairment is reversed. The reversal is such that the current carrying amount does not exceed wh2t the carrying amount would have been. the impaiiment not previotEsly been recognised. The impaiiment reversal is recognised in net incomel{axpenditur8} for tha yéar. Derecognltlon offinanclal assets Financi81 assets are dereeognised only when th& contraetual rights to the Cash flows from the asset expire or are sèltléd, or whén thè ch2rit8blè ccmp8ny tr8nsf@rs thé financial asset and substantially aN the risks and rewgrds of OWllèTship l() anothér Ènlily, ar if gomè significant risLs #nd rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset it) its 6ntirety to an unrèlatèd third party. Basie financial liabilities Basic fillanctal liabililigs, including trade and other credf(ors, ar¢ initially re¢ogNised al Iransactlon prlce unl8SS fhe arrangement constitutes a financing Iransaolioll. where the debt instrument is rneasuied al the present value of the future payments discounted at a market rale ol interest. FinancAal liabilities classified as payable within one year are not amortised. Debt instruments are Subsequently carrled at amorElsed cost, using the effective inle¢esl rale method. Trade creditors are obligations lo pay for goods or Serv7$ thal have been acquired in the ordinary course of operations from suppliers. Amounts payable are classifred as current liabilities if payment is due within one year orless. If not, thèy ar8 presentèd as non-cuiient liabilitiès. TradÈ creditors ar8 cOgnIsed Inlllally al trans11(} pri and SLÈbsequenlly measured al amortised cost using the effective interest method. Derecognition of financial liabilities Finan04al liabilities are derecognised when the charitable company's contractual obligations expiie or are discharged or cancelled. 33
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accountlng pollcles (Continued) Taxatlon Opera North Limited is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and thereforè it meets th6 definition of a charitable company for UK corporation tax purposes. Accordingly, fhé ¢harity is Éxempl from taxation in respect of income or capital gains received within catègoriès covered by Chapter 3 Part 11 Coiporalion Tax Ad 2010 or Section 256 of the T8xalion ol ChargeaNe Gains Act 1992. 10 the extent that such iOme oi gains are applied exdusively lo charitable purposes. No tax charge has arssen In the year. The company and trading subsidiary operate the Theatre Tax Relief seheme and claim a tax credit through the corporalioll lax syslem. Following Ihg introduction of Ortheslral Tax Rellef in April 2016, the Company claim a lax Credit through the corwration lax system for this loo. Employee bongflts The cost of any vnused holiday enl'tlem&nl is recognised in the period in whioh the èmployea's sa*vic8s ar8 received. Termination benefits are recognised immedialely as an expense when Ihe chariiable company is demonstrably Committed to terminale the employment of an employee or to provide tMInation benefits. Rettrgment benèfjts The company conlribules a perntage of salary lo employees and pays this into the nominated Group Pension Pl8n, in c(pIlanc& with regulations and the auloonrolmenl framework. Costs ar& charged lo IhÈ in¢ome and expendituie account as incurred. Lèasès Rentals payable under operating lèasgs, induding any lease incentsves recéived, are charged lo Income on a straight line basis over th& term of the relevant lease. Leases are ¢lassifi6d as financ& l&ases whenever the lemis of the lease transfer subslanlially all the rfsks and rewards of ownership to the lessees. Assets held under finance leases are reCniSed as assets at the lower of the assets fair value at the date ol inceplion and the presentvalue of the minimum lease payments. The related liability is included in the statement of financial position as a financè leas@ oblig8tion. Lèase paymènts are treated as consisting of eapi1818nd interest elements. The inlèrèsl is chargèd to the ststÈmÈnl of finan¢i81 acliwlias so as lo produ¢6 a constant periodio rale of interest on the remaining balan of the liability. Judgements atkd key sources of estlmatlon uncertalnty In tho applr¢alion of th8 ¢harily's aecwnling policies, the truslèès arè r8quir8d to makèjLJdgamènts, estimatès and assumptions about the cairying amount of assets 2nd liabililiès not rèadily apparètilly from other sourcès. The estimates and assoctalion assumptions are based on historical experience and other factors that are consider8d to relevant. Actual results may dtffer from these eslimales. Apart from the deferr of In¢omo, as per th& Inwmo recognitlon accountlng polioy, there aro no othof areas ol estirnalion uncertainly. 34
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Income from donations and legacies 2022 2021 Arts Council England grant Arts Council England and Dèpartment of Education grant DCMS Culture Recovery Fund Grant Local Aulhorilies, grants Trusts and individuals, donations 10.577,102 151.0(M) 10.577.101 150,000 2,0,000 465,0( 1,198,616 416,715 1.795,018 12,939,835 14,390,717 Includèd wllhln the lotal Irusl and individuals, donations of £1,795,018 and Aris Counttil England and Department of Lducation grant are atnounts in Tespect ofdonalions and grants wh8re the donor has sCIfIed a particular activily. project or porformance lo supptsrt as follows.. 2022 2021 Rostrlcled funds 1.138.887 351,098 1,136,887 351,098 Arts Councll England together with the Leeds City Coun(#l are kay St&kèholdeTS to the company bul are not relalod parties within the definition of the Charities SORP FRS 102. Capltal project donations 2022 2021 Music Works campaign 354,026 935.577 354,026 935.577 Included within capi181 project donations are dtsnalions reldting to the Music Works campaign of whith £354,02612021- £935,577) a amounts which relate to reslrided furKI8. Income from other trading activie$ 2022 2021 SponsorshSp knd Partnerships Corporate & HE partnerships and sponsorships 177,540 119,3t4 177,540 119.314 All SponSohlp and partnership income is classed as unrestrictéd incorne in Ix)Ih yeais. 35
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Income from other trading activities {Continuedl 2022 2021 Rentsl income Productson hire & co-pr(xluclion Income 9,070 9,070 All rental income is classed as ullreslricled ineomè in current year. Income from Investments 2022 2021 Bank interest 2.076 13,359 2,076 13,359 Induded wilhln income from Investments is an amount of £nil12021 £8.510) in relation lo restricted funds. Income from charltable activities Z022 2021 Income from productions and perlormances.. Opera box office receipts Concerts reIpts Programme sales Educatiorb and other projed aclimty Sundry Income 1,320.745 140.187 34,30LI 423,831 79.560 26,917 35,746 277.848 15.932 1,998,623 356,443 All income frorn charitable activities is classed as unrestricied income in both years.
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 other Income 2022 2021 Job Retention Scheme grant Reverse premium from Leeds City Council 2.084.073 750,(0 750,000 2.(4.073 Income recognised in the current yearrelates to income received from Leèds Clty Coun¢ll lo take on dilapidated buildings. Income in the prior yeai relales to fudough income specÈfically in the period lo October2020 when siaff were fvrloughed before the award oflhè Culture Recovery Fund grant. Expenditure on raising funds 2022 2a21 Fundralsing costs of grants and donalions can be anatysed as: Staff costs Dirèct departmantal costs forfLJndraising materials and events Capital project fundiaising General support SIS (10% allocation) and depreciation (see nole 91 257,195 138,018 12.135 11,108 275,724 40,164 9,838 23,420 418,456 349,146 Expènditum of £12,135 {2021- £nil) inoluded within Capital project ndraising has b8en dassed as r6Strictèd. 37
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Expenditute on charitablè xctÉvltles Staff costs Other costsDepreclatlon Total 2022 Total 2024 Costs of performing company and relatèd costs Govemance costs 8,139.090 7.097,673 44,053 81.777 464.711 15.701,474 f25.830 10,608.438 118,946 8,183,143 7,179,450 464,711 15,827,304 10,727,384 Other costs can be further analysed as= 2022 2021 Concert and education progiamme (x)sts Production and stage management costs Artists, performers and cre8tlV8 teams Rehe8r8al, storage and premises rental Marketing costs Transport Theatré rental and cost shara Subsistence and lour travel costs General support cost allocalK)n {90%1 (see note 91 Intest payable 717,610 949,866 2,524.573 212.830 605.154 153,919 893.020 355,037 650,937 34,727 437,903 335.689 593,20J 79,309 187,509 10,079 33,204 (19,70SI 603.409 32.188 7,097,673 2.292,790 Govemance ¢osts'. Legal and professional fees Audit fees Gèneral office 36,549 29.228 16,000 24.309 23,20 16,000 81,777 ,509 7,179,450 2,356,299 Wthln th8 total cost of F*odLJcbons and performances is an amount of £587.011 12021- £365,691) in respect of expenditure on particular activities, projects or performances which have been funded by granls or donations specified for that puiposo. All govemance costs are classed as unreslricled expenditure. Of Ihe abov¢ g0Man¢0 costs, £3,OOLI {2021- £3,7) relates lo Ilie subsidiary Irading company, Opera North Trading Limited. During the course of the year. £234,405 {2021 £36q,370) has been expellsed in relation to a larg&scale capital proje¢l. This sum rDmprisas th6 Costs of relocation, projecl rnanagemenl, archileclural and other professional fees. 38
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Support costs 2022 2021 IT equipment, licences and maintenance Premlses costs Insurance General offieÈ ¢08ts 98,031 194,832 134,357 234,825 138,824 85,068 145.193 257,744 682.045 626,829 In both years, support costs hav8 been allocated 900A lo expendllure on chaii18ble activities and 100k lo costs of rdising funds. 10 Surplus for the financial year b•for8 tax The surplus for the finallal yeaT as shown in the Consolidated statement of financial acliiribes is slated.. 2022 2021 AfteT charglng.. Audilorfs remuneration- audit fees D8we¢lalion Operaling le8sÈ rantsls- other Interest payabl& 29.227 464.712 25,562 34,727 23,200 475,860 25,562 32.188 And after crediting.. Bank déposit interest 2,076 13,9 11 Renjuneralion of trustees None of the Irusleas holdlng Offi during the year received any payrnonl for their SO¢e$ as Iruslees. Th8 Gen@ral Director was appointed a trustee on 18 April 2012 and his salary for his senfices as General Director is inctuded within the upper salary banding in nole 13 to these aceounls. In hi8 capacity as General Director and Chief Exe¢ulive. Richard Mantle OBE received remuneration including bgnefil8 amounting lo £130,05012021- £130,050). Company pension contributions amounted to £12,118 {2021 £12,118) 39
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 MARCH 2022 12 Related pxrty trart#actiorts One of the Iwsleos, Pelor Maniura, was engaged by the charitable company for dlgltsl produ¢lion ¢onsullancy services and recording pioduceT in the year. The fee5 paid in relation lo this work during the yearwas £nil12021 £5,144). This arrangemenl was under an 'arm's length, contract. Trustee expenses in respect of Iravd and gubsistÈnee rel81ing lo board meetings and other related mallers totalling £282 {2021- £nill were paid in the year for two Iruslees. There were donations (InclLiding rnembership payments) to Opera North Limited from the Trustees in the year 101811ing £67,46912021 £40,006). During the year the Ghaiitable comparTry paid fee5 lolalling £3,QOO12021 £3.7001 on behalf of ils subsidiary. Opera North TradiThJ Limited {formerfy Opera North PICjUGtsOnS Limited). During thè year the charitable company mad& paymènts for mèmbèrship and subscriptions lo the National Opera Studio, a charity in which Richard Mantle OBE and Peter Maniura are trustees. totalling £18.419 {2021 - £16,000). Qp&ra North Fulure Fund The Opera North Future Fund is an independènt trust. charity regisièred number 1122499. the objects of which are lo promote and further the objects of Opera North Limited. During the course of the year the Opera North Future Fund has supported the charity in a number of projects and iniliats'ves induding the specific programming thin Howard Assembty Room. the Opera North Child¥en's Chorus and Youth Company and othèr èducati 8ctiwty, m8rkÈling and digit81 wèbsile support, artistic dèvelopmènt and chorus mentoring. Thè lo181 contribution from the Future Fund in the financial yearwas £306,(0 {2021- £nil}. During Ihe course of the year. Ope¥a North Limited paid costs on behalf of Opera North Fulure Fund amounting lo £21.911 12021 - £53.8541 and received Incomè on bÉh81f of Opèra North Future Fund amounting to £nil 12021 - £5,500). At thè yè8r-ènd, Opèr8 Nort Limited was owed £249,364 {2021- £197,453) by Opera North Future Fund which is shown in other debtors. Fri8nds ofoper8 North As stated in the Trustees Rewrt. The Friends of Opera North is a separately registered charity, charily register6d number 507574. Following a review of the Friends, conslitution a decision was taken in Decèmber 2014 to moré fully inlegiale wilh Opeia North Limited. Tho Execuliv9 Cornmillee, with approval of the membeis of the Friends of Opera North, voted lo elect the Twstees of Opera North as the new Trustees of The Friends of Opera North. For the purposes of Ihese accounts the Iwo charities are being treated as entirely separate. During the course ol the year, £140,OI2021 £nill ha5 boen coTrlribuled by Friends of Opoia North lo Ihe Chaiily foi production support and costs of £4,578 {2021 £9,924} were paid on behalf of Friends of Opera North. Al the year-end, Opera North Limited was owed £143.24212021 . £7951 by Friends of Opera North which is shown in olhef debtors. 13 Staff numbers and costs Number of employees The average number (head count} of permanenl staff employed by the company during the year, analysed by category. was as follows.. 2022 Number 2021 Nuinber Orcheslra, chorus and music TÈ¢hnical Adrninistialion, Education and Projects 94 45 91 97 45 89 230 231
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 13 Staff ntjmbèrs and costs Icontinuedl The aggregate payroll ¢osls of these persons were as follows.. 2022 2021 Wages and salaries SuGial security cosls Pension costs 7.451,813 657,611 371,914 7,098,125 660.548 384,940 8,481,338 8.143.613 The number of employ6&s whosè annual iemuneralion was £60,oc or moro weie.. 2022 Number 2021 Numbèr £60,oO£6g.999 £130.000-£139.999 Company pension contribul¢ons in respect of the abovè èmployees lolalled £43.68912021 - £42,035) In the year. Tha number of directors to whom Telrement benefits LEnder defined conlrfbullon schemes a accruing during the yearwas 1 (2021 11. The aggregate rernuneration of key management personnel during the year was £771.832 (2021- £768,001). Key management personnel is made up of tho senior management team employees. Tho c¢Trmpany a150 employed casual staff al various times during the year. 14 Taxation The theatre lax credit and orchestral tax credit for £736.156 (2021 £nill, relates to relief clairned in respèct of expenditur& directly 2tlributable to productions and concorts in the year. This Is foll(1ng HMRC législation which came Into èffect on 1 September 2014 for theatres and allows production comp8nies whith carry on a separate trade relating lo Ihealrical production to claim relief of up 10 25QA on expenditure which is direolly attributable to a prcKJuction, and orchestral tax credit which came Into Qffo on 1 April 2016 and similarly allows relief of 25% for eligible eoncèrt éxpènditu. Foi the year ended 31 March 2021, the level of lax Claimable was considered minirnal dEJp to the lack of perfomiance opportunities. The claim for 2021 was undertaken alongside the March 2022 olaim. 41
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 15 T8nglbl8 fixed assets Freehold Long Commercial proptsrty and leasehold and vehi¢l&s improvemènts impyovements Assets Equipmont under and musical constrnctlon instruments Total Cost At 1 Apiil 2021 6.273.074 9,049,405 259,240 12.440.850 1,986,886 30,009,455 Addllions 16,991 3,622.321 273,233 3,912,545 Disposals 1192,701) {192,701) Transfers 8,634,250 7,222.989 {16,063,1711 205,932 At 31 March 2022 14,714,623 16,289,385 259,240 2.468,051 33,729,299 Depre¢latlon Al 1 April 2021 2.267.588 1,976,494 177,102 1,781,955 6.203.139 Charge for year Disposal 113,180 204,237 31.338 115,957 464.712 1192,701) (192,701) At 31 March 2022 2,188,067 2.180,731 208,440 1,897.912 6,475,150 Carrying amount Al 31 March 2022 12,526.556 14,1Q8,654 50,800 5fj8,d39 27,254,149 At 31 MarGh 2021 4,5,486 7,072,911 82,139 12,440,850 204.931 23,806,317 During the year, the major capital project Music Work was completed. subject to final snagging and completion works. As such the capital costs incurred were Ir8nsferred from asses undei construction Io 8ppmpriate fixed asset calegories. Dgpreclalion on these costs is lo Commence frotn 1 April 2022 over the rèlèvant usèful lives as outlined within the accounting policiès. 'thin Freehold Land and Buildings is a land value of £550,012021- £650.OQOI upon whlch no depre¢ialion has been Gharged. 42
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 15 Tangible fixad ass&ts Icontinuedl Includeij within Commercial Vehicles are some assets held under finance leases. There has been depreciation charged on these assets lotalling £23,838 during Ihe year and the nel book value al the year end was £46.676. Historically. Arts Council England made a subslanlial donation lo various parties. induding Opera North, with regard to the capital project to refurbish th& Leeds Grand Thèatre and build production réhÈarsal and performance prèmises for Opèra North. On IQ Juné 2009, lègal documèntation in thè form of a 'Guaranlee and Legal Charge, Deed was fin81i8ed giwng Arts Council England a fixed registered charge on the freehold building asset. This charge can only be exercised if certain conditions are not met, the main condition being that the site is usad for office and rehearsal facilities for a period of 20 years from Seplemb6r 2006. Thè chargè has béen raglstsred al Companles Houso by the Arts Coun¢ll England solkllors. Included within Long Leasehold Buildings is a warehouse storage facility at Kirkstall, Leeds. This has been purGhas8d using loan finance frotn HSBC bank. addition to the warehouse facility, HSBC bank has taken a harge on the company's freehold offices, known as Howard Opera Centr8. by way of additional secuiily, limited 10 £1.150,000 to reflect the existing chalge lo Arts Council England. 16 Investment In subsldlary and other Current a88et Investments The fixed asset investment comprfses a lo holding In the Share capital of Opera North Trading Limited which was incorporated on 23 September 2Q14 and promdes production related services lo Opera North Limited. The registered office of Opera North Trading Limited is Howard Opera Centre. 8 Harrison Street, LÈeds, WÈ91 Yorkshire, LS16PA. The aggregate amounl of share capital and rèserves of Opèra North Trading Llmiled ag 8131 Msrch 2Q22 was £19,89212021- £23,6Q51 and the loss for the yea¥ w8$ £3,713 12021 loss of £3.8131. 17 Debtors Group 2021 Charity 2021 2022 2022 Amounts falling duÈ wlthln one yèar.. Trade debtors stock Other debtors Theatre & Orchestra lax credit Prepayrnenls and ac¢rued ineome 305,536 1,74Q 697,011 736,156 1.503,709 41,533 305,536 1.740 697,011 736.156 1.503.709 41.533 572,575 572,575 1.524.001 1.524.001 3,244,152 2,138,109 3,244,152 2,138,109 Group 2021 Charity 2021 2022 2022 Amounts due after more than one yèar.. Prepaymenls and accrued income 36,212 16.582 36,212 16.582 36.212 16,582 36,212 18,582 43
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 18 Creditors Amounts falllng due withln one year Group 2021 Charity 2021 2022 2022 Bank loans and overdmfts Obliqalions under ffinancè leasès Trade crediloTS Social security and other faxes Accruals and deferred income Other creditors Amounts owed lo group undertakings 108,036 20,577 909,023 189.494 973,222 96,962 f,285,995 20,577 765.973 151,080 1,038.022 99,199 108.038 20,577 9Q8,975 189,494 970,222 96.962 743 1,285,995 20.577 765,973 151,080 1,034,325 99.199 26.465 2,297,314 3,360,848 2.295.009 3.383.611 Induded within olheT creditors is an amount totalling £5S,07912021- £55,620) in relation lo a pension creditor. 19 Deferred income Deferred income ¢omprlses Income whereby the charity must fulfil conditions before becoming entitled to it or where the donor has specified that the income is lo be expended in a future pericKI. Group Charity At 1 April 2021 Amount released to the Statement of Financial Activities Amount dèfèrrèd in th8 yèar 177.505 {177,5051 378,183 177,505 {177,5051 378,183 Al 31 March 2022 378,183 378,183 Deferred Income has arisen In latIon to advance Ix)x office and $e8 Income that relates to events soheduled after the year end. 20 Creditors Amount8 fallirtg du8 aftèr on& yèar Group Charity 2022 2021 2022 2021 Bank loans and overdrafts Obligations ullder finance leases 1,080,252 38.325 1,080.252 38.325 58.902 58,902 1,118.577 1 118577 44
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 21 Analysis of debt Analysis of bank loan repayments.. 2022 2021 Due within one year DLJe between one year and Iwo years 108,036 1,080.252 1,285,995 Al 31 March 2022 1.188,288 1.285,995 The bank loan was inilially lèken out in Seplember2011 to purchase a new storag8 facility al KiTkslall, Leeds. An additional loan of £250,000 was dmwn down in Seplernber 2012 for Tefurbishmenl costs and fil out for the warehouse. For the first 12 months the loans were on an interest only basis. In October 2016, Ihe iwo loans were consolidated and renewed to a more favourable interest rate. In October 2021 the loan was reorganised wllh HSBC Into a 10 year loan of £1,232,419. Interest is chafged al 3.150A fixed for a period of 5 years. Interest of £31,32912L121- £28,789) has been Charged in the period for this loan. Bank loans and overdrafts tsf £1.188,288 {2021- £1,285,5) and obligations underfinance leases of £58.902 12021 £79,47918re 011 seujréd by the charity. Bank loans and overdrafts are secured by a legal mortgage against the freehold propprty and1è8sèhold propèrty held by the charity. Obligalions under finance leases are secured by fLxed charges c4) the assets to which they rejale. 22 Restricted funds The income funds of the gioup include reslricled funds comprising the following balances of donations and grants held on trust for specific purposes= PJlovement in funds Incoming Resource resources expended Balance at I April 2021 Transfers Balance at 31 March 2022 Music Works Community Partn¢rshlp proiects Leveihulme Trust supported activity In Halmony educalion programme other education projéets Par%ifal Circle Dementia friendly Howard Assembly Room I Projects Kirklee8 aelNilies Talent development Other restricted funds 13,924,983 58,3CM) q89.621 192,958 354,026 2,000 1246,5391 {19,050) 155,1941 1182.000) 1214.8001 (4,1961 {5,000) 158,0001 {437) (26,8701 {21,465} 1833,5511 14.032,470 41,250 134,427 192.958 400,000 28g,038 182,0(K) 614,800 227,394 5.LlO0 58.000 228 26,000 21,465 1,490,913 65,840 209 870 246 Total reslricled funds 14.433,027 15,090,389 45
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 22 Restricted funds Icontinued Movement in fund Balancé at Incoming Rèsourc8S 8xp•nd•d 1 April 2020 ¥èSDureès Transfers Balance at 31 Mayeh 2021 Music Works Comrmunity Partnership projects LeVhUlme Trust supported scfivily In Hamony education programme Othèr édueation projecls Parsifal Citdo Howard AssernFAy Room I Projècts Kirkloe8 aelDJities Talent delopmnt Other reslricled funds 13,026,965 76.296 192,984 161,167 1.000 47,025 898,018 f3,g24.983 58,300 189,621 192.958 {18.996) {3,3431 {144,8251 (160,5501 176,616 60.550 18,815 37,460 209 65,840 {37,4601 870 246 870 246 517 15171 {365.6911 13.6L15.533 1.193,185 14,433,027 RestrÈcted funds of £15,090,38912021- £14,433,027) comprises the following funds.. sie Works of £14,032,470 12021 £13.924,9831, was the fundraising Campaign lo enable a signifieanl eapital redevelopment woject lo transform the Leeds premises and allow for planned increased activity in thè néw spacè. Th8 Companws transformed buildings are a wG(lg home for everyone,. a place forartisls lo make thrilling music., devèloping talent and inspiring audiencos,. and cements Opera North as a creative powerhouse in the hèart of Leeds. The Music Wurks project and buildirws is significantly MpltÈd at yéar ènd and thè trusteès reviewng the fund all(ation between restricted and designated mowng forward, whlch will be slowly reduced by depreciation oach yaar. Communily Partnerships Prtsjècls of £41,250 {2021 £58,300). These are projects lo work with disadvantaged communities in Leeds and help to transform the lives of poople through musi¢ and opera. Leverhulme Trust supported actiwly of £134.42712Q21- £189.6211 which conlribules lo progiarnmes 8UPPOrting the development of young artists, usually al the outset ol their careers through a range of a¢tivit4os. including Tosidcncies. In HamnY Éducation project of £192.95812021- £192.9581 which lakes pla In severd schools in South Leeds. It seeks lo dÈliv8r an Inclusive programme of higlFqualily musio education and performan¢è opportunitias in order to ancouiage young people fiom all backgrounds lo engage with the arts and, through doing so, benefit from a range ol wider oa0eS. Other education projects of £400,000 {2021- £Nill. These are funds Ihal are given lo Oper8 Noru) to support aith6r specific education projec15 or oeneral education work. Parsifal Circle funds of £289,038 {2021- £65,84018re generated to support the 2022 production of Parsifal. Howard Assembly Room funds are those given lo support the work of bolli the coiicert seiies in the Howard Assembly Room and also thè related off-site Project depariment WOTk undertaken in other venues. 46
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 23 Uiirestricted fund8 Group Movement in funds Incoming Resources Transfers Theatre and Balance at resources expended Orchestral lax 31 March redit 2022 Balance at 1 April 2021 Designated funds Ganeral unrestricled funds 2,728,792 750.000 3,478.792 13,727,760 13,990.257 {15,646,6f41 736,1 12.807,559 Total unr6strict8d funds 16,456,552 14,740.257 115,S46,e14) 736,156 1fj.286,351 Movemént in funds Balance at i Incoming Resources Transfers Theat #nd Balance at Aprll 2020 resources Èxpended Orchestral tsx 31 March credit 2021 Designated funds General unreslricled funds 51e,800 (371,2081 2,583,40 2,728,792 10,325,883 16,686.298 {10,701.0011 (2,583,400) 13,727,760 Total unrestricted funds 10,842.463 16.686,298 {11,072,209) 16,456,552 Charlty Movement in funds Incoming Resources Transfers Theatre and Balance at resources expended Orcheslral tax 31 March credlt 2022 Balance at 1 April 2021 Designated funds General unreslricled nds 2.728,792 750.000 3,478,792 13,704,156 13.990,257 (15,642,901) 736,156 12,787,668 Total unreslrioled fund8 16,432,948 14.740,257 {15,642,901) 736,156 16.266.460 Movémènt in funds Balance at 1 Incoming Resou$ Transfers Theatre and Balance at Aprll 2020 resources expended Orchestral tax 31 March credit 2024 Dasignatéd funds General unrestricted nds 516,tK)O {371,2O81 2,583,400 2,728,792 10,298,445 16,686.298 {10.697,187) (2,583,400) 13,704,156 Total Unreslrled ftEnds 11,143,f10 16,686,298 (11,068,395). 16,432,948 47
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 23 Unrestricted funds (Continued) Further analysis of designated funds Group and charity Movement in funds Incomlng RèsourcÈs Transfers Theatre and Balance at 31 rÈsDuYces expended Orchestral March 2022 tax Credit Balanc8 at I April 2021 New busines8 plan investment 1.0(10.OQO 1,000,000 usio works property res6rw6 1,726.792 750,000 2.478.792 Total designated 2.728.792 750.000 3.478,792 Movement in funds Incoming Resources Transfers Theatre and Balan¢e at 31 resources expended Orchgstral Mah 2021 tsx credit Balance at q April 2020 Futijre suslainabilily New business plan Inveslmenl 516.600 (516,0001 1,QOO,000 1,000,000 Music works propèrty reserve 1371,2081 2,100.000 1.728,792 Total deslgnaled funds 516,600 1371,2081 2,583.400 2.728,792 Dèsign8t6d funds of £516,60CI arose during tha yèar ended 31 March 2019 and were earmarked by the Iruslees lo support future sustsinabilily. This designation was Iransferned back lo unrestricled funds during the year 6nd6d 31 March 2021. Two fi&rther designated funds were eamarked by the Ir(tslees dyrlno Ihe year ended 31 March 2022 to support the charity's new business plan and the Music Works capital project. A further £750,000 of ineomè was reeèivèd from Leeds City Council by way of a reverse premium lease payment designated for the Music Works project during the year ended 31 March 2022. The fund of £1,000,000 is lo be used in future years as per inlemal plans in place. The balances held in both designatod funds and reslrictcd funds in rolalion lo Musi¢Works will be reduced by annual depreciation wlth effe¢t from 1. April 2022 in line with depreciation on the assets. The presentation of these funds going forward within the fixed asset depreciatson reserve will be determined by trustees during the 2022123 financial year. Unrèstricted funds eomprÈse an operating résèrvè for gènèral purposes and a fixed asset depreciation reserve for the office premises, rehgargal sludios and Hc)ward Assembly Room building and related equipment. The fixed asset depreciation resewe is reduced each year by the annual depreoiation charge oti the relevant ass81s. Other deprectation on technical and o(fice equipmènt and musical instruments is writtén off through ihe op¢r811ng res&rv&. See the table below. 48
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 23 Unrestricted funds Icontinuedl Movement 2021 In year 2022 Operating reserve Designated funds Fixed asset deprecialion rèsèrvè 4,575,071 2,728,792 9,152,689 (681,9981 750,0 1238.203) 3,893.073 3,478,792 8.914,486 Total 16.456,552 1170,2011 16,286,351
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED FOR THE YEAR ENDED 31 MARCH 2022 24 Analysis of net assets between funds Group Unrestrtcted funds Restricted funds Total Fund balances at 31 March 2022 8re represented by.. Tangible fixed assets Cash at bank and Othèr nel current assets Long term liabllilles 13,271.986 4,132,942 11,118,577) 13,982,1 $3 1,108,226 27,254.149 5,241,168 (1,118,577) 1e.286.351 q5.090,389 31,376,740 Of Fixed assets held within unreslricled funds 01£13,271.966. balance of £2,2f14,934 has been purchased from dosignaled fvnds (Music Works property reseNel as al 31 March 2022. Unro8tricted funds Re8tr¢cted funds Total Fund balances a131 March 2021 8r6 r¢pres$nled by., Tangible fixed assets Cash al bank and Other nel current assets Long tèrm Ilabllilles 11,365,467 5.149,987 (58.9021 12,440,850 1.992.177 23,806,317 7.142.164 158,9021 16.456,552 14,433,027 30.869,579 Analysis of net a$$et$ between funds Charity Unrestricted funds Restricted funds Total Fund balances al 31 March 2022 are represented by.. Tangible fixed assets Cash al bank and Other nel cuirenl assets Long term liabilities 13,271.986 4,f13,051 (d,1 18,577) 13,982.183 1,108,226 27,254.149 5,221,277 11.118,577) 16,266.460 15.090.389 31.356,849 Of Fixed assets held within unreslricled funds of £13.271,98e, balance of£2,204.934 has been purchased from designated fun(ts {MLJSiC Works properly reserve) as al 31 March 2022. Unrestricted funds Restricted funds Total Fund balances at 31 MarcPt 2021 are rewesenled by-. Taiigible fixed assols Cash al bank and Other nel CUTienl ass81s Long term liabilitses 11.365.468 5,126,382 158,9021 12,440,850 1,992,177 23,806,318 7,118,559 158.9021 16,432,948 14,433,027 30,865.975 50
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 25 Cash genèrated from operations 2022 2021 Surplu5 foi the year 487,161 6,441,583 Adjuslments for.. Nel inveslmenl income Deprecialion of tangible fixed assets Impairment of current asset investments 464,712 475,860 25.000 Movemènts in worknng c8pil81.' Decreasel(Increasel in debtors Increase in cieditors 11,125,673) 114,388 1.632,981 282,265 Cash generated from operations 159,412) 8,857.689 26 Analysis of changes in net debt Balance at 1 April 2021 Cash flows Othér non-cash changes Balance at 31 arch 2022 Cash and cash equivalents Cash 8,298,319 8,298.319 (4.040.201) {4,040.2011 4,258,118 4,258,118 Borrowings Debt due within one year Debt due after one year {1,285,995) 171,791 1,006,168 11.080,2521 174,0841 {108.0381 11.080,2521 {1.188.2881 11,285,995) 171,791 Total 7,012.324 13,868,410) 174,0841 3,069,830 27 Opèratlng leasè e4mmltmènt$ Al the reporting end dale the charilablo company had outstanding commitments for future minimum lèasé payments Urer non-cancellable operating leas, which fall due as follows.. 2022 2021 thin one year 6elween one and five years 20,478 4,848 75.957 12,546 25,326 88,503 28 Capital commitjnents There are capital commitments at 31 March 2022 lotalling £nil themforè no provision has been made 12021 £1,739.5551. 51
OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 29 Charity Ststèmènt of Financial Activltles The charitable company has taken advantage of the exemptions afforded by Section 408 of the Companies Act and has not included its own income and exp)dItr account in these financial slalemenls. 52