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 Musi￿1 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 perfOTMan￿s. 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 rn 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 0￿ra Cientre and Howard Assembly Room, undÈrpinning our comrnilmenl to creatè 2 home where everyone is welcome lo make music. We in￿ted poople lo come and find out moTe about the Company and enjoy a programm8 of perforrnances, talks and workshops. We held an Opèn Day.. B￿kstage 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 whrmer Music Director Richard Fames, the pèrformances in Leeds were conceivèd by director Sain Blown specifically for a Ihealiic81 environmenl. before revèrting to straightforward concert perfoirnances on the road. Fortunately. most of the slellai cast annoUn￿d for 2021 weTe able lo make themselves available for the re%heduled performanees. induding Toby Spen¢e In the title role. Brindley Sherralt {CuTnemanzl, Katerina Karnèu5 (Kundryl and Robert Hayward IAmforlas}, joined by Derek Wgllon as Klingsor. Most of the original cast ofstephen Sondheim's A Llttle Night Muslc also ￿tUrned for a sewnd run of James Brining's productson al Leeds Playhouse in July, this time mercifully free of S￿la1 distancing and olhar Cov restrictions. Dame Josephine Barstow reprised hér unfirgettable portrayal of the ex-courtes3n Madame Artnfeldt, with Sandra Piques Eddy now joining xs her actress daughter Desiree. Opening in October is an innovative reÈmagining of the earfiest opera to have secured a peimanent place in the repertoirp, Monteverdi's Orphous of 1607, which is presenled in collaboration wth SAA-UK. Honouiing Monleve¥di's pioneering spirit, this new versK>n unites singers and musicians from both the Indian and Europo8n dassical traditions under the joint musical direclion of sitarisucornposer and Opera North Artist in Residence Jasdeep Singh Degun and baroque specialist La{Erell￿ Cummings. with Jasdeep Singh Degun also Gontribuling additional music. Director Anna Himali Howard make8 her Opera North debut, and sets and coslumes ara by Leslie Travers. Cornpletnenting Orpheus in a Wkler season inspSred by the myth of the logendary singer and musician are concert performances of Gluck's révisionist 1762 OPQTa Orfoo ed Euridice conducted by PrincApal Guest Conductor Antony Hermus. with leading British mezzo-50prano Alice Coole rèlurning to Ihe Company lor the first time sincÈ 2009 in the role ol Orfeo; and a re-staging of Orpheus in the Record Shop by writer, performer and bealboxer Teslamenl, which was originally ¢ommissioned and pÉrfom)ed in Autumn 2020 as part of the Opera NorthlLeeds Playhouse Connacting Voices f8s1ival, and later filmèd 2nd broadcast in the BBC'S ￿ghtS Up strand of arts programming. Completing tho autLJmn season Ig a revival of Alessandro Talevi's 2014 production of Verdi's La travi8ta, designed by Madeleine Boyd. Conducting duties are shared belween Jonalhan Webb and Manol Kamps. wth two principal casts.. Anna Denisova and Maire Flavin sharo the role olvioletta., Nico Darmanin and Olivei Johnston sing Alfredo,. with Stephen Gadd alld Damiano Salemo as Alfredo's father Giorgio Germont. In the winter season the Company presents its first ever produolion of Richard Strauss's mingling of backstage Comedy and mythological opera, Ariadne auf Naxos, in a eo-produGtion with Golhenburg Opera. Antony Heimus ndyds Rodula Gailanou's woduclion, with sets and costumes by George Souglides. Thère are Company 12 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 Vi￿rally 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 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 In￿Me 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 p￿payMents. Costs of generallng fut)ds are those costs incurred in Bltracting voluntary income. Charitsble adi￿lIeS 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 Musi￿1 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 trans￿11(} 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 i￿Ome 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 t￿MInation benefits. Rettrgment benèfjts The company conlribules a per￿ntage 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 reC￿niSed 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 s￿CIfIed 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 activi￿e$ 2022 2021 SponsorshSp knd Partnerships Corporate & HE partnerships and sponsorships 177,540 119,3t4 177,540 119.314 All SponSo￿hlp 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 re￿Ipts 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 Inte￿st 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¢ g0￿Man¢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 finall￿al 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 PIC￿jUGtsOnS 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 Tel￿rement 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 LeV￿hUlme Trust supported scfivily In Hamony education programme Othèr édueation projecls Parsifal Citdo Howard AssernFAy Room I Projècts Kirkloe8 aelDJities Talent de￿lopm￿nt 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 w￿G(￿l￿g 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 ￿Mpl￿tÈd 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 Ham￿nY 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 o￿a0￿eS. 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 Unreslrl￿ed 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 Ma￿h 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 Ur￿er 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￿)dIt￿r￿ account in these financial slalemenls. 52