2024-03-31-accounts

Charity Rogistration No. 511726 Company Reglstration No. 01550778 (England and Wales) OPERA NORTH LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

OPERA NORTH LIMITED LEGAL AND ADMINISTRATIVE INFORMATION TntstseslDirectors Howard Gatiss Henrietta Jowttt Paul Lee OBE (Chaimian) Rosie Millard OBE (Joint Vice Chair) Cllr Jonathan Pryor Minhazul Abedin Rachél Elwell (Joint Vice Chair) Sarah Hall Dominic Wallis Caroline Roberts-cherry Vi¢toria Wharton Anthony Freud (Appointed 23 July 2024) Kaley Gardiner (Appointed 23 July 2024) Aniruddha Kaprekar (Appointed 23 July 2024) Company Secretsry Kirsten Bullen General Director and Chief Executlve Laura Canning (From 1 December 2023) Commlttee Chairs Finan￿ and General Purposes Development Nominations Heatth and Safety Equality Diversty and Inclusion Sarah Hall Rachel Elwell Paul Lee OBE Sarah Hall Caroline Roberts-cherry Charity number 511726 Company number 01550778 Reglstered offic• Howard Opera Centre 8 Harrison Street Leeds LS16PA Auditor RSM UK Audit LLP Chartered Accountants Central Square 5th Floor 29 WelEington Street Leeds LS14DL Bankers HSBC 33 Park Row Leeds LS11LD Coutts & Co 440 Strand London WC2R OQS

OPERA NORTH LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Solicitors Wrigleys LLP 19 Cookridge Street Leeds LS2 3AG Womble Bond DiGkTnson 1 Whitehall Riverside Leeds LS14BN Blacks Soli¢itors LLP City Point 29 King Street Leeds LS12HL

OPERA NORTH LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTS AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who act as Directors for the purposes of company law, are pleased to present their annual report which comprises the Strategic Report and Directors, Report for Companies Act 2006 purposes and the audited consolidated financial statements for the year ended 31 March 2024. Reference and Adminlstrative detaits Opera North Limited is a company limited by guarantee, company registered number 01550778 and is registered as a charity under the Chartties Ad 2011. chartty registered number 511726. Its registered and principal office is Howard Opera Centre, 8 Harrison Street, Leeds, LS16PA. Trustees Th& Directors of Opera North Limited are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. The Tmstees semng during the year and since the year end were as follows: Minhazul Abedin Ed Anderson CBE Rachel Elwèll Anthony Freud Kaley Gardiner Howard Gatiss Sarah Hall Renee Hunt Henrietta Jowitt Aniruddha Kaprekar from 23 July 2024 Paul Lee OBE Chairman Sir Richard Mantle OBE Resigned 2 December 2023 Rosie Millard OBE Joint WI￿ Chair Cllr Jonathan Pryor Caroline Roberts-cherry Dominic Wallis Victoria Wharton Resignéd 13 December 2023 Joint Vice Chair from 16 June 2023 from 23 July 2024 from 23 July 2024 Joint Vice Chair Resigned 16 June 2023 Compary Secretary Kirsten Bullen Purpose. activities, achievements. and perfonnan¢o Opera North is England's national opera company in the North, based in Leeds and committed to the North. serving the communities and people of the region. We beliève we are uniquely successfijl in providing an eclectic range of experiences for many diversè audiences, all under thé banner of opèra. We aim to curate an adventurous cultural offer which continues to exploit the operatic canon, developing fresh approaches to the way in which opera can be realised, hamessing theatrical and design innovation together with high qualty musical performan￿. Our purpose Creating extraordinary experiences every day, using mustc and opera to entertain. engage, Challenge and inspire. Ouraims: Create extraordinary experiences We aim to create a body of artisttc work that has dtversty and sustsinability at its heart, from mainstsge touring opera to concerts. gigs, poTrup and digital perfomiances. we strive to create great art. available to all. For people everywhere We serve our diverse communtbes in the north of England by touring to venues large and small. expected and unexpected, and reach intemational audiences through an enhan￿d digrtal offer. Our sector-leading Community

OPERA NORTH LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTS AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Partnerships programme reaches people who face significant barriers to engaging with the arts and our livestreamsldigitai capture of performances extend access across the UK and beyond. Build resilienco We work to secure Opera North's future in the heart of Leeds. ensuring both that we are here to serve an ever more dtverse public for years to come and that we develop new income streams to shore up our financial resilience. We pSan for the fLrture, exploiting the facilities of thè new Howard Opera Centre. the reinvigorated Howard Assembly Room and the newly opened Kino Restaurant and Bar as well as optimising the energy efficiency of the Opera North estate. We also strive to strengthen and diversify our staff and Board of Trustees. Develop staff and artists We create an environment that nurtures the well-being of our permanent stsff and visiting artists, and fosters new, moré flexible, ways of working. We invest in a Company-wide Equality. Diversity and Inclusion strategy, clarify the Company's identty and values, create new staff training and artist development programmes, and roll OLrt Catl)on Literaw to our staff. Deepen educational engagement We create opportunities for young people, adults and families to patticapate and make music with us in the purpose- built Education Suite in the Howard Opera Centre, as well as in schools and other communty settings. We inspire young people of all backgrounds to experien￿, create and participate in arts and cutture; we actively encourage and support young perfonrters from under-represented groups. we deliver creattve activity that enhances the health and well-being of families and communities., and we continue Éo develop a programme of community cultural engagement linked to our In Hamony schools programme. Work in partnership Opera North works in partnership, deepening our relationships with major cultural partners in Leeds and beyond. and wtth leading HE institutions in Leeds, York, Hull and Newcastte. We are a champion of environmental sustainabilty in the arts and culture sector and have shared our recent leamings from our Green Season with the wider sector, and we are building on the sUC￿$S of the Music Works redev8lopment campaign to strengthen our partnerships in the public and privaté sectors, positioning the Company as a leading advocate for our region. In a nornial year our work is delivered under four main strands of actwtty: A mainstage operatic programme in Leeds and on tour A year-round symphonic programme by the Orchestra of Opera North Opera North Projects-creating and programming an innovative range of events and perfomiances in diverse artfomis, many perfomied in the Howard Assembly Room. the Compan￿$ sernnd stsge. An intemationally re￿gnised and extensive Leaming & Engagement Programme 2023124 Selectsd highlights of activity Main stage: Part of Leeds 2023, Requiem: Joumeys of a Soul was a four-way intemational collaboRtion between Opera North and Leeds neighbours Phoentx Dance Theatré. and South African partners Jazzart Dance Theatre and Cape Town Opera. It paired Mozarfs Requiém wtth After Tears: After a Requiem. a new work by South African composer Neo Muyanga Guided by thè industry-widè Theatre Gtsen Book, the CoMpan￿S first fully sustainable Green Season featured three new producttons for which all sets, props and costumes were repurposed from previous productions or purchased second-hand, and a new LED lighting rig installed Centrepiets of the Green Season was the world premiere of Masque of Might. an e(x)logical parable adapted and assembled by Sir David Pountney from works by Henry Purcell

OPERA NORTH LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTS AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 HowardAssembly Room: More than 80 perfomiances ranging from the Orthestra of Opera North to Zimbabwean Afro-funk legends Mokoomba,. residencies included Leeds Lieder, Leeds Intemational Film Festival and BBC Radio's Contsns Strong Language festival Special perft>rmances marking Holocaust Memorial Day. LGBTQ+ Month. Black History Month and Refugee Week Industry-leading Resonance programme of Global Majority composer residencies supported six lead music creators to make new work for future perfo￿an￿S o￿fiestra ofopera North: If1￿leeS Concert Season - orthestral season at Huddersfield Town Hall exceeded financial target by 10°A with more than 5,000 tickets sold, while the chamber series at Dewsbury Town Hall was expanded from six or seven concerts per season to ten in 2023124 as part of lQrklees Year of Music Orchestral Side-by-slde scheme engaged students and young people from Royal Northem College of MLSSIC. Leeds COnse￿ato1re and the Opera North yO￿h Orchestra and included a gala concert to celebrate the Royal Northem College of Music (RNCM)'s 50th anniversary Professional Experience Scheme (PES) in association with RNCM included audiEions, workshops, studio and stsge rehearsals, and perfomiances, with at le2St three students gaining professional employment Leaming & Engagement More than 500 primary school pupils in Doncaster. Leeds. Alnwick and Bamsley perfomied in Opera North's spectally commissioned arrangement of Rachel Portman and Owen Sheers, The Water Divinerfs Tale, a music theatre piece aboLtt the causes and consequences of climate change 31 perfomiances of Littlo Listeners: Cinderella toured to arts and community venLSes in Leeds, Dewsbury, Manchester, Rotherham, Wakefield. Stopton. Pocklington. Malton. Hull, Ottey. Newcastle and Grimsby A Dewsbury schools project, Orchestra Unpa¢ked. was funded by Kirktees Council as part of its bid to make Dewsbury a great place to live and work. Following a series of workshops in six infant schools, the Orchestra perfonned concerts in Dewsbury Town Hall for groups of KS1 students. Three of these schools have sincejoined the In Harmony portfolio following tssters&ssions in Spring 2023 Communily. Opera North brought together a group of local communty partners and residents to CCHlesign a programme of cuttural acttvity in the Richmond Hill area of Leeds. This aimed to conne¢t people with each other, and with where they lived, through deploying the reSoUr￿S of Opera North in partn8rship with residents. The first phase culminated in a community festtval in June-July: over the course of six days there were 12 events across the community. with 46 perfomiers from the Chorus and Orchestra, 105 perfomiers from across the Flthmond Hill communty and an audience of more than 1,000. 27 members of Opera North stsff from all areas of the company volunteered to support events. several coming in on days off.

OPERA NORTH LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTS AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 In 2018, Opera North became the first opera company in the country to be awarded Theatre of Sanctuary status in recognition of its work to make refugees and asylum seekers feel valued, lebrated and included. As part of its Theatre of Sanctuary work this year, Opera North supported Iranian refugee composer and singer Amir Beymanesh as he created a new song cycle based on an¢iént Persian poetry. The Encore scheme engaged wtlh community groups and organisations to overcome barriers that prevent some people from accessing Opera North's work. In addition, six Encore Plus members received additional tailored activity in 2023: Bradford Study Support Network; Bumiantofts Senior Action; Hyde Park Source. Leeds Refvgee Forum. Sola￿. and St. w1n￿nt'S Centre HigherEducation'. Launched in April 2023, a new partnership with Newcastle University is helping Opera North research The Voice in all its manrfestations. The programme includes The Voice and Neurodtversty, The Unheard Vol￿, and the impact of English titles and other acwsibilty tools on audiences, experience of live opera • A collaboration with the Universty of Leeds explortng race and representation in opera ¢ontinued with a series of online discussions prompted by Opera North's stsging of Btzet's The Pearf Fishe Launched in earfy 2024. a new partnership with the Universty of York aims to bring Opera North closer to the cutting-edge of digitsl innovation in live perfomiance Digital= Three main stage produ¢tions were filmed and prodU￿d by the Opera North Film Unit during the year: Requiem was broadcast on BBC4" Masque of Mightwas hosted on Operavision. and Albert Herring will be available on Operavision later in 2024 HAR events captured by the Film Unit and made available on demand induded con￿rtS by Jasdeep Singh Degun and Colin Stetson Sustainabilty." G￿en Season overall met Theatre Green Book Intermediate standard for sourcing of materials, with minimum 750/0 of set. costumes, props and technical equipment having had a previous life. Two of the three individual productions in the Green Sèason also met this challenging standard Reduced carbon footprint from transportation, with the number of trailers required to transport sets redU￿d from the usual &8 to 4 in the Green Season Wider artistic programme engaged with the thème of climate crisis through new work The Drop presented in co112boration with Greenpea￿ as part of Light Night Leeds, which was experienced by 4,526 people,. and Meltwater. a film with live music presented in the Howard Assembly Room. Equality, Diversity & Inclusion (EDI).. Creation of a Equality, Diversty & Inclusion Ifision and Strategy for Opera North Culmination of a three-yèar EDI audit process in partnership with Tonic Theatre. resulting in the reconfiguration of the Companls EDI mechanisms and the creationlrecruitment of a new EDI support roll

OPERA NORTH LIMITED TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORTS AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Re-fomiation of a highly engaged Staff EDI action group and a Board level EDI wmmittee Fundraising Opera North is registered with the Fundraising Regulator and follows the Code of Fundraising Pfactice. All fvndraising actimty in the year was undertaken by Opera North employees. We monitor fundraising activtties through the Development team. overseen by the Trustee-led Development Committee. No fundraising complaints were re￿iVed in the year. Fundraising aclimties continues to pursue a wide base of funding to support tts work, drawn from private philanthropy, the ￿rpOrate sector and charitable trusts and foundations. The Company benefits from significant support from individuals and trusts and foundations across the breadth of work from leaming and engagement to community partnerships, artist development and main stage repèrtoire. Opera North is enormously gratefvl to the many indiwduals, trusts and foundations and corporate partners who continue to support us. Aside from our key supporters, Arts Council England and Leeds City Council, major supporters induded: The knz and Tery Bramall Foundation (£600,0000 over three years) towards the learning & engagement programme in Yorkshire Leverhulme Trust (£243,036 over three years) towards residencies for student opera singers and repetiteurs at the National Opera Studio and the Royal Northern College of Music The Patrons of Opera North The Charfes & Elsie Sykes Trust (£75,000 over three years) towards In Hamony Opera North Vvhere donors have placed restricttons on their gifts, the amounts hav& been included within restricted funds. We also continue to r￿]ve support from the Higher Education sector, most notably the Universty of Leeds. as well as from the corporate sector. We record enonnous thanks to an increasing number of individuals who are enabling us to build significant philanthropic support for the work of the Company, as well as The Opera North Future Fund, ujrrendy enhanced by a Catalyst Award from Arts Coun¢il England. Plans for future periods Highlights of the 2024125 artistiG pro9ramme include: Main stage Ope￿.- - A c(wroduclion with Leeds Playhouse of Aly Fair Lady. A strand of family-friendty work includes The Big Opera Adventurn d&vised and directed by Jonathan Ainscough and designed to introduce ¢hildren of &12 years to opera. and The Magic Flute Lite, a 90-minute version of Mozart's opera, based on James Brining's production, aimed at schools and famity audienos Continuing development of innovative ways of presenting largo-scale repertoire WFth new productions of Kurt Weill and Alan Jay Lemerfs groundbreaking Broadway musical Love Life (Leeds Grand Theatre) and Wagneff s The FI￿n9 Dutchman {Leeds Grand Theatre and tour)

OPERA NORTH LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTS AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Company's first ever performances of Verdi's late masterpiece Simon Boccanegra at st George's Hall Bradford as part of Bradford 2025 UK City of Culture Projects." Supported by the PRS Foundation. the 2024 Resonan¢e Resldency gives creative Spa￿ to five Global Majority music-makers, spanning genres including folk, jazz. soul. club and rooted in traditional music from across Afri¢2 and Asia The Howard Assembly Room programme showcases a huge diversty of musicians from around the globe. including British sitarist and composerJasdeep Singh Degun, SoLrth African cellist Abel Selacoe, Senegalese Kora virtuoso Seckou Kelts and Zimbabwean Tonga band Mokoomba - The winner of the 2024 DARE Art Prize, Manchester-based writer. perfomier, producerand maths educator Keisha Thompson will create an interactive performance pl￿ which aims to foster a new cultural appreciation for mathematics Orchestsa of Opera North in Concert." Music Director Garry Walker conducts the Prelude and Liebestod from Wagnefs Tristan und Isolde with soprano Elizabeth Llewellyn, and a ffilm programme spanning decades of music composed for the silver screen, from Erich Komgold to John Williams Guest appearances from leading international conductors Valentina Peleggi, Alexander Joel and Emilia Hoving. and soloists Elena Urioste, Artur Pizarro and Clara Jumi Kang Extensive chamber progrnmme showcasing the individual talents of players from the Orchestra, in both the Howard Assembly Room Distilled series and the Dewsbury Town Hall lunchtime ¢hamber series Opera North Future Fund The Opera North Future Fund is a separately registered charity. registered number 1122499. The charity was established to support the activities of Opera North. The Chair of the Opera North board and Laura Canning. General Director sit on the board of the Opera North FLrture Fund. For the purposès of these ac¢ounts the charities are being treated as entirely separate but are deemed to be related parties. Friends of Opera North The Friends of Opera North is a separately registered charity, charity registered number 507574. Trustees of the Friends of Opera North all se￿e on the board of Opera North Ltd. Forthe purposes of these accounts the two charilies are being treated as entirely separate but are deemed to be related parties due to the trustees of Friends of Opera North seNng on the board of Opera North Ltd.

OPERA NORTH LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTS AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Structure, Governance and Management Goveming Document The Company is limited by guarantee and registered as a charity under the Charities Act 2011. It is govemed by its Memorandum and Articles of Association dated 13 March 1981 and amended 2 July 1981, 14 July 2000 and 19 August 2005 to allow for current governan￿ arrangements. The Company enjoys charitable status for tsxation purposes. Any person can apply to become a member of Opera North Limited and must be approved by the Board who shall have absolute discretion as to the admission to membership. Each member agrees to contribute £1 in the event of the charity winding up. Opera North's fully-owned subsidiary company. Opera North Trading Limtted (formerly Opera North Produdions Limited), is govemed by tts Articles of Ass¢)cialion as amended on 13 July 2021. Appointment of Trustees In accordance with the Articles of Association. the number of Trustees shall be at least five but not more than sevènteen. In every year, one third of the Trustees shall retire from offsce and if eligible can offer themselves for r election. In 2019, in line wtth the latest recommendations in the Charity Govemanc& Code, it was resolved that the maximum tem should be reduced to nine years, except in ex￿ptionaL circumstances. The Nominations Committee recommends appointments to the Board of Trustees. All Trustees are members of Opera North Limited. A Trustee skills audit is undertaken regularly to assess both individual and collective current specialisms, and knowledge areas to aid the ongoing review of the l)oard make•UP. Trustee Induction and Training New TTUStees undergo a programme of induction. which is planned to allow a thorough insight into the activities of the Company. The Trustee spends time with key employees throughout the Company both in the administrative offices and stage and perfomiing areas. At the time of appointrnent each Trustee receives an Induction Pack which includes a copy of the MeFnorandum and Articles of Association, the dates of meetings and structure of the Board and temis of reference for all the working sub-committees of the Board together with a copy of Ihe Business Plan, most recent financial statements and other appropriate literature detailing poli¢ies, events and forthcoming actNities. Throughout the year Trustees are sent other relevant updates to keep them abreast of their responsibilities. Oryani$ation The group has, in the opinion of the Trustees, strong corporate govemance appropriate for its size and operation5. The main Board meets a minimum of fve times a year and the subwcommtttees of the Board. namely the Finance and General Purposes Committee, Nominations Committee. EDI Committee, Development Committee and Healkh and Safety Committee meet in a￿rdan￿ with their terms of referen￿ and report in fijll to the main Board. The Board has a General Director to manage the daY-t￿daY operations of the group and the General Director has delegaled authorty for operational matters induding finance, employment and artistic performance related activty. The roles and responsibifities of the Chairman and the General Director are included in the group's Corporate Govemance Manual. The Subsidiary ¢ompany, Opera North Trading Ltd has its own board. which in tum reports into Opera North Ltd. Key Management Personnel Sir Richard Mantle resigned as General Director in December 2023 and was succeeded by Laura Canning. In addition to the General Director, the Company's senior exe¢utive team for the year 2023124 comprised the Executive Dire¢tor (Henry Filloux-Bennett), Music Director (Gary Walker), the Technical Director {Kieron Docherty), the Planning Director (Christine Chibnalt), the Director of Orchestra and Chows (Phil Boughton - to February 2024). the Projects Direthr (Dominic Gray), the Director of Leaming & Engagement (Jacqui Cameron), the Director of Audiences (Emily Simpson), the Operattons Director (Richard Ashton). the Finance Director (Kirsten Bullen), The Director of People (Jo Cambridge - from December 2023) and the Development Director (Liz Draper). Fortnightly meetings are held together. 10

OPERA NORTH LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTS AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The pay of senior staff is reviewed annually and nomially adjusted in line with a company-wide inflationary increase. At the time of appointment salaries are benthmarked across the sector in similar industries. Where there are partI￿lar sktlls required or few.comparator roles against which to benchmark. the remunèration is set in the context of the charttable sector as a whole as opposed to the commercial sector. Related Parties The Company has received substantial grants from main public bodies. These main stakeholders. Arts Coun￿1 England and Leeds City Council. are allowed to nominate representatives to attend and observe Board meetings as part of their conditions of grant. The nominee representatives come to occasional Board meetings and whilst encouraged to contribLrte to the proceedings are not Trustees and are not entitled to vote. These stakeholders are not related parties as defined in the Statement of Recommended Pract[￿. Accounting and Reporting by Charities (Charities SORP (FRS 102)). Both the Friends of Opera North and Opera North Future Fund are considered to be related parties due to the presen￿ of mutual board members and the close alignment and inte)Telation of their charitsble obje¢ts. Opera North Future Fund is an independent trust, charity registered number 1122499. the objects of which are to promote and furlher the objects of Opera North Limited. Opera North Trading Limited is a fully owned subsidiary company that fomis part of the Opera North group, whioh as such is a related party of Opera North LimÈtèd. Health and Safety There is a strong health and safety culture within the Company and a fimi commitment to ensure a safe environment for stsff, guest performers and visitors. The committee, chaired by a Trustee, comprises elected representstives from all areas within the organisation together with the General Director and three senior managers ex-officio. The committee oversees strategy and policy, training needs, compliants wth législation and ensures regular workpla inspections are carried out in all Èts venues. We continued to work with a specialist finn who are assisting with developing suitable poli¢ies, procedures and risk assessments. Public Benefft The Trustees are aware of the Chartty Commission's advice and guidance to Charities on Public Benefit and ensure these principles are embedded in the work Opera Norlh does. The Trustees consider they meet the criteria of a public benefit entity. The present report gives a strong ftavour of our activities in this regard. We seek all oullets to publicise our broad offering and the range and extent of engagement opportunilies with the Company be found on our website. Opera North aims to presént its worf( to as broad a range of audiences as possible, both through live perfomiance, broadcast recordings, livestreaming, and work within schools and communities. Earlier sections of this Trustees, Report detail the activities undertaken by the various departments to achievè audience participation and engagemenL It is worth repeating in the paragraphs below some of this activity. We understand the need to articulate the impact of ourwork artistically, financially and in tems of the wellbeing impad on those who participate in workshops and ensembles or experience our work in perfomiance. In the coming year we will improve the measurement of our activty across all of these metrics, allowing us to make a stronger case for the Company, our artform and the creatNe industiies more generally. Our work WFth young people is central to the Company's activity and we will continue to expand the In Harmony programme in schools alongside our other leaming and engagement worf(. Our work in schools has been re¢ognised by teachers to improve the concentration and confidence of pupils with a positive impact on educational attainment across the Curriculum. The growth of our vocal and instrumental ensembles for young people are a vttal part of our work to create pathways for those of all backgrounds to continue acttve participation in musi 11

OPERA NORTH LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTS AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 As a leading national and regional cultural organisation we endeavour to play a leadership role with our peers, sharing expertise and resources where appropriate to support smaller arts organisations and artists. Being the largest arts organisation in the region brings with it a degree of influence, and at the same time a responsibility to support our arts partners and to pa￿cipate in wider civic agendas. Reserves policy The unrestricted funds of the charity (Inc]uding designated funds) are £28,122,397 (2023 £29,395.258) and for the group £27,882.409 (2023: £29,335,898). Free reserves exclude restricted funds, funds held as fixed assets used by the charity. loans used to acquire fred assets and particular designated funds which have been set aside for specific purposes. The free reserves position at 31 March 2024 shows positive free reserves of £2,407,517 for the group (2023: £3,362.530) and £2.647,504 (2023.. £3,421.890) for the Company. Our current reserves policy is to hold a level of free reserves that refiects the assessed level of risk and to meet short- tenn planned deficits. The appropriate level of reseNes is assessed at c2.8m representing 8 weeks. running costs. The reserves policy is kept under annual review, taking into account changing risk levels and forecasts. Strategic Report Financial Review Ahead of 2023124 financial year, a deficit position was forecast. It has been a difficult year for both box Offi￿ income and fundraised income, with both coming in under target. Other eamed income and theatre tax relief income have exceeded targets which has helped to counter the expected income gap. We are extremely gratefijl too for the increased creative tax relief rates appli(2ble in the year and for the news of enhanced tax relief rates being held in pla￿ beyond 1 April 2025. Expenditure has been challenging in the yearwith higher levels of wage infiation than budgeted. However, savings in some areas have largely managed to offset overspends in other areas. Total income for the year (before tax reliefy was £15,321,264 (2023: £15,584.907) and total expenditure for the year was £20,043,918 (2023: £19,830.302). As a result, net assets decreased to £28,183,902 (2023: £29,895,448). Our overall unrestricted, operational deficit was £725,780. Rlsk Managemen( Principal Risks and Uncertainties During the wurse of the year the Company has continued to identify and assess the major risks facing the business. Areas of risk are documented on a strategic risk register and discussed at executive, Board sub-committee and Board level to assess potential impacts and allow strategies to be implemented to manage the risks. The Board sub- committee structure worf(swell and allows smaller groups to challenge the financial and funding environment (Finan and General Purpose Committee), the physical environment and safe worf(ing practices, policy decision making and dévelopment {Health and Safety Committee) and overall strategy and direction of travel at the full Board away day. The Trustees consider the effect of changes in legislation and regulations and their Inte￿retatiOn that might affect the operations of the company parti¢ulady with regard to employment practi*s and health and safety. The general arts fvnding environment continues to present Challenge and opportunity. We are pleased to be supported by way of a new multi-year funding agreements in place wÈth our two main funders, Arts Counctl England (until 2026) and Leeds Cty Council (until 2026). We are pleased to hear the likely extension of Arts Council England funding into 2027. Financial pressures have remained at the fore in 202>24 and continue to be an area of risk in the coming yearfurther to decreased income generation and the ongoing impact of recent inflationary increases to our cost base. 12

OPERA NORTH LIMITED TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORTS AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 statement of disclosure to auditor So far wach person who was a Trustee at the date of approving this report is aware. there is no relevant audit _ infomation of which the company's auditor is unaware. Additionally, each Trustee has taken all the necessary steps that they ought to have taken as a Trustee in order to make Ihemselves aware of all relevant audit information and to estsblish that the Company's audttor is aware of that infomiation. Auditor RSM UK Audit LLP were appointed as auditor to the Company and a resolLrtion proposing that they be reappointed will be PLrt at a General Meeting. The Trustees. Report (comprising the Directors, Report and Strategic Report) which has been prepared under the CharÈbes Act 2011 and contains all information required in a Directors, Report by the Companies Act 2006 and the inco rated s.trategic Report prepared under the Companies Act 2006. was approved by the Board of Trustees on .•J.C//.zts........ and signed on behalf of the Trustees by: Paul Lee OBE Chairman 13

OPERA NORTH LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The charity trustees (who are also the directors of Opera North Limited for the purposes of company law) are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Pra￿l¢e). Company Law requires the charity trustees to prepare financial statéments for each financial year which give a true and fair view of the state of affairs of the charitsble company and the group and of the incoming resour￿$ and application of resources. including the income and expenditure, of the charitable group for that year. In preparing the financial statements. the trustees are required to: - select suttable accounting policies and then apply them consistently" - observe the meth¢Jds and principles in the Charibes SORP; - make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements- and - prepare the financial s￿teM￿lS on the going concem basis unless it is inappropriate to presume that the charitsble company will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hencé for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the Maintenan￿ and integrtty of the corporate and financial infomation included on the charitable company's website. Legislation in the United Kingdom govemin9 the preparation and dissemination of financial statements may differ from legislation in other jurisdictions 14

OPERA NORTH LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPERA NORTH LIMITED FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statements of Opera North Limited (thé'parent charitsble company,) and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Chartty Balance Sheet the Consolidated Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that.,las been applied in their preparation is applicable law and United lfjngdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Irelan<f (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure, for thè year then ended" have been properly prepared in accordance with United lfjngdom Generally Accepted Accounting Praclice" and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audtt in accordance with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those stsndards are further described in the Auditof s responsibilÈbes for the audit of the financial statements section of our report. We are independent of the group and the parent charFtable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard and we have fulfilled our othèr ethical responsibilities in accordance with these requirements. We believe that the audit evidènce we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audiiing the financial statements, we have conduded that the trustees, use ofthe going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or parent charttable compan￿S abiltty to continue as a going concem for a period of at least hvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant se¢tions of this report. Other information The other infonnation comprises the infomiation included in the annual report other than the financial ststements and our audttorfs report thereon. The trustees are responsible for the other infonnation contained within the annual reporL Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise expliully ststed in our report, we do not express any form of assurance condusion thereon. Our responsibility is to rèad the other infomiation and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of thè audit or otherwise appears to be materially misstated. If we identtfy such material in￿nSisten¢1eS or apparent material misstatements, we are required to determine whether this gÈves rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. 15

OPERA NORTH LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPERA NORTH LIMITED FOR THE YEAR ENDED 31 MARCH 2024 We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infomation given In the Trustees, Report, which indudes the Directors, Report and the Strategic Rèport prepared for the purposes of company law. for the financial year for which the financial statements are prepared is consistent with the finan¢ial ststements" and the Directors, Report and the Strategic Report induded within the Trustees, Report have been prepared in accordance with applicable legal requirements. Matters on which wo are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and tts environment obtained in the course of the audit, we have not identified material misstatements in the Directors, Report or the Strategic Report included within the Trustees, Report. We have nothing to report in respect of the following matters where the Companies AfA 2006 requires us to report to you rf. in our opinion= adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audrf( have not béen received from branches not visited by us" or the parent charttable company financial statements are not in agreement with the accounting rewrds and retums: or rtain disdosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. Responsibilitie$ of trustees As explained more fvlly in the Statement of Trustees. responsibilities set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the prèparation of the financial statèments and for being satisfied that they give a true and fair view, and for such internal control as the trustees detennine is necessary to enable the preparation of financial ststements that are freè from material misstatemerrt. whether due to fraud or e￿Or. In preparing the financial statements. the trustees are responsible for assessing the group's and parent charitable company's ability to ￿ntinue as a going con¢em, disclosing. as applicable, matters related to going concem and using the going concem basts of accounting unless the trustées either intend to liquidate the group or parent charitable company or to cease operations. or have no realistic altemative bLrt to do so. Auditorfs responsibillties for the audst of the financial statoments Our objectÈves are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misstatement, whethér due to fraud or error, and to issue an auditofs report that indudes our opinion. Reasonable assurance is a high level of assurano, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a materÈal misslatement when It exists. Misstatements can arise from fraud or emr and are considèred material ff, individually or in the aggregate, they could reasonably be expéded to influence the economic dectsions of users taken on the basis of these financial statements. The extent to which the audit was considered capable of detecting irregularitios. including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audtt are to obtain sufficient appropriate audit evidence regarding complian￿ with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the ffinancial statements. to pérfomi audit procedures to help identify instances of nort-compliance with other laws and regulations that may have 16

OPERA NORTH LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPERA NORTH LIMITED FOR THE YEAR ENDED 31 MARCH 2024 material effert on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding,the assessed risks of material misststement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspeded fraud identified during the audit. However. it is the primary responsibility of management, with the oversight of those charged wtth govemance, to ensure that the entity's operations are conducted in accordan￿ with the provisions of laws and regulations and for the prevention and detection of fraud. In identifying and assessing risks of material misststement in respect of irregularities. including fraud, the audit engagement team: obtsined an understanding of the nature of the sector. including the legal and regulatory framework that the group and parent charitable company operates in and how the group and parent charitable wmpany is complying with the legal and regulatory framework; inquired of management, and those d)arged wÉth goveman¢e, aboLrt theirown identffication and assessment of the risks of i￿egular1tEes, induding any known actual. suspected or alleged instances of fraud" discussed matters aboLrt non-complian￿ with laws and regulations and how fraud might occur induding assessment of how and where the financiaI ststements may be susceptible to fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial stateménts are FRS 102, Charities SORP {FRS 102), Companies Act 2006, Charities Act 2011, the charitable company's goveming document, tax legislation and Charibes (Protection and Soctal Investment) Act 2016. We performed audtt procedures to detect non-¢ornpliances which may have a material impact on the financial stalements which induded reviewing the financial ststements induding the Trustees, Report. remaining alert to new or unusual transactions which may not be in accordance with the governing documents. inspecting correspondence with local tsx authorities and evaluating advice received from internallextemal advisors. The most signtficant laws and regulations that have an indirect impact on the financial statements are those in relation to GDPR. We performed audit procedures to inquire of management and those charged with governance whether the charitsble company is in Complian￿ with these law and regulations and inspected correspondence with regulatory authorities where available. The audit engagement team identified the risk of management overrÉde of controls and the completeness of legacy and donation income as the areas where the financial ststements were most susceptible to material misstatement due to fraud. Audtt procedures performed in relation to the risk of management override of ￿ntrOlS induded but were not ITmited to testing manual joumal entries and other adjustments, evauating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. challenging judgements and estimates. Audit procedures performed in relation to the risk around completeness of legacy and donation income included but were not limited to review post year end receipts. minutes and legacy pipelines to identify any donations or legacies that should have been recognised in the period under the SORP ciiteria. Afurther des¢ription of our responsibilities forthe audit of the financial statements is located on the Financial Reporting Council's website at htt jA￿.frC.0r .uklauditorsres onsibilities. This description fonns part of our auditof s report. 17

OPERA NORTH LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OPERA NORTH LIMITED FOR THE YEAR ENDED 31 MARCH 2024 Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Aot 2006. Our audit work has been undertaken so thal we might state to the charitable company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted.hy law, we do not a¢￿pt or assume responsibility to anyone other than the charitable company and the charitable companls members as a body, for our audit worK for this rèpor( or for the opinions we have fomied. Lu6y Eobson LUCY ROBSON (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Ac¢ountants Central Square 5° Floor 29 Wellington Street Leeds LS14DL Date: 01110124 18

OPERA NORTH LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Operational funds Unrestricted Designated funds Restricted funds Total 2024 Total 2023 Notss Income from: Donations and legacies 11.850.181 270,489 12,120,670 12,162,563 Capitsl project donations 2,488 2.488 31,531 Sponsorship & rental Trading actimties Investments Chaiitable activilies.. Produ¢tÈons and perfomiances 233,322 350,280 46,511 233,322 350,280 46,511 212.844 330,591 14,957 2,567,993 2,567,993 2,832,421 Total Income 15,048,287 2,488 270,489 15,321,264 15.584,907 nditure on: Raising funds." Fundraising Trading activities Capital project related Chaiitable activities." Production and performances 522,389 538,069 522,389 538,069 543,545 409,165 17,629 17,629 142.903 17.808,063 629,222 528,546 18,965,831 18,734.689 Total expenditure 18,868,521 646,851 528,546 20,043,918 19,830.302 Net expenditure before tax Theatre and Orchestral tsx credit (3,820,234) (644,363) (258.057) (4.722.654) (4,245,395) 14 3,011.108 3,011,108 2,764,103 Net expenditure after tax (809,126) (644,363) (258.05T) (1,711.546) (1.481.292) Transfer between funds 22&23 83,346 (83,346) Net movement in funds for the year Total funds brought foThvard (725,780) 1727,709) {258.057) (1,711,546) (1,481,292) 22&23 4,510,726 24.825,172 559,550 29,895,448 31,376,740 Total funds carried forward 22&23 3,784,946 24,097,463 301,493 28,183.902 29,895,448 The ststement of financial actiwties includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activÈtJes also complies with the requirements for an income and expenditure account under the Companies Act 2006. 19

Company Registration No. 01550778 OPERA NORTH LIMITED CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 15 26,317,558 26,804.115 26,317.558 26,804,115 Current assets Stocks Debtors due within one year Debtors due after more than one year Cash at bank and in hand 10,085 4.171.441 13,667 4.796,007 726 906,186 17 17 723,469 4,904,995 5.716,586 Creditors: amounts falling due within one year 18 (2.184,842) (1.636,910) Net current assets 2,720,153 4,079,676 Total assets less current liablllties 29,037.711 30,883,791 Creditors: amounts falling due after more than one year 20 (853,809) (988.343) Net assets 28,183,902 29,895,448 Income funds Unrestricted - General funds Unrestricted - Designated funds Restricted funds 23 23 22 3,784,946 24,097,463 301,493 4,510,726 24,825,172 559,550 28.183.902 29,895,448 Th nancÉal statements on pages 19 to 44 were approved and authorised for issue by the Trustees on 2S/ ? 124 PLee Chairnian Trustee 20

Company Registration No. 01550778 OPERA NORTH LIMITED CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Investments 15 16 26,317,558 26,804,115 26,317,559 26,804.116 Current assets Debtors due within one year Debtors due after more than one year Cash at bank and in hand 17 17 4,367,376 4,868,218 726 870,146 682,498 5,049,874 5,739,090 Creditors: amounts falling due wlthin one year 18 {2,089,734) (1,600,055) Net current assets 2,960,140 4,139,035 Total assets less currnnt liabilities 29.277,699 30,943,151 Creditors: amounts falling due after more than one year 20 (853,809) (988,343) Net assets 28,423,890 29.954,808 Income funds Unrestricted - General fjjnds Unrestricted - Designated funds Restricted funds 23 23 22 4,024,934 24,097.463 301,493 4.570,086 24,825,172 559,550 28.423,890 29,954,808 The parent company has a total gross income of £14,974,185 (2023 - £15,265.689) and a net deficit in the year of £1,530,918 (2023- £1,402,041) including a deficit of £545,152 {2023- £8,217,582) unrestricted, deficit of £727.709 on designated fvnds (2023- surplus of £21,346,380) and £258,057 deficit (2023- £14,530.839) resthcted funds. nancial statements on pages 19 to 44 were approved and authorised for issue by the tTUStees on ?/ Z PLee ChaIrn￿n SHa Trustee 21

OPERA NORTH LIMITED CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations Movement in tax relief debtor 25 450,414 {36.164) (830,569) (2,034,035) Net ¢ash provlded byl(used in} operating activitie$ 414,250 {2.864,604) Cash flows from investing aclivities Purchase of tangible fixed assets Proceeds on disposal of tangible assets (438,53n 7,061 (358,719) Net cash used in investing activities (431,476) (358,719) Cash flows from financing activlties Repayment of borrowings Repayments of finances leases Interest paid (111,398) (18,448) (35,645) (108,032) (20,57n Net rash used in financlng activities (165,491) (128,609) Net decrease in cash and cash equivalents (182,71n (3,351,932) Cash and cash equivalents at beginning of year 906,186 4,258,118 Cash and cash equivalents at ond of year 723,469 906,186

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles Charity infomiation Opera North Limited (the'charity) is a private company limited by guarantee incorporated in England and Walès and registered as a charity under the Charities ct 2011 {registered charity number 511726). The registered office is Howard Opera Centre, 8 Harrison Street, Leeds. LS16PA. Every member of the company undertakes to contribute to the assets of the company. in the event of the same being wound up during the time that they are a member, or within one year after they ￿ase to be a member. for payment ofthe debts and liabilities ofthe company contraded before the time they ceased to be a member. and of the costs, charges and expense of winding up thè samè. and for the adjustment of the rights of the contributes themselves, such amount as may be required not exceeding one pound. AGcounting convention The financial statements have been prepared under the histori(al cost convention in accordance with the Financial Repotting Standard applicable in the UK and Republic of Ireland (FRS 102). the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Chartties Act 2011 and the Companies Act 2006. Opera North Limited meets the definition of a publi¢ benefit entity under FRS 102. Assets and fiabilities are initially recognised at historical wst or transaction value unless otheThvise stated in the relevant accounting policy notes. The financial statements are prepared in sterling, which is the functional cuffency of the tharity. Monetary amounts in these financial ststements are rounded to the nearest £. Reduced disclosure The charity is a qualifying entty for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidatéd financial statements, including this charity. which are intended to give a true and fair view of the assets, fiabilities, financial position and profft or loss of the group. The charity has therefore taken advantage of exemptions from the following disclosure requirements: Section 7 'Statement of Cash Flows. _ presentstion of a ststement of cash ftow and relates notes and disdosures for the charity; and Section 33 'Related Paty Disdosures, _ Compensatton for key management personnel of the charity only. Basis of consolidation The consolidated financial statements incorporate those of the charity, Opera North Limtted. and ils wholly owned trading subsidiary, Opera North Trading ￿Mited (i.e. an entty that the group controls through its power to govem the finanaal and operating polictes so as to obtain economic beneffts). All financial ststements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements the subsidiary to bring the accounting poliaes used into line with those used by other members of the group. l Intr￿rOUp transactions, balances and unrealised gains on transactions be￿een group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaclion provides evidence of an impaimient of the asset transferred. Pa￿n statement of Financial A¢tivities As pennttted by s408 Companies Act 2006. the charity has not presented its own Statement of Financial Acttvities as it prepares group accounts and the notes accompanying the charity balan￿ sheet show its gross incomé and defiut for the financial year. 23

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Continued) Going concern The Trustees have reviewed the financial position of the charity and group alongside the forecast income and expenditure and cashflow to 31 March 2026. They have considered the untsrtainties arising from inflation and the potential impa¢t on forecasts. Forecasts are considered reasonable with regard to the infomiation available. Forecasts assume there will be continued fijnding support from key donors. including Arts Council England. Opera North has a 3-year NPO funding agreement in place with Arts Council England for the period from April 2023 to March 2026. Durtng the year ended 31 March 2024, Arts Council England announced there is expected to be a further year of extension funding for 2026-27 with a relatively straightfrjrward application process. The process for applying for funding for the p6riod from 1 April 2027 has not yet been announced. When reviewing forecasts, the Trustees have taken into account the level of restrtcted income Opera North has and the level of unrestricted income and forecast reserves. The Trustees have also considered the position of the charitys mortgage on its long leasehold storage property. A 10 year agreement was agreed and put in place in October 2021 with a 5-year fixed temi rate until October 2026. Free reserves remain healthy and in line with our target. On the strength of the reserves levels and the oth8r considerations above, the trustees have concluded they have reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable fLrture. Thus, the trustees continue to adopt the going COn￿M basis of accounting in preparing the financial statements. Charitable fvnds Unrestricted funds are expendable at the discreÉÉon of the trustees in fvrtheran￿ of the objects of the charity. Unrestricted fijnds earmarked for particular purposes by the trustees are designatéd as separate funds. The designation has an administrative purpose only, and does not legalty restrict the trustees, discretion to apply the fvnd. Restricted funds are funds subjed to specific trusts, which have been declared by the donor(s) but 5ti11 within the objeds of the charity. Income Income from grants or donations is recognised when there is eviden￿ of entitlement to the gift, re￿Ipt is probable and its amount can be measured reliably. In the case of a grant, eviden￿ of entitlement usually exists when a fomial offer of funding is communicated in writing. In the case of unrestricted donations from individuals, entitlement usually arises on receipt. In tha case of legacy income, entitlement arises on notification by executors. Recognition of income is deferred only when the group has to fvlfil terrns or conditions before becoming entitled to i( such as a rèstrtction. by the donor, that the income can only be expended in a fvture period. Donations in the fom of assets are induded in the balance sheet at their estimated value on receipt. Box office income is rewgnised on staging of the related perfomianc*. Income from ccwroductions and income from production hires are recognised on fijlfilment of contractual temis. Rentsl income is recognised on a receivable basis. Investment income comprises interest received on cash balances. 24

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Expenditure Expenditure is accounted for on an'ac¢ruals basis and is recognised when a liability is incurred. Irrecoverable VAT is included in the relevant o)st category to which it relates. Production costs are written off at the first performance and no residual values are carried fotward. Expenditure on fvture productions is induded in prepayments. Costs of raising funds are those Gosts incurred in attracting voluntary income. Charitable activities include expenditure associated wtth the staging of concerts, operas, education events and projects and indude both direct and indirect costs relating to these activities on a propottional basis. Interest payable is recognised on an accruals basis. Govemance costs indude those costs incurred in defining the strategic direction of the charity and meeting constitutional and statutory requirements. General support costs associated with thé central functÈons of finance, IT and human resources have been allocated across the departments on a basis consistent with the use of those resou￿$. Tangible fixed assets Tangible fixed assets are initialty measured at cost and subsequently measured at cost. net of depreciation and any impairment losses. Capital expenditure below £500 is not capitalised. Depreciation is recognised so as to write off the cost of assets less Iheir residual values over their useful lives on thé following bases: Freehold land Freehold buildings & improvements Long Leasehold & improvements Commercial vehides- leased and owned Equipment and musical instruments No depreciation 5 years to 50 years 3 years to 50 years 3 to 5 years 3 to 10 years The gain or loss arising on the disposal of an asset is detèrmined as the difference be￿een the sale proceeds and the carying value of the asset and is recognised in net income1(eXp￿ditUre) for the year. Fixed asset investments Ftxed asset investments are initially measured at transaction price exduding transaction costs and are subsequentEy measured at cost. Transaction costs a￿ expensed as incurred. Impalrnient of fixed assets At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to deterniine whether there is any indication that those assets have SLrffered an impaimient loss. If any such indication exists. the recoverable amount of the asset is estimated in order to detemiine the extent of the impaimient loss (rf any). Cash and ¢ash equivalents Cash and cash equivalents include cash in hand and deposits held with banks. Stocks Stocks stated at the lower of ￿st and estimated selSing pri￿ less costs to complete and sell. Cost comprises direct materials. 25

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Financial instruments The group has elected to apply the provisions of Sectton 11 'Basic,Financial Instruments, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intenlion to settle on a net basis or to realise the asset and settte the liabilty simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors. amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future re￿ipts discounted at a market rate of interest Financial assets classsfied as re￿[Vable within one year are not amortised. Basic financial liabilitles Basic financial liabilities, including trade and other creditors, are initialty récognised at transaction pri￿ unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised ￿St, using the effectFve interest rate method. Trade creditors are obligations to pay for goods or serVI￿S that have been acquired in the ordinary Course of operations from suppliers. Amounts payable are classified as Gurrent liabilities rf payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are re¢ognised initially at transaction pri* and subsequently measured at amortised wst using the effective interest method. Taxation Opera North Limited is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Ad 2010 and thèrefore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly, the charity is exempt from tsxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exdusNeEy to charitable purposes. No tax charge has arisen in the year. The charity operate the Theatre Tax Relief scheme and Claim a tax credit through the corporation tax system. Following the introduction of Orchestral Tax Relief in April 2016, the chartty daims a tax credit through the ￿rporatiOn tax system for this too. Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination beneffts are recognised immediately as an expense when the group is demonstrably committed to tenninate the employment of an employee or to provide tsrmination benefits. 26

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Retirement benefits The group contributes&.percentage of salary to employees and pays this into the nominated Group Pension Plan. in Complian￿ wrtti regulations and the auto-enrolment framework. Costs are charged to the income and expenditure account as incurred. Leases Rentsls payable under operating leases, including any lease incentives received, are charged to income on straight line basis over the temi of the relevant lease. Leases are classified as finan￿ leases whenever the temis of the lease transfer substantially all the risks and rewards of ownership to the lessees. Assets held under finan￿ leases are recognised as assets at the lower of the assets fair value at the date of inception and the presènt value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capttal and interest elements. The interest is charged to the statement of financial activitses so as to produce a constant periodic fate of interest on the remaining balance of the liability- Judgements and key sources of estimation uncertainty In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the Carrying amount of assets and liabilittes not readily apparently from other sources. The estimates and association assumptions are based on historical experience and other factors that are onsidered to be relevant. Actual results may differ from these estimates. Apart from the deferral of income. as per the income recognition acttiunting policy, there are no other areas of estimation Un￿rtainty. 27

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies 2024 2023 Arts Council England- NPO grant Arts Council England- Other grants Local Authorities, grants Trusts and individuals, donations 10,677,102 150,000 405,251 888.317 10,577,102 150,000 410.250 1.025,211 12,120,670 12,162,563 Income from donations and legacies includes the following amounts Classes as restricted fiJnds. where the donor or grant specifies a particular activity, project or performance to support: 2024 2023 Arts Council England- Other grants Local Authorities. grants Trusts and individuals, donations 150,000 10.000 110.489 150,000 15,000 294,296 270,489 459.296 Arts Council England togetherwith the Leeds Cty Council (Local Authority) are key stakeholders to Ihe charity but are not related parties within the definition of the Charibes SORP FRS 102. Capital project donations 2024 2023 Music Works campaign 2,488 31,531 2,488 31,531 Inctuded wllthin capital project donations are donations relating to the Music Works campaign of which £2,488 12023 - £31,531) are amounts which relate to designated funds. Income from trading activities 2024 2023 Sponsorship and Parther6hips Corporate & HE partnerships and sponsorships 155,572 168.568 155,572 168,568 28

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from trading acttvities (Con￿nued} 2024 2023 Rental ineoino Production hire & co-production income Rèntal income from non-investment property 48,500 29,250 34,776 9,500 77,750 44,276 Total sponsorship and rental income 233,322 212,844 2024 2023 Opera North Trading Income Food and drink sales Room hire and events sales 327,956 22,324 269,649 60,942 350,280 330,591 2024 2023 Total income from trading activities 583,602 543,435 All income from trading activibes is dassed as unrestrided income in both years. Income from investments 2024 2023 Bank interest 46,511 14,957 46,511 14,957 All income from investments is dassed as unrestricted income in both years. 29

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activities 2024 2023 Income from productions and performances: Opera box office receipts Con￿rtS receipts Programme sales Education and other project activity Sundry Income 1,605,193 192,563 52,995 556,832 160,410 1.963.180 184,702 61,294 542,407 80.838 2,567,993 2,832.421 All income from charitsble activities is ctassed as unrestrided income in both years. Expenditure on raising funds 2024 2023 Fundrdising ￿sts (an be analysed as: Staff costs Direct departmental costs for fundraising materials and events Capttal project fundraising General support costs (10°h allocation) and depreciation (see note 9) 300,487 113,675 290.716 139,671 10,501 102.657 108,227 522.389 543,545 Capital project costs: During the course of the year. £17,629 (2023- £142.903) has been expensed in relation to the final stsges of a large-scale capital project. Expenditure of £nil (2023- £2,016) induded within direct departmental costs for fundraising materials and events has been classèd as restricted and £17,629 (2023- £142.903) of capitsl project costs has been classed as designated. All other expenditure on raising fijnds for both years is dassed as unrestricted. Expenditure on trading activities 2024 2023 Trading activities can be analysed as.. Catering costs Staff costs Operating expenditure 156,182 249,428 132,459 165,447 128,204 115,514 538.069 409,165 No support costs have been allocated to trading activities. All expenditure on trading activities is dassed as unrestricted expenditure in both years. 30

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities Staff Costs Other costsDepreciation Total 2024 Total Costs of perfomiing company and related costs Govemance costs 9,705,798 8.172,808 39,229 127,943 442,065 18,320,671 477,988 645.160 18,599,354 135,335 9,745,027 8,300,751 920,053 18,965,831 18,734,689 Other ¢osts can be further analysed as: 2024 2023 Concert and education programme costs Produdion and stage management costs Artists, perfomers and creative teams Rehearsal, storage and premises rental Marketing ￿sts Transport Theatre rental and cost share Subsistence and tour travel costs General support cost allocation (900A) (see note 9) Interest payable 741.112 1,031,335 2,840,561 183.395 641.274 162.155 1,167,841 411,445 958.045 35,645 918,840 728,397 3,586,421 193,173 693,394 156,721 1,243,022 490,936 818,286 37.923 8.172,808 8,867,113 Govemance costs= Legal and professional fees Audit fees General office 79,163 32.780 16.000 51,074 33,100 16,000 127,943 100,174 8.300,751 8,967,287 31

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities (Continued) Expenditure of £528,546 (2022,~ £955,649) wrthin cost of productions and perf0mlan￿$ has been dassed as restricted, due to bèing in respect of activities specifically funded. £646,648 (2023 - £732,107) has been classed as designated expenditu￿. All other expenditure on costs and perforMan￿S for both years is dassed as unrestricted. All govemance costs are classed as unrestricted expenditure. Of the above governance costs, £5,500 (2023- £5,000) relates to the subsidiary trading company, Opera North Trading Limited. Support costs 2024 2023 IT equipment, liCen￿S and maintenan Premises costs Insurance General office costs 132,934 575,102 164,179 317,993 131,036 497,416 152,244 245,870 1,190,208 1,026.566 In the ryJ￿ent year, support ¢xssts have been allo¢ated 900/0 to expenditure on charitable activtbes and 100A to costs of raising funds. 10 Surplus for the financial year before tax The surplus for the financial year as shown in the consolidated statement of financial activities is ststed: 2024 2023 After charging: Auditorfs remuneration - audit fees Auditors. remuneration- all non audit services Depreciation Operating lease rentals Interest payable Loss on disposal of fixed assets 32,780 5,500 920,053 6.689 35,645 33.100 5,000 808.156 20,561 39,296 597 And after crediting". Bank deposit interest Profit on disposa of fix￿ assets 46.511 2.020 14,957 11 Remuneration of trustees None of the trustees holding Offi￿ during the year received any payment for their services as trustees (2023- none). The General Director resigned during the year and his salary for his servÈces as General Director is included within the upper salary banding in note 13 to these accounts. In his capacity as General Director and Chief Executive. Sir Flchard Manlle, OBE received remuneration induding beneffts amounting to £66,902 (2023 £102,168). Company pension contrtbutions amounted to £30.821 (2023 - £40,000). Sir Richard Mande retired on 2 December 2023. therefore this remuneration relates to the 8 monlh period up to his retirement. 32

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Related party transactions Trustee expenses in respect of travel and subsistence relating to board meetings and other related matters totalling £1,814 (2023- £489) were paid in the year for to tsvo trustees (2023- one trustee). There were donations (induding membership payments) to Opera North Limited from the Trustees in the year totalling £23,764 (2023 - £29,051). During the year the charity made payments to the National Opera Studio, a d)arity in which Richard Mantle and Laura Canning were Twstees. These totalled £16,000 (2023: 16,000) for membership and £1.284 (2023: £684) for reimbursed expenses. Opera North Trading Limrfed Opera North Trading Limited is a wholly owned subsidiary of the charity, registered number 09231729. During the year the charity paid fees totalling £10,000 (2023- £10,000) on behalf of the subsidiary and charged £3,201 (2023 - £1,372) interest on OLrtstanding loans. In addition, purchases totslling £10,361 (2023 - £10.700) were made. At the year-end, Opera North Limtted was owed £211.344 (2023 - £111,000) by Opera North Trading Limited which is shown in other debtors. Opera North Future Fund The Opera North Future Fund is an independent trust, charity registered number 1122499, the objects of which arè to promote and further the objécts 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 initiatÈves including the specific programming within Howard Assembly Room. the Opera Norih Children's Chorus and Youth Company and other education activity, marketing and digital website support, artistic development and chorus mentoring. The total contribution from the Future Fund in the finan¢iat year was £250,000 (2023- £168.764). During the course of the year, Opera North Limited paid costs on behatf of Opera North Future Fund amounting to £39,894 (2023 - £29,685) and received income on behalf of Opera North Future Fund amounting to £5 (2023 - £1.000). At the year-end, Opera North Limited was owed £40,702 (2023- £58.813) by Opera Norlh Future Fund which is shown in other debtors. Friends of Opera North As stated in the Trustees. Report, The Friends of Opera North is a separately registered charity, charity registered number 507574. Following a review of the Frrends. constitution a decision was taken in De￿rnber 2014 to more fully integrate with Opera North Limited. The Executive Committee, with approval of the members of the Friends of Opera North, voted to elect the Trustees of Opera North as the new Trustees of The Friends of Opera North. For the purposes of thése account's the Iwo charities are being treated as entirely separate. During the course of the year, £45,000 (2023 - £65,000) has been contributed by Friends of Opera North to the Charity for production support and costs of £5,400 (2023- £6,217) were paid on behalf of Friends of Opera North. Income was received on behalf of Opera North via Friends of Opera North of £nil (2023- £8,500) with income of £nil (2023- £8,238) for Friends of Opera North being receivable by Opera North. Income was r￿[Ved on behalf of Friends of Opera North via Opera North of £11,687 (2023 - £nil). At the year-end, Opera North Limited owed £1,566 (2023- was owed £9,721) to Friends of Opera North which is shown in other creditors. 13 Staff numbers and costs Number of employees The average number (head count) of pemianent stsff employed by the group during the year. analysed by category, was as follows: 2024 Number 2023 Number Orchestra, chorus and music Technical Administration, Projects, Leaming & Engagement 98 50 113 93 47 106 261 246 33

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Staff numbers and costs (continued} The aggregate payroll costs of these persons were as follows.. 2024 2023 Wages and salaries Social security costs Pension costs 8,988,422 798,209 464,803 8,205,904 737,243 435,019 10,251,434 9,378,166 The number of employees whose annual remuneration was £60.000 or more were: 2024 Number 2023 Number £60,000-£69,999 £70.000-£79,999 £100,000-£109,999 Company pension contributions in respect of the above employees totslled £78.856 (2023- £61.063) in the year. The number of trustees to whom retirement benefits under defined contribution schemes are accruing during the year was 1 (2023- 1). The aggregate remuneration of key management personnel during the year was £981,476 (2023- £876,807). Key management personnel is made up of the senior management team employees and the trustees. Wages and salaries indude redundancy and other exit costs totalling £78,320. The company also employed casual staff at various times during the year. 14 Taxation The theatre tsx credit and orchestral tax uedit for £3.011,108 (2023- £2,764,103). relates to relief claimed in respect of expenditure directly attributsble to productions and concerts in the year. This is Theatre Tax Relief and Orchestra Tax Relief.

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Tangible fixed assets Group & Company Freehold Long Commercial Equipment property and leasehold and vehicles .g.nd musical improvements improvements instruments Total Cost At 1 April 2023 14,695,024 16,280,239 244.240 2,852,122 34.071,625 Additions 1,512 16,367 420,658 438,537 Disposals (10,471) (10,471) At 31 March 2024 14.696.536 16,296,606 244,240 3,262.309 34,499,691 Depreciatlon At 1 April 2023 2,485.046 2,499,392 220,402 2,062.670 7,267,510 Charge for year Disposal 297,391 350,280 23,838 248,544 920,053 (5,430) (5,430) At 31 March 2024 2,782,437 2,849.672 244,240 2,305.784 8,182.133 Carrying amount At 31 Ma￿h 2024 11,914,099 13.446.934 956,525 26,317.558 At 31 March 2023 12,209.978 13,780,847 23.838 789,452 26.804.115 wrthin Freehold propeFty and improvements is a land value of £550,000 {2023- £550,000) upon which no depreciation has been charged.

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Tangible fixed assets (continued} Included within Commercial Vehicles are assets held under finance leases. There has been depreciation chargp,d on these assets totalling £23,838 (2023: £23,838) during the year and the net book value at the year end was £nil (2023: £23,838). Historically, Arts Council England made a substantial donation to various parties, including Opera North, with regard to the capital project to refurbish the Leeds Grand Theatre and bLEild production rehearsal and performance premises for Opera North. On 10 June 2009, legal documentation in the form of a 'Guarantee and Legal Charge, Deed was ffinalised giving Arts Council England a fixed registered charge on the freehold building asseL This charge can only be exercised if certain conditions are not met, the main condition being that the stte is used for office and rehearsal facilities for a period of 20 years from September 2006. The charge has been registered at Companies House by the Arts Council England solicitors. Included within Long Leasehold Buildings is a warehouse storage faciltty at Kirkstall, Leeds. This has been purchased using loan ffinance from HSBC Bank. In addition to the warehouse facility, HSBC Bank has taken a charge on the company's freehold offi¢es, known as Howard Opera Centre, by way of additional se¢urity, limited to £1,150,000 to reflect the existing charge to Arts Council England. 16 Investment in subsidiary The fixed assét investment comprises a 100% holding in the share capital of Opera North Trading Limited which was incorporated on 23 September 2014 and provides produdion related SeNi￿S to Opera North Limited. The registered office of Opera North Trading Limited is Howard Opera Centre, 8 Harrison Street. Leeds, West Yorkshire, LS16PA. The aggrégaté amount of share capital and reserves of Opera North Trading Limited as at 31 Ma￿h 2024 was a defictt of £239,933 (2023- deficit of £59.360) and the loss for the year was £180,625 (2023- £79.251). 17 Debtors Group 2023 Charfty 2023 2024 2024 Amounts falling due within one year: Trade debtors Other debtors Theatre & Orchestra tax credit Amounts owed by group undertakings Prepayments and accNed income 285,282 185,162 2.806,355 389,032 281,866 2,770,191 275,611 184.400 2,806,355 211,344 889,666 351,601 281.383 2,770,191 111,000 1,354,043 894,642 1.354,918 4.171.441 4,796,007 4,367,376 4.868.218 Group 2023 Charity 2023 2024 2024 Amounts due after more than one year Prepayments and accrued income 726 726 726 726 The amounts owed by group undertakings are taken out under the temis of a loan agreemenL Interest is charged at 2.5Yo. The loan is repayable on demand and is secured by a debenture.

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Creditors Amounts falling due within one year Group 2023 Charity 2023 2024 2024 Bank loans Obligations under finance leases Trade creditors Social security and other taxes Accruals and deferred income Other creditors 115,049 19.877 407,981 254,362 1,268,410 119,163 111,490 18.748 497,991 230,775 701.909 75,997 115.049 19,877 381,319 228.947 1,232,121 112.421 111,490 18,748 493.393 215,560 690,129 70,735 2,184.842 1,636,910 2.089,734 1,600.055 Included within other creditors is an amount totalling £64.112 (2023 - £63,345) in relation to a pension creditor. 19 Deferred income Deferred income comprises income whereby the charity must fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period. Group Charity At 1 April 2023 Amount released to the Statement of Financial Acttvitie5 Amount deferred in the year 353,735 (353,735} 1,058.735 378,183 (378,183) 1,032.818 At 31 March 2024 1,058,735 1,032,818 Deferred income has arisen in relation to advan￿ box Offi￿ and sales income that relates to events scheduled after the year end. In March 2024, the first instalment of the 2024125 Arts Council England NPO Funding was received early, and this has been deferred in full. This explains the significant increase in deferred income compared to the fiqure brouqht forward. 20 Creditors Amounts falling due after more than one year Group Charity 2024 2023 2024 2023 Bank loans Obligations under finan￿ leases 853,809 968,766 19,577 853,809 968.766 19,577 853,809 988,343 853,809 988,343 37

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of debt Analysis of bank loan repayments: 2024 2023 Due within one year Due between one year and five years 115.049 853,809 111,490 968,766 968,858 1,080,256 Loan amounts due are in relation to a 10 year HSBC loan of £1,232,419 fjnan¢ed in October 2021. Interest is charged at 3.150/0 fixed for a period of 5 years. Interest of £32,530 (2023 - £35,89n has been charged in the period for this loan. Bank loans of £968,858 (2023 - £1,080.256) and obligations under finance leases of £19,877 (2023 - £38,325) are all secured by the charity. Bank loans and overdrafts are secured by a legal mortgage against the freehold propety and leasehold property held by the charity. Obligations under finance leases are secured by fixed charges on the assets to which they relate. 22 Restrlcted funds The income fvnds of the group include restricted funds comprising the following balances of donattons and grants held on trust for specific purposes: Group and Charfty Movement In funds Income Expenditure Balance at 1 April 2023 Transfors Batan¢e at 31 March 2024 Communty Partnership projects Leverhulme Trust supported activity In Hamiony programme Other Leaming & Engagement Projects Howard Assembly Room I Projects Requiem (Leeds 2023) Other restricted funds 20,852 199,494 137,958 10,000 (20,854) (70.957) {182,833} 9,998 128.537 162.958 207,833 200,000 1,000 19,041 18,615 15.000 (219.041) (19,615) (15,000) (246) (528,546) 246 Total restrtcted funds 559,550 270,489 301.493

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Restricted funds (continued) Movement in funds Expenditure Balance at 1 April 2022 Income Transfets Balance at 31 March 2023 Musi¢ Works Communty Partnership projeds Leverhulme Trust supported activity In Hamiony programrne Other Leaming & Engagement Projects Parsifal Circle Dementia friendly Howard Assembly Room I Projects Kirldees activitses Talent development Other restricted funds 14,032,470 41,250 134,427 192.958 (14,032,470) 15,000 150,849 164,607 (35.398) (85,782) (219,607) 20,852 199,494 137,958 400,000 289,038 9.200 58,705 42,000 171 8.764 10.000 {209,200) (347,743) (41,000) (171) {8,764} (10.000) 200.000 1,000 246 246 15,090.389 459.296 {957,665) (14,032,470) 559.550 Restricted funds of £301,493 (2023- £559,550) comprises the following funds: Community Partnerships Projects of £9.998 (2023 - £20,852). These are projects to work with disadvantaged communities in Leeds and help to transfom) the lives of people through music and opera. Leverhulme Trust supported activity of £128,537 (2023 - £199,WJ4) whi¢h contributes to programmes supporting the development of young artists, usually at the outset of their careers through a range of activtties. including residencies. In Harmony project of £162,958 {2023 - £137,958) which takes place in several schools in South Leeds. It seeks to deliver an inclusive programme of high-quality music education and perf0mlan￿ opportunittes in order to encourage young people from all backgrounds to engage with the arts and, through doing so, benefft from a range of wider outcomes. Other Learning & Engagement Projects of £nil (2023- £200,000). These are funds that are given to Opera North to support this area of work. Howard Assembly R¢)om fund of £nil {2023 - £1,000) these werè funds given to support the work of both the concert series in the Howard Assembly Room and also the related off-site Project departhent work undertaken in other venues. Requiem (Leéds 2023) related to putting on a perfomiance of Mozarvs Requiem as part of a four-way intemational ¢ollaboration be￿een Opera North and partners in Leeds and South Africa. This was part of Leeds 2023 Year of Culture. 3g

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Unrestricted funds Group Movement in funds Income Expenditure Trnnsfers The4*tre and Balance at Orchestral tax 31 Ma￿h credit 2024 Balance at 1 April 2023 Designated fvnds General unrestricted fijnds 24,825,172 2,488 (646.851) (83,346) 24,097,463 4,510,726 15,048,287 (18.868,521) 83,346 3,011,108 3,784,946 Totsl unrestricted funds 29,335,898 15,050.775 {19,515.372) 3,011.108 27,882,409 Movement In fun(ts Income Expenditure Transfers Theatre and Balance at Orchestral tsx 31 March credit 2023 Balance at 1 April 2022 Designated fijnds General unrestrided funds 3.478,792 31,531 (732,107) 22,046.956 24,825,172 12,807.559 15,094,080 (18,140.530) (8,014,486) 2,764,103 4,510,726 Total unrestricted funds 16.286,351 15,125.611 (18,872,637) 14,032.470 2,764,103 29.335.898 Chaiity Movement in funds Income Expenditure Transfers Theatre and Balance at Orchestral tax 31 March credit 2024 Balance at 1 April 2023 Designated fvnds General unrestricted funds 24,825.172 2,488 (646,851) (83,346) 24,097,463 4.570,086 14.701.208 {18,340,814) 83,346 3.011.108 4,024,934 Total unrestricted funds 29,395,258 14,703.696 (18,987,665) 3.011,108 28,122.397 Movement in funds Income Expendlture Trdnsfern Theatre and Balance at Orchestral tax 31 March credit 2023 Balance at I April 2022 Designated fvnds General unrestricted Jnds 3.478.792 31,531 (732.10n 22,046,956 24,825,172 12,787.668 14,774,862 (17,742,061) (8,014,486) 2.764,103 4.570,086 Total unrestricted funds 16,266,460 14,806.393 (18,474,168) 14,032.470 2.764,103 29,395,258

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Unrestrlcted funds (Continued) Further analysis of designated funds Group and Charity Movement in funds Income Expenditure Transfers Theatre and Balance at 31 Orchestral Nlarch 2024 tax credit Batance at 1 April 2023 New business plan investment 100,000 100,000 Music Works propety 15,899,380 reserve (391,019) 24,831 15.533,192 Music Works project completion Transfonnation Fund 149,509 2.488 {17,629) (108,177) 26,191 8.676.283 (238,203) 8.438.080 Total designated 24,825,172 2,488 (646.851) (83,346) 24,097,463 Movement In funds Incomo Expenditure Transfers Theatre and Balance at 31 Orchestrnl March 2023 tax credit Balance at 1 April 2022 New business plan Investment 1.000.000 1900,000) 100.000 Music Works property reserve Music Works project Completion Transfomiation Fund 2,478,792 31,531 (493,904) 13,882,961 15,899,380 149.509 149.509 (238,203) 8,914,486 8.676.283 Total designated funds 3.478,792 31,531 (732.10n 22,046.956 24.825.172 Designated funds were earmarked by the trustees during the year ended 31 March 2024 to support the charity's new business plan and the Music Worf(s capital projecL Business plan invéslment fund of £100,000 is to be used in future years as per intemal plans in place. The balances held in designated fvnds in line with Music Works of £15,533.192 will be reduced by annual depreciation with in line depreciation on the assets. The Music works Completion fund of £26,191 has been designated for professional costs not yet billed. The Transfot7nation fjjnd of £8,438,080 is held in relation to fixed assets purchased as part of the Opera North Transformation project which was completed in 2008. Movement in the year relates to depreciation. Unrestricted funds comprise an operating reserve for general purposes. 41

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Analysis of net assets between funds Group Unrestricted General funds Unrestricted Designatsd funds Restri¢ted funds Total Fund balances at 31 March 2024 are represented by: Tangible fixed assets Cash at bank and other net current assets Long tetm liabilities 2,320,095 23.997.463 26,317,558 2,318,660 (853,809) 100.000 301,493 2,720,153 (853,809) 3,784,946 24,097,463 301,493 28,183,902 Unrestrlcted General funds Unrestricted Designated funds Restricted funds Total Fund balan￿$ at 31 March 2023 are represented by: Tangible fixed assets 2,228,452 Cash at bank and Other net current assets 3,270,617 Long temi liabilitie5 (988.343) 24,575.663 249.509 26,804.115 4,079.676 (988,343) 559,550 4.510.726 24,825.172 559.550 29,895,448 Analysis of net assets between fund$ Charity UnrestrÈcted Unrestricted General DesÉgnated funds funds Restrictsd funds Total Fund balances at 31 March 2024 are represented by: Tangible fixed assets 2.320.095 Fixed asset investments 23,997.463 26,317,558 Cash at bank and Other net current assets 2.558,647 (853,809) 100,000 301,493 2,960,140 (853.809) Long term liabilities 4.024,934 24,097,463 301,493 28,423,890 42

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Analysis of net assets between fvnds (continued) Unrestricted General funds Unrestricted Designated funds Restrtcted funds Total Fund balances at 31 Ma￿h 2023 are represented by: Tangible fixed assets Fixed asset inveslments 2,228,452 24,575,663 26.804.115 Cash at bank and Other net current assets 3,329,976 (988,343) 249,509 559,550 4,139,035 (988,343) Long term liabilities 4,570,086 24,825.172 559.550 29,954,808 Reconciliation of net expenditure for the reporting period (as per the statement of financial activities) 2024 2023 Net expenditure for the reporting pertod (as per the statement of financial aclivities) (1,711,546) (1,481.292) Adjustments for: Depreciation of tsngible fixed assets Finance costs {Profit)Itoss on disposal of fixed assets 920,053 35,645 (2.020) 808,156 597 Movements in worklng capital: Décreasel(Increase) in stock Decrease in debtors Increasel(decrease) in creditors 3,582 661.456 543,244 (13.667) 517,666 {662,029) Net cash provided byl(used in) operating activities 450,414 {830,569)

OPERA NORTH LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 26 Analysls of changes in net debt Balance at 1 April 2023 Cash Balance at 31 March 2024 Cash and cash equivalents Cash 906,186 906.186 (182.71 T) {182,717) 723,469 723,469 Borrowings Debt due within one year Debt dué after one year (111,490) {1,191,738) (1,303,228) (3.559) 337,929 334,370 (115,049) (853,809) (968,858) Finance lease obligations Debt due within one year Debt due after one year (18,748) 19.57 (38,325) {1,129) 19,577 18,448 (19,87n (19,877) Total {435,367) 170,101 (265,266) 27 Operatlng lèase commibnents At the reporting end date, the group and chaiity had outstanding commitments for fijture minimum lease payments under nonwcancellable operating leases, which fall due as follows.. 2024 2023 Within one year Betseen one and five years After five years 6,719 12,377 230 7,459 13.337 19,326 20.796 28 Events after the balance sheet dats No such events. 29 Charity Statement of financial activities The charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act arKI has not included tts own income and expenditure account in these financial statements. 30 Capital commitsnents There are capitsl commilments at 31 March 2024 totslling £nil (2023- £nil).