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