2023-03-31-accounts

Compaiiy Registration No: N1028078 Charity Registratioii No: N ICI 04605 GRAND OPF.RA HOUSF. TRUST (A company limited by guarantee) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

GIUND OPERA HOUSE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 CONTENTS Page Officers and professional advisors Trustees, annual report (incorporating the strategic report) 2-13 Tru51ees' responsibility statement 14 Independent auditor's report 15-18 C.()nsolidated statement or rinancial activities 19 Conyolid#ted balance sheet 20 Company balance sheet 21 Consolidated cash flow statement 22 Note5 to the fijjancial statements 23-44

GRAND OPERA HOUSE TRUST OFFICERS AND PROFESSIONAL ADVISORS TRUSTEES Mr C Loughran (Chair) Mr J D'AI'CY (Deputy Cliair- resigned 13 December 2022) Ms J Jones (Deputy Chair- appointed 20 June 2023) Ms A McGregor MBE (DepLity Chair- resigned 13 December 2022) Cllr S Copeland (I'esigned 13 December 2022) Ms P Coi'bett MBE Mr J Edwards Mi- B Fitzpatrick Mr C Geoghegan Mr J Ireland Ms K Strain Mr L Nellis Mi. G Parkes Mi" R Rana Mr M Thompson Ms K Thomsoii (appointed 13 Decembei- 2022) (appointed 13 DeceiMbei- 2022) (appointed 13 Deceinber 2022) (appointed 13 Deceimbei- 2022) (resigned 13 December 2022) CHIEF EXEC"UTIVE Mi. lan Wilson COMPANY SECRF.TARY Ms H Sp¢ei's BANKF.KS Ulstei. 13ank Limited 11-16 Donegall Square East Belfast BTI 5HD SOLICITORS Carsoii McDnwell MuiTay House Murray Street Beltast BTI 6DN INDEPENDENT AUDITOR Deloitte (N l) Liinilcd Statutory Auditor Lincoln Building 27-45 Great Victoria Street Belfast BT2 7SL PRINCIPAL ADDRESS AND REGISTERED OFFICE Graiid Opera House Great Vicloi'ia Street Belfast BT2 7HR

GIUND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPOIUTING THE STRATEGIC REPORT) Tlie Ti'uslees (in their capacity as both Trustees and Directors) present their Trusiees, annual report (incorporating the strategic repoit) foi. the year ended 31 March 2023. STRATEGIC REPORT Grand Opera Hoiise Tiust ('the Trust,) is a charitable coiiipany limited by guarantee and does not have share capital. It is recognised as a charity by the Charity Coimiiiission for Noiihern Irelaiid (charity registi-ation number NIC104605). Principal activity The G17nd Opera House is a full tiime presenting theatre. the principal activity of which is to promote, maintain, improve aiid advance the education of the Northern Ireland public in the aits. Tlie Ti'ust promotes a wide rantse of artistic activity in the main auditoriuin and The Studio. The Theati'e was operational for the full y¢ai- in the year cnded 31 March ?023. In the prior year, the Theiitre was not able to IEopen until OLtuber 2021 (Is a re5uII of Covid-19 regulations in I'especl of enteit(iinment venue5 (Ind was therefore only able to present perfonnanees for six months of that year. Objective5 and getivities The Ti-ust was established lo 'proiiiote, niaintain, improve (ind advance the educatioii of tlie public of Noithern Ircland in the aits (incliiding) the art of drama, operatic arts, other perlorming arts and the visual arts) at the Theatre" The Cjl'and Opera I louse is Nortliem Ireland's premier presenting thcalrc. presenting an outstanding pi'ograimme and showcasing tlie best in musicals, ballet, opera, draina, comedy. daiice, locally created work, faim ily shows and presenting one of Ilie niost historic and longsest pantomime runs in th UK and Ireland. The mission of the Grai)d Opera House is to "create and deliver extraordinary experiences for everyone" To d¢livcr it8 mission and airns, the Trust has adopted a strategic approach. which consists of tliiEe strategic pillars, n(Iinely, as lollows.. Custoimer expei'ience - creating and delivering exts'aordinary experiences for our customers, whether they are audieiices. visitors, sponsor5 or pr(Iduc¢ion companies. Stakeholdcr engagein¢nt s¢rving our sector and community through education, oulreach and developmLnt activitic8' and Organisational excellence - operating to high quality, value for money standards in everything we do as an organisation and working to b¢ sustainable in the long terni. The Grand Opera House aiins are.. To present a woi-ld class theatrical experience- To extend and enhance oui. reputation nationally and internatiollally; To ¢xei'cise responsible stewardship of our landmark buildiiig; To Inaintain a distinctive education and outreach prograimme- To sustain and develop a successtiil organisalion. and To provide a positive experience to people visiting and working in the Theatre.

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Objectives and activities (Continued) The Trustees and statTof the Gl-and Opera House are committed to creating and delivering extraordinary expei'iences for everyone by providing an excelleni service. We act with integrity at all times, respect oiir stakeholders, cusioiners and employees, are pix)fessional in our plaiinino and delivery and work together in partnership with otliers, both internally aiid extemally, for the oood of the public of Northem Ireland. Publie benefit The diitct benefits to the public in Northem IIEland wliich flow from the Trust's purpose include.. The educatioii of audiences through Ilie presentation of high quality theatrical perfonmances and participation in the Theatre's creative leaiming progjramme involvino schools, coininunity giDups and individuals. -r]ie enrichment of lives through increased awarcncss, improved knowledge, undeistanding and appreciatioii of the perfomiingy art5 aLros% <1 widc range ol-gcnre.%. The development ot-i)ew skills (creative, perforniaiice and technical skills) and personal development e.u via parlicipatioii in the Theatre's creative learning activities, siich as its Suinmer Youtli Pi'oject. Enhanced accessibility to tlie perfo￿ning 41rts foi- PLople Iroin disadvantaged areas and requiring assistance to attend the (Fl'aiid Opera House. 111 Setting the objective5 and planniiig IhL activities for Ihe year, the TrllsteLs have considered the Charity Comm i55ion foi- Northerii li-eland's gyuidancL on public bencfit to ensure ihal the activilies havc helped to achieve the I l'ust's piiry)ose and provide 41 benefit to IIIL bLneliciariLS. The public ii) Noitliern Ireland beiiefit fi-om tlIL -I'ru5t's activities througli the perforinance PfDgrammc, which enLomp4isses tlie fiill range of the performing arts, boili on the mainstage as well as productions in The Studio. Alon(Tside tlie progirainme of professional loiiring productions, the Theatre otrers amalcui. and community groups. and local artistes, the opportunity ti) perform on onc ol-lhe most hisloric %lages in IhL IJK aiid Ireland, as well as in The Studio. The Trust's performance programme is created to appeal lo the broadest possible range of intere8t8, tastes and ages, and coi?sideration is always gyiven to (I rangye of prices lo encoui'agc attendance. 'fhe Grand Opera HoLkS¢ is a historic listed building and its histoiy, heritage and its key role in the life of Belfast is shared through talks and several informative backstage tours. The Trust has created a number of opportunities aimed at appealing to people and communities who would not otherwise engage witli the Theatre or the arts, both through the performance prograiT]me as well as through its range of creative learning initiatives. To ensure tlial the Grand Opera House is accessible to people with disabilities Ilie Theatre promotes a hugely successful 'Access for All, scheme, which currently ha5 2,358 members. The performer5 appeal-ing as part of the Grand Opera House's prograjni￿e may benefit from exposure to a wider audience, which Inay enhance their reputation, howev¢r, this is incidental to the achievement of Ihe Trust's puipose of educating the piiblic ofNortheni Ireland in the arts.

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Achievements and performance Key perfonnance indicators The key perforinance indicators for the group are as follows: 2023 344 48 84% 292,000 2022 207 28 81% 167,851 No. of perfomiances in the Main Auditorium No. of shows in tlie Main Auditorium /0 total occupaTICy No. of tickets sold in the Main Auditorium A progJr(Imine bursting with the very best sliows, huge Slipport froill over 307.000 tlie<ttregoers, including over 25,000 new booker5, and tlie dedication, coinillitinenl and talent of tlie (irand Oper(i Hou5i'% stal-l- combined to make tlie 2022121 finaiicial year a resounding success. rea￿[r[ning the Theatre's position as Northern Ireland leading arts org(Ini5alion. This was the fir81 tull year of trading since the coinpletion of tlie 'l'heatre'5 restoration - in many ways a distant mel￿￿ry - and the full relaxation of Covid protocols aiid reg¥ulations whiLIi gFrecltly helpcd to bring people back to the Grand Opera House in their droves. undament(Il to the year's siiccess was the public's eiitliusiasm and appetite for big m115iLal% which brougl)t over 15,000 new buvkcrs inlo the Grand Opei-a House during the year. Blockbuster sliows such a8 Blood Brotliers, Jer%¢y Boy.8, Chicago, SIX the Musical and Joseph aiid tlie Ama7.inu -I"echnicolor Di'eaincoat were joiiied by brand-nLw pr()ductions, inlluding The Osillonds Musical, the Cher Mu5iLal, aiid Bedknobs *d Brooillsticks. Ilut the runaway Iriumphs of tl)e year were Bat Out of Hell. and a three-week, sell-oul run ot Mamina Mia! the first tiille the show ha.8 appeared on tlie Theatre's stagye. With the aim of delivLring a balanced prograimn)e, the Theatre also presented le55 well-known tiiles such as Girl From the North Country and the Natioiial Theatre's pi-oduction of Ocean (It the F.nd uf the Lane, between Il)ein attracting 1,700 new bookers. Noithern Ballet Theatre returned with a stunninu production of The Little Merinaid, and the unforgettable Les Ballet Trockadero de Monte Carlo (The Trocs) returned with a brand-new show in October 2022. As well as being a 'nuinber one, venue on the UK and Ireland touring circiiit, the Grand Opera House played host to a number of sell-out local productions including, The History of the Troubles (accordin, lo my Da), Bridesmaids of Northern Ireland, In the Name of the Son, West Side Story (Ulster Operatic). The Hunchback or Nolre Dam¢ (Belfast Operatic), and the Imosl successful opera ever lo have graced th¢ Theatre's stage, Nl Opera's stunning production of La Traviata. One of the prograinine highlights was the return of Action Ability with ils brand-n¢w production, Viva Las Belfast! This award-winning company's productions becoine more ambitious each year, and the Grand Opera House is proud to partner with this unique oi'ganisation. Over l 0,400 scliool ch ildren attended the Theatre'5 record-breaking pantomime, Cinderella. For Imany, this ivas their First experience of live theatre and their first opportunity to engagie with the arts. Indeed, with 70,006 people allendiiig the six-week run, tlie Grand Opera House's pantoinime epitomises Ilie principal aim of public fuiiding lo increase access to the arts.

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Achievement5 and performance (continued) More than 360 young people auditioned foi- 150 roles for the Theatre's Suminer Youth Project, The Pirates of Penzance, which ran in July 2022. Coaclied by a professional director, musical dii'eclor, choreograplier and supported by the Theatre's teclinical team, Northern Ireland's biggest youth theatre project righily deserved Ihe siandingJ ovations il received at eacli of its four perfonmances. The Ti-LlSt is justifiably proiid to give young people tlie opportiiiiity to perfonn on the Theatre's iconic stage. Access io perfom)ances and activities at the Theatre is core to the Trust's work. Aci-oss the year, tliere were 35 access perforinaiices covering sig)n language, audio description, captioned, and toucli tours, as well as tlie liugely popular relaxed perfonmance of the pantoinime, Cindei'ella. To encourage engagement with a gi-eater number of younger people, tl)e 'l-he(Itre h¢lS established ils Under26 Fi-iends Sclieine. With 2.775 already signed up, this group r¢veive5 infortn¢ltion and di5LOUnted tickets iindei- this initiative which will grow in the future. The Theatre's cre4ltive le¢irningF te¢im delivered a busy progTrramme of events thi-ougliollt the year, including 75 I'lieatre 'l-ours <tTrd Several t¢ilks on tlie history of the Tlieatre. The team also continued to develop relationships with ci)Tnmunity orgJcilliscltions with the aiin of workiiig with people who have little or no opportuiiity to engage with ihe arts. ThL crealive ILarning pri)gramme'5 hugyely siiccessful 'Coine cind .1 ry, week during Halloween includcd a rangc of acliviliLS lor a variLty of a(Fe gii'oups.. film screeiiings dnd b¢illet for older people, opei'a for toddler% and young children, as wcll 115 Illtroduction to scriptwriting, physiL(Il thedtre (Ind sensory play work8h()ps. In 2017, whL'n ihe Trust fundLd the sigJnificant restoratioii of the Theatre'5 exterior. it conimitted to cleaiiingTr and painting the larade, dcsigned by the Vicl()rian arLhitect F'r(Iiik Matcham, every five year% in ordei- to protect this unique hLrilage assel. July 2022 markLd five ye(Ir5 5inLe that extensive work Completed and, unce ag<llTI, the brickw rk and sloncwork was clLanLd lo ellsure the Grand Opera House rl. n4iins tlie Jewel in 14elfast's crown. Such is IhL importance Df the Cirand Opera House to theatre architecture that the renowiied Matcliam Society held its ACJM at the Theatre in May 2022 and its members, many of whom are Ihe In051 enthu5iastiL Fl-ank Matcham aficionados in the world, wei'c greatly impressed by the sensitive re5turation of the 1895 auditoi-iuin and sympaihctic changc%'lD the front of house areas. The Trust is oraleful tu Il¢lfasl City Council for its support of tlie ci'eative learniiig pi'ogramme's Compass Project in March 202), and foi. tlie funding from the Arts Council of Northern Ireland. The results contained within these accoun1% demonstrate that the Gr(tnd Opera House Trust has successfully excelled on the Arts Council of Nurthern Ireland's three guiding principles.. to inspire, connect and lead, as well as it5 own col'e business objectives of engagement, excellence and ainbilion. Financial review The consolidated Siateinent of Financial Activities for the year 15 set out on page 19. The Balance Sheet showing the consolidaled position at 31 March 2023 is set oul on page 20. The Stal¢in¢nt of Financial Activities shows net income for the year of £1,109,891 (2022 - nel loss of £2,975,255, incliiding a £4,151,182 loss on disposal of fixed assets in respect of 2006 Ilieatre extension assets which were i'eplaced by Ilie resloralion project coinpleted in 2020 and 2021 and computer equipmeiit assets).

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPOIL4TING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Financial review (continued) Total income for the year is made up as follows-. 2023 2022 Charitable activities Other tradiiig activities Iiivestinents 10,377,546 1,362,103 103,161 11,1442,810 601.387 12,444, IC)7 7,072,115 655,297 2.569 7,72C).981 334,615 8,064,51)6 Donations and leiFacies (including restoi'ation levy) Total incoine InLumL froin cliai-itable aiid otlier Ii?ding activities iiicreased during tlie y¢ar due to the Theatre being opcratioiial foi- the full year iii the yeai. endLd 31 March 2023. In Ihc pi'ior year. th¢ Tliealre was not able to rLOPLn until OLt()hL'r 2021 as a result of C.vvid-19 reglilations in respect of enteitainnienl venues and was therefore only able to prLsent perfomiances foi- six monihs of the year. Income from eharitablc activities To advanci the Lducation of tlie public of Northern Ireland in the Arts, the Grand Opcra House aims to deliver a varied progJrammc, wilh a Imix of tlie arts, and lo deliver tlie hibJhtsI quality artistic pr()ducli()n8 in an accessiblc way to the widesl possible audieiice. Incomc trom charitablL aclivities tliei-ef()i-e Consists of incoine gyen¥ralLd from theatre production and programiDingJ, cducation and outreach work and revenue and capital grant income. An aiinual granl from the Arts Council i)r Northern Irel. nd (ACNI) is of central importance to the Grand Opera House. In 202212J revenue graiit funding was grateful ceivcd froin the Arts Council of Northern Ireland of £375.880 {?022'. £425,880). In 202212i, a £6,364 revenue giraiit was also gratefully receivcd froin Belfast City Council to deliver a coinmunily project. In 2022123 a capital grant was gratefully reiLived froin the Nalii)nal Lottery Heritage Fund of £478,930 {2022: £1,53?,094), bcing Ihc final 10 /0 of gJranl funding awarded in rcspcct of the restoration projcct. Income Iroln other trading activities The Trust's wholly-owned subsidiary, The Grand Opera Hous¢ (Theatre) Limited, generates the majority of the illcome froin other li'ading activities through ancillary theatre activities including bar and front of house sales, conference and event income, Friends and corporate sponsorship. Donations and legacies Donations aiid legacies consist5 of donations and the voluntary restoralion levy which is applied on all ticket sales. During the year this restoration levy raised £556,077 (2022.. £?97,8?9) and is restricted tor investment in th¢ preservation, iniprovemenl and enhancement of the historic listed building, stage and main audiloriuin fixtures and fittings, liealth and safety obligations and in all areas of customer service to ensure that the Comfort and safety of all customers and visitors is maintained lo the highest standard. This voluntary restoration levy income 15 shown as income under restricted fiinds.

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Financial review (eontinu¢d} Trading subsidiary The Trust's wholly owned subsidiary, The Gi?nd Opel? House (Theatre) Limited, was establislied to operate tlie commercial bar, front of house and event facilities ai the Theatre, to hire out the Theatre to thii-d paities and to Contract with production compaiiies and sell tickets to customei's for admission to the shows presented. The Trust se¢onds staff to its subsidiary and li¢ens¢s the iise of the Theatre to its subsidiary for the puipose ot presenting prijiiuctions. In return thL' .8Libsidiary pays a Inaiiageinent charge lo cover wage costs and overhe(ids and a licence fee foi- Ihe use of Ihe-l'hgatre. The Inanagemcnt charge and licence tee for tlie curr¢nt year was £2,974,429 (?0?2: £1,517,530). Tlie pi-ofit of tl)e subsidiary for the financial yeai- was £nil (2022.. £5,124). The subsidiaiy has a policy of giift aiding any taxable piDfits t() the Trust ivherc distribuL2ble pr()fil.8 Cxist. In the curj'ent ycar profits gJift ¢iidLd lo the .1 Iwst were £64,235 (2022.. £7,896). Principal risks and uncertainties Tlie Trust lias a i-i5k managenient strategy whicli comprises.. An ¢innual review of the risks the Triist (Ind its subsidiary, The Grand Opera House (Theatre) Lini ited, may face. The establishment of systems and procedures tu miligale those risks. aiid l-he iinpleimentation of procedures designcd to minimise potential impact should those risks malerialise. Tl)is work has idcntified tliat financial sustaiiiability is the Inajor fiiiancial risk foi- both the .1 wst and its subsidiary. Appropriate slrategies including stra egyic planning in respect of the prograinme and budgel and busine5% bianning have been identified lo Inanage the financial 5UStainability of the'l'heatre. Tl)e gTrroup's stralegy is to follow an appi'opriate risk policy, whicli effectively manages exposures related In tl)e achievement uf thc organisatiOll'5 Dbjectives. The key risks which managemcnt face are as follows.. Bzisiness perfoYmap7c¥ risk Business perfutinance risk is the risk tliat tlie group may not perfomi a5 expected either due to internal fa¢lors, including avail¢ibility of the preinises, external factuis, such as the rising cost of living and impact of tlie wai- in Ukraine, or due lo coinpelitive pressui'es in the Inarkel in which it operates. The risk is Inanaged through a number of measiires.. ensuring the appropriatc manageineiit tea1￿ is in place. budget and business planning, Inontlily reporting and variance analysis- finaiicial conlro15- key perforn)ance indicators; and regular forecasting. Bii3ip7Ls.F coniinzfity risk The group ensures that there is adequate knowledge throltghout the management team and sufficient IT siipport and business continuity plans iii place should an unfoi'eseen event occur. HL?cilih cindsajèty risk The groiip is coininitted to ensuring a safe working environment. Tliese risks are managed by the group through the strong promotion of a health and safety culiiire, extensive safety training and well defin¢d liealtli and safety policies. Finak7cial and bii.siness conlrol Strong, finai)¢ial and business controls are necessaiy lo en5uI'e the integrity and reliability of financial ond other infortnation on which the group relies for day-to-day operations, external reporting and for longer tenn planning. The groiip exercises finaiicial and business control through a combiiialion of.. qualified and experienced financial persoiinel; performance analysis; budgetingJ aiid foi'eLasting,' aiid clearly defined approval lin)ils.

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Prineipal risks and uncertainties (continued) Envii-oninenlal i'isk The group has established clearly defined policies and procedures to enable compliance with environmental best practice and legislation. The oroup is committed to protecting the environment in which it conducts its activities. Financial risk management The gi-oup's principal financial instrumenis colmprise cash. current asset investments, trade debtors and crcditors and certain other debtors, ci'editoi-s aiid acci-uals. The n)ain risks associated witli these fiii¢illLial asscts and liabilities are set out b¢low: Ci-edil risk Ci-edit risk is the risk that one party lo a finiincial instruinenl will cause financial loss for the othei. party by failin" to discliai-ue (Iii obligation. Groiip policie5 are aimed (It miniinising such losses and require Ihal defen-ed tenns are only gJranl¢d to customers who demonstrate appropi-ialc payinent history and Siltisfy credit worthiness pi-ocedui'es. G iven thcii Ihc majority of tlie gJroup'5 5alL% are ti¢kcl sales payable at Ilie time of booking, the gi-oup's exposure to credit ri.%k is not significant. The credit ri.%k on liquid funds is liniited beL(IU5e th¥ counlerparties are banks with high crLdil I'atings assigiied by international credit-rating agencies. l.iquidity i'i.sk l.iquidity risk is the i-isk that ali entity will en¢()unter difficulty in meeting its oblig tions. The group Inaintains regyul(ir Lvnlacl ith its baiikers aiid utilises online bdnking systems to monitor Lash w pcrforniaE]ce to Iiianage the gyroup's liquidity risk. The group holds current assct investments with a number of financial inslitutions to mitigatL the risk further. Health and.safety Tlie Chief F.xecutive is responsible to the Board for health and .8afety matters and reports rcgularly to the Board of Trustees. An exlcmal h¢alth and safety audit wa5 carried oul in 2022123 and achieved a salisfactory result. Friends of the Grand Opera House We are grateful for the continued support of our Friends, of which there were 1,252 (2022.. 776) as al 31 March 2023. The nlimber of Friends subscriptions has increased due to the profile of the show programme. Challenging time5 for the Arts sector This is the seventeenth consecutive yeai. thai funding for the aits in Northern Ireland has decreased, a position that is unlikely to be halted or reversed anytime soon. This, coinbined with greatly increased running c05t5 and the cost-of-living crisis, is placing considerable strain on th¢ arts sector. Over the past six years, the Trust, Chief Execiilive and Senior Maiiagement Team have focu5sed their etTort on creating a financially stable organisation. The £12.2 million restoration wa5 the catalyst for the Trust's ainbition, however, continued strong progFraiMming aiid overwhelming Pliblic support for sliows places the Grand Opera House in a sli'oiig position not only 10 weather the slo1.1￿, biit also to continue to build on the Theati'e's recent successes.

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT {INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Thes tegic Report was a proved by the Board and signed on its behalf by: s J Jones Deputy Chaii. Mr C Geoghegan Trustee Date: 26 September 2023 Date.. 26 September 2023

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT {INCORPORATING THE STRATEGIC REPORT) TRUSTEES, ANNUAL REPORT The Tivstees {in their capacity as both Tnistees and Directors} are pleased to pi-esent their aiinual report logether with the consolidaied financial staleinents of Grand Opera Holtse Trust (the Trust) and ils subsidiary undertaking, Tlie Grand Opera House (Tlieatre) Liinited {the Theatre), together with the report of the independent auditor for the year ended 31 March 2023. Structure, organisation and management Grand Opera House Trust is a charitable coinpany liinited by guarantee and does not have sliare capital. The Boai-d of Tiijslees. whicli adininisters the Trust, meets biinonthly and there al'e varioiis other cominittees covering Audit, Risk and Govemance. Planniiig and Finance, and Human Resources. Ti-ustees are appointed to committees based on theii. skills. The Ti-ustees elect one of their number as Chair. A Chief Executive is appointed by the TINst to lead aiid manage the opei7tions of the Trust and the settingj of the prograinme of pertoriManLes. 'lo tacilitate effeclive opei7tions. the Chief Executive lias dele<yated auilioi-ity. within temis of delegJ¢ilion appiuved by the TIu5t, fur operational Inattirs includiiig finance, eiMpluymLnt and (lrti41ic PLrtorinance related activity- 'I'he Chief F.xeLutivc is also respomsiblc tor impleinenling the stralcgic and business plans of the'frLESt. Appointment of Trustces I'hc Articles of As.8ocialion direct that tlie Board of Trustees sh<ill not exceed thirteen. At each Annual Qieneral MLLling, those .1 rustees who havL held otTice for a period of four year% are required io retire fi'om otIice. TrusteL% arc permitted t() ofTei- Iheniselvcs for re-election provided they havc not served niDrc than eigJhi years previously. Trustees are co-opted b sed on Ihcir skills to en%ure that a wide range of skills are represente on the Tnjst. Tru5tces are also elected directors of the subsidiary company. A list of .1 ruslecs who served during the financial year and sub8cquently is noled on pagJe l. Mr J D'Arcy and Ms A McGregor MBF, resigned as Deputy Chairs and Trustees on 13 Decembei" ?022. Ms J Jones was app()inled as Deputy Chair on 20 Junc 2023. Cllr S Copeland and Mr L Nelli5 resigned as Truslees on 13 DeceiMbei- 2022. Mr J Edwards, Mr C Geoghegan, Mr J Ireland and Ms K Strain were appointed as -1 ruslccs on 13 Decembcr 2022. Trustee iDdu¢tioll and training New Tru.sl¢es meet with the Chair and the Chief Executive to be appraised of the Trust, its structure, it5 goveniance, the contenl of its Articlcs of Associ(Ition. the committee decision niaking pi'ocess, the biisiness plan and recent operating and financial performance. New Trustees are also given guided tours of the Thealre and afforded the opportunity to meet key Staff. Trustees are encouraged to attend perforniances at the Theatre. Key management remuneration policy The key management personnel of the group and Trust, the Chief Executive and the Trustees, are listed on page The Trustees are not reinunerated for tlieir services. The I'emuneration for key management personnel is determined by the Trust following review of perforimance appraisals and benchmarking.

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPOIL4TING THE STIUTEGIC REPORT) TRUSTEES, ANNUAL REPORT (Continued) Equal opportun ities The Trust is cominitted to a policy of equal opportunity for all across its employment practices and its activities. In addition the TrLlSt has a progressive policy to accommodate as Inany cuslomeis Wlth disabilities as can be achieved using its avai lable resolirces, with large print materials, signed performances, stage text performances, audio described performaiices. carer concessions and special access to parts of the aiiditorium. Fixed assets The Trust holds the freehold and long leasehold interest in the theatre premises. The title of the original theatre is subjcct to the conditions set OLIt in a DeLI(Ifcilion of. Trust between the .1 rusl and the Arts Council for Nortliem IrLland, the pi-imary Londitions being that the '] rusl must continue to use thL Theatre as a venue for perfonning alt5 and maintain it in guod repair at all lirnes cind further ensure that it cuiiiplics with the coiiditiun.8 and obligations applicable to a listed building, and other stdtuti)ry regiilations. Th¢ movements in fixed assets in the year are set oiit in note 14 10 the financial statel￿entS. The Trust invested £435,117 (2022- £1,088,367) in capit(Il L.xpcnditure dLirii]<) the ye(Ir. Reserves policy The Trust has ali agreed reserves policy which requires reserves be Inainlained at a level wliich ensures that Gr4ind Opera Flouse Iriist'% core activity could coiitinLie during a period lif unloreseen difficulty and a proportion of reserves be wainlained iii a i-eadily reali.8able fonn. ie policy takes into accotint; risks associated with eacli iiicome and expenditure stream, planned activity levels and the orgyaiiisati()n's plaiiiied commitiments. I laving considered the risks and the fulure plans foi- the charity, the Trustees consider that the Inost appropriate level ot reserves, excluding restricted (Ind dcsignated resei'ves and unrestricted reserves Ll)mmilted 011 tang7ible fixed assets, should be kept at Ilie level of £ I m. As at 31 March 202J, the group has tDtal funds of £18,606,187 (2022.. £17,496,296), £13,124,533 (2022.. £12,728,524) of which air restricted funds and not available for general putyoscs of the cliarity- The group has unrestricted funds of £5,481,654 (2022= £4,767,772), ofwhich £3,632,752 (2022.. £3,123,475) are de.%ignated for capital and major repair works. A portion of tliese funds have been spent in re5pecl of the restoration and dcv¢lopment project in 2020 and 2021 and thc remaindei. will be utilised for future capital and major repair works. Of the £1,848,902 (2022: £1,644,297) undesi(ynaled unrestricted I'eserves, £475.007 {202?: £270,402) has already been coininilted in respect of tangible fixed assets, Irsulling in an uiispenl unrestricted reserves balance of £1.373,895 as al 31 March 2023 (2022: £1,373,895). The Grand Opera House Trust will sh'alegically programme the Theatre to niaintain the reserves level a5 detailed in the organisation's reserves policy.

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STIL4TEGIC REPORT) TRUSTEES, ANNUAL REPORT (Continued) Plans for future periods 2026 will Imark five years since the completion of tlie restoration project and. by then, over 1.5 million people will have been through the doors of the Grand Opera House since it reopened in October 2021. To protect the stunning restoration of the auditoriuin, and I'efurbishment of front of house aiEas, and to ensure the fabric of both spaces does not deteriorate, the Trust will embark on a significant six-week repair and cleanino programine scheduled for suin1￿er ?026. Alongside ongoing maintenance wo1* whicli fonns part of running a public herilage building, this work further demonstrates the Trust's aimbition to protect the Grand Opern House for future generations. As the Theatre expands perfoiThances of local shows within The Studio, work will be undeiiaken lo install an audio induction loop in the 123-seat space as well as other equipment to iinprove access. The Studio will continue to be used (15 a platforin for IoLal artisles and pi-oduction companies to showcase their work, thereby ensuring that th¢ Grand Opera E louse iEm¢iill5 at thc centre of excelleii¢¢ lor the arts in Noixhern Ireland. Coing Loncern Having rcviewed the Trust's forLcasts, taking into (i¢¢oiinl changes in trading as a result of increased operational CU5t.s, and haviiigy c01i5idLfLd a nuinbei. of sLendrios, iiicludingy reduced occiipanLy as a result of thg rising cost of living. the Trustees have a reasonable expeclalion that tl)ere (Irc adequate re%ources in place to LonlinuL 111 operalional existeiiLe for ihe foreseeable futiirL. The principal factors uiiderlying ihis judgeilleiit, subjLct to normal levels of coinmercial risk in the current eLonomic cliinate, include.. C.Iirrent levels of finanLial performance aiid re.%oiirces by comparison witli budgJet expectations. Expected revenues from the planned programiT]e for 2023124 and 2024125. .'Stimalcd reduction in UiLupancy as a result ofthc rising cost ()r living. Expected c(15h flows in i-espect of L¢ipilal expenditure: (Iiid ReLeipl ol-continued support frDm ACNI iii 2023124 and 2024 25. Appropriate financial strate(Jie% havc been identified to manage the financial sustainability of the Theatre. AccordingFly, Ihc Trust continues to adopl the goingy collcern basis of accoiinling in prepai'iiig Ihc aiinual finai)cial statemeiits. Diselosure of information to the auditor In so far as the Trustees are aware= there is no relevant ¢iudit inforniation of which the charitable company's auditor is unaware. and the Trustees have taken all steps that tliey OLiglil to have taken to make theinsclves aware of any relevant aiidit infoi-mation a]id to establish that the auditor is aware of that infonnation. This confirmation is given and sliould be inlerpreted in accordance with the provisions of Section 418 of the Companies Act 2006. 12

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) TRUSTEES, ANNUAL REPORT (Continued) Auditor A resolution for the reappointment of Deloitte (Nl) Limited as auditor of the Trust is to be proposed at the forthcoming Annual General Meeting. The Trustees, Report was approved by the Board and sign¢d on its behalf by-. s J Jones Deputy Chair Mr C Geoghegan Trustee Date= 26 SepteiMber 2023 Date.. 26 S'eptember 2023 13

GRAND OPERA HOUSE TRUST TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees (who are also directors of Grand Opera House Trust for the purposes of coinpany law) are responsible foi- pi-eparino the Strategic R¢poit, tlie Trustees, Annual Report and the fiiiancial stateiiienls in accordance with applicable Saw and United Kingdoin Accoiinting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the Trustees to prepare financial slalernents for each financial year which give a true and fair view of the state of affaii-s of the charitable company and the groLlP and of the incoining resoltrces and application of resourc¢s, including the income and expenditure of Ihe chai'itable coinpany and group for that period. In preparing these tinancial statements, the Trust¢es are reqiiii'ed to: select suitable accounting policies and then apply theim consistently. observe the methods and principles in the Chai'ities SORP. make jLidginentS ¢ind estiimates tli(It al-e reasonable and prudent. state whether applicable IJK Accouiiting Standards liave been followed- and prLpai-e the finallLial stateinents vn Ihe going coiicern basis unless it is inappropriate lo presLime that the chai-itable cumpany will continue iii business. Tl)e Trustees are resp()n.8ible foi. keeping adequate accounting records that ar¢ 8urticient to show and explain the company's transactions and disclose witli reasonable aL¢uracy al any time thc financial positi()n ot-tlie chai'it(Ible coinpany and enable thcin to ensure that the fiiiaiicial 51alenients coiiiply witli Ihe Conipanies Act 2006. -1-hey are (1151) fLspoiisible foi- %afeguardings ihc assets of the Charilable COlT]paiiy and the group and hLnce for taking r¢<tsonable steps for ihe prevention aiid delectioii of fraud and otlier irregJuldl'lties. -l-he Trustees are responsible for the maiiiteiiance and integrity of the Lorporate and financial inforinalion inLliidcd on the cliarilablc coiiipany'% websile. Legyisl¢ilii)n in the United Kingdom goveriiiiiu the preparatiun and dissemination of financial statement5 may differ from legi%lation in otlier juri%dictions. 14

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIUND OPERA HOUSE TRUST Report on the audit of the financial statements Opinion In oiir opinion tlie financial statements of Grand Opera House Trust (the 'charitable coillpany,) and its subsidiaries (tlie groiip): give a true and fail. view of tlie state of the group's and the parent chai'ilable company's affairs as at 31 March 20?3 and of the group's incoming resources and application of resoui-ces, including the group's iiicome and expeiiditure, for the year then ended: have been pi-operly prepared in a¢¢oi'dance with United Kingdom Generally Accepted Accounliiig Practice, including Financial Reporting Standard 102 'The F'inancial Reporting Standard applicable in the UK and Republic of Irelaiid" and have been pi-epai-ed in accordance with th¢ requirements of the Coinpanies Aci 2006. We have audited the financial stateinents which coinprise: the Coiisolid(It¢d Stateinent of Financial Activiti¢S; the Consolidated aiid Company Balanc¢ Sheets. the Consulidated Cash F low Statement; and the rclated note5 1 to 26. The financial repoitiiig li-aimework that has been appli¢d in theii. preparation is applicable law and United Kingdom AccouiitiiigJ Standards, including financial Rep()rling Stand(Ird 102 "The b'inancial Reporting Siandard applicablc in the UK (Ind Republic of Ireland" (United Kingdom (ieiierally Accepted Accountiiigy I)raclice). Basis for opinion We Londucted oui- audit iii accordance witli Interncltional Stand(Irds on Auditing (UK) (ISA% (UK)) and applicable law. Our i-L8ponsibilities undei. those stand(irds are further dcscribed in the aiiditor's responsibilities tor tlie audit of tlie findncial statements section of our report. We ¢ire indlpendent of the group and of the parent charitable company i accoi-dance wilh tlie ethical requirLments tliat are rclevant to our audit of the financial %lateilleiits in the UK. inLliiding the Financial Reporting Council's (the ' FRC'S,) Etl)ical Standard, and we liave fultilled oui. othcr ethical responsibilities in accordaiice witli thL%e requiiEment%. We believe that the alidit evidence we have ubiained is sufficient aiid appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statement5, we have concluded that the Tru5tees' use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have perfonned. we have not identified any material uncerlaintie5 relating to evenl% or conditions that, individually oi- collectively, may cast significanl doubt on the group's and parent charitable company's ability lo continue as a going concern for a period of at least twelve months from when the financial stateinents are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information The oihei- information ¢ompri5e5 the information included in the annual report, other than the financial statements and our aliditor's report thereon. The Trustees are responsible for the other inforination contained within the anniial report. Our opinion on tlie financial statements does not cover the other information aiid, except to the extent othei'wise explicitly stated in our report, we do iiot express any form of a55uran¢e conclusion Ihereon.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPERA HOUSE TRUST (Continued) Other information (continued) Out. I'esponsibility is to read the other information and, in doing so, coi)sider wheihei. the otlier information is matei-ially inconsistent with the financial slateinents oi. our knowledge obtained in the course of the audit, or otherwise appears to be matei-ially Inisstated. If we identify such material inconsistencies or appai'ent Inalerial misslaiemenls, we are required to deiemi ine wlietlier this gives rise to a Inaterial misstateinent in Ihe financial statenients theinselves. If, based on the work we have perfonmed, we conclude that there is a Inatei-ial m issiatemenl of this othei- infonnalion, we are required to report thai fact. We have nothing to report in this regard. Responsibilities of Trustees As explained Imore fully in the Trustees, respoiisibilities statement, the Trustees (who are also the directors of tlie Lharitable coinpany for the purpose of coiiipaiiy law) are responsible for the preparation of the financial statemenls and for beiiig) satisfied ihal they give a true and fair view, (Iiid foi. such iiiternal control as IhL Trustees determine is necessary to en(tble the preparation of financial staleiMei)ts that are free from material misstateiiienl. whether due to fraud oi- eiTOI'. In preparing the financial Slalements, the Tru.5tLCS are responsible tor assessing the group's and the parent chai'ilable coinpany's (Ibility to contii)ue as a g(iing concerii, disLlosing, as applicable, Inaltcrs related to gyoing concern and usinu the going concern basis of aLLounting unle55 the Trustees eitliei- intend lo liquidate the group or ihe parent charitable Lompany or to cease operations, oi. have no realistic alternative bul lo do so. Auditor's responsibilities for the audit of the finatkeial statcments Our objectives are to ()biain reasonable assufdncL about whetlier ilie financial stateTnciil% as a whole are free fi-om material misstatement, wheihei- due to fi'aud ()r crror, and to i54ue an auditor's report (hal includes oui. opini()n. Reasonable as5ur(IllLe is a high level of assur4incc, but is not (i guarantee tliat an audit conducted iii accordclllCL wilh ISAS (UK) will £ilw(iy% dLtect a niaterial niisstateinent whLn il exists. Misstatements can arise fi-oin fi-(iud or etTor and are considered nialerial if, individually or in the (Ig'grLgate, they could re(isonably be expected tu influence tlie economic decisions of users taken on the basislof these financial st(ItcinLnls. A further desci'iption of our responsibilities for the audit of the financial statements is located on the P Rc's wcbsite at.. www.frc.org.uk/auditorsresponsibilitics. This description forms part of uur auditor's report. Extent to which the audit was ennsidercd capable of detecting irregulxrities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouiliiied above, to detect material misstateinents in respcct of irregularitie5. including fraud. The extent lo which our procedures are capable of detecting irregularities. incliiding fraud 15 detailcd below. We considered the nature of the groiip's indLlStry and its control ellvironment, and i-eviewed the gn)up's documcntation of their policie5 and pi'ocedures relating lo fraud ar]d c()mpliance with laws and I'egulations. We also eiiquircd of manageiTJent and the Iruslees about their own ideiitification and assessment of tlIL' risks of irregularities, including Iliose that are specific to the group's business sector. We obtained an understanding of the legal and regiilalory frameworks that the gi'oup operates in, and identified th¢ key laws and regiilaiions that: had a direct etTect on the delerminalion of material aimounts and disclosures in the Financial slalement5. These included UK Companies Act, Chai-ity legislation and the Chai'ities SORP 2019; and do not have a direct effect on the financial slateineiits bul compliance witli which may be fundan)ental to the group's ability to operate or to avoid a material penalty. These iiicluded the Charity Cominissioi) foi. Northei'n Irelaiid {Charily Coinmission) regulations, Healtli and Satety legislation, Employment Law, Data Protection Act and Bribery Act. 16

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPERA HOUSE TRUST {Continued) Extent to which the audit was considered capable of detecting irregularities, including fraud (continued) W¢ disciissed ainong the audit engageiment team I'egai'ding tlie opportunities aiid incentives that may exist within the organisation for fralid and how and where fi'aud might occur in the financial statements. As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to addi-ess it are described below.. Revenue Recognition We assessed the design and iinpleineiilalion of key controls over the cut-off of revenue at year end and the accuracy of recordingj of grant iiicome; and We Selected a saiT]ple of grant revenue recorded and li?ced to supporting documentation lo ensure it had been appropriately i-ecorded in the financial slalements and peifomied a recalculation of a sainple of deferred revenue to ensure it was appropriately recorded at year end. In coinmon with all audits under ISAS (UK), we are also I'equired to perfoiin specific piD¢edures to respond to the risk of manageillent override. In addressing the risk of Iraud through Inanagcment override of controls, we tested the (tppropriateness of journal enti'ies and oil)ei- adju.4tments' assessed whether the judgements madc in making accountiiigJ e5tiinales are indicative of a p()tenlial bias- aiid evaluated the b115incss ration(Ile of any sigJiiifiLant Iraiisactions thal are Uliltsual or outside the normal course uf business. In addilion to the abov¢. our procedures to respond lu Ilie risks identifi¢d included tlie following.. reviewiiig financial statement disclosurcs by testing to supporting documentation to asse55 coinpliance with provisions ot relevant l<lW8 and regFulati()ns described ds having a direct effcct on tlie financial stateinenls; PLrtonning aiialylical procedurL.% lo identify dliy unusual or unexpcclcd relationships that Inay indicate risks of material 111 i55tdlement due to fraiid- enquiriiigJ of managiemeiit and exteiT(Il legal counsel concerning actlial aiid potential litlgJ(Ilion and cl4iims. and instances of non-compliance with laws and regyulatlOll.8; and l'eading minutes of nieeting75 ol- thase char(Jed with goveriiance and reviewing correspoiidence with h-he Charity Coinmi5si(Jn for Northern Ii-eland. Report other legal and regulatory requirements Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on Ihe work uiidcrtaken in the course of tlie (iudil: the information given in the Strategic Repoit and tlie Tru%tees' Annual Report for the financial year for which the financial staterments are prepared is consistent with the financial statements; and tlie Stratcgic Report and the Ti'u5tees' Annual Report has been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the group and parent charitable company and its environment obiained in the course of the audit, we have not identified any material misstatements in the Trustees, report. Malters on which we are required to report by exception Under Ilie Companies Act 2006 we are required lo repoit in respect of th¢ followingJ mallers if, in our opinion.. adequate accountiiig records have not been kept. or retums adequate lor our audit have not been received froin branches not visited by us- or the financial slalenients are not in agreemenl with the accounting r¢cords and retun)s; or certain dis¢losLlI'es of Trustees, remuneration specified by law are not made. or we have not received all the inforination and explanations we require foi. our audit. We have nothing to report in respect of these matters.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPERA HOUSE TRUST (Continued) Use of our report This report is made solely lo Ilie charitable company's Inembers, as a body, in accordance with Cliapter 3 of Part 16 of the Companies Act 2006. Our aiidit work has been undertaken so that we niight slate to tlie charitable coinpany's Inembers those Inaiiei's we are required to stale lo thein in an auditor's repoit and for no otlier purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone otlier than the charitable coinpany and the charitable company's Inembers as a body, for oiir audit work, for this report, or for the opinions we have fonned. on Starbuck FCA (Senioi- Statutory Auditoi.) for aiid on beh4ilf of Deloitte {Nl) Limited Slalulory Audiloi. Bellast, United Kingdom Date.. S. Oc¥c)b<.< 3_Li'

GRAND OPERA HOUSE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including consolidated income and expenditure account) For the year ended 31 March 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Notes Incoming from: Donations and legacies Chai'itable activities other trading activities Investments 45,310 9,516,372 1,362,103 103,161 556,077 861,174 601,387 10,377,546 1,362,103 103,161 334,615 7,072,115 655,297 2,569 Total income 11,026.946 1,417,251 12,444,197 8,064,596 F.xpenditure on: Kaising funds Cliaritable activities Loss on disP()%al ot. fixed assets 159,750 861.492 1,440,861 9,893,445 1,023.087 5,865,582 4,151,182 9,031,953 Total expenditure 10.313,064 1,021,242 11,)34,306 11.039,851 Net ineomel(1055) before ta 713,882 396,009 1.109,891 (2,975,255) Taxation 13 iyet int(Jmel(1055) for the year 713,882 396,009 1,109.891 (2,975 ?55) Irransfer between fiinds Iyet movement in funds 713,882 396,009 1,109,891 (2,975,255) Reconciliation of funds Total funds brought forward 22 4,767,772 12,728,524 17,496,296 20,471,551 Total funds carried forward 22 5,481,654 13,124,533 18,606,187 17,496,296 Net incoine 15 derived fi'om continuing operations iii the current and prior year. There are no othei. recognised gains or losses other than those reflected in the statement above, and consequently no Statement of Comprehensive Income is presented. The surplus of the par¢nt charitable company for the year for Companies Act purposes is £1,109,891 (2022 deficit of £2,980,379). As permitted by Section 408 of the Coinpanies Act 2006, no separate Stateinenl of Financial Activities is presented iii respect of the parent charitable company. The notes on pages 23 to 44 form part of the financial slaleinents. 19

GRAND OPERA HOUSE TRUST Company Registration No: N1028078 CONSOLIDATED BALANCE SHEET As at 31 March 2023 Note 2023 2022 FIXED ASSETS Tangible assets 14 13,781,856 14,151,153 CURRENT ASSETS Stocks Debiors Investrnents Cash at bank and in hand 16 24,743 97,327 7,850,508 1,316,944 19,318 314,923 6.250,979 2,059,929 9,289,522 8,645,149 CREDITORS - amounts falling due within one year 19 (4,465,191) (5,300,006) NET CURRFNT ASSETS 4,824,331 3,345,143 NET ASSETS 111,606,187 17,496,296 FUNDS Restricted funds Unrestricted funds 22 22 lJ,124.533 5,481.654 12,728,524 4,767,772 TOTAL FUIYDS 18,606,187 17,496,296 The financial statements of Grand Opera Hoq5e Trust (regyi5tered number N1028078) were approved and authorised for issue by the Board of Trustees on 26 September 2023. They were signed on its behalf by= s J Joncs Deputy Chair Mr C Geoghegan Trustee The notes on pages 23 to 44 forn] part of the financial statements. 20

GIUND OPERA HOUSE TRUST Company Registration No: N1028078 COMPANY BALANCE SHEET As at 31 March 2023 Note 2023 2022 FIXED ASSETS Tangible assets Investments 14 15 13,781,856 i 00,00 I 14,151,153 i 00,00 I 13,881,857 14,251,154 CURRENT ASSETS Debtors nvestments Cash at bank and in hand 17 18 47,164 7,850,508 632,397 148,413 6,250,979 1,286,337 8,530,069 7,685,729 CRF.DITORS- amounts falling due within one year (3,805,739) (4,440,587) NET CURRENT ASSEITS 4,724,330 3,245,142 NET ASSETS. 18.606,187 17,496,296 FUNDS Restriclvd funds UnrL8tricted funds 22 22 13,124,533 5,481,654 12,728,524 4,767,772 TOTAL FUIYDS 18,606,187 17,496,296 The surplus for the financial year dealt with in the financial statements of the parent undertaking was £1,109,891 (2022- dcficit of £2,980.379). The financial statement.8 of Grand Opera House Trust (registcrcd number N1028078) were approved and authorised for issue by th¢ Board of Trustees on 26 September 2023. They were signed on it5 behal s J Jones Deputy Chair Mr C Geoghegan Trustee The notes on pages 23 to 44 form part of the financial statements. 21

GIL4ND OPEIU HOUSE TRUST CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 March 2023 Note 2023 2022 Net cash llows generated from operating activities 25 1,194,140 5,495,970 Cash flows from investing aetivities: Interesi fro1￿ investments Pui-chase of tangible fixed assets Cash inf]ow fi-om maturity of investments Cash outtlow oil deposit of investments 97,521 2,132 (435,117) {1,088,367) 6,250,979 1,500.506 (7,850,508) (5,750,979) Net cash flows used in investing activities (1,937,125) (5,336,708) Net (deerease)linerease in cash #t bank and in hand (742,985) 159,262 Cash at bank and in hand at beginning of year 2,059,929 1,900,667 Cash at bank. and in hand at end of year 1,316,944 ?,059,929 Tlie notes on pages 23 to 44 form pait of the fin(Incial stateinents. 22

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2023 COMPANY AND CHARITABLE STATUS Grand Opera House Trust. a public benefit entity, is incorpoi-ated in Noriheim Ireland as a coiiipany limited by guarantee not having a share capital. There are currently 12 Trustees who al'e also members of the Coinpany. Each member has undertaken to contribute 10 the assets in the event of windiiig up a suin not exceedino £ l. The charity is a registered Charity (chai-ity iiuinber N IC104605). The regislei'ed office is given on page l. ACCOUNTING POLICIES Basis of accounting The financial statements are prepared undei. the historical cost convention, in accoi'dance with the StalLment of ReLomnicnded Practice "Accounting and Reporting by Cliarilies" (SORP 2019) applicable to Charities preparing their accoiints in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Companies Act 2006. The company meels the definition ol'a qualifying entity under FRS 102 and has theretore taken advantage ol- tlie disclosure exemptioii available to it in respect of its separate fiiianLial stateimenls in relation to presentation of a cash flow statemcnl. The prinLipal accouiitiii(y policics are sel oui below. l-liey have been applied consistently througliout the current and pi'eceding year, unless otliei'wise stated. Preparation of financial statements - going concern I laving reviewcd tlie Ti-ust'5 forecasts, taking into accouiit changes iii Iradiiig as a result uf increased operational costs, and having considered a niimber of sLcnarios, iiicluding reduced occupancy as a i'esuli of the rising cost of living, Ihe Trustees havc a i-eason(IblL expectation thai Ihere are adeciualc resources in place t() coiitinue in operational existenLC loi- tle forescLable future. Thc principal f¢lLt()r8 underlyiiig this judgFemLnt, subject to normal levels of commercial risk in the current econoniic cliniate, include.. Curreiit level.% Df financial perfnrmance and resources by comparison with budget expectations. ExpeLled revenues fruin the planned programme for 2023124 and 2024125. E.8limated reduclion in occupancy as a result ofthe i-ising cost of living- Expected cash flows in respect of capital ¢xpenditure- and Receipt of continued support from ACNI in 2023124 and 2024125. Appropriate financial strategies have been identified to manage the financial sustainability of the Theatre. Accordingly, the Trust continues to adopt the going concem basis of accounting in preparing the annual financial statements. Basis of consolidation Consolidated financial statements have been prepared in respect of Graiid Opera House Trust and its wholly owned subsidiary undertaking The Grand Opera House (Theatre) Limited. All inlra-groiip transactions, balances, inconie and expenses al'e ¢lini inated on consolidation. Tliese financial siatements have been consolidaled on a line by liiie basi5 ai)d the results of the subsidiary undertaking are disclosed in note 15. 23

GIL4ND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 ACCOUNTING POLICIES {continued) Income Income is Itcognised when the group and Trust has entitleinent to tlie funds, any performance conditions attached lo the itein of income have beeii met, il is probable that the income will be received and the amount can be measured reliably. Donations and legacies and the i-estoration levy are recognised in iiicome when received. Revenue grants al'e re¢ognised as in¢onie when re¢¢ivable and income from ticket sales is recognised when received. Where payments are received fi'om customers in advance of shows taking place, the amounts arc recorded as deferred ii)¢ume and included as part ot credit(Irs due within one year unlil the relevant p¢rtormance dalc has passed. Income froin 117din¥J aclivities 15 recognised as and when goods are pi'ovided to the customer or services have bLeii pi-ovided lo the extent thai Ihere is a ri&Jht to consideratiun. Interest incoine is recognised when receivable. Don¢lted service5 are recognised ()n Ihe basis of tlie value of the gJift to the Ti-ust whicli is tlie ainounl the .1 rusl would be willing to pay to obtain the SLrvices of equiv(Ileiil cconoinic benelil on the open iiiarket- (I correspondinu amount is then recogiiised in expenditure iii the pcriod of receipt. Cclpltal grants are recognised in ihe year of rec¢ipt and treated a5 rLstricted fund5 With deprecialion 011 the relLvant assets Lharged directly to the restrictLd fui)d in tlie Consolidated Siateiment of financial Activilies. Resaurecs expended .xpcnditure is recognised once ihere is a legal or constructive obligation to makL a payinent to a third party, il is probablc that the settlcincnt will be required and the amount of the obligation can bL measured reli(Ibly. Expenditure is classifii.d under the following headingF5- Expcnditure on raising funds includes the co.8t8 incurred in gFencrating income from trading activities including Front of House services, sponsorsliip and the Friends meinbership scheme. Expenditure on charitable activities include5 costs to deliver the theatre progi'amme and education and outreach activities. Support costs are those functions that assist the work of the Trust bul do not directly undertake charitable activities. Support costs include governance costs. general managyement and adm inistration costs, information technology and coimmuiiications costs, property costs and depreciation. These costs have been allocated between costs of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated to activity cost categoi'ies on a basi5 consistent with tlie use of resources, are set out iii note l O. Fund accounting The Trust's funds con515t of unrestricted and restricted funds. Unrestricted funds iiiay be used al the discretion of the Trustees to further the Trust's charitable purposes. Designated funds are fund5 set aside for specific purposes earmarked by the Trustees. They are utilised as reqliired for the piii-p05e lor which they were created, and form part of unrestricted funds. 24

GIL4ND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 ACCOUNTING POLICIES (continued) Fund accounting (continued) Restricted tunds i-epi'esent income received whicli is eannai-ked by tlie funder or donor for specific purposes. Tangible fixed assets and depreciation A fixed asset is aiiy itein of expenditure which has a life expectancy (i.e. usage pei'iod) of more than one year, a measurable value in excess of £500 and provides a future ¢coiiomic benefit to the organisation. Expenditui'e on iteills with a life expectancy of one year or less are considered to be consumable items and ¢ire expensed in tl)¢ year in wliich they occur. Tangible fixed assets are stated at Cost, net of depreciation aiid any provisi()ii for iinpairnient. Depreciation is provided on all tangible fixed assets, oihei- than land. ilt rates calculated to write off the cost, less estiinaled residual value, ot" eacli asset on (I Straight line basis over its Lxpected useful life, as follows= Tlie(Ilre restoralion 'riiL'atre exlLnsion 'ixtiii-es. fitlings & plant Compliler cquipment Website 33.33% per annurn 2/0 per annum 10/0- 500/0 per annum 20/0- 33.33/0 per annum 25 /0 per annum The carrying values of lai)gible fixed assets al-e reviewed for impair]nLnt when Lvents or changes in ircumst<inces indicale tl)e c(Irrying value may not be recoverable. Investments In the Trust balance sheet, the invLStn)ent in the subsidiary is mLasured at cos less impairmcnt. Stocks Stocks are 5t&ted at thc lower of cost and net realisable value. Provision is made for obsolete, slow Inoving or defective items as appropriate. Cash and cash equivalents Cash and cash equivalents in the balance sheet coinprise cash at bank and in hand and short term current asset investmenls. Cui'rent asset investinents comprise cash deposits and are measured initially at the cash al￿ount on deposit and subsequently at the cash amount expected to be I'eceived. Operating leases Rentals under operating leases are chai'ged to the Statement of Financial Activities on a 51raight-line basis ovei. the lease tell￿, even ifpayment5 are not Imade on such a basis. 25

GIL4ND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the yeAr ended 31 March 2023 ACCOUNTING POLICIES (continued) Pension scheme The Trust operates two group personal pension scliemes; these are both defined coiitribution schemes wliereby the assets are held separately from those of the Trust in an independently administered fund. The amount charged to tlie Staiement of Fiiiancial Activities in respect of pension costs is tlie contribulions payable in the year. Differences between contributions payable in the year and contributions actually paid are ii)cluded witliin accruals in the balai)ce slieet. Financial instruments Financial asset5 and fiiiaiicial liabi lities al-e recoiJnised wl)en tlie group becoines party to the conti-actual provisions uf the instruments. All fiiiancial assets and liabilities are initially nieaslired at transaction price (including ti'ansaclii)n cost%), except for those financial assets classified as at fair value through profil or loss, which are inilially Ineasured al fair value (which is normally the transaction price exLliiding Ii-ansaclion c()sl8), unle.8s ihe arrangeinent constitutes a financiiig ti-aiisaction. If an ari'angement constitute8 a financinLy Iransaclion, the financial asset or financial liability 15 measured at the pre%cnl value ol- Ihe fulurL' pdyn)Lnls discounted at a mai-ket rate of iiiterest for a siinilar debt instru1￿ent. Thc Trust and group only have tinaiicial assets and liabi l ities of a kind that qU(Ilify (IS ba5iL fin(InLial insli'umenls. Basic tinancial ii)struiments al-e initially recogJnised (It trd1l54lCti()n value and %ubSLquently mca8ui-ed at their settlemenl value. rinancial assets ai)d liabi lities arc only offset in the Balance Sheet when. and on ly when there exists a Icgally entorceable right to set oft tlie recognised amount5 (Ind the Lompany inteiid% ciihcr to 8Liilc on a net basis, or to realise the asset and settle the liability siinultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from thc financial asset expirc or are settled, b) the gi-oup transfers to another party 5ub5tantially £111 of the I'isks and rcwards of ownei'8hip of thc financial asset, or c) the group. despite havin(y retained Some, but nol al I, significant risks and i-ewards of ownership, has ti-ansferred control uf the asset lo another party. Financial liabil ities are derecognised only when the obligation specified in the contract is di5char(Fed, cancel led or expires. Impairment of assets Assets, other than those measured at fair value, are assessed for indicators of iinpairinent at each balance sheet date. If there is objective evidence of impairnient, an iimpairinent loss is recognised in tlie Stalement of Financial Activities as described below. For financial assets carried at amorlised c05t, the amount of impairment is the differenc¢ between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate. Where indicators exist for a decrease in impairment Ios5, and the decrease can be related objectively to ali event occiirring after the impairment was I'ecognised, the pi'ior iinpaii'i)ienl loss is tested to determ ine revei'sal. An impairment loss is reversed on an individual impaired fiiiancial asset to tlie exlenl that the revised recoverable value does not lead to a revised cari'yiiig ainount higher than the caiyying value had no iinpaii'ment been I'ecognised. ?6

GRAND OPEIU HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 ACCOUNTING POLICIES (continued) Taxation The Trust is a charity for tax pui-poses in a¢coi-dance with Scl)edule 6 FA 201 O and is exempl from taxation on its charitable activities in accordai)ce with Part I I Corporation Tax Act 2010. Current tax for the siibsidiary undertakints includino UK corporation tax, is provided at amounts expected to be paid (or i-ecovered) usints the tax rates and laws that have been enacted or siibstantively enacted by the balance sheet date. The trading subsidiary, The Grand Opera House (Theatre) Limited, has a policy of gifting its profits to tlie parent charity every year where distributable profits exist, with no tax charge arising. Whei-e profits are not gitted to the parent charity they are subject to corporation tax. CRITICAL ACCOUIYTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCFRTAINTY In the application of the uroup's accounting policies, which are described in note 2. the Trustees are required lo make jiidgenients, esliinates and a55umptlOllS £ibout th¢ Lcll'ryingF amiiuntb ol- assets and liabilities that dre not re(Idily (ipparenl Irom other soiirces. The estimates and associated assuniptions are based on historical experience ai)d other factors tliat (Ire con5ider¢d li) be relevaiit. Aclual results may differ froin tliese estimates. The eslimatcs and underlying assumptions air reviewed on (In on(F()ing, basis. Revision.5 lo accounting estiinates are recogJiiised in the perind in which Ihc estimate is revised it the i-evision affects only that pei'iod, or in ihe period of tlie i-evisioii ai)d futiire periods if tlie revision affeLt5 both CUlTenl and futiire pei-iods. Criliccilji4dgeineF7t.f ai)plyinx ihc grpzip J ciccounlingpolicies The following are the critical judgeinents, apart fr()m those involving e%timalions (which are dealt with separately below), tliat tl)e directors Iiave made in the process of applying IhL' group'.8 accounling pol icies and that have tl)e most significant effect on the amounts recognised in the financial statemcnl.s. Cai-iying valiie of originul ihealre premises As detailed in the Trustees, report, the freehold and long leasehold illterest in the original theatre premises beloi)gs to the Trust with onerous obligations under a Declaratioii of Trust. Under the terms of the Declaration of Trust, the Trustees are obligied to retain the propl'rty in current use and dre prohibiled froin an open market sale of the premises. Thei'et"ore only an existingy use valuation of the prem ises is dccmed appropriate and in the event of the Trustees ceasing lo operate the premises it will be offered back to the Arts Council for nil consideration. The Trustees have prepared cash flows for the foreseeable future taking iiito account incoine generated from the running of the Theatre. and are content that th¢ Trust is a going concern. However, on the basis of these projections, and allowing for tlie obligations wiihin the Declaration of Ti'usl referred to above. the Trustees are of the opinion that Ilie original Il)eatre premises, does nol have a present value in use. Accordingly no cai-iying value or depreciatioii in respect of the Triisl's interest in the original theatre preniises is reflected in these fiiiaiicial slalemeiiis. 27

GIL4ND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS {Continued) For the year ended 31 March 2023 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (continued) Key.¥oiirL'e of eslimalion iincerfainty- i(seful econoniic life and coi-rying value oftangiblefi.yed assefs The depreciatioi? cliarge in respect of tangible fixed assets is based on ali estimate of the useful economic life of each asset, as detailed iii the tangible fixed assets and depreciation accounting policy set out in note 2. Irth¢re is any indication tliat an asset may be impaii'ed, determining the recoverable amount of the asset requires an estiination of its value in use to the group. The valuc in use calculation requires the entity to cslimatc the futiire cash flows expected to arise from the tangible fixed asset and a suitable discount rate in order to calciilale present value. ANALYSIS OF INCOME FROM DONATION AND LEGACIES Unrestricted 2023 Restricted 2023 Total 2023 Total 2022 l)onations and legacies RL%lnralion levy income 45,310 45,310 556,077 36,786 ?1)7.829 556.077 5.56,077 601,387 334,615 'I'he .1 rust applies a voluntaiy restoration levy on all ticket sales which 15 restriLILd for investineiit in the prescrvalion, iinprovement aiid enhaiicement of the historic listed buildiiig, Stagc an maiIi auditorium rixlurLS and fittings, Iiiealth and safety obligyiltions and in all areas of ¢u%lomer scrvice to ensure that the comfort and safety of all custoinei's and vi51tors 15 maintained to the higJhest standard. 28

GIL4ND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 ANALYSIS OF INCOME FROM CHARITABLE ACTIVITIES Unrestricted 2023 Restricted 2023 Total 2023 Total 2022 Revenue grant income Arts Council of Northem Ireland Belfast City Council Coronaviriis Job Retention Scheme 375,880 6,364 375,880 6,364 425,880 30.000 72,707 382,244 382,244 528,587 Capital grant ineome National Lottery Heritage Fund 478,930 478,930 1,532,094 478,930 478,930 1,532,094 Theati-e production and pei-foiinance Education and oiitreach 9.428,859 87,513 9,428,859 87,513 5,003,164 8,270 9,516,372 8C)1,174 l O.-J77.546 7,072,115 ANALYSIS OF INCOMF. FROM OTHF,K TRADING ACTIVITIES Unrestricted 2023 Restricted 2023 Total 2023 Total 2022 ar and front of Iiouse s(iles Coiiferencc and eveiits Sale of prograillines and Inerchandise Sponsorship income Friends scheme incoine 1,140,078 20,289 111,463 39,692 50,581 1,140.078 20,289 111.463 39.692 50,581 512,346 9,764 70,174 29,788 33,225 1,3C)2,103 1,362,103 655,297 29

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (ContAnued) For the year ended 31 March 2023 ANALYSIS OF INCOME FROM INVESTMENTS Unrestricted 2023 Restricted 2023 Totgl 2023 Total 2022 Interest froin investinents 103,161 103,161 2,569 103,161 103,161 2,569 AIYALYSIS OF EXPENDITURE ON RAISING FUNDS Unrestricted and total 2U23 Unrestricted and total 2022 Fi-ont of house scrvices Sponsoi'ship inLI)me Suppoit Costs {nolL I O) 793,06C) 475,482 I 1,100 536,505 647,795 1,440.861 1,023,087 ANALYSIS OF EXPENIIITURI ON CHARITABLF. ACTIVITIES Aetlvitics undertaken directly 2023 Support eosts Total Total 2023 2023 2022 Tl)eati'e production and perforniance Educatioii and outrca¢h 7,783,064 166,995 1,813,826 129,560 9.596,890 296,555 5,69J,578 172,004 7,950,059 1,943,386 9.893,445 5.865,582 Support costs are further analysed in note l O. 30

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 Mareh 2023 io. ANALYSIS OF SUPPORT COSTS 2023 Raising funds Theatre Edueation production & & outreach pei'formance 2023 Total 2023 2023 2023 Governance costs General management and adm inislratioii IT and Lominuiiications Property Losls Depi-eciation 23,865 1,705 34,093 170,850 46,303 221,015 201,104 478.382 129,648 618,842 563,089 34,170 9.261 44.203 40.221 683.402 185,212 884,060 804,414 647,795 1.813,826 129,560 ? 591,181 2022 RaisiJ]g fun(Is Theatre production & performanee Edueation & outreach Total 2022 2022 2022 2022 Ciovernaiice Cjeneral managTement and adm inistratioii IT and coiiiiiiunicalions Property costs DLpreciation 6,873 19,243 1,375 27.491 170,058 41,882 131,294 1146,398 476,164 117,270 367,623 521,914 34,01? 8,376 680,234 167,528 25,176 45,5()2 37,280 536,505 1,502,214 107,302 2.146,021 Support costs are allocated betweell the various activities on the basis of 0/0 ai'ea of the building in which these activitie5 take place - e.g. raising funds (hospitality) 250/0, theatre prodiiction and performance 700/0, and education and oiitreach 5 /0.

GRAND OPEIU HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 NET INCOMEI(LOSS) FOR THE YEAR Net incomel(loss} is stated after charging: 2023 2022 Depreciatioii of owned assets Loss on disposal of fixed assets Operating lease rentals 804.414 745,592 4,151,182 841 952 Audiiol s reinuneration tees payable to the Trust's auditor for the audit of the Trust's finanLi¢il stateinenls fees payable to the Ti'ust's aiidilor for the audit of the Trust's subsidiary fee5 payable to the Trust's auditor for other services to the oroup - taxation servi¢¢s 8,400 7,500 8,400 7,500 1.750 1.600 12. ANALYSIS OF STAFF COSTS, TRUSTEF, KV.MUNERATION AND EXPF.NSES, AND THE CO.ST OF KEY MANAGEMEtYT PF,RSONNEL Staff eosts The average weekly number of einployees (including full time. parl time and ca5udl%) was.. Group and Ti'ust 2023 Cr(iup and Trust 2022 Technical Box office, Inarketing and stage door Bars and froiit of housc Adminislration and support ?0 14 19 50 12 107 78 Their aggregate I'einuiieration comprised.. Group and Trust 2023 Group and Trust 2022 Wages and salaries Social security costs Pension 1,895,691 149,948 87,558 1,374,602 103,369 67,458 2,133,197 1,545,429 32

GIUND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 12. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL (continued) The pension expense, which is allocated to unrestricted funds, is allocated between the various activities e.(J raising fiinds (hospitality), theatre prodLlCtion and perforiiiance, education and outreach and support costs on the basis of the area of the biisiness in which personnel operate. The pension expense allocated to suppoit costs is allocated between Ihe varioiis activities iii accoi'dance with the allocation basis set out in note l O. The above figures are stated befor¢ deduction of technical staff costs of £496.298 (2022.. £284,809} recharged lo production comp<inies. All einployees al'e employees of Grand Opera House Ti'ust. Tlie Ti'ust piDvides staff to The Grand Opera House (Theatre) Liinited by way of a management charge. Einployees are meinbers of a group personal pension scheme, a defined contribution arrangement, to which the Trust contributes between J /0 and 5 /0 of pei)sionable salary. Pensioii conlribulions out5landing at the year end were £8,5?8 (2022- £7,545}. The nuinber of einployees who8e cmoluineiits, excliidiiig peiision Lonlributioiis bul including beiiefits iii kind, were in excess of £60,000 was= 2023 2022 £60,000 £70.000 £70,000 £80,000 £90,000 £100.000 £ i 00,000 £ I i 0.000 Key management personnel 'rhe key manageiiient personnel of the group and Trust, tlie Chief Exccutive and the Tru51ees, are listed on p(IgL l . The total compen5alion (including pension contributions, excluding social seLurily costs) of the key management personnel of thc group and 'l-rusl for tl)e year, tolalled £108,062 {2022= £97,729). The iotal social security Costs of the key management personnel of the group and Trust for the year totalled £13,13J (2022.. £11,020). Trustees, remuneration and expenses The Trustees were not reinuneratcd in the year (2022: £nil}. During the year no Trustees received reimbui-semenl (2022: £nil) in respect of expenses iiicurred. 33

GIUND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 TOTAL TAX CHARGE OF THE TRADING SUBSIDIARY FOR THE YEAR 13. 2023 2022 U K corporation tax charge on pi-ofit for the year Total tgx on profit on ordinary activities The difference between the total ta.x charge shown above and the amount calculated by applying the standard rate of UK Corpoi-ation tax lo the pi-ofit before tax is as follows.. 2023 2022 Profit on ordinary activities before tax 64.235 13.020 Tax on profit on ordinaiy activities at the stand¢ird UK corporation tax ratL of I C) per oLnt (?022: 1 () pei. cent) 12,205 2,474 Effects of: Gift aid credit Taxlosses brought t"orward (12,205) {1,500) (974) Total tax charge for the year The -I'i'ust ]% a charity for tax purposes and 1.% cxempt froiD corporation lax on its Lharilable activilics. The trading subsidiary, The Grand pera Housc (Theatre) l.iinited, has a policy of gifting its profils to the pai'ent charity every yeai. where distributablc profits exist, with no tax charge arising. Where profits are not gifted to thc parent cliarity they are subject to corporation tax. At the Spring Budget 2021, thc government announced that the Corporation Tax main rate would increase from l April 2023 to 25 /0 for pi-ofits above £250,000. A sinall profit8 rate of 19 % wa% also announccd for coinpanie5 wilh profits of £50,000 or less. Companies with profits between £50,000 and £250,000 will pay tax at the main rate, reduced by a marginal relief. 34

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 14. TANGIBLE ASSETS Group and company Fixtures, rittin%s & plant Theatre restoration Theatre extension Computer equipment Website Total Cost Ai l April 202? Additioi)s Disposals 10,450,039 l iO.870 {127,114) i,312.417 23,876 470.086 284.247 170,669 16.427,087 435,117 {127,6361 (i2?) At 31 March 2023 10.473,79) i.312,417 23,876 754,333 170,147 16.734.568 DepreciAtion At l April 202? CliargL loi. year Disposals 707.182 638,2)4 1,179,059 77.384 23,299 577 291,779 i2.320 74,61) 35.879 (i221 2.275.934 804.414 {127,6361 At 31 MarLh ?023 1.218.322 1.256.44.3 23.876 -344.099 109.972 2,95? 712 Net book Vdlue Ai.31 March 20•3 9.255,47.1 4_05i,974 410.)14 60.175 13,781.8i6 At 31 MarLh 2022 9.742.8i7 4.133,3511 i77 178.307 96.054 14,151,153 As detailed in the Ti'ustees, report, the freehold and long leaseliold iiiter¢sl in the oriiyindl theatre preinises belon(TS lo Ilie Trust with oneroiis oblig¥ati011s undei. a Declai'ation i)r Tntst. The Trust¢cs have prepared cash flows foi- the foreseeable future taking ii)to accuunl incoime generated froin the running of the 'l'h¢ati'e. On the basis of Ihe%L projections, and allowiiig for the obligatioiis within the Declaralion bf Trust, whilst the title of tlie original theatre premisL8 is in the nbme of the Trust, the Trustees are of tl)e opinion Ihat the orig)inal thealrc premises. dues not have a presciil value in use. Accordingly no carryingF value or depirciati()n in respect of the I rusl's interest in the original theatre preiTii5es 1% reflected in these financial 5tateinenls. The Arts Council holds a de¢d i)f mortgage over the12nd relating to the .%ite adjacent to the Theatre at l A Great Victoria Street, with combined freehold and long leasehold title, whicli was acquired on 31 March 2003 for the purpose of the theatrc cxtension. In the event of failure to adhere to the mortgage conditions the original theatre will revert lo the Arts Council of Northem Ireland for £nil consideration. 35

GRAND OPEIU HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 15. FIXED ASSET INVESTMENTS Subsidiary undertaking Company 2023 Company 2022 Cost At l April 2022 and 31 March 2023 i 00,00 I i 00,00 I The Trust owns the entire issued ordinary share capital of The Grand Opera House (Theatre) Limited, a company incorporated and registered iii Nortliern Ireland. The principal activity of Tl)e Grand Opera House (Theatrc) Limited is the contracting and stagJing of tlieatrical prodiictions and the opcration of ancillary serviccs in the Grand Opera House, Great Victoria Sireet, BLllasl, for arts and entcrtainment pui'pose5. The result of the TrLisI'S trading activities through its subsidiary Lindeitaking is detailed below. Tlie Grand Opei'a House {Theati'e) Liimited's taxable profit% are gift aided io Trust providLd that sufficient distribut(Ible profits exist. 2023 2022 TurnDver Cost of sales 10.8.10,648 (10,481,126) 5,628.674 (5,437,098) GrDss profit Administrative expenses Other operating iiicome 349.522 {332,073) 4C).786 191,-576 {208,520) 29,964 Operatlng profit Paymenl under gift aid 64,235 (64,235) 13.020 (7,896) Retained profit for the year 5,124 The aggregate of the assets and liabilities was.. 2023 2022 Current assets Current liabilities 4,316,953 (4,216.952) 4,711,787 (4,611,786) Net assets i 00,00 I i 00,00 I During the year the 5ubsidiaiy paid a licence fee and management charge to Grand Opera House Trust of £2.974,429 {2022- £1,517,530}. This transaction has been eliininaled on consolidation ot.the entities. 36

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 16. STOCK Group 2023 Group 2022 Bar Front of holise Merchandise 10,293 7,751 6,699 8,754 2,898 7,666 24,743 19,318 There is no material differeiice between the balance slieet value of stocks and their replacement cost. 17. DEIITORS Group 2023 Group 2022 Company 2023 Company 2022 Alnounts falliiig dlie withiii one year.. 'I"rade debtors l)rcpayments and accived income VAT rccoverable 24,576 I C)2,81 127,536 74,865 47,164 126.992 21,421 97,327 314.923 47,1 C)4 148,41J 18. INVESTMENTS Group 2023 CJroup Company 2023 Company 2022 2022 Unlisted investments {cash on deposil) 7,850,508 6,250,979 7,850,508 6,250,979 37

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS {ContAnued) For the year ended 31 March 2023 19. CREDITORS: amounts falling due within one year Group 2023 Group 2022 Company 2023 Company 2022 Trade creditors Other taxation and social security VAT payable Other creditors- third party sales Accruals DeferiEd income- advance sales sponsors Amounts due to subsidiary undertaking 442,898 38,759 46,295 193,101 512,245 3,199,714 32,179 1,132,219 39,494 52,228 38,759 18,171 379.399 39,494 105,597 663.804 3,332,286 26,606 138,554 527 267,675 1,651 3,557,500 3,752,368 4.465,191 5,300.006 3,805,739 4,440,587 Deferred income Cmroup 2023 Group 2022 Br()ught forw<ird Releascd in tlie year DefLri'ed in tlie year 3,358,892 {3,358,892) 3,231,893 1.168,997 (856,277) 3,046,172 Carried foi'ward 3.231,893 3,358,892 20. FINANCIAL INSTRUMENTS The carrying values of the group's and I'rust's fiiiancial assets and l labilities carried at ainortised cost are 5uminarised by catcgory below- Financial assets at amortised cost Measured at undi5counted aiT]ount receivable Grnup 2023 Group 2022 Company 2023 Company 2022 Trade and other debtors (note 17) Cash Unlisted cuiyent asset investments (nole 18) Unlisted fixed asset investments (note 15) 22,462 1,316,944 24,576 2,059,929 632,397 1,286.337 7.850,508 6,250,979 7,850,508 6,250,979 i 00,00 I i 00,00 I 9,189,914 8,335,484 8.582,906 7,637,317 38

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 20. FINANCIAL INSTRUMENTS (continued) Financial liabilities at amortised cost Measured at undiscoiinted amoLint payable Group 2023 Group 2022 Company 2023 Company 2022 Trade and other creditors (note 19) 1.148,244 1,901,620 3,748,282 4,399,44? 1,148,244 1,901,620 3,748,282 4,399,442 Credil i'isk Credit risk is the risk Ihat one party to a finaiicial instruinent will ¢ause financial loss tor tlie other party by f¢iiling to dischcirge an obligation. Group policie5 arL aimed at illiniim isii)<) such losses and i-equire that deferred terms are ()nly granted to Luslomers who d¢monstrate appropriate payment history and satisfy ci-edil wortliiness procedui-es. (yiven that the Inajority {)[- the group's sales al'e tiLkLI sales payable al ihe tiinv ol- bookii]u tlIL gi-oup's exposure lo ci-edit risk 15 not significant. LiqLiidi4p risk l.iquidity risk is the risk that an enlity will encounlcr difficulty in meetiiigJ its obligations. Thc group niaintaiiis reiyular coiitact with il% bankers and utilises online bankiiig 5ySt¢ms to Inonitoi- cash tlow perlonnance tu manage the gsroup's liquidity risk. The group holds current asset investments with a nuinber ot" fin(InLial institiitions to miligate the risk fuither. 39

GIUND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 21. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITI ES Unrestrieted funds 2022 Restricted funds 2022 Total funds 2022 Notes Incoming from: Donations and legiacies Chai-itable activities Other trading activities Investments 36.786 5,011,434 655,297 2,569 297,829 2,060,681 334.615 7,072,115 655.297 2,569 Total income 5,706.086 2,358,510 8.064,596 Exp¢nditure on: Raisiiig tunds Ch(Iritable activities Loss un disposal of fixed assets 870,428 4,879,022 280,657 152,659 986,560 3,870,525 1,023,087 5,865,582 4,151,18? Total expenditure 6,030,107 5,009,744 11,039.851 Net loss before tax (324.021) (2,651,234) (2,975,255) 'l-axation Net loss for tlle year (324,021) (2,651,234) (2,975,255) Transfer between funds Net movemcnt in fund.s (324,021) (2.651,234) (2,975,255) Re¢Dneiliation of funds Total fuiids broughl forward 5,091,793 15,379,758 20,471,551 Total funds carried forward 4,767,772 12,728,524 17,496,296 40

GILIND OPEIL4 HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 22. MOVEMENT IN FUNDS Unrestricted funds - Croup At April 2022 At 31 March 2023 Income Transfer Expenditure General reserve flind 1,644,297 11,026,946 (595,052) (10,227,289) 1,848,902 Designated capital & major repaii-s fund 3,12J.475 595,052 (85,775) 3,632,752 Total unrestricted funds 4,767.772 11,026,946 (10.313,064) 5,481,654 Unrestrirt¥d funds - Trust At April 2022 At 31 March 2023 Income Transfer F.xpenditure General rcseive fund 1,644.297 3,187,335 (595,052) (2,387,678) 1,8414.902 DesigJnaled capital & niajor rcpairs fund J,123,475 595,052 (85,775} 3.632,752 Total unrcstricted fujjds 4,767,772 3,187,335 (2,473,453) 5,481,654

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 22. MOVEMENT IN FUNDS (continued) Restricted funds- Group and Trust At l April 2022 At 31 March 2023 Income Expenditure Capital project funds Theatre extension fuiid Theatre restoration fund 4,133,358 5,242,357 (77,384) ()61,480) 4,055,974 5,359,807 478,930 9,375,715 478,930 (438,864) 9,415,781 Equipment fund 15,729 (9,134) 6,595 Annual operating funds Annual core operating lund Education and outi'each fund 375.880 6,364 (375.880} (6,364) 382.244 (3142,244) Restoration levy fund 3,337.080 556.077 {191,000) 3,702,157 Total restricted funds 12,728,524 1,417.2.51 (1,021,242) 13,124,5J3 General reserve fund Thc geiier(Il rcserve fund is (Ivailable to be applied al the discretion Df tlie Trustces to any of tli¢ Grand Opera House'8 activities. Designated capital & major repxirs fund 'l-hi% fund includes funds spent on the restoration project in 2020 and 2021. along with tlie related deprcciation on the assets acquired with this fund, and funds available for future capital and major repair works. Theatre cxtension fund Includes funding received by way of grants, donations and sponsorship from a variety of donors towards tlie extension of thc thcatre and the flatlening of the stagc within the Main Auditorium along with thc related depreciation on tlie assets acquired with this fund. Tlieatre restoration fund Includes funding receiv¢d by way of grants towards the restoration and development project undertaken in 2020 and ?021 alongy with the related depreciation on tlie assets acquired witli this fund. Equipment fund Includes fiinding received from the Arts Council of Northern Ireland and Department for Communities towards capital equipment. Annual core operating fund Incliides fuiiding i-eceived from the Arts Council of Northern Ireland towards the core operating costs of the theatre. This grant 15 5peiil in the financial year in its entirety. Education and outreach fund Includes funding received froin Belfast City Council towards the costs of uiidertaking an education and outreach programine. Tliis grant is spent ii) the financial year in its entirety. 42

GRAND OPEIL4 HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 22. MOVEMENT IN FUNDS (continued) Restoration levy fund These are funds generated by way of a levy added to all ticket sales, to be used in the preservation, iinprovement and enliancement of the hisloi'ic listed bliilding. stage and Main Auditoriuin fixtui'es and fittin(FS. health and safety obligations and it) all areas of customer sei'vice to ensure that the comfort and safely of all custoiiiers aiid visitors is niaintained to the highest standard. 23. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS FOR THE GROUP Unrestricted funds Restricted funds Total 2023 Group Fixed assets Current asseL Current liabilitiLs 1,682.574 8,264.271 {4,465.11)l) 12,099,282 1,025.251 13.781,856 9,289,522 {4,465,191) At 31 March 2023 5,481,654 13.124,533 18,606,187 Unrestricted funds Restrieted funds Ti)tal 2023 Trust Fixed a%8cts Current asscts Current liabilities 1,782,575 7,504,818 {3,805,739) 12,099,282 1,025,251 13,881.857 8,530.OC)9 (3,805.739) At 31 March 2023 5,481,654 13,124,533 18.606,187 24. FINANCIAL COMMITMF.NTS AND CONTINGENCIF.S Operating lea.se eommitment5 The total future m inimLim lease payments under non-cancellable operating lease5 are as follows-. 2023 2022 Plant and machinery Leases which expire.. Within one year Between one and five years 952 1,349 952 2,301 2.301 3,253 43

GII4ND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2023 24. FINANCIAL COMMITMENTS AND CONTINGENCIES (continued) Other (i) Comiiiiiments exist arising OLIt of conti'acts in tlie ordinary course of business in connection with guaranteed minimum payinents relating to specific performances, the effect of which is not quantifiable. The DCAL grant adm iiiistei'ed by ACNI of £3,950,000 in 2003 in respect of the new biiilding is repayable in certain circuinslances. principally. if Ilie Tyusl no longei- retains and operates the Tliealre. or it. Ihe Trust disposes of the new building befoi-e Mai-ch 2028. 25. RECONCILIATION OF NET INCOMEI(LOSS) TO NF.T CASH FLOWS FROM OPERATING ACTIVITIES AIYD ANALYSIS OF CHANGES IN IYET DEBT Reconciliation of net ineomcl(loss) to net cash Ilows from operating activities 2023 2022 Net incomel(luss) for the year Interest fi-om inveslments DepreLiati()n Loss ()n disposal of fixed assets Deci-ease in debtors Iiicrea5e in %lock (Decrease)lincrease in creditor5 1,109,891 {IOi,161) 804,414 (2,975,255) {2,569) 745,592 4,151,182 370,994 (19,J18) 3,225,344 223,2J6 (5,425) (834,815) Net cash flows geiierated from Operatin￿ activilics 1,194,140 5,495,970 Analysis of changes in iiet debt At l April 2022 At 31 Murth 2023 Cash Cash at bank and in hand 2,059,929 (742,985) 1,316,944 2,059,929 (742,985) 1,316,944 26. RELATED PARTY TRANSACTIOIYS All transactions between the Trust and subsidiary, The Graiid Opera House (Theatre) Limiled, are eliminated on consolidation. The Trust has taken advantage of the exeinpiion granted by paragraph 33.1 A of FRSIO? Related Party Disclosures, not to disclose transactions with its subsidiary company, The Grand Opera House (Theatre) Limited. The Northern Ireland Chamber of Commerce was a related paty of Grand Opera House Trust until 13 December 2022 by virtue of the fact Ihal Ann McGregor was Chief Executive of tlie Northern Irelaiid Chamber of Commerce and a dii'ector of the company. Payment or£i,250 (202?: £625) was Inade to the Northern Ireland Chambei. of Commerce for its annual 5ubs¢riplion by Grand Opera House Trust. Tl)e amount I'eceivable froin this coinpany to The Graiid Opera House (Theali'e) Limited during the year was £2,430 (202?= £nil) for hospitality services. At 31 Marcli 20?i, Ihe balance owed to The Grand Opera House (Theali'e) Limited was £nil (2022.. £nil). 44