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