GRAND OPERA HOUSE TRUST
TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT)
The Trustees (in their capacity as both Trustees and Direcloi's) pi'esent their Ti'ustees, annual repoit
(incorporating the sli'ategic report) for the year ended 31 March 202i.
STRATEGIC REPORT
G17nd Opera House Tiwsi ('the Trnst,) is a charitable company limited by gliarantee and does not have share capital.
It is recognised as a charity by the Charity Commission for Northem Irelaiid {charity registration nuinbei-
NIC104605).
Prineipal activity
The Grand Opera House is a full time presenting theatre, the principal activity of which is to promote, maintain,
improve and advancc thL educalion of ihe Nortliern Ireland public in the aits.
The Trust promotes a wide range of artistic activity in tlie Inain auditoriuin aiid The Studio.
ThL Thealre was operational for the full year in the year ended 31 Mcircl) 202J. In Ihc prior year, the Theatre was
nol able to reopen until October ?021 as a i-esult of C"ovid-19 regul¢ltion8 iii respcct of entcrtaininent venues and
was Ihcretore only able to present performaiices for six IiiOTTrths of thal yeai..
Objectives and activities
Tli¢ .1 rust was LStablishLd lo 'proinote, maintain, improve and advance tlie eduL<ltion of IhL public lif N()rthLrn
Ireland in the art% (including ihc art of drama, operatic ails, other perforTning art5 (Ind ihL Vi5U411 art5) dl IhL Thealre"
'I'he Grand Opera Holl8C 18 Northcm Ii'cland's prem ier presentiiig theatre, presenting ali outst¢indinb pi-ograinine
and showc<15ing ihc bc81 in musicals, ballet, opera, drama, comedy. dance. IoL(Illy created work, family shows and
pr¢￿'nI1]Ig onc of tlie most historic and longest panloiniiT]e runs in th LJK and IrLland.
The rnission ofihe Grand Opera l.louse is to "create and deliver extraordinary experienccs for everyone"
To deliver its mission and aims, the Trust has adopted a strategic approacli. which con51Sts of three strategic pillars.
naimely, a5 foll()w8'.
Custoiner experience - creating? and delivering extraordinaiy experiences for our customers, whetlier they
are audieiices, visitors, sponsoi's or production companie.%;
Stakeli()Idcr engagcinenl
serving our sector and community through education, outreach and
development activitie5- and
Organisational ex¢ellen¢¢ - operating to high quality, value for money standards in everything we do as
an organisation and working to be sustainable in the long terni.
The Grand Opera House aims are..
To pi'esent a woi'ld class theatrical experience.
To extend aiid enhance our repiitation nationally and internationally-
To exercise I'esponsible stewai-dship of our landinark building;
To maintain a distinctive education aiid outreach programme-
To sustain and develop a successful organi5alion- and
To provide a positive e.xperience to people visiting and working in Ilie Theatre.

GRAND OPERA HOUSE TRUST
TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT)
STRATEGIC REPORT (Continued)
Objectives and activities (Continued)
The Trustees and staff of tlie Gl-and Opera House are cornm itted to creating and delivering extraordinary experiences
for everyone by providing an excellent service. We act with inteority at all times, respect our stakeholders,
Custoiners and employees, al-e pi-ofessional in our planniiig aiid delivery and work together in paitnership with
others, both inlemally aiid extemally, for the good of the public of Northern Ireland.
Public benefit
The direct benefits to the public in Northem Ireland which flow froni the Trust's purpose include..
The education of audiences through tl)e presentation of high quality theatrical perfoirnances and
participalion in the Theatre's creativ¢ learning prograinine involvino schools, cominunity groups and
individuals.
The enrichment of livcs through increased aWa￿ne$S, improvcd knowledge, Linderslanding and
appreciation of thi PLrlonning arts aci'oss a wide r(tngF¢ ()f gLnres.
The developmeiit of new ski115 (Lrealivc, pertonnance and technical skills) and per50n(Il d¢velopinent e.g.
via participation in the Theatre's LrealivL Icarning activities, such as its Sunimer Youth Projccl.
Er]Iianced aLL¢55ibilily lo Ihe perforining arts for people from disadvantaged areas and requiriniJ assist¢ince
to attend the Grand Opcra Flouse.
In setting tlie objeclives and planning the activities f()r the year. the Ti'ustees have considered the Charity
Coininission for Northern li-Lland's guidaiice on publiL b¢nLfit to ensure that the activities liave helped to (Ichieve
the I"ru5t'5 purp05¢ and provide a benefit to the beneficiai-iLS.
Tlie public in Northern Ircland benefit fiDm thl -I'rust's aclivilies through the performance prograiDme, v4hich
encompa%¥e% thc full range ot tlie perfonning (1rt5, b()Ili on tlie Inainstage as well as productions iii Th¢ Studio.
AloiigJside thL' pi'ogramme of professional tuuring produclions, tl)e Theatre offers amateui- and cominunity
gruup5, (ind local arti%les, thc opportunity to perfoiin on ()ne of the Inost l)istoric stages in the UK and Ii-eland, as
well as in -l-he Studio.
The Trust's perfonMance programme is created to appeal lo tl)e broadest possible range of interests, tastes and
agyes, and considci'ation 18 always given to a rangJe of price% to encourage attendance. The (irand Opera Hou.8e is
a historic listed building and its histoiy, heritage and its key role in tlie life of Belfast is shared through talks and
several informative backstage tours.
The Trust has created a numbei. of opportunities aiined at appealing to people and communities who would not
otherwise engage with tlie Theatre or the arts. both through the perfonnanc¢ programine as well as through its
range of creative leaming initiatives. To ensure that the Grand Opera House is accessible to people with
disabilities the Theatre promotes a hugely successful 'Acce55 for All, scheme, which currently has 2,358
members.
The perforiners appearing as part of the Grand Opera House's programme may benefit from exposure to a wider
audience, which may enhance their reputation, however, thi5 is incidental to tlie acliievemeiit of the Trust's
purpose of educating the public ofNorthern Ireland in the art5.

GIUND OPEIU HOUSE TRUST
TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT)
STRATEGIC REPORT (Continued)
A¢hievements and performance
Key performance indicatoi3
The key perfonnance indicators for the groiip are as follows-
2023
344
48
840/0
29? 000
2022
207
28
81/0
167,851
No. of performances in the Main Auditorium
No. of shows in the Main Auditorium
/0 total oLLupancy
No. of tiLket5 sold in the Main Aiiditorium
A progi'arnme bursling with tlie v¢ry bcst sl)ows, huge support froin over 307.000 thealrvgocis, including) over
?5,000 new bookers, aiid the dedicalion, commitment and talent of tl)e Graiid Opei-a Hi)usc's statT coinbiiied to
make thL 2022123 financial year a rcsounding success, reaffirining the -l-heatre'5 pu%ili()n as Northern Irelaiid
leading arts organisation.
This was the fii'st full year of trading since the coinpletion of the 'l-hedtr¢'8 rcstoralion - in many ways a distant
memory - ai)d tlie full rclaxation of Covid protoco15 and regyulatiuii.% which grLaily lielped to bring peoplc back
to the Graiid Opei-a Hi)u8e in tlieir droves.
Fundamental to the year'8 Success was the piiblic's enthusiasm and appetite for big musicals whicli brought over
15,000 new bookers ITTrto Ihc Cjrand Opei-a Flouse duringJ the year. 131oLkbuslLr shows such as Blood HrothLr%,
Jersey Boys, Chicago, SIX tlie Musical and Joseph and the Aim(ILing Technicolor Dreanicoat were joined by
braIid-new producti()ns, in4luding The Osmond5 Music(Il, the Cher Musical, and Bedknobs tyd Elro()mslicks.
But the ruiiaway triumphs ot the year were Bat Out of Hell, and a thrLc-weck, sell-out run of Mamma Mia! thc
rii3t time the show ha% appcared on tlie Theatre's stagFe.
Witli the aim of delivei-ing a balaiiced proTrrainine, the Theatre also pre5enled Icss well-known titles such as Girl
Froin the North Country and the Natioiial l-heatre'5 production of Ocean at the End of the Laiie, belweL'n ihcin
atlractiiig 1,700 new bookers. Noithern Ballet 'l-heatre returned wilh a stunning production of 'l'hL' Liltlc
Mermaid, and the unforgcllable Les Ballet Trockadero de Monte Carlo (The Trocs) returned with a brand-new
show in October 2022.
As well as being a 'number one, venue on the UK and Ireland touring circuit. the Grand Opera House played
host to a number of sell-out local productions including, The History of the Troubles {accordin' to my Da).
Bridesmaids of Northern Ireland, In the Name of the Son, West Side Story (Ulster Opcratic), The Hunchback of
NolrL Dame (Belfast Operatic). and the most successful opera ever to have graced the Theatre's stage, Nl Opera'5
stunning production of La Traviata.
Oiie of the programme highlighls was the return of Action Ability with its brand-new production, Viva Las
Belfasl! This awai-d-winning company's productions beconie Imore ambitious eacli year. and the Grand Opera
House is proud to partner with Iliis unique 01-gaiiisation.
Over l 0,400 scliool children attended the Theatre's re¢oi'd-breaking pantomime, Cinderella. For many, this was
their first experience of live theatre and their first opportunity lo engage with the arts. Indeed, with 70,006 people
allendiiig the six-week run, Ilie Grand Opera House's pantoinime epitomises the principal aim of Pliblic fLindiiig
to increase access to the arts.

GRAND OPERA HOUSE TRUST
TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT)
STRATEGIC REPORT (Continued)
Achievements and performance (continued)
More than 360 young people auditioned for 150 roles for the Theati'e's Suinmer Youth Project, The Pirates of
Penzance, whicli ran in July 202? Coached by a professional director, musical director. choreographer and
supported by the Theatre's technical teani, Northern Ireland's biggest youth theatre project riglitly deserved the
standing ovations it received at each of its four pei'fonnances. Thc TrLlSt is justifiably pi-oiid 10 gyive young people
the oppoitunity to perfomi on the Theatre's iconic stage.
Access to performances and activities at the Theatre is core to the Trust's work. Across the year. there were 35
access perfonnances covering) sign language. audio de5Lription, captioned, and toucli loui3, as well ils the hugTely
pvpular relaxed pei-forinance of the pantomime, Cindei-ell(i. To cncourage engagement with a greater number of
younger people. the 'l'heatre has ¢stablishcd ils Under?6 Friends Scheme. With 2,775 already signed up, this
group i-eceives informatiun <ind discounted tickels under this iiiitiative which will grow in Ilie future.
The Theatre's creative learning teain deliv¢rcd a busy programme of events thruugliout lh¢ year, including 75
Theati-e Touis lind several talks on ihe history ot- the Theatre. The teain also Lontiniied lo develop relationships
with coiniiiiin ity urgcilli5alii)n% V4iih thc aim ol- working with people who have little or no opportunity to engage
witli the tilts. Tl)c crealive learning progiramime's Iiugely 511ccessfiil 'Come and Try, week during Flalloween
included cl rangc of activities for a variety ot age groups= filiii screeiiings and ballet tor older people, opera for
toddler5 and young children, as well as introdLlCtion to scriptwriting. physical theatre and sensoiy play
workshops.
In 2017, when ihc Trust lunded the significant restoration of tlie l-heatre's exterioi., it coit]IM itted lo cleaniiig and
painling the faEade, desigT)ed by tlie Victorian architect F rank Matcham, every five years IT) order to protect this
unique hLritage asset. July 2022 niarked five years siiice th(It exlLn8ive work coinpleled and. oiice agiain, tlie
bi-iLkw
i'k and stonework was cleaned to eiisure tlie Grand Opercl House re
ains the Jewel in Belfast's crowii.
Such is the importance of the Grand Opera House to theatre arLhiteclure Ihat the renowned Matchain Society
held its AGM at the Theatre in May 2022 and its members, many of whom are the niost eiithusia5tic krank
Malcham aticionados in tlie woi-ld. were greatly inipressed by thL scn.sitive restoration of the 189.5 auditurium
and sympatlietic changes lo tlie froiit of Iiouse areas.
The Trust ].% grateful to Belfast City Council for its suppoit of the creativc learning programme's Compass Project
in March 2023, and for ihe funding from the Arts Council of Noithern Ireland. The results coi)lained within tliese
accounts demonstrate that the Grand Opera House Trust ha5 successfully excelled on the Art5 Council of
Northem Ireland's three guiding principles= to inspire. connect and lead, as well as ils own core business
objectives of engagement, excellence and ainbition.
Financial review
The consolidated Statement of Fiiiancial Activities for the year is set out on page 19. The Balance Sheet showing
the consolidated position at 31 Marcli 2023 is set out on page 20.
The StateiT]ent of Financial Activities shows net income for the year of £1,109,891 (2022 - iiel loss of £2,975,255,
including a £4,151,182 loss on disposal of fixed assets in resp¢cl of 2006 theatre extension assets which wei'e
replaced by the restoration projeci coinpleled iii 2020 aiid 2021 and computer equipment a5sels).

GRAND OPERA HOUSE TRUST
TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT)
STRATEGIC REPORT (Continued)
Financial review (Continued)
Total income for the year is made up as follows:
2023
2022
Charitable activities
other trading activities
Investinenls
10,377,546
1,362,103
103,161
11,842.810
601,387
12,444,1 ()7
7,072,115
655,297
2,569
7,729,981
334,615
8,064,5C)6
Donations and legacies (including restoration levy)
Total incuine
Incoine frorn Lhdrilablc and otlier trading activities increased during the year duc to the Theatre being operational
foi- the full year in Ihe year ended 31 March 2023. In tIIL prior year. thL Tlicatre was not able to rcopen until
Octobei- 2021 a.s a result of Covid-19 regulations in respecl ot enteitaininent venues and was therefore only able
to pi-esent perf()TYnances for six muiiths of Ilie year.
lileome Irom charitable activities
To advance the edii¢(Iti()n ol- the public of N()rthern Ireland in the Ai'ts. Ihe Cifdnd Opera I louse aims to deliver a
varied prog?ramme, with a Inix ot the arts, and lo deliver tlie highcst quality artisti¢ productions in an (ILLL%8ible way
to the widest pi)%siblc audieiice. InL()nic trom cliaritablL activities theref()re consists of incoine g¢nci?ted froin
theatre production and progra17]Iningy, education and outreach woi-k and revenue and capital grant income.
An annual graiit from the Arts Couiicil Dr Northern Irel. nd (ACNI) is of cenlral importance lo the Cjrand Opera
House. In 2022123 revenue graiit funding was grateful
y received from the Arts Council of Northern Ireland of
£375.880 (2022.. £425,880).
In 2022123, a £6.364 revenue oJant was also gratefully received froill Belfasl City Council to deliver a cominunity
project.
In 2022123 a capital grant was gratefully received froTn the National Lottery Hcritage Fund of £478,9JO (2022=
£1,532,094), being thc final l O % of grani funding awarded in respect of thc rcstoralion project.
Income from other trading activitie5
The Trust's wholly-owned subsidiary, Tlie Grand Opera House (Theatre) Limited, generates the majority of the
income from other trading activities through ancillary theatre activities including bar and front of house sales,
conference and event income, Friends and corporate sponsorship.
Donations and l¢gaeies
Donations and legacies consists of donations and the voluntary restoration levy which is applied on all ticket sales.
During the year this restoration levy raised £556,077 (2022.. £297,829) and is restricted for inveslinent in the
preservation, iniprovement aiid eiiliancement of the historic listed building, stage and niain auditoriuin fixtures and
fittings, liealih and satety obligatioiis and in all areas of customer service to ensure that the coinfort and safety of
all customers and visitors is Inaintaiiied to the highest standard. This voluntary restoration levy income is shown
a5 income under resli'icted funds.

GRAND OPERA HOUSE TRUST
TRUSTEES, ANNUAL REPORT (INCORPORATING THE STIL4TEGIC REPORT)
STRATEGIC REPORT (Continued)
Financial review (continued)
Trading subsidiary
The Trust's wholly owned subsidiary, The Grand Operd House (Theatre) Limited, was established to operate the
commercial bar, front of house and event facilities at the Tlieatre, to hire out the Theatre to Iliird parties and to
contract with prodLlCtion companies and sell tickets to custoinei's for adinission to the shows pi'esented. The Trust
seconds staff to its subsidiai'y and licenses the use of Ihc Theatre to ils subsidiary for the purpose ot PlEsenting
productions. In return the subsidiary pays a managJemenl charge to Lovcr wage costs and overhead5 and a liceiice
fee for the us¢ ot the TheatrL. The Imanagcment ch¢ir¥¢ and licence fee for tlie current year was £2,974,429 (20?2.'
£1,517,530).
Tile profit of the siibsidiary foi- tlie financial yeai. was £nil (2022- £5,124). The subsidiary has a policy of gift aiding
any taxable profits to the Trust wlierc distributable profits exist. In the current year pi-ofils gJift aided to thL Trust
were £64,235 (2022.. £7,896).
Principal risks and uncertainties
The .1 rust has a risk manageinent %lrategy whiLli comprises-
An annual review of the risks the .1 rust and its subsidiary, Tlie Grnnd Opera Hoiise (Theatre) Limited,
may face.
The establi5hmcnt of systcms ai)d pruLcdui-es lo mitigJilte those risk5- ¢ind
The implemei)tation of-procedurL.% designed tu miniimise potential iinpacÉ sliould Il)ose risk5 niaterialise.
This woi-k has idcntified that financial 5UStainability 15 the I￿alOr fiiiancial risk for both the Trust and ils subsidiary.
Appropriate slrategies inLluding stra
egic planningr in respect of the programme and budget aiid bii.%iness bianning
have been id¢nlified to manage the financial sustainability ot.the I'lie(Itrc.
Tlie group's 8tralegy is to follow an appropriate risk policy, whicli effectively manages exposure5 related to the
achievement of the organi5ation's objectives. The key risks which maiiagement face are 8$ follows-
Bu.yiness performance risk
Bu.siness perfonnance risk is tl)e i-isk that the group may not perfomi as expected either due to intemal factors,
including availability of the prcmises, extemal factors, sucli as the rising cost of liviiigJ and impact of the war iii
Ukraine, or due lo coinpetitive pressures in the Inai'ket in which it operates. The risk is managed through a nuimber
of Incasures-. ensuring the appropriate management team is in place- budget and businc.8s plannin(r montlily
reporting and variance analysis. financial controls- key performance indicators. and regular forecasting.
Biisine.F.S conliniiity risk
The groiip ensures that there 15 adequate knowledge throughout the management teain and SU￿]C1¢nt IT siipport and
business continuity plans in place should an unloreseen event occur.
Hc?ali17 ancl bufety risk
Tlie gi'oup is coillmitted lo ensuring a safe working environment. These risks are managed by the group through
the 5ti-ong promotion of a health aiid safety cultur¢, extensive safety traiiiing and well defined health and safety
policies.
Financial and biisines3 control
Strong tinancial and business controls are necessary to ensure the integrity and reliability of financial and other
infor]nation on wliich the gi'oup I'elies for day-to-day operations, e.xternal reporting and for longer temi planning.
Tlie group exercises financial and busine55 control through a coinbinatioi) of.. qualified and expei'ienced financial
personnel; perfomlance analysis: biidgeting and forecasting. and clearly defiiied approval liniils.

GRAND OPERA HOUSE TRUST
TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT)
STRATEGIC REPORT (Continued)
Principal risks and uncertainties (conttnued)
Envii'oitnien¢al i'isk
The group has eslablished clearly defined policies and procedures to enable compliance with environineiital best
practice and legislation. The group is committed to protecting the environinenl in which it conducts ils activities.
Financial risk management
The group's principal financial instruments coinprise cash. current asset investinents, trade debtoi-s and creditoi
and Lert(iin other debtors. creditors and accruals. The niaii) risks associated with thesc tinancial assets and
liabilitie5 are set out below..
Credil i'i.gk
CrLdil risk is the i'isk that one party to a finiincial instrument will cause financiiil loss for the oihei- party by failing
to discharge an ublig(Ition. Group policies are (Iiined at minimising such losses and reqiiire that deferred icnns
arL' only granted to Cusloiners who demonstrate ¢ippropriale payiiient history and satisfy credit worthiness
procLdures.
Given that the Inajorily of the group's S¢ilcs are lickct sales payable at the timL of bookin(F
to credit risk is not significant.
the group's exposure
The credit risk on liquid funds is limited because the counterparties are banks witt) higli ci'edil ralings assigned
by interiiatiolliil crLdil-rating ageiicies.
Liquidily i'i.fk
Liquidity risk is tl)e i-isk that an entity will encounter dI￿]cultY in meeting its obli(F
tions. The gi-oup Inaintains
regular comtacl
ith its bankers and utili.%es online banking systems tu monitor casli
ow perfDrmance to Inanage
the group's liquidity risk. Tl)e group holds current asset investiMent5 Wlth a number of financial institutions to
Initigate the risk further.
Health and %afety
The Cliief F.xecutive is responsible to thc Board for healtli and safety maltcrs and reports regulai'ly to tlie Board
of Trustees. An ixtcrnal health and safely audit was cari-ied out in 2022123 ai)d achieved a sati%factory 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 at 31 March
2023. The nLiinber of Friends subscriptions has increased due lo the profile of the show programme.
Challenging tiJne5 for the Arts sector
This is the seventeenth consecutive year that funding for the arts in Northern Ireland has decreased. a position
that is unlikely to be halied or reversed anytiine soon. This, combined with greatly increased running costs and
the cost-of-living crisis, is placing considerable strain on Ilie arts sector.
Over the past six years, tlie Trust, Chief Executive and Senior Maiiageinent Team have focussed their effort on
creating a financially stable organisation. The £12.2 million restoration was tlie catalyst for the Trust's ambition,
however, continued 51rong prograinm ing and overwlielming public support for shows places the Graiid Opera
Hoiise in a stroiig position not only to weather the sloiin, but also lo continue to bliild on the Theatre's recent
Successes.

GRAND OPERA HOUSE TRUST
TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT)
STRATEGIC REPORT (Continued)
The St legic Report was a
proved by the Board and signed on its behalf by:
s J Jones
Deputy Chair
Mr C Geoghegan
Trustee
Date: 26 September 2023
Date: 26 Septeinber 2023

GRAND OPERA HOUSE TRUST
TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT)
TRUSTEES, ANNUAL REPORT
The Trustees (in their capacity as both Trustees and Directots) are pleased lo present their annual report togethei-
with the consolidated financial staiements of Grand Opera House Trust (the Trust) and ils subsidiaiy undertaking,
The Grand Opera House (Theatre) Limited (the Theaire), together with the report of the independent auditoi. foi- the
year ended 31 March 2023.
Structure, organisation and management
Grand Opera House Trust is a cliaritable company limited by guarantee and does not have share capital.
The Board of Trustees, wliicli adininisters the Trust, meets biimonthly and theiE are various other cominittees
covering Audit. Risk and Govemance, Planning and Finance, and Huinan Resources. Trustees al'e appointed to
committees based on their skills. The Trustees elect one of theii- number as Chair.
A Chief Executive is appointed by tlie TINst to lead and Inanage the operations ot. the Trust and the setting of the
programiiie of pcrtorinaiiLes. 'fo lacilitate eff¢clive operatioiis, the Chief Executiv¢ has deleualed autliority. within
temis of delegation appi-oved by the Tnist, lor ope17tional mallers inclLiding finance, einpl()yiment and (lrti8tic
pcrtormaiice relaled activity. The Chief P.xecLltive is also irspon.%ible tor iinplem¢nting the slralegic aiid business
plaiis of the Trust.
Appointment of Trustee5
The Aiticle5 of Association dircct that the Board of T]￿SteeS shall not exceed thirteen. At eacli Annual General
MLCting, tliose Trustees who have held offiLC for a period of four years are required to retire from otTice. .1 ru8lces
are perniitred to offer themselves for re-election pi'ovided thL'y have not served more than eight yeai's previi)usly.
TI￿SteeS air co-opted b sed on their skills to ensure tliat a wide range of skills arc represente
on tl)e Trust. TrLlStees
are also eleLtcd directors of ihe subsidi(iry company. A list of Trustees wlio served during ihe financial year and
subsequently is noted on page l.
Mr J D'Arcy and Ms A McCJregor MBF resigned as l)eputy Chairs and Trustees on 13 Dece]￿ber 2022. Ms J
Jones wa5 appointed as 1)¢puty Chair on 20 June 2023.
Cllr S Copelaiid and Mi- l. Ncllis resigJned as Trustees oil 13 Deceniber 2022. Mr J Edwards, Mr C Geoghegan,
Mr J Ireland and Ms K Strain were appoinled as Trustees on l i D¢ceinber 2022.
Trustee induction and training
New Trustee5 meet with the Chair and the Chief Executive to be appraised of the Trust, ils structure, its goveniance,
the content of its Articles of Association, tlie committee decision making process. the business plan and recent
operating and financial performance. New Trustees are also given guided toui's of the Theatre and afforded the
opportunity to Tneet key staff. Trustees are encouraged to attend perfomiances at the Theatre.
Key management remuneration policy
The key management peisonnel of the group and Trust. the Chief Executive and the Trustees, are listed on page
The Trustees are not reinunerated foi. tlieii. services. The remuneration for key I￿anageme1]t personnel is
determined by tlie Trust tollowiiig review of performance appi'aisals and benchmarking.

GRAND OPERA HOUSE TRUST
TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT)
TRUSTEES, ANNUAL REPORT (Continued)
Equal opportunities
The Trust is cominitted to a policy of eqlial opportiinity for all across its employinent practices and its activities.
In addition the Trust has a progressive policy to accoininodate as many custoiners with disabilities as can be
achieved using its available resoLirces, with large print materials, signed pei-formances, stage text perfoi'mances,
audio desLribed perfoi-mances, cai-ei- concessions and special access to paits of the aliditorium.
Fixed assets
The Trust holds the fiEeliold and long leasehold inleiESt in the theatre preimises. The title of the original theatt'e is
subject to the conditions set out in a DLclaralion of Trust between the Trust ¢ind the Arts council for Northem
Ireland. tlie primary conditions being tl)at the Trust must Lontinuv lo use the-lTheatrc as a veniie fur perfonnin(J arts
ai)d tmaintain it in good rcpair at all timus and furtl)er eiisui-e that it coimplies with the conditions and obligvations
applicable lo a listed building, aiid other stalulory reg)ulations.
The Inuvemcnts in fixL.d assets in tl)e ycar are set out in note 14 to the financial slatemeiits. The Trust invested
£435,117 (2022.. £1.088.367) iii capital expendituir duriiig the year.
Reserves policy
l-he Triist has an agreed reserves policy which requiri's rcserves be maintained al a level which ensure5 that CJrimd
Opira I louse I"rust'% core activity could coiitinue during a period of unforeseen ditTiculty and a proportion of
ttscrves be niainlained in a readily realisable form.
I'hc policy takes into account; ri%ks associated with each iiiconie and expenditure streain, planned activity levels
and ihe orgaiii5ation's planned coinmitineiits.
Having considLird the risks and the futuiE pla115 fi)r the charity, the I ru8lees consider that the Inost appropriate level
f IEserve5, excluding restriclLd and desig7iiated r¢serves and unresiricted reserves cominitted on tangible fixed
ssets, should be kept at tlie level of £ I m.
As at 31 March 2023, the group lias total fund% of £18,606.187 (2022.. £17,496296), £13,124,533 {2022.'
£12,728,524) of which are restriclcd fuiids and not available tor g?eneral Pltrposes of the charity.
The groLAP has unrestricted funds of £5,481.654 (2022.. £4,767,772), of which £3,632,752 (2022.. £3.123,475) are
de.8igiiated for capilal c1nd major repair works. A portion of these fund5 have been spent in rcspect of tlie resloration
and development project in 2020 and 2021 and the rcmainder will be utiliscd for future capital and InajDr I'epair
works.
Of the £1,848,902 (2022.. £1,644,297) undesignated unrestricted reserves, £475,007 (2022: £270.402) has already
been committed in respect of tangible fixed assets, resulting in an unspeiit unrestricted reserves balance of
£1,373,895 as at 31 March 2023 (2022.. £1,373,895).
The Grand Opera House Trust will strategically prograinme the Theatre to maintain the reserves level as detailed
in the organisation's reserves policy.

GRAND OPEIL4 HOUSE TRUST
TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT)
TRUSTEES, ANNUAL REPORT (Continued)
Plans for future periods
2026 will mai-k five years since the completion of Il)e restoration project and, by Ihen, over 1.5 illion people will
have been through the doors of the Grand Opera House since it reopened in Octobei. ?021. To protect the stunning
resloralion of the auditoi'iuiii, and refurbishinent of front of house areas, and to ensure the fabric of both spaces does
not deteriorate, Ilie Tiust will embark on a significant six-week repair and cleaning programme sclieduled for
suinmer 2026. Alongside ongoing maintenance work which foiTrs part of i'unning a public heritage building, this
work further demonstrates the Trusl's ambition to protect the Grand Opera House for future generations.
As the Theatre expands perfomiances of local shows within The Studio, work will be undertaken to install an audio
indiiction loop in the 123-seat Space as well a5 Othgr equipment to improve aLcess. The Studio will coiitiiiue to be
used a5 (I plaiforiii for lo¢al artistes and production coinp4ini¢s lo showLdsc tlieir work, thLI-eby ensuring th¢lt the
Grand Op¢ra Flouse rein(iins at the centre of ¢xcellence foi- tlie arts in Northern Ireland.
Going concern
Having rLviewed the .1 rust's forecasts. l<tking into account clianges in trading as a result ol- increased operational
costs. and haviiigJ considered a iiumber ol- scenarios, including reduced occupancy as a result of the rising cost
of living, the l-rustecs have a reasoiidblc expectati()n that there are adequate resoui'ces in place to continue in
operalional exi5tencc tor tlie foresecablc tuture. 'l-he principal f(ILlors underlying this judgemenl, subject to
norinal levels of coimmercial risk in thL ciirrent ecoii()mic cliiiiate. include-
Current levels i)l- linancial perforiMance and re50urces by coimparison with budgLt expectatiuns;
ExpeLtI'd revenues froin Ihc planned prograinime for 2023124 ai)d 2024125.
1". slimated reduclion in occupancy d.% a result of thc rising cost ol- living-
Expected cash flows in r¢%pecl of capital expenditure. (Ind
Reccipt of continucd suppoit froin ACNI in 2023124 and 2024
25.
Appr()priale financial %lrategies have been identified to manage the financial sustainability of the Thcatre.
Accordingly, the Trust conlinues to adopt the goiiig concern basis ot accDLintin&F jii preparing the annual financial
stateinents.
Disclosure of information to the auditor
In so far as the Trustee5 are aware..
there is no r¢levanl audit infomiation of wliich th¢ charitabl¢ coinpany'5 aiiditor is unaware; and
the Trustees have takcn all steps that they ought to havL taken to makc themselves aware of any relevant
audit information and to establish that the auditor is aware of that Infon￿all0n.
This confimiation is given and should be interpreted in accordance with the provisions of Section 418 of the
Companies Act 2006.
12

GRAND OPERA HOUSE TRUST
TRUSTEES? ANNUAL REPORT (INCORPOtL4TING 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 Geiieral Meeting.
The Trustees, Report was approved by the Board and signed on its behalf by:
s J Jones
Depuly Chair
Mr C Geoghegan
Trustee
Date.. 26 Septetnber 2023
Dale.. 26 September 2023