INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND 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 ¢oiMpany') aiid its
subsidiaries (the groiip)..
give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31
Marcli 20?3 and of the oroup's incoining resources and application of I'esources, including the group's
iiicome and expenditure, for the yeai. then ended-
liave been properly prepared in accordance witl) United Kingdoin Generally Accepted Accounting Practice,
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in th¢ UK and
Rcpublic of Ireland" and
have been prepared in accordance with the requirements of the Coinpanies Act 2006.
We hiive audited the financial Stateiiienls wliich comprise..
the Cunsolidated Statemeiit of financial Activilies.
th¢ Coi)solidated and Company Balancc Sheets-
the Consolidat¢d Cash k low Stateinent. and
the related notes I to 26.
Thc tinancial reporting framework ihat has been applied in thcir preparatioii is applicable law and Uiiited
K ingdom Accounting Standards, including Financial Reporting Siandard 102"The F inancial Rep()rting Staiiddrd
applicable in Ilie UK and RepubliL ()f Ii'elaiid" (United Kingdum Generally Accepted Accounting Practice).
Basis lor opinion
We conducted our (iudit iii aLLoi'dance witl) Inlernation(Il Standards on Auditing (UK) (ISAS {UK)) and
applicable law. Oui. r¢'sponsibilitie% under those 4landards (Il-e fiirthei- de%cribed iii the aiiditor's responsibilities
fDI' tlie audit ot the findncial statements section of our report.
We are indlpendent of the group and of the parent charitable company
accordance with the ethical
requirements that are relevaiit to our audit of the financial stalements in Ihc IJK, including the P inancial Repuriing
Council's (the 'FRC'8') Etliical Standard, and WL have fulfilled our othcr ethical rc%ponsibil ities in accordance
with these rcquireinent.8. We believe that tlie audit evidence we have obiained is sufficient and appropri¢lte to
provide a basis for our opinion.
Conclusions relating to going eoneern
In auditing Ihe financial statenienis, we have concluded tliat the Trustees, use of the going concern basis of
a¢countingF in the preparation of the financial statements is appropriate.
B&8Ld on the work we have performcd, we have not identified any inaterial uncertainties relating to events or
condition5 that, individiially or collectively, may cast significant doubt on the group's and parent charitable
company's ability lo continue a5 a going concern for a period of at least twelve months from when the financial
statemen¢5 are authorised for issue.
Our responsibilities and the respon5ibililies of the Trustees with respect to going concem air described in the
relevant sections of Iliis report.
Other inlormation
Tlie other infonnation coinprises the information included iii the annual report, other than the financial statements
and our auditor's report thereon. The Trustees are responsible for the other inforiT]ation contained within the
aniiual report. Our opinion on the financial stateinents does not cover the other information and, except to the
extent otlierwise explicitly slated in our report, we do iiol expres5 aiiy form of assurance conclusion thereon.
15

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPEIU
HOUSE TRUST (Continued)
Other information (continued)
Our responsibility is lo read the other information and, in doing so, consider whetlier the other inforniation is
materially incoiisistent with the financial statements or our knowledge obtained in the course of the audit, or
otherwise appears to be materially Inisstated. If we identify such Inaterial inconsistencies or appai'ent material
Imisslatements, we are i'equii-ed lo del¢miine whether tliis gives rise to a material missiaieiMent in the financial
statements themselves. If, based on tlie work we have perfoiined. we conclude that there is a Inatei'ial
misstateinent of this other information, we al'e required to report that fact.
We have nothing to report in this regard.
Responsibilities of Trustees
As explained moit fully in the Trustees, responsibilities staleinenl, the Trustees (who are also the dii'Lctors ot"
tlie cliai'itable coinpany f()r the purpose of company l¢lW} are respoiisible for the preparation of th¢ fiiiancial
statenients and for being satislied tlial they give a true and fair view, aiid foi- such int¢rnal control as thl. Trustees
detennine is necessary to cnable the preparalioii of financial statements tliat al'e free from material niisslateinent,
whether duc lo fraud or error.
In preparing the financial stateinents, the Trustees are respi)nsible for a55e.58iiig tlie group's and the parent
cliarilable company'.% ability to continue as a goin¥J concern, di%closing, as applicable, Inatters related to going
concern and iisinu thc going concern basis of accounting uiile5s the Trustees eiihei- intend to liquidate the oroup
or tlie parent charitable company or to cease opercltions, or h4lV¢ no real istic (IIILrnative but to do so.
Auditor's respollsibililies for the #udit of the finyneial statements
Oui. objectives arc to obtain reas()nable assuranLi about whLhthcr tlie finanLial stateineiits <1% a whole are fl'ee from
niaterial Inisstatl'incnt, wlietlier due lo fraud or Ln'or, and l() issue an audilor's report tliat includes our opinion.
RLasonable assui'ance is a Iiigh livel ot assurancL, but is ni)1 a giiarantee thal an audit conduclcd in accordance
wilh ISAS (UK) will always detLcl a material mi4stateinenl when it exists. MisstateineDt% can arise froin fraud
or crror and are considered mat¢rial if, individually or iii tlie aggi-egiate, tIILy coiild reasonably be expected to
influence the Lconomic decisions ot users taken on the ba%islof these fsnancial statements.
A further de5Lription of our re%ponsibilities for the audit of the fiiiancial statements is located on the FRC'S
wcbsite at.. www.frc.org.uk/auditorsresponsibilities. Thi5 description for]ns part of our auditor's report.
Extent to which the audit was ¢Dnsidered capable of deteeting irregularities, including fraud
Irregulai-ities, including fraud. al-e instances of non-coimpliance with laws and regulations. We design procedures
in line with our rcsponsibilities, outlined above. to detect material misstalcmenls in re5PCCt of irregularilies,
includii)
fraud. The extent to which our procedures are capable of detecting irregularities, inclliding fraud is
detailed below.
We considered the nature of the group's industry and its control environment, and reviewed the group's
documentation of Iheir policie5 and procedure5 rvlaling to fraud and compliance wilh laws and regulations. We
also enquired of management and the trustees aboiil their own identification and assessment of the risks of
irregularities, including those that are specific to the groiip'5 business sector.
We obtained an understanding of the legal and regulatory frameworks that Ihe groiip operates in, and identified
the key laws and regulations that:
had a direct et'tect on the determination of matei-ial ainoLints and disclosures in the financial statements.
These included UK Compan ies Act, Charity legislation and the Charities SORP 2019; and
do not have a direct effect on the financial sta¢eineiits but compliance with which may be fundainental to
tl)e group's abi lity lo operate or to avoid a material penalty. Tliese included the Charity Conimission for
Noriliern Ireland (Charity Coinm ission) regulations, Health aiid Safety legislation, Employment Law, Data
Protection Act and Bribery Act.
16

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPEIL4
HOUSE TRUST (Continued)
Extent to which the 9udit was Considered capable of detecting irregularities, including fraud (continued)
We discussed aimong the audit eiigageinent teain reglarding tlie opportunities and incentives that may exist wiiliin
the organisation for fraiid and how and whei'e fraud Iniglit occur in the financial statements.
As a result of pei-forming the above, we identified the greatest potential for fi'aud iii the following areas, and our
specific procedures perforined to address it are described below:
Revenue Recognition
We assessed th¢ design and impleinentation of key controls over the cut-off of revenue at year end and
the accuracy of recording of grant incoine; and
We selected a sample of grant revenue recorded and traced to SUPPOrting documentation to ensure it
had been appropi'iately recoi'ded in the financial statements and pei*oi'med a recalculation of a sample
of deferred revenue to ensure it was appi-opriately recorded at year end.
In coininon with all audits under ISAS (UK). we are also required to pei.foiin specific procedures to respond to
the risk of manageiment ovcrride. In dddressing the risk of fraud through Inanageinent override of cuntrols, we
tested tlie ¢ippropi-iateii¢ss Ot- journal enti'ies and othvr adjustments; cissessLd wlieiher thc judgements made iii
Inaking accoui)tingJ e%liinates are indicative of cl Potential bias; and evaluated the business r(Iti()nale of (Iny
sigynificant transacti()ns ihat are linu.sual or outside IhL normal course of business.
In a(Idilion to the above. our pi-ocedures to respond lo the i-isks idLntified included the tollowing..
reviewing financial %lateinenC disclosures by testing to supporting documentation tu assess coimpliance with
provisi()ns of relevant laws aiid I'eglllations desLribcd as having (I direct effect on tlic financial stalLmeiils-
perfoi'iniiig analytical procedures to identify any unusual or unexpected relalionsliips that may indicate risks
of matei'ial Ini%stateinent duL lo t"raud,.
en(iuiring ot Inan(Igeincnt and extLrnal legal counscl concemiiig aclual and potential litigation and claims,
and in%lances of noii-compliance with laws and rvgulations. and
readii](Y Tninutes of meetings of thJSL charged with governance and revicwiiig correspondence with kh
Charity Commission for Noithern Ii'eland.
Report on other legal and regulatory requirements
Opinion5 on uther matters preseribcd by the Companies Aet 2006
In our opinion, ba.sed 011 tlie work undertakLn in the coui'sL' of the audit..
the information given in the Str¢ltcgic Report and the Trustees, Annual Report for the financial year for
which the fiiiancial statements are prepared is consistent with the financial stateinenls; and
the Strategic Report and the Trustees, Annual Report has been prepared in accordaiice with applicable legal
requii-ements.
In the light of the knowledge and understanding of the group and parent charitable company and its environment
obtained in the course of the audit, we have not identified any malerial misstatements in the Ti-ustees, report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following malte15 if, in our opinion..
adequate ac¢oiinling records have not been kept, or returns adequate for our audit have not been received
from branches not Vi51ted by us. or
the fiiiancial statements are not in agreement with the accounting records and relums; oi.
certain disclosiires of Trustees, remuneration specified by law are not made; or
we have not received all the inforniation and explanations we require for our audit.
We have nothing to report in respect of tliese Inatlers.
17

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPERA
HOUSE TRUST (ContAnued)
Use of our report
This report is made solely lo Ilie charitable company's rnembers, as a body, in accordance with Chapter 3 of Part
16 of the Companies Act 2006. Oui. audit work has been undertaken so that we Inighl state to the charitable
coimpaiiy's members those iiiaiiers we al-e required to state to them in an auditor's report and for no other purpose.
To the fullest exlenl permitted by law, we do not accept or assuine responsibility to anyone other than the
charitable company and the charitable company's members as a body, for OLII. audit woi'k, for this I'eport, or for
the opinions we have formed.
on Siarbuck FCA (Senior Statutoiy Auditor)
for and on behalt of D¢loilte (Nl) Limiled
Siatutory Auditoi-
Beltasl, United Kingdom
Date..
,f. 3_c")'