Company Registration No: N1028078 Charity Registration No: NIC104605 GRAND OPERA HOUSE TRUST (A company limited by guarantee) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR EIYDF.D 31 MARCH 2024
GRAND OPERA HOUSE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Officers and professional advisors Trustees, annual report (incorporating the strategie r¢port) 2-12 Trustees, responsibility Statement 13 Independent auditor's report 14-17 Collsolidated Statement ijf financial activities 18 Consolidated balance sheet 19 CoMpaY balance sheet 20 Consolidated eash flow statement 21 Notes to the flnancial stat¢menÉs 22-43
GRAND OPERA HOUSE TRUST OFFICERS AND PROFESSIONAL ADVISORS TRUSTEES Ms J Jones Mr C Loughran Mr C Geogliegan Ms P Corbett MBE Mr J Edwards Mr R Ennis Mr B Fitzpatrick Mr J Ireland Ms N Mcveigh Mr (i Parkes Mr R Rana Ms K Strain Mr M Thompson Ms K Thomson (Chair- appointed 26 March 2024, Deputy Chair- resigned 26 March 2024) (Chair and Trustee - resigiied 26 March 2024) (Deputy Chair- appointed 26 March 2024) {appointed 12 December 2023) {resigned 12 December 2023) {appointed 12 December 2023) (resigned 12 December 2023) CHIEF EXECUTIVF Mr lan Wilson COMPANY SECRETARY Ms H Speers BANKFRS U15ter 114ink Limited 11-16 Ilonegall Square East Belfast BTI SHI) SOLICITORS Car%oii McDowell Murray Hous¢ Murray Street Belfast BTI 6DN I]YDF.PENDENT AUDITOR Deloitte (Nl) Limited Statutory Auditor Lincoln Building 27-45 Great Victoria Street Belfast BT2 7SL PRINCIPAL ADDRESS AND REGISTERED OFFICE Grand Opera House Great Victoria Street Belfast BT2 7HR
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) The Trustees (in their capacity as both Trustees and Directors) present their Trustees, annual report (incorporatino the strategic report) for the year ended 31 March 2024. STRATEGIC REPORT Grand Opera House Trust ('the Trust,) is a charitable company limited by guarantee and does not have share capital. It is reLognised as a charity by the Charity Commission for Northern Ireland (charity registration nuinber NIC104605). Principal activity The Grand Opera House is a full time presenting theatre. the pi-incipal activity of which is lo pi-ornote, Inaintain, improve and advance ihe education of the Northem Ireland public in the arts. The Trust promotes a wide range of artistic activity in the Inain auditorium and The Studio. Objectives and altivities Tlie .1 rust was established lo "promote, maintain, improve and advaiice the education of thc Public of Northem Ireland in thc arts (including the art of drama, operatic arts, other performingy (lrts and tlie visual arts) at the Theatre" -rhc CJrand Opera House is Northern Ireland's premier presenting theatre, presentingi an outstanding programme and %howcasing¥ the best in musicals, bdllel, opcrn, drama. coinedy, dance, locally created work, fainily shows and presenting one of the most historic and longest pantomime runs in the UK and Ireland. -Ihe mission of tlie Grand Opera House is to'create and deliver extraordinary experieiices for everyone" To deliver its mission and aims, the Trust has adnpled a strategic approach, which consists of three strategic pillars. namely, as t"ollows'. Customer experiencc- creating and delivering extraordinary experiences for our customcrs. whether they (Ire audiences, visitors, %ponsors or production companies. Stakeholder cngagement serving our sector and community through education, outreach and development aclivities- and Orgyanisational excellence - operating to high quality, value for money standards in everything we do as an organisation and working to be sustainable in the long tenn. The Grand Opera House aims are.. To present a world class theatrical experience. To extend and enhance our reputalion nationally and internationally. To exercise responsible stewardship of our landmark building; To maintain a distinctive education and outreach programme. To sustain and develop a successful organisation. and To provide a positive experience to people visiting and working in the Theatre. The Trustees and staffof the Grand Opera House are committed to creating and delivering extraordinary experiences for everyone by providing an excellent service. We act with integrity at all times, respect our slakeholders, customers and employees, are professional in our planning and delivery and work together in partnership with others, both internally and extemally, for the good of the public of Northern Ireland.
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Objectives and aetivities (continued) Public benefit The direct benefits to the public in Northem Ireland which flow froin the Trust's purpose include: The education of audiences through high quality theatrical performances and participation in the Theatre's creative learning programme involving schools, community groups and individuals, including workshops, professional classes, and talkslseminai's. Tlie enrichmenl of lives throLEgh increased awareness, improved knowledge, understanding and appreciation ot-the performing arts across a wide rang)e of genres. 'll)e development of new skills (creative, perforniance and technical skills} and personal development e.g. via participation in the Theatre's COlT]mLEnity engagement activities, such as the Summer Youth Production. Enhanced accessibility to the perfomiing arts for people from disadvantagsed areas and requiring a55iStance to attend the Grand Opera House. As well as coi)tinuing its POPLJlar series of deinentia-friendly ¢in¢ma screenings, the Trust also stag)ed 33 signed, audio described, captioned ¢ind relaxed performiinces during the ye(Ir. In setting the objectives and planning the ilctivities for the ye(Ir, the Trustee5 havc given careful considcration to the Charity Commission for Northem Irel¢ind's guidance on public benefit Èo ensurL that the activities have helped to achieve the 'l'ru8l's purpose and provide (I benLlit to the beneficiaries. The public in Northern Ireland benefitted from the Trust's activilics during the year throu the pr¢scnlation of a h1-qUality performaiice progr4imme. which encompassed ihe full r(Ingc of the performing arts. botl) on the maiiist(Ige as well as in smaller produclions in The Studio. Thcre is no other Iheatre in Northern Ireland that can stagie the large-scale and techniciilly dcmanding shows th¢tt fealure in the-IhLalrc's programme which attracted over 314,000 people in 2023124. Alongside the programme of professional touring production5, the Theatre offered ainateur and community groups, and local artistes, the opportunily to perform on one of tl)e m05t historic and iconic stage5 in thc UK and Ireland, as wcll as in The Studio. The Trust's prolific creative learning department delivered a busy programme of perforniance related workshops for all ages and abilities, within the Grand Opera I louse and beyond, schoolleducational focused inilialives. as well as a programme of events with broad appeal to all the communities of Northem Ireland. In 2023124 the Trust's creative learning programme engaged with over 4,200 people. The Trust's perforniance programme 15 created to appeal to the broadest possible range of interests, tastes and ages. and consideration is always given to a range of prices to encourage attendance. The Grand Opera House is an historic listed buildiiig and its history, heritage and its key role in the life of Belfast is shared with as many pcople as possible through talks and a number of inforniative backstage tours. fvl Theatre tours with 1,021 participants were delivered in 202312024. The Trust provides a range of platforms aimed at encouraging the performer5 of tomorrow a5 well as delivering initiatives aimed at developing perforniance skills and confidence, including its annual Summer Youth Production the largest of its kind in Northern Ireland. In July 2023. the Trust produced a production of Oliver! which featured 169 young people aged 10 to 18. The Trust has created several opportunities aimed at appealing to people and communilies who would not olhenvise engage with the Tlieatre or the arts, both through the performance programme as well as through its range of creative learning initiatives. To ensure that the Grand Opera House is accessible to people with disabilities the Theatre promotes a hugely successful 'Access for All, scheme, which had 2,737 members as al 31 March 2024.
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Objeetives and activities (continued) Public benefit (continued) The perfonners appearing as part of the Grand Opera House's programme may have benefitted fi'om exposure to a wider audience, which may have enhanced their reputation, however, this was incidental to the achiev¢ment of the Trust's purpose of educating th¢ public of Northern Ireland in the arts. Achievements and performance Key performance indicators The key perforn)ance indicators for the group are as follows- 2024 353 54 83% 294,000 2023 344 48 84% 292,000 No. of perfunnances in the Main Auditorium No. of %hows in the Main Auditorium /0 total Occupancy No. of tickets sold in the Main Auditorium 202312024 represented another extraordii)ary year of theatregoing at the Gr(Ind Opera I louse, both in the terms of the quality of the perforniance programTnL, and the number of people allcnding tlie line-up of shows. With over 314,000 people Ihrough the doors, and with an average attendance of 83 /0 (the UK average for subsidised meinbers of UK Theatre is 630/0.. .8ource UK Theatre), the SUCCL.88 of tlie year re(itTirnis the Grand Opera klouse's position, not only as Nortliern IrelaIid'5 Premier Tlieatre, but also as its leadiiigJ art8 organisatioii. The public's appetite for large-scale, West End shows continues, and titlcs such as Titanic. SIX, The King and I, The Rocky Horror Show, Dirty Dancing, The Bodyguard, 42nd Street, and The Drifter5 Girl, Buddy - The Buddy Holly Story, and An Officer and a Gentleman brought in over 77,000 people, with 9,973 ncw bookers. It was particularly pleasing to see more tOLSring drarnas become available following a reduced number in the period following Covid. The quality of the Olivicr-awarding-winning production of The Life of I'i, was matched by ihe enduring popularity of The Mousetrap, the West End smash-hit 2:22 A Ghost Story, The Best Exotic Marigold Hotel, and The Full Monty. As well as touring productions, mindful of its responsibility to make available the Theatre's iconic slage to local productiDns, the Trust's programrne also included A Happy Mediuin, Vote DLA. Action Ability's annual pilgrimage with its latest show. Up the 80s, The Hen Do, Myra's Story, Foil Arms and Hog, Give My Head Peace. and a two-week run of The Lyric Theatre's production of Good Vibrations, ahead of its New York run. The Tl)eatre also continued its association with Northern Ireland Opera with a sell-out run of Puccini's Tosca, supported by an extensive education and outreach programme, and two of Nortliem Ireland's leading non- professional musical societies also staged shows.. Ulster Operatic with Evita, and St Agnes, Choral Society with The Addams Family, and the hugely popular Shamrock Tenors made their Grand Opera House debut. Family-orientated shows remains a programming priority for the Trust, and during the year the offering included The Spoiigebob Musical, Deinon Dentist, Annie, the Northern Ireland premiere of the worldwide smash-hit show, Bluey. as well as Madagascar the Musical.
GRAND OPERA HOUSE TRUST TRUSTEES9 ANNUAL REPORT (INCORPORATING THE STIL4TEGIC REPORT) STRATEGIC REPORT (Continued) Achievements and performance (continued) Other shows included, Singalonga Encanto and The Greatest Showman, the superb talents of Johannes Radebe, The Belfast Ensemble with Marc Alinond, Cara Dillon, Group Acrobaiique de Tanger (all three appeared as part of Ilie Belfast International Arts Festival), Vincent Simone's Tango Passions, an audience with David Suchet, and coinediiins Colin Murphy, and Shane Todd with 16 perforjnances of his stand-up show. Over 460 young people, aged 10 to 18, attended auditions in February 2023, for the Trust's summer youth production of Oliver! With over 4,900 people attending the perfomianLes, the Theatre's annual production - the biggest of its kind in Northern Ireliind- is now firmly established as one of the most su¢cessful youth productions in the UK and Ireland. Attr(l¢ting generations of families since the Theatre opeiied in l 895, no Grand Opera House season would be complete without thL Theatre'5 ¢Xtravagant annual pantomiTn¢, Northern Ireland's biggest Christmas show. The production of Snow Wh ite and the Seven Dwarfs, whicli ran for Six weeks, was the most successful p(Intomime in the Theatre's history. Towards the end of the financial year, thc Trust also created a brand~nvw programme stream, aimed at 8howcasing) the work of local producers, artists ai)d production companies. -l-h¢ debut of 'fhe Studio Scries, held in the Theatre's 123-seat Second space, was the Northem Ireland OperalGrand Opera Holtse co-production of Cupid's Bow, and The Junipcr Tree. 'fhis was tollow¥d by Amanda Verlaquc's poignanl and challenging play, This Sh*t HappLns All tlie 'l'ime, produLed by the Gr(Ind Opera I louse Tlust. A core public benefit of the Trust 15 thL delivery of it% engaging education and outre(ILh programme. Alongyside a busy progJramme of backslage tours for the general public, schools and Lommunity gJroups, during the year, th Theatre's crealive learning leam delivered projects including Silly Moos (in partnership with Arts & Business, and Dale >am]), attended by 727 schoolchildreii, its first ever workshops with Diversc Youth, and Northern Ireland's first workshop for D/deaf perforn)ers, in association with Cr8 1-healre and deaf artisÉ Paula Clarke. All of the -fheatre's successes in 202312024 were dclivered against the backdrop of a furtl)er reduction in the Theatre's public annual subsidy of £169,000 to £206.880, the lowest on record and from a high of £673,554 a decade ago. Although the reduction presenled the I'heatre with several ch(Illenges, especially agyainst rising costs, the Trust is giratcful to the Arts Council of Northern Ireland for its continued support, and the Grand Opera House staff for their unwavering commitment and focus in delivering an unrivallcd performance programme, and prolific creative learningT activities. Financial review The consolidated Statement ol Financial Activities for the year is set out on page 18. The Balance Sheet showing the consolidated posilion at 31 March 2024 15 set out on page 19. The Statement of Financial Activities shows net income for the year of £511,861 (2023.. £1,109,891).
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT {INCORPOIL4TING THE STRATEGIC REPORT) STIL4TEGIC REPORT (Continued) Financial review (continued) Total income for the year is made up as follows.. 2024 2023 Charitable activities Other trading activities Investments 8,987,065 1,506,863 345,481 10,839,409 587,781 11,427,190 10,377,546 1,362,103 103,161 11,842,810 601,387 12,444,197 Donations and legacies (including restoration levy) Totdl income Income frum charitable ¢iclivities decreased due to the mix of the sh()w programine, with a larger number of local productions in the current ycar. Income from investm¢nls increased duL to the inLr¢ase in interest rates throughout the year. Income from charitable aetivities To advance the educatioii of the public of Northern Ireland in tlie Art5, the Grand Opera Flouse (11111$ to deliver a varied progJramme, with a mix ol-the arts, and to deliver the higliest quality artistic produclions in an a¢¢cssible way to the widest possible audience. Income froin charitablc activities therefore coiisist.% ol- income gcnlraled from theatre production and programming, education and nutreach work and revenue and capital grant income. An annual grant from the Ails Council of Northern IrLland (ACNI) is of central importance to thc Grand Opera Flouse. In 2023124 revenue grant funding was gratLfully received from ihe Arts Council of Northcrn Ireland of £206,IS80 {2023.' £375,880). In 2023124, a £10,000 revcnue grant was also gr(Itefully received from Arts & Business Northern Ireland to deliver a schools project in partncrship with Dale Farm. In 2023124, a £3,885 capital grant was also gratefully received frorn Belfast City Council for access equipment (2023= £6,364 revenue grant to deliver a community project). Ineome from other trading activities Thc Trust's wholly-owned subsidiary, Thc Grand Opera Hous¢ (Theatre) l.imited, generates the rnajority of the income from othcr trading activities through ancillary theatrc activities including bar and front of house sales, confer¢nce and event income, Friends and corporate sponsorship. Donations and legacies 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 £552.428 (2023.. £556,077) and is restricted for investment in the preseivation, improvement and enhancement of the historic listed building, slage and main auditorium fixtures and fittings, health and safety obligatiOTJS and in all areas of customer service to ensure that the comfort and safety of all customers and visitors is maintained to the high¢st standard. This voluntary restoration levy income 15 shown as income under restricted funds.
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Financial review (continued) Trading subsidiary The Trust's wholly owned subsidiaiy, The Grand Opera House (Theatre) Limited, was established to operate the commercial bar, front of house and event facilities at the Theatre, to hire out the Theatre to third parties and to contract with production companies and sell tickets to customers for admission to the shows presented. The Trust seconds staff to ils subsidiary and licenses the use of the Theatre to its subsidiary for the purpose of presenting productions. In return the subsidiary pays a manageinenl charge to cover wage costs and overheads and a licence fee for the u5¢ of the Theatre. The management charge (Ind licence fee for the current year Wils £3,138,995 {2023- £2,974,429). The profil of the subsidiary for the financial year Was £nil (2023- £nil). The subsidiary has a policy of gift aiding any taxable profits to the 'l"rust whLrc distributable prolits exist. In ihe current yeiir profils gift aided to the .1 rust were £64,989 (2023.. £fv1,235). Principal risks and uncertainties The 'frust has a risk manageinenl slralegy which comprises- An annual review of the risks tl)e I"rust and its subsidiary, The Qirand Opcra House {Tlieatre) l.irnited. may frace" The establishment of syslems and procedures to mitigdlc ihose risks- amd The irnplementation of procedure5 dcsigned to minimise potential impact should those risk8 materialise. This work has identificd that financial sustainability is the major financial risk for both the Trust and it% subsidiary. Appropriate stralcgies including strategJic planning in respect of the programme and budget and business planning have been identified to manage the financial sustainability of the Theatre. The group's strategy is to follow an appropriate risk policy, which effectivcly manages exposures rclated to the achievement of the Drganisation's objectives. The key risks which management face are as follow5.' Business performance risk Business performance risk is the risk that the group may not perform as expected either due to intemal factors, including availability of the premises, extemal factors, such as the rising cost of living and iinpact of the war in Ukraine, or due to competitive pressures in the market in which il operates. The risk is managed through a number of measures.. ensuring Ihc appropriate management team 18 in place. budget and business planning. monthly reporting and variamcc analysis- financial controls. key performance indicators; and regular forecasting. Busine3s conlinuily risk The group ensures that there is adeqiiate knowledge throughout the managernent tearn and sufficient IT support and business continuity plans in place should an unforeseen event occur. Health andsafety risk The group is committed to ensuring a safe working environment. These risk5 are managed by the group through the strong promotion of a health and safety culture, extensive safety training and well-d¢fined health and safety policies. FipEancial and biisiness conlrol Strong financial and business controls are necessary to ensure the integrity and reliability of financial and other infomiation on whicli the group relies for day-to-day operations, external reporting and for longer tern) planning. The group exerci5e5 financial and busine55 control through a combination of qiialified and experienced financial personnel; performance analysis; budgeting aiid forecasting. and clearly defined appi'oval limits.
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPOtL4TING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Principal risks and uneertainties (continued) Environmenlal risk The group has eslablished clearly defined policies and procedures to enable compliance with environmental best practice and legislation. The group is committed to protecting the environment in which it conducts its activities. Finan¢i81 risk management The group's principal financial instruments comprise cash, current asset investments, trade debtors and creditors and ccrtain other debturs, creditors and accruals. The main risks associated with Ihcse financiiil assets and liabililies are set out below.. Credil i-iJk Credit risk is the risk that one party to a financial instrument will cause financial loss for the other party by failing to discharge an obligation. (¥roup policies are aimed at miniinising such lusses and require that deferred tems are only granted to customers who demonstrate cippropriate payment history and satisfy credit worthiness procedures. Given that the majority of tli¢ group's sales (Ire ticket sales payablv ai Ihe time of booking, the group's exposure to credit risk is not significant. The credit risk on liquid funds 15 limited beL(iuse Ihe counterparties are banks with high crcdit ratingy5 assigned by internation(Il credit-rdtingT (Igencies. Liquidity ri.sk Liquidity risk is the risk that an entity will encounter difficulty in meeting its obligations. The group mainlains regJul(Ir contact with its bankers and utili5e4 onlinc bankingy syslcm.% to monitor cash flow pcrformance to manage the group's liquidity risk. 'fhe group holds current asset investments with a number of financial institutions to mitigale the risk further. Health and safety The Chief F.xeculive is respon%iblc to the Board for health and safcty matters and reports reglilarly to the Board of Trustees. An cxt¢rnal healtli and safety audit was carried out in 2023124 and acliieved a satisfactory result. Friends of the Grand Opera House We are grateful for the Continued support of our Friends, of which there were 1,153 (2023- 1.252) as at 31 March 2024. The Stra ic Report was proved by the Board and signed on its khalf by-. J Jones Chair an Deputy Chair Dale.. 24 September 2024 Date.. 24 September 2024
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) TRUSTEES, ANNUAL REPORT The TISteeS (iii their capacity as both Trustees and Directors) are pleased to present their annual report together with the consolidated fiiiancial statements of Grand Opera House Trust (the Trust) and its siibsidiary undertaking, The Grand Opera House (Theatre) Lirniled (the Theatre), together with the report of the independent auditor for the year ended 31 March 2024. Structure, organisation and management Grand Opera House Trust is a charitable company limited by guarantee and does not have share capital. The Board of Trustees. which administers the Trust, meets bimonthly and there are various other committees coveringJ Audit, Risk and Governance, Planning and Finance, and Human Resources. Trustees are appointed to committees based on their skills. The Trustees elect one of their number as Chair. A Chief Executive is appointed by the Trust to lead and manage the operations of the Trust and the setting of the prograrnme of perfonnances. -fo facilitate effective uperydlions. the Chief Executive has delegated auihority, within tenn5 Ot delegatioTr approved by ihe Trust, for operational matters including finance, einpluymcnt and arti5tiL perfor]nance related activity- -I'he Chief Executive is also responsible for implementing the str<ltegic and busine55 plans of the Trust. App(Jintment olTrustecs Tlie Articles of Association direct that the Board of Trustees shall not cxceed thirteen. AÈ eiich Annual (ienerdl Meeting, those Tru%lces who h(Ive held oifice for a period ot four yean% arc required to retire froin oftice. Trustees ar¢. pcnnitted to otrer tlieinselvL% tor re-election provided they have not served more than eigJhi years previously. Tw%lces are also elccted directors of the Subsidiary company. A list of Trustees who served during the financial ycar and .%ubsequently is noted on pagc l. Mr Colin Loughran resigned a5 Chair and a Trustee on 26 March 2024. Ms J Jones was appointed as Deputy Chair on 20 June 2023, resigned as Deputy Chair on 26 March 2024 and was appointed as Chair on 26 March 2024. Mr C G¢oghegan wa5 appointed as Deputy Chair on 26 March 2024. Mr B Fit2patrick and Mr R Rana rcsigned as Trustees on 12 December 2023. Mr R Ennis and Ms N Mcveigh were appointed as 'frustees on 12 Dcc¢mber 2023. Trustee induction and training New Trustees meet with the Chair and the Chief Executive to be appraised of the Trust, its structure, it5 governance, the content of ils Articles of Association, the committee decision making process, the business plan ajid re¢¢nt operating and financial performance. New Trustees are also given guided tours of the Theatre and afforded the opportunity to meet key staff. Trustees are encouraged to attend performances at the Theatre. Key management MUneration policy The key management personnel of the group and Trust, the Chief Executive and the Trustees, are listed on page The Trustees are not remunerated for their service5. The remuneration for key management personnel is determined by the Trust following review of performance appraisals and benchmarkiiig.
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) TRUSTEES, ANNUAL REPORT (Continued) Equal opportunities The Trust is committed to a policy of equal opportunity for all across its einployment practices and its activities. In addition the Trust lias a progressive policy to accommodate as many customers with disabilities as can be achieved using ils available resources, with large print materials, signed performances, captioned performaiices, audio described perforiiiances, carer Concessions and speLial access to parts of the auditoriuin. Fixed assets The TrLESt holds the freehold and long leasehold interest in the theatre premises. The title of the original theatre Is subject to the conditions set out in a Dcclaration of Trust between the Trust and the Arts Council for Northern Ireliind, the primary conditions being that the Trust must continue to use the Theatre as a venue for performingT arts and maintrain it in good repair at all limes and further ensure that it Lomplies with the condilions and obligFations applicdbli. to a listed building, and other statutory regulations. The movements in fixed d55ets in Ihe year are set out in note 14 to the financial st(Itements. The Trust invested £321,111 (2023= £435,117) in capital expendithre during Éhe year. Re.serves policy -l-he T]st has an agyreed reserves policy which requires reserves be maintaiiied at ¢1 level which ensures that Cjrand Opera Flouse TrLb5t'5 coir activity could continue during a period of uiiforeseen dilCUlty and a pi'oportion of reserves be maintained in a readily realisable fonn. The policy lakes into account. risks associated with each incomc and expenditure streain, planned activity levels and the orgaiiisation'8 planned commitments. HavingF considered the risks and the future plans for the charity, Ihe Tnjstees consider that the most appropriate level of reserves, excluding restricted and desigJnatLd reserves and unrestricted rcscrves committed on iangible fixed assets, should be kLPt at the level of £ I In. As at 31 March 2024. the group has total funds of £19,118,048 (2023.. £18.606,187), £12,962,112 {2023: £13.124,533) of which ar¢ restricted funds and not available for gcn¢ral pUoSe$ orth¢ cl)arity. The group has unrestricted funds of £6,155,936 (2023.. £5,481,654). of which £4,277,938 (2023.. £3,632,752) are designated for capital and major repair works. A portion of these funds have been Spent in respect of thc Ycstoration and developinent project in 2020 and 2021 and thc remainder will b¢ utilised for future capital and major repair works. or Ilie £1,877,998 (2023.. £1.848,902) undesignated unrestricted reserves, £504,103 (2023-. £475,007) has already been committed in respect of tangible fixed assets, resulting in an unspent unrestricted reserves balance of £1,373,895 as at 31 March 2024 (2023.. £1,373,895). The Grand Opera House Trust will strategically programme the Theatre to maintain the reserves level as detailed in the organisation's reserves policy. 10
GRAND OPERA HOUSE TRUST TRUSTEES? ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) TRUSTEES, ANNUAL REPORT (Continued) Plans for future periods 2026 will mark five yeais siiice the competition of ttie Theatre's £12.2 million restoration project. Aware of its responsibility as stewards of one of Northern Ireland's iconic buildings, the Trust is planning works in summer 2026 as part of its continued investment in the buildiiig. These will include SurfaCing the Theatre's stage and detailed ¢l¢aning of the auditorium's intricate plasterwork. After a successful first season of the brand-new programining stream. The Studio Series, the Trust will continue to develop the Series in the year ahead, to enable the Theatre to showcase even more work from local artists, writers and producers. Following the deiT]i5e of the UK Cross Border Touring Fund in 2020, which assisted the 'lrust in bringing national and international ballet cind opera companies to Belfast, tlie "fheatre will host The Nutorackcr, its first fully staged narrative ballet for three years, in 2025. The relum of this gJreatly missed element of the Irusl'8 programme amplifies the Grand Opera House's positioI) as a capital city venue, and Northem Ireland's I'remier Theatre. Coing eonccr Having reviewed the Trust's forecdSt5, taking into (1cCont changes in trading as a result of increased operational C05tS, (Ind having considered a nuinbLr ofscenarios, including reduced occupancy as a result of extLrnal factors, the 'frustee5 have a rcasonable expectaLion that there arc adequate re50urees in place to continue in operational existenLe fur the foreseeable future. The principal faclois underlyingy this judgcment. subject to n()rmal levels of cominercial risk in ihc Clirrent econoTn ic climate, include.. Current leve15 of Financial performance and re50urce% by coinparison with budgct expeclation%' Expecled revenues from Ihc planned programme for 2024125 and 2025126. Expected cash flows in respect of capital expeiiditure. and Rcceipt ofcontinued support from ACNI in 2024125 and 2025126. Approprialc financial strategies have been identified to manag¢ the financial sustainability of the Theatre. ALcordingly, Ihc Trust continues to adopt the gyoing concern basi5 ofaccounting in preparingy the annual financial statements. Disclosure of information to the auditor In 50 far as the Trustees are aware: Ih¢re is no relevant audit infomiation of which the charitable company's auditor is unaware. and the -frustee5 have taken all steps that they ought to have taken to make themselves aware of <iny relevant audit infornialion and to establish that the auditor is aware of that infonnation. This confinnation is given and should be interpreted in accordance with the provision5 of Section 418 of the Compani¢s Act 2006. 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.
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) TRUSTEES, ANNUAL REPORT (Continued) The Trns ees, Report was proved by Ihe Board and signed on its behalf by- s J Jones Chair Mr C Geoghegan Deputy Chair Date.. 24 September 2024 Date: 24 September 2024 12
GRAND OPERA HOUSE TRUST TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees (who are also directors of Graiid Opei'a House Trust for the purposes of coinpany law) are responsible for preparing the Strategic Report, the Trustees, Annual Report and the finaiicial slalemenls in accordance with applicable law and United Kingdom Accounting 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 statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure of the charitable company and group for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP- make judgment5 and estimates tliat are reasonable and prudent. state whether applicable UK Accounting Stand(Irds have beeii followed- and prcpare the findncial statements on tlie going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records tliat are sufficient to show and explain the company's trdns(ICtii)ns and disclose with rea4onable accurdcy at any tiine the tinaiici(il p()sition of the charitable coinpany and enable them to ensure that the financial st(Itements comply witli the Companies Act 2006. They are (ilso responsible for safeg)uardingT the asscls of the charitable con)pany and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. 'l-hL Trustees arc responsible fi)r the maintenaiice and integrity of the corpor(Ite and financial infonnation included on the charitable coinpany's website. Legislation in the United Kingdom govcrning the preparation and dissLmination uf financial staternet]ts may ditfer from legislation in other jurisdiLtiuns. 13
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPERA
HOUSE TRUST
Report on the audit of tht financial statements
Opinion
In our opinion the financial statements of Grand Opera House Trust (the 'charitable company,) and its
subsidiaries (the group)..
give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31
March 2024 and of the group's incoming resources and application of resources, including the group's
income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,
including Fin
INDEPENDENT AUDITOR?S REPORT TO THE MEMBERS OF GRAND OPERA HOUSE TRUST (Continued) Other information (continued) Our responsibility is to l'ead the other infonnation and, in doing so, consider whether the other infonnation is materially inconsistent witli the financial statenients or our knowledge obtained in the course of the audit, or otherwise appears to be materially Inisstated. If we identify such material inconsistencies or apparent material misstateinents, we are required to determine whether this gives rise lo a material misslateiment in the financial statements Ihernselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other inforinalion. we are required 10 report that fact. We have nothing to report in this regard. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the prepar¢ition of the financial stalements and for being sat15fied that they give a true and lair view, and for such intenial control as the Trnstees determine is nece55ary to enable the preparalion of financial statements that are tree froim malcrial misstatement, whether due to fraud or error. In preparing the financial stalements, the Trustees are responsible for assessing the group's and the Piirent charitable Lonipany's ability lo continue as a going concern, disc105ing, as applicable, matters reldtcd to gi)ing concern and using the going concerti basis of accounting unless tlie -1 ruslces eitlier intend to liquiddtc the group or the parent charitable company or to cease operations, or have no realistic alteriiatiVL but to do so. Auditor'5 responsibilities for the audit of the fjnancial statcment5 Our objeclives are to obtain reasonable assurance about whether the I'inancial st(itemcnts as a whole are frec from material m isstatement, whether due to fraud or error, and to issui an auditor's report that includi% our opinion. Rea50nablc assurance 15 a high level of assurance. but is not a gJuarantee that an audit coE]ducted in accordance witlI ISAS (UK) will always detect a material mi%8tatement when il cxists. Misstatements can arise from fraud or error and are considercd material if. individually or in the aggrcgale, they could reasonably be expecled to influence the economic decisions of users taken on the basis ofihese financial 5tatemenÈs. A further description of our responsibilities fur the audit of the financial statements is Ioc¢lted on the FRC'S website at.. www.frc.oro uklauditOl'5fLslloiisibi lities. This descriplion forms part of our auditor's report. EXtet to whieh the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regltlations. We dcsign procedures in line wilh our responsibilities, ouilined above, to detect niaterial misstatement8 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. We considered th¢ nature of the group's industy and its control environment, and reviewed th¢ group's documentation of their policies and proc¢dures relating to fraud and compliance with laws and regulations. We also enquired of managemcnt and the trustees about their own identification and assessment or Ihe risks of irregularities, including those Ihat are specific to the group's busines5 seclor. We obtained an understandiiig of ihe legal and regulatory frameworks that the group operates in, and id¢ntified the key laws and regulations that: had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, Charity legislation and the Charities SORP 2019; and do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's ability to operate or to avoid a material penalty. These included the Charity Commission for Northern Ireland {Charity Commission) regulations, Health and Safety legislatioii, Employment Law, Data Protection Act and Bribery Act. 15
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) We discussed ainong the audit engageinent team regarding the opportunities and incentives that may exist within the orgaiiisation for fraud and how and where fraud m ight occur in Ihe financial statements. As a result of perforniing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures perforined to address it are described below.. Revenue Recognition We assessed the design and implementation of key controls over the cut-off of revenue al year end. and We selected a sample of grant i-evenue recorded and traced to supporting documentation to ensure it had been appropriately recorded in the finanLi¢il slatements and pertormed a recalculation of a sample of deferred revenue to ensure it was appropriately recorded at year end. In cominon with all audits under ISAS (UK). we are also required to perfonn specific procedures to respond to the risk of Inanagenient override. In addressin¥ thc risk of fraud through management override uf controls, we tested the appropriateness uf journal entries and other adjustlT]ents' assessed whether the judgemcnts made in making accounting estiin(Ites are indicative of a potential bias- aTtd evaluated the busine55 rationale of any significaiit transactions ihat are unusual or outside the nonnal Course of busin¢ss. In addition to the above, oui. pi-ocedures lo respond to the risks identified included the following.. reviewingF financial statement disclosures by testing to supporting documentation to assess coinpliance with prov15ion.% of relev4int laws and regJulatinns desci-ibed as having a direct effecl on tlie financial stateinents- perforniing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material Tni88tatement due to fraud. enquiring of managJemenl concerning dclual and potential litigation and claims, and in.%lances of non- compliancL Wlth laws and rcgulatioiis- and rladtng minut¢% of meetings of ihose charged with governance and rcviewin(F coirrespondence with The Charity Commission for Northcrn Ireland. Repnrt on other legal and regulatory requirements Opinions on other matters prescribed by the Companies Aet 2006 In our opinioi), bkL8ed on the work undertaken in the couysc of the audit.. the iDfom)ation given in the Strategic Report and the Trustees, Annual Report for the financial year for which the financial statements are preparcd is consistent with the financial statements- and the Strategic Report and the Trustees, 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 environinent obtained in the course of the audit, we have not identified any material misstatements in the Trustee5' report. Matters on which we are required to report by exeeption Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion: adequal¢ accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the finaiicial statements are not in agreement with the accounting records and retums- or certain disclosur¢s of Tru5tees' remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit. We have nothing to report in respect of these matters. 16
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPERA HOUSE TRUST (Continued) Use of our report This report is made solely to the charitable company's membeis, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required lo slate to them in an auditor's report and for no other purpose. To the fullest extent permitled by law, we do not accept or assuine I'esponsibility to anyone other than the charitable company and the charitable company's membei's as a body, for our audit work, for this report, or for the opinions we have formed. n Starbuck FCA (Senior Statutory Auditor) for and on behalf of Deloitte (Nl) Liimited Statutory Auditor Belfast, United Kingdom Date- 17
GRAND OPERA HOUSE TRUST COINSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including consolidated income and expenditure account) For the year ended 31 March 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Notes Incoming from: Donations and legacies Charitable activities Other trading activities Investments 35.353 8,766,300 1,506.863 345,481 552,428 220,765 587,781 8,987,065 1,506,863 345,481 601.387 10,377,546 1,362,103 103.161 Total income 10,653,997 773,193 11,427,190 12,444.197 Expenditure on: Raising funds Charitable activities l.oss on disposal of fixed assets 1,414.090 8,565,108 517 162,795 705,264 67,555 1,576,885 9,270,372 68,072 1,440.861 9,893,445 Totyl expenditure 9,979,715 935,614 10,915.329 11.334,306 Net iTrcome/(loss) before tax 674,282 (162,421) 511,861 1,109,891 'l-axalion 13 Net iTrcoTnel(loss) for thc year 674,282 (162,421) 511,861 1,109,891 'I'ransfer bctween funds Net D]ov¢ment in funds 674,282 (162,421) 511,861 ,109,891 Reconciliation of funds Total fullds brought fOard 22 5,481,654 13,124,533 18,606,187 17,496,296 Total fund5 carried forward 22 6,155,936 12,962,112 19,118,048 18,606,187 Net income is derived from continuing operations in the current and prior year. There are no other recognised gains or losses other than those reflected in the statement above, and consequently no Statement of Comprehensive Income is present¢d. The surplus of the parent Charitable company for the year for Companies Act purposes is £511,861 (2023.. £1,109,891). As permitted by Section 408 of the Companies Act 2006, no separate Slatement of Financial Activities is presented in respect of the parent charilable cornpany. The notes oll pages 22 to 43 form part of the financial statements. 18
GRAND OPERA HOUSE TRUST Company Registration No: N1028078 CONSOLIDATED BALANCE SHEET As at 31 March 2024 Note 2024 2023 FIXED ASSETS Tangible assets 14 13,185,216 13,781,856 CURRENT ASSETS Stocks Debtors Investments Cash ai bank and in hand 16 17 18 22,225 143,022 9,500,515 1,683,080 24.743 97.327 7,850,508 1,316,944 11,348,842 9,289,522 CREDITORS"_ amounts falling due within one year 19 (5,416,010) (4,465,191) NET CURRENT ASSF.TS 5,932,832 4,824,331 NET ASSF,TS 19,118,048 18,606,187 FUNDS Restricted funds UnrestrictLd tunds 22 22 12,962,112 6,155,916 13,124,533 5,481,654 TOTAL FUNDS 19,118,048 18,60C),187 The fin(Incial staternenl% of QTraiid Opera House Tru%l (registered number N1028078) were approved and autliorised for issue by the Board of .1 ru.%lces on 24 Septcmbcr 2024. They were signed on its beh f by-. J Jones Chair Mr C Geoghegan Deputy Chair The notes on pages 22 to 43 form part of the financial statements. 19
GRAND OPERA HOUSE TRUST Company Registration No: N1028078 COMPANY BALANCE SHEET As at 31 March 2024 Note 2024 2023 FIXED ASSETS Tangible assets Investinents 14 13,185,216 i 00,00 I 13,781,856 i 00,001 13,285,217 13,881,857 CURRENT ASSETS Debtors Investments Cash at b(Ink and in hand 17 18 82,289 9,500,515 747,988 47,164 7,850,508 632,397 10.330,792 8,530,069 CREDITORS- amounts falling due within one year 19 {4.497,961) (3,805,739) NET CURRENT ASSETS 5,832,831 4,724,330 IYF.T ASSETS 19,118,048 18,606,187 FUNDS Restricted fuDd5 Unrestricted funds 22 22 12,962,112 6,155,936 13,124,533 5,481,654 TOTAL FUNDS 19,118,048 18,606,187 The surplu5 for thc financial year dcalt with in the financial statements of the parent LEndcrtaking was £511,861 (2023= £1,109.891). The financial .%tatement5 of Cirand Opera House Trust {regi8lcred number N1028078) were approved and authorised for issue by the Board of Trustees on 24 September 2024. e Signed on its beh by.. s J Jones Chair Mr C Geoghegan Deputy Chair The notes on pages 22 to 43 form part of the financial statements. 20
GIL4ND OPEtL4 HOUSE TRUST CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 March 2024 Note 2024 2023 Net cash flows generated from operating aetivities 25 2,012,655 1,194,140 Cash flows from investing aetivities: Interest from investments Purchase of tangible fixed assets Cash inflow from maturity of investments Cash outflow on deposit of investments 324,599 97.521 (321,111) (435,117) 4,350,508 6,250,979 {6,000,515) (7,850,508) Net cash flows used in investing activities {1,646,519) (1,937,125) Net increaS{deCrease) in cash at bank and in hand 366,136 (742.985) Cash at bank and in hand at beginning of year 1,316.944 2,059.929 Cash at bank and in hand at end of year 1,683,080 1,316.944 The note5 on pages 22 to 43 form Pilrt of the financial stateineiits. 21
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2024 COMPANY AND CHARITABLE STATUS Grand Opera House Trust, a public benefit entity, is incorporaied in Northern Ireland as a company limiied by guarantee not having a share capital. There are currently I l Trustees who are also members of the company. Each meinber has undertaken to contribute lo the assets in the event of winding up a sum not exceeding £ l. The charity is a registered charity (charity number NIC104605). The registered otrice is given on page l. ACCOUNTING POLICIES Basis of aeeounting The financial statements are prepared under the historical cost convention, in accordance with the Statement of R¢Lominended Practice"Accounling and Reporting by Chcirities" (SORP 2019} applicable to charities preparing their accounts in accordance with the Financial K¢porting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Companies Act 2006. The coinpany meets tlie definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exeinption available to it in respect of its sep(Irale tinancial stalcmcnts in relation to presentation of a cash flow statement. The principal accounting policies are set out below. 'fhey havc been applied Lonsistently tliroughout the currenl and preceding yeai-, unles5 Uthei'wise stated. Prep#ration ol fiiiancial statements- going concern Having reviewed the -frust's forecasts, taking into acc()unl clianges in trading as a result of increased op¢ralional costs, ¢ind havingJ considered a number ol- scenai-ios, includingJ rLduced occupancy as a result of extCiTtal factors, the Trustee5 have a reasonable Lxpcclation that tl)ere (Irc adequate resources in plaLe to continue in operalional exislcncc for the fore5Lcable future. The principal factors underlying tliis judgcinent, subject to nornial levlls of¢ommerci411 risk in ihe current economic climate, include= Currenl levels of financial performance and resources by comparison with budget expectalions- Expected revenues from the planned progyramme for 2024125 and 2025126. Expected cash flows in respect of capital expenditure- and Rcceipt of continued support from ACNI in 20245 and 2025126. Appropriate financial stralegies have been identified to managc ihe financial suslainability of ihe Theatre. Accordingly, the .1 rust continues lo adopt the going concern basis of accounling in preparing the annual financial slatement5. Basi5 of consolidation Con501idated financial statement5 have been prepared in respect of Grand Opera House Trust and its wholly owned subsidiary undertaking The Grand Opera House (Theatre) Limited. All intra-group transactions, balances, income and expenses ar¢ eliminated on coiisolidation. These financial slatements have been consolidated on a line by line basis and the results of the subsidiary undertaking are disclosed in note 15. 22
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 ACCOUNTING POLICIES (continued) Ineome IncoiMe is r¢cognised when the group and Trust has entitleinent to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably. Donations and legacies and the restoration levy are recognised in income when received. Revenue grants are recognised as income when receivable and income from ticket sales is recognised when received. Where payments are received from customers in advance of shows taking place, the amounts are recorded as detetTed income and included as part of creditors due within one year until the relevant performance date has passed. Income from trading activities is recognised as and when goods are provided to the customer or services have been providcd to the extent that there is a right to consideration. Inter¢st incume is recognised when receivable. Donated servi¢cs are recogni5ed on the basis of the value of the gTift lo the Trust which is the atmoui)t the .1 rust would be willing to pay to obtain the services of equiv(iILnl economic benefit on thc open In(Irket- a ¢Drrespvnding aiT]ount 15 thcn recognised in expenditure in thL pei'iod of receipt. Capital gJranls are recognised in the year of reLeipl and treated a% restricted funds with dLprLciation on Ihc relevant (i%sets charged dircctly to the re5triLtLd l.uiid in thc Consolidated Statemenl of Finiincial Aclivities. Resources expended Expenditure is recogni5ed once there is a legal or constructive obligation lo make a payment to a third party, it is probable that the settlement will be required aiid the amount of the obligation can be measurcd reliably. Expenditure is classified under the following heading%'. Expenditure on raising funds includes the co8ls incurred in generating income from trading activities including front of House scrvices, sponsorship and the Friends membership scheme. Expenditurc on charitable activities includes costs to deliver the theatre programme and education and outr¢ach activities. Support costs are those functions that assist the work of the Trust but do not directly undcrtake charitable activities. Support costs include govemance costs, general management and adrninislration costs, inforniation tcchnology and communications costs. property costs and depreciation. These cost5 have been allocated between costs of raising funds and expenditure on charitable activities. The bases on which 5UPPOrt Costs have been allocated to activity cost categories on a basis consistent with the use of resources, are set out in note l O. Fulld accounting The Trust's funds consist of unrestricted and restricted funds. Unrestricted funds may be used at the discretion of the Trustee5 to further the Trust's charitable purposes. Designated funds are funds set aside for specific purposes earmarked by the Trustees. They are utilised as required for the purpose for which they were created, and fonn part of unrestricted funds. 23
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 ACCOUNTING POLICIES (continued) Fund aecounting (eontinued) Restricted funds represent income received wliich is eaarked by the funder or donor for specific purposes. These funds are not available for the Trusle¢s to apply at their discretion. The purpose and use of the restricted funds is set out in the notes to the financial statements. Tangible fixed assets and depreciation A fixed asset is any item of expenditui'e which has a life expectancy (i.e. usage period) of Inore than one year, a measurable value in excess of £500 and provides a future economic benefit to the organisation. Expendilure on items with a life expectancy of one year or less are considered to be consuinable items and tire expensed in the yeai. in which they ocLur. Tangible fixed assets are stated at cost. net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than land, at ralcs calculated to write off the Lost, less estiniated i-esidual value, of each asset on a straight line basis ovcr its expected useful life, as follows= 'llJcatre restoration Thcatre extensiun 'ixlures, fittingJs & plant Computer equipment Website 2°/0 per (Innum 10/o- 50% perannum 20/0- 33.33 /0 per annum 25 /0 per annum The carrying values of tangible fixed assets are reviewed for impainnent wlien events or changes in ctrcuinstances indicalc the caryingT valuL may i)ot be rccovei7ble. Investmcnts In the Trust balance sheet, the investincnt in the sub8idiary is ITte(Isured at cost less impairnient. Stoeks Stocks are stated at the lower of cost and net realisable value. Provision is made for obsolctc. slow moving or defective iteins as appropriate. Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term current asset investments. Current asset iT]vestments comprise cash deposits and are measured initially at the cash aTnount on deposit and subsequently at the cash amount expected to be received. Operating leases Rentals under operating leases are charged to the Statement of Financial Activities on a 5traight-line basis over the lease term, even if payments are not made on such a basis. 24
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 ACCOUNTING POLICIES (continued) Pension scheme The Trust operates two group personal pension schemes. these are both defined contribution schemes whereby the assets are held separately from those of the Trust in an independently adn]inistered fund. Tlie amount charged to the Statement of Financial Activities in respect of pension costs is Ilie contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are included within accruals in the balance sheet. Financial instruments Financial assets and financial liabilities are i-ecognised when the group becomes party to the contractual provisions ot the instruments. All financial assets and liabilities are initially measured ¢it transaction price (including transaction costs), except for thus¢ tinancial assets cldssificd as at fair value through profit or loss, which are initially measured at fair value (wliich is n()rmally the tr(Insaction pricc excluding transaction costs), unless the arrangcment constitutes a financing tr<insaction. If lin arrangement constitutes a financing transaction, thL tinancial asset or financial liability ts measured at Ihe present value of the future P¢iymenls discounted at a market rate of interest for a similar debt instrument. The Trust and group only have financial ass¢ls and liabilities of a kind that qual ify as basic fin(Incial instruments. 13asic financial instruments are initially recogJnised al transaction value aiid subsequently measured at their settlement value. Financial a5set5 and liabilities are only offset in the Balance ShLet when, and only when tliere exi%ts a legally enforcLable riglit to set oft the re¢ognised amount5 and the company intends either to settle on a net basis, or to realise tlie asset and settle thc liability Simultaneously. Financial a5set8 are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the group traiisfers to another party substantially all of the risks and reward8 of ownership ol- the fin(Incial asset, or c) the group, despite having retained somc. but not all, significant risks aiid rewards of owncrship, has transferred control of the ass¢t to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharg¢d, cancelled or expires. Impairment of assets Assets, other than those measured at fair value. ar¢ assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairnient, an impairment loss is rccognised in the Statement of Financial Activities as described below. For financial assets carried at amortised cost, the amount of irnpairment is the difference 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 foi. a decrease in iinpairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impainnent loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. 25
GRAND OPEIU HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 ACCOUNTING POLICIES {eonlinued) Taxation The Trust is a charity fortax purposes in accoi'dance with Schedule 6 FA 2010 and is exempt from taxation on its charitable activities in accordance with Part I I Corpoi-ation Tax Act 2010. Current tax for the subsidiary undertaking, including UK corporation tax, is provided at amounts expected to be paid (or recovered) LEsing tlie tax rates and laws that have been enacted or substantively enacted by the balance sheet date. The trading subsidiary, The Grand Opera House (Theatre) Limited. has a policy of gifting its profits to the parenl charity every year where distributable profits exist. with no tax charge arising. Where profits are not gifted Éo the parent charity th¢y ¢ire subject to corporation lax. CRITICAL ACCOUNTING JUDGEMENTS AND KFY SOURCES OF ESTIMATION UNCERTAIIYTY In the application of the group's accounting policies, whi¢h are described in note 2, the Trustees are required to make judgements, esÈimate5 and assumptions abouÉ the carrying dmounts of assets and liabilities that (Irc not readily apparcnt from other sources. The estiniate5 and associated assumptions are based on historic(il expcrience and other fii¢lors Ihat are considered to be relevant. ActU(il re5ulis Inay diller from these estimates. The estimates and underlying assuinptions arc reviewed on an ongoing basis. Revisions to accounting cslimates are recognised in the period in which the estimate is revised if the revision atlects only th(It period, or in the period ol'- the revision iind fulurc periods if the revision aftects b()Ih current and luture PLriods. Crilicaljudgemenls in applying ihe group's accnunlinx policies -11]e following are the critical judgements, apart from those involving estimations (which are dealÉ with separalcly below), that the director5 have made ii) the process of applyingy the group's accounting policies and that have the most significant effect on the amounts recogniscd in the financial statements. Carrying volue of original iheatre prenzises A5 detailed in the Trustees, report, the frcehold and long leasehold interest in the original theatre premise5 belongs ID the Trust with onerous obligalions under a Declaration of Trust. Under the tcrms of the Declaration of Trust, the Trustees are obliged to retain the property in current use and are prohibited from an open market sale of the premises. Therefore only an existing use valuation of the premises is deemed appropriate and in the event of the Trustees ceasing to operate the premises it will be offered back to the Art5 Council for nil consideration. The Trustees have prepared cash flows for the foreseeable future taking into account income generated frorn the running of the Theatre, and are content that the Trust is a going concern. However, on the basis of these projections, and allowing for the obligations within the Declaration of Trust referred to above, the Trustees are of the opinion that the original Ihealre premises, does not have a present value in use. Accordingly no carrying value or depreciation in respect of the Trust's interest in the original theatre prernise5 is reflected in these financial statements. 26
GRAND OPEIL4 HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY {continued) Key source ofesliinalion uncerlainty- useful economic life and coirying valzie oftangible.fi.red assets The depreciation charg¢ in respect of tangible fixed assets is based on an estimate of the useful economic life of each asset, as detailed in the tangible fixed assets and depreciation accounting policy set out in note 2. If there is any indication that an asset may be impaired, determining the recoverable amount of the asset requires an estimation of its value in use to the group. The value in use calculdlion requires the entity to estimate the future cash flows expected to arise from the tangible fixed asset and a suitable discount rate in order to calculate present value. ANALYSIS OF INCOME FROM DONATION AND LF,GACIES Unrestricted 2024 Restricted 2024 Total 2024 Total 2023 Ilonations and legrficies Restoration levy income 35,353 35,353 552,428 45,310 556,077 552,428 35,353 552,428 587,781 601,387 The Trust applie% a voluntary restoration Icvy on all ticket sales which is restricted for investment in the preservation, improvement and enhancement of the historic listed building, stagc and m(iin auditortum fixtures and fittings. health and safety obligations and in all areas of custoiner %crvice to ensurc that the comfort and safety of all customer5 and visitors is maintained to the highest standard. 27
GIUND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 ANALYSIS OF INCOME FROM CHARITABLE ACTIVITIES Unrestricted 2024 Restricted 2024 Total 2024 Total 2023 Revenue grant income Arts Council of Northern Ireland Belfast City Council Other 206,880 206,880 375,880 6,364 i 0,000 i 0,000 216,880 216,880 3 82,244 Capital grant ineome Bclfast City Couiicil National Lottery Heritage Fund 3,885 3,885 478,930 3,885 3,885 478,930 Theatre production and perfomance Education and outreach 8,641,487 124,813 8,641,487 124,813 9.428,859 87,513 8,766,300 220,765 8,987,065 10.377,546 ANALYSIS OF INCOME FROM OTHER TRADING ACTIVITIES Unrestricted 2024 Re5trieted 2024 Total 2024 Total 2023 Bar and front of house sales Conference and events Sale of programmes and merchaiidise Sponsorship income ricnds scheme income 1,263,507 37,890 110,073 40.654 54,739 1,263,507 37,890 110,073 40,654 54,739 1,140,078 20,289 111,463 39,692 50,581 1,506,863 1,506,863 1,362,103 28
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 ANALYSIS OF INCOME FROM INVESTMENTS Unrestricted 2024 Restricted 2024 Total 2024 Total 2023 Interest froin investments 345,481 345,481 103,161 345,481 345,481 103,161 ANALYSIS OF EXPENDITURE ON RAISING FUNDS Unrestricted and total 2024 Unrestricted and total 2023 r(?nt ot-house serviccs Support costs (note l O) 913,827 663.058 793,066 647,795 1,576,1185 1,440,861 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVII'IES Aelivities undertaken direetly 2024 Support Total Total 2024 2024 2023 Theatre production and perfonnance Education and oulreach 7,079,747 201,451 1,856,562 132,612 8,936,309 334.063 9,596,890 296,555 7,281,198 1,989,174 9,270,372 9,893,445 Support costs are further analysed in note 10. 29
GRAND OPEIU HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 io. ANALYSIS OF SUPPORT COSTS 2024 Raising funds Theatre production & performanee 2024 Education & outreach Total 2024 2024 2024 Governance costs General manage1ent and administration IT and cornmunications Property costs Depreciation 10,144 28,405 2,029 40,578 160,087 51,382 229,025 212,420 448,240 143,871 641,271 594,775 32,017 10,277 45,805 42,484 640,344 205.530 916,101 849,679 663.058 1,856,562 132,612 2,652,232 2023 Raising funds Theatre produetion & performanee Education & outreach Total 2023 2023 2U23 2023 Govcrnance co%ts Gencral management and adininistratio I'l. and comTnunicalions I'ropcrty costs l)eprcciation 8,523 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 2,591,181 Support costs are allocated between the various activities on the basis of % area of the building in which these activities takc place - e.g. raising funds (hospitality) 250/, theatre production and performance 700/0, and education and outreach 50/0. 30
GRAND OPEII4 HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 NET INCOME/(LOSS) FOR THE YEAR Net income/{loss) is stated after charging.. 2024 2023 Depreciation of owned assets Loss on disposal of fixed assets Operating lease rentals 849,679 68,072 952 804,414 952 Auditor's remuneration fees payable to the Trust's auditor for the audit of the Trust's financial statements fees payable to the Trust's auditor for the audit of the Trust's subsidiary tees payable to the Trust's auditor for other services to the group - taxation services 9,000 8,400 9,000 8,400 4,900 .750 12. ANALYSIS OF STAFF COSTS, TRUSTEE RF.MUNERATION AND EXPENSES, AND THE COST OF KFY MANAGEMEiYT PERSONNFL Staff costs The average weekly number of employees (including full time, part tiille and c&%uals) was= Cjroup and Trust 2024 Group and Trust 2023 Techiiical Box office, marketing and stage door Bars and fronl of house Administration and support 21 21 55 16 20 50 16 113 107 Their aggregate remuneration comprised.. Group And Trust 2024 Group and Trust 2023 Wages and salaries Social security costs Pension 2,048.796 157,418 70,671 ,895,691 149,948 87,558 2,276,885 2,133,197
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL (Continued) 12. The pension expense, which is allocated to unrestricted funds, is allocated between the various activities e.g. raising funds (hospitality), theatre production and perfomian¢e, education and outreach and support costs on the basis of the area of the business in which personnel operate. The pei)sion expense allocaled to support costs is allocated between the various activities in ac¢oi'dance with the allocation basis set out in note l O. The above figures are stated before deduction of technical staff costs of £425,555 (2023.. £496,298) recharged to production companies. All employees are employees of Grand Opera House Trust. The Trust provides staff to The Grand Opera House (Theatre) Limited by way of a management charge. Employees are members of a group personal pension scheme, a defined contribution arrangement, to which the Trust contributes between 30/(k and 50/0 of pensiunablc salary. Pension contributioE]s outstanding at the year end were £7,903 (2023.. £8,528). The number of employccs whose emoluments, excluding pension contribution8 but including benefits in kind, were in exces5 of £60,000 was.. 2024 2023 £70,000- £80,000 £ i 00,000- £1 10,000 Key management personnel The key management personnel of the group and Trust, the Chief Executive and the Trustees, are listed on page l. The total compensatii)n (including pcnsion contributions. cxcluding social security costs) of the key managyemcnt personnel of the group and TrLESt for the year, totallcd £113,391 (2023= £108,062). The total social securily costs of th¢ key managFemeni personnel of the group and Trust for Ihc year totallcd £13,162 (2023= £13,133). Trustees, remuneration and expenses The Trustees were not remunerated in the year (2023= £nil). During the year no Trustees received reimbursernent (2023: £nil) in respect of expenses incurred. 32
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 13. TOTAL TAX CHARGE OF THE TRADING SUBSIDIARY FOR THE YEAR 2024 2023 UK corporation tax charge on profit for the year Total tax on profit on ordinary activities The difference between the total tax charge shown above and the amount calculated by applying the effective rate of U K corporation tax (2023.. standard rate of UK corporation tax) to the profit before tax is as follows: 2024 2023 Profit on ordin#ry activities before tax 64,989 64,235 Tax on profit on ordinary activiti¢s at the effective UK corporalion tax rale of 23.61 /0, redLEced trom 25 /0 after margiiial reltel-(2023.' standard UK corporation tax rate of19 per cent) 15,347 12,205 Effects of= Gill aid credit (15,347) {12,205} Total tax charge for thc year The Trust 15 a charity for tax purposes and is exempt from corporation tax on its charitdble activities. The trading subsidiary, The Grand Opera House (Thcatre) Limited, has a policy of gifting ils profits to Ihc parent charity every year where distributable profils exist, with no tax charge arising. Whcrc profits are not gifted to the parent charity tliey are subject to corporation tax. 33
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 14. TANGIBLE ASSETS Group and company Fixtures, rittings & plant Theatre restoration Theatre extensio Computer equipment Website Total Cost At l April 2023 Additions Disposals 10,473,79i 5.312,417 23,876 38,720 (23,876) 754,333 262,525 (16,922) 170,147 19,866 (6,200) 16,734,568 1103,191) IliO,189) At 31 March 2024 10,473,795 5,209.226 38,720 99(),()36 183,813 16.905,490 Depreciation At l April 2023 ChdrgL for year Disposals 1,218,322 644.497 1,256.443 77,384 (35.6361 23.876 928 (23.¥76) 344,099 94.828 116,922) 109.972 32,042 15.6¥3) 2,952,712 849,679 {82,117) Ai 31 March 2024 1,862,819 1.298.191 928 422,00) 136.331 3,720,274 Net book value AE 31 March 2024 8.610.976 3,911,035 37,792 577.931 47,482 13.185.216 At 31 March 202.3 9,2ii,473 4.055,974 410,234 60,17) 13,781.856 As dctailed in the'l rustccs. repoit, the freehold and long leasehold intere%t in the orig7ill411 theatre premises belongs to the .1 rust with onerous obligations under a l)eLlaration of Trust. The Trustees have prepared casli flows for the foresee(Ible future taking into account income generated from the running ofihe Theatre. On the basis of tliese prujections, and allowing for the obligations within the Declaration (If Trust, whilst the title of ihe original thealre premises is in the namL Ot the Trust, the Trustces are of the opinion that tlie original theatre premises, does not have a prescnt value in use. Accordingly no carrying value or depreciation in respccl of the 'frust's interest in the original theatre premises is refleclcd in these financial statcments. The Arts Council holds a deed of mortgage over the land relating to the site adjacent to the Theatre at l A Great Victoria Street, with combined freehold and long leaschold title, which was acquired on 31 March 2003 for the purpuse of Ihe theatre extension. In the event of failure to adhere to the mortgage conditions the original theatre will revert to the Arts Council of Northern Ireland for £nil consideration. 34
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 15. FIXED ASSET INVESTMENTS Subsidiary undertaking Company 2024 Company 2023 Cost At l April 2023 and 31 March 2024 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 regJistered in Northern Ireland. The principal activity of The Grand Opera House (Theati'e) Limited is the Lonlracting and staging of th¢ati'ical productions and the operation of ancillary service5 in the Grand Opera Ilouse, Cjreat Victori(I Street. Belfast, for arts and entertainment purposes. The result of the Trust's trading activities through ils subsidiary undertaking is detailed below. The Grand Opera Housc (Theatre) I,imited's taxablL profits are gift aided to -1 rust provided that sufficient distributable protits exist. 2024 2023 Turnover Cost of sales 10,223,666 10.830,648 (9,923,446) (10,481,126) Gross profit Administrative expen%es Other operating incomc 300,220 (306,269) 71,038 349,-fj22 (332,073) 46,786 Operating profjt Payment under gift aid 64,989 (64,989) 64,235 (64,235) ReÉained profit for the year The aggregate of the assets and liabilities was: 2024 2023 Current assets Current liabilities 5,254,997 (5,154,996) 4,316,953 (4,216.952) Net assets i 00,00 I 100,00 I During the year the subsidiary paid a licence fee and manageinent charge to Grand Opera House Trust of £3,138,995 (2023.. £2,974,429). This transaction has been eliminated on consolidation of the entities. 35
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 16. STOCK Group 2024 Group 2023 Bar Front of house Merchandise 12.535 9,690 10,293 7,751 6,699 22,225 24,743 There is no material difference between the balance sheet value of stocks and their replacement cost. 17. DEBTORS Group 2024 GrDup 2023 Company 2024 Company 2023 Amounts falliiig duc within one year.. Trade debtors Prepaym¥nl8 and accrued income 7,206 135.816 22,462 74,865 82,289 47,164 143,022 97,327 82,289 47,164 18. INVF.STMENTS Group 2024 Group 2023 Company 2024 Company 2023 Unlisted investments (cash on deposit) 9,500,515 7,850,508 9.500.515 7,850,508 36
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 19. CREDITORS: amounts falling due within one year Group 2024 Group 2023 Company 2024 Company 2023 Trade creditors other taxation and social security VAT payable Other creditors - third party sales Accruals Deferred income - advance sales sponsors Amount5- due to subsidiary undertaking 544,728 37.946 104.012 164,927 503,179 4,031.648 29,570 442,898 38,759 46,295 193,101 512.245 3,199,714 32,179 70,773 37,946 38,107 52,228 38,759 18,171 113,047 ,140 138,554 527 4,236,948 3,557,500 5,416,010 4,465,191 4,497,961 3,805,739 Deferred income Group 2024 Group 2023 klrollght forward Released in the ye¢ir l)¥lcrred in the year 3,231,893 3.358,892 (3,200,140) {3,358,892) 4,029,465 3,231,893 Carried forward 4,061,218 3,231,893 20. FINANCIAL IIYSTRUMENTS The carying values Df the group's and Trust's financial assets and liabilities carried at arnortised cost are summarised by category below.. Financial assets at amortised cost Measured at undi5counted amount receivable Group 2024 Group 2023 Company 2024 Colnpany 2023 Trade debtors (note 17) Cash Unlisted current asset investmenls (note 18) Unlisted fixed asset investments (note 15) 7,206 1,683,080 22,462 1,316,944 747,988 632,397 9,500,515 7.850,508 9,500,515 7,850,508 100,00 I i 00,00 I 11,190,801 9,189,914 10,348,504 8,582,906 37
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 20. FINANCIAL INSTRUMENTS (continued) Financial liabilities at amortised eost Measured at undiscounted amount payable Group 2024 Group 2023 Company 2024 Company 2023 Trade and other creditors (note 19) 1,212,834 1,148,244 4,420,768 3,748,282 1,212,834 1,148,244 4,420,768 3,748,282 Credif risk Credit risk is the risk that one party to a financial instrument will cause financial loss for the oiher paty by f4iiling lo discharge an obligation. Group policies are aimed at minimising such losses and require that deferred terms are only granted to Lustomers who demonstrate appropriate Piiyment history and satisfy credit worthiness procedures. (iiven that the majority of the group's sales are ticket sales payable at the tinie of booking, the group's exposure lo credit risk is nol significant. Liquiclity risk Liquidity risk is the risk that an entity will encounter difticulty in meeting its obligations. The group maintains regular contact witli its bankers and utilises online bamking systems to monitor cash flow peiformance to Inanage tlie gJr()up's liquidity risk. The group holds current asset iiivestments with a number of financial institutions to mitigate tlie risk further. 38
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 21. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Notes Ineoming from: Donations and legacies Charitable activities Other triiding 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 Total income 11,026,946 1,417,251 12.444,197 Expenditure on: Raising funds Charitable activities 1,281 11 9,031,953 159,750 861,492 5,440,861 9,893,445 Total expenditure 10,313,064 1,021,242 11,334,306 Net loss befor¢ tax 713,882 396,009 1,109,891 Taxation Net loss lor the year 713,882 396,00() 1,109,891 Transfer between funds Net moveThent in funds 713,882 396,009 1,109,891 Reconciliation of funds Total funds brought forward 4,767,772 12,728,524 17,496,296 Total funds carried forward 5,481,654 13.124,533 18,606,187 39
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 22. MOVEMENT IN FUNDS Unrestrieted funds- Group At l April 2023 At 31 March 2024 Income Transfer Expenditure General reserve fund 1,848,902 10,653,997 {730,607) (9,894,294) 1.877,998 Designated capital & major repairs fund 3,632,752 730,607 (85,421) 4,277,938 Total unrestrieted funds 5,481,654 10.653,997 (9,979,715) 6,155,936 Unrestrieted funds- Trust At l April 2023 At 31 March 2024 Income Transfer Expenditure General reserve fund 1,848,902 3,562,800 (730,607) (2,803,097) ,877,998 Designated Capital & major repairs tund 3,632,752 730,607 (85.421) 4,277,938 Tolal unrestricted fund5 5,481,654 3,562,800 (2,888,518) 6,155,936 40
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 22. MOVEMENT IN FUNDS (continued) Restricted funds- Group and Trust At l April 2023 At 31 March 2024 Income Expenditure Capital project funds Theatre extension fund Theatre restoration fund 4,055,974 5,359,807 (144,939) (359,987) 3,911,035 4,999,820 9,415,781 (504,926) 8,910,855 Equipment fund 6,595 3,885 {6.188) 4,292 Annual operating funds Annual core ()pcrating fund Education and outreach fund 206,880 10,000 (206,880) ( i 0,000) 216,880 (216,880) Restoration levy fund 3,702,157 552,428 (207,620) 4,046,965 Total restricted funds 13,124,533 773,193 (935,614) 12,962,112 General reserve lund The general reserve fund is available to be applicd at the discretion of the Trustees to any of the (irand OpLra House's activities. Designated capital & major repairs fund 1-his fund includes fund5 spent 01) the restoration project iE] 2020 and 2021, along with the related depreciation on the assets acquired with this fund, and funds available for future capital and major repair works. Theatre extension fund Include8 funding received by way of grants, donations and sponsorship from a variety of donors towards the extension of the theatre and the flattening of the stage within the Main Auditorium along with the relatcd d¢preciation on the assets acquired with this fund. Theatre restoration fund Includes funding received by way ofgrants towards the restoration and dcvelopment project undertak¢n in 2020 and 2021 along with the related depreciation on the assets acquired with this fund. Equiplnent fund Includes funding received from the Arts Council of Northern Ireland, Department for Communities and Belfast City Council towards capital equipment. Annual core operating fund Includes funding received from the Arts Council of Northem Ireland towards the core operating costs of the theatre. This grant is spent in the financial year in its entirety. Education and outreach fund Include5 funding received towards the costs of undertaking an education and outreach programme. This grant 15 spent in the financial year in its entirety. 41
GRAIND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2024 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, iinprovemenl and enhancement of the historic listed building, stage and Main Auditorium fixtures and fittings, health and safety obligations and in all areas of customer service to ensure that the coinfort and safety of all ¢uslomers and visitors is maiiitained to the highest siandaid. 23. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS FOR THE GROUP Unrestricted funds Restricted funds Total 2024 Group Fixed assets Current assets Current liabilities 1,626,248 9,945,698 (5,416,010) 11,558,968 1,403,144 13,185,216 11,348,842 {5,416,010) At 31 March 2024 6,155,936 12,962.112 19.118,048 Unrestricted funds Restricted Total 2024 Trust ixed a%%cls Current aggcls Current liabilities 1,726,249 8.927,648 (4,497,961) 11,558,968 1,403,144 13,285,217 10,330,792 (4,497,961) At 31 March 2024 6,155,936 12.962,112 19,118,048 24. FINANCIAL COMMITMENTS AND CONTINGENCIES Operating le#%e eommitments The total future minimum lease payments under non-cancellable operating leases are as follows: 2024 2023 Plant and machinery Leases which expire: Within one year Between one and five years 952 397 952 I,349 ,349 2,301 42
GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS {Continued) For the year ended 31 March 2024 24. FINANCIAL COMMITMENTS AND CONTINGENCIES (continued) Other Cornmitments exist arising out of contracts in the ordinary course of business in connection with guaranteed miniinum payinents relating to specific performances, the effect of which is not quantifiable. The DCAL grant administered by ACNI of£3,950,000 in 2003 in respect ofthe new building is repayable in certain circumstances, princip(Illy, if the Trust no longyer retains and operates the The4ltre, or if the Trusi disposes of the new building before March 2028. 25. RECONCILIATION OF NET INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES AND ANALYSIS OF CHANGES IN NET DEBT Reconciliation of net ineome to net eash flows from operating activities 2024 2023 Net income tor the year Interest from investments Dep,cIatIOn Loss on disposal of fixed assets (InLrcase}/decrease in debtors Decrease/(increase) in stock Iiicrea8c/(decrease} in creditors 511,861 {345,481) 849,679 68,072 {24.813) 2,518 950,819 1,109,891 (103,161) 804,414 223,236 (5,425) (834,815) Net cash flows generated from operating activities 2,012,655 1,194,140 Analysis of changes in net debt At l April 2023 At 31 March 2024 Cash flows Cash at bank and in hand ,316.944 366,136 1,683,080 ,316,944 366,136 1,683.080 26. RELATED PARTY TRANSACTIONS All transactions between the Trust and subsidiary, The Grand Opera House (Theatre) Limited, are eliminated on consolidation. The Trust ha5 taken advantage of the exemption grdnted by paragraph 33.1 A of FRS102, Related Party Disclosiires, not lo disclose Iransactions with its subsidiary company, The Grand Opera Hous¢ (Theatre) Limited. 43