GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) The Trustees (in their capacity as both Trustees and Dii'ectors) present their Trustees, annual report (incorporating the strategic report) for the year ended 31 March 2024. STRATEGIC REPORT Grand Opera House Trust ('the Trust'} is a charitable coinpany limited by guarantee and does not have share capital. It is recognised as a charity by the Charity Commission for Northern Ireland (charity registration nuiT]ber NICI 04605). Prineipal aetivity The Grand Opera House is a full time presenting theatre, the principal activity of which is to promote, maintain, improve and ddv(Ince the education of the Northern Ireland public in the arts. The Trust promotes a wide range of artistic activity in the main auditorium and The Studio. Objectives and aetivities The Trust was established to "proinote, maintain, improve and advance the cducation of thl public of Northern Ireland in the arts (including tl)e art of drama, operatic arts, other peiforming iirls and the Visuiil arts.) at the Theatre" Tlie (irand Opera House is Nurtbem Ireland's premier presenting theatre, presenting an outstanding progvrammc aiid showca5ingJ ihc best in musiLals, ballet, opera, drama, comedy, danLI, locally created work, family shows and presentingy one ofihe most historiL dnd longest pantomiine I'uns iii the UK and Ireland. The mission of tlie Grand Opera House 18 to "create and deliver extraordinary experience5 for everyone" To deliver its mission and aims, the .1 rust has adopted a strategic approach, which consists ofthree strategic pillars, namely, as follows- Customer expcrience creating and delivering extraoi'dinary experiences for our customers, whether they are audience5, Vl.8itors, sponsors or production companies; Stakeholdcr engagyement scrving our sector and community through education, outreach and development activities- and Organisational excellence - operating to high quality, value lor 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 reputation nationally and internationally. To exercise respoiisible stewardship of our landmark building. To matnlain 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 staff of the Grand Opera House are committed to creating and delivering extraordinary experiences for everyone by providing an excellent service. We acl wilh integrity at all times, respect our stakeholders, customers and employees, are professional in our planning and delivery and work together in partnership with others, both internally and externally, 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 (eontinued) Public benefit The direct benefits to the public in Northern Ireland which flow from the Trust's purpose include.. The education of audiences through high quality theatri¢al perfonnances and participation in the Theatre's creative learning programme involving schools, community groups and individuals, including workshops, professional classes, and talkslseminars. Tlie enrichnienl of lives through increiised awareness, iinproved knowledge, understanding and appreciation of the performing arts acros5 41 wide range of genres. 'l-he dcvelopment of new skills {creative, perform¢¢ and technical skills) and personal development e.g. via participation in the Thedtre's cominunity engageinent activities. such as the Summer Youth Produclion. Enhanced (Iccessibility to the perforniing arts for people from disadvantaged areas and requiring assistdn¢e to attend thc Grand Opera Flouse. As well as continuing7 its popular series ot- dementia-friendly cinema screeningFS, the Trust also staged 33 signed, audio described, captioned and relaxed perfomiance5 during the year. In setting7 tlie objectives and planning the activities for the year, the Trustees have given careful consideration to the Charity Commis8ion for Northern Ireland's guidance on public bLnefit to ensure ihat the activities h(Ive helped to achieve the 'J'rust's purpose and provide a benefit to the beneficiariL%. The public in Northcrn Ireland beiiefitted from the Trust's activitie% during the year through the presentalion of a high-quality PLrtomiance progJramme, which encompassed ihc full rangJe ol the performing art%, both on the InainstagFe as wcll as in smaller pr(Hluctions in The Studio. Thcre is no other theatre in Northem Ireland that can stage the large-scale and technically deinanding shows that fe(Iture in the The(ItrL s programme which altrncted over 314,000 peoplL in 2023124. AIongJside th¥ programme of profcs.8ional touring productions, the 'l'heatrc otyered amateur and community groups, and local artislLS, the opportunity to perform on one of the most historic and iconic slages in the IJK and Ireland, as well as in Th¢ Sthdio. The Trust's prolific creative leaming department delivered a bu%y programme of perfomiance related workshops for all age5 and abilities, within the Grand Opera House and beyond, schooveducational focused initiatives, as well as a programrne of events with broad appeal to all the communities of Northem Ireland. In 2023124 the Trust's creative leaming programme engaged with over 4,200 people. The Trust's perfonnance programme is created to appeal to the broadest possible range of interests, tastes and ages, and consideration is always given to a range ol prices to encourage attendance. The Grand Opera House is an historic listed building and its history, heritage and its key role in the life of Belfast is shared with as many people as possible Ihrough talks and a number of informative backstage tours. 64 Theatre tours with 1,021 participants were delivered in 202312024. The Trust provides a range of platforms aimed at encouraging the perfonners of tomorrow as well as delivering initiatives aimed at developing performance skills and contidence, including its annual su1mer Youth Production the largest of its kind in Northern Ireland. In July 2023, the Trust produced a production of Oliverl which featured 169 young people aged l O to 18. The Trust has created several opportunities aimed at appealing to people and communities who would not otheNiise engag¢ with the Theatre or the arts, both through the performance programme a5 well as through its range of creative learning tnitiatives. To ensure that the Grand Opera House is accessible to people with disabilities the Theatre promotes a hugely succ¢ssful 'Access for All, scheme, which had 2,737 members as at 31 Mai'ch 2024.
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Objectives and activities (continued) Public benefit (continued) The perfomers appearing as part of the Grand Opera House's programme may have benefitted froin exposure lo a wider audience, which may have enhanced their reputation, however, this was incidental to the acl)ievement of the Trust's purpose ot'educating the publi¢ of Northem Ireland in the arts. Achievements and performanee Key performance indicators The key performance indicators for the group are as follows: 2024 353 54 2023 344 48 84% 292,000 No. of perforn]ances in the Main Auditorium No. of shows in thc Main Auditorium /0 total ocLup(Incy No. of tickets sold in the Main Auditorium 294,000 202312024 represLnlcd another extr(iordinary year uf theatregoing¥ at the Cjrand Opera House, buth in the ternis of the quality of the perforinance programme, and ihe number of people attendingi tlie line-up of shows. With uver 314,000 people through the doors, and with an average attendance of 83 % (the IJK average for subsidi5ed mLinbers of UK Thedtre 1.% 63 /0. sourcc UK Theatre), the success of tlie year reaffirn)s the Grand Opera House's position, not only a5 Northern Ireland's Premier TheatrL, but also as its leading arts organisation. The public's appetite for large-scalc, West End shows continues, and titles such a5 -1-itanic. SIX, The King and I, -Ihe Rocky Horror Sliow, Dirty Dancing, The Bodyguard, 42nd Street, ai)d The Drifters Cjirl. Buddy - 'lThe Buddy Holly Story, and An Officer and a Gentleman brought in over 77,000 people, with 9,973 new bookers. It was particularly pleasing to see more touring dramas become available following a reduced number in the period following Covid. The quality of the Olivier-awarding-winning production of The Life of Pi, was matched by the enduring popularity of l-he Mousetrap, the West End srnash-hit 2.-22 A (ihost 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 stage to local productions, the Trust's programme also included A Happy Medium, 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 Theatre also continued ils association with Northem Ireland Opera with a sell-out run of Puccini's Tosca, supported by an extensive education and outreach prograinme, and two of Northem Ireland's leading non- professional musical societies also staged shows.. Ulster Operalic 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 Spongebob Musical, Demon Dentist, Annie, the Northern Ireland premiere of the worldwide smash-hit show, Bluey, as well as Madagascar the Musical.
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC 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 Almond, Cara Dillon, Group Acrobatique de Tanger (all three appeared as part of the Belfast International Arts Festival), Vincent Simone's Tango Passions, an audience with David Suchet, and comedians Colin Murphy, and Shane Todd wiih 16 performances 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 perfonnances, the Theatre's annual production the biggest of its kind in Northern Ir¢land- is now firmly cstablished as one of the most successful youih productions in the UK and Ireland. Attracting, generations of families siiice the Theatre opened in 1895, no Grand Opera House season would be coinplete without tlie Tjieatre's extravag)ant annual pantomime, Northern Ireland's biggest Christmas show. The productioii of Snow White 4ind the Seven Dwcirfs. which ran for six week5, was the most successful pantomiine in the'l-heatre's history. T()ward8 the end of the tinancial year, the Trust a150 created a brand-new programme stream, aimed at showcasing the work of l()cal produLer5, artists and production cumpanics. The debut of The Studio Series, held in the Theatre's 123-5eat second SP<tLe, was the Northem Ii'eland OperalGrand Opera House co-production of Cupid's Bow, aiid 'l'hL Juniper Tree. 'Ihis was followed by Amanda Vci'laque's poignant and challenging play, 'I'his Sh*1 Ilappens All thL Time, produced by the (irand Opera H()118c Trust. A core public benefit ot the Trust is Ihc delivery of it5 engaging education and outreach progratnmc. Alongside a bLlSy programme of backstag¥e tours for the general public, schools and community groups, during the year, the Tl)calre's creative IL'arning team delivercd projects including silly Moos (in partnership with Arts & Business, and Dale Farni), (Ittendcd by 727 Schoolchildren, its first evcr workshops with l)ivcrse Youth, and Northern Ireland's first workshop for Dldeaf perforn)ers, in association with Cr8 Theatre and deaf artist Paula Clarke. All of the Theatre's successes in 202312024 were delivcred against the backdrop of a furtl)er reduction in the Thcatre's public annual subsidy of £169,000 to £206,880, thc lowcst on record and from a high of £673,554 a decade ago. Although ihe reduction pre%ented the Theatre with several challenges, especially againsl rising costs, the Trust is grateful to Ihc Arts Council of Northern Ireland for ils continued support, and the Grand Opera l.louse Staff for their unwavering cominitment and focus in delivering an unrivalled performance programme, and prolific creative learning activities. Financial revieTrv The consolidated Statement of Financial Activities for the year 15 set out on page 18. The Balance Sheet showing the con501idated position at 31 March 2024 is 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 (INCORPORATING THE STRATEGIC REPORT) STRATEGIC 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) Total incorne Income froin charitable activities decreased due to the Inix of the show progr(Imme, with a l(Irgcr number of local pruductions in thL current year. Income from investments inLreased due to th¢ increase iii int¢r¢sl rates throughout the ycar. Income from chariti]ble aetivities To advance the education of the public of Northern IIEland in the Arts, the (¥f(Ind Opera House aims to deliver a varied programine, wilh a mix of the arts, (Ind to dcliver the highest quality artistic productions in an accessible way to the widest POS5ibl¢ audience. Income frvtn charitable activities il)erefore L(Insists of incoine generated from th¥alre production and progiramTning, education and outreach work and revenuL and capital gsrant incoine. An annual grant from the Arts Council of Northem Ireland (ACNI) is of central importance to the Grand Opera House. In 2023124 revenue grant funding was gratefully receivLd froill tlie Arts Council of Northern Ireland of £206,880 {2023.. £375,880). In 2023124, a £1 0,000 revenue gFfiint was also gratefully received from Arts & Business Northern Ireland to deliver a schools project in partnership with Dale fatTh. In 2023124, a £3.885 capital grant was also grateIlY received from Belfast City Council for access equipment (2023.. £6,364 revenue grant to deliver a community project). Income from other trading activities The Trust's wholly-owned subsidiary, The Grand Opera Holise (Theatre) Limited, generates the majority of the income from other trading aclivities through ancillary theatre activities including bar and front of house sales, onference 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 preservation, improvement 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 comfort and safety of all customers and visitor5 is maintained to the highest standard. This voluntary restoration levy income is 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 subsidiary, 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 its 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 use of th¢ Theatre. The management charge and licence fee for the current year was £3,138,995 (2023- £2,974,429). The profit of ihc subsidiary for the fin¢in¢ial year was £nil (2023: £nil). The subsidiary has a policy of gift aiding any taxable profits to tlie Trust where dislributable profils exist. In the current year profits gift aided to the Trust were £64,989 (2023.. £64,235). Principal risks and unccrtainties The I rust has a risk Inanagement str(Itegy which comprises= An annual review uf the risks the Trust and its subsidiary, The Grand Opera House (Theatre) Limited, may face; 1ThL establishment of systems and procedures to mitigJate those risks- and The implementation ot procedures de%igncd to rninimise potential impact should those risks materialise. This work has identified that financial sustainability is the major financial risk for both the Trust and its subsidiary. Appropriate sttategics including strategyic planning in respect of the prog7ramme and budget and business planning have been identified to manage the financial sustainability ofthe Theatre. Thc group's strategy is to follow an appropriate risk policy. which effectively manages exposures relatcd to the achievement of the organisation's objectives. The key risks which management face are as follows.. Bu.yine&s performance ri.sk Business perfonnance risk is the risk that the group may not perforni as expected either due to intemal factors, including availability ol the premises, extemal faclors, such as the rising cost of living and impact of the war in Ukraine, or due to compelitivc pressures in the market in which it operates. The risk is managed through a number of measures.. ensuring the appropriate managFemenl team is in place. budget and business planning, monlhly reporting and variance analysis. financial controls. key performance indicators; and regular forecasting. Busine.Ys continuity risk The group ensures that there is adequate knowledge throughout the management team and sufficient IT support and business continuity plans in place should an unforeseen event occur. Healih and safety risk The group is committed to ensuring a safe working environment. These risks are n]anaged by the group through the strong promotion of a health and safety culture, extensive safety training and well-defined health and safety policies. Financial and business confrol Strong financial and business controls are necessary to ensure the integrity and reliability of tinancial and oiher infonnalion on which the group relies for day-to-day operations. external reporting and for longer tenn planning. The group exercises financial and business coiitrol through a combination of qualified and experienced financial personnel; perfomiance analysis; budgeting and fore¢asting; and clearly defined approval limits.
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Principal risks and uncertainties (eontinued) Envii'onmenlal risk The group has established clearly defined policies and procedures to enable compliance with environmental best practice and legislation. The group is committed to protecting the envii-onment in which it conducts its activities. Financial risk management The group's principal financial instrumcnts coinprise cash, current asset investments, trade debtors and creditors and certain other debtors, creditor5 und accruals. -11)e main risks associated with these financial assets and liabilities are set out below- Credif risk Credit risk is the risk that one party to a financial instrument will cause finthcial loss for the other party by failing to discliarge (In obligation. Group policies dre (limed at minimising such losses and reqiiire th(It deterred tem]s ale only griintcd to custoiners who demon5trdtc appropriate payment history and satisfy Lredil worthiness procedures. Given that the majority of the group's sales are ticket sales p(iyablc at the time of booking, Ihe group's exposure to crcdit rtsk is iiot sigJnificant. The credit risk on liquid funds is l iinited because the counteTpartlLS are banks with high ldit ratings assigned by inlernalional credit-rating agencies. Liquidily i'i.sk Liquidity risk is the risk that an entity will encounter difficulty in meeting its obligations. The group maintains regular contact with it5 bankers and utiliscs online banking syslcms to monitor cash flow PLrformance to manage the group's liquidity risk. The group holds current asset investmcnts with a number of financial institutions to mitigate the risk further. Health and safety The Chief Executive is responsible to the Board for health and safety matters and reports rcglllarly to tbe Board of Trustccs. An external health and safety audil was carried out in 2023124 and achieved a salisfactory result. Friends of the Grand Opera House We are grateful for the continued support of our Friends, of which there were 1.153 (2023.. 1,252) as at 31 March 2024. The Stra ic Report was proved by the Board and signed on its behalf by.. J Jones Chair an Deputy Chair Date.. 24 September 2024 Date: 24 September 2024
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) TRUSTEES, ANNUAL REPORT The Trustees {in their capacity as both Trustees and Directors) ar¢ pleased to present their annual report together with the consolidated financial statements of Grand Opera House Trust (the Trust) and ils subsidiary undertaking, The Grand Opera House (Theatre) Limited (the Theatre), together with the report of the independent auditor for the year ended 31 March 2024. Structure, organisation and management Grand Opern House Trust is a charitable coinpany limited by guarantee and does not have share capital. The Board of Trustees, which adminislers the Tiwst, meets biiMonthly and there are various other committees covering Audit, Risk and Govemance, Planning and Fin(Ince. and Human Resources. Trustees are appointed to committees based on their skills. The Trustees elect one of theii. number as Chair. A Chief Exccutive is appointed by the Tiust to lead and manage the i)perations of the Trust and the settiD¥ of the prograrnnic of perfunnances. To fiicilitate effective operations, the Chiet Executive has delegatcd authority, within terms uf delegation approved by the Trust, for operational matter5 including finance, employment and artistic perforniance related activity. J'he Chief Executive is also responsible for implementing the 5lralegic and business plans of the Trust. Appointment of Trustees The Articlcs of Association direct that the Board of Trustees shall not exceed thirteen. At each Annual Cjeneral Meeting, those Truslees who have hcld olCe for a pcriod of four years are required to retire from oifice. Trustees are pLrn)itted to offer therns¢lvLS for re-election provided they h(Ive not served more than eight years previously. Trustee.8 are also elected directors of the subsidiary company. A list olTrustees who sei'ved during the financial year aiid subsequently is noted OD P(Ig¢ l. Mr Colin Loughran resigned a5 Chair and a-l'rustce on 26 March 2024. Ms J Jones was appointed as Deputy Chair on 20 June 2023, resigFned as Deputy Chair on 26 March 2024 and was appointed as Chair on 26 March 2024. Mr C Cjeoghegan was appointed as Dcputy Chair on 26 March 2024. Mr B Filzpalrick and Mr R Rana resigned a5 Trustees on 12 December 2023. Mr R Ennis and Ms N Mcveigh were appointed as -frustees on 12 December 2023. Trustee induction and training New Trustees meet with the Chair and the Chief Executive to be appraised of the Trust, its stCtUre, its governance, the content of its Articles of Association, the committee decision making preSs, the business plan and recent operating and financial performance. New Trustee5 are also given guided tours of the Theatre and afforded the opportunity to meet key staff. Trustees are encouraged to attend perfonllances at the Theatre. Key managen]ent remuneration policy The key management personnel of the group and Trust, the Chief Executive and the Trustees, are listed on page The Trustee5 are not remunerated for their services. The r¢muneration for key management personnel is deterniined by Ihe T51 following review of performance appraisals and benchmarking.
GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPOIUTING THE STRATEGIC REPORT) TRUSTEES, ANNUAL REPORT (Continued) Equal opportunities The Trust is committed to a policy of equal opportunity for all across its employment practices and its activities. In addition the Trust has a progressive policy to accommodate as many customers with disabilities as can be achieved using its available resources, with large print materials, signed performances, captioned performances, audio described perlormances, carer concessions and special access lo parts of Ihe auditorium. Fixed assets The Trust 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 Declaration of Trust between the Trust and the Arts Council lor Northem Ireland, the primary conditions being that the Trust must coiitinue to use the Theatre as a venue fi)r perfonning arts and mainlain it in good repair at all tilnes dnd lurther ensure that it complies with the conditiun5 and obligations applicable to d listed building, and other 5tatulory regulation5. The movenieiits. in fixed assets in the year are set out in nut¢ 14 to the financial statements. The Trust invested £321,111 (2023.. £435,117) in Lapital expenditure during Ihe year. Reserves policy The .1 rust ha8 an agreed reserves policy which requires rcscrves be maintained at a level which ensures that Grand Opera Huusc Trust's core 4lLtivity coiild continue during a period of unforeseeii difficulty and a proportion of Teserves be maintained in a readily realisable forni. Tlie policy takes into account; risks associated with each inconie and expeiiditure slream, planned activity Icvels and the organisation's pl4inn¢d commitments. Having considered the risks and the future plans for the charity, the Trustees consider that the most appropriate level of rc%ervcs, excluding Irstricted and designated res¢rves and unr¢stricted reserves committed on tangiblc fix¢d asset%, should be kept at the Icvcl ot £ I m. 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 are restrictcd funds and not availabl¢ for general purposes of the charity. The group has unrestricted lunds 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 the restoration and development project in 2020 and 2021 and the remainder will be utilised for future capital and major repair works. Of the £1,877,998 (2023.. £1,848,902) undesignated unre8tri¢ted 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 yea13 since the competition of the Theatre's £12.2 million restoration project. Aware of its responsibility as stewards of one of Northeim Ireland's iconic buildings, the Trust is planning works in suminer 2026 as part of its continued investment in the building. These will include resurfacing the TheaÉre's stage and detailed cleaning of the auditorium's inlricaÈ plasterwork. After a successful first season of the brand-new programming 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 demise ofthe UK Cr05s Bordcr Touring P'und in 2020, which assisted the'frust in bringing national and international ballet and opera coinpanies to Belfast, the Theatre will host "I'he Nutcracker, its first fully staged narrative ballet for three ycars, in 2025. 1.he return of this greaily missed element of the Trust'.8 progranime amplifies the Qirand Operd House's position as ¢1 L¢iPltal city venue, and Nortliem Ireland's Premier Theatre. Going concern H(Iving reviewed the Trust's forecasts, taking into account cl)anges in trading as a result of increased operational 0.5ts, and having considered a Dumber ot scenarios, including reduced i)ccupancy as a result of extcrnal factors. the 'l'rusleLS havc a reasoT)able expL¢lation tl)at there are adequate I'esuurccs in place to continue in operational existen¢e for IhL toreseeable future. The princip(Il faclors underlying this judgement, subject to nornlal levels of commvrcial risk in the current economic climate, include.. Current levcls of financial perfurmance and resources by comparison with budget expectations. Expected revenues from the planned programme for 2024125 and 2025126. Expected Cdsh flows in respect of capital expenditure; and Rcceipt of continued support from ACNI in 2024125 and 2025126. Appropriate financial strategic8 have been idcntified to manage the financial sustainability of the Theatre. Accordingly, the Trust continues to adopt the going concern basis of accounting in preparing the annual financial stalements. Disclosure of information to the auditor In so far as the Trustees are aware: there is no relevanl audit information of which the charitable Company's auditor 15 unaware. and the I rustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforn)ation and to establish that the auditor is aware ofthat infomation. This confinnation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006. Auditor A resolution for the reappointment of Deloirte (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 Tru ees. Report was proved by the 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