IINDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPERA HOUSE TRUST Report on the audit of the finaneial 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 stale 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 Ihen ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and h(Ive been prepared in accordance with the requirements of the Companies Act 2006. We h(Ive audited the financial statements which comprise- tlie Consolidated StalLment of Financial Activities- the Consolidated and Comp¢iny Balance Sheet5. the Consolidated Cash Flow Stiltement. and the related notes I to 26. The financial reporting framework that has becn applied in their PlEparation is applicable law ¢lTtd lJnited Kingdom Accounting Standards, includingJ b'inancial Reporting Standard 102"The Financial ReportingJ Standard applicable in the U K lind Republic of Ireland" (United Kingdom Generally Acccpled Accounting Pr4lCtice). Basis for opinion We conducted our audil in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our rc8ponsibilities under Ihose standards are further described in the auditor's rcsponsibilities ror the audit of the financial statements 5e¢lion of our report. We are indepcndcnt of the group and of the parent charitable company in accorddnce with the ethical requireinents ihal are relevant to our audit ofthe financial statements in thc IJK, including¥ the P inancial Reporting Council's (the 'fRC's') Ethical Standard, and we have fulfilled our other ethical responsibilitics in accordance with these requircments. We believe that ihc audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating Éo going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial stateinents is appropriate. Bascd on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the group's and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial Statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other informatio The other infonnation comprises the information included in the annual report. other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other infomialion Contained within the annual report. Our opinion on the financial statements does not cover the other infoiThalion and, except to th¢ extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. 14
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPERA HOUSE TRUST (Continued) Other information {continued) Our responsibility is to read the other information and, in doing so, consider whether the other inforniation is materially inconsistent with the financial slalements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misslated. If we identify such material inconsistencies oi- apparent material misstatements, we are required to detemiine whether this gives rise to a matei'ial misstatement in the financial statements themselves. If, based on the work we have performed, we conclude thai there is a mat¢rial misslateinent of this other information, we are required to report that fact. We have nothing to report in Ihis 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 coinpany law) are responsible lor the preparation of tl)e financial statements and for being satisfied that they give d true and fair view, and for such internal conlrol as the Trustees determine is necessary to enable the preparation of tinancial statement5 that are free from material misstateiT]enl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent cl)aritable company's ability to contiiiue ¢ts a going concern, disclosing, as applic¢ible, matters reldtvd to going concern and using the going concerti basis ol- accounting unless the Trustees either intend to liquid(Ite the group or the parent charitable coinpany or to ceiise operations, ur havc no realistic altern(Itivc but to do so. Auditor's responsibilitie5 for the audit of the financial st¥tements Our objectives are to obtain reasonable assurance about whether the finai)cial stdlcments as a whole are free from material misstatement, whciher due to fraud or error, and to issue an auditor's report that iiicludcs our opinion. Re(150nable assurance is a high level of assurance, but [% not a guarantee that ¢lll audit cOndCted in accordance with ISAS (UK) will always detect a malerial misstatemcnl when it exists. Mi55tatemenls can 4irisc frorn fraud or error and are considered material if, individually or in the aggregate, tl)ey c()uld reasoiiably bc expected to influcnce the economic decisions of users taken on thc basis of these financi(il statements. A further description of our responsibilities for the audit of the financial statements is located on the FRC'S websitc at.. www. fi'c.oro uklaudiloi'sre%ponsibil ities. 'fhis description fonns part of our auditor's report. Extent to which the audit was eonsidered eapable of detecting irregularities, including fraud Irrcgularities, including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlincd above, to detcct material misstatemcnts in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed bclow. We considered the nature of the group's industry and its control environment, and reviewed the group'5 docuinenl2lion of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquircd of maiiagement and the trustees about their own identification and assessment of Ihe risks of irregularities, incliiding those that are specific to the group's business sector. We obtained an understanding of the legal and regulatory frameworks that the group operates in, and identified the key laws and regulations that.. had a direct effect on Ihe detemiination of material amounts and disclosures in the financial statements. These included UK Coinpanies Act, Charity legislation and the Charities SORP 2019. and do not have a direct effect on the financial statements but compliance with which niay be fundamental to the group's ability to operate or to avoid a niaterial penalty. These included the Charity Commission for Northem Ireland (Charity Coinmission) regiilalions, Health and Safety legislation, Employment Law, Data Protection Act and Bribery Act. 15
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GIL4ND OPERA HOUSE TRUST (Continued) Extent to which the audit was considered capable of detecting irregularities, including fraud (continued) We discussed among th¢ audit engagemeiit team regarding the oppoitunities and incentives tliat inay exist within the organisation for fraud and how and where fraud might occur in the financial siatements. As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures perfoi'med to address il are described below: Revenue Recognition We assessed the design and iillplementation of key controls over the cut-off of revenue at year end; and We selected a sample of grant revenue recoi-ded and traced to supporting documentation to ensure it had been appropriately recorded in the financial statemenls and performed a recalculation of a sample of deferred revenue to ensure it was appropriately recorded at year end. In common with all audits under ISAS (UK), we are also required to perfomi specific procedures to respond to the risk of m(Inagement overridL. In addressing the risk or traud through management oven'ide of conÈro15, we tested the appropriateness of journal entries and other adjustrnents. as5e55ed whether the judgements made in making accounting estim¢lt¢s arc indicative of a pi)tenlial bias- and evalualcd the business rationale of any signifiL(Int transactions that are unusual or outside the normal course ot-business. In addition to the above. our procedures to r¢spond to the risks identificd included the following: reviewingF financial statemenl disclosures by testin(J t() supporting documvnlation to assess compliance with provisions of relevclllt laws and reg)ulation5 dLscribcd as having a direLI LIYect on the financial statemcnts; pcrfonning analytical procedure5 to identify any unusual or unexpected relationships that Inay indicate risks of material misstateillent due to fraud. enquiring of man<igFernenl concerningi actual and potential litigation and claims, and instances of non- compli(Incc with laws and regulations- and reading minutes ot meetiilgs of tho%e charged with governance and reviewing correspondencc with The Charity Commission for Northern lirland. Report on other legal and regulalory requirements Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based 011 the work undertaken in the course of the audit= the inforn)ation given in the Strategic Report and the Trustees, Annual Report for the financial yeai. for which the financial statemcnts are prepared is cunsistent 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 environment obtained in the course of the audit, we have not identified any material misstatements in the Trustees. report. Matters on which we are required to report by exception Under the Coinpanies Act 2006 we are required to report in respect of the following matters if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with tlie accounting records and returns. or certain disclosures of Trustees, remuneralion 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.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPERA HOUSE TRUST (Continued) Use of our report This I'eport is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Coinpanies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those Inatters we are required to state to thein in an auditor's report and for E]0 other purpose. To the fullest extent penmitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members 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 behiilf of Deloitte (Nl) Limited Statutory Auditor Belfast, United Kingdom Date: ?.G 17