2025-03-31-accounts

Company Registration No: N1028078 Charity Registration No: NIC104605 GRAND OPFRA HOUSE TRU.ST (A company limited by guarantee) ANNUAL REPORT AND COLYSOLIDATED FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 MARCH 2025

GRAND OPERA HOUSE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Page Officers and professional advisors Trustees, annual report (incorporating the strategic report) 2-12 Trustees, responsibility Statement 13 IndepeDdent auditor's report 14-17 Consolidated statcmcnt of financial activities 18 Consolidated balance shect 19 Colnpany balance sheet 20 Consolidated cash flow statement 21 Notes to the financial statements 22-43

GRAND OPERA HOUSE TRUST OFFICERS AND PROFESSIONAL ADVISORS TRUSTEES Ms J Jones Mr C Geoghegan Ms P Corbett MBE Mr J Edwards Mr R Ennis Mr J Ireland Ms N McV¢igh Mr G Paykes Ms K Strain Mr M Thompson Ms K Thoinson (Chair (Deputy Chair) CHIEF EXVCUTIVE Mr lan Wilson COMPANY SECRETARY Ms H Speers BANKERS Ulster Bank Limited 11-16 1)onegall Square East Belfast BTI 5HD SOLICITOR.S Carson McDowell Murray Housc Murray Street Belfast BTI 6DN INDEPENDENT AUDITOR Deloitte (Nl) Limited Statutory Auditor The Ewart 3 Bedford Square Belfast BT2 7EP 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 (incorporating th¢ strategic report) for the year ended 31 March 2025. STRATEGIC REPORT Grand Opera House Trust ('the Trust,) is a charitable company limited by guarantee and does not have share capital. It is recognised as a Charity by the Charity Commission for Northern Ireland (charity registration number NIC104605). Principal aetivity Thc Grand Opera House is a full time presenting theatre, the principal activity of which is to promote, mainlain, improve and advance the education of the Northem Ireland public in the arts. The Trust promotes a wide range of artistic activity in the main auditoriuin and The Studio. Objectives and activities The Trust was eslablished to "promote, maintain, improve and advance the education of the public of Northern Ireland in the arts (including the art of drama, operatic arts, other perforniing arts and the visual ails) at the Theatre" The (irand 0￿ra House is Northern Ireland's premier presentingTr theatre, pre%'enting an outstanding piDgramme and showcasing ihe best in musicals, balleL opera, drama, comedy, dance, luLally created work. family shows and presenting one of the inost historic and longyest paTJtomiine runs in tlie UK and Ireland. The mission of the Grand Opera I louse is to'create and deliver extraordinary exp¢ricnccs for everyone" To deliver its mtssion and aim8, thc T￿st has adopted a strategic approach, which con51Sts of thyec strategic pillars, namely, as follows= Customer experience- creating and dclivcring extraordinary experiences for our custorners, whether they are audiences, visitors, sponsors or production companies. Stakeholder engJagemcnl serving our sector and cornmunity through education, outreach and development activities; and Organisational cxcellence- operating to high quality. value for money standai'ds in everything we do as all otEanisation and working to be sustainable in the long term. The Grand Opera House aims are: To present a world class theatrical experience; To extend and enhance our reputation nationally and intemationally. To exercise responsible stewardship of our laiidmark 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 staff of the Grand Opera House are cornmitted to creating and delivering extraordinary experiences for everyone by providing an excellenl service. We actwith 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 extemally, for the good ot.the public of Northern Ireland.

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPOII4TING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Objectives and aetivities (continued) Public benefit The direct benefits to the public in Northern Ireland which flow from the Trust's pury)ose include.. The education ofaudiences through high quality theatrical perfomiances (Ind participation in the Theatre's creative learning programme involving schools, community groups and individuals, including 5pecially- created workshops, professional C1<￿s¢S. and talkslseminars. The enrichment of lives through increased awareness, improved knowledge, understanding and appreciation of the perforniing arts across a wide range of genres. Thc development of n¢w skills (creative, performance and technical skills) and personal development e.g. via participation in th¢ Theatre's community eiigFageTnent activities, such as thc Summer Youth )rodu¢tion. Enhanced aLLessibility to the perfunning arts for people from disadvantaged areas and requiring assistance to attend the Grand Opera House. The Trust sta¥ed 49 signed. audio described, captioned and relaxed performance5 throughout the year. In setting the objectives and planning the activities for the year, the Trllsiees have given careful consideration to the Charily Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the Trust's puryx)s¢ and provide a benefit to tlie beneficiaries. The public in Nortliern Ireland benefitted from the Trust's activitie8 during the year through the presentation of a high-qualily perfonnance programme. which encompassed a wide range of perforniing arts., boih on the mainstagJe as well as smaller productions in The Studio. 'I'herc 18 no other theatre in Northern Ireland that can host the largJe- scale and technically dernanding shows that feature in the Thcatre's programme whiLh altracted over 310,000 people in 2024125. Alongyside ihc programine ofprofessional touring productions, the Theatre otyered amateur and conimunity groups, and local artistcs, the opportunity to perform on one of the most historic stages in the UK and Ireland, as well as in The Studio. The I'rust's creative lean]ing department delivered a busy programrne of perfomiance related workshops for all ages and abilities, within the Grand Opera House and beyond, schDol/cducational focused initiatives, as well as a programme Dfcvents with broad appeal to all the communities of Northem Ireland. In 2024125 the Trust's creative learning programm¢ engaged with ovcr 5,000 peoplc. The TTust's perfomiance prograrnme is created to appeal to the broadest POS8ible 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 building and its history, heritage and its key role in tlie life of Belfast is shared with as many people as possible through talks and a llumbey of infonnative backstage tours. 64 Theatre tours with 1,105 participants were delivered in 2024125. The Trust provides a range of platfomis aimed at encouraging the performers of tomorrow as well as delivertng initiatives aimed at developing perforn]ance skills and confidence, including its annual Summer Youth Production the largest of its kind in Nortliern Ireland. In July 2024. the Trust produced its most ambition youth show to date, a stunning production of Sunset Boulevard which featured 79 young people aged 16 to 21. The Trust lias created several opportunities airned at appealÉng to people and communities who would not otherwise engage with the Theatre or the arts, both througli the performance programine as well as through its range of crealive learning initiatives. To ensui'e that the Grand Opera House is accessible lo people with disabilities the Theatre has an 'A¢c¢ss foi. All, 5chenie. which had 2.944 members as at 31 March 2025.

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Objectives and activities (continued) Public benefit (continued) The performers appearing as part of the Grand Opern House's programme may have benefitted froin exposure to a wider audience. which may have enhanced their reputation, however. this was incidental to the achievement of the Trust's purpose of educating the public of Northern Ireliind in Ihe arts. Aehievements and performan¢e Key performance indicators The key perfomance indicators for the group are as follows: 2025 335 48 87/ 291,000 2024 353 54 830/0 294,000 No. of performances in the Main Auditorium No. of shows in the Main Audilorium /0 total occupancy No. of tickets sold in the Main Auditorium 2024125 was another hugTely successful year for tlie Grand Opera Ilouse, with a record of 87% av¢rage attendance. 'llJis compares to 620/0 across the 6U member venues of UK Theatre in 2024, and 82 /0 in the West End in the same year (source- UK Thcatre). In autuinn 2024, the Trust launched its biggest customei. survey to date, in which 87 /0 of respondents stated that without the Grand Opera House, they would not have the chance to experience West End shows. Continuing its focus in bringing ihe West End to Bclfast, the programme includcd The Wizard of 07., Pretty Woman, Come Froin Away, An In8pector Calls, The Woman in Black, Joseph and the Amazing TechDicolor Dreaincoat, Dear Evan Hansen, Chicago. and two unforgettable. sell-out weeks of thc National Theatre's multi-award-winning production of War Horse. which also marked the Northern Ireland premicre of this acclaimed show. Other musicals throughout the year included, Shrek, Sister Act, Hairspray, and Now That's What I Call a Musical. As well as touring shows, th¢ Grand Opera House's programmc provided over 623 local amateurs and professionals with the opportunity to pcrform on the most iconic stage in Northern Ireland with productions including Women on the Verge of HRT, Chronicles of Long Kesh, Sex in the City Hall, and Give My Head Peace. Continuing to support the amateur movemenL the Theatre's programme included Calamity Jane (St Agnes, Choral Society), and Legally Blonde (Ulster Operatic Company), and the amazing Les Miserables: Let the People Sing, lead by Belfast Operatic Cornpany alongside St Agnes, Choral Society, Ulster Operatic, and the Grand Opera House Trust. T]iis was the fii'st time the amateur rights to the worldwide phenomenon were released to mark the show's 40th anniversary, and only one of eleven productions to be staged by ainateur groups throughout the UK. A highlight of the year was three sell-out perfonnances of Melissa Hamilton's Grand Ballet Gala in October 2024. Originally from County Down, and now a Principal with The Royal Ballet in London, Melissa staged this specially curated and unique show for Belfast audience5.

GRAND OPERA HOUSE TRUST TRUSTEES? ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Achievements and performance (continued) For families, the programme included Awful Auntie, 101 Dalmatians, Chitty Chity Bang Bang, and Cahoots, The Vanishing Elephant, staged as part of the Belfast International Arts Festival. No Grand Opera House programine would be complete without the Theatre's annual pantomime which has been enfrrtaining generations of local audiences since the Thealr¢ opened in 1895. The 2024125 production of The Pantomime Adventures of Pcter Pan was a flyaway success, allracting over 74,000 people during its six-week run. As well as staging weekly and longer runs, the Theatre also played host to an eclectic array of comedians. concerts and shorter runs, including Johann¢s Redebe's Freedom, Romesh Ranganathan, Action Abiliiy's The Craic is 90s...so it was! The Shamrock Tcnors, The Simon & Garfunkel Story, Sing-a-Long-a Matilda and Grease. Ciaran Bartlett, Foy VanLe, A Tribute to Crawford Bell, Remembering Joe Dolan, Andrew Ryan, Derek Ryan. Take it to the Limit, The Flvis Spectacular, Cash Returns, The Comedians, Peter Corry's 'lbank You for the Musicals, and Colin Murphy. It is lestament to the Grand Opera House's signiticance within the cultural ecology of Northern Ireland thai 49 % of survey respondenls stated that their first experience of live the(itre was at the Great Victoria Street venue. Th¢ high-quality programme attracts people from across Northern Ircland with 22 % of customeTS coming from a 13ellast postcode, and over half (590/0) travelling over 30 minutes to attend sliows. The work of tlie 'l"rust ihrough its slcwardship and continual investment in thc unique heritagTe assel was also recognised as 98 % of audicnces rated ihe physical appearance of the building as very good OT good. The Thcatre's many successes throughout the ycar were delivered against the backdrop of stagnated public funding as the Trusl's support from the Arts Council of Northern Ircland remained at £206.880 (from a htgh of £673,554 in 201011 l ). Whereas tlie main source of the Tlieatre's funding in the year came from over 310,000 thealrcgoers. the I'rust is nonetheless g7rateful to ihe Arts Council of Northern Irel¢ind for its ongoingy support, which respondents to the audience survey would like to see continue, as 96 /0 agJreL that theatres such as thc Grant Opera I louse should receive public funding. Abovc all, the Trust ihanks and ackiiowledges thc professionalism, hard work, and commitment by all the slaff who cnsure that the Grand Opera House continucs to build on its many successes and remains one of the most successful arts organisalions in Northern Ireland. Financial review The consolidated Statement of Financial Activities for the year is set out on page 18. The Balance Sheet showing the consolidated position at 31 March 2025 is set out on page 19. The Statement of Financial Aclivities shows net income for the year of £536,519 (2024.. £511,861).

GIUND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Finaneial review (eontinued) Total income for the year is made up as follows: 2025 2024 Charitable activities Othcr trading activities Investments 9,618,247 1,488,350 466,962 11,573,559 620,058 12,193,617 8,987,065 1,506,863 345,481 10.839,409 587,781 11,427,190 Donations and legacies (including restoration levy) Total income Income from charitable activities increased due to the mix of the show programme, with a larger number of high profile touring production5 in the Currcni year. Income from Investments increased due to the increase in advance sales and cash reserves throughout the year. Income from charitsble activitie5 To advance the education of the public of Northern Ireland in the Arts, the Grand Opera House aims lo deliver a varied prograinme, with a mix of the arts, and to deliver the highest qualily arttstic productions in an acccssible way to the widest possible audicnce. Income from charitable activities therefore consists of income gTenerated from theatre production and programming, education and outreach work and revenue and capital gFrant income. In 2024125 revenue grant funding was gratefully received from the Arts Council of Northern Ireland of £206.880 (2024: £206,880). Income from othcr trading activities The Trust's wholly-owned subsidiary, The Grand Opera House (Theatre) l.imited, generates the majority of the income from other trading activilic8 through ancillary ihcatre activities including bar and front of house sales, conference and ¢v¢nt income, Friends and cotporate sponsor.%hip. Donations and legacies Donations and legacies consists of donations and the voluntary restoration levy which is applied on all ticket sale5. During the year this restoration levy raised £575,228 (2024: £552.428) and is restricted for investtnent in the preservation, improvemenl and enhar]ceinent of the historic listed building, Stage and main auditorium fixtures and fittings, health and safety obligations aiid in all area5 of customer service to ensure that the comfort and safety of all custoiners and visitors is maintained to the highest standard. This voluntary restoration levy income is shown as income under restricted funds. 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 cornpanies and sell tickets to CUStoiners for admission to Ilie 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 management charge to cover wage costs and overheads and a licence fee lor the use of the Theatre. The management charge and licence fee for the current year was £3,279,773 (2024: £3,138,995).

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Financial review (continued) Trading subsidiary (continued) The profit of the subsidiary for the financial year was £nil (2024.. £nil). The subsidiary has a policy of gift aiding any taxable profits to the Trust where distributable profits exist. In the current year profits gift aided to the Trust were £60,952 (2024.. £64,989). Principal risks and uneertainties The Thist has a risk management strategy which comprises: An annual review of the risks the Trust and its subsidiary, The Grand Opera House (Theatre) Lllnited, may face; The e5t(iblishinent of systems and procedures to mitigate those risks- and The iinplementation of procedures de5ign¢d lo minimise potential impact Should those risks materialise. This work has identified that financial sustainability is the major financial risk for both the'l rust and its subsidiary. Appropriate strategies includiT)g strategic planningJ in respect of Ihe pn)gramme and budget and business planning have been identitied to managye the financial sustainability of the Thcalre. 'rhe group'8 Strategy is to follow an appropriate risk policy, which effectively manages exposures related to the achievemenl of the organisation's objcclives. The key risks which management face are as folluws.. Busiptess performance risk Business perfotThance risk is the risk that the group may not perforni a% expected either due to internal factors. including availability of the premtse.8, cxletTtal facto￿, such as thc ri.8ing cost of living and economic uncertainties, or due to competitive pressures in th¢ market in which it operale8. Thc risk is managed through a number of measures- ensuring the appropri¢ite management teain is in place; budgct and business planning, monthly reporting and variance analysis. financial controls; key performance indicators. and rcgular forecasting. Business cop71inuity risk The group ensures that there is adequate knowledge throughout the managcment teain and suÈTicieiit IT support and business continuity plans in place should an unforeseen event occur. Heolih andsafety rifk 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-defined health and safety policies. Financial and busIn￿S cok71rol Sb-ong financial and business controls are necessary to ensure the integrity and reliability of financial and other inforniation on which the group relies for day-tovday operations, external ieporting and for longer terrn planning. The group exercises financial and business control through a combination of qualified and experienced fmancial personnel. perforn)ance analysis; budgeting and forecasting. and clearly defined approval limits. Environmental risk The group ha5 established clearly defined policies and procedures to enable compliance with environmental best practice and legislation. The group is committed to protecting the enviroE]ment in which it conducts its activities.

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) STRATEGIC REPORT (Continued) Principal risks and uncertainties (continued) Financial risk management The group's principal financial instruments comprise cash. current asset investments, trdde debtors and creditors and certain other debtors, creditors and accruals. The main risks associated with these financial assets and liabilities are set out below: Credil risk 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. Group policies are aimed at minimising such 1055es and require thilt deferrcd tenns are only granted to customers who demonstrate appropriate payment history and satisfy credit worthiness procedures. Given that Ihc majority of the group's sales are ticket sales payable at the time ot booking, the group's exposure to credit risk is not significanl. The credit risk on liquid funds is limited because the counlerparties are banks with high credit ratings assigned by international credit-rating agencies. Liquidily risk Liquidity risk is the risk that an entity will encounter difficulty in mceting its obligalions. The gJroup mainlains r¢gular contact with its banker5 and utilises online bankiiig systems to monitor c￿h flow perfonnance to manage the group'5 liqiiidity risk. 'I'he group holds current asset invcstments with a number ot financial instilulioiis to mitigate the risk further. Health and safety The Chief P.xecutive is responsible tD thc Board for health and Safety matter5 and reports regularly to the Board of Trustee5. An Cxternal health and safety audit was carried out in 2024125 and achievcd a satisfactory result. Friends of the Grand Opera House We are grateful for the continued support of our Friends. of which there were 1,255 (2024- 1,153} as at 31 March 2025. The Strategic Report was approved by the Board and signed on its behalf by.. Geog egan Deputy Chair Mr R Ennis Trustee Date.. 30 September 2025 Date: 30 September 2025

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) TRUSTEES, ANNUAL REPORT The Trustees (in their capactty as both Trustees and Directors) are pleased to present their annual report together with the consolidated financial slateinents of Grand Opera House Trust {the Trust) aiid its subsidiary undertaking, The Grand Opera House (Theatre) Limited (the Theatre), together with the report of the independent auditor for the year elided 31 March 2025. 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 six tulles a year and there are various other committees covering Audit. Risk and Governance, Planning and Finance, and Human Resources. Trustees are appointed to committees b(Ised on their skills. The Trustees elecl one of their number as Chair. A Chief Executive is appointed by the Trust to leiid and manag)e tlie operalions of the Trust and the setting of the programme of perforn)ances. To facilitate effective operations. the Chief F.xecutive has delegated authority, within terms of delegyation appmvcd by the Trnst, for oper¢itional matters including finance. employment and ¢irtislic perfonT]ance related aLtivily. The Chief Executive is also responsible for implementing the strategic and busincss plans of the Trust. Appointment of Trustees The Arliclcs of Associatioii direct that ihc Board of Trustees shall not exceed thirteen. At cach Annual General Meeting, tho.8c Trustees who have held O￿tce for a period of four ye￿3 are required to retire fri)m oifice. Trustees are permitted to offer themselves for rc-election provided thcy have not served motL' than eight years previously. Trustees are also elected directors of the subsidiary company. A list of Trustee5 who served during the financial year and subsequently is noted on page l. Trustee induction and training New T￿Stee8 meet with the Chair and the Chief Executive to be appraised of the Trust. its strncture, its govcrnance, the content of ils Articles of Association, thc committee decision making process, the busines8 plan and recent operatingJ and financial performance. New Truslees are also given guidcd tours of the 'l'heatre and afforded the opportunity to mect key staff. Trustees are encouragcd to attend performances at the Theatre. Key management remuneration policy The key management personnel of the group and Trust. the Chief Executive and the Trustees, are listed on pag¢ The Trustee5 are not reinunerated for their services. The remuneration for key management personnel is determined by the Trust following review of perforn]ance appraisals and benchmarking.

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 employment practices and its activities. In addition the Trust has a progressive policy to accommodate as many customers with disabilities as can be a¢liieved using its available resources, with larg¢ print materials, signed performances, captioned performances, audio described performances, carer concessions and special access to parts of the 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 condition5 Set out in a Declaration of Trust between the Iru5t and the Arts Council for Northem Ireland, the primary conditiuns being that the -Irust must continue to use the'l-heatre as a venue for performing arts and maintain it in good repair at all times and further ensure that it complies with the conditions and obligations appliLable to a listed building, lind other statutory Tegulalions. The movements in fixed assets in the year are set out in note 14 to the financial stiltemenls. The Trust invested £188,761 (2024.. £321,11 l) in capital expenditure during the year. Reserves policy The Irust h¢￿ an agreed reserves policy which requires reserv￿ be maintained at a level which Lnsures that Grand Opera House Trust's core activity could continue during a period ot unforeseen ditTiculty and a proportion of reserves be maintained in a readily realisable foiin. The policy takes into account- risks a*8ociated with each incomc and expenditure stream, planncd activity levels and the organisation's planned commitmcnts. Having considered the risks and the future plans for the charity, the Trustees consider that the most appropriate level of reserves, excluding restricted and dcsignated reserves and unrestricted reserves cornmitted on tangible fixed assets, should bc kept at the level of £1.5m. As at 31 March 2025. the group has total funds of £19,654,567 {2024: £19,118,048), £12,886,789 (2024- £12.962,112) of which are restricted funds and not available for general purposes of the charity. The group has unrestricted funds of £6,767,778 (2024: £6,155,936), of which £4,580,530 (2024: £4,277,938) are d¢signated 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 £2,187,248 (2024: £1.877,998) undesignated unrestricted reserves, £526,153 (2024- £504,103) has already b¢en committed in respect of iangible fixed assets, resulting in an unspent unrestricted Te5erves balance of £1,661,095 as at 31 March 2025 (2024.. £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. io

GRAND OPERA HOUSE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE STRATEGIC REPORT) TRUSTEES, ANNUAL REPORT (Continued) Plans for future periods During summer 2026, the Theatre will be 'dark' for three weeks to facilitate a significant maintenance programme which will mark five years sinc¢ the completion of the award-winning £12.2 million restoration and development project. As well as replacing the stage, the works will include cleaning the intricate decorative plasterwork in Frank Matcham's glorious auditorium. Following the demise of the UK Cross Border Touring Fund in 2020, which assisted the Trust in bringing national and interniltional ballet and opera companies to Belfas¢ the Theatre will host the State Ballet of Georgia's production of The Nutcracker in November 2025, the r￿st fully staged narralive ballet on its Stage for over three years. The Teturn of full-scale ballct amplifies the (irand Opera House's position as a capital City venue, and Northem Ireland's Premier'lThe(itr¢. Going concern Having reviewed the Trust's forecasts, taking into account changes in trading as a result of increased operational costs, and having considered a number of scenarios, including reduced occupancy as a result of external factors, the TTUStees have a reasonable expectation that there are adequate resources in place to continue in operational existence for thc foreseeable future. Thc principal factors underlying this judgement. subject to nornlal levels of commercial risk in the current economic climate, iE]clude- Current levels of financial perfonnaiice and resources by comparison with budgcl cxpectations. Expecled revenue5 from thc planned prograinme for 2025126 and 2026127. and Expected Lash flows in respect of capitdl expendilurc. Appropriatc financial str¢itegies have been identified to managc the financial sust¢iinabilily of the Theatre. Accordingly, the Trust continues to adopt the going concern basis ofaccounting in preparing thc annual financial statements. Disclosure of information to the auditor In so far as the Trustees are aware: ther¢ is no relevant audit inforniation of which the charitable coinpany's auditor is unaware- and the Trustees have taken all steps that they oU￿t to have taken to make themselves aware of any Televant audit information and to establish that the auditor is aware of that inforniation. This confirniation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006. Auditor A resolution foi. 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 Trustees, Report was approved by the Board and signed on its behalf by: Mr C Geoghegan Deputy Chair Mr R Ennis Trustee Date: 30 September 2025 Date.. 30 September 2025 12

GRAND OPERA HOUSE TRUST TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees (who are also directors of Grand Opera House Trust for the purposes of company law) are responsible for preparing the Strategic Report, the Trustees, Annual Report and the financial statements in accordance with applicable law and Uiiited 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 requtres the Trustees to prepare financial statements for each financial year which give a true and fair vicw of the state of affairs of ihc 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 Chiirities SORP. make judgments and estimates that are reasonable and prudent. state whether applicable UK Accounting S'tandards have been followed. and prepare the fin¢incial statements on the going concern basis unless it is inappropriate to presume that the charit(ible company will continue in business. The Trustees are responsiblc for keeping adequate accounting recurds that arc sufficient to show and explain the company's transaction5 iind disclose with reasonablc accuracy at any time th¢ financial position of the Lharilable company and enable theLn to ¢nsure that the financial Statements comply with ihe Companies Act 2006. They are also responsible for safeguarding the assets of the charitable coinpany and the group and hence for taking rcasonable steps for the prevcntton and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial inforrnation included on the charitable company's website. l.egislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 13

INDFPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GRAND OPERA HOUSE TRUST Report on the audit of the financial statements Opinion In our opinion the annual report and consolidated 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 2025 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 Financial Reporting Standai'd 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and have been prepared tn accordance with the requirements of th¢ Companies Act 2006. W¢ have audited the financial statements which comprise: the Consolidalcd Statement of Fin￿¢1a1 Activities. the Consolidated and Company Balance Sheets. the Consolidated Cash Flow Stiltemcnt; the Statement of Accounting Policies- and the related nol¢s I to 26. The financial reporting frainework that has becn applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Pinancial Rcpoiting Standard 102"The Financi(il Rcporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). Basis for opinion We conducted uur audit in accordance with Intcrnational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standard.% are fuither described iii the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and of the parenl charitable company in accordance with the ethical requirement5 that are relevant to our audit ofthe financial 8latements in the UK. includingy the financial Reporting Council's (the 'FRC's') Ethical Standard, and we have luifilled our other ethical responsibilities in accordance wilh these requiTements. Wc believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CoDclusions relating to going eoncern In auditing the financial stalcments, we have concluded that th¢ Trustees, use of the going concern basis of accounting in the preparation of thc financial stateinents is appropriatc. Based on the work we have performed, we have not idenlificd any material uncertainties relaling to events or conditions that, individually or collectively, may cast signiftcant doubt on the group's and parcnt charitable company's ability to continue as a going concern for a period of at least twelve months frorn when the financial statements are auihorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Other information Tlie other infonnation comprises the information included in the annual report, other than the financial stateinents and our auditor's report thereon. The Trustees are responsible for the other inforination contained within the annual report. Our opinion on the financial statemeiils does not Cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 14

INDEPENDFNT 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 oiher infonnalion is materially inconsistent witli the financial statements or oui. knowledg¢ obtained in the cours¢ of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstateinents, we are required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other information, we ar¢ required to report that fact. W¢ have nothing to report in this regard. Responsibilities of Trustees As explained mor¢ fully in the Trustees, responsibilities statement. the Trustees (who are also the directors of the charitable Lompany for the purpose of company law) are responsible for the preparatii)n of the tinancial stalcments and for b¢ing satisfied that they give d true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from materiiil misslatcment, whether due to fraud or error. In preparing the financial statements, the 'l'rustees are responsible for assessing tlie group's and the parent charitable company's ability to continue as a going concern, disclosing7, (Is applicable, matters rel¢ited lo going cuncern and using the going concern basis of accounting unless the Trustees ciihcr intend to liquid¢ite th¢ group or tlie parent charitable company or to cease operatlODS, or have no realistic alten)ative but to do so. AudÉtor's responsibilities for the audit of thc financial st#t¢ments Our objectives are to obiain reasonable assurance (Iboul whether the financial statements as a whole are frcc from mat¢rial misstatement, wheihey due to fraud or e￿Or, and io issue an auditovs report that includes our opinion. Reasonable assurance is a high level of assurance, but iq not a guarantee th¢it an audil conducted in accordance with ISAS (UK) will always dclect a material mi5Statemenl when il exists. Mis%latetments can arise from fraud or effor and are considered material if, individually or in the aggregate, they cuuld reasonably be expected to influcnce the economic decisions of users taken on the basis of these fiiiancial slalcments. A furthcr description of our re.%ponsibilities for the audit of ihc financial statemenls is located on the TrRC's websit¢ at: ¥vww.frL.oi- ).iJklaudil()rsi-cs onsibililics. This description fonn5 part of our auditor's report. Exte￿t to whieh the audit was considered eapable of detecting irregularities, iDcluding fraud Irregularities. including fraud, are instances of non-compliancc with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatenients in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularilies, including fraud is detailed below. We considered the nature of the group's industy and its control environment, and revtewed the group's documentation of their policies and procedur¢s relating to fraud and compliance with laws and regulations. We also enquired of managernent and the trustees about their own identification and assessment of the risks of irregularities, including those that are specific to the group's business sector. We obtained an understanding of the legal and regulatory frarneworks that the group operates in, and identified th¢ key laws and regulations that- had a direct ettect on the determination of material ainounts and disclosures in the financial statements. These included UK Companies Act, Charity legislation and Ihe Charities SORP 2019- and do not have a direct effect on the financial statements but compliance with which may be fundamental to the giDup's ability to operate or to avoid a material penalty. Tliese included tlie Charity Commission for Northern Ireland (Charity Commission) regulations, Health and Safety legislation, Employment Law, Data Protection Act and Bribery Act. 15

INDEPENDFNT 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 among the audit engagement teain regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. As a result of performing the above. we identified the greatest potential for fraud in the following area, and our procedures performed to address it are described below: Revenue Recognition We assessed the design and impleinentation of key controls over the cut-off of revenue at year end; and We selected a sample of grant revenue recorded and traced to supporttng documentation to ensure it ha(1 been appropriately recorded in th¢ 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 perfonn specific procedures to respond to the risk of management override. In dddirssing the risk of frdud through management override of controls, we tested the apprDprialeness of journal entries and other adjustments; assessed whether the judgements made in making accounting ¢slimates are indicative of a potential bias; and evaluated the business ralionale of any significant tr(Insactions that are unusu<il or outside the norm411 course of business. In addition to the abovc, our procedures to respond to the Tl5ks identified included the following: reviewing financial stateinent disclosures by testing to supporting docun]entation to assess complianL¢ with provisions of relevant laws and regulations de5cribcd as having a direcl cffcct on the financial stdtements. perfonningJ analytical procedures to identify any unusual or unexpected relationships thal may indicate risks of material misslalcment due to fraud; enquiring of management conccrning actual and polcntial litigyation and claims, and instances of non- compliance with laws and TegJulation.s' and Irading minute5 of meetings of those cliarged with governance and reviewing Co￿espOndence with The Cliarity Cornmission for Northerii Ireland. Report on othcr legal and regulatory rcquirements Opinions on other Thattcrs prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in thc course of the audit: the inforniation given in the Strategic Report and the Trustees, Annual Report for the financial year for which thc financial statements are prepared is coiisistent with the financial statement8. and the Strategic Report and the Trustees, Annual Report has been prepared in accordaiice with applicable legal rcquir¢m¢nts. In the light of the knowledge and understanding of thc 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 Companies Act 2006 we are requir¢d 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 agr¢ement with the accounting records and returns. or certain disclosures of Trustees, 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

INDFPENDENT AUDITOR'S REPORT TO THE MEMBERS OF GII4ND OPERA HOUSE TRUST {ContAnued) Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required lo slat¢ lo them in an auditor's report and for no other purpose. To the fullest extent permitted 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 foiined. Jason Starbuck FCA (Senior Statutory Auditor) for and on behalf of Deloitte (Nl) Limited St(Itutory Auditor Belfast, United Kingdom Date.. 23 0_¥02Lf 17

GIL4ND OPERA HOUSE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (including consolidated income and expenditure account) For the year ended 31 March 2025 Unrestricted funds 2025 Restrieted funds 202S Total funds 2025 Total funds 2024 Notes Incoming from: Donations and legacies Charitable activities Other trading activities Inwestrnents 44,830 9,411,326 1,488,350 466,962 575,228 206,921 620,058 9,618,247 1,488,350 466,962 587,781 8,987,065 1,506,863 345,481 Total income 11,411,468 782,149 12,193,617 11,427,190 Expenditure on: Raising funds Charitable activities Loss on disposal of fixed assets .496,915 9,300,853 1.1158 162,648 694.824 1,659,563 9,995.677 1,858 1.576.885 9,270,372 68,072 Total expenditure 10.799,626 857,472 11,657,098 10,915,329 Nct incomel(loss) before tax 611,842 (75,323) 536,519 511,861 'I'axation 13 Net incomel(loss) for thc year 611,842 (75,323) 536,519 511,861 Transfer belween funds Net movement in funds 611,842 (75,323) 536,519 511,861 Reconeiliation of funds Total funds brought fonvard 22 6.155,936 12,962,112 19,118,048 18,606,187 Total funds carried forward 22 6.767,778 12,886,789 19,654,567 19,118,048 Net incom¢ is derived from continuing operations in the current and prior year. There are no other recognised gains or10sses other than those reflected in the statement above, and consequently no Statement of Comprehensive Income is presented. The surplus of the parent charitable company for the year for Companies Act purposes is £536,519 (2024: £511,861). As perniilted by Section 408 of the Companies Act 2006, no separate Statement of Financial Activiti¢s is presented in respect of the parent charitable company. The notes on pages 22 to 43 forni part of the financial statements.

GRAND OPERA HOUSE TRUST Company Registration No: N1028078 CONSOLIDATED BALANCE SHEET As at 31 March 2025 Note 2025 2024 FIXED ASSETS Tangible assets 14 12,507,575 13,185,216 CURRENT ASSETS Stocks Debtors Inveslments Cash at bank and in hand 16 17 25,602 218,813 12,500,523 2,355,955 22,225 143.022 9,500.515 1,683,080 15,100,893 11,348,842 CREDITORS- amounts falling due within one year 19 (7.953,901) (5,416,010) NET CURRELYT ASSETS 7,146,992 5,932,832 IYFT ASSETS 19,654.567 19,118,048 Re5tri¢lcd funds Unrestricted funds 22 22 12,886,789 6,767,778 12,962,112 6,155,936 TOTAL FUNDS 19,654,567 19,118,048 The financial statements of Grand Opera House Trust (registered nurnber N1028078) were approved and authorised for issue by the Board of Trustees on 30 September 2025. They were signed on its behalf by- Mr C Geoghegan Deputy Chair Mr R Ennis Trustee Th¢ note5 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 2025 Note 2025 2024 FIXED ASSETS Tangible assets Investments 14 15 12,507,575 i 00,00 I 13,185,216 loo,00 I 12,607,576 13,285,217 CURRENT ASSETS Debtors Investments Cash at bank and in hand 17 18 114,846 12,500,523 585,023 82.289 9,500.515 747,988 13.200,392 10,330,792 CRFDITORS- amounts falling due within one year 19 (6.153,401) {4,497,961) NET CURRENT ASSETS 7,046.991 5,832,831 NFT ASSETS 19,654.567 19,118,048 FUNDS Restricted funds Unrestricted funds 22 22 12,886.789 6,767.778 12,962,112 6,155,936 TOTAL FUNI)S 19,654,567 19,118,048 The surplus for the financial year dealt with in the financial statements of the parent undertaking was £536,519 (2024- £511,861). The financial statements of Grand Opera House Trust (registered number N1028078) were approved and authorised for issue by the Board of Trustees on 30 September 2025. They were signed on ils behalf by: Mr C Geoghegan Deputy Chair Mr R Enni5 Trustee The notes on pages 22 to 43 forni part of the financial statem¢nts. 20

GRAND OPERA HOUSE TRUST CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 March 2025 Note 2025 2024 Net cash flows generated from operating activities 25 3,428,526 2,012,655 Cash flows from investing activities: Interest Irom investments Purchase of tangible fixed assets Cash inflow from maturity of investments Cash outflow on deposit of investments 433,118 324,599 (188,761) (321,111) 5,000,515 4,350,508 (8,000,523) (6,000,515) Net cash flows used in investing activities (2,755,651) (1,646,519) Iyet increase in cash at bank and in hand 672,875 366,136 Cash at bank and in hund at beginning of year 1,683.08U 1,316,944 Cash at bank and in hgnd at end of year 2,355.955 1,683,080 The notes on pages 22 to 43 form part of the financial statements. 21

GRAND OPEIL4 HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025 COMPANY AND CHARITABLE STATUS Grand Opera House Trust, a public benefit entity, is incorporated in Northern Ireland as a company liinited by guarantee not having a share capital. There are currently I l Trustees who are also members of the company. Each member has undertaken to contribute to the assets in the event of winding up a sum not exceeding £ l. The charity is a registered charity (charity number NICI 04605). The registered office is given on page l. ACCOUNTING POLICIES Basis of accounting The financial statements are prepared under the historical cost convention, in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (SORP 2019) applicable to charities preparing their accounts in accordance with the binancial Reporting Stiindard applicable in the United Kingdom and Republic of Ireland (FRS 102), iind ihe Companies A¢i 2006. The company meets the definition of a qualifying entity undeT FRS 102 and h<15 therefore taken advantage of the disclosure exemption available to it in respect of its separate financial statements in relation to presentation ora cash flow statement. The pi'incipal accounting policies are ¥et out below. They hav¢ been applied consistenily throughout the current and preceding year, unless othenvise stated. Preparation of finaneial statements- going Concern Having reviewed thc Trust's forecasts. taking into account changes in trading as a result of increased operational costs, and having considered a number of scenarios, including reduced occupancy as a result of external faclors, Ihe Trustees have a reasi)nable expectation thai Éhcre are adequate resources in place to continue in opcralional existence for th¢ foreseeable future. Thc principal factors underlying this judgement, subject to normal levels of commercial risk in the current economic climate, includc: Current levels of financial p¢rformance and resources by comparison with budget expectations. Expected revcnues from the plaiined prograinme for 2025126 and 2026127- and Expected cash flows in respect of capital expenditure. Appropriate financial strategies have been identified to manage the financial sustainability of the Theatre. Accordingly, the Trust continues to adopt the going concern basts of accounting in preparing the annual financial statements. Basis of consolidation Consolidated financial statements have been prepared ill respect of Grand Opera House Trust and its wholly owned sllbsidiary undertaking The Grand Opera House (Theatre) Liinited. All intra-group transactions, balances, income and expenses are eliminated on consolidation. These financial statements have been consolidated on a line by line basis and the results of the subsidiary undertaking air disclosed in note 15. 22

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 ACCOUNTING POLICIES (continued) Income Income is recognised when the group and Trust has entitlement 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 restoi?tion levy are recognised in income when received. Revenue grants are recognis¢d as income when receivable and incom¢ from ticket sale5 is recognised when reccived. Where payinents are received from customers in adwance of shows taking plac¢, the amounts ar¢ recorded as deferred income and includcd as part of creditors due within one year until the relevant performance date has passed. Incomc from trading activities is recognised as and when goods are provided to the customer or services have been provided to the extent that there is a right to consideration. Interest income ts recogynised when receivable. Donated services are recogJnised on the basis of the value of the gift to the Trust which is the amount the Trust would be willing) to Pdy to obtain the services of equivalent economic benefit on the open market; a corresponding amount 15 then recognised in expenditure in the period uf receipt. Capital grants are recognised in the year of receipt dTtd treated as restricted fund.% with depreciation on the relevant assets charged directly to the restricted fund in the Coiisolidated Statement of Financial Activities. Resource5 expended Expenditure is recognised once there 18 a legal or conslrllctive obligation to rnake a payment to a third party. it is probiible ihat the settlement will be required and the amount of the obligation can be ineasured reliably. Expenditurc is classified under the followingT hcadings.. Expenditure on raising funds includes the costs incurrcd in generating incorne from trading activities including Front of House services, sponsorship and the friends membership scheme. Expenditure on charitable activities includes Costs to deliver the theatre programme and education and outreach activities. Support costs are those functions that assist th¢ Work of the Trust but do not directly undertake charitable activities. Support costs include governance costs, general manag¢ment and administration costs, infomiation technology and communications costs, property costs and depreciation. These costs have becn allocated between costs of raising funds and expenditure on charitable activitie5. The bases on which support costs have been allocated to actlvlty cost categories on a basis consistent with the use of resources, are set out in note l O. Fund accoullting The Trust's funds consist of unrestricted and restricted funds. Unrestricted funds may be used at the discretion of the Trustees to further tlie Trust's charitable purposes. Designated funds are funds set aside for specific purposes earmarked by the Trustees. They are utilised as required for ihe purpose for wliich they were created. and forni part of unreslricted fund5. 23

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 ACCOUNTING POLICIES (continued) Fund aecounling (continued) Restricted funds represent income re¢¢ived which is eamiarked by the funder or donor for specific purposes. These funds are not available for the Trustees 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 expenditure which has a life expectancy (i.e. usage p¢ri(Kl) of more thilll one year, a measurable value in excess of £500 lind provides a future economic benefit to the orgJanisdtion. Expenditure on items with a life expectancy of one year or less are considered to be consumable items and ar¢ expensed in the year in which they occur. Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. l)epreciation is pi'ovided on all tangible fixed dssels, other than land. at rdtes calculated to write off the cost, less estimated residual value. of each asset on a straight line basis over its expected useful life, as follows: Theatre restoration Theatre extension Fixtures, fittings & plant Computer equipment Website 33.33010 per annum 2/0 per annuin 10/0- 500/0 per annum 20/0 - 33.330/0 per <innum 25 /0 per annum The carrying values of tangible fixed assets are reviewed for impainnent when events or changes in circumstances indicate the canying value may not be recoverable. InvestmcnÉ5 In the Trust balance sheet, the investment in the subsidiary is measured at cost less impaimient. Stoeks Stocks are stated at the lower of cost and net realisable value. Provision is made for obsolete, slow moving or d¢f¢ctive items 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 investmcnts comprise cash deposits and are measured initially at the cash amount on deposit and subsequently at the cash amount expected to be receiv¢d. Operating leases Rentals under operating leases are charged Éo the Stat¢ment of Financial Activities on a straight-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 2025 ACCOUNTING POLICIES {eontinued) 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 administered fund. The ainount charged to the Statement of Financial Activities in respecl of pension costs is Ihe 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 Tecognised when the group becomes party to the contractual provisions of the instruments. All financial asset5 (Ind liabilities are iiiitially measured at transaction price (including transaction costs), except for thosc linancial assets classified as at fair value through profit or loss, which arc initially measured at fair value (which is nornially the transaction price excluding trans¢iCtion costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or fin¢incial liab&lity is measured dt the prcsent value of the lutur¢ payments discounted at a Inarket rate of inter¢st for a similar debt instrument. The Trust and Lyroup only havc financial assets and liabililies of a kind thdt qualify as basic financidl instruments. Basic financial inslruments are initially i-ecogni.scd at transaction value and subsequently ]neasured at their settlernent value. Financial assets aiid liabilities are only offset in the Balance Shect when, and only when there exists a legally enforceable right to sel off the recognised amounts and the company intends either to settle on a net basis, or to realise tlie asset and scttle the liability simultaneously. Fin¢incial assets are derecogFnised when and only when a) the contractual rights to ihc cash flows from the financial asset expire 01 are settled, b) the group transfers to another party substanlially all of the risks and rcwards of ownership of tlie financial asset. or c) the gJroup. despite havingJ retaincd some, but not all, 8ignificant risks and rewards of ownership, has transferrcd control of the asset to another party. Fillancial liabilities are derecognised only when the obligation specifi¢d in the contract is discharg¢d. cancelled or cxpires. Impairment of assets Assets, other than those measured at fair value, are assessed for indicators of impaiiThent at each balan¢e sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Financial Activities as described below. For financial assets carried at amortlsed cost, the amount of impairment is the difference between the asset'5 carrying ainount and the present value of estimated future cash flows, discounted at the financial asset's original effertive interest rate. Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to detennine reversal. An impairment loss is i'eversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead lo a revised carrying amount higher than the carrying value had no impairment been recognised. 25

GII4ND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 ACCOUNTING POLICIES (continued) Taxation The Trust is a charity for tax purposes in accordance with Schedule 6 FA 201 O and is exempt from taxation on its charitable activities in accordance with Part I I Corporation Tax Act 2010. Current tax for the subsidiary undertaking, including UK corporation tax, is provided at amounts expected to be paid (or recovered) usiiig the 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 parent charity every year where distributable profits exist, with no tax charge arising. Where profits are not gifted to the parent charity they are subject to corporation tax. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the group's accounting policies, which are described in note 2, the Trustees are i'equired to make judgements, estimates and assumptioiis aboul the carrying amounts of ¢issets and liabilities that are not readily apparent from other sources. The estiinates and (Issocialcd assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may diffcr from these estimates. The estimates and underlying assuinptions are reviewed on an i)ngoing basis. Revisions to accounting estimates are recognised in the period in which the estimate t8 revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future period5. Crilicaljudgemenls in apptying Éke group'J accounlingpnlicies The following are the critical judgements. apart from those involving estimations (which are dealt with separately below), that thc directors have made in the process of applying thc group's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Carrying value of original tkealre premises As detailed in the Trustees, report. the freehold and long leasehold interest in the ortginal theatre premises belongs to the Trust with onerous obligations under a Declaration of Trust. Under the tern]s of the Declaration of TrusL the Trustees are obliged to rctain the property in current use and are prohibited from an open market Sale of the premises. Therefore only an existing use valuation ol Ihe premises is deemed appropriate and in the event of the Trustees ceasing to operate the preTnises it will be offered back to the Arts Council for nil consideration. The Trustees have prepared cash flows for the foreseeable future taking into account income generated from the running of the Theatre. and ar¢ content thal 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, Ibe Triiste¢s are of the opinion that the original theatre 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 preinises is reflected in these financial statements. 26

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY {continued) Key source of estimaliop7 uncertainty- usefyl e¢op7omic life and carrying value of iongiblefued assels The depreciation charge 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, deterniining the recoverable amount of the asset requires an estimation of its value in us¢ to the group. The v(Ilue in use calculation requires the entity to estimate the future cash flows expected to aris¢ trom the tangible fixed asset and a suitable discount rate in order to calculate present Vdlue. ANALYSIS OF INCOME FROM DONATION AND LEGACIES Unrestricted 2025 Restricted 2025 Total 2025 Total 2024 Donations and legacies Restoration levy income 44.830 44.830 575,228 35.353 552.428 575,228 44,830 575,228 620,058 587.781 I'he Trust applies a voluntary restoration levy on all ticket sales which is restricted for investment in the preservation, improvemenl and enhancemenl of the historic listed building, stage and Inain auditorium fixlurcs and fittingFs, health and safety obligations and in all areas of customer service to ensure that the comfort and safety of all customers and visitors 18 maintained to the h]￿eSt standard. 27

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 ANALYSIS OF INCOME FROM CHARITABLE ACTIVITIES Unrestrieted 2025 Restrieted 2025 Total 2025 Total 2024 Revenue grant income Arts Council of Northern Ireland Other 206,880 206,880 206,880 10,000 206,880 206,880 216,880 Capital grant income Belfast City Council 41 41 3,885 41 41 3.885 'l-heatre produLtion and perfonnance .ducation and outreach 9,301,680 109,646 9.301.680 109.646 8.641,487 124.813 9,411,326 206,921 9,618.247 8,987,065 ANALYSIS OF INCOME FROM OTHFR TRADING ACTIVITIFS Unrestrieted 2025 Restricted 2025 Total 2025 Total 2024 Rar and front of house sales Confcrence and events Sale of programmes and merchandise Sponsorship income riends scheme income 1,232,620 40,705 116,444 42,725 55,856 1,232,620 40,705 116,444 42,725 55,856 1,263,507 37,890 110,073 40,654 54,739 1,488,350 1,488.350 1,506,863 28

GRAND OPEIL4 HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 ANALYSIS OF INCOME FROM INVESTMENTS Unrestricted 2025 Restricted 2025 Total 2025 Total 2024 Interest from investments 466,962 466,962 345,481 466,962 466,962 345,481 ANALYSIS OF EXPENDITURE ON RAISING FUNDS Totsl 2025 Total 2024 ront of house services Support costs (note l O) 955.752 703.811 913,827 663,058 1,659,563 1,576,885 ANALYSIS OF EXPFNDITURE ON CHARITABLE ACTIVITIES Activities undertaken directly 2025 Support Costs Total Total 2025 2025 2024 Theatre production and perforniance Education and outreach 7,684,018 200,225 .970,671 140,763 9,654,689 340,988 8,936,309 334,063 7.884,243 2,111,434 9,995.677 9,270,372 Support costs are further analysed in note 10. 29

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 10. ANALYSIS OF SUPPORT COSTS 2025 Raising Theotre Education funds production & & outreach performance 2025 Total 202S 2025 2025 Gov¢rnance costs (ieneral management and administralion IT and communications Property costs Depreciation 12,223 34,226 2,445 48,894 174,439 60,530 240,355 216,264 488,431 169,484 672,993 605,537 34,888 12,106 48,071 43,253 697,758 242,120 961,419 865,054 703,811 1,970,671 140.763 2,815,245 2024 Raising funds Theatre production & performance Educatio & outreach Total 2024 2024 2024 2024 Governance costs (peneral management and adininistration IT and cotnmunications 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 Support costs are allocated between the various activities on the basis of 0/0 area of the building in which these activities take place- e.g. raising funds (h05pilality) 25 /0, theatre production and perforinance 700/0. and education and outreach 5 /0. 30

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 NET INCOME/(LOSS) FOR THE YEAR Net incomel(loss) is stated after charging: 2025 2024 Depreciation of owned assets Loss on disposal of fixed assets Operating lease rentals 865,054 1,858 952 849,679 68,072 952 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 sub.8idiary fees payable to the Trust's auditor for othcr services to the group - taxation services 10,250 9,000 10,250 9,000 1,700 4,900 12. AIYALYSIS OF STAFF COSTS, TRUSTEF, REMUNERATIOIY AND EXPENSES, AND THE COST OF KEY MANAC.EMENT PERSONNEL Staff costs The averagc weekly number of employees (including full time. part time and c&suals) was.. Group and Trust 2025 Group and Trust 2024 Technical Box office, marketing and stage door Bars and front of house Administralion and support 21 24 56 16 21 21 55 16 117 113 Their aggregate remuneration comprised.. Croup and Trust 2025 Group and Trust 2024 Wages aiid salaries Social security costs Pension 2,335,349 178,676 75,614 2,048,796 157,418 70,671 2,589,639 2,276,885

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 12. ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES, AND THE COST OF KEY MANAGEMENT PERSONNEL (eontlnued) The pension expense. which is allocated to unrestricted funds, is allocated between the various activities e.g. raising funds (hospitality), theatre production and performance. education and outreach and support costs on the basis of the area of the business in which peisonnel operate. The pension expense allocated to support costs is allocated between the various activities in accordance with the allocation basis set out in note 10. The above figures are stated before deduction of technical staff costs of £507,669 (2024.. £425,555) 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 a￿angeMent, to wliich the Trust contributes between 30/0 and 5 /0 of pensionablc salary. Pension contributions outstanding at the year end were £8,489 (2024: £7,903). The numbei. of employees who8e emoluments, excluding pension contributions but including benefits in kind, werc in excess of £60,000 was.. 2025 2024 £60,000- £70,000 £70,000- £80,000 £80.000- £90,000 £ioo,000- £1 10,000 £110,000- £120,000 Key management personnel The key management personnel of the giroup and Trust, the Chief Exccutive and the Trustees, arc listed on page l. "ll)e total compensation (including pension contributions, excluding social security cosls) of the key managcmcnt personnel of the group and Trust for the ycai., totalled £123,067 (2024.. £113.391 }. The total social sccurity costs of the key management personnel of the group and Trust for the year totalled £14,625 (2024: £13,162). Trustees, remuneration and expen5e5 The Trustees were not remunerated in the year (2024.. £nil). During the year no Trustees received reimbursernent (2024.. £nil) in respect of expenses incurred. 32

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 13. TOTAL TAX CHARGE OF THE TRADING SUBSIDIARY FOR THE YEAR 2025 2024 UK corporation tax charge on profit for the year Total tax on profit on ordinary activities The difference between the total tax charge shown abowc and the amount calculated by applying the effective rate of UK corporation tax (2024.. effective rate of UK corporation tax) to the profit before tax is as follows- 2025 2024 Profit on ordinary activities before tax 60,952 64,989 Tax on profit on ordinary activities at the effective UK corporation tax rate of 23.42 /0, reduced from 250/0 after miirginal relief (2024.. effectiv¢ UK Co￿Oration tax rate of 23.61 % per cent) 14,277 15.347 Effects of: Gift aid credit (14,277) (15,347) Total tax charge for the year Thc Trust is a charity for lax purposes and is exempt from corporation tax on its charitable activities. The trading subsidiary, lThe Cyrand Opera House (Theatre) Limited, has a policy of gifting its profits to the parent charity every year where distributable profits exist, with no lax charge arising. Where profits are not gifted to the parent charity they are subject to corporation tax. 33

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 14. TANGIBLE ASSETS Group and company Fixtures, fittings & plant Theatre restoration Theatre extension Computer equipment Website Totol Cost At l April 2024 Additions Disposals 10,473,795 5,209,226 38,720 999,936 142,517 (4,179) 183,813 46,244 (30,571) 16,905,490 188,761 (34,750) At 31 March 2025 10,473,795 5,209,226 38.720 1,138,274 199,486 17,059,501 Depreciation Al l April 2024 Chargc for year Disposals 1,862.819 639,184 ,298,191 75,524 928 9,680 422,005 11,322 {3,800) 136,331 29,344 (29,6U2) 3,720,274 865.054 (33,402} At 31 March 2025 2,502,003 1.373.715 10,608 529,527 136,073 4,551,926 Net book value At.31 Marcli 2025 7,971,792 3.835,511 28,112 608,747 63,413 12,507,575 At 31 March 2024 8.6111,976 3,911.035 37,792 577.931 47,482 13.185,216 As detailed in the Trustees. report, the freehold and long leasehold interest in the origFiDal theatre premises belongF5 to the Trust with onerous obligations under a l)eclaralion of Trust. The Trustees have prepared cash flows for tlle foresee¢ible future laking into account income generated from the runningy of ihe Theatre. Oli thc basis of these projections, and allowing for the obligations within the Declaration of 'frust, whilst the titlc of the original theatre premises is in the name of the Trust, the Trustees are of the opinion that the original theatre premises, does not have a present value in use. Accordingly no carrying value or depreciation in respect of the Trust's interest in th¢ original theatre premises is reflected in these financial statements. The Arts Council holds a deed of mortgagc over th¢ land relating to thc site adjacent to thc Theatre at IA Grcat Victoria Street, with combined freehold and long leasehold title, which was acquired on 31 March 2003 for the purpose of the thealre extension. In the event of failure to adhere to the mortgagc 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 2025 15. FIXED ASSET INVESTMENTS Subsidiary undertaking Company 2025 Company 2024 Cost At l April 2024 and 31 March 2025 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 COTnpany incorporated and registered in Northern Ireland. The principal activity of The Grand Opera House (Theatre) Limited is the conlracting and staging of th¢alrical productions and the operation of ancillary services in the Grand Opera House, Great Victoria Street, Belfast, for arts and entertainment purposes. The result of the Trust's trdding activities through its subsidiary undertaking is detailed below. The Grand Opera House (Theatre) Limited's taxable profits are gift aided to Trust provided that sufficient distributablc profits exist. 2025 2024 Turnover Cost of sales 10.845,730 (10,550,516) 10.223,666 (9,923,446) Gr05s profjt Administralive expenses Other operating income 295,214 (306,858) 72,596 300,220 (306,269) 71,038 Opcrating profit Payment under gift aid 60,952 {60.952) 64,989 (64.989) Retained profit for the year Th¢ aggregate of the assets and liabilities was: 2025 2024 Current assets Current liabilities 7.785,266 (7,685.265) 5,254,997 (5,154,996) Net assets loo.00 I i 00.ooi During the year the subsidiary paid a licence fee and management charge to Grand Opera House Trust of £3,279,773 (2024.. £3,138,995). This transaction has been ¢liminated on consolidation of the entities. 35

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 16. STOCK Group 2025 Group 2024 Bar Front of house Merchandise 13,242 7,600 4,760 12,535 9.690 25,602 22,225 There is no material difference between the balance sheet value of stocks and their replacement cost. 17. DEBTORS Group 2025 Croup 2024 Company 2025 Company 2024 Amounts falling due within one year= Trade debtors Prepayments and accru¢d income 73,398 145,415 7,206 135,816 4,200 110,646 82,289 218,813 143,022 114,846 82,289 18. INVESTMENTS Group 2025 Group 2024 Company 2025 Company 2024 Unlisted inv¢strnents (cash on deposit) 12,500,523 9,500,515 12,500,523 9,500,515 36

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 19. CREDITORS: amounts falling due within one year Group 2025 Group 2024 Company 2025 Company 2024 Trade creditors Other taxation and social security VAT payable Other creditors - third party sales Accruals Deferred income- advance sales sponsors Amounts due to subsidiary undertaking 1,016,041 49,806 181,406 302,577 810.861 5,547,755 45.455 544,728 37,946 104,012 164,927 503,179 4,031,648 29,570 65,641 49,806 41,526 70,773 37,946 38,107 106,309 1,853 3,500 5,884,766 113,047 1,140 4,236.948 7,953.901 5,416,010 6,153,401 4,497,961 Deferred income Group 2025 Group 2024 Brought forward Released in the year Deferred in the year 4,061,218 3,231,893 (3,784.452) (3,200,140) 5,316.444 4,029,465 Carried fonvard 5,593.210 4,061,218 20. FIIYAIYCIAL INSTRUMFNTS 'rhe carrying values of the group's and Trust's financial assets and liabilities carried at amortised cost are summarised by category below.. Financial assets at amort15ed cost Measured at undiscounted amount receivable Croup 2025 Group 2024 Company 2025 Company 2024 Trade debtors (note 17) Cash Unlisted current asset investments (note 18) Unlisted fixed asset investments (note 15) 73,398 2,355,955 7,206 1,683.080 4,200 585,023 747,988 12,500,523 9,500,515 12,500,523 9.500,515 i 00,001 i 00,00 I 14,929,876 11,190,801 13,189,747 10,348,504 37

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 20. FINANCIAL INSTRUMENTS (eontinued) Financial liobilities at amortised cost Measured at undiscounted amount payable Group 2025 Group 2024 Company 2025 Company 2024 Trade and other creditors (note 19) 2,129,479 ,212,834 6,056,716 4,420,768 2,129,479 ,212,834 6,056,716 4,420,768 Credit risk Credit risk is the risk that one party to a financial instrument will cause financial loss for the other party by failingF to discharge an obligyation. Group policies are aitned at minimising such losses and require that deferred tems are only granted to Lustomers who demonstrate appropriate paymeni history and satisfy credit worthiness procedures. Given that the majority of the group's sales are ticket sales payable at the timc of booking, the group's exposure to credit risk is not SlgFnifi¢iint. Liquidily risk Liquidity risk is ihe risk that an entity will encounter ditTiculty in meeting its obligalions. The g)roup maintains regJular conlact with its bankers and utilises online banking systems to monitor cash flow performance to rnanage the gTOUP'S liquidity i'isk. The group hold.8 current asset inve8lrnents with a number of financial institutions to mitigate the risk further. 38

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 21. COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Notes Ineoming 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 Total ineome 10,653.997 773,193 11.427,190 Expenditure on: Raising funds Charitable activities Loss 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 Total expenditure 9.979,715 935,614 10,915.329 Net ineome/(loss) before tax 674,282 (162,421) 511,861 Taxation Net incomel(loss} for thc ycar 674,282 (162,421) 511,861 Transfer between funds Nct TDovement in funds 674,282 (162,421) 511,861 ReconciliatiDn nf funds Total funds brought forward 5,481,654 13,124,533 18.606,187 Total funds carried forward 6,155,936 12,962,112 J9,118,048 39

GRAND OPEII4 HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 22. MOVEMENT IN FUNDS Unrestricted funds- Group At l April 2024 At 31 March 2025 Income Transfer Expenditure General reserve fund 1,877,998 11,411,468 (387,256) (10,714,962) 2,187,248 Designated capital & major repairs fund 4,277,938 387,256 (84,664) 4,580,530 Total unrestricted funds 6,155,936 11,411,468 (10,799,626) 6,767,778 Unrestricted funds - Trust At l April 2024 At 31 March 2025 IncDme Transfer Expenditure Gcneral reserve ￿nd 1.877,998 3,830,367 (387,256) (3,133,861) 2,187.248 Designated capital & major repairs fund 4,277,938 387,256 (84.664) 4.580,530 Total unrestricted funds 6,155,936 3,830,367 (3,218,525) 6.767,778 40

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 22. MOVEMENT IN FUNDS (continued) Restrieted funds - Group and Trust At l April 2024 At 31 March 2025 Income Expenditure Capital projeet funds Theatre extension fund Theatre restoration fund 3,911,035 4,999,820 {75,524) (356,797) 3,835,511 4,643,023 8,910,855 (432,321) 8,478,534 Equipment fund 4,292 41 (1,193) 3,140 Annual operating funds Annual core operating fund 206,880 (206,880) 206.880 (206,880) Restoration levy fund 4.046,965 575,228 (217,078) 4.405,115 Total restricted funds 12.962,112 782.149 (857,472) 12,1186,789 General rescrve fund Thc general reserv¢ fund is available to bc applied at the discretion of the Trustee5 to any of the Grand Opera House's activities. Designated capital & major repairs fund This fund includes funds spent on the restoration project in 2020 and 2021. along with the related deprcciation on the asscls acquired with this fund, and funds available for future capital and major repair works. Theatre extension fund Includes funding7 reccived by way of grants, donations and sponsorship from a variety of donors towards the cxtension of the thcatre and the flattening of the stage within the Main Auditorium along with the related dcpreciation on the assets acquired with this fund. Theatre restoration fund Includes funding received by way of grants towards the restoration and development project undertaken in 2020 and 2021 along with th¢ related depreciation on the assets acquired with this fund. Equipment fund Includes funding received from Belfast City Council towards capital equipment. Annual core operating fund Includes funding received from Ihe Arts Counctl of Northem Ireland towards th¢ core operating costs of the theatre. This grant is spent in the financial year in its entirety. 41

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 22. MOVEMENT IN FUNDS {eontinued) Restoration levy fund These are fuiids generated by way of a levy added to all ticket sales, to be used 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 coinfort and safety of all customers and visitors is maintained to the highest standard. 23. ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS FOR THE GROUP Unrestricted funds Restricted funds Tot81 2025 Group Fixed assets Current assets Current liabilities 1,563,597 13,158,082 (7.953,901) 10,943,978 1,942,811 12,507,575 15.100,893 (7,953.901) At 31 Mlirch 2025 6.767,778 12.886,789 19.654,567 Unrestricted funds Restricted funds Total 2025 Trust Fixed assets CuTrent asscts Current liabilities 1.663,598 1,257,581 (6,153,401) 10,943,978 1.942,811 12.607,576 13.200,392 (6.153,401) At 31 March 2025 6.767.778 12,886,789 19,654.567 24. FINANCIAL COMMITMFNTS AND CONTINC.ENCIES Operating leas¢ commitments The total future minimum lease payinents under non-cancellable operating leas¢s are as follows.. 2025 2024 Plant and machinery Leases which expire: Within one year Between one and five year5 397 952 397 397 1,349 42

GRAND OPERA HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) For the year ended 31 March 2025 24. FINANCIAL COMMITMENTS AND CONTINGENCIES (continued) Other (i) Commitments exist arising out of contracts in the ordinary course of business in connection with guaranteed minimum payments relating to specific performances, the effect of which is not quantifiable. (li) The DCAL grant administered by ACNI of £3,950,000 in 2003 in respect of the new building is repayable in certain circumstances, principally, if the Trust no longer retains and operates the Theatre, or if the Trust disposes of the new building before March 2028. 25. RECONCILIATION OF IYET INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES AND ANALYSIS OF CHANGF.S IN NET DEBT Reconciliation of net ineome to net eash flows from operating activities 2025 2024 Net incoine for the year Interest trom inve5tmenls Depreciation l.oss on dispos(il of fixed assets Increase in debtor5 (Incrcase)/decrease in stock Increase in creditors 536,519 (466,962) 865,054 ,348 (41,947) (3,377) 2,537,891 511,861 (345,481) 849,679 68,072 (24,813) 2,518 950,819 Net cash flows generated from operating activities 3.428,526 2,012,655 Analysis of changes in net debt At l April 2024 At 31 Mareh 2025 Cash flows Cash at bank and in halld 1,683,080 672,875 2,355,955 1,683,080 672,875 2.355,955 26. RELATED PARTY TRANSACTIONS All transactions between the Trust and subsidiary. The Grand Op¢ra House (Theatre) Limited, are eliminated on consolidation. The Trust has taken advantage of the exemption granted by paragraph 33.1 A of FRS102, Related Party Disclosures, not to disclose transactions with its subsidiary Coinpany, The Grand Opera House (Theatre) Limtted. 43