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