sso 2011 annual report

S y d n e y S y m p h o n y. c o m

Annual Report2011

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ContentsSydney Symphony Musicians 2011 02

The Year in Review 04

Chairman’s Review 06

Managing Director’s Report 08

Community 12

Supporters – Donors and Sponsors 18

Five-Year Performance Summary 22

IMAGES: 1. Symphony in the Domain; 2. 2011 Fellow Katie Zagorski (image: Ben Symons); 3. Roger Benedict and the 2011 Fellows at St James’ Church (image: Ben Symons); 4. A scene from Metropolis; 5. Robert Johnson during Playerlink masterclass in Armidale (image: Tim Barnsley); 6. Conductor Dan Carter and students at Newcastle Town Hall (image: Jamie Wicks); 7. Rory Jeffes, Shefali Pryor, Jacqui Cronin, Rowena Macneish, Emily Long, Aernout Kerbert at the Australia – Japan Goodwill Dinner in Tokyo; 8. Lang Lang (image: Ben Symons).

COVER IMAGE: Lore secest dit quia.

In April, the Sydney Symphony launched its free mobile App with the support of Telstra BigPond. As part of the App, the Sydney Symphony became the first orchestra in the world to stream its concerts live on mobile devices. At the end of 2011, the Sydney Symphony App had received over 3,000 downloads across 41 countries.

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Sydney Symphony Musicians 2011

First ViolinsSun Yi Associate Concertmaster

Kirsten Williams Associate Concertmaster

Katherine Lukey Assistant Concertmaster

Fiona Ziegler Assistant Concertmaster

Julie Batty

Jennifer Booth

Marianne Broadfoot

Brielle Clapson

Sophie Cole

Amber Davis

Georges Lentz

Nicola Lewis

Nicole Masters

Alexandra Mitchell

Léone Ziegler

Second ViolinsMarina Marsden Principal

Kirsty Hilton Principal

Emma West Assistant Principal

Jennifer Hoy A/Assistant Principal

Susan Dobbie Principal Emeritus

Maria Durek

Emma Hayes

Shuti Huang

Stan Kornel

Benjamin Li

Emily Long

Philippa Paige

Biyana Rozenblit

Maja Verunica

Vladimir AshkenazyPrincipal Conductor & Artistic Advisor Sponsored by Emirates

Nicholas CarterAssociate Conductor

Supported by Premier Partner Credit Suisse and Symphony Services International

Michael Dauth Concertmaster

Dene Olding Concertmaster

ViolasRoger Benedict PrincipalKim Williams AM & Catherine Dovey Chair

Tobias Breider Principal

Anne Louise Comerford Associate Principal

Yvette Goodchild Assistant Principal

Robyn Brookfield

Sandro Costantino

Jane HazelwoodVeolia Environmental Services Chair

Graham Hennings

Stuart Johnson

Justine Marsden

Felicity Tsai

Leonid Volovelsky

CellosCatherine HewgillPrincipal Tony & Fran Meagher Chair

Leah Lynn Assistant Principal

Kristy Conrau

Fenella Gill

Timothy Nankervis

Elizabeth NevilleBob & Ruth Magid Chair

Adrian Wallis

David Wickham

Double BassesKees Boersma Principal

Alex Henery Principal

Neil Brawley Principal Emeritus

David Campbell

Steven Larson

Richard Lynn

David Murray

Benjamin Ward

HarpLouise Johnson Principal

FlutesJanet Webb Principal

Emma Sholl Associate PrincipalRobert & Janet Constable Chair

Carolyn Harris

PiccoloRosamund Plummer Principal

OboesDiana Doherty Principal OboeAndrew Kaldor & Renata Kaldor AO Chair

Shefali Pryor Associate PrincipalRose Herceg Chair

David Papp

Cor AnglaisAlexandre Oguey Principal

ClarinetsLawrence Dobell PrincipalAnne Arcus & Terrey Arcus AM Chair

Francesco Celata Associate Principal

Christopher Tingay

Bass ClarinetCraig Wernicke Principal

BassoonMatthew Wilkie Principal

Roger Brooke Associate Principal

Fiona McNamara

ContrabassoonNoriko Shimada Principal

HornsRobert Johnson Principal

Ben Jacks Principal

Geoff O’Reilly Principal 3rd

Lee Bracegirdle

Euan Harvey

Marnie Sebire

TrumpetsDaniel Mendelow Principal

Paul Goodchild Associate Principal

John Foster

Anthony Heinrichs

TrombonesRonald Prussing Principal

Scott Kinmont Associate Principal

Nick Byrne

Bass TromboneChristopher Harris Principal

TubaSteve RosséPrincipal

TimpaniRichard MillerPrincipal

Mark Robinson Assistant Principal and Tutti Percussion

PercussionRebecca LagosPrincipal

Colin Piper Justice Jane Mathews AO Chair

PianoJosephine Allan Principal (contract)

Dene Olding (image: Keith Saunders)

04 05S y d n e y S y m p h o n y / 2 011 a n n u a l r e p o r t

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The Year in Review

SerieSnumber of

performanceSnumber of programS

paid occupancy

Ausgrid Master Series 27 9 57,908

Thursday Afternoon Symphony 9 9 20,397

Emirates Metro Series 8 8 16,393

Meet the Music 8 4 16,257

Kaleidoscope 8 4 15,339

Great Classics 7 7 15,924

Tea & Symphony 8 8 15,037

Mondays @ 7 5 5 10,672

Discovery Program 4 4 3,466

International Pianists in Recital 4 4 3,958

Mozart in the City 4 4 3,873

Gala performances 9 8 20,788

Commercial concerts 17 8 35,386

Total 118 82 235,398

Sydney Subscription Series and Stand-Alone Mainstage Performances

g The Sydney Symphony presented 118 concerts in the Sydney Opera House and City Recital Hall Angel Place to 235,398 patrons.

g These performances included 92 concerts to which subscriptions were sold across 11 series, nine gala performances and a further 17 performances which fell outside the main subscription series.

Commercial Collaborations The Sydney Symphony plans its seasons well in advance. Acknowledging that opportunities to perform in collaboration with popular commercial artists requires a shorter planning window, the Company allocates a percentage of available orchestral playing time to these projects This work is undertaken either with the Sydney Symphony taking the role of presenter or as a ‘band for hire’.

In 2011 the Sydney Symphony performed in 17 concerts in this category, which attracted 35,386 attendees.

The Education Program g 33,500 knowledge seekers attended the Sydney Symphony’s 65 education activities in 2011. Of these:

g 29,000 pupils attended schools concerts that were held at the ABC Centre in Ultimo, Sydney Olympic Park, Sydney Opera House and in the regional centres of Wagga Wagga, Griffith, Albury, Campbelltown and Newcastle (eight performances).

g 750 students from outer-metropolitan Sydney attended five open rehearsals at the Sydney Opera House and Sydney Olympic Park.

g 2,200 concert-goers enjoyed 18 performances by the Sydney Symphony Fellows throughout Sydney and NSW.

g 120 tertiary students and teachers attended masterclasses as part of the Sinfonia and Fellowship programs and an additional 550 piano students and their teachers attended a special workshop with pianist Lang Lang.

g 520 teachers attended eight accredited professional learning courses.

g 120 people attended the Sinfonietta workshop in Sydney and 220 teachers from around Australia requested the Teacher Resource Kit, with 70 attending the composition workshops in Sydney, Melbourne and Hobart.

g 95 students and 15 local music teachers participated in the Playerlink workshop and associated activities in Armidale.

Touring and Outreach g The Sydney Symphony performed at two free outdoor concerts in 2011: Symphony in the Domain – 60,000 Parramatta Park – 1,200

g The Sydney Symphony toured to Wollongong where it played to a packed hall of 800 to raise funds for rural families.

g The Sydney Symphony also gave concerts in Penrith, Blacktown and Newcastle.

g More than 72 hours of Sydney Symphony recorded concerts were broadcast on ABC Classic FM in 2011.

g Ten performances were made available for streaming on the BigPond website.

g Four Mahler cycle CDs were released on the Sydney Symphony’s own label: Symphonies Nos. 3, 4, 6 and 7.

g Sydney Symphony musicians also continued to contribute to the wider community in their capacity as teachers and members of community music groups.

g Under the direction of Principal Conductor and Artistic Advisor Vladimir Ashkenazy, the Sydney Symphony toured Japan and Korea in November 2011, performing eight concerts to over 18,000 audience members in the Japanese cities of Tokyo, Fukuoka, Nagoya and Nishinomiya as well as in the South Korean capital, Seoul. The tour marked the Orchestra’s first visit to Korea in its 79-year history and was part of the 2011 Year of Friendship between Australian and the Democratic Republic of South Korea, marking 50 years of diplomatic relations between the two countries.

In 2011 the Sydney Symphony performed over concerts to more than

340,000people.

IMAGES FROM TOP LEFT: Diana Doherty, Principal Oboe.


The year has also been a strong one for the Sydney Symphony from a financial results perspective. The net operating surplus of $1.022 million is indicative of the Company’s strength and resilience to recover from the downturn in trading conditions fuelled by the global financial crisis in 2009. After including an anonymous instrument donation of $500,000, the final net profit for the year was $1.522 million.

The Group also recorded back-to-back years of record ticket sales and occupancy rates during the past two financial years. Indeed, in 2011 we sold more tickets to Sydney Symphony concerts than in any previous year since records began. Overall, we are proud of the Sydney Symphony’s financial performance in the 2011 year, which has largely recouped the deficits incurred over the past three years and we thank all concert-goers for their support.

We remain Australia’s pre-eminent orchestra, and continue to attract outstanding international artists to perform exclusively with the Sydney Symphony. In particular the concerts performed with Lang Lang and Evengy Kissin were notable highlights in an enviable line-up of international soloists and conductors. Mr Ashkenazy again led our international tour in November 2011, when the orchestra performed to full houses in Japan and South Korea, where we helped to celebrate the 40th anniversary of diplomatic relations between Australia and the Democratic Republic of South Korea.

The Board continues to focus on the key performance criteria embodied in our business plans, being Artistic Vibrancy, Access and Financial Stability. We exceeded target expectations in respect of all key performance indicators in 2011 and we look forward to continued improvements in the 2012 year. I thank my fellow directors for their efforts during the year and I make special mention of Ms Gabriele Trainor who retired from the Board in May 2011. During her seven years on the Board Gabrielle was a tireless advocate for the Orchestra and her contributions were much appreciated by directors, musicians and management.

We acknowledge the continued support of our subscribers, donors and sponsors and thank the Federal Government, through the Australia Council for the Arts, and the NSW Government, through Arts NSW, for their invaluable assistance.

Our orchestra is comprised of talented and passionate musicians and I thank them for their energy and commitment in striving constantly for higher artistic achievements under the inspiring direction of Vladimir Ashkenazy. All of the orchestra’s efforts are supported by our outstanding management team led ably by our Managing Director Mr Rory Jeffes. I acknowledge Rory’s sound strategic and operational leadership of the Company and thank him for his dedication and loyalty.

As the 2012 season has now commenced we are actively celebrating our 80th anniversary with a series of program highlights and special events designed to remember the past and also celebrate the continued future success of this outstanding cultural institution. Over the years there have been many challenges for the Orchestra and we expect many of these same challenges in 2012 and beyond. The Company is determined to continue meeting them head-on with passion and integrity.

John C Conde ao Chairman

The year 2011 will be remembered by our audiences as one of outstanding artistic highlights. It marked the culmination of the two-year Mahler Odyssey, which represented a landmark in our partnership with Principal Conductor and Artistic Advisor Vladimir Ashkenazy. Our audiences embraced these performances with enthusiasm and we are delighted they have been captured for posterity in recordings that are being released as they become available.

Chairman’s Review

IMAGES LEFT TO RIGHT: Sydney Symphony Live CD - Mahler Symphony No.8; Concertmaster Dene Olding


four widely acclaimed exclusive Sydney concerts but also led a public master-class involving three talented young pianists in front of an audience of 800 piano students and their teachers from around NSW.

Following a recital and two orchestral concerts in Sydney – his first performances with an Australian symphony orchestra – Evgeny Kissin later in the year performed on our tour in Japan and South Korea with Vladimir Ashkenazy.

The year also included the “Midsummer Shakespeare” concert with John Bell and the Sydney Philharmonia Choirs, performed to a record audience in The Domain as part of the Sydney Festival, as well as sold-out presentations of Peter Jackson’s epic film The Lord of the Rings: The Fellowship of the Ring with live orchestra accompaniment, and a magical presentation of Edvard Grieg’s complete incidental music to Ibsen’s Peer Gynt, with Vladimir Ashkenazy conducting and John de Lancie as the charismatic narrator and title protagonist. A further highlight of the year Nigel Westlake’s Missa Solis – Requiem for Eli, with the voices of Cantillation and the composer himself conducting, in the Sydney Symphony’s vibrantly enterprising Meet the Music series.

The year saw the return of former Sydney Symphony Chief Conductor Edo de Waart, conducting 30th anniversary performances of John Adams’ Harmonium, a work dedicated to de Waart, as well as a number of exceptional debut appearances by conductors James Gaffigan, Ludovic Morlot, Jonathan Nott and Vasily Petrenko. Further high-calibre international visitors to the Sydney Symphony podium included Thomas Dausgaard, Hans Graf, Jahja Ling, Peter Oundjian, Pinchas Steinberg, Osmo Vänskä and Mark Wigglesworth. Many fine guest soloists visited Sydney in 2011, including Jean-Efflam Bavouzet, Michelle DeYoung, Ingrid Fliter, who also performed an outstanding Beethoven and Chopin piano recital, Alban Gerhardt, Karen Gomyo, Stephen Hough, Freddy Kempf, Sergey Khachatryan, Steven Osborne, Anne Sofie von Otter, Emmanuel Pahud, Alisa Weilerstein, Pieter Wispelwey, Joyce Yang and Frank Peter Zimmermann. Australian

2011 was a year of significant achievements for the Sydney Symphony both in artistic projects and in achieving a markedly improved financial outcome for the year. While the market remained subdued for much of the year because of uncertainty around the global financial environment, I am pleased to report that during the year we increased ticket sales, both to subscribers and single ticket purchasers, to record levels.

Managing Director’s Reportconductors and performers were prominent throughout the year, and included Nicholas Carter, Ray Chen, Richard Gill, Andrea Lam, Geoffrey Lancaster, Sara Macliver, Emma Matthews, James Morrison, Jacqueline Porter and Nigel Westlake. The Orchestra also presented its own musicians in outstanding solo performances, including Roger Benedict, Michael Dauth, Ben Jacks, Louise Johnson, Dene Olding, Emma Sholl and Matthew Wilkie.

During 2011, the Sydney Symphony performed eight concerts in Japan (Tokyo, Fukuoka, Nagoya, Nishinomiya) and in South Korea (Seoul) in November. These exceptionally well-attended and enthusiastically received concerts, including performances by soloists Evgeny Kissin, Sayaka Shoji and Mischa Maisky, were simply outstanding and continued to build our artistic and cultural ties in the region, while also marking the 50th anniversary of friendship between Australia and Korea.

World and Australian PremieresDuring 2011, the Sydney Symphony gave the first performances of the following works:

JAMES LEDGER Outposts – Bassoon Concerto – World premiere*

MATTHEW HINDSON Concerto for Two Pianos and Orchestra – World premiere*

ALAN HOLLEY ...loaded with dream... (commissioned for the Sydney Symphony Fellows) – World premiere*

GORDON KERRY Symphony – World premiere

GOTTFRIED HUPPERTZ Metropolis (complete original film score) – Australian premiere

MICHAEL JARRELL ...un temps de silence... – Flute Concerto – Australian premiere

In addition, the following works by Australian composers were programmed in Sydney Symphony concerts:

ARTHUR BENJAMIN Jamaican Rhumba

BRETT DEAN The Lost Art of Letter Writing – Violin Concerto

BRETT DEAN Etüdenfest

ANDREW FORD Sad Jigs

ANDREW FORD The Furry Dance

ANDREW FORD On Winter’s Traces

PERCY GRAINGER In a Nutshell

CARL VINE V – An orchestral fanfare

CARL VINE Violin Concerto (performed by Dene Olding and the Australian Youth Orchestra in two Sydney Symphony-presented Meet the Music concerts)

CARL VINE Percussion Symphony (extract)

NIGEL WESTLAKE Missa Solis – Requiem for Eli

NIGEL WESTLAKE Refractions at Summer Cloud Bay

RecordingsThe Sydney Symphony continues to pursue a busy schedule of commercial recording activity, with frequent production periods leading to CD releases each year on the Sydney Symphony Live label. The accumulated Sydney Symphony Live catalogue now includes 8 CDs with our internationally acclaimed Principal Conductor and Artistic Advisor Vladimir Ashkenazy. During 2011, Vladimir Ashkenazy and the Sydney Symphony completed its recorded documentation of the Mahler Odyssey, with concert recordings of:

MAHLER Symphony No.2




MAHLER Symphony No.10 (completed by Rudolf Barshai)

Final CD releases of Symphonies Nos. 2, 9 and 10 are scheduled to appear during the first half of 2012. Completed in 2011, and also scheduled for release on the Sydney Symphony Live label in 2012, is a recording of Prokofiev’s complete Romeo and Juliet ballet score, with Vladimir Ashkenazy conducting. These Mahler and Prokofiev recordings are also scheduled to appear in Japan and other Asian countries on the Japanese label OCTAVIA, by special arrangement. Other recordings in 2011 included:

BRETT DEAN The Lost Art of Letter Writing – Violin Concerto; conducted by Jonathan Nott with violinist Frank Peter Zimmermann (for the BIS label)

TAKEHARU ISHIMOTO Soundtrack for Japanese Video Game recorded for Square Enix Co., Ltd. Orchestration by Kentaro Sato (Ken-P). Sydney Symphony and Cantillation chorus conducted by Brett Kelly. Executive Producer: Daniel Monteverde, Arriba Entertainment Inc.

It is gratifying that the financial surplus for the year has been achieved through greater connection with our audiences and community, albeit linked to a rigorous approach to achieving value in all areas of the company’s expenditure. This success is built on the outstanding performances of our exceptional ensemble of musicians, and I also acknowledge the outstanding work of the Sydney Symphony administration team in achieving this result of which the whole Company can be satisfied.

Artistic AchievementThe Sydney Symphony’s 2011 season was marked by a series of outstanding artistic achievements across a broad spectrum of symphonic presentations, performed to large audiences in and beyond Sydney. In Vladimir Ashkenazy’s third season as the Sydney Symphony’s Principal Conductor and Artistic Advisor, the Orchestra completed its landmark two-year Mahler Odyssey, including a deeply moving performance of the Ninth Symphony on the 100th anniversary of Gustav Mahler’s death, and culminating in powerfully climactic and uplifting performances in November of Mahler’s Symphony No.2 “Resurrection”. As in the first year of the Mahler Odyssey, all performances throughout 2011, notably of Symphonies Nos. 2, 6, 7, 9 and 10 (in the completion by Rudolf Barshai), were recorded for release on the Sydney Symphony Live label.

In a year of exceptional performances, the special event gala concerts with two of the world’s finest concert pianists – Lang Lang and Evgeny Kissin – were landmarks in Australia’s 2011 arts calendar. Lang Lang not only performed

The world’s finest concert pianists Lang Lang and Evgeny Kissin were landmarks in Australia’s 2011 arts calendar.

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continued on page 10

* Sydney Symphony Commission.


Audience Development In 2011 Sydney Symphony achieved a higher number of classical ticket sales and the highest number of seats per paid concert as compared to any year since 2000. In all, 200,012 subscription and single tickets were sold to 92 subscription and 9 special event performances, averaging 1,980 paid seats per performance. The total number of subscription package seats sold increased by 8% over levels achieved in 2010, and more than 23,100 subscription packages were transacted. Subscription seats accounted for 60% of all seats sold, and over 119,000 seats were sold as part of subscription packages: also the highest level achieved of any year from 2001. Paid tickets per concert overall were up 8% over 2010 levels. The company enjoyed 86.5% paid available capacity, also up from 80.3% in 2010. In 2011 the benefits of the strategic reorganising of the marketing and sales operation in 2008 – 2010 took significant root; this is something that will see further strengthening and consolidation in 2012. The continued and successful leadership and appeal of Vladimir Ashkenazy, inspired program offerings, and the aforementioned reorganisation all contributed to this final result.

In 2011 some 17 commercial performances of eight discrete programs were presented to over 35,000 paying customers. The total paid audience footprint for both classical and commercial events in 2011 was 235,398.

Sydney Symphony PartnersSydney Symphony is the only symphony orchestra in Australia that generates significantly more income through its own activities than the level of funding we receive from Federal and State government. This funding is critical to the success and vibrancy of the organisation and we acknowledge this support, through the Australia Council for the Arts, and remain committed to delivering excellence and value through our work.

We are proud of our corporate partnerships and the relationships we have with individual patrons. I particularly acknowledge the continued support of our Principal

Partner, Emirates – a wonderful partnership that has now been in place for a decade; also our Premier Partner Credit Suisse, whose support enables so many of the outstanding gala presentations that we are able to bring to our audiences, as well as their support for our outstanding young Fellows.

The philanthropic support of our patrons has again played a key role in enabling us to achieve many of our artistic and education goals and I thank them all for this enlightened support on behalf of the whole Sydney Symphony community.

2011 was clearly a year of vibrant artistic health, strong audience connection and gratifying financial outcome. Feedback from visiting conductors and soloists confirm the orchestra is in exceptional form and I pay tribute to the extraordinary talent and skills of our players that make being in the audience such a pleasure and privilege.

In this his third year as Principal Conductor and Artistic Advisor, I also celebrate the inspiring leadership of Vladimir Ashkenazy. He is an outstanding musician by any measure, and we remain greatly honoured and invigorated by his energetic insights and celebrate his strong connection with the community of Sydney.

Finally I thank our Chairman, John Conde, and the Board of Directors for their wisdom and tireless support in helping the orchestra to achieve our ambitions. Their commitment, counsel and practical engagement contribute immeasurably to the success of the Company.

Rory Jeffes Managing Director

2011 was indeed a big year for all of us – we opened the season with Grieg’s fantastic incidental music for Ibsen’s play Peer Gynt, I had the pleasure of conducting performances with the outstanding pianist Evgeny Kissin, and we concluded our two-year Mahler Odyssey. To complete a musical cycle of this nature is no mean feat and it is heartening to know that our audiences can relive the journey through our Mahler Odyssey recordings.

Later in 2011 we embarked on a tour of Japan and Korea. This was the first time the Sydney Symphony had ever toured to Korea so I was humbled to be part of this historic occasion for the orchestra. The audiences were enamoured with the fine music making of the Sydney Symphony and it was so wonderful to see full houses wherever we performed.

My third year as Principal Conductor again proved to me what a wonderful group of musicians make up the Sydney Symphony, as well as those people who work behind the scenes to ensure we can provide music of the highest calibre for our audiences.

Vladimir Ashkenazy Principal Conductor and Artistic Advisor

IMAGES TOP TO BOTTOM: Vladimir Ashkenazy with portrait by Ralph Heimans (photo: Ken Butti); Sydney Symphony.

Principal Conductor and Artistic Advisor

Managing Director’s Report continued


Sydney Symphony SinfoniaWhen the Sydney Symphony Sinfonia was founded in 1996 it was groundbreaking in its vision as Australia’s first national mentoring orchestra. The intake of students has grown from 3 in 1996 to 67 in 2011. As the program has grown and developed over its fifteen-year lifespan, over 500 tertiary students and graduates from around Australia have participated in Sinfonia’s training program. Initially the Sinfonia was formed to perform schools concerts, so the student musicians experienced an intensive on-the-job training sitting alongside the seasoned players of the Sydney Symphony. In 1999 the Sinfonia toured to regional NSW delivering schools concerts in Orange, Dubbo and Bathurst, an event which has become part of its annual performance calendar. In 2011 the Sinfonia performed in the Riverina, Albury, Campbelltown, Gosford and Newcastle, presenting regional schools and public concerts, as well as giving 45 schools concerts in Sydney. Since 2000 the Sinfonia has performed in the four-concert series now known as Discovery in the City Recital Hall and in 2011, for the first time, it presented two schools concerts for high schools students in this venue.

As the Sydney Symphony continues to develop this program we are always seeking new experiences for the Sinfonia though masterclasses, workshops and of course performance opportunities. Those privileged to play in the Sinfonietta composition project were challenged by the music of Ligeti and the work of six new composers. In 2009 the Sinfonia had its first ever main stage Sydney Opera House concert, with The Whitlams, and in 2011, to celebrate its 15th year, reinstated the Family Concerts under the direction of their Artistic Director, Richard Gill oam. Many of the Sinfonia players have had the opportunity to augment the Sydney Symphony in larger works featured in our regular concert series, and most of the Sydney-based players work regularly with the Australian Opera and Ballet Orchestra. The program continues to attract some of the best young musicians from around the country and across the Tasman, with over 400 auditioning for places in the 2012 program. Alumni from Sydney Symphony Sinfonia have received contracts or permanent work with orchestras in New Zealand, Japan, the USA, the UK, The Netherlands and throughout South East Asia.

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Community

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education and artiSt development

The Sydney Symphony, as the provider of Australia’s leading performing arts education program, constantly strives to develop and nurture understanding of the great tradition of orchestral playing in young people through its regular series of education concerts.The Sydney Symphony, as a constantly evolving orchestra, is aware that nurturing developing talent is in its own interests. With the Sinfonia program and the Fellowship program, the development of new and gifted orchestral players is assured.—

Richard GillArtistic Director, Education Program

What a once-in-a-lifetime opportunity for those kids. A no-compromise approach to music education where everyone had too much fun to realise how much they were learning! Thanks for all your hard work and come again soon!

—

Ian CrossleyPrincipal, Albury High School

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IMAGES LEFT TO RIGHT: Richard Gill and Sinfonia musicians at Sinfonietta workshops (image: Ben Symons). Playerlink students in Armidale (image: Tim Barnsley).


In October, Playerlink became the Orchestra’s first international education initiative, offering similar workshops to students in Korea. Ten of the Sydney Symphony musicians worked with a large string orchestra and concert band at the Korean International School, while Vladimir Ashkenazy led a team of 16 musicians, including many of our principal players, to Seoul National University.

Schools ConcertsAs always, a significant part of the orchestra’s year was spent presenting concerts to school children. At a time when the Australian Curriculum for the Arts is being written and teachers are increasingly expected to deliver high quality music programs in their classrooms, the Sydney Symphony continues to devise concerts that enrich music learning beyond the classroom and offer guidance and resources to teachers. The Orchestra’s professional development program continues to expand its reach beyond NSW and the demand for its classroom materials continues to grow. Most of the 2012 schools concerts had already sold out by the end of 2011, testifying to the value placed on the program by teachers across the state.

Sinfonietta Composition ProjectThe opportunities for emerging composers continue to expand, with programs ranging from activities designed to excite musical imagination in school children to opportunities for the seriously talented. Inspired by the music of Aaron Copland, many schools entered the Sydney Symphony’s 2011 Schools Composition Challenge, with the winning entries performed as part of the Sinfonia’s Sydney Olympic Park Concert Series. High school students from around the country submitted entries to the Sinfonietta national composition project

and six of these young composers were brought to Sydney to work with Richard Gill in an intensive three-day refinement workshop.

Several tertiary composition students from the Sydney Conservatorium had an opportunity to work with the Fellowship musicians, developing their skills in a range of works later performed in a public concert at The Rocks. Established Australian composers featured in all of the Orchestra’s education concerts, with new commissions by Gordon Kerry, James Ledger and Carl Vine in Meet the Music; music of Brett Dean in Discovery; and Andrew Ford as the composer in focus in the Schools Concerts.

Lang Lang MasterclassProbably the biggest event for Education in 2011 was a masterclass for school-aged children, held with international pianist Lang Lang in June. Three outstanding young pianists were selected from around Australia to play for him on the Concert Hall stage of the Sydney Opera House, and almost 800 young students and their piano teachers observed the workshop. The value of this inspiring experience was evident to all, and the orchestra intends to build special initiatives such as this into its Education program as it continues to grow in its role as Australia’s leading performing arts education provider.

Thank you Richard, as always, for fanning the flame of creativity, nurturing young minds and hearts, and challenging the spirits of these young people by opening up the world of possibility and connecting them with the great minds of the past and present.—

Philip CooneyWycliffe Christian School, Warrimoo

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FellowshipThe Fellowship program, which emerged from the James Fairfax Young Artist Program under the artistic direction of Roger Benedict, celebrated its 10th birthday in 2011. This full-time apprenticeship with the Sydney Symphony has produced many professional working musicians currently engaged with orchestras around the nation and internationally. Highlights of the 2011 Fellowship program included masterclasses with members of the Vienna Philharmonic Orchestra, a residency at Bundanon Estate, a tour with Katie Noonan, and a main-stage baroque concert with Sara Macliver and Diana Doherty in the Tea & Symphony series. The year ended with a celebration concert in the Sydney Conservatorium’s Verbrugghen Hall, featuring a new commission by Australian Alan Holley, written especially for the 2011 Fellowship, and a number of large works bringing together many of the alumni of the past ten years.

PlayerlinkPlayerlink is another exciting aspect of the regional education program. Taking a conductor and twelve musicians from the orchestra to work with a large, specially formed youth orchestra over a three-day period is extremely rewarding, and in 2011, with the support of regional touring partner Telstra, Playerlink was able to prepare Armidale students for the visit with online chamber music masterclasses presented by Sydney Symphony musicians.

“Amazing! So encouraging – I learnt a lot.” Clarinet participant, Playerlink 2011

“Fantastic opportunity for playing in a large orchestra!” Oboe participant, Playerlink 2011

IMAGES LEFT TO RIGHT: Lang Lang conducting Masterclasses (image: Ben Symons); Richard Miller

with percussion student at Playerlink in Armidale (image: Tim Bamsley).

Community

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Community

Japan and Korea TourUnder the direction of Principal Conductor and Artistic Advisor, Vladimir Ashkenazy, the Sydney Symphony toured Japan and Korea in November 2011, performing eight concerts to over 18,000 audience members in the Japanese cities of Tokyo, Fukuoka, Nagoya and Nishinomiya as well as in the South Korean capital, Seoul.

The tour marked the Orchestra’s fourth visit to Japan and the first visit to Korea in its 79-year history, and was part of the 2011 Year of Friendship between Australian and Korea, marking 50 years of diplomatic relations between the two countries.

Performing three times in Tokyo, including a concert in Suntory Hall, the orchestra appeared with piano superstar Evgeny Kissin and local violinist Sayaka Shoji. In Korea, the orchestra performed twice at the Seoul Arts Center, once with Evgeny Kissin and once with cellist Mischa Maisky.

The tour schedule was as follows:

JapanMon 7 Nov Tokyo Bunka Kaikan

Tue 8 Nov Fukuoka, ACROS Fukuoka

Wed 9 Nov Nagoya, Aichi Arts Center Concert Hall

Thu 10 Nov Tokyo, NHK Concert Hall

Sat 12 Nov Nishinomiya, Hyogo Performing Arts Center

Sun 13 Nov Tokyo, Suntory Hall

South KoreaWed 16 Nov Seoul, Seoul Arts Center

Thu 17 Nov Seoul, Seoul Arts Center

Most of the concerts were sold out and well received by the audiences and critics alike. As is the Orchestra’s custom, numerous outreach activities complemented the concerts on the tour, including masterclasses at local schools and universities, and performances at Australian embassies.

The Sydney Symphony’s 2011 Japan and Korea Tour was only made possible thanks to the support of the NSW Government through the Arts NSW, the Commonwealth Government through the Australia Council, and corporate organisations. Touring sponsors played an integral role, with long-term partners Xstrata Australia and Telstra using

the concerts to showcase Australian excellence and as an opportunity to develop closer commercial relationships. Assistance was also provided by Leadership Ensemble members, most notably Pelikan Artline, Shell Australia Pty Ltd, government agencies and the Australia Korea Foundation.

Wollongong Benefit ConcertOn 4 June, the Sydney Symphony performed its annual fundraising concert at the Wollongong Town Hall. Under the musical direction of Associate Conductor Nicholas Carter, the orchestra performed to a capacity audience of 800, which enjoyed a program of Mozart and Johann Strauss Jr. The enthusiastic response again demonstrated the community’s support for and commitment to classical music and the Sydney Symphony. The performance was given in support of local communities affected by recent floods and thanks to partners BHP Billiton, Xstrata Coal, Snowy Hydro, Telstra, Regional Express and The Land, the concert raised $50,000, which was donated to four local charities. The accumulated funds contributed to regional charities over the past eight years total $500,000.

Regional and Interstate Touring SummaryThe following table summarises all regional and interstate activity (excluding hospital visits listed on page 17) conducted by the Sydney Symphony in 2011.

19 march

Free outdoor concertParramatta Park

23-24 march

Sydney Symphony/SinfoniaREGIONAL TOUR

Griffith

24-25 march


Wagga Wagga

26 march


Albury

16 april

Mozart & HaydnPenrith

4 June

Wollongong Benefit ConcertWollongong

24 June

Mozart After Dark Dubbo

24 July

Fellowship PerformancePenrith

3-4 auguSt

Education ConcertsSydney Olympic Park

14 auguSt

Fellowship PerformancePennant Hills

26-28 auguSt

PlayerLinkArmidale

30 auguSt

Discover DvorákSINFONIA

Gosford

2 September

Education concertNewcastle

2 September

Mozart & BrahmsSYDNEY SYMPHONY

Gosford

11 october

Discover Brett DeanSINFONIA

Campbelltown

8 december

Fellowship PerformanceBlacktown

touring acceSSHospital VisitsThe Sydney Symphony continued regular visits to hospitals in Sydney and regional areas via the award-winning music4health program. A practical manifestation of the health industry’s recognition of the therapeutic power of music, the program provides entertainment and welcome moments of respite for hospital patients, their families and hospital staff.

In 2011, five music4health visits were made to a range of audiences including patients at the Children’s Hospital Westmead in its Starlight Express Room, and via broadcasts direct to children’s wards. There were three off-hospital site visits in 2010, one in conjunction with the Autism Advisory and Support Service, performing for children with autism, cerebral palsy and Down syndrome as well as their carers and families, and three at BUPA retirement villages in Wodonga, Ashbury and Greenwich.

Outdoor ConcertsSymphony in the Domain is one of Sydney’s landmark free events, traditionally ending with Tchaikovsky’s 1812 Overture, complete with cannons and fireworks. In 2010 the concert attracted an audience of 60,000. The Sydney Symphony also performed at Parramatta Park on 19 March to over 1,200, a smaller-than-usual audience due to extreme weather conditions.

WebcastingIn 2011, the Sydney Symphony’s webcasting activity continued, in collaboration with Telstra BigPond and ABC Classic FM, with eleven concerts streamed live and made available free on demand through BigPond TV. These can be viewed at bigpondmusic.com/sydneysymphony and are also available on the SSO mobile app.

Webcasting is an important addition to our outreach both nationally and internationally, and is of particular benefit to those less mobile, and to people in regional or remote areas of Australia who want to experience an orchestral performance but are unable to attend in person.

IMAGES TOP TO BOTTOM: Sydney Symphony in Japan; Hugh Kluger with a young fan at Newcastle Town Hall (image: Jamie Wicks).


09

18 19

Supporters – Donors & SponsorsPhilanthropy ReportAs a not-for-profit organisation, the Sydney Symphony relies on the support of patrons and sponsors to supplement the income earned through ticket sales and government support. Without this additional support, the Orchestra would be unable to sustain the calibre of its programming and performances, and it would not be possible to fulfil its commitment to music education and young artist development.

The Sydney Symphony is immensely grateful for the support of the many patrons who responded to our appeals, added a contribution to their subscription package, or spoke to one of our team on the phone and gave so generously in 2011. Every gift, however large or small, is appreciated enormously and helps the Sydney Symphony present outstanding concerts and music education events that enrich the lives of so many.

In 2011, philanthropic giving at the Sydney Symphony totalled $2,029,504.

In the course of the year, 4558 gifts were received, contributing to the Orchestra’s various donation funds. This is the strongest support from individuals in the Sydney Symphony’s history. Through the generous gifts of our patrons, the Sydney Symphony presented some of the world’s finest soloists to Australian audiences, and was able to expand its Fellowship program for young artists, acquire additional high-quality stringed instruments, and commission and premiere four new works by Australian composers: Matthew Hindson, Gordon Kerry, James Ledger and Carl Vine.

Members of the Patrons Program gain a unique insight into life backstage. Through a series of activities, we aim to foster a connection both to the programs they support and to like-minded people who share a passion for symphonic music and the Sydney Symphony.

Community SupportIn 2011, the Sydney Symphony was privileged to be able to support the work of 80 fellow not-for profit organisations. By providing gift vouchers to support fundraising initiatives in the arts, social welfare, health and education sectors, the Orchestra contributed $17,000 of in-kind assistance to these important organisations.

VolunteersIn 2011, Sydney Symphony volunteers contributed 1,011 hours of work in the areas of education, marketing, box office, philanthropy and administration. This represents a cost saving of approximately $45,000 to the Orchestra, and the Sydney Symphony offers its grateful thanks to all volunteers for their generous contribution in 2011.

Sydney Symphony Maestro’s CirclePeter Weiss am Founding President & Doris Weiss

John C Conde ao Chairman

Geoff Ainsworth ao & Vicki Ainsworth

Tom Breen & Rachael Kohn

In memory of Hetty & Egon Gordon

Andrew Kaldor & Renata Kaldor ao

Roslyn Packer ao

Penelope Seidler am

Mr Fred Street am & Mrs Dorothy Street

Westfield Group

Brian & Rosemary White

Ray Wilson oam in memory of the late James Agapitos oam

Sydney Symphony Leadership EnsembleDavid Livingstone CEO, Credit Suisse, Australia

Alan FangChairman, Tianda Group

Macquarie Group Foundation

John MorschelChairman, ANZ

Andrew Kaldor Chairman, Pelikan Artline

Lynn KrausSydney Office Managing Partner, Ernst & Young

Shell Australia Pty Ltd

James StevensCEO, Roses Only

Stephen Johns Chairman, Leighton Holdings, and Michele Johns

01

Roger Benedict Principal ViolaKim Williams AM & Catherine Dovey Chair

02

Lawrence DobellPrincipal ClarinetAnne Arcus & Terrey Arcus AM Chair

03

Diana DohertyPrincipal Oboe Andrew Kaldor & Renata Kaldor AO Chair

04

Richard Gill oamArtistic Director EducationSandra & Paul Salteri Chair

01

05

02

06

10

03

07

04

08

Directors’ Chairs

05

Jane HazelwoodViolaVeolia Environmental Services Chair

06

Catherine Hewgill Principal CelloTony & Fran Meagher Chair

07

Elizabeth NevilleCelloRuth & Bob Magid Chair

08

Colin PiperPercussionJustice Jane Matthews AO Chair

09

Shefali PryorAssociate Principal Oboe Rose Herceg Chair

10

Emma Sholl Associate Principal FluteRobert & Janet Constable Chair

20 21S y d n e y S y m p h o n y / 2 011 a n n u a l r e p o r t20 21

Donors & SponsorsPlatinum Patrons $20,000+Brian Abel

Geoff Ainsworth am & Vicki Ainsworth

Robert Albert ao & Elizabeth Albert

Terrey Arcus am & Anne Arcus

Tom Breen & Rachael Kohn

Sandra & Neil Burns

Mr John C Conde ao

Robert & Janet Constable

Dr Bruno & Mrs Rhonda Giuffre

Ms Rose Herceg

Mrs E Herrman

Mr Andrew Kaldor & Mrs Renata Kaldor ao

D & I Kallinikos

James N Kirby Foundation

Justice Jane Mathews ao

Mrs T Merewether oam

Mrs Roslyn Packer ao

Dr John Roarty oam in memory of Mrs June Roarty

Paul & Sandra Salteri

Mrs W Stening

Mr Fred Street am & Mrs Dorothy Street

Mr Peter Weiss am & Mrs Doris Weiss

Westfield Group

Mr Brian & Mrs Rosemary White

Ray Wilson oam in memory of James Agapitos oam

Family Bequest

Anonymous (1)

—

Gold Patrons $10,000–$19,999Alan & Christine Bishop

Ian & Jennifer Burton

Mr C R Adamson

The Hon. Ashley Dawson-Damer

Ferris Family Foundation

James & Leonie Furber

Mr Ross Grant

Helen Lynch am & Helen Bauer

Mrs Joan MacKenzie

Tony and Fran Meagher

Mr B G O’Conor

Mrs Penelope Seidler am

June & Alan Woods Family Bequest Anonymous (2)

—

Silver Patrons $5,000–$9,999Mr Alexander & Mrs Vera Boyarsky

Mr Robert Brakspear

Mr Robert & Mrs L Alison Carr

Bob & Julie Clampett

Ian Dickson & Reg Holloway

Penny Edwards

Michael & Gabrielle Field

In memory of Hetty & Egon Gordon

Mr James Graham am & Mrs Helen Graham

The Greatorex Foundation

Mrs Jennifer Hershon

Stephen Johns & Michele Bender

Judges of the Supreme Court of NSW

Mr Ervin Katz

Mr David Livingstone

Ruth & Bob Magid

David Maloney & Erin Flaherty

Greg & Susan Marie

William McIlrath Charitable Foundation

Eva & Timothy Pascoe

Rodney Rosenblum am & Sylvia Rosenblum

Manfred & Linda Salamon

The Sherry Hogan Foundation

David & Isabel Smithers

Mrs Joyce Sproat & Mrs Janet Cooke

J F & A van Ogtrop

Michael & Mary Whelan Trust

Ms Caroline Wilkinson

Dr Richard Wingate

Jill Wran

Anonymous (1)

—

Bronze Patrons $2,500–$4,999Dr Lilon Bandler

Stephen J Bell

Marc Besen ao & Eva Besen ao

Jan Bowen

Mr David & Mrs Halina Brett

Howard Connors

Ewen & Catherine Crouch

Ian Dickson & Reg Holloway

Vic & Katie French

Mr Erich Gockel

Ms Kylie Green

Anthony Gregg & Deanne Whittleston

Michelle Hilton

Ann Hoban

R & S Maple-Brown

Mora Maxwell

J A McKernan

James & Elsie Moore

Bruce & Joy Reid Foundation

Marliese & Georges Teitler

Hedy Switzer

Anonymous (2)

—

Bronze Patrons $1,000–$2,499Charles & Renee Abrams

Andrew Andersons ao

Mr Henri W Aram oam

Claire Armstrong & John Sharpe

Dr Francis J Augustus

Richard Banks

David Barnes

Doug and Alison Battersby

Michael Baume ao and Toni Baume

Phil & Elese Bennett

Nicole Berger

Mrs Jan Biber

Julie Bligh

Lenore P Buckle

M Bulmer

In memory of R W Burley

Eric & Rosemary Campbell

Dr John H Casey

Debby Cramer & Bill Caukill

Dr Diana Choquette & Mr Robert Milliner

Joan Connery oam & Maxwell Connery oam

Mr John Cunningham SCM & Mrs Margaret Cunningham

Lisa & Miro Davis

Matthew Delasey

Mr Colin Draper & Mary Jane Brodribb

John Favaloro

Mr Edward Federman

Mr Ian Fenwicke & Prof. N R Wills

Firehold Pty Ltd

Dr & Mrs C Goldschmidt

Akiko Gregory

Janette Hamilton

Dorothy Hoddinott ao

The Hon. David Hunt ao Gary Linnane

QC & Mrs Margaret Hunt

Dr & Mrs Michael Hunter

Mr Peter Hutchison

Dr Michael Joel am & Mrs Anna Joel

In Memory of Bernard MH Khaw

Anna-Lisa Klettenberg

Mr Justin Lam

Macquarie Group Foundation

Ms Jan Lee Martin & Mr Peter Lazar

Mr Robert and Mrs Renee Markovic

Kevin & Deidre McCann

Robert McDougall

Ian & Pam McGaw

Mathew McInnes

Miss An Nhan

Mrs Rachel O’Conor

Mr R A Oppen

Mr Robert Orrell

Mr & Mrs Ortis

Piatti Holdings Pty Ltd

Dr Raffi Qasabian

Ernest & Judith Rapee

Kenneth R Reed

Patricia H Reid Endowment Pty Ltd

Juliana Schaeffer

Catherine Stephen

John & Alix Sullivan

The Hon. Brian Sully QC

Mildred Teitler

John E Tuckey

Mrs M Turkington

In memory of Dr Reg Walker

Henry & Ruth Weinberg

The Hon. Justice A G Whealy

Geoff Wood & Melissa Waites

Warren Green

Mr R R Woodward

Dr John Yu and Dr George Soutter

Anonymous (9)

—

Bronze Patrons $500–$999Mr Peter J Armstrong

Dr & Mrs Hannes Boshoff

Minnie Briggs

Pat & Jenny Burnett

The Hon. Justice J C & Mrs Campbell

Mr Percy Chissick

Mrs Catherine J Clark

Jen Cornish

Greta Davis

Mrs Rachel Debelak

Elizabeth Donati

Dr & Dr Nita Durham

Mr & Mrs Farrell

Vivienne Goldschmidt

Mr Robert Green

Mr Richard Griffin am

Mrs A Hayward

Dr Heng & Mrs Cilla Tey

Mr Roger Henning

Rev Harry & Mrs Meg Herbert

Sue Hewitt

Mr Joerg Hofmann

Ms Dominique Hogan-Doran

Alex Houghton

Bill & Pam Hughes

Susie & Geoff Israel

Mrs W G Keighley

Mr & Mrs Gilles T Kryger

Dr and Mrs Leo Leader

Margaret Lederman

Anita & Chris Levy

Erna & Gerry Levy am

Dr Winston Liauw

Mrs Helen Little

Sydney & Airdrie Lloyd

Mrs A Lohan

Carolyn & Peter Lowry oam

Melvyn Madigan

Dr Jean Malcolm

Mrs Flora MacDonald

Mrs Helen Meddings

David & Andree Milman

Kenneth N Mitchell

Chris Morgan-Hunn

Nola Nettheim

Mr Graham North

Dr M C O’Connor am

Dr A J Palmer

Justice George Palmer am

Mr Andrew C Patterson

Dr Kevin Pedemont

Dr Natalie E Pelham

Mr Allan Pidgeon

Robin Potter

Lois & Ken Rae

Pamela Rogers

Agnes Ross

In memory of H St P Scarlett

Caroline Sharpen

Mrs Diane Shteinman am

Dr Agnes E Sinclair

Doug & Judy Sotheren

Mrs Elsie Stafford

Mr Lindsay & Mrs Suzanne Stone

Mr D M Swan

Mr Norman Taylor

Kevin Troy

Judge Robyn Tupman

Gillian Turner and Rob Bishop

Prof. Gordon E Wall

Ronald Walledge

Mr Robert & Mrs Rosemary Walsh

Mr Palmer Wang

A Willmers & R Pal

Audrey and Michael Wilson

Dr Richard Wing

Mr Robert Woods

Mrs Robin Yabsley

Anonymous (18)

—

government partnerSprincipal partner

maJor partnerSplatinum partnerS

premier partner community partner

SaluteThe Sydney Symphony applauds the leadership role our partners play and their commitment to excellence, innovation and creativity.

gold partnerS

SYMPHONY

AUSTRALIAS E R V I C E S

marketing partner

2MBS FM 102.5 Fine Music Station

regional tour partnerS

Silver partnerS

IMAGES TOP TO BOTTOM: Richard Lynn, Tutti Double Bass; Adrian Wallis and Playerlink Students in Armidale (image: Tim Barnsley).


Five-Year Performance Summary

Attendance strong in Sydney and regional NSW.

Metropolitan and NSW regions Sydney Opera House

Attendances in 100,000’s

4

3

2

1

007 08 09 10 11

0

50000

100000

150000

200000

250000

300000

350000

Paid occupancy at record levels in 2011.

% Occupancy

Occupancy – Main Stage Performances

85

90

80

75

70

6507 08 09 10 11

Self generated revenue Funding revenue

Revenue by Category AUD 000’s

40

30

20

10

007 08 09 10 11

0

5000

10000

15000

20000

25000

30000

35000

40000

Government Funding Index CPI – All groups

Funding Indexation lags CPI rate. Funding Indexation vs CPI

2.50%

3.50%

4.50%

1.50%08 09 10 11 12

0.015000

0.023333

0.031667

0.040000

Operating profit turnaround from the effect of the GFC.Net Profit (loss) for the Year in AUD 000’s

2000

1000

1500

-500

0

500

-1000

-1500

07 08 09 10 11

Reserves above mandatory limits.Reserves to Operating Expenses

25

30

20

15

5

10

007 08 09 10 11

Self- generated revenue now

of total income65%

IMAGES TOP TO BOTTOM: 2011 Fellow Adam Szabo (image: Ben Symons);

Paul Goodchild, Associate Principal Trumpet.

Surplus Min 20% Required by Australia Council

LEFT: Evgeny Kissin in concert.

0

.

Sydney Symphony Limited

AND ITS CONTROLLED ENTITIES

A.B.N. 50 121 561 528

ANNUAL FINANCIAL REPORT

31 December 2011

Sydney Symphony Limited A.B.N. 50 121 561 528

1

Contents Page Directors’ Report 2

Corporate Governance Statement 8

Auditor’s Independence Declaration 10

Income Statement 11

Statement of Comprehensive Income 12

Balance Sheet

13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Financial Statements 16

Directors’ Declaration 31

Independent Audit Report 32


2

Directors Report The Directors present their report together with the financial report of Sydney Symphony Limited, the Parent Entity and its controlled entity Sydney Symphony Orchestra Holdings Pty Limited (the Group) for the year ended to 31 December 2011. Directors The Directors in office, at any time during or since the financial period until the date of this report, are: John Conde AO (Chairman)

Rory Jeffes (Managing Director) Terrey Arcus AM Ewen Crouch

Ross Grant Jennifer Hoy

Andrew Kaldor Irene Lee David Livingstone Goetz Richter

David Smithers AM Gabrielle Trainor

Resigned 2nd May 2011

Company Secretary John Horn Qualification of Directors

Director Experience and Qualifications

John Conde AO (Chairman)

BSc, BE (Hons), Syd; MBA (Dist), Harv. Chairman of Ausgrid Chairman of BUPA Australia Pty Limited Chairman of Whitehaven Coal Limited President of The Commonwealth Remuneration Tribunal Chairman Destination New South Wales and associated entities Director of DEXUS Property Group Chairman of the Australian Olympic Committee (NSW) Fundraising Committee

Rory Jeffes (Managing Director)

MA, Oxon Director Symphony Services Australia Limited

Terrey Arcus AM

BSc, BE (Hons), Syd; MBA (Dist), Harv. Director of Port Jackson Partners Limited

Ewen Crouch BEc (Hons) LLB, Syd, FAICD. Partner and Chairman of Allens Arthur Robinson Director and Chairman of Mission Australia Group Director of Working Links (Employment) Limited

Ross Grant

BSc (Hons), MCom (Hons), MBA Chairman of Grant Samuel Group Director of The Centre for Independent Studies Director of Australian Wildlife Conservancy Director of Australian Mitochondrial Disease Foundation Director of Waratahs Rugby

Jennifer Hoy MMus (P), AIM; BMus Hons. (P) Syd Violinist - Sydney Symphony Orchestra

Andrew Kaldor BEc (Hons) Syd; MBA, Wharton Chairman of Pelikan Artline Pty Limited Chairman of Supertex Industries

Irene Lee

BA, Smith College, USA Barrister at Law, Inns of Court, School of Law, Gray's Inn, UK


3

Director of QBE Insurance Group Non-Executive Chairman, Keybridge Capital Ltd Director of Cathay Pacific Airways Ltd Chairman of Hysan Development Company Ltd Member, Advisory Council, J.P. Morgan Director of Noble Group Limited

David Livingstone

BEc (Hons) Macq; MA Cantab Managing Director and CEO, Credit Suisse Australia

Dr. Goetz Richter

Kstl, Staatsdiplom (Munich), BA (Hons I), Syd; PhD, Syd Violinist Associate Professor, Sydney Conservatorium President, Sydney Schubert Society Inc. Artistic Director, Kendall National Violin Competition President, Live Music Sydney

David Smithers AM

FCA Director of Rabobank Australia Limited Group Director of Genea Limited (formally Sydney IVF Limited) Director of Country Education Foundation Pty Limited Director of International Energy Services Group Limited Director of James N Kirby Foundation Limited

Gabrielle Trainor

LLB Melb, FAICD. Barrister and Solicitor Partner of John Connolly & Partners Pty Ltd Director of Sydney Harbour Foreshore Authority Director Victorian Urban Development Authority Director Barangaroo Delivery Authority Chair Church Resources Director, Cape York Partnerships

Principal Activities The principal activity of the Group was the performance of symphonic music. There were no significant changes in the nature of the activities of the Group during the year. Strategy The Group’s vision is “to ignite and deepen people’s love of live symphonic music in Sydney and beyond”. Agreed values of Intensity, Artistry and Unity were adopted by the company with the stated objective being to “move the heart and soul through consistently great performances”. The strategy is to achieve maximum leverage from the key factors that set the Group apart from peer organisations. These factors are:

a quality of ensemble unrivalled in Australia

iconic artistic leadership

the ability to attract the finest soloists and conductors in the world

the capacity to align financial supporters with premium brand assets and outstanding artistic experiences

Achievements against key strategic priorities in the 2011 financial year are outlined below;

Artistic Leadership The Principal Conductor and Artistic Advisor between 2009 and 2013 is Vladimir Ashkenazy. Vladimir Ashkenazy has led the orchestra in numerous important projects in 2011, most notably the conclusion of the Mahler Odyssey: 2010–2011.


4

Emerging Artists The Group continues to support emerging artists through the promotion of young talented performers through vehicles such as the Sydney Symphony Assistant Conductor programme, Young and Emerging artist mainstage performances, Sydney Symphony Fellowship programme, Sydney Sinfonia training orchestra and the Sydney Symphony Sinfonietta programme for young composers.

International Touring The Group has the stated desire to continue with its programme of international touring to raise the profile and experience of the orchestra. In November 2011, the Orchestra performed to excellent reviews and full houses in Japan and Korea, including a celebratory concert to mark the 50

th anniversary of diplomatic relations between Australia and the Republic of South Korea,

with Vladimir Ashkenazy conducting.

Orchestral Instruments To improve the quality of sound produced by the orchestra, the Group has an Instrument Reserve which continues to acquire fine instruments. The Group also supports musicians who wish to acquire fine instruments independently. The Instrument Reserve was significantly boosted by an anonymous donation of $500,000 during the financial year.

Acoustic Improvement Sydney Opera House The Group is the resident orchestra at the Sydney Opera House and is in regular consultation with the Sydney Opera House to improve the acoustics in the main concert hall.

Education The Group has an award winning education programme and plans to continue with on line delivery and content innovations to increase the reach and impact of this programme throughout Sydney and regional NSW.

Regional Touring The Group tours annually to regional NSW to promote live symphonic music to the rural communities of NSW through a series of classical and education concerts.

In addition to the above priorities, the Group continues with its strategic endeavours in respect of ongoing financial viability having significantly improved the financial result of the company in 2011.

Process for Self Assessment of Artistic Quality There is an approved process in place for self-assessment of artistic quality and the Board confirms that;

a) the nature and the outcomes of this process have been discussed during the 2011 financial year; b) these outcomes have informed the future planning of the group; and c) the self assessment process in place draws on a variety of verifiable internal and external sources

primarily: - The Orchestra’s Artistic Committee. - Listening panel sessions with musicians and administration. - Peer Review panel comprised of expert academics, critics and classical music

industry professionals. - Assessment by Principal Conductor and Artistic Advisor. - Assessment by visiting conductors and soloists. - Assessment by ABC recording producers. - Review through national and international press coverage. - Audience feedback, through surveys and other communication channels.


5

Reserves Policy The Group maintains a number of reserves as outlined in the financial statements and related notes to the financial statements. The Group, by virtue of the Tripartite Agreement between the controlled entity, the Australia Council and Arts NSW, is mandated to use reasonable endeavours to maintain and improve its overall financial viability, having regard to both reserves and annual results. The Group plans to maintain reserves at the minimum level of 20% of the group’s annual costs. At 31st December 2011, the level of reserves totalled 27% of the Groups’ annual costs (2010 - 23%). Key Performance Indicators The Group’s business plan outlines the objectives and strategy for the Group and dictates the key performance indicators (KPIs) that the Group monitors, targets and measures. A summary of the 2011 KPI targets and achievements is outlined below; KPI Definition Target Results

Orchestra

Artistic Performance

Analysis and compilation

of the results of the

Artistic Self Assessment

Process.

Critical Rating

greater than the 80th

percentile during the

year.

Achieved with overall

performances in Australia and

Japan and Korea Tour

locations assessed as

exceeding expectations.

Education

Programme

Development

Develop and enhance

the Sydney Symphony’s

world class education

programme.

Complete and deliver

on line kits to NSW

school educators and

enhance whiteboard

kits.

Completed with online kits well

received by educators.

Artform Development

- Australian

Compositions

Feature contemporary

Australian composers

and promote new

commissions.

Achieve 2011

Australian content as

per season

programme and

continue commission

work for Australian

premieres.

Australian content delivered as

per programme. Three

commissions have been

completed in 2011 and a

further three donor funded

commissions are underway

with leading Australian

composers.

Audience

Development

- Occupancy

-Online Development and New Media

Occupancy levels for

mainstage core

programs.

Online web content and services.

74% average

occupancy target.

Enhance content and

improve services.

86.5% occupancy levels

achieved for 2011.

Web content enhanced and

mobile app. launched with a

world first live streaming of

orchestral concerts to mobile

devices.

Financial Stability

- Reserves

Reserves to total group

expenses.

Meet or exceed 20%. Exceeded - actual reserves at

27% of group expenses.

Financial Stability

- Operating result

Net operating result

before reserve activities.

Meet or exceed

annual budget.

Exceeded.

Review and Results of Operations The Group achieved a net operating result for the year of $1,022,396 (2010: net loss ($236,769)) after including Maestro Circle donations of $256,000 (2010: $280,000). After the inclusion of an anonymous instrument reserve donation of $500,000 (2010: nil), the net profit for the year was $1,522,396.The Group’s 2011 season was well received by audiences, with strong box office results supported by a continued emphasis on cost control. Ticket revenue was at record levels and interest earnings on term deposit investments also improved, due to higher prevailing interest rates in the first half of the year and enhanced cashflow from operations. The operating result also benefited from a series of exclusive gala concerts with leading international soloists, Lang Lang and Evengy Kissin. The Group presented the Sydney Symphony, the Sydney Sinfonia and the Sydney Symphony Fellows in performances to a total audience of more than 300,000 people during the year ended 31 December 2011


6

in Sydney, outer metropolitan and regional NSW performing arts centres, including a charity benefit concert held in Wollongong. In November 2011, the Group continued its international touring programme with a successful tour to Japan and Korea playing to sold out venues and achieving critical acclaim for its performances. Principal Conductor and Artistic Advisor, Mr Vladimir Ashkenazy, was conductor on tour featuring performances by guest soloist, Evengy Kissin. State of affairs Other than as mentioned elsewhere, in the opinion of the Directors, there were no other significant changes in the underlying state of affairs of the Group that occurred during the year. Likely developments The Group has scheduled performances of symphonic and other orchestral music, which it will continue to present during the next financial year. The Group’s continuing viability is dependent on maintaining its current level of funding, especially government funding. The Group has the intention to continue with international touring in 2012, subject to formal Board review of the likely financial requirements and impact of the tour. Dividends No dividends have been paid by the Group. Events subsequent to balance date No events have occurred subsequent to balance date and up to the date of this report that materially affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial years. Environmental regulations and performance The Group is not subject to any particular or significant environmental regulation. Directors’ Interests The company is limited by guarantee and accordingly does not issue shares.

Directors’ Meetings The numbers of meetings of the Board of Directors and of Board Committees during the financial period were:

Board Finance Audit &

Risk Nomination & Remuneration

Number of Meetings Eligible (A)

Number of Meetings Attended (B) A B A B A B

John Conde AO - Note 1 6 6 - 2 1 1

Rory Jeffes – Note 1 6 6 - 4 1 1

Terrey Arcus AM 6 6 - - 1 1

Ewen Crouch 6 3 4 3 - -

Ross Grant 6 5 - - - -

Jennifer Hoy 6 6 - - - -

Andrew Kaldor 6 5 4 4 - -

Irene Lee 6 5 - - - -

Goetz Richter 6 5 - - 1 1

David Livingstone 6 6 4 3 - -

David Smithers AM 6 4 4 4 - -

Gabrielle Trainor 2 2 - - 1 -

Note 1- Both the Chairman of the Board and the Managing Director and the Director of Finance attend meetings of the Finance Audit and Risk Committee by invitation. All other directors who are not committee members and the external auditors may attend the meetings of the Finance Audit and Risk Committee at their discretion.

Directors’ Remuneration Directors are not paid any fees for their services as Directors of the Group. Details of directors’ remuneration are disclosed in Note 21.


7

Indemnification and insurance of Officers Information on the indemnification and insurance of officers can be found in Note 25. Auditor’s Independence Declaration The Auditor’s Independence Declaration is set out on page 10. Signed in accordance with a resolution of the Directors:

John Conde AO Chairman Sydney, dated 2

nd April 2012


8

Corporate Governance Statement

This statement outlines the Group’s corporate governance practices and addresses the Essential Governance Practice Principles published and monitored by the Australia Council for the Arts. These principles are based on the recommendations published by the ASX Corporate Governance Council. As at 31 December 2011, the Group has achieved substantial compliance with the recommendations as outlined below;

Principle 1: Lay Solid Foundations for Management and Oversight The Group’s Governance Framework incorporates Board and Board Committee Charters and a Code of Conduct. There is also a formal statement of delegated authority to management and an induction procedure for new directors.

A Board agenda is set at the start of the year and includes meetings for the Board to determine group strategy, three-year business plans, and the programme for the following season, the budget for the following year and the Group’s annual risk review.

Principle 2: Structure the Board to Add Value The Board includes Directors with a range of skills including finance and accounting, business (both public companies and private business) and commercial experience, public affairs, law, performance of orchestral music and music education. This experience is set out in their biographies.

The Board is supported by a Finance, Audit and Risk Committee (refer Principle 5) and a Nomination and Remuneration Committee, each of which has an individual charter setting out its responsibilities and operating principles.

The Nomination and Remuneration Committee has a number of responsibilities including reviewing, evaluating and making recommendations to the Board with regard to the election and re-election of Members, Directors and Sydney Symphony Councillors, and executive remuneration.

The Nomination and Remuneration Committee also advises the Board on the process of Board performance review, reviews the performance of the Chief Conductor, Managing Director and senior management and establishes policies for recruitment, retention and succession planning for senior management.

Principle 3: Promote Ethical and Responsible Decision Making

The Group’s Governance Framework includes a Code of Conduct, Delegations of Authority, Board and Committee charters, Risk Management policies as well as clearly defined roles and responsibilities for key appointments.

Principle 4: Promote Diversity The group aims to be an organisation that fosters an organisational culture that embraces diversity. “Diversity” includes, but is not limited to, gender, age, ethnicity, disability and cultural background. During the course of the year, a diversity action plan will be finalised with measurable objectives designed to provide a roadmap to further develop and articulate our commitment to having a diverse workplace. Progress against this plan will be incorporated in the Annual Report for the year ending 31 December 2012.

Principle 5 Safeguard Integrity in Financial Reporting (both internal and external)

The Finance, Audit and Risk Committee meets at least quarterly and its functions include:

Reviewing and reporting to the Board on quarterly and annual financial statements

Making recommendations regarding the appointment, evaluation and removal of the Group’s external auditor and reviewing and reporting to the Board on the adequacy, scope and quality of the annual statutory audit and on the integrity and reliability of the financial statements

Reviewing the effectiveness of the Group’s internal control environment, including the effectiveness of internal control procedures

Monitoring and reviewing the reliability of financial reporting


9

Monitoring and reviewing the compliance of the Group with applicable laws and regulations

Monitoring the scope of any key control reviews and approving the engagement of qualified consultants to complete specified reviews

Monitoring and reviewing the financial management and position of the Group.

The Finance, Audit and Risk Committee meets with the external auditors at least once per year.

The Committee requires the Managing Director and Director of Finance to attest in writing that the Group’s financial reports present a true and fair view of the Group’s financial condition and operational results and are in accordance with relevant accounting standards.

This statement is requested at the time of the consideration and approval of the Statutory Accounts. It is reviewed by the Finance, Audit and Risk Committee prior to its consideration by the Board.

The Committee consists of up to four Directors and, by invitation, the Chairman of the Board, the Managing Director and the Director of Finance and includes members with appropriate audit, finance and risk management skills.

Principle 6: Recognise the Legitimate Interests of Stakeholders

The Group has numerous stakeholders and a calendar is maintained in order to monitor requirements and reporting obligations. The calendar is approved by the Board, which oversees compliance with stakeholder reporting and associated obligations.

The Group has a set of Occupational Health & Safety (OHS) manuals, which provide legislative and procedural guidance to ensure that the Group’s responsibilities continue to be met. There is a comprehensive, regular training programme, including first aid and OHS committee training. Group policies and procedures are reviewed in consultation with staff representatives. Directors are briefed on OHS policies and procedures and review the company OHS plan annually. Appropriate site visits are also made by the directors.

Principle 7: Recognise and Manage Risk Quarterly updates of the Group’s risk register are undertaken by management and presented to the Finance, Audit and Risk Committee. Management undertakes annual workshops to identify further risks and develop a Risk Management Plan. The output of the workshops is reviewed by this Committee and the Board.

Principle 8: Remunerate Fairly and Responsibly The Nomination and Remuneration Committee meets at least annually to review the Group’s remuneration strategies and policies. The Committee sets the parameters within which senior management negotiates musician and administration Staff Agreements. The Committee approves all senior management remuneration arrangements. Signed on behalf of the Board of Directors

John Conde AO Chairman Sydney, dated 2

nd April 2012

hornj

Typewritten Text

10


Income Statement for the period ended 31 December 2011

The Income Statement should be read in conjunction with the notes to the financial statements.

11

2011

2010

Notes Consolidated Consolidated

$ $

Revenue

Funding revenue 4 13,259,864 13,028,911

Ticket sales 5 16,507,920 15,318,598

Sponsorship and general donations Maestro’s Circle donations Instrument Reserve donations

6 3,738,258 256,000 500,000

3,826,168 280,000

-

Other income 7 3,537,520 2,696,118

Total revenue 37,799,562 35,149,795

Expenses

Employee expenses 8 20,125,282 18,937,168

Artist fees and expenses 4,771,272 5,676,202

Marketing expenses 3,509,400 3,472,153

Production expenses 5,184,916 4,701,046

Depreciation and amortisation 8 338,010 323,160

Other expenses 2,348,286 2,276,835

Total expenses 36,277,166 35,386,564

Net profit/(loss) for the year 1,522,396 (236,769)

Income tax expense 9 - -

Profit/loss after income tax 1,522,396 (236,769)


Statement of Comprehensive Income for the period ended 31 December 2011

The Statement of Comprehensive Income should be read in conjunction with the notes to the financial statements.

12

2011

2010


$ $

Profit/(loss) after income tax 1,522,396 (236,769)

Other comprehensive income

Cash flow hedges:

Gain/(loss) taken to equity 24 13,342

32,356

Income tax on items of other comprehensive income

- -

Total comprehensive income 1,535,738 (204,413)


Balance Sheet as at 31 December 2011

The Balance Sheet should be read in conjunction with the notes to the financial statements.

13

2011

2010


$ $

Current Assets

Cash and cash equivalents 4,051,660 3,540,181

Term deposits 9,608,627 6,500,000

Other financial assets 10 93,190 115,109

Trade and other receivables 11 1,562,426 2,273,354

Prepayments 153,209 215,764

Total Current Assets 15,469,112 12,644,408

Non-Current Assets

Property, plant and equipment 12 2,108,358 2,143,596

Intangible assets 13 57,669 128,304

Other financial assets 10 361,415 402,654

Term deposits 7,585,000 7,585,000

Total Non-Current Assets 10,112,442 10,259,554

Total Assets 25,581,554 22,903,962

Current Liabilities

Trade and other payables 14 2,747,520 2,625,213

Prepaid revenue 15 7,822,709 7,001,859

Provisions 16 3,958,976 3,704,047

Deferred revenue 85,714 85,714

Derivative financial Instruments 24 48,441 38,751

Total Current Liabilities 14,663,360 13,455,584

Non-Current Liabilities

Provisions 16 676,403 11,413

421,429

633,579 34,445

507,143 Derivative financial instruments Deferred revenue

24

Total Non-Current Liabilities 1,109,245 1,175,167

Total Liabilities 15,772,605 14,630,751

Net Assets 9,808,949 8,273,211

Equity

Symphony Reserve 17 1,943,743 1,892,042

International Touring Reserve 18 958,911 896,658

Instrument Reserve 19 666,270 131,286

Maestro’s Circle Reserve 20 457,032 455,488

Cash Flow Hedge Reserve 24 (59,854) (73,196)

Retained Earnings 5,842,847 4,970,933

Total Equity 9,808,949 8,273,211


Statement of Changes in Equity as at 31 December 2011

The Statement of Changes in Equity should be read in conjunction with the notes to the financial statements.

14

Consolidated Symphony International Cash Flow Instrument Maestro's Circle

Retained Reserves Touring Reserve Hedge Reserve Reserve Reserve Total

Notes Earnings (Note 17) (Note 18) (Note 24) (Note 19) (Note 20) Equity

$ $ $ $ $ $ $

As at 1 January 2011 4,970,933 1,892,042 896,658 (73,196) 131,286 455,488 8,273,211

Net (loss)/profit for the year 1,522,396 1,522,396

Other comprehensive income 13,342 13,342

Transfer from/(to) Symphony Reserve 17 (51,701) 51,701 -

Transfer from/(to) International Touring Reserve 18 (62,253) 62,253 -

Transfer from/(to) Instrument Reserve 19 (500,000) 500,000 -


Transfer from/(to) Maestro's Circle Reserve 20 (256,000) 256,000 -

Transfer from/(to) Maestro's Circle Reserve 20 254,456 (254,456) -

As at 31 December 2011 5,842,847 1,943,743 958,911 (59,854) 666,270 457,032 9,808,949

Symphony International Cash Flow Instrument Maestro's Circle

Retained Reserves Touring Reserve Hedge Reserve Reserve Reserve Total

Notes Earnings (Note 17) (Note 18) (Note 24) (Note 19) (Note 20) Equity

$ $ $ $ $ $ $

As at 1 January 2010 4,554,760 1,739,177 1,270,237 (105,552) 460,502 558,500 8,477,624

Net (loss)/profit for the year (236,769) (236,769)

Other comprehensive income 32,356 32,356

Transfer from/(to) Symphony Reserve 17 (152,865) 152,865 -

Transfer from/(to) International Touring Reserve 18 373,579 (373,579) -

Transfer from/(to) Instrument Reserve 19 338,880 (338,880) -


Transfer from/(to) Maestro's Circle Reserve 20 (280,000) 280,000 -

Transfer from/(to) Maestro's Circle Reserve 20 383,012 (383,012) -

As at 31 December 2010 4,970,933 1,892,042 896,658 (73,196) 131,286 455,488 8,273,211


Cash Flow Statement for the period ended 31 December 2011

15

2011 2010


$ $

Cash flows from operating activities

Cash receipts from box office and sponsors 21,729,838 20,495,823

Cash receipts from bequests 51,701 152,865

Cash receipts general donations 1,977,803 1,273,235

Cash payments to suppliers and employees (34,606,040) (34,171,627)

Grants received from government funding bodies 13,259,864 13,028,911

Interest received 1,357,919 1,120,614

Net cash provided by/(used in) operating activities

3,771,085

1,899,821

Cash flows from financing activities

Employee instrument loans granted (45,491) (88,470)

Proceeds from repayments on employee instrument loans

108,649

77,690

Net Cash flows used in financing activities 63,158

(10,780)

Cash flows from investing activities

Payments for property, plant and equipment (209,287) (857,552)

Payments for intangible assets (4,850) (23,183)

Investment in Term deposits (3,108,627) (9,085,000)

Net cash flows used in investing activities (3,322,764) (9,965,735)

Net decrease in cash held 511,479 (8,076,694)

Cash and cash equivalents at beginning of financial year 3,540,181 11,616,875

Cash and cash equivalents at end of year

4,051,660

3,540,181

The Cash Flow Statement should be read in conjunction with the notes to the financial statements.


Notes to the Financial Statements

16

1. CORPORATE INFORMATION The financial report of the Group for the year ended 31 December 2011 was recognised for issue in accordance with a resolution of the directors on 2 April 2012. Sydney Symphony Limited (the parent) is a public company limited by guarantee, incorporated and domiciled in Australia. The address of the registered office is 35 Harrington Street Sydney, NSW 2000. The nature of the operations and principal activities of the Group are described in the Directors’ Report. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of preparation The consolidated financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards – Reduced Disclosure Requirements, and other authoritative pronouncements of the Australian Accounting Standards Board. The consolidated financial report has also been prepared on a historical cost basis except for derivative financial instruments which have been measured at fair value. The consolidated financial report is prepared in Australian dollars. Statement of compliance The Group has early adopted AASB 1053 Application of Tiers of Australian Accounting Standards and AASB 2010-2 Amendments to Australian Accounting Standards arising from Reduced Disclosure Requirements for the financial year beginning 1 January 2011. The Group is a not for profit private sector entity. Therefore, the Group has elected to present Tier 2 General Purpose Financial Statements which have been prepared in accordance with Australian Accounting Standards – Reduced Disclosure Requirements (AASB-RDRs) (including Australian Interpretations) adopted by the Australian Accounting Standards Board (AASB), and the Corporations Act 2001. The adoption of AASB 1053 and AASB 2010-2 allows the Group to remove a number of disclosures. There was no other impact on the current or prior year financial statements. Financial risk management objectives and policies The Group’s principal financial instruments consist of cash and short-term deposits, receivables and payables. The Group manages its exposure to key financial risks, including interest rate and currency risk, in accordance with the Group’s financial risk management policy. The disclosures are included under the relevant notes to the financial statements. The Group enters into derivative transactions, principally forward currency contracts, to manage the currency risk arising from the Group’s operations. The Board reviews and agrees policies for managing foreign currency risk which arises from transactional currency exposures due to sales or purchases by the controlled entity in currencies other than the functional currency. It is the Group’s policy not to enter into forward foreign currency contracts until a firm commitment is in place and to negotiate the terms of the hedge derivatives to exactly match the terms of the hedged item to maximize hedge effectiveness. The Group trades derivative products only with recognized credit worthy third parties with an equivalent S&P credit rating of AA or higher.



17

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

a) Basis of consolidation The consolidated financial statements consist of the financial statements of Sydney Symphony Limited and its subsidiary as at 31 December 2011. The financial statements of its subsidiary are prepared for the same reporting period as the parent company, using consistent accounting policies. In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and losses resulting from intra-Group transactions have been eliminated in full. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group.

b) Going concern The ability of the Group to maintain its operations is dependent inter alia on the continuing support of various Governments by way of grants. The Tripartite Agreement was renewed for the period 2012 – 2014 with Australia Council for the Arts and Arts NSW. Funding for this three year period has been confirmed, subject to the company continuing to meet the requirements of the Tripartite Agreement. Therefore, the financial statements have been prepared under the going concern principle.

c) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed are net of goods and services tax (GST). Revenue is recognized for the major business activities as follows:

i. Contribution income Contribution income represents the fair value of assets received in excess of the cost of the assets where there is a non-reciprocal transfer and is recognised as income once the asset is controlled by the Company.

ii. Funding revenue Funding revenue is received from the Australia Council for the Arts (as represented by The Major Performing Arts Board) and Arts NSW. Funding is received based on payment schedules contained in a funding agreement between the funding bodies and the Group’s controlled entity and is recognised in the calendar year for which it is intended under the terms of the agreement due to the conditional nature of the funding. Any funding not spent on the planned activities agreed between the parties at the start of each calendar year is required to be repaid.

iii. Ticket sales Revenue from ticket sales is recognised in the Income Statement at the time of concert performance. Revenue from ticket sales in respect of productions not yet performed is included in the Balance Sheet as prepaid ticket sales under the Current Liabilities heading “Prepaid revenue”.

iv. Sponsorship and donations revenue Sponsorship – Sponsorship commitments are brought to account as income in the year in which sponsorship benefits are bestowed. Donations – All donations are brought to account as received.

v. Orchestral hire revenue Revenue from orchestral hire is recognised as these services are performed.



18


vi. Interest income Revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset.

d) Foreign currency translation Both the functional and presentation currencies of the Group are Australian dollars (A$). Transactions in foreign currencies are recorded initially in the functional currency at the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement.

e) Income tax and other taxes Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. The Group’s operating subsidiary Sydney Symphony Orchestra Holdings Pty Limited is exempt from income tax, by virtue of being a cultural organisation established for the encouragement of music and a charitable institution. Accordingly no income tax or deferred income tax is provided. Revenues, expenses and assets are recognised net of the amount of Goods and Services Tax (GST), except where the amount of GST incurred is not recoverable from the Australian Tax Office (ATO). In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the balance sheet. Cash flows are included gross in the statement of cash flows. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.

f) Acquisitions of assets Acquired assets are accounted for at cost. Cost is measured as the fair value of assets given or liabilities incurred or assumed at the date of exchange plus cost directly attributable to the acquisition.

g) Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, and other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the purposes of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

h) Trade and other receivables Trade receivables, which generally have 60 day terms, are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for any uncollectible amounts. Collectability of trade receivables is reviewed continually. Debts that are known to be



19

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) uncollectible are written off when identified. An allowance for provision for impairment of trade receivables is used when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. The amount of the impairment loss is recognised in the income statement within Other Expenses.

i) Property, plant and equipment All items of property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Items of plant and equipment, leasehold improvements, computer equipment and musical instruments are depreciated using the straight-line method over their estimated useful lives. Where musical instruments are deemed to appreciate in value, no depreciation is applied. Each class of asset in the current period was depreciated over the following useful lives as set out in the following table:

Asset class Useful Life Computer equipment 3 years Furniture and fittings Between 6 and 8 years Plant and equipment 8 years Musical instruments Between 5 and 15 years

Derecognition and disposal An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Income Statement in the period the asset is derecognised.

j) Intangible assets Software licences have a finite useful life and are carried at cost less accumulated amortisation and impairment losses. Licences are tested for impairment where an indicator of impairment exists. Amortisation is calculated using the straight line method to allocate the cost over the estimated useful life of 3 years.

k) Impairment The carrying values of plant and equipment are reviewed for indicators of impairment at each reporting date, with a recoverable amount being estimated when events or changes in circumstances indicate the carrying value may not be recoverable. The recoverable amount of plant and equipment is the greater of fair value less costs to sell and value in use. Impairment losses are recognised in the income statement.

l) Leased plant and equipment Leases of plant and equipment are classified as operating leases as the lessors retain substantially all of the risks and benefits of ownership. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease.



20


m) Trade and other payables Trade payables and other payables are carried at amortised cost. Liabilities are recognised for amounts to be paid in the future for goods or services received, whether or not billed to the Group. Trade accounts payable are normally settled within 30 days.

n) Provisions A provision is recognised when there is a legal, equitable or constructive obligation as a result of a past event and it is probable that a future sacrifice of economic benefits will be required, to settle the obligation, the timing or amount of which is uncertain. Provisions are determined by discounting the expected future cash flows required to settle the obligation at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

Make good provision The Group provides for costs of restoration or removal in relation to fixed assets when there is legal or constructive obligation. These costs include obligations relating to the dismantling, removal, remediation, restoration and other expenditure associated with fixed assets or site fit-outs.

o) Employee benefits Wages, salaries and annual leave Liabilities for employee benefits for wages, salaries and annual leave expected to be settled within 12 months of the reporting date represent present obligations resulting from employees’ services provided up to the reporting date. These are calculated at undiscounted amounts based on compensation rates that the consolidated entity expects to pay, including related on-costs. Long service benefits The provision for employee benefits for long service leave represents the present value of the estimated future cash outflows to be made, resulting from employees’ services provided up to the reporting date. The provision is calculated using expected future increases in wage and salary rates including related on-costs and expected settlement dates based on turnover history and is discounted using the rates attaching to Commonwealth government bonds at balance date which most closely match the terms of maturity of the related liabilities.

Superannuation The Group contributes to employees’ superannuation funds. Contributions are recognised as an expense as they are made. The group has no ongoing liability for superannuation benefits ultimately payable to employees.



21

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Employee loans Some employees are lent monies which are used in turn to purchase musical instruments. These loans are secured by the instruments themselves and are interest bearing. Amounts outstanding are recouped over time through contributions withheld from musicians’ salaries. These are recorded within other financial assets.

p) Changes in accounting policies All accounting policies have been applied on a consistent basis with those of the previous period.

q) Derivative Financial Instruments and Hedging Derivative financial instruments are used by the Group in the normal course of business in order to hedge exposure to fluctuations in foreign currency rates on forecasted transactions. The effective portion of the gain or loss on the financial instrument is recognised directly in equity and transferred out of equity when the forecast transaction occurs. 3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. The following critical accounting policies have been identified for which significant judgements, estimates and assumptions are made. Impairment of non-financial assets The Group assesses impairment of its non-financial assets at each reporting date by evaluating conditions specific to the Group and to the specific asset. If an impairment trigger exists, the recoverable amount of the asset is determined. Management do not consider that the triggers for impairment existed in this financial period. Make good provision A provision has been made for the present value of anticipated costs associated with the future restoration of the leased office premises. The estimate is periodically reviewed and updated. The related carrying amounts are disclosed in note 16. Estimate of useful lives The estimation of useful lives of assets is based on historical experience. The condition of assets is assessed periodically and considered in relation to the remaining useful life of the asset. Adjustments are made to useful lives as appropriate.



22

4. FUNDING REVENUE 2011 2010

Consolidated Consolidated

$ $

Australia Council for the Arts

Annual Grant 10,101,230 9,925,356

Arts NSW

Base Funding School Travel & Educational Support Project

3,158,634 -

3,100,045 3,510

Total funding revenue

13,259,864

13,028,911

A significant portion of the Group’s annual revenue consists of funding from Federal and State governments, through the Australia Council for the Arts and Arts NSW. As a result, the Group has an economic dependency on these entities. The Funding Agreement with the Australia Council for the Arts and Arts NSW was renewed for the period 2012 to 2014 whereby amounts will be provided to Sydney Symphony Limited. As required, amounts received by the Group during the financial year were transferred to the subsidiary, Sydney Symphony Orchestra Holdings Pty Limited, to fund its operations and activities in accordance with the Funding Agreement with the Australia Council for the Arts and Arts NSW. 5. TICKET SALES 2011 2010


$ $

Subscriptions 7,312,683 6,440,821 Single night 6,152,765 5,485,315 Commercial events 3,042,472 3,392,462

Total ticket sales

16,507,920

15,318,598

6. SPONSORSHIP AND GENERAL DONATIONS 2011 2010


$ $

Sponsorship

2,464,754

2,680,068

General donations

1,273,504

1,146,100

Total sponsorship and general donations

3,738,258

3,826,168

7. OTHER INCOME 2011 2010


$ $

Orchestral hire income 1,656,869 1,222,879

Interest 1,357,919 1,120,614

Other income 522,732 352,625

Total other income

3,537,520

2,696,118



23

8. EXPENSES

2011

2010


$ $

Depreciation of fixed assets 262,525 251,076

Amortisation of intangible assets 75,485 72,084

Total depreciation and amortisation

338,010

323,160

Operating lease rental expense 380,869 358,679

Employee expenses:

Salaries and wages 15,820,016 15,128,160

Superannuation 2,391,761 2,269,576

Other employee expenses 1,913,505 1,539,432

Total employee expenses

20,125,282

18,937,168

9. INCOME TAX 2011 2010


$ $

Accounting profit (loss)

1,522,396

(236,769)

At Group’s statutory tax rate (30%)

456,719

(71,031)

Less non taxable items (456,719) 71,031

Income tax expense

-

-

The company’s subsidiary Sydney Symphony Orchestra Holdings Pty Limited, is exempt from income tax, capital gains tax and payroll tax by virtue of being a cultural organisation established for the encouragement of music and a charitable institution. 10. OTHER FINANCIAL ASSETS 2011 2010


$ $

Current asset

Employee instrument loans 93,190 115,109

Non-current asset

Employee instrument loans 361,415 402,654

Total other financial assets

454,605

517,763



24

11. TRADE AND OTHER RECEIVABLES 2011 2010

Consolidated $

Consolidated $

Current

Trade debtors 904,325 1,281,085

Other receivables 106,100 482,512

Accrued income 552,001 509,757

Total trade and other receivables

1,562,426

2,273,354

12. PROPERTY, PLANT AND EQUIPMENT – Consolidated Plant and

equipment

Fixtures

and

fittings

Musical

instruments

acquired

through the

Instrument

Reserve

Musical

instruments

acquired

Computer

equipment

Total

$ $ $ $ $ $

Year ended 31 December 2011

At 1 January 2011, net of

accumulated depreciation and

impairment

167,908

805,273 787,774 312,846 69,795 2,143,596

Additions 44,876 20,698 - - 161,713 227,287

Depreciation charge for the year (30,433) (116,478) - (45,090) (70,524) (262,525)

As at 31 December 2011, net of

accumulated depreciation and

impairment

182,351 709,493 787,774 267,756 160,984 2,108,358

At 31 December 2011

Cost or fair value 396,785 835,532 787,774 947,909 987,160 3,955,160

Accumulated depreciation (214,434) (126,039) - (680,153) (826,176) (1,846,802)

Net carrying amount 182,351 709,493 787,774 267,756 160,984 2,108,358

$ $ $ $ $ $

At 31 December 2010

Cost or fair value 351,909 814,834 787,774 947,909 825,447 3,727,873

Accumulated depreciation (184,001) (9,561) - (635,063) (755,652) (1,584,277)

Net carrying amount 167,908 805,273 787,774 312,846 69,795 2,143,596



25

13. INTANGIBLE ASSETS - Consolidated Consolidated Consolidated 2011

$ 2010

$ At 1 January, net of accumulated amortisation and impairment

128,304 177,205

Additions 4,850 23,183 Amortisation charge for the year (75,485) (72,084)

As at 31 December, net of accumulated amortisation and impairment

57,669

128,304

At 31 December Cost or fair value 387,835 382,985 Accumulated amortisation (330,166) (254,681)

Net carrying amount 57,669 128,304

14. TRADE AND OTHER PAYABLES

2011 2010


$ $

Accruals 1,765,070 1,324,277

Trade creditors 937,098 1,251,673

Other payables 45,352 49,263

Total trade and other payables

2,747,520

2,625,213

The fair value of financial liabilities is equivalent to the carrying amount at balance date as disclosed in the balance sheet and related notes. This is because either the carrying amounts approximate to their fair value or because of their short term to maturity.

15. PREPAID REVENUE 2011 2010


$ $

Prepaid ticket sales 7,689,853 6,872,796

Prepaid other 132,856 129,063

Total prepaid revenue

7,822,709

7,001,859



26

16. PROVISIONS 2011 2010


$ $

Current provision for employee benefits 3,958,976 3,704,047

Non-current provision for employee benefits

527,535

484,711

Make good provision 148,868 148,868

Total Non-current provisions 676,403 633,579

Total provisions

4,635,379

4,337,626

17. SYMPHONY RESERVE 2011 2010 $ $ Accumulated funds at 1 January 1,892,042 1,739,177 Transfer from retained earnings in relation to:

Current year bequests 51,701 152,865

Accumulated funds at 31 December

1,943,743

1,892,042

The Symphony Reserve was established under protocols agreed by the Board to raise and accumulate capital to support the aims of the company and its long-term financial security. 18. INTERNATIONAL TOURING RESERVE 2011 2010 $ $ Accumulated funds at 1 January 896,658 1,270,237 Transfer to/(from) retained earnings in relation to:

Net surplus/(deficit) from touring 62,253 (373,579)


958,911

896,658

19. INSTRUMENT RESERVE 2011 2010 $ $ Accumulated funds at 1 January 131,286 460,502 Transfer from retained earnings for interest earned 34,984 9,664 Transfer from retained earnings in relation to:

Instrument Reserve donation 500,000 - Transfer to retained earnings for instruments acquired - (338,880)


666,270

131,286

The assets purchased using the Instrument Reserve are included in the Property Plant and Equipment - Musical Instruments. There were no purchases in 2011 (2010 $338,880).



27

20. MAESTRO’S CIRCLE RESERVE 2011 2010 $ $ Accumulated funds at 1 January 455,488 558,500 Transfer from retained earnings in relation to:

Maestro’s Circle donations 256,000 280,000 Transfer to retained earnings in relation to:

Maestro’s Circle expenses (254,456) (383,012)


457,032

455,488

The Maestro’s Circle Reserve was created in 2009 to assist with the costs associated with special activities planned by the incoming Principal Conductor and Artistic Advisor, Mr Vladimir Ashkenazy. The Maestro’s Circle expenses relate to the net costs associated with the Mahler Odyssey recording series, other recordings and new music compositions. 21. DIRECTORS AND EXECUTIVE DISCLOSURES a) Details of key management personnel The names of each person holding the position of Director or Executive Director of the Company during the financial period are listed on page 2 in the Directors’ Report. Unless otherwise stated in the Directors’ Report, the Directors have been in office for the financial period. b) Compensation of key management personnel 2011 2010


$ $

Total Compensation

447,492

405,619

Payments were made to directors for their services as employees of the company and not for their services as Directors of the Group for which no fee is paid. Non-executive Directors are not paid any fees for their services as Directors of the Group. 22. RELATED PARTIES a) Directors Transactions with Directors Mr. Ewen Crouch, a director of the Group, is also a partner with Allens Arthur Robinson. During the course of the period, this firm provided pro-bono professional services to the Group. Transactions between the Group and entities in which Directors have declared an interest, are transacted under normal terms and conditions. There were no contracts involving Directors' interests subsisting at period end excepting sponsorship agreements under normal terms and conditions of business. Sponsorship from director-related entities is on terms and conditions no more favourable than those offered to other sponsors.



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23. COMMITMENTS AND CONTINGENCIES

a) Operating lease (non cancellable) 2011 2010


$ $

Not later than one year 440,242 439,039

Later than one year and not later than five years 1,757,358 1,757,358

Later than five years 402,953 843,195

2,600,553

3,039,592

The Group has operating leases for office accommodation.

b) Artist fees contracted for but not provided for and not payable

2011 2010


$ $

Not later than one year 1,011,258 1,306,879

Later than one year and not later than five years 242,032 1,011,326

1,253,290

2,318,205

The Group has entered into contracts for performances scheduled to take place during 2012 and subsequent years.These amounts include the expenditure required to satisfy the contracts with the artists. c) Guarantees The Group has issued bank guarantees in support of;

i. the operating lease over premises at 35 Harrington Street, The Rocks, NSW for the amount of $225,000 expiring on 31 December 2017 (2010: $225,000).

ii. credit collateral on advertising contracts for $200,000, (2010: $200,000).

No liability is expected to arise from these guarantees. 24. FINANCIAL INSTRUMENTS a) Fair value The Group has used the Level 2 method in estimating the fair value of its financial instruments. The fair value of financial instruments is derived using valuation techniques with only observable market inputs or unobservable inputs that are not significant to the overall valuation. The fair value of financial instruments and the methods used to estimate the fair value are summarised in point (e) below.



29

24. FINANCIAL INSTRUMENTS (continued) b) Credit risk exposure The Group’s maximum exposure to credit risk at the balance sheet date in relation to each class of recognised financial assets is the carrying amount of those assets as indicated in the balance sheet and related notes. c) Liquidity statement Short term deposits consist of a number of term deposits held with different maturity dates less than one year. These funds are available at call should they be required, subject to minor early withdrawal penalties. d) Sensitivity analysis A Sensitivity Analysis of the effect of interest rate and foreign currency movements on assets and liabilities was not undertaken as the prospective impacts were not considered material at balance date. e) Derivative financial instruments Valuation Technique Market Observable Inputs (Level 2) 2011 2010


$ $

Current Liabilities

Forward currency contracts –cash flow hedges (48,441) (38,751)

Non-current liabilities Forward currency contracts –cash flow hedges

(11,413)

(34,445)

(59,854)

(73,196)

Derivative financial instruments are used by the Group in the normal course of business in order to hedge exposure to fluctuations in foreign currency rates. (i) Forward currency contracts – cash flow hedges The Group purchases the services of artists under contracts denominated in foreign currencies. In order to protect against exchange rate movements and to provide certainty against future cash flows, the Group has entered into forward currency contracts to purchase Swiss francs. The cash flows are expected to occur between one and 18 months from 1 January 2011 and total A$ 59,854 (2010 A$ 73,196) with average exchange rates of CHF 0.8590, (2010 USD 0.9087, CHF 0.8552, GBP 0.5428) The forward currency contracts are considered to be highly effective hedges as they are matched against forecast purchases and any gain or loss on the contracts attributable to the hedged risk is taken directly to equity. When the service is delivered, the amount recognised in equity is adjusted to artist’s fees and expenses in the Income Statement. (ii) Movement in forward currency contract cash flow hedge reserve

2011 Consolidated

2010 Consolidated

$ $

Opening balance Taken to other comprehensive income

(73,196) 13,342

(105,552) 32,356

Closing balance

(59,854)

(73,196)

The fair value of the derivative financial instruments is calculated using quoted prices in active markets.



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25. INDEMNIFICATION AND INSURANCE OF OFFICERS

Insurance and indemnity arrangements established in previous years concerning officers of the Group

were renewed and continued during 2011. Sydney Symphony Orchestra Holdings Pty Limited paid the

premium on a contract insuring each of the Directors of the Group, named earlier in this report, and

each of the full-time executive officers of the consolidated entity, against all liabilities and expenses

arising as a result of work performed in their respective capacities, to the extent permitted by law. 26. INFORMATION RELATING TO SYDNEY SYMPHONY LIMITED (“the Parent Entity”)

2011

2010

$ $

Current assets - -

Non-current assets 8,578,559 8,578,559

Total assets 8,578,559 8,578,559

Current liabilities

Total liabilities 330 330

Net assets 8,578,229 8,578,229

Equity

Retained earnings 8,578,229 8,578,229

Total equity Profit or loss of Parent Entity Total comprehensive income of parent company

8,578,229 8,578,229

- -

- -



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DIRECTORS’ DECLARATION In accordance with a resolution of the directors of Sydney Symphony Limited, we state that:

(a) the consolidated financial statements and notes of Sydney Symphony Limited and its controlled entity for the financial year ended 31 December 2011,set out on pages 11 to 30, are in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of their financial position as at 31 December 2011 and performance (ii) complying with Accounting Standards - Reduced Disclosure Requirements (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and

(b) there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

On behalf of the Board of Directors

John Conde AO David Smithers AM Chairman Director Sydney, dated 2

nd April 2012 Sydney, dated 2

nd April 2012

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sso 2011 annual report

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