Bell Shakespeare 2008 Annual Report

The BELL SHAKESPEARE COMPANY 2008 Annual Report AS AT 31 DECEMBER 2008

THE BELL SHAKESPEARE COMPANY LIMITED ACN 050 055 251

ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2008

Registered Office and Principal Place of Business: Level 1, 33 Playfair Street The Rocks NSW 2000 Telephone: Facsimile: Email: Web:

(02) 8298 9000 (02) 9241 4643 mail@bellshakespeare.com.au bellshakespeare.com.au

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2 Laura Brent, Ophelia, Hamlet THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

CONTENTS 7

CHAIRMAN’S REPORT

9

ARTISTIC DIRECTOR’S REPORT

11

CREATIVE DEVELOPMENT

13

EDUCATION

17

MARKETING & DEVELOPMENT

19

CORPORATE GOVERNANCE REPORT

21

OUR DONORS

24

OUR PARTNERS

28

FINANCIAL STATEMENTS

54

ADDITIONAL INFORMATION

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4 Laura Brent, Ophelia, and Sarah Blasko, player, Hamlet THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

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6 Brendan Cowell, Hamlet, Hamlet THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

CHAIRMAN’S REPORT The year proved to be another success for the Company with both artistic and financial goals met and exceeded despite the exposure to the economic downturn in the second half of the year.

I’m pleased to be able to report that the Company’s risk management strategies proved effective in mitigating the organisation’s financial exposure in this period and that the Company has positioned itself well for what may be difficult times ahead. A great deal of time and effort has been invested in this area over the last few years and it is gratifying to see that the work has delivered such positive results.

It was an early start to the year with rehearsals for As You Like It starting the week before Christmas and the show opening on 5 February, hot on the heels of a very successful Sydney Festival.

Despite the challenges of the Festival, the production played to strong houses and positive responses with the Sydney season performing well above budget as it embarked on its 36-venue tour around the country. Playing a total of 131 performances, the tour stretched from Mildura to Launceston to Kalgoorlie to Cairns, finishing back in Western Sydney at the newly opened Casula Powerhouse Theatre.

The second production for the year represented an exciting milestone with the Company presenting Venus & Adonis – our first completed work from the Mind’s Eye development arm. This production was co-produced with the Malthouse Theatre in Melbourne and played to both critical and audience acclaim: a fantastic result and an affirmation of the vital and positive role Mind’s Eye now plays as part of the Company’s ongoing artistic process. The production has been restaged in 2009, playing seasons in Sydney, and in Auckland as part of the Auckland Festival.

Hamlet was said to be a mammoth undertaking by all involved with our production, confirming its status as one of the most challenging and rewarding pieces of theatre in existence. The production stretched the organisation to its limits and, as always, proved a special challenge for the lead, with Brendan Cowell giving a truly ‘naughties’ Hamlet that resonated powerfully with our youth audience. It also resulted in record box office revenue with our highest ever takings in Melbourne and second-best result in Sydney.

The Company’s co-production with Queensland Theatre Company brought together two great luminaries of the theatre world with Michael Gow once again directing John Bell to great effect in Anatomy Titus Fall Of Rome, the Heiner Müller adaptation of Titus Andronicus. As predicted, the production proved to be a challenging and compelling night in the theatre, and was awarded Best Mainstage Production in the QLD Matilda Theatre Awards.

At the other end of the seriousness spectrum was the newly commissioned Just Macbeth!. This family show, written

by Andy Griffiths, played successful seasons in both Melbourne and Sydney, delighting audiences young and old. The production received a 2008 Sydney Theatre Award for best children’s production, and a publishing deal is now underway as well as plans to remount the production in 2010.

Of course, running in conjunction with all this activity was our extensive Education programme. This year marked the first year of the Federal Government’s threeyear commitment of support enabling a further reach into regional and remote disadvantaged schools as well as the introduction of new programmes. In addition, the programme continues to enjoy the support of many philanthropic foundations and corporate sponsors, again enabling the delivery of specific projects and residencies in isolated communities.

Please refer to the Education report in this document for a detailed summary of the programme.

Whilst public and private sector support, including individual giving, continue to grow in line with our operations, we are now starting to see pressure in some areas as the community reacts to the effect of the global financial crisis. Revenue from these sources provides over 45% of the funding needed for our annual operations, and thus will need to be monitored closely over the next few months.

Finally, the period saw the resignation of our General Manager Jill Berry. After more than eleven years with the organisation, Jill decided it was time to pursue other opportunities. I would like to take this opportunity to thank Jill for her enormous contributions to the success of this Company, firstly as Marketing Manager and subsequently as General Manager. The Company thrived under Jill’s stewardship, and her enthusiasm, drive and energy helped propel the Company to the highprofile position it enjoys today. She will be sorely missed and I would like to wish her every success in the future.

We were delighted to be able to appoint Jill’s successor, Christopher Tooher, from within the organisation, and this highlights the success of our ongoing succession planning. Coming to Bell Shakespeare in 2004, most recently from the Sydney Opera House, Chris is steeped in the performing arts industry. We are very confident in his ability to lead us into the next stage of the Company’s development.

As we head into 2009, I’m pleased to be able to report that the Company enjoys the benefits of a very robust balance sheet, a refreshed and restructured team and a strong and a challenging artistic programme, with a fair few laughs thrown in to help us through what may be difficult times. I would like to take this opportunity to thank all my fellow Board members for their invaluable contributions, our administration staff for their excellence and dedication and all of our creatives, actors and technical staff who make the magic.

Tim Cox AO

At the end of a busy year the Company took the opportunity to look inwards to ensure that its internal structure was suitable for the delivery of its extensive theatre and education programmes. As a result, the organisation is now reshaping its structure to meet the increasing demands being experienced as the Company consolidates its transition from a small organisation to a midsize one.

With a new Senior Management team established, the Company is well placed to meet the challenges ahead.

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8 John Bell THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

ARTISTIC DIRECTOR’S REPORT Bell Shakespeare undertook a season of great diversity and experimentation in 2008, cushioning the financial risks involved with some canny planning strategies.

The popular romantic comedy As You Like It was selected for the long regional tour. This play had not done the regional circuit before and is a near-guaranteed crowd pleaser with its mix of romantic and bawdy comedy, its emphasis on song and dance and its entertaining debates on the nature of love.

I assembled a strong cast for this production which was well received by audiences of all ages. The one sad blight on the production was the death of our wonderful designer Jennie Tate two days into rehearsal. Luckily, Julie Lynch stepped in and, with great generosity of spirit, saw Jennie’s designs realised. This was necessarily a sparse and simple production, given the quick turnaround in many of the performance venues. ‘a delightful production, full of heartwarming fun’ The Sunday Telegraph, 10/2/08 The major mainstage show was Hamlet directed by Marion Potts, my Associate Director. It played the Drama Theatre of Sydney Opera House and the Playhouse of the Arts Centre in Melbourne. The scale of the production was the most ambitious the Company has undertaken, especially in regard to the set by Fiona Crombie.

Key to the production was the casting of Brendan Cowell in the title role. He has a profile as film and TV star as well as a strong track record as playwright and director. His appeal to young audiences was particularly marked, as reflected in ticket sales which set new records in Sydney and Melbourne.

Marion assembled a very strong cast for the show and achieved a moody and intense retelling of the story.

‘8/10… excellent acting… a fine production’ The Sun Herald, 15/6/08 The riskiest of the three major productions was one based on one of Shakespeare’s least performed plays, Titus Andronicus. The risk was compounded by performing it in the form of an adaptation by the avant garde German playwright Heiner Müller with the formidable title Anatomy Titus Fall of Rome: A Shakespeare Commentary. To cushion the risk we mounted the play as a co-production with the Queensland Theatre Company who shared the pre-production costs. The play was directed by Michael Gow who decided to take no prisoners with his bold contemporary approach.

The combination of Michael’s vision, Müller’s dense poetry and the graphic brutality of Shakespeare’s play resulted in an evening that was definitely not for the faint-hearted. It had a strong appeal for a dedicated minority, but ticket sales, especially in Sydney, were disappointing.

was Just Macbeth!, an hilarious romp utilising the characters from Andy’s popular “Just…” series. Directed by Wayne Harrison, with a talented comic cast, the show was a big hit with young and old in both Melbourne (Arts Centre Playhouse) and Sydney (The Seymour Centre). It has quite a shelf-life ahead of it.

I played the role of Titus and the all-male cast was made up of actors from both Sydney and Brisbane, where we opened at the Cremorne Theatre, followed by the Playhouse of Sydney Opera House and Melbourne’s CUB Malthouse.

‘This is a high-energy, madcap production that had the children in the audience spell-bound from start to finish and they weren’t the only ones.’

Sunday Herald Sun, 28/9/08

Happily, the financial success of Hamlet and As You Like It off-set the dive we took with Titus, which must be regarded as an exciting and worthwhile experiment. ‘a blood-thirsty comedy in spectacular style… a genuinely entertaining evening of theatre... blackly funny’ The Daily Telegraph, 28/10/08 In the area of experiment, the most significant event of the Company’s year was the launching of Mind’s Eye, the Company’s development wing, under the direction of Marion Potts.

This initiative aims to create new works which have some relevance to the Shakespeare canon. Once Mind’s Eye became public, we were deluged with submissions, many of them inspiring.

Several of them are already in the development stage, but without the pressure of deadlines or guaranteed production.

The first Mind’s Eye production was Marion’s re-imagining of Shakespeare’s erotic narrative poem, Venus & Adonis, as a performance piece for two female actors backed by three musicians.

The two performers, Susan Prior and Melissa Madden Gray, were outstanding, as was the music of Andrée Greenwell and the design by Anna Tregloan.

Venus & Adonis was staged in collaboration with Melbourne’s Malthouse and was restaged in 2009 in collaboration with Sydney Theatre Company in Wharf 2 before setting off to the Auckland Festival. ‘a stunning theatrical adaptation… a profound enactment of the anguish and ecstasy of love…’

The Australian, 24/4/08 The other major experiment of the year was the production of our first “family show”, a commission to the popular children’s author Andy Griffiths to re-work a Shakespeare play for pre-teen audiences. The result

In the area of Education, the Company’s outreach and success was extraordinary. For the first time we had three Actors At Work teams playing around the country – one based in Sydney, one in Melbourne and the third working out of Adelaide and Perth. Each team had a repertoire of three plays and performed up to three shows a day. The standard of scripts, acting and direction in all three teams was highly satisfactory as was the feedback from teachers and students.

Education’s new Artist in Residence, Matt Edgerton, did a remarkable job in conducting Teacher Workshops and leading arts educators into the first year of residencies in remote communities In every area, Head of Education Linda Lorenza and her team maintained a high standard for Bell Shakespeare’s initiatives.

‘Your willingness to learn alongside us is such a positive aspect. Your experience and genuine capacity to share it – is gold!’

Wendy Troe, Regional Teacher Scholarship 2008 recipient, Nhulunbuy High School, NT ‘Bell Shakespeare Education provides exemplary educational experiences for young people. Not only do their activities enhance the social and psychological aspects of a student’s development but research shows that engagement in sophisticated drama work, such as Shakespeare, also aids literacy skill acquisition. Particularly noteworthy is the fact that Bell takes arts educators to disadvantaged schools in areas such as Thursday Island, Nhulunbuy and Tennant Creek, for extended periods (2 weeks) to work with these remote students and their teachers.’

Dr John Hughes, Associate Dean – Development, Faculty of Education and Social Work, University of Sydney Towards the end of the year, the departure of our General Manager Jill Berry and the transition to our new General Manager, Chris Tooher, was handled smoothly and gave opportunity for a re-structuring, re-thinking and re-focusing of the Company which bode well for its continuing success in 2009.

John Bell AO

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10 Susan Prior and Melissa Madden Gray in rehearsal, Venus & Adonis THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

CREATIVE DEVELOPMENT: MIND’S EYE More than any other artist, Shakespeare provides us with an inexhaustible repository of ideas. There is a philosophical debate in almost every speech and a new piece of theatre in every image.

On 16 April 2008 a significant new research and development arm of the Company, Mind’s Eye, was formally launched.

Mind’s Eye’s principal goals are to take imaginative risks, exploring alternative ways of approaching the works of William Shakespeare, to be a leader in artistic innovation and, importantly, to provide a platform for the Company to engage with a broader circle of artists, drawing on untapped potential and offering important industry access and support.

Mind’s Eye is about developing new and cross-artform works, a second generation of ideas that have taken inspiration from the plays of William Shakespeare and his contemporaries. Through this work we can ensure the Company’s ongoing artistic vibrancy, rejuvenation and commitment to innovation as well as opening up the work of the Company to new audiences both nationally and internationally.

With these goals top of mind, we commissioned two writers through Mind’s Eye. We were primarily interested in supporting and encouraging writers to think big, to create works of emotional and/or physical scale and not be limited by economic considerations in the first instance, as writers today so often are.

Ian Wilding created Forever Seven. His starting point for this new play was the idea of writing a drama that used Jacques’ ‘Seven Ages of Man’ speech from As You Like It as its engine. That idea taken on board, the central question of the drama appeared to be: does Shakespeare’s concept of the ‘seven ages’ of life still ring true for us in our modern lives? The final draft of this new play has elicited much interest from a number of potential co-producers and we continue to explore options to take this work into production in the future.

Kate Mulvany was commissioned to write a piece that takes its cues from Hamlet – The Wreath. This work is still at draft stage and Mind’s Eye will support opportunities for it to be recognised at a national level

through partnerships with organisations such as Playwriting Australia.

Venus & Adonis, directed by Marion Potts, was the first work developed and subsequently produced through Mind’s Eye, in collaboration with Malthouse Melbourne. Originally a narrative poem, it was adapted into a music theatre piece for two female performers and three musicians, with music composed by composer Andrée Greenwell and set and costumes designed by Anna Tregloan.

Venus & Adonis played a three-week season at the Beckett Theatre at The CUB Malthouse and performed to over 2,500 people, receiving strong reviews in the media.

Dunsinane Castle, streamlining the action into an hour of nail-biting terror. Mind’s Eye is in the process of finding an appropriate venue in which to stage this work.

In the second half of the year, Mind’s Eye put out a call nationally for projects to take into creative development in 2009. With the Company receiving some 35 proposals, as diverse as hip-hop interpretations, re-workings of conventional plays, installations and Shakespearean drag acts, the range and seriousness of the proposed ideas was extremely affirming. The shortlisted projects we take into creative development in 2009 should result in some extremely interesting new work.

Presenting Venus & Adonis in association with Malthouse Melbourne was a significant step for Mind’s Eye, and the cultivation of these sorts of partnerships into the future is critical to Mind’s Eye’s growth and ongoing success in the presentation of new work. The result was a conceptually rich piece that truly benefited from such rigorous creative development, and subsequent to its initial season in Melbourne came offers to co-present in Sydney, and to perform the work at the Auckland Festival in 2009.

We also began development of an idea brought to the Company by award-winning actor Marcus Graham. Marcus has been engaging audiences both on stage and screen since he graduated from Western Australian Academy of Performing Arts in 1986.

Blood Will Have Blood (working title) is a gothic/horror adaptation of Macbeth, created by Marcus Graham and Marion Potts. This version of the play will see the audience plunged into the same kind of horror that Macbeth and Lady Macbeth live through, where we get to experience the hell that is their world. The piece will be informed by features of the horror genre, and take the play’s supernatural elements – its ghosts and apparitions, its howling dead and its croaking ravens – to their most extreme form of expression. As far as possible, it will remove any objectivity from the audience and re-align the telling of this story from the Macbeths’ perspective. This is a site-specific work that situates much of the action in the haunted interior of

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12 Davis, Student Workshop Julia THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

EDUCATION Bell Shakespeare’s Education programme began with the Company in 1990. The programme has developed and expanded to reach primary and secondary students as well as their teachers, tertiary students and community groups. The goal of Bell Shakespeare Education is to provide vibrant interactive access to the world of Shakespeare. In 2008 Bell Shakespeare Education reached 92,329 students and teachers across Australia.

Performances and interactive programmes continue to inspire students. Professional Development programmes have been developed specifically for teachers.

New programmes have been developed for working with regional and remote schools and communities. As part of the Company’s determination to make programmes accessible to all Australians, in 2008 programmes returned to remote locations including Tennant Creek, Groote Eylandt, Menindee and Beswick and were extended to Alice Springs, Nhulunbuy, Thursday Island and St Marys. People in these communities were delighted to be visited by Bell Shakespeare where, too frequently, these small populations are deprived of live theatre experiences due to the prohibitive costs of travelling across the vast geography of Australia.

IN THEATRES In theatres across Australia we presented As You Like It and Hamlet and a new family show written by children’s author Andy Griffiths, Just Macbeth!, with the Bell Shakespeare and Queensland Theatre Company’s co-production of Heiner Müller’s Antomy Titus Fall Of Rome: A Shakespeare Commentary concluding the year.

‘The performance last night of As You Like It at Warrnambool Entertainment Centre was greatly appreciated by the students and staff from our school who attended.

The energy, vitality and skills from all players were inspirational. Kids and staff (as well as other audience members) were buzzing!! A great show, well done!’

John Finnigan, Head of Drama, Brauer College, VIC ‘Loved Just Macbeth! Took my 12 year old son, a major Andy Griffiths fan, to see it last weekend in Melbourne. What a riot!

Big congrats to the cast and creatives.

Great to see Shakespeare for kids.’

Dr Deirdre Marshall, Sale College, VIC

ACTORS AT WORK This year, a third Actors At Work inschools education team was instigated, based out of Adelaide and Perth. The three Actors At Work teams, based out of Sydney, Melbourne and Adelaide/Perth, gave a combined total of more than 550 performances for 71,213 students. They toured with three one-hour presentations of contemporary, relevant and comprehensible Shakespeare in original programmes called Love’s Magic, The Conspirators and Macbeth Intensive.

‘I think the Actors At Work Shakespeare experience is an invaluable resource to regional communities. For many of these communities they provide the only theatre experience of the year.’

Teacher, Menindee Central School, NSW ‘Our kids haven’t been exposed to Shakespeare at all, but your performance was so expressive they grasped everything that went on – even the primary kids!’

Teacher, Victorian College of Koori Education P-12, VIC ONLINE 5,126 users have accessed our online resources including podcasts and the Bell Shakespeare Discussion Board in 2008. This represents a steady increase in student and teacher interaction with Bell Shakespeare and each other since the introduction of these online resources in 2006. The Optus Make A Scene competition, encouraging secondary school students to visually represent a Shakespeare quote, was presented online for a second year with remarkable entries from students in every state and territory.

STUDENT WORKSHOPS 2,820 students explored Shakespeare’s plays through the practical Student Workshops programme. The Regional Access Student Workshops, which toured ahead of As You Like It, reached 1,989 students.

‘This was a very positive and engaging workshop exploring the richness and meaning of Shakespeare’s text in context.’

D Westbrook, Senior Drama Teacher, Heights College, QLD SPECIAL PROJECTS Special projects in 2008 reached 3,449 regional and remote students. For the first time Bell Shakespeare arts educators undertook residencies in Nhulunbuy and Tennant Creek NT, Thursday Island QLD, Yorketown SA and St Marys TAS, spending

up to two weeks with students and teachers in these remote communities.

‘This experience has been INVALUABLE for our students and has meant that they have been able to access Shakespeare in a way that is catered to their learning needs. As ESL (English Second Language) learners, Torres Strait students require visual, kinaesthetic experiences. Our students have benefited greatly from this workshop experience!’

Jodie Talon, Head of English, Tagai State College, Thursday Island, QLD Special immersive workshops on A Midsummer Night’s Dream for primary and middle school students were presented in Broome WA, Kempsey NSW, and Kyabram and Shepparton VIC. ‘I didn’t think I would like it, but it was fun practising Shakespeare phrases like Maggot Pie and Foot Licker. I hope they come back.’

Student, St Augustine’s, Kyabram, VIC ‘Outside the square! Creative thinking!

Increased confidence and teamwork.

Great! Well done! Ten out of ten.’

Teacher, Roebuck Primary School, Broome, WA PROFESSIONAL DEVELOPMENT 301 teachers participated in Teacher Professional Development programmes across the country. The Interpreting Shakespeare Teacher Forum was presented in every state and territory, giving teachers a wonderful opportunity to see new ideas and innovative ways to entertain, educate and inspire primary and secondary students when teaching Shakespeare.

‘I feel more motivated to promote the notion of drama as a pedagogy to facilitate student learning.’

DET Representative, Wagga region, NSW ‘Wanted to learn some practical ideas and be taught.’

Teacher, Centralian Senior Secondary College, Alice Springs, NT ‘Excellent, these activities are just what I’m looking for!’

Teacher, Caritas College, Whyalla, SA Teacher Workshops provide teaching professionals with fresh ideas and innovative methods for approaching Shakespeare in English and Drama classrooms.

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‘I have taught Shakespeare for 30 years, but there is still room to learn, because the texts have so much scope. The workshop would be valuable for either a beginning teacher or old hand.’

Teacher, Melba Copland Secondary College, ACT For the second year, Bell Shakespeare presented the Regional Teacher Scholarship, which brought 12 teachers from regional and remote schools to Sydney for five days of intensive training in practical methods for teaching Shakespeare.

‘Perfect – learnt lots – about myself as a teacher, about what other teachers are doing re: Shakespeare, and about Shakespeare. If the course finished today I would still be glad I came. I really got a lot out of the practical exercises in introducing scenes from R&J and Macbeth. Similarly to my students I seem to work best in hands-on tasks, so getting up and having a go was a perfect way to learn how to teach these things!’

Elisa Resce, Booleroo Centre District School, SA REGIONAL PERFORMANCE SCHOLARSHIP In 2008, 133 young people auditioned for the Regional Performance Scholarship.

Every audition was evidence of an aspiring young actor’s own drive and determination.

Being selected to audition is the first acknowledgement of this effort and, of course, winning a coveted place in the Regional Performance Scholarship is the ultimate recognition for these talented youngsters. The three recipients of the 2008 Regional Performance Scholarship are from Trafalgar VIC, Karratha WA and Canberra ACT. They will experience a week with the Pericles company in rehearsal in 2009.

‘One of the most important things for someone who aspires to be an actor is to see it in practice. It will provide me with a window to the future.’

William Haines, ACT, 2008 recipient

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Paul Reichstein, Student Workshop 15 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

16 Stephen Phillips, Orlando, and Saskia Smith, Rosalind, As You Like It THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

MARKETING & DEVELOPMENT Early in the year, we devoted additional resources to the area of marketing to enable us to exploit the capabilities of our customer relationship management system, which is an ongoing focus for the department. Customer communications developed by us became more targeted and personalised, specifically developed for market segments in response to their individual buying behaviours, tastes and interests. We also employed an in-house graphic designer to manage the application of the brand across the Company more effectively. In late 2008, the Marketing and Development departments merged to bring about a more strategic focus and rationalise endeavours across our marketing and development (philanthropy and sponsorship) activity streams.

AUDIENCES Our productions of As You Like It and Hamlet enjoyed sell-out seasons. Notably, record numbers of under-27 year olds attended Hamlet, and we successfully launched a youth subscription programme, growing our loyal customer base. Our production of Just Macbeth! also enabled us to further develop our family market segment.

We re-launched our patron magazine, Fanfare, previously known as Bell Magazine, in larger, full-colour format and with content designed to meet the particular interests of our readers.

In addition to the many education activities we delivered for school students, Bell Shakespeare continued its commitment to access and general audience education.

Meet Bell Shakespeare, an event introduced as part of our first season 19 years ago, is a free behind-the-scenes session with the actors and creatives, open to the general public and is intended to deepen their understanding of the text and the artistic process. In 2008, we changed the format of the event, scheduling it slightly earlier in the evening to make it more convenient and to enable audiences to see a performance of the production the same night. We engaged professional speakers to create a more conversational presentation and facilitate greater audience/artist interaction. These sessions have been recorded and, as a result, are available to a wider audience than was the case previously.

PHILANTHROPY Realising the artistic vision of Bell Shakespeare would not be possible without the support of our many valued patrons. The incredible growth the Company has experienced in its theatre

and education programmes is directly attributable to the generosity of our individual donors and we are grateful to them for their passion and commitment to the Company.

We offer a range of philanthropic initiatives for which patrons may choose to make their contributions. Our annual giving programme, Supporting Cast, supports our ongoing activities, enabling us to make our theatre and education programmes in metropolitan, regional and remote areas throughout Australia. Members of this programme enable us to make studying Shakespeare enjoyable through workshops and forums, develop resources for teachers and skills-development opportunities, create memorable sets and costumes and transport troupes of actors to the most remote locations.

In addition to our valued individual donors, we are privileged to receive philanthropic grants from a range of trusts and foundations in support of our education activities. In 2008, this area experienced record growth which will allow us to expand these key activities.

SPONSORSHIP We thank our partners for investing in us in 2008. In conjunction with them, we successfully delivered a diverse range of projects and programmes, enabling us to help them to meet their marketing and other business objectives. These partners are listed on pages 24 – 25.

Hearts In A Row is an initiative designed to provide disadvantaged members of the community with a very special, and often their first, live theatre experience, as well as enabling us to develop our ever-expanding education activities. Gifts to this initiative enable a group of 30 from a school or charity of the donor’s choice to enjoy the full VIP experience at the theatre.

Many individuals who have seen a Bell Shakespeare production through Hearts In A Row have attested to their new passion, and say that the experience has made them feel part of the community in a way that has previously eluded them.

Launched in 2007, our Young Artists’ Endowment supports an annual scholarship for a young, recently graduated director to come on board with Bell Shakespeare to be mentored and trained by our artistic teams, and to work alongside directors on our national theatre programmes. Every year, talented young artists leave Australia because of the lack of opportunities. We are committed to nurturing emerging local talent and are delighted to have a formal mechanism in place to provide these opportunities.

Inaugurated in 2002, Bell Shakespeare’s Capital Fund was established to support the Company’s activities through major gifts and bequests. Designed to ensure the Company’s future security and sustainability, the primary role of the fund is to build capital reserves to create enduring benefits and ensure the organisation’s ongoing financial viability.

Gifts to this fund are invested and acknowledged in perpetuity.

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18 Timothy Walter, Aaron, Anatomy Titus Fall Of Rome: A Shakespeare Commentary THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

CORPORATE GOVERNANCE REPORT The report below outlines the extent to which Bell Shakespeare has complied with the eight Good Practice Governance Principles published and monitored by the Australia Council’s Major Performing Arts Board.

1. Lay Solid Foundations for Management and Oversight During 2008, the Board continued to operate in line with the principles and practices set out in the Company’s Corporate Governance Policy adopted in 2005. The focus of the six regular Board Meetings held in 2008 was the review and monitoring of progress towards achieving the goals and outcomes outlined in the Company’s 2008-2010 Business Plan as well as artistic programming, financial performance and risk management.

Directors’ commitment to Board Meetings is reflected by a very high overall attendance rate of 75%, with nine out of twelve directors attending four or more meetings. In addition, Board members have committed to participate in an upcoming major strategic planning exercise, in conjunction with senior management, to lay the foundations of the next planning cycle.

Several sub-committees and working groups complement the strategic role of the Board at an operational level.

2. Structure the Board to Add Value The Nominations Sub-committee is responsible for sourcing and recruiting new directors. During 2008 the Board broadened both its geographical spread and skill-set with the appointment of Perthbased executive, Mr Ken Steinke, CEO of West Australian Newspapers. During 2008, there were no retirements from the Board.

3. Promote Ethical and Responsible Decision Making The Bell Shakespeare Company’s Governance Framework is broadly informed by the Company’s Constitution.

Section 8 of that document sets out the Board’s powers of delegation to subcommittees and management. Each of the Board sub-committees has its own charter. Roles and responsibilities of senior management are clearly defined and documented within position descriptions, letters of appointment and contracts.

Decision making also takes place within the context of the Company Risk Management Plan.

The Company adheres to all legislative requirements to ensure that all decisions

are made in an ethical and responsible manner.

4. Safeguard Integrity in Financial Reporting A primary aim of the Board is to grow the financial reserves underpinning the Company’s future activities. Excellent progress continued during 2008 with the Company exceeding its goal of accumulating reserves equivalent to 20% of annual operating costs.

During the year, the Company streamlined the sub-committee structure to enhance the integrity of financial reporting. The Executive Sub-committee (formerly Executive and Finance Sub-committee) still meets bi-monthly in between Board meetings to review management accounts and to advise on any substantial financial or management issues as they arise but now has a stronger focus on artistic and personnel issues.

The Audit and Finance Sub-committee (formerly Audit Sub-committee) now meets more frequently to review major financial issues such as the budget, annual audit and investment policy as well as overseeing the format and content of all forms of financial reporting.

5. Risk Management A risk management working group comprising of Board members, management and a specialist consultant meets twice a year to reassess the Company’s risk profile and update the risk management plan which is then reviewed by the full Board. The Company is moving towards integrating the risk management process within the overall Company Business plan.

6. Encourage Enhanced Performance The Government Relations Sub-committee meets informally and continues to work towards increasing the Company’s profile in all political spheres. The Company has engaged a specialist consultancy to provide further assistance in this complex area.

The New Media and Education Subcommittee meets regularly with the objective of assisting management to keep abreast of developments in these critical areas and identifying how they might impact on the Company’s operations.

Outside of the Board and Sub-committee structure, the Company receives extensive advice and feedback from external reference groups in the areas of Artistic Vibrancy and the delivery of Education Programmes.

7. Remunerate Fairly and Responsibly The Chairman takes responsibility for regular performance and salary reviews for the General Manager and Artistic Director. Base salary levels and any increments are determined by reference to experience, skill sets, marketplace considerations and industry comparisons.

This last takes the form of discussion with other Major Performing Arts Board Chairmen regarding salary levels for similar positions and by reference to published industry surveys. The Chairman then makes recommendations to the Executive Committee regarding salary levels. The Executive Committee must then sign off on the Chairman’s recommendations before they can be implemented.

The Board is kept informed of movements in senior executive salaries.

Responsibility for other management salaries is delegated to the General Manager whose recommendations are reviewed by the Chairman.

8. Recognise the Legitimate Interests of Stakeholders Recognising and responding to the interests and needs of internal and external stakeholders is a central tenet of the Company’s Annual three-year Business Plan. Two major progressions in this area during 2008 were the development of a comprehensive calendar of the Company’s reporting and acquittal obligations and a matrix linking the sources of funding, both government and non-government, with the outcomes of each initiative of our Education Programme.

The Company holds an Annual General Meeting of members as required by law.

In 2008 the meeting adopted an amended and streamlined Constitution clarifying the relationships between members, the Board and executives.

Sponsors and donors are acknowledged throughout the year in all marketing materials, programmes and publications as well as in this Annual Report.

In summary, the Board believes that Directors and management are well informed and equipped to deal decisively with structural, strategic or operational issues as they arise in the future.

19

THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

20 Freiman, Celia, As You Like It Lexi THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

OUR DONORS LIST OF DONORS We are deeply grateful to the following private donors for their support during the 2008 financial year: Heather Adie Robert Albert AO RFD RD & Libby Albert Elizabeth Aleksanian Allen & Buckeridge Pty Ltd J M Alroe The Hon Richard Alston Dr Adrianne Anderson Jennifer Anderson Bill & Kate Anderson Ian & Hanne Angus Annamila Pty Ltd John & Robyn Armstrong Timothy Ash Ilana Atlas & Tony D’Aloisio Australian Academy of Dramatic Arts (AADA) AUSTAR Entertainment Pty Ltd Alison Avery Christopher & Sarah Bantick David Bardas Frank Barnes Peter & Margaret Barry Merrilyn & Chris Beeny David Bennett AO QC & Justice Annabelle Bennett Bob & Anita Berghout Leah Bernstein Pamela Berriman Michaela Berry & Dave Than Ho Andrew & Natalie Best Amanda Bishop Ivor & Eva Bitel Boeing Australia Claire Boxwell Graham & Charlene Bradley Mark Bradley & Jane Sivieng Liz & Alec Brennan Helen Bristow Laurel Brown Beth & Tom Bruce AM Lady Virginia Buchan Berenice Buckley Geraldine Bull Richard & Susan Bunting Bill & Sandra Burdett David & Diana Burt Diane Callender Jeffrey Campbell Robert & Margaret Campbell Edmund Campion Jim & Diana Carlton Mark Carroll Elizabeth Carvosso Ann Casimir Jason Catlett Rosie & Peter Caunt Patrick Cavanagh Tim & Margaret Cavanough

Yola & Steve Center Stephen & Jenny Charles Rahoul & Jinnie Chowdry Louise Christie Phil & Leanne Chronican Robert & Carmel Clark George Clark Laura Coleman Carol & Chris Collin Brian Connor AM Anton Cook Janet Coombs AM Professor & Mrs D W Cooper The Kevin Cosgrave Family Rae Cottle Mary Coupe Tim Cox AO & Bryony Cox Professor A T Craswell Jennifer & Neville Crew John Crocker Crosby Textor Research Strategies Results Pty Ltd Tony Crossley & Chris Rossiter Susan Culverwell & Grace Farrugia Joanne & Sue Dalton Anthony Darling & Marina Darling Margaret Davis Frank & Barbara Davis Vivianne de Vahl Davis Nick & Carol Dettmann Michael Diamond AM MBE Martin Dickson AM & Susie Dickson Therese Dinel Jim & Sue Dominguez Allan W Donald Diane & John Dunlop Ian Dunlop Jean Dunn Michael & Roslyn Dunn Sandra Dureau Dr & Mrs B Dutta Karen Dwarte David Eager Ailsa & JĂźrgen Eckel Josephine Edwards Brendan & Jan Egan Saul Eslake & Linda Arenella Maria & Ralph Evans Richard Evans Elizabeth Evatt AC Robert Felton Helen Fenbury Dr Joyce E Fildes OAM Jean Finnegan Diana & Richard Fisher Helen Fisher Professor P J Fletcher S Fletcher Susan Francis David & Jo Frecker Katie & Vic French Richard & Jane Freudenstein John & Diana Frew Margaret Frey

Graham Froebel F J Gale Justin & Anne Gardener Elwyn Gardner Tony Gilbert AM Jennifer Giles Elaine Gilmore Goldman Sachs JBWere Foundation Colin & Sharon Goldschmidt The Gourlay Charitable Trust In Memory Of John Gourlay Janet M Grace Pamela Grant Peter Graves Richard & Anna Green Nick Greiner AC & Kathryn Greiner AO John Griffiths & Beth Jackson S Groves Bill & Kate Guy David Gyger Mark Hadassin Alison Hale John & Jenny Hall John & Valerie Hambly Elizabeth Hamilton Greg & Beth Hammond Louise Hamshere Dr Ian Hardingham QC Lesley Harland Barbara Harland Vicki Harpur Catherine & David Harris Bruce C Hartnett & Louise Einfeld Matilda Hartwell Steven Harvey Catherine Parr & Paul Hattaway Harry Haythorne Bill & Alison Hayward Hon Peter Heerey QC Timothy Heffernan John & Victoria Heffernan Jane Hemstritch Verna J Hennock Henreva Associates Dr Michele Hersch John & Rosanna Hindmarsh Anthony & Helen Hiscock Rev Father William Hoekstra Julia & Nick Holder Brian & Patricia Holdsworth Ken & Lilian Horler John & Patricia Howard Lynette Howard Reverend Bill & Mrs Rosemary Huff-Johnston Hugh Hungerford Michael & Penny Hunter Mike & Stephanie Hutchinson In Memory of Herta Imhof Ernest L Isles J.P. Morgan Varant Jambazian Margaret Jamieson Jan Janes

21

THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

Margaret & Richard Jaworski The Jephcott Family Leslie Jesudason Vincent Jewell Graeme & Joan Johnson Cam & Caroline Johnston Marjorie Jones Gloria Jones & John Thacker Tom & Elisabeth Karplus Lady Kater Ilse Katz Elizabeth L Kelly John & Lisa Kench Dr Sue Kesson Derek Kidley & Carmelan Polce Gordon & Jeannette King A J Kitchin David Knoll Professor Paul Korner AO Nicholas Korner Dame Leonie Kramer AC DBE F Kunc SC & F Rourke William & Jan Lambert Marianne Latham Sarah Lawrence Susan & David Leaver Margaret Lederman J & S Lee Richard Leemen Jennifer Ledgar & Bob Lim Owen Lennie Peter & Frances Lewin John Lewis Lexicon Partners Karl Lindeson Dr Sue Linton Catherine Livingstone & Michael Satterthwaite Betty Loftus Elizabeth & Richard Longes Susan Louden Sandra Lovel Lois Lowe Dr Carolyn Lowry OAM & Mr Peter Lowry OAM Robert & Nicole MacFarlan Hugh & Sheila Mackay Jock & Susan MacKay Carol & Rod Mackenzie John Maconachie Hon Ian MacPhee AO Macquarie Group Foundation George Maltby AO & Mary Maltby Gilbert & Sarah Mane Prof & Mrs Bruce Mansfield Mr & Mrs Robert Maple-Brown Maple-Brown Abbott David Martin Mr & Mrs A A Martin In memory of the late Lloyd Martin AM Peter & Kate Mason Rosemary Massard Ian Mathieson

Diane Matthews Julianne Maxwell & Michael Maxwell Stan May John McCallum & Googie Withers Vic Cohen & Rosie McColl Chris McDiven Margaret J McDonald Brian & Helen McFadyen Christina McFarlane Sheila J McKee Miriam McKoy Sian McLachlan Kim McLean Marie McLeod Robin Joyce & Bob McMullan Fiona McWhinnie Tony & Fran Meagher Graeme & Emma Mendelsohn Adrian Micallef Andrew Middleton Frances Milat Louise Miller Valerie Miller J P Millner Nick & Caroline Minogue Holly Mitchell & Keith Bayliss K Moon Shirley Morris D Morton Julie Moses William Mudford Douglas Muecke Elizabeth Muir Dame Elisabeth Murdoch AC DBE Jean E Murphy Dr W B Muston Irena Nebenzahl Barbara Neill Peggy Nelson Shirley & Jim Nield Dr Rosmary Nixon Emma Rossi & Humphrey Nolan J Norman Rosemary North The Hon Barry O’Keefe AM QC & Mrs Jan O’Keefe Andrew O’Keefe & Eleanor Campbell Kathy Olsen & Bruce Flood Gertrude O’Neil Optus Ruth & Steve Ormerod Roslyn Packer AO Rosemary Palmer Steve & Sally Paridis Janette Parkinson Eva & Timothy Pascoe A D Passmore C Paterson Rebel Penfold-Russell Estate of the late E L Brown Mary Phipps Nerelle Poroch & Phil Waite

22 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

John Porter CMDR Warwick Potter RAN Carol Potter Kerrie P Powell Rosalie Pratt AM Jon Preedy Beverley Price Ginette Priestley Rob & Alex Priestley Tony & Amy Pryor Dr Susan Pugh & Dr Michael Bennett David & Jill Pumphrey Jane Randell Donna Ravenscroft Kenneth Reed Mary & Michael Regan Peter & Karen Reid Michael Reid Marion R Reid John B Reid AO & Lynn Rainbow Reid Greg J Reinhardt Pamela Reisner ResMed Foundation Mark Rigotti Roslyn Robertson Richard & Val Robertson John Roe David Rolph Josie Rothwell Rundle Family Bridget & Peter Sack Dr Elizabeth Sakker Mr & Mrs Max Schultz Elisabeth & Doug Scott Dr Helen E Scott Rebecca Scott Penelope Seidler AM Stephen P Sekules J Selby Zara Selby Daniela Shannon MIchael & Lynette Shave Fiona Shearman Christine Sheehy Sandy Shuetrim J Shuttleworth Dr Agnes Sinclair Andrew & Claire Sisson Sharon Skeggs Janner Skinner Jim & Liz Sloman Chris & Sarah Smith Maria Sola & Malcolm Douglas Mervyn Spencer John Spender Shoba Srinivasan Peter & Liz St George Warren Stanfield May Steilberg Philip & Leslie Stern George Stewart Heather Stock

Janette Strachan Malcolm Stuart Douglas Sturkey CVO AM Diane Sturrock Rachel Sutton Anne Swann & Robert Johanson Helen Swift & Les Neulinger Sydney Harbour Foreshore Authority Robin Syme AM & Rosemary Syme Alan & Jenny Talbot Carmel Taylor Samuel Teed David & Jenny Templeman Diane Tennie The Limb Family Foundation The Mundango Charitable Trust Topfer Family Trust Ruth Trait Mary Tranter Douglas & Barbara Trengove Dr Michael Treplin Ken Tribe AC & Joan Tribe Jonathan & Karin Trope Margaret Tucker John Tuckey Jennifer Turnbull Suzanne & Ross Tzannes AM UBS Foundation Kevin Underwood Jeanne Vandenbroek R T & S J Viney Sharyn & Fred Walker Juliette Ward John Ward P Wasson Sam & Judy Weiss Nevil Weller William & Susan Wentworth John Colet School Anthony Whiddon & Kim Ryan Dr Bernadette White Alexander G White OAM Angus & Emma White Sally White Elizabeth Whitecross & Ian French Alison Whitney Mary Kostakidis & Ian Wilcox Rosemary Wildie George M Wilkins Elizabeth & Philip Williams Evan Williams AM Peter Willis & Eleneth Woolley Alison Witcombe Roger Woock & Fiona Clyne John Wood Helen C Woodward Mr & Mrs Daryl Wraith Commander W Graham Wright Carolyn Wright Margie Yen Ronald Yuen Isobel & George Yuille Barry Zietsch Anonymous (28) 23 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

2008 CORPORATE PARTNERS

NATIONAL TOURING PARTNER NATIONAL MAINSTAGE PARTNER

PRINCIPAL EDUCATION + YOUTH SPONSOR

LEADING SPONSORS

ACTORS AT WORK

NSW EDUCATION SPONSOR

OFFICIAL WELLBEING PARTNER

SUPPORTING COMMUNITIES THROUGH THE ARTS

SUPPORTING THE ARTS

MAJOR SPONSORS

MEDIA PARTNER HAMLET

SUPPORTING REGIONAL COMMUNITIES

WA TOUR PARTNER

SUPPORTING PARTNERS

SPECIAL EVENT SPONSOR

SPECIAL EVENT SPONSOR

LEGAL PARTNER

COMMUNITY PARTNER

MEDIA PARTNER Just Mabeth!

MEDIA PARTNER Just Mabeth!

COMPANY SPONSORS

24 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

GOvernment relations partner

ACCOMMODATION PARTNER MELBOURNE

PRINTING PARTNER

2008 COMMUNITY AND GOVERNMENT PARTNERS COMMUNITY PARTNERS THE FOLLOWING FUNDS, TRUSTS AND FOUNDATIONS ARE SUPPORTING OUR NATIONAL EDUCATION INITIATIVES THE VINCENT FAIRFAX FAMILY FOUNDATION COLONIAL FOUNDATION JOHN T REID CHARITABLE TRUSTS THE NORMAN H JOHNS TRUST THE IAN POTTER FOUNDATION SCULLY FUND JAMES N KIRBY FOUNDATION COLLIER CHARITABLE FUND BESEN FAMILY FOUNDATION GOLDMAN SACHS JBWERE FOUNDATION

EDUCATION PARTNERS

GOVERNMENT PARTNERS

Bell Shakespeare is assisted by the NSW Government through Arts NSW.

Bell Shakespeare Education is supported by the Australian Government through the Department of Education, Employment and Workplace Relations under the Quality Outcomes Programme.

Bell Shakespeare is assisted by the Australian Government through the Australia Council, its arts funding and advisory body.

Bell Shakespeare Education is assisted by the VIC Government through Arts Victoria.

The Australian Government is proud to be associated with Bell Shakespeare through the national performing arts touring programme, Playing Australia, which gives Australians across the country the opportunity to see some of our best performing arts.

Bell Shakespeare Education is assisted by the SA Government through Arts SA.

Bell Shakespeare Education is assisted by the NSW Government through the NSW Department of Education and Training.

25 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

26 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

As You Like27 It THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

FINANCIAL STATEMENTS DIRECTORS’ REPORT

Results

Options

The Board of Directors of The Bell Shakespeare Company Limited (a reporting entity) has pleasure in submitting the financial report for the year ended 31 December 2008.

The net surplus of the company for the year ended 31 December 2008 was $411,863 (2007: $815,550).

No options to shares in the company have been granted during the financial year and there were no options outstanding at the date of this report.

The income of the company is exempt from Income Tax under section 50–45 of the Income Tax Assessment Act 1997.

Future Developments

Directors The names of the directors in office during the financial year and up to the date of this report are: Timothy Kenneth Fabian Cox (Chairman) Ilana Rachel Atlas John Anthony Bell Richard John Freudenstein Graham Charles Froebel Kathryn Therese Greiner Antony de Jong Christopher David Jordan James Leslie McLachlan Margaret Hannah Osmond Kenneth Noel Steinke (resigned 09 February 2009) Gilbert Randall Thew Principal Activity The principal activity of the company was the presentation of theatrical productions and education programs.

No significant change in the nature of this activity occurred during the year.

Review of Operations During the year, the company completed seasons in Sydney, Canberra, and Melbourne and also toured in various states in Australia. Further details of operations are contained in the Chairman’s Report.

Likely developments in the operations of the company and the expected results of those operations in future financial years have not been included in this report as the inclusion of such information is likely to result in unreasonable prejudice to the company.

Dividends The Constitution of the company prohibits the distribution of income and property by way of dividend or bonus.

Significant Changes There were no significant changes during the year ended 31 December 2008.

Events After Balance Sheet Date Subsequent to balance date and based on latest available unit prices, the market value of available-for-sale financial assets as detailed in Note 7 of the financial statements declined by $125,650 as shown in the table below:

Fund Manager

Market Value $ 31.12.08

Perpetual – Managed Fixed Interest Portfolio

425,705

Perpetual – Balanced Investment Fund

132,060

Maple Brown – RIS Investments – Units in Investment Trusts

688,580 1,246,345

Market Value $ 04.03.09

Market Value $ 09.03.09

Decline in Value $

409,156

16,549

121,801

10,259 589,738

98,842 125,650

No other events have occurred since balance date which would have a material impact on the financial statements.

28 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

DIRECTORS’ REPORT (CONTINUED) INFORMATION ON DIRECTORS AND COMPANY SECRETARY The qualifications and experience of the Directors and Company Secretary in office at the date of this report are as follows: T K F Cox – AO MComm Director since May 1999. Tim Cox, Chairman of the Company, is a Company Director. Founder of Cox Inall Communications Pty Ltd, an integrated communications and media group. He has also served as Chairman of The Australian Ballet and the Australian Major Performing Arts Group.

I R Atlas – BJuris (Hons) LLB (Hons) LLM Director since January 2004. Ilana Atlas is Group Executive, People at Westpac.

Previously she was a partner at Mallesons Stephen Jaques, a national law firm. She is a member of the Council of the Australian National University.

J A Bell – AO BA (Hons) Director since July 1990. John Bell performed with the Old Tote Theatre Company from 1963 to 1964. Other experience includes British Council Scholarship to Bristol Old Vic Drama School, UK in 1964; Associate Artist at Royal Shakespeare Company from 1965 to 1969; Company Director of the Nimrod Theatre, 1970 to 1984; Head of Acting, NIDA, 1970; and freelance work as Director and Actor until 1991. In 1997 the National Trust of Australia named him as one of the 100 Australian National Living Treasures. In 2009 John was appointed as an Officer in the Order of Australia in recognition of his service to the performing arts. He has been the Artistic Director of the company since its foundation.

G C Froebel – BCom LLB CA Director since April 1998. Graham Froebel is the Group Taxation Manager of Boral Limited. He was previously a partner with the international accounting firm Arthur Andersen.

R J Freudenstein – BEc LLB (Hons) Director since December 2006. Richard Freudenstein has worked for News Corporation and related companies since 1994. He is currently the Chief Executive Officer for News Digital Media, the digital division of News Limited. He is currently Chairman of realestate.com.au Ltd. He has served as Chairman of the Royal Television Society, Chairman of Nickelodeon UK and as a Director of the English National Ballet.

K T Greiner AO – BSocWk Director since October 2005. Kathryn Greiner is Chairman of Biotech Capital Pty Ltd and Australian Hearing. She is also a Director of the National Capital Authority, an advisory council member of LEK Consulting and a Councillor of Bond University.

A de Jong – BSc LLB MBA GAICD Director since February 2002. Antony de Jong is a senior executive with Telstra in its Enterprise and Government division. Previously he was a Partner with Accenture, a global technology and information services company. He is also President of the Duldig Gallery Inc, a public museum, gallery and arts resource centre in Melbourne.

C D Jordan AO – BCom LLB LLM FCA Director since March 2006. Chris Jordan is the NSW Chairman of KPMG. He is the Deputy Chairman of the Board of Taxation, an advisory board to the Federal Treasurer.

He is also a board member of the Sydney Children’s Hospital Foundation and for the Sydney 2009 World Masters Games Advisory Committee.

J L McLachlan – BSc LLB LLM Director since January 2004. James McLachlan is a Media and Sports Consultant with over 20 years commercial and legal experience in those industries.

Prior to commencing his consultancy practise in 2005, James was CEO of PBL Enterprises and Group General Counsel of PBL. He is a Director of the Sir Robert Menzies Memorial Foundation Limited and a member of the Executive Committee of the Sydney Peace Foundation.

M H Osmond Director since October 2005. Margy Osmond is the Chief Executive Officer of the Australian National Retailers Association and previous CEO of the Sydney and State Chambers of Commerce.

She is a Director of the Retail Employees Superannuation Trust and is Chair of the World Masters Games Organising Committee. She has previously been a Director of the State Transit Authority and the NSW Major Events Board.

G R Thew – BCom MA (Ec Hist) Director since April 1998. Gil Thew has over 25 years’ experience in the Information Technology Industry in Australia and overseas, 15 years at CEO level. He is currently CEO of Wolken Management Services Pty Ltd. He is a Deputy Chairman of the NSW Australian Information Industry Association and a former Director of the Epilepsy Association of Australia.

M Ramsden – BCom (Accy) CPA Company Secretary since December 2006. Mark Ramsden is currently Head of Finance of the Bell Shakespeare Company.

He has extensive financial management experience across a wide range of industries including the Performing Arts.

The interests of the directors in the ordinary share capital of the company at the date of this report are: Beneficial Interest in Ordinary Shares

Number of shares

T K F Cox I R Atlas J A Bell G C Froebel K T Greiner A de Jong C D Jordan J L McLachlan M H Osmond G R Thew R J Freudenstein K N Steinke

5,000 5,000 5,001 5,005 5,000 5,000 5,000 5,000 5,000 5,005 5,000 5,000

The above shares are deemed to have no commercial value. The Constitution of the company prohibits the distribution of income and property by way of dividend or bonus. The Constitution also prohibits the return of capital or of any other distribution to members on winding up.

Meetings of Directors During the financial year six meetings of directors were held and attended as follows.

Directors’ Meetings Eligible To Attend

Number Attended

T K F Cox

6

6

I Atlas

6

6

J A Bell

6

5

R J Freudenstein

6

3

G C Froebel

6

4

K T Greiner

6

4

A de Jong

6

6

C D Jordan

6

4

J McLachlan

6

3

M H Osmond

6

6

G R Thew

6

5

K N Steinke

6

2

29

THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

DIRECTORS’ REPORT (CONTINUED)

Proceedings on behalf of the company

Directors’ and Auditors’ Indemnification

No person has applied for leave of court to bring proceedings on behalf of the company or intervene in any proceedings to which the company is a party for the purpose of taking responsibility on behalf of the company for all or any part of those proceedings. The company was not a party to any such proceedings during the year.

The company has not, during or since the end of the previous financial year, in respect of any person who is or has been an officer or auditor of the company: – indemnified or made any relevant agreement for indemnifying against a liability incurred as an officer, including costs and expenses in successfully defending legal proceedings; or – paid or agreed to pay a premium in respect of a contract insuring against a liability incurred as an officer for the costs or expenses to defend legal proceedings; with the exception of the following matter.

During the financial year the company obtained insurance for each of the following persons to indemnify directors and officers for loss arising from any claims made against them by reason of any wrongful act. The premium paid was $4,315.

T K F Cox I Atlas J A Bell G C Froebel K T Greiner A de Jong C D Jordan K N Steinke

J McLachlan M H Osmond G R Thew M Ramsden J S Berry C M Tooher R J Freudenstein

Environmental Review

Auditor’s Independence Declaration A copy of the Auditor’s Independence Declaration as required under section 307C of the Corporations Act 2001 is set out on the following page.

This report has been made in accordance with a resolution of directors.

Director

Director

Sydney, 11 March 2009

The company’s operations are not regulated by any significant environmental regulation under a law of the Commonwealth or of a state or territory.

Directors’ Benefits During or since the end of the previous financial year, no director has received or become entitled to receive a benefit because of a contract, other than benefits disclosed in the financial statements or the fixed salary of a full time employee of the company or a related corporation or with a firm of which a director is a member, or with a company in which a director has a substantial financial interest.

Office Bearers at date of the Report T K F Cox, Chairman J A Bell, Artistic Director M Ramsden, Company Secretary C M Tooher, General Manager 30 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

31 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

INDEPENDENT AUDIT REPORT TO THE MEMBERS OF THE BELL SHAKESPEARE COMPANY LIMITED

We have audited the accompanying financial report of The Bell Shakespeare Company Limited, which comprises the balance sheet as at 31 December 2008, and the income statement, statement of changes in equity and cash flow statement for the year ended on that date, a summary of significant accounting policies, other explanatory notes and the directors’ declaration.

Directors’ Responsibility for the Financial Report The directors of the company are responsible for the preparation and fair presentation of the financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

In Note 1, the directors also state, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, that compliance with the Australian equivalents to International Financial Reporting Standards ensures that the financial report, comprising the financial statements and notes, complies with International Financial Reporting Standards.

report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.

Auditor’s Opinion In our opinion the financial report of The Bell Shakespeare Company Limited is in accordance with the Corporations Act 2001, including: (a) giving a true and fair view of the company’s financial position as at 31 December 2008 and of its performance for the year ended on that date; and (b) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and (c) the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion Independence In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001. We confirm that the independence declaration required by the Corporations Act 2001 would be in the same terms if it had been given to the directors at the time that this auditor’s report was made.

Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit.

We conducted our audit in accordance with Australian Auditing Standards.

These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial

32 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

BDO Kendalls Chartered Accountants

David Goman Partner Sydney, 11 March 2009

Declaration by Directors

The Directors of The Bell Shakespeare Company Limited declare that: (a) the financial statements comprising the Income Statement, Balance Sheet, Statement of Changes in Equity and Cash Flow Statement and accompanying notes are in accordance with the Corporations Act 2001: (i) give a true and fair view of the financial position as at 31 December 2008 and the performance for the year ended on that date of the company. (ii) comply with the Accounting Standards and the Corporations Regulations 2001; and (b) in the Directors’ opinion, there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors by:

Director

Director

Sydney, 11 March 2009

33 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008

Note

2008 $

2007 $

4

9,962,073

9,252,617

(5,706,738)

(4,901,002)

Marketing/Fundraising

(1,192,086)

(1,205,522)

Administration

(2,651,386)

(2,330,543)

(9,550,210)

(8,437,067)

411,863

815,550

1(d)

-

-

12

411,863

815,550

Revenue Performance: Production expenses Management expenses:

Surplus before income tax expense Income tax expense Net Surplus

The accompanying notes form part of these financial statements

34 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

BALANCE SHEET AS AT 31 DECEMBER 2008

Note

2008 $

2007 $

16

953,489

598,210

Receivables

5

159,658

685,927

Other current assets

5

147,631

286,054

1,260,778

1,570,191

ASSETS Current assets Cash and cash equivalents

Total current assets Non-current assets Plant & equipment

6

169,245

227,201

Available-for-sale financial assets

7

1,246,345

1,529,926

Other financial assets

8

827,128

601,368

Total non-current assets

2,242,717

2,358,495

Total assets

3,503,495

3,928,686

9

1,103,340

1,825,121

10

117,884

141,268

1,221,224

1,966,389

33,674

13,865

33,674

13,865

Total Liabilities

1,254,898

1,980,254

NET ASSETS

2,248,597

1,948,432

96,041

96,041

LIABILITIES Current liabilities Payables Short-term provisions Total current liabilities Non-current liabilities Long-term provisions

10

Total non-current liabilities

EQUITY Issued capital

11

Available-for-sale revaluation reserve

12

(105,571)

6,127

Retained earnings

12

2,258,127

1,846,264

2,248,597

1,948,432

TOTAL EQUITY

The accompanying notes form part of these financial statements

35 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2008

Issued Capital

Availablefor-sale Revaluation Reserve

Retained Earnings

Total Equity

96,041

58,856

1,030,714

1,185,611

-

-

815,550

815,550

-

(52,729)

-

(52,729)

Closing balance at 31 December 2007

96,041

6,127

1,846,264

1,948,432

Opening balance at 1 January 2008

96,041

6,127

1,846,264

1,948,432

-

-

411,863

411,863

-

(111,698)

-

(111,698)

96,041

(105,571)

2,258,127

2,248,597

Opening balance at 1 January 2007 Surplus for the year Net income recognised directly in equity: - Available-for-sale financial assets

Surplus for the year Net income recognised directly in equity: - Available-for-sale financial assets Closing balance at 31 December 2008

The accompanying notes form part of these financial statements

36 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2008

Note

2008 $

2007 $

4,678,175

4,434,148

Cash flow from operating activities Receipts from sales

(9,546,722)

(8,139,499)

Receipts from fundraising

Payments to suppliers & employees

2,885,270

3,211,287

Grants and subsidies received

2,315,148

1,280,332

124,607

123,400

Interest received

96,259

72,715

Rehearsal studio hire income received

10,500

6,373

Net GST received

73,009

28,973

636,246

1,017,729

(515,526)

(401,899)

297,222

106,945

Other financial assets: payments

(6,402)

(203,058)

Payment for plant and equipment

(56,261)

(244,483)

(280,967)

(742,495)

Net increase in cash held

355,279

275,234

Cash at the beginning of the financial year

598,210

322,976

953,489

598,210

Investment income received

Net cash provided by operating activities

17

Cash flow from investing activities Available-for-sale financial assets: payments Other financial assets: receipts

Net cash used in investing activities

Cash as at the end of the financial year

16

The accompanying notes form part of these financial statements

37 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The financial report is a general purpose financial report that has been prepared in accordance with Australian equivalents to International Financial Reporting Standards (AIFRS), other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act 2001.

to continue as a going concern it may be required to realise its assets and extinguish its liabilities other than in the normal course of business and at amounts different from those stated in the financial report. The company has in existence programmes for the development and continuation of both donations and corporate sponsorship and for government support. It is clear that these programmes are essential to the continued existence of the company.

The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of selected financial assets and liabilities for which the fair value basis of accounting has been applied.

The following is a summary of the significant accounting policies adopted by The Bell Shakespeare Company Limited in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated. (a)

Going concern

The financial report has been prepared on a going concern basis, which contemplates continuity of normal trading activities and the realisation of assets and settlement of liabilities in the normal course of business.

The company’s continued existence is ultimately dependent upon the success of future productions, government support and fundraising. If the company is unable

Plant and equipment

Office furniture, equipment and vehicles are carried at cost less any accumulated depreciation and impairment losses. The depreciation rates used for each class of depreciable asset are:

–

Revenue

Interest and investment revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

Reporting Basis and Conventions

(e)

(b)

– Segment reporting because AASB 114 ‘Segment Reporting’ does not apply to not-for-profit organisations; and

The accounting policies have been consistently applied, unless otherwise stated.

The income of the company is exempt from income tax under section 50 – 45 of the Income Tax Assessment Act 1997.

– Office furniture and equipment: 20% – 33% straight line

Revenue from the provision of theatrical and educational productions is recognised upon the provision of the service to customers. Revenue from the sale of programs and merchandise is recognised upon the delivery of goods to customers.

Basis of Preparation

Income tax

Accounting Policies

Australian Accounting Standards include Australian Equivalents to International Financial Reporting Standards (AIFRS).

Compliance with AIFRS ensures that the financial report complies with International Financial Reporting Standards (IFRS) except for:

– Impairment of assets under AASB 136 ‘Impairment of assets’.

(d)

Government grants are recognised in revenue on a cash basis in accordance with AASB 1004 where this standard is applicable.

Fundraising income received for the support of activities is included as income in the Income Statement. Income received in advance for the next year’s season is included in current liabilities as income received in advance since the company is required to spend funds according to the funding agreements and where this does not occur a refund of those funds is required. (c)

Productions in progress

Where the company has theatrical productions in progress, the practice is for the running costs for the tour of each activity to be accumulated and reduced by box office income until completion, at which time the result is determined and the company’s share brought to account.

All costs with respect to uncompleted seasons are carried forward at balance date on the basis that it is reasonably expected that future revenue sufficient to absorb the costs carried forward will be derived. Where this is not the case such costs are written off in the period in which they are incurred.

38 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

Vehicles: 20% straight line

Items of production and theatre equipment, including sets, props and wardrobe, are shown as fully depreciated except in particular circumstances. Certain items are, from time to time, disposed of, or re-utilised wholly or partially, in the creation of sets or wardrobe for other productions. The costs of the theatre equipment retained in the Balance Sheet represents the items of theatre equipment effectively remaining. (f)

Leases

Lease payments for operating leases, where substantially all the risks and benefits remain with the lessor, are charged as expenses on a straight-line basis over the period of the lease. (g)

Employee benefits

Annual Leave Provision is made for the company’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled plus related on-costs.

Long Service Leave Other employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits.

Expected future payments are discounted using national government bond rates at balance sheet date with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows.

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fair value Fair value is determined based on current bid prices for all quoted investments.

Valuation techniques are applied to determine the fair value for unlisted investments. (i)

(h)

Investments and financial liabilities

Financial instruments are initially measured at cost on trade date, which includes transaction costs, when the related contractual rights or obligations exist.

Subsequent to initial recognition these instruments are measured as set out below.

Available-for-sale financial assets Available-for-sale financial assets comprise investments in listed and unlisted entities and any non-derivatives that are not classified as any other category of financial assets, and are classified as non-current assets (unless management intends to dispose of the investment within 12 months of reporting date). After initial recognition, these investments are measured at fair value with gains or losses recognised as a separate component of equity (available-for-sale investments revaluation reserve). Where there is a significant or prolonged decline in the fair value of an available for sale financial asset (which constitutes objective evidence of impairment) the full amount including any amount previously charged to equity, is recognsied in the income statement.

Purchases and sales of available for sale financial assets are recognised on settlement date with any change in fair value between trade date and settlement date being recognised in the available for sale reserve. On sale the amount held in available for sale reserves associated with that asset is removed from equity and recognised in the income statement.

Interest on corporate bonds classified as available for sale is calculated using the effective interest rate method and is recognised in finance income in the income statement.

Other financial assets Other financial assets are reflected at fair market value and largely represent cash balances, which are not available for use.

Financial liabilities Non-derivative financial liabilities are recognised at amortised cost, comprising original debt less principal payments and amortisation.

Foreign currency transactions and balances

Foreign currency transactions during the year are converted to Australian currency at the rates of exchange applicable at the date of the transactions. Amounts receivable and payable in foreign currencies at balance sheet date are converted at the rates of exchange ruling at that date. The gains and losses from conversion of short-term assets and liabilities, whether realised or unrealised, are included in the income statement as they arise. (j)

Goods and services tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of the GST is not recoverable from the Australian Tax Office. In these circumstances, the GST is recognised as part of the cost of the acquisition of the assets or as part of an item of the expense. Receivables and payables in the balance sheet are shown exclusive of GST. (k)

Impairment of assets

At each reporting date the company reviews the carrying value of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the higher of the asset’s fair value less costs to sell and value in use, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement.

For the purpose of assessing value in use, this represents depreciated current replacement costs as the company is a not-for-profit entity.

Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, 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 change in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. (n)

Trade and other receivables

Trade and other receivables are recognised at original invoice amounts less an allowance for uncollectible amounts and have repayment terms of 30 days.

Collectability of trade receivables is assessed on an ongoing basis. Debts which are known to be uncollectible are written off. An allowance is made for doubtful debts where there is objective evidence that the company will not be able to collect all amounts due according to the original terms. (o)

Trade and other payables

Trade and other payables represent liabilities for goods and services provided to the company prior to the year-end and which are unpaid. These amounts are unsecured and have 30 day payment terms. (p)

Comparative figures

Where required by accounting standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year. (l)

(m)

Accounting standards issued but not yet effective

Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2008 reporting periods. The company’s assessment of the impact of these new standards and interpretations is set out overleaf.

39 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) NOTE 1 – STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES ( CONTINUED)

AASB reference

Nature of Change

AASB 123 (revised Jun 2007)

To the extent that borrowing Periods commencing on or costs are directly attributable after 1 January 2009 to the acquisition, construction or production of a qualifying asset, the option of recognising borrowing costs immediately as an expense has been removed. Consequently all borrowing costs for qualifying assets will have to be capitalised.

The transitional provisions of this standard only require capitalisation of borrowing costs on qualifying assets where commencement date for capitalisation is on or after 1 January 2009. As such, there will be no impact on prior period financial statements when this standard is adopted.

Amendments to presentation and naming of the financial statements.

Annual reporting periods commencing on or after 1 January 2009

As this is a disclosure standard only, there will be no impact on amounts recognised in the financial statements. However, there will be various changes to the way financial statements are presented and various changes to names of individual financial statements.

Short term employee benefits now include compensation for absences that are due to be settled within 12 months rather than those that are expected to be settled within 12 months. Accordingly, long service leave provisions will be calculated and discounted based on the contractual due date rather than when the employee is expected to take the leave.

Periods commencing on or after 1 January 2009

Long service leave provision is currently discounted based on when the employee is expected to take their leave. On initial adoption of these amendments as at 1 January 2009, retained earnings will decrease by the difference in long service leave provision calculated and discounted based on contractual date as opposed to expected settlement date. Further, comparatives for the year ended 31 December 2008 will be restated and profit will decrease by the difference in the long service leave provision calculated and discounted based on contractual date as opposed to expected settlement date.

Borrowing Costs

AASB 101 (Revised Sep 2007) Presentation of Financial Statements

AASB 119 Employee Benefits

40 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

Application date:

Impact on Initial Application

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) NOTE 2 – ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (a)

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future.

The resulting accounting estimates, by definition, seldom equal the related actual results. There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities. (b)

Critical judgements in applying the entity’s accounting principles

There are no critical judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

41 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) Note

2008 $

2007 $

21,675

21,000

NOTE 3 – SURPLUS BEFORE INCOME TAX Surplus before income tax expense has been determined after charging Auditors’ remuneration - Audit of parent company - Audit of subsidiary company - Other services Depreciation Rental expense on operating leases Employee benefit expense

6(a)

-

-

4,507

2,964

114,217

87,769

268,797

278,162

3,831,440

3,479,574

NOTE 4 – REVENUE Fundraising income

2,902,575

2,871,101

Performance income

4,411,756

4,522,124

Grants and subsidies

2,521,383

1,585,972

65,823

70,932

(46,223)

123,400

Interest received

96,259

72,715

Studio hire

10,500

6,373

9,962,073

9,252,617

Programme and merchandise sales Investment income/(loss)

Total revenue

Included in the grants and subsidies are amounts of $568,617 received from the Australia Council (2007: $433,542), $863,350 received from the NSW Ministry for the Arts (2007: $641,057), $42,600 received from the NSW Department of Education and Training (2007: $40,000), $571,816 received from Playing Australia (2007: $342,673), $80,000 received from Arts Victoria (2007: $80,000), $50,000 received from Arts SA (DPC) (2007: nil), $20,000 received from ACT Department of Education (2007: nil), $5,000 received from NT Department of Education (2007: nil) and $320,000 received from the Federal Department of Education (2007: $48,700).

NOTE 5 – RECEIVABLES AND OTHER CURRENT ASSETS Receivables: Trade and other receivables

159,658

685,927

147,631

286,054

Other assets: Prepayments and other assets

42 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) Note

2008 $

2007 $

253,405

226,488

(144,073)

(97,545)

109,332

128,943

NOTE 6 – PLANT & EQUIPMENT Office furniture & equipment – cost Less accumulated depreciation

Production & theatre equipment – cost

27,484

39,184

(10,882)

(18,886)

16,602

20,298

19,091

19,091

(19,091)

(19,091)

-

-

Leasehold improvements – cost

103,946

103,946

Less accumulated depreciation

(60,635)

(25,986)

43,311

77,960

169,245

227,201

Less accumulated depreciation

Motor vehicle – cost Less accumulated depreciation

Total plant and equipment

(a)

Movement in carrying amounts:

2008

Net book value at 1/1/08

Additions

Depreciation

Net book value at 31/12/08

128,943

51,995

71,606

109,332

Production & theatre equipment

20,298

4,266

7,962

16,602

Leasehold improvements

77,960

-

34,649

43,311

-

-

-

-

Total

227,201

56,261

114,217

169,245

2007

Net book value at 1/1/07

Additions

Depreciation

Net book value at 31/12/07

64,947

120,956

56,960

128,943

5,540

19,581

4,823

20,298

-

103,946

25,986

77,960

70,487

244,483

87,769

227,201

Office furniture & fittings

Motor vehicle

Office furniture & fittings Production & theatre equipment Leasehold improvements Motor vehicle Total

43 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) Note

2008 $

2007 $

Managed Fixed Interest Portfolio

425,705

457,193

Balanced Investment Fund

132,060

-

NOTE 7 – AVAILABLE-FOR-SALE FINANCIAL ASSETS NON-CURRENT

Bell Shakespeare Development Trust RIS Investments - Units in Investment Trust

7(a)

Total Available-For-Sale Financial Assets

(a)

Movement in carrying amounts:

-

212,651

688,580

860,082

1,246,345

1,529,926

Opening Balance

Additions

Withdrawals/ Transfers

Impairment losses

Revaluation (deficit) / surplus

Closing Balance

457,193

484,605

487

-

-

942,285

2008 Managed Fixed Interest Portfolio Balanced Investment Fund

-

-

168,486

(21,379)

(15,047)

132,060

Bell Shakespeare Development Trust

212,651

-

(191,024)

(21,627)

-

-

RIS Investments - Units in Investment Trust

860,082

52,973

-

(127,824)

(96,651)

688,580

1,529,926

537,578

(22,051)

(170,830)

(111,698)

1,762,925

Managed Fixed Interest Portfolio

190,081

267,112

-

-

-

457,193

Bell Shakespeare Development Trust

173,825

35,000

-

-

3,825

212,651

Total 2007

RIS Investments - Units in Investment Trust Total

(a)

816,850

99,785

-

-

(56,554)

860,082

1,180,756

401,899

-

-

(52,579)

1,529,926

RIS Investments

RIS Investments represent a part of the amount invested under the Reserve Incentive Scheme (‘RIS’), an initiative of the two core Funding Bodies, the Australia Council and the NSW Ministry for the Arts. In accordance with the RIS Agreement between the company and the Funding Bodies, these funds may only be accessed with the express agreement of the Funding Bodies and under prescribed circumstances until 12 June 2018, after which date they are freed from any restrictions.

The Managed Fixed Interest Portfolio is an investment portfolio managed by Perpetual Trustees for the company. The investments are fixed interest securities and cash with returns typically in the range 4% to 6%.

The Bell Shakespeare Development Trust was wound up during 2008 and the investment in the Balanced Investment Fund is now managed directly by Perpetual Trustees.

44 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) NOTE 8 – OTHER FINANCIAL ASSETS INVESTMENTS

Note

2008 $

2007 $

8(a)

99,715

93,313

Bank Deposit

8(b)

145,833

243,055

Managed Funds

8(b)

516,580

-

-

200,000

NON-CURRENT RIS Investments: Bank Term Deposit Advance Grant Investment:

Bank Term Deposit Bank guarantee deposit

(a)

65,000

65,000

827,128

601,368

RIS Investments

RIS Investments represent a part of the amount invested under the Reserve Incentive Scheme (“RIS”), an initiative of the two core Funding Bodies, the Australia Council and the NSW Ministry for the Arts. In accordance with the RIS Agreement between the company and the Funding Bodies, these funds may only be accessed with the express agreement of the Funding Bodies and under prescribed circumstances until 12 June 2018, after which date they are freed from any restrictions. (b)

Other bank deposits

Other Bank deposits and managed funds are not considered accessible to the company for the purposes of this classification.

2008 $

2007 $

362,318

563,032

NOTE 9 – PAYABLES CURRENT Trade and other payables Income received in advance

741,022

1,262,089

1,103,340

1,825,121

83,884

128,964

NOTE 10 – PROVISIONS SHORT TERM Employee benefits Unbilled touring costs

34,000

12,304

117,884

141,268

33,674

13,865

117,558

142,829

25

27

LONG TERM Employee benefits Aggregate employee benefits Number of employees at year end:

45 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) 2008 $

2007 $

96,041

96,041

NOTE 11 – ISSUED CAPITAL Issued capital 96,041 ordinary shares of $1.00 each

The above shares are deemed to have no commercial value. The Constitution of the company prohibits the distribution of income and property by way of dividend or bonus. The Constitution also prohibits the return of capital or of any other distribution to members on winding up.

NOTE 12 – RESERVES AND RETAINED EARNINGS (a)

Available-for-sale revaluation reserve

Balance at beginning of the year

6,127

58,856

Unrealised (loss) on revaluation

(111,698)

(52,729)

Balance at end of year

(105,571)

6,127

1,846,264

1,030,714

(b)

Retained earnings

Balance at the beginning of the financial year Net surplus for the year

411,863

815,550

2,258,127

1,846,264

– not later than one year

295,656

247,479

– later than one year but not later than 5 years

166,992

309,504

462,648

556,983

Balance at the end of the financial year

NOTE 13 – COMMITMENTS AND CONTINGENT LIABILITIES (a)

Operating Lease Commitments

Non-cancellable operating leases contracted for but not capitalised in the financial statements Payable:

The major part of the lease commitments reported above relate to the rental of office and rehearsal premises for the company and include leases expiring in March 2010 with no option to renew. A lesser part relates to the lease of office equipment which expires in June 2011; this lease carries an escalation clause which is expected to be in line with economic conditions.

(b)

Contingent liabilities:

i) Bank guarantee – lease premises

42,000

42,000

ii) Bank guarantee – autopay facility

60,000

60,000

102,000

102,000

46 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) NOTE 14 – REMUNERATION OF DIRECTORS AND EXECUTIVES Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the company, directly or indirectly, including any director (whether executive or otherwise) of that entity.

Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Key Management Persons (KMP) has been taken to comprise the directors and members of the executive management responsible for the day to day financial and operational management of the company.

The aggregate compensation of Key Management Persons during the year comprising amounts paid or payable or provided for was as follows: 2008 $

2007 $

654,587

600,035

Post employment benefits

-

-

Other long term benefits

-

-

81,000

-

Short term benefits

Termination benefits Share-based payments

-

-

Income paid or payable

735,587

600,035

NOTE 15 – RELATED-PARTY TRANSACTIONS Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.

Donations were received from certain Directors and Director-related parties during the year and these are named amongst those private donors listed in the attachment to this report.

NOTE 16 – RECONCILIATION OF CASH AND CASH EQUIVALENTS For the purpose of the Cash Flow Statements, cash and cash equivalents include cash on hand, deposits held at call with financial institutions, 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 change in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. Cash at the end of the financial year as shown in the balance sheet is made up as follows:

Cash on hand

2008 $

2007 $

2,100

1,389

Cash on deposit

513,885

-

Cash at bank

437,504

596,821

953,489

598,210 47 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) 2008 $

2007 $

411,863

815,550

Depreciation

114,217

87,769

Impairment loss on revaluation of available for sale financial assets

170,830

-

Decrease / (increase) in other receivables

526,269

(526,114)

Decrease / (increase) in other assets

138,423

(145,595)

NOTE 17 – RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH SURPLUS AFTER TAX Surplus for the year Non-cash-flow items:

Changes in assets & liabilities:

(721,781)

741,110

(Decrease) / increase in provisions

(Decrease) / increase in payables

(3,575)

45,009

Cash flow from operating activities

636,246

1,017,729

130,000

130,000

NOTE 18 – FINANCE FACILITIES Standby arrangements with banks to provide funds and support facilities.

Multi Option Credit Facility Amount used Unused credit facility

20,000

20,000

110,000

110,000

Security Details The multi option facility, which includes a bank overdraft facility of $50,000 (2007: $50,000) a credit card facility of $20,000 (2007: $20,000) and a general credit facility of $60,000 (2007: $60,000), is arranged with the Commonwealth Bank of Australia with general terms and conditions being set and agreed to from time to time. The bank facility is secured by a Registered Equitable Mortgage given

by The Bell Shakespeare Company Limited over all its assets including uncalled capital.

A letter of set off has also been given by The Bell Shakespeare Company Limited to the bank over a term deposit of $65,000.

48 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) NOTE 19 – FINANCIAL INSTRUMENTS

(a)

Financial risk management

The company’s financial instruments consist mainly of deposits with banks, local money market instruments, investments, trade receivable and payables. The main risks the company is exposed to through its financial instruments are interest rate risk (see section (c) below), liquidity risk and credit risk. (i) Credit risk The maximum exposure to credit risk, excluding the value of any collateral or other security, at balance date to recognised financial assets is the carrying amount of those assets, net of any provisions for doubtful debts, as disclosed in the balance sheet and notes to the financial statements. The company does not have any material credit risk exposure to any single debtor or group of debtors. (ii) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through trading and an adequate resource of committed credit or other finance facilities. The company manages its liquidity rate risk by monitoring cash flow daily and reviewing cash flow forecasts which assists in managing its day to day needs.

Maturity Analysis for Financial Liabilities Monetary liabilities have differing maturity profiles depending on the contractual term. The company’s monetary liabilities comprise of trade payables which have repayment terms of 30 days. (iii) Foreign exchange risk The company is rarely exposed to foreign currency risk and where this may arise, if material, the company would hedge transactions. (iv) Price risk The company is exposed to price risk through investments held which are classified as available for sale. The company has not hedged such risk. The company is not exposed to commodity price risk.

49 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) NOTE 19 – FINANCIAL INSTRUMENTS (CONTINUED)

b)

Net fair values

The net fair value of financial assets and liabilities approximates their carrying value. No financial assets or liabilities are readily traded on organised markets in standardised form. The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the balance sheet and in the notes to and forming part of the financial statements.

2008

2007

Fair Value

Carrying Amount

Variance

Fair Value

Carrying Amount

Variance

$

$

$

$

$

$

Cash and cash equivalents*

953,489

953,489

-

598,210

598,210

-

Receivables*

159,658

159,658

-

685,927

685,927

-

1,246,345

1,246,345

-

1,529,926

1,529,926

-

Other financial assets

827,128

827,128

-

601,368

601,368

-

Total financial assets

3,186,620

3,186,620

-

3,415,431

3,415,431

-

Payables*

305,527

305,527

-

450,778

450,778

-

Total financial liabilities

305,527

305,527

-

450,778

450,778

-

Financial Assets

Available for sale financial assets

Financial Liabilities

*For these financial assets and liabilities the carrying value approximates fair value.

50 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) NOTE 19 – FINANCIAL INSTRUMENTS (CONTINUED)

(c)

Interest rate risk

Interest rate sensitivity The company performs a sensitivity analysis to measure market risk exposures at the time of each maturity of its financial assets so as to assess the renegotiation opportunities. There is no interest rate sensitivity for trade receivables or creditors. Interest rate sensitivity arises on the investments of liquid funds.

The impact on surplus arising from of a 1% shift in average interest rate on total managed funds would increase the interest income by $17,785 if the rates rose (2007: $11,975) or decrease the interest income by $17,785 (2007: $11,975) if the rates declined, respectively.

The company manages its cash flow interest rate risk by investing in a mix of floating and fixed rate deposits.

Interest rate risk is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates. The company’s exposure to interest rate risk is minimal as its interest-bearing financial assets are managed by a mix of variable and fixed interest rate deposits. The effective weighted average interest rates on those financial assets and liabilities are summarised in the table below:

Weighted average interest rate

Floating Rate

Fixed Rate 1 year or less

Non Interest Bearing

Total

2.15%

953,489

-

-

953,489

-

-

-

159,658

159,658

Available-for-sale financial assets, at fair value

4.1%

942,285

-

820,640

1,762,925

Other financial assets, at amortised cost

4.9%

145,833

164,715

-

310,548

2,041,607

164,715

980,298

3,186,620

-

-

-

305,527

305,527

2.62%

598,210

-

-

598,210

2008 Financial Assets: Cash and cash equivalent Receivables, at cost

Sub total Financial Liabilities: Payables 2007 Financial Assets: Cash and cash equivalent Receivables, at cost

-

-

-

685,927

685,927

Available-for-sale financial assets, at fair value

6.67%

457,193

-

1,072,733

1,529,926

Other financial assets, at amortised cost

6.51%

243,055

358,313

-

601,368

1,298,458

358,313

1,758,660

3,415,431

-

-

450,778

450,778

Sub total Financial Liabilities: Payables

-

51 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 (CONTINUED) NOTE 20 – CAPITAL REQUIREMENTS There are no regulatory requirements to maintain a minimum level of capital.

The company does not have a capital management plan. All capital requirements are met through the annual sponsorships, donations and grants which form part of the net revenue of the company, and the surpluses generated by the company’s operations. Over the past years of operation these surpluses have been accumulated to support the ongoing operations of the company.

NOTE 21 – EVENTS AFTER BALANCE SHEET DATE Subsequent to balance date and based on latest available unit prices, the market value of available for sale financial assets as detailed in Note 7 of the financial statements declined by $125,650 as follows: Fund Manager

Market Value $ 31.12.08

Perpetual – Managed Fixed Interest Portfolio

425,705

Perpetual – Balanced Investment Fund

132,060

Maple Brown – RIS Investments – Units in Investment Trusts

688,580

Market Value $ 04.03.09

Market Value $ 09.03.09

Decline in Value $

409,156

16,549

121,801

10,259 589,738

1,246,345

98,842 125,650

No other events have occurred since balance date which would have a material impact on the financial statements.

NOTE 22 – COMPANY INFORMATION The financial report of The Bell Shakespeare Company Limited for the year ended 31 December 2008 was authorised for issue in accordance with a resolution of Directors dated 27 February 2009 and covers The Bell Shakespeare Company Limited. The financial report is presented in Australian currency.

The address of the registered office and principal place of business is: The Bell Shakespeare Company Limited Level 1 33 Playfair Street SYDNEY NSW 2000

52 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

Pippa Grandison, Lady Macbeth, Patrick Brammall, Macbeth, Just Macbeth!

53 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

additional information FUNDRAISING The Bell Shakespeare Company undertakes fundraising appeals throughout the year; it holds an authority to fundraise under the Charitable Fundraising Act 1991 (NSW). Additional information and declarations to be furnished under this Act are as follows: (a)

Details of aggregate fundraising income and expense from fundraising appeals

Note

Capital/Foundation Fund donations Young Artists Fund donations

2008 $

2007 $

50,500

93,300

224,800

324,000

Sponsorships

1,317,334

1,301,330

Donations

1,299,941

1,136,666

10,000

7,855

-

7,950

2,902,575

2,871,101

Sponsorships - other Raffles Gross income raised by appeals

4

Less costs of fundraising appeals: Capital/Foundation Fund

-

-

Sponsorships

580,389

520,031

Donations

154,900

196,289

Events

-

-

Raffles

-

465

735,289

716,785

2,167,286

2,154,316

Costs of fundraising appeals

Net surplus from fundraising appeals

b)

Application of funds

Funds raised through the Capital Fund (formerly Foundation Fund) are designated for securing the future of the company. Funds raised through the Young Artists Fund are designated to subsidise a Creative Fellowship Program from 2009 onwards. All other funds raised support the current theatrical productions and educational work of the company. (c)

Forms of appeal

Appeals during the year included general appeals for sponsorship and donations. (d)

Traders

Bell Shakespeare employs professional staff to manage and coordinate its fundraising activities and consequently does not engage commercial fundraising traders to secure donations.

54 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

(e)

Comparative figures and ratios 2008

2007

Total costs of fundraising / Gross income from fundraising ($)

735,289 / 2,902,575

716,785 / 2,871,101

Total costs of fundraising / Gross income from fundraising (%)

25%

25%

Net surplus from fundraising / Gross income from fundraising ($)

2,167,286 / 2,902,575

2,154,316 / 2,871,101

Net surplus from fundraising / Gross income from fundraising (%)

75%

75%

Total cost of services provided / Total expenditure ($)

5,706,738 / 9,550,210

4,901,002 / 8,437,067

Total cost of services provided / Total expenditure (%)

60%

58%

Total cost of services provided / Total income received ($)

5,706,738 / 9,962,073

4,901,002 / 9,252,617

Total cost of services provided / Total income received (%)

57%

53%

Fundraising Results

(f)

Declaration by Chairman as required by the Charitable Fundraising Act 1991 (NSW)

I, Tim Cox, Chairman of The Bell Shakespeare Company Limited, declare that in my opinion: (i)

(ii)

(iii)

(iv)

the income statement for the year ended 31 December 2008 gives a true and fair view of all income and expenditure with respect to fundraising appeals; and the balance sheet as at 31 December 2008 gives a true and fair view of the state of affairs with respect to fundraising appeals; and the provisions of the Charitable Fundraising Act 1991 (NSW) and the regulations under that Act and the conditions attached to the authority have been complied with; and the internal controls exercised by Bell Shakespeare are appropriate and effective in accounting for all income received and applied by Bell Shakespeare from any of its fundraising appeals.

Signed

Tim Cox AO Chairman Sydney, 11 March 2009

55 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

56 Bell, Titus Andronicus, Anatomy Titus Fall Of Rome: A Shakespeare Commentary John THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

A – PAID ATTENDANCES

LOCATION

TOTAL 2008

TOTAL 2007

NSW

99,658

98,833

VIC

48,676

35,451

ACT

12,428

15,543

QLD

16,738

14,934

SA

7,375

3,018

TAS

6,889

5,950

WA

11,446

13,305

NT

3,219

2,517

-

-

Total

Other

206,429

189,551

Metropolitan

151,225

128,432

55,204

61,119

Regional International Total

-

-

206,429

189,551

Notes: Metropolitan: the capital city of the state Regional: other locations in that state

B – OTHER ACCESS The company also engages in a number of other activities through which a wider audience reaches the Bell Shakespeare Company. These include ongoing website development and pre-performance audience discussion panels.

57 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

C – GOVERNMENT SUPPORT

Analysis of Grants and Subsidies

Australia Council

Core

Touring

Other

TOTAL 2008

TOTAL 2007

568,617

-

-

568,617

344,642

Australia Council – Business Initiative

-

-

68,900

Australia Council – Emerging Artist

-

-

20,000

178,066

116,667

863,350

641,057

NSW Ministry for the Arts

568,617

NSW Department of Education and Training

-

-

42,600

42,600

40,000

Playing Australia

-

571,816

-

571,816

342,673

Arts Victoria

80,000

80,000

80,000

Arts SA – DPC

50,000

50,000

-

DET – ACT

20,000

20,000

-

DET – Northern Territory Dept Education, Employment & Workplace Relations

5,000

5,000

-

320,000

320,000

48,700

Total Bell Income*

1,137,234

749,882

634,267

2,521,383

1,585,972

Effective Total Support

1,137,234

749,882

634,267

2,521,383

1,585,972

*Receivable by Bell as disclosed in Note 4 to Financial Statements

58 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

D – SUMMARY FINANCIAL INDICATORS & KPI’s 2008 $

2008 %

2007 $

2007 %

Net assets

2,248,597

64.2%

1,948,432

49.6%

Total assets

3,503,495

100.0%

3,928,686

100.0%

Assets

Net assets /Total Expense (KPI)

23.5%

23.1%

Income Performance

4,411,756

44.3%

4,522,125

48.9%

Private sector

2,902,575

29.1%

2,871,100

31.0%

126,359

1.3%

273,420

3.0%

7,440,690

74.7%

7,666,645

82.9%

Other Sub-total: Earned Income Private Sector/Earned Income (KPI)

39.0%

37.5%

Government support: Core

1,137,234

11.4%

688,959

7.4%

Touring

749,882

7.5%

522,673

5.6%

Other

634,267

6.4%

374,340

4.1%

Sub-total government

2,521,383

25.3%

1,585,972

17.1%

Total Income

9,962,073

100.0%

9,252,617

100.0%

Surplus Earned income

7,440,690

7,666,645

Expense

(9,550,210)

(8,437,067)

Earned loss

(2,109,520)

(770,422)

2,521,383

1,585,972

411,863

815,550

Government support Net surplus

59 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

60

THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

Result Priority

Maintain BSC as the pre-eminent production house of Shakespeare in Australia.

Maintain BSC as the pre-eminent education resource in the teaching of Shakespeare in Australia.

Ensure BSC has the skills, infrastructure, and corporate and creative capability on the Board, Administration and Artistic companies, as well as the resources to support the achievement of its goals.

Increase BSC total audience numbers as well as ensuring ongoing diversity in demographic cultural and socio-economic profiles.

Increase awareness, appeal and support for BSC.

Maintain positive and mutually beneficial relationships with all BSC stakeholders.

Increase level of Accumulated Reserves in the BSC Balance Sheet/Annual Expenditure.

Identify & manage exposure to risk.

Bus. Plan Ref.

Goal #1.

Artistic Vibrancy

Goal #2.

Education Delivery

Goal #3.

Building Capability and Capacity (Resourcing)

Goal #4.

Build the Market

Goal #5.

Strengthen the Brand

Goal #6.

Stakeholder Relationships

Goal #7.

Financial Growth

Goal #8.

Risk Management

189,551

40% (21/53)

71,663

2 Just Macbeth! (D) Bardistic Adventures (D)

Actual for 2007

No. of cancelled shows %

Box Office budget achieved

Major risk #2 Failure to achieve main stage Box Office targets

End of Year Balance of Fund

Establish and grow Young Artist Endowment Fund (aspiration – not related to budget) Major risk #1 Cancellation of main stage performances

Ratio of Net Assets to Total expenditure (> 20%)

Website visits

Continue to develop and upgrade website as an information source and data collection tool.

Deliver budget operating surplus in each year under consideration.

Ratio of Private Sector Income to Earned Income

106%

1 (Othello)

$0.25m

23.1%

109,506

37%

Number of venues performed 35 in per year (Capital city 7, regional 28)

Total audience numbers.

Ratio of new to total creative personnel engaged during year

Student & teacher numbers

No. of new works

KPI

Maintain Private Sector Income (Corporate and Private support) levels in line with other Earned Income.

Maintain delivery of traditional Bell productions via capital city and regional touring (to allow scope for new works to drive increased awareness and market reach.)

Develop CRM System and Market Research Program in 2007 to impact from 2008.

Develop and programme opportunities for new directors, actors and designers to develop and showcase new work.

Expansion of education programs to increase the number of student and teacher participation to 100K by 2011.

Develop, Workshop and Produce new works each year.

Primary Key Action

100%

0

$1.0m

22.2%

100,000

39%

37 (Capital city 6, regional 31)

215,000

50%

90,000

3

Target for 2008

104%

1 (As You Like It)

$0.6m

23.5%

Not available

39%

37 (Capital city 6, regional 31)

206,429

46% (45/99)

92,244

4 Just Macbeth!

(W&P), Venus & Adonis (P), The Wreath (D), Forever 7 (D)

Actual for 2008

100%

0

$1.0m

22.6%

130,000

36%

39 (Capital city 6, regional 33)

210,000

50%

80,000

4

Target for 2009

Garden Gnome, Macduff, Just Macbeth!

61 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

62 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

Pippa Grandison, Lisa, Patrick Brammall, Andy, and Tim Richards, Danny, Just Macbeth!

63 THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251

Cover image: Susan Prior and Melissa Madden Gray, Venus & Adonis Photography Pages 2, 4–5, 6, 16, 20, 26–27: Wendy McDougall Cover and pages 10, 12, 15, 53, 61, 62–63: Jeff Busby Pages 18, 56: Rob Maccoll Page 7: Stephen Henry

australia’s national touring company sydney po box 10 millers point new south wales 2000 melbourne po box 311 flinders lane victoria 8009 t 1300 305 730 f 02 9241 4643 mail@bellshakespeare.com.au bellshakespeare.com.au 64

THE BELL SHAKESPEARE COMPANY LIMITED ABN 87 050 055 251