SSO 2009 Annual Report by Ian Wheaton

SYDNEY SYMPHONY 2009 ANNUAL REPORT

Sydney Symphony Musicians 2009 4 2-3 2009 – The Year in Review 6 Chairman’s Remarks 8 Managing Director’s Report 10 Board of Directors 12 Principal Conductor & Artistic Advisor’s Statement 14 Artistic Report 16 Repertoire and Artists Featuring in Self- Presented Mainstage Concerts 20 Audience Development 22 Education Program 24 Touring and Outreach 28 Philanthropy Report 30 Sydney Symphony Patrons 32 Partnerships 34 Directors’ Chairs 35 Corporate Governance Statement 36 Financial Statements 38 Sydney Symphony Staff 68

CONTENTS

SYDNEY SYMPHONY MUSICIANS 2009 Vladimir Ashkenazy

Principal Conductor and Artistic Advisor

Nicholas Carter ASSISTANT CONDUCTOR

Michael Dauth CONCERTMASTER

Dene Olding CONCERTMASTER

Concertmaster Chairs supported by the Sydney Symphony Board and Council

FIRST VIOLINS Sun Yi

ASSOCIATE CONCERTMASTER

Kirsten Williams

ASSOCIATE CONCERTMASTER

Fiona Ziegler

ASSISTANT CONCERTMASTER

Julie Batty Marianne Broadfoot Brielle Clapson Sophie Cole Amber Gunther Jennifer Hoy Jennifer Johnson Georges Lentz Nicola Lewis Alexandra Mitchell Léone Ziegler SECOND VIOLINS Kirsty Hilton PRINCIPAL

Marina Marsden PRINCIPAL

Emma West

A/ASSOCIATE PRINCIPAL

Shuti Huang,

A/ASSISTANT PRINCIPAL

Susan Dobbie

PRINCIPAL EMERITUS

Maria Durek Emma Hayes Stan Kornel Benjamin Li Nicole Masters Philippa Paige Biyana Rozenblit Maja Verunica

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VIOLAS Roger Benedict

FLUTES Janet Webb

HORNS Robert Johnson

Roger Allen and Maggie Gray Chair

Emma Sholl

Ben Jacks

PRINCIPAL

Anne Louise Comerford ASSOCIATE PRINCIPAL

PRINCIPAL

ASSOCIATE PRINCIPAL

Robert and Janet Constable Chair

Yvette Goodchild

Carolyn Harris

Robyn Brookfield Sandro Costantino Jane Hazelwood Graham Hennings Stuart Johnson Mary McVarish Justine Marsden Felicity Tsai Leonid Volovelsky

PICCOLO Rosamund Plummer

ASSISTANT PRINCIPAL

CELLOS Catherine Hewgill PRINCIPAL

Tony and Fran Meagher Chair

Timothy Walden PRINCIPAL

Leah Lynn

ASSISTANT PRINCIPAL

Kristy Conrau Fenella Gill Timothy Nankervis Elizabeth Neville Adrian Wallis David Wickham DOUBLE BASSES Kees Boersma

Paul Goodchild

Shefali Pryor

ASSOCIATE PRINCIPAL

David Papp COR ANGLAIS Alexandre Oguey PRINCIPAL

ASSOCIATE PRINCIPAL

The Hansen Family Chair

John Foster Anthony Heinrichs TROMBONES Ronald Prussing PRINCIPAL TROMBONE

NSW Department of Industry and Investment Chair

Francesco Celata

ASSOCIATE PRINCIPAL

PRINCIPAL

ASSOCIATE PRINCIPAL

Christopher Tingay BASS CLARINET Craig Wernicke PRINCIPAL

David Campbell Steven Larson Richard Lynn David Murray

Mulpha Australia Chair

PRINCIPAL

CLARINETS Lawrence Dobell

Fiona McNamara

PRINCIPAL HARP

Lee Bracegirdle Euan Harvey Marnie Sebire

Andrew Kaldor and Renata Kaldor AO Chair

PRINCIPAL

Roger Brooke

HARP Louise Johnson

PRINCIPAL 3RD

TRUMPETS Daniel Mendelow

Neil Brawley

PRINCIPAL EMERITUS

Geoff O’Reilly

OBOES Diana Doherty

Alex Henery PRINCIPAL

PRINCIPAL

BASSOONS Matthew Wilkie

PRINCIPAL

ASSOCIATE PRINCIPAL

CONTRABASSOON Noriko Shimada

Scott Kinmont Nick Byrne RogenSi Chair

BASS TROMBONE Christopher Harris PRINCIPAL

TUBA Steve Rossé PRINCIPAL

TIMPANI Richard Miller PRINCIPAL

Mark Robinson

ASSISTANT PRINCIPAL TIMPANI/TUTTI PERCUSSION

PRINCIPAL

PERCUSSION Rebecca Lagos PRINCIPAL

Colin Piper PIANO Josephine Allan

PRINCIPAL (CONTRACT)

YEAR IN REVIEW 2009

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Concerts at Sydney Opera House and City Recital Hall, Angel Place • T he Sydney Symphony presented 113 concerts in the Sydney Opera House and City Recital Hall Angel Place to 225,545 patrons. • These performances included 93 concerts to which subscriptions are sold across 11 series, three gala performances and 17 commercial concerts.

SERIES

NO. OF PERFORMANCES

NO. OF PROGRAMS

EnergyAustralia Master Series

54,042

Thursday Afternoon Symphony

19,660

Emirates Metro Series

18,605

Meet the Music

17,838

Kaleidoscope

17,203

Great Classics

16,371

Tea and Symphony

15,283

The Veuve Clicquot Series

10,002

Discovery Program

4,561

International Pianists in Recital

3,178

Mozart in the City

4,001

Gala performances

5,648

Total

* matinee performances

2009 ATTENDANCE

186,392

Commercial Work

Touring and Outreach

The Sydney Symphony allocates a percentage of available orchestral playing time to earn necessary additional income from collaborations with commercial presenters. This work is undertaken either with the Sydney Symphony taking the full risk or as a ‘band for hire’. In 2009 the Sydney Symphony performed in 17 commercial concerts which attracted 39,153 attendees.

• T he Sydney Symphony performed at three free outdoor concerts in 2009: * Symphony in the Domain – 35,000 * Sydney Olympic Park Music by Moonlight – 1,000 * Parramatta Park – 1,000 • The Sydney Symphony toured to Wagga Wagga where it played to a packed hall of 488. The Orchestra also visited Canberra and Albury, playing to audiences of 1,124 and 818 respectively. • The Sydney Symphony also gave concerts in Penrith, Griffith, Blacktown, Newcastle and Springwood. • Nine performances to over 900 attendees were given under the Sydney Symphony and MBF’s music4health program at hospitals throughout NSW.

The Education Program • 3 5,576 knowledge seekers attended the Sydney Symphony’s 71 education activities in 2009. • Of these, 12,861 pupils attended the 33 schools concerts that are held at both the ABC Centre in Ultimo and Sydney Olympic Park, and 2,154 pupils attended one of nine regional schools concerts in Batemans Bay, Nowra and Wollongong. • 2,370 concertgoers enjoyed 16 performances by the Sydney Symphony Fellows. • 582 teachers attended three professional development inservices and seminars. • 110 people attended the Sinfonietta workshop. • 77 students and several local music teachers participated in the Orange Playerlink workshop. • 1,784 students from 70 different schools attended the education concert The Whitlams Meet the Orchestra.

• M ore than 70 hours of Sydney Symphony recorded concerts were broadcast on ABC Classic FM in 2009. • Four Sydney Symphony performances were offered to the European Broadcasting Union in 2009 and there were 32 broadcasts in Europe as a result of those offers. • Ten performances were made available for streaming on the BigPond website. • One CD, Rare Rachmaninoff, was released on the Sydney Symphony’s own label. • The first three CDs in the series Vladimir Ashkenazy Conducts Elgar were released on the Exton label. • Sydney Symphony musicians also continued to contribute to the wider community in their capacity as teachers and members of community music groups.

• U nder the direction of Principal Conductor and Artistic Advisor Vladimir Ashkenazy, the Sydney Symphony embarked on a ten-day tour of Asia in October 2009, taking in the cities of Beijing, Shanghai, Macau, Hong Kong, Guangzhou and Kuala Lumpur. The tour marked the first time in its 77-year history that the Sydney Symphony had visited mainland China.

In 2009 the Sydney Symphony performed 205 concerts to more than 300,000 people.

CHAIRMAN’S REPORT is simply no direct measure of the benefits to the Sydney Symphony, to Sydney and indeed to Australia that are derived from such international exposure and experience. The ambassadorial impact should not be underestimated. These opportunities under Mr Ashkenazy’s leadership bring artistic growth and extraordinary international performance experiences for the orchestra, along with real cultural diplomacy for the nation. I hope that even more of our concert-goers will find ways to increase their financial support of the Orchestra in these years of great opportunity with Mr Ashkenazy. The global financial crisis in 2008/2009 had a significant impact on many organisations, including ours. Our income through both ticket sales and investment income was affected adversely. Coupled with the ongoing additional costs resulting from divestment from the ABC, our operating profit was impacted significantly. Operating losses are not sustainable in the medium or longer term. The board and senior management continue to seek support from Government with respect to these divestment costs on the basis that divestment was intended to be “cost neutral” to the Sydney Symphony. I thank the Federal Government, through the Australia Council for the Arts, and the New South Wales Government, through Arts NSW, for their ongoing commitment and financial support. Without this funding from both tiers of Government, the Orchestra could not exist. We acknowledge that funding and express our appreciation on behalf of the musicians and the hundreds of thousands of people who hear our performances each year. I also acknowledge and thank our sponsors, patrons and volunteers. Without their support, the Sydney Symphony would

not be able to present either world class artists or our equally important community and outreach programs. I thank our subscribers who year in, year out support the orchestra. We will continue to work to delight you and all our audiences with our repertoire and our performances. I recognise my fellow Directors for their significant contribution and commitment, especially during these difficult times. I make special mention of Mr John Curtis who retired from the board during 2009. John gave generously of his time and resources always and had a very particular interest in the artistic development of the orchestra. I welcome Ms Jennifer Hoy and Mr Ewen Crouch to the board. Jennifer is a musician (first violins) and Ewen is chairman of partners at Allens Arthur Robinson. Above all, I thank the musicians that make up the Sydney Symphony, together with the numerous visiting conductors and soloists and behind-the-scenes personnel who work tirelessly to provide performances that excite and inspire. The first year with Mr Ashkenazy has been memorable. We are fortunate to have as our own such an important figure in international orchestral music. He is taking the Sydney Symphony to even greater heights of achievement. We are assured of more exciting and rewarding experiences in 2010 and beyond as we all strive to capture the magic and the inspiration that he brings as our Principal Conductor.

John C Conde AO Chairman

These opportunities under Mr Ashkenazy’s leadership bring artistic growth and extraordinary international performance experiences for the orchestra, along with real cultural diplomacy for the nation.

Alexandra Mitchell.1st Violin

It is an honour to report on the Sydney Symphony’s year to December 2009, charting as it does our first year under the leadership of Vladimir Ashkenazy as our Principal Conductor and Artistic Advisor. It has been a highly successful year in terms of artistic achievement, with the response of audiences, critics and the broader music world clearly demonstrating that this is a partnership that brings out the very best in the orchestra. It was also a year in which Mr Rory Jeffes accepted appointment as our Managing Director, following the retirement of Ms Libby Christie. I thank Libby for her leadership over the past six years and I congratulate Rory on his appointment. Already he has demonstrated great ability in his work with the board, the musicians and all staff and I am confident his leadership in these more difficult financial times will be appreciated greatly by us all. He is totally committed to the development of the orchestra and its artistic vigour while being mindful of the obligations we all have to financial viability. In a year which proved very challenging financially, we have been fortunate that supporters, existing and new, pledged significant funds through the Maestro’s Circle and other initiatives. This additional funding will enable us to pursue the very many special projects, such as international tours and recordings, that Mr Ashkenazy has for the orchestra. While these projects are challenging, they strengthen both the quality and international profile of our orchestra. In 2009, the orchestra toured to China and Malaysia with Mr Ashkenazy. We are making every effort to fund a tour to Europe in 2010 – a tour which promises a most exhilarating program of performances at some of the most prestigious European festivals. There

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MANAGING DIRECTOR’S REPORT wonderful to present the St Thomas Boys’ Choir from Leipzig, under the direction of Georg Christoph Biller, in our Meet the Music series – with their historical connections back to both Mendelssohn and JS Bach. Haydn also featured, through performances of the ‘Military’ Symphony, No.100, and his choral masterpiece The Creation, conducted by Haydn expert Martin Haselböck to close our season. The season saw several two-week periods with guest conductors, including Douglas Boyd, Hugh Wolff and Yannick Nézet-Séguin, allowing us to deepen our working relationship with them whilst exploring contrasting aspects of their preferred repertoire. Donald Runnicles, John Nelson, Simone Young, Mark Wigglesworth and Thomas Zehetmair continued the list of outstanding visiting conductors for 2009. Alban Gerhardt, Cédric Tiberghien, Paul Lewis, Stephen Hough, Han-Na Chang, Gautier Capuçon and Viktoria Mullova were among the many outstanding international soloists to perform with the Sydney Symphony in 2009.

Season Opening Gala A Midsummer Nght’s Dream

2009 was a year of outstanding artistic achievements under the leadership of Vladimir Ashkenazy, in his first year as the Orchestra’s Principal Conductor and Artistic Advisor. From the stunning presentation of Mendelssohn’s A Midsummer Night’s Dream as our season opening gala, woven through an on-stage production of Shakespeare’s play, to the highly acclaimed festival of the major orchestral works by Prokofiev in November, Vladimir Ashkenazy brought a diverse and powerful range of performances for our audiences to savour and enjoy. It was truly an inspiring year for all those associated with this wonderful orchestra. Two major musical anniversaries were celebrated in 2009 – the 200th anniversary of the death of Joseph Haydn and the same landmark for the birth of Felix Mendelssohn. As well as our season opening performances, Mendelssohn featured during the year through his Violin Concerto, so beautifully played by Isabelle Faust, and in our own players’ performance of his Octet in the Mozart in the City series. It was also

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The best Australian artists also appeared on stage with the orchestra: Amelia Farrugia, Sara Macliver, Peter Coleman-Wright, Alexander Gavrylyuk, John Bell and Jacqueline Porter, to name just a few. The report which follows is a tribute to the extraordinary talent and commitment of the musicians of the Sydney Symphony. A total of 205 performances were presented to more than 300,000 people during the year. It is worth noting that over half of these were outside our regular concert venues of the Sydney Opera House and City Recital Hall Angel Place – from outdoor performances in Parramatta and at Sydney Olympic Park, to regional centres all across NSW. While we are the Sydney Symphony, we see all of NSW as our community and remain determined to perform across the State as often as possible. The Sydney Symphony’s commitment to developing new audiences and supporting young and emerging artists continued in 2009. Our education program presented 71 performances to 35,576 knowledge seekers during the year; of these, 12,861 were pupils attending our 33 schools concerts in Sydney and 2,154 attended our nine regional schools concerts across NSW. 582 teachers also attended the three professional development seminars we presented to further support the program. The Sydney Sinfonia, our training orchestra drawing on talent from all across Australia, performed many of these concerts, as well as the Discovery series of concerts under the baton of Richard Gill. The Sydney Symphony Fellowship program saw seven highly talented Australians receive a full year of support and training under the direction of the program’s Artistic Director, Principal Viola Roger Benedict. This outstanding program has shown extraordinary results since its inception, with 17 former Fellows now in positions with major orchestras in Australia and overseas. The ABC continues to be an important partner in extending the reach of the Sydney Symphony beyond the Sydney Opera House. More than 70 hours of Sydney Symphony recorded concerts were broadcast on ABC Classic FM during the year, with 32

broadcasts in Europe through the ABC’s link with the European Broadcasting Union. The Sydney Symphony’s Asian Tour in October was the first time that the Orchestra had toured to mainland China. Performances were given in Beijing, Shanghai, Macau, Hong Kong and Guangzhou, before continuing to Malaysia for two performances in Kuala Lumpur. The concerts were highly acclaimed by both audiences and critics, and the tour represents what we trust will be the first of many visits by the Orchestra to this increasingly important market for the finest orchestral music. Sydney Symphony has long prided itself on its ability to develop strong relationships with its corporate partners and the year again demonstrated the results of this approach. The year saw the renewal of a number of our sponsorships together with a number of new partners, particularly in relation to the Asian Tour. We greatly value these relationships of mutual benefit and acknowledge the vision and commitment of our partners, who make such a valuable connection with the community through their association with the Sydney Symphony. Philanthropy again played an important role in enabling the Orchestra to deliver many of our artistic and educational goals. In what proved to be a very difficult year for so many people both here in Australia and around the world, I particularly thank those who have continued to support such a broad range of our activities. It is to me a

clear demonstration of both their love of the Orchestra and their care for the future of classical music that so many have continued to donate to the Orchestra through this year. The global economic climate, and the impact this had through 2009 in Sydney, made it a difficult year financially, despite a rigorous approach to cost control through the year. Ticket sales in the second half of the year were particularly affected, resulting in a reduction in ticket sales for the year of $138,564 compared to 2008. At the same time the significant lowering of interest rates also resulted in a decrease in our income from cash reserves of $670,747 compared to 2008. The Sydney Symphony continues to bear the additional exceptional costs due to its divestment from the ABC in 2007, totalling $479,616 in 2009. The burden of these additional costs is being borne by the Company. However, in the event that the Sydney Symphony does not receive compensation for these ongoing costs as indicated at the time of divestment, they are a burden to the Company that will need to be taken into account in future planning for the organisation. The overall result for the year, including all these considerations, was a deficit of $1,090,477. At year-end the company had reserves of $8,477,624. 2009 was clearly a year of artistic vibrancy, inspired audiences and commercial challenge. The excellence of performances has led many to say that they have never

heard the Orchestra in finer form – and I pay tribute to the extraordinary array of talent and skills that we are privileged to hear on stage across the year. What is often less appreciated publicly is the extraordinary skill and commitment of all those behind the scenes, who are equally indispensible to our success, and I gratefully acknowledge the dedication and professionalism of the administration of the Sydney Symphony for their contribution to the success of Vladimir Ashkenazy’s first year of leadership. I would also like to thank our Chairman, Mr John Conde, and our Board of Directors for their generous and tireless support both for the Orchestra and for me personally as I stepped into the role of Managing Director. Their counsel and practical engagement contribute significantly to the success of the Company.

Rory Jeffes Managing Director

Vladimir Ashkenazy brought a diverse and powerful range of performances for our audiences to savour and enjoy.

BOARD OF DIRECTORS

Andrew Kaldor

NON-EXECUTIVE DIRECTOR

Jennifer Hoy was appointed to the First Violin section of the Sydney Symphony in 2001. Her formal qualifications include a Bachelor of Music with first class honours from the Sydney Conservatorium and a Master of Music from the Australian Institute of Music. She is in demand as a teacher, adjudicator and tutor for organisations such as the Australian Youth Orchestra and the Sydney Youth Orchestra. In addition to the Sydney Symphony, Jennifer has toured and performed with the Australian Chamber Orchestra, Deutsche Radio Philharmonie Saarbrücken and the West Australian

NON-EXECUTIVE DIRECTOR

Andrew Kaldor is the founder and Chief Executive of a group of privately held companies. He has been a director of a number of publicly listed companies and community organisations. He holds a Bachelor of Economics (Hons) degree from the University of Sydney and an MBA from Wharton. Andrew Kaldor has been involved in the commissioning of four works by Australian composers for the Sydney Symphony: Ross Edwards’ Symphony No.2 (Earth Spirit Songs), Oboe Concerto (Bird Spirit Dreaming), and Symphony No.5 (The

Rory Jeffes EXECUTIVE DIRECTOR

Rory Jeffes has been the Managing Director of the Sydney Symphony since July 2009. Prior to the position of Managing Director he was the Director of External Relations for the Sydney Symphony and has held senior executive roles in the UK working for large charitable institutions.

John C Conde Ewen Crouch Jennifer Hoy

Jennifer Hoy

Ewen Crouch

Violinist Goetz Richter is currently Associate Professor at the Sydney Conservatorium. He was born in Hamburg, Germany and came to Australia as Concertmaster of the Queensland Philharmonic Orchestra in 1985. He was appointed Associate Concertmaster of the Sydney Symphony Orchestra in 1987 and remained in that position until 2002. He performs as a recitalist and chamber musician around Australia and internationally and has appeared as a soloist with several Australian orchestras. Associate Professor Richter also holds a PhD in philosophy from the University of Sydney and publishes and presents papers on the philosophy of Plato, Nietzsche, music and philosophy. His recent translation of Eugen Fink’s Nietzsches Philosophie was published by Continuum Press (2002) and his book Silent Harmony and Hidden Contemplation on the philosophy of music is published by VdM Saarbruecken (2008).

Stephen Johns

Ewen Crouch is a Partner and Chairman of Allens Arthur Robinson. He is also Cohead of the firm’s Mergers & Acquisitions and Capital Markets group. Ewen is a Fellow of the Australian Institute of Company Directors. He is a member of the Corporations Committee of the Law Council of Australia, and the International Bar Association and is admitted to practise law in NSW, Victoria, the ACT and Western Australia. Ewen is also Chairman and Director of the Mission Australia Group and a Director of Working Links (Employment) Ltd.

Stephen Johns had a long career with Westfield where he held a number of positions including that of Finance Director from 1985 to 2002. He was appointed an executive director of Westfield Holdings Limited and Westfield Trust in 1985, and of Westfield America Trust upon its listing in 1996. He became a non-executive director of the three Westfield boards in October 2003. He is currently a non-executive director of the Westfield Group, which resulted from the merger of the three listed entities in July 2004. He was a non-executive director of Brambles Industries Limited and Brambles Industries PLC from August 2004 to December 2006, at which time he became a non-executive director of Brambles Limited, the new holding company of the Brambles group following a corporate reorganisation which became effective in December 2006. Stephen Johns is Chairman of Spark Infrastructure Group, which was listed on the ASX in December 2005, and is a Director of Leighton Holdings Limited.

NON-EXECUTIVE DIRECTOR

Andrew Kaldor

NON-EXECUTIVE DIRECTOR

Goetz Richter

government and community organisations for 20 years. She is Chair of Church Resources, a Director of Victorian Urban Development Authority, Barangaroo Delivery Authority and Sydney Harbour Foreshore Authority, Breast Cancer Network Australia, a member of the Council of St Ignatius’ College, Riverview and other community organisations. She is an Honorary Associate in the Graduate School of Government at the University of Sydney and a Fellow of the Australian Institute of Company Directors.

David Smithers AM NON-EXECUTIVE DIRECTOR

David Smithers is a director of the Rabobank Australia Limited Group of Companies, the IES Group and Sydney IVF Limited. He is also a director of the Kirby Foundation and the Country Education Foundation. In 2003 he retired from PricewaterhouseCoopers after 30 years as a partner, during which time he was a member of the PwC Global Board and Chairman of PwC Australia. He is a past president of the Institute of Chartered Accountants.

Gabrielle Trainor NON-EXECUTIVE DIRECTOR

Gabrielle Trainor is a lawyer, journalist and former public sector executive who consults in issues management and public affairs for large organisations, mainly top 20 listed. She is a founding partner of John Connolly and Partners, a specialist public affairs and communications firm. She has been a nonexecutive director and has chaired and held positions on the boards of public, private,

Goetz Richter

Stephen Johns

Promised Land); and Graeme Koehne’s Trumpet Concerto (High Art).

David Smithers

John Conde is Chairman of EnergyAustralia, one of Australia’s largest utility corporations. He is also Chairman of Bupa Australia Health Pty Ltd, Chairman of Whitehaven Coal Limited, Chairman of the Homebush Motor Racing Authority Advisory Board, and Chairman of Events NSW. He is President of the Commonwealth Remuneration Tribunal, Director of DEXUS Property Group, Chairman of the Australian Olympic Committee (NSW) Fundraising Committee and Member of Bond University’s Board of Trustee Members. Positions previously held include Director of BHP Billiton and Excel Coal Limited, Managing Director of Broadcast Investment Holdings Pty Limited, Director of Lumley Corporation, President of the National Heart Foundation of Australia.

Symphony Orchestra, for which she acted as Assistant Concertmaster during 2006. Jennifer Hoy has served on the Executive of the Sydney Symphony Musicians Association and the Sydney Symphony’s Management Committee. She is also a member of the Sydney Youth Orchestra’s Artistic Advisory Council.

The orchestra is in one of its most positive states for many years...

SYDNEY MORNING HERALD 16.06.09 Gabrielle Trainor

CHAIRMAN AND NON-EXECUTIVE DIRECTOR

Rory Jeffes

John C Conde AO

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ARTISTIC ADVISOR’S REPORT What an exciting season it has been in my first year as your Principal Conductor and Artistic Advisor. Our shared dreams and aspirations for 2009 were all realised, a year full of stimulating projects, involving wonderful concerts in Sydney, our first international tour together and the continuation of our recording activities. My association with this great orchestra dates back to the 1970s and from the very beginning ours has been a true partnership, and ever more exciting and more fulfilling as time passes. The year started with a magical combination of Mendelssohn’s enchanting music and a staging of Shakespeare’s timeless A Midsummer Night’s Dream – the Concert Hall coming alive with music, poetry and drama – together with plenty of comedy. I was thrilled to conduct works during the season extending from Dvoˇrák, Shostakovich and Mussorgsky’s Pictures at an Exhibition in my own orchestration, to the music of Australia’s leading composer, as we celebrated the 80th birthday of Peter Sculthorpe with performances of his Kakadu,

on a program including works by Bax and Walton. Wonderful music! All performed with fire and passionate commitment by the Sydney Symphony musicians and our guest performers. My first season also featured our fourth composer festival together – this time devoted to music by Sergei Prokofiev. It was wonderful to present these performances of music by one of the twentieth century’s great composers, whose music represents, I sincerely believe, the greatness of the human spirit. International touring is an important activity for a world-class orchestra, and we made a highly successful tour to China and Malaysia in October. We were proud to be ambassadors both for Australia and for our great art form. It was a thrilling experience for me to perform music by Elgar, Prokofiev and Rachmaninoff with my artistic family and soloists Behzod Abduraimov and Rachel Cheung. The enthusiastic response from audiences in Beijing, Shanghai, Macau, Hong Kong, Guangzhou and Kuala Lumpur was most gratifying.

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Throughout 2009, the Orchestra welcomed back many wonderful guests from previous seasons and projecting into the future will always endeavour to present the highest level of artistry available on the world stage to its audiences. I am deeply honoured to be a part of this enormously committed group of people and I look forward with joy and excitement to future seasons and many thrilling projects with the Sydney Symphony. Vladimir Ashkenazy Principal Conductor and Artistic Advisor Sydney Symphony

The Suite...demonstrated Ashkenazy’s brilliant capacity to energise the orchestra, keeping the tensile energy in the phrase right through to its culmination. SYDNEY MORNING HERALD 10.11.09

ARTISTIC REPORT

The Year Reviewed

In its 77th season the Sydney Symphony engaged a new Principal Conductor and Artistic Advisor, with a worldwide reputation as one of the great musicians of our time. Vladimir Ashkenazy imprinted his own unique style on the season from his very first project, A Midsummer Night’s Dream, and in each of his periods with the orchestra he incorporated a similar marriage of words and music in his programs, alongside the purely orchestral. This year of intense activity saw the orchestra consolidate the flexibility of style and approach for which it is now renowned – a trait which continues to serve the Sydney Symphony in the full diversity of music which it performs.

Mainstage Performances Two major musical anniversaries were marked worldwide in 2009; it was 200 years since the death of Joseph Haydn and the birth of Felix Mendelssohn. Our season marked both events with concert projects through each concert series. Mendelssohn was celebrated in an ambitious orchestral production of A Midsummer Night’s Dream, directed by Tim Carroll and designed by Jenny Tiramani. The St Thomas Boys’ Choir from Leipzig, whose direct musical lineage reaches back to both Mendelssohn and JS Bach himself, opened our Meet the Music series. Violinist Isabelle Faust gave a radiant account of the Mendelssohn Violin Concerto, and our players presented the Mendelssohn Octet in the Mozart in the City series. Meanwhile Haydn received signal performances by Yannick Nézet-Séguin of the ‘Military’ Symphony, No.100. His keyboard music was given a revelatory reading by Geoffrey Lancaster, in our International Pianists in Recital series, on two fortepianos. And to finish off the season, the orchestra was joined by Haydn expert Martin Haselböck and a superb cast of singers for his choral masterwork, The Creation. These anniversary events are a means of extending the links between different concert series, and offer alternative paths for concertgoers to trace throughout the season. 2009 saw several two-week periods with guest conductors – deepening our relationships with those artists and exploring different aspects of their preferred repertoire. Douglas Boyd brought refinement and clarity to his programs of Beethoven, Haydn and Bartók, in collaboration with pianist Paul Lewis. American Hugh Wolff also conducted Beethoven, and gave thrilling performances of Walton’s first symphony, alongside works by Tchaikovsky and Berlioz. And Yannick Nézet-Séguin’s fortnight with the orchestra featured stern Shostakovich, playful Saint-Saëns, and monumental Bruckner – this period was a particularly excellent collaboration. Donald Runnicles returned to Sydney after many years, to give memorable performances of Strauss’ largest tone poem, Symphonia domestica; John Nelson also returned to Sydney following a protracted absence, performing an all-French program

with cellist Alban Gerhardt. Simone Young conducted Strauss’ Ein Heldenleben in a concert which also saw the return of Cédric Tiberghien performing Bartók’s Second Piano Concerto. Stephen Hough, Han-Na Chang, Gautier Capuçon and Viktoria Mullova were among the many other outstanding international soloists to perform with the Sydney Symphony in 2009. The best Australian artists also appeared on stage with the Orchestra: Amelia Farrugia, Sara Macliver, Peter Coleman-Wright, Alexander Gavrylyuk, John Bell and Jacqueline Porter, to name just a few. In the 2009 season the inclusion of the very highest-profile artists in the Meet the Music and Tea and Symphony series was particularly satisfying. In the former they performed to enthusiastic audiences of high school music students, and in the latter, to our longest-standing subscribers. Vladimir Ashkenazy, Simone Young, Richard Gill and the St Thomas Boys’ Choir from Leipzig appeared in both series. The Tea and Symphony series also included an organ recital by David Drury, marking the 30th anniversary of the Concert Hall’s grand organ. Although the concert had to be

Beethoven abd Beyond marketing artwork

Battleship Potemkin marketing artwork

16-17 delayed, owing to the instrument’s adverse reaction to Sydney’s extreme dry weather over winter, this recital was a warmly received addition to our activity. The Kaleidoscope series featured four very different projects. TaikOz joined the orchestra along with guest artist Claire Edwardes for a percussion-focused concert in February. James Morrison, Artistic Advisor of the series, celebrated jazz trumpet with Louis Armstrong hits. Film music authority Frank Strobel returned to Sydney bringing a newly restored version of the silent classic Battleship Potemkin. And jazz legend Dianne Reeves brought a new program of songs from her latest album When You Know. Outdoor concerts in 2009 were unfortunately curtailed by the weather at both Sydney Olympic Park and Parramatta Park. However, our Symphony in the Domain concert, in blistering summer heat, brought living Australian composers to the ears of 35,000 people. Richard Gill introduced Matthew Hindson, Ross Edwards and Paul Stanhope to the audience before leading the orchestra in their works. The Sydney Symphony also contributed to a benefit concert for victims of the Victorian bushfires and a memorial concert for Sydney Opera House architect Jørn Utzon, and our regional touring activity raised funds for drought relief. In May Vladimir Ashkenazy conducted the massive Belshazzar’s Feast by William Walton, as well as his own orchestration of Mussorgsky’s Pictures at an Exhibition. Following a highly successful tour to Asia, the orchestra embarked upon a comprehensive three-week festival of music by Sergei Prokofiev. As with previous festival-style projects, this event provided the audience and our musicians alike with a privileged opportunity: to explore the music of one of the 20th century’s most important composers in considerable depth. The festival was an outstanding success.

World & Australian Premieres World Premieres CHRISTOPHER GORDON Lightfall Commissioned for the Sydney Symphony by Robert Gay, Charles Barran, Emily Chang and Mrs W Stening PHIL JAMESON Pebbles and Stuff (orchestral version) Commissioned for the Discovery Program by Ars Musica Australis. DAVID PATERSON Introduction and Rondo Commissioned for the Discovery Program by Ars Musica Australis. Australian Premieres DMITRI SHOSTAKOVICH Battleship Potemkin (Strobel arrangement)

Commercial Activity

In 2009 the Sydney Symphony’s commercial activity encompassed ‘self-presented’ concerts, events where the Orchestra was engaged by another presenter, and collaborations with third parties such as the Sydney Festival. Roberta Flack, Air Supply and The Whitlams appeared with the Sydney Symphony, as did Kiri Te Kanawa in special gala appearances. The Orchestra also performed three tribute programs: The Best of the West End, Classical Mystery Tour and a special Star Trek project devised completely in-house. These were all highly successful commercial endeavours for the Orchestra.

ARTISTIC REPORT

These are absolutely superb recordings… Throughout, the Sydney Symphony play with exceptional refinement. THE AUSTRALIAN 02.01.10

with the recording releases to be issued in Australasia, Europe and the USA on the Sydney Symphony Live label and in Japan and Asia on Exton/Octavia. Throughout 2009, the Company enjoyed broad global media coverage of its recording activity, with excellent critical reviews of each new release appearing in such major international music journals as Gramophone and BBC Music Magazine, as well as excellent national coverage in Limelight magazine and local and national Australian newspapers.

Broadcasting – Australia The Sydney Symphony’s collaboration with the ABC continues to yield great benefits to both organisations. The majority of our concert programs are broadcast nationally on ABC Classic FM. The Discovery Program series with Richard Gill was broadcast on ABC Radio National, and visiting artists regularly appeared on The Music Show for in-depth interviews with Andrew Ford. ABC TV also broadcast an hour-long program as part of their Sunday afternoon arts schedule (ABC1 and ABC2): Ashkenazy Conducts Rachmaninoff. On New Year’s Eve, ABC1 aired the 90-minute show Human Nature and the Sydney Symphony. The ABC TV Asian arm, Australia Network, broadcast four Sydney Symphony concerts: Morrison Plays Schifrin, Bang! Drums & Guns, SaintSaëns Organ Symphony and Ashkenazy Plays Rachmaninoff.

Broadcasting – The World In 2009, four Sydney Symphony performances were offered for broadcast to European Broadcasting Union members. As a result, 32 broadcasts of Sydney Symphony performances were heard in Europe during the year.

New Media The Sydney Symphony is actively pursuing opportunities through new media and digital distribution of its performances via webcasts in conjunction with Telstra BigPond and the ABC. With over 200 live performances a year, and ongoing recording partnerships, the 2009 digital network rollout presents the Sydney Symphony with increased opportunities to distribute our content to growing numbers of new audience members, increasing interactive online participation with audiences as a natural progression.

The Sydney Symphony’s Star Trek tribute program

The Sydney Symphony’s own label released Rare Rachmaninoff in 2009, a selection of his early chamber works featuring the Goldner Quartet, soprano Joan Rodgers, Dene Olding, and Vladimir Ashkenazy. It is especially satisfying that Sydney Symphony Live made its first release of piano music, including a world premiere recording of the Romance in A minor, featuring Ashkenazy as a performer. “(Dene) Olding’s playing is particularly compelling and captures Rachmaninoff’s opulent lyricism perfectly.” (Limelight, November 2009). In 2009 the Sydney Symphony appeared on numerous international recording releases, and continued an active schedule of recording projects which will appear in the near future. The Elgar Festival, performed in late 2008, was recorded by the Exton/Octavia record label, which has now released three CDs (Symphony No. 1; Symphony No. 2; and Enigma Variations and In the South) for individual sale. “These are absolutely superb recordings…Throughout, the Sydney Symphony play with exceptional refinement.” (The Australian, 02/01/10). The four programs of the Prokofiev Festival in late 2009 were also recorded by Exton/Octavia for future release – a comprehensive study of Prokofiev’s orchestral output which will be an important document of this festival project. In addition, a recording of the composer’s entire

Romeo and Juliet ballet music was begun and will be completed in late 2010/early 2011, scheduled for release on the Sydney Symphony Live label in Australasia, Europe and the USA in 2011. Mark Wigglesworth’s Britten and Vaughan Williams program was documented by Melba Recordings in September 2009. This program also featured solos by Sydney Symphony principal players, Michael Dauth and Roger Benedict, and is projected for release in 2010. Pieter Wispelwey’s 2007 performance of the Walton Cello Concerto, conducted by Jeffrey Tate, was released on the Onyx Label in 2009: “This concert performance…is alive at every point and has an excellent orchestral contribution (the playing of the principal oboist is a lustrous phenomenon).” (BBC Music, June 2009). In December 2009, the Sydney Symphony spent two days in studio recording sessions for ABC Classics of Britten’s Young Person’s Guide to the Orchestra and Ravel’s Mother Goose Ballet Suite, conducted by Australian Benjamin Northey. At the close of 2009, the Company successfully completed negotiations to secure the documentation on audio recordings of the Sydney Symphony’s Mahler Odyssey performances during 2010 and 2011. To be conducted by Principal Conductor and Artistic Advisor Vladimir Ashkenazy, this project will involve Exton/ Octavia as the technical recording producer,

Regional and Community Programs The Sydney Symphony is committed to continuing its strong ongoing presence in communities in the Sydney metropolitan area and regional New South Wales. In 2009, this program of activities included: • C anberra and Riverina Sydney Symphony Tour: Concerts in Canberra, Albury and Wagga • Regional Sydney Symphony chamber orchestra performances: Concerts in Griffith, Newcastle and Penrith • Sydney Sinfonia Tour in regional New South Wales: Concerts in Batemans Bay, Nowra and Wollongong • Playerlink Regional activity: Workshop activities and concert in Orange • Sydney Sinfonia Discovery Runout Concerts: Concerts in Blacktown and Springwood Sydney Symphony and Sydney Sinfonia planning for 2010 will include a continuation of the 2009 level of touring and community programs.

Power & Panache Panist Stephen Hough

2009 Recordings

18-19

ARTISTS & REPERTOIRE

20-21

Featuring in Self-Presented Mainstage Concerts

COMPOSERS AND WORKS JC Bach Symphony in G minor, Op.6 No.6 JS Bach Singet dem Herrn – Motet, BWV 225 Der Geist hilft unser Schwachheit auf – Motet, BWV 226 Toccata and Fugue in F for organ, BWV 540

Bartók

Dvoˇrák

Violin Concerto in A minor Cello Concerto in B minor Symphony No.8

Elgar

In the South (Alassio) – Overture

Glazunov

Piano Sonata No.1

Gordon*

Piano Concerto No.2 Viola Concerto (Serly completion) Music for Strings, Percussion and Celesta

Lightfall for horn and orchestra premiere

Bax

Handel

Tintagel

Beethoven

Piano Concerto No.1 in C, Op.15 Piano Concerto No.2 in B flat, Op.19 Romance No.2 in F for violin and orchestra, Op.50 Symphony No.2 in D, Op.36 Symphony No.6 in F, Op.68, Pastoral Piano Sonata in E flat, Op.81a (Les Adieux) Six Variations for piano, Op.34 Fidelio: Overture

Grainger*

Handel in the Strand Rinaldo: Overture Rinaldo: ‘Lascia ch’io pianga’ Rinaldo: ‘Molto voglio, molto spero’ Rinaldo: ‘Vo’ far guerra’ Samson: Overture Samson: ‘Let the bright seraphim’ Solomon: Arrival of the Queen of Sheba Concerto grosso, Op.6 No.3

Haydn

Symphony No.3 (1873 version)

The Creation (sung in English) Symphony No.22 in E flat (The Philosopher) Symphony No.44 in E minor (Mourning) Symphony No.67 in F Symphony No.100 in G (Military) Symphony No.104 in D (London): 1st movement Keyboard Sonata No.31 in A flat, Hob.XVI:46 Keyboard Sonata No.37 in E, Hob.XVI:22 Keyboard Sonata No.49 in C sharp minor, Hob.XVI:36 Keyboard Sonata No.58 in C, Hob.XVI:48 Keyboard Sonata No.59 in E flat, Hob.XVI:49

Cleworth*

Hilgendorf*

Debussy

Ikegawa

Berlioz

Roman Carnival – Overture

Bizet

Symphony in C

Borodin

Petite Suite for piano

Brahms

Violin Concerto in D, Op.77 Symphony No.3 in F, Op.90 Variations on a Theme of Haydn, Op.56a

Britten

Sinfonia da requiem

Bruckner

…the peals of thunder La Mer Prelude to the Afternoon of a Faun

Dupré

Crucifixion from Passion Symphony, Op.23

Liszt

Years of Pilgrimage: Book III

Mendelssohn

A Midsummer Night’s Dream – Overture and complete incidental music with an abridged presentation of Shakespeare’s play Psalm 42 (Wie der Hirsch schreit), Op.42 Psalm 43 (Richte mich, Gott), Op.78 No.2 Psalm 91 (Denn er hat seinen Engeln) Psalm 98 (Singet dem Herrn), Op.91 The Hebrides, Op.26 (Fingal’s Cave) Violin Concerto in E minor, Op.64 Symphony No.4, Italian: Saltarello Octet in E flat for strings, Op.20

Mozart

Idomeneo: Overture and ballet music Mitridate: Overture The Magic Flute: ‘Ach, ich fühl’s’ ‘Alcandro, lo confesso…Non so d’onde viene’, K294 ‘Vorrei spiegarvi, oh Dio’, K418 Minuets from K585: Nos.2, 3, 11 & 12 Piano Concerto No.11 in F, K413 Piano Concerto No.14 in E flat, K449 Sinfonia concertante in E flat for winds, K297b

Mussorgsky

Janáˇcek

Sonata 1.X.1905: From the Street

Jongen

Cantabile from Four Pieces for Organ, Op.37

Cantillation St Thomas Boys’ Choir, Leipzig Sydney Children’s Choir Sydney Philharmonia Choirs Sydney Symphony Brass Ensemble TaikOz

Walton

Boris Belkin, violin John Bell, narrator* Roger Benedict, viola† Jonathan Biss, piano Florian Boesch, baritone Gautier Capuçon, cello Han-Na Chang, cello Peter Coleman-Wright, baritone* Imogen Cooper, piano Michael Dauth, violin† Lawrence Dobell, clarinet† Steve Davislim, tenor* David Drury, organ* Malcolm Ede, bass-baritone* Claire Edwardes, percussion* Deirdre Elliott, mezzo-soprano* Amir Farid, piano Isabelle Faust, violin Alexander Gavrylyuk, piano Alban Gerhardt, cello Stephen Hough, piano Ben Jacks, horn† Janine Jansen, violin Robert Johnson, horn† Ruth Killius, viola Geoffrey Lancaster, fortepiano* Paul Lewis, piano Sara Macliver, soprano* Penelope Mills, soprano* James Morrison, jazz trumpet* Viktoria Mullova, violin Sian Pendry, mezzo-soprano* Shefali Pryor, oboe† Dianne Reeves, vocals Sasha Rozhdestvensky, violin Sam Sakker, tenor* Cédric Tiberghien, piano Katherine Wiles, soprano Matthew Wilkie, bassoon†

Widor

† Denotes a Sydney Symphony musician * Denotes an Australian artist

Alfonso und Estrella: Overture 16 German Dances, D783 Moments Musicaux, D780 Piano Sonata in G, D894 Piano Sonata in C minor, D958

Schumann

Kreisleriana, Op.16

Sculthorpe* Kakadu Small Town

Shostakovich

Battleship Potemkin (edited Strobel) Australian Premiere Violin Concerto No.1 Cello Concerto No.1 Symphony No.10

R Strauss

Ein Heldenleben (A Hero’s Life) Symphonia domestica

Takemitsu Gitimalya

Telemann

Jauchzet dem Herrn alle Welt (after JS Bach)

Tchaikovsky

Piano Concerto No.2 in G (original version)

Vaughan Williams

Carmina Burana

Paterson*

Introduction and Rondo premiere

Prokofiev

Saint-Saëns

Pebbles and Stuff (premiere)

Vladimir Ashkenazy Georg Christoph Biller Douglas Boyd Matthew Coorey* Michael Dauth, violin/director† Richard Gill* Martin Haselböck John Nelson Yannick Nézet-Séguin Guy Noble* Benjamin Northey* Ryusuke Numajiri Donald Runnicles Frank Strobel Marc Taddei Arvo Volmer Mark Wigglesworth Hugh Wolff Simone Young* Thomas Zehetmair

Schubert

Orff

Jameson*

Ishii

CHOIRS AND ENSEMBLES

Traditional

Mono-Prism Jo¯ for orchestra

Music for taiko ensemble

SOLOISTS

Pictures at an Exhibition (orch. Ashkenazy)

The Love for Three Oranges: March Lieutenant Kijé: Suite Peter and the Wolf The Ugly Duckling Romeo and Juliet: Suite Piano Concerto No.1 Piano Concerto No.3 Piano Concerto No.5 Violin Concerto No.1 Violin Concerto No.2 Classical Symphony Symphony No.5 Symphony No.6 Symphony No.7

Circle Dance

CONDUCTORS

Cello Concerto No.1 Symphony No.3 (Organ Symphony)

Tribute to Miyaki (arr. TaikOz) Flos campi (Flower of the Field) The Lark Ascending Serenade to Music Belshazzar’s Feast Symphony No.1 Organ Symphony No.6 in G minor * Denotes an Australian composer

The Sydney Symphony’s account of The Creation was one of its finest performances of the year: fresh, vigorous, joyful and life affirming... THE AUSTRALIAN 11.12.09

AUDIENCE DEVELOPMENT Concert Audience and Attendance

Some examples of special marketing initiatives follow:

Social Media

Following the development of a comprehensive digital strategy which made various recommendations, key among them the exploitation of social media, a Facebook page was launched. By the end of 2009 we had reached around 900 fans and growing steadily.A Twitter account (@ss_notes) was also established.

Small Series Revival

In 2009 our previously struggling Mozart in the City concerts were in need of some revival tactics. In addition to subscriber incentives to add this package to their existing series, we created special single ticket packages for the general market. These combined a concert ticket with a martini, or cheese and wine, and even a massage close to the concert venue. The response from young and new audiences was promising and paid occupancy to the Mozart series overall increased by more than 20%.

Prokofiev Festival marketing artwork

In 2009 the Sydney Symphony achieved actual audience numbers for all classical events approximating those reached in 2008. Total audience for paid concert performances of 186,392 (187,456 in 2008), while slightly lower in the aggregate, actually increased in relation to the number of events and concerts on offer by 4%, or 6,434 tickets sold across a season of 96 events. Total occupancy also improved by 5% (up from 93% in 2008) and the total number of subscription seats sold as part of a package grew to 59% across all events. In 2009 the company continued to reorganise many facets of its marketing program and many of the key business functions within the marketing, sales and ticketing operations. Such improvements place us well to take advantage of the significant opportunities afforded to us by Vladimir Ashkenazy. A primary focus remains increasing subscription audience numbers as a percentage of total tickets sold while maximising event revenue yields and occupancy.

22-23

Market Development

The Sydney Symphony serves a variety of concert audience constituencies, from long-term loyal audiences, who attend 9 to 12 times each year, to casual users who may come just once or twice a year by way of single ticket purchase, to prospects who have shown interest, but have yet to make their first outing to a Sydney Symphony concert. Knowledge and expectations can vary tremendously between and within these levels of participation, as can the motivating factors of attendance and engagement. Throughout 2009 our efforts were focused on recognising and better understanding the behavioural characteristics and motivational drivers of each group and responding with products, promotions and opportunities that met the needs and expectations of the key segments. For prospects our objective in 2009 was to increase the likelihood of a first-time visit. For occasional single ticket buyers our objective was to encourage repeat attendance and eventual subscription package purchase. And for loyal subscribers it was about recognising loyalty and improving appreciation efforts.

Non-Traditional Audience Reach

For two performances of Carmina Burana we partnered with radio 2GB, and built an advertorial partnership with a popular AM talk back radio host. Our goal was to present classical music as exciting, accessible and non-threatening to a new audience. We succeeded, as our box office reported a big surge in calls for tickets linked to this promotion, all from patrons new to our database.

A New Website

In August we launched a new website with new functionality for audiences to select their own seat. Additionally, an upgraded content manager and the ready capability to quickly and easily add multimedia, will greatly assist with the results of this channel. Results show single ticket sales online were up 40% in the 4th quarter.

Digital Advertising

In 2009 we explored a highly targeted and metrics based approach to digital advertising for single ticket sales. Google Adwords, the search-based sales tool,

generated on average 122 sales per month or nearly 1,500 for the year, since its launch at the beginning of 2009. We also found new ways to evolve digital display advertising with results: number of browsers, and click-through percentages, both pleasing and revealing of potential. By the end of 2009 we are of the opinion that this difficult and hitherto unreliable channel might finally be showing signs of traction.

Vitality in a Changing Market

With the changing market conditions and increased competition for audience, the Sydney Symphony used 2009 as an opportunity to restructure and prepare for the future. All key components of how we market and promote concert tickets were reviewed as we sought to understand audience interests and demand. A result of this was a greater emphasis on direct marketing and creating ticket packages that offer tickets together with additional experience-related value, for example dinner and a concert. Such promotions were very successful in a contracting market place, as were inducements to persuade long-time lapsed ticket buyers to renew their interest. Examples include: • Developing new relationships with food and beverage partners in the local precinct that were reflected in package offers. • Low single ticket introductory access prices to engage new audiences, or re-engage the most distant single ticket buyers. • Development of post-concert customer feedback surveys to gauge audience satisfaction. • Introduction of a tourist tour plus concert ticket incentive program at the Sydney Opera House.

Audience Education

Pre-Concert Talks The Sydney Symphony is dedicated to enriching the concert-going experience and educating its audiences. Since 1983, the Orchestra has presented free pre-concert talks before subscription concerts. It was the first presenter in Australia to do so, thereby setting a standard for concert presenters to the extent that very few classical concerts in Sydney or other capital cities are now offered without an accompanying preconcert talk.

The pre-concert talks are held before all subscription performances and gala events, with the exception of the Discovery and Tea & Symphony series. They are presented by a range of speakers drawn from the ranks of the Orchestra’s administrative staff and musicians as well as the wider community of music experts and professional speakers. On occasion a composer, conductor or soloist will present the pre-concert talk. Free Program Books Program books are an important and vital way of informing and educating concert audiences, providing not only the ‘order of events’ but authoritative and engaging articles about the music and its context. In 2007 the Sydney Symphony began offering free program books at all subscription concerts. (Souvenir program books continued to be sold at selected events in collaboration with commercial producers.) In addition, all program books were made available for download in the week of the concert, enabling patrons to read about the music and the performers before arriving at the performance. In some cases programs are downloaded by patrons not attending the concert and read when, for example, listening to the Orchestra’s radio broadcasts. The Sydney Symphony continued to provide free program books and downloads in 2009.

EDUCATION PROGRAM

24-25 In addition to performing the Discovery series and schools concerts for specific age groups both in Sydney and on tour in regional centres, the Sinfonia had the opportunity in 2009 to work with visiting international conductor Yannick Nézet-Séguin in a workshop on orchestral repertoire. The Sinfonia has provided a valuable pathway for emerging professionals, and has become a bridge between study and work. Since its inception in 1996, over 400 students have been a part of the Sydney Sinfonia orchestra, with twelve musicians appointed to trial with the Sydney Symphony, nine of whom have been appointed as permanent. Many more have been appointed to contract positions in the Sydney Symphony, and a strong pathway to professional work has been established nationally, with the majority of Australian permanent positions, contracts and casual players sourced from Sinfonia and Fellowship alumni. Further to this, there have been at least eight permanent appointments to overseas orchestras, including the Concertgebouw Orchestra Amsterdam and the Berlin Philharmonic (Principal Double Bass).

Richard Gill, Artistic Director | Sydney Symphony Education Program

The Sydney Symphony, through its Education Program led by acclaimed educator and musician Richard Gill, works with Australia’s leading musicians and music teachers to create the nation’s most innovative education programs. The Education Program’s goal is to educate, inspire and encourage people of all ages in the enjoyment and playing of music. It achieves this through two main areas: Artist Development – developing the preparation and performance techniques of future professional orchestral musicians, including the development and support of Australian composers; and Education – enhancing the musical understanding and appreciation of all people in NSW, and in particular young people.

Artist Development Program Identifying, nurturing and developing future professional orchestral musicians and composers.

SYDNEY SINFONIA

The Sydney Sinfonia has developed a tradition of training young orchestral musicians, and a culture of mentoring amongst the musicians of the Sydney Symphony. For 15 years now, the Sydney Sinfonia training and mentoring orchestra has given outstanding emerging professionals invaluable experience working alongside accomplished musicians as part of a performing orchestra. Many former members have achieved positions in professional orchestras around the world, and the Sydney Sinfonia is proving to be an important step in the transition from student to professional musician.

Yannick Nézet-Séguin masterclass August 09

“Music is taught because it is good. We teach music so we can compose music; make our own music. We listen to the music of many composers and to many different types of music so that we can try to understand how sound works, how instruments work, how voices work and how music evolves. We sing and learn musical instruments so that the music we write and the music of others can be brought to life.”

Roger Benedict with the 2009 Sydney Symphony Fellows

THE FELLOWSHIP PROGRAM

Since its inception in 2001 the Sydney Symphony Fellowship program has grown into the leading training program of its kind in Australasia and is rapidly gaining international recognition. The program is dedicated to the final stages of training for musicians of the future, and a Fellowship with the Sydney Symphony provides access to the nation’s best orchestral mentors, established conductors and masterclasses with the finest international artists. Through an intensive one-year fulltime fellowship integrating chamber music, mentored orchestral playing and specially designed workshops, the program offers a vital stepping stone from study to work, preparing musicians as thoroughly as possible for their future careers. Chamber music is a vital part of the program, with the Fellows presenting a range of performances to more than 2,000 people, in the city, outer-metropolitan venues and regional areas including Goulburn, Berry and Tamworth. Led by Fellowship Artistic Director and Principal Viola Roger Benedict,

the ensemble benefitted from masterclasses with Anthony Marwood, Alban Gerhardt, the Tokyo Quartet, Gautier Capuçon and members of the London Philharmonic Orchestra. Through the generous support of Sydney Symphony patrons, each Fellow received a stipend of $14,000 in 2009.

PLAYERLINK

Playerlink is a three-day intensive workshop held annually in regional NSW for music students aged 8–18. Since 1994, a team of 14 musicians from the Sydney Symphony has travelled throughout the state sharing their enthusiasm for their art form. Directed by Colin Piper, the team works with a regional centre to connect with the music education community. Together they form an orchestra of students from surrounding areas, and lead them through full orchestral rehearsals, sectional workshops and small group tutorials. Most importantly, they receive mentoring from Sydney Symphony musicians and perform in a full orchestra, which for many is their first such experience. Seventy-six students and teachers converged on the Orange Regional Conservatorium in early September for our 2009 Playerlink project, and the results were impressive. The students hailed from all points of the Central West, Tablelands, Blue Mountains, Armidale and Young, plus some travelling from further afield throughout greater NSW. In 2009 the Playerlink workshop was presented in partnership with the Orange Regional Conservatorium.

SINFONIETTA PROJECT

The Sydney Symphony Sinfonietta Project aims to develop a new generation of Australian composers. Through an online interactive web site, students are able to register, download resources, arrange a virtual orchestra and experiment with orchestral sound, and watch video footage from previous years’ projects. Student composers from across Australia submitted works to the composition competition and four were selected for the Sinfonietta workshop and performances. Several of these students had participated in the Sinfonietta project previously, demonstrating a continuing development of their talents.

EDUCATION PROGRAM

26-27 Australian Music

All the student compositions used selected arias from Mozart’s The Marriage of Figaro as their foundation model. For the first time, the student composers were invited to compose for voice, to write a song that used all aspects of the music to convey the meaning of the text and to provide an insight into the feelings of the character. The Sydney Symphony Sinfonietta ensemble consisted of ten young elite musicians, chosen from the Sydney Symphony Fellowship and Sinfonia ensembles. Two Sydney Symphony musicians mentored the ensemble. This involved offering advice and constructive criticism during rehearsals and after performances, both within their allocated section and to the ensemble as a whole. Specific feedback was given on the model work (Mozart), together with advice on performance techniques for the student works. The mentors performed their roles with enthusiasm and their generosity and expertise were valued highly. The Sydney Symphony Sinfonietta project is supported by individual donors.

SCHOOLS CONCERTS

The Sydney Symphony has designed school performances to match the development of knowledge and skills at infants, primary and secondary levels. Presented by a range of experienced conductors and music educators, and featuring the Sydney Sinfonia, these concerts encourage each member of the audience to engage with the music through movement, singing and listening activities. Students are even given the opportunity to conduct the orchestra and play instruments, while learning about the orchestral instruments and how they work. As part of his training, Assistant Conductor Nicholas Carter led a number of the schools concerts, presenting the music to a wide range of audience ages under the guidance of Artistic Director Richard Gill. Professional development teacher seminars are run by the Sydney Symphony for all participating schools. Teachers receive

Schools concerts In 2009, the music of Australian composer ELENA KATS-CHERNIN was explored in all concerts. Fellowship HINDSON Octet* Composition project with University of Sydney senior composition students Discovery JAMESON Pebbles and Stuff (premiere)* SCULTHORPE Small Town PATERSON Introduction and Rondo kits written by leading educators featuring information on composers and their music, dynamic teaching activities and customised CD recordings of the music played at the concerts. In 2009, a large financial grant from the Arts NSW ConnectEd program provided disadvantaged schools assistance with transport costs. This enabled more than 2,416 students from Priority Schools Funding Program (PSFP) schools to attend our Education Program performances and provided PSFP schools with access to teaching resources at no cost. Through partnerships with The Song Room and the Australian Children’s Music Foundation, access for disadvantaged schools was greatly enhanced. A new initiative occurred in December when we aligned a schools-specific concert with one of the commercial performances and presented The Whitlams Meet the Orchestra. Conducted and presented by Benjamin Northey and The Whitlam’s front man Tim Freedman, this concert was attended by about 1,800 school children, almost half of whom had never attended a Sydney Symphony concert before.

MEET THE MUSIC

Meet the Music continues to provide an unrivalled mainstage experience with the full Sydney Symphony, international conductors, world premieres and exciting soloists. The series presents stimulating programs of the highest calibre while fulfilling the course topic requirements of the NSW secondary school music education syllabuses. The concerts were presented by Andrew Ford and supported by teaching resources, workshops for teachers and students, and pre-concert talks featuring composers and performers. Our 2009 commissioned work, Lightfall by Australian composer Christopher Gordon, featuring principal horn Robert Johnson, provided schools not only with a chance to hear a new Australian work, but for the first time the opportunity to follow the composition process online in a blog maintained by the composer.

DISCOVERY PROGRAM

The Discovery program, led by Richard Gill and performed by the Sydney Sinfonia, provides a lively, entertaining and informative blend of concert and illustrated lecture, predominantly for our adult subscribers and single ticket buyers. Four programs were presented in 2009, each focussing on a different composer to be featured in an upcoming main stage performance: Haydn, Handel, Mendelssohn and Prokofiev. Alongside these composers, Discovery audiences heard a young composer from our Sinfonietta project, Phil Jameson, in the premiere of Pebbles and Stuff. The Discovery program is presented at City Recital Hall Angel Place, and in 2009 was also performed in Blacktown, in partnership with the Blacktown Arts Centre and Blacktown City Council, and in Springwood through the Blue Mountains Concert Society.

PlayerLink Jennifer Hoy coaches a young violinist

Enhancing the musical understanding and appreciation of all people in NSW.

Meet the Music GORDON Lightfall for horn and orchestra (premiere) SCULTHORPE Kakadu

Primary Schools Concert

Education Program

The Sydney Symphony Education Program actively showcases new works and particularly those by Australian composers. In 2009, this included the following works:

SYDNEY SINFONIA REGIONAL TOUR

In 2009 the Sydney Sinfonia presented nine schools concerts in Batemans Bay, Nowra and Wollongong. Three concerts were presented in each centre, for Kindergarten to Year 2, Years 3 to 6 and Secondary levels respectively, and we also presented workshops for HSC students in the host schools. A significant number of PSFP schools received free teacher resource material and attended these performances, through the travel subsidy provided by the Arts NSW ConnectEd funding.

*Supported by Ars Musica Australis

As always I am tremendously impressed and honoured by the commitment that you and the Sydney Symphony Education team put into caring for Australian music and Australian composers. Assoc. Prof. Matthew Hindson

TOURING & OUTREACH In October 2009, the Sydney Symphony embarked on a two-week tour of Asia, primarily China and Malaysia, featuring Vladimir Ashkenazy, the Orchestra’s Principal Conductor and Artistic Advisor. The tour saw a full-strength Sydney Symphony of 95 musicians performing seven concerts over ten days at some of Asia’s most prestigious festivals and performance centres, marking the first time in its 77-year history that the Orchestra had toured mainland China. Taking in the cities of Beijing, Shanghai, Macau, Hong Kong, Guangzhou and Kuala Lumpur, Vladimir Ashkenazy and the Sydney Symphony performed four different programs during the tour, featuring works for which the Orchestra has received widespread critical acclaim under his leadership. Works by major Russian composers Rachmaninoff, Tchaikovsky and Prokofiev were complemented by performances of Elgar’s Enigma Variations. The Orchestra played to sold-out houses and garnered international support and exposure that will build the Sydney Symphony’s reputation worldwide. The performances were vibrant, exciting and intriguing for the concertgoers and generated critical acclaim. The Sydney Symphony’s 2009 Asian Tour was only made possible thanks to the support of the NSW Government through the Department of Industry and Investment, the Federal Government through the Australia China Council, and corporate organisations. Touring sponsors played an integral role with Tianda Group as Principal Partner, Felix Resources as Major Presenting Partner, and Xstrata Australia and Telstra as Presenting Partners of the entire tour. International touring is a vital aspect of the Sydney Symphony’s work. It helps to establish the Orchestra’s reputation at home and abroad and provides cultural diplomacy support for Australian business and government programs in the fields of trade, commerce and government relations.

The players were clearly focused on Ashkenazy’s intentions, however playing doesn’t come any tighter than this, nor does homogeneity of timbre. SOUTH CHINA MORNING POST, OCTOBER 2009

Regional Summary

On 25–28 June, 60 musicians and two tonnes of instruments went on the road to perform in Canberra and in two regional centres, Albury and Wagga Wagga, where we performed our annual fundraising concert at the Wagga Wagga Civic Theatre. Under the musical direction of Matthew Coorey, the orchestra performed to four near capacity audiences who enjoyed a program of Mendelssohn, Mozart and Dvoˇrák. The enthusiastic response again demonstrated the support for and commitment to classical music and the Sydney Symphony in rural NSW. This year the performance was again supporting local communities affected by drought: thanks to the Wagga Wagga City Council and partners BHP Billiton, Xstrata, St. George, Snowy Hydro, Telstra, Cadia Valley Operations, Royal Agricultural Society and The Land, the concerts raised $50,000, which was donated to four local drought-relief charities. The following table summarises all regional activity (excluding hospital visits listed separately) conducted by the Sydney Symphony in 2009: 14 February 20 February 8 March 14 March 17 May 26 May 27 May 28 May 29 May 5 June 23-24 June 25 June 26 June 27-28 June 1 July 17 July 18-19 July 15 August 22 August 5-6 September 15 November 6 December

Free outdoor concert Mozart 1 run out Fellowship performance Free outdoor concert Fellowship performance Sinfonia Regional Tour Sinfonia Regional Tour Sinfonia Regional Tour Fellowship workshop & performance Mozart 3 run out Education Stage 2/SOPA concerts Regional Tour Regional Tour Regional Tour Discovery 3 run out Mozart 4 run out Fellowship workshop & performance Fellowship performance Discovery 4 run out Playerlink Fellowship performance Fellowship performance

Sydney Olympic Park (SOPA) Penrith (Joan Sutherland Performing Arts Centre) Pennant Hills (Lutanda Retirement Village) Parramatta Park Wyvern Music Club, Forestville Batemans Bay Nowra Wollongong Goulburn Griffith Sydney Olympic Park Canberra Albury Wagga Wagga (Drought Relief + 1) Blacktown Newcastle Berry Blacktown Springwood, Blue Mountains Orange Penrith (Joan Sutherland Performing Arts Centre) Breenhold Gardens, Mt Wilson

Hospital Visits

The Sydney Symphony continued regular visits to hospitals in Sydney and regional areas via the award-winning music4health program, sponsored by MBF. A practical manifestation of the health industry’s recognition of the therapeutic power of music, the program provides entertainment and welcome moments of respite for hospital patients, their families and hospital staff. In 2009, nine music4health visits were made to a range of audiences including The Children’s Hospital Westmead and the Sydney Children’s Hospital Randwick, through the Starlight Room, and via broadcasts direct to children’s wards, patients at St Vincent’s Darlinghurst, elderly patients in Bupa Care Centres in Mosman and Dural (also attended by Hills Shire Mayor Larry Bolitho and Hornsby Mayor Nick Berman), and regionally to Wagga Wagga Hospital. The music4health program also conducted two off-hospital site visits in 2009, one in conjunction with the Autism Advisory and Support Service, performing

Asia Tour. Steven Larson in Shanghai Photo: Julian Kingma

Asian Tour

28-29

for children with autism, cerebral palsy and Down syndrome as well as their carers and families, and the second in association with the Powerhouse Museum, targeting their Thinkspace and Living Skills workshop guests, comprising adults living with physical or intellectual disabilities.

Outdoor Concerts

Symphony in the Domain is one of Sydney’s landmark free events, traditionally ending with Tchaikovsky’s 1812 Overture, complete with cannons and fireworks. This year, extreme weather conditions again affected attendance, with an audience of 35,000. Richard Gill conducted a program highlighting Australian compositions. The Sydney Symphony performed at Sydney Olympic Park on 14 February and in Parramatta Park on 14 March. Solid rain before and during both events saw the Sydney Symphony performing abbreviated programs to audiences of up to 1,000. The then Premier Nathan Rees MP, announced continued funding for the Parramatta Park concert on an annual basis.

Webcasting

In 2009 the Sydney Symphony’s webcasting activity, in collaboration with Telstra BigPond and ABC Classic FM, continued, with ten concerts being streamed live and made available free on demand through BigPond TV. These can be viewed at bigpondmusic.com/sydneysymphony. This activity is an important addition to our outreach both nationally and internationally, and is of particular benefit to those less mobile, and to people in regional or remote areas of Australia who want to experience an orchestral performance but are unable to attend in person.

Sydney Morning Herald C D Distribution

In 2009 in partnership with EnergyAustralia, the Sydney Symphony distributed 300,000 free CDs with The Sydney Morning Herald across New South Wales to celebrate the launch of its 2010 season. The CD contained highlights of the music to be played by the orchestra during the season.

PHILANTHROPY REPORT Although 2009 remained a challenging year, the Sydney Symphony benefited from the extraordinary generosity of its patrons. In 2009, 2,151 donors contributed $1,498,437 to the Orchestra’s designated philanthropic funds. In a particularly turbulent economic environment, the Sydney Symphony received an increase in giving of 6%. This included a 30% increase in major gifts (gifts of more than $5,000) from 2008. Thank you to all patrons of the Sydney Symphony. Every gift is a very important and valued contribution which has made the following Company-wide achievements possible in 2009.

Orchestra Fund

• T he Sydney Symphony Asian Tour was a major beneficiary of Orchestra Fund gifts in 2009 including a grant from the Australia–China Council of the Department of Foreign Affairs and Trade. • T he Orchestra Fund assisted with Vladimir Ashkenazy’s performances of Walton’s Belshazzar’s Feast, his staged performances of Mendelssohn’s A Midsummer Night’s Dream, and the Prokofiev Festival. • T he Associate Principal Flute Chair (Emma Sholl), was established by Orchestra Fund gifts from patrons Robert and Janet Constable, and the Principal Viola Chair (Roger Benedict), was established by Orchestra Fund gifts from Roger Allen and Maggie Gray. The Orchestra extends its thanks to all continuing Chair Patrons (listed on p. 35) for their generous support. • T wo new works were commissioned and premiered by the Sydney Symphony. These were a concerto for Principal Horn Robert Johnson by Christopher Gordon (commissioned by Robert Gay, Charles Barran, Emily Chang and Mrs W Stening), and Pebbles and Stuff by Phil Jameson (commissioned by Ars Musica Australis), performed as part of the Discovery series.

Stuart Challender Fund

• S upported by Symphony Australia and the Stuart Challender Fund, the Sydney Symphony’s first Assistant Conductor, Nicholas Carter, completed his first year with the Orchestra. In addition to conducting schools concerts, parts of the Discovery series, preparatory rehearsals and sectionals for the Prokofiev Festival, Nicholas attended every orchestra rehearsal, providing ‘a second set of ears’ and invaluable feedback to Vladimir Ashkenazy and visiting conductors. • T he annual Stuart Challender Lecture featured the renowned pianist Stephen Hough in conversation with

30-31 David Garrett. The presentation was attended by a capacity audience at Customs House in Sydney and was broadcast to audiences nationally on ABC Classic FM.

Emerging Artists Fund

• P atrons of the Sydney Symphony Fellowship program provided year-long support for seven of the finest young orchestral musicians in Australia. The Sydney Symphony acknowledges the generous support of James O. Fairfax AC, the Principal Patron of the Fellowship and supporter of young artists for the past fifteen years. • F our young composers from secondary schools in Sydney and Armidale participated in a three-day residency with Richard Gill where they workshopped and prepared performances of their compositions. One of the sessions was a public seminar which was attended by 110 guest students and teachers. The Sinfonietta project is made possible by the generous support of Geoff & Vicki Ainsworth.

Allegro Education Fund

• I n 2009, 35,360 participants around NSW attended one of the 71 Sydney Symphony education events. • 2 ,416 students from disadvantaged schools in NSW were provided with free transport and subsidised tickets to schools concerts via funding from the Arts NSW ConnectEd program. • 5 82 teachers received specialised professional development training at one of the Sydney Symphony education seminars.

Regional Touring Fund

• M ore than $23,000 was raised in support of the Sydney Symphony Playerlink program which this year visited students in the Orange region. Fourteen members of the Sydney Symphony spent three days in residence at the Orange Regional Conservatorium, working with 77 young participants and teachers. • P layerlink was also supported by a

grant from The Ian Potter Foundation. • S upported by the Regional Touring Fund, the Sydney Sinfonia presented schools concerts for 2,154 students in Batemans Bay, Nowra and Wollongong, while the Fellowship ensemble gave performances and workshops in Berry, Goulburn, Blacktown, Penrith and Mt Wilson.

Instrument Fund

• T he Instrument Fund was drawn upon in 2009 to acquire two violins for an amount of $177,423.

Maestro’s Circle

• I n 2009, the Sydney Symphony Maestro’s Circle welcomed five new members: Mr Tom Breen and Dr Rachael Kohn, Mr Ray Wilson OAM and Mr Fred Street AM and Mrs Dorothy Street. • F ormed with the mission of supporting the artistic initiatives of Vladimir Ashkenazy during his tenure as Principal Conductor and Artistic Advisor, the Maestro’s Circle members have committed some $2 million to the year 2012. • T he Sydney Symphony Board, musicians and staff acknowledge and extend their warmest thanks to the Maestro’s Circle members for their leadership and investment in one of the most exciting periods in the Orchestra’s history.

Bequests

• I n 2009 Sydney Symphony received a generous bequest of $50,000 from the estate of Mr Gerald Wronker, a long-term subscriber. The bequest was made to the Sydney Symphony’s Stuart Challender Fund to support appearances in Australia by the world’s finest soloists and conductors.

Volunteer Program

• I n 2009, volunteers contributed more than 400 hours of expertise to the Sydney Symphony. In addition to ongoing assistance in the office, 75 volunteers helped raise $16,000 at the Symphony in the Domain

Raffle on one of the hottest days of the year. The Sydney Symphony extends its warmest thanks to all the volunteers who contributed their time, energy and inspiration across an enormous range of tasks.

Charity Support

• T he Sydney Symphony is proud to have assisted more than 77 other arts, social welfare, education and health organisations in 2009 by providing prizes for fundraising initiatives. This support is valued at more than $15,000.

SYDNEY SYMPHONY PATRONS MAESTRO’S CIRCLE

MAHLER 8 SCORE

John C. Conde AO – CHAIRMAN Peter Weiss AM – FOUNDING PRESIDENT & Doris Weiss Geoff & Vicki Ainsworth The Berg Family Foundation in memory of Hetty & Egon Gordon Tom Breen & Rachael Kohn The Hon. Ashley Dawson-Damer Andrew Kaldor & Renata Kaldor AO Mrs Roslyn Packer AO Penelope Seidler AM Mr Fred Street AM & Mrs Doris Street Westfield Group Ray Wilson OAM in memory of James Agapitos OAM

Andrew Andersons AO Jan Bowen John C. Conde AO Michael & Manuela Darling David Greatorex AO & Deirdre Greatorex Judges of the Supreme Court of NSW D & I Kallinikos Helen Lynch AM & Helen Bauer Ruth & Bob Magid Eva & Timothy Pascoe Dr John Roarty Rodney Rosenblum AM & Sylvia Rosenblum Mrs Hedy Switzer Jill Wran

32-33

SYDNEY SYMPHONY PATRONS, 2009 $20,000+

Geoff & Vicki Ainsworth Mr Robert O Albert AO & Mrs Elizabeth Albert Roger Allen & Maggie Gray Tom Breen & Rachael Kohn Sandra & Neil Burns Mr John C Conde AO Robert & Janet Constable The Hon Ashley Dawson-Damer Mr James O Fairfax AC Fred P Archer Charitable Trust The Berg Family Foundation in memory of Hetty Gordon The Hansen Family Mr Andrew Kaldor & Mrs Renata Kaldor AO D & I Kallinikos Mrs Roslyn Packer AO The Paramor Family The Ian Potter Foundation Dr John Roarty in memory of Mrs June Roarty Paul & Sandra Salteri Mrs Penelope Seidler AM Mrs Joyce Sproat & Mrs Janet Cooke Mr Fred Street AM & Mrs Dorothy Street Mr Peter Weiss AM & Mrs Doris Weiss Westfield Group The Estate of the late G S Wronker Ray Wilson OAM in memory of the late James Agapitos OAM Anonymous (2)

$10,000–$19,999

Brian Abel Alan & Christine Bishop Ian & Jennifer Burton Libby Christie & Peter James Penny Edwards Dr Bruno & Mrs Rhonda Giuffre Stephen Johns & Michele Bender Helen Lynch AM & Helen Bauer Mrs Joan MacKenzie Justice Jane Mathews AO Tony & Fran Meagher Mrs T Merewether OAM Mr B G O’Conor Anonymous (2)

$5,000–$9,999

Mrs Antoinette Albert Andrew Andersons AO Jan Bowen Mr Donald Campbell & Dr Stephen Freiberg Mr Robert & Mrs L Alison Carr Emily Chang Bob & Julie Clampett Michael & Manuela Darling James & Leonie Furber Mr Robert Gay Mr David Greatorex AO & Mrs Deirdre Greatorex Irwin Imhof in memory of Herta Imhof Judges of the Supreme Court of NSW Gary Linnane Ruth & Bob Magid David Maloney & Erin Flaherty David & Andree Milman J F & A van Ogtrop Eva & Timothy Pascoe Rodney Rosenblum AM & Sylvia Rosenblum David Smithers AM & Family Mrs Hedy Switzer In memory of Dr William & Mrs Helen Webb Michael & Mary Whelan Trust Jill Wran Anonymous

$2,500–$4,999

David Barnes Marco Belgiorno-Zegna AM Lenore P Buckle Hilmer Family Trust Paul & Susan Hotz Mark Johnson Anna-Lisa Klettenberg Mr Justin Lam Mora Maxwell Judith McKernan James & Elsie Moore Mr & Mrs Ortis Bruce & Joy Reid Foundation Georges & Marliese Teitler Anonymous (2)

$1,000–$2,499

Adcorp Australia Limited Charles & Renee Abrams Mr Henri W Aram OAM Terrey & Anne Arcus Claire Armstrong & John Sharpe Richard Banks Optometrists Charles Barran Doug & Alison Battersby Jo-Anne Beirne Stephen J Bell Phil & Elesa Bennett Nicole Berger Gabrielle Blackstock Mr Alexander & Mrs Vera Boyarsky David S Brett Jane Brodribb & Colin Draper Mr Maximo Buch M Bulmer Pat & Jenny Burnett The Clitheroe Foundation Debby Cramer & Bill Caukill Ewen & Catherine Crouch Lisa & Miro Davis Mr James Graham AM & Mrs Helen Graham Ian Dickson & Reg Holloway Paul Espie Russell & Sue Farr Rosemary & Max Farr-Jones John Favaloro Mr Ian Fenwicke & Prof Neville Wills Firehold Pty Ltd Annette Freeman Ross & Jill Gavin Warren Green Anthony Gregg & Deanne Whittleston Akiko Gregory In memory of Oscar Grynberg Janette Hamilton Ann Hoban The Hon David Hunt AO QC & Mrs Margaret Hunt Dr Michael Joel AM & Mrs Anna Joel Sam & Barbara Linz Mallesons Stephen Jaques Mr Robert & Mrs Renee Markovic Ian & Pam McGaw Matthew McInnes

Mrs Barbara McNulty OBE Mr R A Oppen Mr Robert Orrell Jill Pain Mrs Almut Piatti Adrian & Dairneen Pilton Robin Potter Mr & Ms Stephen Proud Ernest & Judith Rapee Patricia H Reid Pamela Rogers Jerome & Pamela Rowley Juliana Schaeffer Victoria Smyth Ezekiel Solomon Catherine Stephen Andrew & Isolde Tornya John E Tuckey Mrs Merle Turkington Andrew Turner & Vivian Chang Mrs Kathleen Tutton A W Tyree Foundation Estate of B M Warden Henry & Ruth Weinberg Audrey & Michael Wilson Geoff Wood & Melissa Waites Anonymous (11)

$500–$999

Mr C R Adamson Dr Francis J Augustus Michael Baume AO & Toni Baume G D Bolton Dr & Mrs Hannes Boshoff Hon. Justice J C & Mrs Campbell Joan Connery OAM Jen Cornish Bruce Cutler Prof Christine Deer Peter English & Surry Partners In Memory of Mr Nick Enright Dr & Mrs C Goldschmidt In memory of Angelica Green Damien Hackett The Hallway Martin Hanrahan Dr Heng & Mrs Cilla Tey Rev H & Mrs M Herbert Dr & Mrs Michael Hunter Jannette King Iven & Sylvia Klineberg Ian Kortlang Mr & Mrs Gilles T Kryger Dr and Mrs Leo Leader Margaret Lederman Erna & Gerry Levy AM Sydney & Airdrie Lloyd Alison Lockhart & Bruce Watson Locumsgroup Holdings LP Dr Carolyn A Lowry OAM & Mr Peter Lowry OAM Wendy McCarthy AO Macquarie Group Foundation Limited Mrs Silvana Mantellato Kenneth N Mitchell Helen Morgan Mr Graham North Dr M C O’Connor Mrs Rachel O’Conor K B Meyboom A Willmers & R Pal Mrs S D O’Toole Mr George A Palmer Dr A J Palmer Dr Kevin Pedemont L T & L M Priddle Dr K D Reeve AM Rowan & Annie Ross Richard Royle Brian Russell & Irina Singleman

Mr M D Salamon In memory of H St P Scarlett Caroline Sharpen Robyn Smiles E Stuart Mr John Sullivan Mr Ken Tribe AC & Mrs Joan Tribe Prof Gordon E Wall Ronald Walledge The Hon Justice Anthony Whealy The Hon Edward G Whitlam Mrs R Yabsley Anonymous (19)

PARTNERSHIPS

34-35

The Sydney Symphony is proud of the partnerships that we have developed with our corporate sponsors. These long-term relationships continue to grow in both their scale and their importance for the Sydney Symphony’s viability and artistic success. In addition to the support given to our core activities in Australia, the Asian Tour in 2009 was only possible thanks to the participation of a number of companies who used branding and hospitality opportunities around the tour to further their commercial and business goals. The successful outcomes of the tour were reflected in the evaluation of the results for our sponsors for their investment in the project. The Sydney Symphony applauds the leadership role our Partners play and their commitment to excellence, innovation and creativity as well as to the place of the Arts in society. PRINCIPAL PARTNER

DIRECTORS’ CHAIRS

GOVERNMENT PARTNERS

The Sydney Symphony is assisted by the Commonwealth Government through the Australia Council, Its arts funding advisory body.

01 Louise Johnson Principal Harp Mulpha Australia Chair

04 Michael Dauth and Dene Olding Board and Council of the Sydney Symphony support the Concertmaster Chairs

The Sydney Symphony is assisted by the NSW Government through Communities Arts NSW.

SILVER PARTNERS

PANTONE 4625

PANTONE 185

KEITH SAUNDERS

MAJOR PARTNERS

KEITH SAUNDERS

PLATINUM PARTNER

LUXOR 220

Logo Heissgold / Logo en Or à Chaud

REGIONAL TOUR PARTNERS

ASIAN TOUR PARTNERS

BRONZE PARTNERS

Australia Post | Bimbadgen Estate Wines | Dell | Vittoria Coffee MARKETING PARTNERS

Blue Arc Group* | Lindsay Yates and Partners | 2MBS 102.5 – Sydney’s Fine Music Station

02 Richard Gill oam Artistic Director Education Sandra and Paul Salteri Chair 03 Ronald Prussing Principal Trombone Industry & Investment NSW Chair

05 Nick Byrne Trombone RogenSi Chair with Gerald Tapper, Managing Director RogenSi

06 Diana Doherty Principal Oboe Andrew Kaldor and Renata Kaldor ao Chair

09 Emma Sholl Associate Principal Flute Robert and Janet Constable Chair

07 Paul Goodchild Associate Principal Trumpet The Hansen Family Chair

10 Roger Benedict Principal Viola Roger Allen and Maggie Gray Chair

08 Catherine Hewgill Principal Cello Tony and Fran Meagher Chair

CORPORATE GOVERNANCE STATEMENT This statement outlines the Sydney Symphony’s corporate governance practices and addresses the eight Good Practice Governance Principles published and monitored by the Major Performing Arts Board of the Australia Council for the Arts. These principles are based on the recommendations published by the ASX Corporate Governance Council. The statement sets out the extent of the Sydney Symphony’s compliance with the eight principles as at the end of the financial year. As at 31 December 2009 the Sydney Symphony has achieved substantial compliance with the recommendations. Corporate governance documentation, including the Governance Framework and Charters, are available on request.

36-37

PRINCIPLE 1:

LAY SOLID FOUNDATIONS FOR MANAGEMENT AND OVERSIGHT The Sydney Symphony’s Governance Framework incorporates Board and Board Committee Charters and a Code of Conduct. There is also a formal statement of delegated authority to management and an induction procedure for new directors. A Board agenda is set at the start of the year and includes meetings for the Board to determine the Sydney Symphony’s strategy, three-year business plans, the program for the following season, the budget for the following year and the Sydney Symphony’s annual risk review.

PRINCIPLE 3:

PROMOTE ETHICAL AND RESPONSIBLE DECISION MAKING The Sydney Symphony’s Governance Framework includes a Code of Conduct, Delegations of Authority, Board and Committee charters, Risk Management policies as well as clearly defined roles and responsibilities for key appointments.

PRINCIPLE 4:

SAFEGUARD INTEGRITY IN FINANCIAL REPORTING The Finance, Audit and Risk Committee meets at least quarterly and its functions include:

PRINCIPLE 2:

• R eviewing and reporting to the Board on monthly, quarterly and annual financial statements

The Board includes Directors with a range of skills including finance and accounting, business (both public companies and small business) and commercial experience, public affairs, law, performance of orchestral music and music education. This experience is set out in their biographies.

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

The Board is supported by a Finance, Audit and Risk Committee (refer Principle 4) and a Nominating and Remuneration Committee, each of which has an individual charter setting out its responsibilities and operating principles.

• R eviewing the effectiveness of the Sydney Symphony’s internal control environment, including the effectiveness of internal control procedures

STRUCTURE THE BOARD TO ADD VALUE

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

• M onitoring and reviewing the reliability of financial reporting • M onitoring and reviewing the compliance of the Sydney Symphony with applicable laws and regulations • M onitoring the scope of the internal audit process and approving the engagement of internal auditors The Finance, Audit and Risk Committee meets with the external auditors at least once per year.

The Committee requires the Managing Director and Director of Finance to attest in writing that the Sydney Symphony’s financial reports present a true and fair view of the Sydney Symphony’s financial condition and operational results and are in accordance with relevant accounting standards. This statement is requested at the time of the consideration and approval of the Statutory Accounts. It is reviewed by the Finance, Audit and Risk Committee prior to its consideration by the Board. The Committee comprises up to four Directors and, by invitation, the Chairman of the Board, the Managing Director and the Director of Finance.

PRINCIPLE 5:

RECOGNISE AND MANAGE RISK Quarterly updates of the Sydney Symphony’s risk register are undertaken by management and presented to the Finance, Audit and Risk Committee. Management undertakes annual workshops to identify further risks and develop a Risk Management Plan. The output of the workshops is reviewed by the Board.

PRINCIPLE 6:

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

PRINCIPLE 7:

REMUNERATE FAIRLY AND RESPONSIBLY The Nominating and Remuneration Committee meets at least annually to review the Sydney Symphony’s remuneration strategies and policies. The Committee sets the parameters within which senior management negotiates musician and administration Staff Agreements. The Committee also approves all senior management remuneration arrangements.

PRINCIPLE 8:

RECOGNISE THE LEGITIMATE INTERESTS OF STAKEHOLDERS The Sydney Symphony has numerous stakeholders and a calendar is maintained in order to monitor requirements and reporting obligations. The calendar is approved by the Board, which oversees compliance with stakeholder reporting and associated obligations. The Sydney Symphony has a set of Occupational Health & Safety (OHS) manuals, which provide legislative and procedural guidance to ensure that the Sydney Symphony’s responsibilities continue to be met. There is a comprehensive, regular training program, including first aid and OHS committee training. Company policies and procedures are reviewed in consultation with staff representatives. Company Directors are briefed on OHS policies and procedures and review the company OHS plan annually.

Directors’ Report 40 Auditor’s Independence Declaration 43 Income Statement 44 Statement of Comprehensive Income 44 Balance Sheet 45 Statement of Changes In Equity 46 Cash Flow Statement 47 Notes to the Financial Statements 48 Directors’ Declaration 66 Independent Auditor’s Report 67

FINANCIAL STATEMENTS

38-39

SYDNEY SYMPHONY LIMITED AND ITS CONTROLLED ENTITIES A.B.N. 50 121 561 528 ANNUAL FINANCIAL REPORT 31 DECEMBER 2009

DIRECTORS REPORT

40-41

The directors present their report together with the financial report of Sydney Symphony Limited (the Group) for the year ended to 31 December 2009.

Directors

The directors in office, at any time during or since the financial period until the date of this report, are:

Company Secretary

Review and results of operations

The Group presented the Sydney Symphony, the Sydney Sinfonia and the Sydney Symphony Fellows in 205 performances to a total audience of over 300,000 people during the year ended 31 December 2009 in Sydney, outer metropolitan and regional NSW performing arts centres, including drought relief concerts held in Albury and Wagga Wagga in June. In October 2009 the Group continued its international touring programme with a highly successful 10 day tour to China and Malaysia playing to sold out venues and achieving critical acclaim for its performances. The results are summarised in the table below;

Qualification of Directors John Conde AO (Chairman) BSc, BE (Hons), Syd; MBA (Dist), Harv. Chairman of Energy Australia Chairman of BUPA Australia Health Pty Limited Chairman of Whitehaven Coal Limited President of The Commonwealth Remuneration Tribunal Chairman Homebush Motor Racing Authority Advisory Board Chairman of Events NSW Director of DEXUS Property Group Chairman of the Australian Olympic Committee (NSW) Fundraising Committee Member of Bond Universityâ&#x20AC;&#x2122;s Board of Trustee Members

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

Rory Jeffes (Managing Director) MA, Oxon

David Smithers AM FCA Director of Rabobank Australia Limited Group Director of Sydney IVF Ltd Director of Country Education Foundation Pty Limited Director of International Energy Services Group Limited Director of James N Kirby Foundation Limited

Jennifer Hoy MMus (P), AIM; BMus Hons. (P) Syd Violinist - Sydney Symphony Orchestra Stephen Johns FCA, BEc, Syd Director of the Westfield Group Director of Brambles Limited Chairman of Spark Infrastructure Group Director of Leighton Holdings Limited

The principal activity of the Group was the performance of symphonic music. There were no significant changes in the nature of the activities of the Group during the year.

JOHN HORN

JOHN CONDE AO (Chairman) LIBBY CHRISTIE (Managing Director) Resigned 3 April 2009 RORY JEFFES (Managing Director) Appointed 14 July 2009 EWEN CROUCH Appointed 1 January 2009 JOHN CURTIS Resigned 30 April 2009 JENNIFER HOY Appointed 1 January 2009 STEPHEN JOHNS ANDREW KALDOR GOETZ RICHTER DAVID SMITHERS AM GABRIELLE TRAINOR

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

Principal Activities

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

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

2009 Consolidated $

2008 Consolidated $

Operating (loss)/profit before additional costs due to divestment and special items

(606,682)

281,817

Additional operating costs due to divestment Total additional costs due to divestment Interest income earned on prepaid government funding to offset additional costs due to divestment Operating loss before special items Special items Interest earned on Instrument Reserve donation Net international touring deficit Maestro Circle donations net of expenditure

(479,616) -

(508,735) 38,724

(1,086,298)

(188,194)

22,952 (270,631) 243,500

54,444 (459,132) 315,000

Net loss for the year

(1,090,477)

(277,882)

The groupâ&#x20AC;&#x2122;s 2009 season was adversely affected by the global financial crisis which impacted operating conditions in Australia and effected single ticket sales revenue and interest earnings on term deposit investments, due to lower prevailing interest rates. These factors, combined with the ongoing cost of divestment and the cost of the Asian tour, resulted in an operating loss being incurred in 2009.

DIRECTORS REPORT Costs of Divestment from the ABC

The net cost of divestment of $479,616 was a significant burden for the company and was comprised principally of the continued additional cost of moving from the Commonwealth to State workers compensation schemes and increased superannuation costs. The Group will continue to incur these additional costs and will seek appropriate funding as part of the ongoing 2010 government funding discussions.

State of affairs

Other than as mentioned elsewhere, in the opinion of the directors there were no other significant changes in the underlying state of affairs of the Group that occurred during the year.

Likely developments

The Group has scheduled performances of symphonic and other orchestral music, which it will continue to present during the next financial year. The Group’s continuing viability is dependent on maintaining its current level of funding, especially government funding. The group has the intention to continue with international touring in 2010, subject to formal Board review of the likely financial requirements and impact of the tour.

Dividends

No dividends have been paid by the Group.

Events subsequent to balance date

No events have occurred subsequent to balance date and up to the date of this report that materially affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial years.

Environmental regulations and performance

The Group is not subject to any particular or significant environmental regulation.

42-43 Directors’ Meetings

The numbers of meetings of the Board of Directors and of Board Committees during the financial period were: Number of Meetings Eligible (A) Number of Meetings Attended (B) John Conde AO - Note 1 Libby Christie John Curtis Ewen Crouch Jennifer Hoy Rory Jeffes - Note 1 Stephen Johns Andrew Kaldor Goetz Richter David Smithers AM Gabrielle Trainor

Board A

Finance Audit & Risk A

7 2 2 7 7 5 7 7 7 7 7

7 2 1 7 7 5 6 6 4 5 4

Nomination & Remuneration

2 1 - 1 - - 4 4 - 4 -

2 1 - 1 - - 4 4 - 3 -

2 1 - - - 1 2 - - - 2

2 1 1 2 2

Note 1- Both the Chairman of the Board and the Managing Director attend meetings of The Finance Audit and Risk Committee by invitation.

Directors’ Remuneration

Directors are not paid any fees for their services as directors of the company. Details of directors’ remuneration are disclosed in Note 23.

Indemnification and insurance of Officers Information on the indemnification and insurance of officers can be found in Note 29.

Auditor’s Independence Declaration

The Auditor’s Independence Declaration is set out on page 43.

Directors’ Interests

The company is limited by guarantee and accordingly does not issue shares.

Signed in accordance with a resolution of the directors:

John Conde AO Chairman Sydney, dated 29th March 2010

INCOME STATEMENT

BALANCE SHEET

FOR THE PERIOD ENDED 31 DECEMBER 2009

AS AT 31 DECEMBER 2009

Notes Revenue Funding revenue 4 Ticket sales 5 Sponsorship and donations 6 Other income 7 Total revenue Expenses Employee expenses 8 Artist fees and expenses Marketing expenses Production expenses Depreciation and amortisation 8 Funding to subsidiary Other expenses Total expenses Net loss for the year Income tax expense 9 Loss after Income tax

2009 Consolidated $ 12,831,444 13,391,727 4,355,555 1,797,319 32,376,045 18,494,890 5,051,787 3,221,593 4,152,481 359,622 - 2,186,149 33,466,522 (1,090,477) - (1,090,477)

2008 Consolidated $ 12,493,431 13,530,341 4,348,684 2,570,214 32,942,670 17,748,891 5,092,019 3,271,626 4,555,812 264,327 - 2,287,877 33,220,552 (277,882) - (277,882)

2009 Parent $ 12,831,444 - - - 12,831,444 - - - - - 12,831,444 - 12,831,444 - - -

2008 Parent $ 12,493,431 12,493,431 12,493,431 12,493,431 -

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

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2009

Notes

2009 Consolidated $

2008 Consolidated $

2009 Parent $

2008 Parent $

(1,090,477)

(277,882)

L oss after Income tax Other comprehensive income Cash Flow Hedges Loss taken to equity

(105,552)

Total Other Comprehensive Income for the year

(105,552)

Total Comprehensive Income

(1,196,029)

(277,882)

Notes Current Assets Cash and cash equivalents 18 Other financial assets 10 Trade and other receivables 11 Prepayments Total Current Assets Non-Current Assets Property, plant and equipment 12 Intangible assets 13 Other financial assets 10 Investment in subsidiary Total Non-Current Assets Total Assets Current Liabilities Trade and other payables 14 Prepaid revenue 15 Provisions 16 Derivative financial instruments 28 Total Current Liabilities Non-Current Liabilities Provisions 16 Derivative financial instruments 28 Total Non-Current Liabilities Total Liabilities Net Assets Equity Symphony Reserve 19 International Touring Reserve 20 Instrument Reserve 21 Maestroâ&#x20AC;&#x2122;s Circle Reserve 22 Cash Flow Hedge Reserve 28 Retained Earnings Total Equity

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

44-45

2009 Consolidated $ 16,616,875 123,098 1,295,650 438,907 18,474,530 1,117,350 177,205 383,885 - 1,678,440 20,152,970 1,898,080 5,502,888 3,445,841 27,056 10,873,865 722,985 78,496 801,481 11,675,346 8,477,624 1,739,177 1,270,237 460,502 558,500 (105,552) 4,554,760 8,477,624

2008 Consolidated $ 16,625,883 60,074 879,187 296,176 17,861,320 1,119,443 13,890 359,085 - 1,492,418 19,353,738 1,621,461 4,159,495 3,201,010 - 8,981,966 698,119 - 698,119 9,680,085 9,673,653 1,689,177 1,540,868 614,973 315,000 - 5,513,635 9,673,653

2009 Parent $ - - - - - - - - 8,578,559 8,578,559 8,578,559 330 - - - 330 - - - 330 8,578,229 - - - - - 8,578,229 8,578,229

2008 Parent $ 8,578,559 8,578,559 8,578,559 330 330 330 8,578,229 8,578,229 8,578,229

STATEMENT OF CHANGES IN EQUITY

CASH FLOW STATEMENT

AS AT 31 DECEMBER 2009

FOR THE PERIOD ENDED 31 DECEMBER 2009

CONSOLIDATED

Notes

Symphony International Retained Reserves Touring Note Earnings Reserve (Note 19) (Note 20) $ $ $ As at 1 January 2008 5,462,358 2,489,177 2,000,000 Net loss for the year (277,882) - - Transfer from/(to) International Touring Res 20 459,132 - (459,132) Transfer from/(to) Instrument Res 21 185,027 (800,000) - Transfer from/(to) Maestro’s Circle Res 22 (315,000) - - As at 31 December 2008 5,513,635 1,689,177 1,540,868

As at 1 January 2009 Net (loss)/profit for the year Other comprehensive income Transfer from/(to) Symphony Res Transfer from/(to) International Touring Res Transfer from/(to) Instrument Res Transfer from/(to) Instrument Res Transfer from/(to) Maestro’s Circle Res Transfer from/(to) Maestro’s Circle Res As at 31 December 2009

5,513,635 (1,090,477) - 19 (50,000) 20 270,631 21 (22,952) 21 177,423 22 (428,500) 22 185,000 4,554,760

1,689,177 - - 50,000 - - - - - 1,739,177

1,540,868 - - - (270,631) - - - - 1,270,237

Cash Flow Instrument Hedge Reserve Reserve (Note 28) (Note 21) $ $

Maestro’s Circle Reserve (Note 22) $

Total Equity $

- - - - -

- - - 614,973 -

- - - - 315,000

9,951,535 (277,882) - -

614,973

315,000

9,673,653

- - (105,552) - - - - - -

614,973 - - - - 22,952 (177,423) - -

(105,552)

460,502

315,000 9,673,653 - (1,090,477) - (105,552) - - - - - - 428,500 (185,000) 558,500

8,477,624

46-47

Cash flows from operating activities Cash receipts from box office and sponsors Cash receipts from bequests Cash receipts general donations Cash payments to suppliers and employees Cash payments to subsidiary Grants received from government funding bodies Interest received Net cash provided by/(used in) operating activities 18(b) Cashflows from financing activities Employee instrument loans granted Proceeds from repayments on employee instrument loans Net Cash flows used in financing activities Cash flows from investing activities

2009 Consolidated $

2008 Consolidated $

2009 Parent $

18,106,592 50,000 1,448,437 (32,702,561) - 12,831,444 866,512 600,424 (175,113) 87,289 (87,824)

16,398,544 5,000 1,445,257 (32,905,480) - 12,493,431 1,537,259 (1,025,989) (135,221) 64,620 (70,601)

- - - - (12,831,444) 12,831,444 - - - - -

(12,493,431) 12,493,431 -

- -

Payments for property, plant and equipment Payments for intangible assets

(323,467) (198,141)

(515,311) (4,973)

Net cash flows used in investing activities Net decrease in cash held Cash and cash equivalents at beginning of financial year

(521,608) (9,008) 16,625,883

(520,284) (1,616,874) 18,242,757

18(a)

16,616,875

16,625,883

2008 Parent $

- - -

- -

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

Cash and cash equivalents at end of year

PARENT As at 1 January 2008 Net profit for the year As at 31 December 2008 As at 1 January 2009 Net profit for the year As at 31 December 2009 The Statement of Changes in Equity should be read in conjunction with the notes to the financial statements

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

Retained earnings $

Total Equity $

8,578,229 - 8,578,229 8,578,229 - 8,578,229

8,578,229 8,578,229 8,578,229 8,578,229

NOTES

48-49

TO THE FINANCIAL STATEMENTS 1. CORPORATE INFORMATION

The financial report of Sydney Symphony Limited and its controlled entities for the year ended 31 December 2009 was authorised for issue in accordance with a resolution of the directors on 29th March 2010. Sydney Symphony Limited (the parent) is a public company limited by guarantee, incorporated and domiciled in Australia. The address of the registered office is 35 Pitt Street Sydney, NSW 2000. The nature of the operations and principal activities of the Group are described in the Directors’ Report.

2. S UMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of preparation

The consolidated financial report is a general-purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards, and other authoritative pronouncements of the Australian Accounting Standards Board. The consolidated financial report has also been prepared on a historical cost basis except for derivative financial instruments which have been measured at fair value. The consolidated financial report is prepared in Australian dollars.

Statement of compliance

The consolidated financial report complies with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standard (‘AIFRS’). Some AIFRS and other Australian Accounting Standards contain requirements specific to not-for-profit entities that are inconsistent with IFRS requirements. The following Australian Accounting Standards include not-for-profit specific requirements which have been applied in preparing this financial report:

Financial risk management objectives and policies

The Group’s principal financial instruments comprise cash and short-term deposits, receivables and payables. The disclosures are included under the relevant notes to the financial statements. The Group manages its exposure to key financial risks, including interest rate and currency risk in accordance with the Group’s financial risk management policy. The disclosures are included under the relevant notes to the financial statements. The Group enters into derivative transactions, principally forward currency contracts to manage the currency risk arising from the group’s operations. The Board reviews and agrees policies for managing foreign currency risk which arises from transactional currency exposures due to sales or purchases by an operating entity in currencies other than the functional currency. It is the Group’s policy not to enter into forward foreign currency contracts until a firm commitment is in place and to negotiate the terms of the hedge derivatives to exactly match the terms of the hedged item to maximize hedge effectiveness. The group trades derivative products only with recognized creditworthy third parties with an equivalent S&P credit rating of AA or higher.

a) Basis of consolidation

The consolidated financial statements comprise the financial statements of Sydney Symphony Limited and its subsidiary as at 31 December 2009. The financial statements of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies.

AASB 116: Property, Plant and Equipment AASB 136: Impairment of Assets AASB 1004: Contributions

In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and losses resulting from intra-Group transactions have been eliminated in full. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group.

Certain Australian Accounting Standards and Interpretations have recently been issued or amended but are not yet effective and have not been adopted by the Group for the annual reporting period ended 31 December 2009. When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the current financial year.

The ability of the Group to maintain its operations is dependent inter alia on the continuing support of various Governments by way of grants. The Tripartite Agreement was renewed for the period 2007 – 2009 with Australia Council for the Arts and Arts NSW. Funding for 2010 has been confirmed, subject to the company continuing to meet the requirements of the Tripartite Agreement. Therefore the financial statements have been prepared under the going concern principle.

b) Going concern

c) Revenue recognition

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

d) Contribution income

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

e) Funding revenue

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

f) Ticket sales

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

g) Sponsorship and donations revenue

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

h) Orchestral hire revenue

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

i) Interest income

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

j) Foreign currency translation

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

k) Income Tax and other taxes

Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Deferred income tax is provided on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes except when the taxable temporary difference is associated with investments and the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Revenues, expenses and assets are recognised net of the amount of Goods and Services Tax (GST), except where the amount of GST incurred is not recoverable from the Australian Tax Office (ATO). In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part of an item of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the balance sheet. Cash flows are included in the statement of cash flows on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows.

l) Acquisitions of assets

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

m) Cash and cash equivalents

Cash and cash equivalents includes 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 which are subject to an insignificant risk of changes in value. For the purposes of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

n) Trade and other receivables

Trade receivables, which generally have 60 day terms, are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for any uncollectible amounts. Collectability of trade receivables is reviewed on an ongoing basis. Debts that are known to be uncollectible are written off when identified. An allowance for provision for impairment of trade receivables is used when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. The amount of the impairment loss is recognised in the income statement within other expenses.

NOTES

50-51

TO THE FINANCIAL STATEMENTS o)Property, plant and equipment

All items of property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be reliably measured. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Items of plant and equipment, leasehold improvements, computer equipment and musical instruments are depreciated using the straight-line method over their estimated useful lives. Where musical instruments are deemed to appreciate in value no depreciation is applied. Each class of asset in the current period was depreciated over the following useful lives as set out in the following table; ASSET CLASS USEFUL LIFE Computer equipment 3 years Furniture and fittings Between 6 and 8 years Plant and equipment 8 years Musical instruments Between 5 and 15 years Derecognition and disposal An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period the asset is derecognised.

p) Intangible assets

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

q) Impairment

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

r) Leased plant and equipment

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

s) Trade and other payables

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

t) Provisions

A provision is recognised when there is a legal, equitable, constructive obligation as a result of a past event and it is probable that a future sacrifice of economic benefits will be required, to settle the obligation, the timing or amount of which is uncertain. Provisions are determined by discounting the expected future cash flows required to settle the obligation at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Make good provision The Group provides for costs of restoration or removal in relation to fixed assets when there is legal and constructive obligation. These costs include obligations relating to the dismantling, removal, remediation, restoration and other expenditure associated with fixed assets or site fit-outs. Restoration provisions are initially recorded when a reliable estimate of the costs to be incurred can be determined, discounted to present value. The estimates are based upon review of contracts, legal requirements, estimates from independent valuers, historic information and expected future costs. Future restoration costs are reviewed annually and any changes are reflected in the present value of the restoration provision at the end of the reporting period. The amount of the future restoration costs is capitalised and is depreciated in accordance with the policy set out in the note above. The unwinding of the effect of discounting on provision is recognised as a finance cost.

u) Employee benefits

Wages, salaries and annual leave Liabilities for employee benefits for wages, salaries and annual leave expected to be settled within 12 months of the reporting date represent present obligations resulting from employees’ services provided up to the reporting date. These are calculated at undiscounted amounts based on compensation rates that the consolidated entity expects to pay, including related on-costs. Long service benefits The provision for employee benefits for long service leave represents the present value of the estimated future cash outflows to be made, resulting from employees’ services provided up to the reporting date. The provision is calculated using expected future increases in wage and salary rates including related on costs and expected settlement dates based on turnover history and is discounted using the rates attaching to Commonwealth government bonds at balance date which most closely match the terms of maturity of the related liabilities. Superannuation The Group contributes to employees’ superannuation funds. Contributions are recognised as an expense as they are made. Employee loans Some employees are lent monies which are used in turn to purchase musical instruments. These loans are secured by the instruments themselves and is interest bearing. Amounts outstanding are recouped over time through contributions withheld from musicians’ salaries. These are recorded within other financial assets.

v) Changes in accounting policies

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

w) D erivative Financial Instruments and Hedging

Derivative financial instruments are used by the Group in the normal course of business in order to hedge exposure to fluctuations in foreign currency rates on forecasted transactions. The effective portion of the gain or loss on the financial instrument is recognised directly in equity and transferred out of equity when the forecast transaction occurs.

3. S IGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. The following critical accounting policies have been identified for which significant judgements, estimates and assumptions are made. Impairment of non-financial assets The Group assesses impairment of its non-financial assets at each reporting date by evaluating conditions specific to the Group and to the specific asset. If an impairment trigger exists the recoverable amount of the asset is determined. Management do not consider that the triggers for impairment have been significant and these assets have not been tested for impairment in this financial period. Make good provision A provision has been made for the present value of anticipated costs associated with the future restoration of the leased office premises. The estimate is periodically reviewed and updated. The related carrying amounts are disclosed in note 16. Estimate of useful lives The estimation of useful lives of assets is based on historical experience. The condition of assets are assessed periodically and considered in relation to the remaining useful life of the asset and adjustments made to useful lives as appropriate.

NOTES

52-53

TO THE FINANCIAL STATEMENTS 4. FUNDING REVENUE

2009 2008 2009 2008 Consolidated Consolidated Parent Parent $ $ $ $ Australia Council for the Arts Annual Grant 9,721,215 9,407,300 9,721,215 9,407,300 Additional Grant 55,000 50,000 55,000 50,000 Arts NSW Base Funding 3,032,840 3,036,131 3,032,840 3,036,131 School Travel & Educational Support Project 16,740 - 16,740 Adjustment to Year 2 of Triennial Funding 5,649 - 5,649 Total funding revenue 12,831,444 12,493,431 12,831,444 12,493,431 A significant portion of the Group’s annual revenue consists of funding from federal and state governments, through the Australia Council for the Arts and Arts NSW. As a result, the Group has an economic dependency on these entities. The Funding Agreement with the Australia Council for the Arts and Arts NSW was renewed for the period 2007-2009 whereby amounts will be provided to Sydney Symphony Limited. As required, these amounts were transferred to Sydney Symphony Orchestra Holdings Pty Limited to fund its operations. In 2009 additional grants were received from the Australia Council to fund emerging artist’s education and the development of a digital new media strategy for the group. In 2008 an additional grant was received from the Australia Council as a contribution to the group’s tour to Italy.

5. TICKET SALES Subscriptions Single night Commercial events Total ticket sales

2009 Consolidated $ 5,691,221 4,449,763 3,250,793

2008 Consolidated $ 4,929,247 5,376,374 3,224,720

2009 Parent $ - - -

2008 Parent $

13,391,777

13,530,341

6. SPONSORSHIP AND DONATIONS REVENUE Sponsorship General donations Maestro’s Circle donations

Total sponsorship and donations

2009 Consolidated $ 2,857,118 1,069,937 428,500

2008 Consolidated $ 2,898,427 1,135,257 315,000

4,355,555

4,348,684

2009 Parent $ - - - -

2008 Parent $ -

7. OTHER INCOME Orchestral hire income Interest Other income Total other revenue

2009 Consolidated $ 672,776 866,512 258,031

2008 Consolidated $ 793,401 1,537,259 239,554

2009 Parent $ - - -

2008 Parent $ -

1,797,319

2,570,214

2008 Consolidated $ - 13,051 90,670 50,202 79,507

2009 Parent $ 12,831,444 - - - -

2008 Parent $ 12,493,431

8. EXPENSES Funding to subsidiary Depreciation: Plant and equipment Furniture and fittings Musical instruments Computers

2009 Consolidated $ - 16,557 161,373 50,006 96,860

Amortisation of intangible assets

324,796 34,826

233,430 30,897

- -

Total Depreciation and Amortisation Operating lease rental expense

359,622 325,571

264,327 321,554

Employee expenses: Salaries and wages Superannuation Workers compensation Other employee expenses

14,886,956 2,228,469 352,954 1,026,511

14,142,405 2,158,379 287,313 1,160,794

- - - -

Total employee expenses

18,494,890

17,748,891

NOTES

54-55

TO THE FINANCIAL STATEMENTS 9. INCOME TAX Accounting Loss At groupâ&#x20AC;&#x2122;s statutory tax rate (30%) Less non taxable items Income tax expense

11. TRADE AND OTHER RECEIVABLES

2009 Consolidated $ (1,090,477) (327,143) 327,143

2008 Consolidated $ (277,882) (83,365) 83,365

2009 Parent $ - - -

(a) Trade and other receivables

2008 Parent $ -

The companyâ&#x20AC;&#x2122;s subsidiary Sydney Symphony Orchestra Holdings Pty Limited is exempt from income tax, capital gains tax and payroll tax by virtue of being a cultural organisation established for the encouragement of music and a charitable institution.

Current Trade debtors Other receivables Accrued income

Total trade and other receivables

2008 Consolidated $ 277,667 437,389 164,131

2009 Parent $ - - -

2008 Parent $

2009 Consolidated $ 1,015,218 162,674 117,758

1,295,650

879,187

(b) Past due but not impaired The debtors over 60 days are past due but not impaired, as there is no objective evidence at reporting date that the Group will not be able to collect all amounts due.

10. OTHER FINANCIAL ASSETS Current Asset Employee instrument loans Non Current Asset Employee instrument loans Total other financial assets

2009 Consolidated $ 123,098 383,885

2008 Consolidated $ 60,074 359,085

2009 Parent $ - -

2008 Parent $

506,983

419,159

- -

2009 Consolidated $

2008 Consolidated $

2009 Parent $

2008 Parent $ -

Trade Debtors ageing 0 to 60 days 61 to 90 days Over 90 days

803,232 1,986 210,000

98,175 138,645 40,847

- - -

Total trade debtors

1,015,218

277,667

As of 31st December 2009, trade debtors of $211,986 were past due but not impaired. The other classes within trade and other receivables do not contain impaired assets and are not past due.

NOTES

56-57

TO THE FINANCIAL STATEMENTS 12. PROPERTY, PLANT AND EQUIPMENT - CONSOLIDATED Plant and Fixtures and equipment fittings $ $

Musical Musical instruments instruments acquired acquired through the Musical Instrument Reserve $ $

13. INTANGIBLE ASSETS - CONSOLIDATED Computer equipment

Total

Year ended 31 December 2009 At 1 January 2009, net of accumulated 69,665 251,876 271,471 379,212 147,219 depreciation and impairment Additions 36,429 177,423 30,502 79,113 Disposals at cost - - - - (2,408) Disposal accumulated depreciation - - - - 1,644 Depreciation charge for the year (16,557) (161,373) - (50,006) (96,860) As at 31 December 2009, net of accumulated 89,537 90,503 448,894 359,708 128,708 depreciation and impairment At 1 January 2009 Cost or fair value 216,487 833,730 271,471 917,407 724,127 Accumulated depreciation (146,822) (581,854) - (538,195) (576,908) Net carrying amount 69,666 251,876 271,471 379,214 147,219 At 31 December 2009 Cost or fair value 252,916 833,730 448,894 947,909 800,832 Accumulated depreciation (163,379) (743,227) - (588,201) (672,124) Net carrying amount 89,537 90,503 448,894 359,708 128,708 Year ended 31 December 2008 At 1 January 2008, net of accumulated 64,615 271,063 - 370,767 131,117 depreciation and impairment Additions 18,101 71,483 271,471 58,647 95,609 Disposals at cost - - - - - Disposal accumulated depreciation - - - - - Depreciation charge for the year (13,051) (90,670) - (50,202) (79,507) As at 31 December 2008, net of accumulated 69,665 depreciation and impairment At 1 January 2008 Cost or fair value 198,386 Accumulated depreciation (133,771) Net carrying amount 64,615 At 31 December 2008 Cost or fair value 216,487 Accumulated depreciation (146,822) Net carrying amount 69,665

251,876

271,471

379,212

147,219

762,247 (491,184) 271,063 833,730 (581,854) 251,876

- - - 271,471 - 271,471

858,760 (487,993) 370,767 917,407 (538,195) 379,212

628,518 (497,401) 131,117 724,127 (576,908) 147,219

Software licences $ Year ended 31 December 2009 At 1 January 2009, net of accumulated amortisation and impairment 13,890 Additions 198,141 Disposals Amortisation charge for the year (34,826) As at 31 December, net of accumulated amortisation and impairment At 31 December 2009 Cost or fair value Accumulated amortisation Net carrying amount

1,119,443 323,467 (2,408) 1,644 (324,796)

177,205

359,802 (182,597)

177,205

1,117,350 Software licences $ Year ended 31 December 2008 At 1 January 2008, net of accumulated amortisation and impairment 39,814 Additions 4,973 Disposals Amortisation charge for the year (30,897)

2,963,222 (1,843,779) 1,119,443 3,284,281 (2,166,931) 1,117,350 837,562 515,311 (233,430)

837,562 2,963,222 (1,843,779) 1,119,443

13,890

161,661 (147,771)

13,890

The parent company does not hold any intangible assets so only the consolidated intangible assets are shown.

1,119,443

2,447,911 (1,610,349)

As at 31 December, net of accumulated amortisation and impairment At 31 December 2008 Cost or fair value Accumulated amortisation Net carrying amount. Year ended 31 December 2008

NOTES

58-59

TO THE FINANCIAL STATEMENTS 14. TRADE AND OTHER PAYABLES Accruals Trade creditors Other payables

Total trade and other payables Total trade and other payables ageing 0 to 60 days 61 to 90 days Over 90 days

17. GUARANTEE

2009 Consolidated $ 1,164,992 691,326 41,762

2008 Consolidated $ 902,283 667,377 51,801

2009 Parent $ - 330 -

2008 Parent $

1,898,080

1,621,461

330

1,898,080 - -

1,598,893 22,568 -

330 - -

330 -

Total trade and other payables 1,898,080 1,621,461 330 The fair value of financial liabilities is equivalent to the carrying amount at balance date as disclosed in the balance sheet and related notes. This is because either the carrying amounts approximate to the fair value or because of their short term to maturity.

330 -

330

15. PREPAID REVENUE

Total non current provisions Total provisions

For the purposes of the cash flow statement, cash and cash equivalents includes cash on hand and at bank and short-term deposits at call within 3 months. Cash and cash equivalents as at the end of the financial period as shown in the cash flow statement are as follows: Cash Short-term deposits

2009 Consolidated $ 3,505,199 13,111,676

2008 Consolidated $ 1,107,834 15,518,049

2009 Parent $ - -

2008 Parent $ -

16,616,875

16,625,883

2009 Parent $

2008 Parent $

b) Reconciliation of net profit to net cash provided by operating activities

2009 Consolidated $ 5,502,888 -

2008 Consolidated $ 4,134,991 24,504

5,502,888

4,159,495

2009 Parent $ - - -

2008 Parent $

16. PROVISIONS Current provision for employee benefits Non-current provision for employee benefits Make good provision

18. STATEMENT OF CASH FLOWS a) Reconciliation of cash

Prepaid ticket sales Prepaid other Total prepaid revenue

Each Member undertakes to contribute to the property of the Company if the Company is wound up while he, she or it is a Member or within 1 year after he, she or it ceases to be a Member, for payment of the Companyâ&#x20AC;&#x2122;s debts and liabilities contracted before he, she or it ceases to be a Member and of the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves, such amount as may be required, but not exceeding $20.

2009 Consolidated $ 3,445,841 572,967 150,018

2008 Consolidated $ 3,201,010 548,101 150,018

2009 Parent $ - - -

2008 Parent $

722,985

698,119

4,168,826

3,899,129

2009 Consolidated $

2008 Consolidated $

Net loss Add non-cash depreciation Add non-cash loss on disposal Add non-cash amortisation

(1,090,477) 324,796 764 34,826

(277,882) 233,430 - 30,897

- - - -

Net cash provided by operating activities before change in assets and liabilities Changes in assets and liabilities Decrease/(increase) in receivables Decrease/(increase) in other assets Increase/(decrease) in payables Increase/(decrease) in prepaid revenue Increase/(decrease) in provisions Changes in assets and liabilities

(730,091)

(13,555)

(416,463) (142,731) 276,619 1,343,393 269,697 1,330,515

481,342 (100,153) (55,119) (1,544,521) 206,017 (1,012,434)

- - - - - -

Net cash provided by operating activities

600,424

(1,025,989)

NOTES

60-61

TO THE FINANCIAL STATEMENTS 19. SYMPHONY RESERVE - CONSOLIDATED

Accumulated funds at 1 January Transfer from retained earnings in relation to: Current year bequest Instrument Reserve donation Transfer to Instrument Reserve

22. MAESTRO’S CIRCLE RESERVE - CONSOLIDATED

2009 $ 1,689,177

2008 $ 2,489,177

50,000 - -

(800,000)

Accumulated funds at 1 January Transfer from Retained Earnings in relation to: Maestro’s Circle donations Transfer to Retained Earnings in relation to: Maestro’s Circle expenses

Accumulated funds at 31 December 1,739,177 1,689,177 The Symphony Reserve was established under protocols agreed by the Board to raise and accumulate capital to support the aims of the company and its long-term financial security. In 2007 an anonymous donation of $800,000 was received to establish a special purpose reserve to acquire fine string instruments for orchestral musicians to improve the quality of the string section of the orchestra. In 2008 this amount, plus interest earned thereon was transferred to a separate Instrument Reserve.

Accumulated funds at 31 December

20. INTERNATIONAL TOURING RESERVE – CONSOLIDATED

23. DIRECTORS AND EXECUTIVE DISCLOSURES

2009 $ 315,000

2008 $

428,500

315,000

(185,000)

558,500

315,000

The Maestro’s Circle Reserve was created in 2008 to assist with the costs associated with special activities planned by the incoming Principal Conductor and Artistic Advisor, Mr Vladimir Ashkenazy. The Maestro’s Circle expenses relate to costs associated with the Midsummer Night’s Dream, Belshazzar’s Feast, The Prokofiev Festival and Prokofiev recordings.

Accumulated funds at 1 January Transfer to retained earnings in relation to: Net Deficit from touring Accumulated funds at 31 December

a) Details of key management personnel

2009 $ 1,540,868

2008 $ 2,000,000

(270,631)

(459,132)

1,270,237

1,540,868

2009 $ 614,973 22,952

2008 $ 86,444

- (177,423)

800,000 (271,471)

21. INSTRUMENT RESERVE - CONSOLIDATED

Accumulated funds at 1 January Transfer from Retained Earnings for interest earned Transfer from Symphony Reserve in relation to: Instrument Reserve donation Transfer to Retained Earnings for instruments acquired

Accumulated funds at 31 December 460,502 614,973 In 2007 an anonymous donation of $800,000 was received to establish a special purpose reserve to acquire fine string instruments for orchestral musicians to improve the quality of the string section of the orchestra. In 2008 this amount plus interest earned thereon was transferred to a separate Instrument Reserve. The assets purchased in 2009 using Instrument Reserve funds are included in the Property Plant and Equipment - Musical Instruments and total $177,423 (2008 $271,471) see note 12.

The names of each person holding the position of director or executive director of the Company during the financial period are listed on page 2 in the Directors’ Report. Unless otherwise stated in the Directors’ Report, the directors have been in office for the financial period.

b) Compensation of key management personnel 2009 2008 2009 2008 Consolidated Consolidated Parent Parent $ $ $ $ Short term 382,633 193,808 - Other employment benefits 33,510 61,755 - 416,143 255,563 - Payments were made to directors for their services as employees of the company and not for their services as directors of the Group for which no fee is paid. Non-executive directors are not paid any fees for their services as directors of the Group.

NOTES

62-63

TO THE FINANCIAL STATEMENTS 24. RELATED PARTIES

26. COMMITMENTS AND CONTINGENCIES

a) Directors

a) Operating Lease (non cancellable)

Transactions with Directors Mr. Ewen Crouch, a director of the company is also a partner with Allens Arthur Robinson. During the course of the period, this firm provided professional services to the Group on a pro bono basis. Mr Stephen Johns a director of the company is also a director of Brambles Limited. During the course of the year, Recall part of the Brambles Group provided information management services to the Group under normal terms and conditions. Mr John Curtis, a director of the company until 30 April 2009 was also a director of Westpac Banking Corporation Ltd which is the ultimate holding company of St George Bank Ltd. During the course of the year St George Bank Ltd provided banking facilities and leasehold office space to the Group under normal terms and conditions. Transactions between the parent company and entities in which directors have declared an interest, are transacted under normal terms and conditions. There were no contracts involving directors’ interests subsisting at period end excepting sponsorship agreements under normal terms and conditions of business. Sponsorship from director-related entities is on terms and conditions no more favourable than those offered to other sponsors.

2009 Consolidated $ Not later than one year 348,873 Later than one year and not later than five years 28,807 Later than five years - 377,680 The Group has operating leases for office accommodation and photocopier rental.

2008 Consolidated $ 348,499 377,680 -

2009 Parent $ - - -

2008 Parent $ -

726,179

b) Subsidiary

The consolidated financial statements as at 31 December 2009 include the parent company’s one subsidiary in which it had 100% interest, Sydney Symphony Orchestra Holdings Pty Limited which is incorporated in Australia and has the same balance date as that of the parent entity. The carrying value of the investment is $8,578,559 (at 31 December 2008: $8,578,559).

c) Ultimate parent

Sydney Symphony Limited is the ultimate parent entity.

25. AUDITORS’ REMUNERATION Amounts received or due and receivable by Ernst & Young : - an audit of the financial report of the entity - other assurance services in relation to the entity

27,000 14,000

Amounts received or due and receivable

41,000

2009 Consolidated $

2008 Consolidated $ 27,000 - 27,000

2009 Parent $ - -

2008 Parent $

No amounts are paid to the auditor by the parent entity. All amounts are paid by its subsidiary, Sydney Symphony Orchestra Holdings Pty Limited.

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

2009 2008 2009 2008 Consolidated Consolidated Parent Parent $ $ $ $ Not later than one year 1,157,579 1,499,388 - Later than one year and not later than five years 2,196,333 3,869,506 - Later than five years - - - 3,353,912 5,368,894 - The Group has entered into contracts for performances scheduled to take place during 2010 and subsequent years. These amounts include the expenditure required to satisfy the contracts with the artists.

NOTES

64-65

TO THE FINANCIAL STATEMENTS 27. FINANCIAL INSTRUMENTS - Consolidated

28. DERIVATIVE FINANCIAL INSTRUMENTS

a) Interest rate risk exposures - Consolidated

The following table summarises the interest rate risk for the Group, together with effective interest rates as at balance date.

31 December 2009 Weighted Average Effective Interest Rate Financial Assets Cash 2.89% Short term deposits 5.53% Employee instrument loans 3.16% Trade and other receivables Financial Liabilities Trade and other payables

Non interest bearing $ 139,202 1,295,650 (1,898,080)

Floating Interest Rate $ 3,365,997 2,174,306 506,983

Fixed rate; Less than 1 year $ 9,687,370

Fixed rate 1 to 2 years

Fixed rate 2 - 3 years

Total

$ 1,250,000

(463,228)

6,047,286

9,687,370

1,250,000

- 16,521,428

31 December 2008 Weighted Average Effective Interest Rate Financial Assets Cash 3.88% Short term deposits 5.85% Employee instrument loans 7.85% Trade and other receivables Financial Liabilities Trade and other payables

Non interest bearing $ 879,187 (1,621,461)

Floating Interest Rate $ 1,107,834 419,519

Fixed rate; Less than 1 year $ 15,518,049

Fixed rate 1 to 2 years

Fixed rate 2 - 3 years

Total

(742,274)

1,527,353

15,518,049

- 16,303,128

3,505,199 13,111,676 506,983 1,295,650 (1,898,080)

Current Liabilities Forward currency contracts –cash flow hedges

2009 Consolidated $ (27,056)

2008 Consolidated $ -

Non Current Liabilities Forward currency contracts –cash flow hedges

(78,496)

(105,552)

(a) Instruments Used by the Group

2009 Parent $ -

2008 Parent $ -

Derivative financial instruments are used by the Group in the normal course of business in order to hedge exposure to fluctuations in foreign currency rates. Net

Net

1,107,834 15,518,049 419,519 879,187 (1,621,461)

b) Interest rate risk exposures - parent

The parent company does not hold any cash or financial assets or liabilities so only the consolidated position is shown.

c) Net fair value

(i) Forward currency contracts – cash flow hedges The Group purchases the services of artists under contracts denominated in foreign currencies. In order to protect against exchange rate movements and to provide certainty against future cash flows the group has entered into forward currency contracts to purchase US dollars, Swiss francs and UK pounds. The cash flows are expected to occur between 1 to 16 months from 1 January 2010 and total AUD 105,552 (2008 Nil) with average exchange rates of USD 0.8929, CHF 0.8218, GBP 0.4806 (2008 Nil) The forward currency contracts are considered to be highly effective hedges as they are matched against forecast purchases and any gain or loss on the contracts attributable to the hedged risk is taken directly to equity. When the service is delivered the amount recognised in equity is adjusted to artist’s fees and expenses in the Income Statement. Movement in forward currency contract cash flow hedge reserve Opening Balance Charged to other comprehensive income Closing Balance

2009 Consolidated $

2008 Consolidated $

2009 Parent $

2008 Parent $

(105,552)

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

d) Credit risk exposure

29. INDEMNIFICATION AND INSURANCE OF OFFICERS

e) Liquidity statement

Insurance and indemnity arrangements established in previous years concerning officers of the consolidated entity were renewed and continued during 2009. Sydney Symphony Orchestra Holdings Pty Limited paid the premium on a contract insuring each of the Directors of the consolidated entity, named earlier in this report, and each of the full-time executive officers of the consolidated entity, against all liabilities and expenses arising as a result of work performed in their respective capacities, to the extent permitted by law.

The Group’s maximum exposure to credit risk at the balance sheet date in relation to each class of recognised financial assets is the carrying amount of those assets as indicated in the balance sheet and related notes. Short term deposits consist of a number of term deposits held with different maturity dates less than one year. These funds are available at call should they be required, subject to minor early withdrawal penalties.

f) Sensitivity analysis

A sensitivity analysis of the effect of interest rate and foreign currency movements on assets and liabilities was not undertaken as the prospective impacts were not considered material at balance date.

DIRECTORSâ&#x20AC;&#x2122; DECLARATION

66-67

In the opinion of the directors of Sydney Symphony Limited and its controlled entities: (a) the consolidated financial statements and notes, set out on pages 44 to 65, are in accordance with the Corporations Act 2001, including:

(i) giving a true and fair view of the financial position of the Group and of the Company as at 31 December 2009 and of their performance, as represented by the results of their operations for the financial year ended 31 December 2009; and

(ii) complying with Accounting Standards and the Corporations Regulations 2001; and

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

Signed in accordance with a resolution of the directors:

John Conde AO Chairman Sydney, dated 29th March 2010

Stephen Johns Director

SYDNEY SYMPHONY STAFF

68-69

DECEMBER 2009

MANAGING DIRECTOR Rory Jeffes EXECUTIVE TEAM ASSISTANT Lisa Davies-Galli

SALES AND MARKETING

ARTISTIC ADMINISTRATION MANAGER Raff Wilson ARTIST LIAISON MANAGER Ilmar Leetberg RECORDING PRODUCTION MANAGER Philip Powers

DIRECTOR OF SALES & MARKETING Mark J Elliott MARKETING MANAGER, SUBSCRIPTION SALES Rebecca MacFarling MARKETING MANAGER, CLASSICAL SALES Simon Crossley-Meates MARKETING MANAGER, COMMERCIAL SALES & RECORDINGS Penny Evans ONLINE MANAGER Kate Taylor MARKETING & MEDIA ASSOCIATE Antonia Farrugia GRAPHIC DESIGNER Christie Hutchinson DATA ANALYST Kent Prusas

Education Programs

Box Office

ARTISTIC OPERATIONS DIRECTOR OF ARTISTIC PLANNING Peter Czornyj

Artistic Administration

EDUCATION MANAGER Kim Waldock ARTIST DEVELOPMENT MANAGER Bernie Heard EDUCATION ASSISTANT Rebecca Whittington

Library

LIBRARIAN Anna Cernik LIBRARY ASSISTANT Victoria Grant LIBRARY ASSISTANT Mary-Ann Mead

DEVELOPMENT

HEAD OF CORPORATE RELATIONS Leann Meiers CORPORATE RELATIONS EXECUTIVE Julia Owens CORPORATE RELATIONS EXECUTIVE Seleena Semos HEAD OF PHILANTHROPY & PUBLIC AFFAIRS Caroline Sharpen PHILANTHROPY & PUBLIC AFFAIRS EXECUTIVE Kylie Anania DEVELOPMENT COORDINATOR Georgia Wilton

MANAGER OF TICKETING & CUSTOMER SERVICE Lynn McLaughlin BOX OFFICE COORDINATOR Natasha Purkiss CUSTOMER SERVICE REPRESENTATIVES Michael Dowling Erich Gockel Matt Lilley Rachel McLarin

Publications

PUBLICATIONS EDITOR & MUSIC PRESENTATION MANAGER Yvonne Frindle

ORCHESTRA MANAGEMENT DIRECTOR OF ORCHESTRA MANAGEMENT Aernout Kerbert DEPUTY ORCHESTRA MANAGER Lisa Mullineux ACTING ORCHESTRAL COORDINATOR Stephanie Mirow OPERATIONS MANAGER Kerry-Anne Cook TECHNICAL MANAGER Derek Coutts PRODUCTION COORDINATOR Tim Dayman PRODUCTION COORDINATOR Ian Spence STAGE MANAGER Peter Gahan

BUSINESS SERVICES DIRECTOR OF FINANCE John Horn FINANCE MANAGER Ruth Tolentino ASSISTANT ACCOUNTANT Minerva Prescott ACCOUNTS ASSISTANT Li Li PAYROLL OFFICER Usef Hoosney

HUMAN RESOURCES HUMAN RESOURCES MANAGER Ian Arnold

PUBLIC RELATIONS PUBLIC RELATIONS MANAGER Yvonne Zammit PUBLICIST Katherine Stevenson

COMMERCIAL ENTERPRISES

COMMERCIAL ENTERPRISES MANAGER Patrick Smith

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