SSO 2011 Annual Report by Ian Wheaton

Annual Report

2011 S y d n e y s y m p h o n y. c o m

Contents

Sydney Symphony Musicians 2011

The Year in Review

Chairman’s Review

Managing Director’s Report

Community

Supporters – Donors and Sponsors

Five-Year Performance Summary

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

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

Sydney Symphony Musicians 2011

First Violins

Violas

Harp

Bassoon

Bass Trombone

Sun Yi

Roger Benedict Principal Kim Williams AM & Catherine Dovey Chair

Louise Johnson

Matthew Wilkie

Associate Concertmaster

Christopher Harris

Kirsten Williams Associate Concertmaster

Katherine Lukey Assistant Concertmaster

Fiona Ziegler Assistant Concertmaster

Julie Batty

Principal

Anne Louise Comerford

Associate Principal

Fiona McNamara

Janet Webb

Steve Rossé

Principal

Yvette Goodchild

Emma Sholl

Assistant Principal

Associate Principal Robert & Janet Constable Chair

Contrabassoon Noriko Shimada Principal

Robyn Brookfield

Marianne Broadfoot

Sandro Costantino

Vladimir Ashkenazy

Brielle Clapson

Jane Hazelwood

Sophie Cole

Veolia Environmental Services Chair

Principal Conductor & Artistic Advisor Sponsored by Emirates

Amber Davis

Graham Hennings

Georges Lentz

Stuart Johnson

Nicola Lewis

Justine Marsden

Oboes

Nicole Masters

Felicity Tsai

Diana Doherty

Alexandra Mitchell

Leonid Volovelsky

Principal Oboe Andrew Kaldor & Renata Kaldor AO Chair

Lee Bracegirdle

Shefali Pryor

Marnie Sebire

Associate Conductor

Supported by Premier Partner Credit Suisse and Symphony Services International

Michael Dauth Concertmaster

Léone Ziegler

Second Violins Marina Marsden Principal

Dene Olding Concertmaster

Kirsty Hilton Principal

Emma West

Cellos Catherine Hewgill Principal Tony & Fran Meagher Chair

Leah Lynn

A/Assistant Principal

Elizabeth Neville

Bob & Ruth Magid Chair

Adrian Wallis David Wickham

Emma Hayes Stan Kornel Benjamin Li Emily Long Philippa Paige Biyana Rozenblit Maja Verunica

Robert Johnson

Double Basses

Associate Principal Rose Herceg Chair

David Papp

Principal

Alex Henery Principal

Neil Brawley

Principal

Geoff O’Reilly Principal 3rd

Euan Harvey

Trumpets Daniel Mendelow Principal

Paul Goodchild Associate Principal

John Foster

Clarinets

Anthony Heinrichs

Lawrence Dobell

Trombones

Principal Anne Arcus & Terrey Arcus AM Chair

Ronald Prussing

Francesco Celata

Principal

Associate Principal

Scott Kinmont

Christopher Tingay

Associate Principal

Nick Byrne

Kees Boersma Principal

Principal

Ben Jacks

Alexandre Oguey

Jennifer Hoy

Shuti Huang

Rosamund Plummer

Kristy Conrau Timothy Nankervis

Maria Durek

Horns

Principal

Bass Clarinet Craig Wernicke Principal

Principal Emeritus

David Campbell Steven Larson Richard Lynn David Murray Benjamin Ward

Dene Olding (image: Keith Saunders)

Timpani Richard Miller

Piccolo

Cor Anglais

Assistant Principal

Principal Emeritus

Carolyn Harris

Assistant Principal

Fenella Gill

Susan Dobbie

Tuba

Associate Principal

Jennifer Booth

Nicholas Carter

Principal

Roger Brooke

Flutes

Tobias Breider

Principal

Mark Robinson Assistant Principal and Tutti Percussion

Percussion Rebecca Lagos Principal

Colin Piper

Justice Jane Mathews AO Chair

Piano Josephine Allan Principal (contract)

The Year in Review Sydney Subscription Series and Stand-Alone Mainstage Performances gg The Sydney Symphony presented 118 concerts in the Sydney Opera House and City Recital Hall Angel Place to 235,398 patrons. gg These performances included 92 concerts to which subscriptions were sold across 11 series, nine gala performances and a further 17 performances which fell outside the main subscription series.

Commercial Collaborations The Sydney Symphony plans its seasons well in advance. Acknowledging that opportunities to perform in collaboration with popular commercial artists requires a shorter planning window, the Company allocates a percentage of available orchestral playing time to these projects This work is undertaken either with the Sydney Symphony taking the role of presenter or as a ‘band for hire’. In 2011 the Sydney Symphony performed in 17 concerts in this category, which attracted 35,386 attendees.

gg 120 people attended the Sinfonietta workshop in Sydney and 220 teachers from around Australia requested the Teacher Resource Kit, with 70 attending the composition workshops in Sydney, Melbourne and Hobart. gg 95 students and 15 local music teachers participated in the Playerlink workshop and associated activities in Armidale.

Touring and Outreach gg The Sydney Symphony performed at two free outdoor concerts in 2011: Symphony in the Domain – 60,000 Parramatta Park – 1,200 gg The Sydney Symphony toured to Wollongong where it played to a packed hall of 800 to raise funds for rural families. gg The Sydney Symphony also gave concerts in Penrith, Blacktown and Newcastle. gg More than 72 hours of Sydney Symphony recorded concerts were broadcast on ABC Classic FM in 2011.

The Education Program

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

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

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

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

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

gg 750 students from outer-metropolitan Sydney attended five open rehearsals at the Sydney Opera House and Sydney Olympic Park. gg 2,200 concert-goers enjoyed 18 performances by the Sydney Symphony Fellows throughout Sydney and NSW. gg 120 tertiary students and teachers attended masterclasses as part of the Sinfonia and Fellowship programs and an additional 550 piano students and their teachers attended a special workshop with pianist Lang Lang. gg 520 teachers attended eight accredited professional learning courses.

In 2011 the Sydney Symphony performed over 200 concerts to more than

340,000 people.

Number of Programs

Paid Occupancy

57,908

Thursday Afternoon Symphony

20,397

Emirates Metro Series

16,393

Meet the Music

16,257

Kaleidoscope

15,339

Great Classics

15,924

Tea & Symphony

15,037

Mondays @ 7

10,672

Discovery Program

3,466

International Pianists in Recital

3,958

Mozart in the City

3,873

Gala performances

20,788

35,386

118

235,398

Ausgrid Master Series

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

Commercial concerts IMAGES FROM TOP LEFT: Diana Doherty, Principal Oboe.

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Number of Performances

Series

Total

Chairman’s Review The year 2011 will be remembered by our audiences as one of outstanding artistic highlights. It marked the culmination of the two-year Mahler Odyssey, which represented a landmark in our partnership with Principal Conductor and Artistic Advisor Vladimir Ashkenazy. Our audiences embraced these performances with enthusiasm and we are delighted they have been captured for posterity in recordings that are being released as they become available. The year has also been a strong one for the Sydney Symphony from a financial results perspective. The net operating surplus of $1.022 million is indicative of the Company’s strength and resilience to recover from the downturn in trading conditions fuelled by the global financial crisis in 2009. After including an anonymous instrument donation of $500,000, the final net profit for the year was $1.522 million. The Group also recorded back-toback years of record ticket sales and occupancy rates during the past two financial years. Indeed, in 2011 we sold more tickets to Sydney Symphony concerts than in any previous year since records began. Overall, we are proud of the Sydney Symphony’s financial performance in the 2011 year, which has largely recouped the deficits incurred over the past three years and we thank all concert-goers for their support.

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

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

S y d n e y s y m p h o n y / 2 0 11 a n n u a l r e p o r t

The Board continues to focus on the key performance criteria embodied in our business plans, being Artistic Vibrancy, Access and Financial Stability. We exceeded target expectations in respect of all key performance indicators in 2011 and we look forward to continued improvements in the 2012 year. I thank my fellow directors for their efforts during the year and I make special mention of Ms Gabriele Trainor who retired from the Board in May 2011. During her seven years on the Board Gabrielle was a tireless advocate for the Orchestra and her contributions were much appreciated by directors, musicians and management. We acknowledge the continued support of our subscribers, donors and sponsors and thank the Federal Government, through the Australia Council for the Arts, and the NSW Government, through Arts NSW, for their invaluable assistance. Our orchestra is comprised of talented and passionate musicians and I thank them for their energy and commitment in striving constantly for higher artistic achievements under the inspiring direction of Vladimir Ashkenazy. All of the orchestra’s efforts are supported by our outstanding management team led ably by our Managing Director Mr Rory Jeffes. I acknowledge Rory’s sound strategic and operational leadership of the Company and thank him for his dedication and loyalty. As the 2012 season has now commenced we are actively celebrating our 80th anniversary with a series of program highlights and special events designed to remember the past and also celebrate the continued future success of this outstanding cultural institution. Over the years there have been many challenges for the Orchestra and we expect many of these same challenges in 2012 and beyond. The Company is determined to continue meeting them head-on with passion and integrity.

John C Conde ao Chairman

Managing Director’s Report 2011 was a year of significant achievements for the Sydney Symphony both in artistic projects and in achieving a markedly improved financial outcome for the year. While the market remained subdued for much of the year because of uncertainty around the global financial environment, I am pleased to report that during the year we increased ticket sales, both to subscribers and single ticket purchasers, to record levels. It is gratifying that the financial surplus for the year has been achieved through greater connection with our audiences and community, albeit linked to a rigorous approach to achieving value in all areas of the company’s expenditure. This success is built on the outstanding performances of our exceptional ensemble of musicians, and I also acknowledge the outstanding work of the Sydney Symphony administration team in achieving this result of which the whole Company can be satisfied.

Artistic Achievement The Sydney Symphony’s 2011 season was marked by a series of outstanding artistic achievements across a broad spectrum of symphonic presentations, performed to large audiences in and beyond Sydney. In Vladimir Ashkenazy’s third season as the Sydney Symphony’s Principal Conductor and Artistic Advisor, the Orchestra completed its landmark two-year Mahler Odyssey, including a deeply moving performance of the Ninth Symphony on the 100th anniversary of Gustav Mahler’s death, and culminating in powerfully climactic and uplifting performances in November of Mahler’s Symphony No.2 “Resurrection”. As in the first year of the Mahler Odyssey, all performances throughout 2011, notably of Symphonies Nos. 2, 6, 7, 9 and 10 (in the completion by Rudolf Barshai), were recorded for release on the Sydney Symphony Live label. In a year of exceptional performances, the special event gala concerts with two of the world’s finest concert pianists – Lang Lang and Evgeny Kissin – were landmarks in Australia’s 2011 arts calendar. Lang Lang not only performed

four widely acclaimed exclusive Sydney concerts but also led a public masterclass involving three talented young pianists in front of an audience of 800 piano students and their teachers from around NSW. Following a recital and two orchestral concerts in Sydney – his first performances with an Australian symphony orchestra – Evgeny Kissin later in the year performed on our tour in Japan and South Korea with Vladimir Ashkenazy. The year also included the “Midsummer Shakespeare” concert with John Bell and the Sydney Philharmonia Choirs, performed to a record audience in The Domain as part of the Sydney Festival, as well as sold-out presentations of Peter Jackson’s epic film The Lord of the Rings: The Fellowship of the Ring with live orchestra accompaniment, and a magical presentation of Edvard Grieg’s complete incidental music to Ibsen’s Peer Gynt, with Vladimir Ashkenazy conducting and John de Lancie as the charismatic narrator and title protagonist. A further highlight of the year Nigel Westlake’s Missa Solis – Requiem for Eli, with the voices of Cantillation and the composer himself conducting, in the Sydney Symphony’s vibrantly enterprising Meet the Music series. The year saw the return of former Sydney Symphony Chief Conductor Edo de Waart, conducting 30th anniversary performances of John Adams’ Harmonium, a work dedicated to de Waart, as well as a number of exceptional debut appearances by conductors James Gaffigan, Ludovic Morlot, Jonathan Nott and Vasily Petrenko. Further high-calibre international visitors to the Sydney Symphony podium included Thomas Dausgaard, Hans Graf, Jahja Ling, Peter Oundjian, Pinchas Steinberg, Osmo Vänskä and Mark Wigglesworth. Many fine guest soloists visited Sydney in 2011, including Jean-Efflam Bavouzet, Michelle DeYoung, Ingrid Fliter, who also performed an outstanding Beethoven and Chopin piano recital, Alban Gerhardt, Karen Gomyo, Stephen Hough, Freddy Kempf, Sergey Khachatryan, Steven Osborne, Anne Sofie von Otter, Emmanuel Pahud, Alisa Weilerstein, Pieter Wispelwey, Joyce Yang and Frank Peter Zimmermann. Australian

conductors and performers were prominent throughout the year, and included Nicholas Carter, Ray Chen, Richard Gill, Andrea Lam, Geoffrey Lancaster, Sara Macliver, Emma Matthews, James Morrison, Jacqueline Porter and Nigel Westlake. The Orchestra also presented its own musicians in outstanding solo performances, including Roger Benedict, Michael Dauth, Ben Jacks, Louise Johnson, Dene Olding, Emma Sholl and Matthew Wilkie. During 2011, the Sydney Symphony performed eight concerts in Japan (Tokyo, Fukuoka, Nagoya, Nishinomiya) and in South Korea (Seoul) in November. These exceptionally well-attended and enthusiastically received concerts, including performances by soloists Evgeny Kissin, Sayaka Shoji and Mischa Maisky, were simply outstanding and continued to build our artistic and cultural ties in the region, while also marking the 50th anniversary of friendship between Australia and Korea.

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

“

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

ANDREW FORD On Winter’s Traces PERCY GRAINGER In a Nutshell CARL VINE V – An orchestral fanfare CARL VINE Violin Concerto (performed by Dene Olding and the Australian Youth Orchestra in two Sydney Symphonypresented Meet the Music concerts) CARL VINE Percussion Symphony (extract) NIGEL WESTLAKE Missa Solis – Requiem for Eli

JAMES LEDGER Outposts – Bassoon Concerto – World premiere*

NIGEL WESTLAKE Refractions at Summer Cloud Bay

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

Recordings

ALAN HOLLEY ...loaded with dream... (commissioned for the Sydney Symphony Fellows) – World premiere* GORDON KERRY Symphony – World premiere GOTTFRIED HUPPERTZ Metropolis (complete original film score) – Australian premiere MICHAEL JARRELL ...un temps de silence... – Flute Concerto – Australian premiere In addition, the following works by Australian composers were programmed in Sydney Symphony concerts: ARTHUR BENJAMIN Jamaican Rhumba BRETT DEAN The Lost Art of Letter Writing – Violin Concerto BRETT DEAN Etüdenfest ANDREW FORD Sad Jigs ANDREW FORD The Furry Dance

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

Final CD releases of Symphonies Nos. 2, 9 and 10 are scheduled to appear during the first half of 2012. Completed in 2011, and also scheduled for release on the Sydney Symphony Live label in 2012, is a recording of Prokofiev’s complete Romeo and Juliet ballet score, with Vladimir Ashkenazy conducting. These Mahler and Prokofiev recordings are also scheduled to appear in Japan and other Asian countries on the Japanese label OCTAVIA, by special arrangement. Other recordings in 2011 included: BRETT DEAN The Lost Art of Letter Writing – Violin Concerto; conducted by Jonathan Nott with violinist Frank Peter Zimmermann (for the BIS label) Takeharu Ishimoto Soundtrack for Japanese Video Game recorded for Square Enix Co., Ltd. Orchestration by Kentaro Sato (Ken-P). Sydney Symphony and Cantillation chorus conducted by Brett Kelly. Executive Producer: Daniel Monteverde, Arriba Entertainment Inc.

MAHLER Symphony No.2 MAHLER Symphony No.6 MAHLER Symphony No.7 MAHLER Symphony No.9 MAHLER Symphony No.10 (completed by Rudolf Barshai) continued on page 10

* Sydney Symphony Commission.

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Managing Director’s Report continued

Principal Conductor and Artistic Advisor

Audience Development In 2011 Sydney Symphony achieved a higher number of classical ticket sales and the highest number of seats per paid concert as compared to any year since 2000. In all, 200,012 subscription and single tickets were sold to 92 subscription and 9 special event performances, averaging 1,980 paid seats per performance. The total number of subscription package seats sold increased by 8% over levels achieved in 2010, and more than 23,100 subscription packages were transacted. Subscription seats accounted for 60% of all seats sold, and over 119,000 seats were sold as part of subscription packages: also the highest level achieved of any year from 2001. Paid tickets per concert overall were up 8% over 2010 levels. The company enjoyed 86.5% paid available capacity, also up from 80.3% in 2010. In 2011 the benefits of the strategic reorganising of the marketing and sales operation in 2008 – 2010 took significant root; this is something that will see further strengthening and consolidation in 2012. The continued and successful leadership and appeal of Vladimir Ashkenazy, inspired program offerings, and the aforementioned reorganisation all contributed to this final result. In 2011 some 17 commercial performances of eight discrete programs were presented to over 35,000 paying customers. The total paid audience footprint for both classical and commercial events in 2011 was 235,398.

Sydney Symphony Partners Sydney Symphony is the only symphony orchestra in Australia that generates significantly more income through its own activities than the level of funding we receive from Federal and State government. This funding is critical to the success and vibrancy of the organisation and we acknowledge this support, through the Australia Council for the Arts, and remain committed to delivering excellence and value through our work. We are proud of our corporate partnerships and the relationships we have with individual patrons. I particularly acknowledge the continued support of our Principal

Partner, Emirates – a wonderful partnership that has now been in place for a decade; also our Premier Partner Credit Suisse, whose support enables so many of the outstanding gala presentations that we are able to bring to our audiences, as well as their support for our outstanding young Fellows. The philanthropic support of our patrons has again played a key role in enabling us to achieve many of our artistic and education goals and I thank them all for this enlightened support on behalf of the whole Sydney Symphony community. 2011 was clearly a year of vibrant artistic health, strong audience connection and gratifying financial outcome. Feedback from visiting conductors and soloists confirm the orchestra is in exceptional form and I pay tribute to the extraordinary talent and skills of our players that make being in the audience such a pleasure and privilege. In this his third year as Principal Conductor and Artistic Advisor, I also celebrate the inspiring leadership of Vladimir Ashkenazy. He is an outstanding musician by any measure, and we remain greatly honoured and invigorated by his energetic insights and celebrate his strong connection with the community of Sydney. Finally I thank our Chairman, John Conde, and the Board of Directors for their wisdom and tireless support in helping the orchestra to achieve our ambitions. Their commitment, counsel and practical engagement contribute immeasurably to the success of the Company.

2011 was indeed a big year for all of us – we opened the season with Grieg’s fantastic incidental music for Ibsen’s play Peer Gynt, I had the pleasure of conducting performances with the outstanding pianist Evgeny Kissin, and we concluded our two-year Mahler Odyssey. To complete a musical cycle of this nature is no mean feat and it is heartening to know that our audiences can relive the journey through our Mahler Odyssey recordings. Later in 2011 we embarked on a tour of Japan and Korea. This was the first time the Sydney Symphony had ever toured to Korea so I was humbled to be part of this historic occasion for the orchestra. The audiences were enamoured with the fine music making of the Sydney Symphony and it was so wonderful to see full houses wherever we performed. My third year as Principal Conductor again proved to me what a wonderful group of musicians make up the Sydney Symphony, as well as those people who work behind the scenes to ensure we can provide music of the highest calibre for our audiences.

Vladimir Ashkenazy Principal Conductor and Artistic Advisor

Rory Jeffes Managing Director

IMAGES Top to bottom: Vladimir Ashkenazy with portrait by Ralph Heimans (photo: Ken Butti); Sydney Symphony.

S y d n e y s y m p h o n y / 2 0 11 a n n u a l r e p o r t

“

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

Ian Crossley

Principal, Albury High School

IMAGES Left to right: Richard Gill and Sinfonia musicians at Sinfonietta workshops (image: Ben Symons). Playerlink students in Armidale (image: Tim Barnsley).

Community Education and Artist Development

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

Richard Gill Artistic Director, Education Program

S y d n e y s y m p h o n y / 2 0 11 a n n u a l r e p o r t

Sydney Symphony Sinfonia When the Sydney Symphony Sinfonia was founded in 1996 it was groundbreaking in its vision as Australia’s first national mentoring orchestra. The intake of students has grown from 3 in 1996 to 67 in 2011. As the program has grown and developed over its fifteen-year lifespan, over 500 tertiary students and graduates from around Australia have participated in Sinfonia’s training program. Initially the Sinfonia was formed to perform schools concerts, so the student musicians experienced an intensive on-the-job training sitting alongside the seasoned players of the Sydney Symphony. In 1999 the Sinfonia toured to regional NSW delivering schools concerts in Orange, Dubbo and Bathurst, an event which has become part of its annual performance calendar. In 2011 the Sinfonia performed in the Riverina, Albury, Campbelltown, Gosford and Newcastle, presenting regional schools and public concerts, as well as giving 45 schools concerts in Sydney. Since 2000 the Sinfonia has performed in the fourconcert series now known as Discovery in the City Recital Hall and in 2011, for the first time, it presented two schools concerts for high schools students in this venue. As the Sydney Symphony continues to develop this program we are always seeking new experiences for the Sinfonia though masterclasses, workshops and of course performance opportunities. Those privileged to play in the Sinfonietta composition project were challenged by the music of Ligeti and the work of six new composers. In 2009 the Sinfonia had its first ever main stage Sydney Opera House concert, with The Whitlams, and in 2011, to celebrate its 15th year, reinstated the Family Concerts under the direction of their Artistic Director, Richard Gill oam. Many of the Sinfonia players have had the opportunity to augment the Sydney Symphony in larger works featured in our regular concert series, and most of the Sydney-based players work regularly with the Australian Opera and Ballet Orchestra. The program continues to attract some of the best young musicians from around the country and across the Tasman, with over 400 auditioning for places in the 2012 program. Alumni from Sydney Symphony Sinfonia have received contracts or permanent work with orchestras in New Zealand, Japan, the USA, the UK, The Netherlands and throughout South East Asia.

Community

“

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

Philip Cooney

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

Playerlink Playerlink is another exciting aspect of the regional education program. Taking a conductor and twelve musicians from the orchestra to work with a large, specially formed youth orchestra over a three-day period is extremely rewarding, and in 2011, with the support of regional touring partner Telstra, Playerlink was able to prepare Armidale students for the visit with online chamber music masterclasses presented by Sydney Symphony musicians. “Amazing! So encouraging – I learnt a lot.” Clarinet participant, Playerlink 2011 “Fantastic opportunity for playing in a large orchestra!” Oboe participant, Playerlink 2011

S y d n e y s y m p h o n y / 2 0 11 a n n u a l r e p o r t

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

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

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

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

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

IMAGES Left to right: Lang Lang conducting Masterclasses (image: Ben Symons); Richard Miller with percussion student at Playerlink in Armidale (image: Tim Bamsley).

Community Touring Japan and Korea Tour Under the direction of Principal Conductor and Artistic Advisor, Vladimir Ashkenazy, the Sydney Symphony toured Japan and Korea in November 2011, performing eight concerts to over 18,000 audience members in the Japanese cities of Tokyo, Fukuoka, Nagoya and Nishinomiya as well as in the South Korean capital, Seoul. The tour marked the Orchestra’s fourth visit to Japan and the first visit to Korea in its 79-year history, and was part of the 2011 Year of Friendship between Australian and Korea, marking 50 years of diplomatic relations between the two countries. Performing three times in Tokyo, including a concert in Suntory Hall, the orchestra appeared with piano superstar Evgeny Kissin and local violinist Sayaka Shoji. In Korea, the orchestra performed twice at the Seoul Arts Center, once with Evgeny Kissin and once with cellist Mischa Maisky. The tour schedule was as follows:

Japan Mon 7 Nov Tokyo Bunka Kaikan Tue 8 Nov Fukuoka, ACROS Fukuoka

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

16 April

Mozart & Haydn Penrith 4 June

Wollongong Benefit Concert Wollongong

Wollongong Benefit Concert

24 June

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

Mozart After Dark Dubbo 24 july

Fellowship Performance Penrith 3-4 august

Education Concerts Sydney Olympic Park 14 August

Pennant Hills 26-28 August

PlayerLink Armidale 30 August

Regional and Interstate Touring Summary

Discover Dvoˇrák

Thu 10 Nov Tokyo, NHK Concert Hall

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

Gosford

Sun 13 Nov Tokyo, Suntory Hall

South Korea Wed 16 Nov Seoul, Seoul Arts Center Thu 17 Nov Seoul, Seoul Arts Center

Sinfonia

2 September

Education concert

19 MARCH

Newcastle

Free outdoor concert

2 September

Parramatta Park

Mozart & Brahms

23-24 MARCH

sydney symphony

Gosford

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

Sydney Symphony/Sinfonia

Regional Tour

8 December

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

Wagga Wagga

Fellowship Performance

26 March

Blacktown

Regional Tour

11 October

Griffith

Discover Brett Dean

24-25 March

Sydney Symphony/Sinfonia

The Sydney Symphony continued regular visits to hospitals in Sydney and regional areas via the award-winning music4health program. A practical manifestation of the health industry’s recognition of the therapeutic power of music, the program provides entertainment and welcome moments of respite for hospital patients, their families and hospital staff. In 2011, five music4health visits were made to a range of audiences including patients at the Children’s Hospital Westmead in its Starlight Express Room, and via broadcasts direct to children’s wards. There were three off-hospital site visits in 2010, one in conjunction with the Autism Advisory and Support Service, performing for children with autism, cerebral palsy and Down syndrome as well as their carers and families, and three at BUPA retirement villages in Wodonga, Ashbury and Greenwich.

Fellowship Performance

Wed 9 Nov Nagoya, Aichi Arts Center Concert Hall

Sat 12 Nov Nishinomiya, Hyogo Performing Arts Center

Hospital Visits

SINFONIA

Campbelltown

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. In 2010 the concert attracted an audience of 60,000. The Sydney Symphony also performed at Parramatta Park on 19 March to over 1,200, a smaller-than-usual audience due to extreme weather conditions.

Webcasting In 2011, the Sydney Symphony’s webcasting activity continued, in collaboration with Telstra BigPond and ABC Classic FM, with eleven concerts streamed live and made available free on demand through BigPond TV. These can be viewed at bigpondmusic.com/ sydneysymphony and are also available on the SSO mobile app. Webcasting is an important addition to our outreach both nationally and internationally, and is of particular benefit to those less mobile, and to people in regional or remote areas of Australia who want to experience an orchestral performance but are unable to attend in person.

Sydney Symphony/Sinfonia Regional Tour

Albury

S y d n e y s y m p h o n y / 2 0 11 a n n u a l r e p o r t

IMAGES Top to bottom: Sydney Symphony in Japan; Hugh Kluger with a young fan at Newcastle Town Hall (image: Jamie Wicks).

Supporters – Donors & Sponsors Philanthropy Report

Community Support

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

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

The Sydney Symphony is immensely grateful for the support of the many patrons who responded to our appeals, added a contribution to their subscription package, or spoke to one of our team on the phone and gave so generously in 2011. Every gift, however large or small, is appreciated enormously and helps the Sydney Symphony present outstanding concerts and music education events that enrich the lives of so many. In 2011, philanthropic giving at the Sydney Symphony totalled $2,029,504. In the course of the year, 4558 gifts were received, contributing to the Orchestra’s various donation funds. This is the strongest support from individuals in the Sydney Symphony’s history. Through the generous gifts of our patrons, the Sydney Symphony presented some of the world’s finest soloists to Australian audiences, and was able to expand its Fellowship program for young artists, acquire additional high-quality stringed instruments, and commission and premiere four new works by Australian composers: Matthew Hindson, Gordon Kerry, James Ledger and Carl Vine. Members of the Patrons Program gain a unique insight into life backstage. Through a series of activities, we aim to foster a connection both to the programs they support and to likeminded people who share a passion for symphonic music and the Sydney Symphony.

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

Sydney Symphony Maestro’s Circle Peter Weiss am

Directors’ Chairs Sydney Symphony Leadership Ensemble David Livingstone CEO, Credit Suisse, Australia

Alan Fang Chairman, Tianda Group

Macquarie Group Foundation John Morschel Chairman, ANZ

Andrew Kaldor

Chairman, Pelikan Artline

Colin Piper

Lynn Kraus

Percussion Justice Jane Matthews AO Chair

Sydney Office Managing Partner, Ernst & Young

Shell Australia Pty Ltd James Stevens

Shefali Pryor 05

CEO, Roses Only

Stephen Johns

Chairman, Leighton Holdings, and Michele Johns

Jane Hazelwood

Emma Sholl

Viola Veolia Environmental Services Chair

Catherine Hewgill 08

Principal Cello Tony & Fran Meagher Chair

Chairman

Geoff Ainsworth ao & Vicki Ainsworth

Roger Benedict

Tom Breen & Rachael Kohn

Principal Viola Kim Williams am & Catherine Dovey Chair

In memory of Hetty & Egon Gordon

Roslyn Packer ao Penelope Seidler am

Elizabeth Neville Cello Ruth & Bob Magid Chair

Principal Clarinet Anne Arcus & Terrey Arcus am Chair

Diana Doherty Principal Oboe Andrew Kaldor & Renata Kaldor ao Chair

Westfield Group

Brian & Rosemary White

Richard Gill oam

S y d n e y s y m p h o n y / 2 0 11 a n n u a l r e p o r t

Lawrence Dobell 10

Mr Fred Street am & Mrs Dorothy Street

Ray Wilson oam in memory of the late James Agapitos oam

Associate Principal Flute Robert & Janet Constable Chair

& Doris Weiss

Andrew Kaldor & Renata Kaldor ao

Associate Principal Oboe Rose Herceg Chair

Founding President

John C Conde ao

Artistic Director Education Sandra & Paul Salteri Chair

Donors & Sponsors Platinum Patrons

Silver Patrons

$20,000+

$5,000–$9,999

Brian Abel Geoff Ainsworth am & Vicki Ainsworth Robert Albert ao & Elizabeth Albert Terrey Arcus am & Anne Arcus Tom Breen & Rachael Kohn Sandra & Neil Burns Mr John C Conde ao Robert & Janet Constable Dr Bruno & Mrs Rhonda Giuffre Ms Rose Herceg Mrs E Herrman Mr Andrew Kaldor & Mrs Renata Kaldor ao D & I Kallinikos James N Kirby Foundation Justice Jane Mathews ao Mrs T Merewether oam Mrs Roslyn Packer ao Dr John Roarty oam in memory of Mrs June Roarty Paul & Sandra Salteri Mrs W Stening Mr Fred Street am & Mrs Dorothy Street Mr Peter Weiss am & Mrs Doris Weiss Westfield Group Mr Brian & Mrs Rosemary White Ray Wilson oam in memory of James Agapitos oam Family Bequest Anonymous (1) —

Mr Alexander & Mrs Vera Boyarsky Mr Robert Brakspear Mr Robert & Mrs L Alison Carr Bob & Julie Clampett Ian Dickson & Reg Holloway Penny Edwards Michael & Gabrielle Field In memory of Hetty & Egon Gordon Mr James Graham am & Mrs Helen Graham The Greatorex Foundation Mrs Jennifer Hershon Stephen Johns & Michele Bender Judges of the Supreme Court of NSW Mr Ervin Katz Mr David Livingstone Ruth & Bob Magid David Maloney & Erin Flaherty Greg & Susan Marie William McIlrath Charitable Foundation Eva & Timothy Pascoe Rodney Rosenblum am & Sylvia Rosenblum Manfred & Linda Salamon The Sherry Hogan Foundation David & Isabel Smithers Mrs Joyce Sproat & Mrs Janet Cooke J F & A van Ogtrop Michael & Mary Whelan Trust Ms Caroline Wilkinson Dr Richard Wingate Jill Wran Anonymous (1) —

Gold Patrons $10,000–$19,999 Alan & Christine Bishop Ian & Jennifer Burton Mr C R Adamson The Hon. Ashley Dawson-Damer Ferris Family Foundation James & Leonie Furber Mr Ross Grant Helen Lynch am & Helen Bauer Mrs Joan MacKenzie Tony and Fran Meagher Mr B G O’Conor Mrs Penelope Seidler am June & Alan Woods Family Bequest Anonymous (2) —

Bronze Patrons $2,500–$4,999 Dr Lilon Bandler Stephen J Bell Marc Besen ao & Eva Besen ao Jan Bowen Mr David & Mrs Halina Brett Howard Connors Ewen & Catherine Crouch Ian Dickson & Reg Holloway Vic & Katie French Mr Erich Gockel Ms Kylie Green Anthony Gregg & Deanne Whittleston Michelle Hilton Ann Hoban R & S Maple-Brown Mora Maxwell J A McKernan

James & Elsie Moore Bruce & Joy Reid Foundation Marliese & Georges Teitler Hedy Switzer Anonymous (2) —

Bronze Patrons $1,000–$2,499 Charles & Renee Abrams Andrew Andersons ao Mr Henri W Aram oam Claire Armstrong & John Sharpe Dr Francis J Augustus Richard Banks David Barnes Doug and Alison Battersby Michael Baume ao and Toni Baume Phil & Elese Bennett Nicole Berger Mrs Jan Biber Julie Bligh Lenore P Buckle M Bulmer In memory of R W Burley Eric & Rosemary Campbell Dr John H Casey Debby Cramer & Bill Caukill Dr Diana Choquette & Mr Robert Milliner Joan Connery oam & Maxwell Connery oam Mr John Cunningham SCM & Mrs Margaret Cunningham Lisa & Miro Davis Matthew Delasey Mr Colin Draper & Mary Jane Brodribb John Favaloro Mr Edward Federman Mr Ian Fenwicke & Prof. N R Wills Firehold Pty Ltd Dr & Mrs C Goldschmidt Akiko Gregory Janette Hamilton Dorothy Hoddinott ao The Hon. David Hunt ao Gary Linnane QC & Mrs Margaret Hunt Dr & Mrs Michael Hunter Mr Peter Hutchison Dr Michael Joel am & Mrs Anna Joel In Memory of Bernard MH Khaw Anna-Lisa Klettenberg Mr Justin Lam Macquarie Group Foundation Ms Jan Lee Martin & Mr Peter Lazar Mr Robert and Mrs Renee Markovic Kevin & Deidre McCann

salute Robert McDougall Ian & Pam McGaw Mathew McInnes Miss An Nhan Mrs Rachel O’Conor Mr R A Oppen Mr Robert Orrell Mr & Mrs Ortis Piatti Holdings Pty Ltd Dr Raffi Qasabian Ernest & Judith Rapee Kenneth R Reed Patricia H Reid Endowment Pty Ltd Juliana Schaeffer Catherine Stephen John & Alix Sullivan The Hon. Brian Sully QC Mildred Teitler John E Tuckey Mrs M Turkington In memory of Dr Reg Walker Henry & Ruth Weinberg The Hon. Justice A G Whealy Geoff Wood & Melissa Waites Warren Green Mr R R Woodward Dr John Yu and Dr George Soutter Anonymous (9) —

Bronze Patrons $500–$999 Mr Peter J Armstrong Dr & Mrs Hannes Boshoff Minnie Briggs Pat & Jenny Burnett The Hon. Justice J C & Mrs Campbell Mr Percy Chissick Mrs Catherine J Clark Jen Cornish Greta Davis Mrs Rachel Debelak Elizabeth Donati Dr & Dr Nita Durham Mr & Mrs Farrell Vivienne Goldschmidt Mr Robert Green Mr Richard Griffin am Mrs A Hayward Dr Heng & Mrs Cilla Tey Mr Roger Henning Rev Harry & Mrs Meg Herbert Sue Hewitt Mr Joerg Hofmann Ms Dominique Hogan-Doran Alex Houghton Bill & Pam Hughes Susie & Geoff Israel Mrs W G Keighley Mr & Mrs Gilles T Kryger Dr and Mrs Leo Leader Margaret Lederman

Anita & Chris Levy Erna & Gerry Levy am Dr Winston Liauw Mrs Helen Little Sydney & Airdrie Lloyd Mrs A Lohan Carolyn & Peter Lowry oam Melvyn Madigan Dr Jean Malcolm Mrs Flora MacDonald Mrs Helen Meddings David & Andree Milman Kenneth N Mitchell Chris Morgan-Hunn Nola Nettheim Mr Graham North Dr M C O’Connor am Dr A J Palmer Justice George Palmer am Mr Andrew C Patterson Dr Kevin Pedemont Dr Natalie E Pelham Mr Allan Pidgeon Robin Potter Lois & Ken Rae Pamela Rogers Agnes Ross In memory of H St P Scarlett Caroline Sharpen Mrs Diane Shteinman am Dr Agnes E Sinclair Doug & Judy Sotheren Mrs Elsie Stafford Mr Lindsay & Mrs Suzanne Stone Mr D M Swan Mr Norman Taylor Kevin Troy Judge Robyn Tupman Gillian Turner and Rob Bishop Prof. Gordon E Wall Ronald Walledge Mr Robert & Mrs Rosemary Walsh Mr Palmer Wang A Willmers & R Pal Audrey and Michael Wilson Dr Richard Wing

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

PRINCIPAL PARTNER

GOVERNMENT PARTNERS

Premier PARTNER

community partner

PLATINUM PARTNERS

MAJOR PARTNERS

GOLD PARTNERS

SYMPHONY S E R V I C E S

AUSTRALIA

SILVER PARTNERS

Mr Robert Woods Mrs Robin Yabsley Anonymous (18) —

Regional tour PARTNERS

Marketing PARTNER

2MBS FM 102.5 Fine Music Station

IMAGES Top to bottom: Richard Lynn, Tutti Double Bass; Adrian Wallis and Playerlink Students in Armidale (image: Tim Barnsley).

S y d n e y s y m p h o n y / 2 0 11 a n n u a l r e p o r t

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

Selfgenerated revenue now

Reserves above mandatory limits. Reserves to Operating Expenses

2000 1500

1000

500

-500

-1000

-1500 07

65%

Surplus Min 20% Required by Australia Council

Attendance strong in Sydney and regional NSW.

Paid occupancy at record levels in 2011.

Attendances in 100,000’s

Occupancy – Main Stage Performances 90

80 2

0 07

Metropolitan and NSW regions Sydney Opera House

of total income

% Occupancy

Funding Indexation lags CPI rate. Funding Indexation vs CPI

Revenue by Category AUD 000’s 4.50%

40000

35000 30000

3.50%

25000 20000

15000

2.50%

10000

5000

Government Funding Index CPI – All groups

1.50%

IMAGES Top to bottom: 2011 Fellow Adam Szabo (image: Ben Symons); Paul Goodchild, Associate Principal Trumpet.

S y d n e y s y m p h o n y / 2 0 11 a n n u a l r e p o r t

Self generated revenue Funding revenue

Left: Evgeny Kissin in concert.

Sydney Symphony Limited AND ITS CONTROLLED ENTITIES A.B.N. 50 121 561 528

ANNUAL FINANCIAL REPORT 31 December 2011

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

Contents

Page

Directors’ Report

Corporate Governance Statement

Auditor’s Independence Declaration

Income Statement

Statement of Comprehensive Income

Balance Sheet

Statement of Changes in Equity

Cash Flow Statement

Notes to the Financial Statements

Directors’ Declaration

Independent Audit Report

Sydney Symphony Limited A.B.N. 50 121 561 521 Directors Report The Directors present their report together with the financial report of Sydney Symphony Limited, the Parent Entity and its controlled entity Sydney Symphony Orchestra Holdings Pty Limited (the Group) for the year ended to 31 December 2011. Directors The Directors in office, at any time during or since the financial period until the date of this report, are: John Conde AO (Chairman) Rory Jeffes (Managing Director) Terrey Arcus AM Ewen Crouch Ross Grant Jennifer Hoy Andrew Kaldor Irene Lee David Livingstone Goetz Richter David Smithers AM Gabrielle Trainor

Resigned 2nd May 2011

Company Secretary John Horn Qualification of Directors Director Experience and Qualifications John Conde AO BSc, BE (Hons), Syd; MBA (Dist), Harv. (Chairman) Chairman of Ausgrid Chairman of BUPA Australia Pty Limited Chairman of Whitehaven Coal Limited President of The Commonwealth Remuneration Tribunal Chairman Destination New South Wales and associated entities Director of DEXUS Property Group Chairman of the Australian Olympic Committee (NSW) Fundraising Committee Rory Jeffes MA, Oxon (Managing Director) Director Symphony Services Australia Limited Terrey Arcus AM BSc, BE (Hons), Syd; MBA (Dist), Harv. Director of Port Jackson Partners Limited Ewen Crouch

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

Ross Grant

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

Jennifer Hoy

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

Andrew Kaldor

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

Irene Lee

BA, Smith College, USA Barrister at Law, Inns of Court, School of Law, Gray's Inn, UK 2

Sydney Symphony Limited A.B.N. 50 121 561 521 Director of QBE Insurance Group Non-Executive Chairman, Keybridge Capital Ltd Director of Cathay Pacific Airways Ltd Chairman of Hysan Development Company Ltd Member, Advisory Council, J.P. Morgan Director of Noble Group Limited David Livingstone

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

Dr. Goetz Richter

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

David Smithers AM

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

Gabrielle Trainor

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

Principal Activities The principal activity of the Group was the performance of symphonic music. There were no significant changes in the nature of the activities of the Group during the year. Strategy The Group’s vision is “to ignite and deepen people’s love of live symphonic music in Sydney and beyond”. Agreed values of Intensity, Artistry and Unity were adopted by the company with the stated objective being to “move the heart and soul through consistently great performances”. The strategy is to achieve maximum leverage from the key factors that set the Group apart from peer organisations. These factors are:  a quality of ensemble unrivalled in Australia  iconic artistic leadership  the ability to attract the finest soloists and conductors in the world  the capacity to align financial supporters with premium brand assets and outstanding artistic experiences Achievements against key strategic priorities in the 2011 financial year are outlined below;  Artistic Leadership The Principal Conductor and Artistic Advisor between 2009 and 2013 is Vladimir Ashkenazy. Vladimir Ashkenazy has led the orchestra in numerous important projects in 2011, most notably the conclusion of the Mahler Odyssey: 2010–2011.

Sydney Symphony Limited A.B.N. 50 121 561 521  Emerging Artists The Group continues to support emerging artists through the promotion of young talented performers through vehicles such as the Sydney Symphony Assistant Conductor programme, Young and Emerging artist mainstage performances, Sydney Symphony Fellowship programme, Sydney Sinfonia training orchestra and the Sydney Symphony Sinfonietta programme for young composers.  International Touring The Group has the stated desire to continue with its programme of international touring to raise the profile and experience of the orchestra. In November 2011, the Orchestra performed to excellent reviews and full houses in Japan and Korea, including a celebratory concert to mark th the 50 anniversary of diplomatic relations between Australia and the Republic of South Korea, with Vladimir Ashkenazy conducting.  Orchestral Instruments To improve the quality of sound produced by the orchestra, the Group has an Instrument Reserve which continues to acquire fine instruments. The Group also supports musicians who wish to acquire fine instruments independently. The Instrument Reserve was significantly boosted by an anonymous donation of $500,000 during the financial year.  Acoustic Improvement Sydney Opera House The Group is the resident orchestra at the Sydney Opera House and is in regular consultation with the Sydney Opera House to improve the acoustics in the main concert hall.  Education The Group has an award winning education programme and plans to continue with on line delivery and content innovations to increase the reach and impact of this programme throughout Sydney and regional NSW.  Regional Touring The Group tours annually to regional NSW to promote live symphonic music to the rural communities of NSW through a series of classical and education concerts. In addition to the above priorities, the Group continues with its strategic endeavours in respect of ongoing financial viability having significantly improved the financial result of the company in 2011. Process for Self Assessment of Artistic Quality There is an approved process in place for self-assessment of artistic quality and the Board confirms that; a) the nature and the outcomes of this process have been discussed during the 2011 financial year; b) these outcomes have informed the future planning of the group; and c) the self assessment process in place draws on a variety of verifiable internal and external sources primarily: The Orchestra’s Artistic Committee. Listening panel sessions with musicians and administration. Peer Review panel comprised of expert academics, critics and classical music industry professionals. Assessment by Principal Conductor and Artistic Advisor. Assessment by visiting conductors and soloists. Assessment by ABC recording producers. Review through national and international press coverage. Audience feedback, through surveys and other communication channels.

Sydney Symphony Limited A.B.N. 50 121 561 521 Reserves Policy The Group maintains a number of reserves as outlined in the financial statements and related notes to the financial statements. The Group, by virtue of the Tripartite Agreement between the controlled entity, the Australia Council and Arts NSW, is mandated to use reasonable endeavours to maintain and improve its overall financial viability, having regard to both reserves and annual results. The Group plans to maintain reserves at the minimum level of 20% of the group’s annual costs. At 31st December 2011, the level of reserves totalled 27% of the Groups’ annual costs (2010 - 23%). Key Performance Indicators The Group’s business plan outlines the objectives and strategy for the Group and dictates the key performance indicators (KPIs) that the Group monitors, targets and measures. A summary of the 2011 KPI targets and achievements is outlined below; KPI Orchestra Artistic Performance

Definition Analysis and compilation of the results of the Artistic Self Assessment Process.

Target Critical Rating th greater than the 80 percentile during the year.

Education Programme Development

Develop and enhance the Sydney Symphony’s world class education programme.

Artform Development - Australian Compositions

Feature contemporary Australian composers and promote new commissions.

Complete and deliver on line kits to NSW school educators and enhance whiteboard kits. Achieve 2011 Australian content as per season programme and continue commission work for Australian premieres.

Audience Development - Occupancy

Occupancy levels for mainstage core programs.

74% average occupancy target.

-Online Development and New Media

Online web content and services.

Enhance content and improve services.

Financial Stability - Reserves

Reserves to total group expenses.

Meet or exceed 20%.

Financial Stability - Operating result

Net operating result before reserve activities.

Meet or exceed annual budget.

Results Achieved with overall performances in Australia and Japan and Korea Tour locations assessed as exceeding expectations. Completed with online kits well received by educators.

Australian content delivered as per programme. Three commissions have been completed in 2011 and a further three donor funded commissions are underway with leading Australian composers. 86.5% occupancy levels achieved for 2011.

Web content enhanced and mobile app. launched with a world first live streaming of orchestral concerts to mobile devices. Exceeded - actual reserves at 27% of group expenses. Exceeded.

Review and Results of Operations The Group achieved a net operating result for the year of $1,022,396 (2010: net loss ($236,769)) after including Maestro Circle donations of $256,000 (2010: $280,000). After the inclusion of an anonymous instrument reserve donation of $500,000 (2010: nil), the net profit for the year was $1,522,396.The Group’s 2011 season was well received by audiences, with strong box office results supported by a continued emphasis on cost control. Ticket revenue was at record levels and interest earnings on term deposit investments also improved, due to higher prevailing interest rates in the first half of the year and enhanced cashflow from operations. The operating result also benefited from a series of exclusive gala concerts with leading international soloists, Lang Lang and Evengy Kissin. The Group presented the Sydney Symphony, the Sydney Sinfonia and the Sydney Symphony Fellows in performances to a total audience of more than 300,000 people during the year ended 31 December 2011 5

Sydney Symphony Limited A.B.N. 50 121 561 521 in Sydney, outer metropolitan and regional NSW performing arts centres, including a charity benefit concert held in Wollongong. In November 2011, the Group continued its international touring programme with a successful tour to Japan and Korea playing to sold out venues and achieving critical acclaim for its performances. Principal Conductor and Artistic Advisor, Mr Vladimir Ashkenazy, was conductor on tour featuring performances by guest soloist, Evengy Kissin. State of affairs Other than as mentioned elsewhere, in the opinion of the Directors, there were no other significant changes in the underlying state of affairs of the Group that occurred during the year. Likely developments The Group has scheduled performances of symphonic and other orchestral music, which it will continue to present during the next financial year. The Group’s continuing viability is dependent on maintaining its current level of funding, especially government funding. The Group has the intention to continue with international touring in 2012, subject to formal Board review of the likely financial requirements and impact of the tour. Dividends No dividends have been paid by the Group. Events subsequent to balance date No events have occurred subsequent to balance date and up to the date of this report that materially affect the operations of the Group, the results of those operations or the state of affairs of the Group in subsequent financial years. Environmental regulations and performance The Group is not subject to any particular or significant environmental regulation. Directors’ Interests The company is limited by guarantee and accordingly does not issue shares. Directors’ Meetings The numbers of meetings of the Board of Directors and of Board Committees during the financial period were: Number of Meetings Eligible

Finance Audit & Risk

Board

Nomination & Remuneration

(A)

Number of Meetings Attended (B)

John Conde AO - Note 1

Rory Jeffes – Note 1

Terrey Arcus AM

Ewen Crouch

Ross Grant

Jennifer Hoy

Andrew Kaldor

Irene Lee

Goetz Richter

David Livingstone

David Smithers AM

Gabrielle Trainor

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

Directors’ Remuneration Directors are not paid any fees for their services as Directors of the Group. Details of directors’ remuneration are disclosed in Note 21. 6

Sydney Symphony Limited A.B.N. 50 121 561 521 Indemnification and insurance of Officers Information on the indemnification and insurance of officers can be found in Note 25. Auditorâ&#x20AC;&#x2122;s Independence Declaration The Auditorâ&#x20AC;&#x2122;s Independence Declaration is set out on page 10. Signed in accordance with a resolution of the Directors:

John Conde AO Chairman Sydney, dated 2nd April 2012

Sydney Symphony Limited A.B.N. 50 121 561 521 Corporate Governance Statement This statement outlines the Group’s corporate governance practices and addresses the Essential Governance Practice Principles published and monitored by the Australia Council for the Arts. These principles are based on the recommendations published by the ASX Corporate Governance Council. As at 31 December 2011, the Group has achieved substantial compliance with the recommendations as outlined below; Principle 1: Lay Solid Foundations for Management and Oversight The Group’s Governance Framework incorporates Board and Board Committee Charters and a Code of Conduct. There is also a formal statement of delegated authority to management and an induction procedure for new directors. A Board agenda is set at the start of the year and includes meetings for the Board to determine group strategy, three-year business plans, and the programme for the following season, the budget for the following year and the Group’s annual risk review. Principle 2: Structure the Board to Add Value The Board includes Directors with a range of skills including finance and accounting, business (both public companies and private business) and commercial experience, public affairs, law, performance of orchestral music and music education. This experience is set out in their biographies. The Board is supported by a Finance, Audit and Risk Committee (refer Principle 5) and a Nomination and Remuneration Committee, each of which has an individual charter setting out its responsibilities and operating principles. The Nomination and Remuneration Committee has a number of responsibilities including reviewing, evaluating and making recommendations to the Board with regard to the election and re-election of Members, Directors and Sydney Symphony Councillors, and executive remuneration. The Nomination and Remuneration Committee also advises the Board on the process of Board performance review, reviews the performance of the Chief Conductor, Managing Director and senior management and establishes policies for recruitment, retention and succession planning for senior management. Principle 3: Promote Ethical and Responsible Decision Making The Group’s Governance Framework includes a Code of Conduct, Delegations of Authority, Board and Committee charters, Risk Management policies as well as clearly defined roles and responsibilities for key appointments. Principle 4: Promote Diversity The group aims to be an organisation that fosters an organisational culture that embraces diversity. “Diversity” includes, but is not limited to, gender, age, ethnicity, disability and cultural background. During the course of the year, a diversity action plan will be finalised with measurable objectives designed to provide a roadmap to further develop and articulate our commitment to having a diverse workplace. Progress against this plan will be incorporated in the Annual Report for the year ending 31 December 2012. Principle 5 Safeguard Integrity in Financial Reporting (both internal and external) The Finance, Audit and Risk Committee meets at least quarterly and its functions include: 

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



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



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



Monitoring and reviewing the reliability of financial reporting 8

Sydney Symphony Limited A.B.N. 50 121 561 521 

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



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



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

The Finance, Audit and Risk Committee meets with the external auditors at least once per year. The Committee requires the Managing Director and Director of Finance to attest in writing that the Group’s financial reports present a true and fair view of the Group’s financial condition and operational results and are in accordance with relevant accounting standards. This statement is requested at the time of the consideration and approval of the Statutory Accounts. It is reviewed by the Finance, Audit and Risk Committee prior to its consideration by the Board. The Committee consists of up to four Directors and, by invitation, the Chairman of the Board, the Managing Director and the Director of Finance and includes members with appropriate audit, finance and risk management skills. Principle 6: Recognise the Legitimate Interests of Stakeholders The Group has numerous stakeholders and a calendar is maintained in order to monitor requirements and reporting obligations. The calendar is approved by the Board, which oversees compliance with stakeholder reporting and associated obligations. The Group has a set of Occupational Health & Safety (OHS) manuals, which provide legislative and procedural guidance to ensure that the Group’s responsibilities continue to be met. There is a comprehensive, regular training programme, including first aid and OHS committee training. Group policies and procedures are reviewed in consultation with staff representatives. Directors are briefed on OHS policies and procedures and review the company OHS plan annually. Appropriate site visits are also made by the directors. Principle 7: Recognise and Manage Risk Quarterly updates of the Group’s risk register are undertaken by management and presented to the Finance, Audit and Risk Committee. Management undertakes annual workshops to identify further risks and develop a Risk Management Plan. The output of the workshops is reviewed by this Committee and the Board. Principle 8: Remunerate Fairly and Responsibly The Nomination and Remuneration Committee meets at least annually to review the Group’s remuneration strategies and policies. The Committee sets the parameters within which senior management negotiates musician and administration Staff Agreements. The Committee approves all senior management remuneration arrangements.

Signed on behalf of the Board of Directors

John Conde AO Chairman Sydney, dated 2nd April 2012

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

Income Statement for the period ended 31 December 2011

Notes

Revenue Funding revenue Ticket sales Sponsorship and general donations Maestroâ&#x20AC;&#x2122;s Circle donations Instrument Reserve donations Other income

4 5 6

Total revenue Expenses Employee expenses Artist fees and expenses Marketing expenses Production expenses Depreciation and amortisation Other expenses

Total expenses Net profit/(loss) for the year Income tax expense

Profit/loss after income tax

2011 Consolidated $

2010 Consolidated $

13,259,864 16,507,920 3,738,258 256,000 500,000 3,537,520

13,028,911 15,318,598 3,826,168 280,000 2,696,118

37,799,562

35,149,795

20,125,282 4,771,272 3,509,400 5,184,916 338,010 2,348,286

18,937,168 5,676,202 3,472,153 4,701,046 323,160 2,276,835

36,277,166

35,386,564

1,522,396

(236,769)

1,522,396

(236,769)

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

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

Statement of Comprehensive Income for the period ended 31 December 2011 2011 Consolidated $

2010 Consolidated $

1,522,396

(236,769)

13,342

32,356

Income tax on items of other comprehensive income

Total comprehensive income

1,535,738

(204,413)

Notes

Profit/(loss) after income tax Other comprehensive income Cash flow hedges: Gain/(loss) taken to equity

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

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

Balance Sheet as at 31 December 2011 Notes

Current Assets Cash and cash equivalents Term deposits Other financial assets Trade and other receivables Prepayments

2011 Consolidated $

2010 Consolidated $

4,051,660 9,608,627 93,190 1,562,426 153,209

3,540,181 6,500,000 115,109 2,273,354 215,764

15,469,112

12,644,408

2,108,358 57,669 361,415 7,585,000

2,143,596 128,304 402,654 7,585,000

Total Non-Current Assets

10,112,442

10,259,554

Total Assets

25,581,554

22,903,962

2,747,520 7,822,709 3,958,976 85,714 48,441

2,625,213 7,001,859 3,704,047 85,714 38,751

14,663,360

13,455,584

676,403 11,413 421,429 1,109,245

633,579 34,445 507,143 1,175,167

15,772,605

14,630,751

9,808,949

8,273,211

1,943,743 958,911 666,270 457,032 (59,854) 5,842,847

1,892,042 896,658 131,286 455,488 (73,196) 4,970,933

9,808,949

8,273,211

10 11

Total Current Assets Non-Current Assets Property, plant and equipment Intangible assets Other financial assets Term deposits

Current Liabilities Trade and other payables Prepaid revenue Provisions Deferred revenue Derivative financial Instruments

12 13 10

14 15 16 24

Total Current Liabilities Non-Current Liabilities Provisions Derivative financial instruments Deferred revenue Total Non-Current Liabilities

16 24

Total Liabilities Net Assets Equity Symphony Reserve International Touring Reserve Instrument Reserve Maestroâ&#x20AC;&#x2122;s Circle Reserve Cash Flow Hedge Reserve Retained Earnings

17 18 19 20 24

Total Equity

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

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

Statement of Changes in Equity as at 31 December 2011 Consolidated Notes

As at 1 January 2011 Net (loss)/profit for the year Other comprehensive income Transfer from/(to) Symphony Reserve Transfer from/(to) International Touring Reserve Transfer from/(to) Instrument Reserve Transfer from/(to) Instrument Reserve Transfer from/(to) Maestro's Circle Reserve Transfer from/(to) Maestro's Circle Reserve As at 31 December 2011

Transfer from/(to) Maestro's Circle Reserve As at 31 December 2010

Symphony Reserves (Note 17) $

4,970,933 1,522,396

1,892,042

(51,701) (62,253) (500,000) (34,984) (256,000) 254,456 5,842,847

51,701

International Cash Flow Instrument Maestro's Circle Touring Reserve Hedge Reserve Reserve Reserve (Note 18) (Note 24) (Note 19) (Note 20) $ $ $ $ 896,658

(73,196)

131,286

455,488

13,342 17 18 19 19 20 20

Notes

As at 1 January 2010 Net (loss)/profit for the year Other comprehensive income Transfer from/(to) Symphony Reserve Transfer from/(to) International Touring Reserve Transfer from/(to) Instrument Reserve Transfer from/(to) Instrument Reserve Transfer from/(to) Maestro's Circle Reserve

Retained Earnings $

62,253 500,000 34,984

1,943,743 Symphony Reserves (Note 17) $

4,554,760 (236,769)

1,739,177

17 18 19 19 20

(152,865) 373,579 338,880 (9,664) (280,000)

152,865

383,012 4,970,933

958,911

(59,854)

666,270

256,000 (254,456) 457,032

International Cash Flow Instrument Maestro's Circle Touring Reserve Hedge Reserve Reserve Reserve (Note 18) (Note 24) (Note 19) (Note 20) $ $ $ $ 1,270,237

(105,552)

460,502

558,500

(383,012) 455,488

8,273,211

(338,880) 9,664

(73,196)

131,286

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

Total Equity $

280,000

(373,579)

896,658

8,273,211 1,522,396 13,342 9,808,949

8,477,624 (236,769) 32,356 -

32,356

1,892,042

Total Equity $

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

Cash Flow Statement for the period ended 31 December 2011

Notes

2011 Consolidated $

2010 Consolidated $

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 Grants received from government funding bodies Interest received

21,729,838 51,701 1,977,803 (34,606,040) 13,259,864 1,357,919

20,495,823 152,865 1,273,235 (34,171,627) 13,028,911 1,120,614

Net cash provided by/(used in) operating activities 3,771,085 Cash flows 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 Payments for property, plant and equipment Payments for intangible assets Investment in Term deposits Net cash flows used in investing activities Net decrease in cash held

1,899,821

(45,491)

(88,470)

108,649

77,690

63,158

(10,780)

(209,287) (4,850) (3,108,627) (3,322,764) 511,479

(857,552) (23,183) (9,085,000) (9,965,735) (8,076,694)

Cash and cash equivalents at beginning of financial year

3,540,181

11,616,875

Cash and cash equivalents at end of year

4,051,660

3,540,181

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

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

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

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

Notes to the Financial Statements 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) a) Basis of consolidation The consolidated financial statements consist of the financial statements of Sydney Symphony Limited and its subsidiary as at 31 December 2011. The financial statements of its subsidiary are prepared for the same reporting period as the parent company, using consistent accounting policies. In preparing the consolidated financial statements, all intercompany balances and transactions, income and expenses and profit and losses resulting from intra-Group transactions have been eliminated in full. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. b) Going concern The ability of the Group to maintain its operations is dependent inter alia on the continuing support of various Governments by way of grants. The Tripartite Agreement was renewed for the period 2012 – 2014 with Australia Council for the Arts and Arts NSW. Funding for this three year period has been confirmed, subject to the company continuing to meet the requirements of the Tripartite Agreement. Therefore, the financial statements have been prepared under the going concern principle. c) Revenue recognition Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed are net of goods and services tax (GST). Revenue is recognized for the major business activities as follows: i. Contribution income Contribution income represents the fair value of assets received in excess of the cost of the assets where there is a non-reciprocal transfer and is recognised as income once the asset is controlled by the Company. ii. Funding revenue Funding revenue is received from the Australia Council for the Arts (as represented by The Major Performing Arts Board) and Arts NSW. Funding is received based on payment schedules contained in a funding agreement between the funding bodies and the Group’s controlled entity and is recognised in the calendar year for which it is intended under the terms of the agreement due to the conditional nature of the funding. Any funding not spent on the planned activities agreed between the parties at the start of each calendar year is required to be repaid. iii. Ticket sales Revenue from ticket sales is recognised in the Income Statement at the time of concert performance. Revenue from ticket sales in respect of productions not yet performed is included in the Balance Sheet as prepaid ticket sales under the Current Liabilities heading “Prepaid revenue”. iv. Sponsorship and donations revenue Sponsorship – Sponsorship commitments are brought to account as income in the year in which sponsorship benefits are bestowed. Donations – All donations are brought to account as received. v. Orchestral hire revenue Revenue from orchestral hire is recognised as these services are performed.

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

Notes to the Financial Statements 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) vi. Interest income Revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. d) Foreign currency translation Both the functional and presentation currencies of the Group are Australian dollars (A$). Transactions in foreign currencies are recorded initially in the functional currency at the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. e) Income tax and other taxes Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the current periodâ&#x20AC;&#x2122;s taxable income. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. The Groupâ&#x20AC;&#x2122;s operating subsidiary Sydney Symphony Orchestra Holdings Pty Limited is exempt from income tax, by virtue of being a cultural organisation established for the encouragement of music and a charitable institution. Accordingly no income tax or deferred income tax is provided. Revenues, expenses and assets are recognised net of the amount of Goods and Services Tax (GST), except where the amount of GST incurred is not recoverable from the Australian Tax Office (ATO). In these circumstances, the GST is recognised as part of the cost of acquisition of the asset or as part the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the ATO is included as a current asset or liability in the balance sheet. Cash flows are included gross in the statement of cash flows. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as operating cash flows. f) Acquisitions of assets Acquired assets are accounted for at cost. Cost is measured as the fair value of assets given or liabilities incurred or assumed at the date of exchange plus cost directly attributable to the acquisition. g) Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, and other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. For the purposes of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. h) Trade and other receivables Trade receivables, which generally have 60 day terms, are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less an allowance for any uncollectible amounts. Collectability of trade receivables is reviewed continually. Debts that are known to be

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

Notes to the Financial Statements 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) uncollectible are written off when identified. An allowance for provision for impairment of trade receivables is used when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. The amount of the impairment loss is recognised in the income statement within Other Expenses. i) Property, plant and equipment All items of property, plant and equipment are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the assetâ&#x20AC;&#x2122;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 Computer equipment Furniture and fittings Plant and equipment Musical instruments

Useful Life 3 years Between 6 and 8 years 8 years Between 5 and 15 years

Derecognition and disposal An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Income Statement in the period the asset is derecognised. j) Intangible assets Software licences have a finite useful life and are carried at cost less accumulated amortisation and impairment losses. Licences are tested for impairment where an indicator of impairment exists. Amortisation is calculated using the straight line method to allocate the cost over the estimated useful life of 3 years. k) Impairment The carrying values of plant and equipment are reviewed for indicators of impairment at each reporting date, with a recoverable amount being estimated when events or changes in circumstances indicate the carrying value may not be recoverable. The recoverable amount of plant and equipment is the greater of fair value less costs to sell and value in use. Impairment losses are recognised in the income statement. l) Leased plant and equipment Leases of plant and equipment are classified as operating leases as the lessors retain substantially all of the risks and benefits of ownership. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease.

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

Notes to the Financial Statements 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) m) Trade and other payables Trade payables and other payables are carried at amortised cost. Liabilities are recognised for amounts to be paid in the future for goods or services received, whether or not billed to the Group. Trade accounts payable are normally settled within 30 days. n) Provisions A provision is recognised when there is a legal, equitable or constructive obligation as a result of a past event and it is probable that a future sacrifice of economic benefits will be required, to settle the obligation, the timing or amount of which is uncertain. Provisions are determined by discounting the expected future cash flows required to settle the obligation at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Make good provision The Group provides for costs of restoration or removal in relation to fixed assets when there is legal or constructive obligation. These costs include obligations relating to the dismantling, removal, remediation, restoration and other expenditure associated with fixed assets or site fit-outs. o) Employee benefits Wages, salaries and annual leave Liabilities for employee benefits for wages, salaries and annual leave expected to be settled within 12 months of the reporting date represent present obligations resulting from employeesâ&#x20AC;&#x2122; 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 employeesâ&#x20AC;&#x2122; 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 employeesâ&#x20AC;&#x2122; superannuation funds. Contributions are recognised as an expense as they are made. The group has no ongoing liability for superannuation benefits ultimately payable to employees.

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

Notes to the Financial Statements 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Employee loans Some employees are lent monies which are used in turn to purchase musical instruments. These loans are secured by the instruments themselves and are interest bearing. Amounts outstanding are recouped over time through contributions withheld from musiciansâ&#x20AC;&#x2122; salaries. These are recorded within other financial assets. p) Changes in accounting policies All accounting policies have been applied on a consistent basis with those of the previous period. q) Derivative Financial Instruments and Hedging Derivative financial instruments are used by the Group in the normal course of business in order to hedge exposure to fluctuations in foreign currency rates on forecasted transactions. The effective portion of the gain or loss on the financial instrument is recognised directly in equity and transferred out of equity when the forecast transaction occurs. 3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. The following critical accounting policies have been identified for which significant judgements, estimates and assumptions are made. Impairment of non-financial assets The Group assesses impairment of its non-financial assets at each reporting date by evaluating conditions specific to the Group and to the specific asset. If an impairment trigger exists, the recoverable amount of the asset is determined. Management do not consider that the triggers for impairment existed in this financial period. Make good provision A provision has been made for the present value of anticipated costs associated with the future restoration of the leased office premises. The estimate is periodically reviewed and updated. The related carrying amounts are disclosed in note 16. Estimate of useful lives The estimation of useful lives of assets is based on historical experience. The condition of assets is assessed periodically and considered in relation to the remaining useful life of the asset. Adjustments are made to useful lives as appropriate.

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

Notes to the Financial Statements 2011 Consolidated $

4. FUNDING REVENUE

Australia Council for the Arts Annual Grant Arts NSW Base Funding School Travel & Educational Support Project Total funding revenue

2010 Consolidated $

10,101,230

9,925,356

3,158,634 -

3,100,045 3,510

13,259,864

13,028,911

A significant portion of the Groupâ&#x20AC;&#x2122;s annual revenue consists of funding from Federal and State governments, through the Australia Council for the Arts and Arts NSW. As a result, the Group has an economic dependency on these entities. The Funding Agreement with the Australia Council for the Arts and Arts NSW was renewed for the period 2012 to 2014 whereby amounts will be provided to Sydney Symphony Limited. As required, amounts received by the Group during the financial year were transferred to the subsidiary, Sydney Symphony Orchestra Holdings Pty Limited, to fund its operations and activities in accordance with the Funding Agreement with the Australia Council for the Arts and Arts NSW. 5. TICKET SALES

Subscriptions Single night Commercial events Total ticket sales

2011

2010

Consolidated $

7,312,683 6,152,765 3,042,472

6,440,821 5,485,315 3,392,462

16,507,920

15,318,598

6. SPONSORSHIP AND GENERAL DONATIONS 2011 Consolidated $

2010 Consolidated $

Sponsorship General donations

2,464,754 1,273,504

2,680,068 1,146,100

Total sponsorship and general donations

3,738,258

3,826,168

2011 Consolidated $

2010 Consolidated $

7. OTHER INCOME

Orchestral hire income Interest Other income

1,656,869 1,357,919 522,732

1,222,879 1,120,614 352,625

Total other income

3,537,520

2,696,118

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

Notes to the Financial Statements 8. EXPENSES 2011 Consolidated $

2010 Consolidated $

Depreciation of fixed assets Amortisation of intangible assets

262,525 75,485

251,076 72,084

Total depreciation and amortisation

338,010

323,160

Operating lease rental expense

380,869

358,679

Employee expenses: Salaries and wages Superannuation Other employee expenses

15,820,016 2,391,761 1,913,505

15,128,160 2,269,576 1,539,432

Total employee expenses

20,125,282

18,937,168

9. INCOME TAX 2011 Consolidated $

2010 Consolidated $

Accounting profit (loss)

1,522,396

(236,769)

At Groupâ&#x20AC;&#x2122;s statutory tax rate (30%) Less non taxable items

456,719 (456,719)

(71,031) 71,031

Income tax expense

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. 10. OTHER FINANCIAL ASSETS 2011 Consolidated $

2010 Consolidated $

Current asset Employee instrument loans Non-current asset Employee instrument loans

93,190

115,109

361,415

402,654

Total other financial assets

454,605

517,763

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

Notes to the Financial Statements 11. TRADE AND OTHER RECEIVABLES

Current Trade debtors Other receivables Accrued income Total trade and other receivables

2011 Consolidated $

2010 Consolidated $

904,325 106,100 552,001

1,281,085 482,512 509,757

1,562,426

2,273,354

12. PROPERTY, PLANT AND EQUIPMENT â&#x20AC;&#x201C; Consolidated Plant and equipment

Fixtures and fittings

Musical instruments acquired through the Instrument Reserve $

Musical instruments acquired

Computer equipment

167,908

805,273

787,774

312,846

69,795

2,143,596

44,876 (30,433)

20,698 (116,478)

(45,090)

161,713 (70,524)

227,287 (262,525)

182,351

709,493

787,774

267,756

160,984

2,108,358

396,785 (214,434)

835,532 (126,039)

787,774 -

947,909 (680,153)

987,160 (826,176)

3,955,160 (1,846,802)

182,351

709,493

787,774

267,756

160,984

2,108,358

351,909 (184,001)

814,834 (9,561)

787,774 -

947,909 (635,063)

825,447 (755,652)

3,727,873 (1,584,277)

167,908

805,273

787,774

312,846

69,795

2,143,596

Total

Year ended 31 December 2011 At 1 January 2011, net of accumulated depreciation and impairment Additions Depreciation charge for the year As at 31 December 2011, net of accumulated depreciation and impairment At 31 December 2011 Cost or fair value Accumulated depreciation Net carrying amount

$ At 31 December 2010 Cost or fair value Accumulated depreciation Net carrying amount

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

Notes to the Financial Statements 13. INTANGIBLE ASSETS - Consolidated Consolidated 2011 $ At 1 January, net of accumulated amortisation and impairment Additions Amortisation charge for the year As at 31 December, net of accumulated amortisation and impairment At 31 December Cost or fair value Accumulated amortisation Net carrying amount

Consolidated 2010 $

128,304

177,205

4,850 (75,485)

23,183 (72,084)

57,669

128,304

387,835 (330,166)

382,985 (254,681)

57,669

128,304

14. TRADE AND OTHER PAYABLES 2011

2010

Consolidated

Accruals Trade creditors Other payables

1,765,070 937,098 45,352

1,324,277 1,251,673 49,263

Total trade and other payables

2,747,520

2,625,213

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

15. PREPAID REVENUE 2011

2010

Consolidated

Prepaid ticket sales Prepaid other

7,689,853 132,856

6,872,796 129,063

Total prepaid revenue

7,822,709

7,001,859

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

Notes to the Financial Statements 16. PROVISIONS 2011 Consolidated

Current provision for employee benefits Non-current provision for employee benefits Make good provision Total Non-current provisions Total provisions

2010 Consolidated

3,958,976

3,704,047

527,535 148,868 676,403

484,711 148,868 633,579

4,635,379

4,337,626

17. SYMPHONY RESERVE

Accumulated funds at 1 January Transfer from retained earnings in relation to: Current year bequests Accumulated funds at 31 December

2011 $

2010 $

1,892,042

1,739,177

51,701

152,865

1,943,743

1,892,042

The Symphony Reserve was established under protocols agreed by the Board to raise and accumulate capital to support the aims of the company and its long-term financial security. 18. INTERNATIONAL TOURING RESERVE

Accumulated funds at 1 January Transfer to/(from) retained earnings in relation to: Net surplus/(deficit) from touring Accumulated funds at 31 December

2011 $

2010 $

896,658

1,270,237

62,253

(373,579)

958,911

896,658

2011 $ 131,286

2010 $ 460,502

34,984

9,664

19. INSTRUMENT RESERVE

Accumulated funds at 1 January Transfer from retained earnings for interest earned Transfer from retained earnings in relation to: Instrument Reserve donation Transfer to retained earnings for instruments acquired

500,000 -

(338,880)

Accumulated funds at 31 December

666,270

131,286

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

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

Notes to the Financial Statements 20. MAESTRO’S CIRCLE RESERVE

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

2011 $

2010 $

455,488

558,500

256,000

280,000

(254,456)

(383,012)

457,032

455,488

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

Total Compensation

2011 Consolidated $

2010 Consolidated $

447,492

405,619

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

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

Notes to the Financial Statements 23. COMMITMENTS AND CONTINGENCIES a) Operating lease (non cancellable) 2011 Consolidated $

2010 Consolidated $

440,242 1,757,358 402,953

439,039 1,757,358 843,195

2,600,553

3,039,592

Not later than one year Later than one year and not later than five years Later than five years

The Group has operating leases for office accommodation. b) Artist fees contracted for but not provided for and not payable

Not later than one year Later than one year and not later than five years

2011 Consolidated

2010 Consolidated

1,011,258 242,032

1,306,879 1,011,326

1,253,290

2,318,205

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

the operating lease over premises at 35 Harrington Street, The Rocks, NSW for the amount of $225,000 expiring on 31 December 2017 (2010: $225,000). credit collateral on advertising contracts for $200,000, (2010: $200,000).

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

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

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

2011 Consolidated

2010 Consolidated

Current Liabilities Forward currency contracts –cash flow hedges

(48,441)

(38,751)

Non-current liabilities Forward currency contracts –cash flow hedges

(11,413)

(34,445)

(59,854)

(73,196)

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

2010 Consolidated

Opening balance Taken to other comprehensive income

(73,196) 13,342

(105,552) 32,356

Closing balance

(59,854)

(73,196)

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

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

Notes to the Financial Statements 25. INDEMNIFICATION AND INSURANCE OF OFFICERS Insurance and indemnity arrangements established in previous years concerning officers of the Group were renewed and continued during 2011. Sydney Symphony Orchestra Holdings Pty Limited paid the premium on a contract insuring each of the Directors of the Group, named earlier in this report, and each of the full-time executive officers of the consolidated entity, against all liabilities and expenses arising as a result of work performed in their respective capacities, to the extent permitted by law. 26. INFORMATION RELATING TO SYDNEY SYMPHONY LIMITED (â&#x20AC;&#x153;the Parent Entityâ&#x20AC;?) 2011

2010 $

Current assets Non-current assets Total assets Current liabilities Total liabilities

8,578,559 8,578,559

$ 8,578,559 8,578,559

330

Net assets Equity Retained earnings

8,578,229

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

8,578,229 -

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

Notes to the Financial Statements

DIRECTORSâ&#x20AC;&#x2122; DECLARATION

In accordance with a resolution of the directors of Sydney Symphony Limited, we state that: (a) the consolidated financial statements and notes of Sydney Symphony Limited and its controlled entity for the financial year ended 31 December 2011,set out on pages 11 to 30, are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of their financial position as at 31 December 2011 and performance (ii) complying with Accounting Standards - Reduced Disclosure Requirements (including the Australian Accounting Interpretations) and the Corporations Regulations 2001; and (b) there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable.

On behalf of the Board of Directors

John Conde AO Chairman

David Smithers AM Director

Sydney, dated 2nd April 2012