ANNUAL REPORT 2015

Federation Concert Hall BOX OFFICE ADMINISTRATION 1 Davey Street, Hobart Bookings online: tso.com.au T: 03 6232 4444 Tasmania 7000 Australia Freecall: 1800 001 190 Int. Phone: +61 3 6232 4444 Telephone: 03 6232 4450 F: 03 6232 4455 GPO Box 1450 Hobart Facsimile: 03 6232 4455 Int. Fax: +61 3 6232 4455 Tas 7001 Australia Email: [email protected] E: [email protected]

© 2016 Tasmanian Symphony Orchestra Holdings Ltd The Tasmanian Symphony Orchestra 0 840 TSO.COM.AU ABN 16 122 619 630 is proud to be a member. CONTENTS Chair and Managing Director______1 The Year at a Glance______2 The Year in Review______4 Artists______6 Recordings______7 Goals and KPIs______8 Education and Outreach______10 Marketing, Corporate Partnerships and Philanthropy______12 TSO Patrons______14 TSO Partners______16 TSO Board______18 Governance Report______20 Orchestra and Management______24 TSO Chorus, TSO Friends and TSO Foundation______25 Annual Financial Report______27 CHAIR MANAGING DIRECTOR

I am delighted to report that 2015 was a successful Reflecting on 2015, it was first and foremost a year year, artistically and financially. There were many of great music-making. While Chief Conductor musical highlights but, for me, two stand clearest Marko Letonja always coaxes a very warm and in the memory: Stephen Hough’s complete beautiful sound from his orchestra, his generosity Beethoven piano concerto cycle (his first anywhere and empathy as an accompanist came to the fore in the world) and RACT Symphony under the Stars this year. Standout concerts included Mahler’s The in City Park, Launceston. There were many other Song of the Earth with international superstars Michelle DeYoung and Simon O’Neill, the magnificent performances, but it is worth citing compelling cycle of complete Beethoven piano two very successful collaborations in Risdon Prison. concertos with Stephen Hough, and Brahms’ Piano Such community-based activities are much part of Concerto No 2 with Garrick Ohlsson. the cultural mission of Marko Letonja, our Chief Conductor and Artistic Director, who began a The Tasmanian Symphony Orchestra reached second three-year contract with us in 2015. large and diverse audiences in 2015, often by collaborating with other arts organisations. We enjoyed robust box office and ended the year Standouts include the première of the TSO co- with a string of sell-outs: thank you ticket buyers! commissioned The Wolf – a double bass concerto But, of course, our (modest) financial surplus owes by Chinese-American composer Tan Dun – for the much to the funding we receive from the Australian Tasmanian International Arts Festival, the world Government and the Tasmanian Government, première of ’ Remembrance with including funding through the Tasmanian Icon Victorian Opera, Affinity with TasDance and, with program. In addition, we very much value the MONA, performances with Amanda Palmer, Antony assistance of our various corporate supporters, Hegarty and Allison Bell. particularly Hydro Tasmania, our Principal A big lift in subscription ticket sales helped Partner, and are grateful to the growing number contribute to our good financial result as did two of individual philanthropists who generously significant bequests. The TSO Foundation received supported us in 2015. an anonymous bequest of $300,000, while the TSO received the first tranche of funding from a bequest At the Board level, we farewelled our former by the late Dr Louise Crossley. The Crossley bequest Chair, Pat Leary, who reached the maximum will be used to encourage the development of nine-year term as a Director. We are grateful for Pat’s Australian women conductors through the TSO’s leadership, professional advice and generosity. We training programs and concerts. welcomed Juanita Von Stieglitz to the Board. It is a great privilege to be elected Chair of the We farewelled long-serving Concertmaster, Jun Board and I am deeply grateful to my fellow Yi Ma, and also said goodbye to Katie Betts (Viola), Robin Brawley (Double Bass) and from the Directors. An important innovation, agreed to by the management team, Alayne Baker (HR Manager). Board towards the end of the year, was the creation We welcomed Jennifer Owen (Principal First Violin), of a Northern Advisory Group, to advise Directors Stefanie Farrands (Principal Viola), James Menzies on building audiences and strengthening the TSO (Bass), Jenny Goulding (HR Manager) and Sam East presence in the north of the state. (Corporate Partnerships Executive). Tasmanians can be proud of the achievements I would like to thank all of the orchestra, and artistic successes of the TSO and the Board administration staff, Board, TSO Chorus, subscribers, is grateful to all of those — under the strong and Friends of the TSO, and our many volunteers leadership of Marko Letonja and Nicholas Heyward for contributing to a very successful season. I must — who continue to make this happen. However, also thank Pat Leary who retired as Chair at the last we know that we will all need to continue to work AGM for the enormous amount of time, energy, assiduously and creatively to ensure that the TSO and enthusiasm that she brought to the role and continues to be a source of great pleasure and pride continues to give to the TSO. for years and decades to come.

David Rich Nicholas Heyward

1 THE YEAR AT A GLANCE

The TSO gave the Australian première of Tan Dun’s contrabass concerto, The Wolf, with soloist Stuart Thomson and conductor Johannes Fritzsch, as part of the Ten Days’ Tasmanian International Arts Festival on 21 March. The Wolf was co-commissioned by the TSO. The TSO, in collaboration with Victorian Opera, commemorated the Centenary of Anzac with Remembrance, a new work by Richard Mills and Rodney Hall that was performed on 18 April. The year began with the TSO’s MONA FOMA concert on 18 January with American The TSO and Antony and the Johnsons played to two packed houses at Hobart’s singer-songwriter Amanda Palmer (above). Odeon Theatre as part of Dark Mofo on 16 and 17 June. Stephen Hough, in a career first, performed all five of Beethoven’s piano concertos with the TSO and conductor Marko Letonja over three concerts in Hobart (one of which was repeated in Launceston) between 21 and 29 August (right, main photo). Audiences turned out in force for all concerts and also for three free Beethoven chamber music concerts given by musicians from the TSO.

A long-term project between the TSO and Tasdance came to fruition with performances in Hobart and Launceston of Affinity – new works by choreographers and Stephanie Lake – on 9, 10 and 17 The late was honoured October. in his hometown of Launceston where, in Musicians from the TSO performed in front of a 9,000-strong audience at RACT the chamber music rounds of the ABC Symphony under the Stars on 21 February, Symphony Australia Young Performers his nieces Anne Sculthorpe and Libby Parker Awards and the full orchestra performed accepted the Key to the City conferred by After two years of planning, the TSO gave for the concerto final on 7 November. Albert Van Zetten, Launceston Mayor (above). concerts at the Ron Barwick Minimum Over a two-week period in October, The Hobart concert season concluded Security Prison, Risdon Cove, on 4 and 5 The 2015 Regional Tour saw the orchestra Mini TSO performed before hundreds of with a sold-out performance of Mozart’s December (above). The first concert was for with conductor and soloist Lloyd schoolchildren in Risdon Vale, Richmond, Requiem on 28 November conducted inmates while the second, a performance Hudson perform before large audiences in Bagdad, Launceston and George Town Latrobe, Stanley and Burnie on 13, 14 and by Marko Letonja and featuring soloists of Prokofiev’s Peter and the Wolf, was for (above). 15 March. Emma Matthews, Sally-Anne Russell, inmates and their families and formed part Steve Davislim and . of Family Day activities at the prison.

2 3 THE YEAR IN REVIEW

TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LTD TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LTD CONSOLIDATED INCOME 2015 STATISTICS FINANCIAL KPIs KPIs Target Result TOTAL NUMBER OF PERFORMANCES: 77 2% Australian Council PAID CONCERTS: 55 Operating margin 1% 1% 5% (Hobart 32, Regional 9, School 14) Reserves ratio 20% 39% Tasmanian Department 7% of State Growth – annual grant Working capital ratio 2:1 2.1:1 HIRE & COLLABORATIVE CONCERTS: 10 Tasmanian Department Earned income of State Growth – ICON funding FREE CONCERTS: 12 to grow above 11% 2% 2.5% PAID ATTENDANCES: 34,283 percentage of grant Ticket Sales income growth (Hobart 23,644, Regional 4,458, School 6,181) 4% 57% Sponsorship & Donation Revenue HIRE & COLLABORATIVE ATTENDANCES: 6,048 Interest Income 14% Other Revenue FREE AND OTHER ATTENDANCES: 10,820* FINANCIAL SUMMARY YEAR ENDED 31 DECEMBER 2015 TOTAL ATTENDANCES: 51,151 Revenue $ % *A stronger attendance figure would have Government funding 8,496,050 75.3% been achieved had RACT Symphony under Ticket sales 1,266,668 11.2% the Stars in Glenorchy not been cancelled Sponsorships on account of inclement weather. An 835,680 7.4% and donations indoor version of the concert took place in Federation Concert Hall two nights later. Other Income 677,658 6.0% Total revenue 11,276,056 100.0% TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LTD CONSOLIDATED EXPENDITURE 2015 Expenditure Employee expenses 6,802,253 61.0% 2% Depreciation and 173,651 1.6% 2% amortisation Stanley 6% Other expenses 4,184,294 37.5% Employee expenses 4% Burnie George Town Total expenditure 11,160,198 100.0% Artists’ fees and expenses Latrobe 3% Marketing expenses Deloraine Launceston Operating results 115,858 8% Production expenses Symphony Services Int service fee 6% 61% Accommodation expenses Travel expenses 8% Bagdad Other expenses from ordinary activities Brighton Richmond Glenorchy Risdon Vale Depreciation and amortisation Hobart Huonville

4 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 5 ARTISTS RECORDINGS

CONDUCTOR/DIRECTOR PERCUSSION RELEASES RECORDINGS Giordano Bellincampi Claire Edwardes* Jherek Bischoff* ADAM ADAM Giselle VOICE Nicholas Buc TSO/Nicolette Fraillon Kate Amos* Nicholas Carter* Giselle Antony and the Johnsons* Federation Concert Hall, 22-23 January; Richard Egarr* TSO 4-6 February Carlos E Bárcenas* Johannes Fritzsch Nicolette Fraillon Allison Bell ABC Classics Richard Gill Maya Boog ABC 481 1710 (2 CDs) Brett Kelly Greta Bradman* CZERNY Grand Concerto for Pianoforte Op 214 Gérard Korsten* Mary Carewe* CZERNY Piano Concerto Op 28 Marko Letonja Steve Davislim Hamish McKeich* CZERNY Rondo Brilliante in B flat Khristian Dentley* Anthony Marwood* TSO/Howard Shelley Michelle DeYoung* HERZ Richard Mills Federation Concert Hall, 6-9 May The Romantic Piano Guy Noble Nathan Lay* Concerto – 66 Hyperion Emma Matthews Kwamé Ryan* TSO Emma Muir-Smith* SCHULTZ August Offensive Howard Shelley Howard Shelley Simon O’Neill* SCHULTZ Peace Greg Stephens# Amanda Palmer* Hyperion Marc Taddei SCHULTZ Symphony No 3 Michael Petruccelli* CDA68100 Melvin Tix (aka Petter Vabog)# TSO/Hamish McKeich Belinda Prakhoff* Gary Wain# Federation Concert Hall, 21-24 April Sally-Anne Russell Garry Walker* Cristina Russo* ABC Classics Mark Wigglesworth Teddy Tahu Rhodes JOHANN STRAUSS et al Waltzes, Polkas, PIANO Matthew Tng* Marches, Overtures, Arias Richard Egarr* CHORUS KELLY Stephen Hough TSO/Lorina Gore/Marko Letonja Southern Gospel Choir Andrew Legg In Memoriam Federation Concert Hall, 4-7 August Christian Leotta*^ COMPERE/PRESENTER Rupert Brooke ABC Classics Garrick Ohlsson* Katy Abbott Kvasnica* TSO Howard Shelley Allison Farrow Johannes Fritzsch TCHAIKOVSKY Variations on a Rococo Theme ^ Kathryn Stott* Ryk Goddard ABC Classics TSO/Sue-Ellen Paulsen/Marko Letonja Christopher Lawrence VIOLIN iTunes single Federation Concert Hall, 17-18 February Jane Longhurst Isabelle Faust release Paul Rissmann* ABC Classics Karen Gomyo* John Xintavelonis Lily Higson-Spence† Ji Won Kim CHAMBER GROUPS§ Jun Yi Ma Huon Quartet (Elinor Lea, violin; Rohana AUSTRALIAN COMPOSER SERIES Anthony Marwood* O’Malley, violin; Douglas Coghill, viola; Jane Tallon, cello). VIOLA In 2004, the first recordings were released in the Tasmanian Kettering Piano Quartet (Jennifer Marten-Smith, † Symphony Orchestra’s Australian Composer Series on ABC Classics. Chris Cartlidge piano; Monica Naselow, violin; William Newbery, CELLO viola; Brett Rutherford, cello). In 2015, a milestone was reached with the release of the 21st title: Nicolas Altstaedt* Satin Winds (Lloyd Hudson, flute; Dinah Woods, KOEHNE Time is a River, the music of . Sue-Ellen Paulsen oboe; Andrew Seymour, clarinet; Tahnee van Herk, bassoon; Heath Parkinson, horn; Jennifer Time is a River Composers who have been profiled in the Australian Composer DOUBLE BASS Marten-Smith, piano) TSO/Richard Mills Stuart Thomson ABC 481 1480 Series are, in order of release date: , , FLUTE & PICCOLO Ross Edwards, Gordon Kerry, Peter Sculthorpe, Brenton Broadstock, Lloyd Hudson Richard Mills, Elena Kats-Chernin, Don Kay, Larry Sitsky, Graeme * TSO debut in 2015 CLARINET ^ Recital/chamber concert Koehne, , , , Gerard Lloyd Van’t Hoff† # Mini TSO, Mini Maestro or Outreach concert Brophy, Peggy Glanville-Hicks and Andrew Schultz. The 21 titles † ABC-Symphony Australia Young Performers Awards finalist HARP ‡ Rising Star soloist include two CDs each of the music of Peter Sculthorpe and Graeme ‡ Kate Bohmer § Chamber concerts formed part of the Beethoven Celebration Koehne, and two compilation CDs.

6 7 GOALS AND KPIs

1. TO BE RECOGNISED NATIONALLY AND The TSO gave the world première in the Tasmanian community. Conducted by INTERNATIONALLY AS ONE OF THE of Remembrance by Richard Mills. A Enterprise Marketing and Research Services WORLD’S GREAT SMALL SYMPHONY collaboration with Victorian Opera and in February 2015, the survey revealed that ORCHESTRAS. supported by the Australian Government’s 95% of Tasmanians were aware of the TSO Anzac Centenary Arts and Culture Fund, and 89% considered the TSO to be a source High quality concert season broadcast Remembrance recreated the World War I of pride. Conducted as a telephone poll, the nationally/streamed internationally. era through songs of the period, letters, questionnaire canvassed a sample group of TSO concerts are broadcast and streamed photographs and newspaper clippings. 600 adults from across Tasmania. throughout Australia and around the The annual Symphony Australia TSO world by ABC Classic FM. In 2015, 38 TSO Composers’ School was held in Hobart, 3. TO BE CONTINUALLY STRIVING FOR concerts were transmitted by ABC Classic 29 June-2 July. School Director, Andrew EXCELLENCE IN PERFORMANCE. FM comprising 20 concerts recorded in 2015 Schultz, fellow composer and 18 recorded prior to 2015. Of the 38 Improved ratings from Peer Panel. and conductor Brett Kelly worked with four concerts, six were live broadcasts. emerging composers: Lisa Cheney, Mark Four concerts were Peer Panel reviewed Innovative Australian Music Program Holdsworth, Tim Shawcross and Ian Whitney. in 2015: two Master Series concerts, one delivered nationally. Hobart-based composer and composition Matinee Series concert and the Hobart lecturer Maria Grenfell also offered her Special, Mozart’s Requiem. The average A CD of music by Graeme Koehne, Time is expertise. Participants not only submitted score was 8/10 (the 2014 average was a River, was released in the TSO’s Australian newly written works, but took part in 8.9/10). Composer Series on ABC Classics. Also orchestration projects. released in 2015 was the first Australian Ongoing program of venue acoustic recording of Elegy for Strings “In Memoriam The Seven Deadly Sins, a new work devised improvement and orchestral equipment/ Rupert Brooke” by Frederick Septimus Kelly, by Richard Mills for Victorian Opera, was musical instrument upgrades. workshopped by the TSO in Hobart, 3-4 a composer who was killed in action during An acoustic panel was installed across the July. It comprised original compositions by World War I. Three works by Australian full length of the TSO Studio to improve Australian composers Julian Langdon, Mark composer Andrew Schultz – August sound transmission across the entire Viggiani, Jessica Wells and Ian Whitney. The Offensive, Peace and Symphony No 3 – were orchestra. The TSO Studio is the orchestra’s Seven Deadly Sins received its première in recorded in 2015 for release at a later date. main rehearsal space. later in the year. Australian works that were performed in Master and/or Matinee Series concerts in 4. TO BE WELL MANAGED AND 2. THAT TASMANIANS HAVE A STRONG 2015 were Dances with Devils – Percussion FINANCIALLY STABLE. Concerto by Iain Grandage, Moonlight SENSE OF OWNERSHIP OF THE TSO. Reserves ratio exceeds 20% of costs. Ridge by Tasmanian composer Don Kay, Increasing Tasmanian audience. Elegy for Strings “In Memoriam Rupert Reserves ratio 39.2%. Brooke” by Frederick Septimus Kelly, The In 2015 paid attendances totalled 34,283, Working capital ratio 2:1. Madness and Death of King Ludwig by a decrease of 1,986 or 5.5% on 2014 James Ledger and August Offensive by attendances. The downturn can be Working capital ratio 2.1:1. attributed to fewer large-venue commercial Andrew Schultz. Further works by Australian Operating margin greater than 1%. composers were programmed in other concerts presented in 2015. Operating margin 1%. concerts, such as the Family Classics series, High level of awareness in annual survey. Education concerts and RACT Symphony Earned income to grow by at least 2% Once again, the annual survey revealed a under the Stars. above percentage of grant income. very high level of awareness about the TSO Earned income grew by 2.5%.

8 9 EDUCATION AND OUTREACH

EDUCATION Scotch Oakburn College, Launceston (two led by Johannes Fritzsch, the second by Creative Classrooms, a TSO-initiated concerts); and George Town Memorial Hall Christopher Seaman. Twenty participants, workshop for school music teachers, was The Tasmanian Symphony Orchestra (two concerts; for students from George from interstate as well as New Zealand, given by internationally renowned educator, brought music to children of all ages in Town as well as Beaconsfield, Bridport, took part in the program. Paul Rissmann, at Hobart’s Elizabeth College 2015, from babes in arms and toddlers to Exeter and Port Dalrymple). on 25 June. high school students. The annual Symphony Australia TSO There were ten Open Rehearsals in Composers’ School was held 28 June-2 Six School Concerts targeting infants, Federation Concert Hall for high school July. Four emerging composers worked OUTREACH primary and secondary school children were music students, students from the University with director Andrew Schultz, tutor Matthew The Tasmanian Symphony Orchestra’s given in Hobart, most of which included of Tasmania Conservatorium of Music and Hindson and conductor Brett Kelly on original Outreach Program went from strength big-screen projections. One of the School members of TSO Friends. compositions and orchestration assignments. to strength in 2015. Musicians from the Concerts was held in the TSO Studio. A further workshop for composers – the TSO gave more than a dozen concerts, Aimed at high school students, it consisted The TSO organised Masterclasses given Seven Deadly Sins Project, a collaboration workshops and presentations in community of a performance of Introduced Species by by visiting artists Nicolas Altsteadt, cello, with Victorian Opera – was held 3-4 July. centres, aged care facilities, early childhood Australian composer Katy Abbott Kvasnica and Karen Gomyo, violin, for students at the centres, the Royal Hobart Hospital and the UTAS Conservatorium of Music. Additionally, and included a post-concert discussion Twenty-six students from the Australian Moonah campus of ABLE Tasmania. involving the composer and students. a composition masterclass/presentation National Academy of Music rehearsed and was given by composer Andrew Schultz. performed with the TSO for the first Master Very significantly, the TSO inaugurated its At the younger end of the spectrum, the Prison Outreach Program in 2015 with a The Rising Star competition, which is Series concert of 2015, The Song of the Earth, TSO presented five Mini Maestro concerts series of activities involving inmates at the open to musicians 21 years of age and with conductor Marko Letonja and soloists in Hobart specially designed for very Ron Barwick Minimum Security Prison in under, was won by harpist Kate Bohmer, Michelle DeYoung and Simon O’Neill. young children and those who care for Hobart. Musicians from the TSO conducted a Year 12 student at The Friends’ School. them, including parents, grandparents Twenty-eight musicians from the Australian workshops in May and June involving both She performed with the TSO at the and educators. Youth Orchestra took part in the TSO-AYO prisoners and their families. This was a way Family Classics concert on 12 November. Collaboration, an intensive period of bringing music to the inmates and, at the Pre-Concert Talks were held before all of rehearsals leading to a Master Series same time, assisting them in building (or 12 Master Series concerts and Mozart’s concert in Hobart on 15 May, conducted rebuilding) personal relationships. Inmates Requiem in Hobart, and the two Launceston by Mark Wigglesworth. Additionally, seven and their children were introduced to concerts held in Albert Hall. Open to all AYO musicians participated in the Wind, orchestral instruments, had a go at playing concert ticket holders, pre-concert talks are Brass and Percussion Fellowships that were them and participated in musical games. strongly attended, reaching a combined held in the run-up to rehearsal week. In July, members of the Prison Rock audience of several thousand. On 5 September, 33 musicians from the Band attended a rehearsal by the TSO Tasmanian Youth Orchestra joined the at Federation Concert Hall and heard TRAINING TSO for Big Rehearsal, an annual event acclaimed artist Isabelle Faust perform Mendelssohn’s Violin Concerto. in which TYO musicians rehearse with Mini TSO, a scaled down, touring version The Tasmanian Symphony Orchestra’s and are mentored by the TSO musicians. Musicians from the TSO returned to the of the TSO, gave a total of nine concerts training initiatives took many forms in Big Rehearsal was conducted by Johannes Ron Barwick Minimum Security Prison in 2015 as follows: Risdon Vale Primary 2015, from mentoring programs for young musicians, to opportunities for trainee Fritzsch. on 4 and 5 December for two activities. School; Brighton Civic Centre (for students Under Chief Conductor Marko Letonja, conductors, up-and-coming composers The TSO hosted the 2015 ABC Symphony from the Jordan River Learning Federation); TSO string, brass and percussion players and school music teachers. Australia Younger Performer of the Year Richmond Primary School (two concerts; performed for the inmates and were joined for students from Richmond Primary as well The Conductor Development Program, Awards. Many TSO musicians took part in by the Prison Rock Band for a few numbers. as St John’s Catholic School, Richmond); hosted by the TSO in collaboration with the Chamber Music round of the competition The following day, Family Day at the Bagdad Community Club (for students Symphony Services International, was and the three concerto finalists performed prison, Maestro Letonja and the TSO from Bagdad as well as the Lower Midlands held in two week-long blocks in January with the TSO on 7 November. All rounds gave a performance of Peter and the Wolf region, including Oatlands and Kempton); and September. The first session was were broadcast live on ABC Classic FM. for inmates and their families. 10 11 MARKETING, CORPORATE PARTNERSHIPS AND PHILANTHROPY

MARKETING CORPORATE PARTNERSHIPS overleaf. Additionally, the TSO received donations of varying amounts from more The 2015 season was an outstanding The TSO’s Corporate Partnerships program than 400 supporters. subscription sales achievement. There were saw change, consolidation, success and 17% more subscribers than in 2014 and an renewed engagement in 2015. A new TSO Chair Sponsors and Patrons are members 18.5% increase in total revenue, with final strategic plan was developed early in the of the Conductor’s Circle. Members of the subscription income being $681,792. year to give direction and focus to the Conductor’s Circle had the opportunity to program. Priority objectives included seeking For the second year in succession, outbound attend a range of behind-the-scenes events new partnerships and sector diversification, telemarketing was used to push subscription in 2015, including receptions with visiting as well as maintaining high levels of servicing sales. An increasing number of new conductors, composers and arts leaders; and engagement with existing partners. subscribers chose the Family Classics series conducting and composition workshops; and or smaller Choose Your Own packages, (L-R) Luke Roberts and Dominic Mulcahy of UNICA rehearsals. Special Events included a TSO including a number of subscribers who joined Wealth with John De Paoli, TSO Business Manager Supporters Cocktail Reception in Launceston in order to take advantage of the Beethoven Increased and deliberate efforts to seek and and two Marko Letonja Fundraising Dinners Celebration Series. This was reflected in a secure new partnerships brought significant in Hobart. The Fundraising Dinners were an drop in the average number of tickets per results later in the year with four new opportunity for members of the Conductor’s subscription to 6.1, while the number of corporate partners signing agreements for Circle to mingle with the TSO’s Chief subscribers rose to 2,099. the 2016 season: Mazda and Unica Wealth at Conductor and guest artists, including Isabelle With the increase in overall audience sizes, Major Partner level, and the Henry Jones Art Faust, Emma Matthews, Sally-Anne Russell, there was an increase in the use of dynamic Hotel and Worrall Lawyers at Partner level. Steve Davislim and Teddy Tahu Rhodes. pricing. The TSO website maintained steady A number of individuals and businesses traffic flows across the year even when In addition to the partners listed above, the The TSO’s commitment to working closely generously assisted Philanthropy and concerts were already sold out or in periods TSO would like to acknowledge the support of with Principal Partner Hydro Tasmania on Special Events in 2015. The TSO would like of low concert activity. A search engine the following in 2015: Premier Partners RACT the highly successful AccessTix program to acknowledge and thank the Northern optimisation campaign demonstrated how and Southern Cross; Major Partners MONA continued with 566 concert tickets issued it is possible to drive more traffic to the and the University of Tasmania; Leadership Supporters Committee (Janet Bilson, Jane through the program in 2015. Additionally, TSO website. Social media was used very Partners Clemenger, Font PR and City of Boyle, Joan Green and Caryl McQuestin), there were a number of events that effectively in 2015 with TSO Facebook Launceston; Partners Bell Bay Aluminium, Foot and Playsted, Display Works, Fine Drop extended the reach of AccessTix. These “likes” rising by an incredible 45% across the Emirates, Glenorchy City Council, Hardlam, Wines, Kelvedon Estate, Lake Barrington included a small ensemble performance year to nearly 6,000 in total. Concert video Hobart City Council, Marinova, Page Seager Vineyard, Laurel Bank Vineyard, Milton at the Royal Hobart Hospital for patients promotions posted on Facebook and YouTube Lawyers, TSO Friends, The Old Woolstore, Vineyard, Sugarloaf Ridge Wines, MONA and volunteers as well as a Mini TSO generated a lot of social media buzz and Towers Watson and Wrest Point; and Wine and RACT Travel. performance for around 400 students from helped to drive ticket sales. Partners Icon Wines and Milton Vineyard. Jordan River Learning Federation Schools In addition to philanthropic supporters, the The TSO’s long-term Live it Live marketing at the Brighton Civic Centre conducted by total donation figure cited above includes campaign continued in 2015 and was used the appropriately named clown-maestro, PHILANTHROPY AND SPECIAL EVENTS $56,504 from the TSO Foundation Trust and effectively in marketing collateral throughout Melvin Tix. Donations to the Tasmanian Symphony $12,750 from TSO Friends. the season and again on the Live it Live With Major Partner BMW, the TSO created a Orchestra totalled $317,076 in 2015. Student Pass, a special offer to full-time The Dave and Annick Chamber Music novel brand activation campaign by running secondary and tertiary students. The great majority of philanthropic support Fund was established in 2015 thanks to the a hugely successful competition through generosity of TSO Patrons David Davey and came from TSO Chair Sponsors and TSO TSO brand awareness remained extremely the Mercury newspaper to promote the Annick Ansselin. high in 2015. The Community Survey, James Bond: Licence to Thrill concert. The Patrons. TSO Chair Sponsors, comprising conducted by EMRS, showed that 95% of advertising campaign, jointly conceived by 25 individuals and couples, each made a The TSO received a bequest of $150,000 Tasmanians were aware of the TSO and the TSO, BMW and the Mercury, was an donation of $5,000. TSO Patrons, comprising from the late Dr Louise Crossley. In 89% considered the TSO to be a source of exemplar of corporate collaboration and 88 individuals and couples, each made a accordance with Dr Crossley’s wishes, the pride, figures in line with those achieved in won a prestigious Pacific Area Newspaper minimum donation of $1,000. A full list of bequest will support the development of previous years. Publishers Association Award (PANPA). TSO Chair Sponsors and Patrons appears Australian women conductors.

12 13 TSO PATRONS

TSO IMPRESARIO PATRONS Principal Flute TSO PATRONS Darrell Jones and James Mainwaring Gifts of $50,000+ Ian Hicks $1,000 or more annual donation Veronica Keach John and Marilyn Canterford Principal Oboe Yvonne and Keith Adkins The late Doone Kennedy AO The late Dr Louise Crossley David Rich and Glenys Rich Peter and Ruth Althaus Colin Kent and Deanne Cooper Mike and Carole Ralston Judith Ker-Stout Oboe/Cor Anglais Wendy Ashley Marko Letonja TSO MAESTRO PATRONS Julius and Gabriella Vertessy Sylvia Barrett Linda and Martin Luther Gifts of $20,000+ Jane and Rex Bean Principal Clarinet David McEwan AM and Mrs Jennifer McEwan Patricia Leary Hans Bosman and Sue Madden Dr Peter Stanton Dr Alex McLaren and Netta McLaren Dr John Roberts and Mrs Barbara Roberts Aileen Buchan Clarinet/Bass Clarinet Caryl McQuestin Mrs Dianne Bye TSO CHAIR PATRONS Tim and Louise Mooney Macquarie Accounting Anne Carmichael $5,000 or more annual donation Alison Malcolm Principal Bassoon George and Jan Casimaty Katherine Marsden Chief Conductor and Artistic Director Julia Farrell Anne Challen and Don Challen AM Michael Mellor and Elaine Soutar Anonymous Bassoon/Contrabassoon Ian Chambers and Kathryn Arneman Senator Christine Milne Concertmaster Alan and Hilary Wallace Dr Alastair Christie Muriel Morillon and Michael Allott Mike and Carole Ralston Principal Horn Peter Cochrane Leon and Susan Morrell Associate Concertmaster Mr Kenneth von Bibra AM and Dr Stephanie Cooper Jill Mure RH O'Connor Mrs Berta von Bibra OAM Nicholas and Janet Cretan Simon Overland and Barbara Hingston Principal Second Violin Principal Trombone Peter and Catherine Cretan Kim Paterson and Helen Preston Dr Joanna de Burgh Andrew Tulloch Dr David Davey and Dr Annick Ansselin John and Marilyn Pugsley Jan and Alan Rees Principal First Violin Principal Timpani John Dickens and Dr Ian Payne Patricia H Reid Lisa Roberts John and Marilyn Canterford Professor David Elliott Mr and Mrs S Roberts Principal Harp The late Mr Hansjuergen Enz Tutti Violin Kay Rodda Dr and Mrs Michael Treplin Garry Forward and Penney Furmage Janet Holmes à Court Brian Shearer Emeritus Prof AR and Dr OF Glenn Tutti Violin Principal Percussion Dr Tony Sprent AM Dr Duncan Grant Bruce Neill and Penny Clive Helen Rule Tony Stacey AM and Mrs Jeanette Stacey Joan Green Chorusmaster Dr Jane Tolman Tutti Violin Rob and Tricia Greenwell Warwick Rule Anonymous Alan Trethewey and Jean Trethewey OAM Patricia Haley Philip and Frances Tyrell Principal Viola Dave and Annick Chamber Barbara Harling Frances Underwood John and Jo Strutt Music Fund Brian and Jacky Hartnett John Upcher Principal Cello Dr Geoffrey Haward AM and Catherine Walker PSM and John Cauchi SC Richard and Gill Ireland Mrs Phyllis Haward Michelle Warren Tutti Cello Robyn and John Hawkins Hugh Wells Sue and Ron Wooller Dr Don Hempton and Mrs Jasmine Michael Wilkinson Hempton Principal Double Bass Susan Williams Peter and Jeanne Hepburn Patricia Leary Geoff and Vicki Willis Nicholas Heyward and Allanah Dopson J Zimmerman Colin Jackson OAM and Mrs Dianne Jackson Anonymous x 14

14 15 TSO PARTNERS

GOVERNMENT SUPPORT PARTNERS

The Tasmanian Symphony Orchestra is assisted by the Australian Government through the Australia Council, its arts funding and advisory body, and through Arts Tasmania by the Minister for the Arts, and the Tasmanian Icon Program.

PRINCIPAL PARTNER

PREMIER PARTNERS

MAJOR PARTNERS WINE PARTNERS

Hobart Autohaus Launceston BMW

LEADERSHIP PARTNERS MEDIA SUPPORTER WE ALSO WISH TO THANK

Foot & Playsted

16 17 TSO BOARD

Dr DAVID RICH (Chair) was elected to the TSO Board in May 2008, became Deputy Chair in 2013 MARIA GRENFELL was elected to the TSO Board in May 2009. She holds a Doctor of Musical Arts and Chair in 2015. Until December 2013 he was Provost of the University of Tasmania. After retiring from the University of Southern California, an MA from the Eastman School of Music and an MMus from from that position, he continued to work with the University on a part-time basis, primarily leading the University of Canterbury in New Zealand. She is Senior Lecturer and Co-ordinator of Classical Music the planning of celebrations to mark the organisation’s 125th anniversary in 2015. Before moving to at the Conservatorium of Music at the University of Tasmania where she has been a lecturer since 1998. Tasmania, he worked at the University of New England in Armidale New South Wales, Macquarie A represented composer at the Australian Music Centre and SouNZ Centre for New Zealand Music, her University in and the University of Exeter in the United Kingdom. He graduated with MA and music has been commissioned, performed and recorded by symphony orchestras and chamber groups PhD degrees from the University of Cambridge, and was awarded an honorary DLitt by the University in Australia, New Zealand and the USA. of Tasmania in 2013. With a background as a geographer, he has worked extensively in the field of e-learning. He was a Member of the Board of the Tasmanian Academy from 2009 to 2011, and is DONALD CHALLEN AM was appointed to the TSO Board in November 2010. Secretary with the currently Chair of the Management Committee of Theatre North in Launceston. He is a Graduate of Department of Treasury and Finance between 1993 and 2010, he is Chairman of the Tasmanian Public the Australian Institute of Company Directors. David lives with his wife Glenys in the Tamar Valley near Finance Corporation, Chairman of the Motor Accidents Insurance Board, a Director of TasNetworks Pty Launceston. Ltd and a Trustee Director of the Retirement Benefits Fund. Former roles include Chairman of Transend Networks Pty Ltd, Director of Hydro Tasmania, Chairman of the Tasmanian Gaming Commission, a PATRICIA LEARY joined the TSO Board in February 2006, was appointed Deputy Chair in December of Director of Trust Bank and a Member of the Australian Government Financial Reporting Council. that year and was Chair between May 2013 and May 2015. She is Chair of the Northern Territory Police He is a Fellow of the Australian Institute of Company Directors, a Fellow of the Institute of Chartered Arbitral Tribunal, Chair of the Tasmanian Police Review Board, Chair of the Red Cross Tasmania Bushfire Accountants, a Fellow of CPA Australia and a Fellow of the Institute of Public Administration Australia. Appeal 2013 Distribution Committee and Chair of the Centenary of ANZAC Steering Committee. He holds a Master of Economics from the University of Tasmania. In the Australia Day 2013 Honours She is a Member of the Australian Institute of Judicial Administration, Member of the Australian List he was appointed a Member of the Order of Australia “for significant service to economics, and to Association of Women Judges, National President of Neighbourhood Watch Australasia Inc, public administration in Tasmania in the treasury and finance sector.” Secretary/Vice President of Neighbourhood Watch Tasmania and Acting Chair of Virtuosi Tasmania Inc. PETER CRETAN was appointed to the TSO Board in February 2013. A businessman with experience JOHN UPCHER (Deputy Chair) was appointed to the TSO Board in September 2007 and became in a variety of industries, he is Managing Director of the Tasmanian Collection Service and Managing Deputy Chair in May 2015. A former partner of the law firm Dobson, Mitchell & Allport and, until Director of the Shoreline Hotel in Howrah. He is a Director of Kriticos Nominees Pty Ltd, a Director recently, a member of the Legal Profession Board of Tasmania, he has been on the board of a number of of Cradle Mountain Wilderness Village Ptd Ltd and a Director of Plastic Fabrications Pty Ltd. Tasmanian arts companies and is a former member of the Tasmanian Arts Advisory Board. He is a former A graduate of the University of Tasmania (Bachelor of Economics), he holds a Licentiate of Music in Chairman of the Allport Library and Museum of Fine Arts Management Committee. He is currently piano performance from the Australian Music Examinations Board and is a member of the TSO Chorus. Chairman of the Property Agents Board, a Director of Tasmanian Symphony Orchestra Foundation Ltd, and Deputy Chairman of the Council of the Foundation of the Tasmanian Museum and Art Gallery. CHRISTOPHER LAWRENCE was appointed to the TSO Board in January 2014. Currently presenter of Classic Drive on ABC Classic FM, he has long been one of the nation’s best-loved radio personalities NICHOLAS HEYWARD has been Managing Director of the Tasmanian Symphony Orchestra since October with a career in broadcasting that spans more than three decades. His recording work has earned him 2001. He holds a Bachelor of Arts (Hons) from the University of Tasmania and worked in management three ARIA (Australian Record Industry Association) Awards, a Churchill Fellowship, and an International roles in major performing arts organisations in Australia and the United Kingdom before becoming CEO Emmy from the US television industry. He is the mastermind behind the Swoon CD collection, which of the Brisbane Biennial International Festival of Music and then CEO of the Festival of Arts. evolved out of his ABC Classic FM breakfast program and went on to become the highest-selling He is Chairman of Symphony Services International, a Director of Arts Management Tasmania Pty Ltd, classical compilations ever released in Australia (more than 500,000 units). He has also written several a Member of the Theatre Royal Management Board and a Member of the Australian Institute of Company best-selling books, including Swooning – A Classical Music Guide to Life, Love, Lust and other Follies, Directors. He has recently joined the Tasmanian Arts Advisory Board and is a member of the Creative and Swing Symphony. In 1999 he was awarded an Honorary Doctorate in Communications from the Advisory Panel for the Australian Government’s Anzac Centenary Arts and Culture Fund. University of Central Queensland for his career in media.

PAUL OXLEY was elected to the TSO Board in May 2008. He is a governance professional with JUANITA VON STIEGLITZ was elected to the TSO Board in May 2015. Her professional background management experience in industries including electricity supply and local government. He spent is in tourism and tourism marketing. Additionally, she has extensive experience in senior corporate 21 years in the electricity supply industry, mostly in the network sector as company secretary and roles and small business, and has worked with not-for-profit organisations and government entities. executive manager with Transend Networks Pty Ltd. He held a leadership role in the company She is Co-Founder and Director of Masstige Moments, which specialises in sales and marketing throughout its 16-year life until a merger in July 2014. Paul has a Licentiate of Music from the Australian representation services for super-premium travel products. From 1994 to 2008 she worked for American Music Examination Board and was the inaugural Chorusmaster when the TSO Chorus was established Express in Sydney, including a period as Regional Head of Membership Travel Services aimed at in 1992. He holds an MBA from the University of Tasmania, a Bachelor of Letters from Deakin University AMEX’s premium consumer groups. Her board experience includes American Express Inc Wholesale and a Diploma in Corporate Management. He is a chartered secretary, a Fellow of the Governance Currency Services, Tourism Tasmania (where she served as Chair of the Audit Committee) and Design Institute of Australia and a Graduate of the Australian Institute of Company Directors. Tasmania.

18 19 GOVERNANCE REPORT

This Governance Report is provided in The roles of the Chair, Managing Director and The Board has ensured, through its own The Chair is elected by the Board and is respect of Tasmanian Symphony Orchestra Company Secretary are all formally recorded reservation of authority, its delegation of responsible for the efficient and effective Holdings Ltd (TSOH) and its 100% owned in the Charter. The Charter also specifies that authority, together with the imposed limits functioning of the Board, including, but not subsidiary, Tasmanian Symphony Orchestra the ultimate responsibility for approval of in respect of those delegations, that no limited to the discussion and determination Pty Ltd (TSO) for the year ended 31st corporate strategies and objectives, budgets, individual has unfettered powers. of the strategic direction of the Group and plans and policies developed by management December, 2015 (the Group). ultimately the production of the Strategic is that of the Board. The Board develops an TSOH’s Constitution was designed to effect 2. STRUCTURE THE BOARD Business Plan. The Board has established annual schedule and management brings the TO ADD VALUE the governance reforms from the Australian major strategic, business and policy matters the following Committees to provide closer Government’s Review of Orchestras. In this to the Board in an orderly way. The TSOH Constitution provides for the attention to key areas of governance: regard we are pleased to report that the election of up to six Directors by members. Early in the year the Board approves • Audit and Risk Committee TSOH membership base for TSOH at the end of A further three Directors may be appointed the artistic program for the ensuing year • Nomination and Remuneration 2015 was 316 members. TSOH held its by the Board should it consider that an subject to subsequent budgeting which Committee TSOH & TSO appropriate skill mix and relevant expertise is Annual General Meeting in May 2015 at must normally be a surplus budget. not otherwise evident. Directors either elected • Key Artistic Advisory Committee TSO which the Members were provided with The Board considers and approves an by Members or appointed by the Board are reports from the Chair and the Managing amended program in light of management The Board conducts periodic reviews of its usually initially appointed for a three year Director. recommendations once the budgeting own performance and that of its Committees. term and are able to serve a maximum of process has been completed. During 2015 the Board’s oversight of nine consecutive years, after which time they the TSO met or exceeded the ‘Essential The annual calendar of meetings also must retire. An annual election process for 3. PROMOTE ETHICAL AND governance practices for arts organisations’, includes a specific planning day set aside for directors ensures an opportunity to review RESPONSIBLE DECISION MAKING as referred to in the 2012-14 Tripartite strategic planning discussion. the composition of the Board. Independence of Directors is considered to Funding Agreement and a Deed of Variation The Board receives monthly financial reports The TSO Pty Ltd Constitution provides be of vital importance. to that Agreement extending funding with management commentary on variations for the appointment and removal of up to to 31 December 2015. The following from the budget. eight Directors by its parent, TSOH and Disclosure of interest and potential conflicts demonstrates TSO’s compliance with the of interest are declared and managed Induction for any new directors one Director appointed by the Board as the eight Principles. includes provision of relevant company Managing Director. appropriately. Where a conflict arises it is declared, the Director will generally not documentation and an in-depth briefing on The Board includes Directors with a broad 1. LAY SOLID FOUNDATIONS FOR be present for consideration of the matter major operational, structural and financial range of skills and experience including MANAGEMENT AND OVERSIGHT and, in all cases, will not participate in any aspects of the Group from the Chair, accounting and finance, company Managing Director and Company Secretary. decision making in relation to the matter. A formal Charter for the Board was adopted secretarial, business, law, and Industrial in 2009. The Charter clearly articulates All administrative employees have formal Relations. A full list of the Board Directors The Board actively encourages and authority delegated to management for position descriptions and letters of which includes their qualifications and demonstrates by its actions that it expects delivering the required outcomes of the appointment which clearly set out conditions experience is included in the Annual Report, an organisational culture based on high of employment, including required on pages 18-19. strategic direction determined by the ethical values. During the year the Board did outcomes. Administrative employees Board. Further, it provides the delegation The Nomination and Remuneration not need to examine any matter in detail undergo an annual performance appraisal of authority to the following Board Committee regularly reviews the Board’s by their immediate manager, which is with regard to ethical behaviour. Committees: skills mix. in turn reviewed and approved by the Major decisions of the Board were typically • Audit and Risk Committee Managing Director. The annual reviews of The responsibilities and authorities of the examined over a number of meetings the Managing Director, Artistic Director and Board, Chief Executive Officer and Company • Nomination and Remuneration thereby allowing full consideration of the Concert Master are undertaken by the Chair Secretary not otherwise contained within the Committee matters relevant to the decision. in consultation with Board members and Corporations Act 2001 are clearly stated in • Key Artistic Advisory Committee reported back to the Board. the Delegations Manual.

20 21 GOVERNANCE REPORT

The Board encourages ‘whole of company’ Deloitte Touche Tohmatsu was appointed communication is encouraged via A Management Representation letter is information sessions and these encompass as external auditor from 2011. social media and via more traditional signed annually prior to the signing of the a wide range of topics including behaviour communication channels. financial statements. The company’s financial The Committee reviewed statutory and within the workplace. Relevant policies and reports present a true and fair view of the management accounting statements and Management and the Board work to a procedures are documented and further company’s financial position and operational considered related accounting policy year planner which is structured to ensure progress was made on a Code of Conduct. result and are in accordance with relevant issues. The Managing Director and Business compliance with the legal and reporting Manager provided the Board with a signed requirements of its funding organisations. accounting standards. TSO financial 4. PROMOTE DIVERSITY representation letter attesting that the Additionally, the Company Secretary is statements are founded on a sound system of risk management and internal controls. The Board actively encourages an company’s Financial Statements present a delegated with responsibility to ensure organisational culture that embraces true and fair view of the company’s current the Company complies with all its other diversity and inclusion. financial position and are in accordance statutory requirements. 8. REMUNERATE FAIRLY with relevant legislative requirements and AND RESPONSIBLY TSO has a Diversity and Inclusion Policy in accounting standards. 7. RECOGNISE AND MANAGE RISK draft and expects to approve a final version An Enterprise Agreement for administrative during 2016. The policy recognises the The Committee meets at least annually with The Board reviews and manages risk staff was agreed during the year and the value of a diverse and skilled workplace the external auditor without management through its Audit and Risk Committee. It has Agreement for musicians will be renewed and encompasses acceptance, respect and present. established a Risk Report and Risk Analysis; during 2017. recognition of individual differences. The review of financial performance is a the objectives of which are: The Board is conscious of the need to keep regular monthly agenda item for the Board. • To promote a risk aware culture; remuneration of musicians in broad alignment 5. SAFEGUARD INTEGRITY IN • To develop a strategic enterprise risk with other orchestras and remuneration FINANCIAL REPORTING 6. RECOGNISE THE LEGITIMATE profile of TSO and to provide a basis to for executives and staff in alignment with identify relevant priorities and actions The Audit and Risk Committee has a formal INTERESTS OF STAKEHOLDERS industry and community standards so that the to better enable TSO to successfully Charter which has been approved by the Company can recruit and retain, but is mindful The Board is charged with ultimate achieve its objectives; Board. The Committee has a schedule of of the limited resources of the company. responsibility to ensure that productive • To provide an overview of existing control regular meetings at which it reviews and An ongoing major initiative is the working relationships with key TSO effectiveness; considers: restructuring of the assessment process, Stakeholders are maintained. The day • To provide input to TSO’s planning process; • Financial Statements for the previous year which has the objective of remunerating to day management of key stakeholder • To involve management and staff in risk • Risk Management Report fairly and responsibly. relationships is delegated to the Managing ownership and management and to • Budget for the forthcoming year Director and in turn to the senior embed risk management; The Managing Director’s performance is • Any other matter that falls within the management team. • To provide a basis from which to report reviewed in detail each year by a special scope of the Committee including The Managing Director and senior regularly to stakeholders on key risk issues. committee of the Chair and the Deputy capital expenditure. management meet regularly with key Chair before an overall review is conducted Management prepares draft revisions of the by the Board. The Committee comprised directors who stakeholders including Commonwealth, Risk Report and Risk Analysis and these are State and Local Government, sponsors, would each be regarded as having a high reviewed twice during the year by both the Non-executive Directors do not receive audiences, the Orchestra itself and those level of accounting and finance skills. Audit and Risk Committee and the Board. any remuneration from the company. providing professional advice to the TSO. The composition of the committee for 2015 The methodology applied is consistent The Board provides an Annual Report which included Donald Challen AM (Chair), Peter with the Australian/New Zealand Risk provides information to the general public Cretan, Pat Leary (until 17 May 2015), David Management Standard AS/NZS ISO on its artistic and financial performance. David Rich, Rich and Juanita von Stieglitz (from 17 May 31000:2009 and the key elements of that 2015). Chair An annual survey is also conducted state- methodology are the consequences and The Managing Director and Business Manager wide in Tasmania to assess community impact parameters. 22 March 2016 attend Audit and Risk Committee meetings. awareness of the TSO. Feedback and

22 23 TSO CHORUS, TSO FRIENDS ORCHESTRA AND MANAGEMENT AND TSO FOUNDATION

Marko Letonja STAFF TSO CHORUS Chief Conductor & Artistic Director Executive June Tyzack Chorusmaster Andrew Bainbridge Assistant Chorusmaster/Répétiteur ORCHESTRA Nicholas Heyward Managing Director Jenny Goulding (from May) Human Resource Jennifer Marten-Smith Répétiteur/Language Coach Violin Flute Manager Soprano Jun Yi Ma Douglas Mackie* Yasmin Shoobridge Jennifer Thain Peter Tattam Jessica Armson Philanthropy and Special Stephanie Arnold Joy Tattam Sally Vance Andrew Tulloch Concertmaster Lloyd Hudson Events Coordinator Elinor Lea Associate Piccolo Rosina Beaumont Frances Underwood Henni Veit Fiona McAlpine Executive Assistant Bass Concertmaster Alice Bowman-Shaw Susannah Williams Gillian von Bertouch Oboe John Ballard Lucy Carrig Jones Karen Cockrill Beth Warren David Nuttall* Artistic Management Alto David Brewer Principal Second Michelle Warren Dinah Woods Simon Rogers Manager, Artistic Planning Carmelita Coen Claire Blichfeldt Allan Bull Jennifer Owen Susan Williams Cor Anglais Alexis Aitken (Parental Leave from October) Christine Coombe Sally Brown Nick Caddick Principal First Artistic and Chorus Co-ordinator Michaela Darlington- Terry Choi-Lundberg Tenor Peter Cretan Miranda Carson Clarinet Jenny Compton Outreach and Education Beresford Peter Ball Greg Foot Yue-Hong Cha Andrew Seymour* Beth Coombe Executive Felicity Gifford Michael Fortescue Edwina George Chris Waller Sally Crosby Hilary Fawcett Rosemary Antonini Artistic Liaison & Debra Jensen Peter Hepburn Michael Johnston Bass Clarinet Elizabeth Eden Peter Fawcett Arts Vision Coordinator (from October) Felicity Kohut Sam Hindell Christine Lawson Ann Godber Bill Field Bassoon Nadeena Beck (from October) Chorus and Bernadette Large Duncan How Alison Lazaroff- Helena Griggs Xavier Gandy Tahnee van Herk Artistic Coordinator Loretta Lohberger Sue Harradence Michael Kregor Michael Hutch Somssich John Panckridge Heather McCallum Clare Hawkins Lorentz Lossius Tony Parker Susanna Low Contrabassoon Business Services Stephanie McDonald Kirsten Jones Bill MacDonald Paul Radford Monica Naselow John De Paoli Business Manager Horn Sophie Mohler Marie Keane Mandy McKendrick Philip Sabine Christopher Fiona Bounds Senior Business Services Officer Wendy Page* Christine Ovens Leigh Lazarus Tony Marshall Dick Shoobridge Nicholas Hayden Jones Business Services Officer Rohana O’Malley Heath Parkinson* Julianne Panckridge Mary McArthur Dianne O’Toole Anthony Sprent Amanda Elder Payroll Officer Roger Jackson Carolyn Poortenaar Caroline Miller Paul Oxley Grant Taylor Viola Greg Stephens Marketing Abigail Radford Sally Mollison David Pitt Daniel Whitfort Stefanie Farrands* Meg Scanlan (from June) Trumpet John Pugsley Deputy CEO and Marketing Jennifer Phillips James Powell-Davies Katie Betts Yoram Levy* Manager Sharon Sherman Louise Rigozzi Alexander Rodrigues (until July) Mark Bain Robert Gibson Publications Editor Rodney McDonald Trombone Ciara Nicholls Marketing Coordinator Gabrielle Lis (Parental Leave from March) William Newbery Jonathon Ramsay* TSO FRIENDS COMMITTEE TSO FOUNDATION BOARD Anna Roach Corporate Partnerships Executive David Robins Margaret McKerracher President Dick Shoobridge Chair Sam East (from March) Corporate Cello Bass Trombone Partnerships Executive Don Hempton Secretary John Canterford Sue-Ellen Paulsen* Robert Clark* Brenda Fehlberg Customer Relationships Grant Taylor Treasurer Donald Hempton Ivan James Executive John Canterford Patricial Leary Martin Penicka Tuba Darrell Jones Customer Service Coordinator Catherine Hamilton Michael Ralston Brett Rutherford Timothy Jones* Alayne Baker (until April) Human Resource Muriel Morillon Peter Stanton Timpani Double Bass Manager Tina Pinkard John Upcher Matthew Goddard* Stuart Thomson* Carol Samuelson Susan Williams Robin Brawley Orchestra Management Percussion Mike Scott John De Paoli Company Secretary (until April) Greg Low Orchestra Manager Gary Wain* James Menzies Jacqui Walkden Orchestra Coordinator Geoff Walker (from May) Harp Ian Wollstein Technical Coordinator John Pugsley Management Representative Vacancy Vacancy# David Harvey Orchestra Librarian Mark Bain Player Representative *principal player #guest principal Brian Harris Production Assistant Total number of TSO Friends: 521

24 25 Annual Financial Report 31 DECEMBER 2015 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ABN 16 122 619 630) Rule Britannia at Albert Hall, Launceston

Directors’ Report______28 Statement of Profit or Loss and Other Comprehensive Income______31 Statement of Financial Position______32 Statement of Changes in Equity______33 Statement of Cash Flows______34 Notes to the Financial Statements______35 Directors’ Declaration______55

Mini TSO at George Town Auditor’s Independence Declaration______56 Independent Auditor’s Report______57

John and Marilyn Canterford, Lisa Roberts and Family Classics at Federation Concert Hall Marko Letonja at a Hobart Fundraising Dinner 27 DIRECTORS’ REPORT DIRECTORS’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

The directors present their report together with the consolidated financial report of been a loss of $34,142. Interest and sponsorship income did not meet expectations for the Tasmanian Symphony Orchestra Holdings Limited and its subsidiary Tasmanian Symphony year. Revenue increased by 2.8% from 2014 to $11,276,056 (2014: $10,966,822). This was Orchestra Pty Ltd (the Orchestra) for the year ended 31 December 2015 and the auditor’s achieved with an increase in donation and bequest income to $835,680 (2014: $723,480) report thereon. and with an increase in cost recoveries to $380,290 (2014: $188,888). Operating expenses before depreciation and amortisation increased by 3.6% to $10,986,547 DIRECTORS (2014: $10,607,999), with employee expenses increasing by 4.6%, due to CPI increases and recruitment costs for a new concertmaster. The names of the directors of the company during or since the end of the financial year are: David Rich Chair from 23 May 2015; Deputy Chair until 17 May 2015 CHANGES IN STATE OF AFFAIRS Patricia Leary Chair until 17 May 2015 John Upcher Deputy Chair from 23 May 2015 In the opinion of the directors, there were no significant changes in the underlying state Nicholas Heyward Managing Director of affairs of the company that occurred during the year ended 31 December 2015. Donald Challen AM Peter Cretan LIKELY DEVELOPMENTS Maria Grenfell The company will continue to present, perform and record orchestral music during the next Christopher Lawrence financial year. The company’s continuing success depends on an appropriate level Paul Oxley of government funding, corporate sponsorship, donations and ticket sales. Juanita von Stieglitz The above named directors held office during the whole of the financial year and since the INDEMNIFICATION AND INSURANCE OF OFFICERS AND AUDITORS end of the financial year except for: Patricia Leary (retired 17 May 2015) and Juanita von Indemnification Stieglitz (elected 17 May 2015). During or since the end of the financial year the company has not indemnified or made a relevant agreement to indemnify an officer or auditor of the company or of any related body PRINCIPAL ACTIVITIES corporate against a liability incurred as such an officer or auditor. The principal activities of the Orchestra during the year ended 31 December 2015 were Insurance premiums the presentation, performance and recording of orchestral music. There were no significant changes in the nature of the activities of the Orchestra during the year. During the financial year, the company has paid premiums in respect of Directors and Officers’ liability insurance, legal expenses and insurance contracts for the year ended REVIEW AND RESULTS OF OPERATIONS 31 December 2015 in respect of any liability incurred as a director and or officer to the extent permitted by the Corporations Act 2001. Since the end of the financial year, the company has The company enjoyed a successful year artistically, which was reflected at the box-office, paid or agreed to pay premiums in respect of such insurance contracts for the year ended with strong support for the Masters Series and Family Classics concerts and several sell- 31 December 2016. Such insurance contracts insure persons who are or have been directors out concerts including the Beethoven Piano Concertos, Faust/Mendelssohn and Mozart’s or officers of the company against certain liabilities (subject to certain exclusions). Requiem performances. Highlights included Tan Dun’s Wolf Totem, jointly commissioned Directors have not included details of the nature of the liabilities covered or the amount by the TSO and presented for the Tasmanian International Arts Festival as part of a world of the premium paid as such disclosure is prohibited under the terms of the contract. premiere season and Remembrance, a multi-media performance of a major Australian work for the ANZAC Centenary. Concertmaster Jun Yi Ma was farewelled during 2015, with his final concert as soloist in Korngold’s violin concerto. EVENTS SUBSEQUENT TO BALANCE DATE The company featured in the MOFO, Dark MOFO and Ten Days On The Island festivals and Since the balance date of 31 December 2015, Tasmanian Symphony Orchestra Holdings Ltd continued to demonstrate its strong support for the community with Symphony Under The has received the 2016 to 2018 Tri-Partite Funding Agreement. The Agreement was executed Stars, Regional touring and a strong Outreach Education and Training program, which this on 14 January 2016 by Tasmanian Symphony Orchestra Holdings Ltd, Australia Council and year culminated in performances at Risdon Prison for inmates and their families. Arts Tasmania. The company has achieved a financial result for 2015 of $115,858 profit (2014: $183,820), The Agreement secures funding for the period 2016-18 from the Australia Council and from despite some difficult financial challenges. A significant bequest of $150,000 was received, Arts Tasmania. which was accrued as income for the year, and without this the result for the year would have

28 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 29 STATEMENT OF PROFIT OR LOSS AND DIRECTORS’ REPORT OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

DIRECTORS’ MEETINGS Year Ended Consolidated The number of meetings of the Board of Directors and of Board Committees during the Continuing Operations Note 2015 2014 financial year were: $ $ REVENUE Tasmanian Symphony Tasmanian Symphony Funding revenue direct from Government 4 8,496,050 8,312,844 Orchestra Holdings Ltd Orchestra Pty Ltd Ticket sales 5 1,266,668 1,353,937 Sponsorship and donation revenue 6 835,680 723,480 Remuneration Audit and Key Artistic Other revenue 7 677,658 576,561 Board and Risk Advisory 11,276,056 10,966,822 Nominations

Number of meetings eligible (E) E A E A E A E A EXPENSES Number of meetings attended (A) Employee expenses 6,802,253 6,504,408 David Rich (Chair) 10 10 6 6 3 3 2 1 Artists' fees and expenses 861,354 817,054 John Upcher (Deputy Chair) 10 9 - - 2 2 - - Marketing expenses 651,811 618,744 Nicholas Heyward 10 9 6 6 3 3 2 2 Production expenses 947,633 835,516 (Managing Director) Symphony Services International service fee 366,973 363,661 Donald Challen AM 10 10 6 6 - - - - Accommodation expenses 454,788 461,548 Peter Cretan 10 9 6 4 - - - - Travel expenses 233,882 198,214 Maria Grenfell 10 9 - - - - 2 2 Other expenses from ordinary activities 663,309 803,308 Christopher Lawrence 10 5 - - - - 2 1 Finance costs 4,544 5,546 Patricia Leary 3 3 2 2 1 1 - - Depreciation and amortisation 8 173,651 175,003 Paul Oxley 10 10 1 1 1 1 - - 11,160,198 10,783,002 Juanita von Stieglitz 7 6 3 2 - - - - Net profit before income tax 115,858 183,820 Directors who were absent from meetings were so with the consent of the Board.

Income tax 2e - -

AUDITOR’S INDEPENDENCE DECLARATION Net profit for the year 115,858 183,820 The directors have received a declaration from the auditor which is included after the Other comprehensive income - - financial report and directors’ declaration.

Signed in accordance with a resolution of the directors made pursuant to the Australian Total comprehensive income for the year 115,858 183,820 Charities and Not-for-profits Commission Act 2012:

David Rich Director Hobart, 22 March 2016 The above statement of profit and loss and other comprehensive income should be read in conjunction with the accompanying notes.

30 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 31 STATEMENT OF FINANCIAL POSITION STATEMENT OF CHANGES IN EQUITY AS AT 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

Year ended Consolidated Reserves Dr L Consolidated Incentive Crossley 2015 2014 Issued Retained Scheme bequest capital earnings Reserve Reserve Total equity Note $ $ Assets $ $ $ $ $ Current assets Balance at 1 January 2014 175,214 3,234,522 668,666 - 4,078,402 Cash assets 22a 4,973,117 3,285,931 Total comprehensive Trade and other receivables 9 328,047 333,989 income for the year - 183,820 - - 183,820 Other financial assets 22c 668,666 2,348,666 Balance at 31 December Other current assets 10 429,075 407,937 2014 175,214 3,418,342 668,666 - 4,262,222 Total current assets Transferred to reserves - (150,000) - 150,000 - 6,398,905 6,376,523 Total comprehensive income for the year - 115,858 - - 115,858 Non-current assets Plant and equipment 12 1,255,634 1,321,626 Balance at 31 December 2015 175,214 3,384,200 668,666 150,000 4,378,080 Intangible assets 13 6,131 - Total non-current assets 1,261,765 1,321,626 Total assets 7,660,670 7,698,149

Liabilities Current liabilities Trade and other payables 14 503,787 325,680 Borrowings 15 50,395 13,273 Unearned revenue 16 1,122,999 1,429,735 Provisions 17 1,380,524 1,302,913 Total current liabilities 3,057,705 3,071,601

Non-current liabilities Borrowings 15 - 50,395 Provisions 17 224,885 313,931 Total non-current liabilities 224,885 364,326 Total liabilities 3,282,590 3,435,927 Net assets 4,378,080 4,262,222

Equity Contributed equity 18 175,214 175,214 Retained earnings 21 3,384,200 3,418,342 Reserves Incentive Scheme reserve 20a 668,666 668,666 Dr L Crossley bequest reserve 20b 150,000 - Total equity 4,378,080 4,262,222

The above statement of financial position should be read in conjunction with the accompanying notes. The above statement of changes in equity should be read in conjunction with the accompanying notes.

32 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 33 NOTES TO AND FORMING PART OF STATEMENT OF CASH FLOWS THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

1. CORPORATE INFORMATION Year ended Consolidated The financial report of Tasmanian Symphony Orchestra Holdings Limited and its controlled 2015 2014 entity for the year ended 31 December 2015 was authorised for issue in accordance with a resolution of directors on 22 March 2016. Note $ $ Tasmanian Symphony Orchestra Holdings Limited is a public company limited by guarantee Cash flows from/(used in) operating activities incorporated in Australia. The address of the registered office is: Cash receipts in the course of operations 2,867,825 2,186,956 1 Davey Street Cash payments in the course of operations (10,905,760) (10,744,854) Hobart TAS 7000 Grants received from government funding 7,995,938 8,049,373 The nature of the operations and principal activities of the Group is described in the Directors’ Report. Interest received 176,246 264,884 Net cash flows from/(used in) operating activities 22b 134,249 (243,641) 2. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES a) Basis of preparation Cash flows from/(used in) investing activities The financial report has been prepared on the basis of historical cost. Historical cost Receipt of cash upon expiry of held-to-maturity 1,680,000 (1,740,591) is generally based on the fair value of the consideration given in exchange for assets. investments All amounts are presented in Australian dollars. Payment for plant and equipment (113,790) (116,126) Fair value is the price that would be received to sell an asset or paid to transfer a liability in Net cash flows from/(used in) investing activities 1,566,210 (1,856,717) an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the company takes into account the Cash flows from financing activities characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for Repayment of borrowings (13,273) (10,327) measurement and/or disclosure purposes in these financial statements is determined on Net cash flows used in financing activities (13,273) (10,327) such a basis, except for leasing transactions that are within the scope of AASB 117, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in AASB 2 or value in use in AASB 136. Net increase/(decrease) in cash held 1,687,186 (2,110,685) In addition, for financial reporting purposes, fair value measurements are categorised into Cash at the beginning of the financial year 3,285,931 5,396,616 Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are Cash at the end of the financial year 22a 4,973,117 3,285,931 observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability.

The above statement of cash flows should be read in conjunction with the accompanying notes.

34 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 35 NOTES TO AND FORMING PART OF NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

b) Statement of compliance Interest revenue The financial report is a general purpose financial report and the financial statements have Interest revenue is recognised as it accrues, taking into account the effective yield on the been prepared in accordance with the Australian Charities and Not-for-profits Commission financial asset. Act 2012 and Australian Accounting Standards – Reduced Disclosure Requirements, Donation and bequest income and comply with other requirements of the law. Donations are recognised at the time of receipt. Bequests are recognised when the company The company is a not-for-profit entity. is notified of an impending distribution or the bequest is received, whichever occurs earlier. New Accounting Standards and Interpretations e) Taxation The accounting policies adopted are consistent with those of the previous financial year. Income tax c) Basis of consolidation The Group is exempt from income tax as it is an exempt charitable institution in accordance The consolidated financial statements comprise the financial statements of Tasmanian with Subdivision 50-B of the Income Tax Assessment Act 1997. Symphony Orchestra Holdings Limited and its subsidiary as at 31 December 2015. f) Goods and services tax The financial statements of the subsidiary are prepared for the same reporting period as the Revenues, expenses and assets are recognised net of the amount of Goods and Services parent company, using consistent accounting policies. Tax (GST). Receivables and payables are stated with the amount of GST included. The net In preparing the consolidated financial statements, all inter-company balances and amount of GST recoverable from, or payable to, the ATO is included as a current asset or transactions, income and expenses and profit or losses resulting from intra-Group liability in the statement of financial position. Cash flows are included in the statement of transactions have been eliminated in full. cash flows on a gross basis. The GST components of cash flows arising from investing and financing activities which are recoverable from, or payable to, the ATO are classified as Subsidiaries are fully consolidated from the date on which control is transferred to the Group operating cash flows. and cease to be consolidated from the date on which control is transferred out of the Group. g) Impairment of non-financial assets other than goodwill d) Revenue recognition Intangible assets that have an indefinite useful life are not subject to amortisation and are Concert revenue tested annually for impairment, or more frequently if events or changes in circumstances Concert revenue is recognised at the time of concert performance. indicate that they might be impaired. Other assets are tested for impairment whenever Funding revenue events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying Funding revenue comprises grants from the Australian Government’s Australia Council and amount exceeds its recoverable amount. Recoverable amount is the higher of an asset’s fair the State Government of Tasmania through Arts Tasmania. This revenue is received under value less costs to sell and value in use. For the purpose of assessing impairment, assets the terms of the Tripartite Funding Agreement (2012 – 2014) entered into in 2011 and a are grouped at the lowest levels for which there are separately identifiable cash inflows that Deed of Variation to that Agreement which extended funding to 31 December 2015. Since are largely independent of the cash inflows from other assets or groups of assets (cash- then, the parties have executed a new Agreement which secures funding for a three-year generating units). Non-financial assets other than goodwill that suffered an impairment are term to 31 December 2018. tested for possible reversal of the impairment whenever events or changes in circumstance ICON funding grant revenue is received from the State Government of Tasmania through indicate that the impairment may have reversed. Arts Tasmania. h) Cash and cash equivalents Funding revenue is recognised in respect of the applicable calendar year for which the Cash and cash equivalents in the statement of financial position comprise cash at bank and funding is intended under the terms of the funding agreements. Special purpose funding, in-hand and short-term deposits with a maturity of three months or less that are readily which requires the company to fulfil an obligation outside its normal operations, is convertible to known amounts of cash and which are subject to an insignificant risk of recognised at the time the obligation is fulfilled. changes in value.

36 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 37 NOTES TO AND FORMING PART OF NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

i) Trade and other receivables l) Leased plant and equipment Trade and other receivables, which generally have 30 day terms, are recognised at fair value Leases of plant and equipment are classified as operating leases when the lessor retains and subsequently measured at amortised cost using the effective interest method, less an substantially all of the risks and benefits of ownership. Operating lease payments are allowance for any uncollectable amounts. recognised as an expense in the statement of profit or loss and other other comprehensive income on a straight-line basis over the lease term, except where another systematic basis is The collectability of trade and other receivables is reviewed on an ongoing basis. Debts that more representative of the time pattern in which economic benefits from the leased asset are are known to be uncollectable are written off when identified. An allowance for provision for consumed. impairment of trade receivables is used when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. m) Trade and other payables The amount of impairment loss is recognised in the statement of profit or loss and other Trade and other payables are carried at amortised cost and due to their short-term nature comprehensive income within other expenses. they are not discounted. They represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group j) Plant and equipment becomes obliged to make future payments in respect of the purchase of these goods and All items of plant and equipment, leasehold improvements, furniture and fittings, office services. The amounts are unsecured and are usually paid within 30 days of recognition. equipment and computers are carried at historical cost less any accumulated impairment n) Finance leases losses and accumulated depreciation. Leases are classified as finance leases whenever the terms of the lease transfer substantially Depreciation and amortisation all the risks and rewards of ownership to the lessee. All other leases are classified as Items of plant and equipment, leasehold improvements, furniture and fittings, office operating leases. equipment and computers are depreciated using the straight-line and diminishing value Assets held under finance leases are initially recognised as assets of the Company at their methods over their estimated useful lives in the current and prior year. fair value at the inception of the lease or, if lower, at the present value of the minimum lease The depreciation rates used for each class of asset are as follows: payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Asset class Depreciation rates Musical instruments and equipment 6.5% - 9% Lease payments are apportioned between finance expenses and reduction of the lease Leasehold improvements Straight line over the 20 year lease period obligation so as to achieve a constant rate of interest on the remaining balance of the Furniture and fittings 10% liability. Finance expenses are recognised immediately in profit or loss, unless they are Office equipment 10% directly attributable to qualifying assets, in which case they are capitalised in accordance with Computer equipment 20% the company’s general policy on borrowing costs. Motor vehicles Straight line over the 3 year lease period o) Employee benefits The assets’ residual values, useful lives and amortisation methods are reviewed, and Wages, salaries and annual leave adjusted if appropriate, at each financial year-end. The provisions for employee entitlement to wages, salaries and annual leave represent k) Intangible assets the amount which the company has a present obligation to pay resulting from employees’ Intangible assets with finite lives that are acquired separately are carried at cost less services provided up to the balance date. Liabilities recognised in respect of short-term accumulated amortisation and accumulated impairment losses. Amortisation is recognised employee benefits, are measured at their nominal values using the remuneration rate on a straight-line basis over their estimated useful lives. The estimated useful life and expected to apply at the time of settlement. amortisation method are reviewed at the end of each reporting period, with the effect The carrying amount of the provision approximates net fair value. of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated Long service leave impairment losses. The liability for employee entitlements to long service leave represents the present value of the estimated future cash outflows to be made by the employer resulting from employees’ services provided up to the balance date.

38 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 39 NOTES TO AND FORMING PART OF NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

Liabilities for employee entitlements which are not expected to be settled within twelve r) Equity instruments months are discounted using the rates attaching to Commonwealth Government securities An equity instrument is any contract that evidences a residual interest in the assets of an at balance date which most closely match the terms of maturity of the related liabilities. entity after deducting all of its liabilities. In determining the liability for employee entitlements, consideration is given to future s) Other financial liabilities increases in wage and salary rates, and the economic entity’s experience with staff departures. Related on-costs have also been included in the liability. Other financial liabilities, including borrowings and trade and other payables, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently The carrying amount of the provision approximates net fair value. measured at amortised cost using the effective interest method, with interest expense Superannuation plans recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense The Group contributes to several accumulation superannuation plans. Employer over the relevant period. The effective interest rate is the rate that exactly discounts contributions in relation to the year ended 31 December 2015 have been expensed in estimated future cash payments through the expected life of the financial liability, or (where the statement of profit or loss and other comprehensive income. No liability is shown for appropriate) a shorter period, to the net carrying amount on initial recognition. superannuation in the statement of financial position as the employer contributions to the various schemes fully extinguish the employer’s liability. 3. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS p) Other financial assets The preparation of the financial statements requires the directors, on advice from Held-to-maturity investments management, to make judgements, estimates and assumptions that affect the reported Non-derivative financial assets with fixed or determinable payments and fixed maturity are amounts in the financial statements. Management continually evaluates its judgements and classified as held-to-maturity when the Group has the positive intention and ability to hold estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. The to maturity. Investments intended to be held for an undefined period are not included in following critical accounting policies have been identified for which significant judgements, this classification. Investments that are intended to be held-to-maturity, such as bonds, are estimates and assumptions are made. subsequently measured at amortised cost. This cost is computed as the amount initially Impairment of non-financial assets recognised minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initially recognised amount and the The company assesses impairment of its non-financial assets at each reporting date by maturity amount. This calculation includes all fees and interest paid or received between evaluating conditions specific to the company and to the specific asset. If an impairment parties to the contract that are an integral part of the effective interest rate, transaction costs trigger exists the recoverable amount of the asset is determined. The company considers and all other premiums and discounts. For investments carried at amortised cost, gains and there have been no impairment triggers in this financial period. losses are recognised in profit or loss when the investments are derecognised or impaired, as Make-good provision well as through the amortisation process. A provision has been made for the present value of anticipated costs associated with the q) Provisions future restoration of the leased premises. The estimate is periodically reviewed and updated. Provisions are recognised when the Group has a present obligation (legal or constructive) as In the event that the provision is material it will be present valued. The related carrying a result of a past event, it is probable that the Group will be required to settle the obligation, amounts are disclosed in note 17. and a reliable estimate can be made of the amount of the obligation. Estimate of useful lives The amount recognised as a provision is the best estimate of the consideration required to The estimation of useful lives of plant and equipment is based on historical experience. The settle the present obligation at the end of the reporting period, taking into account the risks condition of assets are assessed periodically and considered in relation to the remaining and uncertainties surrounding the obligation. When a provision is measured using the cash useful life of the asset and adjustments made to useful lives of plant and equipment as flows estimated to settle the present obligation, its carrying amount is the present value of appropriate. those cash flows (where the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

40 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 41 NOTES TO AND FORMING PART OF NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

Year ended Year ended Consolidated Consolidated

2015 2014 2015 2014 $ $ $ $ 5. TICKET SALES 4. FUNDING REVENUE Subscription sales 681,792 575,400 Government direct funding Single ticket sales 584,876 778,537 1,266,668 1,353,937 Australia Council

Annual grant 6,379,204 6,241,882 6. SPONSORSHIP AND DONATION REVENUE Corporate sponsorship 368,604 418,878 6,379,204 6,241,882 Corporate donations 70,334 66,381 Individual donations 246,742 238,221 Bequests 150,000 - Arts Tasmania 835,680 723,480 Annual grant 1,606,150 1,560,471 7. OTHER REVENUE ICON funding 500,000 500,000 Interest income 175,212 237,681 2,106,150 2,060,471 Orchestral hire - 74,828 Royalties 33,427 11,785 Other 469,019 252,267 Local government 10,696 10,491 677,658 576,561 8,496,050 8,312,844 8. PROFIT FROM CONTINUING OPERATIONS Profit for the year from continuing operations has been arrived at A significant portion of the company's annual revenue consists of funding from the Australian and after charging the following items: Tasmanian Governments, through the Australia Council and Arts Tasmania. As a result, the company is economically dependent on these entities. Depreciation: Plant and equipment 100,848 96,863 Leasehold improvements 47,741 46,991 Furniture and fittings 457 507 Office equipment 2,827 1,769 Computers 10,635 10,503 Motor vehicles 10,377 18,370 Amortisation: Intangible assets 766 - 173,651 175,003

Superannuation payments 770,366 749,019 Operating lease payments 267,869 268,472

42 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 43 NOTES TO AND FORMING PART OF NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

Year ended 12. PROPERTY, PLANT AND EQUIPMENT Consolidated 2015 2014 Consolidated $ $ Musical 9. TRADE AND OTHER RECEIVABLES instruments and Leasehold Furniture Office Computer Motor Current equipment improvements and fittings equipment equipment vehicles Total Trade receivables 328,047 333,989 2014 $ $ $ $ $ $ $ 328,047 333,989 Cost

Past due but not impaired Balance at 1 January 2014 1,546,958 536,881 13,984 35,874 97,526 86,372 2,317,595 Trade receivables over 30 days are past due but not impaired, as there is no objective evidence at reporting date that the company Adjustments - - - - - 5,415 5,415 will not be able to collect all amounts due. Additions 83,352 12,147 - - 15,212 - 110,711 10. OTHER ASSETS Disposals ------Current Balance at Prepayments 178,589 112,696 31 December 2014 1,630,310 549,028 13,984 35,874 112,738 91,787 2,433,721 Inventory 16,230 4,999 Work-In-Progress 8,762 - Accumulated depreciation Accrued income 225,494 290,242 429,075 407,937 Balance 1 January 2014 (588,903) (219,569) (8,910) (25,937) (81,396) (12,377) (937,092)

11. PARENT ENTITY INFORMATION Adjustments - - - - - (5,993) (5,993) Information relating to Tasmanian Symphony Orchestra Holdings Ltd: Depreciation expense (96,863) (46,991) (507) (1,769) (10,503) (12,377) (169,010) Current assets 15,574 15,259 Non-current assets 1,174,455 1,174,455 Disposals ------Current liabilities 44 5 Balance at Retained earnings 1,189,985 1,189,709 31 December 2014 (685,766) (266,560) (9,417) (27,706) (91,899) (30,747) (1,112,095) Total shareholders' equity 1,189,985 1,187,703 Net book value 31 December 2014 944,544 282,468 4,567 8,168 20,839 61,040 1,321,626 Profit of parent entity 276 2,006 Total comprehensive income of the parent entity 276 2,006

44 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 45 NOTES TO AND FORMING PART OF NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

12. PROPERTY, PLANT AND EQUIPMENT (CONT’D) Year ended Consolidated Consolidated 2015 2014 Musical Note $ $ instruments and Leasehold Furniture Office Computer Motor 13. INTANGIBLE ASSETS 2015 equipment improvements and fittings equipment equipment vehicles Total Opening net book value - - Additions 6,897 - Cost Disposals - - Balance at Amortisation charge (766) - 1 January 2015 1,630,310 549,028 13,984 35,874 112,738 91,787 2,433,721 Closing net book value 6,131 - Adjustments ------At 31 December 2015 Additions 67,958 - - 36,963 3,849 - 108,770 Cost 6,897 - Disposals - - - (11,625) (1,575) - (13,200) Accumulated amortisation (766) - Balance at Net book value 6,131 - 31 December 2015 1,698,268 549,028 13,984 61,212 115,012 91,787 2,529,291 14. TRADE AND OTHER PAYABLES Accumulated depreciation Current Trade payables 137,718 107,452 Balance Other payables and accruals 366,069 218,228 1 January 2015 (685,766) (266,560) (9,417) (27,706) (91,899) (30,747) (1,112,095) 503,787 325,680 Adjustments ------

Depreciation The average credit period on purchases of most goods and expense (100,848) (47,741) (457) (2,827) (10,635) (10,377) (172,884) services is 7 days. The company has financial risk management policies in place to ensure that all payables are paid within the Disposals - - - 9,784 1,538 - 11,322 pre-agreed credit terms. Balance at 31 December 2015 (786,614) (314,301) (9,874) (20,749) (100,996) (41,124) (1,273,657) 15. BORROWINGS Net book value Secured - at amortised cost 31 December 2015 911,654 234,727 4,110 40,463 14,016 50,663 1,255,634 Finance lease liability 27 50,395 63,668

Current 50,395 13,273 Non-current - 50,395 50,395 63,668

This borrowing is in respect of a motor vehicle over which a chattel mortgage is held.

16. UNEARNED REVENUE Funding grants in advance - Arts Tasmania 250,000 750,112 Ticket sales in advance 709,181 618,598 Other 163,818 61,025 1,122,999 1,429,735

46 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 47 NOTES TO AND FORMING PART OF NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

Year ended Year ended Consolidated Consolidated 2015 2014 2015 2014 $ $ 20. RESERVES $ $ 17. PROVISIONS a) Reserves Incentive Scheme reserve Current Opening balance at 1 January 2015 668,666 668,666 Employee entitlements 1,380,524 1,302,913 Accumulated funds at 31 December 2015 668,666 668,666 1,380,524 1,302,913 The Reserves Incentive Scheme is designed to encourage and Non-current assist major performing arts companies to strengthen their Employee entitlements 165,182 255,967 financial position by building reserves to a level that is sufficient Make-good provision to underpin their financial health and provide a base from which to take appropriate artistic and access risks. These funds have Balance at 1 January 2015 57,964 56,275 been set aside, held in escrow and are unencumbered as per Additional provision recognised 1,739 1,689 the Reserves Incentive Scheme Agreement. Balance at 31 December 2015 59,703 57,964

224,885 313,931 b) Dr L Crossley bequest reserve Opening balance at 1 January 2015 - - The make-good provision relates to the make-good requirement Current year bequest 150,000 - for the leased premises. Accumulated funds at 31 December 2015 150,000 -

18. CONTRIBUTED EQUITY During 2015 a bequest was received from Dr L Crossley to support 222,372 fully paid ordinary shares 175,214 175,214 the development of women conductors with the Tasmanian Symphony Orchestra. 175,214 175,214

On 31 December 2006 Tasmanian Symphony Orchestra Holdings 21. RETAINED EARNINGS Ltd purchased all shares of Tasmanian Symphony Orchestra Pty Retained earnings 3,384,200 3,418,342 Ltd that were previously held by the Australian Broadcasting Corporation. In the event of winding up of the parent company, 3,384,200 3,418,342 property shall be given or transferred to one or more institutions, selected by the board of the company at or before dissolution, Balance at beginning of year 3,418,342 3,234,522 having purposes similar to the purposes for which the company Transfer to Dr L Crossley bequest reserve (150,000) - was incorporated. Net profit for the year 115,858 183,820 Balance at end of year 3,384,200 3,418,342 19. GUARANTEE Each member undertakes to contribute to the property of the company if the company is woundup while he, she or it is a member or within 1 year after he, she or it ceases to be a member, for payment of the company's debts and liabilities contracted before he, she or it ceases to be a member and of the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves, such amount as may be required, but not exceeding $1.

48 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 49 NOTES TO AND FORMING PART OF NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

Year ended Year ended Consolidated Consolidated 2015 2014 2015 2014 $ $ $ $ 22. STATEMENT OF CASH FLOWS 24. KEY MANAGEMENT PERSONNEL AND a) Reconciliation of cash RELATED PARTY DISCLOSURES For the purposes of the statement of cash flows, cash includes cash on hand and at bank and short- a) Details of executives term deposits at call, net of outstanding bank drafts. An amount of $668,666 is included in the cash balance and represents a deposit into the Reserves Incentive Scheme account. Nicholas Heyward Managing Director John Pugsley Deputy CEO, Manager Marketing Cash assets as at the end of the financial year as shown in the statement of cash flows are as follows: and Corporate Partnerships Simon Rogers Manager Artistic Planning Cash and cash equivalents 4,973,117 3,285,931 Greg Low Orchestra Manager 4,973,117 3,285,931 John De Paoli Business Manager b) Reconciliation of surplus from ordinary activities to net cash flows from operating activities b) Compensation of key management personnel Short term employee benefits 646,379 638,966 Surplus from ordinary activities 115,858 183,820 Post-employment benefits: Depreciation 173,651 175,003 Superannuation 110,603 115,764 289,509 358,823 Termination benefits - 105,880 Movements in working capital 756,982 860,610 (Increase)/decrease in trade and other receivables 5,942 (75,865) Termination benefits relate to cash payments of previously accrued (Increase) in prepayments (21,138) (248,583) annual leave and long service leave balances. Increase in trade and other payables 178,107 51,008 c) Other transactions with key management personnel (Decrease) in unearned revenue (306,736) (165,857) All transactions with members of the Board or their related entities are conducted at arm’s length at (Decrease)/increase in provisions (11,435) (163,167) normal market prices and on normal commercial terms. 134,249 (243,641) Sale of goods Purchase of goods and services and services c) Investments in financial assets The following activity occurred during 2015: 2015 2014 2015 2014 Held-to-maturity 668,666 2,348,666 $ $ $ $ 668,666 2,348,666 Patricia Leary is Acting Chair of: Virtuosi Tasmania Inc. 594 1,476 - 198 Held-to-maturity investments include term deposits with a maturity Nicholas Heyward is a director of: greater than three months. Arts Management Tasmania trading as - - 1,340 1,550 Handmark Gallery 23. EMPLOYEE ENTITLEMENTS Symphony Services Australia Ltd known as 44,000 60,500 403,670 400,027 both Symphony Australia and Symphony Current 1,380,524 1,302,913 Services International Non-current 165,182 255,967 Theatre Royal Management Board - - 39,489 28,854 John Upcher is a director of: 1,545,706 1,558,880 Tasmanian Symphony Orchestra 56,504 25,421 - - Foundation Ltd* Aggregate employee entitlements presented above include on-costs. David Rich: At year end, the company employed 76 full-time equivalent employees (2014: 76). University of Tasmania 24,186 943 267 5,065 (125th anniversary coordinator) Theatre North Management - - 15,392 19,140 (Committee President)

50 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 51 NOTES TO AND FORMING PART OF NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 FOR THE YEAR ENDED 31 DECEMBER 2015

24. KEY MANAGEMENT PERSONNEL AND RELATED PARTY DISCLOSURES Year ended (CONTINUED) Consolidated c) Other transactions with key management personnel 2015 2014 Note $ $ Sale of goods Purchase of goods 26. OPERATING LEASE ARRANGEMENTS and services and services Non-cancellable operating lease commitments 2015 2014 2015 2014 Not later than 1 year 458,500 459,092 $ $ $ $ Later than 1 year and not later than 5 years 1,806,937 1,851,280 Maria Grenfell is a senior lecturer at: Later than 5 years - 432,874 Conservatorium of Music, University of 24,186 943 267 5,065 Tasmania 2,265,437 2,743,246 Peter Cretan is a director of: Operating leases are for the lease of office and rehearsal facilities, Tasmanian Collection Service - - 324 328 lease of the Federation Concert Hall and lease of office equipment. Christopher Lawrence: Australian Broadcasting Corporation - - 4,090 10,360 27. OBLIGATIONS UNDER FINANCE LEASES Christopher Lawrence (concert compere) - - 6,270 600 Minimum lease payments * This receipt relates to the non-discretionary distribution required to be made to Tasmanian Finance lease liabilities Symphony Orchestra Pty Ltd from Tasmanian Symphony Orchestra Foundation Trust under the Public Not later than 1 year 50,726 17,817 Ancillary Fund guidelines that govern the Trust. Later than 1 year and not later than 5 years - 50,726 50,726 68,543 d) Subsidiary The consolidated financial statements as at 31 December 2015 include the parent company's Less future finance charges (331) (4,875) one subsidiary in which it had 100% interest, Tasmanian Symphony Orchestra Pty Ltd, which is Present value of minimum lease payments 50,395 63,668 incorporated in Australia and has the same balance date as that of the parent entity. Included in the financial statements e) Ultimate parent Current borrowings 50,395 13,273 Tasmanian Symphony Orchestra Holdings Ltd is the ultimate parent entity. Non-current borrowings - 50,395

Year ended 15 50,395 63,668 Consolidated The company leases a motor vehicle under a Chattel Mortgage Agreement. The lease term is for 2015 2014 three years commencing in 2013. The company has an option to purchase the vehicle for a residual $ $ amount at the end of the lease term. The interest rate is fixed at the contract date at 7.88% per 25. EXPENDITURE COMMITMENTS annum. The company's obligations under the finance lease are secured by a mortgage to the lessor. The fair value of the finance lease liability is approximately equal to its carrying amount. Artists' fees contracted for but not provided for or payable Not later than one year 186,500 197,182 Later than one year and not later than five years 140,000 310,000 28. AUDITOR REMUNERATION Audit of the financial statement 20,662 21,300 326,500 507,182 20,662 21,300 Capital equipment contracted for but not provided for or payable No amounts are paid to the auditor by the parent entity. All amounts are paid by its subsidiary, Not later than one year - 13,957 Tasmanian Symphony Orchestra Pty Ltd. No other benefits were received by the auditor. The auditor of Tasmanian Symphony Orchestra Holdings Ltd is Deloitte Touche Tohmatsu. The auditor also - 13,957 provides services pro-bono for the audit of the financial statements of the Tasmanian Symphony Orchestra Foundation.

52 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 53 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS DIRECTORS’ DECLARATION FOR THE YEAR ENDED 31 DECEMBER 2015

29. ECONOMIC DEPENDENCY The directors of Tasmanian Symphony Orchestra Holdings Ltd declare that in the directors' Tasmanian Symphony Orchestra Holdings Ltd is economically dependent on the ongoing annual opinion : funding received from the Australian Government and the Tasmanian Government through the Australia Council and Arts Tasmania to operate as a going concern. Funding from the Australian a) the financial statements and notes are in accordance with the Australian Charities and Government and the Tasmanian Government is secure to 31 December 2018 through the 2016-2018 Not-for-profits Commission Act 2012, and: Tri-Partite Funding Agreement, subject to the company continuing to comply with the terms of the Agreement. i) give a true and fair view of the financial position of the Group as at 31 December 2015 and of its performance, as represented by the results of its operations and its cash 30. ADDITIONAL FINANCIAL INSTRUMENT DISCLOSURE flows for the financial year ended on that date; and Net fair value ii) comply with Accounting Standards and the Australian Charities and Not-for-profits The net fair value of financial assets and liabilities at the balance date are those disclosed in the Commission Act 2012; and statement of financial position and related notes. This is because either the carrying amounts approximate net fair value or because of their short term to maturity. b) there are reasonable grounds to believe that the Group will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the directors made pursuant to the Australian Fair value hierarchy as at 31 December 2015 Charities and Not-for-profits Commission Act 2012: Level 1 Total $ $ Financial assets Loans and receivables: trade and other receivables 328,047 328,047 David Rich Held-to-maturity investments: Director term deposits 5,268,666 5,268,666 Hobart 22 March 2016 5,596,713 5,596,713

Financial liabilities Financial liabilities held at amortised cost: finance lease 50,395 50,395 trade and other payables 503,787 503,787 554,182 554,182

The company does not hold any financial assets or financial liabilities classified as Level 2 or Level 3.

31. SUBSEQUENT EVENTS Since the balance date of 31 December 2015, Tasmanian Symphony Orchestra Holdings Ltd has signed a Tri-Partite Funding Agreement for the period 2016-18. The Agreement secures funding for 2016-18 from the Australia Council and from Arts Tasmania.

32. APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the board of directors and authorised for issue on 22 March 2016.

54 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 55 56 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 57 58 TASMANIAN SYMPHONY ORCHESTRA HOLDINGS LIMITED (ACN 122 619 630) 59 60 CONTENTS Chair and Managing Director______1 The Year at a Glance______2 The Year in Review______4 Artists______6 Recordings______7 Goals and KPIs______8 Education and Outreach______10 Marketing, Corporate Partnerships and Philanthropy______12 TSO Patrons______14 TSO Partners______16 TSO Board______18 Governance Report______20 Orchestra and Management______24 TSO Chorus, TSO Friends and TSO Foundation______25 Annual Financial Report______27 ANNUAL REPORT 2015

Federation Concert Hall BOX OFFICE ADMINISTRATION 1 Davey Street, Hobart Bookings online: tso.com.au T: 03 6232 4444 Tasmania 7000 Australia Freecall: 1800 001 190 Int. Phone: +61 3 6232 4444 Telephone: 03 6232 4450 F: 03 6232 4455 GPO Box 1450 Hobart Facsimile: 03 6232 4455 Int. Fax: +61 3 6232 4455 Tas 7001 Australia Email: [email protected] E: [email protected]

© 2016 Tasmanian Symphony Orchestra Holdings Ltd The Tasmanian Symphony Orchestra 0 840 TSO.COM.AU ABN 16 122 619 630 is proud to be a member.