Apo Annual Report 2019

AUCKLAND PHILHARMONIA ORCHESTRA 2019 ANNUAL REPORT Auckland Philharmonia Orchestra is the musical heart of Auckland and its communities and inspires a life-long love of orchestral music.

Ko Te Rāngai Puoro Tuatini o Tāmaki Makau Rau te hā o te oro ki Tāmaki whānui me te whakaoho i te manawaroa mō te rāngai puoro.

APO ANNUAL REPORT 2019

APO AT A GLANCE

IN 2019… MORE THAN 253,000 PEOPLE EXPERIENCED THE APO PERFORM LIVE

APO PERFORMED APO ACHIEVED

70SELF-PRESENTED CONCERTS FULL8 HOUSES

OVER % 171,000 PEOPLE TUNED IN TO APO LIVESTREAMS FROM 53OF APO REVENUE WAS SELF-GENERATED ACROSS THE GLOBE

4 APO MUSICIANS DELIVERED OVER

370VISITS TO SCHOOLS AND YOUTH ORCHESTRAS

PERFORMED

WORLD8 PREMIERES FROM NEW ZEALAND COMPOSERS

REACHED OVER 32,000 YOUNG PEOPLE THROUGH APO CONNECTING ACTIVITIES

APO.CO.NZ 5 APO ANNUAL REPORT 2019

CONTENTS

CHAIRMAN’S REPORT 8

CHIEF EXECUTIVE’S REPORT 9

ARTISTIC & PERFORMANCE HIGHLIGHTS 12

CELEBRATING NEW ZEALAND 14

OUR AUDIENCES 20

EDUCATION AND OUTREACH 22

MEET APO 26

FINANCIAL OVERVIEW 28

APO FINANCIAL STATEMENTS 29

APO FUNDERS, DONORS AND SUPPORTERS 58

APO SPONSORS 62

CORE FUNDERS

Season photography: Adrian Malloch

6 APO.CO.NZ 7 APO ANNUAL REPORT 2019

CHAIRMAN’S REPORT

It is my pleasure to report on 2019 on behalf of the Auckland Philharmonia Orchestra Board.

Once again, we had an exciting year with 2019 we were also grateful to learn of a a rich combination of mainstage concerts, funding uplift from CNZ in recognition of engagement with our diverse Auckland the excellent work that we do, and our communities, and collaborations with our alignment to CNZ’s strategy and vision for fellow arts companies in Auckland and the role of the Arts in Aotearoa. further afield. In addition to our work on the The review undertaken at the request of concert platform, we were proud to reach the ARAFA Board involved an extensive 32,000 young people through our APO organisational review and I am pleased connecting work, and over 171,000 people that, not unexpectedly, the APO was shown internationally through our livestreams. to be very well-managed and governed We know through both the numbers and with efficiencies in every area. The Review qualitative feedback that orchestral music highlighted the issue that the Board has is uplifting, engaging and relevant for the been aware of for a long time – inadequate communities of Tāmaki Makaurau, Auckland player remuneration – and thanks to the and we are proud to continue and develop Funding Board we now have a pathway our artform which is many centuries old. forward to address this issue, in partnership With Giordano Bellincampi at the musical with the players. helm, our musicians were inspired in I would like to acknowledge and express their music-making and in turn, inspired our gratitude to Auckland ratepayers and delighted our audiences. Our aim through the Auckland Regional Amenities is to make the APO an integral part of Funding Act (ARAFA) and to Creative Auckland’s identity and our many full New Zealand (CNZ) for understanding houses, enthusiastic audiences and strong that we cannot continue to thrive without community connections are a measure their unwavering support. Philanthropic of our success with this. We continue to and sponsor contributions are also critical enjoy, and reap benefits from, our home to our success, and it is gratifying to see in the Auckland Town Hall, both as our the continued and increased support we administrative centre and our performance “Being in the heart have across the community through our base. Being in the heart of Auckland’s sponsors, donors, friends and subscribers. of Auckland’s artistic artistic quarter reinforces how much the city values the APO. In turn we are very In my role as Chairman I am fortunate to be quarter reinforces how proud to serve as, and be identified as, the supported by a very active and dedicated much the city values city’s resident professional orchestra, and Board and I would like to offer thanks the sense of belonging and ownership is to each member of the team; they all the APO.” something we sincerely appreciate. contribute so much energy and wisdom to their roles. We were pleased to welcome Alongside our many successes, 2019 had three new Board members during the year: some financial challenges including the Oliver Sealy, Naisi Chen and Gordon Hill. late cancellation of an opera season. The I would also like to thank Eric Renick for APO Board decided to keep the orchestra’s his five years on the Board as our player- momentum by producing some additional elected representative. performances. Although these inevitably resulted in the need to approve a deficit I would like to express my sincere gratitude budget, it was pleasing to see that our year to APO Chief Executive Barbara Glaser and end result was on target: a testament to the her team for their hard work, enthusiasm APO management’s careful cost control and commitment to orchestral music. And and maximising of income streams. finally the musicians of the orchestra who delight us week after week performing with During the second half of the year there flair and passion, inspiring our audiences were funding reviews from both our central and contributing to the vitality of our Geraint A. Martin and local government funders (CNZ and wonderful city. CHAIRMAN ARAFB respectively). Mid-way through AUCKLAND PHILHARMONIA ORCHESTRA TRUST BOARD

8 CHIEF EXECUTIVE’S REPORT

2019 was another wonderful year of music-making for the APO and music-listening for our audiences. It is heartening to see the continued growth in numbers and appreciation of the quality and role of the orchestra in our community.

It was the fourth year with Giordano Messiaen’s Turangalîla Symphony, pianists Bellincampi as our Music Director and the Alexander Gavrylyuk and Javier Perianes, excitement and focus of our musicians both APO favourites, and James Ehnes, one when he is on the podium is profound. In of the world’s finest violinists. 2019 he continued to concentrate on the Through several of these concerts we masterworks of Berlioz, Schumann, Brahms, were proud to take our orchestra and our Nielsen, Beethoven and Mozart, adding city to the world through our livestreamed some spice with 21st century composers performances, and we made over 171,000 such as Thomas Adès and Salina Fisher. new friends in this way, many of whom Our Opera in Concert with Giordano, Don posted comments and really engaged with Giovanni, was once again a highlight of the both APO and Auckland. year with a capacity audience and top- drawer soloists from around the world and We continued our commitment to New New Zealand. Giordano also made his first Zealand artists, in particular female excursion into Bruckner with the APO, with composers and conductors. This included a wonderfully spacious Bruckner 7 paired performances conducted by Holly Mathieson with a rare performance of Beethoven’s and Tianyi Lu, violinist Amalia Hall, who Triple concerto and a star line-up of gave us a stunning Saint-Saëns Third Violin international soloists. Concerto, and a newly commissioned work by composer Salina Fisher. We know Complementing Giordano’s work we there is still much work to do to build the welcomed some marvellous guest opportunities and profile of women in the conductors including Bertrand de Billy, who classical music world, and we are excited to drew a stunning performance of Franck’s D be on this journey. minor Symphony from our very enthusiastic musicians, and Vladimir Ashkenazy who APO is always strengthened by engaging returned to give us a memorable Dvořák in positive organisational partnerships and Seventh Symphony. This turned out to be collaborations, which continue to enable one of his last performances before he us to push our boundaries and bring the announced his retirement early in 2020. We best experiences to wider and more diverse are so grateful to have had the opportunity audiences. to bring this legendary musician to Auckland twice so that our audiences could In 2019 we maintained our ongoing and “APO is always experience his artistry first-hand. We were highly valued relationships with the New strengthened by also delighted to welcome back Kazuki Zealand Opera, Royal New Zealand Yamada for a thrilling performance of Boléro Ballet, New Zealand International Film engaging in positive amongst other musical gems. Festival and Michael Hill International Violin Competition (MVHIC). For the first organisational A significant musical moment of the year time we also partnered with the Australian partnerships and was the New Zealand premiere of the Ligeti National Academy of Music (ANAM), which Violin Concerto, which was performed by enabled us to present the first Auckland collaborations ...” our very talented concertmaster Andrew performance of Messiaen’s monumental Beer. This was a landmark performance Turangalîla Symphony alongside the for Andrew and for the orchestra and we Auckland Arts Festival (AAF). This remain very grateful to Kiwi conductor enormous undertaking, with over 100 Hamish McKeich for stepping in to musicians on stage, was a feature of both conduct the concert at the last minute. AAF and of the APO concert year and was Other soloists we were delighted to enjoyed by tens of thousands of people present included Joanna McGregor (piano) across the world through our livestream of and Cynthia Millar (ondes Martenot) for the concert. Through exposing the APO to

APO.CO.NZ 9 APO ANNUAL REPORT 2019

10 some of Australia’s best young musicians continued to excite and enthral the through every education concert and school we also expanded our reputation and reach youngest members of our community and visit. They give so much to the orchestra to one of our close musical neighbours. their families with a number of full houses and the city and I know our audiences of all across the year. ages love and appreciate them. We were particularly proud of our partnership with the Auckland Writer’s Our ongoing partnership with the Their work is made possible by the talented Festival. Under this umbrella we presented University of Auckland provides aspiring and dedicated APO staff who leave no APO’s major commission for 2019, young musicians with access to concerts, stone unturned to ensure that our musicians Kenneth Young’s Man, Sitting in a Garden, masterclasses and open rehearsals. We can play at their best to large, enthusiastic a one-act one-man opera with libretto by know that we are influencing their life and appreciative audiences. New Zealand writer Witi Ihimaera. This choices in a positive way and giving them We said goodbye to five musicians during was widely regarded as a highlight of the opportunities they would not otherwise the year and I would particularly like to Festival. Our gratitude remains with Jared have. thank Ruth Brinkman, Rae Crossley-Croft, Holt who stepped in at short notice for an We are always keen to look for new Sarah Hart, and Ping Tong Chan for their indisposed Simon O’Neill. opportunities to introduce the next long years of dedicated service. Anyone who attended Planet Earth II Live generation of audiences, and in 2019 we The APO Board once again provided in Concert, presented in partnership with created several new events for our future the guidance and wisdom to keep us Auckland Live and BBC Studios and/ subscribers. A highlight was Amazing Mr travelling our true course. During the year or Auckland Arts Festival’s Magic Flute Mozart, a specially created show which we welcomed three new board members, directed by Barrie Kosky, will remember introduced the genius of Mozart and his Naisi Chen and Oliver Sealy, both of whom them for a long time to come. Each music aided by author/illustrator Donovan are already making a positive impact on our charted new territory in impact and beauty, Bixley. The young and young at heart had a organisation, and our new player-elected complemented by the power of the APO. wonderful time! board member Gordon Hill, the APO’s Our performances with the circus theatre Early in the year our Session Series section leader double bassist. Lope Ginnen group The Dust Palace once again drew featured TEEKS (Te Karehana Gardiner- had to step down as she took up a new gasps of awe from audiences as the Toi), a talented young singer-songwriter, position as a District Court judge, and talented circus performers hung from ropes headlining his first ever New Zealand show we thanked Eric Renick for his service of and silks above the heads of the APO with the APO. The climax of the concert just over five years as the player-elected musicians. was a spine-tingling version of Ria Hall’s representative on the Board. Our work on the concert hall stage was waiata ‘Te Ahi Kai Pō’ with kapa haka Finally I would like to thank our core once again complemented by our work champions Ngā Tumanako. funders: Auckland Council, through the out in our communities. We see this as 2019 was also a very sad moment in time Regional Amenities Funding Act, Creative an equally valuable part of our remit as a for the APO community, with the sudden New Zealand, Foundation North and Metropolitan orchestra and we take our death of John Ure, a founding member Four Winds Foundation. The APO is also responsibilities to our communities very of the APO, and for the past decade and fortunate and grateful to receive support seriously, and we are delighted to fulfil a half, its Director of Operations. John’s from many other trusts, foundations and these to the highest level. dedication, passion and commitment individual donors who recognise the value In total we reached over 32,000 people to every aspect of the orchestra was in supporting the orchestra and investing through APO Connecting events. We had unparalleled. He had a prodigious memory in quality of life through culture, as well as 62 education partnerships through our of the details of every performance, supporting a legacy for the next generation. APOPs programme. We are proud of the especially those of the early days. His Our corporate partners are, as ever, an fact that a significant part of our programme memory and his legacy will live on for a very important part of our family, and I would is delivered in South Auckland, and we are long time for the whole APO whānau. We like to welcome Du.Today, Metlifecare and thrilled with the impact that orchestral music are certainly very blessed to have had this St John as new partners in 2019. I’m also can have in these communities bringing wonderful human as a driving force for APO pleased that three of our partners increased both the love and the knowledge of music over a very long period. their commitment and level of support to every corner of Auckland. Once again, our success has been to the APO with Bayleys and Chapman This year we partnered with Carnegie Hall based on strategically focussed planning, Trip moving from Gold to Platinum level for the first time to present the community committed artistic leadership, determination sponsors and QMS from Silver to Gold. It project Link Up which saw around and belief in music’s ability to transform is gratifying to see how much our partners 400 young South Auckland students lives. I’d like to thank our supporting value and benefit from the relationship they play alongside the APO on recorders, organisations for their steadfast allegiance have with us. trombones and harpsicles (baby harps). to the future of the Orchestra. The ongoing As we move into celebrating our 40th It was an inspirational experience for all support of The Auckland Philharmonia birthday there are some exciting changes concerned, with great feedback from the Foundation, under Chairman Belinda on the horizon and some opportunities students and their music teachers, and Vernon and her successor Robert Clark, to lift the orchestra to the next level. They we look forward to continuing to offer this and the APO Friends, led by Bryce Bartley say life begins at 40 and we can’t wait for innovative and stimulating project. then Jackie Wilkinson, allows us to deliver the next phase of our life to start, whilst on our strategy. APO Connecting also featured the usual acknowledging the many giants on whose and much-loved array of activity from We could not have achieved everything we shoulders we stand. our Community Classics events in West, did in 2019 without the talents, hard work South and Central Auckland and specially and dedication of the whole APO team: our designed programmes for our South wonderful musicians who create power and Auckland whānau Pese! Fasi! Pūoru! beauty every week on the Great Hall stage, Barbara Glaser The ever-popular APO 4 Kids concerts and transform lives inspiring a love of music CHIEF EXECUTIVE

APO.CO.NZ 11 APO ANNUAL REPORT 2019

ARTISTIC & PERFORMANCE HIGHLIGHTS

2019 saw the APO continue its artistic growth under the leadership of Music Director Giordano Bellincampi

In his fourth season as the APO Music Other returning conductors included breath-taking repeat of a collaboration Director, Giordano Bellincampi’s focus on Douglas Boyd and Kazuki Yamada, while with Auckland based circus troupe The facilitating artistic growth through astute we also played host to some of the finest Dust Palace, a live performance of the programming of core repertoire has resulted international conductors in the industry, glorious score from BBC Planet Earth II, in another year of improved performance including Bertrand de Billy, Ludovic Morlot and an evening of songs from some of New standards right across the concert and Sofie Jeannin, each making their debut Zealand’s great songwriters in our NZ Mix season. His work on major symphonies with the APO. We were also thrilled to have Tape show, featuring guest artists Nadia by composers such as Berlioz, Bruckner, New Zealanders, Hamish McKeich, Tecwyn Reid, Anna Coddington and Liam Finn. Schumann, Schubert, Brahms and Nielsen Evans, Tianyi Lu and Holly Mathieson on the As always, the APO’s collaborative spirit was an opportunity to develop style and podium. meant that our contribution to events within galvanise technique. Other works by 2019 was a particularly stellar year for other organisations’ artistic seasons were of composers such as Strauss, Falla, Wagner soloists. The phenomenal Viktoria Mullova the very highest quality. Stand out was our and others added colour and drama to the helped ensure we had a sold-out house performance of Messiaen’s extraordinary concert programming. for her performance of the Sibelius Violin Turangalîla Symphony in the Auckland As always, a particular highlight was our Concerto. Similarly, performers such as Arts Festival. Performances of Rossini’s annual opera in concert, which in 2019 was British violinist Anthony Marwood, Italian Barber of Seville with New Zealand Opera, Mozart’s Don Giovanni. With a great cast pianist Alessio Bax, Canadian violinist Hansel & Gretel with Royal New Zealand and a sold-out house, it was an event that James Ehnes, Spanish pianist Javier Ballet, Kenneth Young and Witi Ihimaera’s everyone who attended will remember for a Perianes, and the great pipa player, Wu Man, Sitting in a Garden with the Auckland long time. Man, inspired our musicians just as much Writers Festival, and a wonderful concert as they enthralled our audiences. of opera arias and choruses to celebrate We had some welcome returns to the the re-naming of the Kiri Te Kanawa podium, none more so than Vladimir Our audiences enjoyed our range of Theatre rounded out a year of performance Ashkenazy, making one of his final popular events and concerts, aimed highlights. performances in his career before retiring. at diverse markets. In 2019 we had a

THE TRUSTS COMMUNITY FOUNDATION MAN, SITTING IN A GARDEN OPERA IN CONCERT: DON GIOVANNI “The APO, under the direction of Tecwyn “Auckland Philharmonia Evans delivered Kenneth Young’s music in Orchestra’s Don Giovanni must a way that enveloped the contemplations be its finest Opera in Concert and recollections of The Man. The music yet … the splendid APO played captured the brightness, colour and light centre stage, with Maunder’s of Maughan’s paintings from the opening grim and funny morality tale movement, with its light strings depicting laid out around it. Conducting the beauty of the foliage and the flitting with verve and joy, Giordano butterflies. The music, which at times Bellincampi opened up a owed something to the music of Benjamin Mozartian musical heaven and, Britten, provided an uplifting counterpoint best of all, allowed us to enter it.” to the despair of the singer’s lament.” WILLIAM DART, REVIEWER, NZ HERALD JOHN DALY-PEOPLES, THE NATIONAL BUSINESS REVIEW

12 TURANGALÎLA

“The musicians captured all the extreme contrasts in the work from the pure and delicate to the fiery and brutal. They kept enough energy in reserve to serve up an exuberant, joyous, and triumphant final movement that brought many in the audience to their feet.” PETER HOAR, RNZ CONCERT UPBEAT

BAYLEYS PRESENTS THE NZ MIX TAPE

“Anna’s vocals delivered a heartfelt rendition of the classic track [Anchor Me by The Mutton Birds] and the Auckland Philharmonia Orchestra provided an excellent backdrop to the song, which I’m sure would have brought a tear to the eye of the great Don McGlashan if he had been there.” DAVID BOYLE, REVIEWER, RADIO 13

PHOTO: CHRIS ZWAAGDYK

APO.CO.NZ 13 APO ANNUAL REPORT 2019

CELEBRATING NEW ZEALAND

WORLD PREMIERES OF NEW ZEALAND WORKS

Ross Harris: Symphony No.7 (excerpt) Philip Norman: Snake and Lizard, by Joy Cowley Reuben Rameka: Hīkoi Reuben Rameka: Ko Maui me Te Ra Charles Royal: Ra Te Rongo Kino Kirsten Strom: Far Flung Scarf of the Wrybill Ryan Youens: Moon Dust Ryan Youens: Munro: A Show Fanfare Kenneth Young & Witi Ihimaera: Man, Sitting in a Garden

OTHER NEW ZEALAND WORKS

Chris Adams: Introducing the Orchestra Claire Cowan: Hansel and Gretel Phil Dadson: Percussion Works for voices & tone bars Eve de Castro-Robinson: Aurora Eve de Castro-Robinson: Releasing the Angel (excerpt) Salina Fisher Komorebi: for vibraphone & violin Salina Fisher: Murmuring Light John Psathas: Fanfare for a Supercity John Ritchie: Serenade for Strings

14 TEEKS & APO TEEKS & APO “Have you ever heard ‘Never Be “Congratulations to TEEKS Apart’ with a slamming brass and and Auckland Philharmonia percussion section? It blows the Orchestra for an amazing original recording out of the water. performance last night. This is This is where the APO unveils what meaningful engagement its real power, and to a recent and reciprocal collaboration orchestral convert like me, I can’t with indigenous arts look like.” help but hope some younger faces NATIVESBEWOKE, FACEBOOK in the audience have been lured in by the voice and convinced by the brass.” WAVENEY RUSS, RNZ MUSIC

APO.CO.NZ 15 APO ANNUAL REPORT 2019

16 NEW ZEALAND ARTISTS PERFORMING WITH THE APO IN 2019

ORCHESTRAL SUMMER SCHOOL APO UP CLOSE WITH TUBA David Kay, conductor Xin (James) Jin, presenter Thomas Hamill, presenter Tak Chun Lai, tuba Christine Lee, violin Sarah Watkins, piano Qiaotong Liu, piano BAYLEYS PRESENTS: DAHLESQUE GREAT CLASSICS: David Kay, conductor MUSICAL POSTCARDS Kirstin Darragh, mezzo soprano MAN, SITTING IN A GARDEN Tecwyn Evans, conductor TEEKS & APO Jared Holt, tenor David Kay, conductor TEEKS, vocalist PLANET EARTH II LIVE IN CONCERT Holly Smith, vocalist David Kay, conductor Majic Paora, backing vocalist Clarke Gayford, narrator Anna Grahame-Dougal, backing vocalist Fiona Tibbles, soprano Nick Dow, piano Catherine Kwak, cello Tom Broome, drums Voices NZ, choir Nga Tumanako, kapa haka BAYLEYS PRESENTS: THE NZ MIX TAPE APO 4 KIDS: STORYTIME (CENTRAL) David Kay, conductor David Kay, conductor Nadia Reid, vocalist Kevin Keys, presenter Anna Coddington, vocalist Kim Garrett, narrator Liam Finn, vocalist Te Pumanawa o Toku Ate Rogers, little DELOITTE WINTER GALA singer Emma Eden, horn Ray Chan, conductor Natasha Wilson, vocalist APO 4 KIDS: STORYTIME (NORTH) Cameron Barclay, vocalist David Kay, conductor Paul Chan, organ Kevin Keys, presenter Jennifer Ward-Lealand, MC Kim Garrett, narrator MELTIFECARE UNWRAP THE Te Pumanawa o Toku Ate Rogers, little MUSIC: HANDEL’S WATER MUSIC singer Educational Resource Emma Eden, horn Marija Naumovska, presenter GREAT CLASSICS: A BAROQUE EASTER THE NEW ZEALAND HERALD PREMIER SERIES: PATHÉTIQUE Anna Leese, soprano Andrew Beer, violin James Ioelu, bass baritone COMMUNITY CLASSICS: DISCOVERY LIGHT & DARK (CENTRAL) Tianyi Lu, conductor, presenter Ray Chan, conductor Xin (James) Jin, violin Suzy Cato, presenter Caroline Normal, viola Soomin Kim, piano Choralation, choir Taniwha Ventures, kapa haka

APO.CO.NZ 17 APO ANNUAL REPORT 2019

THE TRUSTS COMMUNITY BAYLEYS PRESENTS: DAWN – APO FOUNDATION OPERA IN CONCERT: & THE DUST PALACE DON GIOVANNI Liu-Yi Retallick, violin Natasha Wilson, soprano David Garner, cello Morgan Pearse, baritone Freemasons NZ Opera Chorus, chorus COMMUNITY CLASSICS: LIGHT & DARK (SOUTH) KBB MUSIC PRESENTS: PETER & Marianna Kang, piano THE WOLF LIVE Thomas Hamill, narrator KIWI KAPERS Diane Huh, violin COMMUNITY CLASSICS: LIGHT & DARK (WEST) Liu-Yi Retallick, violin David Garner, cello Ray Chan, conductor Suzy Cato, presenter LOCKWOOD NEW ZEALAND ARIA Frank Chen, piano James Harrison, baritone Taniwha Ventures, kapa haka Xin (James) Jin, violin

PESE! FASI! PŪORU! A GALA CONCERT IN THE Zeeah Rona Waerea-Tamai, vocalist PRESENCE OF DAME KIRI TE KANAWA Carla Camilleri, soprano Te Ohorere Williams, soprano Anna Leese, soprano Graham Bell, guitar Pene Pati, tenor James Ioelu, bass baritone NZIFF: THE LODGER Freemasons NZ Opera Chorus, chorus A STORY OF THE LONDON FOG Peter Scholes, conductor APO 4 KIDS: CHRISTMAS Conductor, David Kay APO UP CLOSE WITH VIVALDI Panimals, steel pan group Xin (James) Jin, presenter/violin Spike Chilberto, Little Drummer BIG PLAY IN Sefita Finau, Little Drummer Nathan Jin, Little Drummer Amber Read, presenter Eli Le Fevre, Little Drummer AMAZING MR MOZART Nikau Grace, Little Singer Donovan Bixley, narrator Emer Lee, Little Singer Pasquale Orchard, soprano Jazz Vidamo, Little Singer William King, baritone WAIRUA HARIKOA AUCKLAND CHORAL: Conductor, David Kay BACH, BRUCKNER Panimals, steel pan group Uwe Grodd, conductor Andrew Beer, director/violin THE RYMAN HEALTHCARE SEASON OF HANSEL & GRETEL Isabella Moore, soprano Hamish McKeich, conductor Joel Amosa, bass baritone Philip Smith, organ CELEBRATE CHRISTMAS

APO 2020 SEASON LAUNCH Isabella Moore, soprano The Graduate Choir NZ, Choir Amelia Berry, soprano Rebecca-Soojung Lee, organ

GREAT CLASSICS: PASTORAL Amalia Hall, violin

18 APO.CO.NZ 19 APO ANNUAL REPORT 2019

OU R AUDIENCES

APO 253,128 LIVESTREAMS PEOPLE EXPERIENCED THE APO PERFORM LIVE IN 2019 171,417 TOTAL AUDIENCE 70 SELF-PRESENTED CONCERTS VIEWS IN 2019

PEOPLE ATTENDED 53,744 TOTAL VIEWING TIME 38,290 5,602 MAIN STAGE AND EDUCATION ≈3,330 COMMUNITY CONCERTS FOR HOURS CONCERTS SCHOOLS

One of the best NZ orchestras in the world, 8,057 1,795 so proud to be a Kiwi. CONCERTS FOR FREE CHILDREN AND COMMUNITY FAMILIES CONCERTS What a privilege it is to hear such stunning musical performances from the comfort of our OTHER CONCERTS own homes.

PEOPLE HEARD THE APO AT OTHER PERFORMANCES It’s 4am in Chicago, USA 27, 9 67 and this is what I’m doing! Great job! Loved it! 10,668 17,299 Oh that finale! It speaks to NZ OPERA AND OTHER HIRES people all round the world ROYAL NEW and lifts us in one emotion. ZEALAND BALLET Thank God for music. PERFORMANCES

20 AUDIENCE FEEDBACK

APO 4 KIDS CHRISTMAS - CENTRAL We had such a fabulous morning at the Xmas concert and must simply commend the APO; we’re super impressed and the APO SOCIAL kids are now humming along to the Nutcracker. It doesn’t get better than this. Well done APO! 11,742 CONCERTGOER FACEBOOK FOLLOWERS

METLIFECARE UNWRAP THE 1,127 MUSIC: UNWRAP MOZART’S CLARINET CONCERTO TWITTER FOLLOWERS I wanted to say how much I enjoyed the performance last night unwrapping Mozart’s Clarinet Concerto. This was highly informative ≈9,000 and interactive and all VIEWS PER the more enjoyable with MONTH ON a better understanding of YOUTUBE some of the composition background. CONCERTGOER

APO WEBSITE BAYLEYS PRESENTS THE NZ MIX TAPE

The arrangements were impeccable, 147,739 the performances inspired and the song USERS IN 2019 selection perfect. CONCERTGOER 662,283 PAGE VIEWS IN 2019

APO.CO.NZ 21 APO ANNUAL REPORT 2019

“Attending APO 4 KIDS will be a precious memory that I will always remember doing with my daughter. We have attended every single one since she was eleven months old and she is now four.” AUDIENCE MEMBER, APO 4 KIDS STORYTIME

MUSIC OPENS MINDS PUTA NOA WHAKĀRO MAI NGĀ TAONGA PUORO

22 EDUCATION AND OUTREACH

Through APO Connecting, the APO links to all sections of our community. Our education and outreach activities and concerts are designed to excite and engage audiences across the region and to share our passion for orchestral music.

APO Connecting brings together our From introductory music sessions for professional players with schools, pre-schoolers to professional development individuals and communities. In a flagship and mentoring for aspiring musicians, programme that is the envy of many other composers and conductors, APO orchestras and widely applauded by Connecting presents orchestral music educators and community leaders, we concerts and experiences suited to a wide inspire young musicians, connect music range of needs and interests. makers and music lovers of the present and the future, and offer concerts, workshops and tutorials.

CONNECTING WITH FAMILIES HE TŪHONO KI NGĀ WHĀNAU

“The variety of Over 6,000 children and their families attended concerts throughout the Auckland the programme Region in 2019. The interactive concerts showcasing engaged provide a fun, educational way, to introduce the youngest members of the family to the and passionate young full orchestra. performers was The concerts featured guest soloists and inspiring. My 8-year provided performance opportunities for aspiring young musicians and composers old granddaughter to showcase their talents. Highlights who sings keeps included APO 4 Kids: Storytime, where classic stories from celebrated NZ authors mentioning the young Margaret Mahy and Joy Cowley came to singer ‘I want to be life and APO 4 Kids: Christmas, at which steel-pan band The Panimals joined the like her.’” full orchestra for a tropical-inspired festive AUDIENCE MEMBER, concert. APO 4 KIDS CHRISTMAS

APO.CO.NZ 23 APO ANNUAL REPORT 2019

IN 2019 APO CONNECTING...

PROVIDED 934 MINUTES OF LIVE MUSIC IN SOUTH AUCKLAND

ENGAGED 32,432 AUCKLANDERS AS PARTICIPANTS OR AUDIENCE MEMBERS

CONNECTING WITH SCHOOLS HE TŪHONO KI NGĀ KURA

In 2019 the APO Partnership Schools (APOPS) programme provided 62 schools across Auckland with access to ensemble performances, mentoring, tickets and transport to APO concerts. Supporting “What the APO teachers and students of all ages and mentoring programme backgrounds, 59 professional APO players provided 630 hours of mentoring and has done for us is 7,193 students attended 44 ensemble given us a bridge visits at schools. to new skills. The Mentors provided orchestral and band sectional workshops, composition mentors that have workshops, instrumental tuition, created come into our school new school ensemble groups, aided performance preparation and gave general have fitted in perfectly, music-making sessions. and been of the A total of 106 schools and 5,248 students highest calibre.” experienced the APO live in concert, attending eight educational concerts for BRENDA SPICER, PRESIDENT OF PAPAKURA MUSIC SCHOOL schools produced by the APO in 2019. The APOPS programme also provided professional mentoring to two Auckland youth orchestras.

24 CONNECTING WITH ASPIRING MUSICIANS HE TŪHONO KI ĀKONGA WAIATA

The APO Aspiring Musicians programme works with musicians aged 16 to 25, VISITED A “This scholarship has through regular activities designed to SCHOOL been such a good nurture their talent and shape Auckland’s OR YOUTH future musicians. This includes APO experience; I am grateful and the University of Auckland’s Inspire ORCHESTRA to have played Godard’s Partnership Programme. Introduction et Allegro In 2019, the Inspire year-long programme included The Big Play In, where 60 with the orchestra in students performed with APO musicians its Community Classics at the Auckland Town Hall, to create a concert. This was my first giant orchestra comprising 130 musicians. 379 The APO Rising Star Composer for 2019, time playing alongside Reuben Rameka, composed two new works TIMES that were performed for the public by the full an orchestra and the orchestra and Diane Huh, Young Soloist of opportunity is all thanks the Year, performed Ravel’s Tzigane across to the Haydn Staples the APO’s Kiwi Kapers concert series. PROVIDED The programme supported aspiring APO Piano Scholarship musicians by providing Scholarships, Open Programme.” Rehearsals, Masterclasses, Internships, Composition Competitions and The FRANK CHEN, 2019 HAYDN Haydn Staples APO Piano Scholarship STAPLES APO PIANO SCHOLARSHIP 7,122 PROGRAMME Programme. The APO Young Achievers programme employed ensembles of SCHOOL budding musicians to perform at public CONCERT events throughout the Auckland region. TICKETS

CONNECTING WITH COMMUNITIES HE TŪHONO KI NGĀ IWI

More than 1,000 people, aged 2 to 92, attended free community concerts from throughout the Auckland region. The APO’s Community Classics series provided the opportunity for audiences in Central, South and West Auckland to have an orchestral concert experience at no cost. “Absolutely wonderful The concerts featured well-known experience for our repertoire as well as Kapa Haka group Taniwha Ventures performing the world children to be invited premiere of Dr Charles Royal’s (Marutuahu to. Thanks so much Ngati Raukawa and Nga Puhi) Te Arapuoru Community Commission Ra Te Rongo Kino. for the wonderful gifts Pese! Fasi! Pūoru! partnered the traditional at the end. We loved orchestra with aspiring South Auckland the ambulance song musicians from Sistema Aotearoa. More than 100 students performed alongside the and Chris Sanders was full APO at this event. fantastic. Celebrity in Wairua Harikoa, a concert specifically for his own right. Awesome, early childhood children in the Wiri area of South Auckland, taught children how to awesome, awesome!” ‘Call the Ambulance’ through song in the AUDIENCE MEMBER, WAIRUA HARIKOA classroom and then together with the full orchestra in a participatory performance. This concert was made possible through a partnership with St John Ambulance.

APO.CO.NZ 25 APO ANNUAL REPORT 2019

MEET APO AS AT MARCH 2020

MUSICIANS

MUSIC DIRECTOR CELLOS TRUMPETS Giordano Bellincampi Vacancy β Huw Dann β David Garner + Rainer Saville+ CONCERT MASTER Chen Cao# Josh Rogan # Andrew Beer Liliya Arefyeva TROMBONES Katherine Hebley ASSOCIATE β CONCERTMASTER You Lee Douglas Cross Ben Lovell Greene + Liu-Yi Retallick Callum Hall V BASS TROMBONE ASSISTANT BASSES CONCERTMASTER Gordon Hill β Timothy Sutton * Miranda Adams + Annabella Zilber TUBA # FIRST VIOLINS Evgeny Lanchtchikov Tak Chun Lai * Matthias Erdrich Artur Grabczewski # Michael Steer TIMPANI Lauren Bennett Eric Scholes V Steven Logan β Mark Bennett Elzbieta Grabczewska FLUTES PERCUSSION Rachel Moody Melanie Lançon β Eric Renick β Ainsley Murray Kathryn Moorhead + Jennifer Raven # Alexander Shapkin Shane Currey Yanghe Yu PICCOLO Lucy Qi Zhang Jennifer Seddon-Mori * HARP Yuri Cho V Ingrid Bauer * OBOES SECOND VIOLINS Bede Hanley β Dianna Cochrane β Camille Wells + Xin (James) Jin + CORANGLAIS William Hanfling# Martin Lee * Jocelyn Healy Liam Oborne CLARINETS Milena Parobczy Jonathan Cohenβ Ewa Sadag Bridget Miles Katherine Walshe (Bass Clarinet) + Charmian Keay V James Fry (Eb Clarinet) + Lucia Siwy V BASSOONS VIOLAS Ingrid Hagan β β Robert Ashworth Yang Rachel Guan Ebbett + David Samuel + Christine Bowie # CONTRABASSOON Anne Draffin # Jessica Goldbaum V Helen Bevin MUSICIAN KEY: Gregory McGarity HORNS β Section Principal Susan Wedde Nicola Baker β = Co Principal WenChuan Lin V Norberto Lopez Garcia = V * Principal Carl Wells # + Associate Principal # Sub-Principal Simon Williams # V Vacancy filled by David Kay contract musician

26 APO MANAGEMENT

GENERAL MANAGEMENT Business Partnerships Manager Chief Executive Barbara Glaser Colleen Edwards PA to CEO/Receptionist Katie Deller Business Partnerships & Events Executive Rowan Newton ARTISTIC Sales & Ticketing Manager Director of Artistic Planning Helen Spoelstra Ronan Tighe Sales & Ticketing Coordinator Artistic Administrator Frances Moore Vacancy Artistic Administrator (Parental leave) Antonia Barnett-McIntosh DEVELOPMENT Artistic Coordinator Debbie Nicholson Director of Development Susan Wall Librarian Robert Johnson Trusts & Foundations Manager Deputy Librarian Charlotte Francis Emma Gavenda Development Manager Adele Diviney OPERATIONS Annual Giving Programmes Executive Director of Operations Wendy Gardiner Charlotte Crocker Acting Orchestra Manager Amber Read Development Coordinator Assistant Orchestra Manager Lauren Garrett Rangimakehu Hall APO CONNECTING Production Supervisor Vacancy Director of APO Connecting Deputy Production Supervisor Thomas Hamill Adrian Raven Producer Felicity McKenzie BUSINESS PARTNERSHIPS AND Education Programmes Facilitator MARKETING Miriam McCombe Deputy CEO/Director of Business Projects Executive Graham Bell Partnerships & Marketing Stuart Angel Deputy Director of Marketing Tracey BUSINESS SERVICES Holdsworth Director of Business Services Communications Manager Vacancy Heather Wallace Marketing & Business Partnerships Assistant Accountant Stephanie Shen Executive Rahul Patel Accounts Administrator/Payroll Digital Content Coordinator Michelle Li Robin Lane Accounts Administrator Marketing Coordinator Ben Gemmell Wynn Riechelmann

BOARD AND SUPPORT ORGANISATIONS

AUCKLAND PHILHARMONIA AUCKLAND PHILHARMONIA ORCHESTRA BOARD ORCHESTRA SOCIETY EXECUTIVE COMMITTEE Geraint A. Martin Gordon Hill (Chairman) Pare Keiha Huw Dann Xin (James) Jin (Chairperson) Leigh Auton Kieran Raftery QC Bridget Miles Jenny Raven Naisi Chen Oliver Sealy Tim Sutton (Secretary) Richard Ebbett Julian Smith Sue Wedde AUCKLAND PHILHARMONIA PATRONS FOUNDATION Dame Jenny Gibbs, Dame Catherine Chairman Mark Gatward DNZM Tizard, GCMG, Robert Clark Haydn Staples Dame Rosanne GCVO, DBE, Simon Williams Meo, DNZM, ONZ, QSO Trustees OBE Sir James Wallace, Belinda Vernon Peter Wilson, ONZM Dame Kiri Te KNZM, ONZM Richard Ebbett Kanawa, DBE, ONZ AUCKLAND PHILHARMONIA ORCHESTRA FRIENDS President Secretary Jackie Wilkinson Anne Norris

APO.CO.NZ 27 APO ANNUAL REPORT 2019

FINANCIAL OVERVIEW

OUR TURNOVER WAS

OF APO’S INCOME $12.5 WAS SELF MILLION 53% GENERATED

2019 INCOME STREAMS 2019 EXPENDITURE

% % 7% 1 9% 1 % 10% 21 6%

3% 7%

% 11 55% 14% 22% 8% 25%

REVENUE STREAMS $’000 MAIN AREAS OF EXPENDITURE $’000 PERFORMANCE INCOME $2,613 REMUNERATION $7,070

CENTRAL GOVERNMENT FUNDING $2,687 VENUE AND PRODUCTION $993

LOCAL GOVERNMENT FUNDING $3,192 ARTISTIC RELATED COSTS $1,816 (EXCL CORE REMUNERATION) TRUST FUNDING $1,377 ADMINISTRATION $883 CORPORATE SPONSORSHIP $435 (EXCL CONTRA) MARKETING $775

CONTRA REVENUE $1,206 CONTRA EXPENSE $1,206

FUNDRAISING $942 FUNDRAISING $140

OTHER $91 $12,883

$12,543

AUCKLAND PHILHARMONIA TRUST

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

AUCKLAND PHILHARMONIA TRUST

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

CONTENTS PAGES

Directory 1 Statement of Responsibility for Financial Statements 2 Independent Auditor's Report 3 Consolidated and Separate Statement of Comprehensive Revenue and Expense 6 Consolidated and Separate Statement of Changes in Net Assets / Equity 7 Consolidated and Separate Statement of Financial Position 8 Consolidated and Separate Statement of Cash Flows 9 Notes to the Consolidated and Separate Financial Statements 10

APO.CO.NZ 29

APO ANNUAL REPORT 2019

AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019

DIRECTORY Statement of Responsibility for Financial Statements

Registered office 301-303 Queen Street The Auckland Philharmonia Trust Board members are pleased to present the approved financial statements for the financial year end 31 December 2019, and the independent auditor's report thereon. Level 1 Auckland The Board and management accept responsibility for the preparation of the financial statements and judgments used in them, 1010 and hereby adopt the financial statements as presented. They also accept the responsibility for establishing and maintaining a system of internal control designed to provide reasonable assurance as to the integrity and reliability of financial reporting. In the opinion of the Board and management, the financial statements for the year ended 31 December 2019, fairly reflect the Nature of business New Zealand’s full-time professional metropolitan orchestra financial position, financial performance, and cash flows of Auckland Philharmonia Group which comprises Auckland Philharmonia Trust and Auckland Philharmonia Foundation. Patrons Dame Jenny Gibbs DNZM Dame Rosanne Meo, DNZM, OBE Dame Kiri Te Kanawa DBE, ONZ Dame Catherine Tizard, ONZ, GCMG, GCVO, DBE, QSO Sir James Wallace, KNZM, ONZM

Trust Board Members Geraint A. Martin (Chairman) Leigh Auton APPROVED Richard Ebbett Kieran Raftery [QC] Julian Smith Pare Keiha Lope Ginnen (resigned 20 May 2019)

Eric Renick (resigned 17 June 2019) Geraint A. Martin Gordon Hill (appointed 17 June 2019) Board Chairman Oliver Sealy (appointed 22 July 2019) Naisi Chen (appointed 12 September 2019) Date………………………..31.03.2020 Charity number CC23611

Independent auditor BDO Auckland 4 Graham Street Auckland Central Richard Ebbett Trustee

Banker ASB Bank Limited Date………………………..31.03.2020

30 AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019

DIRECTORY Statement of Responsibility for Financial Statements

Trust Board Members Geraint A. Martin (Chairman) Leigh Auton APPROVED Richard Ebbett Kieran Raftery [QC] Julian Smith Pare Keiha Lope Ginnen (resigned 20 May 2019)

Independent auditor BDO Auckland 4 Graham Street Auckland Central Richard Ebbett Trustee

Banker ASB Bank Limited Date………………………..31.03.2020

APO.CO.NZ 31 APO ANNUAL REPORT 2019

BDO Auckland

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF AUCKLAND PHILHARMONIA TRUST

Opinion

We have audited the financial statements of Auckland Philharmonia Trust (“the Trust”) and the consolidated financial statements of the Trust and its subsidiary (together, “the Group”), which comprise the Trust and the consolidated statements of financial position as at 31 December 2019, and the Trust and the consolidated statements of comprehensive revenue and expense, the Trust and consolidated statements of changes in net assets/equity and the Trust and consolidated statement of cash flows for the year then ended, and notes to the Trust and the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying Trust and consolidated financial statements present fairly, in all material respects, the financial position of the Trust and the consolidated financial position of the Group as at 31 December 2019, and the Trust’s and the consolidated financial performance and the Trust’s and the consolidated cash flows for the year then ended in accordance with Public Benefit Entity Standards Reduced Disclosure Regime (“PBE Standards RDR”) issued by the New Zealand Accounting Standards Board.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (New Zealand) (“ISAs (NZ)”). Our responsibilities under those standards are further described in the Auditor’s sosiiitis or t Audit o t rust d t osoidtd ii ttts section of our report. We are independent of the Group in accordance with Professional and Ethical Standard 1 (Revised) od o tis or Assur rtitiors issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other than in our capacity as auditor we have no relationship with, or interests in, the Trust its subsidiary.

Material Uncertainty Related to Going Concern

Without qualifying our opinion, we draw attention to Note 19 to the financial statements, which describes events subsequent to the date of the financial statements of the Trust indicating that the Trust will have reduced business activities for a period of time due to the impact of COVID-19. As stated in Note 19, these events or conditions, along with other matters as set forth in Note 19, indicate that a material uncertainty exists that may cast significant doubt on the Trust’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Other Matter

The financial statements of the Trust and the Group for the year ended 31 December 2018 were audited by another auditor who expressed an unmodified opinion on those statements on 27 March 2019.

32 BD ucland

O I

The Trustees are responsible for the other information The other information obtained at the date of this auditor’s report is information contained in the annual report, but does not include the Trust and the consolidated financial statements and our auditor’s report thereon.

ur opinion on the Trust and the consolidated financial statements does not coer the other information and e do not epress any form of audit opinion or assurance conclusion thereon

n connection ith our audit of the Trust and the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider hether the other information is materially inconsistent ith the Trust and the consolidated financial statements or our noledge obtained in the audit or otherise appears to be materially misstated

f, based on the or e hae performed on the other information obtained prior to the date of this auditor’s report, e conclude that there is a material misstatement of this other information, e are reuired to report that fact e hae nothing to report in this regard

Trustees’ R T S

The Trustees are responsible on behalf of the Trust and the Group for the preparation and fair presentation of the Trust and the consolidated financial statements in accordance ith PBE Standards RDR, and for such internal control as the Trustees determine is necessary to enable the preparation of Trust and the consolidated financial statements that are free from material misstatement, hether due to fraud or error

n preparing the Trust and the consolidated financial statements, the Trustees are responsible on behalf of the Trust and the Group for assessing the Trust and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liuidate the Trust or the Group or to cease operations, or hae no realistic alternatie but to do so

Auditor’s Responsibilities for the Audit of the T S

ur obecties are to obtain reasonable assurance about hether the Trust and the consolidated financial statements as a hole are free from material misstatement, hether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high leel of assurance, but is not a guarantee that an audit conducted in accordance ith Ss () ill alays detect a material misstatement hen it eists isstatements can arise from fraud or error and are considered material if, indiidually or in the aggregate, they could reasonably be epected to influence the decisions of users taen on the basis of these Trust and the consolidated financial statements

s part of an audit in accordance ith Ss (), e eercise professional udgement and maintain professional scepticism throughout the audit e also • dentify and assess the riss of material misstatement of the Trust and the consolidated financial statements, hether due to fraud or error, design and perform audit procedures responsie to those riss, and obtain audit eidence that is sufficient and appropriate to proide a basis for our opinion The ris of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may inole collusion, forgery, intentional omissions, misrepresentations, or the oerride of internal control

APO.CO.NZ 33 APO ANNUAL REPORT 2019

ucland AUCKLAND PHILHARMONIA TRUST

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 • btain an understanding of internal control releant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of epressing Consolidated and Separate Statement of comprehensive revenue and expense an opinion on the effectieness of the Trust and the Group’s internal control. • aluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made b management. Group Trust • onclude on the appropriateness of the use of the going concern basis of accounting b the Notes 2018 2018 Trustees and, based on the audit eidence obtained, hether a material uncertaint eists 2019 Restated 2019 Restated related to eents or conditions that ma cast significant doubt on the Trust’s or the Group’s $ $ $ $ abilit to continue as a going concern. f e conclude that a material uncertaint eists, e are required to draw attention in our auditor’s report to the related disclosures in the Trust Revenue from exchange transactions 5 4,333,171 4,131,847 4,253,463 4,159,274 and the consolidated financial statements or, if such disclosures are inadeuate, to modif Revenue from non-exchange transactions 6 7,890,428 8,049,547 8,197,679 8,252,710 our opinion. ur conclusions are based on the audit eidence obtained up to the date of our Total revenue (excluding gains) 12,223,599 12,181,394 12,451,142 12,411,984 auditor’s report. However, future events or conditions may cause the Trust or the Group to cease to continue as a going concern. • aluate the oerall presentation, structure and content of the Trust and the consolidated financial statements, including the disclosures, and hether the Trust and the consolidated Employee costs 12 7,069,708 7,094,301 7,069,708 7,094,301 financial statements represent the underling transactions and eents in a manner that Other expenses 13 5,631,085 5,244,316 5,658,189 5,263,687 achiees fair presentation. Depreciation and amortisation 15 & 170,172 187,464 152,928 169,468 • btain sufficient appropriate audit eidence regarding the financial information of the 16 entities or business actiities ithin the Group to epress an opinion on the consolidated Total expenses 12,870,965 12,526,081 12,880,825 12,527,456 financial statements. e are responsible for the direction, superision and performance of the Group audit. e remain solel responsible for our audit opinion. Finance income 284,207 310,773 91,107 108,917 7 Finance costs 489 - 489 - e communicate ith the Trustees regarding, among other matters, the planned scope and timing 7 of the audit and significant audit findings, including an significant deficiencies in internal control Net finance revenue 283,718 310,773 90,618 108,917 that e identif during our audit. Operating surplus/(deficit) (363,648) (33,914) (339,065) (6,555) ho e Report to

Other gains/(losses) 592,053 60,394 (884) (3,957) This report is made solel to the Trust’s Trustees, as a bod. ur audit or has been undertaen 8 so that e might state those matters hich e are reuired to state to them in an auditor’s report Net surplus/(deficit) for the year 228,405 26,480 (339,949) (10,512) and for no other purpose. To the fullest etent permitted b la, e do not accept or assume responsibilit to anone other than the Trust and the Trust’s Trustees, as a bod, for our audit Other comprehensive revenue and expenses - - - - or, for this report or for the opinions e hae formed.

Total comprehensive revenue and expenses 228,405 26,480 (339,949) (10,512) for the year

ucland ucland e ealand arch

34 AUCKLAND PHILHARMONIA TRUST

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

Consolidated and Separate Statement of comprehensive revenue and expense

Group Trust

Notes 2018 2018 2019 Restated 2019 Restated $ $ $ $

Revenue from exchange transactions 5 4,333,171 4,131,847 4,253,463 4,159,274 Revenue from non-exchange transactions 6 7,890,428 8,049,547 8,197,679 8,252,710 Total revenue (excluding gains) 12,223,599 12,181,394 12,451,142 12,411,984

Employee costs 12 7,069,708 7,094,301 7,069,708 7,094,301 Other expenses 13 5,631,085 5,244,316 5,658,189 5,263,687 Depreciation and amortisation 15 & 170,172 187,464 152,928 169,468 16 Total expenses 12,870,965 12,526,081 12,880,825 12,527,456

Finance income 7 284,207 310,773 91,107 108,917 Finance costs 7 489 - 489 - Net finance revenue 283,718 310,773 90,618 108,917

Operating surplus/(deficit) (363,648) (33,914) (339,065) (6,555)

Other gains/(losses) 8 592,053 60,394 (884) (3,957) Net surplus/(deficit) for the year 228,405 26,480 (339,949) (10,512)

Other comprehensive revenue and expenses - - - -

Total comprehensive revenue and expenses 228,405 26,480 (339,949) (10,512) for the year

APO.CO.NZ 35 APO ANNUAL REPORT 2019

AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 Consolidated and Separate Statement of changes in net assets / equity AS AT 31 DECEMBER 2019

Notes Accumulated surplus Total equity Consolidated and Separate Statement of financial position Group Trust Sustainable Special Operating Notes 2019 2018 2019 2018 capital reserve reserves Restated reserve $ $ $ $ $ $ $ ASSETS Group Current assets As at 1 January 2018 6,836,640 1,721 3,004,784 9,843,145 Receivables from exchange transactions 9 260,955 325,120 248,601 316,153 GST receivable 39,078 74,663 - 28,248 Transfers 21 181,330 (1,721) (179,609) - Prepayments 128,282 232,392 126,852 231,037 Total comprehensive revenue and expense for - - 26,480 26,480 Cash and cash equivalents 10 1,343,090 457,660 1,167,279 304,539 the period Short-term investments - maturities > 3 months 10 3,287,335 4,027,110 2,521,681 3,521,845 Balance as at 31 December 2018 7,017,970 - 2,851,655 9,869,625 5,058,740 5,116,945 4,064,413 4,401,822

Transfers 21 213,690 - (213,690) - Non-current assets Total comprehensive revenue and expense for - - 228,405 228,405 the period Property, plant and equipment 15 1,370,714 1,495,098 826,771 938,222 Balance as at 31 December 2019 7,231,660 - 2,866,370 10,098,030 Investment property 15 262,701 267,012 - - Investments 11 4,978,673 4,649,427 - - Intangible assets 16 47,932 47,389 47,932 47,389 6,660,020 6,458,926 874,703 985,611 Trust TOTAL ASSETS 11,718,760 11,575,871 4,939,116 5,387,433 As at 1 January 2018 1,887,312 - 1,766,498 3,653,810 LIABILITIES Transfers 21 37,862 (37,862) - Total comprehensive revenue and expense for - - (10,512) (10,512) Current liabilities the period Payables from exchange transactions 17 278,069 416,611 284,982 454,503 Balance as at 31 December 2018 1,925,174 - 1,718,124 3,643,298 GST Payable - - 8,125 - Employee benefits 14 234,796 286,744 234,795 286,744 Transfers 21 - Income received in advance 1,107,865 1,002,891 1,107,865 1,002,888 Total comprehensive revenue and expense for - - (339,949) (339,949) the period Balance as at 31 December 2019 1,925,174 - 1,378,175 3,303,349 TOTAL LIABILITIES 1,620,730 1,706,246 1,635,767 1,744,135

Net assets 10,098,030 9,869,625 3,303,349 3,643,298

NET ASSETS/EQUITY Operating reserves 21 2,833,511 2,818,796 1,378,175 1,718,124 Sustainable Capital Reserve 21 7,264,519 7,050,829 1,925,174 1,925,174 NET ASSETS/ EQUITY 10,098,030 9,869,625 3,303,349 3,643,298

For and on behalf of the Trust, which authorised the issue of the financial statements on 31 March 2020.

Trustee Trustee

36 AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST

Net assets 10,098,030 9,869,625 3,303,349 3,643,298

For and on behalf of the Trust, which authorised the issue of the financial statements on 31 March 2020.

Trustee Trustee

APO.CO.NZ 37 APO ANNUAL REPORT 2019

Notes to the financial statements Consolidated and Separate Statement of cash flows

Group Trust 1. REPORTING ENTITY 2018 The Auckland Philharmonia Trust (the "Trust") is a public benefit entity for the purposes of financial reporting in accordance with 2019 2019 2018 Restated the Financial Reporting Act 2013. Notes These consolidated financial statements comprise the Trust and the Auckland Philharmonia Foundation (together referred to as $ $ $ $ the ‘Group’). CASH FLOWS FROM OPERATING ACTIVITIES These financial statements are presented in accordance with Public Benefit Entity Accounting Standards Reduced Disclosure

Regime (“PBE Standards RDR”).

Cash received from customers, related parties and 11,235,887 10,907,049 11,435,203 11,150,524

funders 2. BASIS OF PREPARATION Interest received 227,073 241,985 101,337 106,843

a) Statement of compliance Dividends received 58,317 64,692 - - Cash payments to related parties and suppliers (11,595,920) (11,545,872) (11,630,573) (11,572,767) The financial statements have been prepared in accordance with the Charities Act 2005 which requires compliance with generally accepted accounting practice in New Zealand ("NZ GAAP"). Interest paid (489) - (489) - Cash inflow / (outflow) from operating activities (75,132) (332,146) (94,522) (315,400) The financial statements comply with the Public Benefit Entity Accounting Standards Reduced Disclosure Regime (“PBE Standards RDR”) as appropriate for Tier 2 not-for-profit public benefit entities. The Group qualifies as a Tier 2 reporting entity as it does not CASH FLOWS FROM INVESTING ACTIVITIES have public accountability and it is not defined as large. All reduced disclosure regime exemptions have been adopted.

Purchase of property, plant and equipment (38,259) (117,644) (38,259) (117,644) These financial statements were authorised for issue by the Trustees on 31 March 2020.

Purchase of intangible assets (3,759) (29,206) (3,759) (29,206) b) Measurement basis Short term deposits with maturities greater than 3 739,776 (804,481) 1,000,164 (521,845) The financial statements have been prepared on a historical cost basis, except for investments which have been measured at fair months value. The financial report is presented in New Zealand dollars and all values are rounded to the nearest dollar.

Proceeds from sale of property, plant and equipment - 7,295 - 294

Cash inflow of Investments (shares and bonds) 263,688 261,596 - - 3. SIGNIFICANT JUDGEMENTS AND ESTIMATES

Cash outflow of Investments (shares and (884) (5,836) (884) (5,836) The preparation of the Group's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of bonds) Cash inflow / (outflow) from investing 960,562 (688,276) 957,262 (674,237) contingent liabilities. Actual events or changes to assumptions or estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. activities

Net increase / (decrease) of cash and cash equivalents 885,430 (1,020,422) 862,740 (989,637) a) Judgements Cash and cash equivalents at the beginning of the year 457,660 1,478,082 304,539 1,294,176 In the process of applying the Group's accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the financial statements: Cash and cash equivalents at the end of the 1,343,090 457,660 1,167,279 304,539 10 year i. Consolidation and relationship with other entity

Consolidated and Separate financial statements PBE IPSAS 34 - Separate Financial Statements and PBE IPSAS 35 - Consolidated Financial Statements supersedes PBE IPSAS 6 - Consolidated and Separate Financial Statements and introduces a single 'Control Model' for all entities whereby control exists when all of the following conditions are present: - Power over investee

- Exposure, or rights, to variable returns from the investee - Ability to use power over investee to affect the entity's returns from investee.

The Foundation has as its major objectives, the support, assistance, maintenance, promotion, advancement and funding of the Trust. Thus, the Trust has an entitlement to a significant level of current or future ownership benefits which arise from the activities of the Foundation.

The adoption of the new standards has not had any impact on the Group as all entities that are controlled by the Group as a result of the new definition of 'Control' are already being consolidated along with the separate presentation for the results of the

Trust. Intra-group balances and transactions and any unrealised income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements.

38 AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019

Notes to the financial statements Consolidated and Separate Statement of cash flows

Regime (“PBE Standards RDR”).

Cash received from customers, related parties and 11,235,887 10,907,049 11,435,203 11,150,524 funders 2. BASIS OF PREPARATION Interest received 227,073 241,985 101,337 106,843

Purchase of property, plant and equipment (38,259) (117,644) (38,259) (117,644) These financial statements were authorised for issue by the Trustees on 31 March 2020.

Proceeds from sale of property, plant and equipment - 7,295 - 294

Cash inflow of Investments (shares and bonds) 263,688 261,596 - - 3. SIGNIFICANT JUDGEMENTS AND ESTIMATES

- Exposure, or rights, to variable returns from the investee - Ability to use power over investee to affect the entity's returns from investee.

Trust. Intra-group balances and transactions and any unrealised income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements.

APO.CO.NZ 39 APO ANNUAL REPORT 2019

AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST

a) Judgements (CONT'D) Sale of goods Revenue from merchandise sold is recognised when the significant risks and rewards of ownership have been transferred to the ii. Whether non-exchange revenue is subject to conditions customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, For the purpose of assessing the timing of revenue recognition, the Group has assessed whether stipulations in funding contracts there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. represent conditions or restrictions to the use of non-exchange revenue, in particular whether conditions applied to funding

would require the funds to be returned where the conditions have not been met. Rendering of services

Revenue from services rendered includes audience revenue and the hire of orchestra. Revenue from the rendering of services is b) Assumptions and estimation uncertainty recognised in surplus or deficit in proportion to the stage-of-completion of the transaction at the reporting date. Due to the services provided, the stage of completion is assessed by reference to the related performances. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are the carrying value of investments recognised at fair value - see note 11. Amounts received in advance for performances to be provided in future periods are recognised as a liability until such time as the service is provided.

4. SIGNIFICANT ACCOUNTING POLICIES Interest income For all financial instruments measured at amortised cost, interest income is recorded using the accrual basis method. Effective The accounting policies set out below have been applied consistently to all periods presented in these financial statements and interest rate is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the have been applied consistently by the Group. financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. a) Revenue recognition Interest income is included in finance income in the statement of comprehensive revenue and expense.

Revenue is recognised to the extent that it is probable that the economic benefits or service potential will flow to the Group and Other gains and losses the revenue can be reliably measured, regardless of when the date of receipt is being made. Other gains and losses include realised and unrealised fair value gains and losses on disposal of investments. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of receipt. The specific recognition criteria described below must also be met before revenue is recognised: b) Goods and services tax Revenues, expenses and assets are recognised net of the amount of GST except: i. Revenue from non-exchange transactions • When the GST incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the Government grants, other grants and funding GST is recognised as part of the cost of acquisition of the asset or as part of the expense item, as applicable; and

Revenue from non-exchange transactions such as government grants, donations, legacies and bequests are recognised when the • In the case of receivables and payables, which are stated with the amount of GST included. Group obtains control of the transferred asset, and: • it is probable that the economic benefits or service potential related to the asset will flow to the Group and can be c) Financial instruments measured reliably; and • the transfer is free from conditions that require the asset to be refunded or returned to the funder if the conditions The Trust and Foundation (Group) initially recognises financial instruments when the Group becomes a party to the contractual are not fulfilled. provisions of the instrument. To the extent that there is a condition attached that would give rise to a liability to repay any amount or to return the transferred asset, a deferred revenue liability is recognised. Revenue is only then recognised when the Group has satisfied the related conditions. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when there have been significant changes to the terms and/or the amount of contractual payments to be received/paid, or it transfers the rights to Fundraising receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial Fundraising non-exchange revenue is recognised at the point at which cash is received. asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability.

ii. Revenue from exchange transactions Subscriptions

Revenue is recognised over the period of the subscription. Amounts received in advance for subscriptions relating to future periods are recognised as a liability until such time that period covering the subscription occurs.

40 AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019 Notes to the financial statements Notes to the financial statements 4. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) 3. SIGNIFICANT JUDGEMENTS AND ESTIMATES (CONT'D) ii. Revenue from exchange transactions (CONT'D) a) Judgements (CONT'D) Sale of goods Revenue from merchandise sold is recognised when the significant risks and rewards of ownership have been transferred to the ii. Whether non-exchange revenue is subject to conditions customer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, For the purpose of assessing the timing of revenue recognition, the Group has assessed whether stipulations in funding contracts there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. represent conditions or restrictions to the use of non-exchange revenue, in particular whether conditions applied to funding would require the funds to be returned where the conditions have not been met. Rendering of services

ii. Revenue from exchange transactions Subscriptions

APO.CO.NZ 41 APO ANNUAL REPORT 2019

AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019 Notes to the financial statements Notes to the financial statements 4. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) 4. SIGNIFICANT ACCOUNTING POLICIES (CONT'D)

c) Financial instruments (CONT'D) c) Financial instruments (CONT'D) Financial liabilities at amortised cost After initial recognition, trade and other payables are subsequently measured at amortised cost using the effective interest rate The Group derecognises a financial liability when its contractual obligations are discharged, cancelled, or expire. method. Trade and other payables are unsecured and are usually paid within 30 days of recognition. Due to their short-term nature they are Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only not discounted. when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. d) Impairment of financial assets

The Group's financial assets includes cash and short-term deposits, investments and trade and other receivables. These are The Group assesses, at each reporting date, whether there is objective evidence that a financial asset or a group of financial assets classified as loans and receivables. is impaired. An impairment exists if one or more events that has occurred since the initial recognition of the asset (an incurred ‘loss event’) has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. The Group classifies financial assets and liabilities into the following categories: amortised cost. The Group considers evidence of impairment for financial assets measured at amortised cost (loans and receivables) at both a

specific asset and collective level. i. Initial recognition All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses surplus or deficit, transaction costs that are attributable to the acquisition of the financial asset. are recognised in surplus or deficit and reflected in an allowance account against loans and receivables. Interest on the impaired asset continues to be recognised. Financial liabilities are classified, at initial recognition at amortised cost.

ii. Subsequent measurement Subsequent measurement is dependent on the classification of the financial instrument and is specifically detailed in the e) Property, plant and equipment accounting policies below. i. Initial recognition and subsequent expenditure Property, plant and equipment is measured initially at cost. Cost includes expenditure that is directly attributable to the acquisition Loans and receivables of the items. The cost of an item of property plant and equipment is recognised only when it is probable that future economic This category generally applies to trade and other receivables and cash and cash equivalents (including other short-term benefit or service potential associated with the item will flow to the Group, and if the item’s cost or fair value can be measured deposits). Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. reliably.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate Subsequent costs that meet the recognition criteria above are recognised in the carrying value of the item of property, plant and method, less impairment. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or equipment. Such cost includes the cost of replacing part of the property, plant and equipment if the recognition criteria are met. costs that are an integral part of the effective interest rate. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts The effective interest rate is included in finance income in surplus or deficit. as individual assets with specific useful lives and depreciates them accordingly.

Cash and cash equivalents represent highly liquid investments that are readily convertible into a known amount of cash with an insignificant risk of changes in value, with original maturities of 3 months or less. ii. Subsequent measurement Subsequent to initial recognition, property, plant and equipment are measured at cost, net of accumulated depreciation and impairment losses, if any. Fair value through surplus or deficit Financial assets held at fair value through surplus or deficit include financial assets held for trading. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term.

Financial assets held at fair value through surplus or deficit are carried in the statement of financial position at fair value with net changes in fair value presented as other losses (negative net changes in fair value) or other gains (positive net changes in fair

value) in surplus or deficit.

42 AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019 Notes to the financial statements Notes to the financial statements 4. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) 4. SIGNIFICANT ACCOUNTING POLICIES (CONT'D)

When an event occurring after the impairment was recognised causes the amount of impairment loss to decrease, the decrease in All financial liabilities are recognised initially at fair value net of directly attributable transaction costs. impairment loss is reversed through surplus or deficit. ii. Subsequent measurement Subsequent measurement is dependent on the classification of the financial instrument and is specifically detailed in the e) Property, plant and equipment accounting policies below. i. Initial recognition and subsequent expenditure Property, plant and equipment is measured initially at cost. Cost includes expenditure that is directly attributable to the acquisition Loans and receivables of the items. The cost of an item of property plant and equipment is recognised only when it is probable that future economic This category generally applies to trade and other receivables and cash and cash equivalents (including other short-term benefit or service potential associated with the item will flow to the Group, and if the item’s cost or fair value can be measured deposits). Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. reliably.

APO.CO.NZ 43 APO ANNUAL REPORT 2019

AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019

Notes to the financial statements Notes to the financial statements 4. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) 4. SIGNIFICANT ACCOUNTING POLICIES (CONT'D)

e) Property, plant and equipment (CONT'D) h) Foreign currencies iii. Depreciation Transactions in foreign currencies are initially accounted for at the rate of exchange ruling on the date of the transaction. Depreciation is charged on a straight-line basis unless specified otherwise below. Assets and liabilities denominated in foreign currency are reported at the statement of financial position reporting date by Depreciation is charged at rates calculated to allocate the cost or valuation of the asset less any estimated residual value over its applying the exchange rate on that date. remaining useful life: Exchange differences are recognised as income or expenses in the period in which they arise. Land not depreciated Buildings and improvements 4% diminishing balance method i) Equity and reserves Office equipment 2-20 years Computer equipment 3-5 years Accumulated surpluses Musical instruments 3-25 years This represents the Group's accumulated surplus or deficit since the formation of the Group. Separate reserves representing Music stands 5-10 years an allocation on the Group's funds are disclosed in note 21. Music 25 years Motor vehicles 3-6 years j) Employee benefits

iv. Derecognition Investment property is property held to earn rental income, but not for sale in the ordinary course of business or used in the An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits or service production or supply of goods or services or for administrative purposes.

potential are expected from its use or disposal.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in surplus or i. Recognition and measurement deficit. Investment property is measured initially at cost. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property includes the cost of materials and direct labour, any f) Intangible assets other costs directly to bringing the investment property to a working condition for their intended use. Intangible assets are initially measured at cost and consist of software for internal use. ii. Reclassifications All of the Group’s intangible assets are subsequently measured in accordance with the cost model, being cost (or fair value for When an investment property that was previously classified as property, plant and equipment is sold, any related amount items acquired through non-exchange transactions) less accumulated amortisation and impairment. included in the revaluation reserve is transferred to retained earnings. Cost includes expenditure that is directly attributable to the acquisition of the asset.

Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to When the use of an investment property changes to owner occupied, such that it results in a reclassification to property, which it relates. All other expenditure is recognised in surplus or deficit, as incurred. plant and equipment, the property's fair value at the date of re-classification becomes its cost for subsequent accounting. Amortisation is recognised in surplus or deficit on a straight-line basis over the estimated useful lives of each amortisable intangible asset. For a transfer from inventories to investment property, any differences between the fair value of the property at that date The estimated useful lives are: and its previous carrying amount is recognised in surplus or deficit.

Software 2 years iii. Depreciation

g) Impairment of non-financial assets Depreciation is charged at rates calculated to allocate the cost or valuation of the investment property less any estimated The carrying amounts of the Group's non-financial assets, are reviewed at each reporting date to determine whether there is any residual value over its remaining useful life, on a diminishing value basis. Refer policy (e) on depreciation of Property, plant indication of impairment. If any such indication exists, then the asset’s recoverable amount is revised accordingly. and equipment for depreciation charged over land and buildings. Impairment losses are recognised in surplus or deficit. iv. Derecognition Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit or service potential is expected from its disposal. Any gains and losses on the retirement or disposal of an investment property are recognised in surplus or deficit in the year of retirement or disposal.

l) Reclassification

Some comparatives have been reclassified to align with the current year presentation.

44 AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019

Notes to the financial statements Notes to the financial statements 4. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) 4. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) e) Property, plant and equipment (CONT'D) h) Foreign currencies iii. Depreciation Transactions in foreign currencies are initially accounted for at the rate of exchange ruling on the date of the transaction. Depreciation is charged on a straight-line basis unless specified otherwise below. Assets and liabilities denominated in foreign currency are reported at the statement of financial position reporting date by Depreciation is charged at rates calculated to allocate the cost or valuation of the asset less any estimated residual value over its applying the exchange rate on that date. remaining useful life: Exchange differences are recognised as income or expenses in the period in which they arise. Land not depreciated Buildings and improvements 4% diminishing balance method i) Equity and reserves Office equipment 2-20 years Computer equipment 3-5 years Accumulated surpluses Musical instruments 3-25 years This represents the Group's accumulated surplus or deficit since the formation of the Group. Separate reserves representing Music stands 5-10 years an allocation on the Group's funds are disclosed in note 21. Music 25 years Motor vehicles 3-6 years j) Employee benefits

Office refurbishment 5 years Liabilities for wages and salaries (including non-monetary benefits), annual leave and other benefits are recognised in The assets' residual values, useful lives and amortisation methods are reviewed, and adjusted if appropriate, at each financial surplus or deficit during the period in which the employee rendered the related services, and are generally expected to be settled wholly within 12 months of the reporting date. The liabilities for these short-term benefits are measured at the year end. amounts expected to be paid when the liabilities are settled. An asset’s carrying amount is written down immediately to its recoverable amount, or recoverable service amount, if the asset’s carrying amount is greater than its estimated recoverable amount or recoverable service amount. Please refer to policy (g) on impairment of non-financial assets below. k) Investment property iv. Derecognition Investment property is property held to earn rental income, but not for sale in the ordinary course of business or used in the An item of property, plant and equipment is derecognised upon disposal or when no further future economic benefits or service production or supply of goods or services or for administrative purposes. potential are expected from its use or disposal.

Software 2 years iii. Depreciation g) Impairment of non-financial assets Depreciation is charged at rates calculated to allocate the cost or valuation of the investment property less any estimated The carrying amounts of the Group's non-financial assets, are reviewed at each reporting date to determine whether there is any residual value over its remaining useful life, on a diminishing value basis. Refer policy (e) on depreciation of Property, plant indication of impairment. If any such indication exists, then the asset’s recoverable amount is revised accordingly. and equipment for depreciation charged over land and buildings. Impairment losses are recognised in surplus or deficit. iv. Derecognition Investment properties are derecognised either when they have been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit or service potential is expected from its disposal. Any gains and losses on the retirement or disposal of an investment property are recognised in surplus or deficit in the year of retirement or disposal.

l) Reclassification

Some comparatives have been reclassified to align with the current year presentation.

APO.CO.NZ 45 APO ANNUAL REPORT 2019

AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 FOR THE YEAR ENDED 31 DECEMBER 2019

Notes to the consolidated financial statements

Notes to the consolidated financial statements Group Trust 2019 2018 2019 2018

5. REVENUE FROM EXCHANGE TRANSACTIONS 8. OTHER GAINS AND LOSSES

i. Other gains Group Trust Gain on disposal of equity investments 49,550 216,663 - - 2018 2018 Unrealised currency gains 3,064 19,094 1,226 3,529 2019 2019 Restated Restated Gain on revaluation of investments 542,175 - - - 594,789 235,757 1,226 3,529 Revenue from services rendered 2,334,590 2,630,109 2,334,592 2,630,108 ii. Other losses Event sponsorship and corporate support 434,858 299,730 434,858 393,230 Loss on disposal of assets - 722 - 723 Contra Revenue 1,206,483 976,415 1,206,483 976,415 Foreign currency losses 2,736 7,265 2,110 6,763 Revenue from other exchange transactions 357,240 225,593 277,530 159,521 Loss on revaluation of assets at fair value through profit or 4,333,171 4,131,847 4,253,463 4,159,274 loss through surplus or deficit. - 167,376 - -

2,736 175,363 2,110 7,486 Total gains/(losses) 592,053 60,394 (884) (3,957) 6. REVENUE FROM NON-EXCHANGE TRANSACTIONS

Grants from Trusts and Foundations 744,463 764,553 804,463 816,436

Fundraising and donations 940,349 1,020,028 942,349 892,778 9. TRADE AND OTHER RECEIVABLES

Government Grants received 5,878,750 5,767,000 5,878,750 5,767,000 Trade debtors 30,058 73,929 31,047 59,249

Other Grants received 304,000 476,659 572,117 776,496 Accrued subscription instalment income 199,008 215,731 199,008 215,731

Bequests 22,866 21,307 - - Interest receivable 31,189 32,373 17,846 28,075

7,890,428 8,049,547 8,197,679 8,252,710 Other receivables 700 3,087 700 13,098 260,955 325,120 248,601 316,153 Other grants received Trade receivables are non-interest bearing and are normally settled up to 60-day terms. Included in the above other grants figure is a grant from Foundation North towards the APO Connecting programme, No allowance for impairment has been accounted for at the end of reporting period (2018: Nil) due to the current nature for the amount of $230,000; (2018, $230,000). of the receivables.

7. FINANCE INCOME AND FINANCE EXPENSE 10. CASH AND CASH EQUIVALENTS Group Trust 2018 Interest income 2019 2019 2018 Restated Loans and receivables 127,462 136,312 91,107 108,917 Current assets 127,462 136,312 91,107 108,917 Bank accounts 1,343,090 457,660 1,167,279 304,539

Financial assets at fair value through surplus or deficit Term Deposit held by ASB 3,287,335 4,027,110 2,521,681 3,521,845

Dividends received 58,317 64,692 - - Interest received 98,428 109,769 - - Term deposit are held with ASB. Current term deposits mature within 12 months and are earning approximately 2.4% to 3.0%.

156,745 174,461 - -

Total finance income 284,207 310,773 91,107 108,917

Interest expense ASB Bank overdraft 489 - 489 - 489 - 489 -

46 AUCKLAND PHILHARMONIA TRUST AUCKLAND PHILHARMONIA TRUST