2007 Annual Report - Queensland Symphony Orchestra

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 16. EMPLOYEE BENEFITS 31/12/07 31/12/06 $ $ Current 1,468,733 1,465,961 Non-current 157,436 145,363 1,626,169 1,611,324 Aggregate employee benefits presented above include on-costs. The present values of employee benefits not expected to be settled within twelve months of balance date have been calculated using the following weighted averages: Assumed rate of increase in wage and salary rates 4% 4% Discount rate 6.5% 5.9% Settlement term 10 years 10 years At year end, the company employed 88 full-time equivalent employees (2006: 93 employees). Employees contribute to the Just Superannuation Scheme which is the company’s default defined contribution superannuation scheme, as well as other schemes under the freedom of choice legislation. Employer contributions amounting to $994,887 (2006: $793,283) for the company in relation to these schemes have been expensed in these financial statements. 17. AUDITOR’S REMUNERATION Auditing of the financial report 21,000 16,500 Other services - - 21,000 16,500 No other benefits were received by the auditor. 18. SEGMENT INFORMATION For the current and previous financial period the company has performed orchestral music primarily within Queensland, Australia. 36 The Queensland Orchestra 2007 Annual Report
19. TICKET SALES As the company’s ticketing agent, Queensland Performing Arts Trust (QPAT) receives monies for ticket sales in advance of the performances. As at 31 December 2007, QPAT held $221,789 relating to 2008 performances. 20. RETAINED PROFIT 31/12/07 31/12/06 $ $ Retained profit/(accumulated losses) at the beginning of the year 985,395 (1,846,369) Net profit from ordinary activities for the year 608,320 2,831,764 Retained profit at the end of the year 1,593,715 985,395 21. SUBSEQUENT EVENTS No events have occurred subsequent to balance date that materially affect the accounts and are not already reflected in the statement of financial performance and statement of financial position. 22. ADDITIONAL DISCLOSURES The special purpose financial report of The Queensland Orchestra Pty Ltd for the year ended 31 December 2007 was authorised for issue in accordance with a resolution of directors on 27 February 2008. The Queensland Orchestra Pty Ltd is a proprietary company limited by shares, incorporated in Australia and having its principal place of business at: 53 Ferry Road West End QLD 4101 The company’s registered office address is: 53 Ferry Road West End QLD 4101 The Queensland Orchestra 2007 Annual Report 37
Page 3 and 4: CONTENTS 2007 Annual Report The Que
Page 5 and 6: oard oF direCtors Carolyn Barker am
Page 7 and 8: ARTISTIC ADVISOR’S REPORT 2007 wa
Page 9 and 10: MANAGING DIRECTOR’s Report Photo:
Page 11 and 12: STRATEGIC DRIVERS TQO’s vision to
Page 13 and 14: Promoting contemporary music TQO co
Page 15 and 16: ENGAGEMENT AND ACCESSIBILITY Record
Page 17 and 18: EDUCATION AND LEARNING Record progr
Page 19 and 20: orchestral talent by funding profes
Page 21 and 22: FINANCIAL VIABILITY Box office reco
Page 23 and 24: Annual FINANCIAL Report 31 December
Page 25 and 26: INDEMNIFICATION AND INSURANCE OF OF
Page 27 and 28: BALANCE SHEET AS AT 31 December 200
Page 29 and 30: CASH FLOW Statement for the year en
Page 31 and 32: d) Acquisition of assets Acquired a
Page 33 and 34: 2. FUNDING REVENUE 31/12/07 31/12/0
Page 35 and 36: 8. TRADE AND OTHER RECEIVABLES 31/1
Page 37: 15. CASH FLOW STATEMENT (a) Reconci
Page 41 and 42: AUDITOR’S Independence Declaratio
Page 43 and 44: APPLAUSE The Queensland Orchestra a
Page 45 and 46: BRONZE PARTNERS ABN AMRO Morgans ha
Page 48: 53 Ferry Road West End Q 4101 GPO B

2007 Annual Report - Queensland Symphony Orchestra

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