2007 Annual Report - Queensland Symphony Orchestra

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independent audit report Independent auditor’s report to the members of The Queensland Orchestra Pty Limited We have audited the accompanying special purpose financial report of The Queensland Orchestra Pty Limited, which comprises the balance sheet as at 31 December 2007, and the income statement, statement of changes in equity and cash flow statement for the year ended on that date, a summary of significant accounting policies, other explanatory notes and the directors’ declaration. Directors’ Responsibility for the Financial Report The directors of the company are responsible for the preparation and fair presentation of the financial report and have determined that the accounting policies described in Note 1 to the financial statements, which form part of the financial report, are appropriate to meet the financial reporting requirements under the Tripartite Funding Agreement between the Australia Council (Federal government), Arts Queensland (State government) and Queensland Orchestra Holdings Ltd (“Tripartite Agreement”) dated 7 December 2006 and are appropriate to meet the needs of the members. This responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. These policies do not require the application of all Accounting Standards and other mandatory financial reporting requirements in Australia. Auditor’s Responsibility Our responsibility is to express an opinion on the financial report based on our audit. No opinion is expressed as to whether the accounting policies used are appropriate to the needs of the members. We conducted our audit in accordance with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error. In making those risk assessments, we consider internal controls relevant to the entity’s preparation and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report. The financial report has been prepared for distribution to the members for the purpose of fulfilling the directors’ financial reporting requirements under the Tripartite Agreement. We disclaim any assumption of responsibility for any reliance on this report or on the financial report to which it relates to any person other than the members, or for any purpose other than that for which it was prepared. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence In conducting our audit we have met the independence requirements of the Australian professional accounting bodies. We have given to the directors of the company a written Auditor’s Independence Declaration, a copy of which is included in the directors’ report. Auditor’s Opinion In our opinion the financial report presents fairly, in all material respects, the financial position of The Queensland Orchestra Pty Limited as of 31 December 2007 and of its financial performance and its cash flows for the year then ended in accordance with the accounting policies described in Note 1 to the financial statements. Ernst & Young Brisbane 27 February 2008 40 The Queensland Orchestra 2007 Annual Report
APPLAUSE The Queensland Orchestra acknowledges the vital contributions made in 2007 by our funding bodies and growing community of corporate supporters. GOVERNMENT FUNDERS The Queensland Orchestra is assisted by the Australian Government through the Australia Council, its arts funding and advisory body. PLATINUM PARTNERS 612ABC Brisbane is TQO’s key Media Supporter, and their valued support has been an ongoing part of our sponsorship stable since 2005. 612 ABC Brisbane provided valued promotional support in 2007 across the full range of our concert series, including our flagship Maestro and Music on Sundays series, and regional activity including both regional and rural Queensland tours, Toowoomba and Gold Coast performances. www.abc.net.au/brisbane/radio Brisbane City Council has supported TQO’s community engagement activities and City Hall-based concert series Tea and Symphony and Proms @ City Hall since 2005 through a Leading Cultural Activities Grant. Brisbane City Council manages one of Australia’s largest local government areas and Australia’s biggest local government budget. Council’s mission is to enhance the quality of life of the people of Brisbane by supporting the development of the regional economy and improving the city’s infrastructure. www.brisbane.qld.gov.au 2007 marked the fifth year of successful partnership between Naming Rights Regional Partner Enertrade and TQO. The Enertrade Mozart and More Tour delivered four evening performances and four schools performances in major North Queensland regional centres. Prior to its wind-up by the Queensland Government in January 2008, Enertrade was an integrated wholesale energy company, controlling key energy infrastructure, and focussed on being the provider of choice for energy in regional Queensland. In 2007, 4BH 882 partnered with TQO for the first time, as Media Partner for our performance with the legendary and multi award winning Burt Bacharach. 4BH 882, the radio station bringing you the best songs of all time, features Moyd and Loretta for Breakfast and the Best Songs of All Time all day, blending contemporary music and timeless favourites with entertainment, competitions and Brisbane’s Best News, Traffic reports and local info 7 days a week. www.4bh.com.au MBF continues to be one of TQO’s key Community Partners having supported us since 2006. In 2007, MBF music4health saw TQO take a break from the concert hall to share the uplifting and therapeutic power of music with young patients of eight Queensland hospitals. MBF has been looking after Australians for more than 60 years, and currently provides trusted solutions that protect and enhance the health and financial wellbeing of nearly two million members. www.mbf.com.au GOLD PARTNERS Brisbane Airport Corporation (BAC) has supported TQO since 2005, with successful Special Event Concert Partnerships such as Ben Folds in 2006 and TQO Plays Queen in 2007. Brisbane Airport is the gateway to Queensland, and plays a critical role in the economy, lifestyle, and culture of this dynamic state. BAC has a vision to transform a city airport into Brisbane’s Airport City and is currently investing around $2.5 billion on roads, runways and terminals to accommodate Brisbane and Queensland’s future growth. www.brisbaneairport.com.au Boeing Australia Limited has been a proud supporter of TQO since 2005, through Concert Partnerships and participation in TQO’s innovative executive leadership workshop, Knowing The Score. Boeing Australia Limited is Australia’s leading defence aerospace enterprise with a world-class team of more than 2,500 employees at 16 locations across Australia. It is the largest international subsidiary of The Boeing Company, the world’s leading aerospace company and the largest manufacturer of commercial jetliners and military aircraft combined. www.boeingaustralia.com.au The Queensland Orchestra 2007 Annual Report 41
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 and 38: 15. CASH FLOW STATEMENT (a) Reconci
Page 39 and 40: 19. TICKET SALES As the company’s
Page 41: AUDITOR’S Independence Declaratio
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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