Saturday, April 30, 2011

2010 Annual Reporting Season

A bunch of 2010 Annual Reports have turned up on various orchestral websites.  Preliminary observations as follows:

  • Adelaide Symphony Orchestra
  • A reasonable pick up in ticket sales (8%) over 2009
  • Alas these gains dwarfed by a big loss of sponsorship/donation income (down over 30% on 2009) – this apparently relates largely to the cancellation (owing to weather) of one of their outdoor community events
  • Tight cost control ensured an operating surplus, with total income growing at 0.9% but total expenses at just 0.8%
  • Grant income as a % of total income edged up to 62% (from 60%)
  • Reserves to total expenses at 22%, compared with the target of 20%
  • Further (relatively small) losses on their portfolio of equities…more on this later
  • Queensland Symphony Orchestra
  • Massive drop in ticket revenue (25%) was just about offset by a big increase in sponsorships/donations, but it does beg the question as to why ticket sales fell so much
  • Overall income fell 1.2% but expenses rose 0.6%
  • Grant funding as a % of total funding rose to 77% (from 76%)
  • Like everyone else, a reserves to operating expense ratio of 20% is targeted, but QSO falls well short at 8% (up from 5% the previous year)
  • Sydney Symphony Orchestra
  • 227,758 people attended 119 performances across 77 programs
  • a small loss for the year, up from a big loss in ‘09
  • a big boost (14%) in their revenue from ticket sales
  • sponsorships and donations were down a bit (12% of total funding, down from 14%) – an ominous sign in Australia’s financial markets heartland
  • a solid increase in total revenues (8.5%) relative to cost increases (5.7%)
  • decreased reliance on grant funding – now just 37% of total funding (see the chart below)   
  • reserves relative to operating costs (23%) well above the 20% Australia Council floor
  • Tasmanian Symphony Orchestra
  • Ticket sales fell 11% on the year, while sponsorships and donations also saw a smallish (3%) decline
  • Overall income grew by 2% but expenses fell by 0.6%
  • Reliance on grant funding was up 1% to 76%
  • A healthy reserves position got even healthier – now 41% of operating expenses
  • West Australian Symphony Orchestra
  • Ticket sales up slightly (1%) but a big fall (10%) in sponsorships (what happened to the mining boom?) led to an overall decline in total income of 2.3%
  • A comparable (2%) cut in total expenses was engineered by slashing the marketing budget
  • Reliance on grant funding ticked up a little, but is still a relatively low 53%
  • Reserves remain (at 16%) under the target ratio of 20%

No comments:

There was an error in this gadget