LA BOHEME | THE CUNNING LITTLE VIXEN | CARMEN | DON GIOVANNI | OPERA IN THE REGIONS
ANNUAL REPORT
2018
West Australian OperaTHREE YEAR PLAN 2019-2021
In 2018 WAO worked with Evolve Leadership, Red Emu and Painted Dog Research to meet with internal and external stakeholders to then inform and
develop a new three-year plan for the company.
Our dream We want to present opera that moves you, enchants you and makes you think
about the magic of being alive in the world today.
West Australian Opera seeks to speak to the heart through the human voice. We want to share the joy of music through opera and the powerful stories opera tells.
We want to be part of your journey by being with you throughout your life; in
schools, communities, regions and the theatre.
We want to carry the four hundred year old operatic flame into the next era and
never let it go out. Instead we will fuel it and stoke it, we will build it with you and
spread it around for all to know and experience.
Our whyBringing people together and making them feel alive through igniting emotions and
imaginations with the power of sung stories.
Our strategic issuesSix areas emerged as strategic issues that pose as avenues for growth and
improvement for our future: communications, audiences, content, experience, financial sustainability, innovation.
Our cultureWe value people, collaboration, sustainability, innovation, integrity.
Our strategic pillarsContent and experience, innovation, communication, audience and access, opera
artform development, sustainability.
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LA BOHEMECITY OF PERTH OPERA IN THE PARK, SUPREME COURT GARDENS 3 FEBRUARY
THE CUNNING LITTLE VIXENHIS MAJESTY’S THEATRE 21, 24, 26,28 APRIL
CARMENHIS MAJESTY’S THEATRE 21, 24, 26, 28 JULY
DON GIOVANNIHIS MAJESTY’S THEATRE 20, 23, 25, 27 OCTOBER
Chairman’s
Report
West Australian
Opera receives
support from the
Western Australian Government through
the Department of
Local Government,
Sport and Cultural
Industries and Lotterywest, and the
Australian
Government through
the Australia Council
for which we are very grateful
I am pleased to present West Australian Opera’s Annual Report for
the company’s 51st year.
The contribution of our patrons, sponsors and donors is critical to our
success, and we are proud to maintain strong partnerships with oursupporters all of whom have contributed to our success.
West Australian Opera acknowledges and thanks Principal Partner
Wesfarmers Arts, Official Airline Partner Qantas, Civic Partner City of
Perth, Minderoo Foundation, Lotterywest and Healthway with themessage Act-Belong-Commit.
We are grateful to the Western Australian Government through the
Department of Local Government, Sport and Cultural Industries and
Lotterywest and to the Australian Government through the AustraliaCouncil.
Thank you to patrons who offer personal contributions and continued
commitment to the company through the Private Giving Program. We
are grateful for leadership donations through the Bendat Scholarship,the Bel Canto Fund, the McCusker Foundation, the James Galvin
Family Trust and trusts and foundations who give their support. We
are grateful for the gift of FMG shares which we hold.
I thank my fellow directors for their support, time and expertise and inparticular I thank retiring board member Julian Burt for his years of
service. I thank the management and staff of West Australian Opera
for their ongoing work, passion and commitment in bringing opera to
the stage.
ANDREW PASCOE
CHAIRMAN, WEST AUSTRALIAN OPERA
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Wesfarmers is Western Australia’s leading corporate supporter of the arts with ademonstrated leadership position in Australia and is the Principal Partner of the state
opera company.
Wesfarmers Arts recognises that opera offers a unique and rich experience involving
principal singers, actors, chorus, orchestra, a conductor, director, choreography and highproduction values including sets, costumes, lighting and backstage elements: it is indeed a
multi-sensory art form.
Wesfarmers and West Australian Opera first worked together in 1998. Since then the
partnership has expanded to embrace production seasons, the commissioning of a newopera in 2007 through the Wesfarmers Arts Commission Series (The Love of the
Nightingale by Richard Mills), annual support and the development of the Wesfarmers
Young Artists program.
In 2009 Wesfarmers became Principal Partner of West Australian Opera. This PrincipalPartnership underpins the ongoing life and vitality of the state opera company.
This award winning partnership is fundamental to the state opera company and isappreciated and valued by the board, management, company and audiences.
Principal Partner
Wesfarmers Arts
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Executive Director’s
Report
The state opera company was able to share the joy of opera withmany people around the state, not only on the mainstage in the
beautiful His Majesty’s Theatre, but also around the state through
Opera in the Regions presented in the Pinnacles and the Valley of the
Giants, Opera in the Quarry and performances in schools and
communities from Broome to Denmark.
I acknowledge Annie Patrick for program notes and pre-performance
talks. I acknowledge and thank all of the company’s donors and
foundations including support for the Bel Canto Fund, the Bendat
Scholarship, the McCusker Foundation, Galvin Family Foundation,Andrew and Nicola Forrest and the Minderoo Foundation, the Society
of WA Opera Lovers, the generosity of our anonymous donors and
all supporters of the company.
Board, management and staff worked together to produce a newstrategic plan and a new set of key performance indicators. This
three-year plan offers a roadmap to the company’s future and will be
guided and implemented with the appointment of the company’s
new Music Director.
It is the aim of West Australian Opera to deliver excellence both on
and off the stage, and I wish to acknowledge and thank the Board
including Chairman Andrew Pascoe, deputy Chair Catherine Ferrari,
Ingrid O’Brien, Jan Stewart, Mario D’Orazio, Darren Lewsen and
Anthony Gianotti. I thank Warwick Hemsley, who retired from theboard at the AGM, and Julian Burt, who retired at the end of the year,
and I thank them both personally and on behalf of the company for
their wonderful support.
My grateful thanks to staff and colleagues with whom I work closelyall year-round at West Australian Opera, His Majesty’s Theatre,
Department of Local Government, Sport and Cultural Industries, Perth
Theatre Trust, the Australia Council, Lotterywest, Healthway and
industry colleagues.
CAROLYN CHARD AM
EXECUTIVE DIRECTOR, WEST AUSTRALIAN OPERA
We gratefully
recognise the support
of Principal Partner
Wesfarmers who
continue to inspire with their dedication
to the arts in Western
Australia
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Music Director’s
Report
Commencing the role in January 2019 as Music Director has
been an exciting new chapter in my musical life and, I trust, the
musical life of the state opera company.
I succeeded Brad Cohen and acknowledge the work that he hasdone over the past several years and particularly his own focus
on core development in the company. In his own words on “three
strands of renewal – new works and formats, new productions,and building sustainable Australian operatic careers. My goals as
Artistic Director of WAO remained steadfast between 2015 and2018: to refresh the repertoire we offer, whether old or new;
increase our connection with our audiences, some of whom want
the familiar, some the new; achieve artistic standards ofconsistent and rising excellence; and strengthen and further
deepen our relationships with the community, benefactors,institutions, and artists. I believe that the last four years have
provided abundant evidence of the wisdom – and the benefits – of
this strategic direction.”
I’m very much looking forward to building on the artistic leadershipof previous Artistic Directors here at West Australian Opera,
providing new and innovative ways to experience the artform and
sharing the love of opera with the people of Western Australia andour national and international friends and colleagues.
CHRIS VAN TUINEN
MUSIC DIRECTOR, WEST AUSTRALIAN OPERA
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West Australian Opera
The Company
BACKGROUNDWest Australian Opera was established in
1967 and celebrated its 50th anniversary in
2017. It is Western Australia’s full-time,
professional state opera company.
The company presents operas drawn from
the mainstream operatic repertoire and
increasingly is involved in the
commissioning and development of new
repertoire.
The company offers an annual subscription
season of main stage productions as well
as programs in regional Western Australia
and a strong education program andancillary activities, including concerts and
community events in Western Australia.
It is an incorporated association with a
board of eight directors chaired by AndrewPascoe.
The company receives income from federal
and state funding, box office revenue,
donations and sponsorship.
We are grateful to the federal government
and Australia Council, the state
government and Department of Local
Government, Sport and Cultural Industries,and local government through the City of
Perth. We acknowledge our valued
Principal Partner Wesfarmers Arts.
PRODUCTIONSEach year West Australian Opera presents three
operas in His Majesty’s Theatre and the free
community event City of Perth Opera in the
Park.
TOURING AND COMMUNITY EVENTS
West Australian Opera is committed to taking
the art form to as many people in Western
Australia as possible through the touring ofsmall scale work to regional Western Australia
and the participation of the company in
community events.
EDUCATION
West Australian Opera provides support for
students and teachers for each opera. We
recognise the place West Australian Opera
occupies in the study of music in WesternAustralia and we work to offer the best possible
experience for students.
WESFARMERS ARTS
YOUNG ARTIST PROGRAM
Young and emerging artists are offered training,advice, support and a creative pathway into the
Company. We work with established artists
locally, nationally and internationally to provide
opportunities for creativity and career
advancement.
‘The arts lift people out of their everyday’ (Nicola Forrest)
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BOARD
ChairmanAndrew Pascoe
Deputy Chair
Catherine FerrariDirectors
Julian Burt (to Dec 2018)Ingrid O’Brien
Darren Lewsen
Jan Stewart Mario D‘Orazio
Anthony GianottiChristiaan Heyning
West Australian Opera
Board and CompanyCOMPANY
Executive Director
Carolyn Chard AM
Artistic Director
Brad Cohen (2015-2018)
Music Director
Chris van Tuinen (from January 2019)
Production Manager
Mandy Farmer
Development Manager
Coralie Bishop (mat leave March-Sep)
Claudia Rayne (Acting DM 2018)
Artistic Administrator
Rebecca Kais (to 6 December 2018)
Kate Larkins (from 8 November 2018)
Accountant
Debbie Byrnes
Education Manager
Terasa Letizia
Marketing Manager
Danielle Barlow
Marketing Assistant
Daniele Foti-Cuzzola
Development & Marketing Coordinator
Tanner Davies (to 10 August 2018)
Catherine Power (from 1 October 2018)
Office Coordinator
Marion O’Connor (to 1 June 2018)
Holly Langford-Smith (from 16 July 2018)
Publicity Consultant
Lynne Burford
Financial Accountant
Sue Hobson
Regional Project Manager
Melanie Timms
Stage Manager
Karen Farmer
VICE REGAL PATRON His Excellency, the Honorable
Kim Beazley AO
Governor of Western Australia
PATRONSDr Jack Bendat AM CitWA
HONORARY LIFE MEMBERS
Dario Amara
Cav Uff Giuseppe Bertinazzo OMRIHon Julie Bishop MP
Frank Cooper
Erich Fraunschiel
Colin Goddard
Francis LandelsMargaret McManus
Richard Mills AM
Marilyn Phillips
Vincent A Warrener AM KHS
Annie PatrickBruce Martin AM
Warwick Hemsley
Commissioned Artist
Tim Finn OBE
Wesfarmers Arts Young Artists
and Bendat Scholars
Rebecca Castellini
Fleuranne Brockway
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LA BOHÈMEPUCCINI
CITY OF PERTH OPERA IN THE PARKA free event supported by Lotterywest and Act-Belong-Commit
Supreme Court Gardens | 3 February 2018
Simulcast to Albany, Broome, Bunbury, Carnarvon, Esperance, Geraldton,
Kalgoorlie, Margaret River, Merredin, Port Hedland, Community Resource Centers
Conductor Brad Cohen
Director Stuart Maunder
Production Manager Mandy Farmer
Repetiteur Tommaso Pollio
Rodolfo Paul O’Neill
Mimi Elena Perroni
Marcello James Clayton
Musetta Rachelle Durkin
Schaunard Mark Alderson
Colline Paull-Anthony Keightley
Benoit Matthew Lester
Alcindoro Mark Hurst
West Australian Opera Chorus
West Australian Symphony Orchestra
Sung in Italian with English subtitles
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THE CUNNING LITTLE VIXENJANACEK
His Majesty’s Theatre 21, 24, 26, 28 APRIL
Composer Leoš Janáček
Libretto Rudolf Těsnohlídek & Stanislav Lolek
Conductor Johannes FritzschDirector Stuart Maunder
Set Designer Richard Roberts
Costume Designer Roger Kirk
Lighting Designer Trudy Dalgleish
Guest Chorus Master & Music Supervisor Marilyn Phillips
Vixen Emma Pearson
Fox Rachelle Durkin
Forester James Clayton
Schoolmaster / Mosquito Matt Reuben James WardForester’s Wife / Owl Ileana Rinaldi
Harašta Mark Alderson
Parson / Badger Paull-Anthony Keightley
West Australian Opera ChorusWest Australian Symphony Orchestra
Sung in English with English surtitles
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CARMENBIZET
His Majesty’s Theatre 21, 24, 26, 28 JULY
Composer Georges Bizet
Libretto Ludovic Halevy & Henri Meilhac
Conductor Antony WalkerDirector Lindy Hume
Set Designer Dan Potra
Costume Designer Vicki Feitscher
Lighting Designer Stephen Wickham
Lighting realized by Matthew MarshallGuest Chorus Master Ian Westrip
Carmen Milijana Nikolic
Don José Paul O’Neill
Escamillo James Clayton
Micaëla Emma PearsonZuniga Paull-Anthony Keightley
Moralès Sam Roberts-Smith
Frasquita Rebecca Castellini
Mercédès Fleuranne Brockway
Dancaïre Mark AldersonRemendado Matt Reuben James Ward
Lillas Pastia Michael Loney
West Australian Opera Chorus West Australian Symphony Orchestra
Sung in French with English surtitles
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DON GIOVANNI MOZART
His Majesty’s Theatre 20, 23, 25, 27 OCTOBER
Composer Wolfgang Amadeus Mozart
Libretto Lorenzo Da Ponte
Conductor Brad CohenDirector Göran Järvefelt
Rehearsal Director Roger Press
Set and Costume Designer Carl Friedrich Oberle
Lighting Designer Nigel Levings
Guest Chorus Master Perry JoyceDon Giovanni Teddy Tahu Rhodes
Leporello James Clayton
Il Commendatore Jud Arthur
Donna Anna Anita Watson
Donna Elvira Emma Pearson Don Ottavio Jonathan Abernethy
Masetto Wade Kernot
Zerlina Rebecca Castellini
West Australian Opera Chorus and West Australian Symphony Orchestra
Sung in Italian with English surtitles
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OPERA IN EDUCATION
WESFARMERS ARTS MAKE-UP WORKSHOPS
4 workshops for 101 participants.This practical introduction to the world of theatrical make-up is great fun for students. In this 2
hour workshop students are able to explore ideas, observe professional technique and use
their own imagination to create a personal artwork. Following a demonstration on thetechniques involved in creating a character, students craft their own design and then have a go
at transforming themselves and their classmates. With many questions and much exuberance
this is a wonderful learning experience for students from year 4 to year 12.
COMMUNITY SINGING WORKSHOPS, TALKS and MORE
15 Events and 604 participantsWest Australian Opera is dedicated to connecting with our West Australian Community through
talks, singing workshops and intimate insights into upcoming operas in community groups.
Highlights in 2018 included:• Partnering with the Art Gallery of Western Australia (AGWA) as part of its Corsini Collection
program. Working with art curators we developed a series of complimentary singing workshops
that explored themes within the exhibition
• Working with primary and secondary students in Broome
• Connecting with communities including Alliance Francaise, The Italian Consulate and theMulticultural Language Centre to present talks and workshops
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OPERA IN EDUCATION
ACT-BELONG-COMMIT OUR OPERA OUR WA9 workshops for 1760 participants
This incursion performance for primary and secondary students takes our audience on anengaging musical journey into the lives of two of our singers. How they began to sing, what led
them to opera as an art form, and who their hero’s were growing up and today. This performance
features popular operatic works and an opportunity to ask questions .
ACT-BELONG-COMMIT WACE WORKSHOP1 workshop for 16 secondary students
In 2018 West Australian Opera partnered with the University of Western Australia’sConservatorium of Music to present a workshop that assists year 11 and 12 students in the delivery
of the practical performance component of Music ATAR (voice). It addresses performance
technique, stylistic interpretation, performance psychology and more. Featuring two West
Australian Opera singers and facilitated by Department for Education (Instrumental Music School
Services) Head of Voice/Piano.
ACT-BELONG-COMMIT SING OUT LOUD!18 workshops for 2042 participants
Our most popular workshop! This interactive singing workshop has been specially created forprimary school students and introduces students and teachers to musical concepts as prescribed
within the Western Australian curriculum. Your voice is your own mobile musical instrument and
within this incursion we have lots of fun empowering students to use their voice and introduce them
to musical concepts such as pitch, dynamics and tempo. In addition to metropolitan primary
schools we also took this workshop to Narrogin, Manjimup, Badgingarra and Dandaragan.
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OPERA IN THE COMMUNITYWe will engage and inspire West Australians, develop and retain audiences and
ensure relevancy
West Australian Opera produces and presents opera for and with West Australians through
performances, concerts and community events.
WESFARMERS ARTS SINGING CLASSES
35 workshops, 114 Participants
Led by Perry Joyce our adult community singing classes welcomed participants into the West
Australian Opera studio. Over the course of 8 weeks adult students were introduced to operaworks and vocal pedagogy. We were also invited to run a couple of classes in Broome as part of
the Shinju Matsuri Festival and in Denmark to coincide with our Opera in the Valley of the Giants
performance.
LEARN AT THE LIBRARY2 Talks, 110 participants
Learn at the Library enables engagement with local communities on a deeper level. This one hour
program includes an information based talk punctuated by live arias. Topics include Introduction to
Opera, Opera in Popular Culture and our popular It’s Opera not Oprah! The talks conclude with an
informal Q & A and an opportunity for participants to learn more about the featured artists.
ACT-BELONG-COMMIT OPERA YOUTH NIGHTS
3 Events, 420 Participants
NEW in 2018! Our opera youth nights invite like-minded students from years 7 to 12 to join us pre-
performance for refreshments and a personalised introduction to the opera work on offer. Anabsolute highlight of these events has been the opportunity for our participants to meet the artists
prior to seeing them on stage.
OPERA YOUTH AMBASSADORS
12 ParticipantsStudents from years 9 to 12 across Western Australia were invited to apply for our Opera Youth
Ambassador program. This year-long series of activities provides an opportunity for passionate
classical voice enthusiasts to discover the multiple layers of presenting an opera through exposure
to performance, classes and more.
e general public into its home to assist with subscription bookings and talk about the next annual season of work.
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OPERA IN THE REGIONS presented by Act-Belong-Commit2 performances, 1800 participants
This event series was made possible with support from Principal Partner Wesfarmers Arts, Healthway with
the message Act-Belong-Commit, Minderoo Foundation, Department of Biodiversity, Conservation and
Attractions, Department of Parks and Wildlife Services, The Great Southern Development Commission
and the Shire of Dandaragan.
Each concert was presented in an iconic venue in Western Australia:
• Opera in The Pinnacles (Cervantes)
• Opera in the Valley of the Giants (Walpole)
Opening with a traditional Welcome to Country. This concert series has been warmly received by all who
attend and participate. A highlight for the company has been the integration between community
volunteers, performers, production and management.
“That was AMAZING! What an unforgettable night! Incredible setting, excellent selection of songs, so entertaining and engaging... and the weather couldn't have been better! Thank you so very very
much!”
OPERA IN THE COMMUNITY
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AUDIENCE SUMMARYWest Australian Opera reached over 50,000 people
11,000 – People attended the mainstage opera at His Majesty’s Theatre
10,000 – People attended or viewed City of Perth Opera in the Park
5,617 – People participated in community and outreach programs
5,000 – People enjoyed a West Australian Opera costume exhibit
(The Cunning Little Vixen and Don Giovanni)
3,000 – Children participating in The Cunning Little Vixen School Holiday Activities
1,800 – Attended an Opera in the Regions event
1,500 – People attended Opera in the Quarry for 3 sold out concert performances
41%
12%
17%
17%
7%
6%
Opera in the Park The Cunning Little VixenCarmen Don GiovanniOpera in the Regions Opera in the Quarry
BOARD
Corporate Governance
Throughout the year the Board maintained a proactive role in risk management andcorporate decision-making processes.
The Board offered a range of expertise in the disciplines of finance, legal, sponsorship,
marketing and business management.
The Board met on a regular basis throughout the year. In addition to board meetings, the
Chairman met with the Executive Director on a regular basis.
A package is prepared for the Board by the Executive Director for distribution one week
prior to each meeting. This package includes the board agenda, minutes from the previousmeeting, a summary of resolutions and actions from the previous meeting, financial papers,
written reports, copies of key correspondence, contracts and media. The Minute Register is
held in the company’s offices.
The Board monitored the company’s finances at the Finance Committee and at boardmeetings and the Financial Consultant reviewed finances throughout the year.
The Board ensured that the company maintained adequate insurance covers including
workers compensation, directors’ liabilities, public liability insurance and travel insurances.
The company produced a comprehensive Risk Management Report for Opera in the Park
and maintained risk reports on productions.
The Board delegated the day-to-day operation of the company to its Executive Director.
All matters of significance were referred to the Board for discussion, review and decision-
making at monthly Board meetings and at subcommittee level.
Evolve Leadership was engaged to facilitate a new strategic plan for the period 2019-2021
and this included a review across the company with input from internal and externalstakeholders.
The Painted Dog Research was engaged to facilitate qualitative and quantitative market
research with attendees and non-attendees.
Policy reviews were undertaken and in particular new risk assessment frameworks were
drafted.
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Board
BiographiesANDREW PASCOEChairman (from 5 December 2017)
Member Nomination Committee
Andrew Pascoe is a partner in the corporate group of Allens in Perth. Andrew specialises in
mergers and acquisitions transactions, and major project and infrastructure development. He also
practices in the area of equity capital markets, corporate governance, incorporated andunincorporated joint ventures, foreign investment in Australia, private equity transactions, and a
range of commercial contracts and transactions.
CATHERINE FERRARIDeputy Chair
Board Director (appointed 2005)
Chair, Finance and Audit Committee, Member Nomination Committee
Ms Ferrari joined Water Corporation in 2004 in the role of General Manager, Communications
Group. In 2013 she became General Manager of newly formed Customer and CommunityGroup. She was previously Chief Executive Officer of the Western Australian Symphony
Orchestra and Western Australian Director of the Australian Society of Certified Practicing
Accountants. Ms Ferrari is also a Board Member of the Energy and Water Ombudsman;
Screenwest WA; and a trustee of the Legal Contribution Trust.
JULIAN BURT
Board Director (appointed 2014; retired 6 December 2018)
Member, Development Committee
Julian Burt graduated from Christchurch Grammar School in 1987 and studied at the Royal
Agricultural College at Cirencester, England 1991-1992. On return to Australia he worked in thefamily mineral business, known as the Drillex Group of Companies. He was appointed a
Director of the company in 1998. In 2003 he became a Director and part-owner of Metzke Pty
Ltd a manufacturer in mineral drilling technology. Julian has extensive experience in
governance and community service. He is currently involved in the following Company
Directorships since 2003; Director/Owner, MJW Rail Pty Ltd; Director, Margaret Court AOCommunity Outreach Foundation; Director, WA Opera; Director, Kimberley Foundation
Australia; Foundation Member/Director, National Gallery of Australia; Patron, Football (Soccer)
Hall of Fame WA; Committee, St George’s Cathedral Foundation for the Arts; Justice of the
Peace (WA) and Lay Canon and Member of the Chapter of St George’s Cathedral, Perth.
Julian is currently studying a Bachelor of Arts majoring in history and political science at TheUniversity of Western Australia.
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DR INGRID O’BRIENBoard Director (appointed 2010)
Chair, Development Committee
Ingrid is a Lecturer in the Marketing discipline in the School of Management and
Governance at Murdoch University, with a special interest in customer engagement. She
also runs her own boutique marketing strategy consultancy. As a specialist in the area ofmarketing strategy, Ingrid has over 20 years international consulting experience. She has
worked in Australia, UK, Europe, USA and China, with a variety of blue-chip companies
across a range of sectors such as financial services, resources, not-for-profits, professional
services, healthcare, retail, agriculture, government, online marketing and education.
DARREN LEWSENBoard Director (appointed 27 April 2017)
Member, Finance and Audit Committee
Darren is the Western Region Assurance Leader for Ernst & Young, where he leads a
practice comprising 15 partners and 160 employees. Darren is also a member of EY’s
Oceania Assurance Leadership Team. With more than 20 years’ experience providingassurance services and advice across a diverse range of industries, Darren is highly
regarded in the Perth business community for providing practical and pragmatic solutions to
his clients. Darren has led audits, due diligence assignments and advisory engagements for
a number of Perth’s largest listed companies.
JAN STEWARTBoard Director (appointed 29 April 2015)
Jan Stewart PSM, BA, MSW. HonDLitt.WAsust, FAIM, GAICD held the position of CEO of
Lotterywest from 1992 to December 2014. Prior to that, Jan was the Director of Grants and
Community Development at Lotterywest. From February 2016 to September 2016 she was
acting General Manager of West Australian Ballet. Jan holds a Bachelor of Arts and aMaster’s Degree in Social Work from the University of Western Australia. Jan has held a
number of voluntary board positions with a diverse range of organisations, both locally and
internationally, for many years. These have included that of Senior Vice President on the
Executive Committee of the World Lottery Association for more than eight years. She held
the inaugural position of President of the Asia Pacific Lottery Association from 1999 to 2004and was again a member of the Executive Committee of that organization from 2012-14.
She was a member of the Hale School Board for 12 years and on the board of Save the
Children for 5 years. Her current board positions, apart from the West Australian Opera
board, are the Perkins Medical Research Institute, St Bartholomew’s House, MercyCare,
Country Arts and she is a trustee of the Feilman Foundation. Jan is Chairman of the advisorycommittee of the University of Western Australia’s Centre for Social Impact, Chairman of the
Raine Study Board and member of the University of Western Australia's Sports Advisory
Committee. Jan was awarded a Medal for outstanding service to the University of Western
Australia in 2004, a Public Service Medal in the Australia Day honours of 2009 and is a
graduate of the Australian Institute of Company Directors. In 2016 she was awarded thehonorary degree of Doctor of Letters by the University of Western Australia in recognition of
her services to the community and to the arts.
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MARIO D’ORAZIOBoard Director (appointed 29 April 2015; retired 22 March 2019)
Member, Development Committee
Since 2011 Mario has been the Managing Director of Channel Seven in Perth. TVW 7
Perth has been Australia’s highest rating and best performing TV station for several years
with a strong focus on community engagement, local production and sport. It created thewonderful children's charity, Telethon, in 1968, which has set new standards in
philanthropy in WA. Mario has been the trustee of Telethon Trust since 2011. Mario
holds a Bachelor of Arts and a Diploma of Education from the University of Western
Australia. He is on the board of the board of the WA Academy of Performing Arts at Edith
Cowan University. He is also the Chairman of the Perth Public Art Foundation, anorganisation that raises funds, creates and promotes public art in the CBD. He was
recently appointed Chair of the Contemporary Dance Company of WA, Co3. Mario is
also the director of the Australian Institute of Management WA, a highly respected
professional educational, research and training institution, and recently stepped down as
a director of HealthEngine, a national health-technology company based in Perth.
ANTHONY GIANOTTI
Board Director (appointed 1 January 2018)
Anthony is the Chief Financial Officer of Wesfarmers Limited. He was appointed to thisrole in November 2017 following his appointment as Deputy Chief Financial Officer in
July 2017. Prior to this, he was Deputy Managing Director of the Industrials division from
February 2017 and Finance Director from August 2015. Anthony started with Wesfarmers
in 2004, and his other roles include Manager, Investor Relations; Finance Director of
Wesfarmers Insurance and Managing Director of Wesfarmers Insurance. Anthony beganhis career with Ernst & Young in business services and corporate finance and has held
senior corporate finance roles advising on mergers and acquisitions and corporate
strategy with Hambros Bank and Société Générale in Sydney, London and Melbourne.
Anthony holds a Bachelor of Commerce from Curtin University, a Graduate Diploma in
Applied Finance and Investments, is a qualified Chartered Accountant and hascompleted the Advanced Management Program at Harvard Business School. He is a
director of a number of Wesfarmers Group subsidiaries.
CHRISTIAAN HEYNINGBoard Director (appointed 1 August 2018)
Christiaan is a Principal in McKinsey & Company, located in Perth, Australia. He leads
the Digital practice for natural resources and heavy industrial sectors in Asia, and the Oil
and Gas sector in Australia. He has done extensive work in both Operations and Digital
(including AA) in mining. Prior to McKinsey, Christiaan worked for an IT services firmbefore starting up his own company in eLearning in the late 1990s in Singapore and
London. He joined McKinsey in 2003. Christiaan Heyning holds a Master Degree in
applied physics with a specialization in Material Science at the University of Groningen
and the University of California at Berkeley.
PRIVATE GIVING
Report
PRIVATE GIVING PROGRAM
To our donors, thank you to each and every one of you for your
important, valued and appreciated contribution.
Art changes lives. Supporting West Australian Opera’s young artists, artistic development,
community and education programs can have a lifelong impact.
Giving to support the art forms we love can be a civic virtue, whether through bequests, gifts,
donation or sponsorship.
The generosity of each and every supporter enables West Australian Opera to present and
develop Australian artists, to reach out into communities, to put opera on the stage and with
the power of our offering to enrich the cultural landscape of our State.
Annual giving is the most important way to support the company and underpins our everyday
operations. The Private Giving Program enables West Australian Opera to continue to seek
ways to shape the company in a sustainable way. It helps to keep opera affordable and
accessible to a wide audience.
Donors demonstrate a shared passion for the art form and stretch the way they appreciate
opera.
The Program’s key investment areas are:
• Distinctive, world’s best performances• Youth and education programs
• Community and access projects
• Young & emerging artists’ development
If you are interested in supporting your state opera company please contact the DevelopmentManager on 08 9278 8902 or visit www.waopera.asn.au.
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PRIVATE GIVING
Report
PLANNED GIVING PROGRAMBequests to West Australian Opera are preserved as the legacies of their donors, people with
vision who understand the importance of opera to a community. These legacies help us to
continue with the presentation of world-class opera and development of young artists. Unless
otherwise stipulated, monies received from bequests will be invested and preserved in the
Endowment Fund and income earned used to support the company’s key investment areas orspecific projects as outlined in the bequest.
ENDOWMENT FUND
Becoming an endowment fund supporter is a unique opportunity to partner with West Australian
Opera. Endowment fund support represents a meaningful investment in the arts and in thediverse community of Western Australia.
Established in 2008 the Endowment Fund’s purpose is to build capital reserves, which support
the company’s ability to present world-class opera productions of the highest calibre with the
most talented artists of our time now and for the next generation of artists and individuals.Bequests, major gifts and capital funds created by individuals will be placed within the
Endowment Fund. Income earned enables West Australian Opera to keep opera a live and
accessible art form for all West Australians.
FORTESCUE METALS GROUP SHARESIn 2011 the company gratefully received a major gift from the Forrest Family. Individual giving in
the arts is greatly valued. The support that foundations, trusts and donors offer to arts companies
has a significant impact on the ability to plan and deliver initiatives. West Australian Opera
wishes to acknowledge and thank Andrew and Nicola Forrest for the generous gift of shares.
This contribution stands as testament to their commitment to a strong and vibrant arts sector inWestern Australia. This unique and unprecedented gift is vital to the company’s future and
success.
23
CAST OF SUPPORTERSWest Australian Opera thanks every donor in the Private Giving Program.
LEADERSHIP CIRCLE ($10,000+)Alexandra & Julian Burt
Mario D’Orazio
Liz & Erich Fraunschiel
Warwick Hemsley & Melissa Parke
Sam & Leanne WalshAnonymous (1)
PRINCIPAL PATRON ($5,000+)
Dr Jack Bendat AM CitWA
Catherine FerrariDr Patricia Kailis
The Robert Kimpton Family
Dr Robert Larbalestier
Annie and Neil Patrick
Dr Peter Simpson OAMHon J McKechnie
Richard Tarala & Lyn Beazley AO
Joyce Westrip OAM
BENEFACTOR ($2,500+)Neil Archibald & Alan R Dodge AM
Eleanor John
Max Kay AM CitWA and Norma Kay
Francis Landels
Dr Bryant MacfieMichael & Helen Tuite
Joyce Young
SUPPORTER ($1,000+)
Gaysie AtkinsonBetty Barker
Gay & Robert Branchi
Dr Peter & Mrs Rae Breidahl
Claire Britten and John McKay
Lynne Burford PublicityMrs Joan Carney
Helen Carroll
Frank Cooper AO
Christine Dalla Riva
Lorraine Ellard
Rosemary Grigg & Peter Flanigan
Dr Dennis Hayward
Kathryn Hogan & Graham DroppertUlrich & Gloria Kunzmann
Simon Landers
Ross & Frances Ledger
Patrick Lilburne
Richard Noble & CoCelia & Neil Patterson
Maria & Robert Radici
Bill Reid
Kerry Sanderson AC
Kim & Keith SpenceYannis Vrodos
Dr Chris and Mrs Vimala Whitaker
Anonymous (4)
FRIEND ($500+)Ian & Kerry Adams
Siobhan Beilin
Mary Carr
Carolyn Chard AM
Helen CookFriends of His Majesty’s Theatre
T & E Gerner
Dr Rosalind Hampton
Ian & Sue Hobson
Jock and Jennifer LaurieMegan Lowe
Len & Sue Roberts-Smith
Thurston Saulsman
Diana Warnock and the late Bill Warnock
Dr Peter WintertonAnonymous (4)
24
CAST OF SUPPORTERS
TRUSTS AND FOUNDATIONSBendat Family Foundation
James Galvin Family Foundation
Stan Perron Charitable Trust
Wright Burt Foundation
ANDREW AND NICOLA FORREST
The generous gift of FMG shares is testament
to the Forrest’s commitment to a strong and
vibrant arts sector in Western Australia.
We acknowledge the Minderoo Foundation.
YOUNG ARTIST PROGRAM
The Bendat Scholarship
James Galvin Family Foundation
Mr Andrew MitchellSociety of WA Opera Lovers
BEL CANTO FUND
Thanks to the leadership donors of the
Bel Canto Fund
YOUNG LEADERS CIRCLE
Thank you to Herbert Smith Freehills for their
ongoing commitment to this initiative,
especially through Yannis Vrodos as the program’s Ambassador. Thank you to the
inaugural members of the Young Leaders
Circle for their active engagement.
BEQUEST CIRCLEAilsa West
Anita & James Clayton
Anonymous (3)
25
SPONSORSHIP
Report
The company is very proud of its
partnership with Wesfarmers Arts,
Principal Partner.
The contributions made by sponsors, trusts,
foundations and supporters is vital to the
continued success of West Australian Opera.
Sponsorship plays a critical role in the growth
and development of the company and enables
the company to present opera of the highest
standard and fulfil the aim of making opera anevolving, relevant and valuable art form that
can be a source of pride for West Australians.
We are grateful for the support of our
Participation Partner Healthway that supportsOpera in the Regions and our education and
outreach initiatives. We also thank Lotterywest
and Civic Partner the City of Perth that enable
the signature free outdoor summer event ‘City
of Perth Opera in the Park’.
The company is grateful to the ongoing loyalty
and commitment of sponsors and partners
who generously support the state opera
company.
Principal Partner
Wesfarmers Arts
Participation Partner
Healthway
Official Airline Partner
Qantas
Civic Partner
City of Perth
Community Partner
Lotterywest
Major Partners
APN Outdoor
Minderoo Foundation
Opera Partners
Herbert Smith Freehills
KPMG
Voyager Estate
Painted Dog Research
Quest East Perth
Atlas Pearls & Perfumes
InterContinental Perth City Centre
Future Logic
Copyworld Toshiba
Kreepy Krauly
Tertiary Education Partner
The University of Western Australia
Government Partners
Government of Western Australia
Department of Local Government, Sport
and Cultural Industries
Australian Government through the
Australia Council for the Arts
26
THE WESTERN AUSTRALIAN OPERA
COMPANY INCORPORATED
Financial Report
For the year ended
31 December 2018
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
1
Directors’ Report
Your Directors submit the financial report of The Western Australian Opera Company
Incorporated for the year ended 31 December 2018.
1. Directors during the financial year and until the date of this report:
Mr Andrew Pascoe (Chairman)
Ms Catherine Ferrari (Deputy Chair)
Mr Julian Burt (resigned 4th December 2018)
Mr Mario D’Orazio (resigned 22nd March 2019)
Mr Anthony Gianotti (appointed 1st January 2018)
Mr Warwick Hemsley (resigned 17th April 2018)
Mr Christiaan Heyning (appointed 1st August 2018)
Mr Darren Lewsen
Ms Ingrid O’Brien
Ms Jan Stewart
2. Principal Activities
The principal activity of The Western Australian Opera Company Inc in the course of
the financial year was the presentation of opera.
3. Significant Changes
No significant change in the nature of these activities occurred during the year.
4. Operating Result
The loss from ordinary activities for the financial year was $167,084 (2017: profit
$594,536).
5. Auditor’s Independence declaration
The auditor’s independence declaration under section 60-40 of the Australian
Charities and Not For Profit Commission Act 2012 is included in this Annual Report and
forms part of the Directors’ Report of The Western Australian Opera Company Inc for
the year ended 31 December 2018.
Signed in accordance with a Resolution of the Board.
........................................................................ ........................................................................
Andrew Pascoe Catherine Ferrari
(Chairman) (Deputy Chair)
Dated this 10th day of April 2019
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
2
Statement of Profit or Loss and Other Comprehensive Income
for the year ended
31 December 2018
NOTES 2018
$
2017
$
Revenue 2 1,346,076 1,732,222
Other Income 2 4,311,111 4,881,902
Employee expenses (2,739,322) (2,929,165)
Depreciation (16,568) (15,215)
Other expenses
Production sets, costumes and sound (571,283) (476,376)
Theatre rental and associated costs (580,840) (666,283)
Other costs of production (363,400) (319,421)
Administration expenditure (452,711) (453,747)
Marketing and promotion expenditure (812,095) (874,621)
Opera Conference contribution (288,052) (284,760)
Net profit/(loss) attributable to the Association (167,084) 594,536
Other comprehensive income to be reclassified
to profit or loss in subsequent periods
Decrease in Investment Revaluation Reserve (107,852) (157,871)
Total comprehensive income/(loss) for the year (274,936) 436,665
The accompanying notes form part of these financial statements
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
3
Statement of Financial Position
as at
31 December 2018
NOTES 2018
$
2017
$
CURRENT ASSETS
Cash and cash equivalents 3 587,848 109,163
Deposits 4 1,875,000 2,375,000
Trade and other receivables 6 99,660 112,325
Other current assets 7 122,282 134,994
TOTAL CURRENT ASSETS 2,684,790 2,731,482
NON-CURRENT ASSETS
Restricted cash deposits 5 950,000 950,000
Property, plant and equipment 8 121,409 130,334
Financial asset at fair value through other
comprehensive income
9
654,931
762,783
TOTAL NON-CURRENT ASSETS 1,726,340 1,843,117
TOTAL ASSETS 4,411,130 4,574,599
CURRENT LIABILITIES
Trade and other payables 10 335,768 233,871
Short-term provisions 11 84,249 47,124
TOTAL CURRENT LIABILITIES 420,017 280,995
NON-CURRENT LIABILITIES
Long-term provisions 11 29,225 56,780
TOTAL NON-CURRENT LIABILITIES 29,225 56,780
TOTAL LIABILITIES 449,242 337,775
NET ASSETS 3,961,888 4,236,824
EQUITY
Retained profits 1,474,253 1,641,337
Reserves 12 2,487,635 2,595,487
TOTAL EQUITY 3,961,888 4,236,824
The accompanying notes form part of these financial statements
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
4
Statement of Changes In Equity
for the year ended
31 December 2018
Retained
Profits
$
Restricted
Funds
Reserve
$
(Note 12)
Unrestricted
Funds
Reserve
$
(Note 12)
Investment
Revaluation
Reserve
$
(Note 12)
Total
$
Balance at
1 January 2017
1,346,801
850,000
975,000
628,358
3,800,159
Net profit attributable to
the Association
594,536
-
-
-
594,536
Decrease in Investment
Revaluation Reserve
-
-
-
(157,871)
(157,871)
Addition to Restricted
Funds Reserve
(100,000)
100,000
-
-
-
Addition to Unrestricted
Funds Reserve
(200,000)
200,000
-
-
Balance at
31 December 2017
1,641,337
950,000
1,175,000
470,487
4,236,824
Balance at
1 January 2018
1,641,337
950,000
1,175,000
470,487
4,236,824
Net loss attributable to
the Association
(167,084)
-
-
-
(167,084)
Decrease in Investment
Revaluation Reserve
-
-
-
(107,852)
(107,852)
Balance at
31 December 2018
1,474,253
950,000
1,175,000
362,635
3,961,888
The accompanying notes form part of these financial statements
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
5
Statement of Cash Flows
for the year ended
31 December 2018
NOTES 2018
$
2017
$
Cash flows from Operating Activities *
Donations and sponsorship received 1,503,255 1,790,974
Grants received 2,660,066 2,522,515
Dividends Received 60,067 91,775
Receipts in the course of operations 1,275,408 1,806,405
Interest Received 112,961 74,898
Payments to suppliers and employees (5,624,228) (5,993,433)
Net cash (used)/provided by Operating Activities 16(b) (12,471)
293,134
Cash flows from Investing Activities
Payment for property, plant and equipment (8,844) (17,195)
Net Cash used in Investing Activities (8,844) (17,195)
Net (decrease)/increase in cash held (21,315) 275,939
Cash at beginning of the financial year 3,434,163 3,158,224
Cash at the end of the financial year 16(a) 3,412,848 3,434,163
*Comparative classification has changed with no impact to net cash (used)/provided by Operating Activities.
The accompanying notes form part of these financial statements
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
6
Notes to the financial statements for the year ended
31 December 2018
1. Summary of significant accounting policies
a) Basis of preparation
The Financial Report is a general purpose financial report that has been drawn up in
accordance with Australian Accounting Standards and other authoritative
pronouncements of the Australian Accounting Standards Board and the requirements
of the Associations Incorporation Act (WA) 2015.
The financial report covers The Western Australian Opera Company Incorporated as
an individual entity. The Western Australian Opera Company Incorporated is an
Association incorporated in Western Australia under the Associations Incorporation
Act (WA) 2015.
The Western Australian Opera Company Incorporated is a not-for-profit entity. The
principal activity of the company in the course of the financial year was the
presentation of opera.
The financial report is presented in Australian dollars which is the company’s functional
currency.
The financial report is prepared on an accruals basis and is based on historical costs
and does not take into account changing money values, or, except where stated,
current valuations of non-current assets. Cost is based on the fair values of
consideration given in exchange for assets. The accounting policies have been
consistently applied, unless otherwise stated.
b) New accounting standards and interpretations
In the current year the Association has adopted all of the new and revised Standards
and Interpretations issued by the Australian Accounting Standards Board (AASB) that
are relevant to its operations and effective for reporting periods beginning 1 January
2018. The adoption of these new and revised Standards and Interpretations did not
have any effect on the financial position of the Association.
A number of new standards and amendments to standards are effective for annual
reporting periods beginning after 1 January 2018 however the company has decided
against early adoption of the following new or amended standards:
• AASB 15 Revenue from Contracts with Customers
• AASB 16 Leases
• AASB 1058 Income of Not for Profit Entities
The company is yet to determine the impact of these standards.
The following is a summary of the material accounting policies adopted by the
Association in the preparation of the financial report. The accounting policies have
been consistently applied, unless otherwise stated.
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
7
Notes to the financial statements for the year ended
31 December 2018
c) Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost less, where applicable,
any accumulated depreciation.
The carrying amount of plant and equipment is reviewed annually by the Association
to ensure it is not in excess of the recoverable amount from those assets. The
recoverable amount is assessed on the basis of the expected net cash flows which
will be received from the assets’ employment and subsequent disposal.
Depreciation
The depreciable amounts of all property, plant and equipment are depreciated on
a straight line basis over the useful lives of the assets to the Association, commencing
from the time the assets are held ready for use.
The depreciation rates used for each class of depreciable assets are:
Class of property, plant and equipment Depreciation Rate
Office Equipment, Furniture & Fittings 10 - 50%
Pianos 10%
Music library 10%
Sound Shell 10%
Production Equipment 10%
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate,
at each balance sheet date.
An asset’s carrying amount is written down immediately to its recoverable amount if
the asset’s carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the
carrying amount. These gains and losses are included in the income statement.
d) Employee Benefits
(i)Wages, salaries, annual leave and sick leave
Liabilities for wages and salaries, including non-monetary benefits, annual leave and
accumulating sick leave expected to settle within 12 months of the reporting date
are recognised in respect of employees’ services up to the reporting date. They are
measured at the amounts expected to be paid when the liabilities are settled.
Expenses for non-accumulating sick leave are recognised when the leave is taken
and are measured at the rates paid or payable.
(ii) Long service leave
The liability for long service leave is recognised and measured as the present value of
expected future payments to be made in respect of services provided by employees
up to the reporting date using the projected unit credit method. Consideration is
given to expected future wage and salary levels, experience of employees,
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
8
Notes to the financial statements for the year ended
31 December 2018
Employee Benefits cont.
departures, and periods of service. Expected future payments are discounted using
market yields at the reporting date on national government bonds with terms to
maturity and currencies that match, as closely as possible, the estimated future cash
outflows.
e) Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held at-call with banks,
other short term highly liquid investments with maturities of three months or less.
f) Revenue
Interest revenue is recognised as interest accrues using the effective interest method.
This is a method of calculating the amortised cost of a financial asset and allocating
the interest income over the relevant period using the effective interest rate.
Revenue from the rendering of a service is recognised upon the delivery of the service
to the customers.
Government grants are initially recognised in the balance sheet as a liability when the
grant is received. When the grant relates to an expense item it is recognised as
income over the periods necessary to match the grant on a systematic basis to the
costs that it is intended to compensate.
Revenue from donations is recognised on receipt.
All revenue is stated net of the amount of goods and services tax (GST).
g) Goods & Services Tax
Revenues, expenses and assets are recognised net of the amount of goods and
services tax (GST) except where the amount of GST incurred is not recoverable from
the Australian Taxation Office (ATO). In these circumstances the GST is recognised as
part of the cost of acquisition of the asset or as part of an item of expense.
Receivables and payables are stated with the amount of GST included. The net
amount of GST recoverable from or payable to, the ATO is included as a current asset
or liability in the Balance Sheet.
Cash flows are included in the Cash Flow Statement on a gross basis. The GST
components of cash flows arising from investing and financing activities which are
recoverable from, or payable to the ATO are classified as operating cash flows in the
statement.
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
9
Notes to the financial statements for the year ended
31 December 2018
h) Income tax
The Association is deemed a non-profit organisation for income tax purposes and has
tax exempt status under Section 50-45 9.2 of the Income Tax Assessment Act 1997.
i) Financial Instruments
AASB 9 sets out requirements for recognising and measuring financial assets, financial
liabilities and some contracts to buy or sell non-financial items. This standard replaces
IAS 39 Financial Instruments: Recognition and Measurement. The Association applied
AASB 9 from 1 January 2018. The impact of AASB 9 is not material for the company.
Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they are
originated. All other financial assets and financial liabilities are initially recognised
when the association becomes a party to the contractual provisions of the instrument.
A financial asset (unless it is a trade receivable without a significant financing
component) or financial liability is initially measured at fair value, plus for an item not
at fair value through profit or loss (FVTPL), transaction costs that are directly
attributable to its acquisition or issue. A trade receivable without a significant
financing component s initially measured at the transaction price.
Classification and subsequent measurement
Financial assets – classification policy applicable from 1 January 2018:
On initial recognition, a financial asset is classified as measured at amortised cost, fair
value through other comprehensive income (FVOCI) or fair value through profit or loss
(FVTPL).
Financial assets are not reclassified from their initial recognition unless the association
changes its business model for managing financial assets, in which case all affected
financial assets are reclassified on the first day of the first reporting period following
the change in the business model.
On initial recognition of an equity investment that is not held for trading, the
association may irrevocably elect to present subsequent changes in the investment’s
fair value through other comprehensive income (FVOCI). This election is made on an
investment by investment basis.
All assets not classified as measured at amortised cost or FVOCI, are measured at
FVTPL.
Financial assets – subsequent measurement policy from 1 January 2018:
Financial assets at amortised cost are measured using the effective interest method.
The amortised cost is reduced by impairment losses. Interest income and impairment
are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit
or loss.
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
10
Notes to the financial statements for the year ended
31 December 2018
Financial Instruments (cont)
Financial assets at FVTPL are subsequently measured at fair value. Net gains and
losses, including any interest or dividend income, are recognised in profit or loss.
Financial assets at FVOCI are measured at fair value with gains and losses being
recognised in other comprehensive income.
Financial assets – classification policy before 1 January 2018:
The association classified its financial assets as loans and receivables, held to maturity
financial assets or available-for-sale investments.
Financial assets – subsequent measurement policy before 1 January 2018:
Held to maturity assets and loans and other receivables were measured at amortised
cost using the effective interest rate method.
Available-for-sale financial assets were measured at fair value and changes therein,
other than impairment losses, were recognised in other comprehensive income and
accumulated in the investment revaluation reserve. When these assets were
derecognised, the gain or loss accumulated in equity was reclassified to profit or loss.
Financial liabilities:
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial
liability is classified as FVTPL if it is classified as held-for-trading, it is a derivative or it is
designated as such on initial recognition. Financial liabilities at FVTPL are measured at
fair value and net gains and losses, including any interest expense, are recognised in
profit or loss. Other financial liabilities are subsequently measured at amortised cost
using the effective interest rate method. Interest expense and any gain or loss on
derecognition is also recognised in profit or loss.
Derecognition
Financial assets:
The association derecognises a financial asset when the contractual rights to the cash
flows from the financial asset expire, or it transfers the rights to receive the contractual
cash flows in a transaction in which substantially all of the risks and rewards of
ownership of the financial asset are transferred or in which the association neither
transfers nor retains substantially all of the risks and rewards of ownership and it does
not retain control of the financial asset.
The association enters into transactions whereby it transfers assets recognised in its
statement of financial position, but retains either all or substantially all of the risks and
rewards of the transferred assets. In these cases, the transferred assets are not
derecognised.
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
11
Notes to the financial statements for the year ended
31 December 2018
Financial Instruments (cont)
Financial liabilities:
The association derecognises a financial liability when its contractual obligations are
discharged or cancelled, or expire. The association also derecognises a financial
liability when its terms are modified and the cash flows of the modified liability are
substantially different, in which case a new financial liability based on the modified
terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount
extinguished and the consideration paid (including any non-cash assets transferred
or liabilities assumed) is recognised in profit or loss.
j) Leases
Lease payments for operating leases, where substantially all risks and benefits
remain with the lessor, are charged as expenses in the periods in which they
are incurred.
k) Economic Dependency
The Western Australian Opera Company are economically dependent on
government funding and corporate sponsorship for the majority of its revenue. At the
date of this report the Board of Directors have no reason to believe these parties will
not continue to support the company.
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
12
Notes to the financial statements for the year ended
31 December 2018
2018
$
2017
$
2 REVENUE, OTHER INCOME AND EXPENSES
(a) Revenue
Performance income 1,256,849 1,644,108
Interest received 87,769 86,325
Members subscriptions 1,458 1,789
Total Revenue 1,346,076 1,732,222
(b) Other Income
Operating grants
- Department of Local Government, Sport &
Cultural Industries – Base grant
1,934,136
1,934,137
- Department of Local Government, Sport &
Cultural Industries – Additional Activity Funding
-
150,000
- Department of Local Government, Sport &
Cultural Industries – Regional Touring grant
-
198,010
- Australia Council – Base grant 484,106 477,421
Sponsorship – Healthway 200,000 200,000
Private and corporate support 1,619,788 1,795,323
Dividends Received 60,067 91,775
Sundry income 13,014 35,236
Total Other Income 4,311,111 4,881,902
Total Revenue and other income 5,657,187 6,614,124
(c) Expenses
Depreciation of plant and equipment 16,568 15,215
Audit fees 40,000 40,450
Operating lease rental payments 53,700 53,700
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
13
Notes to the financial statements for the year ended
31 December 2018
2018
$
2017
$
3 CASH AND CASH EQUIVALENTS
Cash at bank and on hand 587,848 109,163
587,848 109,163
Effective interest rate 0.85% 0.89%
4 DEPOSITS
Deposits with maturity of more than 3 months 1,875,000 2,375,000
1,875,000 2,375,000
Effective interest rate 2.57% 2.99%
5 RESTRICTED CASH DEPOSIT
Restricted cash deposit 950,000 950,000
950,000 950,000
Access to cash restricted under terms of the Reserve
Incentive Scheme, Bendat Family Foundation Deed
of Gift and Bel Canto Fund. Refer Note 12 for more
details.
Effective interest rate 2.54% 2.56%
6 TRADE AND OTHER RECEIVABLES
Trade Debtors 2,283 10,883
Income receivable from Healthway 20,000 20,000
Other receivables 77,377 81,442
99,660 112,325
These amounts are non-interest bearing receivables which relate to sundry debtors
and accrued interest.
7 OTHER CURRENT ASSETS
Prepayments 122,282 134,994
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
14
Notes to the financial statements for the year ended
31 December 2018
2018
2012
$
2017
2012
$
$ $
8 PROPERTY, PLANT AND EQUIPMENT
Office furniture and equipment – at cost 103,077 207,274
Less accumulated depreciation (62,124) (162,027)
40,953 45,247
Pianos – at cost 161,449 161,449
Less accumulated depreciation (83,098) (76,362)
78,351
20,000 -
85,087
92,635
20,000 -
Music Library – at cost 1,257 1,257
Less accumulated depreciation (1,257) (1,257)
- -
Sound Shell – at cost 13,505 13,505
Less accumulated depreciation (13,505) (13,505)
- -
8 PROPERTY, PLANT AND EQUIPMENT cont.
Production equipment – at cost 46,606 44,406
Less accumulated depreciation (44,501) (44,406)
2,105
-
-
121,409
-
130,334
-
(a) Movements in carrying amounts
Movement in the carrying amounts for each class of property, plant and equipment
between the beginning and the end of the current financial year
2018 Office Furniture
& Equipment
Pianos Production
Equipment
Total
$ $ $ $
Balance at 1 January 2018 45,247 85,087 - 130,334
Additions 6,644 - 2,200 8,844
Disposals (1,201) (1,201)
Depreciation (9,737) (6,736) (95) (16,568)
Carrying amount at
31 December 2018 40,953 78,351 2,105 121,409
2017 Office Furniture
& Equipment
Pianos Production
Equipment
Total
$ $ $ $
Balance at 1 January 2017 35,719 92,635 - 128,354
Additions 17,195 - - 17,195
Depreciation (7,667) (7,548) - (15,215)
Carrying amount at
31 December 2017 45,247 85,087 - 130,334
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
15
Notes to the financial statements for the year ended
31 December 2018 2018
$
2017
$
9 FINANCIAL ASSET AT FAIR VALUE THROUGH
OTHER COMPREHENSIVE INCOME
Movement in financial asset at fair value through
other comprehensive income
Value as at 1 January 762,783 920,654
(Devaluation)/Revaluation increment (107,852) (157,871)
Value as at 31 December 654,931 762,783
During the 2011 financial year the Association acquired an investment in listed shares of
Fortescue Metals Group (FMG) by donation. The fair value of the shares is determined by
reference to published price quotations on the ASX.
This asset was previously classified as an available-for-sale investment in 2017.
2018
$
2017
$
10 TRADE AND OTHER PAYABLES
Trade Creditors 143,161 70,944
Other Payables 23,551 41,073
Accruals 6,056 1,834
Loan from UWA 20,000 20,000
Income received in advance 143,000 100,020
335,768 233,871
The amount of the Loan from UWA is based on an agreed value of a piano on loan to the
Association from the University of Western Australia.
11 PROVISIONS
Annual Leave $ Long Service
Leave $
TOTAL $
Opening balance at 1 January 2018 44,543 59,361 103,904
Additional provisions raised during the year 50,974 8,074 59,048
Amounts used (47,155) (2,323) (49,478)
Balance at 31 December 2018 48,362 65,112 113,474
Opening balance at 1 January 2017 59,738 46,967 106,705
Additional provisions raised during the year 55,102 12,394 67,496
Amounts used (70,297) - (70,297)
Balance at 31 December 2017 44,543 59,361 103,904
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
16
Notes to the financial statements for the year ended
31 December 2018
11 PROVISIONS cont.
2018
$
2017
$
Annual Leave 48,362 44,543
Current Long Service Leave 35,887 2,581
Total Current Provisions 84,249 47,124
Non-Current Long Service Leave 29,225 56,780
Total Non-Current Provisions 29,225 56,780
Total Provisions 113,474 103,904
A provision has been recognised for employee entitlements relating to annual and long
service leave for employees. In calculating the present value of future cash flows in respect
of long service leave, the probability of long service leave being taken is based upon
historical data. The measurement and recognition criteria for employee benefits have been
included in Note 1.
The current provision for long service leave represents the value of employee entitlements
expected to be paid within the next year.
12 RESERVES
Restricted Funds Reserves are comprised of:
(1) Reserve Incentive Scheme Agreement – This $300,000 (2017: $300,000) reserve is
established with contributions received from the Australia Council through the Major
Performing Arts Board ($100,000), Department of Local Government, Sport & Cultural
Industries ($100,000) and the transfer from the Association’s retained profits ($100,000).
These funds are to be held in escrow subject to the terms and conditions of the Reserve
Incentive Scheme and have not been used to secure any liabilities of the Association.
(2) Bendat Family Foundation Deed of Gift – This $500,000 (2017: $500,000) reserve has been
established for the purpose of establishing the Bendat Scholarship Fund and the Bendat
Scholarship Fund no. 2 to assist the Western Australian Opera Company to fund
scholarships awarded to talented young artists. These funds are to be held in escrow,
with interest earned on the funds to be used to fund scholarships.
(3) Bel Canto Fund Reserve – This $150,000 (2017: $150,000) reserve has been established for
the purpose of providing interest earnings to assist the Western Australian Opera
Company to develop and nurture talented local artists. These funds are to be held in
escrow, with interest earned on the funds to be used to assist local artists.
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
17
Notes to the financial statements for the year ended
31 December 2018
12 RESERVES cont.
Unrestricted Funds Reserves are comprised of:
(4) Production Loss Reserve – This $500,000 (2017: $500,000) reserve has been established to
provide against costs incurred should a production or a number of performances of a
production be cancelled due to the unavoidable unavailability of artists or other
essential personnel.
(5) Capacity Building Reserve – This $675,000 (2017: $675,000) reserve has been established
to provide against additional development costs incurred in the presentation of
additional production seasons in future years.
Other Reserves are comprised of:
(6) Investment Revaluation Reserve – This $362,635 reserve (2017: $470,487) is used to record
increases and decreases in the fair value of financial assets through other
comprehensive income.
13 OPERATING LEASE COMMITMENTS
Non-cancellable operating leases contracted for but not
capitalised in the financial statements.
2018
$
2017
$
Payable – minimum lease payments
- not later than 12 months 52,864 26,850
- between 12 months and five years 79,296 -
The property lease is a non-cancellable lease with a
remaining term of 2 years and 6 months, with rent payable
quarterly in advance (2017: remaining term 6 months, rent
payable in advance).
14 FORWARD PLANNING COMMITMENTS
At 31 December 2018 the Association had committed to financial commitments totalling
$666,835 (2017: $929,092) for principal artists, creative team and production team for
Opera in the Park in February 2019, Sweeney Todd in July 2019 and Macbeth in October
2019. Payment of this amount is dependent on the productions taking place.
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
18
Notes to the financial statements for the year ended
31 December 2018
15 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Association’s principal instruments are cash, short term deposits from grants and
donations received, accounts receivable and accounts payable.
Risk Exposures and Responses:
(a) Interest rate risk
The Association’s exposure to interest rate risk arises from assets and liabilities bearing
variable interest rates.
At balance date, the Association had the following financial assets and liabilities
exposed to variable interest rate risk:
2018 2017
$ $
Financial Assets
Cash and cash equivalents 489,936 62,870
Total 489,936 62,870
The Association does not enter into any form of hedging instruments to mitigate this risk.
At 31 December 2018, if there was a movement in interest rates and all other variables
were held constant, there would have been negligible impact on profit and equity
(2017: negligible impact on profit and equity).
(b) Credit risk
The Association’s maximum exposures to credit risk in relation to each class of recognised
financial asset is the carrying amount of those assets as indicated in the Balance Sheet.
There are no long outstanding trade receivables.
(c) Foreign exchange risk
The Association is not exposed to fluctuations in foreign currencies.
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
19
Notes to the financial statements for the year ended
31 December 2018
15 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES cont.
(d) Liquidity Risk
The Association manages liquidity risk by monitoring forecast cash flows.
(e) Price risk
The Association is not exposed to any material price risk.
(f) Fair Values
The carrying amount of the Association’s financial assets and financial liabilities
approximate their fair value. Therefore fair values are as follows:
16 CASH FLOW INFORMATION
a) Reconciliation of Cash
For the purposes of the Cash Flow Statement, cash includes cash at bank and short
term deposits at call. Cash as at the end of the financial year is as follows for the
purposes of the Statement of Cash Flows:
NOTES 2018
$
2017
$
Cash on hand and at bank 3 587,848 109,163
Deposits with maturity of more than 3 months 4 1,875,000 2,375,000
Restricted funds 5 950,000 950,000
3,412,848 3,434,163
2018 2017
$ $
Financial Assets
Cash and cash equivalents 587,848 109,163
Deposits with maturity of more than 3 months 1,875,000 2,375,000
Restricted cash deposits 950,000 950,000
Trade and other receivables 99,660 112,325
Financial assets at fair value through other
comprehensive income
654,931
762,783
Financial liabilities
Trade and other payables 315,768 213,871
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
20
Notes to the financial statements for the year ended
31 December 2018
16 CASH FLOW INFORMATION cont.
b) Reconciliation of Cash Flows from Operations with
Profit from Ordinary Activities
2018
$
2017
$
Profit/(loss) from Ordinary Activities (167,084) 594,536
Add/(less) non-cash income and expense items:
Non-cash loss on sale of fixed asset 1,201 -
Depreciation 16,568 15,215
Net cash provided/(used) by Operating Activities
before change in assets and liabilities
(149,315) 609,751
Change in assets and liabilities during the financial
year:
Decrease/(Increase) in debtors 12,665 100,227
Decrease/(Increase) in other assets 12,712 (70,077)
Increase/(Decrease) in trade creditors, accruals,
grants in advance and other current liabilities
101,897 (343,966)
Movement in employee benefits provisions 9,570 (2,801)
Net cash provided/(used) by Operating Activities
(12,471) 293,134
c) The Association has no credit stand-by or financing facilities in place.
17 SEGMENT REPORTING
For management purposes, the Association is organised into one main operating
segment, which involves productions. All of the Association’s activities are interrelated,
and discrete financial information is reported to the Board (Chief Operating Decision
Makers) as a single segment. Accordingly, all significant operating decisions are based
upon analysis of the Association as one segment. The financial results from this segment
are equivalent to the financial statements of the Association as a whole.
18 EVENTS SUBSEQUENT TO BALANCE DATE
There were no material events occurring after the reporting date that had a financial
effect on the Association.
19 RELATED PARTY TRANSACTIONS
Directors perform their duties on an honorary basis. No related party transactions
occurred during the financial year.
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
21
Notes to the financial statements for the year ended
31 December 2018
20 AUDITORS’ REMUNERATION
The auditor of The Western Australian Opera Company is KPMG. The audit by KPMG is a
donation in-kind.
2018 2017
$ $
Value of donation in-kind
40,000 40,500
21 ASSOCIATION DETAILS
The principal place of business of the Association is:
The Western Australian Opera Company Incorporated
Level 3, His Majesty’s Theatre
825 Hay Street
PERTH WA 6000
The Western Australian Opera Company Incorporated
Financial Report for Year Ended 31 December 2018
22
Statement by Directors
In the opinion of the Board the accompanying accounts as set out on pages 2 to 21:
(a) Represent a true and fair view of the financial position of The Western Australian
Opera Company Incorporated as at 31 December 2018 and its performance
for the year ended on that date in accordance with the Associations
Incorporation Act (WA) 2015 and Australian Accounting Standards (including
the Australian Accounting Interpretations) and the Australian Charities and Not
For Profit Commission Act 2012.
(b) At the date of this statement, there are reasonable grounds to believe that The
Western Australian Opera Company Incorporated will be able to pay its debts
as and when they fall due.
This statement is made in accordance with a resolution of the Board and is signed for and
on behalf of the Board by:
........................................................................ ........................................................................
Andrew Pascoe Catherine Ferrari
(Chairman) (Deputy Chair)
Dated this 10th day of April 2019.
KPMG, an Australian partnership and a member firm of the KPMG
network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity.
Liability limited by a scheme approved under Professional Standards Legislation.
Independent Auditor’s Report
To the members of The Western Australian Opera Company Incorporated
Opinion
We have audited the Financial Report of the Western Australian Opera Company Incorporated (the Association).
In our opinion, the accompanying Financial Report of the Association is in accordance with the Division 60 of the Australian Charities and Not-for-profits Commission (ACNC) Act 2012, and the Associations Incorporations Act 2015, including:
• Giving a true and fair view of the Association's financial position as at 31 December 2018 and of its financial performance for the year ended on that date; and
• Complying with Australian Accounting Standards and Division 60 of the Australian Charities and Not-for-profits Commission Regulation 2013.
The Financial Report comprises:
• Statement of financial position as at 31 December 2018.
• Statement of profit or loss and other comprehensive income, Statement of changes in equity, and Statement of cash flows for the year then ended.
• Notes including a summary of significant accounting policies.
• Directors' declaration.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the Financial Report section of our report.
We are independent of the Association in accordance with the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant to our audit of the Financial Report in Australia. We have fulfilled our other ethical responsibilities in accordance with the Code.
Other Information
Other Information is financial and non-financial information in The Western Australian Opera Company Incorporated’s annual reporting which is provided in addition to the Financial Report and the Auditor’s Report. The Directors are responsible for the Other Information.
Our opinion on the Financial Report does not cover the Other Information and, accordingly, we do not express an audit opinion or any form of assurance conclusion thereon.
In connection with our audit of the Financial Report, our responsibility is to read the Other Information. In doing so, we consider whether the Other Information is materially inconsistent with the Financial Report or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
We are required to report if we conclude that there is a material misstatement of this Other Information, and based on the work we have performed on the Other Information that we obtained prior to the date of this Auditor’s Report we have nothing to report.
Responsibilities of the Directors for the Financial Report
The Directors are responsible for:
• Preparing the Financial Report that gives a true and fair view in accordance with Australian Accounting Standards and the ACNC.
• Preparing the Financial Report in accordance with the Associations Incorporations Act 2015.
• Implementing necessary internal control to enable the preparation of a Financial Report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
• Assessing the Association's ability to continue as a going concern and whether the use of the going concern basis of accounting is appropriate. This includes disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless they either intend to liquidate the Association or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objective is:
• to obtain reasonable assurance about whether the Financial Report as a whole is free from material misstatement, whether due to fraud or error; and
• to issue an Auditor’s Report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Financial Report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit.
We also:
i. Identify and assess the risks of material misstatement of the Financial Report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
ii. Obtain an understanding of internal control relevant to the Audit 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 registered Association’s internal control.
iii. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
iv. Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the registered Association’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor’s Report to the related disclosures in the Financial Report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor’s Report. However, future events or conditions may cause the registered Association to cease to continue as a going concern.
v. Evaluate the overall presentation, structure and content of the Financial Report, including the disclosures, and whether the Financial Report represents the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the Directors of the registered Association regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
A further description of our responsibilities for the audit of the Financial Report is located at the Auditing and Assurance Standards Board website at: http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf. This description forms part of our Auditor’s Report.
KPMG Graham Hogg Partner Perth 10 April 2019
KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.
Liability limited by a scheme approved under Professional Standards Legislation.
Lead Auditor’s Independence Declaration under subdivision
60-C section 60-40 of Australian Charities and Not-for-
profits Commission Act 2012
To the directors of The Western Australian Opera Company Incorporated
I declare that, to the best of my knowledge and belief, in relation to the audit for the financial year ended 31 December 2018 there have been:
i. no contraventions of the auditor independence requirements as set out in the Australian Charities and Not-for-profits Commission Act 2012 in relation to the audit; and
ii. no contraventions of any applicable code of professional conduct in relation to the audit.
KPMG Graham Hogg Partner Perth 10 April 2019
Level 3, His Majesty’s Theatre825 Hay Street, Perth, WA 6000
PO Box 7052, Cloisters Square
Perth, WA 6850
www.waopera.asn.au
www.facebook.com/waopera
Principal Partner
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