annual financial report
notes and forming part of the financial statements for year ended 31 December 2012
Adelaide Symphony Orchestra Holdings Limited Group Annual Financial Report 31 December 2012 ACN 122 259 036
3. Economic dependency In the current year, $8,013,427 of the Group’s revenue was provided by Federal and State Governments, via the Australia Council for the Arts and Arts SA. As such, the Group is economically dependent on these entities for the provision of funding in order for the Group to provide its services to the community and continue as a going concern. The Group have signed a Tripartite Funding Agreement 2012 to 2014 from the Federal and State Governments, via the Australia Council for the Arts and Arts SA, confirming funding to the end of 2014, subject to the Group continuing to meet the requirements of the tripartite funding agreement.
4. Funding revenue Australia Council for the Arts Arts SA Total funding revenue
Group 2012 2012 $ $ 6,353,777 1,659,650 8,013,427
6,217,003 1,628,383 7,845,386
Annual funding from the Australia Council for the Arts and Arts SA includes monies received as part of a separate Orchestra Review funding agreement. These agreements were executed between the Federal and State Governments, via the Australia Council for the Arts and Arts SA and Adelaide Symphony Orchestra Holdings Limited. Adelaide Symphony Orchestra Holdings Limited has passed appropriate resolutions and signed a funding transfer agreement with Adelaide Symphony Orchestra Pty Limited to enable effective transfer of all funding from the Australia Council for the Arts and Arts SA to the trading entity, being Adelaide Symphony Orchestra Pty Limited, immediately upon receipt. This funding transfer agreement is applicable for the current three year contract (1 January 2012 to 31 December 2014) for base funding. The 2012 funding has been expended in accordance with the 2012 to 2014 Tripartite Funding Agreement. The Group has a “Reserves policy”, which seeks to achieve a minimum level of reserves which is 20% of costs. The policy includes strategies to achieve this level of reserves, including an investment policy and a policy on accessing the reserves. In 2012 the Group has achieved 20.5% Reserves to Costs (2011:20.6%).
5. Other revenue Orchestral hire income Other income Net (loss) on disposal of property, plant and equipment Total other revenue
ADELAIDE SYMPHONY ORCHESTRA ANNUAL REPORT 2012
Group 2012 2011 $ $ 584,383 225,165 (738) 808,810
365,519 237,746 (1,070) 602,195
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