Sydney Dance Company
Directors' Report
31 December 2025
The directors present their report on Sydney Dance Company for the financial year ended 31 December 2025.
Information on directors
The names of each person who has been a director during the year and to the date of this report are:
Jillian Broadbent AC
Qualifications
Experience
David Friedlander
Qualifications
Experience
Mark Hassell
Appointed 15 March 2018
BA (Maths & Economics)
Ms. Broadbent serves on the board of Macquarie Group Limited and the Sydney Dance Company and has recently completed an 11-year term as Chancellor of the University of Wollongong and 10 years on the Board of Woolworths Limited. She was 15 years on the board of the Reserve Bank of Australia, the inaugural Chair of the Clean Energy Finance Corporation and has served as Chair of the board of Swiss Re Life and Health Australia Limited. Ms Broadbent has expertise in the areas of finance, strategic management and corporate governance. Ms Broadbent has served on the boards of the Sydney Theatre Company, the Australian Brandenburg Orchestra and the Art Gallery of New South Wales and has expertise in the areas of finance, strategic management and corporate governance.
Appointed 14 October 2019
BCom/LLB, Master of Laws
Mr. Friedlander is the Chairman of Mallesons. Mr. Friedlander is a Panel Member of Adara Partners and Chairman of Australian Schools Plus. He is also a member of the Law Council – Corporations Committee, the International Bar Association and a Lecturer in Takeovers and Hybrid Securities at the University of Sydney. He was previously a member of the Australian Takeovers Panel. Mr. Friedlander has expertise in law, capital markets transactions, board governance, and corporate Networks.
Appointed 31 January 2017
Resigned 23 April 2025
Experience Mr Hassell, is a global expert in designing, implementing, and embedding customer strategies and product and service experiences, and a founder of Ki Community. Mr Hassell previously worked with KPMG in Sydney as a Partner in the Customer, Brand & Marketing Advisory Practice where he was the National Lead Partner for Customer in Government and the National Management Consulting Partner for Public Transport. Prior to this Mr. Hassell was Chief Customer Officer at Virgin Australia Airlines leading the Customer and Brand transformation from the low-cost Virgin-Blue airlines. Mr. Hassell has previously held several senior management positions in his field at British Airways and Qantas including Global Head of Customer Experience at British Airways based in London. As well as the experience he brings to the Board, Mr. Hassell also chairs the Marketing and Commercial Activities Sub-Committee. Mr. Hassell is a Trustee of the NSW Museum of Applied Arts & Science (Powerhouse).
Information on directors (cont'd)
Sandra McCullagh
Qualifications
Experience
Emma-Jane Newton
Qualifications
Experience
Emma Gray
Qualifications
Experience
Alexa Haslingden
Qualifications
Experience
Appointed 12 August 2019
FAICD, MBA, BA (Computer Science), BSc (Computer Science and Maths)
Ms. McCullagh is an experienced non- executive director. She is a director of Workcover Queensland, chairs its People Committee, is a director of Australian Ethical Investments (ASX listed) and chairs its Investment Committee, and is a director of the Sunshine Coast Hospital and Health Service, chairing its Audit and Risk Committee. Ms McCullagh is a member of the Audit and Risk Management Committee for the Qld Department of Education. Ms. McCullagh chairs the Membership Committee of the Chief Executive Women, and the Clayfield College Foundation. Ms. McCullagh was previously both a Director – Equities Research, and Head of Environmental, Social & Governance Equities Research at Credit Suisse, and has held senior positions at several energy companies. Ms. McCullagh’s expertise is in the areas of finance, strategy, risk and corporate governance. She is a passionate lover of dance.
Appointed 30 April 2018
MAICD, BCom (Hons)
Ms. Newton leads Investment Banking for Deutsche Bank in Australia and New Zealand. She was previously a Managing Director at Morgan Stanley and Credit Suisse as well an Executive Director at Telstra in senior finance roles. Ms Newton has expertise in finance, strategy, and corporate development. Ms. Newton is a member of Australian Takeovers Panel. Ms. Newton preciously Chaired the Audit and Risk Committee and was Deputy Chair prior to becoming Chair in April 2023.
Appointed July 2021
MBA, GAICD
Ms. Gray is a Non-Executive Director, currently serving the Bank of New Zealand and Beamtree. She is a seasoned executive with over 20 years business experience working with ANZ, Woolworths, and Bain and Company. She has deep expertise in banking, retail, and the use of data to create great customer experience.
Appointed September 2021
Bachelor of International Relations, Stanford University
Ms. Haslingden is a Director of Lou’s Place, a daytime, drop-in center serving women in crisis, suffering from domestic violence, addiction, homelessness, and mental health issues across greater Sydney. She also sits on the board of The RACAT Group. RACAT is a diversified media company with operations in film, television, print and digital publishing and mobile games across four companies: Australian Geographic, Northern Pictures, Junkee Media and Runaway Play. Ms Haslingden has over 25 years’ experience in the advertising industry, having worked in New York, Hong Kong, and Australia.
Information on directors (cont'd)
Larissa Behrendt AO
Appointed 5 December 2022
Qualifications LLB, B.Juris, LLM, SJD
Experience
Distinguished Professor Larissa Behrendt AO is a Eualayai/Gamillaroi woman and Laureate Fellow at the Jumbunna Institute of Indigenous Education and Research at the University of Technology, Sydney. She is a graduate of the UNSW Law School and has a Masters and SJD from Harvard Law School. She is a Fellow of the Academy of Social Sciences in Australia and a Founding Fellow of the Australian Academy of Law. She has published numerous textbooks on Indigenous legal issues. Ms Behrendt won the 2002 David Uniapon Award and a 2005 Commonwealth Writer’s Prize for her novel Home. Her second novel, Legacy, won a Victorian Premiers Literary Award. Her most recent novel, After Story (2021, UQP) won the 2022 Voss Literary prize. Ms Behrendt is an award-winning filmmaker. She won the 2018 Australian Directors Guild Award for best Direction of a Documentary Film for After the Apology and the 2020 AACTA for Best Direction in Factual Television for her documentary, Maralinga Tjarutja.
She is a trustee of the Australian Museum, Chair of the National Library of Australia, Chair of Writing Australia, a Board Member of Creative Australia, a Board Member of Sydney Dance Company and Chair of the National Justice Project. She is a former Chair and Board Member of the Bangarra Dance Theatre and has previously held board positions on the Museum of Contemporary Art, Sydney Festival, Sydney Writers Festival and the Sydney Community Fund.
With Lindon Coombes, Ms Behrendt co-authored the Do Better report for the Collingwood Football Club. She chaired the 2011 review of Indigenous Higher Education. Ms Behrendt was awarded the 2009 NAIDOC Person of the Year award and 2011 NSW Australian of the Year. She was awarded an Order of Australia in 2020 for her work in Indigenous education, the law and the arts. Ms Behrendt received the Human Rights Medal 2021 from the Australian Human Rights Commission. She is the host of Speaking Out on ABC Radio.
Bianca Spender Appointed 5 December 2022
Qualifications
Michael Dagostino
Experience
Creative Director and Designer of her eponymous label, Bianca Spender has earned her reputation as one of Australia’s foremost design talents. A master draper, Ms Spender showcases her breadth of skills as a designer through complex hand-touched creations, that are innately influenced by the performing arts. Ms. Spender has over 20 years’ experience in design, business and the arts and has a long-standing relationship with Sydney Dance Company. As a key creative collaborator, Bianca Spender has been commissioned to design costumes for the company, which included the 50th anniversary performance of ‘Cinco.’ Ms. Spender’s position on the Sydney Dance Company Board further extends her involvement and contribution to the company and the Australian cultural landscape.
Appointed 5 August 2024
Mr Dagostino is the current Director of Museums and Cultural Engagement at The University of Sydney, which encompasses the Chau Chak Wing Museum, Seymour Centre, and other cultural outreach activities of the University. With over 25 years of experience in the contemporary arts sector Mr Dagostino was the founding director of Parramatta Artists’ Studios, later Director of Campbelltown Arts Centre, a flagship cultural venue for contemporary multidisciplinary art. Under his leadership, the Centre won numerous awards, including 3 Imagine Awards and the prestigious ICOM (International Council of Museums) award. Mr Dagostino's career includes being the Chair of Artspace, on the boards of Accessible Arts, FBi Radio, and Sydney Writers Festival and leadership positions on the NSW State Government Arts and Cultural Advisory Committee, Western Sydney Arts Alliance and Sydney Cultural Network. He is curating Khaled Sabsabi at the Australia Pavilion for the 61st International Art Exhibition - La Biennale di Venezia.
Information
on directors (cont'd)
Andrew Hagger
Appointed July 2024
Qualifications B Ec, MApp Fin, FCA
Experience Mr Hagger is the founder and Executive Chair of Famille Capital, a contemporary business and finance advisory firm serving the top echelon of family enterprises, and those who interact with them. Mr Hagger has formerly held a range of significant private and institutional executive roles including as CEO of Tattarang and Minderoo (serving the Forrest family's commercial and philanthropic interests respectively), Group Executive roles at National Australia Bank in banking and wealth management, Melbourne Managing Partner of PricewaterhouseCoopers, and as chair of JB Were. Mr Hagger has also been a board member of various not for profit entities including Melbourne International Jazz Festival, the Wheeler Centre and as chair of the Olivia Newton-John Cancer & Wellness Centre Appeal Committee. He is currently the Chairman of Summer Foundation and serves on the board of Cullen Wines. He is a Fellow of the Institute of Chartered Accountants in Australia, has a Master's of Applied Finance from Macquarie University and a Bachelor of Economics from the University of Adelaide.
Gitanjali Bhalla (she/her)
Appointed July 2025
Qualifications BA LLB (Hons), Master of International Business from Melbourne University.
Experience Ms Gitanjali Bhalla is the Chief People Officer of SGH Ltd, with executive responsibility for people, culture and safety across the Group. She has held this appointment since 2017 and serves as a Director of WesTrac, Boral and Coates. Ms Bhalla is a senior executive with over 25 years of experience spanning corporate services, business transformation and the full range of enterprise enabling functions. Her career reflects a rare depth of discipline — from early practice in law and human capital tax advisory at Arthur Andersen and Ernst & Young, where she was a Senior Manager advising listed and private entities across Australia and internationally, through to senior executive leadership at Cushman & Wakefield and as Chief Administration Officer of UGL. Ms Bhalla is an active contributor to Australian civic and cultural life, serving as a non-executive director of Carriageworks, the Australian Cancer Research Foundation and the Sydney Dance Company.
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
Company secretary
The following person held the position of Company secretary at the end of the financial year:
Kate Di Mattina has been the Company secretary since February 2025.
Principal activities
The principal activity of Sydney Dance Company during the financial year were as follows:
Production and presentation of dance performances in Australia
Promotion and the study of dance
Commercial activities to provide financial support for the above, including daily
Dance classes, school holiday workshops and dance studio hire
Fundraising to support production, promotion and presentation of dance performances in Australia
No significant changes in the nature of the Company's activity occurred during the financial year.
Objectives and Results
In 2025, Sydney Dance Company’s Education and Training program experienced significant growth, including its accredited training and open class programs at the Wharf, while the Ensemble continued to perform both locally and on national and international stages.
Beginning the year with presentations in Orange and Tamworth (regional NSW), the ensemble then embarked on a highly successful international tour across Ljubljana (Slovenia), Paris (France), Spoleto (Italy) and Athens (Greece), plus a residency in Moncalvo (Italy), with engagements with DFAT/local posts in all locations. This was supported by Government funding through Creative Australia, plus direct support from the Paris Embassy and the Austrade Export Grant Scheme. International touring activities for 2025 concluded with a one-week tour to the Helsinki Festival at the end of August, Forever & Ever (Hamilton) and Impermanence (Bonachela).
In 2025, New Breed returned to Carriageworks for its twelfth and final season. Marking the culmination of 12 years of sustained partnership, this final season honoured more than a decade of steadfast belief in Australian choreographers. The unwavering support of The Balnaves Foundation has been instrumental in enabling emerging Australian choreographers to realise their creative visions and leaves an extraordinary artistic legacy that will continue to shape contemporary Australian dance for many years to come.
In total the Ensemble delivered 98 performances, including the premiere of six new Australian works with performances in 12 Australian cities across Australia and six cities in Europe.
As a Registered Training Organisation (#45863), Sydney Dance Company delivered accredited training to 54 students in our Pre-Professional Year program. In addition, in July 2025 we launched our inaugural Teacher Training program delivering the (CUA40320) Cert IV Dance Teacher Training and Management qualification to 13 students. Our advanced training continued to deliver bespoke dance training for the Sydney Conservatorium Bachelor of Music (Performance) students, along with offering week long Youth and Professional Intensives and a three term Youth Ensemble program for three different age groups. The school workshop program delivered 228 workshops to schools in Sydney and across Australia. Five school matinee performances were presented across two Sydney seasons, engaging over 1,718 primary, secondary and tertiary students. Our open class program had over 99,500 attendances with more than 200 dance teachers employed across the year, along with school holiday workshops and programs for families and parents & toddlers.
The Company also expanded its audience reach through a number of seasons made possible by philanthropic support – a show for audiences aged five and under, Club Origami, supported by the Packer Foundation, the fourth season of INDance, featuring four independent dance makers, supported by the Neilson foundation. The Company also expanded its audience reach through a number of seasons made possible by philanthropic support – a show for audiences aged five and under, Club Origami, supported by the Packer Foundation and the fourth season of INDance, featuring four independent dance makers, supported by the Neilson foundation.
At Walsh Bay Arts Precinct, the Company continued its support and amplification of the contemporary dance sector. Alongside INDance, this included seasons of within Sydney Fringe Festival and for Dirty Feet. We thank the Australian and NSW Government for the support they have provided to Sydney Dance Company as the organisation continues to navigate through a challenging inflationary cost environment, together with general cost-of-living challenges. The organisation continued also to be highly reliant on income through philanthropic donors and partners, including our annual fundraiser, Dance Noir.
Across 2025 Sydney Dance Company employed 283 staff and contractors. The lease of SDC premises at Walsh Bay has a significant effect on the Company’s Balance Sheet and P&L at reporting date and will continue in future years due to the accounting required under “AASB 16 Leases”. After this accounting requirement, the deficit for the year ended 31 December 2025 was $1,087,098 (2024:$1,924,160). Management calculates that an operational deficit of ($697,612) (2024: deficit $1,523,177) was achieved in 2025. As at 31 December 2025 Sydney Dance Company held $6.6 million of cash, cash equivalents and financial investments at year end.
Members' guarantee
The Company is a public company limited by guarantee that is incorporated and domiciled in Australia. If the Company is wound up, its Constitution states that each member is required to contribute a maximum of $100 each towards meeting any outstanding obligations of the Company, a total of $1,200 at 31 December 2025. As at 31 December 2025, the number of members was 14 (2024: 1'5 members).
Events after the reporting date
No matters or circumstances have arisen since the end of the financial year which significantly affected or could significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years.
Meetings of directors
During the financial year, six meetings of directors (including committees of directors) were held. Attendances by each director during the year were as follows:
Jillian
Indemnification and insurance of directors and officers
Since the end of the previous financial year, the Company has not indemnified or made a relevant agreement for indemnifying against the liability of any person who is or has been an officer or auditor of the Company.
Since the end of the previous financial year, the Company has paid premiums in respect of directors’ and officers’ liability and legal expenses insurance contracts. These insurance contracts insure us against liability (subject to specific exclusions) for persons who are or have been directors or officers of the Company.
The Directors have not included details of the nature of the liabilities covered nor the amount of the premium paid in respect of the directors’ and officers’ liability and legal expenses’ insurance contracts, as such disclosure is prohibited under the terms of the contract.
Indemnification and insurance of directors and officers (cont'd)
Indemnification of auditor
To the extent permitted by law, the Company has agreed to indemnify its auditor, PKF (NS) Audit & Assurance, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify PKF (NS) Audit & Assurance during or since the financial year.
Auditor's independence declaration
The lead auditor's independence declaration in accordance with section 307C of the Corporations Act 2001, for the year ended 31 December 2025 has been received and can be found on page 8 of the financial report.
Signed in accordance with a resolution of the Board of Directors:
Director:
Emma-Jane Newton
Dated 30 April 2026
PKF(NS) Audit & Assurance Limited Partnership
ABN 91 850 861 839
755 Hunter Street, Newcastle West NSW 2302
Level 8, 1 O’Connell Street, Sydney NSW 2000
Newcastle T: +61 2 4962 2688 F: +61 2 4962 3245
Sydney T: +61 2 8346 6000 F: +61 2 8346 6099
info@pkf.com.au www.pkf.com.au
Auditors’ Independence Declaration under Section 60-40 of the Charities and Not-forprofits Commission Act 2012 to the Directors of Sydney Dance Company
I declare that, to the best of my knowledge and belief, during the year ended 31 December 2025, there have been:
(i) no contraventions of the auditor independence requirements as set out in Section 60-40 of the 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.
PKF
KYM REILLY PARTNER
30APRIL 2026 SYDNEY,NSW
PKF(NS)
Statement of Profit or Loss and Other Comprehensive Income For the Year Ended 31 December 2025
The accompanying notes form part of these financial statements.
Statement of Financial Position
As At 31 December 2025
Sydney Dance Company
Statement of Changes in Equity
the Year Ended 31 December
Statement of Cash Flows
For the Year Ended 31 December 2025
ACTIVITIES:
Sydney Dance Company
Notes to the Financial Statements
For the Year Ended 31 December 2025
The general-purpose financial statements of Sydney Dance Company (“the Company”) for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the directors on 30 April 2025.
Sydney Dance Company is a not-for-profit company, limited by guarantee. The registered office and principal place of business of the Company is: Wharf 4/5, Walsh Bay Arts Precinct, 15 Hickson Road, Dawes Point, NSW 2000.
The nature of the operations and principal activities of the Company are described in the Directors’ Report.
The Company is exempted from income tax by virtue of section 50-5 of the Income Tax Assessment Act, 1997.
The financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Australian Charities and Not-for-profits Commission Act 2012 and Australian Accounting Standards – Simplified Disclosures. The Company is not publicly accountable.
The financial statements: have been prepared on a historical cost basis are presented in Australian dollars ($) present reclassified comparative figures where required to conform with changes in presentation in the current year.
Going concern
The financial statements have been prepared on a going concern basis which assumes the Company will be able to pay its debts, as and when they become payable, for a period of at least 12 months from the date of the financial report.
The Company posted a deficit result for the year amounting to $1,087,098 (2024: deficit $1,924,160), and as at year end has net assets of $2,776,137 (2024: $3,863,235) and net current assets of $2,331,548 (2024: $2,568,188). The Company generated net cash inflows from operating activities of $408,304 (2024: outflow $642,054). The Company does not have any bank or other external debt. The Company has Tenant Works Contribution commitments to the NSW Government which will fall due over the next 6 years in relation to the renewal of its Walsh Bay home. These commitments have been included in cash flow projections.
The ability of the Company to maintain its operations is dependent inter alia on the continuing support of various Governments by way of grants. The Tripartite Agreement is current for the period 2025-2028 with the Australia Council for the Arts and Create NSW, subject to the Company continuing to meet the requirements of the Tripartite Agreement. The Tripartite Agreement requirements include the achievement of agreed on key performance indicators.
The Company’s Directors have undertaken a thorough assessment of going concern; this review considered the operating budgets and detailed cash flow for the Company for the period 12 months from the date of these financial statements.
Notes to the Financial Statements
For the Year Ended 31 December 2025
1Material Accounting Policy Information
The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Judgements and estimates which are material to the financial statements are found in the notes to the financial statements.
The Company based its assumptions and estimates on information which was available at the time the financial statements were prepared. These assumptions and estimates about future developments may change due to market changes or circumstances arising beyond the control of the Company.
(a)Revenue and other income
Revenue from contracts with customers
The revenue recognition policies for the principal revenue streams of the Company are:
Box Office including ticket sales
Ticket Sales - point in time - delivery of performance.
Fundraising and Sponsorship
On receipt where unconditional/nonreciprocal, or on delivery of event or project where sufficiently specific performance obligations are included in the contract.
Education
Point in time - provision of education experience
Sponsorship in Kind
Point in time or over a period depending on the nature of the in-kind. A corresponding expense is recorded at the time that revenue is recognised.
Commercial Dance Class including individual class fees, multipacks, and sale of gift vouchers. For both in-studio and virtual classes
1.Individual Class Fees - point in time - Provision of dance class.
2.Gift Vouchers – point in time – redemption date.
3.Multipacks – point in time for each individual class.
4.Membership – over time – membership period.
5.Merchandise – point in time – sale
School Holiday Workshops
Over a period - delivery of workshop
Notes to the Financial Statements
For the Year Ended 31 December 2025
1Material Accounting Policy Information (cont'd)
(a)Revenue and other income (cont'd)
Grant revenue
Revenue from government grants is recognised as each performance obligation attached to each individual grant is met. The specific performance obligations vary depending upon the terms of each grant.
When the grant is provided to meet a specific expense and the performance obligations are sufficiently specific to meet AASB 15’s requirements, revenue from the grant is recognised over the period in which the relevant cost for which it is intended to compensate, is expensed.
Where a grant is provided to meet the overarching objectives of the Company and is not tied to specific, identifiable performance obligations, it is recognised immediately as revenue.
Other income
Other income is recognised on an accruals basis when the Company is entitled to it.
(b)Income tax
The Company is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997
(c)Property, plant and equipment
Each class of property, plant and equipment is carried at cost less, where applicable, any accumulated depreciation and impairment.
Items of property, plant and equipment acquired for significantly less than fair value have been recorded at the acquisition date fair value.
Depreciation
Property, plant and equipment, excluding freehold land, is depreciated on a straight-line basis over the asset's useful life to the Company, commencing when the asset is ready for use.
The estimated useful lives used for each class of depreciable asset are shown below:
The useful lives of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.
At each reporting date the Company assesses whether there is an indication that an asset may be impaired. There were no indications of impairment noted at 31 December 2025.
Notes to the Financial Statements
For the Year Ended 31 December 2025
1Material Accounting Policy Information (cont'd)
(c)Property, plant and equipment (cont'd)
An item of property, plant and equipment ceases to be recognised when it is disposed of or when no future economic benefits are expected to arise from its use or disposal. Any gain or loss arising on derecognition (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss and other comprehensive income at the time of derecognition.
(d)Impairment of non-financial assets
At the end of each reporting period the Company determines whether there is evidence of an impairment indicator for non-financial assets.
Where an indicator exists and regardless for indefinite life intangible assets and intangible assets not yet available for use, the recoverable amount of the asset is estimated.
(e)Financial instruments
Financial instruments are recognised initially on the date that the Company becomes party to the contractual provisions of the instrument.
On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred).
Financial assets
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
Classification
On initial recognition, the Company classifies its financial assets into the following categories, those measured at:
amortised cost
fair value through profit or loss - FVTPL
Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets.
Amortised cost
The Company's financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the statement of financial position.
Notes to the Financial Statements
For the Year Ended 31 December 2025
1Material Accounting Policy Information (cont'd)
(e)Financial instruments (cont'd)
Financial assets (cont'd)
Equity instruments
The Company has a number of strategic investments in listed and unlisted entities over which are they do not have significant influence nor control. The Company has made an irrevocable election to classify these equity investments as fair value through other comprehensive income as they are not held for trading purposes.
Financial assets through profit or loss
Net gains or losses, including any interest or dividend income are recognised in profit or loss.
Financial liabilities
The financial liabilities of the Company comprise trade payables and lease liabilities.
2Critical Accounting Estimates and Judgments
The directors make estimates and judgements during the preparation of these financial statements regarding assumptions about current and future events affecting transactions and balances.
These estimates and judgements are based on the best information available at the time of preparing the financial statements, however as additional information is known then the actual results may differ from the estimates.
The significant estimates and judgements made have been described below.
Key Judgement - Government grant
Government grants are recognised when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied with. Judgement is involved in determining the timing of this recognition.
Key estimates - Contract liabilities
The amount which relates to unused dance class tickets outstanding at year end is recognised as a contract liability. The contract liability is reduced by the value of tickets that are expected to remain unused at their expiry date. Estimates of the future use of these tickets, based on historical use of tickets, are applied in the calculation of this value
Key estimates - Employee benefit
In determining the liability for long service leave consideration is given to expected future wage and salary levels, the amount of future oncosts, and anticipated periods of service.
Key estimates - Lease liability
In determining the amount of the lease liabilities, judgement has been applied in determining the option periods which are reasonably likely to be exercised and the incremental borrowing rate which would be applicable to the Company.
Notes to the Financial Statements
For the Year Ended 31 December 2025
3Revenue and Expenses
The Company’s refund policies are as follows:
Box Office - a refund is provided to customers where the performance is cancelled, rescheduled, or relocated prior to the event. To the extent that a performance is cancelled during its course, a ticketholder may be eligible for a full or partial refund depending upon the circumstances which caused the cancellation. In some circumstances the Company will apply its discretion and grant a refund where either the customer’s amenity or enjoyment has been diminished in some significant way. The amount of any refund is limited to the cost of the ticket purchased plus any direct transaction costs such as booking fees and credit card surcharges.
Dance Classes – Dance class purchases are non-refundable and non-transferrable. Credit notes are provided upon provision of a medical certificate.
Notes to the Financial Statements
For the Year Ended 31 December 2025
3Revenue and Expenses (cont'd)
(b)Government grant income included in the statement of profit or loss
Sydney Dance Company continues to receive in-kind rental support, no income or expense relating to in-kind rent assistance has been recognised in the current period as the Company has elected to record the right of use asset and lease liabilities at cost. The NSW Government estimates the value of the in-kind rental support to be $1,645,942 (2024: $1,643,607) for both Hickson Road and Lilyfield locations.
Notes to the Financial Statements
For the Year Ended 31 December 2025
3Revenue and Expenses (cont'd)
(c)Other Income
(d)Salaries
(e)Depreciation expense included in the statement of profit or loss and other comprehensive income.
Notes to the Financial Statements
For the Year Ended 31 December 2025
4Fundraising
Sydney Dance Company undertakes fundraising appeals throughout the year and holds an authority to fundraise under the Charitable Fundraising Act, 1991 (NSW). Additional information and declarations to be furnished under this Act follows:
Details of aggregate gross income and total expenses of fundraising
Gross
Application of funds
Funds raised through individual giving and fundraising events support Sydney Dance Company’s activities.
Forms of fundraising*
Appeals held during the year ended 31 December 2025: General and Personal Appeals for the Commissioning Fund, Education activities, Annual giving program, and Capital Campaign, and Fundraising events include the annual fundraiser, Dance Noir, and commissioning dinner.
Agents
Sydney Dance Company employs professional staff to manage and co-ordinate its fundraising activities and does not engage commercial fundraising agents to secure donations.
Comparison of monetary figures and percentages for the year ended 31 December 2025:
Description Title
*No disclosure is provided as all income received and expenditure incurred is in connection with the presentation of Sydney Dance Company’s activities.
Notes to the Financial Statements
For the Year Ended 31 December 2025
5Cash and Cash Equivalents
Cash and short-term deposits comprise cash at the bank and on hand and short-term deposits with a maturity of three months or less. Cash at bank earns interest at floating rates based on daily bank deposit rates and short-term deposits earn interest at the respective short-term deposit rates. Cash at bank and on hand includes the balance of an endowed amount totaling $31,179 (2024: $33,650) originally received in 2018. In accepting this endowment, the Company has agreed to utilise the proceeds of this endowment to develop and maintain the Hephzibah Tintner Artist Development Program. These funds are to be used over a 10-year period for the professional development of young artists under the program. Funds are held in a separate bank account. During the year, $554,129 was moved from Cash at bank and in hand to investments in managed funds.
6Trade and Other Receivables
Movement in the provision for expected credit losses
A receivable is recognised if an amount of consideration that is unconditional is due from the customer (i.e., only the passage of time is required before payment of the consideration is due). Trade receivables, which generally have 1430 days terms and are non-interest bearing, are recognised and carried at original invoice amount less an allowance for expected credit losses. Expected credit losses are determined by a review of the specific trade receivables outstanding at any reporting date having regard to the nature of these receivables and their expected recovery. Revenues, expenses and assets are recognised net of the amount of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Cashflows are included in the Statement of cash flow on a gross basis. The GST component of cashflows arising from investing and financing activities, which is recoverable from, or payable to, the ATO is classified as part of operating cashflows.
Notes to the Financial Statements
For the Year Ended 31 December 2025 7Financial Assets
8Property,
Notes to the Financial Statements
For the Year Ended 31 December 2025
8Property, Plant and Equipment (cont'd)
(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:
9Leases
Right-of-use assets Buildings $
5,134,964
(199,785)
4,889,323
At the inception of a contract, Right-of-use assets are measured at cost, comprising the following:
the amount of the initial measurement of the lease liability. plus lease payments made at or before the commencement date, less any lease incentives received; plus initial direct costs incurred; and less an estimate of costs to be incurred in restoring the underlying asset to the condition required by the terms and conditions of the lease.
Subsequently, right-of-use assets are depreciated on a straight-line basis over the term of the lease arrangement. They are also adjusted for any accumulated impairment losses or remeasurement of the lease liability.
SDC accounts for a lease modification (i.e., a change in the scope of a lease, or the consideration for a lease, that was not part of the original terms and conditions of the lease) as a separate lease (i.e., separate from the original lease) when both of the following conditions are met:
The modification increases the scope of the lease by adding the right to use one or more underlying assets.
The consideration for the lease increases commensurate with the stand–alone price for the increase in scope and any adjustments to that stand–alone price reflects the circumstances of the particular contract.
Notes to the Financial Statements
For the Year Ended 31 December 2025
9Leases (cont'd)
Right-of-use assets (cont'd)
If both conditions are met, the lease modification results in two separate leases, the unmodified original lease and a separate new lease. SDC accounts for the separate contract that contains a lease in the same manner as other new leases.
For those lease modifications that do not result in a separate lease, SDC allocate the consideration in the contract and remeasure the lease liability (using the lease term of the modified lease and the discount rate (i.e., the interest rate implicit in the lease for the remainder of the lease term if that rate can be readily determined or if not the lessee’s incremental borrowing rate) as determined at the effective date of the modification.
Lease liabilities
The maturity analysis of lease liabilities based on contractual undiscounted cash flows is shown in the table below:
Both current and non-current lease liabilities shown above refer in the majority to payments to Create NSW for tenancy rent over the remaining 20 years of the lease and the tenant contributions required under the lease.
At the inception of all contractual arrangements the Company assesses whether the contract is, or contains, a lease. This determination is based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The lease term is determined as being the non-cancellable period of a lease, together with periods covered by an option to extend the lease if the lessee is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the lessee is reasonably certain not to exercise that option.
Where a contract contains a lease, the Company recognises a lease liability. The liability is measured at the present value of the lease payments outstanding at commencement for the non-cancellable lease period and any option periods which are reasonably expected to be exercised. Lease payments are discounted using the Company’s incremental borrowing rate which is determined having regard to the tenor of the lease and the nature of the asset.
Notes to the Financial Statements
For the Year Ended 31 December 2025
9Leases (cont'd)
Lease liabilities (cont'd)
Subsequently, the lease liability is measured by:
a.increasing the carrying amount to reflect interest on the lease liability.
b.reducing the carrying amount to reflect the lease payments made; and
c.remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised insubstance fixed lease payments.
The rent paid by Sydney Dance Company on all its premises is subsidised by the NSW Government and, as a consequence, is lower than market value. Due to the significant difficulty which would be encountered in estimating the market rental, the Company has relied on the temporary relief available under AASB 2018-8 Amendments to Australian Standards – Right- of-Use Assets for Not-for-Profit Entities. This amendment allows not-for- profit entities to elect to initially measure a class or classes of asset at cost where lease terms and conditions are significant belowmarket principally to enable the entity to further its objectives.
Where the Company has the unconditional right to defer the settlement of its lease obligations for at least 12 months after the reporting date they are presented as a non-current liability.
10Trade and Other Payables
Trade and Other payables are non-interest bearing and are recognised at the amount expected to be paid by the Company in settling the liability. They represent liabilities for goods and services provided to the Company prior to the end of the financial year for which the Company is obliged to make future payments. The amounts are unsecured and are usually paid within 30 days of recognition. Due to their short-term nature, they are not discounted. They are financial liabilities measures at amortised cost.
Included in Other Payables are liabilities for wages and salaries recognised in respect of employees’ services up to the end of the reporting period which are measured at the amounts expected to be paid when the liabilities are settled.
11Contract Liabilities
Notes to the Financial Statements
For the Year Ended 31 December 2025
11Contract Liabilities (cont'd)
Contract liability is recognised if a payment is received, or a payment is due (whichever is earlier) from a customer before the Company transfers the related goods or services. The key categories of contract liabilities relate to:
a.Dance class tickets which include 3, 5 and 10 pack dance class tickets which have an expiry date of 6 months (2024: 6 months). Dance class tickets include both studio and online class tickets.
b.Education activity relating to 2026 Pre-Professional Year payments and school matinee bookings.
c.Sponsorship income relates to contracted income received in advance of the performance obligation being satisfied.
d.Performance vouchers which are limited to performances within a specific year.
e.Gift vouchers for use in purchasing dance classes which have a 3-year expiry date.
12Employee Benefits
An annual leave liability is recognised in respect of employees’ service up to the end of the reporting period. These liabilities are measured at the amounts expected to be paid in future periods when the liabilities are settled.
The Company recognises a liability for long service leave measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Expected future payments are discounted using market yields at the reporting date on high-quality corporate bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.
Where the Company has an unconditional right to defer the settlement of the long service leave for at least 12 months after the reporting date it is presented as a noncurrent liability.
Notes to the Financial Statements
For the Year Ended 31 December 2025 13Government
Government grant advances are recognised if a payment is received, or a payment is due (whichever is earlier) from a government related body when the performance obligations included in the government grants have not been fulfilled.
The membership fees were contributed by the initial members upon establishment of the Company. In accordance with the Constitution, members are not entitled to any reimbursement or return of initial membership fees upon ceasing to be a member.
15Reserves At 1
3,833,814 4,431,748
Notes to the Financial Statements
For the Year Ended 31 December 2025
15Reserves (cont'd)
Hephzibah Tintner Artist DevelopmentProgram Fund The company maintains the Hephzibah Tintner Artist Development Program Fund for the purpose of reserving the endowment funds received to support the development of young artists over a period of ten years. Please refer Note 5.
16Financial Risk Management
The Company is exposed to a variety of financial risks through its use of financial instruments.
The Company‘s overall risk management plan seeks to minimise potential adverse effects due to the unpredictability of financial markets.
The most significant financial risks to which the Company is exposed to are described below:
Specific risks
Liquidity risk
Credit risk Market risk - currency risk, interest rate risk and price risk
Notes to the Financial Statements
For the Year Ended 31 December 2025
17Fair Value Measurement
AASB 13 Fair Value Measurement requires all assets and liabilities measured at fair value to be assigned to a level in the fair value hierarchy as follows:
Level 1
Level 2
Level 3
Unadjusted quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date.
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Unobservable inputs for the asset or liability.
The table below shows the assigned level for the asset held at fair value by the company:
measurements
Recurring fair value measurements
Level 1 measurements
The basis of the valuation of financial assets is fair value. Level 1 financial assets that have a regular mark-to-market mechanism for setting a fair market value. These assets are considered to have a readily observable, transparent price, and therefore a reliable fair market value.
18Related Parties
Total donations from directors were $329,314 for 2025 (2024: $258,039).
Key management personnel - refer to Note 19.
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.
Notes to the Financial Statements
For the Year Ended 31 December 2025
19Key Management Personnel Disclosures
(a)Key Management Personnel
(b)Other transactions and balances with Key Management Personnel
There are no other transactions or balances with key management personnel other than the Directors’ donations disclosed in Note 18.
Notes to the Financial Statements
For the Year Ended 31 December 2025
20Commitments and Contingencies
In the opinion of the Directors, the Company did not have any commitment and contingencies at 31 December 2025 (31 December 2024: None).
21Events After the End of the Reporting Period
No matters or circumstances have arisen since the end of the financialyear which significantly affected or may significantly affect the operations of the Company, the results of those operations or the state of affairs of the Company in future financial years.
22Auditors' Remuneration
The auditor of the Company is PKF (NS) Audit & Assurance and the fee for auditing the statutory financial report is $28,500 (2024: $26,338).
23Statutory Information
The registered office and principal place of business of the company is: Sydney Dance Company Wharf 4/5, Walsh Bay Arts Precinct 15 Hickson Rd, Dawes Point
NSW 2000
Sydney Dance Company
Directors' Declaration
In accordance with a resolution of the directors of Sydney Dance Company, I state that, in the opinion of the directors:
a)the financial statements and notes of Sydney Dance Company are in accordance with the Australian Charities and Notfor-profits Commission Act 2012, including:
i.giving a true and fair view of its financial position as at 31 December 2024 and performance for the year ended on that date;
ii.ii. complying with Australian Accounting Standards- Simplified Disclosures and the Australian Charities and Notfor-profits Commission Regulation 2013; and
(b)there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
i.the provision of the Charitable Fundraising Act (1991) and its regulations and the conditions attached to the authority to conduct fundraising have been complied with; and
ii.the internal controls exercised by the Company are appropriate and effective in accounting for all income received and applied to its fundraising appeals.
iii.the government funding received has been spent in accordance with funding agreements.
On behalf of the Board
Director
Dated
Emma-Jane Newton
Declaration by Chairperson as required by the Charitable Fundraising Act 1991 (NSW)
I, Emma-Jane Newton, Chair of Sydney Dance Company, declare that in my opinion:
(a)the accounts for the year ended 31 December 2025, give a true and fair view of all income and expenditure of Sydney Dance Company with respect to fundraising appeals; and
(b)the statement of financial position as at 31 December 2025, give a true and fair view of the state of affairs of Sydney Dance Company with respect to fundraising appeals; and
(c)the provisions of the Charitable Fundraising Act 1991 (NSW) and the regulations under the Act and the conditions attached to the authority have been complied with: and the internal controls exercised by Sydney Dance Company are appropriate and effective for all income received and applied from any fundraising appea ls.
PKF(NS) Audit & Assurance Limited Partnership
ABN 91 850 861 839
755 Hunter Street, Newcastle West NSW 2302
Level 8, 1 O’Connell Street, Sydney NSW 2000
Newcastle T: +61 2 4962 2688 F: +61 2 4962 3245
Sydney T: +61 2 8346 6000 F: +61 2 8346 6099
info@pkf.com.au www.pkf.com.au
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF SYDNEY DANCE COMPANY
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Sydney Dance Company (the Company), which comprises the statement of financial position as at 31 December 2025, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year [period] then ended, and notes to the financial statements, including material accounting policy information, and the directors’ declaration.
In our opinion the financial report of Sydney Dance Company, has been prepared in accordance with Division 60 of the Australian Charities and Not-for-profits Commission Act 2012, including:
a) giving a true and fair view of the Company’s financial position as at 31 December 2025 and of its financial performance for the year then ended; and
b) complying with Australian Accounting Standards – Simplified Disclosure Requirements and Division 60 of the Australian Charities and Not-for-profits Commission Regulation 2013
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Company in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standard) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
Other Information
The directors are responsible for the other information. The other information comprises the information included in the Company’s annual report for the year ended 31 December 2025, but does not include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon.
PKF(NS) Audit & Assurance Limited Partnership is a member of PKF Global, the network of member firms of PKF International Limited, each of which is a separately owned legal entity and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm(s). Liability limited by a scheme approved under Professional Standards Legislation.
Other Information (cont’d)
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, 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.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards – Simplified Disclosure Requirements and the Australian Charities and Not-for-profits Commission Act 2012. The directors’ responsibility also includes such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error.
In preparing the financial report, directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The directors are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are 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 and 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 the Australian Auditing Standards, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• 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.
• 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 Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Auditor’s Responsibilities for the Audit of the Financial Report (cont’d)
• 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 Company’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 Company to cease to continue as a going concern.
• 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 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.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, action taken to eliminate threats or safeguards applied.
PKF KYM REILLY PARTNER
30APRIL 2026
SYDNEY,NSW