2023 Financial Report

GENERAL PURPOSE

FINANCIAL STATEMENTS –SIMPLIFIED DISCLOSURES

For the year ended 31 December 2023

Directors'report

YourdirectorssubmittheirreportonSydneyDanceCompany(the"Company")forthe yearending31December2023.

DIRECTORS

ThenamesoftheCompany’sdirectorsinofficeduringthefinancialyearandtheir qualificationsandexpertisearesetoutbelow.Directorswereinofficeforthisentireperiod, unlessotherwisestated.

DavidBaxby,MAICD,BCom,BLaw(Hons),appointed12August2019

MrBaxbyisanactiveinvestoracrossarangeofcompaniesinAustraliaandNewZealand. Heistheco-founderofCoogeeCapitalandanon-executivedirectorforWHSPandthe KinGroupaswellasChairmanofWorkpacGroupandDynastyGamingandMedia.Prior to2020hewastheManagingDirectoroftheIndustrialsdivisionofWesfarmersLimited andheldanumberofcommercialandleadershiproleswithintheVirginGroup,Richard Branson’sfamilyoffice,thelastbeingGlobalCo-CEO.DavidalsoservedasPresident andCEOofGlobalBlue,theinternationalshoppingtransactionprocessingbusiness.His pastDirectorshipsincludeVirginAustralia,FrontierDigitalHoldings,VirginAtlanticLtd, VirginHolidaysLtd,VirginAmericaIncandAirAsiaX.MrBaxbywasaPartnerand ExecutiveDirectorofGoldmanSachsinbothLondonandSydney.MrBaxby’sexpertise isintheareasofoperationalmanagement,finance,strategicmanagement,andcorporate contacts.

JillianBroadbentAC,BA(Maths&Economics),appointed15March2018

MsBroadbentservesontheboardofMacquarieGroupLimitedandtheSydneyDance Companyandhasrecentlycompletedan11-yeartermasChancelloroftheUniversityof Wollongongand10yearsontheBoardofWoolworthsLimited.Shewas15yearsonthe boardoftheReserveBankofAustralia,theinauguralChairoftheCleanEnergyFinance CorporationandhasservedasChairoftheboardofSwissReLifeandHealthAustralia Limited.MsBroadbenthasexpertiseintheareasoffinance,strategicmanagement andcorporategovernance.MsBroadbenthasservedontheboardsoftheSydney Theatre,Company,theAustralianBrandenburgOrchestraandtheArtGalleryofNew SouthWalesandhasexpertiseintheareasoffinance,strategicmanagementand corporategovernance.

DavidFriedlander,BCom/LLB,MasterofLaws,appointed14October2019

MrFriedlanderistheAustralianChairmanofKingWood&Mallesons.MrFriedlanderisa PanelMemberofAdaraPartnersandChairmanofAustralianSchoolsPlus.Heisalsoa memberoftheNewYorkStateBarAssociation–InternationalandBusinessLawSection, theLawCouncil–CorporationsCommittee,theInternationalBarAssociationanda LecturerinTakeoversandHybridSecuritiesattheUniversityofSydney.Hewas previouslyamemberoftheAustralianTakeoversPanel.MrFriedlanderhasexpertisein law,capitalmarketstransactions,boardgovernance,andcorporateNetworks.

MarkHassell,appointed31January2017

MrHassellisaPartneratKPMGAustraliaintheCustomerAdvisoryManagement ConsultingPracticewhereheistheNationalLeadPartnerforCustomerinGovernmentand theNationalManagementConsultingPartnerforPublicTransport.PriortothisMrHassell wasChiefCustomerOfficeratVirginAustraliaAirlinesleadingtheCustomerandBrand transformationfromthelow-costVirgin-Blueairlines.MrHassellhaspreviouslyheld severalseniormanagementpositionsinhisfieldatBritishAirwaysandQntasincluding GlobalHeadofCustomerExperienceatBritishAirwaysbasedinLondon.Aswellasthe experiencehebringstotheBoard,MrHassellalsochairstheMarketingandCommercial ActivitiesSub-Committee.MrHassellisaTrusteeoftheNSWMuseumofAppliedArts& Science(Powerhouse).

SandraMcCullagh,GAICD,MBA,BA(ComputerScience),BSc(ComputerScience andMaths),appointed12August2019

MsMcCullaghisanexperiencednon-executivedirector.SheisadirectorofWorkcover Queensland,chairsitsPeopleCommittee,andisadirectorofAustralianEthical InvestmentsandchairsitsInvestmentCommittee.MsMcCullaghchairstheMembership CommitteeoftheChiefExecutiveWomen,andtheClayfieldCollegeFoundation,andisa memberoftheNewZealandStockExchangeCorporateGovernanceInstitute.Ms McCullaghwaspreviouslybothaDirector-EquitiesResearch,andHeadof Environmental,Social&GovernanceEquitiesResearchatCreditSuisse,andhasheld seniorpositionsatseveralenergycompanies.MsMcCullagh’sexpertiseisintheareasof finance,strategyandcorporategovernance.

ParisNeilson,BA,MMS,appointed12August2019

MsNeilsonisaTrusteeoftheNeilsonFoundationwhichsupportsarangeoforganisations thatassistdisadvantagedindividualsandcommunitiesaswellasartsorganisationsacross thesector,sheisatrusteeoftheAGNSWandco-chairofthecapitalcampaignforGriffin Theatre.Shehasexperienceintheartssectorthroughhertimesettingupandmanaging Sydney’sWhiteRabbitGallery,andvariousboardandcommitteepositionsshehasheld withsuchcompaniesastheBiennaleofSydney.

Emma-JaneNewton,MAICD,BCom(Hons),appointed30April2018

MsNewtonleadsInvestmentBankingAdvisoryDivisionofDeutscheBankinAustraliaand NewZealand.ShewaspreviouslyaManagingDirectoratMorganStanleyandCredit SuisseaswellanExecutiveDirectoratTelstrainseniorfinanceroles.MsNewtonhas expertiseinfinance,strategy,andcorporatedevelopment.MsNewtonisamemberof AustralianTakeoversPanel.MsNewtonpreciouslyChairedtheAuditandRiskCommittee andwasDeputyChairpriortobecomingChairinApril2023.

EmmaGray,MBA,GAICD,appointedJuly2021

MsGrayisaNon-ExecutiveDirector,currentlyservingtheBankofNewZealandand Beamtree.Sheisaseasonedexecutivewithover20yearsbusinessexperienceworking withANZ,Woolworths,andBainandCompany.Shehasdeepexpertiseinbanking,retail, andtheuseofdatatocreategreatcustomerexperiences.

AlexaHaslingden,BachelorofInternationalRelations,StanfordUniversity, appointed,September2021

MsHaslingdenistheChairofLou’sPlace,adaytime,drop-incentreservingwomenin crisis,sufferingfromdomesticviolence,addiction,homelessness,andmentalhealth issuesacrossgreaterSydney.ShealsositsontheboardofTheRACATGroup.RACAT isadiversifiedmediacompanywithoperationsinfilm,television,printanddigital publishingandmobilegamesacrossfourcompanies:AustralianGeographic,Northern Pictures,JunkeeMediaandRunawayPlay.Alexahasover25years’experienceinthe advertisingindustry,havingworkedinNewYork,HongKong,andAustralia.

LarissaBehrendtAO,LLB,B.Juris,LLM,SJD,appointed5December2022

DistinguishedProfessorLarissaBehrendtAOisaEualayai/Gamillaroiwomanand LaureateFellowattheJumbunnaInstituteofIndigenousEducationandResearchatthe UniversityofTechnology,Sydney.SheisagraduateoftheUNSWLawSchoolandhas aMastersandSJDfromHarvardLawSchool.SheisaFellowoftheAcademyofSocial SciencesinAustraliaandaFoundingFellowoftheAustralianAcademyofLaw.Shehas publishednumeroustextbooksonIndigenouslegalissues.Larissawonthe2002David UniaponAwardanda2005CommonwealthWriter’sPrizeforhernovelHome.Her secondnovel,Legacy,wonaVictorianPremiersLiteraryAward.Hermostrecentnovel, AfterStory(2021,UQP)wonthe2022VossLiteraryprize.Larissaisanaward-winning filmmaker.Shewonthe2018AustralianDirectorsGuildAwardforbestDirectionofa DocumentaryFilmforAftertheApologyandthe2020AACTAforBestDirectioninFactual Televisionforherdocumentary,MaralingaTjarutja.SheisatrusteeoftheAustralian Museum,ChairoftheCathyFreemanFoundation,nowCommunitySpiritFoundation, ChairoftheAustraliaCouncil’sFirstNationsArtsandCultureStrategyPanel,aboard memberofSydneyDanceCompanyandamemberoftheNSWLiteratureBoard.Sheis aformerChairandBoardMemberoftheBangarraDanceTheatreandhaspreviouslyheld boardpositionsontheMuseumofContemporaryArt,SydneyFestival,SydneyWriters FestivalandtheSydneyCommunityFund.WithLindonCoombes,Larissaco-authored theDoBetterreportfortheCollingwoodFootballClub.Shechairedthe2011reviewof IndigenousHigherEducation.Larissawasawardedthe2009NAIDOCPersonoftheYear awardand2011NSWAustralianoftheYear.ShewasawardedanOrderofAustraliain 2020forherworkinIndigenouseducation,thelawandthearts.Larissareceivedthe HumanRightsMedal2021fromtheAustralianHumanRightsCommission.Sheisthehost ofSpeakingOutonABCRadio.

BiancaSpender,appointed5December2022

CreativeDirectorandDesignerofhereponymouslabel,BiancaSpenderhasearnedher reputationasoneofAustralia’sforemostdesigntalents.Amasterdraper,Spender showcasesherbreadthofskillsasadesignerthroughcomplexhand-touchedcreations, thatareinnatelyinfluencedbytheperformingarts.Ms.Spenderhasover20years’ experienceindesign,businessandtheartsandhasalong-standingrelationshipwith SydneyDanceCompany.Asakeycreativecollaborator,BiancaSpenderhasbeen commissionedtodesigncostumesforthecompany,whichincludedthe50thanniversary performanceof‘Cinco.’Ms.Spender’spositionontheSydneyDanceCompanyBoard furtherextendsherinvolvementandcontributiontothecompanyandtheAustralian culturallandscape.

CompanySecretary

SeanRadcliffe,CGMA,BCom(Hons),appointedNovember2006

SeanistheChiefFinancialOfficerofSydneyDanceCompany

BrettClegg,GAICD,BBusMCom(AdvancedFinance)Chair,appointed23March2015 resigned28April2023.

MrCleggwasappointedChairon12August2019.MrCleggisanadvisertochief executivesandboards,specialisinginstrategiccommunications,issuesmanagement, innovationandcapitalmarketstransactions.Hiscareerhasspannedprofessional services,investmentbanking,publishingandthetechnologysectors.MrCleggisa TrusteeoftheAustralianMuseum,anambassadorfortheAustralianIndigenous EducationFoundation,aformerDirectorofHiPagesGroupandaformerCouncilMember oftheUniversityofTechnologySydney.Hisexpertiserelatestocorporatestrategy,media andtechnology,finance,fundraisingandcorporatecontacts.

CatrionaMordantAM,appointed22November2016,resigned6July2023.

MsMordantisafoundationBoardMemberoftheMuseumofContemporaryArtAustralia, aMemberoftheInternationalCounciloftheTateinLondonandaMemberoftheadvisory boardofVenetianHeritageinVenice.MsMordanthasexpertiseinfundraising,strategic managementandcorporatecontacts.

BoardMeetings

Thenumberofmeetingsofdirectorsheldduringtheyearandthenumberofmeetingsattendedby eachDirectorwereasfollows;

Theprincipalactivitiesduringtheyearwereasfollows:

 ProductionandpresentationofdanceperformancesinAustralia

 Promotionandthestudyofdance

Commercialactivitiestoprovidefinancialsupportfortheabove,includingdaily danceclasses,schoolholidayworkshopsanddancestudiohire

 Fundraisingtosupportproduction,promotionandpresentationofdance performancesin Australia

SIGNIFICANTEVENTSAFTERYEAREND

Therehavebeennosignificanteventsoccurringafterthereportingperiodwhichmayaffecteither theCompany’soperationsorresultsofthoseoperationsortheCompany’sstateofaffairs.

OBJECTIVESandRESULTS

2023beganwiththepresentationofanewtriplebill,Ascent,co-producedwithCanberraTheatreCentre, and performedaspartoftheSydneyOperaHouse’s50thanniversarycelebrationsinMarch.Ascent wentontotournationallytoninefurtherlocations,includingMelbourne,HobartandDarwin.The Companytouredab[Intra]toregionalVictoriawhileanewdoublebillofImpermanenceandForever& EverfeaturedinWestern Sydney.Thisseasonincludedalivestreamoftheschool’smatineewhich reachedstudentsineverystateandterritory.ThisdoublebillwasthenperformedinBonn(Germany)and TheHague(Netherlands),withthistour beingtheinternationalpremiereofForever&Ever.This internationaltourfeaturedperformancesofab[intra]inTorino(Italy)andMadrid(Spain).TheMadrid seasonfeaturedthepremiseofImpermanenceinternationally,alongsidetheAustralianString Quartet.Forthefirsttime,theCompany’ssecondSydneySeasonwasperformedattheNeilson StudioatourhomeintheWalshBayArtsPrecinct,withSOMOS,highlightingtheextremeartistryand techniqueoftheensembleupclose.Thefinalseasonoftheyear,NewBreed,celebrated10yearsof thisprogramforemergingchoreographers,deliveredwiththeunwavering supportofTheBalnaves FoundationandCarriageworks.Sinceitsfirstseasonin2014,39dancemakershave created41world premiereworksonourEnsembledancers.Intotalin2023theensembledelivered97performances across20locations.

ThePre-ProfessionalYearprogramcelebrated10yearsin2023,withthelargestcohortofstudentsto date.Alongsidetheannualend-of-yearPPYRevealedprogram,thefirst-yearcohortperformedin theNeilsonStudioinPPYUnfolds,withstudentsalsoparticipatingintheSydneyOperaHouse’s50th Anniversaryfilm, PlayitSafe.Wecontinuedtoexpandouraccreditedtrainingprogramunderourrecent statusofaRegistered TrainingOrganisation(#45863),includingthepilotoftwoshortcourseprograms. OuradvancedtrainingalsodeliveredprogramsfortheSydneyConservatoriumBachelorofMusic (Performance)students,McDonaldCollegeStrathfield,alongsideYouthandProfessionalIntensives plusourYouthEnsembleprogramswhichengaged49talentedyoungdancersaged12–18.forthefirst time.Theschoolworkshopprogramdelivered183workshops,viewedby4,714onlineandin-person studentattendees.Ouropenclassprogramhadalmost 88,000attendanceswith80danceteachers employedacrosstheyear.TheConditioningstudiohaditsfirstfullyearofoperation,supportingthe companydancersandPPYdancersaswellasofferingservicestothegeneralpublic.

SydneyDanceCompanyalsohadanincreasedfocusonaccessibilityandinclusionin2023.This includedapartnershipwithAutismSpectrumAustraliatoimproveinclusivityofdanceclassesforboth theadultin-studioprogramandtheSchoolHolidayWorkshops,andtheimplementationoftheHidden DisabilitiesSunflowerProgram.During2023ourperformancesincludedfiveaudiodescribed performancesinmultiplelocationsandSydneyDanceCompany’sfirstrelaxedperformancewas deliveredinNovemberwiththesupportoftheJACEFoundation.SydneyDanceCompanycontinuedto partnerwithArthritisNSWtodeliveronlineclassesforanyonelivingwitharthritis,andtomarkWorld Parkinson’sAwarenessmonthinApril,DanceforParkinson’sAustraliaandSydneyDanceCompany presentedanaccessiblecommunitydance,movementandmusicclass,suitableforthosewithrestricted mobility.

AtWalshBayArtsPrecinct,theCompanycontinueditssupportandamplificationofthecontemporary dancesector,producingthesecondseasonofINDancewhichshowcasedtheworkoffourindependent dancemakersacrossatwo-weekseason,growingfromtwotothreeperformancesofeachwork.Sydney DanceCompanyco-producedQueersofJavawithSydneyWorldPrideandhostedADeeperLove’by producingteamsBadDog,HappeningsandUnfundedEmpathy.Weprovidedsupportedforthebroader dancesector,includingDanceforParkinson’sAustralia,SydneyFringeFestival,astheofficialDance HuboftheFestival,andDirtyFeet’sOutoftheStudioprogram,alongsideotherhirerssuchasCure4 CysticFibrosis,andNSWDepartmentofEducation–TheArtsUnit.

WethanktheAustralianandNSWGovernmentforthesupporttheyhaveprovidedtoSydneyDance Companyastheorganisationcontinuestoreturntopost-pandemicoperations,includingadditional supportprovidedthroughtheCreateNSWRescue&Restartfunding.Withincreasingcostsinapostpandemicinflationaryenvironment,theorganisationcontinuedalsotobehighlyreliantonincome throughphilanthropicdonorsandpartners,withourannualfundraiser,DanceNoir,embracedbyover 470people.

Across2023SydneyDanceCompanyemployed140staffandcontractors.TheleaseofSDCpremises atWalshBayhasasignificanteffectontheCompany’sBalanceSheetandP&Latreportingdateand willcontinueinfutureyearsduetotheaccountingrequiredunder“AASB16Leases”.Afterthis accountingrequirement,thedeficitfortheyearendedDecember31was2023($1,773,194)(2022:deficit ($523,929)).

Managementcalculatesthatanoperationaldeficitof($1,371,880)(2022:deficit($410,285))was achievedin2023.

MEMBERSGUARANTEE

TheCompanyisapubliccompanylimitedbyguaranteethatisincorporatedanddomiciledin Australia.IftheCompanyiswoundup,itsConstitutionstatesthateachmemberisrequiredto contributeamaximumof$100eachtowardsmeetinganyoutstandingobligationsoftheCompany, atotalof$1,400at31December2023.

Asat31December2023,thenumberofmemberswas14(2022:14members).

INDEMNIFICATIONANDINSURANCEOFDIRECTORSANDOFFICERS

Sincetheendoftheprevious financialyear,theCompany has notindemnifiedormadearelevantagreement forindemnifyingagainsttheliabilityofanypersonwhoisorhasbeenanofficerorauditoroftheCompany.

Sincetheendofthepreviousfinancialyear,theCompanyhaspaidpremiumsinrespectofdirectors’and officers’liabilityandlegalexpensesinsurancecontracts.Theseinsurancecontractsinsureusagainstliability (subjecttospecificexclusions)forpersonswhoareorhavebeendirectorsorofficersoftheCompany.

TheDirectorshavenotincludeddetailsofthenatureoftheliabilitiescoverednortheamountofthepremium paidinrespectofthedirectors’andofficers’liabilityandlegalexpenses’insurancecontracts,assuch disclosureisprohibitedunderthetermsofthecontract.

INDEMNIFICATIONOFAUDITOR

Totheextentpermittedbylaw,theCompanyhasagreedtoindemnifyitsauditor,Ernst&Young(Australia), aspartofthetermsofitsauditengagementagreementagainstclaimsbythirdpartiesarisingfromtheaudit (foranunspecifiedamount).NopaymenthasbeenmadetoindemnifyErnst&Young(Australia)duringor sincethefinancialyear.

AUDITOR’SINDEPENDENCE

ThedirectorsreceivedanindependencedeclarationfromtheauditorofSydneyDanceCompany.Acopyhas beenincludedinthisreport.

Signedinaccordancewitha resolution ofthedirectors.

Emma-JaneNewton Chair Sydney,24April2023

Auditor’s independence declaration to the Directors of Sydney Dance Company

In relation to our audit of the financial report of Sydney Dance Company for the financial year ended 31 December 2023, and in accordance with the requirements of Subdivision 60-C of the Australian Charities and Not-for profits Commission Act 2012, to the best of my knowledge and belief, there have been:

a. No contraventions of the auditor independence requirements of any applicable code of professional conduct; and

b. No non-audit services provided that contravene any applicable code of professional conduct.

Yvonne Barnikel Partner

24 April 2024

Statement of profit or loss and other comprehensive income

Forthe yearended31December2023

Performanceandproductionexpenses (3,160,118)(2,566,350)

Commercialactivityrelatedcosts (1,223,553)(1,100,272)

Philanthropyactivityrelatedcosts (818,145)(773,022)

Sponsorshipactivityrelatedcosts (172,450)(171,475)

Educationcosts (384,657)(309,658)

Leasefinancecosts (470,889)(437,000)

TotalExpenses (15,063,955)(13,788,045)

Surplus/(Deficit)fortheyear (1,773,194)(523,929)

Theabovestatementofprofitorlossandothercomprehensiveincomeshouldbereadin conjunctionwiththeaccompanyingnotes

Statementoffinancialposition

Asat 31 December2023

The above statement of financial position should be read in conjunction with the accompanying notes.

Statementofchanges inequity

Forthe yearended31December2023

At1January 2022

Surplusforthe year Total comprehensive incomeforthe year

Transfertocapital reserves

Transferto reserveincentive scheme

Transferfrom HepzibahTintner artistdevelopment fund

Transferfrom capitalreserve

At31December 2022

Surplusforthe year

Total comprehensive incomeforthe year

Transfertocapital reserve

Transferto reserveincentive scheme

Transferfrom HepzibahTintner artistdevelopment fund

Transferfrom capitalreserve

At31December 2023

Statementofcash flows

Fortheyear ended31December2023

Operatingactivities

Receiptsfromactivities 8,796,2839,163,754

Paymentstosuppliersandemployees (14,204,088)(13,575,340)

Paymentsforshorttermandlowvalue leasedassets --

Receiptofgovernmentgrants 4,500,9843,799,335

Interestreceived 120,6859,647

Netcashflowsfromoperatingactivities (786,135)(602,604)

Investingactivities

Purchaseofproperty,plantandequipment (47,046)(125,108)

Netcashflowsusedininvestingactivities (47,046)(125,108)

Financingactivities

LeaseLiabilityprincipalpayments (341,303)(301,231)

Netcashflowsusedinfinancingactivities (341,303)(301,231)

Netincrease/(decrease)incashandcash equivalents (1,174,514)(1,028,943)

Cashandcashequivalentsatthebeginning ofyear 8,214,7189,243,661 Cashandcashequivalentsattheend ofyear 5 7,040,2048,214,718

The above statement of cash flows should be read in conjunction with the accompanying notes. The statement of cash flows shows cash flows exclusive of reserves held under the reserve incentive schemethatisdisclosedinNote10.

Notestothefinancial statements

Forthe yearended31December2023

1OVERVIEW

Thegeneral-purposefinancialstatementsofSydneyDanceCompany(“theCompany”forthe yearended31December2023wereauthorisedforissueinaccordancewitharesolutionof thedirectorson24April2023.

SydneyDanceCompanyisanot-for-profitcompany,limitedbyguarantee.Theregistered officeandprincipalplaceofbusinessoftheCompanyis:Wharf4/5,WalshBayArtsPrecinct, 15HicksonRoad,DawesPoint,NSW2000.

ThenatureoftheoperationsandprincipalactivitiesoftheCompanyaredescribedinthe Directors’Report.

TheCompanyisexemptedfromincometaxbyvirtueofsection50-5oftheIncomeTax AssessmentAct,1997.

Thefinancialreportisageneralpurposefinancialreport,whichhasbeenpreparedin accordancewiththerequirementsoftheAustralianCharitiesandNot-for-profits CommissionAct2012andAustralianAccountingStandards–SimplifiedDisclosures.The Companyisnotpubliclyaccountable.In2022,theCompanyhasadoptedAASB1060General PurposeFinancialStatements–SimplifiedDisclosuresforFor-ProfitandNot-for-ProfitTier2 Entities.Otherthanthechangeindisclosurerequirements,theadoptionofAASB1060has nosignificantimpactonthefinancialreportbecausetheCompany’spreviousfinancialreport compliedwithAustralianAccountingStandards–ReducedDisclosureRequirements.

Thefinancialstatements: -havebeenpreparedonahistoricalcostbasis -arepresentedinAustraliandollars($) -presentreclassifiedcomparativefigureswhererequiredtoconformwith changesinpresentationinthecurrentyear.

Goingconcern

Thefinancialstatementshavebeenpreparedonagoingconcernbasiswhichassumesthe Companywillbeabletopayitsdebts,asandwhentheybecomepayable,foraperiodofat least12monthsfromthedateofthefinancialreport.

TheCompanypostedadeficitresultfortheyearof($1,173,174)(2022:deficit$523,929),and atyearendhadasurplusofnetassetsof$5,787,244(2022:$7,560,591)andnetcurrent assetsof$4,046,771(2022:$5,528,536).TheCompanygeneratednetcashoutflowsfrom operatingactivitiesof($811,535)(2022:outflow$602,604).TheCompanydoesnothaveany bankorotherexternaldebt.TheCompanyhasTenantWorks Contributioncommitmentsto theNSWGovernmentwhichwillfalldueoverthenext7yearsin relationtotherenewalofits WalshBayhome.Thesecommitmentshavebeenincludedincashflowprojections.

TheabilityoftheCompanytomaintainitsoperationsisdependentinteraliaonthecontinuing supportofvariousGovernmentsbywayofgrants.TheTripartiteAgreementiscurrentforthe period2021-2024withtheAustraliaCouncilfortheArtsandCreateNSW,subjecttothe CompanycontinuingtomeettherequirementsoftheTripartiteAgreement.TheTripartite Agreementrequirementsincludetheachievementofagreedonkeyperformanceindicators.

TheCompany’sDirectorshaveundertakenathoroughassessmentofgoingconcern;this reviewconsideredtheoperatingbudgetsanddetailedcashflowfortheCompanyforthe period12monthsfromthedateofthesefinancialstatements.

2SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSSUMPTIONS

The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses,assetsandliabilities,andtheaccompanyingdisclosures,andthedisclosureof contingentliabilities.Judgementsandestimateswhicharematerialtothefinancial statementsarefoundinthenotestothefinancialstatements.

TheCompanybaseditsassumptionsandestimatesoninformationwhichwasavailableat thetimethefinancialstatementswereprepared.Theseassumptionsandestimatesabout futuredevelopmentsmaychangeduetomarketchangesorcircumstancesarisingbeyond thecontroloftheCompany.

3 REVENUE AND EXPENSES

Thespecificperformanceobligationforrecognitionofeachrevenuestreamisnoted below.

Revenue SignificantPayment Terms PerformanceObligations

BoxOfficeincluding ticketsales Inadvance

Fundraisingand SponsorshipInadvance

Education Inadvance

SponsorshipinKind Notapplicable

CommercialDance Classincluding individualclassfees, multipacks,andsaleof giftvouchers.Forboth in-studioandvirtual classes Inadvance

SchoolHoliday Workshops Inadvance

TicketSales-pointintime-deliveryof performance

Onreceiptwhereunconditional/nonreciprocal,orondeliveryofeventor projectwheresufficientlyspecific performanceobligationsareincludedin thecontract.

Pointintime-provisionofeducation experience

Pointintimeoroveraperioddepending onthenatureofthein-kind.A correspondingexpenseisrecordedat thetimethatrevenueisrecognised.

1.IndividualClassFees-pointintimeProvisionofdanceclass.2.Gift Vouchers–pointintime–redemption date.3.Multipacks–pointintimefor eachindividualclass.4.Membership–periodoftime–membershipperiod.5. Merchandise–pointintime–sale

Overaperiod-deliveryofworkshop

TheCompany’srefundpoliciesareasfollows:

BoxOffice-arefundisprovidedtocustomerswheretheperformanceiscancelled, rescheduled,orrelocatedpriortotheevent.Totheextentthataperformanceiscancelled duringitscourse,aticketholdermaybeeligibleforafullorpartialrefunddependinguponthe circumstanceswhichcausedthecancellation.InsomecircumstancestheCompanywill applyitsdiscretionandgrantarefundwhereeitherthecustomer’samenityorenjoymenthas beendiminishedinsomesignificantway.Theamountofanyrefundislimitedtothecostof theticketpurchasedplusanydirecttransactioncostssuchasbookingfeesandcreditcard surcharges.

DanceClasses–Danceclasspurchasesarenon-refundableandnon-transferrable.Credit notesareprovideduponprovisionofamedicalcertificate.

(b)Governmentgrantincomeincludedinthestatementofprofitorloss othercomprehensiveincome 20232022 $ $

AustraliaCouncilGrants

TripartitefundingasperNationalPerformingArts PartnershipFramework2019 2,911,7772,846,312

PlayingAustraliatouringfundgrant 377,326609,670 MPACollaborativeProjects2021CreateNSWGrants

TripartitefundingasperNationalPerformingArts PartnershipFramework2019 290,986286,121

TouringupliftasperTheNationalPerformingArts85,99163,144 PartnershipFramework2019

NSWTouringgrant -83,909

Rescue&Restartgrant1 168,750-

Rescue&Restartgrant2 355,747-

NSWBoxofficecompensationschemegrant -33,922

NSWPerformingArtsCOVIDsupportpackage. -50,700

CreativeYouthDanceIntensiveGrant -30,000

OfficeoftheArts–RISEgrant

AdoptionofAASB16Leasesin2020changedthewaythattheCompanyaccountsfor rentalexpenses.SydneyDanceCompanycontinuestoreceivein-kindrentalsupport,no incomeorexpenserelatingtoin-kindrentassistancehasbeenrecognisedinthecurrent periodastheCompanyhaselectedtorecordtherightofuseassetandleaseliabilitiesat cost.TheNSWGovernmentestimatesthevalueofthein-kindrentalsupporttobe $970,557.02forbothHicksonRoadandLilyfieldlocations.

Revenuefromgovernmentgrantsisrecognisedaseachperformanceobligation attachedtoeachindividualgrantismet.Thespecificperformanceobligationsvary dependinguponthetermsofeachgrant.

Whenthegrantisprovidedtomeetaspecificexpenseandtheperformanceobligations aresufficientlyspecifictomeetAASB15’srequirements,revenuefromthegrantis recognisedovertheperiodinwhichtherelevantcostforwhichitisintendedto compensate,isexpensed.

WhereagrantisprovidedtomeettheoverarchingobjectivesoftheCompanyandis nottiedtospecific,identifiableperformanceobligations,itisrecognisedimmediatelyas revenue.

(c) Otherincome

(d) Salariesandemployeebenefitexpensesincludedinthestatementofprofitorlossandother comprehensiveincome.

$ 2022 $

(e) Depreciationexpenseincludedinthestatementofprofitorlossandothercomprehensiveincome.

4 FUNDRAISING

SydneyDanceCompanyundertakesfundraisingappealsthroughouttheyearandholds anauthoritytofundraiseundertheCharitableFundraisingAct,1991(NSW).Additional informationanddeclarationstobefurnishedunderthisActfollow:

Detailsofaggregategrossincomeandtotalexpensesoffundraising

Grossproceedsfromfundraisingappeals $ $

Lesstotalcostsoffundraising

101,305321,041

711,327415,255 812,632736,296

Netsurplusobtainedfromfundraising 2,267,2902,193,253

Applicationoffunds

FundsraisedthroughindividualgivingandfundraisingeventssupportSydneyDance Company’sactivities.

Formsoffundraising*

Appealsheldduringtheyearended31December2023:

- GeneralandPersonalAppealsfortheCommissioningFund,Educationactivities, Annualgivingprogram,andCapitalCampaign,and - Fundraisingeventsincludetheannualfundraiser,DanceNoir,andcommissioningdinner.

Agents

SydneyDanceCompanyemploysprofessionalstafftomanageandco-ordinateits fundraisingactivitiesanddoesnotengagecommercialfundraisingagentstosecure donations.

Comparisonofmonetaryfiguresandpercentagesfortheyearended31December2023:

2023$2022$2023%2022%

Totalcostoffundraising/812,632/736,296/27%25% Grossproceedsfrom 3,004,0202,929,549 fundraisingappeals

Netsurplusobtained2,191,388/2,193,253/73%75% fromfundraising/gross 3,004,0202,929,549 proceedsfrom fundraisingappeals

*Nodisclosureisprovidedasallincomereceivedandexpenditureincurredisin connectionwiththepresentationofSydneyDanceCompany’sactivities.

5 CASH AND SHORT-TERM DEPOSITS

20232022 $ $

Cashatbanksandonhand 7,040,2048,214,718 7,040,2048,214,718

Cashandshort-termdepositscomprisecashatthebankandonhandandshort-term depositswithamaturityofthreemonthsorless.Cashatbankearnsinterestatfloating ratesbasedondailybankdepositratesandshort-termdepositsearninterestatthe respectiveshort-termdepositrates.Cashatbankandonhandincludesthebalanceof anendowedamounttotaling.$154,368(2022:$179,976)originallyreceivedin2018.In acceptingthisendowment,theCompanyhasagreedtoutilisetheproceedsofthis endowmenttodevelopandmaintaintheHephzibahTintnerArtistDevelopmentProgram. Thesefundsaretobeusedovera10-yearperiodfortheprofessionaldevelopmentof youngartistsundertheprogram.Fundsareheldinaseparatebankaccount.

6 TRADE AND OTHER RECEIVABLES

20232022 $ $

Tradereceivables 682,870427,511

Allowanceforexpectedcreditlosses (37,684)(24,859) 645,187402,652

Goodsandservicestaxreceivable

Movementsintheprovisionforexpectedcreditlosseswereasfollows:

Areceivableisrecognisedifanamountofconsiderationthatisunconditionalisduefrom thecustomer(i.e.,onlythepassageoftimeisrequiredbeforepaymentofthe considerationisdue).Tradereceivables,whichgenerallyhave14-30daystermsand arenon-interestbearing,arerecognisedandcarriedatoriginalinvoiceamountlessan allowanceforexpectedcreditlosses.Expectedcreditlossesaredeterminedbyareview ofthespecifictradereceivablesoutstandingatanyreportingdatehavingregardtothe natureofthesereceivablesandtheirexpectedrecovery.Revenues,expensesand assetsarerecognisednetoftheamountofGST.ThenetamountofGSTrecoverable from,orpayableto,thetaxationauthorityisincludedaspartofreceivablesorpayables inthestatementoffinancialposition.CashflowsareincludedintheStatementofcash flowonagrossbasis.TheGSTcomponentofcashflowsarisingfrominvestingand financingactivities,whichisrecoverablefrom,orpayableto,theATOisclassifiedas partofoperatingcashflows.

7 INVENTORY

TheCompanyholdsmerchandisewhichisofferedforsalethroughthedancestudios.Other inventoryheldcomprisesofsnacksandbeverageswhichisofferedforsalethroughtheSDCbar andgoodswhichhavebeenprovidedin-kindforuseinpromotionaleventsandactivities. Merchandise,snacksandbeveragesarevaluedatthelowerofcost(afterrebatesanddiscounts) andnetrealisablevalue,beingtheestimatedsellingpriceintheordinarycourseofbusinessless theestimatedcostsnecessarytomakethesale.In-kindgoodsarevaluedattheirreplacement cost.

8 RIGHT OF USE ASSETS

--

6,408,7766,408,776

Thecontractmodificationreferstothesigningoftheleaseforpremisesat15Hickson Road.Theleasewassignedon17December2022.

Attheinceptionofacontract,Right-of-useassetsaremeasuredatcost,comprisingthe following:

theamountoftheinitialmeasurementoftheleaseliability.

plusleasepaymentsmadeatorbeforethecommencementdate,lessanylease incentivesreceived;

plusinitialdirectcostsincurred;and

lessanestimateofcoststobeincurredinrestoringtheunderlyingassettothe conditionrequiredbythetermsandconditionsofthelease.

Subsequently,right-of-useassetsaredepreciatedonastraight-linebasisovertheterm oftheleasearrangement.Theyarealsoadjustedforanyaccumulatedimpairment lossesorremeasurementoftheleaseliability,pleasereferNote15.

SDCaccountsforaleasemodification(i.e.,achangeinthescopeofalease,orthe considerationforalease,thatwasnotpartoftheoriginaltermsandconditionsofthe lease)asaseparatelease(i.e.,separatefromtheoriginallease)whenbothofthe followingconditionsaremet:

Themodificationincreasesthescopeoftheleasebyaddingtherighttouseoneor moreunderlyingassets.

 Theconsiderationfortheleaseincreasescommensuratewiththestand–aloneprice for theincreaseinscopeandanyadjustmentstothatstand–alonepricereflectsthe circumstancesoftheparticularcontract.

Ifbothconditionsaremet,theleasemodificationresultsintwoseparateleases,the unmodifiedoriginalleaseandaseparatenewlease.SDCaccountsfortheseparate contractthatcontainsaleaseinthesamemannerasothernewleases.

Forthoseleasemodificationsthatdonotresultinaseparatelease,SDCallocatethe considerationinthecontractandremeasuretheleaseliability(usingtheleasetermof themodifiedleaseandthediscountrate(i.e.,theinterestrateimplicitintheleasefor theremainderoftheleasetermifthatratecanbereadilydeterminedorifnotthe lessee’sincrementalborrowingrate)asdeterminedattheeffectivedateofthe modification.

9 PROPERTY, PLANT AND EQUIPMENT

Plantandequipmentisstatedatcost,netofaccumulateddepreciation.Allotherrepairand maintenancecostsarerecognisedinthestatementofprofitorlossasincurred.

Depreciationiscalculatedonastraight-linebasisovertheestimatedusefullivesofthe assets.Therangeofusefullivesusedinthecurrentandcomparativeperiodareasfollows:

Plantandequipment-2to10years

Officeequipment-5years

Furnitureandfittings-5-10years

Computersoftware-3years

Theusefullivesofproperty,plantandequipmentarereviewedateachfinancialyearend andadjustedprospectively,ifappropriate.

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 2023.

Anitemofproperty,plantandequipmentceasestoberecognisedwhenitisdisposedof

orwhennofutureeconomicbenefitsareexpectedtoarisefromitsuseordisposal.Any gainorlossarisingonderecognition(calculatedasthedifferencebetweenthenet disposalproceedsandthecarryingamountoftheasset)isincludedinthestatementof profitorlossandothercomprehensiveincomeatthetimeofderecognition.

10 RESERVE INCENTIVE SCHEME

The funds received under the Reserve Incentive Scheme Agreement together with the Company’s contribution are held in escrow for a period of 15 years ending on 2 April 2028 and are subject to the terms and conditions of the Reserve Incentive Scheme Agreement between the Australia Council for the Arts, Create NSW and the Company. The funds have not been used to secure any liabilities of the Company. The funds consist of shortterm deposits of $572,668 (2022: $568,581). No funds were required to be paid into this account by the Company in 2023 (2022: nil). The increase in the fund balance relates to interest received from short-term deposits.

11 TRADE AND OTHER PAYABLES

TradeandOtherpayablesarenon-interestbearingandarerecognisedattheamount expectedtobepaidbytheCompanyinsettlingtheliability.Theyrepresentliabilitiesfor goodsandservicesprovidedtotheCompanypriortotheendofthefinancialyearfor whichtheCompanyisobligedtomakefuturepayments.Theamountsareunsecured andareusuallypaidwithin30daysofrecognition.Duetotheirshort-termnature,they arenotdiscounted.Theyarefinancialliabilitiesmeasuresatamortisedcost.

IncludedinOtherPayablesareliabilitiesforwagesandsalariesrecognisedinrespect ofemployees’servicesuptotheendofthereportingperiodwhicharemeasuredatthe amountsexpectedtobepaidwhentheliabilitiesaresettled.

12 CONTRACT LIABILITIES

Contractliabilityisrecognisedifapaymentisreceived,orapaymentisdue (whicheverisearlier)fromacustomerbeforetheCompanytransferstherelatedgoods orservices.Thekeycategoriesofcontractliabilitiesrelateto:

a.Danceclassticketswhichinclude3,5and10packdanceclassticketswhich haveanexpirydateof6months(2022:6months).Danceclassticketsinclude bothstudioandonlineclasstickets.

b. Educationactivityrelatingto2023Pre-ProfessionalYearpaymentsandschool matineebookings.

c.Sponsorshipincomerelatestocontractedincomereceivedinadvanceoftheperformance obligationbeingsatisfied.

d. Performancevoucherswhicharelimitedtoperformanceswithinaspecificyear.

e. Giftvouchersforuseinpurchasingdanceclasseswhichhavea3-yearexpiry date.

KeyEstimate

13 EMPLOYEE BENEFIT LIABILITIES

Anannualleaveliabilityisrecognisedinrespectofemployees’serviceuptotheendof thereportingperiod.Theseliabilitiesaremeasuredattheamountsexpectedtobepaid infutureperiodswhentheliabilitiesaresettled.

TheCompanyrecognisesaliabilityforlongserviceleavemeasuredasthepresentvalue ofexpectedfuturepaymentstobemadeinrespectofservicesprovidedbyemployees uptothereportingdate.Expectedfuturepaymentsarediscountedusingmarketyields atthereportingdateonhigh-qualitycorporatebondswithtermstomaturityand currenciesthatmatch,ascloselyaspossible,theestimatedfuturecashoutflows.

WheretheCompanyhasanunconditionalrighttodeferthesettlementofthelong serviceleaveforatleast12monthsafterthereportingdateitispresentedasanoncurrentliability.

14 GOVERNMENT GRANT ADVANCES

4,500,9833,799,426

to the statement of profit orloss and other comprehensiveincome (4,230,577)(4,485,081) Classifiedasothercreditors -(255,676)

Governmentgrantadvancesarerecognisedifapaymentisreceived,orapaymentisdue(whicheveris earlier)fromagovernmentrelatedbodywhentheperformanceobligationsincludedinthegovernment grantshavenotbeenfulfilled.

15 LEASE LIABILITIES

Current 20232022 $ $

1,559,254 1,245,475

LeaseLiabilities 5,364,246 5,548,469 2023 $ 2022 $ Asat1January 6,793,9449,529,733 Contractmodification/Additions -(2,871,558)

Earlyleasetermination -Accretionofinterest 470,889437,000 Payments (341,303)(301,231)

6,923,5306,793,944

1,559,2541,245,475

5,364,2465,548,469 6,923,5006,793,944

Bothcurrentandnon-currentleaseliabilitiesshownabovereferinthemajoritytopayments toCreateNSWfortenancyrentovertheremaining22yearsoftheleaseandthetenant contributionsrequiredunderthelease.

AttheinceptionofallcontractualarrangementstheCompanyassesseswhetherthe contractis,orcontains,alease.Thisdeterminationisbasedonwhetherthecontract conveystherighttocontroltheuseofanidentifiedassetforaperiodoftimeinexchange forconsideration.

Theleasetermisdeterminedasbeingthenon-cancellableperiodofalease,togetherwith periodscoveredbyanoptiontoextendtheleaseifthelesseeisreasonablycertainto exercisethatoption;andperiodscoveredbyanoptiontoterminatetheleaseifthelessee isreasonablycertainnottoexercisethatoption.

Whereacontractcontainsalease,theCompanyrecognisesaleaseliability.Theliability ismeasuredatthepresentvalueoftheleasepaymentsoutstandingatcommencement forthenon-cancellableleaseperiodandanyoptionperiodswhicharereasonably expectedtobeexercised.LeasepaymentsarediscountedusingtheCompany’s incrementalborrowingratewhichisdeterminedhavingregardtothetenorofthelease andthenatureoftheasset.

Subsequently,theleaseliabilityismeasuredby:

a.increasingthecarryingamounttoreflectinterestontheleaseliability.

b.reducingthecarryingamounttoreflecttheleasepaymentsmade;and

c.remeasuringthecarryingamounttoreflectanyreassessmentorlease modificationsortoreflectrevisedin-substancefixedleasepayments.

TherentpaidbySydneyDanceCompanyonallitspremisesissubsidisedbytheNSW Governmentand,asaconsequence,islowerthanmarketvalue.Duetothesignificant difficultywhichwouldbeencounteredinestimatingthemarketrental,theCompanyhas reliedonthetemporaryreliefavailableunderAASB2018-8AmendmentstoAustralian Standards–Right-of-UseAssetsforNot-for-ProfitEntities.Thisamendmentallowsnotfor-profitentitiestoelecttoinitiallymeasureaclassorclassesofassetatcostwhere leasetermsandconditionsaresignificantbelow-marketprincipallytoenabletheentity tofurtheritsobjectives.

WheretheCompanyhastheunconditionalrighttodeferthesettlementofitslease obligationsforatleast12monthsafterthereportingdatetheyarepresentedasanoncurrentliability.

Presentedbelowisamaturityanalysisofundiscountedfutureleasepayments: 31/12/202331/12/2022

Notlaterthan1year 1,559,2541,245,475

Laterthan1yearandnotlaterthan5years2,720,3792,665,736 Laterthan5years 7,875,4768,624,155

16 CONTRIBUTED EQUITY

Themembershipfeeswerecontributedbytheinitialmembersuponestablishmentofthe Company.InaccordancewiththeConstitution,membersarenotentitledtoany reimbursementorreturnofinitialmembershipfeesuponceasingtobeamember.

17 RESERVES

Transferfromretainedearningsinrelationto:

ReallocationfromHepzibahTintnerartist developmentprogramfund (25,608)(25,608)

Reallocationfromcapitalreserve -(102,914) At31December 4,431,7494,433,608

CapitalreserveThiscompanymaintainsaCapitalreserveforthepurposeof accumulatingfundstopayforSydneyDanceCompany’scostsandcontributiontothe WharfRedevelopmentProjectincludingfitout.

ReservesIncentiveSchemepleasereferNote10

HephzibahTintnerArtistDevelopmentProgramFundThecompanymaintainsthe HephzibahTintnerArtistDevelopmentProgramFundforthepurposeofreservingthe endowmentfundsreceivedtosupportthedevelopmentofyoungartistsoveraperiodof tenyears.PleasereferNote5.

18 COMMITMENTS AND CONTINGENCIES

(a)Commitments

TheCompanyhadnocommitmentsrelatingtotheshort-termleaseofperformancespaceat31 December2023.(2022:none).

(b)Contingencies

Thedirectorsarenotawareofanycontingentliabilitiesasat31December2023(2022:none).

19 RELATED PARTY DISCLOSURES

Totaldonationsfromdirectorswere$373,808for2023(2022:$404,107).

20 KEY MANAGEMENT PERSONNEL

(a) DetailsofKeyManagementPersonnel

CurrentDirectors

Emma-JaneNewton Chair

DavidBaxby Director

LarissaBehrendtOA Director

JillianBroadbentAC Director

DavidFriedlander Director

EmmaGray Director

AlexaHaslingden Director

MarkHassell Director

SandraMcCullagh Director

ParisNeilson Director

BiancaSpender Director

Executives

LouOppenheim

ExecutiveDirector

RafaelBonachela ArtisticDirector

SeanRadcliffe ChiefFinancialOfficer

Non-executiveDirectorsofSydneyDanceCompanydonotreceiveremunerationfor servingontheBoardofDirectors.

(b)KeyManagementPersonnel

(c) OthertransactionsandbalanceswithKeyManagementPersonnel

20232022 $ $

Therearenoothertransactionsorbalanceswithkeymanagementpersonnelotherthanthe Directors’donationsdisclosedinNote19.

21 EVENTS AFTER THE REPORTING PERIOD

Therehavebeennosignificanteventsoccurringafterthereportingperiodwhichmayaffecteither theCompany’soperationsorresultsofthoseoperationsortheCompany’sstateofaffairs.

22 AUDITOR’S REMUNERATION

TheauditoroftheCompanyisErnst&Youngandthefeeforauditingthestatutoryfinancialreport is$28,100(2022:$27,000)

Directors'declaration

InaccordancewitharesolutionofthedirectorsofSydneyDanceCompany,Istatethat,inthe opinionofthedirectors:

(a)thefinancialstatementsandnotesofSydneyDanceCompanyarein accordancewiththeAustralianCharitiesandNot-for-profitsCommissionAct 2012,including:

i.givingatrueandfairviewofitsfinancialpositionasat31December 2023andperformancefortheyearendedonthatdate;

ii. complying with Australian Accounting Standards- Simplified DisclosuresandtheAustralianCharitiesandNot-for-profits CommissionRegulation2013;and

(b)therearereasonablegroundstobelievethattheCompanywillbeabletopayits debtsasandwhentheybecomedueandpayable.

i.theprovisionoftheCharitableFundraisingAct(1991)andits regulationsandtheconditionsattachedtotheauthoritytoconduct fundraisinghavebeencompliedwith;and

ii.theinternalcontrolsexercisedbytheCompanyareappropriateand effectiveinaccountingforallincomereceivedandappliedtoits fundraisingappeals.

iii.thegovernmentfundingreceivedhasbeenspentinaccordancewith fundingagreements.

Onbehalfofthe Board

Emma-JaneNewton Chair

Sydney,24April2023

Declaration by Chairperson as required by the Charitable Fundraising Act 1991 (NSW)

I, Emma-JaneNewton, Chair of Sydney Dance Company,declarethat inmy opinion:

(a)theaccountsfortheyearended31December2023,giveatrueandfairviewofall incomeandexpenditureofSydneyDanceCompanywithrespecttofundraisingappeals;and

(b)thestatementoffinancialpositionasat31December2023,giveatrueandfairviewof thestateofaffairsofSydneyDanceCompanywithrespecttofundraisingappeals;and

(c)theprovisionsoftheCharitableFundraisingAct1991(NSW)andtheregulationsunderthe Actandtheconditionsattachedtotheauthorityhavebeencompliedwith:andtheinternal controlsexercisedbySydneyDanceCompanyareappropriateandeffectiveforallincome receivedandappliedfromanyfundraisingappeals.

Chair

Sydney,24 April2024

Independent Auditor's Report to the Members of Sydney Dance Company Opinion

We have audited the financial report of Sydney Dance Company (the Company), which comprises the statement of financial position as at 31 December 2023, the statement of profit or loss and comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes to the financial statements, including a summary of material accounting policies, and the directors' declaration.

In our opinion, the accompanying financial report of the Company is in accordance with 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 2023 and of its financial performance for the year ended on that date; and

b) complying with Australian Accounting Standards – Simplified Disclosures and the Australian Charities and Not-for-Profits Commission Regulation 2022

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 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 Standards) (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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Information Other than the Financial Report and Auditor’s Report Thereon

The directors are responsible for the other information. The other information obtained at the date of this auditor’s report is the directors’ report accompanying the financial report, 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.

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 the 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 Disclosures and the Australian Charities and Not-for-Profits Commission Act 2012 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the financial report, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters relating 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 have no realistic alternative but to do so.

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 the 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 this financial report.

As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment 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.

 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.

Report on the requirements of the NSW Charitable Fundraising Act 1991 and the NSW Charitable Fundraising Regulation 2021

We have audited the financial report as required by Section 24(2) of the NSW Charitable Fundraising Act 1991. Our procedures included obtaining an understanding of the internal control structure for fundraising appeal activities and examination, on a test basis, of evidence supporting compliance with the accounting and associated record keeping requirements for fundraising appeal activities pursuant to the NSW Charitable Fundraising Act 1991 and the NSW Charitable Fundraising Regulation 2021

Because of the inherent limitations of any assurance engagement, it is possible that fraud, error or non-compliance may occur and not be detected. An audit is not designed to detect all instances of non-compliance with the requirements described in the above-mentioned Act and Regulation as an audit is not performed continuously throughout the period and the audit procedures performed in respect of compliance with these requirements are undertaken on a test basis. The audit opinion expressed in this report has been formed on the above basis.

Opinion

In our opinion:

a. The financial report of the Company has been properly drawn up and associated records have been properly kept during the financial year ended 31 December 2023, in all material respects, in accordance with:

i Sections 20(1), 22(1-2), 24(1-3) of the NSW Charitable Fundraising Act 1991;

ii Sections 14(2) and 17 of the NSW Charitable Fundraising Regulation 2021;

b. The money received as a result of fundraising appeals conducted by the Company during the financial year ended 31 December 2023 has been properly accounted for and applied, in all material respects, in accordance with the above mentioned Act and Regulation.

Yvonne Barnikel Partner

Sydney 24 April 2024